ARCELIK A.S. ANNOUNCES CHANGE IN CHIEF EXECUTIVE OFFICER

Nedim Esgin, CEO of Arcelik, has resigned effective October 13, 2003. The company has promoted A. Gunduz Ozdemir, Group Director of Marketing and Sales, Turkey, as its new CEO.

Istanbul, Turkey- October 8, 2003- Arcelik A.S., leading European appliance maker, marketer, and provider of after sales service of household appliances, announced today that Nedim Esgin, CEO of Arcelik, has resigned effective October 13, 2003. The company has promoted A. Gunduz Ozdemir, Group Director of Marketing and Sales, Turkey, as its new CEO.

Nedim Esgin has for 21 years held leadership positions in various groups of companies, such as Arcelik, that are owned by Koc Holding. Commenting on his resignation, Nedim Esgin said Having been the CEO of Arcelik since August 2000, I have truly enjoyed serving the company. Arcelik has gone a long way towards repositioning itself as globally competitive. I want to thank all my colleagues for their extraordinary accomplishments. Today I am ready to open a new chapter in my life and explore new opportunities."

A 31-year veteran of Koc Holding, A. Gunduz Ozdemir has been the Vice President of Marketing and Sales, Turkey, of the Consumer Durable Goods Group since 2000. In addition to this role, he has also been the Group Director of Marketing and Sales, Turkey at Arcelik.

I am proud of Arceliks growth accomplishments," said A. Gunduz Ozdemir. I am very excited to lead Arcelik into new challenging opportunities to further its growth. Together with all my colleagues, we will strive to place Arcelik in its most competitive position."

About Arcelik A.S.
Arcelik A.S., with corporate headquarters in Istanbul, Turkey, manufactures, markets, and provides after sales service of household appliances. Its product line includes major and small household appliances, components, and electronics. Marketing of the Arcelik products is under the Beko, Arcelik, Blomberg, Elektra Bregenz, Tirolia, Arctic, Leisure, Flavel, and many other brands.

Additional information on Arcelik and its products can be found on the Web at
www.arcelik.com.

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