Brandeis International Business School

Hassenfeld Fellow Overseas Immersion Program , May 28 – June 4, 2011

1 Brandeis University

Brandeis University, the youngest major private research university in the United States, is recognized for its academic excellence and commitment to social justice. Brandeis has especially strong programs in the life sciences, history, economics, business, and the liberal arts.

Founded in 1948, the University is named for Louis Brandeis, a distinguished United States Supreme Court justice. With early faculty members such as Eleanor Roosevelt and Leonard Bernstein, Brandeis quickly established an international reputation, attracting students from all over the world many of them supported by the university’s financial aid program. Thirteen years after its founding it was accredited by Phi Beta Kappa, and in 1985 it was elected to the Association of American universities, the exclusive "club" of the 59 leading research universities of the US and Canada.

The University's 30,000 alumni include chief executives Leonard Asper (Canwest), Christie Hefner (Playboy) and Suk Won Kim (Ssangyong Group), bankers Barry Kaplan (Goldman Sachs) and Louis Perlmutter (Lazard Freres), journalists Thomas Friedman (New York Times), Walt Mossberg (Wall Street Journal) and Bill Schneider (CNN), and government leaders Nikolai Vassiliev (Deputy Prime Minister, ) and Dimitrij Rupel (Minister of Foreign Affairs, Slovenia).

Today, Brandeis has 3200 undergraduate and 1100 graduate students. Its 499-member faculty includes historian David Hackett Fischer, three MacArthur "genius" award winners, and 30 members of leading scientific academies. Brandeis is ranked 34th among US universities in US News and World Report, and 9th in a study by Graham and Diamond (The Rise of American Research Universities) based on quantitative measures of the impact of faculty research.

We occupy 96 buildings on an attractive 235-acre campus. Landmarks include a one-million-volume library, a new state-of-the-art science center, an outstanding sports complex, a new campus center, a celebrated museum of modern art, new student dormitories, and a theater. Brandeis is located in suburban Boston and is connected to Boston and Cambridge by a 20-minute train ride.

Brandeis International Business School

The Brandeis International Business School (IBS) is a pioneering professional school dedicated to teaching and research in global finance, management and economic policy. We respond to the growing need for international vision and expertise by preparing exceptional individuals from around the world to become principled leaders of global companies and public institutions.

2 We teach cutting-edge theory, immerse students in international experiences, and connect them to best practice in business and policy. This learning experience transforms the way our graduates view the world, and helps them develop skills and insights to chart its future.

IBS is international to the core. It offers its students a global experience that prepares them to operate with ease across borders and cultures - in an environment that prizes diversity and the ability to bring a worldwide perspective to the study of business.

The School's curriculum is wholly oriented towards the study of global business, finance and economics. It is updated annually to take account of developments in the fast-moving world economy: about one in six courses are new each year. And all students begin their studies with a unique course on globalization, which introduces the main themes of the School and underlines its commitment to the study of world business in its broadest context.

The IBS student population is decidedly cosmopolitan. A recently graduated alumnus of IBS's MBAi program has likened the School to an "Olympic Village" in the extent of its diversity. More than 60 nations are represented at IBS and, while English is a common thread, a plethora of languages may be heard every day in the School's Lemberg Academic Center.

We thrive on the excitement that leading-edge research brings to the day-to-day life of the School in discussions, classrooms, and conferences. The faculty includes some 20 scholars specializing in international finance, economics and business. Nearly all hold PhDs from leading U.S. institutions and many are widely known and edit journals in their fields. Faculty members focus on several disciplines, but share a fundamental interest in international issues and typically have studied or conducted research

3 abroad. The IBS faculty is also diverse. Many are from outside the U.S., and all have academic and research interests that transcend national borders.

Teaching is valued highly. The curriculum includes case-method and instructor-directed courses, and emphasizes classroom interaction. Classes are relatively small (40 for core courses and 20 for electives). Student evaluations average above 4 on a 1-5 scale. Our professors are not easy, but succeed by bringing difficult topics to life through skillful discussions and concrete examples.

We are not just scholars. Our faculty also includes some 20 adjunct professors with extensive practical experience, such as Chief Credit Officer of a large bank, Chief Fixed Income Strategist of a major investment firm, and Chief Budget Officer. Their popular courses connect theory to the business decisions of real firms. Entrepreneurship is one area of active involvement for several adjunct faculty members, who contribute their expertise to courses and to extra-curricular activities such as the annual Boston Securities Analysts Society’s Research Challenge, the National Black MBA case competition, and the internal Business Plan Competition.

IBS's Master of Arts in International Economics and Finance (MAief) and Master in Business Administration (MBA) programs are among the very few in the world to require students to have international experience by the time they graduate. Some of our students already have such experience when they enter Brandeis. Those who do not have such experience can acquire it at Brandeis through a summer internship abroad or a semester of study at one of our 17 partner universities.

Although study abroad is only one of the ways to meet the international experience requirement, many students see it as a uniquely valuable part of their IBS degree. Even students who already

4 have international experience often take advantage of this option. We view the Hassenfeld Fellow Overseas Immersion Program as well as our World Financial Centers Program (summer only) as supplementary to this international experience, and one that is valuable to all our students.

Aside from classroom work, IBS provides its students with opportunities to obtain expertise in specific disciplines via its centers for research and study. For example, The Asper Center for Global Entrepreneurship is Brandeis IBS's platform for exploring the contributions of entrepreneurship in different professions and across borders. The Center provides a wide array of learning experiences, brings entrepreneurs from around the world to the Brandeis campus, and conducts research on the structure and impact of global entrepreneurship. The Asper Center was established in 2006 by Leonard J. Asper '86.

The Asia-Pacific Center for Economics and Business, located within IBS, conducts research, teaching and outreach on business and economic issues in the Asia Pacific region and on US-Asia Pacific relations. The Perlmutter Institute for Global Business Leadership, established by Brandeis Trustee Louis '56 and Barbara Perlmutter, prepares students for leadership positions in the global corporation of the future through a combination of theoretical and technical knowledge with pragmatic skills.

