Annual Turkish M&A Review 2015

January 2016 Basis of Presentation

Transactions data presented in this report are based on information that is readily available in the public domain and include transactions with closing procedures still ongoing at the year end. This study does not include capital market transactions, IPOs, real estate sales, intra- group share transfers and transactions of financial institutions within the framework of debt restructuring. We do not accept any responsibility as to the accuracy or completeness of the data or as to whether all transactions listed herein will necessarily close. Foreword

2015 was a challenging year for the M&A market here, in the shadow of political uncertainty and weakened growth story of the economy. Nevertheless, the Turkish M&A market recorded a total deal volume of c. US$16.4 billion through 245 deals and managed to remain largely flat.

In the lack of privatizations mostly driven by Turkish investors in the past, foreign buyers drove the overall M&A volume. Despite rising risk perceptions, the total deal size generated by foreign investors increased by 44% compared to 2014 and made up c. 70% of the total annual deal volume.

The privatization activity remained low at one of the fewest number of deals historically and represented only a small portion of the total annual deal volume while the private sector deal volume was the highest in the last three years. On the other hand, although very cautious this year, financial investors with different profiles, continued to invest in Turkish companies through debt and equity deals.

As similar to the previous years, middle market transactions kept pace with a wider sectoral coverage. On the other hand, half of the total deal volume was generated by Başak Vardar a handful of deals of US$500 million-plus. Financial Advisory Leader Partner Looking ahead to 2016, geopolitical risks in the region, pressure on the emerging markets due to the recent FED’s interest rate increase and internal political debates are hindering clear forecasts. Having said that, strong demographics, continued single party governance and anticipated economic reforms to create a new growth story help to alleviate our concerns for the future M&A activity.

On behalf of our corporate finance team in Deloitte Turkey, we are delighted to share our annual M&A report, featuring our analyses and views regarding the Turkish M&A market.

1 Foreign investors’ appetite and middle market dynamism kept the deal flow alive in a challenging year

Investors remained keen on exploring investment opportunities in the Turkish market in a difficult year, characterized by uncertainty. Total M&A deal volume in 2015 was around US$16.4 billion through 245 transactions. Foreign investors drove the activity by making 70% of the total deal volume. Privatization activity was at one of the lowest levels historically, while the middle market and financial investors were again active.

In a challenging year in the midst of political uncertainty, While foreign investors shared the total deal number geopolitical tension in the region, volatile exchange rates almost evenly with local investors, they played a and diminishing consumer and investor confidence, the dominant role in the deal volume. In the lack of Turkish M&A market managed to remain largely flat. privatizations mostly driven by Turkish buyers historically Out of 245 deals, 114 had a disclosed deal value adding and as opposed to the last couple of years, the up to c. US$10.9 billion. Considering the estimated contribution of foreign investors to the annual deal value of deals with undisclosed values, we estimate volume was very strong, at a level of 70% through that total M&A volume was around US$16.4 billion in 125 transactions with a total deal size of c. US$11.5 2015, representing a 9% decrease compared to 2014 billion (including estimates for undisclosed values), (2014 – US$18 billion via 234 deals). Small and middle corresponding to an increase of 44% compared market transactions shaped the overall M&A activity by to 2014. Besides, Turkish investors represented the deal numbers; foreign investors dominated the annual remaining 30% of the annual deal value through volume; and privatization deals dropped to one of the 120 deals with a total deal value of c. US$4.9 lowest levels in the last decade. billion (including estimates for undisclosed values), representing a decrease of 51% compared to 2014.

2 Privatization activity which was noteworthy in recent Financial investors with various profiles continued to years, remained limited at one of the lowest levels play a major role in the M&A market and made up 19% historically, due to postponed tender processes with and 21% of the total deal volume and the total number respect to consecutive elections and thus pulled down of deals, respectively (c. US$3.1 billion – including the deal volume. Total deal value of privatizations estimates for undisclosed values – in 52 deals). Although remained low around US$1.8 billion (2014 – US$5.9 they pursued prudent strategies, their M&A activity billion) through 7 deals, mostly being power generation outperformed 2013 and 2014 both in terms of deal assets, and represented c. 11% of the total deal volume. number and value, due to the increasing number of On another note, the private sector deal volume had a deals by development banks and venture capital firms, y-o-y growth of 25% and the contribution of foreign including debt deal structures. investors to the private sector deal volume was around Despite adverse geopolitical events in the region and 79%. expected lower growth dynamics for emerging markets, This year’s largest deal was in the private sector, namely a recovery is expected on the back of the continuation Qatar National Bank’s majority stake acquisition – worth of the single party government and anticipated c. US$3 billion – in Finansbank, that made up 18% of economic reforms. the total annual deal volume. Furthermore, the ten largest transactions comprised c. 50% of the total deal value (including estimates for undisclosed values). If the terms were disclosed and successfully closed after certain regulatory approvals, we would expect a couple of other deals to enter the top ten list; in such a case, this ratio would be even higher around 57%. Excluding the ten largest deals with disclosed values, the remainder (235 deals) totalled around US$8.2 billion, corresponding to an average deal size of c. US$35 million. Furthermore, 193 transactions each with a deal value less than c. US$50 million, which accounted for 79% of the total deal number, represented only c. 12% of the total deal value (based on an analysis including estimates for undisclosed values).

3 At a glance

Year 2011 2012 2013 2014 2015

Deal Number 237 253 215 234 245

Deal Volume US$15.0 billion US$22.0 billion US$17.5 billion US$18.0 billion US$16.4 billion

Privatizations / US$1 billion / 7% US$6.4 billion / 29% US$6.6 billion / 38% US$5.9 billion / 33% US$1.8 billion / 11% Share in Total

Foreign Investors (*) 74% 59% 30% 44% 70% of deal value of deal value of deal value of deal value of deal value

Financial Investors 8% 7% 12% 12% 19% of deal value of deal value of deal value of deal value of deal value

Average Deal Size (**) c. US$63 mn c. US$87 mn c. US$81 mn c. US$77 mn c. US$67 mn

Share of the Ten Largest 56% 71% 49% 55% 50% Deals in Total Volume

Largest Deal Value / US$2.1 bn US$3.8 bn US$1.7 bn US$2.7 bn US$3.0 bn Share in Total (Genel Enerji) / 14% (Denizbank) / 17% (Toroslar Electricity (Yeniköy and Kemerköy (Finansbank) / 18% Disco) / 10% Power Plants) / 15%

Note: Data presented above include estimates for deals with undisclosed values and are adjusted for cancelled transactions. (*) Excluding privatizations, foreign investors’ share in the remainder of the deal value was 79%, 83%, 47%, 66% and 79% in respective years. (**) Excluding the ten largest deals, the average deal size of the remainder was c. US$29, c. US$26, c. US$44, c. US$36 and c. US$35 million in respective years.

4 Deal Volume and Deal Number Deal Volume and Deal Number 30 300

253 25 237 245246 250 22,0 215 234 20 200 18,0 17,5 16,4 15,0 15 150 (US$ billion)(US$

10 100

5 50

0 0 2011 2012 2013 2014 2015 Deal Value Deal Number

5 Privatizations

Far from being a major driver of the deal volume as in Privatizations’ weight in the top ten list was also slight the last 3 years, privatization activity was at one of the in 2015 both in terms of deal value and deal number lowest levels historically, both in terms of deal number (3 out of 10) as opposed to larger shares in 2013 and and deal volume mostly due to heavy political agenda 2014. and consecutive elections throughout the year. A deal volume of c. US$1.8 billion (only c. 11% of the annual deal volume) was realized through the sale of a few power generation assets (1 thermal power plant and 5 hydroelectric power plants) and a mine site to Turkish investors. Likewise, the Savings Deposit Insurance Fund (SDIF) postponed a couple of tenders such as Adabank and Olay Medya to 2016.

