Document:

Exhibit
10.36

Description of Vice President Focal Bonus Plan

Bonuses under the
vice president focal bonus plan are based on the vice president’s manager’s
determination of the performance of the vice president and paid as a one-time
incentive bonus in the form of cash and/or an option grant.Exhibit 4.1

SHARE PURCHASE
AGREEMENT

This SHARE
PURCHASE AGREEMENT is made on  3  April,
2006, as amended and restated, by and between National Bank of Greece S.A., a société anonyme organized and existing
under the laws of the Republic of Greece, with its corporate headquarters at
Aiolou 86, Athens 10232, Greece, registered with the Companies Register of the
Republic of Greece (the “Purchaser”),

of the
first part

and FIBA
HOLDING A.S., a company
organized and existing under the laws of the Republic of Turkey with its
principal office at Buyukdere Cad.,
No: 129/5, Mecidiyekoy, Sisli, Istanbul, Turkey, registered with
Istanbul Trade Register at no. 254332/201904,

FINA HOLDING A.S., a company organized and existing under
the laws of the Republic of Turkey with its principal office at Buyukdere Cad., No: 129/5, Mecidiyekoy,
Sisli, Istanbul, Turkey, registered with Istanbul Trade Register at
no. 301507/249089,

GIRISIM FACTORING A.S., a company organized and existing under
the laws of the Republic of Turkey with its principal office at 1.Levent Plaza, A Blok, Kat:2, Buyukdere
Cad., No: 17334330, 1.Levent, Sisli, Istanbul, Turkey, registered
with Istanbul Trade Register at no. 292152/239734, and

FIBA FACTORING HIZMETLERI A.S., a company organized and existing under
the laws of the Republic of Turkey with its principal office at 1.Levent Plaza, A Blok, Kat:2, Buyukdere
Cad., No: 17334330, 1.Levent, Sisli, Istanbul Turkey, registered with
Istanbul Trade Register at no. 375560/323142,

(individually a “Seller” and collectively the “Sellers”)

of the second part.

RECITALS

(a)        Target
(as defined below) and its Subsidiaries (as defined below) are engaged in the
provision of banking and financial services primarily in the Turkish markets;

(b)        The
Sellers own (i) 5,289,542,219 shares
in the share capital of Target, representing 55.68% of its total issued and
outstanding ordinary shares and (ii) 100  founders’ shares out of 100  founders’ shares
issued by the Target;

(c)        From February 21, 2006 to March 17, 2006, the Purchaser
has conducted a due diligence exercise (the “Due
Diligence”) on the Business (as defined below), accounting, tax,
legal and regulatory matters of Target and its Subsidiaries, including its
review of the information contained in the Data Room Documents (as defined
below); during the Due Diligence period, the Sellers have procured that Target
grant to the Purchaser access to a data room in Istanbul, Turkey at a location
notified to the Purchaser (the “Data Room”),
have procured that Target provide the Purchaser including its advisors and
representatives with all material documents and information relevant to the
Business (as defined below), accounting, tax, legal and regulatory matters of
Target and its Subsidiaries, and have caused certain key officers and employees
of Target (and of the Subsidiaries) to: (i) furnish the Purchaser (and its
advisors and representatives) with certain financial, legal and operating data
and other information with respect to the business and properties of Target and
of the Subsidiaries requested by the Purchaser; and (ii) meet with and
discuss elements of the above information with the Purchaser and its
consultants and representatives (the “Management Meetings”);
this Recital (c) is without prejudice to the Purchaser’s rights
under, and subject to the terms of, this Agreement; and

   
 

(d)        The
Parties (as defined below) now wish to set forth hereby the terms and
conditions upon which the Sellers will sell to the Purchaser, and the Purchaser
will purchase from the Sellers shares in the ordinary share capital of Target
representing 46% of its total issued and outstanding ordinary shares, and
founders’ shares of Target, representing 100% of its issued and outstanding
founders’ shares.

NOW THEREFORE, in
consideration of the premises and mutual promises herein contained, the Parties
(as defined below), intending to be legally bound, hereby covenant and agree as
follows.

ARTICLE I

Certain Definitions
and Interpretative Matters

Certain definitions.—In addition
to the other terms defined elsewhere in this Agreement, the following terms
shall have the meanings ascribed to them below.

“Acquired Percentage”:
shall mean 50.43% (comprising the aggregate of the Founders’ Share Acquired
Percentage and the Ordinary Share Acquired Percentage).

“Affiliate”:
shall mean, with respect to any Person, an individual, corporation,
partnership, firm, association, unincorporated organization or other entity
directly or indirectly controlling, controlled by or under common control with
such Person. For the purposes of this Agreement, Mr Hűsnű Őzyeğin and any Affilitate of Mr Hűsnű Őzyeğin shall be an Affiliate of the
Sellers. For the purposes of this definition, “control”
shall mean having or being subject to a Controlling Interest.

“Agreed Exchange Rate”:
shall mean the arithmetic average of the spot rates for the purchase of USD
with TRY quoted by T. Garanti Bank A.S., Akbank T.A.S., and HSBC Bank A.S.  at 11:30 am (Istanbul time) on any day for
which such rate of exchange is to be determined.

“Agreed Rate”:
shall mean an interest rate per annum
corresponding to the Interbank offered rate for six (6) months USD deposits shown at page 3750 of Reuters (or such other page as may replace that page) as
being applicable on the first Business Day of each six (6) months period (or fraction thereof) in respect of
which interest shall be payable pursuant to this Agreement, it being agreed
that, for the purposes of this Agreement interest shall be computed on the
basis of the number of days actually elapsed divided by 365.

“Agreement”: shall
mean this Share Purchase Agreement, including all exhibits and schedules
hereto.

“Balance Sheet Date Pro
Forma Financial Statements”: shall mean the pro forma consolidated
balance sheet of Target and the other Companies as at December 31, 2005
and the pro forma consolidated profit and loss account of Target and the other
Companies for the 12 months to December 31, 2005, reflecting the
participations in the International Subsidiaries as a single line item, but
otherwise prepared in accordance with IFRS, together with any notes, reports,
statements or documents included or attached to them, as reported on by the
Target’s Auditors and which is, together with the report thereon of the Target’s
Auditors, attached hereto as Exhibit 1.

“Balance Sheet Date Pro Forma
SHE”: shall mean USD937,220,000;

“Balance Sheet Date”:
shall mean December 31, 2005.

“Balance Sheet Date
Financial Statements”: shall mean the consolidated balance sheet of
Target and the other Companies as of the Balance Sheet Date and the consolidated
statements of (i) income, (ii) changes in shareholders’ equity, and (iii) cash
flows for the financial year ended December 31, 2005, including all notes
thereto, prepared by Target in accordance with IFRS and audited by Target’s
Auditors.

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“BRSA”: shall
mean the Banking Regulatory and Supervisory Agency (BDDK) of the Republic
of Turkey.

“Business”:
shall mean the business and operations of the Companies, including the
Companies’ banking and financial services businesses carried on in Turkey.

“Business Day”:
shall mean any calendar day other than a Saturday, Sunday or any other day on
which credit institutions are authorized to close in Athens (Greece) and/or
Istanbul (Turkey).

“Clearance”:
shall have the meaning set forth in Section 10.01(a).

“Change of Control”:
shall mean, with respect to the International Subsidiaries, that Mr Hűsnű Őzyeğin and his Affiliates, together,
no longer have a Controlling Interest in the relevant International Subsidiary.

“Closing”: shall
mean the consummation of all the obligations and transactions required to be
performed and consummated on the Closing Date pursuant to this Agreement.

“Closing Date”:
shall mean the date on which the Closing will take place in accordance with the
applicable provisions of this Agreement.

“Closing Date Financial
Statements”: shall mean the interim consolidated balance sheet of
Target and the other Companies as of close of business on the Closing Date and
the consolidated statement of income for the period from and including January 1,
2006 to and including the Closing Date, prepared by the Purchaser in accordance
with Schedule 3.01 (and, for the avoidance of doubt, taking account of the
fact that the transfers provided for in the Take-Out Assets Sale and Purchase
Agreement and the Malta Sale and Purchase Agreement have taken place) and
delivered to the Sellers for
the purpose of the determination of the Closing Date SHE and as agreed or
determined in accordance with this Agreement.

“Closing Date SHE”: shall mean the USD Equivalent (determined
as at the Closing Date) of:

(i)         the
difference, as of the Closing Date and on a consolidated basis, between the
book value of all the assets and the book value of all the liabilities of
Target and the other Companies (for the avoidance of doubt, after the deduction
of minority interests), as recorded in the Closing Date Financial Statements;
minus

(ii)       an
amount equal to (a) the Take-Out Assets Final Purchase Price, plus (b) any
other gain or income of any kind which is received or arises during the period
from and including January 1, 2006 to and including the Closing Date, and
which arises out of the ordinary course and would be considered as an
extraordinary item.

“Closing Date Shortfall”:
shall mean the amount, if any, by which (i) the sum which results from adding
USD 100,000,000 to the Closing Date SHE is less than (ii) the Balance
Sheet Date Pro Forma SHE.

“CMB” shall mean the Capital Markets Board (SPK) of the Republic
of Turkey.

“Companies”:
shall mean collectively, Target and the Subsidiaries.

“Companies’ Marks”:
shall have the meaning given in Section 9.05(d).

“Conditions Fulfillment
Date”: shall mean the date on which all the Conditions Precedent set
forth in Sections 10.01 and 10.04 have been satisfied (or waived by the Party
entitled to waive such condition).

“Conditions Precedent”:
shall mean collectively, the Clearances, the Reorganization Clearances and the
other conditions referred to in Section 10.04.

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“Controlling Interest”:
shall mean (i) the ownership or control (directly or indirectly) of more 50%
of the voting share capital of the relevant undertaking or company; or (ii) the
ability to direct the casting of more than 50% of the votes exercisable at
general meetings of the relevant undertaking or company on all, or
substantially all, matters; or (iii) the right to appoint or remove
directors of the relevant undertaking or company holding a majority of the
voting rights at meetings of the board on all, or substantially all, matters.

“Data Room”:
shall have the meaning set forth in Recital (c).

“Data Room Documents”:
shall mean the actual copies of the documents identified in the index set out
in Schedule R(c) which are held by Pekin & Bayar, counsel to
the Purchaser, from the date of this Agreement onwards on behalf of the
Parties.

“Designated Representative”:
shall have the meaning set forth in Section 4.01(c).

“Due Diligence”:
shall have the meaning set forth in Recital (c).

“Employees”:
shall mean all employees employed by Target and the Subsidiaries as of the
Closing Date.

“Encumbrances”:
shall mean any encumbrances, lien, claim, charge, security, interest, mortgage,
pledge, easement, conditional sale or other title retention agreement,
covenant, right of first refusal, option right, or other similar restriction or
third-party rights, as the context may require.

“Final Founder Share
Consideration”: shall mean the amount payable by the Purchaser under
Section 2.01(c) minus any amount payable by the Sellers in relation
to the Founders’ Shares under Section 2.01(d)(ii).

“Final Ordinary Share
Consideration”: shall mean the amount payable by the Purchaser under
Section 2.01(b) minus any amount payable by the Sellers in relation
to the Ordinary Shares under Section 2.01(d)(i).

“Financial Statements”:
shall mean the Balance Sheet Date Financial Statements and the Balance Sheet
Date Pro Forma Financial Statements.

“Finans International”:
shall mean Finans International Holding N.V, a company organized and existing
under the laws of The Netherlands with its principal office at Karspeldreef, 6a
1101 CJ, Amsterdam, The Netherlands, registered with the Kamer Van Koophandel
Amsterdam Trade Register at no. 34106005.

“Finans International
Shares”: shall mean all of the 153,400,000 shares of Finans
International owned by Target, which represent 100% of its total issued,
outstanding and fully paid up share capital.

“Finansbank Malta”:
shall mean Finansbank Malta Ltd., a company organized and existing under the
laws of Malta with its principal office at Strand Towers, 2nd Floor, No:36, The Strand, Sliema SLM 07,
Malta, registered with the Malta Trade Register at no. C36003.

“Finansbank Malta Shares”:
shall mean all of the shares of Finansbank Malta owned by Finans International,
which represent 99.99% of its total issued, outstanding and fully paid up share
capital.

“Finansbank Romania”:
shall mean Finansbank Romania S.A., a company organized and existing under
the laws of Romania with its principal office at 12, Splaiul Unirii, Blok B6
751012 Bucharest, 4—Romania, registered with the Bucharest Trade Register at
no. J40/18074/1993.

“Finansbank Romania Shares”:
shall mean all of the 37,907,006 shares of Finansbank Romania owned by Target,
which represent 41.81% of its total issued, outstanding and fully paid up share
capital.

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“Finansbank Brand”:
shall mean all Intellectual Property relating to the use of the words “Finans”,
“Finansbank” and “Cardfinans” in connection with banking and financial
services, including those rights noted in Schedules 9.05(a) to (c).

“Founders’ Share Acquired
Percentage”: means 8.2%.

“Founders’ Shares”:
shall mean 100% of the issued and outstanding founders’ shares in the capital
of the Company from time to time (being 100 founders’ shares as at the date of
this Agreement).

“Governmental Body”:
shall mean any legislative, executive or judicial unit of any governmental
entity (foreign, federal, state or local) or any department, commission, board,
agency, bureau, official or other regulatory, administrative or judicial
authority thereof.

“Independent Firm”:
shall mean KPMG or, if that firm is unable or unwilling to act, such other
independent firm of chartered accountants of international standing as the
Sellers and the Purchaser, acting reasonably and in good faith, shall agree.

“IFRS”: shall
mean International Financial Reporting Standards as promulgated by the
International Accounting Standards Board and as in force at the date to which
the relevant financial statements are prepared.

“Interim Period”:
shall have the meaning given in Section 4.01.

“Initial Founders’ Shares
Consideration”: shall mean USD451,000,000.

“Initial Ordinary Share
Consideration”: shall mean USD2,323,000,000.

“Intellectual Property”:
shall have the meaning set forth in Section 6.01.09(b).

“Internal IT Systems”:
shall mean the material information and communications technologies used by the
Companies including, without limitation, hardware, proprietary and third party
software, networks, peripherals and associated documentation.

“International Subsidiaries”:
shall mean Finansbank Romania S.A, Finansbank Suisse S.A, Finansbank Russia
Ltd., Finansbank Holland N.V.

“Key Manager”:
shall mean any person employed by the Companies as, or who has the title of,
General Manager, Executive Vice President, Director/Chief Risk Officer, Head of
Board of Internal Auditors, Assistant Head of Board of Internal Auditors, Head
of Internal Control Unit and Regional Manager.

“Law”: shall
mean any national, federal, state, provincial or local law, statute, ordinance,
rule, regulation, code, order, judgment, injunction or decree.

“Malta Sale and Purchase
Agreement”: shall mean the Malta sale and purchase agreement in the
form attached hereto as Schedule 5.02 (subject to such amendments as the
Parties may agree in writing), including any agreements to be entered into
pursuant thereto.

“Malta Purchase Price”:
shall mean USD 48,000,000;

“Management Meetings”:
shall have the meaning set forth in Recital (c).

“Material Adverse Change”: shall mean:

(a)        any
changes, effects or events, occurring after the date hereof (including any
deterioration of the Companies’ loan portfolios, the release of any debtors of
the Companies on terms that they pay less than the book value of their debts,
and any debts owing to the Companies being deferred, subordinated or written
off or otherwise becoming irrecoverable) which, individually or taken together,
will, or are 

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reasonably likely to,
result in an impairment or reduction in the Companies’ consolidated net asset
value and/or the Companies’ consolidated annual pre-tax net income of more than
30%; or

(b)        (i) a
general disruption in the financial and banking markets in Turkey or in leading
international financial markets; or (ii) a general suspension in trading
on leading international stock exchanges; or (iii) a suspension or
material limitation of trading in the securities of the Target on the Istanbul
Stock Exchange or London Stock Exchange; or (iv) the imposition of
currency exchange controls in Turkey or elsewhere (v) the outbreak or
escalation of hostilities and/or act of terrorism or any other calamity or
crisis, provided that item (v) shall only be considered a Material Adverse
Change if the effect of such item is so substantial and adverse as to
fundamentally impair the value to the Purchaser of the Companies taken as a
whole.

