Teknosa İç ve Dış Ticaret A.Ş.

IPO SUSTAINABLE GROWTH CUSTOMER ORIENTED PROCESS MANAGEMENT LEADERSHIP EMPLOYEE PARTICIPATION STRONG RELATIONS WITH SUPPLIERS CONTINUOUS IMPROVEMENT HIGH QUALITY SERVICE Teknosa İç ve Dış Ticaret A.Ş. EMPIRICAL DECISION MECHANISM

Agenda Introduction Teknosa at a Glance Financial Overview Appendix: Sector at a Glance 2

Introduction Teknosa at a Glance Financial Overview Appendix: Sector at a Glance

Teknosa At a Glance Market Leader in Technical Super Stores Channel with 44% market share Highest penetration among Turkish Technical Super Stores with 271 stores in 72 provinces and 129,592 sqm net sales area as of 31 March 2012 2011 revenues reaching TL 1.7 billion with 29% y.o.y growth and EBITDA margin of 6.4% Q1-12 revenues reaching TL457 million with 18% y.o.y growth and EBITDA margin of 5.5% Sustainable growth on the back of cash generation due to strong financial structure Flexible business model with 3 different store formats to maximize penetration 85 million store visitors in 2011, more than 25 million visitors in the first quarter of 2012 Pioneer in the market in employee training (Teknosa Academy), customer assistance (Tekno Assist) and loyalty program (Orange Card) Strong and well-known brand, leveraging Sabancı Holding reputation 4

Milestones 2000 Commenced operations with 5 stores 2005 Teknosa Academy established 2006 Number of stores reached 152 Operational efficiency and infrastructure projects for Scientific Retailing Program Dealership operations organised under Iklimsa brand E-learning application launched 2007 Number of stores exceeded 200 Gebze Logistics Center (Istanbul) started operations with 30,000 sqm closed area All 5 stores of Germany-based consumer electronics retailer, Electronic Partner, acquired 2 Uzelli Music Market stores acquired Teknosa Assist launched as the first after-sale and refund service program in Turkey ISO 9001 (quality management system for operational excellence) certification received 2008 2009 2011 2012 Received an award for best human resources practice Loyalty card program (Orange Card) launched Exxtra format stores introduced ISO 27001 (information security management) certification received Acquired Best Buy operations in Turkey Revenues reached TL 1.7 billion with 6.4% EBITDA margin Orange Card holders reached 2.3 million ISO 10002 (customer satisfaction) certification received Kliksa.com (e-commerce website) launched IPO of Teknosa at 17 May 2012 5

6 Corporate Strategy Increasing Market Share While Sustaining Profitability Solidify Market Leadership Increasing the number of provinces penetrated to 81, encompassing all Turkey; Securing premium locations for new store openings, Organic growth in malls as well as high-traffic streets enabled by multi format strategy Acceleration in large format store openings Achieving leadership position in fast growing e-commerce with Kliksa Evaluation of attractive acquisition opportunities, despite the priority of organic growth Enhance Quality of Service Differentiation through diverse after sales services in the high competition market Customer Assistance Tekno Guarantee On-site services Increasing efficiency of employees in stores by intense training programs at Teknosa Academy Increasing customer loyalty through various promotional and marketing campaigns, focusing on customer retention, repetitive purchasing Utilization of online media (Twitter, Facebook etc.) as a corporate/brand communication/marketing venue Sustainable Profitability Constantly improving operating effiencies to allow Teknosa to sustain and improve profitability Success in the execution of multi-format store strategy due to strong IT infrastructure, management experience and logistics infrastructure Increasing purchasing power with suppliers due to increasing economies of scale Improvement in inventory management and control; Scientific Retailing integrating sales and inventory management Pricing and diversification of product portfolio by store/region

Shareholding Structure ( TKNSA ) Shareholders Pre - IPO Post - IPO Nominal Value (TL) Ratio (%) Nominal Value (TL) Ratio (%) Sabancı Holding 77,310,510 70.28% 66,310,510 60.28% Sabancı Family 32,689,490 29.72% 32,689,490 29.72% Free Float - - 11,000,000 10.00% TOTAL 110,000,000 100.00% 110,000,000 100.00% Pre-IPO Post - IPO Sabancı Family Members 29.72% Sabancı Holding 70.28% Free Float Free Float 10. 0010.00% % Sabancı Sabancı Family Family Members Members 29.72% 29. 72% Sabancı Sabancı Holding Holding 60. 28% 60.28% Sabancı Family Members 29.72% Free Float 11.50% Sabancı Holding 58.78% Allocation of the shares issued Allocation percentage Domestic Indiviual Investors %55 Domestic Corporate Investors %15 International Corporate Investors %30

