With the kind support of EBRD Shareholder Special Fund

Conference: Developing

Infrastructure Products for

Investors

Thursday, 19 June 2014

The Marmara Taksim Hotel, Taksim Meydani Taksim, Istanbul 34437, Turkey

With the kind support of EBRD Shareholder Special Fund

Infrastructure requirements in developing economies are

significant and growing rapidly. In order to ensure maximum efficiency in

the sector, it is of paramount importance that new and larger pockets of

capital be attracted to fund infrastructure projects in emerging markets.

The conference will look at who can realistically fill the funding gap in

Infrastructure finance? What is needed so that long term institutional

investors will support the sector? What is the role of governments in

attracting more non-traditional investors to the sector?

The conference will examine the role that domestic and international

capital markets play in the development of infrastructure products for

investors, and explore initiatives and government strategies globally aimed

at encouraging the entry of an expanded group of investors to the sector–

domestic and foreign, retail and institutional.

Traditional infrastructure financing of projects has been that banks took

the initial risks by providing early project finance and funding assistance

whilst capital market instruments would provide dependable long term

financing at the more mature end of the project cycle. The reality is that

the “conversion” rate of projects being funded by capital market

instruments has been disappointing to date. What has led to the lack of

investible projects and how should governments and market participants

do to remedy this situation?

The conference will also seek to examine the related issue of why the local

capital markets do not presently play a large role in infrastructure finance

and why some emerging market investors prefer to invest in projects

internationally rather than looking to their local infrastructure needs.

With the kind support of EBRD Shareholder Special Fund

Conference: Developing Infrastructure

Products for Investors Thursday, 19 June 2014

Venue: The Marmara Taksim Hotel (Taksim Meydani Taksim, Istanbul 34437, Turkey)

09:00-09:30 Coffee, Registration and Greetings

09:30-10:15 Opening Addresses Dr. Vahdettin Ertaş, Chairman of Capital Markets Board of Turkey (CMBT)

Manfred Schepers, Vice President and CFO, European Bank for Reconstruction

and Development (EBRD)

H.E. Ali Babacan, Deputy Prime Minister of Turkey

10:15-10:30 Coffee

10:30-11:00 Keynote Address, View from the Market: Discussion of

Institutional Appetite for Infrastructure Debt Deborah Zurkow, CIO and Head of Infrastructure Debt, Allianz Global

Investors

What is driving the growing institutional appetite

Requirements for infrastructure investment in both emerging and developed

markets

11:00-12:00 Session I: Progress in the G20/B20 Agenda – Latest

Approaches to Encourage Domestic and International

Investors into Infrastructure Projects

Focus areas: Findings from a recent paper by Bank for International Settlements (BIS)

Summary of impediments to the creation of investible products and possible

solutions (discussion from G20 Financing Flows Conference, Sydney 2014)

Brief discussion of G20 Implementation Issues Working Group (IIWG) work to

date

Issues and challenges of local currency bond markets in financing

infrastructure projects identified at the BIS round table in Hong Kong and

G20 Financial Flows and Infrastructure Financing Workshop in Australia

The role of the government and regulators in encouraging the long term

finance in infrastructure projects in both foreign and local currencies

Facilitating investment flows into emerging market economies

Facilitator: Jim Turnbull, Senior Capital Markets Advisor, EBRD

Panel: Alexandra Heath, Head of Research Reserve Bank of Australia

Cavit Dagdas, Deputy Undersecretary of the Turkish Treasury

Claus-Michael Happe, Head of Division in Ministry of Finance Germany,

Member of G20 IIWG

Torsten Ehlers, Economist, Bank for International Settlements Hong Kong

12:00-12:15 Coffee

12:15-13:15 Session II: Funding Models for Infrastructure Projects

Focus areas: Different Infrastructure financing models globally and linking financing and

funding in project structure

International Financial Institutions’(IFIs) approaches in supporting

infrastructure financing in international and domestic capital markets

Turkish government’s strategy and plan for infrastructure financing

Considerations for local and international markets in developing investible

projects

Facilitator: Frédéric Blanc-Brude, Research Director, EDHEC Risk Institute

Panel: Jordan Schwartz, Manager, Infrastructure Policy Unit, Acting Head of Global

Infrastructure Facility

Sefa Aytekin, Deputy Undersecretary of the Turkish Ministry of Energy and

Natural Resources

Thomas Maier, Managing Director, Infrastructure Team EBRD

13:15-14:15 Lunch

14:15-15:30 Session III: Discussion with International Investors

Focus areas: Infrastructure funds and other vehicles

What would investors want to see from the government for the development

of economically viable infrastructure projects?