“Material Adverse Effect”: shall mean:

(a)        any changes,
effects or events, occurring after the date hereof (including any deterioration
of the Companies’ loan portfolios, the release of any debtors of the Companies
on terms that they pay less than the book value of their debts, and any debts
owing to the Companies being deferred, subordinated or written off or otherwise
becoming irrecoverable) which, individually or taken together, will, or are
reasonably likely to, result in an impairment or reduction in the Companies’
consolidated net asset value and/or the Companies’ consolidated annual pre-tax
net income of more than 30%; or

(b)        a
general disruption in the financial and banking markets in Turkey that is so
substantial and adverse as to fundamentally impair the value to the Purchaser
of the Companies taken as a whole.

“Non Tax Claim”:
shall mean any claim for breach of any of the warranties set out in Article VI
other than a Tax Claim.

“Ongoing Tax Proceedings”
shall mean the proceedings arising of Target’s claim in the action filed by
Target against the Bogazici Tax Office pursuant to the file numbers 2004/838
E., 2004/1365 E. and 2005/1013 E., respectively in the Istanbul 1st Tax Court
and Istanbul 8th Tax Court.

“Ordinary Shares”:
shall mean the issued and outstanding ordinary shares in the capital of the
Company from time to time.

“Ordinary Share Acquired
Percentage”: means 42..2%.

“Owned IP”:
shall mean Intellectual Property owned by the Company.

“Party”: shall
mean either the Purchaser or the Sellers, and, in the plural form, all of them,
as the context may require.

“Person”: shall
mean any individual, corporation, partnership, firm, association,
unincorporated organization or other entity.

“Permits”: shall
mean all permits, licenses, certificates of inspection, approvals, consents,
permissions or other authorizations required for the operation or conduct of
the Business in all material respects as currently conducted by the Companies
in accordance with applicable Law.

“Permitted Assignee”:
shall have the meaning ascribed in Section 12.03(c).

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“Permitted Encumbrances”:
(i) Encumbrances specifically referred to in the Balance Sheet Date
Financial Statements, (ii) Encumbrances consisting of zoning or planning
restrictions, easements, permits or irregularities in title thereto which
together do not materially detract from the value of, or impair the use of, any
particular property by the Companies, (iii) Encumbrances for taxes,
assessments or governmental charges or levies on property not yet due,
(iv) Encumbrances incurred in the ordinary course of business arising by
the operation of law, (v) any Encumbrances or minor imperfection in title
and minor encroachments, if any, not material in amount that, individually or
in the aggregate, do not materially interfere with the conduct of the Business
or with the use of the assets and do not materially affect the value of the
Business and (vi) Encumbrances described in Schedule 6.01.04
attached hereto.

“Purchaser”:
shall have the meaning set forth in the preamble of this Agreement.

“Purchase Price”:
shall mean the sum of (i) in relation to the Shares, the Final Ordinary
Share Consideration; and (ii) in relation to the Founders’ Shares, the
Final Founders’ Shares Consideration.

“Related Party Arrangements”:
shall mean all contracts, agreements, licenses, guarantees, indemnities,
counter indemnities and letters of comfort of any nature and other commitments
between any of (i) the Sellers or their Affiliates (including, for these
purposes, the International Subsidiaries) and (ii) the Companies.

“Relevant Percentage”:
shall have the meaning set forth in Section 8.01(b).

“Reorganization Agreements”:
shall collectively mean the Take-Out Assets Sale and Purchase Agreement and the
Malta Sale and Purchase Agreement.

“Representative Offices”:
shall mean the representative offices of Finans International and Finansbank
Suisse S.A. in Istanbul, Turkey.

“SDIF” shall
mean Saving Deposits Insurance Fund (TMSF) of the Republic of Turkey.

“Sellers”: shall
have the meaning set forth in the preamble of this Agreement.

“Shareholders’ Agreement”
shall mean the shareholders’ agreement to be entered into between the
Purchaser, Fiba Holding A.S., Girisim Factoring A.S and Fiba Factoring
Hizmetleri A.S. in the form attached hereto as Schedule 9.01;

“Shares”: shall
mean 46% of the Ordinary Shares (being 4,370,000,000 Ordinary Shares as at the
date of this Agreement).

“Sellers’ Representative”:
shall mean Fiba Holdings A.S.

“Subsidiaries”:
shall mean collectively the companies listed on Schedule 6.01.05(b) and
each of them a “Subsidiary”.

“Take-Out Assets”:
shall mean the participation of Target represented by the Finans International
Shares and Finansbank Romania Shares.

“Take-Out Assets Final
Purchase Price”: shall mean USD600,000,000.

“Take-Out Assets Sale and
Purchase Agreement”: shall mean the take-out assets sale and
purchase agreement in the form attached hereto as Schedule 5.02 (subject to
such amendments as the Parties may agree in writing), including any agreements
to be entered into pursuant thereto.

“Target”: shall
mean Finansbank A.S., a joint stock company incorporated and organized under
the laws of Turkey, registered at the Istanbul Trade Register at
no. 237525/185092 with registered office at Buyukdere Cad., No:129,
Gayrettepe, Sisli - Istanbul.

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“Target’s Auditors”:
shall mean the independent certified public accountants of Target known as
Ernst & Young, Güney S.M.M.M A.S.

“Target’s Accounting
Principles”: shall mean IFRS as applied by Target on a consistent
basis throughout the periods covered by the Financial Statements referred to
herein.

“Tax”: shall
mean all forms of taxation, duties, levies, charges, fees, withholding
(including but not limited to health, welfare, social security, employment and
similar payments) and imposts in any jurisdiction, including, without limitation,
corporate tax, income tax, value added tax, banking and insurance transaction
tax, municipality taxes, social security taxes, stamp duty, customs, and other
import duties, capital gains tax, withholding tax on securities trading
transactions and service arrangements with foreign counterparts and expenses,
penalties and interest relating to the foregoing or resulting from a failure to
comply with any provisions of any enactment relating to tax.

“Tax Authorities”:
All national and local administrative organizations that are authorized to levy
tax and other fiscal liabilities, including but not limited to tax offices of
Customs, Ministry of Finance, municipalities and alike.

“Tax Return”:
shall mean, with respect to a Person, any tax return or report that it is
required by law to file with relevant Tax authorities.

“Tax Claim”:
shall mean (i) any claim for breach of any of the warranties set out in Section 6.01.10;
(ii) any claim under the indemnity set out in Section 8.01(A); and (iii) any
claim under the indemnity set out in Section 8.01(c) in respect of
Tax.

“Tender Offer”:
shall have the meaning ascribed to it in Section 9.04.

“Third Party Assurances”:
shall mean all guarantees, indemnities, sureties, counter indemnities and
letters of comfort of any nature given to any person by any of the Companies in
respect of any obligation of a Seller or an Affiliate of a Seller (including
the International Subsidiaries).

“Treasury”:
shall mean the Undersecretariat of Treasury of the Republic of Turkey.

“TRY”: shall
mean Turkish Lira, i.e., such
coin or currency of Turkey as, at the time of payment, constitutes legal tender
for the payment of public and private debts therein.

“Turkey”: shall
mean the Republic of Turkey.

“USD”: shall
mean the lawful currency of the United States of America.

“USD Equivalent”:
shall mean on any Business Day on which an amount denominated in a currency
other than USD is to be determined or paid in USD terms, the conversion of such
non-USD amount into USD at the Agreed Exchange Rate on the relevant Business
Day.

“Working Hours”:
shall mean 9.30 a.m. to 5.30 p.m. on a Business Day in the relevant
location.

Other
Definitional and Interpretive Matters.—Unless otherwise
expressly provided, for purposes of this Agreement the following rules of
interpretation shall apply:

(a)        Calculation of Time Period.—When calculating the period of
days before which, within which or following which any act is to be done or
step taken pursuant to this Agreement, the day that is the reference date in
calculating such period shall be excluded. If the last day of such period is a
non-Business Day, the relevant period shall end on the next succeeding Business
Day. Unless otherwise expressly indicated, the terms indicated in weeks or
months shall end on the same calendar day of the relevant week or month set as
the end of the term (or, if there is no such calendar day, the nearest
preceding day).

(b)        Gender and Number.—Any reference in this Agreement to gender
shall include all genders, and words imparting the singular number only shall
include the plural and vice versa.

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(c)        Headings.—The provision of a table of contents, the division
of this Agreement into articles, sections, paragraphs and other subdivisions
and the insertion of headings are for convenience of reference only and shall
not affect or be utilized in construing or interpreting this Agreement.

(d)        Paragraph/Section/Article.—All references in this Agreement
to any “Paragraph”, “Section” and/or any “Article” are to the corresponding
paragraph, section and/or article, respectively, of this Agreement unless
otherwise specified.

(e)        Herein.—The words such as “herein”, “hereinafter”, “hereof”,
“hereby”, “hereto” and “hereunder” refer to this Agreement as a whole and not
merely to a subdivision in which such words appear, unless the context
otherwise requires.

(f)         Including.—The word “including” or any variation thereof
means “including, without limitation” and shall not be construed to limit any
general statement that it follows to the specific or similar items or matters
immediately following it.

(g)        Schedules.—The Schedules attached to this Agreement shall be
construed with and as an integral part of this Agreement to the same extent as
if the same had been set forth verbatim
herein. Any matter disclosed by the Sellers on any one Schedule in connection
with any representation and warranty of the Sellers set forth in Article VI
shall be deemed to have been disclosed for purposes of all other
representations and warranties of the Sellers to which it can reasonably be said
to relate. If a matter is disclosed on a Schedule relating to a representation
or warranty which is qualified by a materiality standard, then that disclosure
is not intended to be of an effect, event, occurrence or state of facts in the
business, financial condition, assets, properties or result of operations of
any of the Companies that is substantial and adverse as to fundamentally impair
the value of the Business, unless that disclosure specifically states
otherwise.

(h)        Knowledge of the Sellers.—Where any representation or
warranty contained in this Agreement is expressly qualified by reference to the
knowledge of the Sellers, this shall mean the actual knowledge of the members
of the board of directors of Target in office at any time during the period of
12 months prior to the date hereof or at any time prior to Closing and
elected to represent the Sellers therein, and that reference will be deemed to
include a statement to the effect that it has been given after making
reasonable enquiries.

(i)         Acts of the Companies.—Where any provision of the Agreement
is expressed as an obligation on the Purchaser to procure any act or omission
on the part of any one or more of the Companies, it shall be construed as an
obligation of the Purchaser to take all reasonable actions within its powers to
the extent permitted under applicable Law (including by voting its Target
shares) to cause the Companies to act or omit to act in the relevant way.

(j)         Joint and Several
Obligations.—The liability of the Sellers under this Agreement shall
be joint and several (both in respect of any warranty, representation, covenant
or obligation expressed as one of an individual Seller and any expressed as one
of the Sellers or more than one of them). If any undertaking under this Agreement
is expressed to be an obligation of more than one Seller, it shall be construed
as a joint and several obligation all of the Sellers. Each of the Sellers
unconditionally and irrevocably guarantees to the Purchaser as a continuing
obligation, and as primary obligor and not just as surety, that it and each of
the other Sellers will comply properly and punctually with their obligations
under this Agreement and the Reorganization Agreements and any other agreement
to be entered into pursuant to or in connection herewith.

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ARTICLE II

Subject Matter of
the Agreement

2.01   Undertaking
of the Parties.—(a) Upon the terms and subject to the
conditions set forth in this Agreement the Sellers hereby agree to sell to the
Purchaser, and the Purchaser hereby agrees to purchase from the Sellers, on the
Closing Date, the Shares and the Founders’ Shares (as set opposite the relevant
Seller’s name in Schedule 2.01(a), together with any additional shares issued
to the Sellers in respect thereof). The Shares and the Founders’ Shares shall
be sold by the Sellers free and clear from any Encumbrances and in accordance
with the provisions and requirements of the Articles of Association of Target,
and ownership (including all rights then attaching to them and the right to
receive any dividend or distribution declared, paid or made after Closing) and
risk in the Shares and the Founders’ Shares shall pass to the Purchaser with
effect from Closing;

(b)        As
consideration for the purchase of the Shares, the Purchaser shall pay to the
Sellers on the Closing Date, an amount equal to the Initial Ordinary Share
Consideration;

(c)        As
consideration for the purchase of the Founders’ Shares, the Purchaser shall pay
to the Sellers on the Closing Date an amount equal to the Initial Founders’
Shares Consideration;

(d)        The
Sellers shall pay to the Purchaser on the Business Day set forth in Section 3.03
an amount equal to:

(i)         in
relation to the Shares, the Ordinary Share Acquired Percentage of the Closing
Date Shortfall, if any; and

(ii)       in
relation to the Founders’ Shares, the Founders’ Share Acquired Percentage of
the Closing Date Shortfall, if any.

2.02   Partial Discharge of
Purchase Price—At the option of the Sellers, the Purchaser may apply
part of the Purchase Price to the discharge of the Take-Out Assets Final
Purchase Price on behalf of Fiba Holding A.S. by making payment of that amount
directly to the Target. In such event, the amount which the Purchaser would
otherwise be required to pay to the Sellers at Closing shall be reduced by and
treated as discharged by the amount of the Take-Out Assets Final Purchase
Price.

2.03   Purchase Price.—Any payment made in satisfaction of an
obligation of the Parties pursuant to any provision of this Agreement,
including pursuant to this Article II, Article III below and any
liability arising under any representation, warranty or undertaking to
indemnify given by the Sellers to the Purchaser (or vice versa) shall, to the
extent lawful, adjust the price paid for the Shares and the Founders’ Shares
(other than for the purposes of Section 8.04), pro rata to the proportions
which the Ordinary Share Acquired Percentage and the Founders’ Share Acquired
Percentage represent of the Acquired Percentage, and such price as so adjusted
shall be adopted for all tax reporting purposes.

ARTICLE III

Determination of
the Closing Date SHE and Payment of the Closing Date Shortfall

3.01   Closing Date Financial
Statements and Related Items.—As soon as practicable following the
occurrence of the Closing, the Purchaser shall cause the Companies to take all
actions necessary for the preparation of the Closing Date Financial Statements
and the determination of the Closing Date SHE (and the Closing Date Shortfall,
if any).

3.02   Determination
of the Closing Date SHE.—(a) The Closing Date Financial
Statements, together with the Closing Date SHE (and the Closing Date Shortfall,
if any calculated therefrom, will be delivered by the Purchaser to the Sellers
as soon as practicable and, in any event, no later than three (3) months
following the Closing Date.

 10
 

(b)        The
Closing Date Financial Statements, the Closing Date SHE and the Closing Date Shortfall, if any, so
prepared will be final and binding upon the Parties unless a written notice of
disagreement with respect thereto, specifying in reasonable detail the items,
the nature and the reasons of such disagreement, is delivered by the Sellers to
the Purchaser within ten (10) Business Days from the date on which these
items have been delivered to the Sellers pursuant to Paragraph (a) preceding.
The Seller shall only be entitled to serve a notice of disagreement pursuant to
this Section 3.02(b) to the extent that the Closing Date Financial
Statements, the Closing Date SHE and/or the Closing Date Shortfall have not
been prepared or calculated in accordance with this Agreement (including
Schedule 3.01).

(c)        If a
notice of disagreement is given by the Sellers to the Purchaser as provided in
Paragraph (b) preceding, during a period of fifteen (15) Business Days
following the giving of such notice, the Sellers and the Purchaser will, in
good faith, attempt to resolve any differences which they may have with respect
to any matter specified in such notice of disagreement.

(d)        If,
within such period, the Sellers and the Purchaser fail to reach an agreement in
writing with respect to all of such matters, then all matters as to which
agreement is not so reached will be submitted by either Party to and reviewed
by the Independent Firm. Except for matters which are both (i) specifically
set out in a notice of disagreement issued in accordance with Paragraph (b) preceding,
and (ii) permitted under the terms of Paragraph (b) preceding to
be included in such a notice, the Sellers shall be deemed to have agreed the
Closing Date Financial Statements in full.

(e)        The
Independent Firm shall (and shall be instructed by the Parties to):

(i)         consider
only the disputed matters;

(ii)       determine
the Closing Date Financial Statements and the Closing Date SHE in accordance
with Schedule 3.01;

(iii)      be
required to provide an explanation for its determination with respect to any
such disagreement;

(iv)       allow
each of the Parties to fully present its reasons and objections; and

(v)        act as
an expert and not as an arbitrator.

