Company & Market Presentation January, 2017
1 A Insignia Productions Overview INSIGNIA PRODUCTION OVERVIEW
Insignia Yapım, established in 2013, is focused on producing innovative feature films
HISTORY Insignia was established in 2013 with the aim of producing feature films
Insignia History The idea was to connect the talent in Turkey to funding in order to create value added and innovative productions. Since its foundation, Insignia only worked in feature films – independent and commercial – and worked with young directors shooting their 1st or 2nd movie
VISION Producing world class feature films aligned with the local market dynamics & realities
Vision and Mission MISSION While enabling our mission, our vision is to provide an infrastructure for the talented sector stakeholders via financing and commercial skills. We will only deliver “game changing projects” with a sustainably economic logic behind. Our focus is feature films
Completed six projects: Dağ , Panzehir , Abluka, Sarmaşık, Dağ II, Nereden Nereye Projects
3 INSIGNIA PRODUCTION OVERVIEW
Insignia produced and/or co-produced 6 movies since its foundation (1/3)
Movie About Notes Name Year Genre
2012 Action Director: Alper Çağlar Insignia as co-producer Dağ Synopsis: The heroic story of two soldiers trapped Movie then sold to Mars Ent. in an ambush, fighting for their lives. Screened at Harvard University, Trailer:https://www.youtube.com/watch?v=JJ7Jkx5Koqs Kennedy School
IMBD:http://www.imdb.com/title/tt2471640/?ref_=tt_rec_tt IMDB rating: 7.4
SocialMedia:https://www.facebook.com/dagfilmi/
Boxoffice:https://boxofficeturkiye.com/film/dag-2011550
Director: Alper Çağlar 2014 Action Insignia as producer Synopsis:.A legendary hitman trying to retire for love, is poisoned by his mob boss foster father, forcing him Released in 7 countries to team up with an undercover cop to survive one Sold to Kanal D final bloody night of revenge and redemption. Distributed by WB Trailer:https://www.youtube.com/watch?v=hu1OE5BUP5w IMDB rating: 7.3 IMBD:http://www.imdb.com/title/tt3345952/?ref_=nv_sr_1
SocialMedia:https://www.facebook.com/PanzehirFilmi/?fref=ts
Boxoffice:https://boxofficeturkiye.com/film/panzehir-2012135
Source: Insignia 4 INSIGNIA PRODUCTION OVERVIEW
Insignia produced and/or co-produced 6 movies since its foundation (2/3)
Movie About Notes Name Year Genre
2015 Drama Director: Emin Alper Insignia as co-producer Dağ Synopsis: Amid the intense political violence of Istanbul, Awards : 5 awards in International Kadir becomes an informant for the police Adana Film Festival, 4 awards gathering terrorist informations, activities, and from SIYAD 2016.2 awards from searching for bombs on trash cans. Venice Film Festival. Screened at Trailer:https://www.youtube.com/watch?v=aWDIYhXLmJU several international film festivals as Toronto, Busan, Auter, Les IMBD:http://www.imdb.com/title/tt4895740/?ref_=fn_al_tt_1 Arcs Film Festivals in all over the World Boxoffice:https://boxofficeturkiye.com/film/abluka-2012936 IMDB rating: 7.4
2015 Drama Director: Tolga Karaçelik Insignia as co-producer Awards : 4 awards in International Synopsis: When the ship's owner goes bankrupt, the crew Antalya Fılm Festival. 2 awards learns there is a lien on the ship and that key crew Adana International Film Festival. 2 members must stay on board. Six men trapped awards from SIYAD. Best Film aboard a ship sailing to Egypt. Award from East End Film Festival. Trailer:https://www.youtube.com/watch?v=h5GOav1KMpg Cinemaeuropa award form 17. Cinema del Europa Film Festival IMBD:http://www.imdb.com/title/tt4309356/?ref_=nv_sr_1 IMDB rating: 8.1 Boxoffice:https://boxofficeturkiye.com/film/sarmasik-2012990