Sabancı Holding Energy Retail Shareholding Structure Enerjisa Teknosa Carrefoursa Diasa 39.6% 60.4% Banking Insurance Free Float Sabancı Family Akbank Aksigorta Avivasa (TL million) 2011 Consolidated Sales 22,409 Industrials Cement Consolidated Assets 151,114 Market Cap* 15,017 *As of April 18, 2012 Source: Sabancı Holding Kordsa Global Brisa Sasa Yünsa Olmuksa Temsa Çimsa Akcansa 8

Operations Breakdown of 2011 Revenues Retail Operations Teknosa operations are composed of Retail and Dealership activities Revenue Breakdown as of 2011 Product Groups: Consumer Electronics & Photo Information Technology Telecom Information Technology 31 % Other 7 %* Telecom 18 % Consumer Electronics & Photo 44 % *Consists of Tekno Guarantee warranty sales, small domestic appliances and white goods Retail Operations 94% Dealership Group 6% Dealership Group Breakdown of 2011 Revenues Other >1 % Product Groups: Air Conditioners Refrigerators Cash registers Cash Registers 2% Refrigerators 9% Air Conditioners 89% 10

Proven Growth Number of Stores, Net Sales Area and Net Sales Number of Provinces with Teknosa Stores 56 96 152 232 218 244 256 269 252 271 12 22 33 56 67 80 101 128 1,670 97,448 104 130 56 61 65 68 72 72 339 49 291 467 67 400 740 93 647 1,146 1,020 65,077 946 94,389 138,238 1,080 807,431 926,090 1,292 79,786 1,212 1,572 385 455 13,094 12,130 373,213 443,416 9 23 43 2004 2005 2006 2007 2008 2009 2010 2011 Q1-11 Q1-12 2004 2005 2006 2007 2008 2009 2010 2011 Q112 Sales Area (m 2 000) # of Stores Retail Sales (TL mn) Dealership Sales (TL mn) Source: Teknosa Source: Teknosa 11

Retail Operations Store Formats Teknosa retail operations are carried out in 3 different store formats to increase market penetration. Standard Store 212 stores in 72 cities <750 sqm store area 41 stores in 21 cities Between 750-1,200 sqm store area 25 stores in 10 cities >1,200 sqm store area Number of Stores as of Q2 2012 Source: Teknosa Provinces with Teknosa stores 12

Retail Operations Net Sales and Net Sales Area Revenue Breakdown by Store Format Revenue Breakdown by Province 11% 15% 18% 21% 71% 64% 26% 18% 25% 20% 23% 23% 51% 62% 52% 30% 30% 30% 31% 31% 13% 11% 10% 11% 10% 9% 9% 9% 9% 9% 48% 50% 51% 49% 50% Revenue Breakdown by Product Category 5% 7% 7% 6% 7% 2009 2010 2011 Q1-11 Q1-12 Exxtra Extra Standard 2009 2010 2011 Q1-11 Q1-12 Istanbul Ankara Izmir Other 34% 40% 44% 38% 45% Net Sales Area Breakdown by Store Format 24% 30% 25% 51% 28% 42% 38% 33% 38% 27% 27% 27% 35% 40% 35% Net Sales Area Breakdown by Province 30% 30% 30% 31% 31% 13% 11% 10% 11% 10% 9% 9% 9% 9% 9% 48% 50% 51% 49% 51% 42% 32% 31% 37% 28% 19% 21% 18% 19% 20% 2009 2010 2011 Q1-11 Q1-12 White Goods and Other Consumer Electronics & Visual IT Telecom 2009 2010 2011 Q1-11 Q1-12 Exxtra Extra Standard 2009 2010 2011 Q1-11 Q1-12 Istanbul Ankara Izmir Other Source: Teknosa 13