(f)         As
soon as reasonably possible and, in any case, within twenty (20) Business Days
following the date on which the Independent Firm is informed of any
disagreement between the Parties according to Paragraph (d) preceding,
Independent Firm shall prepare or cause to have prepared and shall deliver to
the Sellers and the Purchaser:

(i)         the
Closing Date Financial Statements, the Closing Date SHE, adjusted to reflect
any determination of Independent Firm with respect thereto, all as provided in
Paragraph (e) preceding; and

(ii)       the
determination of the Closing Date Shortfall, if any.

(g)        The
Closing Date SHE, computed from the Closing Date Financial Statements and
notified to the Sellers pursuant to Paragraph (a) in respect of which no
notice of disagreement was given by the Sellers pursuant to Paragraph (b), any
agreement reached between the Parties pursuant to Paragraph (c) and, in the
absence of manifest error, the determinations of the Independent Firm with
respect to the disputed matters pursuant to Paragraphs (e) and (f), shall
be final and binding between the Parties and shall not be subject to appeal.

(h)        All
fees and disbursements of the Independent Firm due in connection with the
activities contemplated in this Section 3.02 shall be equally shared
between the Sellers and the Purchaser or in such other proportions as the
Independent Firm shall determine, in its absolute discretion.

 11

3.03   Closing Date Shortfall.—(a) On
the third (3rd)
Business Day following the date on which the Closing Date Shortfall, if any,
shall have become final and binding between the Parties pursuant to
Section 3.02(g), the Sellers shall pay to the Purchaser the amounts (if
any) payable under Section 2.01(d).

(b)        The
Parties agree and acknowledge that the Closing Date Shortfall and the amounts
payable under Section 2.01(d), if any, shall not be subject to any
limitation whatsoever.

(c)        Any
payment under Section 2.01(d) shall include, in addition, interest
thereon calculated at the Agreed Rate for the period from (but excluding) the
Closing Date to (and including) the date of actual payment.

3.04   Retention Arrangements.—During
the period between the date of this Agreement and Closing, the Parties shall
each use their best endeavours to procure that those of the Key Managers for
whom the Purchaser proposes new terms of employment with the Companies enter
into such terms as the Purchaser proposes, provided they are reasonable and
appropriate having regard to the objective of retaining and incentivising those
Key Managers.

3.05   Cooperation
and Access.—During the period between the Closing Date and the date
on which the Closing Date Financial Statements, the Closing Date SHE and the
Closing Date Shortfall will become final and binding on the Parties in
accordance with Section 3.02(g) preceding, the Purchaser shall:

(i)         provide
reasonable assistance and cooperation, and cause the Companies to provide
reasonable assistance and cooperation, to the Sellers in conducting the reviews
and examinations contemplated in this Article III; and

(ii)       grant, and cause the Companies to grant,
the Sellers (at the cost of the Sellers) and the Independent Firm all access to
the properties, books, files and records of the Companies and to the employees,
consultants, agents and attorneys thereof necessary for the purpose of
conducting such reviews and examinations as may reasonably be required to
complete the procedures contemplated in this Article III.

ARTICLE IV

Interim Management

4.01   Undertakings of the
Sellers.—(a) Except as otherwise provided for in this Section 4.01
or in other Paragraphs, Sections or Articles to, this Agreement, or otherwise
approved in writing by the Purchaser after the date hereof (which approval
cannot be unreasonably withheld or delayed), during the period from the date of
this Agreement to the Closing Date (the “Interim
Period”) the Sellers shall take all reasonable actions within its
powers to the extent permitted under applicable Law (including by voting of its
Target shares) to cause the Companies (i) to conduct the Business in the
ordinary course substantially consistent with past practice, and (ii) not
to enter into any
agreement, or incur any obligation, liability or indebtedness which could
reasonably be expected to have a Material Adverse Effect.

(b)        In
particular (without prejudice to the Sellers’ obligations in Paragraph (a) above),
the Sellers shall also, subject to the aforesaid exceptions, cause the
Companies not to:

(i)         in a
single transaction or a series of connected transactions, sell, transfer,
pledge, mortgage, lease or grant any option over any assets (including loans)
or properties, which individually or together, have a value in excess of USD15,000,000, other than the transfer
of the Take-Out Assets in accordance with the terms as set forth in this
Agreement and the Reorganization Agreements, provided
however that any sale or transfer on arm’s length terms from a
Company to another Company shall be permitted without restrictions;

 12
 

(ii)       materially
increase the compensation payable or to become payable to any employee or
consultant, other than increases made in accordance with normal past practice
taking into account the current competitive market conditions or mandated by
law or collective bargaining agreements, or which is otherwise, in all material
respects, in accordance with any budget relating to the Companies (copies of
which are included in the Data Room Documents and appended hereto as
Schedule 4.01(b)(ii)), or dismiss or give notice to any of the Key
Managers;

(iii)      make,
incur or commit to any single capital expenditure (or series of connected
capital expenditures) exceeding USD4,000,000
which is not provided for in, or is inconsistent with, any budget
relating to the Companies (copies of which are included in the Data Room Documents
and appended hereto as Schedule 4.01(b)(ii)) or which is otherwise outside
the ordinary course of business;

(iv)       acquire
or dispose, in any form, participations in the equity of other companies or
acquire, dispose or lease (as lessor or lessee) any asset (including loans),
business or segment of business exceeding USD4,000,000 for each transaction or series of connected
transactions, other than the transfer of the Take-Out Assets and of the shares
in Finansbank Malta in accordance with the terms as set forth in this Agreement
and the Reorganization Agreements;

(v)        enter
into any:

(1)        any
agreement (other than contracts that are entered into the ordinary course of
business) (A) involving payments by the Companies exceeding USD4,000,000 per annum, (B) which
is material and cannot be performed within its terms within three (3) years
after the date on which it is entered into or undertaken or which is material
and cannot be terminated on 12 months’ notice or less, or (C) which may
result in any material change in the nature or scope of the operations of the
relevant Company (or any modification of an existing contract or arrangement
which would itself fall, or cause the contract or arrangement concerned to
fall, within any of (A) to (C) above or the making of any bid,
tender, proposal or offer likely to lead to any such contract or arrangement);

(2)        joint
venture agreements, whether or not in corporate form;

(vi)       (A) create,
allot or issue any share or loan capital or any other security (or grant any
option or rights over the same), (B) purchase, redeem, reduce, reclassify,
pledge, encumber, sell or dispose of any of its (or its subsidiaries’) share or
loan capital or other securities (or options or rights over the same), (C) declare,
make or pay any dividend or other distribution of any kind, other than the
payment of any dividends relating to the period from January 1, 2005 to December 31,
2005 payable to the holders of Founders’ Shares in accordance with the by-laws
of Target in the amount of TRY 28,541,919;

(vii)     change
its provisioning criteria inconsistently with past practice;

(viii)    amend
its organizational documents;

(ix)       give
any individual or series of connected guarantees, indemnities or other
agreements to secure an obligation of a third party which if called would
result in a cost to it of USD2,000,000 or more and which are outside its
ordinary course of business;

(x)        enter
into or modify any Third Party Assurance or Related Party Arrangement;

(xi)       settle
any individual litigation claim where such settlement involves a total
liability or cost of or in favour of the Companies of USD4,000,000 or more;

(xii)     take
any action which is inconsistent with the terms of this Agreement;

 13
 

(xiii)    prematurely
repay or prepay any loans or other financial facilities or assistance made
available to it;

(xiv)     cancel
or reduce any of its insurance coverage in any material respect;

(xv)      permit
any Permits or any Intellectual Property rights to expire or be prejudiced; or

(xvi)     agree
to do any of the foregoing.

(c)        If,
during the Interim Period, the Sellers or the Companies intend to take any of
the actions referred to in Paragraph (b), the Sellers shall or shall cause the
relevant Company to notify in writing the Purchaser’s designated representative
which the Purchaser will identify in writing within and not later than two (2) Business
Days after the date hereof (the “Designated
Representative”).

(d)        Any
action notified to the Designated Representative as provided in Paragraph (c) in
respect of which the Designated Representative does not express its dissent in
writing within and not later than five (5) Business Days from the date of
receipt of the relevant written notification, shall be deemed to have been
approved by the Purchaser.

(e)        Notwithstanding
anything to the contrary herein contained, the Purchaser acknowledges that the
provisions of Sections 4.01(a) and 4.01(b) shall not apply to the actions
provided for in Schedule 4.01(e) attached hereto.

4.02   Access and Information.—(a) During
the Interim Period the Sellers shall provide to the Purchaser all reasonable
information and involvement concerning the Business that may be reasonably
requested by it (subject to applicable laws and regulations) and that the
Sellers are entitled to obtain and to provide to the Purchaser, in its capacity
as shareholder of Target, provided however that, without the prior written consent of the Sellers (which shall
not be unreasonably withheld or delayed), the Purchaser shall not be permitted
to make contact with the employees, consultants, customers, distributors and
agents of the Companies and provided further
that nothing herein shall be construed as requiring the Sellers to furnish the
Purchaser or provide the Purchaser with access to: (i) documents or
matters which the Sellers are prohibited from disclosing by reason of
contractual obligations, or (ii) any information that is subject to legal
restraint or privilege.

(b)        Any confidential information provided to the Purchaser, its
representatives or professional advisers pursuant to Section 4.02(a) will
be subject to the provisions of Section 11.01(a).

ARTICLE V

The Closing

5.01   Date and Place of Closing.—The
Closing shall take place at the offices of Target, in Buyukdere Cad., No:129,
Gayrettepe, Sisli - Istanbul, Turkey, at 11:30 a.m. Istanbul time on the
tenth (10th)
Business Day following the Conditions Fulfillment Date.

5.02   Consummation of the
Reorganization Agreements.—(a) On the Closing Date, FIBA
HOLDING A.S. shall purchase from Target, and the Sellers shall cause Target to
sell to FIBA HOLDING A.S., all of the rights, titles and interests (free
and clear of any Encumbrances) of Target in the Take—Out Assets subject to the
provisions of the Take-Out Assets Sale
and Purchase Agreement.

(b)        On the
Closing Date, the Sellers shall cause Finans International to sell to Target,
and cause Target to purchase from Finans International, all of the rights,
titles, and interests (free and clear of any Encumbrances) of Finans
International in the Finansbank Malta Shares subject to the provisions of the
Malta Sale and Purchase Agreement.

 14
 

5.02(A)   Software License Agreement.—At
Closing the Sellers shall procure that that the relevant Companies and
International Subsidiaries have executed an agreement amending the terms of the
software license agreement between IBTECH Uluslararasi Bilisim ve Iletisim
Teknolojileri Arastirma ve Gelistirme and Finansbank Holland NV, dated March 22,
2006 (as so amended, the “Software License
Agreement”) so that it takes the form set out in Schedule 5.02(A).

5.03   Deliveries by the Parties.—(a) In addition to any other
action to be taken and to any other instrument to be executed or delivered
pursuant to this Agreement (including, without limitation, actions and
instruments referred to in Article IX), on the Closing Date:

(i)                          (1)   FIBA
HOLDING A.S. shall execute, deliver and exchange with Target, and (together
with the other Sellers) shall cause Target to execute, deliver and exchange
with FIBA HOLDING A.S., such deeds of transfer as may be required to transfer
to FIBA HOLDING A.S good and marketable title to the Take-Out Assets and pay to
Target the Take-Out Assets Final Purchase Price;

(2)   FIBA
HOLDING A.S shall cause Finans International to execute, deliver and exchange
with Target and cause Target to execute, deliver and exchange with Finans
International such deeds of transfer as may be required to transfer to Target
good and marketable title to the Finansbank Malta Shares and pay the Malta
Purchase Price to Finans International.

(ii)       upon
consummation of the actions referred to in Paragraph (i) above, and
simultaneously with the receipt by the Sellers of satisfactory evidence that
irrevocable instructions for the transfer of the sums payable by the Purchaser
under Sections 2.01(b)and 2.01(c) to the bank account indicated by
the Sellers in accordance with Section 12.06(i) have been given by
the Purchaser, the Sellers shall:

(1)        give
irrevocable instructions to the custodian with whom the Shares and the Founders’
Shares are kept to transfer the Shares and the Founders’ Shares to the
Purchaser’s account that the Purchaser shall have notified to the Sellers
pursuant to Section 5.07 and shall execute and procure all other necessary
persons, entities or companies, if any, to execute and do all such further
endorsement, deed, assurance, acts and things as may be reasonably required as
per the provisions of the Turkish Commercial Code (Law No. 6762) and the
Articles of Association of the Company to ensure that the Purchaser becomes, on
the Closing Date, the legal owner of the Shares and the Founders’ Shares;

(2)        execute
and deliver, or cause to be executed and delivered, to the Purchaser such
transfer or other instruments as may be necessary, under applicable Law, to
properly effect the purposes of this Agreement or comply with any applicable
Law;

(3)        execute
and deliver to the Purchaser all other previously undelivered items required to
be delivered pursuant to this Agreement or in connection herewith;

(4)        deliver
to the Purchaser duly executed transfers of all of the shares in the
Subsidiaries not held by the Companies save for those shares listed in Schedule
5.03(a)(ii)(4) to such person(s) as the Purchaser may notify to the Seller
in writing at least three (3) Business Days prior to Closing;

(5)        execute
and deliver to the Purchaser a written declaration, dated as of the Closing
Date, confirming the absence of any Material Adverse Change since the date of
this Agreement until and including the Closing Date; and

 15
 

(6)        deliver
to the Purchaser a written declaration, dated as of the Closing Date,
confirming that all the representations and warranties of the Sellers contained
herein remain true, correct and not misleading in all respects as of the
Closing Date; and

(7)        deliver
to the Purchaser duly executed versions of the Software License Agreement; and

(iii)      the
Purchaser shall pay, or cause to be paid, to the Sellers the sums payable by
the Purchaser under Sections 2.01(b) and 2.01(c) in accordance
with the applicable provisions of this Agreement.

(b)        On
Closing, the Parties shall cause to be delivered the items set out in
Schedule 5.03(c).

5.04   Remedies.—If
the respective obligations of the Sellers or the Purchaser under Section 5.03
are not complied with in any material respect on the Closing Date, the
non-defaulting Party may, without prejudice to any other right and remedy under
this Agreement and applicable Law:

(i)         defer
the Closing (in which case this Article V shall apply to the Closing as so
deferred); or

(ii)       waive
all or any such act or obligation and proceed to the Closing as far as
practicable; or

(iii)      forthwith
terminate this Agreement by notice in writing to the defaulting Party.

5.05   One Transaction.—All
actions and transactions constituting the Closing pursuant to Section 5.03
shall be regarded as one single transaction so that, at the option of the Party
having interest in the performance of the specific action or transaction, no action
or transaction shall be deemed to have taken place if and until all other
actions and transactions constituting the Closing shall have been properly
performed in accordance with the provisions of this Agreement and, for the
avoidance of doubt, the Purchaser shall not be obliged to proceed with the
purchase of any of the Shares or the Founders’ Shares unless all of them are
transferred to it at Closing.

5.06   Directors and Auditors.

(a)        The
Sellers shall:

(i)         cause
five (5) of the seven (7) elected directors of Target to resign or
otherwise cease from office on or as of the Closing Date without cost to
Target, other than the payment of any unpaid compensation accrued up to the
date of such resignation or other termination from office;

(ii)       use
its best efforts to cause the (actual and alternate) members of the board of
statutory auditors of Target and its Subsidiaries to resign or otherwise cease
from office on or as of the Closing Date without cost to Target, other than the
payment of any unpaid compensation accrued up to the date of such resignation
or other termination from office;

(iii)      cause
and deliver documentation to the effect that all members of the board of
directors and the auditors of the Target and the Subsidiaries have executed
release letters stating that each have no claim against or any receivables from
the respective Companies as of Closing in the form set out in Schedule
5.06(a)(iii);

(iv)       cause
a meeting of the board of directors of Target and the Subsidiaries to be
validly convened and held on the Closing Date for the purpose of electing new
directors and auditors in substitution of the directors and auditors ceased
from office pursuant to Paragraphs (i) and (ii) preceding, all in
accordance with the Purchaser’s instructions to be communicated to the Sellers
in writing not later than three (3) Business Days prior to the Closing
Date;

 16
 

(v)        cause
the remaining directors of Target (namely all directors other than those
elected in accordance with Paragraph (iii) preceding) to tender their
resignation from office on the Closing Date effective as of such later date as
shall be determined by the Purchaser, without cost to Target, other than the
payment of any unpaid compensation accrued up to the effective date of such
resignation.