Privatizations (*) PrivatizationsPrivatizations 30 2630 26 8 8 22 22 13 13 13 13 7 740% 40% 38% 38% 35% 35% 25 25 33% 33% 22,0 22,0 30% 30% 29% 29% 20 20 18,0 18,0 17,3 17,3 17,5 17,5 25% 25% 16,4 16,4 15,0 15,0 15 15 20% 20% 17% 17% 15% (US$ billion)(US$ 15% (US$ billion)(US$ 10 10 11% 6,4 6,6 6,6 11% 10% 6,4 5,9 5,9 10% 5 5 7% 7% 2,9 2,9 5% 5% 1,8 1,8 1,0 1,0 0 0 0% 0% 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 Total DealTotal Value Deal ValuePrivatizationsPrivatizationsRatio to TotalRatio Deal to Total Value Deal (%) Value Deal(%) Number

(*) Figures above do not include SDIF sales

6 Privatizations

Deal Value Acquirer Origin Target Sector (US$ million) 1 Konya Şeker Turkey Soma B Thermal Power Plant Energy 686 2 Kolin İnşaat Turkey Doğankent, Kürtün ve Torul HEPPs Energy 418 3 İçtaş Hidroelektrik ve Termik Enerji Üretim Turkey Kadıncık 1 HEPP, Kadıncık 2 HEPP Energy 301 4 Gama Enerji Turkey Karacaören 1 HEPP, Karacaören 2 HEPP Energy 179 5 Kibar Holding Turkey Kepez 2 HEPP, Manavgat HEPP Energy 128 6 Eti Alüminyum A.Ş. Turkey Fethiye HEPP Energy 44 7 Straton Maden Yatırımları ve İşletmeciliği A.Ş. Turkey Yeniköy Yatağan Mine Site Mining 5

7 Investor origin

Deal Number

Deal Number Foreign investors generated a total deal volume of c. US$11.5 billion (including estimates for undisclosed Italy values) through 125 deals, while Turkish investors Japan France 5 10 Switzerland engaged in 120 deals amounting to c. US$4.9 billion 7 5 (including estimates for undisclosed values). In terms of Germany UAE 5 number of deals, foreign and local investors shared the 11 Denmark M&A market almost evenly in 2015. 4 UK Despite a significant number of market factors Turkish Investors Foreign Investors 13 120 125 threatening investors’ confidence, foreign investors, both in financial and strategic roles, made their Other USA footprint in the M&A activity this year after all-time low 38 27 contribution to the deal volume in 2013 and 2014 (30% and 44%, respectively) and made 70% of the annual deal volume (including estimates for undisclosed values), corresponding to a 44% increase on the amount they invested in 2014 (2014 – US$8 billion). While the number of deals engaged by Turkish investors remained in line with the last year (2014 – 121 deal), their deal value contracted significantly by 51% (2014 - US$10 Deal Value (Disclosed; US$ million) billion). Deal Value (Disclosed; US$ million) Similar to previous years, Euro-zone based investors were the most active among foreign investors with 62 deals, while 28 deals were made by North American investors, 19 deals by Far East based investors and 14 USA deals by Gulf investors. In line with previous years, 18% investors from USA and the UK were at the top of the Qatar list in terms of deal numbers, followed by German and 31% Japanese investors. Turkish Investors Foreign Investors * 35% 65% *

China 9% Other Malaysia 1% UK Japan 2% 2% 2% (*) 30% / 70% including estimates for undisclosed values

8 Among foreign investors, the largest share (c.39%) of Foreign Investors' Share In Private Sector Deal Volume the deal value belonged to Gulf based investors,Foreign mostly Investors' Foreign Share Investors' In Private Share Sector In DealPrivate Volume Sector Deal Volume due to a couple of sizeable Qatari investments like 20 20 Finansbank, Boyner and Digiturk. Once more, North 79% 85% 50% 68% 79% 79% 18 85% 50% 68% 79% American and European investors’ interest was enduring18 and their investments had a total value of c. US$2.9 16 15,3 billion and US$2.2 billion, representing 25% and16 19% 14,6 14,0 of foreign investors’ deal value (including estimates for 14 2,3 14 2,3 3,1 undisclosed values), respectively. Furthermore, Far East 2,9 11,73,1 2,9 12 investors made up c. 16% of foreign investor deal12 value. 10,5 By origin, Turkish investors followed by the Qatari 10 3,7 10 3,7 and US counterparties were the top three leading 8 5,3 investors in terms of deal value (including estimates8 5,3 (US$ billion)(US$ (US$ billion)(US$ 13,0 for undisclosed values), corresponding to 74% of the 6 13,0 6 11,1 11,5 overall deal volume. A few sizeable transactions was 11,1 11,5 4 8,0 decisive on the total deal value generated by Qatari4 and 8,0 Chinese investors. 5,2 2 5,2 In terms of deal number, energy and manufacturing2 were the most M&A active sectors both for Turkish and 0 0 2011 2012 2013 2014 2015 foreign investors. In terms of deal value, energy sector 2011 2012 2013 2014 2015 Foreign Investors Turkish Investors remained dominant for Turkish investors, corresponding Foreign Investors Turkish Investors Foreign Investors' Share to 56% of the total deal volume generated by Turkish investors. On the other hand, foreign investors had more diversified sector preferences. Financial services sector was ranked first, which covered 29% of total deal value generated by foreign investors, followed by energy and media sectors. Private sector deals were highly dominated by foreign investors. Excluding privatizations, the private sector deal volume was around US$14.6 billion in 2015, the second highest in the last five years, of which 79% was generated by foreign investors, a strong recovery from 2013 – 2014 period.

9 Financial investor activity

In a highly unfavourable investment climate, financial This represents a contribution of 19% (highest investors, including private equities, venture capital firms contribution since 2008) and 21% to the total deal and development banks, pursued investments in Turkish volume and total deal number, respectively. In terms of assets through debt and equity deal structures in 2015. deal value, the amount committed by financial investors Among financial investors we observed many was the highest since 2008, largely due to the sizeable transactions, in the form of both equity and debt deals, Goldman Sachs – Socar deal. by investment and development banks that are focused International Finance Corporation (IFC) and European on developing and supporting private sector investments Bank for Reconstruction and Development (EBRD) took in emerging markets. part as buy sides in a total of 11 deals. On the other hand, private equity firms, in general, were Financial investors showed interest in all of the increasingly cautious and selective in extended deal primary sectors such as energy, consumer business, processes, while some of these firms were engaged in manufacturing, financial services, healthcare and fund raising activities throughout the year. technology. Energy and e-commerce sectors shared Some of the private equity firms, although less in the first rank by 9 transactions each, while technology number this year, carried on their pattern of regular sector coming in second by 5 deals. These sectors were acquisitions while some others entered the Turkish M&A followed by food & beverage (4), internet & mobile market with their initial investments. services (4), financial services (4) and manufacturing (4) sectors. Within this framework, financial investor activity kept its pace with a deal volume of c. US$3.1 billion (including Private equity firms made a total of 13 exit deals estimates for undisclosed values) in 52 deals. where the acquirers were mostly the existing/founder shareholders of those companies.

