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Investment Is As Much an Art As It Is a Science... ANNUAL REPORT 2018

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Investment Is As Much an Art As It Is a Science... ANNUAL REPORT 2018 Investment is as much an art as it is a science... ANNUAL REPORT 2018 REPORT ANNUAL Ahi Evran Caddesi Polaris Plaza No: 21 Kat: 1 34485 Maslak, Sarıyer T +90 (212) 367 36 36 F +90 (212) 346 10 40 www.unluco.com Annual Report 2018 Contents We thank the Şebnem Ünlü Atölyesi for its contributions. 14 Corporate Profile 16 Products, Services and Solutions 18 Key Financial Indicators 20 Our Vision, Mission and Strategy 21 Components of Success 22 Milestones 24 2018 at a Glance 26 Letter from the Chairman and CEO 30 Letter from the Deputy Chairman and General Manager 32 Markets Overview – 2018 Highlights and Future Outlook 34 Investment Banking Services 50 Asset Management Services 58 Technology and Operational Services 60 Human Resources 64 Corporate Communications and Marketing 70 ÜNLÜ Yatırım Holding Board of Directors 72 ÜNLÜ Menkul Değerler Board of Directors 74 Executive Board 76 Organisational Chart Proudly produced by FİNAR. www.finarkurumsal.com 78 Corporate Governance and Risk Management Policies 81 Consolidated Financial Statements and Independent Auditors’ Report On the visible side of our business you 1 will of course see figures, transactions & C ÜNLÜ and accounts. But it is what we do o behind the scenes to create value for our 2018 Annual Report investors that makes us unique. We feel the artist’s drive to create something unique. We refuse to force ourselves into a mould. We know that the expectations are great, that our new creations will evoke excitement and that we will always be able to do even better. Exceptional Preparation Every move requires careful consideration. Combining years of experience and our innovative vision, we bring you a highly personalised service in DAHA Investment Advisory and Brokerage Services. Through pinpoint analysis of the past and present, we promise a fruitful future. Choosing the Right Instrument Investors have broad horizons. Therefore, a variety of options should be offered. We do not just offer advisory services; we develop new products to meet the unique needs of our investors. Focus Excellence is always our central goal. Through diligent and meticulous focus on increasing the value of our investors’ assets, we achieve the right results. Enthusiasm to Produce Our enthusiasm to produce the best is one of the key drivers of our success. Our passion for production complements our devotion to investment and adding value to the economy. The fact that we have completed nearly USD 10 billion in mergers and acquisitions since 2010 is clear evidence of our dedication. Masterful Touches Our most important corporate objective is to become the largest investment bank in our region in the next 10 years. We know that this is not far away. With an expert team that knows how to make a difference, we continue to move forward with well-deserved self-confidence. Targeted Results Our entrepreneurial spirit, knowledge and experience take us ever further forward. Over the last five years, we have introduced a host of firsts and innovations, and maintained the steady expansion of ÜNLÜ & Co by increasing our total comprehensive income by 167% to TL 190 million. Corporate Profile Through its service and product diversity, ÜNLÜ & Co continues to expand its customer portfolio of corporate and individual investors. A LEADING FINANCIAL ADVISORY INSPIRING A PREFERRED BUSINESS PARTNER 14 TRUST THROUGH ITS EXPERIENCE ÜNLÜ & Co has acquired global expertise in investment ÜNLÜ & Co was founded in 1996 as an independent banking services through its long-term business ÜNLÜ & C ÜNLÜ financial advisory company. With its professional team partnerships and strategic partnerships with investment and strong technological infrastructure, it provides local companies around the world. and international individual and corporate investors with services and solutions in By expanding its global sphere of influence through its o Annual Report 2018 Annual Report » Investment Banking Advisory, subsidiaries and affiliates established in the world’s most » Capital Markets, important financial centres, ÜNLÜ & Co is able to keep » DAHA Investment Advisory and Brokerage Services, up to date on foreign investor profiles and changing » Alternative Investments, investment trends. » Fund and Portfolio Management, all under a single roof. Its visionary nature, solid ÜNLÜ & Co closely monitors the Turkish economy and financial structure, and the organic and inorganic Turkish companies in various sectors, and by effectively growth strategies applied since the advisory’s inception combining its global expertise and experience in local have all contributed to ÜNLÜ & Co becoming Turkey’s markets, it is able to apply efficient business