EFESAN DEMİR SANAYİ VE TİCARET A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2010 TOGETHER WITH AUDITOR S REPORT

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1 EFESAN DEMİR SANAYİ VE TİCARET A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2010 TOGETHER WITH AUDITOR S REPORT

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4 BALANCE SHEETS AS OF AND 2009 (Amounts translated into US Dollars at the respective year end exchange rates for convenience purposes) ASSETS Note USD TL USD TL Current Assets Cash and Cash Equivalents 4 2,119,392 3,276, ,164 1,012,077 Trade Receivables, net 5 2,358,862 3,646,801 3,239,546 4,877,784 Due from Related Parties and Shareholders 6 11,281,799 17,441,661 2,470,779 3,720,252 Inventory 7 928,351 1,435,231 2,315,772 3,486,858 Other Current Assets 8 437, , , ,994 Total Current Assets 17,125,570 26,476,131 9,168,470 13,804,965 Non-Current Assets Investments 9 53,827,660 83,217,562 55,268,355 83,217,562 Property, Plant and Equipment, net 10 20,886,026 32,289,796 22,090,899 33,262,266 Intangible Assets, net 11 16,950 26,205 19,697 29,658 Other Non-Current Assets 8 72, , , ,526 Deferred Tax Asset 15 78, ,538 96, ,272 Total Non-Current Assets 74,881, ,766,503 77,577, ,808,284 TOTAL ASSETS 92,006, ,242,634 86,745, ,613,249 The accompanying notes are an integral part of these financial statements.

5 BALANCE SHEETS AS OF AND 2009 (Amounts translated into US Dollars at the respective year end exchange rates for convenience purposes) LIABILITIES AND SHAREHOLDERS EQUITY Note USD TL USD TL Short Term Liabilities Financial Liabilities 12 11,237,382 17,372,992 3,877,544 5,838,418 Trade Payables, net , ,685 1,198,877 1,805,149 Due to Related Parties and Shareholders 6 2,609,241 4,033, ,916 1,374,578 Taxation Payable on Income Other Payables and Accrued Liabilities 14 2,137,134 3,304,010 1,697,872 2,556,486 Total Short Term Liabilities 16,122,622 24,925,574 7,687,209 11,574,631 Long Term Liabilities Financial Liabilities 12 35,767,228 55,296,135 38,000,000 57,216,600 Lease Payables Retirement Pay Provision 16 66, , , ,275 Deferred Tax Liability ,488 2,240 Total Long Term Liabilities 35,833,986 55,399,342 38,122,056 57,400,379 Shareholders' Equity Share Capital 17 35,992,605 55,644,567 36,955,945 55,644,567 General Reserves 18 3,868,281 5,980,363 9,175,006 13,814,807 Other Capital Reserves 8,608 13,310 8,840 13,310 Net Profit / (Loss) for the Year 180, ,478 (5,203,191) (7,834,445) Total Shareholders' Equity 40,050,270 61,917,718 40,936,600 61,638,239 Commitments and Contingencies 24 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 92,006, ,242,634 86,745, ,613,249 The accompanying notes are an integral part of these financial statements.

6 STATEMENTS OF INCOME FOR THE YEARS ENDED AND 2009 (Amounts translated into US Dollars at the respective year end exchange rates for convenience purposes) INCOME STATEMENT Note USD TL USD TL Net Sales 19 21,643,635 33,461,059 43,488,063 65,479,976 Cost of Sales 20 (20,513,288) (31,713,544) (43,267,173) (65,147,383) GROSS PROFIT 1,130,347 1,747, , ,593 Marketing and Selling Expenses 21 (1,110,320) (1,716,555) (1,378,659) (2,075,847) General Administrative Expenses 22 (919,434) (1,421,445) (1,368,207) (2,060,110) BASIC OPERATING PROFIT / (LOSS) (899,407) (1,390,485) (2,525,976) (3,803,364) Other Income / (Expenses), net 23 4,116,679 6,364, , ,694 Financing Income / (Expenses), net 24 (3,022,237) (4,672,379) (2,985,856) (4,495,803) PROFIT / (LOSS) BEFORE TAX FOR THE YEAR 195, ,522 (5,253,684) (7,910,473) Taxation on Profit - Current Deferred 15 (14,259) (22,044) 50,493 76,028 NET PROFIT / (LOSS) FOR THE YEAR 180, ,478 (5,203,191) (7,834,445) Earnings before interest, tax, depreciation and amortization (EBITDA) (469,785) (726,287) (1,907,691) (2,872,410) The accompanying notes are an integral part of these financial statements.

