YASED – International Investors Association of Turkey 1

RECENT TRENDS IN INTERNATIONAL DIRECT INVESTMENTS AND AN EVALUATION OF 2007 IN THE WORLD AND IN TURKEY

Source: UNCTAD

Early preliminary data reveal that USA retains its position, as it was in recent years, as the leading host country for IDI in 2007, with IDI inflows almost equal to USD 200 billion; followed by UK and France in 2nd and 3rd places, with inward IDI flow figures of USD 170 and 125 billion respectively. China, as in recent years remained to be the leading IDI destination among developing countries with IDI inflows close to USD 70 billion. As Hong Kong (China) comes second with USD 55 billion, the rise in IDI flows to Russia, approximately to USD 50 billion in 2007, with an increase of approximately 70%, is striking.

IDI Inflows (Bn $) 2006 2007* Change (%)

(2006/2007)

Developed Countries 857.5 1001.9 16.8 EU-25 566.4 651 14.9 EU-10 531 610 14.9 USA 38.9 38 -2.3 Developing Countries 175.4 192.9 10.0 Africa 379.1 438.4 15.6 Latin America 35.5 35.6 0.3 Asia ve Oceania 83.8 125.8 50.1 Transition Economies (South-

East Europe and the CIS) 259.8 277 6.6

World – Total 69.3 97.6 40.8 Source: UNCTAD *preliminary data

INTERNATIONAL DIRECT INVESTMENTS

REPORT

March 2008

Global international direct

investment (IDI) flows are expected to exceed USD 1.4 trillion level, which was attained in 2000, and set a new record high level as USD 1.5 trillion amount in 2007. According to the preliminary data disclosed by UNCTAD, while approximately USD 1 trillion of this total IDI have flown into developed countries, the rest was shared by developing countries and transition economies (South-East Europe and the CIS) (See Appendix I).

331

358

478 693

1092

1396

826

716

557 710 916

1306

1538

0

500

1000

1500

2000(billion $)

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007F

YASED – International Investors Association of Turkey 2

Regionally, whereas EU countries have attracted 40% of the total IDI inflows with USD 610 billion; South-East Asia, a major IDI destination among developing countries, has hosted approximately USD 225 billion, which constitutes 15% of the global figure. Although IDI in West Asia countries, including Turkey, has decreased roughly around 10% over the previous year for Turkey, with USD 22 billion IDI inflows, we expect Turkey to rank among the top 20 countries in 2007, as in 2006 (16th place). While IDI inflows to Africa remained unchanged (USD 35 billion), IDI inflows to Latin America are predicted to have reached USD 125 billion with a 50% increase. The two-fold increase in IDI inflows to Brazil, Mexico, and Chile; greenfield investments are marked as the major cause of this surge. According to data of OCO Consulting, which monitors greenfield investment projects (new investments and expansions), global greenfield investments have climbed to USD 947 billion in 2007, with an increase of 5.1%. USA has remained to be the leading investor country as the origin of 25% of all these investments. Whereas China has attracted 1,171 projects – out of the total 11,574 – amounting to USD 90 billion, USA comes second with 783 projects and India comes third (which had ranked 2nd last year) with 676 projects. (See Appendix II)

International Greenfield Investments (2007)

Region Number

of Projects

Investment Value (Bn $)

Change (%) (2006-2007)

Employment Creation

Change (%) (2006-2007)

Asia-Pacific 3,402 395.2 20.2 1,208,583 -0.0 Europe 5,384 290.7 5.1 1,026,543 -3.1 N. America 935 54.8 0.1 128,784 10.1 Latin America 777 58.3 -2.0 266,345 44.2 Middle East 486 55.9 -20.7 86,631 -45.9 Africa 380 92 -16.7 150,887 10.1 Total 11,574 946.8 5.1 2,867,730 0.1 Source: OCO Monitor

Having hosted projects amounting to USD 395 billion, with an increase of 20% over the previous year and holding a 40% share of global greenfield investments, the Asia-Pacific region remained to be the leading destination of greenfield investments. Turkey had ranked 37th in this greenfield investment rating, in 2006 with 84 projects.

Composition of International Direct Investments in the World

Source: UNCTAD It was pointed out in UNCTAD 2007 World Investment Report that while greenfield investments were the preferred mode of entry to developing country economies, developed countries’ markets were mostly accessed through mergers and acquisitions.

