Annual Turkish M&A Review 2011

Corporate Finance January 2012

Foreword

Despite the turbulence in the Eurozone and the political instability in the Arab region, foreign investors interest in the Turkish market remained very strong, from strategic investors as well as private equity, resulting in a dynamic M&A market again in 2011. In 2011, a deal volume of c. US$15 billion materialized through 241 deals. Vitality in M&A activity continued well and the previous years record number of deals was exceeded. On the other hand, the reflection of such activity on the total deal volume has been modest, as the majority of transactions in 2011 occurred in the small and mid-size segments, with a scarcity of big-ticket transactions, especially privatizations. While Turkeys strong growth performance and healthy financial system act as catalysts for a healthy investment environment, Europes deepening public debt crisis, coupled with Turkeys current account deficit, inflation risk and diminishing growth forecasts signal a difficult period in the near term. Nevertheless, the dynamic middle market, secondary sales and investors continued interest still promise an active M&A market in 2012. On behalf of our corporate finance team in Deloitte Turkey, I am delighted to share our annual Turkish M&A review, featuring our analyses and views regarding the M&A market here.

Baak Vardar

Partner Corporate Finance

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.

Middle market dominates Turkish M&A

Turkish market, with its sustained growth, once again served as an attractive destination for investors amidst the uncertain global environment. Total M&A deal numbers in 2011 surpassed the record level of 2010 with 241 deals. Middle market transactions were dominant. In the absence of big ticket privatizations, total deal volume was at a level of US$15(1) billion.
While the global economic recovery that started in 2010 has slowed down in 2011, Turkey has been one of the fastest growing economies in the world, which encouraged the M&A activity. Out of 241 transactions in 2011, 114 had a disclosed deal value, adding up to c. US$11.9 billion. Considering the estimated value of deals with undisclosed values, total M&A volume was around US$15 billion in 2011. While this represents a decline of almost half as compared to 2010, one should consider that most of the energy sector privatizations, which in 2010 made up half of the total deal volume (c. US$14 billion out of c. US$29 billion as presented in our last year review) have been cancelled or could not be finalized. Thus, in 2011, we see a similar volume of activity in the private sector M&A as in 2010. Foreign investors have generated c. 74% of the deal volume (c. US$11.1 billion, including estimates for undisclosed values) through 138 deals, as opposed to 36% in 2010 and have shaped the Turkish M&A activity to a great extent in 2011. The healthcare and e-commerce sectors were of special interest for foreign investors in addition to traditionally preferred sectors such as manufacturing, financial services and food & beverage. The largest ten transactions comprised c. 56% of the total annual volume. Excluding those big ticket transactions, total volume of the remainder was only c. US$6.6 billion, that corresponded to an average deal size of c. US$28 million, indicating that small and mid cap segments saw the most activity. Transactions with a deal value less than US$50 million represented 83% of the total deal number, but only 22% of the total deal volume. Privatizations comprised a considerable part of the annual volume in the previous years, but have been the weak side of the M&A market in 2011. The share of privatizations in the total deal volume was only 7%. Of the various state assets in the privatization list, which had been expected to be among the largest deals of the year, only DO (stanbul Deniz Otobsleri) was tendered. Galataport, the National Lottery, GDA, the Electricity Generation Assets and the Bridges and Highways have remained in the waiting list together with the pending energy privatizations of 2010. Financial investors activity on the other hand, was at an all-time high in terms of number of deals. Private equity firms have continued to pursue Turkish targets and played a leading role in healthcare, e-commerce, food & beverage and education. Despite diminishing growth forecasts and the worsening global economy, we should be able to rely on the dynamic middle market, secondary sales, private equity activity and the increasing eagerness of foreign investors towards Turkey all together to deliver a lively year for M&A activity in 2012.

(1)

Including estimates for deals with undisclosed values.

1

Five - year deal snapshot

Year Deal Number Deal Volume Privatizations / Share in Total Foreign Investors Financial Investors Average Deal Size** Share of Largest 10 Deals in Total Volume

2007
160 US$19.3 billion US$2.3 billion / 12% 70% of deal value 13% of deal value c. US$120 million 60%

2008
169 US$16.2 billion US$5.2 billion / 32% 85% of deal value 30% of deal value c. US$100 million 69%

2009
101 US$5.2 billion US$1.2 billion / 23% 43% of deal value 13% of deal value c. US$51 million 44%

2010*
203 US$29 billion US$14.6 billion / 50% 36% of deal value 3% of deal value c. US$140 million 69%

2011
241 US$15 billion US$1 billion / 7% 74% of deal value 8% of deal value c. US$62 million 56%

Note: Data presented above include estimates for deals with undisclosed values (*) Data related to 2010 includes the pending/cancelled energy privatization tenders amounting to US$11.8 billion in 17 transactions (**) In 2010, excluding top ten deals, the average deal size of the remainder was c. US$45 million. In 2011, excluding top ten deals, the average deal size of the remainder was c. US$28 million

Deal Volume and Deal Number

30 29.0 241 250

25 11.8 20 (US$ billion) 19.3 160 15 101 10 17.2 5.2 5 169 16.2

203

200

150 15.0 100

50

2007 Completed Deals

2008

2009

2010

2011 Deal Number

Pending / Cancelled Privatization Tenders

Investor origin

Deal Number

Deal Number
Italy Germany 10 11 France 12 Foreign Investors 138

Netherlands 9

Turkish Investors 103

UK1 16 USA 22 Other 58

Deal Value (Disclosed; US$ Million)