How can emerging markets better utilise capital market instruments for their

infrastructure financing needs?

Facilitator: Hugh Friel, Manager, Local Currency and Capital Markets Development, EBRD

Panel: Katrina Haley, Head of Structured Bonds, HSBC Marco Rosso, Business Development Director, Meridiam

Robert Gross, Partner, Berwin Leighton Paisner LLP

15:30-15:45 Coffee

15:45-17:00 Session IV: Mobilising Domestic Investment in

Infrastructure

Focus areas: Turkish new infrastructure financing products

Products for retail investment

Sharia-based investment in Turkish project finance,

Experience from Asia: the necessity of domestic product expansion

Facilitator: Huseyin Ozhan, Senior Banker, EBRD

Panel: Emre Hatem, Unit Director, Project and Acquisition Finance, Garanti Bank

Frédéric Blanc-Brude, Research Director, EDHEC Risk Institute

Reşid Çizmeci, Vice President, Project Finance, Investment Banking

Department, Kuwait Turkish Participation Bank

Tevfik Kinik, Executive Vice Chairman, CMBT

17:00-17:15 Closing Addresses Michael Davey, Director, Turkey, EBRD

Bekir Sitki Safak, Acting Chairman, CMBT

Opening and Keynote Addresses

H.E. Ali Babacan Deputy Prime Minister of Turkey

Mr. Ali Babacan was born in Ankara in 1967. He graduated first in the Class of

1985 from the TED Ankara High School. In 1989, he received a Bachelor of

Science Degree (BS) in Industrial Engineering from the Middle East Technical

University in Ankara, where he ranked first among the graduates of that year.

In 1990, he was awarded a Fulbright Scholarship and attended the Kellogg

School of Management at Northwestern University in Evanston, Illinois, where

he received his Master of Business Administration (MBA) in Marketing,

Organizational Behavior and International Business in 1992. From 1992 to

1994, he worked at a Chicago-based company providing financial consulting

services to top executives of major banks in the United States. Subsequently,

he returned to Ankara to run his family business from 1994 until 2002. In

2001, he became a Founding Member and Board Member of the Justice and

Development Party (AK Parti), a position which he still retains. In November

2002, he was elected to Parliament and appointed as the Minister of Treasury,

a cabinet position he retained until August 2007. In addition to his tenure as

Minister of Treasury, in June 2005, Mr. Babacan was appointed as the first

Chief Negotiator for Turkey’s accession negotiations with the European Union.

Between August 2007 and May 2009, he served as the Minister of Foreign

Affairs of the Republic of Turkey. He has been serving as the Deputy Prime

Minister for Economic and Financial Affairs since May 2009. He is also a

member of National Security Council. Mr. Babacan is married with three

children.

Dr. Vahdettin Ertaş Chairman, CMBT

Mr. Vahdettin Ertaş (PhD) is the Chairman of the Capital Markets Board of

Turkey (CMB). He is also serving as the Chairman of the Board of Directors of

the Investor Compensation Centre and the COMCEC Capital Markets

Regulatory Forum. Most recently Dr. Ertaş has been appointed as a member to

the Supervisory Board of Child and Youth Finance International. Mr. Ertaş

started his career at the CMB as a junior expert in 1987. At the CMB, , he

served as Head of Department at the Institutional Investors Department

between 1997 and 2001 and the Corporate Finance Department (CFD)

between 2002 and 2005. During his tenure at the CFD, he also carried out

Board memberships at Turkish Catastrophe Insurance Pool and Tax Council.

Mr. Ertaş was appointed as the Chairman of Istanbul Gold Exchange in 2005

and served at this post until his appointment as a member to the CMB

Executive Board in December 2006. After serving six years at the CMB

Executive Board, Mr. Ertaş was appointed as the Chairman of the CMB in

January 2013. Mr. Ertaş played a leading role in drafting of the regulations on

real estate investment trusts (REITs) and company mergers and de-mergers in

Turkey. Mr. Ertaş also chaired the team at the CMB, which prepared regulatory

and technical infrastructure of the private pension system in Turkey. In

addition, Mr. Ertaş played an instrumental role in setting up of the CMB

electronic oversight system for investment funds (FonSis) and for the

automation and remote access systems of the Istanbul Gold Exchange. Mr.

