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FROM THE BOARD OF DIRECTORS

We have realized a year that the traumas of economical and financial crisis penetrating entire world, have been continued to be bandaged. Since the depth of financial crisis and its feature cannot be compared to the previous years, the treatment’s period has also been extended. The precautions taken by the European Union countries and especially by our neighbor Greece, having a direct influence for the large mass of people depending on the economy, have been causing both political and social explosions and it seems that this will go on in near future as well. In the U.S.A. where the crisis is thought to be brought under control in the shortest period, we believe that the financial/political inconveniences created by them subsequent to the elections late in the year will remain in the agenda for a while.

Our country’s economy has got warm in the beginning, by means of the politics applied between the first and last half of the year, then has been tried to be cooled. Although the growth rate has been decreased, the hope of positive heading for the current deficit has been appeared and we have the opinion that this year will pass very well as compared to last year. Inflation has been kept under control and a stable exchange rate policy has been followed. It has been expected that the year 2013 will be in the same direction and in a better growth potential.

Our Group also has realized a successful year in the areas of activity and has put signature to the new investments. Kirklareli Farm has been finalized in terms of Agriculture and animal breeding activities, the existence of animals has been developed by means of importing, milk and breeding productions has been performed with regard to the last quarter. Lands have been bought as cultivation sites for 2013 and integration in fodder supply has been provided. An additional facility construction has been planned. The activity of Seferihisar olive management  has been continued with success and has been registered in international arena as of the quality.

GLOW3 building estate has been finished and a considerable extent sales has been accomplished. New project works and, the investments within the frame of urban transformation are at the level of planning.

The problem related to the share properties in Altunizade has been handled by means of the negotiated contract and all the properties have been inherited to the Holding. The operations regarding assessment of these buildings in different types have been started.

Activity about finance and automotive has been lasting in a conservative understanding.

We would like to thank our valuable employees and business partners as we have completed the year 2012 in success.

Regards,

Okan BALCI   

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