The Rosenberg Institute of Global Finance seeks to analyze and anticipate major trends in global financial markets, institutions and regulations, and to develop the information and ideas required to solve emerging problems. It focuses on the policy implications of economic globalization. To this end, it sponsors informal exchanges among scholars and practitioners, conducts research and policy analyses, and participates in the School’s teaching programs.

All in all, our various centers rigorously supplement the classroom work that our students perform while adding a layer of real-world experience to their training.

Hassenfeld Fellow Overseas Immersion Program May 28-June 4, 2011 in Istanbul

The Hassenfeld Fellow Overseas Immersion Program is a week-long, in-country program available to first year IBS MBA and MAief students. The program will give participants an intensive introduction to the business and economy of a dynamic overseas market. The course will enable students to develop on the ground a more direct understanding of many of the strands first introduced in IBS's core Global Economic Environment course, with its emphasis on seeing markets through the lens of their political, social, historical, and cultural contexts.

The introductory lectures at Brandeis will set the scene for the visit, focusing on Turkey's history and culture, its business and economy, and its politics and society. Students will do preparatory readings and submit short assignment for the classes, which will be taught by leading authorities on Turkey from the business, government, and academic worlds.

5

In Turkey, the program will consist of academic lectures, field trips to companies and other institutions, and group discussion. There will also be sessions focused on Turkish history, society and, culture.

Topics covered by the in-country lectures – taught by Turkish subject experts and Brandeis faculty – will include, among other things, Turkey's macroeconomic environment, its demography and labor markets, the country's institutional framework, the climate for business and investment, key business sectors, and political and societal factors affecting business, including Turkey's relationships with the European Union, the United States, and Central Asia.

During the program, the participating students will be expected to consider a wide range of questions on Turkey’s business and economy, in the broader context of its society, politics, and history.

6 The 2011 Hassenfeld Fellows

Nihan Celiktas (Program Coordinator and Assistant) Turkey

Ms. Celiktas is a 2012 MBA candidate. She worked in the Finance Department at JPMorgan Chase and Coca Cola. She is interested in market research and consulting. This summer, she will be a marketing intern at a Boston energy efficiency company. Upon graduation, she plans to work in marketing or management consulting.

Ketan Agrawal India

Mr. Agrawal is an MBA candidate with an expected graduation date of May, 2012. His areas of interest are: information technology, corporate finance, and pharmaceuticals. His experience has been in software and business model development in India. Upon graduation, he expects to work in the business analysis desk of a major IT firm.

Mira alShankiti Jordan

Ms. al Shankiti is an MAief candidate with an expected graduation date of May, 2012. Her areas of interest are: economic development, economics, and trade. She worked in Jordan for Societe Generale in Electronic Services and in Optimiza as an IT sales representative. She has a BS in Computer Information Systems.

Alkan Avcilar Turkey

Mr. Avcilar is a 2012 MAief candidate. His areas of interest are: corporate finance and investment management. Upon graduation, he expects to work in a major international bank.

Anusha Bazaz India

Ms. Bazaz is a 2012 MAief candidate. She was a research associate at a consultancy, where she analyzed the 2010 Commonwealth Games and their impact on India. Her areas of interest include renewable energy financings. This summer, she will be an intern at a Boston energy efficiency firm.

7 Hakon Bjerke Norway

Mr. Bjerke is a 2012 MAief candidate. Mr. Bjerke is interested in: advisory services, M&A, equity markets, and corporate finance. He holds a B.S. in Business and Economics from the Norwegian Business School. He has experience in textile sales to consumers and B2B. He expects to work in advisory services for a major investment bank.

Sarah Butler United States

Ms. Butler is a 2012 MAief candidate. Her primary interests are international trade and economic development. Upon graduation, she plans to work in research behind development projects or non-profit organizations.

Nicole Cordero Costa Rica

Ms. Cordero is a 2012 MAief candidate. With also a BA in Politics, she was a member of the committee that reviewed the university’s curriculum. She worked at Banco de Costa Rica’s Risk Department on inflation matters.

Rafaella Cuff United Kingdom

Ms. Cuff is a 2012 MAief candidate. Her areas of interest are economic development, trade, foreign exchange, and emerging markets. Her experience has been in disaster management and publication editing. Upon graduation, she will work in economic development and hopes to work in Brazil during the 2014 World Cup.

Randy Duarte United States

Mr. Duarte is a 2012 MBA candidate. His areas of interest are equities and investments. He has experience in private wealth management and in investments in commodities. Upon graduation, he expects to work in either investment banking or in commodities trading in one of the larger exchanges in the United States.

8

Dustin Jalbert United States

Mr. Jalbert is a 2012 MAief candidate. His interest lies in macroeconomics and consulting, particularly in energy. This summer, he will work for DeepCWind Consortium helping model costs for experimental offshore wind turbines being tested off the Northeast coast of the U.S. He aims to secure a career in the alternative energy sector following graduation.

Yaniv Jember Israel

Mr. Jember is a 2012 MAief candidate. He is interested in corporate finance, international trade, and political economy. He previously interned with Israel's Ministry of Trade, and the New York hedge fund SLS Capital Management. This summer, he will work with Accenture, and post graduation he hopes to continue with the company within the area of management strategy.

Jordan Johnson United States

Mr. Johnson is a 2012 MBA candidate. His areas of interest are: corporate finance and investments. He has experience in corporate banking to middle market firms. Upon graduation, he expects to work in either investment banking or in corporate banking to foreign multinationals operating in the United States.

Vish Kadambadana India

Mr. Kadambadana is a 2012 MBA candidate. His areas of interest are business development, consulting and operations. His professional experience has been in software development, sales and marketing. Upon graduation, he expects to work for the business development program of a major technology firm.