E-commerce volume in Turkey has reached TL 22.9 billion, posting a CAGR of 43% between 2007 and 2011*. The main factors stimulating the growth are; increasing internet penetration (According to TurkStat data, internet penetration of Turkish households stood at 43% in 2011), secure e-trade (3D secure) application, various incentive/discount campaigns encouraging online shopping, Online retail sales in Turkey, estimated to be c.usd 2 billion in 2010, are forecasted to reach USD 9 billion by 2016. *Source: The Interbank Card Center (BKM). B2B transactions are included. Share of E-commerce in Total Retail Sales in Turkey USD 2 bn 0.6% Total Retail Sector Size Share of Online Retail Sales Source: Teknosa & Ak Investment USD 9 bn 2010 2016 E 1.1% Teknosa s website, www.teknosa.com, was established for online retailing as well as informational and advertising purposes. Teknosa was not focused on online retailing until 2012 and hence online sales accounted for merely 0.6% of the total revenues in 2011. With the e-commerce gaining momentum in Turkey, Teknosa has decided to launch Kliksa e-commerce site, a wholly-owned subsidiary of the Company in 2012. Kliksa s business model is based on offering a wider range of products at more affordable prices compared to Teknosa. Kliksa will offer products other than consumer electronics eg. books, DVDs, stationary. 140,000 SKUs are planned to be offered through Kliksa. Kliksa aims to create a sustainable business line leveraging the information technology and logistics infrastructure of Teknosa. Customer delivery is targeted to be the best-in class. With the launch of Kliksa, Teknosa s own website will be mostly used for informational purposes. Teknosa targets Kliksa to become market leader of the fast growing B2C e-commerce in the next five years. 14

Human Resources Teknosa had 3,341 employees as of Q1 2012. Retail Operations personnel account for 85% of the total personnel on average. Teknosa employs a top-class management with a solid understanding of the Turkish market and consumers. The top management has been with the Company more than eight years on average. Through restructuring and efficiency plans implemented in 2010, the number of retail and headquarters personnel have been reduced. Performance assessment and training are two principles that underpin Teknosa s human resources strategy. Hence, Teknosa Academy, the first and only training program in the Technology Consumer Goods Market, was established in 2005 to train employees to be the most compenent personnel in the market. Teknosa has developed clear personnel development and incentive schemes offering attractive career opportunities to those willing to grow with the Company. The Assessment Center in Teknosa Academy provides career planning and performance evaluation services for Teknosa personnel throughout their careers. Personnel Breakdown 3,067 3,060 3,334 2,986 3,282 3,341 3% 2% 2% 2% 2% 2% 15% 14% 13% 13% 12% 12% 83% 83% 84% 85% 86% 86% 2007 2008 2009 2010 2011 Q1-12 Retail Sales Personnel Headquarters Dealership Source: Teknosa 15

Teknosa Academy Candidate Training Program Personnel Training Program Sales Managerial Development Products Career Development Systems Personal Development Communication Quality Management System E-Learning Education Portal Social Learning Tools Simulations Added Value of Teknosa Academy Increasing revenue per employee in stores Training highly compenent sales consultants and managers Increasing interaction between departments Increasing motivation and lowering employee turnover Facilities 1,200 sqm closed area at Teknosa Plaza located in Istanbul 2 simulation rooms 2 computerized classrooms 7 classrooms 15 instructors Teknosa provides personnel training and development programs within Teknosa Academy. In 2008, Teknosa received Best Human Resources Practice award. 16

Warehouses and Distribution Teknosa operates its supply chain based on central and regional warehouses. In 2007, Teknosa s central warehouse in Gebze has started its operations with a closed area of 30,000 sqm on a 60,000 sqm land to serve all regions in Turkey. The other 4 regional transfer points are used for cross-docking. Suppliers of Teknosa are authorised domestic distributors of international manufacturers. Logistics operations between cross-docking points and stores are outsourced from third parties. Location Closed Area (sqm) # of Provinces Served Istanbul Gebze Warehouse 30,000 All Provinces Regional Transfer Points Ankara 1,000 35 Adana 880 19 Izmir 770 6 Antalya 400 3 Subtotal 33,050 In-store warehouses 20,374 Total 53,424 Source: Teknosa 17

CRM Applications 2.7 million Orange Card owners 50% of total sales conducted through Orange Card Vast customer database allows for detailed monitoring of purchasing behavior and tailored CRM applications Special discounts for Orange Card holders Seasonal lotteries and campaigns Special campaigns on customer birthdays Advantages received from various banks and GSM operators Pre-campaign notifications Extra discounts on maintenance and spare part fees for certain brands Recognition by mobile phone number eliminates the need to carry Orange Card in order to benefit from campaigns/advantages Shopping bonuses earned through purchases and conversion of points to giftcards Various advantages provided by cooperations / alliances to Orange Card holders in various sectors 18