Source: TMPIF, iMF, Turkstat, EIU 5 INSIGNIA PRODUCTION OVERVIEW
Insignia produced and/or co-produced 6 movies since its foundation (3/3)
Movie About Notes Name Year Genre
Dağ 2016 Action Director: Alper Çağlar Insignia as producer Synopsis: In a desolate war zone where screams of the Top grossing movie of innocent echo, on the very line between 2016 in Turkey disaster and valor, 7 Maroon Berets will dance with death. Released in 7 countries Trailer:https://www.youtube.com/watch?v=4WY0igbRRdQ&t=30s Sold to Star TV
IMBD:http://www.imdb.com/title/tt5813916/?ref_=nv_sr_6 Distributed by Mars IMDB rating: 9.9 SocialMedia:https://www.facebook.com/dagfilmi/
Boxoffice:https://boxofficeturkiye.com/film/dag-2-2013143
2016 Comedy Director: Volkan Dönmez Insignia as producer Synopsis: The funny story of a technician who dreams of Sold to Star TV being an actor and the night when he actually Distributed by Mars gets chance for his acting dream IMDB rating: 6.8 Trailer:https://www.youtube.com/watch?v=XGgmoyxAcmc
IMBD: http://www.imdb.com/title/tt6697556/
Social Media: http://facebook.com/neredennereyefilmi
Box office: https://boxofficeturkiye.com/film/nereden-nereye
Source: TMPIF, iMF, Turkstat, EIU 6 B Market Overview / Opportunity ECONOMIC OVERVIEW – WHY INVEST IN TURKEY
Turkey is an attractive market: Six key factors can be identified as the driving force behind Turkey's development
Overview of drivers behind Turkey's economic development SIZE OF THE ECONOMY Turkey's GDP is expected to triple by 2025 to exceed 2 TRN USD MACRO INDICATORS 1 One of most successful STRATEGIC 6 2 fiscal policies and the IMPORTANCE banking sectors in the Turkey is a key participant of world the global economical and political scene
FOREIGN DIRECT 5 3 POPULATION INVESTMENT (FDI) DYNAMICS AND FDI in Turkey started to grow LABOR significantly since 2003 due to 4 Turkey has a dynamic and increased stability young population that FOREIGN TRADE constitutes an extensive Turkey’s trade volume has labor pool grown to USD 400 bn – increasing exports at a CAGR of 10% in the last decade
Source: TMPIF, iMF, Turkstat, EIU 8 OPPORTUNITIES IN THE TURKISH MOTION PICTURE INDUSTRY
12 key factors drive the attractiveness of the Turkish motion picture industry – 6 demand side factors…
THEATRICAL REVENUES ON THE RISE Market more than doubled in less than 10 years and more than half of the market is local movies
STRATEGIC 1 HIGH UNDER- IMPORTANCE 6 2 PENETRATION With ease of access increasing, Despite the growth, theatrical content ownership is gaining revenues with a sizeable significant strategic importance upside given the under- penetration
EXPORT POTENTIAL 5 3 FULLY LIBERALIZED The TV series exports has LOCAL TV MARKET exceed 150 mn USD p.a. and The TV market, despite its motion pictures also have a 4 problems backed by strong strong potential (directed groups and are in search of towards similar markets) DIGITAL BUSINESS high quality content Turkey is a key market in digital businesses – one of top markets for Facebook, Linkedin, Twitter, etc.