models in leading investment banking services and asset all service areas. All of these qualities set ÜNLÜ & Co management group. apart from its competition and reinforce its position as a reliable business partner. As a fully-fledged domestic investment bank offering a variety of world-class services and products, ÜNLÜ & Co RESPECTED IN THE INTERNATIONAL ARENA continues to expand its customer portfolio of corporate With its many years of experience and superior advisory and qualified individual investors. ÜNLÜ & Co has more service success in mergers and acquisitions, corporate than 350 expert staff whose focus on customer interests IPOs and privatisation, and enduring partnerships with and satisfaction creates a philosophy that guides all their its corporate customers and global funding sources, activities. ÜNLÜ & Co has rightfully gained its excellent reputation at domestic and international. In the scope of financial advisory services in Turkey, ÜNLÜ & Co boasts extensive experience across all sectors, and is the preferred partner for foreign companies, portfolio managers and fund organisations looking to invest in Turkish capital markets and Turkish companies. 15 ÜNLÜ & C ÜNLÜ o Annual Report 2018 Annual Report ESSENTIAL CORPORATE VALUES PIONEERING DEVELOPMENT IN CAPITAL ÜNLÜ & Co’s inherent customer focus, entrepreneurship, MARKETS innovation, integrity, locality, group synergy, Since its founding as an independent financial advisory, determination, team spirit, expertise and commitment ÜNLÜ & Co has completed a host of highly successful are the main components of its 23 years of corporate transactions with its unique financial solutions success. These components, shared by the leaders and developed based on the needs of its customers. While employees of ÜNLÜ & Co, create a common belief in all creating high added value for its customers through aspects of its service cycle culminate in a solid corporate its personalised investment advices and its financial culture. At the same time, they are seen as the key to products based on customer needs, it also plays a central sustainable growth and success. role in the deepening of Turkish capital markets. A SERVICE THAT DOES NOT COMPROMISE ON EXPANDING ITS OPERATIONAL REACH LEGAL AND ETHICAL VALUES In tandem with its objective of becoming the region’s ÜNLÜ & Co is committed to a modern approach to largest investment banking services and asset investment banking, and its high regard for moral management group, ÜNLÜ & Co resolutely maintains its values can be seen in its customer relations and market leadership in the Turkish market and is taking concrete activity. ÜNLÜ & Co employees embrace an honest and steps to expand this initiative internationally. consistent service approach to their customers, and pay great attention to developing and implementing a business discipline that respects the legal regulations in force and adheres to the corporate culture. Products, Services and Solutions ÜNLÜ & Co aims to deliver the highest levels of customer satisfaction through its products and services. 16 ÜNLÜ & C ÜNLÜ o Annual Report 2018 Annual Report Investment Banking Services Alternative Investments 17 ÜNLÜ & C ÜNLÜ INVESTMENT BANKING ADVISORY ALTERNATIVE INVESTMENTS Corporate Finance Advisory Non-Performing Loans (NPL) Management o Annual Report 2018 Annual Report » Mergers & Acquisitions » Portfolio Investments » Privatization advisory » İstanbul Varlık » Restructuring Debt Capital Markets and Advisory » NPL Management Debt Capital Markets ÜNLÜ Alternative Assets » Foreign and local currency bond issuance » ÜNLÜ Private Equity » CLN, Eurobonds, private placement, convertible bonds » ÜNLÜ LT Investments » Syndicated loans 212 Capital Partners – Technology Fund Debt Advisory » Internet, mobile, e-commerce venture capital » Acquisition and project finance » Turkey’s pioneering technology-focused equity fund » Structured equity like financing » Financial restructuring FUND AND PORTFOLIO MANAGEMENT Institutional Sales & Advisory » Mutual funds » Initial/Secondary public offerings » Hedge funds » Capital increases » Real estate investment funds » Block sales » Fund creation and management services Corporate Customer Relations CAPITAL MARKETS » Corporate sales • Equity placement • Fixed-income instruments » Research » Treasury » UNLU Securities Inc. (USA) » UNLU Securities UK Limited DAHA INVESTMENT ADVISORY AND BROKERAGE SERVICES » Customised investment advisory in organized and over-the-counter markets » Brokerage of equities (İstanbul Stock Exchange), and derivatives (VIOP) » Structured debt instruments that offer personalised investment strategies » Fixed-income, prinicipal-protected, real estate, Eurobonds or stock- mutual funds » Brokerage services for the trading of over-the-counter derivatives » Brokerage in trading at foreign exchange and CFD markets » Brokerage
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