Jonida Kapo Albania

Ms. Kapo is a 2012 MBA candidate. Her interests are corporate finance, credit risk and economic development. She was a credit risk analyst for First Investment Bank (Albania) and a tax consultant at Ernst &Young (Albania and Turkey). A Fulbright scholar, she looks to work on sustainable projects in the developing world.

9 Naomi Kling United States

Ms. Kling is a 2012 MAief candidate. Her areas of interest are: the development of education and health in emerging economies. Upon graduation, she expects to work in an international non-profit or government organization.

Elissa Leonard United States

Ms. Leonard is a 2012 MBA candidate. Her interests include global brand management, cause marketing, and corporate sustainability. Shea has worked in marketing and development and as a sailmaker. After graduation, she expects to work in brand management for a company with a social mission.

Rita Linets Uzbekistan

Ms. Linets is a 2012 MAief candidate. She holds a B.A. in Finance from Boston University. She has worked with the Korea Development Bank in Tashkent, Uzbekistan and worked for NewStar Financial in Boston. Upon graduation, she will enter the field of international economic development.

Sara Llibre Dominican Republic

Ms. Llibre is a 2012 MAief candidate. Her areas of interest are central banking and interest rate setting. She has worked for her country’s central bank in various areas. Upon graduation, he expects to work in the Federal Reserve Bank of the United States or a similar central bank position.

Chiengkuach Majok United States

Mr. Majok is an MAief candidate expecting to graduate in 2012. His interests lie in central banking (especially interest rates, economic policy, and inflation control). He is also interested in corporate finance with an emphasis on equity analysis and corporate fraud.

10 Gonzalo Montes Spain

Mr. Montes is a 2012 MAief candidate. He is interested in investments and now manages a portfolio of U.S. equities for various Spanish clients, for whom he has been doing technical analysis and testing multiple strategies. Upon graduation, he expects to work in an investment bank as a trader or as a technical analyst.

Azuka Okofu Nigeria

Mr. Okofu is a 2012 MAief candidate. His interests are corporate finance, transnational negotiations and strategy, and corporate governance in emerging markets. His professional experience is banking and consulting in Nigeria. Upon graduation, he will work with a multinational organization with a positive impact on Africa.

Sudish Shrestha Nepal

Mr. Shrestha is a 2012 MAief candidate. His areas of interest are: labor economics, trade, and the impact on developing economies of opening up to global financial markets. Convinced that Nepal can expand rapidly assuming effective economic and financial policies, he wants to contribute to Nepal’s economic policy development upon graduation.

Ingvar Sigurjonsson Iceland

Mr. Sigurjonsson is a 2012 MAief candidate. His areas of interest are: financial risk management, financial regulation and the mathematics of finance. His experience is in research and development for an Icelandic risk management consulting firm. Upon graduation, he expects to hold a quantitative position at a major international financial institution.

Jessica Stanford United States

Ms. Stanford is a 2012 MBA candidate. Her experience has been in international finance and accounting at 20th Century Fox Studios. She is focusing her graduate studies in Marketing. She will be an intern in the marketing department at The Boston Beer Company this summer. Upon graduation, she will work in communications or brand development.

11 Sokthearin Than Cambodia

Mr. Than is a 2012 MAief candidate. His interests lie in economics, trade, and real estate investments. He has experience in actuarial science, commercial mortgage investments, and macroeconomics. Upon graduation, he plans to work in macroeconomics research at a U.S. consulting firm before returning to invest in real estate in Cambodia.

Lawrence Velarde United States

Mr. Lawrence Velarde is a 2012 MBA candidate. His areas of interest are entrepreneurship and real estate investing. His experience is in wealth management and equities trading in San Francisco and Boston. Upon graduation, he expects to pursue entrepreneurial ventures in retail clothing, beer distribution and real estate development.

Jaime Vergara Ecuador

Mr. Vergara is a 2012 MBA candidate. His areas of interest are trade and entrepreneurship. He has experience in corporate banking to up and coming firms. Upon graduation, he expects to work in a trade firm doing business with Latin American clients.

Thomas Weaver United States

Mr. Weaver is a 2012 MAief candidate. He spent three years living in Japan. His interests include: securities analysis, portfolio development and portfolio management. Upon graduation, he will work as an analyst for an asset manager or as part of a sales team for an investment group.

Benjamin Zimmerman United States

Mr. Zimmerman is a 2012 MAief candidate. His experience is in economic development, and he has an academic background in urban planning and geography. His interests include: real estate, corporate finance, operations, and strategic planning. Upon graduation, he will work for an international manufacturing, technology or clean energy company.

12 Brandeis Faculty and Staff

F. Trenery Dolbear Senior Associate Dean / Professor Emeritus of Economics United States

Professor Dolbear specializes in macroeconomics, the public sector, and choice under uncertainty. His current research involves testing for rationality in racetrack betting data. At Brandeis he serves as senior dean, and he teaches courses in macroeconomics and the public sector. A former faculty member at Stanford University, Carnegie-Mellon University, Yale University, and the London School of Economics, he holds a Ph.D. from Yale.

Can Erbil (Istanbul Program Director) Assistant Professor of Economics Turkey

Professor Erbil is also the Director of the Economic Modeling School of EcoMod and the Assistant Director of the Center for German and European Studies. He has worked at the Federal Reserve Bank of Boston and the World Bank as a consultant. He has conducted research on international trade and development, and delivered policy recommendations to many countries on issues such as market openness. He holds a Ph.D. from Boston College.

Alfonso Canella Senior Lecturer Cuba

Professor Canella has worked in the finance function of various industries for over 20 years: energy consulting at Arthur D. Little, Inc., project finance and energy investments at Bank of Boston, engineering finance at Digital Equipment Corporation, financial planning at Harvard Pilgrim Health Care, and budgeting and planning at Brandeis University. Professor Canella holds engineering and economics degrees from M.I.T. and Boston University.

