LAND DEVELOPMENT INVESTMENT OPPORTUNITY ANTALYA, TURKEY

LAND DEVELOPMENT INVESTMENT OPPORTUNITY LOCATION: Belek, Antalya, Turkey DESCRIPTION: 8,400,000 m2 (2100 acres) land at key location UNIT VALUE ($/M2): $150/m2 UNIT VALUE ($/ACRE): $600,000/acre TOTAL VALUE OF THE LAND: $1.26 BILLION

LAND DEVELOPMENT INVESTMENT OPPORTUNITY OPTIONS: BUILD & OPERATE: OVERALL PROJECT DEVELOPMENT BY THE INVESTOR ($250 MILLION PAYABLE TO THE OWNER AND ROUGHLY $750 T0 $800 MILLION INVESTMENT TO THE LAND DEVELOPMENT); 50% PARTNERSHIP WITH THE OWNER AT THE OPERATIONAL LEVEL BUILD & OPERATE HALF OF THE LAND : OVERALL PROJECT DEVELOPMENT BY THE INVESTOR ($250 MILLION PAYABLE TO THE OWNER AND ROUGHLY $400 MILLION INVESTMENT TO THE LAND DEVELOPMENT); 50% PARTNERSHIP WITH THE OWNER AT THE OPERATIONAL LEVEL

LAND DEVELOPMENT INVESTMENT OPPORTUNITY KEY STONES I. COUNTRY – TURKEY: TURKEY IS THE TOP 9th DESTINATION IN THE WORLD FOR TOURISM ACCORDING TO RECENT MORGAN STANLEY REPORT, TURKEY WILL CONTINUE TO INCREASE ITS SHARE IN THE WORLD TOURISM AND BE ONE OF THE BEST SPOTS FOR TOURISM INVESTMENTS MORGAN STANLEY EXPECTS THE TOURISM REVENUES OF INCOME FOR TURKEY TO BE OVER $20 BILLION FOR 2005 THE COUNTRY HAS STABILIZED POLITICALLY AND ECONOMICLY IN RECENT YEARS AND OVERALL STANDARDS ARE IMPROVED SIGNIFICANTLY DUE TO THE EUROPEAN MEMBERSHIP NEGOTIATIONS CURRENT LEGASLATION ALLOWS FOREIGNERS TO PURCHASE LAND AND REAL ESTATE PROPERTY AROUND THE COUNTRY AND IN RECENT YEARS BOTH IN CORPORATE AND INDIVIDUAL LEVELS FOREIGN DIRECT INVESTMENTS ON REAL ESTATE HAS RISEN SIGNIFICANTLY. AS AN EXAMPLE, GLOBAL INVESTOR GEORGE SOROS RECENTLY PURCHASED A LUXURY HOTEL IN ISTANBUL AND LOOKING FOR A SECOND ONE IN ANTALYA REGION.

LAND DEVELOPMENT INVESTMENT OPPORTUNITY II. REGION ( BELEK – ANTALYA ): ANTALYA IS THE TOP DESTINATION IN TURKEY FOR TOURIST ATTRACTIONS WITH OVER 1 MILLION TOURISTS VISITING THE REGION EACH MONTH. THIS YEAR A MAJOR INCREASE HAS OCCURRED. IN THE MONTH OF JULY ALONE, OVER 3 MILLION TOURISTS REPORTED VISITING THE REGION THE REGION HAS OVER 40 FIVE-STAR AND 2 SEVEN-STAR HOTELS, FIRST CLASS HOLIDAY RESORTS AND 5 GOLF COURSES MOST OF THE CURRENT ESTABLISHED RESORTS ARE FOREIGN DIRECT INVESTMENTS EASY ACCESS WITH DIRECT FLIGHTS IN AND OUT OF THE REGION TO MAJOR CITIES IN EUROPE, RUSSIA AND MIDDLE EAST - 3.5 HOURS DIRECT FLIGHTS FROM LONDON, 3 HOURS DIRECT FLIGHTS FROM MOST EUROPEAN CITIES, 2.5 HOURS DIRECT FLIGHTS FROM MOSCOW AND 3.5 HOURS DIRECT FLIGHTS FROM DUBAI 300 DAYS OF SUNSHINE ANNUALLY WITH WINTER SUNSHINES OF AT LEAST 6 HOURS A DAY WINTER AVERAGE DAILY TEMPERATURES OF 28 C TO 18 C, OCTOBER THROUGH APRIL AND THEN SUMMER DAILY TEMPERATURES OF 30 C TO 40 C, CREATING A PERFECT SIGHT FOR GOLF COURSES AND TOURNAMENTS ALL WATER SPORT ACTIVITIES ARE AVAILABLE ALONG WITH SKIING IN SURROUNDING MOUNTAINS THROUGH OUT THE WHOLE YEAR A LARGE VARIETY OF HISTORICAL PLACES ARE LOCATED NEARBY SUCH AS THE HELENISTIC/ROMAN CITY OF PERGE, THE GREAT AMPHITHEATER OF ASPENDOS, MANAVGAT FALLS AND ROMAN CITY OF SIDE, ROMAN CITY OF TERMESSOS (FOUNDED BY ALEXANDER THE GREAT IN 333 B.C.) AND THE HELENIC CITY OF OLYMPUS

LAND DEVELOPMENT INVESTMENT OPPORTUNITY III. LAND: SINGLE OWNER PRIME MEDITERRANEAN LOCATION FOR A LUXURY HOLIDAY RESORT, GOLF RESORT WITH VACATION VILLAS AND CONDOMINIUMS THE LAND HAS 5 KM ( 3.1 MILES ) COAST LINE TO MEDITERRANEAN IT IS ONLY 15 KM ( 9 MILES ) FROM THE INTERNATIONAL AIRPORT OF ANTALYA IT HAS 2 NATURAL RIVERS RUNNING THROUGH ( ONE ON EACH SIDE OF THE LAND ) SIGNIFICANT AREA OF THE LAND IS COVERED SELDOMLY WITH 80 TO 100 YEARS OLD NATURAL OAK TREES PROVIDING A PERFECT CONDITION FOR GOLF COURSES ENDORSED BY THE LOCAL GOVERNMENT OFFICIALS ENDORSED BY THE CENTRAL GOVERNMENT OFFICIALS ONLY IF FOREIGN INVESTOR(S) IS INVOLVED FULL COOPERATION IS OFFERED BY THE LOCAL AND CENTRAL GOVERNMENT SITE SURVEY COULD BE DONE ANYTIME MEETINGS WITH THE LOCAL/CENTRAL GOVERNMENT OFFICIALS COULD BE ARRANGED ANYTIME

LAND DEVELOPMENT INVESTMENT OPPORTUNITY IV. VISUAL REVIEW OF THE LAND WITH MAPS AND PHOTOS: Slide 8. SATELLITE PHOTO (Green Zone P.15) Slide 9. OFFICAL MAP FROM THE MINISTRY OF TOURISM (Zone 15) Slide 10. PROPOSED PROJECT LAYOUT Slide 11, 12, 13. ACTUAL PHOTOS Slide 14. LAND LOCATION WITH THE LAYOUT OF RESORTS AND OTHER TOURISTIC ATTRACTIONS Slide 15. AIR PHOTOS OF VENEZIA RESORT AND KREMLIN PALACE ADJACENT TO THE LAND BUILT BY FOREIGN INVESTMENT