1995Greenfield

/

Expans ion

, 44%

M&A ,

56%

2006Greenfield

/

Expans ion,

33%

M&A , 67%

2000Greenfield

/ Expansion, 19%

M&A, 81%

YASED – International Investors Association of Turkey 3

Merger and acquisition (M&A) transactions have played a significant role in the increase in global IDI flows in recent years. The growing importance of collective investment funds (private equity, pension, venture capital, hedge funds, etc.), gradually increasing their share among M&A activities, have been the notable constituent of this trend. 172 mega M&A deals, each worth over USD 1 billion had accounted for about two-thirds of the total value of cross-border M&As in 2006. Private equity funds, gradually increasing their share in M&A activities, were involved in cross-border M&As valued at USD 158 billion with an 18% increase over 2005.

Cross-Border Mergers and Acquisitions (Deals over 1 billion USD)

Year Number of deals

Share in total number of M&As (%)

Value (billion USD)

Share in total value (%)

1990 33 1.3 60.9 40.4 1995 36 0.8 80.4 43.1 2000 175 2.2 866.2 75.7 2001 113 1.9 378.1 63.7 2002 81 1.8 213.9 57.8 2003 56 1.2 141.1 47.5 2004 75 1.5 187.6 49.3 2005 141 2.3 454.2 63.4 2006 172 2.5 583.6 66.3

Source: UNCTAD

Despite the slowdown experienced in the last quarter, 2007 has been a year, in which global M&As have exhibited a new peak. It is estimated that more than USD 1 trillion of the total M&A transactions made during the year, total of which amounts to USD 4.5 trillion, originate from cross-border M&A transactions. The largest M&A transaction of 2007 has been the sale of ABN Amro to RFS Holding, founded by Royal Bank of Scotland, Fortis Group and Santander Central Hispano S.A., at a price of almost USD 100 billion. According to the results of the 11th Annual Global CEO Survey issued by PwC, as 24% of CEOs have stated that they have carried out at least one cross-border M&A transaction during the previous 12-month period, 31% have stated that they would conclude at least one agreement in the coming 12-month period. Asia, West Europe, East Europe and North America have been designated as the most preferred regions for M&A transactions. It is evident that in 2008 attention will again focus mostly on the Asia-Pacific region, where CEO confidence is highest. Medium- and long-term estimates of the “World Investment Prospects to 2011” report of the Economic Intelligence Unit (EIU), on M&A transactions, predict that the USA-centered credit crisis and the financial turbulence caused by this crisis will be put under control, thanks to the healthy-working global economic structure and since most M&A transactions have been accomplished by strategic investors who enjoy healthy balance sheets and powerful cash flows. “International Investment Perspectives 2007” report of OECD calls attention to the increase in recent years, in the number of transnational companies that have emerged from developing countries, and the increasing roles of these enterprises in international capital movements. Acquisition of Wind of Italy by Egypt-based Orascom in Europe, acquisition of the fifth largest steel company of the world, Anglo-Dutch Corus, by Tata, a Holding Group from India; purchase of the second largest mining company of the world, Inco of Canada by Brazil’s CVRD are a few examples of these capital movements.

YASED – International Investors Association of Turkey 4

Global IDI forecasts for 2008 and beyond are uncertain. In addition to the savings of developing countries -particularly those located in South-East Asia - which have increased in line with their rapid growth process, the cash surplus caused by the rise in oil prices that have soared much higher than expectations, have sought for opportunities in the global market during the last few years. This situation has opened way for long-term IDI as well as portfolio investments, to enter a new increasing trend. It is foreseen that IDI inflows, which are estimated to have demonstrated an 18% increase in 2007 over the previous year, might lose pace in the coming term, due to the effects of expectations that the global economy will slow down and concerns springing from credit markets, particularly the US housing credit market.