Ertaş completed his primary and secondary education in the Yesilyurt, Tokat

and graduated from the Ankara University Faculty of Political Sciences in 1987

with a BA degree in Management. He has earned Master Degrees in 1991

from Hacettepe University and from the Lancaster University in 1996. Mr. Ertaş

received his PhD in Management from Hacettepe University in 2012.

Manfred Schepers Vice President and CFO, EBRD

In October 2006 Manfred Schepers was appointed Vice President and Chief

Financial Officer at the European Bank for Reconstruction and Development.

He is responsible for Treasury, Loan Syndications and Capital Market

Development; Financial Strategy, Control and Reporting; Business Planning

and Budget; Banking and Treasury Operations. He is a member of EBRD’s

Executive Committee and Deputy Chair of the Operations Committee. From

2004 until 2006, Mr Schepers was Senior Managing Director and Head of the

Securities Industry and Financial Markets Association in London and managed

its activities in Europe and Asia. Prior to that, Mr Schepers held various senior

positions during a 17 year career at SBC Warburg and UBS. He managed fixed-

income distribution in Asia from 1987-1991 and was Global Head of Debt

Capital Markets from 1992-2003. He started his career in banking in 1983 at

Bankers Trust in London and New York. Mr Schepers, a Dutch national, holds a

BSc and MSc from the London School of Economics and the International

Baccalaureate from UWC Atlantic College. He has been member of the UWC

International Board of Directors from 2005-2012 and is currently a member of

the UWC International Council and Governor of UWC Atlantic College.

Deborah Zurkow CIO and Head of Infrastructure Debt, Allianz Global Investors

Deborah is the CIO and Head of the Infrastructure Debt Team at Allianz Global

Investors. The team was established in September 2012 to develop the

institutional investor debt market in infrastructure and to secure investments

in the sector for Allianz Global Investor’s parent, Allianz SE and third party

investors. Since its inception, the team has made over €2 billion of debt

investments in a variety of infrastructure sectors, including greenfield PPPs,

utility financings and re-financings, including various landmark transactions,

such as the L2 Marseille bypass and the M8 in Scotland. Before joining AGI she

was CEO of Trifinium Advisors Limited and head of Public Finance EMEA for

MBIA UK Insurance Limited. She was responsible for the oversight for new

business efforts in infrastructure, including government-supported entities,

transportation, utilities and Public Private Partnerships/Private Finance

Initiative financings. She also previously served as a Director of MBIA UK

Insurance Limited, and as President of MBIA Assurance S.A. Previously, she

managed MBIA’s Paris office, where she was responsible for both structured

and public sector business, and worked on a variety of transactions including

French securitisations and European local government financings. Deborah

holds an MBA from Yale School of Management, and a BA from Wellesley

College. She’s a member of the International Project Finance Assoc. (IPFA)

Council of Management.

Session I

Jim Turnbull Senior Capital Markets Advisor, EBRD

Jim Turnbull joined EBRD in 2011 as the Senior Capital Markets Advisor for the

Local Currency and Capital Markets (LC2) Initiative and co-ordinates LC2 Team

activities in Turkey. He has over 30 years’ experience in investment banking

and funds management covering debt and equity funds management, foreign

exchange, fixed income, derivatives and treasury management in both

emerging and developed markets. Before leading the project team that

created and developed the AsianBondsOnline fixed income portal for the Asian

Development Bank, Jim managed Asian Local Currency Debt and Equity

Portfolios for Alliance Capital (Now Alliance Bernstein) in Taiwan and Hong

Kong. He has significant “in-country” expertise having also acted as team

leader for a number of capital markets technical assistance projects for

several international financial institutions including the implementation of the

Capital Markets Development Master Plan in Thailand, and other development

assignments in the Philippines, Viet Nam, and Serbia. Jim has written several

technical papers on aspects of local capital market development in emerging

markets and financial stability and has extensively participated in G20

Institutional Investor Working Group with specific focus on the role of

International Financial Institutions in infrastructure finance and local capital

markets. He has a B.Com from University of New South Wales, Sydney,

Australia.