Kate Golfield Associate Dean for Administration & Student Services United States

Dean Goldfield has extensive experience in student services to university students. She is responsible for the orientation program for all incoming first year students as well as for ongoing services provided to all students at IBS. She manages four student services staff members that serve students with all their administrative requirements.

13

Istanbul Visits: Hosts and Presenters

Ezcazibasi Visit, May 30th, 2011, Monday Founded in 1942, Eczacıbaşı is a prominent Turkish industrial group with 39 companies, 10,100 employees and a combined net turnover of € 2.1 billion in 2010. Eczacıbaşı’s core sectors are building products, pharmaceuticals and consumer products. Additionally, the Group is active in finance, information technology, welding technology and real estate. In Turkey, Eczacıbaşı is the leader in most of its businesses and has distribution networks for pharmaceuticals, building products and fast-moving consumer goods that are among the strongest in their sectors. Internationally, Eczacıbaşı is best known for its flagship VitrA brand, a powerful contender in global bathroom and tile markets. It is also a major exporter of tissue paper, pharmaceuticals, welding electrodes, electronic smart cards and industrial raw materials such as clay and feldspar. International partnership is a central component of the Eczacıbaşı Group’s growth strategy. Eczacıbaşı has 12 international joint ventures and numerous cooperation agreements with leading international companies. All of these are grounded on the principle of long-term mutual benefit, based on firm business criteria and ethical business practices.

Yesim Roth (Host) Director of Strategic Planning, Ezcacibasi Holding

Yesim began her professional career on Wall St as a Derivative Securities Specialist at Lehman Brothers. After returning home to Istanbul, she worked at Citibank for six years, building several businesses within the bank, including Corporate Finance. As the Head of Corporate Finance, she established Citi as the market leader in the sector. Yesim later became the CFO and Head of Strategic Planning for Teknoloji Holding, a diversified group of technology firms, before assuming the position of Director of Corporate Strategy for Turk Telekom, where she created the department for Turkey's state-owned fixed-line provider.

In 2009, Yesim began her current position as Director of Strategic Planning for Eczacibasi Holding, one of Turkey's oldest and most successful family conglomerates. Her responsibilities include strategic planning, portfolio management, investment management, business analysis, and management reporting for the group.

After graduating from Alman Lisesi in Istanbul, Yesim earned a B.A. in Economics and Computer Science from Smith College in 1990 and an M.A. in International Economics & Finance from Brandeis University in 1992.

Sedat Birol Health Group Head, Ezcacibasi Holding

Born in 1955, Sedat Birol completed his undergraduate degree in Chemical Engineering at Aachen University in Germany and his master’s degree in Organic Chemistry at Florida Atlantic University.

Before joining the Eczacıbaşı Group in 1990, Birol worked respectively at Bayer Türk, Process Products (USA) and ICC Chemicals (USA).

At Eczacıbaşı, Birol has served as General Manager of Eczacıbaşı Fine Chemical Products (1990-1994), General Manager of Eczacıbaşı-Baxter Hospital Supply (1994- 2001), and General Manager of Eczacıbaşı Pharmaceuticals Manufacturing (2001-2004). In 2004, Birol was appointed Executive Vice President in charge of Healthcare, a position he still holds, and in 2008, he was additionally appointed General Manager of Eczacıbaşı Pharmaceutical, Industrial and Financial Investments.

14

Sedat Birol is a member of both the Istanbul Chamber of Industry Council and its Professional Committee, as well as a Board Member of the Pharmaceuticals Manufacturers’ Association of Turkey and Executive Board Member of the Turkish American Business Council.

Michael Roth (Host) Founder & General Manager of eduWise Education&Consulting

Michael is the founder & General Manager of eduWise Egitim ve Danismanlik, which has grown into one of Turkey’s leading full-service educational consulting firms. eduWise works with Turkish students who wish to study abroad, including bachelors, masters, and doctoral levels. eduWise also provides executive English and consultancy in a broad range of industries. Michael has an extensive and diverse global background, having worked for multinationals both in the U.S. (CBS Television) and Turkey (Citibank).

He has also worked for small entrepreneurial firms and family businesses, in industries ranging from investment banking to corporate services, antiques, internet, and human resources. Functionally, Michael has held positions in finance, business development, sales, marketing, and human resources, including both support and line management positions.

Michael holds an A.S. in Business Administration from Mercer County Community College; a B.A. in Economics from Brandeis University (’91); and an M.B.A in General Management from Columbia Business School, focused on finance, human resource management, and international business.

15

Acibadem Visit, May 30th, 2011, Monday Turkey's leading healthcare institution, Acıbadem, operates with over 6000 employees in 20 different location through a network of 6 general hospitals, medical centers, outpatient clinics, 1 ophthalmology center and laboratories. Besides its partnership with one of the most important hospitals of Istanbul International Hospital and International Etiler Outpatient Clinic, Acıbadem expands its "healthcare chain" continuously outside of Istanbul with Izmir, Eskişehir and Hospitals and in Istanbul with Maslak and Beşiktaş (Fulya) Hospitals. Visit to the headquarters, site visit to a selected hospital and business presentation of current operation in Turkey and plans to extend abroad.

Beril Öngen (Host and presenter) Executive Board Member, Hospital Director, Acıbadem Healthcare Group

Beril Öngen received her BA in Management from Bogazici University in Istanbul in 1999 and her Master of Healthcare Administration degree from University of North Carolina at Chapel Hill in 2001.

Ms. Öngen worked at the Cleveland Clinic, first as an Administrative Fellow, then as a Contract Manager in Managed Care.

Between 2004 and 2008, Ms. Öngen was the Assistant Director of various hospitals of Acıbadem Healthcare Group, which is the largest private delivery network in Turkey.

