TAILIEUCHUNG - PRIVATE RESIDENCE CLUBS/HIGH-END FRACTIONALS

Banks dominate the financial system in Turkey and the asset size of the sector has increased by more than threefold in the last six years, exceeding USD 500 bn by the end of 2007. Banking and capital markets regulation and supervision have substantially improved. The capital adequacy ratio of the sector stood at in 2007, well above the EU average, and non-performing loan (NPL) ratios have fallen. FDI into the banking system has surged since 2005 and the share of total capital of the banking sector held by foreign investors is now at more than 40%. The entry of. | Burland East CFA beast@ Jon Haahr jhaahr@ Faris Mansour fmansour@ investment opportunities in real estate Eric Wurtzebach ewurtzebach@ PRIVATE RESIDENCE CLUBS HIGH-END FRACTIONALS Financing and Development Opportunities Written in cooperation with David M. Disick Associates 2811 Gallivan Loop Park City UT 84060 Tel ddisick@ April 25 2005 Silver Portal Capital LLC 888 Prospect Street Suite 220 La Jolla CA 92037 Tel Fax Real Estate Investment Bankin a w Member of NASD and SIPC KEY POINTS The Investment Opportunity The Private Residence Club High-End Fractional collectively PRC market segment offers institutional real estate investors a compelling risk-adjusted investment niche in an emerging and rapidly growing sector characterized by significant un-met demand. Expected internal rates of return levered with a construction loan at 6580 are typically 20-35 pre-tax. Benefits for Members PRCs enable members to experience second homeownership without the high cost of traditional homeownership through fractionalization of resorts. The basic PRC positioning statement is that members have the same realistic use they would make of a comparable quality whole ownership condominium at a fraction of the cost plus club-level services and amenities. A dramatically growing segment of potential second homeowners desires a second or third home but is either not prepared to spend the time and trouble associated with the ownership or is not interested in tying up a large portion of assets in a single property that will be used only part time. For these buyers the market segment logic is compelling. The Target Market The sector s target market is an affluent demographic that is relatively price insensitive and more resistant to economic cyclicality. In fact the member .

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