Alexandra Heath Head of Research, Reserve Bank of Australia

Alexandra Heath is Head of Economic Research Department at the Reserve

Bank of Australia. Prior to this, she was Deputy Head of Domestic Markets

Department and Deputy Head of International Markets and Relations. She has

also held positions in a number of areas in Economic Group and was seconded

to the Bank for International Settlements in Basel, Switzerland. She has

worked on a variety of topic areas including the impact of financial regulation

on financial markets, global imbalances, the foreign exchange market,

macroeconomic forecasting and labour market dynamics. Dr Heath holds a

PhD and MSc in Economics from the London School of Economics and a BEc

(Hons) from the University of Sydney.

Cavit Dagdas Deputy Undersecretary of the Turkish Treasury

Mr. Cavit Dağdaş was born in 1955 in Siirt. After graduating from Department

of Mathematics at the Bogazici University, he received his master degree from

Department of Statistics, Faculty of Science in Gazi University, and

subsequently he studied at the Western Michigan University in United States

and obtained master degree in Economics. He served as associate,

department head, deputy director general and acting general director at the

State Planning Organization. He worked as a consultant at the Central Bank of

Turkey and he is currently deputy undersecretary of Turkish Treasury.

Claus-Michael

Happe

Head of Division in Ministry of Finance Germany, Member of G20

Implementation Issues Working Group (IIWG)

Claus-Michael Happe is Head of Division in the Federal Ministry of Finance in

Germany, responsible for the International Development Banks, the Paris Club

and the G20 work on Long Term Finance. He was Co-Chair of the respective

Study Group under the Russian presidency and works now on the 2nd work

stream “Financial Intermediation” of the Investment and Infrastructure

Working Group (IIWG). He has studied law in Berlin and Münster and practiced

in several disciplines of law in German Federal Ministries, the European

Commission and a private law firm.

Torsten Ehlers Economist, Bank for International Settlements, Hong Kong

Torsten Ehlers joined the BIS as an Economist in September 2011, after

earning his PhD from the University of Zurich. During his studies he conducted

research projects both at the Bank of England and the Bundesbank. Prior to

his PhD, he obtained a Masters in Economics from Warwick University, UK, and

a Masters in Business Administration from the University of Dortmund,

Germany. His main research interests are the determinants of bank lending, FX

markets, and infrastructure finance. Since July 2013 he is based in the BIS

Representative Office for Asia and the Pacific in Hong Kong.

Session II

Frédéric Blanc-Brude Research Director, EDHEC Risk Institute

Frédéric Blanc-Brude is Research Director at EDHEC Risk Institute–Asia and

heads the Institute’s thematic research programme on infrastructure financing

and investment. Prior to joining EDHEC-Risk Institute, he worked for ten years

in the infrastructure finance sector advising developers, financiers,

governments, and supranationals, and being actively involved in transactions

representing a cumulative value of more than USD6bn in Europe, Asia and the

Middle East. Between 2008 and 2011, he headed the Chinese operations of a

boutique consultancy specialised in energy and water projects. He has

published his infrastructure research in academic journals, co-authored reports

for supranationals such as the European Investment Bank and the World Bank

as well as for the World Economic Forum and other commercial entities. He

has presented his work at various academic and industry conferences. He has

taught international finance at King’s College London and designed and

delivered executive seminars on infrastructure finance. He holds a PhD in

Finance from King’s College London, an MSc in Political Theory from the

London School of Economics and Political Science, a Master in Economics

from Panthéon-Sorbonne University, and is a graduate of the Paris Institute of

Political Studies (Sciences Po).

Jordan Schwartz Manager, Infrastructure Policy Unit, The World Bank Group

Jordan Schwartz is the World Bank’s Manager for Infrastructure Policy, based

at the Bank’s global infrastructure hub in Singapore. He has worked in the field

of economic development for 23 years, focusing on infrastructure planning and

strategy, PPPs, logistics, regulation, and regional integration. He is currently

serving as acting director for the Global Infrastructure Facility, an open

platform to be housed at the World Bank Group for the preparation and

structuring of large and complex infrastructure PPPs. At the Bank, Jordan has

led operations and advisory work in every sector of infrastructure in Latin

America and the Caribbean, East Asia, the Pacific Islands, Central Europe and

Sub-Saharan Africa. Jordan is an author and frequent speaker on a wide range

of topics in economics, finance and regulation. He has published on green

growth, PPPs, the stimulus effects of infrastructure investment, the role of

logistics in competitiveness and poverty alleviation, utility regulation and post-

conflict investment. Prior to his current position, Jordan served as Lead

Infrastructure Economist for the World Bank’s Latin America and Caribbean

Region and head of the Economics Unit of that region’s Sustainable

Development Department. Before joining the World Bank in 1998, Jordan

worked at Booz Allen’s Transport Strategy Consulting Group, and later, as the

Senior Manager for Utility & Infrastructure Consulting at Deloitte Emerging

Markets. His work included financial feasibility, investment strategies, and

transaction design for port, airport, highway, rail, power and water investments.