Deal Value (Disclosed; US$ million)

UK1 4,519 Malaysia 1,260

The dominance of Turkish investors in the M&A scene over the previous two years has ended in 2011; foreign investors regained the upper hand. Foreign investors generated a deal volume of c. US$11.1 billion (including estimates) through 138 deals. Unlike 2009 and 2010, foreign investors played the leading role in transactions and increased their contribution to the total deal volume to a mass level of c. 74% (c. 36% in 2010). This was, firstly because the activity of Turkish buyers who are historically active buyers mainly in privatizations, remained low in the absence of such deals; and secondly, the global economic recovery, although fragile, in the post crisis period and Turkeys ongoing sound performance, encouraged foreign investors appetite towards Turkey. Against foreign investors 138 transactions in 2011, Turkish investors engaged in 103 acquisitions worth c. US$3.9 billion (including estimates). In the absence of big ticket privatizations, Turkish investors were mostly channeled to mid-market transactions.

Foreign Investors 9,082 Turkish Investors 2,769

Russia 485 Belgium 480 Other 1,912 Netherlands 425

(1)

Does not include the DO deal.

In terms of number of deals, foreign and Turkish investors shared the total M&A market almost evenly. The former focused on food & beverage, financial services, energy, e-commerce and manufacturing; while the latter focused on energy and IT sectors. Healthcare sector was in the center of attention for the both parties. In 2011, the Turkish M&A market attracted a wellbalanced mix of foreign investors from the US, Europe, the Gulf Region, the Far East and other regions. Regardless of the geographical proximity or investment size considerations, investors from all over the world paid close attention to the Turkish targets.

European investors have been the most active group among foreign investors with a total deal value amounting to US$7.8 billion (including estimates), thereby comprising c. 70% of foreign investors deal value. Involved in both of the two largest deals in 2011, British investors have been the dominant group among European buyers. Investors from the US continued their interest in investing overseas as they completed 22 deals in 2011 (13 deals in 2010).

Private equity activity

Sustained growth of the Turkish economy in the post-crisis period and strong growth prospects in various sectors have encouraged private equity investments in 2011. Financial investors experienced a solid year in Turkey, completing an all-time high of 46 deals with a total deal value of c. US$1.2 billion (including the estimates for deals with undisclosed values).

In addition to long-time favourite sectors such as retail and food & beverage; healthcare and e-commerce companies have been the most sought-after M&A targets by financial investors in 2011. Healthcare, e-commerce and food & beverage sectors alone represented the c. 50% of the total private equity deal volume. In addition to the transactions listed in the table on the next page, there were also some transactions where individual investors or certain local groups like Gzde Giriim of Yldz Holding, diversified their portfolios or made add-on investments. Furthermore, the parent company of the acquirer in Acbadem deal, considered as a strategic investor transaction in our study, is a private equity fund. Also, we have witnessed several exit transactions of private equity firms as their Turkish portfolios attained greater maturity. Abraaj Capitals sale of Acbadem Salk and TPGs sale of Mey ki have been the largest private equity exits ever in the Turkish market. Furthermore, we have seen a secondary sale in Migros by BC Partners, DeA Capital and Turkven through the stock exchange, amounting to c. US$500 million.

Private Equity Activity

35.0 31.0 30.0 25.0 30.1% 29.0 30.0% 25.0% 19.0 19.3 16.2 15.0 11.6% 10.0 5.0 0.0 4.9 0.8% 0.3 2005 2.2 2006 2.3 5.2 0.7 2008 2009 2.9% 0.9 2010 8.0% 5.0% 1.2 0.0% 2007 2011 12.0% 13.5% 15.0 20.0% 15.0% 10.0% 35.0%

(US$ billion)

20.0

Total Deal Value

Financial Investor Deals

Ratio to Total Deal Value

Private Equity Exits

Seller Abraaj Capital Actera Group BC Partners; DeA Capital; Turkven Hygeia (Marfin Investment Group) Giriim Giriim TPG Capital; Actera Group Turkven Target Acbadem Salk Hizmetleri LBT Varlk Ynetimi ok Marketler afak Hastaneleri Frik la Probil Mey ki UCT Media Group Acquirer Integrated Healthcare Holdings EBRD Yldz Holding Acbadem Salk Hizmetleri Recordati SpA Neta Telekomnikasyon Diageo Neomobile

List of Private Equity Deals

Deal Value US$ million 48.6 21.0 27.0 N/D 140.0 N/D 11.5 N/D N/D 25.0 N/D N/D 5.0 N/D 5.0 N/D N/D N/D 1.5 N/D N/D 2.5 N/D N/D N/D 9.8 N/D N/D N/D 60.0 N/D N/D N/D 4.5 N/D N/D N/D N/D N/D N/D 77.4 2.0 0.6 N/D N/D N/D

# 1 2 3 4 5 6 7 8 9

Acquirer Aabar Investments ADM Capital ADM Capital ADM Capital ADM Capital; PGGM N.V.; IFC ADM Capital; Yldz Holding Alpha Investment Argus Capital Partners Bedminster Capital