7 STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY FOR THE YEARS ENDED AND 2008 Other Net Profit / Capital General (Loss) for Share Capital Reserves Reserves the Year Total Balance, ,214,522 13,310 3,316,327 10,498,480 59,042,639 Increase in share capital - in cash 10,430, ,430,045 Transfer to General Reserves ,498,480 (10,498,480) - Net loss for the year (7,834,445) (7,834,445) Balance, ,644,567 13,310 13,814,807 (7,834,445) 61,638,239 Transfer to General Reserves - - (7,834,445) 7,834,445 - Net profit for the year , ,478 Balance, ,644,567 13,310 5,980, ,478 61,917,717 The accompanying notes are an integral part of these financial statements.

8 STATEMENTS OF CASH FLOW FOR THE YEARS ENDED AND CASH FLOWS FROM OPERATING ACTIVITIES Net profit / (loss) for the year 279,478 (7,834,445) Adjustment for: Depreciation and amortization 740, ,954 (Reversal of unnecessary) / Provision for retirement pay (78,618) 28,741 Depreciation written off due to fixed asset disposals (1,046,213) (255,189) Tax provision - (1,077) Deferred taxation, net 22,044 (76,028) Operating profit before working capital changes (83,109) (7,207,044) Trade receivables 1,230,983 12,307,122 Due to / from related parties and shareholders, net (11,062,100) (887,282) Inventory 2,051,627 3,494,200 Other current assets 32, ,518 Other non current assets 42,124 20,999 Trade payables (1,590,464) (7,822,422) Other payables and accrued liabilities 747,524 (135,513) Net Cash Flows from / (used) Operating Activities (8,631,278) 305,578 CASH FLOWS FROM INVESTING ACTIVITIES (Purchase) / sale of property, plant and equipment, net 1,281,936 (8,264,018) Equity participations - (7,531,461) Net Cash Flows from / (used) in Investing Activities 1,281,936 (15,795,479) CASH FLOWS FROM FINANCING ACTIVITIES Financial liabilities 9,614,109 (18,385,996) Lease payables (264) (202,795) Share capital - 10,430,045 Net Cash Flows generated from / (used in) Financing Activities 9,613,845 (8,158,746) Net Increase / (Decrease) in Cash and Cash Equivalents 2,264,503 (23,648,647) Cash and Cash Equivalents at the Beginning of the Year 1,012,077 24,660,724 Cash and Cash Equivalents at the End of the Year 3,276,580 1,012,077 The accompanying notes are an integral part of these financial statements.

9 1 1. ORGANIZATION AND ACTIVITIES Efesan Demir Sanayi ve Ticaret A.Ş. ( Efesan or the Company ) is a private Turkish company located in İstanbul. Efesan was founded and started operations in The Company is engaged in the production and sale of sheet, scrap, block and concrete reinforcing bars. The company has terminated its production of construction steel by milled iron billet as of The company continues its operation by producing steel mat, construction steel and project based specialized products. The Company has ISO 9001 certificate. Efesan is founded on an area of 19,002 sqm and its plant covers an indoor area of 10,100 sqm. During 2010, the Company employed about 23 employees (2009: 121). The Company s annual production capacity is 89,411 tons. 2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS Basis of Presentation of the Financial Statements The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS), which comprise standards and interpretations approved by the International Accounting Standards Board and International Accounting Standards and Standing Interpretations Committee interpretations approved by the IASC that remain in effect. The Company maintains its books of account and prepares its statutory financial statements in accordance with the Turkish Commercial Code and Tax Legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The financial statements have been prepared from statutory financial statements of the Company presented in Turkish Lira with adjustments and reclassifications for the purpose of fair presentation in accordance with IFRS. Measurement Currency and Reporting Currency. In the accompanying financial statements the currency used is Turkish Lira has been shown with the symbol of TL. Comparative Information and Correcting The Financial Statements of the Previous Period Comparative information as of 31 December 2009 have been reclassified where necessary, in terms of ensuring compliance with the presentation of consolidated financial statements for the current period. In particular, while drawing the consolidated financial statements as of 31 December 2009, the following items have been classified: Order Advances Given for Inventories accounted under Inventories are reclassified under Other Current Assets ; Advances Given for Property, Plant and Equipment accounted under Property, Plant and Equipment are reclassified under Other Non Current Assets ; Deposits and Guarantees Given accounted under Trade Receivables are reclassified under Other Current Assets ; Deposits and Guarantees Received accounted under Trade Payables are reclassified under Other Payables.