Jordan holds a Master of Science from Georgetown University’s School of

Foreign Service where he studied development economics and a B.A. from

Tufts University. He has lived and worked in Singapore, Japan, Italy and Spain.

Sefa Aytekin Deputy Undersecretary of the Turkish Ministry of Energy and Natural

Resources

Mr. Sefa Sadık Aytekin was born in Beypazarı, Ankara, in 1973. He graduated

from Department of International Relations, Faculty of Political Science in

Ankara University (1995). He completed his post graduate studies ın Johns

Hopkins University, USA (2002). He served as assistant expert in Directorate

General of Agreements, Undersecretariat of the Prime Ministry for Foreign

Trade (1996-1999). He served as head of department at the Directorate

General of Agreements, Undersecretariat of the Prime Ministry for Foreign

Trade (2006-2008). He served as head of department and deputy chairman at

the Republic of Turkey Prime Ministry Investment Support and Promotion

Agency (ISPAT) (2008-2009). He served as head of department at the

Department of Foreign Relations, Ministry of Energy and Natural Resources

(2009-2010). He was appointed as Deputy Undersecretary and also currently

serves as a member of the Board of Directors of BOTAS (2010-ongoing). Mr.

Sefa Sadık Aytekin, who speaks english, is married and has two children.

Thomas Maier Managing Director, Infrastructure Banking, EBRD

Thomas Maier is the Managing Director in charge of the Infrastructure sector at

the European Bank for Reconstruction and Development. Mr Maier joined the

EBRD as Senior Project Manager in August 1993 from NatWest Markets where

he worked on acquisitions, management buy-outs and highly leveraged

transactions in the UK and Western Europe. At the EBRD, he worked as Senior

Banker in the Romania/Moldova/ Croatia/Ukraine country team. In 1999 he

moved to the Municipal and Environmental Infrastructure Team as Deputy

Director and became Team Director in October 2001. Mr Maier is a German

national and holds a degree in Public Management and an MA in Development

Economics.

Session III

Hugh Friel Manager, Local Currency and Capital Markets Development, EBRD

Hugh is a Manager with the Local Currency and Capital Market Development

Team in EBRD. He has responsibilities across a broad range of topics relating

to capital market development, including infrastructure financing. He forms

part of the team focused on the implementation of EBRD’s capital market

development initiatives in Turkey. Hugh joined the EBRD in May 2012. Prior to

joining EBRD he worked in the areas of capital markets and risk at the Irish

Banking Federation. Here he was focused on issues relating to debt capital

markets, including government guaranteed debt, covered bonds, and

securitisation. Hugh holds a Master’s degree in Economics from the National

University of Ireland.

Katrina Haley Head of Structured Bonds, HSBC

Katrina is responsible for the origination, execution and distribution of

structured and project bonds, predominantly covering infrastructure, leveraged

finance, project finance, real estate and complex and covenanted transactions.

Katrina has been involved in over 30 different structured bonds and has

extensive experience developing new and bespoke capital markets issues in

the developed markets of the UK and Europe and increasingly in emerging

growth markets such as the Middle East, Asia and Africa where HSBC has a

strong presence. Katrina’s main focus since 2010 has been to develop ideas

and strategies to enable HSBC’s clients to bridge the ever increasing gap

between the demand and economic imperative for Infrastructure development

and the financing and private sector funding available. She has worked

extensively with clients and institutions in the EU, Government departments

and Agencies as well as international clients to find ways of matching

Institutional capital to infrastructure needs. Katrina leads an award winning

team that has delivered many significant and high profile debt issues for

clients such as Arqiva, Delek, British Airways, Merseylink (a UK Govt

guaranteed bond, , Greater Gabbard OFTO (an EIB credit enhanced bond)

transactions that have all been market firsts and which have added significant

impetus to the rapid progress the market is experiencing. Katrina graduated

from the University of Birmingham with a Double Honours degree in Economics

and International Studies.

