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Share Transfer Agreement with KFS

According to the announcement made by Çukurova Holding to Istanbul Stock Exchange that was also submitted to our Bank yesterday,

On 31 January 2005, Çukurova Holding has signed a Share Transfer Agreement with Koç Financial Services for the sale of its Yapi Kredi shares.

Under the agreement, Koç Financial Services will acquire 44.53% of Yapi Kredi shares from Çukurova Group and 12.89% of shares from the Savings Deposit Insurance Fund, totaling 57.42%. The closing of the transaction will be subject to the receipt of all necessary regulatory approvals, the conclusion of the due diligence and the completion of all other related agreements regarding the share transfer.

The share transfer price of Euro 2,050 million - determined for 100% of Yapi Kredi's share capital based on June 30, 2004 financial statements - will be subject to revision in line with the due diligence and the closing financial statements.

Çukurova Group will use a substantial portion of the proceeds to redeem its loans to Yapi Kredi. Koç Financial Services will make a tender offer to the minority shareholders of Yapi Kredi following the finalization of the share transfer price, the closing of the transaction and upon receipt of approval from the Capital Markets Board.

Yapı Kredi / 01 Feb 2005

 
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