Group Presentation

November 2011

A Leading Conglomerate in Turkey with Significant Investments in Strategic Sectors

1930 1981 1987 1994 1996 1997 1998 1999 2004 2006 2007 2008 2010

Early textile

activities of

Çalık Family

Ortadoğu

Textiles

established

GAP Textiles

established

GAP

Construction

established

GAP Marketing

established to

support trade

activities

Çalık Holding

established to

assume the

coordination

function for the

Group

Çalık Energy

established

Çalıkbank

established

Acquisition

of Bursa Gaz

Acquisition of

E-kent

Çalıkbank

re-named as

Aktif Bank

Acquisition

of BKT in Albania

Acquisition

of Kayseri Gaz

Acquisition

of Albanian

Telecom and

Eagle Mobile

Acquisition of

Turkuvaz Media

Acquisition

of Yeşilırmak

Mining activity

of Lidya

Madencilik

started

2

1981 1987 1994 1996 1997 1998 1999 2004 2006 2007 2008 2010 1930

A Global Player with an Asset Size Exceeding USD 6 billion

Diversified geographical presence covering

Eastern Europe, CIS, Middle East and Africa

Dynamic and entrepreneurial business model

Strong partnerships with globally recognized

companies

• Investments and acquisitions in growth economies in

Turkey and the neighboring countries;

• First conglomerate in Turkey to issue a Eurobond in the

international capital markets which was 5x

oversubscribed;

• First Turkish corporate to use balanced scorecard system

and integrated dashboard application

• 3 continents, 14 countries, more than 20,000 employees

3

Revenues – Consolidated

Note: All financials are audited IFRS financials with the exception of 2010 1H and 2011 which are management’s figures 4

604804

935 991 1.012

1.262

1.728

1.510

2.057

1.530

2.900

0

500

1.000

1.500

2.000

2.500

3.000

3.500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1H

2011B

US

$ M

illio

ns

Total Assets – Consolidated

5

7321.005

1.423 1.483

2.324

3.336

4.442 4.500

5.817

6.3706.700

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1H

2011B

US

$ M

illio

ns

Note: All financials are audited IFRS financials with the exception of 2010 1H and 2011 which are management’s figures

Energy

Integrated value chain capabilities in

the fields of utilities, power and oil

Energy > Utilities

Electricity Distribution Gas Distribution

Yeşilırmak operates in mid-Black Sea region covering 5 provinces Bursagaz and Kayserigaz operate in the cities of Bursa and Kayseri

# of subscribers: 710,000

total consumption: 13.8 TWh

market share: 3.4%

# of subscribers: 380,000

total consumption: 5.3 TWh

market share: 1.3%

# of subscribers: 1.6 million

total consumption: 4.1 TWh

market share: 5.0%

7

Energy > Power Systems

Completed Projects Investment Portfolio

• 6 gas fired power plants with total capacity of 1,300 MW

Ongoing Projects

• Adacami hydroelectric power plant, located in Turkey, a

run of the river hydroelectric power plant with an installed

capacity of 28.8 MW. Expected completion in December

2012.

• Navoi combined cycle power plant located in Uzbekistan

with an installed capacity of 478MW in partnership with

Initec Energia of Spain. Expected completion in July 2012.

• El Khairat simple cycle power plant located in Iraq with an

installed capacity of 1,250 MW. Expected completion in

March 2013.

• Nainawa simple cycle power plant located in Iraq with an

installed capacity of 750MW. Expected completion in

February 2013.

Fuel Type Number of

Plants

Gross

Capacity

Project

Inauguration

Coal (CFPP) 2 310 MW 2014-2015

Natural Gas (CCGT) 1 1,200 MW 2012-2014

Hydro (HPP) 4 295 MW 2010-2012

Wind (WPP) 2 72 MW 2012

Total 9 1,906 MW

8

Topaktaş

HPP

Adacami

HPP Aksu

HPP

Düzhanlar

HPP

Kırıkkale

CCGT

Yatagan

CFPP

Çankırı

CFPP

Sarpıncık

WPP

Demircili

WPP

Kızkayası

HPP

HPP

WPP

CFPP

CCGT

Energy > Oil

Downstream Midstream

• Construction and operation of a 10 mtpa (200,000 b/d)

capacity hydro cracking refinery

• US$ 7 billion greenfield investment

• Superior crude supply and distribution logistics

• On-stream Q1 2016

• Construction and operation of a 50 mtpa capacity

(1million b/d) pipeline in partnership with Eni

• US$ 4 billion greenfield investment

• Crosses only one country (555 km)