Source: TMPIF 9 OPPORTUNITIES IN THE TURKISH MOTION PICTURE INDUSTRY
…and 6 supply side factors
COMPETITIVE PRODUCTION COSTS The production costs in Turkey are much lower than EU peers VALUE CHAIN IMPROVEMENTS The other parts of the value 7 TALENT POOL Due to the size of the chain, production support- 12 8 distribution and display sectors population and increasing are increasing in number of universities also competitiveness providing visual arts training, there is a sizeable talent pool
STATE SUPPORT 2014 is the 100th anniversary of Turkish movie making. 9 HIGH NUMBER OF That combined with the 11 STORIES impact Turkish TV series Due to the rich and diverse exports economically and 10 cultural heritage of the strategically, resulted in country, there are too many various state support SUB SCALE PRODUCERS stories to tell in various genres programs for the motion picture industry Many producers in the market are sub-scale therefore potentially significant synergies can be captured
Source: TMPIF 10 1 THEATRICAL REVENUES ON THE RISE
Number of screens on the rise – almost tripled in 10 years to reach close to 2.4k screens
Theatrical revenues overview New films entering the market [#] Numbers of screen, 2005-2015 details by domestic&foreign productions (2005-2016)
2356 2.500 +479% 139 2.000
1.500 Local 987 1.000 29 500 Local
0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2016
Every year, 34 feature films, 143 short films and documentaries film festivals are arranged in Turkey
Source: BoxOffice Turkiye 11 1 THEATRICAL REVENUES ON THE RISE
Theatrical revenues have observed 13% p.a. growth since 2005 to reach 692 M TL in 2016
Theatrical revenues overview
Movie Tickets sold, 2005-2016 [m] Gate Receipts, 2005-2016 [TL m]
58 60 800 692
40 600 28 400 20 184 200
0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
More than 50% of the tickets sold and gate receipts are local productions since 2007
Source: BoxOffice Turkiye 12 1 THEATRICAL REVENUES ON THE RISE
More movies are entering the market with higher average ticket prices and with higher number of viewers per film
Theatrical revenues overview
New films entering the market [#] Avg. Ticket Price, [TL] Avg. # of viewers/film, [#]
+62% 360
+80% 11,9 223
+140% 6.6 110.18 78.3
20052005 20120166 20052005 2012016 6 20052005 2012013 6
Source: BoxOffice Turkiye 13 1 THEATRICAL REVENUES ON THE RISE
In addition, share of locally produced movies also on the rise – Turkey is one of top markets for local movie viewing
Share of local movies in tickets sold, illustrative Comments
• Turkish titles are quickly gaining ~99 ~99 market share in Turkey and the 100 expectation in the market is to reach China-Korea levels ~80 ~7071 • The only 4 meaningful markets larger 75 than Turkish local title share in the local market are China, S. Korea, ~5533 India, USA 50 ~40 ~4041 • Within EU, the only market that has local title market share figures close ~30 to Turkey is France but there is a good 25 amount of protection in France for local ~1010 titles ~32 • However Turkish titles do not 0 generate significant theatrical volumes outside of Turkey – lagging ~2 behind EU peers as well as emerging (2007) (2016) markets like India and S. Korea.
With the pace of growth, Turkish titles local market share could reach S.Korea levels in the next 5 years
Source: BoxOffice Mojo, , Variety, Hollywood Reporter, CNN 14 2 UNDER-PENETRATION
Turkish gate receipts have significant upside potential as indicated by comparisons with mature EU peers
Comparison of key EU markets & Turkey, 2013 Comments x5.3 • Turkey is the 2nd largest population of Europe however X5.1 with 2.2k movie theaters, it is 1,204 number 7th in terms of movie 1,134 X3.2 theaters • Turkey is lagging behind all 914 mature EU peers in gate 82 X2.4 receipts despite its population 75 advantages 65 63 60 • Per capita GDP is lower in 520 Turkey thus part of the gap can be explained yet still countries with smaller 250 populations generating 3-5x gate receipts revenue can only indicate potential
Population [m] Gate receipt revenues [USD m]
Source: Box Office, IMF World Economic Outlook Database 15 3 FULLY LIBERALIZED MEDIA MARKET
In Turkey, the media market has come a long way since the first entry of private networks in the early 1990s
Evolution of the Turkish media market Growth and Market opened to global Government control Liberalization specialization players
Before 1990 1990s 2000-2006 2006+