10 2 Convenience translation of financial statements For the convenience of the reader, the accompanying financial statements have been translated from Turkish Lira to US Dollars with the Central Bank buying exchange rates at period-ends ( : USD 1 = TL ; : USD 1 = TL ). Such convenience translations are not intended to comply with the provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates. All resulting exchange differences are recognized as a separate item of translation difference in the General Reserves account. Adoption of new and revised International Financial Reporting Standards a) Effective for annual periods beginning on or after 01 January 2010: - Improvements to IFRS (issued 2009) - Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards - Additional exemptions for first-time adopters - Amendments to IFRS 2 Cash settled share based Payment Transactions - Amendments to IFRS 3 Business Combinations - IAS 27 Amendments to separate financial statements - Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Eligible hedged items - IFRIC 17, Distributions of Non-cash Assets to Owners Application of the above Standards and Interpretations had no effects on reported results of the Group or the financial situation. b) New and amended standards and interpretations issued that are effective subsequent to 31 December 2010: - IFRS 9, (Revised) Financial Instruments, Classification and Measurement of Financial Assets (effective for fiscal periods beginning on or after ) - Amendment to IAS 24, Related Party Disclosure s (effective for periods beginning on or after ) - Amendment to IAS 32, Classification of Right Issues (effective for periods beginning on or after ) - IFRIC 9, Reassessment of Embedded Derivatives (effective for periods beginning on or after ) - Amendment to IFRIC 14, Prepayments of a Minimum Funding Requirement (effective for periods beginning on or after , with earlier application permitted) - IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments (effective for periods beginning on or after , with earlier application permitted) The Company management thinks that the application of the above Standards and Interpretations shall not make an important effect on the financial statements of the Company in future periods.

11 3 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies followed in the preparation of the accompanying financial statements are set forth below: Related parties For the purpose of the accompanying financial statements, partners, key personnel in management, board of directors, dependent companies, participations and subsidiaries of the Company are referred to as related organizations. Cash and cash equivalents Cash and cash equivalents consist of, investments that are short-term, highly liquid, easily turn into cash and will not be affected interest rate fluctuations. Trade receivables and provision for doubtful receivables Trade receivables are recognized at original invoice amount and carried at discounted cost less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified. In case the provision decreases as a result of an event that occurs after write off, the amount is reflected on the income statement in the current period. Based on an evaluation of its trade portfolio such as volume, character of outstanding loans, past loan experience and general economic conditions management provides a general reserve that it believes is adequate to cover possible losses and uncollectible amounts in the Company s receivables, in addition to specific reserves provided for receivables in legal follow-up. Trade payables Trade payables are stated at their nominal values, discounted as appropriate. Inventory Inventories are valued on the basis of the weighted average cost method by considering the cost or the net realizable value, whichever is the lowest. Net realizable value is the estimated selling price in the ordinary course of business, less the cost of completion and selling expenses. The cost of inventories cover all purchasing costs, conversion costs and other expenses made to bring the inventories into their current state and condition. Property, plant and equipment and related depreciation Property, plant and equipment (except land and buildings) are carried at acquisition cost, less any accumulated depreciation and any impairment loss. Land and buildings of the Company are stated at fair values which are based on expertise reports. Profit and loss arising out of the sale of property, plant and equipment are included in the other income and expense accounts. In cases when the carrying value of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Repair and maintenance expenditure related to property, plant and equipment is expensed as incurred.

