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Annual Turkish

M&A Review

2021

January 2022

Annual Turkish M&A Review 20212

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 regulatory approval and closing procedures still ongoing at the year end. This study does not include capital market transactions, IPOs, real estate sales, 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. Venture capitals and start-up deals took the leading role in Turkish M&A scene Turkish M&A activity continued to build momentum, reaching a new record number of 390 transactions with a total deal volume of $10.1 billion, indicating a y-o-y growth of 28% and 12% in terms of deal number and deal value respectively. The M&A market was characterized by a the investments in Trendyol and Getir made a remarkable contribution as the pandemic in Turkish market and contributed to 58% of deal value. Annu al Turkish M&A Review 20213

Annual Turkish M&A Review 20214

As economies around the world have reopened and vaccinations have rolled out, global deal activity has rebounded strongly in

2021. Although economic uncertainty related to COVID-19 did

not come to an end yet, global M&A activity shattered all-time records in 2021 with total deal value hitting US$4.6 trillion from over 55,000 deals which corresponds to approximately

4.9% of total global GDP. As M&A portrays adaptation to post-

covid environment, many corporations have been focusing on pursuing new deals in the world aiming to take advantage of pandemic driven business disruptions. The abundance of cash in the world during the pandemic period was also channeled into M&A, leading record levels of transactions. Even though the deal making activity has picked up in 2021, some ambiguities remain chain headwinds and new covid variants. the Turkish market has been modest which also continued to grow in 2021, although not as fast as the global market. Turkish M&A market broke a new record this year by reaching 390 transactions with a total deal value of US$10.1 billion, surpassing

5 year-average deal value of c.US$8.8 billion. The total deal value

to GDP has reached 1.6%. Out of 390 deals, 202 had a disclosed value adding up to c.US$7.1 billion. 22
,0 17 ,518,016,4

7,312,0

5,310,1253

2152342452462952562333043902.5%

1.8%1.9%1.9%

0.8%1.2%1.6%

0.7%1.3%1.6%

0

1101001.000

201

2201320142015201620172018201920202021

(US$ billion) Deal

Volume and Deal Number

Deal ValueDeal NumberDeal Value/GDP

010 1535
30
25
20 5 10 ,39,0 Annual deal volume managed to grow for two consecutive years after a historic dip in 2019 Note: Including estimates for deals with undisclosed values.

Annual Turkish M&A Review 20215

Considering the estimated value of deals with undisclosedvalues, we estimate that total M&A volume was around US$10.1 billion, corresponding to a growth of 12% y-o-y (2020 - c. US$9.0 billion via 304). Amid pandemic related challenges, Turkey was one the fastest growing economies among g20 countries. Accordingly, Turkish market served as an attractive destination for the foreign investors with its remarkable growth. In terms of deal volume, e-commerce was the hottest theme in Turkish M&A market. Trendyol transaction was certainly the deal of the year which accounted for 15% of the total deal volume. With this transaction, Trendyol has raised US$1.5 billion in a massive funding round that values the company at US$16.5 the largest transaction involving a Turkish startup. M&A deal volume was further led by the Turkish instant grocery delivery app Getir who pioneered the ultrafast delivery business model in the world and raised more than US$1.1 billion through angel investors increased their activity remarkably and shaped Elif Plastik by Huhtamaki with a consideration of US$483 million. potential of strong Turkish manufacturing companies as well as a successful example of PE exit sealed by Turkven. In addition to the decacorn deal, 217 startups in Turkey received c. US$1.9 billion of investment from venture capitals and angel investors in 2021 which represents the steady development of the ecosystem. After technology, the most attractive industries were internet & mobile, gaming and manufacturing along with investments. Virtual deal making as well as investor appetite towards Covid-proof and climate change conscious ESG investments are emerging as new trends in the future of M&A activity. The investors keep seeking ESG-focused M&As towards climate change goals. Looking ahead, ongoing pandemic uncertainties with the emergence of new virus variants, coupled with manufacturing companies serving on FX basis will stay on the investors' radar. On the other hand the dynamic Venture Capital universe and mid-market still promise an active market in 2022. are delighted to share our annual Turkish M&A Review, featuring our analyses and views regarding the M&A market here.

At a glance

390

Record High

Number of

Transactions

$10.1 bn

Deal Value*

1.6%

Deal Value/GDP

12% y-o-y growth in

Deal Value

28%
y-o-y growth in

Deal Number

$1.5bn

Largest Deal

Value

Trendyol

$5.9bn

Foreign

Investors

Deal Value

Trendyol

"Decacorn»

DreamGames

New Unicorn

56%

Start-ups

/total deal number * Including estimates for deals with undisclosed values.