Before 1925 First attempts to 1990 Private TV and radio 2000 First Satellite Pay 2006 Entrance of News establish printed media broadcasting starts with TV, Digitürk Corporation with Fox 1925 First radio broadcasting Star TV and Süper FM introduced TV by acquiring TGRT Radio 1925-1960 Printed media developed 2000-2004 Growth of 2006 Entrance of Canadian 1991 Cable TV network thematic channels CanWest Corporation by 1968 Establishment of the launched (CNBCE, Discovery acquiring Süper FM, first TV channel (TRT) Channel, National Metro FM, Joy FM and controlled by state 1992-1993 Private radio stations were temporarily closed Geographics Joy Türk FM 1960-1990 Printed media expanded by government Habertürk, Lig TV, 2006 47% of Digitürk is sold to with liberalization SkyTürk, Kanaltürk, Providence Equity 1993 New private TV etc.) channels launched; 2006 Second satellite pay TV ATV, Kanal D, TGRT, 2004 The government platform D-Smart Kral TV, STV) took over the launched as a competitor control of Uzan to Digitürk 1993 First Pay TV channel, family media assets Cine 5 launched (Star Group) 2007 The government took over the control of 1994 The regulatory authority 2000-2006 Growth in thematic (RTÜK) established Merkez Group media radio channels (e.g. companies 1994 Discount newspaper Radyo Spor, Lig Gözcü launched Radyo) 2008 Doğan Group sold 25% of its TV business to 1996 First news channel NTV Axel Springer launched 2008 Merkez Group sold to Turkuaz (Calik Holding & QMC) for 1.1 Bn USD)
Source: TMPIF 16 3 FULLY LIBERALIZED MEDIA MARKET
The market operates hundreds of TV channels across different platforms – both generic and thematic channels
Positioning of TV channels
Number of TV channels by platform Channel Positioning in Turkey
~430
Including 24 national Thematic channels
~240 ~200
Generic
~55
National Regional Paid Cable Free Terrestrial Satellite Satellite
Source: TMPIF, RTUK, Press eearch 17 3 FULLY LIBERALIZED MEDIA MARKET
For a Turkish movie, there are at least 10 potential free TV buyers and pay TV buyers
Potential buyers Audience Market Share (Jan./17) Notes All Day Prime Time
8.22% 9.68% Belongs to the largest media holding DYH; KANAL D operates in all of the value chain
ATV 11.05% 11.31% Rumoured to be in the market
STAR TV 7.79% 9.46% State SDIF took the channel over from Uzan family and sold to Dogus FOX TV 6.99% 8.36% In 2006, News Corp. bought the TGRT renaming it Fox Turkey
SHOW TV 8.95% 9.70% State SDIF took the channel over from Cukurova and sold to Ciner KANAL 7 5.06% 4.25% Close to a political group
TRT 4.71% 6.30% Not taken in the list for the ratings; taken given the spending power TV8 4.43% 6.18% Recently taken over by Acun Medya
DIGITURK n.a. n.a. Recently acquired by beIN Media
D-SMART n.a. n.a. Pay TV platform of DYH
Pay TV
Source: TMPIF, TNS, Press Search 18 4 DIGITAL BUSINESS
Globally, consumer behavior is changing due to 3 key factors…
Themes of consumer behaviour change
1 RISING POWER OF MOBILITY • Increasing penetration of mobile internet-enabled devices • Spreading deployment of NGN1) worldwide 1 • Development of a wide variety of mobile apps • Increasing loyalty to device brands
RISING POWER OF MOBILITY 2 GROWING DOMINANCE OF ONLINE EXPERIENCE • Increasing use of media as a collective social experience (e.g. Facebook) • Unrivalled ease and convenience of internet media CONSUMER • Elimination of the need for physical content libraries 3 BEHAVIOUR 2 CHANGE INCREASING GROWING INCREASING ENGAGEMENT & READINESS TO PAY ENGAGEMENT & DOMINANCE OF 3 READINESS TO ONLINE • Driven by improved consumption experience and convenience (e.g. HD services, cloud services) PAY EXPERIENCE • Attractive location based services and apps • Convergence of devices and media segments
1) NGN: Next Generation Networks (3G and above)
Source: Roland Berger Strategy Consultants 19 4 DIGITAL BUSINESS
…which in turn are leading to a transformation in the media industry overall
Evolving industry landscape
1 Rising power of 1 Rising power of • Media industry rapidly evolving to an end-to-end digital mobility digital channels value chain • Consumers increasingly switching to digital downloading and on-demand consumption
2 Growing 2 Unprecedented level • Digital transformation is driving industry and audience dominance of of fragmentation fragmentation to levels not previously seen (products, internet devices & platform variety) – content gaining more importance • Media consumption decisions differ widely at different times in different markets
3 Increasing 3 Diversification of • Media players need to balance their offering between engagement & revenue streams digital & traditional to utilize revenue in seizing the right readiness to pay role and positioning within each of them • Off-line revenue streams will however remain significantly larger than digital ones for the coming years