Marco Rosso Business Development Director, Meridiam

Marco Rosso is Business Development Director at Meridiam, where he is

responsible for Eastern Europe and Turkey. He has over 15 years’ experience

in the construction and infrastructure sector. Before joining Meridiam, he held

executive positions in the construction sector, where he was involved in leading

or consultant roles in PPPs in Austria, Russia, and Slovakia. Marco worked on

the Gotthard NEAT project and other projects in countries like Bulgaria, Serbia,

Croatia, Slovenia, Poland, Rumania and Turkey. In Italy he was involved in

projects in transportation infrastructures (airports, railways, highways) and civil

engineering (courthouses, hospitals). Marco started his career in the

construction sector in 1994, working for Italian companies during the “German

Reconstruction” in Munich and Leipzig. He holds a degree in Business

Administration.

Robert Gross Partner, Berwin Leighton Paisner LLP

Robert is a partner in the Infrastructure and Project Finance Group at Berwin

Leighton Paisner (BLP). He acts extensively for banks, international financial

institutions, infrastructure investment funds and consortia on the financing of

infrastructure transactions in the UK and abroad. In the UK, he has

represented senior and mezzanine lending syndicates on PFI projects in the

roads, health, defence and other sectors. He has also acted for infrastructure

funds on the acquisition and financing of renewables projects. Abroad, he has

advised on multiple acquisitions and disposals of infrastructure assets in

Central and Eastern Europe and is recognised as an expert in this area with

transactional experience across every country in the region. He has also

advised banks, consortia and governments on PPP transactions in Europe and

further afield. BLP recently advised US Bank as the trustee of the project bond

financing of the Salford Pendleton PFI social housing project. The transaction

won Project Finance magazine’s ‘European Project Bond of the Year’ (2013)

and was the first unwrapped two tranche listed bond structure for a UK PFI

project since the financial crisis.

Session IV

Huseyin Ozhan Senior Banker, Transport, EBRD

Huseyin Ozhan is a Senior Banker for the European Bank for Reconstruction

and Development (EBRD) responsible for transport / infrastructure projects in

Turkey and Azerbaijan. Prior to joining EBRD Mr. Ozhan worked as a Sector

Head for the Corporate Banking and Structured Finance department at

Eurobank Tekfen. Previously, as a part of a private investment team, he was

involved in a number of infrastructure transactions including energy and

telecoms in the CIS and the Balkans. Huseyin holds a B.A. with honors in

Economics and Mathematics from Macalester College, Minnesota, M.A. in

Finance and a Ph.D. candidate from Yeditepe University, Istanbul.

Emre Hatem Unit Director, Project and Acquisition Finance, Garanti Bank

Mr. Emre Hatem has been working at Garanti Bank1 since 2005 and is head of

the project and acquisition finance department including the sustainability

team. The bank’s project and acquisition finance department covers all the

project, acquisition and other structured finance transactions and has a

leading position in the Turkish market with a current loan book of USD 14

billion and 20% market share. Mr. Emre Hatem has extensive experience on

several project and acquisition finance deals including 3rd Bosphorus Bridge

and Gebze-Izmir Motorway, largest merchant coal fired power plant, first

limited recourse financing of a combined cycle gas turbine project, largest

privately owned hydro power plant, first long term Turkish Lira financing, first

generation portfolio privatization, first limited recourse electricity distribution

project, largest wind power plant in Turkey. Under his leadership, Garanti’s

project and acquisition finance team has been recognized by several

international awards such as “Best Project Finance House in EMEA”, “Best

Project Finance House in CEE”, “Best Project Finance House in Turkey”, “Best

Energy Finance Provider”, “Turkish Finance Provider of the Year” and “Best

Bank for Sustainability”. Among the projects that Emre Hatem contributed,

Eren Enerji, Boyabat, Gebze CCGT, Karakuz, Seyitömer, Geycek, Gebze-Izmir

and 3rd Bosphorus Bridge deals were selected by several international

organizations as “2009 Power Deal of the Year-Europe”, “2010 Hydro Deal of

the Year - Europe”, “2011 Power Deal of the Year - Europe”, “2011 Hydro Deal

of the Year - Europe”, “2013 European Power Deal of the Year”, “2013 Best

Sustainability deal in CEE”, “2013 Best Transport Infrastructure deal in CEE”