Between 2008 and 2010, she was involved with international business development for Acıbadem, while continuing her doctoral studies in public health at University of Texas Health Science Center in Houston. Currently, she serves as the International Business Development Director of the Group and coordinates the international collaboration projects, including educational programs.

Other Contributors:

Yalcin Nak Vice General Manager, Acibadem Healthcare Group

Mr. Yalcin Nak is the Vice General Manager of Regional Operations and Marketing of Acibadem Health Services Inc.. He joined the Company as Vice General Manager of Regional Operations in January 7, 2008.

He worked in Procter & Gamble in Turkey as Planning Engineer between 1988 and 1989. He served as Marketing and Planning Group Manager of the same company in Germany from 1991 until 1995.

Mr. Nak was Project Manager of McKinsey & Company in Turkey and between 1995 and 2001, and Turkey Office Director of PwC Consulting between 2002 and 2004. He performed as General Manager and Board Member of Memorial Health Investments company from 2005 until 2007.

Mr. Nak graduated from Bogazici Universitesi with a Bachelors degree in Industrial Engineering in 1988. He received his MBA degree from J.L. Kellogg Graduate School of Management at Northwestern University in 1991.

16 Rengin Yigitbas Akillioglu CFO and USA Coordinator, Acibadem Healthcare Group

Ms. Rengin Yigitbas Akillioglu is the Vice General Manager and U.S.A. Coordinator of Acibadem Saglik Hizmetleri ve Ticaret AS.

She graduated from Kadikoy Anadolu Lisesi in 1983 and Istanbul Teknik Universitesi Department of Management Engineering in 1987. She received a Masters degree on Economics from Bogazici Universitesi.

Ms. Yigitbas Akillioglu worked in Turk Hava Yollari A.O. (THY) as plane financing specialist in 1989. She later on performed as Finance Manager, Accounting President, Finance President, Projects President and Vice General Manager of Finance in the same company. She retired from THY as Chicago Manager on October 1, 2010.

She performed as Inspector of the Board of Directors of Sun Express between 1996 and 2006, as Vice Chairman of International Aviation Women's Association (IAWA) between 2004 and 2010. She was elected as Eisenhower Fellow in 2006.

17 Koc Holding Visit, May 31st, 2011, Tuesday A Fortune Global 500 corporation, comprised of 98 consolidated companies. The largest conglomerate in Turkey, and a major player in the automotive industry. The Koç family, one of Turkey's wealthiest dynasties, controls the company with its headquarter in Nakkaştepe, Istanbul. Vehbi Koç, who established his first firm in 1926, collected all of the companies bearing his name under the roof of Koç Holding on 20 November 1963 in order to centrally manage these companies and to provide optimum resource allocation.

Koç Holding operates in the automotive, durable goods, food, retailing, energy, financial services, tourism, construction and IT industries. The Holding serves the group as the decision making body in charge of identifying strategies and controlling, coordinating and providing direction to its activities. The Holding also formed a unit for long-term business planning in order to align business decisions with nationaldevelopment plans.

The shares of 16 Koç Group companies are traded on the Istanbul Stock Exchange; together, the groups comprise 113 companies, 90,000 employees, and 14,000 dealers, agencies, and after-sales services people. Fortune Global 500 ranked Koç Holding at 186 for the year 2008.

Dr. Ahmet Çimenoğlu (Host) Chief Economist, Koc Holding

He started his professional life as a Researcher in Economic Research Department of Yapı Kredi Bank. After working as an Assistant Economist, Economist and Senior Economist in the same department, Dr. Çimenoğlu was appointed as the Chief Economist of the Bank in 2004.

Following the acquisition of Yapı Kredi by Koç Financial Services in 2005, he was appointed as the Head of Strategic Planning and Research at Yapı Kredi Bank. Dr. Çimenoğlu is working as the Economic Research Coordinator (Chief Economist) of Koç Holding since April 2009.

Dr. Çimenoğlu graduated from Boğaziçi University, Department of Economics. He completed his MA studies in the same department before receiving his PhD degree in Economics from Istanbul Technical University.

Funda Gungor Akpinar Head of Investor Relations and the Chairman of the Turkish IR Society

Funda Gungor Akpinar is the head of Investor Relations, directing IR activities of Koç Holding and coordinating IR departments of Koç Group companies. She also acts as the Chairman of the Turkish IR Society. Before joining Koc Holding, Funda Akpinar assumed different managerial positions, including Senior Vice President of Garanti Bank, responsible for Strategic Planning, Business Development and Investor Relations; senior economist at HSBC Bank, Turkey and research associate in JurEcon Inc., Los Angeles-based consulting company in financial management and litigation support.

Ms. Akpinar has been nominated within the first ten IROs in in Thomson Extel Surveys in 2006 and 2007 in the category of “Quoted Company Best IR Individual among Peers” and was named as the best Turkish IRO in Acclaro Turkish Investor Relations Awards in 2009.

18

Ms. Akpinar got her B.Sc. in Economics from Middle East Technical University and holds two masters degrees in Economics (California State University, Fullerton) and Marketing Communications and Public Relations (Bahcesehir University).

Arcelik Factory Visit, , May 31st, 2011, Tuesday

Arçelik .is a household appliances manufacturer in Turkey. The Company engages in the production and marketing of durable goods, components, consumer electronics and after-sale services. Its products include white goods, electronic products, small home appliances and kitchen accessories, such as refrigerators, freezers, washing machines, dishwashers, aspirators, vacuum cleaners, coffee makers and blenders.

Arçelik serves in more than 100 countries, including China and the United States through its 13 international subsidiaries and over 4,500 branches in Turkey. The Company operates 10 production plants in Turkey, Romania and Russia, including refrigerator, washing machine, dishwasher, cooking appliances and components plants. It offers products under its own nine brands, including Arçelik, Beko, Altus, Blomberg, Arctic, Leisure, Arstil, Elektra Bregenz and Flavel.