Financial Investor Activity FinancialFinancialFinancial Investor InvestorInvestor Activity ActivityActivity 30 3030 24 2244 46 4466 57 5577 35 3355 36 3366 52 5522 20%20%20% 19%19%19% 18%18%18% 25 2525 16%16%16% 22,0 22,022,0 14%14%14% 20 2020 18,0 18,018,0 17,3 17,317,3 17,5 17,517,5 12%12%12% 16,416,4 12%12%12% 12%12%12% 16,4 15,0 15,015,0 15 1515 10%10%10% 8%

(US$ billion)(US$ 8% (US$ billion)(US$ 8% (US$ billion)(US$ 8% 8%8% 7% 7%7% 10 1010 6% 6%6% 5% 5%5% 4% 4%4% 5 55 3,1 3,13,1 2,1 2,1 1,6 1,61,6 2,1 2,1 2,1 2,1 2% 2%2% 0,9 0,90,9 1,2 1,21,2 0 00 0% 0%0% 201020102010 201120112011 201220122012 201320132013 201420142014 201520152015 TotalTotal DealTotal Deal ValueDeal Value ValueFinancialFinancialFinancial Investor InvestorInvestor Deals Deals DealsRatioRatio Ratioto Total to to Total DealTotal Deal ValueDeal Value Value(%) (%)(%)TotalTotalTotalDealDealNumberDealNumberNumber

10 Private Equity Exits

Seller Target Acquirer Actera g2m Yıldız Holding ADM Capital AKG Yalıtım ve İnşaat AKG Shareholders Malzemeleri ADM Capital İstanbul Çorap Doenyas Family (former İstanbul Çorap shareholders) Ares Management Marmara Forum Blackstone Group Esas Holding BSK Antalya Sağlık Hizmetleri ADM Capital (through Anadolu Hospital) General Atlantic Yemeksepeti Delivery Hero Holding GmbH Infinity Invest Holding Caffe Nero Gıda Ürünleri A.Ş. Caffe Nero Ventures Limited International Finance Corporation (IFC), GAMA Enerji Tenaga Nasional Berhad IFC Asset Management İş Girişim (partial exit) Radore Veri Merkezi Private Investor (Mustafa Selçuk Saraç) Hizmetleri A.Ş. NBK Kılıç Deniz Ürünleri Üretimi Kılıç Holding Point Nine Capital, Team Europe, Felicis Mobilike Mobil Reklam Opera Mediaworks Inc. Ventures Pazarlama Pond Ventures Mekanist.net Zomato Providence Equity Partners, Turkven Digiturk (*) beIN Media Group

(*) Closing procedures pending as of the year-end

11 Financial Investor Deals

Deal Value # Acquirer Origin Target Sector Stake (US$ million)

1 500 Startups USA Adphorus Media N/D 1

2 The Abraaj Group UAE Yu-Ce Tibbi Gereçler Manufacturing N/D N/D The Abraaj Group, European Bank for 3 UAE, UK BRN Yatak Manufacturing N/D N/D Reconstruction and Development (EBRD) 4 ADM Capital (through Anadolu Hospital) Hong Kong BSK Antalya Sağlık Hizmetleri Healthcare 100% N/D

5 Aslanoba Capital Turkey Sinemia E Commerce N/D N/D

6 Aslanoba Capital Turkey Gümüş Su Food & Beverage N/D 8 Aslanoba Capital, Earlybird Venture 7 Turkey, Germany oBilet E Commerce N/D N/D Capital Aslanoba Capital, Hummingbird Ventures, Private Investors (Burak 8 Turkey, Belgium Modacruz E Commerce N/D 3 Divanlıoğlu, Melis Güçtaş Esin, Nevzat Aydın, Serkan Borançılı) Aslanoba Capital, Private Investor 9 Turkey Mobil Oto Servis Internet & Mobile Services N/D N/D (Nevzat Aydın) 10 BCM Global Fund Ltd. USA Petkim Energy 2% 24

11 Blackstone Group USA Marmara Forum Real Estate 50% N/D Darby Overseas Investments, 12 USA, Turkey Koza Gıda Dağıtım Wholesale & Distribution 50% N/D Pera Capital 13 Elixir Capital USA Annelutfen E Commerce N/D 4 European Bank for Reconstruction and 14 UK Borsa Istanbul Financial Services 10% N/D Development (EBRD) European Bank for Reconstruction and Akfen HES, Akfen RES, Karine 15 UK Energy 20% 100 Development (EBRD) Enerji European Bank for Reconstruction and 16 UK Global Liman Infrastructure 11% 57 Development (EBRD) European Bank for Reconstruction and 17 Development (EBRD), International UK, USA Fibabanka Financial Services 20% N/D Finance Corporation (IFC) European Bank for Reconstruction and 18 UK, Turkey Onedio Internet & Mobile Services N/D 3 Development (EBRD), Revo Capital Olgarlar Spor Malz. Tic A.Ş. 19 Global Capital Management Kuwait Retail 70% N/D (SPX) 20 Goldman Sachs USA SOCAR Turkey Enerji A.Ş. Energy 13% 1.300

21 Howzat Partners, Elixir Capital UK, USA Otelz.com E Commerce N/D N/D

22 IFC Global Infrastructure Fund USA Gama Enerji Energy 27% N/D

23 iLab Ventures Turkey Arabam.com E Commerce 100% 4

24 International Finance Corporation (IFC) USA Unit Investment Energy 23% N/D

25 International Finance Corporation (IFC) USA Zenium Technology N/D 25

26 International Finance Corporation (IFC) USA Hexagon Katı Atık Services N/D 20

12 Deal Value # Acquirer Origin Target Sector Stake (US$ million) International Finance Corporation (IFC), USA, Turkey, 27 212 Capital Partners, Endeavor Catalyst, iyzico Internet & Mobile Services N/D 6 Austria Pahicle Invest 28 Investcorp Bahrain Arvento Technology N/D N/D Iris Capital (through STC Ventures), 29 Saudi Arabia Modanisa E Commerce N/D 6 Aslanoba Capital 30 İş Girişim Turkey Ortopro Tıbbi Aletler Healthcare 51% 8

31 Mayhoola for Investments Qatar Boyner Perakende ve Tekstil Retail 31% 331 MCI Private Ventures, İş Girişim and 32 Poland, Turkey Mika Tur (Tatil Budur) E Commerce 80% 16 Private Investor (Barış Aksoy) 33 Mediterra Capital Turkey Söke Değirmencilik Food & Beverage 100% N/D

34 Mediterra Capital Turkey Tavuk Dünyası Food & Beverage 51% N/D

35 Mid Europa UK Customer Management Center Services 100% N/D

36 Pera Capital Turkey Beken Otomotiv (Autoking) Financial Services 50% N/D

37 Revo Capital Turkey Neozeka Technology N/D N/D

38 Revo Capital UK, Turkey Onedio Internet & Mobile Services N/D 1

39 Saudi Economic & Development Co. (*) Saudi Arabia Mektebim Okulları Education 30% N/D

40 Syntaxis Capital UF Poland Uğurlu Oto Cam Manufacturing N/D 17 Templeton Asset Management, ADM 41 USA, Hong Kong Defacto Retail 8% N/D Capital 42 Tiger Global Management USA Evidea.com E Commerce N/D 3 TRPE Capital, Private Investors (Ali 43 Sabancı, Turgut Gürsoy, Emre Berkin and Turkey Blesh Technology N/D 3 Kemal Cılız) 44 UBS AG Switzerland Atlantik Petrol Ürünleri Energy 7% 1

45 UBS AG Switzerland Güler Yatırım Holding A.Ş. Financial Services 6% 0

46 Ünlü Private Equity and Turkven Turkey Natura Gıda (Ülker Golf) Food & Beverage 30% N/D

47 Verusa Turkey Gersan Elektrik A.Ş. Manufacturing 20% 9

48 Verusa Turkey Kafein Yazılım A.Ş. Technology 39% 2

49 Verusa Turkey Standard Enerji Üretim A.Ş. Energy 50% 0 Aciselsan Acipayam Seluloz 50 Verusa (through Ata Elektrik) Turkey Chemicals 11% 2 Sanayi 51 Verusa (through Pamukova Elektrik) Turkey Enda Enerji Holding Energy 21% 17

52 Verusa (through Pamukova Elektrik) Turkey İklimya Elektrik Üretim A.Ş. Energy 94% 5

* Consists of two separate transactions where a stake of 19.5% and of 10.5% were acquired in May and December 2015, respectively.