and “2013 Best PPP deal in EMEA” respectively. In addition to above

mentioned responsibilities, Emre Hatem has been also managing the

Sustainability Team within the project and acquisition finance department, that

focuses on development, implementation and coordination of Garanti Bank’s

sustainability policies since 2010. Furthermore, he, together with the

sustainability team, has established an Environment Management System with

the ISO 14001 certificate, received the Carbon Performance Leadership award

in 2012and published a sustainability report that received the first GRI A note

in Turkey in 2013. Prior to Garanti Bank, Emre Hatem worked for 5 years at

various banks in Turkey. He holds a BS degree in Civil Engineering from

Bogazici University, Turkey and a MA degree in Management and Organization

from Marmara University, Turkey. (1) With a history of 68 years, Garanti Bank is

Turkey’s second largest private bank with consolidated assets exceeding USD

106 billion.

Reşid Çizmeci Vice President, Project Finance, Investment Banking Department,

Kuwait Turkish Participation Bank

Reşid Çizmeci serves as the Vice President responsible from Project Finance at

Kuwait Turkish Participation Bank (shortly “Kuveyt Türk”), the subsidiary of

Kuwait Finance House in Turkey. He worked as Senior Associate of Investment

Banking Department at the same institution. Prior to joining Kuveyt Türk he

had worked as a consultant for McKinsey&Company leading engagements

across a wide range of industries (e.g. banking, telecommunications,

insurance, social sector) and countries.

Mr. Çizmeci holds Bachelor’s degree in Engineering from Boğaziçi University

from where he also earned Master of Arts degree in Economics and Finance. At

the same time he is an alumnus of American Robert College in Turkey.

Providing integrated advice and project finance capital to clients across a

breadth of industries: Infrastructure, Energy and Commercial Property

Development, Mr. Çizmeci has extensive experience in structuring deals in

compliance with Islamic Banking principles and arranging syndications for

financing of larger sized investments. Additionally he has comprehensive

knowledge on Islamic Capital Markets and Syndicated Loans Market.

Tevfik Kinik Executive Vice Chairman, CMBT

Mr. Tevfik Kinik is the Executive Vice Chairman of the Capital Markets Board of

Turkey (CMB). He is also the Chairman of the Capital Markets Training and

Licencing Agency of Turkey.

Mr Kinik is mainly responsible for the institutional investors, market

surveillance and enforcement departments at the CMB. Previously, he was the

director of institutional investors department. He was also a member of the

IOSCO’s Standing Committee on Risk and Research. He started his career at

the CMB in 1999 as an assistant specialist and has 15 years of extensive

experience in the regulation and supervision of securities markets. Mr. Kinik

holds a BA in Public Administration and an MS in Management both from

Ankara University. He received his MPA (with a focus on international trade and

finance and economy policy) from Harvard University’s Kennedy School in

2010.

Closing Addresses

Michael Davey Director, Turkey, EBRD

Michael Davey first took up his responsibilities at the EBRD in 1993 as a

Senior Banker in the Financial Institutions team followed by Country Director

for Kazakhstan, Kyrgyz Republic and then Country Director for Tajikistan,

Armenia, Azerbaijan, Belarus, Georgia and Moldova. In January 2009 he

assumed his current responsibility as Director for Turkey. He is a business

graduate of Massey University in New Zealand. Mr. Davey began his

professional career with the Bank of New Zealand, and then continued with

DFC (NZ) Ltd followed by nine years at the Asian Development Bank.

Bekir Sitki Safak Acting Chairman, CMBT

Mr. Bekir Sıtkı Şafak is the Member and the Acting Chairman of the Capital

Markets Board of Turkey (CMB). He is also the Vice Chairman of the OECD

Corporate Governance Committee. Previously Mr. Şafak was the Vice Chairman

at the CMB responsible from corporate finance, institutional investors,

accounting, auditing and research issues. He started his career at the CMB in

1996 as an assistant specialist. He held the position of the Head of Corporate

Finance Department between 2006 and 2008. He has 18 years of extensive

experience in the regulation and supervision of securities markets. He has

been actively involved in the OECD’s works in the Middle East and North Africa

and Eurasia regions and has been leading the Committee’s work on corporate

governance in emerging markets. Mr. Şafak holds an MS degree from the

University of Illinois at Urbana Champaign and holds a Bachelor’s Degree in

Business Administration from the Middle East Technical University.