Origin UAE Hong Kong Hong Kong Hong Kong Hong Kong, Netherlands, USA Hong Kong; Turkey Singapore UK USA Hong Kong; China USA USA Germany UAE USA UK Kuwait Kuwait Belgium Belgium Belgium USA USA Turkey Turkey Turkey Ireland Ireland UK Turkey UK Oman USA Netherlands Brunei Turkey USA USA Turkey Turkey Italy Turkey Turkey Turkey Turkey Turkey

Target Banvit Bandrma Vitaminli Yem Sanayi AKG Gazbeton Kemer Medical Center Penkon Gda Universal Hospitals Group Dardanel nenta Gda Peak Games Kale Nobel Propak Ambalaj ACT Airlines Baheehir Egitim Kurumlar Tab Gda Peak Games Fabeks Vipdukkan BirgiMefar Group Baklar Tbbi Cihazlar Yargc Konfeksiyon Peak Games Ciceksepeti.com Digitouch Dijital Pazarlama Nokta.com Grupanya Unnado.com Cimri.com Aras Kargo Elit ikolata Bcrk Tekstil Kent Hospital stanbul Cerrahi Hastanesi Sante Group Fina Liman (Kumport) Ulusal Faktoring Bimeks Marsa Ya Natura Gda (lker-Golf) DSM Grup letiim Pazarlama (Trendyol.com) DSM Grup letiim Pazarlama (Trendyol.com) Arkaz Salk Doa Koleji Global Liman Acselsan Alpayam Selloz Innoted Biliim Sistemleri Ata Elektrik Ericom Telekom & Enerji Gentra Logistic

Sector Food & Beverage Construction Materials Healthcare Food & Beverage Healthcare Food & Beverage Entertainment Packaging Packaging Logistics & Transportation Education Wholesale & Distribution Entertainment Retail E-Commerce Healthcare Healthcare Retail Entertainment E-Commerce Service Media E-Commerce E-Commerce E-Commerce Logistics & Transportation Food & Beverage Retail Healthcare Healthcare Healthcare Infrastructure Financial Services Retail Food & Beverage Food & Beverage E-Commerce E-Commerce Healthcare Education Infrastructure Chemicals IT Energy Telecommunications Logistics & Transportation

Stake 16.3% 45.7% N/D N/D 26.0% 80.2% 16.5% 50.0% 80.0% 49.0% 48.0% N/D 23.8% 49.8% 28.2% N/D 80.0% N/D 20.0% N/D N/D 8.5% N/D 33.0% 100.0% 20.0% N/D 50.0% 65.0% 80.0% N/D 35.5% N/D 11.3% 20.0% 25.0% 20.1% 21.7% 51.0% N/D 22.1% 76.8% 40.0% 68.0% 25.0% 50.0%

10 Bravia Capital Partners; Hainan Airlines Group 11 Carlyle Group 12 Cartesian Capital Group 13 Earlybird Venture Capital 14 Eastgate Capital Group 15 ePlanet Capital 16 Ethemba Capital; NBGI Private Equity 17 Global Investment House 18 Global Investment House 19 Hummingbird Ventures 20 Hummingbird Ventures 21 Hummingbird Ventures 22 Intel Capital 23 Intel Capital 24 iLab Ventures 25 iLab Ventures 26 Giriim 27 Kerten 28 Kerten 29 Mid Europa Partners 30 Mineks International 31 NBGI Private Equity 32 Oman Finance Ministry 33 PineBridge Investments 34 R.P. Explorer NV (RP Capital) 35 Strategic Development Capital Fund 36 SU Private Equity; Turkven 37 Tiger Global Management 38 Tiger Global Management; Kleiner Perkins Caufield & Byers 39 Turkven 40 Turkven 41 Venice European Investment Capital 42 Verusa Giriim Sermayesi 43 Verusa Giriim Sermayesi 44 Verusa Giriim Sermayesi 45 Verusa Giriim Sermayesi 46 Verusa Giriim Sermayesi

Deal size ranges

Annual deal volume analysed by size of deal shows the predominance of small and mid-size transactions in the Turkish M&A market. 201 transactions with a deal value less than US$50 million, corresponding to c. 83% of total number of deals in 2011, comprised only c. 22% of the total deal volume.

Deal Value Ranges

Range Over US$500 million Between US$250 US$500 million Between US$100 US$250 million Between US$50 US$100 million Less than US$50 million Total
(*) Including estimates for deals with undisclosed values

Share in Total Deal Number (%) 2% (4 deals) 2% (5 deals) 6% (15 deals) 7% (16 deals) 83% (201 deals) 100% (241 deals)

Share in Total Deal Volume (%)* 42% 12% 16% 8% 22% 100%

Average deal size in 2011 was c. US$62 million (in 2010, c. US$140 million overall and c. US$85 million excluding privatizations). Excluding the largest five and largest ten transactions, average deal size fell at a level of US$35 million and US$28 million, respectively (US$70 million and US$45 million in 2010, respectively), indicating a noticeable increase in the middle market deals over the years.

On the other hand, 9 transactions, out of 241, with a deal size above US$250 million made up c. 54% of the total volume. Similarly, top 5 and top 10 transactions comprised 45% and 56% of the annual deal volume, respectively.