Annual Turkish M&A Review 20216

Global M&A activity showcased an unprecedented run throughout

2021 as total global deal value increased by c.77% year over year to

c.US$ 4.6 trillion

7,3 10,3 12

5,3 9 10,1

246
295
256

233 304 390

- 100 150 200 250 300 350 - 2 4 6 8 10 12 14 201

620172018201920202021

#US $ bn

Turkey deal volume and # of deals

D eal Volume Turkey - (US$ bn)# of Deals Turkey

Source: DeloitteM&A Newsletter

3,1 3,1 3,1 3,3

2,6 4,6

55

52 50 48

43
55
- 10 20 30 40 50 60 201

620172018201920202021

# -kUS $ trn

Global deal volume and # of deals

D eal Volume Global - (US$ bn)# of Deals Global - (k)

Source: S&P

1 2 3 4 5 400

50
Note: Including estimates for deals with undisclosed values. Global deal value and deal count increased by 77% to c.US$4.6 trillion (2020 - c.US$2.6 trillion) and by 28% to c.55k (2020-c.43k) in 2021, respectively. by the emergence of Covid-19 vaccines and improvement in economic outlooks. transactions at the beginning of the pandemic in 2020 when global M&A volume had dropped heavily by nearly 30%. and industrials were the most attractive sectors. Total M&A volume in these sectors constituted more than half of the global deal volume in 2021.

Annual Turkish M&A Review 20217

Annual Turkish M&A Review 20218

Turkish M&A activity has grown by 12% in value, driven by the

Year20172018201920202021

Deal Number295256233304390

Deal VolumeUS$10.3 billionUS$12.0 billionUS$5.3 billionUS$9.0 billionUS$10.1 billion

Foreign Investors /

Share in Total

US$5.5 billion

/ 53%

US$7.6 billion

US$3.4 billion

/ 64%

US$4.6 billion

/ 51%

US$5.9 billion

/ 58%

Financial Investors

49% of deal number

8% of deal value /

41% of deal number

17% of deal value /

37% of deal number

44% of deal value /

54% of deal number

42% of deal value /

63% of deal number

Average Deal Sizec. US$35 mnc. US$47 mnc. US$23 mnc. US$30 mnc. US$26 mn

Share of the Ten

Largest Deals in

Total Volume

50% 63%50%58%46%

Note: Data presented above include estimates for deals with undisclosed values 9 with US$5.9 billion deal value through 86 deals foreign investors increased to US$5.9 billion by 28% y-o-y in 2021 exceeding last 5-year average of US$5.0 billion. Foreign investors have generated 58% of deal volume, while Turkish investors accounted for 42% (including estimates for undisclosed values), through making up 22% and 78% of the total annual deal number, respectively. On the other hand, the total value of the deals involving Turkish investors decreased by 3% to US$4.2 billion while total number of deals increased by 37%. Turkish investors led the privatization activity with a deal volume of c. US$660 million through 9 transactions up from

2 privatizations in 2020 with a modest share of 7% of all deal

Marina tender for US$284 million as well as the privatization of 13

9128121120153225

18 2 16

2222304

11 9

89113125

93

707471828646% 41% 48% 51%

38
24
% 29% 30% 27% 22
0

50100150200250300350

2012201320142015201620172018201920202021

(US$ billion)

Deal NumberBy OriginDeal VolumeBy Origin

Turkish InvestorsForeign InvestorsForeign Investor Contribution

9,012,3

10 ,1 4,9

3,54,84,4

1,94,44,213,0

5,37,911,5

3,85,57,6

3,44,65,959%

30
44
%70% 52
53
%63%64% 51
%58% 0

2468101214161820

2012201320142015201620172018201920202021

(US$ billion) Turkish InvestorsForeign InvestorsForeign Investor Contribution Note: Including estimates for deals with undisclosed values.

Annual Turkish M&A Review 2021

Annual Turkish M&A Review 202110

Western investors once again sealed the highest number of deals among foreign investors (including estimates for undisclosed values) in 2021, up 76% investors from North America constituted 63% of total foreign investors' deal value and 37% of deal count.

9% 29%

17 % 45% 10 % 40% 34
15 -46% 27
7%18%

2% 62%

29
7%

2%-0%10%20%30%40%50%60%70%

N orth AmericaEuropeAsia PaciȴcGulfOther Fo reign Investors' Deal Volume By Region 201

82019202020212021

36
16 13 9 -43 10 12 6 -47 13 10 10 2 42 32
7 5 -05101520253035404550

EuropeNorth AmericaAsia PaciȴcGulfOther

Fo reign Investors' Deal Number By Region 201

820192020

While the share of investors from Europe in deal volume increased from 27% in 2020 to 29% in 2021, activity of investors

Alibaba in Trendyol.

Gulf Investor's dealmaking softened markedly in 2021 to US$126 million across 5 deals compared to 10 transactions with a total value of around US$820 million in 2020. Note: Including estimates for deals with undisclosed values.

Annual Turkish M&A Review 202111

Financial investor activity reached a record level of 245 transactions w ith

US$4.2 billion deal value

worth approximately US$4.2 billion (including estimates for undisclosed values), which corresponded to a y-o-y growth of

49% in deal number. Having said that, driven by Trendyol and

a slight increase of 5%. Trendyol and Getir transactions together number once more belonged to VC and angel investors with total of 217 transactions (2020 - 134). The contribution of those VC and angel investors to the overall deal number reached 56%, which was 44% in 2020. 10 ,312,0

5,39,010,1

2,6

1,00,94,04,225%

8%17%44%

42
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