13 Deal size ranges

In line with previous years, the majority of the The ten largest deals (based on disclosed values) deals occurred in the small and middle market. 193 made up c. 50% of the total deal volume. The transactions each with a deal value less than US$50 largest announced transaction was the acquisition of million, corresponding to 79% of the total number of Finansbank by Qatar National Bank, for a consideration deals, represented only 12% of the total deal value. of c.US$3.0 billion. Investments of Goldman Sachs, While there was only a few number of deals with a COSCO Pacific & China Merchants Holding and Delivery deal size of US$500 million or above (7 out of 245 Hero in Socar Turkey, Fina Liman Hizmetleri (Kumport) – 3% of the total deal number), total value of these and Yemeksepeti, respectively, were the other major 7 deals (including estimates for undisclosed values) deals made by foreign investors, in addition to Digiturk corresponded to 51% of the total deal size. and Ak Gıda transactions (if terms were disclosed and pending procedures were finalized). The largest deal succeeded by Turkish investors was the privatization of Soma B Thermal Power Plant for a consideration of US$686 million.

Deal Value Ranges (*)

Range Share in Total Deal Number (%) Share in Deal Volume (%) Over US$500 million 3% 51%

Between US$250 – 500 million 2% 12%

Between US$100 – 250 million 9% 18%

Between US$50 – 100 million 7% 7%

Less than US$50 million 79% 12%

Total 100% 100%

(*) Including estimates for deals with undisclosed values

14 In 2015, the average deal size including all deals, and the average deal size excluding the ten largest transactions, were around US$67 million and US$35 million, respectively, which remained highly parallel to 2014 figures of US$77 million and US$36 million, respectively. This major gap underlines the plenitude of small and mid-cap deals.

The Ten Largest Transactions (based on disclosed values) Deal Value # Acquirer Origin Target Sector Stake (US$ million) 1 Qatar National Bank Qatar Finansbank Financial Services 100% 2.982

2 Goldman Sachs USA SOCAR Turkey Enerji A.Ş. Energy 13% 1.300 COSCO Pacific Limited, China 3 China Fina Liman Hizmetleri (Kumport) Infrastructure 65% 940 Merchants Holdings 4 Konya Şeker Turkey Soma B Thermal Power Plant Energy 100% 686 Internet & Mobile 5 Delivery Hero Holding GmbH USA Yemeksepeti 100% 589 Services Doğankent, Kürtün ve 6 Kolin İnşaat Turkey Energy 100% 418 Torul HEPPs 7 Demirören Holding A.Ş. Turkey Total Akaryakıt Dağıtım Energy 100% 356

8 Mayhoola for Investments S.P.C Qatar Boyner Perakende ve Tekstil Retail 31% 331

9 Turk Telekomünikasyon A.Ş. Turkey Avea İletişim Hizmetleri A.Ş. Telecommunication 10% 323 İçtaş Hidroelektrik ve Termik Kadıncık 1 HEPP, Kadıncık 2 10 Turkey Energy 100% 301 Enerji Üretim HEPP

Note: If the terms were disclosed, acquisition of Digiturk and Ak Gıda by beIN Media Group and Groupe Lactalis S.A., respectively, would be expected to enter the ten largest transactions list.

15 Sectoral overview

Deal DealNumber Number As envisaged in our previous year’s report, energy, manufacturing, financial services and food & Manufacturing 41 beverage were among the most active M&A sectors. Energy 3738 Manufacturing and energy were the two sectors leading Services 18 the numbers, with 41 and 37 transactions respectively. Technology 17 Services (18), technology (17), financial services (15) Food & Beverage 15 and food & beverage (15) were also remarkable by deal Financial Services 15 number. E Commerce 13 Energy sector continued to be the leading industry by Real Estate 10 value with a total deal value of US$4.9 billion (including Retail 9 estimates for undisclosed values), representing 30% of Wholesale & Distribution 8 the total annual deal value. Out of the ten largest deals, Internet & Mobile Services 8 5 were energy sector transactions amounting to a total Mining 7 deal size of c. US$3.1 billion. Media 7 On another note, the majority of the total deal value Chemicals 7 was derived from a single transaction in financial Healthcare 6 services, media, infrastructure, internet & mobile services Pharmaceuticals 5 and telecommunications sectors. Other 22 Targets, acquired by financial investors, were diversified 0 10 20 30 40 50 in a wide range of industries among which energy, technology and e-commerce ranked as the most active ones. In terms of deal value, financial investors Deal Value (Disclosed; US$ million) dominantly invested in the energy sector and their focus Deal Value (Disclosed; US$ million) on energy investments has formed c. 58% of total financial investor deal volume. Energy 4.139 Financial Services 3.104 Infrastructure 997 Internet & Mobile Services 599 Retail 533 Real Estate 368 Telecommunication 323 Media 185 Food & Beverage 168 Manufacturing 167 Pharmaceuticals 128 Technology 44 E Commerce 37 Other 110

0 1.000 2.000 3.000 4.000 5.000

16 Prospects

While it appears uncertain that the economic and political environment would be stable to promise a strong M&A market next year, we believe investors will continue to see attractive opportunities in the Turkish market. We expect foreign acquirers and private equity firms to keep pace in their M&A activities, while it is critical to implement certain reforms and secure a new growth story for investors.

In 2016, we expect the M&A activity to be widely dispersed across industries, led by manufacturing, energy, food and beverage and services. Middle market transactions will continue their momentum and dominate the overall activity in terms of deal numbers.

We also notice that the privatization agenda may be mobilized after a restrained year. A number of new and renewed tenders that are anticipated (National Lottery, Highways and Bridges, Türkiye Petrolleri Petrol Dağıtım A.Ş. and certain energy assets) promise a solid deal volume for the next year, if these will be delivered successfully.

17 2015 Deal list

Deal Value # Acquirer Origin Target Sector Stake (US$ million) 1 500 Startups USA Adphorus Media N/D 1

2 A1 Capital Menkul Değerler Turkey Ayborsa Menkul Değerler Financial Services 90% N/D

3 The Abraaj Group UAE Yu-Ce Tibbi Gereçler Manufacturing N/D N/D The Abraaj Group, European 4 Bank for Reconstruction and UAE, UK BRN Yatak Manufacturing N/D N/D Development (EBRD) 5 Acıbadem Poliklinikleri Turkey Bodrum Tedavi Hizmetleri Healthcare 40% N/D

6 ACWA Power International Saudi Arabia Ventis Enerji Yatırımları Energy 100% N/D ADM Capital (through 7 Hong Kong BSK Antalya Sağlık Hizmetleri Healthcare 100% N/D Anadolu Hospital) 8 Air Liquide SA France Messer Aligaz San. Gazları Chemicals 100% N/D Atak Koruma ve Güvenlik 9 Akdeniz Güvenlik Hizmetleri Turkey Services 1% 0 Hizmetleri AKG Yalıtım ve İnşaat 10 AKG Shareholders Turkey Manufacturing 50% N/D Malzemeleri 11 Akiş GYO, Ali Raif Dinçkök Turkey SAF GYO Real Estate 26% 125