• Creates an alternative route for the transportation of crude

and reduces the tanker traffic in the Bosporus

• Daily traffic of 25 tankers and 147 mt hazardous product

passage per day through straits in 2010

• On-stream Q1 2016

9

Upstream

• Oil exploration in Turkey and the neighboring countries • BTC: Baku – Tbilisi – Ceyhan crude oil pipeline (operational)

• TAP: Samsun – Ceyhan crude Oil Pipeline (planned)

• ITP: Iraq – Turkey crude oil pipeline (operational)

Important energy hub with

3.4 million b/d of oil supply

through 3 pipelines

Media

Mass-media technologies including TV and radio

channels, newspaper and magazine brands with

one of the only 2 print distribution networks in the

Turkish market with 5 printing houses capturing

20% market share in advertising

Media > Print Media

4 Newspaper Brands 18 Magazines

• Sabah reaches 1.5m readers daily

across Turkey and it is the #2

newspaper in terms of circulation

• It is a young and pioneer brand

• High caliber writers of the newspaper

are the opinion leaders in the arena of

politics and economics

• The New York Times Sabah is the

weekly pull-out of the newspaper

• National newspaper

• Oldest Turkish local newspaper

in the Aegean region

• Most widely read sports newspaper

Portfolio includes monthly and

weekly magazines in:

• Forbes and Para are the leading

Business and Finance magazines

in Turkey

• Fashion/Women

• House/Decoration

• Business/Finance

• Hobbies

• Reality

• Celebrity News

11

Media > Broadcasting

4 TV Channels 2 Radio Channels • ATV is one of the leading all day and

prime time national broadcaster in

Turkey

• One of the first private TV investments

in the country

• It is a pioneer in dramas, TV series and

in-house productions

• A Haber is the first full HD news

channel in Turkey

• Other channels in the Group are İzmir

TV (local/ in the Aegean region) and

Minika (kids channel)

• Radio Turkuvaz is the youngest

brand of the Group

• It broadcasts nationally

• It is one of the top 10 stations in

the country

• It delivers the best selection of

national music

• Other radio channel of the Group

is Romantik (local / in the Aegean

region)

Total Advertising Revenue / GDP (%)

12 Source: Zenith Optimedia

0,0

0,2

0,4

0,6

0,8

1,0

1,2

1,4

1,6

1,8

2,0

2004 2005 2006 2007 2008 2009 2010 2011E

South Africa Bulgaria USA Japan Turkey

Telecommunications

Fixed line and mobile operations bundled

for an unparalleled service offering

Telecommunications > Fixed Line Operations

• Incumbent fixed line operator in Albania

• 276,836 fixed line subscribers

(32% penetration level)

• 70,133 ADSL clients

(8% penetration level)

• Internet service market share of 75%

30,4

20,5

13,2 12,9

8,5 8

6

2,9

0

5

10

15

20

25

30

35

Germany Italy Romania Poland Turkey World Serbia Albania

Per

100 inhabitants

Fixed Broadband Subscriptions

• Customer satisfaction at forefront supported by CRM

capabilities

• Continuous network modernization, integration and

expansion to improve service quality provided to

customers

- Internet exchange server in place

- Internet connection capacity has been improved

- Common call centre platform activated for

Albtelecom and Eagle Mobile

14

Source: International Telecommunication Union 2010

Telecommunications > Mobile Operations

• Licensed as the third mobile operator in Albania

With a mission to combine technology and lifestyle to

make customer life enriched and easier

• 1,018,722 subscribers

CAGR of 55% since commercial launch in March 2008

• 15% market share

Competing against Vodafone and AMC in Albania where

mobile penetration is 140%

• Continuous investment in increasing network coverage and

improved service with new campaigns to attract new

subscribers

• Increased loyalty recorded for the brand in market surveys

• Leverage its service quality and offerings through technology

infrastructure of its parent, Albtelecom

15

Construction

#176th largest contractor in the world

by ENR Magazine with a wide-spectrum

of construction activity

Construction > Industrial and Commercial

Construction work include:

• Motorways and Roads

• Plants and Factories

• Ministry and Office Buildings

• Hospitals

• Civil Works

Countries of operation include:

