Value Masters Group · Türkiye Desk · ExhibitExhibit A — Letter to the Privatisation Administration, 19 October 2004

Dear Mr. Kilci: It was a pleasure meeting with you and your staff in Ankara last week. We are greatly appreciative of the time and effort put in by you and your staff in presenting the Privatization Administration's portfolio of companies. It is clear that you have assembled an impressive and capable team, and we look forward to working with you.

As we discussed, we believe the Turkish government would maximize the proceeds from the Privatization Portfolio by partnering with Perry Capital LLC, Farallon Capital LLC and Hellman & Friedman LLC (the "Investors") to actively manage and optimize the value of the assets prior to sale to strategic investors. Accordingly, we would propose setting up an Asset Management Company ("AMC") that would purchase a 20% interest in each relevant asset, with the Turkish government retaining ownership in the remaining 80% of the asset. The asset's initial value ("Baseline Valuation") would be determined through negotiation between us and the Privatization Administration, its staff of experts and financial advisors. The AMC would have control over the management and board of directors of the asset, and would bring in professional management and advisors to optimize the asset's value prior to sale to a strategic investor. The AMC would receive a Management Incentive Fee to the extent that the amount received from the disposition of the assets exceeds the Baseline Valuation.

Under this framework, the Turkish government would not only receive proceeds today in exchange for the 20% ownership stake purchased by the AMC, but would also be the primary beneficiary of the appreciation of the value of the assets privatized through this vehicle. Upon a sale or other realization of the value of the assets in the AMC, the Turkish government would receive 80% of the proceeds from its 80% ownership stake, less the Management Incentive Fee. The Management Incentive Fee would be 20% of any of the amounts received above the Baseline Valuation. For example, if the Baseline Valuation was $500 million and the assets were sold for $1.5 billion, the Turkish government would receive $100 million today and $1.04 billion upon realization of the assets, for total proceeds of $1.14 billion.

We believe that the approach outlined above, which has proven successful in South Korea, would be beneficial to the Privatization Administration and Turkish government for a number of reasons:

• Auctioning off the Privatization Portfolio assets in their current state would be unlikely to generate the best possible result for the Turkish government and the Turkish people.
• The proposed approach would be structured to comply with the privatization commitment that Turkey has made to the IMF and would also raise a meaningful amount of capital in the near term.
• The proposed approach would avoid rushing into selling the assets below their maximum value where investors would benefit at the expense of the Turkish government and the Turkish people. The proposed structure permits the Turkish government and Turkish people to retain a significant share in the upside associated with the appreciation in value of the assets that will result from our expertise.
• In addition to benefiting from our efforts to more efficiently and profitably manage the assets, our involvement would also result in access to further capital and financing sources and would attract foreign investors to Turkey.

The assets from the Privatization Portfolio that we would propose to include in the AMC are: toll roads and bridges; ports; electricity distribution companies; electricity generation companies; Manavgat Brook Water Procurement Plant; Ereğli Iron and Steel; Tekel duty free stores.

This letter is merely a broad overview of our proposal. We are willing to discuss further with you and are prepared to dedicate substantial resources to developing the proposed structure in a timely fashion. Please provide written confirmation if you are interested in proceeding with us in the evaluation of the proposed structure. We would like to discuss the next steps, including the outline of a mutually acceptable process for valuing the assets, within the next 30 days.

Farallon Capital Management, LLC — William F. Duhamel, Managing Member
Perry Capital LLC — Richard Perry, President; Alp Erçil, Managing Director
Hellman & Friedman LLC — Brian M. Powers, Chief Executive Officer
cc: Deputy Prime Minister and Minister of Foreign Affairs Abdullah Gül · Deputy Prime Minister Abdullatif Şener · Deputy Chairman of AK Party and Ankara Deputy Salih Kapusuz

Schedule A — investor contacts: Bill Duhamel and Rich Voon (Farallon); Richard Perry and Alp Erçil (Perry); Brian M. Powers and Patrick J. Healy (Hellman & Friedman). Adviser contacts: Mehmet Narin, Asia Strategic Advisory Partners Ltd., Hong Kong; Randall Cox, Los Angeles. Schedule B — investor group: Farallon ~$11.5 bn equity under management, including Italian toll roads; Perry Capital ~$9 bn, with Italian toll roads and UK electricity networks; Hellman & Friedman >$8 bn of committed capital.