Despite the restrictive trends in extractive industries, the expectations that investments will continue to grow, signify that IDI inflows will continue to increase, at least in this sector. Meanwhile, global external imbalances, sharp exchange-rate fluctuations, rising interest rates and increasing inflationary pressures, as well as high and volatile commodity prices, pose risks that suppress global IDI flows. As a matter of fact, the slowing down has shown itself in M&A transactions in the last quarter of 2007. The 11th Annual Global CEO Survey of PwC made with the top executives of more than 1000 corporations has revealed that the main concern of CEOs of global corporations, which steer the world economy is - unlike in previous years - economic stagnation. The CEOs of developing economies, however, have exhibited a more optimistic approach to the prospect that their business will grow. The percentage of the CEOs of North America, who were “very sure” that they would exhibit growth in their own regions in the previous year has dropped to 35% this year, from 53% the year before. There is a similar decline in West Europe; from 54% to 44%. The confidence of the CEOs of Asia Pacific, Latin America and Central and Eastern Europe on the other hand, have strengthened and climbed to 55% on the average. As the confidence levels of CEOs stationed in China and India appear to be high, the share of CEOs, who were “very confident” that they would exhibit growth during the coming 12 months have materialized as 73% in China and 90% in India. In opposition to the expectations that a global liquidity crisis is imminent, another point of view asserts that developing countries - particularly like China and India - would be least affected from the slowdown of the US economy, which is the driving force of the world economy, on account of the decoupling effect. According to this cautiously optimistic perspective; the production-oriented demands, which increase in line with economic growth of Asia, will affect the market constructively and maintain a balance against the slowdown effect of the US economy. The positive effects on international markets of domestic demands - increasing in line with economic growth rates - of developing countries like China and India, which are rapidly developing economies; the suitable environment generated by high corporate profits for greenfield investments; and the regional economies, specifically the Middle East and Latin America, which have grown rich and have maintained liquidity as a result of commodity prices, will be capable to contribute to this process. Furthermore; the disclosure of a scheme by the US government that aims to ease the back payments of debtors, who have used risky housing credits; the support given by the Federal Reserve Bank to the economic package, which is expected to involve significant tax cuts; and the decision taken by the central banks of five developed countries to act jointly for increasing the existing liquidity on the market, have affected the markets positively. Taking into consideration the integration level the global economy has reached in our day, one might say that the effects of these developments would eventually be sensed in Turkey as well - even if not directly – and a waiting and slowdown process would be experienced until the immensity of the crisis would be visible more clearly. Even though such a situation would affect short-term portfolio movements, IDI would also be expected to take a less risky position.

YASED – International Investors Association of Turkey 5

Thanks to the political and macroeconomic stability maintained in Turkey and the efforts given for the reform process and the improvement of the investment environment, annual IDI inflows, which were approximately USD 1.4 billion on the average in 1995-2004 period, have climbed to USD 10 billion in 2005, USD 20 billion in 2006 and USD 22 billion in 2007. While Turkey was in 53rd place in 2003, in the ranking of countries that host largest IDI inflows, it has climbed to 37th place in 2004, to 22nd place in 2005 and to 16th place in 2006. We expect that Turkey will be among the top 20 countries in 2007 as Source: Central Bank *including real estate purchases the preliminary data indicates. Having ranked within the top 20 IDI inflow destinations for the first time in 2006, the share of Turkey has also increased from 0.2-0.4% level to 1.5% in total global IDI movements. Having increased its share from 1% to 5% in IDI inflows to developing countries, Turkey, ranks 5th among developing countries, in IDI inflows.

Share of Turkey in Global Direct Investment Flows

Year Inflow (Bn $)

Share in world total (%)

Share in inflows to developing countries

(%) Ranking

2006 20.1 1.5 5.3 16 2005 9.8 1.0 3.1 23 2004 2.9 0.4 1.0 38 2003 1.8 0.3 1.0 53 2002 1.1 0.2 0.7 53 2001 3.4 0.4 1.6 38 2000 1.0 0.1 0.4 53 1990s 0.8 0.2 0.7 - 1980s 0.2 0.2 0.8 - 1970s 0.1 0.2 0.9 -

Source: UNCTAD

In 2007, out of the USD 21.9 billion total IDI inflows to Turkey, USD 19 billion was net foreign capital inflows, and the remaining USD 2.9 billion was real estate purchases of persons residing abroad. The largest five IDI inflows constitute USD 9.5 billion of the total USD 19 billion figure and are in the form of M&As. When real estate purchases are not taken into consideration, M&A transactions constitute 90%, and greenfield and enlargement investments constitute approximately 10% of total IDI inflows. Financial services is distinguished as the sector enjoying the largest share from IDI inflows, with 60%, in 2007. Manufacturing industry, with a 22% share, ranks second in capital inflows. Whithin the IDI inflows of the last five years, it is worth to note that more than 80% of IDI inflows have targeted the services sector; and the major sub-sectors of the manufacturing sector, which benefits from 19% of the total inflows, are chemicals, food-beverages-tobacco, and non-metallic minerals.