Source: Roland Berger Strategy Consultants 20 5 EXPORT POTENTIAL
Turkish TV series have become an important export sector; next wave could be the motion pictures (movies)
Export volumes of Turkish TV Series, 2008-2016 [USD m] Comments
• Turkish TV series air in around 75 countries reaching around 400 million viewers 350 300 • Majority of the revenue comes from 300 250 Middle East, Central Asia, Latin 250 200 Americas and Balkans given the 150 cultural heritage and ties. Turkish TV 200 series present a balance Islamic values, traditions and a modern Western life 100 150 • Per episode sales prices have 65 increased from 500 USD/episode to 100 45 200k USD/episode due to increased recognition and quality 50 25 10 • On the back of the TV series, an 0 increased recognition of the locations , stories and actors is 2008 2009 2010 2011 2012 2013 2014 2015 2016 observed regionally. This creates a strong opportunity space for the Turkish movies as well
If a similar formula is employed, a similar export performance should be expected out of Turkish movies
Source: Calinos Holding, Hürriyet, Dunya.com, Başbakanlık Kamu Diplomasisi Koordinatörlüğü, Deloitte 21 6 STRATEGIC IMPORTANCE
There is a new normal in terms of "content creation" today…
Source: Photobucket.com 22 6 STRATEGIC IMPORTANCE
…and in this context, content is becoming much more important than distribution (display) thus is highly strategic
Evolving industry landscape • How we consume video and data content has changed dramatically over the past 10 years, in part due to the Internet and other technological advances. This evolution has been particularly painful for the print and music industries, and to some extent, TV/radio broadcasters. • Looking at the stock performance of different “old” media companies over the past 15 years, not all “old” media companies have struggled with performance • Winners succeeded via their advantages in "Concentration of content ownership", "Consumption of content" and "Cost of content creation". Content companies are clearly ahead since: • Differentiated content wins over commoditized distribution (e.g. the NFL, March Madness, and NBA/MLB playoffs, The Walking Dead and Game of Thrones, etc.) • A bundling of networks provides content companies leverage to increase affiliate fees paid by the distributors. In addition, it has led to rational behavior in which companies preserved the value of their content by maintaining current distribution windows, or time periods. • In a carriage dispute, content companies lose affiliate fees and advertising associated with the loss of viewers, but can recover them quickly once carriage is restored. For a Multichannel Video Programming Distributor (MVPD), such as a cable, telcom or satellite TV distributor, a lost subscriber cannot be regained for years, if ever • Increasing points of distribution have enhanced the value and bargaining leverage of content companies • Despite the consolidation in distribution and development of online programming, high-quality content remains the global king of media
Source: TMPIF, Westwood "is Media Content Still King?" 23 7 COMPETITIVE PRODUCTION COSTS
Turkish production costs – pre-production/development, principal photography, post-production – are competitive
Cost of TV series production per Mid Budget Urban Thriller Feature Film Full Production episode [USD K] cost comparison incl. fiscal incentives 1,2 [USD M]
Could have been much 5.500 lower but since a like-for- like comp. was made; 22.2 assumptions kept 19.9 constant for TR as well 19.2 18.8 18.6 18.3 17.6 17.4 17.2 15.6
11.5 2.000
700 200
90 min, low 90 min, high 30 min, TV 60 min, TV LA Van. Conn. Syd. Ber. Dub. Cape Pra. Lon. Bud. Ist. budget TV budget TV series pilot series pilot Town series series
1) Above the line costs fixed at 5 Mn USD for all location 2) For higher budget movies, given the higher fixed, ATL and staff costs, gap gets smaller
Source: Deloitte (TR), Westwood (USA), SPI UK Film Council Study 2008 (Turkish feature film figures based on Insignia using the same assumption set) 24 7 COMPETITIVE PRODUCTION COSTS
A Turkish 120 min. feature film, released in 7 countries, with an IMDB rating of 7.5 had a total budget of 700k USD1
Actual Budget of a Turkish Movie, Antidote Visuals from Antidote The Budget Comments