(b)        The
Purchaser undertakes not to initiate or permit to be initiated by Target or by
any of the Subsidiaries any action, suit, claim or litigation against the
directors and/or statutory auditors of Target or any of the Subsidiaries, as
the case may be, who will have resigned from office pursuant to Section 5.06(a)
and in case of any such action, suit, claim or litigation the Purchaser shall
procure that, to the extent lawfully possible, the Company shall (and if the
Company is not lawfully able, the Purchaser shall) indemnify and keep the
relevant directors and/or auditors harmless from any and all damages,
liabilities or costs (including legal expenses) arising out of any such action,
suit, claim or litigation (save to the extent that any such damage, liability
or cost is covered by any insurance policy). The provisions of this Section 5.06(b) shall
not apply in respect of any action, suit, claim or litigation to the extent that
it relates to any fraud or gross negligence on the part of the relevant
director or statutory auditor.

(c)        The
undertakings of the Purchaser set out above shall remain in full force and
effect until such time when any claim against such directors and statutory
auditors is barred by virtue of the expiration of the applicable statute of
limitations. The Sellers undertake that, save in respect of fraud or
dishonesty, no claim will be made by the Sellers or any of their respective
Affiliates against any officer or employee of the Companies in respect of any
misrepresentation, inaccuracy, or omission in or from information or advice
provided by such employee for the purpose of assisting the Sellers to give the
representations and warranties and undertakings set out in Article VI or
to prepare any disclosures against such representations and warranties.

5.07   Purchaser’s Account.   The Purchaser shall notify in
writing at least four (4) Business Days prior to the Closing Date the
Purchaser’s account (or any other account designated by the Purchaser) to which
the transfer of the Shares will be effected pursuant to Section 5.03(ii)(1).

ARTICLE VI

Representations and
Warranties of the Sellers

6.01   Undertakings of the
Sellers.—The
Sellers hereby make the following representations and warranties to the
Purchaser, provided that the
Sellers shall not be liable under the representations and warranties set forth
in this Article VI (other than the representations and warranties set
forth in Section 6.01.04 and Sections 6.01.05(b) to (e) inclusive)
in respect of any events or circumstances fairly disclosed (A) in this
Agreement or in any Schedules attached to this Agreement (including the
correspondence and other documents sent or delivered to the Purchaser listed in
Schedule 6.01); (B) in writing before the execution of this Agreement to
the Purchaser, its representatives, directors, auditors, employees, advisors or
officers by the Sellers or their representatives, directors, auditors,
employees, advisors or officers, or (C) in the Data Room Documents.

6.01.01   Organization and Standing.—The
Sellers and each of the Companies are corporations duly incorporated, validly
existing and in good standing under the Laws of their respective jurisdiction
of incorporation and have full power and authority to conduct their Business as
presently conducted and to own their assets and properties as presently owned.
The details of the Companies set out in Schedule 6.01.01 hereto are true,
accurate and not misleading.

 17

6.01.02   Authorization.—All
corporate actions and, except to the extent relevant to the Conditions
Precedent, all other governmental, statutory, regulatory or other consents,
licenses, authorizations, waivers or other proceedings required to be taken by,
or on behalf of, the Sellers to authorize them to enter into and to perform
this Agreement have been duly and properly taken or obtained, and this
Agreement has been duly executed and delivered by the Sellers and constitutes
the valid and binding obligation of the Sellers, enforceable against them in
accordance with the terms of this Agreement.

6.01.03   No Conflict.—The
execution and delivery of this Agreement, and the consummation of the
transactions contemplated hereby, will not result in a breach of, or constitute
a default under the articles of association or the by-laws of the Sellers, or
of any material agreement or instrument by which the Sellers are bound, or
violate any Law applicable to the Sellers.

6.01.04   Ownership.—(a) The
Sellers are the sole owners of and have good and marketable title to the Shares
and the Founders’ Shares, free and clear of any Encumbrances, and have the full
right, power and authority to sell, assign, transfer and deliver the Shares and
the Founders’ Shares.

(b)        Target,
directly or through the relevant Subsidiaries, has good and marketable title to
all of the shares, quotas or other stock of all the Subsidiaries, free and
clear of any Encumbrances, all as set forth in Schedule 6.01.01.

6.01.05   By-laws and Capitalization.—(a) A
true and complete copy of the by-laws of Target, as currently in force, are
attached hereto as Schedule 6.01.05(a).

(b)        The
paid-in capital of each of the Companies, including the number of issued and
outstanding shares of capital stock, is as set forth in Schedule 6.01.01.

(c)        The
Shares are fully paid in and represent 46%
of the issued and outstanding ordinary share capital of Target.

(d)        The
Founders’ Shares represent 100% of the issued and outstanding founders shares of
Target.

(e)        There
are no options, warrants, conversion or subscription rights, agreements,
contracts or commitments of any kind obligating the Companies or any of them,
conditionally or otherwise, to issue or sell any new shares of capital stock,
or any instrument convertible into or exchangeable for any such shares, or to
repurchase or redeem any of their shares.

6.01.06   Financial Statements.—(a) The
Financial Statements have been prepared in accordance with all applicable Laws
and in accordance with IFRS and give a true and fair view of the state of
affairs of the Target and the Subsidiaries and their assets and liabilities as
at the date to which they were prepared and in respect of the periods for which
they were prepared. The Financial Statements either make adequate provision
for, or disclose in accordance with the relevant generally accepted accounting
principles, all material liabilities (whether actual, contingent or disputed
and including finance lease commitments and pension liabilities), all outstanding
material capital commitments and all material bad or doubtful debts of Target.

(b)        The
Balance Sheet Date Pro Forma Financial Statements have been prepared using the
same accounting principles and follow the same accounting policies as those
applied in the preparation of the Balance Sheet Date Financial Statements. The
Balance Sheet Date Pro Forma Financial Statements reflect the consolidated
financial position of Target and the Companies, with the participation in the
International Subsidiaries as a single line item with a carrying value of TRY
364,409,000.

(c)        Other
than those disclosed in the respective footnotes, the results shown by the
Financial Statements were not affected by (i) any extraordinary or
exceptional item or (ii) by any other factor rendering such results for
all or any of those periods unusually high or low to any material extent or (iii) by

 18
 

any Related Party
Arrangement not being on terms which are, or not being implemented in a manner
which is, arm’s length.

6.01.07   Absence of Material
Changes.—Except as set forth on Schedule 6.01.07 or as otherwise
contemplated by this Agreement, since the Balance Sheet Date:

(a)        the
Business of the Companies have been carried out in the ordinary course
consistent with past practice;

(b)        there has not been any Material Adverse Effect or any
changes, effects, events, occurrences or states of facts that, taken together,
could reasonably be expected to have a Material Adverse Effect;

(c)        none
of the Companies have declared, authorized, paid or made, any dividend or other
distribution (whether in cash, stock or in kind) (except for any dividends
provided for in the Balance Sheet Date Financial Statements) nor has any
Company reduced its paid in share capital and none of the Companies have issued
or agreed to issue any share or loan capital or other similar interest other
than (i) by way of re-capitalizing its surplus resulting from net
earnings, revaluation of fixed assets or capital gains generated from disposal
of participations or the application of inflation accounting recorded in their
respective balance sheets, (ii) the payment of dividends (a) by the
Target in the amount of TRY 28,541,919 relating to the period from January 1,
2005 to December 31, 2005 payable to the holders of Founders’ Shares in
accordance with the by-laws of Target, or (b) by any one Company to
another Company;

(d)        the
aggregate capital or operational expenditure incurred and/or committed by the
Companies has not exceeded the amount respectively budgeted for capital or
operational expenditure in the budget appended hereto as Schedule 4.01(b)(ii) for
the period by 20% or more;

(e)        none
of the Companies have acquired or disposed of, or agreed to acquire or dispose
of, any one or more assets (including loans) in a single transaction or series
of connected transactions, where the value of such assets, exceeds
USD15,000,000.

6.01.07A   No Undisclosed Liabilities.—To
the Sellers’ knowledge, there are no actual or contingent liabilities of the
Companies except for:

(a)        liabilities
disclosed or provided for in the Balance Sheet Date Financial Statements; or

(b)        liabilities
incurred in the ordinary and usual course of business since the Balance Sheet
Date which do not result in Material Adverse Effect.

6.01.08   Tangible Property.—(a) Except
as set forth on Schedule 6.01.08, each of Target and the Subsidiaries has good
and valid title to, or a valid and binding leasehold interest or license in or
right to use, all tangible assets currently owned or used by such companies in
connection with the conduct and operation of the Business, free and clear of
any Encumbrance, except for Permitted Encumbrances and for assets the absence
of which, taken together, could not reasonably be expected to have a Material
Adverse Effect. Full details of the real estate assets (reflecting whether such
assets are owned or leased by the Companies) are set out in the Data Room Documents.
Where any asset is used but not owned by the Companies, the Companies are in
material compliance with the terms and conditions of their use.

(b)        The
rights, properties and assets of the Companies, the facilities and services to
which the Companies have a contractual right, and the rights of the Purchaser
pursuant to this Agreement and the agreements to be entered into pursuant
hereto together include all rights, properties, assets, facilities and services
which are necessary for the Purchaser to carry on the business of the Companies
after Closing in the places and substantially in the manner in which it is
carried on as at the date of this Agreement and was carried on in the 12 months
prior to the date of this Agreement. None of the Companies depend in any
material respect on the use of assets owned, or facilities and services
provided, by any of the Sellers or their Affiliates which will not be
transferred to the Purchaser or to the Companies on Closing.

 19
 

(c)        True
and complete copies of the material insurances maintained by or covering the
Companies are included in the Data Room Documents. Those insurances are,
in all material respects, in full force and effect and are not void or
voidable, all premiums payable to date have been paid and, to the Sellers’
knowledge, there are no circumstances which might lead to the insurers avoiding
any liability to any material extent under them or the premiums being increased
to any material extent.

6.01.09   Intellectual Property.—(a) Except
as otherwise provided in Schedule 6.01.09(a) attached hereto:

(i)         each
of the Target and the Subsidiaries owns or has a valid right to use all
Intellectual Property necessary for the conduct of its Business in all material
respects as currently carried on and as has been carried on in the last 12
months, such Intellectual Property is valid and enforceable and, to the Sellers
knowledge, such use does not infringe upon, constitute a misappropriation of,
or otherwise violate the rights of, any third party;

(ii)       there
is no other Intellectual Property which is used by the Companies in connection
with the operations of their Business or is necessary to carry on such Business
in all material respects in the way it is now carried on;

(iii)      there
is no claim of any Person or any proceeding pending or, to the Sellers
knowledge, threatened which claims the activities of any of the Companies
infringe the Intellectual Property of a third party; and

(iv)       without
prejudice to Section 6.01.09(a) above, the Companies own the
Finansbank Brand.

(b)        The
Owned IP is not subject to amendment, challenge, removal or surrender. All fees
relating to the Owned IP have been paid. No licenses have been or are likely to
be granted for the Owned IP. No third party is infringing the Owned IP.

(c)        The
Intellectual Property owned or used by the Companies will not be lost, or
rendered liable to termination, by virtue of the execution and/or performance
of this Agreement.

(d)        None
of the International Subsidiaries owns any of the Intellectual Property which
is used by the Companies in connection with the operations of their Business or
is necessary to carry on such Business in the way it is now carried on.

(e)        As
used herein the term “Intellectual Property”
shall include patents, patent applications, utility models, inventions,
trademarks (whether registered or unregistered), trademark applications,
service marks, service names, trade names, copyrights, trade secrets,
technology and computer software which are material to the Business of the
Companies.

6.01.9A    Information Technology.—(a) The Internal IT Systems are
owned by or properly licensed by third parties to the Companies. The Companies
are not in default under any third party license and there are no grounds on
which these licenses may be terminated. There are no disputes or material
service delivery issues under such licenses.

(b)        The
ownership, benefit, or right to use the Internal IT Systems will not be lost by
virtue of the performance of this Agreement.

(c)        The
Internal IT Systems are adequate for the needs of the business of the
Companies.

(d)        The
Internal IT Systems have not failed and the data which they process has not
been corrupted, save for any failures or corruptions which, taken together,
have not had and could not reasonably be expected to have a Material Adverse
Effect.

 20
 

(e)        The
Companies have, in accordance with such local industry practice as is
reasonable in the Business, taken precautions to preserve the availability,
security and integrity of the Internal IT Systems and the data and information
stored on the Internal IT Systems.

6.01.10   Taxes.—Except
as set forth on Schedule 6.01.10:

(a)        All
Tax returns, notices, reports and forms and other information required to be
filed by any applicable state, local or foreign Tax Laws by or on behalf of
Target or the Subsidiaries have been filed in a timely manner (within any
applicable extension periods) and in accordance with the requirements of such
Tax Laws.

(b)        All
Taxes shown to be due on such returns, reports and forms have been timely paid
in full or will be timely paid in full by the due date thereof up to the
Closing Date, or adequate reserves have been created in the Financial
Statements.

(c)        To the
Sellers knowledge, as of the date hereof no material claims are being asserted
in writing with respect to any Taxes of Target or the Subsidiaries and none of
the Companies has in the last five (5) years been the subject of any
material investigation, enquiry, audit or non routine visit by any tax
authority. To the Sellers’ knowledge there is no planned investigation,
enquiry, audit or non routine visit by any tax authority and there are no facts
which could reasonably be expected by the Sellers to lead to such an
investigation, enquiry, audit or non routine visit being instituted.

(d)        No tax
authority has operated or agreed to operate any special arrangement (being an
arrangement which is not based on relevant legislation or any published
practice) in relation to the Companies’ affairs.

(e)        Save
in respect of Finansbank Malta, the Companies are and have at all times been
resident for tax purposes in Turkey and are not and have not at any time been
treated as resident in any other jurisdiction for any tax purpose (including
any double taxation arrangement). Finansbank Malta is and has at all times been
resident for tax purposes in Malta and is not and has not at any time been
treated as resident in any other jurisdiction for any tax purpose (including
any double taxation arrangement). None of the Companies are subject to tax in
any jurisdiction other than its place of incorporation by virtue of having a
permanent establishment or other place of business in that jurisdiction.

6.01.11   Litigation and Claims.—(a) Except
as set forth on Schedule 6.01.11, there is no material action, suit,
proceeding, arbitration or administrative proceeding which is in progress or
which has been threatened in writing against any Company. The Sellers are not
aware of any circumstances which are likely to give rise to any such
proceedings. To the Sellers’ knowledge, no governmental, administrative,
regulatory or other official investigation or inquiry concerning the Companies
is in progress or pending and there are no circumstances likely to lead to any
such investigation or inquiry.

(b)        Except
as claimant in the collection of debts arising in the ordinary course of
business, none of the Companies are claimants in or otherwise a party to any
material action, suit, proceeding, arbitration, administrative proceedings or
governmental investigation, which is in progress, threatened or pending by or
against or concerning it or any of its assets, save for proceedings which, if
ruled adversely, could not, taken in the aggregate, reasonably be expected to
have a Material Adverse Effect.

In this section
6.01.11 only, “material” refers to
proceedings which could have a cost (including a loss of profit), benefit or
value to the Companies of USD4,000,000 or more.

6.01.12   Compliance with Laws.—(a) As
of the date of this Agreement, each of Target and the Subsidiaries (i) has
in full force and effect all Permits and (ii) is in compliance in all
material respects with the provisions of such Permits.

 21

(b)        Copies
of all Permits are attached as Schedule 6.01.12. To the Sellers’ knowledge,
there are no circumstances which indicate that any Permit will or is likely to
be revoked or not renewed, in whole or in part, in the ordinary course of
events (whether as a result of the transactions contemplated by this Agreement
or otherwise).

(c)        Each
of the Companies has conducted its business and corporate affairs in accordance
with, and is compliant with, its memorandum and articles of association,
by-laws or other equivalent constitutional documents and all applicable Laws
and regulations, all requirements of any applicable Governmental Body
(including the CMB, BRSA, SDIF, Competition Authority, Social Security
Institution and Tax Authorities of Turkey), and any order or judgement of any
kind.

(d)        None
of the Companies is subject to any order, judgment, decision or direction given
by any Governmental Body, or is party to any undertaking or assurance given to
any such Governmental Body, in relation to competition matters which is still
in force.

6.01.13   Employees.—(a) All
Employees are regularly recorded in the appropriate books of Target or the
Subsidiaries, as the case may be, together with the aggregate compensation
payable to each of them, all in accordance with applicable laws and
regulations.