Top 5 Deals
Acquirer Vallares Diageo Integrated Healthcare Holdings Tepe - Akfen-Souter-Sera Magnitogorsk Iron and Steel Works (MMK) Target Genel Enerji Mey ki Acbadem Salk Hizmetleri Istanbul Deniz Otobsleri (DO) MMK - Ataka Metalurji Stake Acquired (%) 100% 100% 75% 100% 50% Deal Value (US$ million) 2,100 2,096 1,260 861 485

Sectoral overview

Deal Value (Disclosed; US$ Million)

Food & Beverage Energy Healthcare Financial Services Logistics & Transportation Retail Iron & Steel Manufacturing Media Cement E Commerce Wholesale & Distribution Real Estate Other 0 500 120
665 696

The energy and healthcare sectors stand out in Deal Value (Disclosed) deal number in 2011 with 27 deals each. terms of E-commerce is a newer entrant to the tables and 2,395 has been the rising star with 12 deals. 2,338
1,667 923 908 557

488 450 449 448 423 308 144

Deals completed in the healthcare sector encompassed a wide range of businesses from pharmaceuticals to medical device manufacturers and hospitals. Furthermore, several hospital chains, already partnered with private equity firms, have continued their growth through acquisitions. Along with the energy and healthcare sectors, manufacturing (21 deals), food & beverage (19 deals) and financial services (16 deals) led the highest M&A activity in 2011. IT, services, e-commerce, retail, media, logistics, chemicals and entertainment also attracted a high level of interest. Food & beverage and energy sectors generated highest sectoral M&A volume. Genel Enerji and Mey ki deals each made up c. 90% of the total volume in their respective sectors. The transactions involving financial investors were spread over a wide range of sectors, though healthcare and e-commerce sectors were the special focus of private equity interest. In terms of deal volume, healthcare and food & beverage were the top two sectors in terms of private equity interest.

1,000 1,500 (US$ million)

2,000

2,500

Deal Number
Energy Healthcare Manufacturing Food & Beverage Financial Services IT Services E Commerce Retail Media Logistics & Transportation Chemicals Entertainment Other 0 10 7 9 9 8

Deal Number
27 27 21 19 16 13 12 12 11

50 20 30 40 50

10

Prospects

In spite of the worsening debt crisis in the Eurozone and the political instability in the MiddleEast region, the Turkish M&A kept building up its momentum in 2011. While Turkey has shown a distinctive growth this year, we have strongly observed the accelerating interest of foreign investors in Turkish targets. It is inevitable that the global economic slowdown will impact the Turkish market in the near term. Nevertheless, we expect the foreign investors will continue to target Turkish companies closely. Similarly, financial investors will sustain their acquisitive approach in the Turkish market and will increase their contribution to the deal volume. We also expect to witness an increasing number of secondary sales in sectors like financial services, infrastructure and energy. We expect that retail, energy, e-commerce, financial services, food & beverage will be the most M&A active sectors.

The outlook for privatizations remains unclear. Nevertheless, there are scheduled privatizations such as the Highways and Bridges, Galataport, the Electricity Assets, Bakentgaz and gda. If even part of the portfolio is successfully delivered, this would make a material contribution to the 2012 deal volume. Middle market transactions will continue their momentum and will drive the overall M&A activity. Despite the unfavorable global economic outlook, we expect a continuing healthy M&A environment in 2012.

11

12

2011 Deal list

# 1 2 3 4 5 6 7 8 9

Acquirer Vallares Diageo Integrated Healthcare Holdings Tepe-Akfen-Souter-Sera Magnitogorsk Iron and Steel Works (MMK) Limak Holding Gzde Giriim Sermayesi (Yldz Holding) Dou Yayn Grubu Daikin Europe

Origin UK UK Malaysia Turkey Russia Turkey Turkey Turkey Belgium USA Belgium USA France UK Hong Kong, Netherlands, USA UK Netherlands Italy Italy Netherlands Netherlands Hong Kong Netherlands Italy UAE Turkey Turkey Turkey Libya UAE

Target Genel Enerji Mey ki Acbadem Salk Hizmetleri Istanbul Deniz Otobsleri (DO) MMK-Ataka Metalurji Italicementi Set Group ok Marketler Il Television Yaynclk (Star TV) Airfel Deniz Emeklilik Aksigorta GittiGidiyor.com TEB Bank Sofra Hazr Yemek Universal Hospitals Group Hedef Alliance Holding Opus D Tic.; Urart Gmrksz Maazalar; Net Maaza Dr. F. Frik lac Yeni Elektrik retim Eureko Sigorta (former Garanti Sigorta) AKSA Karbon Elyaf Sanayi Beikta Emlak Yatrm Vipindirim Elektronik Hizmetler (Markafoni) Global Liman Adabank AS Vatan Gazetesi; Milliyet Yozgat Kraft Torba stanbul Cerrahi Hastanesi Arap Trk Bankas Banvit Bandrma Vitaminli Yem Sanayi

Sector Energy Food & Beverage Healthcare Logistics & Transportation Iron & Steel Cement Retail Media Manufacturing Financial Services Financial Services E Commerce Financial Services Food & Beverage Healthcare Wholesale & Distribution Retail Healthcare Energy Financial Services Chemicals Real Estate E Commerce Infrastructure Financial Services Media Packaging Healthcare Financial Services Food & Beverage

Stake 100.0% 100.0% 75.0% 100.0% 50.0% 100.0% 99.6% 100.0% 100.0% 99.9% 31.0% 83.0% 6.0% 50.0% 26.0% 10.0% 45.0% 100.0% 40.0% 20.0% 50.0% 50.0% 68.0% 22.1% 100.0% N/D 49.0% 80.0% 20.6% 16.3%