• Total cost incl. share options and all marketing was 700k USD; the all production and post was 400k USD • 7.5 IMDB rating (http://www.imdb.co m/title/tt3345952/?r ef_=nv_sr_1) , distributed by WB in Turkey • Aired in 7 countries • Sold to Kanal D/D- Smart plus int. sales • Trailer: http://vimeo.com/91 899482
1) No increntives received; covers all prod and post costs plus all the marketing and the share allocation costs
Source: Insiginia Yapim (Antidote), TMPIF 25 8 TALENT POOL
Due to demographic advantages and the development of the TV series business Turkey has a sizeable talent pool
Population age distribution, 2016 [m] Labor pool in the industry, 2016 [k]
47.82% 29%
8.1 7.9 7.6 8.3 7.9 7.8 7.9 8.1 7.0 30 5.9 5.9 4.6 21 4.1 3.0 2.1 14 19 24 29 34 39 44 49 54 59 64 69 74 4 9 ------2005 2016 - - 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70
Academic Base [# of universities] Academic Base [k students]
39
15 7 4
2005 2016 2005 2016 1) Turkish univerisities with Radio/TV facultuies and conservatories
Source: OSYM, Haber 365, Press seach, TUIK 26 9 NUMBER OF STORIES
Due to its cultural heritage, history and diversity, Turkey has significant amount of regionally interesting stories to tell
History Cultural Heritage
• Linking Europe and • 9 Unesco World Asia continents by car Cultural Heritage sites • World's oldest shopping • 320+ museums, 131 mall (Grand Bazaar) historic sites like Mount Ararat, Zeugma, Troy, • World's largest stadium Safranbolu (Hippodrome of Constantinople) • The region was home to 3 giant empires, • World's largest church Roman-Byzantine- btw 537-1629 (Hagia Ottoman Sophia) Diversity Motion Picture Awards / Directors • Turkic-speaking : Turks, Azeris, Tatars, Karachays, • Since 2004, 20 Turkish Karakalpaks, Uzbeks, Crimean Tatars and Uyghurs movies got important • Indo-European-speaking : Kurds, Zaza-Dimli Kurds, awards in key global Bosniaks, Albanians, Pomaks, Armenians, Hamshenis, festivals such as Berlin, Gorani and Greeks Cannes, Venice • Semitic-speaking peoples: Arabs, Assyrians/Syriacs and • Last award was Palme Jewish d'Or of Nuri Bilge Ceylan @ Festival de • Caucasian-speaking peoples: Circassians, Georgians, Laz Cannes in 2014 and Chechens
Source: TMPIF 27 10 SUB-SCALE PRODUCERS
Turkish production companies are sub-scale; largest player in the market with around 25 M Eur of revenues
Number of TV series made per producer Top 10 Turkish producers (excludes motion (2011-2014) picture companies1))
Rank & Company Producer Revenues Profits TL M TL M 21 comp. 22 comp. 41 comp. 5+ shows 2-4 shows 1 show # of TVseries of #
Production companies
1) BKM, Nulook, Camarsirhane, Avsar , TAFF would also be in this list if film companies were in but still the revenue ranges would be in this range
Source: Deloitte, Forbes Magazine, TMPIF 28 11 STATE SUPPORT
Turkish state has solid incentive schemes for producers – provided through two ministries
Ministry of Culture Ministry of Economy Provided 14 M USD of support Recently launched – no incentives grant to Turkish productions provided yet
• Production support for movies • Reporting Support – It contains the expenses for the - Incentive fee is paid for 25 Turkish movies in a reports about international legislation and investment year area. - Incentive fee range for a movie is between 50k - Support of 60% for spending up to 165k USD USD – 800k USD • Market Entry Support – It contains the certification • Pre-production support for movies (2 types of expenses for the movie release outside of Turkey incentives) - Support of 50% for spending up to 200k USD - Research & Development – If the production • Foreign Marketing Support - It contains the marketing company has to make research about history , / promotion expenses for the movie screening outside of science fiction, etc… due to the content of script, Turkey the producer can apply for a research support. - Support of 50% for spending up to 600k USD - Script / Dialog • Web search Support – It contains the expenses for the o Incentive fee is paid for 30 Turkish movies advertising of movie in web search tools (Google, in a year Yandex,…) o Incentive fee range for a movie is between - Support of 50% for spending up to 200k USD 3.000 USD – 6.000 USD • Advertising Support – It contains the expenses for • Post Production support for movies – not yet provided advertising of the movie outside of Turkey for any production - Support of 50% for spending up to 200k USD • VAT refund for Foreign Production companies shooting in Turkey
Source: Sinema.gov.tr, TMPIF 29 C Contact 3030 30 Please contact us for more information:
Dorukhan Acar Managing Director
+90 532 611 8788
www.insigniayapim.com
31 32