The company is controlled by Koç Holding, Turkey’s largest industrial and services group with USD43 billion in consolidated revenues in 2008, and is the market leader in Turkey’s appliance sector with its Arçelik and Beko brands. It is also the third largest household appliances company in Europe after Electrolux being firstand Indesit being second. Arçelik has been ranked "Number One in the Private Sector" for the 14th time in 19 years in "Turkey’s Top 500 Industrial Corporations" survey that was carried out by the Istanbul Chamber of Industry.

Can Coktur (Host) Public Relations Coordinator

Hakan Menemencioglu (Host) Production Planning Engineer

19 Garanti Securities Visit, June 1st, 2011, Wednesday

Garanti Securities, as a fully owned subsidiary of Garanti Bank and with its experienced team, rich range of products, and strong relationships built on customer-centric management concept, maintains its leading position in its sector. Garanti Securities provides corporate finance, research and capital markets brokerage services to its domestic and foreign clients. Garanti Securities stands out as the sector’s leading institution in brokerage activities, as well as in consultancy services offered in relation to mergers and acquisitions, equity and debt public offerings, and privatizations. Garanti Securities has won Global Finance’s “Best Investment Bank” award in three consecutive years 2007, 2008 and 2009.

Murat Tanriover (Host) Executive Vice President, Garanti Securities

Since July 2010, Murat has been the Executive Vice President, heading the Institutional Sales & Trading Department at Garanti Securities, one of the leading brokerage houses in Turkey in terms of volume and profitability.

He restructured the department by hiring new sales and trading specialists. With his team, he has completed several deals during the last year.

Murat was formerly with YF Securities for almost 6 years, again as an Executive Vice President responsible for international sales, research, and corporate finance departments, which he restructured. Within this period, several IPOs and SPOs have been conducted, and the trading volume of YF Securities has almost tripled and it became one of the leading brokerage houses in terms of volume and profitability. Before YF Securities, he used to be the Capital Markets Coordinator of Dogan Yayin Holding undertaking all kinds of corporate finance activities. During the first 5 years of his career, he worked at Corporate Finance departments of Turkish Industrial and Development Bank (TSKB) and Yapı Kredi Bank (YKB).

Ibrahim Oztop Executive Vice President, Garanti Securities

Ibrahim Oztop has been Executive Vice President of Garanti Securities responsible for investment banking advisory of mid-cap companies since February, 2011.

Before joining Garanti, he was the Executive Director of the local subsidiaries of The Ottoman Fund. The Fund, a London AIM listed investment company, made four investments of £100 million in Istanbul, Bodrum, Milas and Alanya. Before real estate fund experience, he had been investment banking director responsible for corporate finance, capital markets and research in TSKB. He led and managed several equity offerings of more than 2 billion $ and M&A deals of more than 3 billion $ in 15 years banking tenure. He had been an executive director of TSKB REIT and TSKB Appraisal Company and board member of Yatırım Finansman Securities regulated by Capital Markets Board of Turkey for more than three years.

20

Mahmut Kaya Executive Vice President, Garanti Securities

Mr. Mahmut Kaya works for Garanti Securities as Executive Vice President in charge of Research since 2000. He has a team of 12 analysts and provides investment advice to foreign institutional investors as well as Garanti Bank's high net worth clients. His stock picks have outperformed the benchmark equity index by an average of 25-30% per annum for the past 10 years.

Prior to that he worked for Santander Investment (1999) and ING Barings (1996- 1999) as a senior equity analyst. He has an MBA degree from London Business School (1996) and a BSc degree in engineering from Istanbul Technical University (1990). He is married and has two children. He is 41 years old.

Turkven Turkven is the leading private equity firm in Turkey, with 500 million of AUM. Turkven has a strong team of 18 investment professionals based in Istanbul, focusing on opportunities in Turkey and the region. Turkven has a culture of company-building and sectoral expertise, underpinned by the first hand experience from its portfolio of leading firms across industries.

Established in 2000, Turkven is the first independent private equity firm in Turkey. Turkven’s funds have invested in 16 companies resulting in total equity and debt placements of over $3.5 billion. Turkven, in a consortium with BC Partners and DeA Capital has also realized the largest PE led buy- out in Turkey with the acquisition of 98% at EUR2 billion.

Funds advised by Turkven have no Turkish investors, assuring independence and eliminating conflicts of interest. The international, institutional investors in Turkven’s funds have assets of over $1500 billion worldwide, providing us with a unique global network.

Seymur Tari Managing Director, Turkven

Seymur is a founder of Turkven, the leading alternative asset manager in Turkey, with €500 million of AUM. Turkven has a strong team of 19 investment professionals based in Istanbul, focusing on opportunities in Turkey and the region.

Seymur was formerly with McKinsey & Company in Istanbul focusing on corporate portfolio strategy and at Caterpillar Inc. in Geneva as a product manager. Seymur has an MBA from INSEAD and an MS and BS in Mechanical Engineering and Robotics from ETH Zurich.

Seymur serves on the Boards of Mavi, Digiturk, Doga Koleji, Anadolu Arkaz, Tekin Acar, Provus, Trendtech, Pronet, NGM and Domino's.

21 Murat Özgen Chief Executive Officer, İş Private Equity

Mr. Murat Ozgen is the Chief Executive Officer of Is PE with 18 years of professional work experience. He joined Is PE as a Managing Director in 2002, the year Is PE’s investment activities commenced, after 9 years of experience in banking and finance at local and global institutions in Turkey and abroad. Among the most experienced private equity professionals in Turkey with over 9 year history in the industry, Mr. Ozgen has undertaken the leading role in the success of Is PE’s investment activities with involvement at all stages of the investment process, including sourcing, management and execution of all of Is PE’s investments and exits as well as in building of the Investment Team, developing Is PE’s business network, establishing its reputation as a leading private equity house in Turkey.