(b)        To the
Sellers knowledge, Target and the Subsidiaries: (i) have made all filings
and taken all actions required to be made or taken under applicable labour and
social security laws and regulations; and (ii) have fully paid all labour
and social security charges due under such laws and regulations, the absence of
which, taken together, could be reasonably expected to have a Material Adverse
Effect.

(c)        There
are no material amounts owing to any present or former director or employee of
the Companies other than remuneration accrued due for the current pay period or
for reimbursement of reasonable business expenses. None of the Companies have
committed to introduce, or make any material amendment to, any share incentive
scheme, share option scheme or profit sharing, bonus, commission or other such
incentive scheme, nor has any Company made or agreed or promised to make any
payment on or following termination of the employment of any director or
employee in connection with the sale and purchase of the Shares or the Founders’
Shares contemplated by this Agreement.

(d)        Other
than the statutory social security plans operated under public law or
regulation in Turkey, none of the Companies provide or contribute to or is (or
could become) liable to provide or contribute to the provision of retirement,
superannuation, provident, death, disability, health, housing or other
insurance benefits or benefit programs (“Benefits”)
for or in respect of any current or former employee or director of any of the
Companies. None of the Companies has ever participated in a scheme, fund,
arrangement, plan or agreement providing Benefits for or in respect of any
employee or former employee of the Companies.

(e)        The
execution and performance of this Agreement will not cause or result in any
increase in the amounts payable or prospectively or contingently payable in
respect of any employee or trigger an entitlement to benefits which would not
otherwise arise at such time, and will not trigger or accelerate the vesting,
timing of funding or payment of any benefits (in money or property) in respect
of any employee.

(f)         Other
than the General Manager of Finans Yatirim Menkul Degerler A.S., no Key Manager
has given, or has been given, notice terminating his or her employment or would
be entitled to give notice as a result of this Agreement.

6.01.14   No Brokers.—Except
for the fees due to Morgan Stanley &
Co. Limited which will be paid by the Sellers or its Affiliates, neither
the Sellers nor its Affiliates have incurred any liability for any brokerage,
finder’s or similar fees or commissions in connection with the transactions
contemplated hereby the payment of which could be validly claimed from the
Purchaser or any of the Companies.

 22
 

6.01.16   Material contracts.—True
and complete copies of all agreements and arrangements to which any of the
Companies is a party and (i) which involves or is likely to involve
expenditure by the Companies totaling in excess of USD4,000,000 per annum, or (ii) which
cannot be performed within its terms within three (3) years after the date
on which it was entered into or cannot be terminated on 12 months’ notice
or less, has been disclosed in the Data Room Documents.

6.01.17   Defaults.—None
of the Companies is in material default under any agreement or arrangement to
which it is a party and, to the Sellers’ knowledge, there are no circumstances
likely to give rise to such a default, in each case where such default would,
when taken together with any other defaults, result in a Material Adverse
Effect.

6.01.18   Third Party Assurances and
Related Party Arrangements.—True and complete copies and details of
all Third Party Assurances and Related Party Arrangements are included in the
Data Room Documents.

6.01.19   Winding up.—No
order has been made, petition presented or meeting convened for the winding up
of any of the Sellers or any of the Companies, or for the appointment of any
provisional liquidator or in relation to any other process whereby any element
of the Business is terminated and the assets of the Company or Companies
concerned are distributed amongst the creditors and/or shareholders or other
contributors.

6.01.21   Voluntary arrangement etc.—None
of the Sellers or any of the Companies has taken any step with a view to a
suspension of payments or a moratorium of any indebtedness or has made any
voluntary arrangement with any of its creditors or is insolvent or unable to
pay its debts as they fall due.

6.01.22   Registration of charges.—All
material charges in favor of Target or any of the Subsidiaries required to be
registered have been so registered to comply with all necessary formalities as
to registration or otherwise in any applicable jurisdiction.

6.02   Accuracy as at the Closing
Date.—The representations and warranties of the Sellers contained
herein shall also be true and correct in all material respects as of, and as
though made on, the Closing Date, except as affected by transactions
specifically contemplated herein or otherwise approved in writing by the
Purchaser.

6.03   No Other Representations
and Warranties.—The representations and warranties of the Sellers
contained in this Article VI are in lieu of all
other representations and warranties however provided under applicable Law and
constitute all of the representations and warranties made by the Sellers in
connection with the purchase and sale of the Shares and any other transactions
contemplated by this Agreement. In particular, except for the representations
and warranties contained in this Article VI, the Sellers do not make any
representations or warranties, and the Sellers hereby disclaim any other
representations or warranties, whether made by the Sellers, any Affiliate of
the Sellers, Target, any Subsidiary, or any of their respective officers,
directors, employees, agents, advisors or representatives, with respect to the
execution and delivery of this Agreement or the transactions contemplated
hereby, notwithstanding the delivery or disclosure to the Purchaser or its
representatives of any documentation or other information with respect to any
one or more of the foregoing. Without limiting the generality of the foregoing,
the Sellers make no representation and give no warranty to the Purchaser with
respect to financial projections, budgets or management analyses and to the
future profitability and financial performance of Target and the Subsidiaries.

6.04   Obligation to Notify.: Each of the Sellers undertakes to
notify the Purchaser, and the Purchaser undertakes to notify the Sellers, in
writing promptly if it becomes aware of any circumstance arising after the date
of this Agreement and prior to Closing which would or might cause any
representation or warranty given by such Party to become untrue or inaccurate
or misleading in any respect.

 23
 

ARTICLE VII

Representations and
Warranties of the Purchaser

7.01   Undertaking of the
Purchaser.—The Purchaser hereby makes the following representations
and warranties to the Sellers.

7.01.01   Organization and Standing.—The
Purchaser is a corporation duly incorporated, validly existing and in good
standing under the Laws of its jurisdiction of incorporation and has full power
and authority to conduct its business as presently conducted and to own its
assets and properties as presently owned.

7.01.02   Authorization.—(a) All
corporate actions and, except to the extent relevant to the Conditions
Precedent, all other governmental, statutory, regulatory or other consents,
licenses, authorizations, waivers or other proceedings required to be taken by,
or on behalf of, the Purchaser to authorize the Purchaser to enter into and to perform
this Agreement have been duly and properly taken or obtained, and this
Agreement has been duly executed and delivered by the Purchaser and constitutes
the valid and binding obligation of the Purchaser, enforceable against it in
accordance with its terms.

(b)   Except as otherwise provided in Section 10.01,
no application to, or filing with, or consent, authorization or approval of, or
license, permit, registration, declaration or exemption granted by, any
supranational or Governmental Body is required of the Purchaser in connection
with the execution and performance of this Agreement.

7.01.03   No Conflict.—The
execution and delivery of this Agreement, and the consummation of the
transactions contemplated hereby, will not conflict with, result in a breach
of, constitute a default under, or give rise to a right of termination,
cancellation or acceleration of, the articles of association or the by-laws of
the Purchaser, or any agreement or instrument by which it is bound, or violate
any Law applicable to it.

7.01.04   No Brokers.—Except
for the fees due to Credit Suisse and Goldman Sachs International, which will
be paid by the Purchaser, the Purchaser has not incurred any liability for any
brokerage, finder’s or similar fees or commissions in connection with the transactions
contemplated hereby the payment of which could be validly claimed from the
Sellers or any of its Affiliates.

7.02   Accuracy as of the Closing Date.—The representations and
warranties of the Purchaser contained herein shall be true and correct also as
of, and as though made on, the Closing Date.

ARTICLE VIII

Indemnification

8.01   Indemnification obligation
of the Sellers.—(a) Subject to the applicable provisions of
this Article VIII, the Sellers as from the Closing Date shall indemnify
and hold the Purchaser harmless in respect of:

(i)         the
Relevant Percentage of any costs, losses or damages incurred or suffered by the
Companies which would have not been so incurred or suffered had the
representations and warranties of the Sellers herein contained been true and
correct;

(ii)       any
and all direct damages suffered by the Purchaser arising out or as a result of
any breach of the representations, warranties, undertakings or covenants of the
Sellers contained in this Agreement, to the extent that such damages are not
indemnifiable under Paragraph (i) preceding.

(b)        For
the purposes of this Article VIII, the term “Relevant Percentage” means: (i) the Acquired Percentage
of the amount to which it refers, if the costs, losses or damages concerned are

 24
 

incurred by Target; (ii) the
Acquired Percentage of a percentage equal to that set out on Schedule 8.01(a),
if the costs, losses or damages concerned are incurred by the Subsidiaries.

(c)        Subject
to the applicable provisions of Section 8.04, the Sellers shall indemnify
and hold the Purchaser and the Companies harmless in respect of any and all
costs, losses, damages, liabilities or expenses (including Tax) which are
incurred, suffered or otherwise payable by the Purchaser or the Companies
following Closing and which arise from or are otherwise connected or relate to (A) the
transfers and other matters implemented pursuant to the Reorganization
Agreements, (B) a breach of the Reorganization Agreements by the Sellers,
or (C) any claims of any kind relating to the International Subsidiaries.

(d)        Notwithstanding
any provision to the contrary in Section 8.04 or in any other Section of
this Agreement (each of which is expressly overridden by this Section 8.01(d)):

(1)        the
exclusions and limitations set forth in Section 8.04(a)(i) shall
apply solely with respect to claims for breaches of the representations and
warranties set out in Article VI or under the indemnity set out in Section 8.01(A);

(2)        the
exclusions and limitations set forth in Section 8.04(a)(ii)(aa) shall
apply solely with respect to claims for breaches of the representations and
warranties set out in Article VI;

(2A)    the
exclusions and limitations set forth in Section 8.04(a)(ii)(bb) shall
apply solely with respect to claims under the indemnity set out in Section 8.01(A);

(3)        the
exclusions and limitations set forth in Section 8.04(a)(iii) to (v) and
8.04 (c) to (k) inclusive shall apply solely with respect to claims for
breaches of the representations and warranties set out in Article VI, the
indemnity set out in Section 8.01(A) and the indemnity set out in Section 8.01(c);

(4)        the
exclusions and limitations set forth in Section 8.04(b) shall apply
solely with respect to claims for breaches of the representations and
warranties set out in Article VI; and

(5)        in
determining the Sellers’ liability in relation to any claim under, or in
respect of a breach of, this Agreement, no account shall be taken of, and none
of the exclusions in Section 8.04 shall operate by reference to, the
Ongoing Tax Proceedings;

provided that none
of the exclusions and limitations in this Article VIII shall apply to the
indemnity given by the Sellers to the Purchaser pursuant to this Section 8.01
with respect to the warranties set out in Section 6.01.04 and Sections
6.01.05(b) to (e).

8.01(A)   Tax Indemnity.—(a) The
Sellers undertake to the Purchaser to pay to the Purchaser, or to procure the
payment to the Purchaser of, an amount equal to the Relevant Percentage of:

(i)         the
amount (as determined by the Parties’ agreement or by a Final Assessment) of
any and all liabilities to Tax incurred or suffered (or, but for the use or
set-off of any relief arising to a Company in respect of an event occurring or
period falling after Closing or arising to any other member of the same group
as the Purchaser for any Tax purpose, would have been incurred or suffered) by
a Company to the extent that any of the same arise in respect of any income,
profits or gains earned, accrued or received on or before the Closing Date
(including any income, profits or gains which, for Tax purposes, are deemed to
have been or are treated or regarded as earned, accrued or received on or
before the Closing Date);

(ii)       the
amount (as determined by the Parties’ agreement or by a Final Assessment) of
any and all liabilities to Tax incurred or suffered (or, but for the use or
set-off of any relief arising to a Company in respect of an event occurring or
period falling after 

 25
 

or arising to any other
member of the same group as the Purchaser for any Tax purpose, would have been
incurred or suffered) by a Company to the extent that any of the same arise in
respect of any event which occurs or occurred (or is deemed to occur or to have
occurred) on or before the Closing Date (including any series or combination of
events the first of which occurred, or is deemed to have occurred, on or before
the Closing Date),

(in each case, howsoever such amount is settled and
taking into account any tax paid after Closing in respect of the relevant
period, together in each case with an amount equal to the Relevant Percentage
of reasonable legal expenses incurred by the Company in relation to the Tax
liability concerned).

(b)        For
the purpose of this Section 8.01(A), an amount shall be treated as having
been determined by a “Final Assessment”
if that amount is determined by means of a final and irrevocable court decision
in respect of levies imposed on the respective Company by the relevant Tax
authorities for a particular period following all audits and all administrative
and/or other like proceedings in respect of the respective Company’s Tax
affairs and in respect of that period.

(c)        If a
provisional Tax Return must be submitted to the Tax authorities at any time
relating to any liability which would fall to be indemnified under
Section 8.01(A) if that liability had at that stage been determined
by the Parties’ agreement or by a Final Assessment and Tax will thereby be paid
to the Tax authorities (a “Tax Payment”)
then the Sellers shall pay to the Purchaser, or procure that payment to the
Purchaser of, the Relevant Percentage of such Tax Payment, the due date for the
making of such payment being the date ten (10) Business Days after the
date the respective Company submits its Tax Return and makes the Tax Payment to
the Tx authorities. If any payment is made or procured to be made by the
Sellers under this paragraph (c) in respect of a specified period (a “Tax Return Indemnity Payment”) then,
following a Final Assessment in respect of that period:

(i)         if
the total amount (for the avoidance of doubt, ignoring for that purpose the
fact that the Tax Return Indemnity Payment has been made) for which the Sellers
are liable to the Purchaser under paragraphs (a) and (b) above in
respect of that period (the “Actual Liability”
in respect of that period) is greater than the Tax Return Indemnity Payment
made in respect of that period, then the Sellers shall pay to the Purchaser, or
procure the payment to the Purchaser of, an amount equal to the difference; and

(ii)       if the
Actual Liability in respect of that period is less than the Tax Return
Indemnity Payment made in respect of that period, then the Purchaser shall pay
to the Sellers an amount equal to the difference.

If
Section 8.01(A)(c) does not apply, the Sellers shall pay to the
Purchaser, or procure the payment to the Purchaser of, any amount payable under
Section 8.01(A)(a) on or before the date which is the later of the
date ten (10) Business Days after demand is made therefore by the
Purchaser and two (2) Business Days before the first date on which the Tax
in question becomes recoverable by the Tax authority demanding the same (or, in
the case of the use or set-off of a relief referred to in paragraph
8.01(A)(a)(i), two (2) Business Days before the first date on which Tax which
would not have been payable but for such use or set-off becomes recoverable by
the Tax authority demanding the same).

8.02   Procedure for the request
of indemnification.—If any event occurs which could give rise to the
Sellers’ liability under Section 8.01, the following provisions shall
apply:

(i)         without
prejudice to the provisions of Section 8.04(g), on becoming aware that
such event could give rise to a Sellers’ liability under Section 8.01, the
Purchaser shall as soon as reasonably practicable give written notice to the
Sellers of the relevant event, and shall provide all reasonable details
thereof, indicating the amount allegedly due by the Sellers according to such
claim;

 26

(ii)       the
Sellers shall be entitled to challenge in writing the claim notified by the
Purchaser according to the preceding Paragraph 8.02(i), within ten (10) Business
Days of the day of receipt of the notice set out in Paragraph 8.02(i);

(iii)      if the
notice sent by the Purchaser according to Paragraph 8.02(i) is challenged
by the Sellers according to Paragraph 8.02(ii), then during a period of twenty
(20) Business Days following the giving of the notice by the Sellers under
Paragraph 8.02(ii) preceding, the Sellers and the Purchaser shall attempt
to resolve any differences which they may have with respect to any matters
constituting the subject matter of such notice. If, at the end of such period,
the Sellers and the Purchaser fail to reach an agreement in writing with
respect to all such matters, then all matters as to which an agreement is not
so reached may be submitted to arbitration pursuant to Article XIII.

8.03   Delay in Payment.—In
case of delay in making the payment of any amount due according to Section 8.01,
the Sellers shall pay to the Purchaser, in addition, interest thereon
calculated at the Agreed Rate for the period between the date on which any
payment for indemnification is due by the Sellers to the Purchaser according to
the provisions of Sections 8.01 and 8.02 and the date on which such payment is
actually made.