Deal Value (US$ million) 2,100.0 2,096.4 1,260.4 861.0 485.0 399.0 380.0 327.0 258.5 230.1 220.0 217.0 188.0 146.5 140.0 138.4 136.0 130.0 120.8 100.9 92.5 92.0 86.0 77.4 75.0 74.0 63.3 60.0 53.3 48.6

10 MetLife 11 Ageas 12 eBay 13 BNP Paribas Yatrmlar Holding 14 Compass Group 15 ADM Capital; PGGM; IFC 16 Alliance Boots 17 Stampos BV 18 Recordati SpA 19 Ansaldo Energia 20 Eureko 21 Dow Europe Holding 22 Shangri-La Asia Limited 23 Nasper 24 Venice European Investment Capital 25 G Capital Limited; Grmen Group 26 Demirren; Karacan (DK Gazetecilik ve Yayincilik) 27 Bilal ahin (Private Investor) 28 Mineks International 29 Libyan Foreign Bank 30 Aabar Investments

13

# 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74
14

Acquirer Svenska Cellulosa Aktiebolaget TurkPower Corporation SOCAR Al Jazeera Acbadem Salk Hizmetleri VTG Nikel Madencilik Air Liquide Olam International Trkiye Halk Bankas Nuh imento Enerjisa Turkraft Holding Galip ztrk (Private Investor) Saya Group Nortel Networks Netas Telekomnikasyon Doehler GmbH Kiler Holding Dou Holding TMC Enerji ADM Capital Franklin Electric Hainan Airlines Group, Bravia Capital Partners ITE Group Rnesans Gayrimenkul Yatrm Metalfrio ztrk Family ADM Capital Securitas AB Antalya Alkoll ecekler Gruma S.A.B. de CV Vodafone Svenska Cellulosa Aktiebolaget Matthews International Corporation Niche Alpha Investment Enerji Yatirim Holding ArcelorMittal Iklar Holding Turkcell letiim Hizmetleri Giriim CWT Globelink Azimut Metemteks Tekstil Ceylan Giyim

Origin Sweden USA Azerbaijan Qatar Turkey Turkey France Singapore Turkey Turkey Turkey Turkey Turkey Turkey Turkey Germany Turkey Turkey Turkey Hong Kong USA Hong Kong; China UK Turkey Brazil Turkey Hong Kong Sweden Turkey Mexico Turkey Sweden USA UK Singapore Turkey France Turkey Turkey Turkey Singapore Italy Turkey Turkey

Target Komili Kat Maksor Madencilik Socar & Turcas Enerji (STEA) Cine 5 Gztepe afak Hastanesi; JFK Kennedy Hospital Sardes Nickel Madencilik; Turmad Madencilik Air Separation Units in Aliaga Progda Pazarlama Halk Leasing Kudret Enerji zklar Enerji retim (Alpaslan 2 Project) Usa Uak Servisi Avrasya Petrol ve Turistlik Tesisler Yatrmlar Volt Elektrik Probil Aroma Karaman Konsantre Tesisleri Kiler Ankara Maazaclk (Canerler) Dou GE GYO Mazda Fosfat Tesisleri Kemer Medical Center Impo Motor Pompa Sanayi ACT Airlines YEM Fuarclk Acim Cimento Klimasan afak Hastaneleri AKG Gazbeton Sensormatic Gvenlik Group Burgaz Rak Semolina Konet Haberleme Teknolojileri ve letiim Hizmetleri San Salk rnleri Kroma Arar Petrol ve Gaz Peak Games Naturelgaz ArcelorMittal Ambalaj elii Metem Enerji ve Tekstil Global letiim Hizmetleri Aras Kargo Unimar Logistics Incorporation Global Portfy BND Elektrik retim Mintay Tekstil

Sector Manufacturing Mining Petrochemicals Media Healthcare Mining Manufacturing Food & Beverage Financial Services Energy Energy Services Tourism Manufacturing IT Food & Beverage Retail Real Estate Mining Healthcare Manufacturing Logistics & Transportation Services Cement Manufacturing Healthcare Construction Materials Services Food & Beverage Food & Beverage Telecommunications Healthcare Manufacturing Energy Entertainment Energy Packaging Energy Telecommunications Logistics & Transportation Logistics & Transportation Financial Services Energy Textile

Stake 50.0% 50.1% 25.0% N/D 100.0% 100.0% 100.0% 100.0% 46.4% 100.0% 100.0% 56.3% 79.4% 100.0% 100.0% 100.0% 50.0% 25.5% 100.0% N/D 80.0% 49.0% 60.0% 50.0% 29.0% 50.0% 45.7% 51.0% 100.0% 100.0% 100.0% 95.0% 70.0% 5.0% 16.5% 50.0% 25.0% 19.11% 100.0% 20.0% 50.0% 60.0% 66.7% 33.6%

Deal Value (US$ million) 47.1 46.4 44.0 40.5 40.0 40.0 39.0 37.2 36.4 36.0 34.2 33.6 33.0 31.0 31.0 30.0 29.2 28.0 28.0 27.0 26.1 25.0 24.9 23.8 22.3 22.0 21.0 18.1 18.0 17.5 17.4 15.0 13.5 13.2 11.5 10.6 10.5 10.0 9.8 9.8 8.8 8.4 7.6 7.5