12 Aksel Yatırım Holding Turkey HBZ Gayrimenkul Turizm Construction 49% 24

13 Aksel Yatırım Holding A.Ş. Turkey Staroil Petrolcülük A.Ş. Energy 100% 7 Alivira (through Provet 14 India Topkim İlaç Premiks Pharmaceuticals 100% 7 Veterinary Products A.Ş.) 15 ALK Denmark Albio Allerji Pharmaceuticals 100% N/D

16 Allianz Sigorta A.Ş. Turkey Beykoz Gayrimenkul Real Estate 100% 187 MFG Akaryakıt Ürünleri 17 Ansa Yatırım Holding A.Ş. Turkey Energy 14% 1 Dağıtım Archer Daniels Midland 18 USA Amylum Nişasta A.Ş Food & Beverage 50% N/D Company 19 Armacell Enterprise GmbH Luxembourg Das Yalıtım (OneFlex) Manufacturing 100% N/D Bozüyük CCPP, Çerkezköy 20 Asiatech Energy Pte Ltd Singapore Energy 100% 28 CCPP 21 Askale Çimento Turkey Sançim Bilecik Çimento Manufacturing 100% N/D

22 Aslanoba Capital Turkey Sinemia E Commerce N/D N/D

23 Aslanoba Capital Turkey Gümüş Su Food & Beverage N/D 8 Aslanoba Capital, Earlybird Turkey, 24 oBilet E Commerce N/D N/D Venture Capital Germany Aslanoba Capital, Hummingbird Ventures, Private Investors (Burak Turkey, 25 Modacruz E Commerce N/D 3 Divanlıoğlu, Melis Güçtaş Belgium Esin, Nevzat Aydın, Serkan Borançılı) Aslanoba Capital, Private 26 Turkey Mobil Oto Servis Internet & Mobile Services N/D N/D Investor (Nevzat Aydın) Ata Romorkör Kurtarma 27 Turkey Escort Teknoloji Yatırım A.Ş. Technology 5% 1 Hizmetleri Ekol Teknik Temizlik; Ekol 28 Atalian Global Services France Services 51% N/D Grup Güvenlik Hizmetleri

18 Deal Value Deal Value # Acquirer Origin Target Sector Stake # Acquirer Origin Target Sector Stake (US$ million) (US$ million) 1 500 Startups USA Adphorus Media N/D 1 Demirören Axpo Enerji 29 Axpo Holding Switzerland Energy 50% N/D Toptan Ticaret 2 A1 Capital Menkul Değerler Turkey Ayborsa Menkul Değerler Financial Services 90% N/D Bosphorus Capital Portföy 30 AZ International Holdings Italy Financial Services 70% 9 3 The Abraaj Group UAE Yu-Ce Tibbi Gereçler Manufacturing N/D N/D Yönetimi The Abraaj Group, European Naturak Gayrimenkul 31 Bati Ege Tarim Turkey Real Estate 100% 11 4 Bank for Reconstruction and UAE, UK BRN Yatak Manufacturing N/D N/D Geliştirme Development (EBRD) 32 BCM Global Fund Ltd. USA Petkim Energy 2% 24 5 Acıbadem Poliklinikleri Turkey Bodrum Tedavi Hizmetleri Healthcare 40% N/D 33 beIN Media Group Qatar DigiTurk Media 100% N/D 6 ACWA Power International Saudi Arabia Ventis Enerji Yatırımları Energy 100% N/D Beykoz Doğa Öğretim Topyay Spor İnşaat Gıda ve 34 Turkey Entertainment 39% 8 ADM Capital (through Yatırım Sağlık 7 Hong Kong BSK Antalya Sağlık Hizmetleri Healthcare 100% N/D Anadolu Hospital) 35 Biesse S.p.A. Italy Nuri Baylar Makine Manufacturing 80% 1 8 Air Liquide SA France Messer Aligaz San. Gazları Chemicals 100% N/D Türkmen Havacılık ve 36 Bilen Havacılık Ltd. Şti. Turkey Aviation 100% N/D Atak Koruma ve Güvenlik Taşımacılık A.Ş. 9 Akdeniz Güvenlik Hizmetleri Turkey Services 1% 0 Hizmetleri 37 Blackstone Group USA Marmara Forum Real Estate 50% N/D AKG Yalıtım ve İnşaat 10 AKG Shareholders Turkey Manufacturing 50% N/D Bourbon Automotive Plastics Malzemeleri 38 Germany Otosima Plastik Manufacturing 100% N/D GmbH 11 Akiş GYO, Ali Raif Dinçkök Turkey SAF GYO Real Estate 26% 125 39 BPlas Bursa Turkey Zey-Tur-San Gıda Food & Beverage N/D N/D 12 Aksel Yatırım Holding Turkey HBZ Gayrimenkul Turizm Construction 49% 24 40 Brantner Walter Ges.m.b.H. Austria ATEN Brantner A.Ş. Services 50% N/D 13 Aksel Yatırım Holding A.Ş. Turkey Staroil Petrolcülük A.Ş. Energy 100% 7 41 Brenntag AG Germany Parkoteks Kimya Chemicals 100% N/D Alivira (through Provet 14 India Topkim İlaç Premiks Pharmaceuticals 100% 7 Istanbul Tic. Is Guvenligi; Veterinary Products A.Ş.) 42 Bunzl Plc UK Wholesale & Distribution 100% N/D Istanbul Tic. Hirdavat 15 ALK Denmark Albio Allerji Pharmaceuticals 100% N/D 43 Business Integration Partners Italy Cluster Alliance Services N/D N/D 16 Allianz Sigorta A.Ş. Turkey Beykoz Gayrimenkul Real Estate 100% 187 44 Caffe Nero Ventures Limited UK Caffe Nero Gıda Ürünleri A.Ş. Restaurants & Hospitality 50% N/D MFG Akaryakıt Ürünleri 17 Ansa Yatırım Holding A.Ş. Turkey Energy 14% 1 Dağıtım 45 Calucem d.o.o. Croatia Lutfullah Kitapçı Madencilik Mining 100% N/D Archer Daniels Midland 46 Çanakçı HES Elektrik Üretim Turkey Akocak HEPP Energy 100% 81 18 USA Amylum Nişasta A.Ş Food & Beverage 50% N/D Company Ekol Gıda Tarım ve 47 Cargill Inc. USA Agriculture & Breeding 51% N/D 19 Armacell Enterprise GmbH Luxembourg Das Yalıtım (OneFlex) Manufacturing 100% N/D Hayvancılık Bozüyük CCPP, Çerkezköy 48 Carrefoursa Turkey Kiler Alışveriş Hizmetleri Gıda Retail 85% 166 20 Asiatech Energy Pte Ltd Singapore Energy 100% 28 CCPP Antalya Market İşletmeciliği 49 Carrefoursa Turkey Retail 100% 12 21 Askale Çimento Turkey Sançim Bilecik Çimento Manufacturing 100% N/D (29 retail stores) İsmar Marketler Zinciri Gıda 22 Aslanoba Capital Turkey Sinemia E Commerce N/D N/D 50 Carrefoursa Turkey Retail 100% 11 (26 retail stores) 23 Aslanoba Capital Turkey Gümüş Su Food & Beverage N/D 8 51 Çatak Enerji Elektrik Üretim Turkey Yelen-Gulpınar Enerji Üretim Energy 70% 4 Aslanoba Capital, Earlybird Turkey, 24 oBilet E Commerce N/D N/D Kommersan Kombassan Venture Capital Germany 52 Çobanlar Mermer Turkey Mining 100% 6 Mermer Maden İşletmeleri Aslanoba Capital, Dataserv Information Hummingbird Ventures, 53 Comparex AG Germany Technology 51% N/D Technologies Inc. Private Investors (Burak Turkey, 25 Modacruz E Commerce N/D 3 COSCO Pacific Limited, Fina Liman Hizmetleri Divanlıoğlu, Melis Güçtaş Belgium 54 China Infrastructure 65% 940 Esin, Nevzat Aydın, Serkan China Merchants Holdings (Kumport) Borançılı) Kaplamin Ambalaj, Atkasan, Aslanoba Capital, Private 55 Cukurova Holding Turkey Ova Oluklu Mukavva, Yalova Manufacturing N/D N/D 26 Turkey Mobil Oto Servis Internet & Mobile Services N/D N/D Investor (Nevzat Aydın) Ambalaj, Selkasan Kağıt Ata Romorkör Kurtarma 56 Danfoss A/S Denmark DAF Enerji Manufacturing 60% N/D 27 Turkey Escort Teknoloji Yatırım A.Ş. Technology 5% 1 Hizmetleri 57 DAP Yapı Turkey Eltes İnşaat Construction 100% N/D Ekol Teknik Temizlik; Ekol 28 Atalian Global Services France Services 51% N/D Darby Overseas Investments, Grup Güvenlik Hizmetleri 58 USA, Turkey Koza Gıda Dağıtım Wholesale & Distribution 50% N/D Pera Capital