12 4 Depreciation rates are determined according to approximately useful lives of tangible fixed assets are as follows: Years Buildings 50 Machinery and equipment 10 Motor vehicles 20 Fixtures and office equipment 10 Rights 10 Leasehold improvements 10 Impairment of assets Assets that have indefinite useful lives, for example goodwill, are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.. An impairment loss is recognized for the amount by which the asset s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset s fair value less costs to sell or value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a considerable time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned by the temporary investment of the part of the borrowing not yet used is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. Taxation and deferred income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax : The tax currently payable is based on taxable profit for the year. Deferred tax: Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Employee benefits / Retirement pay provision Under the Turkish law and union agreements, severance payments are made to employees retiring or involuntarily leaving the Company. Such payments are considered as being part of defined retirement benefit plan as per International Accounting Standard No: 19 (revised) Employee Benefits ( IAS 19 ). The retirement benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses.

13 5 Revenue recognition Revenue involves the goods and service sales invoiced value. Revenues are recognized on an accrual basis at the time deliveries of goods and services or acceptances are made, the transfer of risks and benefits related to good are realized, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Group, at the fair value of the consideration received or receivable. The significant risks and benefits in sales are transferred when the goods are delivered or legal proprietorship is transferred to the customer. Interest income and expenses are recognized in the income statement on an accrual basis. Net sales represent the invoiced value of goods shipped less sales returns and commission and excluding sales taxes. Operating expenses Operating expenses are recognized in profit or loss upon utilization of the service or at the date of their origin. Expenditure for warranties is recognized and charged against the associated provision when the related revenue is recognized. Offsetting Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Foreign Currency Transactions and Foreign Currency Translation The transactions in foreign currencies during the period have been translated at the exchange rates prevailing at the dates Monetary assets and liabilities are translated at the exchange rates prevailing at the end of the period. The foreign exchange gains and losses are recognized in the income statement. The USD and EURO exchange rates used are as follows: USD EURO Provisions Provisions are recognized when, and only when the Company has a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are recognized by the amortized amount as of balance sheet date in case that the monetary loss is material. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Commitments and contingencies Transactions that may give rise to contingencies and commitments are those where the outcome and the performance of which will be ultimately confirmed only on the occurrence or non-occurrence of certain future events, unless the expected performance is remote. Accordingly, contingent losses are recognized in the financial statements if a reasonable estimate of the amount of the resulting loss can be made. Contingent gains are reflected only if it is probable that the gain will be realized.

14 6 Use of estimates The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. These estimates are reviewed periodically and, as adjustments become necessary, they are reported in earnings in the periods in which they become known.. Cash flow statement In terms of cash flow statement, cash and cash equivalents consist of cash and demand deposits. EBITDA EBITDA is defined as earnings before interest expense, income tax expense (benefit), depreciation and amortization. This information should be read with the statements of cash flows contained in the accompanying financial statements 4. CASH AND CASH EQUIVALENTS Cash - Turkish Lira 4,430 14,703 - Foreign Currency - USD 2,010 4,065 - EURO 4,108 4,331 10,548 23,099 Bank Deposits (*) - Turkish Lira 2,212, ,774 - Foreign Currency - USD 1,047, ,641 - EURO 39 90,821 3,260, ,236 Other liquid assets 6,023 12,742 3,276,580 1,012,077 (*) As of bank deposit accounts were high as a matter of precautionary measure. This is because in early 2011 the Company would pay principal amount of investment loan.

15 7 5. TRADE RECEIVABLES, NET Customers' current accounts - Turkish Lira 4,242,460 4,652,739 - Foreign Currency 372, ,938 Notes receivable 107, ,607 Trade receivable discount (-) (41,162) (50,680) Provision for doubtful receivables (-) (1,034,820) (1,034,820) 3,646,801 4,877,784 As of 31 December 2010, maturity breakdown of notes receivable is given below: Up to 30 days 107, , DUE FROM / TO RELATED PARTIES AND SHAREHOLDERS Due from Efektif Gayrimenkul Gel. ve Yat. A.Ş. 6,932,297 3,702,552 Ferro Döküm Sanayi ve Dış Ticaret A.Ş. 10,494,604 - Efeska İnşaat Taahhüt San Ve Tic.A.Ş. - 17,700 Borda Denizcilik ve Mümessillik Dış Tic. A.Ş. 14,760-17,441,661 3,720,252 Due to İstanbul Demir Çelik Fabrikaları A.Ş. 2,255,136 1,360,841 Ferro Döküm San. ve Tic. A.Ş. - 13,737 Efeska İnşaat Taahhüt San. ve Tic. A.Ş. 1,778,751 - A large part of these debit and credit balances are due to financing relations. 4,033,887 1,374,578