1.4

10.0

19.921.9

0

5

10

15

20

25

30

(billion $)

1995-2004(average)

2005 2006 2007

YASED – International Investors Association of Turkey 6

The Sectoral Composition of IDI Inflows to Turkey

Sectors

(Million USD)

2003 2004 2005 2006 2007 2003- 2007

Share in Total (%)

Agriculture, forestry,fishing 1 6 7 6 5 25 0.1 Industry 548 358 832 2,102 5,095 8,935 18.8

Mining and quarrying 14 75 40 122 341 592 1.2 Manufacturing 448 214 788 1,868 4,199 7,517 15.9 Chemicals 9 39 174 602 1,103 1,927 4.1 Food, beverages,

tobacco 249 78 68 609 758 1,762 3.7 Non-metallic minerals 0 1 53 125 766 945 2.0 Electricity, gas and water supply 86 69 4 112 555 826 1.7 Services 196 927 7,699 15,537 14,090 38,449 81.1

Financial sector 51 69 4,018 6,956 11,409 22,503 47.5 Transport, warehousing and telecommunications 2 639 3,285 6,700 1,119 11,745 24.8 Wholesale and retail trade

92 103 68 1,167 181 1,611 3.4

Total Inflow 745 1,291 8,538 17,645 19,190 47,409 100 Stock (Cumulative) 33,537 38,522 71,296 88,246 137,197* - -

Source: Central Bank of Turkey *as of end of third quarter

It can be seen that the IDI stock in Turkey has amounted to USD 137 billion as of end of the third quarter of 2007.†

2006

IDI Inflows (million USD)

Share (%)

2007 IDI Inflows (million USD)

Share (%)

1 Netherlands 5,069 28.7 1 Netherlands 5,682 29.6 2 Belgium 3,435 19.5 2 USA 4,206 21.9 3 Greece 2,791 15.8 3 Greece 2,263 11.8 4 UAE 1,625 9.2 4 Germany 1,004 5.2 5 Austria 1,108 6.3 5 Portugal 701 3.7 6 USA 848 4.8 6 UK 688 3.6 7 UK 628 3.6 7 Spain 588 3.1 8 France 439 2.5 8 Luxembourg 586 3.1 9 Germany 357 2.0 9 Austria 369 1.9

10 Luxembourg 251 1.4 10 France 317 1.7 Other 1094 15.4 Other 2,786 14.5

Total 17,645 100 Total 19,190 100

Source: Central Bank of Turkey

In the breakdown of 2007 IDI inflows by country of origin, the top 3 countries with share higher than 10% are; Holland, at the top of the list - as in previous years – mainly due to inflows attributable to the acquisition of Oyakbank by ING Bank, and the acquisition of 80% shareholding in Garanti Sigorta by Eureko. USA is in 2nd place, due to the ongoing payments of the Citibank-Akbank agreement; and Greece is in 3rd place, due to the ongoing payments of

† Stock data is calculated by the Central Bank, taking into account the revaluations in the balance sheets of existing

foreign capital companies in addition to inflows.

YASED – International Investors Association of Turkey 7

the NBG-Finansbank agreement. A review of the major investor countries in Turkey during the last 5-year period shows that Holland, USA, Greece and Belgium are the top 4 countries with shares higher than 10%.

Source: Central Bank of Turkey

In 2007, international investors have been parties to half of the approximately 180 merger and acquisition transactions in Turkey. The cumulative value of these agreements exceeded USD 25 billion, and two-thirds of this amount has been brought about by agreements, which international investors have been parties to.

Source: Ernst &Young Mergers & Acquisitions 2007 Report

The finance sector has again received the highest share in mergers and acquisitions; although the noteworthy transactions of 2006 took place in the banking sector, in 2007 the insurance sector has become also notable with a considerable number of agreements. The acquisition of UN Ro-Ro in 2007 by KKR, has been the highest valued transaction (USD 1.24 billion) realized by private equity funds in Turkey so far (See Appendix III).