19 Deal Value # Acquirer Origin Target Sector Stake (US$ million) İlknak Su Ürünleri, Miramar 59 Defne Tur Turkey Agriculture & Breeding 100% 5 Su Ürünleri 60 Delivery Hero Holding GmbH USA Yemeksepeti Internet & Mobile Services 100% 589

61 Demirören Holding A.Ş. Turkey Total Akaryakıt Dağıtım Energy 100% 356

62 Discovery Communications USA CNBC-e Media 100% N/D

Doenyas Family (former 63 Turkey İstanbul Çorap Real Estate N/D N/D İstanbul Çorap shareholders) 64 Doğan Enerji Yatırımları Turkey Aytemiz Akaryakıt Dağıtım Energy 50% 64

65 Doğan Holding Turkey Doğan TV Holding Media 3% 72

66 DS Smith Plc. UK Dasa Milas Ambalaj Manufacturing 100% N/D Della Gıda, Bahar Su, İlk 67 DyDo DRINCO Inc. Japan Food & Beverage 90% 111 Mevsim Meyve Suları 68 Elixir Capital USA Annelutfen E Commerce N/D 4 Marmara Endüstriyel Kimyevi 69 Elton Corporation SA Romania Chemicals 70% N/D Maddeler 70 Enucuz Pazarlama Turkey Batı Ege Kozmetik Retail 100% N/D

71 Erciyas Çelik Boru Turkey Özbal Çelik Boru Manufacturing 51% N/D Advansa Sasa Polyester 72 Erdemoğlu Group Turkey Manufacturing 51% 102 Sanayi 73 Eroğlu Holding A.Ş. Turkey Multi Edirne Emlak Geliştirme Real Estate 100% N/D Essilor Optica International 74 France Merve Optik Wholesale & Distribution 65% N/D Holding SL 75 Eti Alüminyum A.Ş. Turkey Fethiye HEPP Energy 100% 44

76 Eurasian Minerals Canada EBX Madencilik Mining 51% 0 European Bank for 77 Reconstruction and UK Borsa Istanbul Financial Services 10% N/D Development (EBRD) European Bank for Akfen HES, Akfen RES, Karine 78 Reconstruction and UK Energy 20% 100 Enerji Development (EBRD) European Bank for 79 Reconstruction and UK Global Liman Infrastructure 11% 57 Development (EBRD) European Bank for Reconstruction and 80 Development (EBRD), UK, USA Fibabanka Financial Services 20% N/D International Finance Corporation (IFC) European Bank for Reconstruction and 81 UK, Turkey Onedio Internet & Mobile Services N/D 3 Development (EBRD), Revo Capital Millenicom 82 EWE AG Germany Telecommunication 100% N/D Telekomünikasyon Hizmetleri 83 Fahrzeugwerk Bernard Krone Germany Krone Doğuş Treyler Manufacturing 49% 10

84 Faik Celik Holding Turkey Emarc-Çelik Otomotiv Manufacturing 55% N/D Ribatek Tekstil (Non-woven 85 Fibertex Nonwovens A/S Denmark Manufacturing 100% 18 business) 86 Finansbank A.Ş. Turkey PSA Finansman A.Ş. Financial Services 100% 4

87 Fluidmaster Inc. USA Key Teknik Yapı Malzemeleri Manufacturing 100% N/D

20 Deal Value # Acquirer Origin Target Sector Stake (US$ million) 88 Fosroc International Limited UK Idea Yapı Kimyasalları Chemicals 80% N/D Karacaören 1 HEPP, 89 Gama Enerji Turkey Energy 100% 179 Karacaören 2 HEPP 90 Gazprom Russia Akfel Gaz Energy N/D N/D GOA Teknoloji Danışmanlık 91 Getinge Infection Control AB Sweden Healthcare 100% N/D (Stericool) Olgarlar Spor Malz. Tic A.Ş. 92 Global Capital Management Kuwait Retail 70% N/D (SPX) 93 Global Menkul Değerler Turkey Eczacıbaşı Menkul Değerler Financial Services 100% 8

94 Goldman Sachs USA SOCAR Turkey Enerji A.Ş. Energy 13% 1.300 Çepas Galvaniz Demir Çelik 95 Gonvari Steel Services Spain Mining N/D N/D Madencilik A.Ş. Greiner Packaging 96 Austria Teknik Plastik; Teknik IML Manufacturing 51% N/D International 97 Groupe Lactalis S.A. France AK Gıda Food & Beverage N/D N/D directComm Marketing 98 GroupM USA Services N/D N/D Group 99 GS Yuasa International Ltd. Japan İnci Akü Manufacturing 50% N/D

100 GSD Holding Turkey Silopi Elektrik Energy 15% 125

101 Gulf Cryo Kuwait Yalız Gaz Chemicals 100% N/D

102 Güriş İnşaat Turkey Arpa HEPP Energy 100% N/D

103 Güriş İnşaat Turkey Tahta HEPP Energy 100% N/D IMS Proje Yönetimi ve 104 Hill International Inc. USA Services 100% N/D Danışmanlık A.Ş. 105 HomeAway Inc USA Remar Bilgi Teknolojileri E Commerce N/D 2 Howzat Partners, Elixir 106 UK, USA Otelz.com E Commerce N/D N/D Capital Akbulut Tekstil Sanayi Ticaret 107 hummel A/S Denmark Retail 51% N/D A.Ş. ANC Hayvan Beslenmesi ve 108 Huvepharma AD Bulgaria Pharmaceuticals 100% N/D Sağlığı Hizmetleri 109 IBC SOLAR AG Germany Kosi Frankensolar P.L.U.S. Technology 100% N/D

110 ICBC China Tekstilbank Financial Services 25% 77 İçtaş Hidroelektrik ve Termik Kadıncık 1 HEPP, Kadıncık 2 111 Turkey Energy 100% 301 Enerji Üretim HEPP IFC Global Infrastructure 112 USA Gama Enerji Energy 27% N/D Fund 113 iLab Ventures Turkey Arabam.com E Commerce 100% 4

114 Indorama Ventures Thailand Polyplex Resins Manufacturing 100% N/D

115 InfoFort UAE CBKSoft Software Technology 51% N/D International Finance 116 USA Unit Investment Energy 23% N/D Corporation (IFC) International Finance 117 USA Zenium Technology N/D 25 Corporation (IFC) International Finance 118 USA Hexagon Katı Atık Services N/D 20 Corporation (IFC) International Finance Corporation (IFC), 212 USA, Turkey, 119 iyzico Internet & Mobile Services N/D 6 Capital Partners, Endeavor Austria Catalyst, Pahicle Invest 120 Investcorp Bahrain Arvento Technology N/D N/D