After Sale Services Teknosa Assist (Customer Assistance Program), is the technology consultancy service offered by Teknosa to its customers. This service includes full 24/7 customer support by the call center. Free installation and free delivery are also included. Tekno Guarantee is the extended broad-scope warranty service on top of that provided by the manufacturer. 24/7 support & maintenance On site service Immediate replacement 100% refund for returns in 30 days Extension of warranty up to 5 years On Site Service (Yerinde Hizmet) covers all customer services ranging from onsite installation / setup. Teknosa received ISO 9001 (quality management system for operational excellence) with the broadest scope in the market, ISO 27001 (information security management), ISO 10002 (customer satisfaction) certificates. 19

Summary Financials Income Statement Income Statement (TL'000) 2009 2010 2011 Net Sales 1.145.533 1.291.991 1.669.631 Cost of Sales -895.351-1.009.427-1.304.345 Gross Profit 250.182 282.564 365.286 Gross Profit Margin % 21,8% 21,9% 21,9% Operating Expenses -225.996-266.938-305.880 Other Operating Income 9.970 9.781 38.288 Other Operating Expense -7.278-5.359-12.586 Operating Profit 26.878 20.048 85.108 Net Financial Expense -19.061-19.757-25.472 Profit Before Taxation on Income 7.817 291 59.636 Deferred Tax Income/Expense 0 4.284-9.411 Net Profit 7.817 4.575 50.225 EBITDA 42.007 38.926 106.468 EBITDA Margin % 3,7% 3,0% 6,4% Income Statement (TL'000) Q1-11 Q1-12 Net Sales 385.343 456.600 Cost of Sales -301.565-361.089 Gross Profit 83.778 95.511 Gross Profit Margin % 21,7% 20,9% Operating Expenses -69.494-84.848 Other Operating Income 3.640 5.707 Other Operating Expense -1.193 2.840 Operating Profit 16.731 19.211 Net Financial Expense -5.923-8.023 Profit Before Taxation on Income 10.808 11.188 Deferred Tax Income/Expense -2.163-2.228 Net Profit 8.645 8.960 EBITDA 21.775 25.180 EBITDA Margin % 5,7% 5,5% Source: Independent Auditor s Report 21

Summary Financials Balance Sheet Assets (TL'000) 2009 2010 2011 Current Assets 252.389 292.392 498.362 Cash and Cash Equivalents 44.603 67.541 186.596 Due From Related Parties 1.515 2.119 3.302 Trade Receivables 13.285 21.925 25.338 Other Receivables 0 4 547 Inventories 178.872 182.854 260.925 Other Current Assets 14.114 17.949 21.654 Non-current Assets 65.291 96.848 106.029 Investment Property 11.368 11.241 Property,Plant and Equipment 54.022 69.909 78.681 Intangible Assets 3.927 5.576 6.128 Deferred Income Tax Assets 4.284 4.394 Other Non-current Assets 7.342 5.711 5.585 Total Assets 317.680 389.240 604.391 Liabilities (TL'000) 2009 2010 2011 Current Liabilities 226.365 293.267 457.671 Financial Liabilities 0 0 0 Due to Related Parties 1.131 1.520 2.143 Trade Payables 200.348 256.527 426.772 Other Payables 6.187 9.312 7.178 Other Current Laibilities 18.699 25.908 21.578 Non-current Liabilities 321 404 926 Total Equity 90.994 95.569 145.794 Total Liabilities 317.680 389.240 604.391 Assets (TL'000) Q1-11 Q1-12 Current Assets 355.845 422.988 Cash and Cash Equivalents 127.139 79.823 Due From Related Parties 1.497 6.438 Trade Receivables 14.136 30.739 Other Receivables 4 547 Inventories 189.065 273.307 Other Current Assets 24.004 32.134 Non-current Assets 94.813 105.825 Investment Property 11.426 11.197 Property,Plant and Equipment 70.563 82.217 Intangible Assets 5.412 6.334 Deferred Income Tax Assets 2.121 2.166 Other Non-current Assets 5.292 3.911 Total Assets 450.659 528.813 Liabilities (TL'000) Q1-11 Q1-12 Current Liabilities 345.954 373.062 Financial Liabilities 100.021 0 Due to Related Parties 1.716 3.645 Trade Payables 212.135 335.753 Other Payables 6.335 11.461 Other Current Laibilities 25.746 22.203 Non-current Liabilities 491 997 Total Equity 104.214 154.754 Total Liabilities 450.659 528.813 Source: Independent Auditor s Report 22