8.04   Exclusions and Limitations.—Subject
in each case to Section 8.01(d) (which shall override this Section 8.04),
notwithstanding any other provision of this Agreement or of any applicable Law
to the contrary:

(a)   the Sellers shall not be liable to the
Purchaser under Section 8.01 or Section 8.01(A):

(i)         if
the amount due in connection with any single occurrence giving rise to
liability pursuant thereto does not exceed USD750,000. For these purposes, a
series of claims arising out of the same cause, facts or circumstances shall be
aggregated to form a single claim or a single occurrence;

(ii)

(aa)      in
respect of claims under Section 8.01, until the aggregate of all amounts
that would otherwise be due pursuant to Section 8.01 exceeds USD
150,000,000, provided that if such limit is exceeded, the Sellers’ liability
shall be limited to the excess and provided
further that all sums in respect of which the Sellers liability is
excluded pursuant to Paragraph (i) preceding shall be disregarded for the
purposes of the threshold provided in this Paragraph (ii)(aa);

(bb)     in
respect of claims under Section 8.01(A), until the aggregate of all
amounts that would otherwise be due (or would be due but for paragraph (a)(i) above)
pursuant to Section 8.01(A) exceeds USD 25,000,000, provided that if
such limit is exceeded, the Sellers’ liability shall be for the whole amount of
such claims and not merely the excess (for the avoidance of doubt, all sums in
respect of which the Sellers liability is excluded pursuant to Paragraph (a)(i) preceding
shall not be disregarded for the purposes of the threshold provided in this
Paragraph (ii)(bb));

(iii)      in the
event and to the extent that any loss, cost or damage to be indemnified by the
Sellers under Section 8.01 is covered by any insurance policy of the
Companies, and actual recovery is made from the relevant insurer(s), in which
event the amount to be indemnified by the Sellers shall be reduced by the
Relevant Percentage of the amount actually recovered by the Companies from such
insurer(s) (minus costs and expenses incurred by the Purchaser and/or the
Companies in making such recovery and any tax incurred by any of them in the
amounts so recovered);

(iv)       in the
event and to the extent that any loss, cost or damage to be indemnified by the
Sellers under Section 8.01 is paid or payable to the Companies, as the
case may be, by any third 

 27
 

party, in which event the
amount to be indemnified by the Sellers shall be reduced by the Relevant
Percentage of the amount actually recovered by the Companies from such third
party (minus costs and expenses incurred by the Purchaser and/or the Companies
in making such recovery and any tax incurred by any of the them on the amounts
so recovered);

(v)        if and
to the extent that any loss, cost or damage giving rise to a claim by the
Purchaser hereunder arises as a result of any change in law, regulation or the
practice of any Governmental Body occurring after the Closing;

(b)        Subject
to the provisions of this Section 8.04, the Sellers maximum aggregate
liability (for the avoidance of doubt, after taking into account the effect of
paragraph (a)(ii)(aa) above) under Section 8.01 shall not exceed USD
350,000,000.

(c)        If the
Sellers pay to the Purchaser an amount in discharge of a claim by the Purchaser
pursuant to Sections 8.01 and 8.01(A), and any Company subsequently recovers
from any tax authority by reason of a tax benefit or relief a sum which is
referable to the matter giving rise to that claim, the Purchaser shall repay to
the Sellers an amount equal to the Relevant Percentage of the sum recovered
from the tax authority (or of the value of the relief obtained, calculated by
reference to the amount saved) less any reasonable out of pocket costs and
expenses incurred by the Purchaser or the relevant Company in recovering the
same.

(d)        The
amount of all indemnities payable by the Sellers to the Purchaser pursuant to
Sections 8.01 and 8.01(A) shall be further reduced by the Relevant
Percentage of any reserve amount specifically relating to the event giving rise
to indemnification recorded in the Closing Date Financial Statements.

(e)        In the
case of any tax assessment that only results in the shifting of the tax burden
from one fiscal year to another, any indemnification relating thereto shall be
limited to the actual net and final cash cost thereof incurred by the relevant
Company.

(f)         The
Sellers shall not be required to indemnify the Purchaser under Section 8.01
in respect of any contingent or potential liability of the Companies unless and
until such liability has become actual and final and has been paid for by the
Companies or has become the subject matter of a binding obligation to pay on
the Companies (or any of them). The Sellers obligations under Section 8.01
shall survive the expiration of the time limit set out in Section 8.04(g) in
respect of any contingent or potential liability of the Companies if such
contingent or potential liability is properly notified to the Sellers before
the expiration of the time limit set out in Section 8.04(g) and is
substantiated by making available to the Sellers evidence providing reasonable
grounds that, at the time of the expiry of such time limit, such potential or
contingent liability may occur.

(g)        In no
event shall the Sellers be responsible to the Purchaser under Sections 8.01 and
8.01(A) in respect of any actual or alleged breach of the representations,
warranties and indemnities referred to therein which is notified to the Sellers
pursuant to section 8.02(i): (i) with respect to any Non Tax Claim or any
claim under the indemnity set out in Section 8.01(c) other than in
respect of Tax, later than two (2) years after the Closing Date; and (ii) with
respect to any Tax Claim, later than three (3) years after the Closing
Date

(h)        The
Purchaser shall not be entitled to recover damages more than once in respect of
one and the same loss by claiming the breach of more than one representation or
warranty contained in Article VI.

(i)         The
Sellers shall not be required to indemnify the Purchaser under Sections 8.01
and 8.01(A) in respect of any liabilities, losses, costs or damages to be
indemnified by the Sellers under Sections 8.01 and 8.01(A), if and to the
extent such liabilities, losses, costs or damages would not have arisen but for
an act, omission or transaction carried out by the Purchaser (including its
Affiliates) or the 

 28
 

Companies after the
Closing Date otherwise than (i) in the normal course of business of the
Companies as carried on at the date hereof or (ii) as a result of an act,
omission or transaction carried out by the Purchaser at the request of the
Seller, provided that, in each case, the Purchaser, its Affiliates or the
Companies had actual knowledge prior to such act, omission or transaction that
it would give rise to a liability, loss, cost or damage to be indemnified by
the Sellers under Section 8.01 and a reasonable alternative course of
action was available to it.

(j)         Each
of the Parties shall procure that all reasonable steps are taken to avoid or
mitigate any loss or damage which it may suffer in consequence of any breach by
the other Parties of the terms of this Agreement.

(k)        If the
Sellers have made any payment to the Purchaser according to this Article VIII
and subsequently the Purchaser or any of the Companies recovers or has the
right to recover from any third party any amount for the same facts or
circumstances forming the basis of the Sellers indemnification, then the
Purchaser will procure that the Companies use all reasonable endeavors to
pursue the said recovery and the provisions of Sections 8.04(a)(iii) and (iv) shall
apply in respect of any amounts so recovered.

8.05   Handling of Claims.—If
any breach of representations or warranties derive from claims, actions or
demands by third parties (including any tax or other authorities), the
Purchaser shall apply the following provisions (subject to the term provided
for in Section 8.02(i)):

(a)        Save
in respect of any claims, actions or demands by any Governmental Body
(including the CMB, BRSA, SDIF, Competition Authority, Social Security
Institution and Tax Authorities of Turkey), and provided that the Sellers have
accepted liability in full under this Agreement in respect of the relevant
claim, action, suit or proceeding, the Sellers shall, at their expense,
undertake, with counsel of their own choosing reasonably satisfactory to the
Purchaser, the defence of any claim, action, suit or proceeding asserted or
initiated against any of the Companies constituting the subject matter of a
notice to the Sellers of the kind referred to under Section 8.02(i). The
Purchaser may participate, at the expense of the Companies, in such defence
with counsel of its own choosing reasonably satisfactory to the Sellers. In
each case, the Purchaser will cause the Companies to cooperate with the
Sellers, so long as the Sellers are conducting the defence of the claim,
action, suit or proceeding, in the preparation for and the prosecution of the
defence of such claim, action, suit or proceeding, including making available
evidence within the control of the Companies, and persons needed as witnesses
who are employed by the Companies, in each case as needed for such defence.

(b)        In
respect of any claims, actions or demands by any Governmental Body (including
the CMB, BRSA, SDIF, Competition Authority, Social Security Institution and Tax
Authorities of Turkey) constituting the subject matter of a notice to the
Sellers of the kind referred to under Section 8.02(i), or in the event
that the Sellers (i) do not undertake the defence of any claim, action,
suit or proceeding within a reasonable time after the Purchaser has given a
notice of the kind referred to under Section 8.02(i) and (ii) has
not contested said notice, at the expense of the Sellers and after giving
notice to the Sellers of such action, the Purchaser shall properly and
diligently defend, and shall cause the affected Company to properly and
diligently defend, such claim, action, suit or proceeding for as long as the
Purchaser, acting reasonably, considers that there is a reasonable prospect in
succeeding in the defense such claim, action, suit or proceeding.

(c)        Without
prejudice to the provisions of Paragraph (b) above, the Purchaser shall
not and shall cause the Companies not to make or accept any settlement of any
claim, action, suit or proceeding, nor shall make acquiescence thereto or, as
the case may be, to any demand, assessment, judgment or order constituting the subject
matter of a notice of the kind referred to under Section 8.02(i), or, as
the case may be, having resulted from any such claim, action, suit or
proceeding, without the prior written consent of the Sellers, which consent
shall not be unreasonably withheld or delayed.

 29
 

(d)        If a
firm offer is made to the Purchaser or any Company to settle any matter giving
rise to the Sellers liability under this Section 8.05 which the Sellers,
but not the Purchaser, is willing to accept, the Purchaser and the relevant Company
shall be free not to enter into such settlement and to commence or continue
litigation, at its own expense, but the Sellers liability shall be limited to
the amount of the proposed settlement.

(e)        Costs
and expenses, including attorney’s fees, reasonably incurred by the Purchaser
or by any of the Companies in defending any claim, action, suit or proceeding
pursuant to this Section 8.05 shall be paid promptly by the Sellers upon
request by the Purchaser. The Purchaser agrees to repay or to cause the relevant
Company to repay promptly expenses borne or reimbursed by the Sellers pursuant
to Paragraph (a) or (b) preceding if and to the extent that the
Purchaser or the relevant Company recovers such expenses from a third party.

(f)         Neither
the Purchaser nor any of the Companies shall be required to take any action or
refrain from taking any action pursuant to this Section 8.05 if the action
or omission would, in the reasonable opinion of the Purchaser, be materially
prejudicial to the business of the Purchaser or any of its Affiliates
(including, following Closing, the Companies).

8.06   Remedies.—The
rights and remedies provided in this Article VIII shall be exclusive and
in lieu of any other right, action, defence, claim or remedy of the Purchaser,
provided by Law or otherwise, however arising in connection with, or by virtue
of, any breach of the representations, warranties, undertakings and covenants
of the Sellers contained in this Agreement. In particular, without limitation
(but without prejudice to the provisions of Section 10), no breach or
inaccuracy, even if material, of any representations, warranties, undertakings
or covenants of the Sellers will give rise to any right on the part of the
Purchaser to rescind or terminate this Agreement or to refuse to effect the
Closing or to perform its obligations set forth in this Agreement, prior to,
on, or after the Closing Date.

8.07   Waiver.—The
Purchaser and the Sellers acknowledge and declare that it is their express
intention that the provisions of Section 8 shall not be limited or
affected in any respect by the provisions of Articles 198 and 207 of the
Turkish Code of Obligations, by Article 25 of the Turkish Commercial Code
or by any other relevant provision of the Turkish Code of Obligations or
Turkish Commercial Code relating to notice and examination periods.

8.08   Indemnification Obligation of the Purchaser.—The Purchaser
shall indemnify and hold the Sellers harmless from, against and with respect to
any and all damages suffered by the latter arising out, or as a result, of any
inaccuracy or breach of any representation or warranty made by the Purchaser in
this Agreement.

ARTICLE IX

Other Covenants

9.01   Shareholders’ Agreement.—On
the Closing Date, the Parties shall execute and deliver the Shareholders’
Agreement, setting forth the rules governing the relationship between the
Parties as shareholders of Target, and to the extent applicable the relationship
between the Parties upon consummation of the Closing.

9.02   [INTENTIONALLY BLANK]

9.03   Take-Out Assets.—(a) At
Closing, the Sellers shall execute, deliver and exchange with Target, and cause
Target to execute, deliver and exchange with the Sellers such deeds of transfer
as may be legally sufficient to transfer to the Sellers or an entity designated
by the Sellers good and marketable title to all the Take-Out Assets and pay to
Target the Take-Out Assets Final Purchase Price.

 30
 

(b)        At
Closing Date and prior to and as a condition precedent to the Closing, the
Sellers shall cause Target to execute, deliver and exchange with Finansbank
International, and shall cause Finansbank International to execute, deliver and
exchange with Target, such deeds of transfer as may be legally sufficient to
transfer to Target good and marketable title to the Finansbank Malta Shares and
pay to Finansbank International the Malta Purchase Price.

9.04   Tender Offer.—(a) The
Purchaser hereby agrees and acknowledges that, as a consequence of the
acquisition of the Shares, it is required, pursuant to the applicable Laws and
capital market regulations of Turkey, to launch, or to procure the launch of, a
mandatory tender offer on the entire, or part of the, share capital of Target
and Finans Finansal Kiralama A.S. not acquired by the Purchaser pursuant to
this Agreement (the “Tender Offers”).
Save to the extent that an exemption from the obligation to make a Tender Offer
for Finans Finansal Kiralama A.S. is sought and obtained by the Purchaser from
the CMB, the Purchaser agrees to fulfill such obligation in such time period
and manner as required by the applicable Laws and the capital market
regulations of Turkey. In respect of the Tender Offer for shares of Target,
subject to Section 9.04(b), the Sellers and the Purchaser hereby agree
that the Sellers shall not (other than in accordance with Paragraph (b) below)
tender any Ordinary Shares held by them upon consummation of the Closing. The
Sellers shall, upon the request of the Purchaser, provide all such assistance
and information to the Purchaser as it may reasonably request to assist the
Purchaser in satisfying its requirement to implement the Tender Offers and,
should the Purchaser in its sole discretion so determine, in seeking an
exemption from the CMB allowing the making of the Tender Offer in respect of
the Target to be delayed until such time as the Purchase Price for the Shares
has been finally determined in accordance with Article III; obtaining an
exemption from the CMB to making a Tender Offer for Finans Finansal Kiralama
A.S. or allowing such offer to be made by the Target instead of by the
Purchaser; and the preparation of any offer document or prospectus relating to
the Tender Offer in respect of Target.

(b)        If,
pursuant to the Tender Offer in respect of Target, the number of Ordinary
Shares in respect of which valid acceptances are received by the Purchaser
immediately prior to closing of such Tender Offer is, when aggregated with the
number of Ordinary Shares acquired by the Purchaser at Closing pursuant to this
Agreement (such aggregated number of Ordinary Shares, being the “Purchaser’s Tender Offer Holding”), less
than 50% plus one of the Ordinary Shares, the Sellers shall tender in the
Tender Offer in respect of Target such number of Ordinary Shares held by the
Sellers as would, when aggregated with the Purchaser’s Tender Offer Holding,
result in the Purchaser holding 50% plus one of the Ordinary Shares. Written
notice of the Sellers’ requirement to tender Ordinary Shares pursuant to this Section 9.04(b) shall
be given by the Purchaser to the Sellers on the closing date of the Tender
Offer in respect of Target. Upon receipt of such notice, the Sellers shall duly
complete all such acceptances, forms, instructions or other documents required
to satisfy its obligations under this Section 9.04(b) in accordance
with the terms and conditions of the Tender Offer in respect of Target.

9.05   Use of Finansbank Brand by
the International Subsidairies.—(a) The Purchaser hereby agrees
and acknowledges that for a period of one (1) year following the Closing
Date the International Subsidiaries and their direct or indirect subsidiaries
shall be permitted by the Purchaser to continue to use in Turkey all brands,
tradenames, service marks, service names, copyrights, logos, symbols and
licenses set out in Schedule 9.05(a). The Purchaser agrees and covenants not to
establish an entity outside Turkey, Malta or Bahrain whose name contains the
Finansbank Brand.

(b)        The
Purchaser hereby agrees and acknowledges that for a period of one (1) year
following the Closing Date, the International Subsidiaries shall be permitted
by the Purchaser to continue to use in Romania, Switzerland, Russia and The
Netherlands the service mark named “Cardfinans” together with its logo as set
out in Schedule 9.05(b).

 31

(c)        The
Purchaser hereby agrees and acknowledges that for a period of one (1) year
following the Closing Date, Finans Sigorta A.S., and its direct and indirect
subsidiaries shall be permitted by the Purchaser to continue to use in Turkey
all brands, tradenames, service marks, service names, copyrights, logos,
symbols and licenses set out in Schedule 9.05(c).