16 8 7. INVENTORY Raw materials 545,104 2,214,206 Finished goods 88, ,274 Merchandises (*) 628, ,801 Other inventory 172, ,577 1,435,231 3,486,858 (*) Merchandise inventory comprised concrete reinforcing bars purchased from subcontractors. 8. OTHER CURRENT ASSETS Short Term Advances given 127, ,793 Advances given for business purposes 10,000 - Prepaid taxes 5,161 55,193 Deposits given 2,589 2,589 Other 531, , , ,994 Long Term Prepaid expenses 58, ,320 Other 53,107 53,107 Deposits received INVESTMENTS 111, ,526 % Ferro Döküm Sanayi ve Dış Ticaret A.Ş ,273,123 33,273,123 Efektif Gayrimenkul Geliştirme ve Yatırım A.Ş ,000,000 2,000,000 İstanbul Demir Çelik Fabrikaları A.Ş ,944,439 47,944,439 83,217,562 83,217,562

17 9 10. PROPERTY, PLANT AND EQUIPMENT, NET Cost Additions Disposals Transfers Additions Disposals Land and buildings 18,385,000 8,500,000-3,600,000 30,485,000 - (232,919) 30,252,081 Machinery and equipment 32,897,950 1,666-44,082 32,943,698 1,017-32,944,715 Motor vehicles 3,375,152 11,500 (269,817) - 3,116,835 - (771,937) 2,344,898 Furniture and fixtures 2,559,382 7, ,567,280 5,126 (286,361) 2,286,045 Leasehold improvements 102, ,744 - (7,872) 94,872 Construction in progress 44, (44,082) Accumulated Depreciation 57,364,310 8,521,064 (269,817) 3,600,000 69,215,557 6,143 (1,299,089) 67,922,611 Buildings 70,580 70, ,160 67,989 (36,956) 172,193 Machinery and equipment 30,542, ,219-30,904, ,054-31,080,570 Motor vehicles 2,179, ,703 (255,189) 2,335, ,274 (720,905) 2,035,080 Furniture and fixtures 2,437,779 50,927-2,488,706 43,483 (280,480) 2,251,709 Leasehold improvements 65,260 17,938-83,198 17,937 (7,872) 93,263 35,295, ,367 (255,189) 35,953, ,737 (1,046,213) 35,632,815 Net book value 22,069,197 (14,628) 33,262,266 32,289,796 As of 31 December 2010, fixed assets were insured against fire, earthquake, flood and other risks at the amount of TL 18,426,203 (2009:TL 16,043,104). Land and buildings of the Company are stated at fair values which are based on expertise reports.

18 INTANGIBLE ASSETS, NET Cost Additions Additions Rights 42,215 16,251 58, ,266 Other 142,795 7, ,696 10, ,906 Accumulated amortization 185,010 24, ,162 11, ,172 Rights 35,902 5,722 41,624 5,061 46,685 Other 126,015 11, ,880 9, , ,917 17, ,504 14, ,967 Net book value 23,093 29,658 26,205 As of and 2009 distribution of amortizations were as follows Cost of sales 100, ,673 Marketing and selling expenses 276, ,302 General administrative expenses 287, ,979 Idle capacity expense 76, , ,954