Revenues Revenues (TL Million) 1,670 Retail Operations Revenue Growth - 2011 1,020 1,146 1,292 Source: Independent Auditor s Report Revenue Breakdown 385 457 2008 2009 2010 2011 Q1-11 Q1-12 Dealership Group Retail Sales 9% 6% 6% 6% %6 3% 91% 94% 94% 94% %94 97% 2008 2009 2010 2011 Q1-11 Q1-12 Dealership Group Retail Sales 15% Source: Teknosa 15% * Growth through new store openings effect of closed stores Retail revenues, constituting 94% of the total revenues over the last 3 years, posted 30% growth in 2011. In 2011, LfL growth accounted for 15% of the total growth of the retail operations and the remaining 15% growth resulted from the net expansion effect. * 30% Like For Like Growth Net Expansion Effect Total Growth Source: Independent Auditor s Report 23

Profitability EBITDA (TL '000) 107,023 41,486 39,505 21.775 25.180 2009 2010 2011 Q1-11 Q1-12 Source: Independent Auditor's Report Starting from the second half of 2010, Teknosa switched from a growth oriented strategy to growth and profitability oriented strategy. The outcome of the strategy was reflected in 2011 profit margins with the adjusted EBITDA margin increasing to 5.3% in 2011 and 5.5% in Q1 2012. The acquisition of Best Buy s operations in Turkey had a TL17.7 million direct contribution to 2011 EBITDA. 21.8% 21.9% 21.9% 21,7% 3.6% 3.1% 6.4% 20,9% 5,7% 5,5% Teknosa s average gross profit margin is 21.8%. In 2011, EBITDA margin increased to 6.4%. Excluding one-off effect of the Best Buy acquisition, EBITDA margin realized at 5.3%. The increase in adjusted EBITDA margin in 2011 and 2012 mainly stems from better operating expenses control. 2009 2010 2011 Q1-11 Q1-12 Gross Profit Margin EBITDA Margin Source: Independent Auditor's Report 24

Operating Expenses (TL'000) 2009 2010 2011 Q1-11 Q1-12 Personnel Expenses 89.578 101.328 102.539 24.812 28.700 Personnel Expenses / Net Sales 7,8% 7,8% 6,1% 6,4% 6,3% Lease Expenses 61.066 75.518 95.202 21.551 27.420 Lease Expenses / Net Sales 5,3% 5,8% 5,7% 5,6% 6,0% Advertising & Promotion Expenses 20.281 24.117 26.122 5.617 7.655 Advertising & Promotion Expenses / Net Sales 1,8% 1,9% 1,6% 1,5% 1,7% Other 55.071 65.975 82.017 17.514 21.073 Other / Net Sales 4,8% 5,1% 4,9% 4,5% 4,6% Total Operating Expenses 225.996 266.938 305.880 69.494 84.848 Total Operating Expenses / Net Sales 19,7% 20,7% 18,3% 18,0% 18,6% Source: Independent Auditor s Report %7,7 %7,8 840 Source: Teknosa Personnel Expenses - Retail Operations 784 %6,1 6,2% 6,0% 623 164 154 2009 2010 2011 Q1-11 Q1-12 Retail Personnel Expenses Per Sqm (TL) Retail Personnel Expenses / Retail Sales (%) In 2011, as a result of improved efficiency in personnel expenses, total operating expenses to net sales decreased from 20.7% to 18.3% (18.6 in Q1 2012). Personnel, lease and advertising & promotion expenses accounted for 73% of the total operating expenses in 2011 (75% in Q1 2012). EBITDA margin increased due to effective cost control and improvements in operational efficiency. The decrease in the personnel expenses had the highest contribution in the 2011 EBITDA margin. The ratio of retail operations personnel expenses to retail sales decreased from 7.8% in 2010 to 6.1% in 2011 (to 6.3% in Q1 2012). Personnel expenses per square meter decreased by 20% from TL784 in 2010 to TL623 in 2011. 25