(d)        The
Sellers undertake to the Purchaser (for itself and as agent for each of its
Affiliates including, following Closing, the Companies) to procure that:

(i)         with
respect to the brands, tradenames, service marks, service names, copyrights,
logos, symbols and licenses subject to the provisions of Paragraphs (a) to
(c) above (the “Companies’ Marks”), (A) on or prior to the date
that is one (1) year following the Closing Date or (B) within one (1) month
of a Change of Control of any of the International Subsidiaries (which ever is
the earlier); and

(ii)       with
respect to all other Intellectual Property of the Companies, on or prior to the
Closing Date,

the name of the
Sellers or any of its Affiliates (including the International Subsidiaries)
which consists of or incorporates any of the Intellectual Property of the
Companies, the Finansbank Brand or the Companies’ Marks, or anything which, in
the reasonable opinion of the Purchaser, is substantially or confusingly
similar to any of the Intellectual Property of the Companies, the Finansbank
Brand or the Companies’ Marks, is changed to a name which does not include nor
is confusingly similar to any of the Intellectual Property of the Companies,
the Finansbank Brand or the Companies Marks, and the Sellers further undertake
to procure that, thereafter, none of the Intellectual Property of the
Companies, the Finansbank Brand or the Companies’ Marks are used by the Sellers
or their Affiliates (including the International Subsidiaries), as applicable. For
the avoidance of doubt, the Purchaser agrees and acknowledges that the “FIBA”
name, is not substantially or confusingly similar to any of the Intellectual
Property of the Companies, the Finansbank Brand or the Companies’ Marks.

(e)        The
Sellers shall procure that the use of the Companies’ Marks pursuant to
Paragraphs (a) to (c) above:

(i)         complies
with any quality standards which Target may from time to time reasonably
require;

(ii)       is not
carried out in a manner which could, in the Purchaser’s reasonable opinion,
bring the Purchaser or the Companies into disrepute;

(iii)      complies
with all applicable Laws.

(f)         If,
after Closing, any Party becomes aware that any of the Sellers, or any
Affiliate of the Sellers (including the International Subsidiaries), owns any
Intellectual Property or know-how used by the Companies or relating to the
Business, then that Party shall promptly notify the others and the Sellers
shall, at the Purchaser’s cost, do or procure to be done of all such acts
and/or execute or procure the execution of all such documents (in a form
reasonably satisfactory to the Purchaser) as the Purchaser shall reasonably
deem necessary to vest the same in such Company as the Purchaser shall nominate
for a nominal consideration.

9.06   Non-Compete.—(a)
Save as set out in Paragraphs (i) to (vii) below, the Sellers
undertake to the Purchaser (for itself and as agent for each of its Affiliates
including, following Closing, the Companies) that for a period of three (3) years
following the Closing Date (the “Restricted Period”),
the Sellers shall not, and shall procure that their Affiliates (excluding the
International Subsidiaries) shall not, whether alone, jointly with another,
directly or indirectly be engaged or concerned or interested economically or
otherwise in the provision of any banking or financial services in, or
otherwise compete with the Companies in, Turkey (including, for the avoidance
of doubt and without limitation, the provision of 

 32
 

banking or financial
services from outside Turkey to persons located in Turkey and any application
for, obtaining or holding of a license to provide banking or financial services
in Turkey).

In relation to the International Subsidiaries, the
Sellers undertake to the Purchaser (for itself and as agent for each of its
Affiliates including, following Closing, the Companies) that during the
Restricted Period the International Subsidiaries shall not (whether alone,
jointly with another, directly or indirectly) provide services to any corporate
resident in Turkey and in addition shall procure that, at any given time during
the Restricted Period, the aggregate level of cash and non-cash loans
outstanding to Existing Corporate Customers (excluding, for the avoidance of
doubt, Fiba Holding and its Affiliates) shall not exceed EUR 500,000,000 (the “Existing Corporate Customer Cap”).

The Parties acknowledge that as at the date of this
Agreement the aggregate level of such loans is in excess of EUR 500,000,000. The
Sellers shall accordingly procure that the aggregate level of such loans be
reduced to no more than EUR 500,000,000 as soon as reasonably practicable and
in any event within 12 months from the Closing Date. The Sellers shall
procure that aggregate level of such loans outstanding does not at any time
increase during such one (1) year period before such aggregate level has
been reduced to EUR 500,000,000 (and for the avoıdance of doubt, they shall
procure that it does not increase above EUR 500,000,000 thereafter). Provided
that the Sellers reduce the aggregate level of such outstanding loans in
accordance with such obligatıons, they shall not be considered
in breach of the Existing Corporate Customer Cap by virtue of the aggregate
level of such loans exceeding EUR 500,000,000 during that one year period after
Closing.

For purpose of this Section 9.06, “Existing Corporate Customers” means any
company or undertaking which is a customer of the International Subsidiaries at
the date of this Agreement and is identified in Schedule 9.6.

The restrictions in
this Section 9.06 shall not apply to:

(i)         any
banking or financial services provided by the International Subsidiaries to corporate
residents of Turkey, if (a) the International Subsidiary has previously
offered Target a right of first refusal in respect of the services and the
customer in question (and provided Target with adequate details of both) and
Target has not exercised such right within a reasonale time and (b), if Target requests, in lieu of
exercising its right of first refusal, that such service be provided jointly by
Target and the International Subsidiary in question, the İnternational
Subsidiaryhas sought ın good faith to agree such joint provision but such
agreement has not been reached;

(ii)       any
lending by the International Subsidiaries in ordinary course correspondent banking
transactions to other financial institutions in Turkey;

(iii)      any
insurance services offered by Finans Sigorta;

(iv)       any
factoring services offered by Fiba Factoring and Girisim Factoring;

(v)        any
services conducted by Finans Varlik Yonetimi A.S. and RCT Varlik Yonetim A.S;

(vi)       any
services to Existing Corporate Customers, provided that the Existing Corporate
Customer Cap is not thereby exceeded, or the aggregate level of loans in favour
of Existing Corporate Customers increased, in breach of the obligations set
forth above; and

(vii)     any
private banking services.

(b)        Without
limitation to the foregoing, the Sellers hereby further agree to procure that:

(i)         the
International Subsidiaries, during the Restricted Period, shall not open any
branches in Turkey or establish, participate or acquire an ownership interest
in any bank operating 

 33
 

in Turkey or increase,
expand or otherwise extend their existing banking operations, interests or
services conducted in Turkey;

(ii)       no
Retail Banking Services are offered by the International Subsidiaries in Turkey
during the Restricted Period. For the purposes of this Section 9.06(b)(ii),
“Retail Banking Services” shall
mean the provision of banking services related to (i) credit cards, (ii) consumer
finance and (iii) mortgage loans;

(iii)      the
aggregate of persons employed by the Representative Offices in combination
shall be reduced to three within six (6) months from the Closing Date and
shall not exceed three at any time thereafter during the Restricted Period; and

(iv)       Target
is offered a right of first refusal in respect of any loans which the
International Subsidiaries intend to transfer to third parties in order to
comply with the Existing Corporate Customer Cap.

(c)        The
Sellers acknowledge and agree that each of the undertakings set out in
Paragraphs (a) and (b) preceding is an entirely independent restriction
and is no greater than is reasonably necessary to protect the interests of the
Purchaser and its Affiliates. If any such restriction shall be held void or unenforceable
but would be valid if deleted in part or reduced in its application, then that
restriction shall apply with such modifications as may be necessary to make it
valid and effective.

(d)        The
Purchaser agrees to procure, to the extent it is lawfully able, that if at any
time during the Restricted Period Target intends to transfer a loan to a third
party in order to reduce its exposure to the debtor under such loan, it shall
offer the International Subsidiaries a right of first refusal in respect of such
loan

9.07   Non-solicitation.—None
of the Sellers shall, and they shall procure that none of their Affiliates
shall (whether alone, jointly with another, directly or indirectly), during the
Restricted Period, offer to employ or seek to entice away from any Company any
Key Manager who was employed by any Company at any time during the 12 months
ending on the Closing Date.

9.08   Third Party Assurances.—Each
of the Sellers shall use its reasonable efforts to ensure that, at or as soon
as reasonably practicable after Closing, each Company is released from all
Third Party Assurances given by it in respect of obligations of any of the
International Subsidiaries. Pending release of any such Third Party Assurance,
the Sellers shall indemnify the Purchaser and each of its Affiliates
(including, following Closing, the Companies) against any and all losses,
damages, costs (including reasonable legal costs) and expenses (including
taxation) in each case of any nature whatsoever under or by reason of that
Third Party Assurance.

9.09   Related Party Arrangements.—(a) On
or prior to Closing the Sellers shall, and shall procure that the Companies and
the International Subsidiaries shall, terminate at no cost to the Companies all
Related Party Arrangements (including any arrangements for the secondment of
employees by the Companies to the International Subsidiaries), other than an
agency agreement made between Target and Finans Sigorta S.A. dated 3 March 2006
and the Software License.

(b)        All
insurance provided or arranged in relation to the International Subsidiaries by
the Companies (whether under policies maintained with third party insurers or
by the Companies themselves) shall cease upon Closing and no liability shall
arise, and the Sellers shall procure that no International Subsidiary shall
make any claim, under any such policies, whether in relation to insured events
occurring on, before or after Completion.

 34

ARTICLE X

Conditions
Precedent to Closing

10.01   The Clearances.—(a) The
obligation of the Parties to proceed with the Closing pursuant to this
Agreement is subject to the condition that, on or prior to the expiration of
the term provided for in Section 10.02(b) (as extended), each of the
conditions set out in Section 10.04 has been satisfied (or waived by the
Party or Parties entitled to do so) and the purchase and sale of the Shares and
all other relevant transactions contemplated hereby shall have been approved,
authorized cleared or granted an exemption (and such approval, authorization,
clearance or exemption not having been withdrawn) by:

(i)         the
Banking Regulation and Supervision Board (Bankacilik Duzenleme ve Denetleme
Kurumu) pursuant to the applicable provisions of the Banks Act numbered 5411
and dated November 1, 2005 as amended from time to time;

(ii)       the
Competition Board [Rekabet Kurulu] pursuant to the applicable provisions of the
Competition Law (Law No. 4054);

(iii)      the
Central Bank of Greece in respect of the acquisition by the Purchaser of the
Shares and the Founders’ Shares;

(iv)       the
relevant Governmental Bodies as set out in the Reorganization Agreements;

(v)        the
CMB, in respect of the sale and purchase of Finans Yatirim Menkul
Degerler A.S.; and

(vi)       the
Treasury, in respect of the sale and purchase of Finansbank Malta.

(the approvals,
clearances and exemptions contemplated above are hereinafter collectively
referred to as the “Clearances”,
other than the approvals, clearances and exemptions contemplated at sub-section (iv)
above, hereinafter collectively referred to as the “Reorganization Clearances”).

(b)        The
Parties agree to take all actions, and to do all things necessary, proper or
advisable to consummate and make effective, in the most expeditious manner
practicable, the transactions contemplated by this Agreement and to satisfy the
conditions referred to in this Section 10, including the following: (i) the
taking of all acts necessary, the making of all necessary registrations and
filings (including filings with any competent authorities) and the taking of
all steps as may be necessary to cause the Clearances and the Reorganization
Clearances, and the other Conditions Precedent set out in Section 10.04,
to be satisfied as promptly as practicable, (ii) the defending of any
lawsuits or other legal proceedings, whether judicial or administrative,
challenging this Agreement or the consummation of the transactions contemplated
hereby, including seeking to have any stay or temporary restraining order
entered by any court or other competent authorities vacated or reversed and (iii) the
execution and delivery of any additional instruments necessary to consummate
the transactions contemplated by, and to fully carry out the purposes of, this
Agreement.

10.02   Satisfaction of Condition.—(a) Not
later than 20 Business Days after the date of this Agreement, the Purchaser
shall duly and properly file all applications, requests and other documents
that are required to obtain the Clearances and the Sellers shall do the same in
respect of the Reorganization Clearances; each party shall keep the other
timely informed of all steps taken pursuant hereto, and shall actively
cooperate with each other to obtain the Clearances and the Reorganization
Clearances as soon as possible. To this effect, each party shall submit to the
other a draft of any material document(s) (subject to the right of the
submitting party to redact any confidential information therein) to be filed
with the relevant authority pursuant hereto at least two (2) Business Days
before making any such filing in order for the Sellers to review them. The
other party shall promptly review the aforesaid document(s) and provide 

 35
 

its comments, if any, to
the submitting party within three (3) Business Days, which shall take such
comments into due account and shall use its reasonable efforts to incorporate
them into the document(s).

(b)        [INTENTIONALLY
BLANK]

(c)        Nothing
in this Article X shall require the Purchaser to effect or procure the
effect of, or undertake or agree to effect or procure the effect of, any sale
or disposal of any business or assets of the Purchaser, any Affiliate of the
Purchaser or any of the Companies (or part thereof).

10.03   Effects.—If any
of the Clearances or Reorganization Clearances is not obtained or any of the
conditions referred to in Section 10.04 has not been satisfied (or waived
by the Party or Parties entitled to do so) on or prior to 31 December 2006,
this Agreement shall automatically terminate and the Parties shall be released
from all obligations hereunder except for: (i) any rights or obligations
arising under Sections 11.01 and 12.04 or under Article XIII, (ii) any
rights or obligations arising in connection with any breach of Sections 10.01
and 10.02(a) preceding; and (iii) any rights and liabilities that
have accrued before termination of this Agreement.

10.04   Other Conditions Precedent.—The
obligation of the Parties to proceed with the Closing pursuant to this
Agreement is further subject to:

(i)         the
fulfillment by the Sellers of its obligations set forth in Section 9.03
above;

(ii)       the
absence of a Material Adverse Change,

(iii)      the
execution by the Sellers and the Purchaser of the Shareholders’ Agreement,

(iv)       provision
by the Sellers to the Purchaser of evidence, in a form reasonably satisfactory
to the Purchaser, of the reduction of the value or size of the Companies’ off-shore
assets (including the Companies’ assets in Bahrain) such that the Companies
are, at or prior to Closing, in compliance with the requirements of the Turkish
Regulation on the Incorporation and Activities of Banks dated 22 June 2001,

(v)        the
Sellers having complied with the provisions of this Agreement, and the
representations and warranties of the Sellers set out in Article VI being
true and correct in all respects as at the date of this Agreement and as at
Closing, save where the combined effect of any and all such breaches taken
together would not give rise to a Material Adverse Effect,

(vi)       at
least (A) 75% of the Executive Vice Presidents employed by the Companies
as at the date of this Agreement, and (B) 75% of the combination of the
Key Managers and any other persons employed by the Company as a branch manager,
in each case as at the date of this Agreement, remaining in the employment of
the Companies (and not having given, or been given, notice to terminate their
employment);

(viii)    the
Sellers having obtained, or having procured that the Companies have obtained
and delivered to the Purchaser, waivers to any rights arising upon a change of
control of Target or otherwise pursuant to the implementation of this Agreement
with respect to the agreements listed in Schedule 10.04(viii).

10.05   Waiver.—The Conditions Precedent in Section 10.04(i), (ii) and
(iv) to (viii) (inclusive) may be waived by notice from the Purchaser
to the Sellers.

ARTICLE XI

Confidentiality

11.01   Confidential Information.—(a) The
Purchaser shall keep secret and confidential any confidential information
concerning the Sellers or its Affiliates or, prior to Closing, the Business and
the 

 36
 

Companies, received as a
result of this Agreement or of any investigations made in connection herewith
and shall also cause its officers, employees and consultants to whom such
information has been disclosed for the purposes of this Agreement to comply
with such commitment. The Purchaser shall exercise all necessary precautions to
safeguard the confidentiality and secrecy of such information and to prevent
the disclosure thereof, provided that
the restriction contained in this Section 11.01 shall not apply with
respect to: (i) information which at the time of disclosure was in the
public domain unless the same occurs in consequence of the breach hereof by the
Purchaser; (ii) information which has been can be demonstrated to have
been independently developed by the Purchaser or acquired from a third party
which did not itself acquire such information with restrictions on further
dissemination directly or indirectly from the Purchaser; (iii) information
which the Parties have agreed is no longer confidential; and (iv) information
ordered or required to be disclosed by any applicable Law or competent
judicial, governmental or other authority or in accordance with the
requirements of any stock exchange or securities regulation. All
confidentiality obligations of the Purchaser under this Section 11.01
shall expire on the second (2) anniversary of the date of this Agreement.