# 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99

Acquirer Ycel Group Al Sayer Endeks Gayrimenkul ve Madencilik Fugro Group Gzde Giriim Sermayesi (Yldz Holding) Earlybird Venture Capital ePlanet Capital Turcas Petrol R.P. Explorer (RP Capital) Art Televizyon TAV Havalimanlar Holding Ada Metal elik Soda Sanayii Cronimet Alloys India Loomis Yldz Holding Grta Tarm Enerji Serve Krtasiye Logo Yazlm Datateknik Intel Capital Aksa Enerji retim Serve Krtasiye Olmuksa International Paper Sabanc Ambalaj Azimut

Origin Turkey Kuwait Turkey Netherlands Turkey Germany USA Turkey Netherlands Turkey Turkey Turkey Turkey India Sweden Turkey Turkey Turkey Turkey Turkey USA Turkey Turkey Turkey Italy Turkey Belgium Canada Turkey Germany UAE Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey USA Italy Turkey Turkey

Target Dousan Boru Cafe Crown Deniz Trev Menkul Deerler Sial Yerbilimleri Mavirlik Exper Bilgisayar Peak Games Vipdukkan Socar & Turcas Rafineri (STRA) Bimeks Viva TV; Radyo Viva TAV zel Gvenlik Hizmetleri Bilecik Demir elik Sintan Kimya Atlanta Madencilik Erk Armored Komili Kat Meltem Enerji Kemerburgaz Ofis Coretech Bilgi Teknolojisi Hizmetleri Mobilera Nokta.com Alenka Enerji retim Uni Yaz Gereleri Donkasan Dnen Kat Hammaddeleri Global Menkul Deerler Acselsan Alpayam Selloz Peak Games Bursa Copper-Gold Project Grta Tarm rnleri Pozitif Menkul Deerler Plato Veri Datm Frigo Pak Gda Artm Biliim zmleri CVH Madeni Ya Innoted Biliim Sistemleri Maxi TV Ada Menkul Bursa TV / Bursa FM PAVO Tekkale Elektrik retim Datateknik Tekkale Elektrik retim DSM Grup letiim Pazarlama (Trendyol.com) Tarros Denizcilik Ata Elektrik Aksu Temiz Elektrik

Sector Manufacturing Retail Financial Services Services IT Entertainment E Commerce Petrochemicals Retail Media Services Iron & Steel Chemicals Mining Logistics & Transportation Manufacturing Energy Wholesale & Distribution IT IT Media Energy Wholesale & Distribution Manufacturing Financial Services Chemicals Entertainment Mining Agriculture & Breeding Financial Services IT Food & Beverage IT Wholesale & Distribution IT Media Financial Services Media IT Energy IT Energy E Commerce Logistics & Transportation Energy Energy

Stake 56.1% 50.0% 100.0% 100.0% 67.0% 23.8% 28.2% 18.5% 11.3% 100.0% 33.3% 40.0% 38.0% 92.0% 60.0% 12.5% 87.0% 51.0% 100.0% 25.0% 8.5% 76.0% 9.7% 20.0% 5.0% 76.8% 20.0% 100.0% 80.7% 100.0% 100.0% 4.2% 51.0% 99.5% 40.0% 100.0% 100.0% 100.0% 10.0% 100.0% N/D 80.0% 20.1% 50.0% 68.0% 70.0%

Deal Value (US$ million) 7.3 7.0 7.0 5.6 5.5 5.0 5.0 4.8 4.5 4.2 3.9 3.4 3.2 3.0 3.0 2.9 2.8 2.8 2.7 2.7 2.5 2.4 2.2 2.2 2.0 2.0 1.5 1.5 1.1 0.9 0.9 0.8 0.8 0.6 0.6 0.6 0.6 0.6 0.2 0.2 N/D N/D N/D N/D N/D N/D
15

100 Verusa Giriim Sermayesi 101 Hummingbird Ventures 102 Empire Mining Corporation 103 Altnya 104 Ceros Holding 105 DirectFN 106 MVA Tekstil 107 Indeks Bilgisayar 108 Reysa Tamaclk ve Lojistik 109 Verusa Giriim Sermayesi 110 Sebil Yaynclk 111 Asya Katlm Bankas 112 RMB Radyo Televizyon 113 Escort Teknoloji Yatrm 114 Nuh Group 115 Bilsoft Bilgi ve Eitim Teknolojileri 116 Hamza Dogan (Private Investor) 117 Tiger Global Management 118 Tarros SPA 119 Verusa Giriim Sermayesi 120 Ayen Enerji

Acquirer

Origin Turkey USA Germany Sweden Turkey Sweden Turkey Turkey Ireland Turkey Turkey USA UK UK Ireland USA Kuwait Netherlands Turkey Japan USA Greece Turkey Turkey Turkey Australia Turkey Turkey Turkey Germany Turkey Turkey Italy Turkey Turkey Turkey Turkey Germany USA Turkey Turkey Belgium USA Turkey Turkey

Target Cici Gda Eral Lastik and Protek Kimyevi Maddeler Diasis Diagnostic Systems Antalya Nefroloji zel Diyaliz Energaz Infomed Diyaliz Siemens Enterprise Communications SEN EC AYAS Enerji retim ve Ticaret Elit ikolata Medyaguru Reklam Oyal Zarf Propak Ambalaj Kale Nobel Sante Group Bcrk Tekstil Thrace Basin Natural Gas Turkiye Corporation (TBNG) Baklar Tbbi Cihazlar Baymak Makina Tiglon Filmed Tibbi Cihazlar Korda Kat Intersport Atletik Arkaz Salk Fizy letiim Hizmetleri (fizy.com) Doa Koleji Kestanelik Gold Project An-Deva Salk Grubu Unnado.com ncir HEPP Mahle Mopisan Mika Tur Bares Elektrik Mondial Milas Bodrum Hav. let. Yat. Grupca.com Ka Marina ahmar Palmed Salk Kale Air Tab Gda Ericom Telekom & Enerji Resin business of Cam Elyaf Ciceksepeti.com Ulusal Faktoring Natura Gda (lker-Golf) Ege Salk