Other Performance Indicators 1,572,183 14,901 1,080,455 72,508 90,631 113,424 101.470 128.564 Source: Teknosa 13,375 1,212,206 13,861 373.213 3.578 443.416 2009 2010 2011 Q1-11 Q1-12 Sales Area (Sqm) - Annual Average Retail Operations Sales (TL '000) Sales Performance- Sales/ Sqm 3.422 Teknosa s average annual sales area posted a 25% increase both in 2010 and 2011. It has been increased 13% as of Q1 2012. 5,939 6,617 179 181 7,249 238 215 201 1.863 1.871 The number of receipts posted on average 10% y-o-y growth in 2010 and 2011 Average basket size increased by 19% in 2011, reaching TL 215. (11% increase in Q1 2012 when compared to 31 Dec 2011). 2009 2010 2011 Q1-11 Q1-12 Source: Teknosa # of Receipts ('000 Persons) Average Basket Size (TL) 26

Working Capital Working Capital Breakdown (TL mn ) -139-51 - 8 258 179 201 183 261 429-9 214 189-29 273 339 15 24 29 16 37 2009 2010 2011 Q1-11 Q1-12 Trade Receivables Inventories Trade Payables Net Working Capital 2009 2010 2011 Q1-11 Q1-12 Days Receivable 5 5 6 5 6 Days Inventory 65 65 62 55 67 Days Payable 67 83 96 70 96 Source: Independent Auditor s Report Negative working capital allows Teknosa to generate positive cash flow in tandem with growth. Days in payables have been improving for the past three years due to strong purchasing power with suppliers. 27

Capital Expenditures 48.139 Capital Expenditures (TL 000) 23.038 30.028 5.864 7.820 2009 2010 2011 Q1-11 Q1-12 Source: Independent Auditor s Report New store openings and store renovations account for 85% of the Company s capital expenditures. Capital expenditures are financed with cash generated from operations. The increase in Company s capital expenditures in 2010 was due to the acquisition/renovation of an office complex located in Adana for TL 21 million. The portion of this complex allocated within the context of Company s retail operations is recorded as fixed assets, whereas the remaining leased portion of the complex is recorded as investment property (TL 11.5 million) 28

Technical Consumer Goods Market in Turkey Technical Consumer Goods Market consists of 5 major product categories; consumer electronics & photo, information technology, telecom, small domestic appliances and white goods. The market had displayed a 14% CAGR between the years 2008 and 2011. Telecom category recorded the highest growth between 2008 and 2011 with a 24% CAGR and increased its share in the total market from 20% in 2008 to 25% in 2011. Product Categories of Technical Consumer Goods Market Consumer Electronics & Photo Information Technology Telecom Market Size (TL mn) 14,304 13,833 17,133 21,370 4,478 5,218 20% 20% 24% 25% 28% 28% 17% 17% 13% 11% 16% 15% 12% 11% 19% 16% 9% 8% Small Domestic Appliances White Goods 32% 35% 32% 31% 27% 28% 19% 16% 16% 18% 18% 20% 2008 2009 2010 2011 Jan-March 2011 Consumer Electronics&Photo White Goods Small Domestic Appliances Information Technology Telecom Jan-March 2012 Source: GfK Electronics Panel Report 30

Technical Consumer Goods Market in Turkey cont. d Sales Channels of Technical Consumer Goods Market Hypermarkets /Supermarkets and Department Stores (MASS Merchants) Consumer Electronics Stores (CES) Computer Shops & System Houses (CSS) Telecom Specialists Technical Super Stores (TSS) Points of Sale: 6,898 Points of Sale: 17,628 Points of Sale: 6,041 Points of Sale: 17,261 Points of Sale: 538 Hypermarkets /Supermarkets Carrefour, Migros, Real, Kipa, Tesco, Beğendik Cash&Carry Metro Exclusive and Nonexclusive Dealerships Arçelik, Beko, Bosch, Profilo, Siemens, Tefal, Samsung, LG, Regal, Vestel, Philips, İhlas, Esse Exclusive Dealerships Escort, Casper, Key Smart, Apple Mobile Phone Dealerships Turkcell, Vodafone, Avea Media Markt, Darty, Electroworld, Bimeks, Gold Bilgisayar, Teknolojix Do It Yourself (DIY) Retailers Bauhaus, Praktiker, Koçtaş Non-exclusive Dealerships Department Stores Boyner, YKM, EVKUR Pure Online Players Hepsi Burada Source: GfK Electronics Panel Report 2011 31

