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Dear Shareholders,

2012 has been a challenging year economically around the globe. The global growth slowdown and the continued uncertainty from the Euro crisis resulted in a slower rebound than expected.

Against that backdrop, Turkey’s annual growth rate slowed down from 2011. 2012 GDP growth is estimated at slightly above 2.5% which is about in line with global growth rates. While exports to Europe, Turkey’s main trading partner, were affected by the Eurozone crisis, this shortfall was offset by increasing exports to other parts of the world, including Russia, China and Middle Eastern countries. For 2013, economic conditions and thus GDP rates are expected to improve slightly; however, it will remain crucial for companies around the world to maintain a keen focus on effective business management to weather the storms.

Olmuksan International Paper, the leader in corrugated packaging in Turkey, further strengthened its leadership position by developing new markets and providing innovative and value-added solutions to its customers. Despite all pressures on input costs and high inflation at the beginning of 2012, Olmuksan International Paper achieved satisfactory results in terms of financial performance and operational efficiency and the company’s market share in 2012 was nearly the same as in the previous year. In 2013, the key focus will be on further strengthening Olmuksan International Paper’s competitive position and enhance its capabilities through targeted investment and growth initiatives.

The most significant development in 2012 however has been the purchase of all of Sabanci’s shares in Olmuksan International Paper by International Paper, the world’s leading paper and packaging company. Following the completion of this transaction, International Paper is now the majority shareholder of Olmuksan International Paper. Being part of International Paper will combine the proud and successful heritage of Olmuksan International Paper and the global expertise and experience of International Paper and support Olmuksan International Paper’s plans for sustainable strategic growth. The integration will be ongoing throughout 2013.

On behalf of the Board of Directors, I would like to extend my sincere thanks to our employees for their hard work and commitment to continuously improve Olmuksan International Paper’s performance, our shareholders for their continuing support, our customers for their loyalty and our suppliers and other business partners for the trustful cooperation.

Jonathan Edward Ernst
Chairman

   
 
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