• Turkey

• Turkmenistan

• Sudan

• Saudi Arabia

• UAE

• Russia

• Uzbekistan

• Ukraine

GAP İnşaat is currently undertaking the landscape works of

the Baghdad International Airport Road in Iraq

17

Construction > Residential

Two up and coming projects in İstanbul

• Land Area: 95.000 m2

• Sellable Area: 208 units

• Planned Function: Residential

• Revenue Share: 50% Emlak Konut REIT and 50% GAP

İnşaat

• Location: Burhaniye, Üsküdar

• Expected Date of Completion: December 2012

• Land Area: 99.108 m2

• Sellable Area: 300.000 m2

• Planned Functions: Residential, Commercial, Office

• Revenue Share:43% Emlak Konut REIT and

%57 GAP İnşaat

• Location: Ataşehir

• Expected Date of Completion: April 2015

18

Construction > Urban Transformation and Renovation

GAP İnşaat is undertaking two Urban Renewal Projects under the leadership of Beyoğlu and Fatih Municipalities

with the aim of creating safer, healthier and more livable neighborhood in the heart of İstanbul

• Office: 15.200 m2

• Commercial: 13.700 m2

• Apart: 7.800 m2

• Residential : 56.700 m2

• Parking: 52.000 m2

• Location: Tarlabaşı, Taksim

• Expected Date of Completion: March 2014

• Office: 11.500 m2

• Commercial: 12.600 m2

• Hotel: 17.200 m2

• Residential : 69.000 m2

• Parking: 6.500 m2

• Location: Fener Balat, Golden Horn

• Expected Date of Completion: Ongoing

19

Financial Services

Commercial and Investment Banking

licenses in Albania and in Turkey with

innovative product offerings

Financial Services > Banking and Fare Collection

Total Assets

• Corporate and Retail Banking Services

• Positions alternative delivery channels

as its core channels

• Technology-based products regardless

of time and location constraints

• The first bank in Turkey to apply the

“Direct Banking Method”

• Widest distribution channel network

with more than 4,500 points of sale

with minimum number of branches (6

branches in 6 cities)

• Key figures:

- 9 Million Population in 10 cities

- 3 million pre-paid cards

- 3,000 buses

- 1,330 tollgates

- 950 top-up points and ticket boots

- More than 1 billion transactions per

month

• Turkey's largest electronic fare collection

operating company

• Provides modern and high-technology

solutions for city life

• Operates contactless card payment

systems in public transportation

• Expert in widespread field operations

• Corporate and Retail Banking Services

• 17% market share in deposits

• #58 branches in Albania in 30 cities

• #17 branches in Kosovo

• Selected the “Best Bank of the Year”

and “Best Medium Size Bank in CEE”

in 2008 by Finance Central Europe

Magazine.

Total Assets

21

Textiles

Proven track record in denim both in domestic

and international markets

Textiles > Denim

GAP Güneydoğu is one of the world’s top ten suppliers of denim

Pioneer in using the latest technologies and concepts in denim

production

• Strong global reach to global brands via exports

representing 70% of total production and 30% of Turkish

exports

• In 2009 and 2010 GAP Güneydoğu was the biggest exporter

of denim from Turkey

• Majority of sales exported to North America, Europe,

North Africa and East Asia

• Top 3 export destinations are the US, Italy and Portugal

• 25% of Italy’s denim imports is provided by GAP Güneydoğu

• Manufacturing facilities in Turkey, Turkmenistan and in

Egypt

• Also active in the production of yarn, fabric, garment and

home textiles

23

Mining

Significant prospects exist in gold

and other precious metals in Turkey

Mining > Gold & Beyond

Lidya Mining explores metals and precious metals in

Turkey and in the neighboring countries

• Lidya co-owns Çöpler Gold Mine with 4.6m ozs of reserves

• First gold poured in December, 2010

• 175,000 ozs of production planned for 2011

• Sulfide expansion project could rise production up to

400.000ozs

• An extensive partnership with Alacer Gold in Turkish mining

• First major foreign/local mining cooperation in Turkey

• Lidya Mining and Alacer Gold established 50/50 JVs for 16

properties (gold, copper, etc.) in different cities

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Disclaimer

The information herein may not be up to date or

fully state all the relevant facts, and as such should

not be relied upon to make a decision regarding

any commitment.

No responsibility or liability can be accepted for

any use of this material and you must make your

own judgment and seek professional advice.

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