19 FINANCIAL LIABILITIES Foreign Foreign Currency TL Value Currency TL Value Short Term TL bank loans - 1,231,300 USD bank loans 4,000,000 6,184,000 2,500,000 3,764,250 EURO bank loans 5,016,666 10,279, Interest expense accruals 909, ,868 Total short-term financial liabilities 17,372,992 5,838,418 Long Term USD bank loans 34,000,000 52,564,000 38,000,000 57,216,600 EURO bank loans 1,333,334 2,732, Total long-term financial liabilities 55,296,135 57,216,600 Grand Total 72,669,127 63,055,018 As of , the effective interest rates of USD bank loans is 6.15%, and the effective interest rates of EURO bank loans varied between 3.50% and 4.75%. Bank loans are secured by the personal guarantees of the Company s shareholders. Additionally, USD bank loans are secured by pledge of assets agreement and mortgages instituted on the property, plant and equipment of İstanbul Demir ve Çelik Fabrikaları A.Ş. The payment schedule of long term bank loans as of 31 December 2010 is given below: Payment Year USD EURO TL Payable in 1-2 years 4,000,000 1,333,334 8,916,134 Payable in 2-3 years 4,000,000-6,184,000 Payable in 3-4 years 4,000,000-6,184,000 Payable in 4-5 years 4,000,000-6,184,000 Payable in 5-6 years 4,000,000-6,184,000 Payable in 6-7 years 4,000,000-6,184,000 Payable in 7-8 years 4,000,000-6,184,000 Payable in 8-9 years 4,000,000-6,184,000 Payable in 9-10 years 2,000,000-3,092,000 34,000,000 1,333,334 55,296,135

20 TRADE PAYABLES, NET Suppliers' current accounts - Turkish Lira 217, ,349 - Foreign Currency - 1,047,008 Trade payables discount (-) (2,758) (11,208) 14. OTHER SHORT TERM LIABILITIES 214,685 1,805,149 Advances received 3,220,140 1,946,120 Taxes payable 14, ,746 Social security premiums payable 7,307 32,445 Other expense accruals 2, ,429 Due to personnel 11,934 10,666 Deposits received 2,250 2,250 Other 44, , TAXATION PAYABLE ON INCOME 3,304,010 2,556,486 The corporation tax rate on the profits for the calendar year 2010 is 20% (2009: 20%). Taxable profits are calculated by addition of tax disallowed expenses to and deduction of tax exemptions (investment income exemption) and deductions (investment incentive deductions) from the profit disclosed in the statutory income. No other taxes are paid unless profits are distributed. Advance (prepaid) corporation taxes are payable on quarterly profits at the rate of 20% (2009: 20%). Such taxes after deduction of the taxes prepaid quarterly must be declared by the 10th of the second month following any tax period and paid by the 17th. Advance corporation tax may be offset against others debts to the government. In Turkey, there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax returns within the 25th of the fourth month following the close of the related financial year. Tax returns are open for five years from the beginning of the year that follows the date of filing during which time the tax authorities have the right to audit tax returns, and the related accounting records on which they are based, and may issue re-assessments based on their findings Tax losses that are reported in the Corporation Tax return can be carried forward and deducted from the corporation tax base for a maximum of five consecutive years.

21 13 Deferred taxes The Company recognizes deferred tax assets and liabilities based upon temporary differences arising between its financial statements as reported for IFRS purposes and its statutory tax financial statements. These differences usually result in the recognition of revenue and expenses in different reporting periods for IFRS and tax purposes. Deferred Tax Asset Cumulative Cumulative Cumulative Cumulative Timing Deferred Timing Deferred Difference Tax Difference Tax Retirement pay provision 39,631 7, ,249 23,650 Interest expense accrual ,520 6,104 Provision for doubtful receivables 526, , , ,381 Unearned interest on receivables 41,162 8,231 50,680 10,137 Deferred tax asset 121, ,272 Deferred Tax Liability Unearned interest on payables 2, ,259 2,240 Deferred tax liability 550 2,240 Net deferred tax 120, , EMPLOYEE TERMINATION BENEFITS In accordance with existing social legislation in Turkey, the Group and its subsidiaries incorporated in Turkey are required to make lump-sum termination indemnities to each employee who has completed one year of service with the Group, and whose employment is terminated due to retirement or for reasons other than resignation or misconduct. In Turkey, such payments are calculated on the basis of 30 days pay limited to a maximum of TL 2,517 per year of employment at the rate of pay applicable at the date of retirement or termination. ( : TL 2,365). Such payments are not required to be funded. Therefore no fund is reserved for such payments in the accompanying financial statements. The liability is not funded, as there is no funding requirement. As of 31 December 2010 and 2009 in the accompanying financial statements in accordance with revised IAS 19 (Employee Benefits) the Company reflected a liability for termination benefits based upon factors derived using their experience of personnel terminating their services and being eligible to receive retirement pay and discounted to present value at the balance sheet date by using average market yield, expected inflation rate (5.1%) and an appropriate discount rate (10%).

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