Netherlands 24.8%

USA 11.0%Greece 10.8%

Belgium 10.4%

France 6.4%

Germany 4.1%

UK 3.7%

Austria 3.1%Other 2.1%

International Direct Investment Inflows to Turkey

by Countries

(2003-2007)

YASED – International Investors Association of Turkey 8

Current Account Balance

(million $)

International Direct

Investment

Inflows (million $)

1980 -3,408 18 1990 -2,625 684 1995 -2,339 885 2000 -9,823 982 2001 3,393 3,352 2002 -1,519 1,133 2003 -8,036 1,752 2004 -15,599 2,885 2005 -22,604 10,029 2006 -32,193 19,918 2007 -37,996 21,873

Source: Central Bank of Turkey

Investment incentive certificate registries show that investment incentive certificates have been issued to foreign capital companies for 198 investment projects with a cumulative value of USD 5.4 billion. As for the last 5 years (2003-2007); foreign capital companies have planned approximately 1000 investment projects with a cumulative value of USD 16.3 billion. Together with the 3,702 new foreign capital companies established in 2007, the total number of foreign capital companies in Turkey has reached to 18,308.

Given the fact that the IDI inflows resulting from the currently known M&A agreements will be around USD 10 billion, and taking into consideration the existing privatization potential, one might predict that the IDI inflow figure for 2008 and beyond will again be around USD 15-20 billion. We have observed that IDI inflows, in line with global trends, have concentrated - partly as a result of the growing number of M&A transactions - in finance, telecommunications, retail, and real estate-construction sectors. This trend will continue in the term ahead, and investments into sectors such as mining energy, and petrochemicals might increase as well. Investments in the energy sector might climb yet higher taking into consideration the licenses to be issued in 2008. The share of privatization-sourced IDI inflows is expected to expand in 2008. The privatization projects that have been interrupted or yet in the preparation stage include power distribution companies, highways and bridges, Halkbank, National Lottery Administration, and some ports such as Izmir and Iskenderun.

IDI inflows arise as a major tool in financing of the current account deficit. The significance of IDI inflows, as a long-term and secure tool, further increases due to forecasts that the current account deficit will increase yet more – particularly due to oil prices, which are expected to remain high. Increases in IDI inflows gain more importance, due to the predictions that the current account deficit, which was USD 38 billion (estimated as 7.5% of the GDP) in 2006, might exceed USD 50 billion (estimated as 7.5% of the GDP) in 2007. When we take a look at the general outlook of the balance of payments, we see that at the end of the 2007, IDI inflows cover 60%

of the current deficit, as in 2006.

YASED – International Investors Association of Turkey 9

APPENDIX I: International Direct Investment Flows in 2007

UNCTAD Preliminary Data on International Direct Investment Flows in 2007 (Bn $)

Country / Region 2006 2007 Change (%)

World 1305.9 1537.9 17.8 Developed economies 857.5 1001.9 16.8 Europe 566.4 651 14.9 EU 531 610 14.9

EU15 492.1 572 16.2 France 81.1 123.3 52.0 Germany 42.9 44.8 4.4 Italy 39.2 28.1 -28.3 Netherlands 4.4 104.2 2268.2 UK 139.5 171.1 22.7

EU10 38.9 38 -2.3 Czech Republic 6 7.6 26.7 Hungary 6.1 -0.3 - Poland 13.9 18.1 30.2

USA 175.4 192.9 10.0 Japan -6.5 28.8 - Developing economies 379.1 438.4 15.6 Africa 35.5 35.6 0.3

Egypt 10 10.2 2.0 Morocco 2.9 5.2 79.3 South Africa -0.3 5 - Sudan 3.5 2.2 -37.1 Tunisia 3.3 1 -69.7

Latin America and the

Caribbean 83.8 125.8 50.1 Argentina 4.8 2.9 -39.6 Brazil 18.8 37.4 98.9 Chile 8 15.3 91.3 Colombia 6.3 8.2 30.2 Mexico 19 36.7 93.2 Venezuela -0.5 0.4 -180.0

Asia and Oceania 259.8 277 6.6 West Asia 59.9 52.8 -11.9

Lebanon 2.8 2.1 -25.0 Turkey 20.1 19.4 -3.5

South, East and South-East Asia 199.5 224 12.3 China 69.5 67.3 -3.2 Hong Kong (China) 42.9 54.4 26.8 India 16.9 15.3 -9.5 Indonesia 5.6 5.9 5.4 Malaysia 6.1 9.4 54.1 Philippines 2.3 2.5 8.7 Singapore 24.2 36.9 52.5 Thailand 9.8 10 2.0

Transition economies 69.3 97.6 40.8 Kazakhstan 6.1 8.3 36.1 Romania 11.4 9 -21.1 Russian Federation 28.7 48.9 70.4

YASED – International Investors Association of Turkey 10

APPENDIX II: Greenfield Investments (2007)