(b)        The
Sellers hereby agree and covenant that, except with the prior written consent
of the Purchaser, for a period of two (2) years after the Closing Date,
they shall keep, and shall cause their Affiliates and their and their directors
and employees to keep, secret and confidential all information in their
respective possession relating to the Business, with the exception of information
that: (i) is, or subsequently becomes, available to the public, or is
otherwise disclosed to third parties, through no fault of the Sellers, its
Affiliates or their respective directors or employees, (ii) can be
demonstrated to have been independently developed by the Sellers, its
Affiliates or their respective directors or employees, or acquired from a third
party which did not itself acquire such information with restrictions on
further dissemination directly or indirectly from the Sellers, (iii) information
which the Parties have agreed is no longer confidential; and (iv) information
ordered or required to be disclosed by any applicable Law or competent
judicial, governmental or other authority or in accordance with the
requirements of any stock exchange or securities regulation.

11.02   Announcements.—Except
as otherwise required under any Law or rule issued by a Governmental Body
or other regulatory or stock exchange authority having jurisdiction on the
Purchaser or the Sellers or its Affiliates, no publicity, release or
announcement concerning the execution or delivery of this Agreement, any of the
provisions contained herein or the transactions contemplated hereby will be
issued without the prior written consent and approval, as to both form and
contents, of the Sellers and the Purchaser, provided
that such consent or approval cannot be unreasonably withheld or delayed.

11.03   The Confidentiality Undertaking.—The provisions of this Article XI
shall supersede the confidentiality obligations previously undertaken by the
Purchaser. For the avoidance of doubt the non-conflicting provisions of such
confidentiality undertaking remains in full force and effect in accordance with
its terms.

ARTICLE XII

Miscellaneous
Provisions

12.01   Survival.—Except
as otherwise provided in other Paragraphs, Sections or Articles of this
Agreement and except for the representations and warranties of the Parties
contained in Articles VI and VII, subject to the limitations as set forth
in this Agreement, all other clauses of this Agreement providing for any
obligation of the Parties to be performed after the Closing Date shall remain
in full force and effect after the Closing, without the necessity for either of
the Parties to reiterate or otherwise confirm its commitment with respect
thereto.

 37
 

12.02   Changes in Writing.—This Agreement:

(i)         constitutes
the entire agreement between the Parties with respect to the subject matter
hereof and supersedes all prior agreements (if any) relating to the same
subject matter;

(ii)       may
not be waived, changed, modified or discharged orally, but only by an agreement
in writing signed by the Purchaser and Mr. Hüsnü Özyeğin, on behalf
of the Sellers.

12.03   Assignment, No Third Party
Beneficiaries.—(a) This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of each of the Parties
hereto and their respective successors, and such successors shall have the
benefit of the indemnities set forth in Article VIII hereof.

(b)        Save
as set out in Paragraphs (c) and (d) below, none of the Parties may
assign any of its rights interests or obligations hereunder (in total or in
part) without the prior written consent of the other Party and any attempt to
assign this Agreement without such consent shall be void and of no effect.

(c)        The
Purchaser may assign the benefit of this Agreement, in whole or in part, and it
may be enforced by, any Permitted Assignee as if it were the Purchaser. Any
Permitted Assignee to whom an assignment is made in accordance with the
provisions of this Section 12.03 may itself make an assignment as if it
were the Purchaser. For this purpose, a “Permitted
Assignee” means any Affiliate of the Purchaser which is the owner
from time to time of any or all of the Shares or the assets of the Companies.

(d)        The
Purchaser may assign its rights under this Agreement by way of security to any
bank and/or financial institution lending money or making other banking
facilities available to the Purchaser for the acquisition of the Shares.

(e)        Except
as otherwise expressly provided for herein, nothing in this Agreement shall
confer any rights upon any Person which is not a Party or a successor of any
Party to this Agreement.

12.04   Notices.—Any
communication or notice required or permitted to be given under this Agreement
shall be made in writing, in the English language and shall be deemed to have
been duly and validly given (i) in the case of notice sent by letter or
cable, upon receipt of same, and (ii) in the case of notice sent by
facsimile, upon receipt of transmission by the recipient, (iii) if
delivered by recognized international courier to the address as provided in
this Section 12.04, upon confirmed receipt, (iv) if delivered
personally to the address in this Section 12.04, upon delivery, (in each
case regardless of whether such notice, request or other communication is
received by any other Person to whom a copy of such notice is to be delivered
pursuant to this Section 5.02 and provided that where delivery occurs out
of Working Hours, it shall be deemed to have been received at the start of
Working Hours on the next following Business Day). Communications and notices
under this Agreement shall be addressed as follows:

(a)        if to
the Sellers, to it at:

FIBA Holding A.S.

Buyukdere Caddesi No. 129/5

Mecidiyekoy, Sisli

Istanbul, Turkey

Attention: Husnu Ozyegin

with copy to the attention of: Kerem Moroli

 38
 

(b)        if to
the Purchaser, to it at:

Aiolou 86,

Athens 10232, Greece,

Attention: The Chairman/Chief
Executive Officer

or at such other
address and/or telefax number as either Party may hereafter furnish to the
other by written notice, as herein provided.

12.05   Applicable Law.—This
Agreement shall be governed by, and construed and interpreted in accordance
with, the Laws of Turkey.

12.06   Payment.—Unless
otherwise provided for in this Agreement:

(i)         any
payment due by any Party to the other Party, according to the provisions of
this Agreement shall be made on the due date thereof, with value at such date,
in immediately available funds by wire transfer to the bank account designated
by the payee at least three (3) Business Days prior to the date on which
the payment is due (which transfer shall be confirmed in writing to the payee
by a primary credit institution reasonably acceptable to the same) or by such
other method as the payee may reasonably request at least three (3) Business
Days prior to the date on which the payment is due;

(ii)       all
amounts to be paid pursuant to this Agreement shall be paid in USD.

12.07   Delayed Payments and
Interest.—Unless otherwise provided for in this Agreement, without
prejudice to any other right or remedy provided by Law or otherwise, in the
event of a delay (including any delay due to causes of force majeure)
in the payment of any amount to be paid under this Agreement, interest shall be
due, for the period of such delay, at a rate per annum
equal to 200 basis points over the Agreed Rate.

12.08   Language.—Except
for certain documents contained in the Schedules hereto, which are in languages
other than English, this Agreement shall be executed in the English language,
which shall be the only language governing this Agreement.

12.09   Taxes and Other Expenses.—Except
as otherwise expressly provided in other Sections of this Agreement, any cost,
tax, impost, duty or charge arising in connection herewith, or with the
consummation of the purchase and sale of the Shares contemplated hereby, shall
be borne and paid as follows:

(i)         any
income and capital gains taxes due as a consequence of the sale of the Shares
and the Founders’ Shares shall be borne and paid for by the Sellers;

(ii)       the
Purchaser and the Sellers shall each pay the fees, expenses and disbursements
they respectively incur in connection with the negotiation, preparation and
implementation of this Agreement, including (without limitation) any fees and
disbursements owing to their respective auditors, advisors and legal counsel,
including, for the avoidance of doubt, the fees of Morgan Stanley acting as financial
advisor to the Sellers (which fees shall be paid by the Sellers and not by the
Purchaser or the Companies) and the fees of Credit Suisse and Goldman Sachs
International acting as financial advisor to the Purchaser (which fees shall be
paid by the Purchaser and not by the Sellers),

(iii)      any
notarial fees and applicable stamp taxes (and amounts to be paid to BRSA under Article 18
of the Banking Law] in respect of the sale of the Shares and the Founders’
Shares (but not, for the avoidance of doubt, in respect of the sale of the
Take-Out Assets, which shall be paid by Fiba Holding A.S.) shall be borne by
the Purchaser.

 39
 

12.10   Schedules.   All
Schedules attached to this Agreement are incorporated herein and made a part
hereof as fully as if written in this Agreement.

12.11   Due diligence.   Without
prejudice to its rights under this Agreement (but subject to the terms set out
herein) the Purchaser acknowledges and declares that it has carried out a Due
Diligence relating to the Companies satisfactory in all material respects.

12.12   No Inducement or Reliance;
Independent Assessment.—With respect to Target and any other rights
or obligations to be transferred hereunder or pursuant hereto, the Purchaser
declares and states that it has not been induced by and has not relied upon any
representations, warranties or statements, whether express or implied, made by
Sellers, any Affiliate of the Sellers, Target, any Subsidiary, or any of their
agent, employee, attorney, advisor or other representative or by any other
Person representing or purporting to represent the Sellers, that are not
expressly set forth in this Agreement, whether or not any such representations,
warranties or statements were made in writing or orally, and none of the
Sellers, any Affiliate of the Sellers, or any agent, employee, attorney, other
representative of the Sellers or other Person shall have or be subject to any liability
to the Purchaser or any other Person resulting from the distribution to the
Purchaser, or Purchaser’s use of, any such information and any information,
documents or material made available in the Data Room or pursuant to
Management Meetings or in any other form in expectation of the transactions
contemplated hereby. This clause shall not limit or exclude any liability of
the Sellers for, or remedy of the Purchaser in respect of, fraudulent
misrepresentation.

12.13   Severability.—If
any of the provisions of this Agreement is or becomes invalid, illegal or
unenforceable under the laws of any jurisdiction, the validity, legality or
enforceability of the remaining provisions shall not in any way be affected or
impaired. The Parties shall nevertheless negotiate in good faith in order to
agree the terms of mutually satisfactory provisions, achieving as closely as
possible the same commercial effect, to be substituted for the provisions so
found to be void or unenforceable.

12.14   Further Assurances.—Each
Party to this Agreement covenants and agrees that it will, at the request and
expense of the requesting Party, execute and deliver such documents, including,
without limitation, all such additional conveyances, transfers, consents and
other assurances and do all such other acts and things as the other Party
hereto, acting reasonably, may from time to time request to be executed or done
in order to evidence better or perfect or effectuate any provision of this
Agreement or of any agreement or other document executed pursuant to this
Agreement or any of the respective obligations intended to be created hereby or
thereby. The Sellers shall provide, and prior to Closing shall procure that the
Companies shall provide, all such assistance and information as the Purchaser
may reasonably request with respect to the preparation by the Purchaser of any
offering or listing document relating to any rights issue or other equity
offering by the Purchaser to finance the acquisition of the Shares and the
Founders Shares and the Tender Offers.

12.15   Right to Designate.—(a) The
Purchaser may designate one or more companies to purchase the Shares and to
cause any one or more companies to pay any sums expressed to be payable
hereunder by the Purchaser, according to the terms and conditions of this Agreement,
provided that such designation is
made in accordance with the following provisions:

(i)         each
designation will be sufficiently made if notified in writing to the Sellers
together with the written acceptance of the designee;

(ii)       any
designation pursuant hereto will be notified to the Sellers within and not
later than fifteen (15) Business Days prior to the Closing Date; and

(iii)      each
designee will be an Affiliate of the Purchaser.

 40

(b)        The
Purchaser shall continue to be jointly and severally liable with its designee
in respect of the punctual and exact performance by the latter of all duties
and obligations arising under, or in connection with, this Agreement.

(c)        If at
any time, after the designation under Paragraph (a)(i) above and until any
Party hereto may have any right or claim against the other Party under this
Agreement, the designee ceases to be an Affiliate of the Purchaser, the
Purchaser shall be obliged to purchase the Shares from the designee.

(d)        For
all the purposes of this Agreement, and in particular (but without limitation)
for all the purposes of the arbitration clause provided for in Article XIII
(including the appointment of the arbitrators and the presentations or filings
of actions, claims, demands or counter claims), the Purchaser and any designee
designated by the latter pursuant to this Section 12.15 shall be
considered as one and the same party, and they shall be obliged to act as one
and the same party, and any notices sent to the Purchaser according to the
provisions of Section 12.04 shall also be deemed to have been made to the
designee, if any.

12.16   Sellers’ Representative.—(a) Each
of the Sellers hereby irrevocably appoints the Sellers’ Representative as the
sole representative of such Seller to act on his or her behalf for all purposes
under this Agreement including for the purposes of:

(i)         delivering
payment instructions to the Purchaser;

(ii)       giving
and accepting notices on behalf of the Sellers;

(iii)      taking
any and all actions that may be necessary or desirable, as determined by the
Sellers’ Representative in its sole discretion, in connection with the payment
of the costs and expenses incurred with respect to the Transaction;

(iv)       granting
any consent or approval on behalf of any one or more of the Sellers under this
Agreement; and

(v)        generally
taking any and all other actions and doing any and all other things provided in
or contemplated by this Agreement to be performed by any one or more of the Sellers
or the Sellers’ Representative on behalf of such Seller.

(b)        The
Purchaser shall be entitled to rely on the exercise of the powers and
authorities conferred on the Sellers’ Representative as if the relevant Seller
were exercising such powers and authorities. Any notice given by the Purchaser
to the Seller’s Representative shall be deemed to have been given to all of the
Sellers, including any notice under Article XIII.

(c)        In the event that the Seller’s Representative is unable for
whatever reason to fulfill his functions under this Section 12.16, a new
person shall be designated as the Seller’s Representative by the Sellers in
notice in writing to the Purchaser within thirty (30) days of such inability
arising. The Purchaser may itself designate any Seller to be the new Seller’s
Representative should the Sellers fail to do so within such time.

ARTICLE XIII

Arbitration

13.01   Appointment of Arbitrators.—Save
as expressly provided otherwise in Article III, all disputes arising out
of or in connection with this Agreement shall be finally settled under the Rules of
Arbitration of the International Chamber of Commerce by three arbitrators
appointed in accordance with the said Rules. The first arbitrator will be
appointed by the Party initiating the arbitration proceedings simultaneously
with its demand for arbitration, the second one of which will be appointed by
the other Party within twenty (20) Business Days of the date on which it has
received notice of the demand for 

 41
 

arbitration and the third
one of which (who shall act as Chairman of the arbitration panel) will be
designated by agreement of the first two within twenty (20) Business Days from
the appointment of the second Arbitrator or, failing such agreement, by the
International Chamber of Commerce Court of Arbitration, which will also
designate (i) the second arbitrator if the Party required to make such
designation will not have done so within the period indicated above; and (ii) the
replacement of any arbitrator who is unable or unwilling to serve or to
continue to serve as such, but only in the event that such replacement has not
been designated by the Party which appointed the arbitrator to be replaced
within twenty (20) Business Days from the date on which such arbitrator
resigned or otherwise ceased from office or, in the case of the Chairman, by
agreement of the other two Arbitrators. The place of arbitration shall be
Paris, France. The language to be used in the arbitral proceedings shall be
English.

13.02   Arbitration Expenses.—The
expenses of the arbitration proceedings referred to in Section 13.01 shall
be borne by the Parties in accordance with the applicable determinations of the
Arbitration Tribunal.

13.03   Election of Domicile.—The
Sellers and the Purchaser hereby designate their respective addresses for the
giving of notice, as set forth in Section 12.04, as their respective
domiciles at which service of process may be made in any arbitration, legal
action or proceeding arising hereunder. The Sellers and the Purchaser may
change such address, except that each such address shall always be, as to the
Sellers, within the geographical area encompassed (as of the date of this
Agreement) by the boundaries of Turkey and, as to the Purchaser, within the
geographical area encompassed (as the same date) by the boundaries of the
Republic of Greece.

13.04   Cautio Judicatum Solvi.—To
the extent that the Sellers may, in any suit, action or proceeding brought in a
court in Turkey or elsewhere arising out of or in connection with this
Agreement, be entitled to the benefit of any provision of law requiring the
Purchaser in such suit, action or proceeding to post security for costs of the
Sellers (“cautio judicatum solvi”), or to post a bond or take similar action,
the Sellers hereby irrevocably waive any such benefit, in each case to the
fullest extent now or hereafter permitted under the laws of Turkey or, as the
case may be, such other jurisdiction.

 42
 

IN
WITNESS WHEREOF, the Parties hereto have executed or caused this Agreement to
be executed by their respective officers or representatives duly authorized,
all in the place and as at the date first above written.

	
  Fiba Holding A.S.

  	
   

  	
  National Bank of Greece S.A.

  
	
  Fina Holding A.S.

  	
   

  	
   

  
	
  Girisim Factoring
  A.S.

  	
   

  	
   

  
	
  Fiba Factoring
  Hizmetleri A.S.

  	
   

  	
   

  

 

 43

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