21 Deal Value # Acquirer Origin Target Sector Stake (US$ million) Arbul Entegre Tekstil 121 IPEG Beteiligungen AG Switzerland Manufacturing 22% 2 İşletmeleri A.Ş. Pet Gaz A.Ş. (Bottled LPG 122 Ipragaz A.Ş. Turkey Energy N/D N/D and Autogas businesses) Iris Capital (through STC 123 Saudi Arabia Modanisa E Commerce N/D 6 Ventures), Aslanoba Capital 124 İş Girişim Turkey Ortopro Tıbbi Aletler Healthcare 51% 8 J. Walter Thompson 125 UK BBG Reklam ve Prodüksiyon Services 10% N/D Company Limited (WPP) Jones Lang LaSalle 126 USA Avm Partners Real Estate 100% N/D Incorporated Katmerciler Araç Üstü 127 Turkey Gimkat Arac Üstü Ekipman Manufacturing 50% 0 Ekipman 128 Kazkommertsbank JSC (KKB) Khazakistan Şekerbank Financial Services 19% N/D

129 Kerry Group Plc. Ireland PST Pastacilik Gida Food & Beverage 100% N/D Kepez 2 HEPP, Manavgat 130 Kibar Holding Turkey Energy 100% 128 HEPP 131 Kılıç Holding Turkey Kılıç Deniz Ürünleri Üretimi Agriculture & Breeding 20% N/D

132 Kirchhoff Gruppe Germany Hidro-Mak A.Ş. Manufacturing N/D N/D Doğankent, Kürtün ve Torul 133 Kolin İnşaat Turkey Energy 100% 418 HEPPs 134 Konya Şeker Turkey Soma B Thermal Power Plant Energy 100% 686

135 Kubota Corporation Japan Marubeni AG Makine Manufacturing N/D N/D Bilgitaş Document Solutions 136 Kyocera Corporation Japan Manufacturing 60% N/D Turkey 137 Laboratoires Anios S.A. France Deren İlaç Sanayi Pharmaceuticals N/D N/D Alfarm Alarko Leröy Su 138 Lerøy Norway Agriculture & Breeding 50% 5 Ürünleri Limak Holding, IC İçtaş 139 Turkey Muğla Yapı Malzemeleri Manufacturing 100% N/D Holding 140 Logo Yazılım Turkey Intermat Bilişim A.Ş. Technology 100% 2

141 Logo Yazılım Turkey Sempa Bilgi İşlem Technology 100% 1 Vardar Yazılım Danışmanlık 142 Logo Yazılım Turkey Technology 100% 0 Eğitim Ltd. 143 M&C Saatchi plc UK INSPI(RED) Services N/D N/D Marmedsa Turkey Denizcilik 144 Spain Komet Turizm ve Denizcilik Logistics & Transportation 80% N/D Liman ve Lojistik Hizmetleri 145 Maspex-GMW Sp. z o.o. Poland Tedi İçecek Food & Beverage 50% 4

146 Mayhoola for Investments Qatar Boyner Perakende ve Tekstil Retail 31% 331 MCI Private Ventures, İş 147 Girişim and Private Investor Poland, Turkey Mika Tur (Tatil Budur) E Commerce 80% 16 (Barış Aksoy) 148 Mediterra Capital Turkey Söke Değirmencilik Food & Beverage 100% N/D

149 Mediterra Capital Turkey Tavuk Dünyası Food & Beverage 51% N/D Meeting Point International 150 Germany Yaren Turizm Logistics & Transportation N/D N/D GmbH Birkapılı Enerji Üretim A.Ş., 151 Melike Enerji Üretim A.Ş. Turkey Energy 100% N/D Gazipaşa Enerji Üretim A.Ş. 152 Menekşe Petrol Ürünleri A.Ş. Turkey Prestij Turizm Oto Kiralama Services 98% 1 Customer Management 153 Mid Europa UK Services 100% N/D Center

22 Deal Value # Acquirer Origin Target Sector Stake (US$ million) 154 Mitsubishi Corp Japan Çalık Enerji Energy 4% N/D

155 Mitsui & Co. Japan Sarten Ambalaj Manufacturing 15% N/D Netmarble Games Joygame Interactive Services; 156 South Korea Internet & Mobile Services 50% N/D Corporation SHR Interaktif Servisler 157 Nissan Motor Co. Ltd. Japan Nissan Otomotiv A.Ş. Wholesale & Distribution 99% N/D

158 Odas Elektrik Turkey Suda Maden Mining 100% 1 Mobilike Mobil Reklam 159 Opera Mediaworks Inc. USA Internet & Mobile Services 100% N/D Pazarlama Tiway Petrol Arama ve 160 Park Place Energy Corp. USA Energy 100% 2 Üretim 161 Pasha Bank OJSC Azerbaijan Pasha Bank Yatırım Bankası Financial Services 20% N/D

162 Pegasus Turkey Hitit Bilgisayar Hizmetleri Technology 40% 5

163 Penta Teknoloji Turkey Sayısal Grafik A.Ş. Technology 100% N/D Gedik Girişim Sermayesi 164 Penta Tekstil Turkey Financial Services 45% 4 Yatırım Ortaklığı A.Ş. 165 Pera Capital Turkey Beken Otomotiv (Autoking) Financial Services 50% N/D

166 Private Investor (Aydın Ildız) Turkey Etiler Gıda ve Ticari Yatırımlar Restaurants & Hospitality 15% 1 Private Investor (Burak Erkut 167 Turkey Bisaş Tekstil Manufacturing 63% 3 Ertürk) Private Investor (Cengiz Akdeniz Resources 168 Turkey Mining 80% 9 Kaya) Madencilik Private investor (Ferit 169 Turkey TV8 Media 30% 110 Şahenk) Private Investor (Mehmet 170 Turkey Bakanlar Medya A.Ş. Media 68% 2 Taşkın) Private Investor (Mustafa Radore Veri Merkezi 171 Turkey Technology 16% N/D Selçuk Saraç) Hizmetleri A.Ş. Private Investor (Mustafa 172 Turkey Mobilus Technology N/D N/D Selçuk Saraç) Private Investor (Oğuz Murat 173 Turkey Aksel Yatırım Holding A.Ş. Energy 11% 1 Otay) Private Investor (Remzi Valide Etfal Özel Sağlık 174 Turkey Healthcare 100% 5 Kızıltaş) Hizmetleri Ka Petrol Otelcilik Turizm 175 Private Investor (Rıfat Erbay) Turkey Tourism 55% 0 Tekstil 176 Private Investor (Sabri Yiğit) Turkey Provel Tüketim Ürünleri Manufacturing 25% N/D Private Investor (Şevket 177 Turkey Multinet Kurumsal Hizmetler Services 50% N/D Başev) 178 Private Investor (Sina Afra) Turkey Sadeceon E Commerce N/D N/D Private Investor (Süleyman 179 Turkey Duranlar Süt Sanayi Food & Beverage 26% 1 Duran) Private Investor (Ülker Etmatik Restaurant ve Gıda 180 Turkey Restaurants & Hospitality 100% 0 Kemendi) Hizmetleri A.Ş. Private Investor (Ülker 181 Turkey Smart Marketçilik Dağıtım Wholesale & Distribution 100% 0 Kemendi) Private Investor (Umut 182 Turkey DNG Dış Ticaret A.Ş. Services 100% 0 Güner) Private Investors (Haluk Sur, 183 Emre Çamlıbel, Mehmet Ali Turkey EYG Gayrimenkul Real Estate 100% N/D Ergin, Caner Bingöl) Private Investors (Kazim 184 Turkey Çarşamba Enerji Üretim A.Ş. Energy 37% 11 Gürol Yılmaz, Mithat Yilmaz)