Before joining Is PE, Mr. Ozgen served as the Division Manager in the Project and Investment Finance Group of Kocbank in Istanbul, one of the most prominent banks in Turkey. Prior to Kocbank, he spent several years as a credit analyst in the Risk and Portfolio Management Group of Commerzbank AG in New York, USA and as a Senior Accountant at Facility Group Inc., Atlanta, USA.

Mr. Ozgen has actively managed 12 investments and 5 exits during his tenure at Is Private Equity. He is an Investment Committee member of Is PE and represents Is PE as a Board Member of Havas, Non-Executive Member at the Board of Ode, former Deputy Chairman of Cinemars, ITD and Step; former Board Member of Probil and Nevotek; and has been involved in sourcing, management and execution of other Is PE investments and exits, namely Frik, Ortopro, Turkmed and Tuyap. He runs liaisons with CMB as well as investor relations and he also leads the new fund raising process. Mr. Ozgen holds a BA degree in Business Administration from Istanbul University and an MBA degree from Mercer University, Atlanta, USA. Mr. Ozgen is fluent in English and German.

Other presenters:

™ Çağan Erkan (Head of Investment Banking Division, Garanti Securities) ™ Müge Tuna (Executive Vice President, Garanti Securities)

22 TUSIAD Visit, June 1st, 2011, Thursday

Founded in 1971, the Turkish Industry and Business Association (TUSIAD) is an independent, non- governmental organization dedicated to promoting public welfare through private enterprise. TUSIAD supports independent research and policy discussions on important social and economic issues in Turkey and abroad. Much like the US Business Roundtable, TUSIAD is comprised of the CEOs and Executives of the major industrial and service companies in Turkey, including those that are among global Fortune 500 companies. Visit to headquarters, followed by a presentation on the business environment in Turkey. ™ Economic Research Department ™ Cem Dogan (Chief Economist)(Host) ™ Aslı Baskaracaoglu (Expert) (Host) ™ Serap Ozince

DINNER HOSTED by Jak Kamhi, June 1st, 2011, Thursday

Jak Kamhi Chairman of the Board of the Profilo Group of Companies, Member of the Board of numerous professional and political organizations including the Istanbul Chamber of Industry, the Foreign Economic Relations Board, the Organization of Metal Industrialists and the Industrialists’ and Businessmen’s Association of Turkey

Born in Istanbul in 1925. After attending Saint Michel French Lycee, Jak Kamhi took a Degree at Yıldız Technical University. He later trained in the field of Steel Construction in France.

As a leading industrialist in Turkey, he is Chairman of the Board of the Profilo Group of Companies, Member of the Board of numerous professional and political organizations including the Istanbul Chamber of Industry, the Foreign Economic Relations Board, the Organization of Metal Industrialists and the Industrialists’ and Businessmen’s Association of Turkey. He holds the Honorary Chairmanship of the Foundation for Economic Development of Turkey, and the Turkish – French Business Council of which he used to be chairman for many years.

Jak Kamhi has performed duties as an adviser to the Prime Minister of Turkey for Turkey-EU, and Turkey-US, relations, and acts as a Voluntary Ambassador for EU Affairs, appointed by the Turkish Ministry of Foreign Affairs.

Jak Kamhi is a Founding Member of the Chairman’s Club of the Ronald Reagan Presidential Foundation. He was also selected as a member of the International Council of the United States Information Agency, established by President Reagan.

Jak Kamhi is a Member of the Board of United Nations Watch (Geneva), the World President’s Organization (WPO), Chief Executives Organization (CEO), World Business Council (USA), the International Committee of the Peres Center for Peace and the Foundation for Economic Development which promotes relationships between the Turkish private sector and the European Union.

23 He was the first and only Turkish industrialist to be selected as a member of the European Round Table (ERT), a group founded by leading figures from European Industry, and served in this capacity from 1991-2003. Jak Kamhi is Founding Chairman of the Quincentennial Foundation.

Jak Kamhi’s achievements have been reflected in his many Awards. In Turkey, Mr Kamhi has been honoured with the highest award that the state can bestow on a citizen, the State Medal for Outstanding Service, by the President of Turkey (2007). Other awards include the ‘High Service Award’ from the Turkish Ministry of Foreign Affairs, and his appointment to the rank of “Doctor Honoris Causa” by Istanbul University. Recognition of his work internationally includes the award of the French Legion d’Honneur (at the rank of Chevalier in 1991, promoted to Officier in 2006). and the rank of Commander in the National Order of Merit by decree of the President of the Republic of France, and the Commander of the Order of the Spanish Civil Merit from the King of Spain. The Federation of American – Turkish Associations awarded him the Medal of Honor and he has received the Commercial Leadership Award from the American – Turkish Friendship Council. The Israeli Minister for Industry, Trade & Labor has awarded Mr. Kamhi a special award for his contribution in strengthening bonds between Israel and Turkey.

Foundations that Jak Kamhi heads are active in the field of social services, including the Profilo Anatolian Technical Lycee and many other schools.

Married with 3 sons, Jak Kamhi speaks English, French and Spanish.

24

Bahcesehir University Visit, June 3rd, 2011

Enver Yücel (Host)

Founder, Bahcesehir Ugur Educational Institutions Chair of the Board of Trustees, Bahçesehir University Steinhardt Dean's Council Member of NYU

Enver Yücel is the founder and chairman of the largest educational group in Turkey. As an educational entrepreneur, Mr. Yücel has established K-12 schools and test preparation centers throughout Turkey. He has also established a non-profit university that, in the short time since its inception, has become a leading international university.

Mr. Yücel's educational institutions offer life-long learning programs to more than 120,000 students, starting from age 3. His holding company, Bahcesehir Ugur Educational Institutions, is comprised of the University of Bahcesehir, Bahcesehir K-12 Schools, Ugur Test Preparation Centers, and the recently established Harriet Fulbright College in Washington, DC, which offers ESL programs for international students from all around the world and hosts seminar and certificate programs for several departments at the University.

