Record-breaking Turkish IPO

Istanbul / London / New York July 7, 2008 ... Global law firm White & Case LLP represented Deutsche Bank and Garanti Securities, as joint global coordinators, and Merrill Lynch International and ING Bank N.V., London Branch, as joint lead managers, in the initial public offering (IPO) and listing on the Istanbul Stock Exchange of shares of Türk Telekomünikasyon A.Ş. ("Türk Telekom"), the leading integrated telecommunications operator in Turkey. The flotation, which raised approximately $1.9 billion, is the largest-ever Turkish IPO to date and the first IPO to close in Turkey in 2008.

The IPO represents the second stage of the privatisation process of Turk Telekom, following the sale in 2005 of a 55 percent stake in the company to Oger Telecom for $6.65 billion.

The White & Case team, including lawyers from the Firm's local partner Düren, Akol Avukatlık Bürosu, advising on the deal was led by Istanbul/New York-based partner Laura Sizemore and Istanbul-based partner Aydın Düren, working closely with: partner Meltem Akol, associates Müfit Arapoğlu, Tuna Çakırca, Zeynep Özkan and Ceren Şen and legal interns Ilber Aydemir, Ceylan Kara and Ali Uzun in Istanbul, as well as partner Andrew Caunt and associates Henrikki Harsu and Michael Bark-Jones in London. Abu Dhabi-based partner Villiers Terblanche advised on certain telecoms aspects of the transaction.

White & Case has a long and substantial track record of advising underwriters and issuers on equity capital markets transactions involving Turkey. Recent examples of such work include:

• representing Sinpaş Gayrimenkul Yatırım Ortaklığı A.Ş., a residential real estate investment company incorporated in Turkey, in its approximately $390 million IPO on the Istanbul Stock Exchange;
  
• advising FinansInvest in its role of international co-ordinator and bookrunner in the approximately $171 million IPO of Albaraka Türk Katılım Bankası A.Ş on the Istanbul Stock Exchange. Albaraka Türk is a participation bank that offers a wide range of interest-free products and services to both commercial and retail customers; and
  
• advising Bermudan company EastPharma Ltd., in its $200 million IPO and listing of Global Depositary Receipts on the Official List of the London Stock Exchange. EastPharma is active in the manufacturing and marketing of branded generic pharmaceuticals in Turkey.

About White & Case
White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
Sara McIlroy
European Media Relations Mgr, White & Case
44 0 20 7532 2946


Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848