23 Deal Value # Acquirer Origin Target Sector Stake (US$ million) Private Investors (Nazlı 185 Turkey Tan Kömür Dış Ticaret Wholesale & Distribution 70% 1 Babaloğlu, Tayfun Çelik) Private Investors (Nevzat Aydın, Melih Ödemiş, 186 Turkey BuldumBuldum.com E Commerce N/D N/D Birol Yücel and Bedii Can Yücaoğlu) Private Investors (Ömer 187 Turkey Yeniyurt Petrol Terminal A.Ş. Energy 100% 9 Gümüş, Abdülkerim Gümüş) Private Investors (Veysel 188 Tunç, Ahmet Yıldız, Müfit Turkey Kafkas Pasta Şekerleme Food & Beverage 99% 43 Vefa Kantarcı) Private Investors (Yağız Erel, 189 Turkey MEGA Polietilen Köpük Chemicals 48% 2 Yunus Sadi Şekerci) 190 Publicis Groupe SA France Voden Digital Agency Media 100% N/D

191 Qatar National Bank Qatar Finansbank Financial Services 100% 2.982

192 Redington Gulf FZE UAE Linkplus Bilgisayar Sistemleri Technology 70% 6

193 Revo Capital Turkey Neozeka Technology N/D N/D

194 Revo Capital Turkey Onedio Internet & Mobile Services N/D 1 RGM Facility Management 195 Germany RGM Turkey A.Ş. Services 50% N/D Gmbh 196 Roca S.A. Spain Öznur Pres Manufacturing N/D N/D Rönesans Gayrimenkul Nakkaştepe Gayrimenkul 197 Turkey Real Estate 50% 36 Yatırım Yatırımları RTA Laboratuvarları Biyolojik 198 Turkey Serenay Ambalaj Manufacturing 50% 2 Ürünler İlaç 199 Saide Tekstil Turkey NLT Tekstil Manufacturing 50% N/D

200 Sanko Holding Turkey Lafarge Ereğli Çimento Manufacturing 100% N/D Saudi Economic & 201 Saudi Arabia Mektebim Okulları Education 30% N/D Development Co Ltd. (*) 202 SBK Holding Turkey Bukombin.com E Commerce 100% N/D Ankateks Turizm İnşaat 203 Servizi Italia S.p.A. Italy Services 40% 6 Tekstil Temizleme 204 Sicpa Switzerland Sicpa Assan Ürün Güvenliği Services 50% N/D Soler&Palau Ventilation 205 USA AFS İstanbul Fleksibıl A.Ş Manufacturing 51% N/D Group Opakim Tıbbi Ürünler 206 St. Jude Medical Inc USA Healthcare 100% N/D (cardiovascular devices unit) 207 Straton Maden Yatırımları Turkey Yeniköy Yatağan Mine Site Mining 100% 5

208 Stryker Corporation USA Muka Metal Manufacturing 100% N/D MKS Transformatör 209 Sumitomo Corporation Japan Manufacturing 19% 2 Ekipmanları 210 Syntaxis Capital UF Poland Uğurlu Oto Cam Manufacturing N/D 17 Neutec Kalite Yönetimi 211 Takeda Japan Pharmaceuticals 100% 120 (Portfolio of 13 products) 212 Teksal Tekstil Turkey İdaş Retail N/D 13 Templeton Asset USA, Hong 213 Defacto Retail 8% N/D Management, ADM Capital Kong 214 Tenaga Nasional Berhad Malaysia GAMA Enerji Energy 30% 243

215 Tiger Global Management USA Evidea.com E Commerce N/D 3 Yeşil Küre Organik Ürünler 216 Tiryaki Agro Turkey Food & Beverage 100% N/D Tarım Hayvancılık

24 Deal Value # Acquirer Origin Target Sector Stake (US$ million) Torunlar Gayrimenkul Yatırım Hastalya Motorlu Vasıtalar 217 Turkey Real Estate 100% 10 Ortaklığı A.Ş. Tic. ve San. A.Ş. 218 Toyo Ink SC Holdings Co Ltd Japan Dyo Matbaa Mürekkepleri Manufacturing 75% N/D

219 Trafimet S.p.A. Italy Trafimet Kaynak Sistemleri Manufacturing 80% N/D

220 Trans-Atlantic Group DMCC UAE Oruçoğlu Yağ Food & Beverage 100% N/D TRPE Capital, Private Investors (Ali Sabancı, Turgut 221 Turkey Blesh Technology N/D 3 Gürsoy, Emre Berkin and Kemal Cılız) Türk Silahlı Kuvvetlerini 222 Turkey Roketsan Roket Manufacturing 10% N/D Güçlendirme Vakfı 223 Türk Telekomünikasyon A.Ş. Turkey Avea İletişim Hizmetleri A.Ş. Telecommunication 10% 323

224 UBS AG Switzerland Atlantik Petrol Ürünleri Energy 7% 1

225 UBS AG Switzerland Güler Yatırım Holding A.Ş. Financial Services 6% 0 DEWI Danışmanlık 226 UL International GmbH Germany Services N/D N/D Mühendislik 227 Ünlü Finansal Yatırımlar A.Ş. Turkey Ünlü Menkul Değerler A.Ş. Financial Services 25% N/D Ünlü Private Equity and 228 Turkey Natura Gıda (Ülker Golf) Food & Beverage 30% N/D Turkven 229 VBG Holding A.Ş. Turkey Ansa Enerji Yatırım A.Ş. Energy 100% 4 Personal Care & 230 Vepa Dış Ticaret Turkey Shiseido Kozmetik 51% N/D Cosmetics 231 Verusa Turkey Gersan Elektrik A.Ş. Manufacturing 20% 9

232 Verusa Turkey Kafein Yazılım A.Ş. Technology 39% 2

233 Verusa Turkey Standard Enerji Üretim A.Ş. Energy 50% 0 Aciselsan Acipayam Seluloz 234 Verusa (through Ata Elektrik) Turkey Chemicals 11% 2 Sanayi Verusa (through Pamukova 235 Turkey Enda Enerji Holding Energy 21% 17 Elektrik) Verusa (through Pamukova 236 Turkey İklimya Elektrik Üretim A.Ş. Energy 94% 5 Elektrik) Volkswagen Doğuş MAN Financial Services 237 Turkey Financial Services 100% 21 Finansman A.Ş. Tüketici Finansmanı 238 Webhelp SAS France Callpex Customer Center Services 79% N/D

239 Wirthwein Germany Farel Plastik Manufacturing 70% N/D

240 Yeşil Yatırım Holding Turkey Zincir Gayrimenkul Geliştirme Construction 50% 0

241 Yıldız Holding Turkey g2m Wholesale & Distribution 64% N/D

242 Yıldız Holding Turkey Yıldız Granini Meyve Suyu Food & Beverage 50% N/D

243 YM Gayrimenkul Turkey Mesa Holding Construction 86% N/D Birleşik Endüstriyel Sistemler 244 Yokogawa Europe B.V. Netherlands Wholesale & Distribution 100% N/D ve Tesisler A.Ş. 245 Zomato India Mekanist.net Internet & Mobile Services N/D N/D

25 For more information:

Başak Vardar Financial Advisory Leader Partner [email protected] + 90 (212) 366 63 71

DRT Kurumsal Finans Danışmanlık Hizmetleri A.Ş.

Deloitte Turkey

İstanbul Office Ankara Office Deloitte Values House Armada İş Merkezi Maslak No1 A Blok Kat:7 No:8 34398 Söğütözü, Ankara İstanbul 06510 +90 (212) 366 60 00 +90 (312) 295 47 00

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