Mr. Yücel also serves as Chairman of the Association of All Private Educational Institutions (TÖDER) and has pioneered many educational projects, including the Global Citizenship Curriculum and various joint-degree programs with international institutions.

Prof. Dr. Hasan Şimşek Vice President, Bahcesehir University Professor Şimsek holds a Ph.D degree from the University of Minnesota in the area of Education Management. He has worked as a full time lecturer in Middle Eastern Technical University and joined Bahçeşehir University as the Vice President. His special interest areas are Strategic Management in Education Systems, Total Quality Management, Leadership and Change Management. He has several books and cited articles on these subjects. He was a visiting lecturer in University of Minnesota, teaching Educational Sociology, Strategic Management in Higher Education and Comparative Higher Education.

Prof. Selcuk Sirin Associate Professor, Department of Applied Psychology in New York University's Steinhardt University Dr. Selcuk R. Sirin (Principal Investigator) is an assistant professor in the Department of Applied Psychology in New York University's Steinhardt School. Dr. Sirin's research primarily focuses on the lives of immigrant and minority children and their families and ways to increase professionals' ability to better serve them. Dr. Sirin conducted a major meta-analytical review of research on socioeconomic status and he co-produced the Racial and Ethical Sensitivity Test (REST) and accompanying training program for school professionals. He is currently serving as the Research Coordinator for the Partnership for Teacher Excellence project at NYU in collaboration with New York City School of Education. His most recent research focuses on immigrant youth in general, Muslim American children and adolescents in particular. Dr. Sirin's book with Dr. Michelle Fine, entitled "Muslim American Youth: Understanding Hyphenated Identities through Multiple Methods" was published in 2008 by the NYU Press. He is the recipient of Teaching Excellence

25 Award from Boston College, Young Scholar Award from the Foundation for Child Development for his project on immigrant children, and Review of Research Award from the American Educational Research Association (AERA) given in recognition of an outstanding article published in education. Sirin's work has been published in several scholarly journals including Journal of Educational Psychology, International Journal of Qualitative Studies in Education, Review of Educational Research, and Youth & Society. He recently co-edited, with Aida Balsano, a special issue of Applied Developmental Science focusing on immigrant Muslim youth in the West.

26 Program Outline

May 28th, 2011, Saturday:

- 1:00pm: Arrival at Istanbul, Turkey

May 29th, 2011, Sunday:

Cultural Immersion Day – Old City Visit and Workshop at Cagferaga Medresesi

May 30th, 2011, Monday:

10:15am:-12:30pm: Ezcacibasi Holding Visit (light lunch hosted by Ezcacibasi)

Presentations by:

¾ Yesim Roth (Director of Strategic Planning) ¾ Sedat Birol (Health Group Head) ¾ Michael Roth (Owner, eduWise)

- 3:00pm-6:00pm: Acibadem Maslak Hospital Visit

Meeting with:

¾ Yalçın Nak (Deputy General Manager) ¾ Rengin Akillioglu (CFO & Coordinator US) ¾ Beril Ongen (International Business Development Director)

- 7:30pm-12:00am: Bosphorus Boat Cruise (departure from Istinye) - with cocktails and dinner for the Brandeis community hosted by the Brandeis International Business School (IBS) and Hassenfeld Immersion Program

May 31st, 2011, Tuesday:

- 10:00am-12:00pm: Koc Holding Visit

Presentations by:

¾ Dr. Ahmet Cimenoglu (Chief Economist, Koc Holding) ¾ Funda Akpınar (Coordinator, Investor Relations, Koc Holding and President of the Investor Relations Association of Turkey.)

- 2:00pm-5:00pm: Arcelik Factory Visit at Cayirova

27 June 1st, 2011, Wednesday:

- 2:00pm-6:00pm Garanti Securities Visit

Presentations:

¾ 2:00pm-2:30pm: Turkish Economy Overview – Mahmut Kaya (Executive Vice President) ¾ 2:30pm-2:45pm: Turkish Markets – Murat Tanrıöver (Executive Vice President) ¾ 2:45pm-3:00pm: Investment Banking in Turkey - Çağan Erkan (Head of Investment Banking Division) ¾ 3:00pm-3:15pm: Real Estate Developments - İbrahim Öztop (Executive Vice President) ¾ 3:15pm-3:30pm: Coffee Break ¾ 3:30pm-4:30pm: Private Equity in Turkey; Panel Discussion by Seymur Tarı (Managing Director, Turkven); Murat Özgen (Chief Executive Officer, İş Private Equity) and Müge Tuna (Executive Vice President) ¾ 4:30pm-5:00pm: Conclusion and Remarks

-5:00pm-6:00pm: Cocktail hosted by Garanti Securities

June 2nd, 2011, Thursday:

- 9:30am: TUSIAD Visit: a voluntary based civil society organization founded by Turkish industrialists and businessmen in 1971 with the objective of representing the business world.

Presentation by Hunkar Cem Dogan (Chief Economist)

- 8:00pm: Dinner at Profilo Shopping Center, Cultural Center, hosted by Jak Kamhi (Chairman of the Board, Profilo Holding)

June 3rd, 2011, Friday:

- 10:00am: Bahcesehir University Visit

- 11:00am-12:00pm: Presentations on Bahcesehir Educational Chain by Prof. Hasan Simsek (Vice Provost, Bahcesehir University) and Prof. Selcuk Sirin

- 12:00pm-1:00pm: Lunch - hosted by Bahcesehir University

- 1:00pm-3:00pm: Case Study Presentation preparations

- 3:00pm-4:30pm: Group Presentations

- 5:30pm-7:30pm: Closing Cocktail – hosted by Bahcesehir University

- 8:00pm: Closing Boat Trip – hosted by Bahcesehir University

June 4th, 2011, Saturday:

- 1:00pm: Departure from Istanbul to Boston via Munich, Germany,

- 6:30pm: Arrival at Logan Airport, Boston

28