Sector Food & Beverage Chemicals Healthcare Healthcare Energy Healthcare IT Energy Food & Beverage Services Manufacturing Packaging Packaging Healthcare Retail Energy Healthcare Manufacturing Entertainment Healthcare Manufacturing Retail Healthcare Entertainment Education Mining Healthcare E Commerce Energy Automotive & Parts Tourism Energy Infrastructure E Commerce Infrastructure Retail Healthcare Logistics & Transportation Wholesale & Distribution Telecommunications Chemicals E Commerce Financial Services Food & Beverage Healthcare

Stake N/D 100.0% 100.0% 100.0% 46.5% 100.0% 100.0% 51.0% N/D 100.0% 100.0% 80.0% 50.0% N/D 50.0% 100.0% 80.0% 40.0% 100.0% 100.0% 78.0% 75.0% 51.0% 70.0% N/D N/D 62.5% 33.0% 100.0% 40.0% 50.0% 100.0% 92.9% 30.0% 50.0% 100.0% N/D N/D N/D 25.0% 100.0% N/D 47.0% 25.0% 82.9%

Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D

121 Elvan Gda 122 Univar 123 ERBA Diagnostics 124 Diaverum 125 Enerji Yatrm Holding 126 Diaverum 127 Elkotek 128 OYAK 129 Kerten 130 Mynet 131 Umur Basm 132 Bedminster Capital 133 Argus Capital Partners 134 NBGI Private Equity 135 Kerten 136 TransAtlantic Worldwide 137 Global Investment House 138 BDR Thermea Group 139 Fida Film 140 Fujifilm Corporation 141 Central National-Gottesman 142 Fourlis Group 143 Turkven 144 Turkcell letiim Hizmetleri 145 Turkven 146 Chesser Resources 147 Memorial Health Group 148 iLab Ventures 149 Enerjisa 150 Mahle 151 Hedef Group 152 Enerjisa 153 Astaldi 154 Bilyoner Interaktif Hizmetleri 155 Ko Holding 156 Kiler Alveri 157 Saya Group 158 WIKING Helikopter Service 159 Cartesian Capital Group 160 Verusa Giriim Sermayesi 161 Poliya 162 Hummingbird Ventures 163 PineBridge Investments 164 SU Private Equity; Turkven 165 Universal Hospital Group

16

Acquirer

Origin UK Belgium Turkey Turkey Switzerland Italy Brunei Switzerland Turkey Turkey France Kuwait France Poland UK Saudi Arabia Turkey Austria France Turkey Turkey France UK Turkey Turkey Italy Netherlands Italy Germany Turkey France Turkey UK UK Turkey USA USA Oman USA Italy France

Target Ross Breeders Anadolu Ana Damzlk EKY Eczacibasi Koramic Yap Kimyasallar Cimri.com Geliim Salk (Alanya zel Can Hastanesi) Ammann Teknomak Makina Titan Jantsa Jant Sanayi Marsa Ya Milangaz LNG Toptan Satis EGL Turkey Pakize Tarzi Hastanesi Interplast Mhendislik Plastikleri Yargc Konfeksiyon Promix Cenovapharma stanbul Fuar Hizmetleri Assan Tketici Finansman Molekuler Grntleme Asa Ambalaj Doaner Al Madencilik Dedeman Bodrum Hotel zel Medisina Van Hastanesi; zel Divan Hayat Hastanesi Yaltes Elektronik BirgiMefar Group Pervari Dam and Hydroelectric Power Plant Best Buy Turkey Tekfalt Makine Kayseri Tat Muayene stasyonlar UCT Media Group Konum Enerji Yatrm retim Misbis Gida Pos Media Alkislarlayasiyorum.com Kent Hospital Obasan Gida Wella Kozmetik Grupanya DSM Grup letiim Pazarlama (Trendyol.com) Fina Liman (Kumport) Tradera Cinay Kimya Serenas

Sector Agriculture & Breeding Construction Materials E Commerce Healthcare Manufacturing Automotive & Parts Food & Beverage Energy Energy Healthcare Manufacturing Retail Chemicals Healthcare Services Financial Services Healthcare Packaging Construction Materials Tourism Healthcare IT Healthcare Energy Retail Manufacturing Services Entertainment Energy Food & Beverage Media Entertainment Healthcare Food & Beverage Wholesale & Distribution E Commerce E Commerce Infrastructure Packaging Healthcare Services

Stake N/D 50.0% 100.0% 100.0% N/D 50.0% 20.0% 50.0% 50.0% 100.0% N/D N/D 100.0% 77.0% 75.0% 100.0% 100.0% 93.0% 100.0% 100.0% 100.0% 60.0% N/D 100.0% 100.0% 60.0% 69.6% N/D 100.0% N/D 48.3% 100.0% 65.0% 100.0% N/D N/D 36.7% 35.5% 80.0% 100.0% 70.0%

Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D

166 Aviagen 167 Koramic Investment Group 168 iLab Ventures 169 Kemer Medical Center (Anadolu Hastaneleri Grubu) 170 Ammann Group 171 Titan Italia SpA 172 Strategic Development Capital Fund 173 EGL AG 174 Demirren 175 Ortadogu Group 176 Safic-Alcan 177 Global Investment House 178 Saint-Gobain 179 Polpharma 180 Tarsus Group 181 ALJ Group 182 Eczacba Monrol Nkleer rnler 183 Constantia Packaging 184 Saint-Gobain 185 Baaran Group 186 Lokman Hekim Engurusag 187 Thales International 188 Ethemba Capital; NBGI Private Equity 189 Enerjisa Enerji retim 190 Teknosa 191 Marini SpA 192 European Testing Services 193 Neomobile 194 Steag 195 lker Group (Biskot) 196 High Co. 197 Nokta Group 198 Mid Europa Partners 199 Compass Group 200 Yntem D Ticaret 201 Intel Capital 202 Tiger Global Management; Kleiner Perkins Caufield & Byers* 203 Oman Finance Ministry 204 Central National-Gottesman 205 Angelini 206 GL Events

* Represents the total investment completed in two tranches

17

Acquirer

Origin Turkey Japan Turkey Turkey Belgium USA UK France France Switzerland UK UK Switzerland Russia USA Germany Turkey Turkey Netherlands Belgium Germany Switzerland Hong Kong; Turkey Turkey Turkey France Hong Kong Switzerland USA UAE Germany UAE Turkey USA USA

Target Gentra Logistic Piyale Un Biznet Biliim Sistemleri Tatl ikolata Sanayi (Bind) Ik Perde Raylar Baheehir Egitim Kurumlar Suntopia Zeta Zemin Teknolojisi Delta Petrol Hassas Boru Sportingbet (Turkish Division) LBT Varlk Ynetim Grupfoni Mira Menkul Deerler MCS Yangn ATC GROUP Uluslararas Nakliyat pek Kat Sanayi Organik Kimya Unimed Salk Hizmetleri Digitouch Digital Pazarlama Reklamz; Linkz; Sem Sanpan Istma Sistemleri Dardanel nenta Gda nci Hayvanclk ve Tarm WorldBI Erensan Penkon Gda MSM; MRL; Sanilab; zel Hatay Food Laboratories Avrasya Gaz Pelit Su Enda Enerji Fabeks Erguvan Enerji Ciceksepeti.com Ema Kimya

Sector Logistics & Transportation Food & Beverage IT Food & Beverage Manufacturing Education Tourism Construction Energy Manufacturing Services Financial Services E Commerce Financial Services Wholesale & Distribution Logistics & Transportation Manufacturing Chemicals Healthcare Services Media Manufacturing Food & Beverage Agriculture & Breeding IT Manufacturing Food & Beverage Services Energy Food & Beverage Energy Retail Energy E Commerce Chemicals

Stake 50.0% 50.0% 51.0% 77.0% N/D 48.0% N/D 60.0% 50.0% 100.0% 100.0% N/D N/D 100.0% N/D 100.0% 50.0% 49.0% 100.0% N/D 100.0% 49.0% 80.0% 50.0% 27.8% 25.0% N/D 100.0% 26.0% 100.0% 100.0% 49.8% 50.0% 18.7% N/D

Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D

207 Verusa Giriim Sermayesi 208 Mitsubishi Corporation 209 Faruk Eczacba (Private Investor) 210 Super Group 211 Soudal 212 Carlyle Group 213 First Choice 214 Soletanche Freyssinet 215 Rubis Terminal 216 Jansen 217 Gaming VC Holdings 218 European Bank for Reconstruction and Development (EBRD) 219 Quants Holding 220 Renaissance Capital 221 Tyco International Management 222 M&M International Holding 223 Eczacba Holding 224 Organik Holding 225 Euromedic International 226 Hummingbird Ventures 227 Ballroom 228 Zehnder Group AG 229 ADM Capital; Yldz Holding 230 GLRYH la Bilim naat 231 Logo Yazlm 232 Atlantic Group 233 ADM Capital 234 SGS 235 Prima Energy Trading 236 Agthia Group 237 Hotrock Holding 238 Eastgate Capital Group 239 Eczacba Holding 240 Amazon 241 Huntsmann Corporation

18

This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the Deloitte Network) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.

19

For more information about M&A Advisory Services contact: Baak Vardar Partner bvardar@deloitte.com + 90 (212) 366 63 71 DRT Kurumsal Finans Danmanlk Hizmetleri A.. Sun Plaza Maslak Mah. Bilim Sok. No:5 34398 ili, stanbul Tel: 90 (212) 366 60 00 Fax: 90 (212) 366 60 30 Armada Merkezi A Blok Kat:7 No:8 06510, Stz, Ankara Tel: 90 (312) 295 47 00 Fax: 90 (312) 295 47 47 Punta Plaza 1456 Sok. No:10/1 Kat:12 Daire: 14 15 Alsancak, zmir Tel: 90 (232) 464 70 64 Fax: 90 (232) 464 71 94 www.deloitte.com.tr www.verginet.net www.denetimnet.net Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloittes approximately 182,000 professionals are committed to becoming the standard of excellence. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. 2012 Deloitte Turkey. Member of Deloitte Touche Tohmatsu Limited

20