Germany Turkey France UK Italy Spain Poland Czech Rep. Hungary Main Drivers of Market Growth in Turkey The second largest and the fastest growing population in Europe (TL mn - 2011) -0.20% 1.30% 0.50% 0.70% 0.50% 0.40% 0.10% 0.40% -0.10% 82 75 65 61 60 46 38 11 10 Young population with an appetite for consumer electronics Age breakdown of 74.7 mn population 50% 39% 11% Source: The World Bank Population growth rate (%) Source: TurkStat 0-29 30-59 60+ Consumer Confidence Index reached pre- 2008 economic crises levels Higher GDP growth expectations compared to EU 117,0 97,0 96,0 62,0 90,0 114,0 4190001900r 90,0 4l 9% 8.5% 1.9% 1.4% 2.3% 3.2% 4.0% 4.3% 4.5% 05% -0.3% 0.9% 1.4% 1.6% 1.7% 02% Source: CNBC-e Confidence Index 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E Turkey Euro Area Source: TurkStat, EIU 32

UAE Belgium Netherlands Germany Austria France Spain Italy Greece Portugal Saudi Arabia Russia Slovakia Turkey Ukraine Romania Main Drivers of Market Growth in Turkey cont. d The boosting effect of credit card instalment payments on consumer spending Share of instalment payments in total credit card payments 36% 42% 41% 41% 44% 47% 47% 36% Lower per-capita spending on technical consumer goods in Turkey compared to EU ( - 2010) EU Average: 366 2005 2006 2007 2008 2009 2010 2011 Q1-12 Source: Central Bank of the Republic of Turkey Number of credit cards owned (mn) 51 43 44 47 37 30 32 554 547 547 538 457 433 425 342 276 240 193 160 159 120 87 59 2005 2006 2007 2008 2009 2010 2011 Source: The Interbank Card Center (BKM) Stimulating effect of the increase in number of shopping malls on retail sector growth Source: GfK Temax Stimulating effect of booming housing projects on consumer electronics demand 98 Number of Shopping Malls 267 244 216 160 125 296 545 Houses with Construction Permits ('000) 823 597 581 501 508 916 2005 2006 2007 2008 2009 2010 2011 Source: Trade Council of Shopping Centers & Retailers (AMPD) 2005 2006 2007 2008 2009 2010 2011 Source: The Association of Real Estate Investment Companies (2005-2009), TurkStat (2010,2011) 33

Technical Super Stores Channel (TSS) Technical Super Stores and MASS Merchants channels comprise the organized sales channels of the Technical Consumer Goods Market. Turkish Technical Consumer Goods Market is underconsolidated with Technical Super Stores accounting for only 30% of the market in 2011. Teknosa is the market leader of the Technical Super Stores channel with 45% market share* as of March 2012. Teknosa s market share in the total Technical Consumer Goods Market was 13%* as of March 2012. The competition in the TSS channel has become fierce since 2006 with the entrance of international players. However, Teknosa has succesfully maintained its leading position and increased its market share in times of economic downturns due to its strong brand name. *Excluding white goods and small domestic appliances product groups. Market Shares of Teknosa and Other TSS Players ** Company Source: Company websites *As of May, 2012 Technical Super Stores Operating in Turkey Incorporation/Start of Operations in Turkey Origin # of Stores # of Provinces * 2000 Turkey 272* 72 Gold 1991 Turkey 57 29 Bimeks 1990 Turkey 62 39 Vatan 1983 Turkey 52 25 Darty 2006 UK 27 11 Media Markt 2007 Germany 25 9 Electro Word 2007 UK 30 19 Teknosa solidified its lead position in TSS channel by acquiring some of the leading international TSS players operations and assets in Turkey 56% 53% 58% 57% 55% 44% 47% 42% 43% 45% 24190001900 r2l 14190001900 r2l Other Technical Super Stores (Bimeks, Gold, Media Markt, Electro World, Saturn, Darty and etc.) Company Start of Operations in Turkey Exit from Turkey Origin Electronic Partner 2005 2007 Germany Notes All 5 stores in Turkey acquired by Teknosa via asset sale 2008 2009 2010 2011 Jan-March 2011 **Excluding white goods and small domestic appliances product groups Source: GfK Electronics Panel Report Jan-March 2012 Best Buy 2009 2011 USA Acquired by Teknosa 34

17 May 2012 Gong Ceremony 35