Number of Projects Investment Value Employment Creation

Ranking Ranking Ranking Country Number

2007 2006 Bn $

2007 2006 Employment

2007 2006

China 1,171 1 1 90.4 1 1 366,111 1 2 USA 783 2 3 46.8 3 3 107,141 6 6 India 676 3 2 52.5 2 2 246,361 2 1 UK 622 4 4 18.7 16 5 51,654 13 8 France 556 5 5 17.1 20 11 49,327 16 14 Germany 432 6 8 22.8 10 14 41,388 18 21 Spain 379 7 12 17.8 19 12 60,526 10 16 Romania 364 8 7 20.2 14 10 148,807 5 4 Russia 361 9 6 45.1 4 4 158,319 4 3 Poland 330 10 9 20.5 13 20 85,522 7 7 UAE 271 11 10 16 22 15 42,089 17 10 Vietnam 260 12 14 40.2 5 16 188,679 3 5 Singapore 239 13 15 23.1 9 18 35,441 22 10 Hungary 217 14 13 10 28 30 49,399 15 12 Mexico 206 15 18 15.3 23 19 72,722 8 11 Belgium 206 16 29 25.8 26 47 18,371 36 50 Japan 166 17 20 6.8 36 21 20,511 33 27 Italy 166 18 22 9.9 29 27 19,420 34 33 Malaysia 162 19 27 10 27 44 49,787 14 22 Australia 154 20 25 22.1 12 29 33,615 24 36 Total 11,574 946.8 2,867,730

Source: OCO Monitor

YASED – International Investors Association of Turkey 11

APPENDIX III: Major M&A Deals in Turkey (2007)

Target Company Buyer Country of Buyer

Deal Value (Mn $)

Stake (%)

Antalya Havalimanı Fraport ; IC Içtaş Holding Germany; Turkey 3500 100.00

Oyak Bank ING Bank N.V. Netherlands 2673 100.00

Sabiha Gökçen Airport

GMR Infrastructure; Limak Insaat ve Ticaret A.S. ; Malaysia Airport Holding Berhad

India; Turkey; Malaysia 2600 100.00

Petkim Injaz Projects; Socar & Turcas Enerji A.S.

Saudi Arabia; Turkey 2040 51.00

Finansbank National Bank of Greece Greece 1800 34.40

Izmir Port

Ege Ihracatçıları Birliği (EİB); Global Yatirim Holding; Hutchison Whampoa

Turkey; China 1300 100.00

UN Ro-Ro Kohlberg Kravis Roberts & Co., L.P.(KKR) USA 1240 87.90

Türkiye Finans Katılım Bankası National Commercial Bank Saudi Arabia 1080 60.00 Eczacibasi Generic Pharmaceuticals Zentiva

Czech Republic 610.88 75.00

Garanti Sigorta Eureko Netherlands 486 80.00

Intergum Cadbury Schweppes plc United Kingdom 450 100.00

Cevahir Alisveris Merkezi

St. Martins Sisli Gayrimenkul Yatirimciligi Ticaret A.Ş.

United Kingdom 421 50.00

Genel Yaşam Sigorta A.S Mapfre SA Spain 373.81 80.00 Sungate Port Royal Hotel Mirax Group Russia 340 100.00 Enerjisa Enerji Uretim A.S. Verbund Austria 326.6 49.99 Sekerbank TuranAlem Securities Kazakhstan 301 34.00 Turk DemirDokum Fabrikalari A.Ş. Vaillant Group Germany 299.8 72.56

TAV Havalimanlari A.S. Meinl Airports International (Meinl European Land) Austria 277.8 10.10

Source: ISI Dealwatch

YASED – International Investors Association of Turkey 12

Sources

- UNCTAD Investment Briefs 2007 Press Release on Preliminary Data for 2006 World Investment Report 2006 www.unctad.org - OECD International Investment Perspectives

Investment Letters www.oecd.org - OCO Consulting www.ocomonitor.com - EIU www.eiu.com - PwC 11th Annual Global CEO Survey www.pwc.com - Deloitte

www.deloitte.com - Central Bank of Turkey Balance of Payments Statistics www.tcmb.gov.tr - Undersecretariat of Turkish Treasury International Direct Investments Report 2006 www.hazine.gov.tr - Ernst&Young

www.ey.com

- ISI Internet Securities Dealwatch

www.securities.com - Raymond James Turkey www.rj.com.tr