CONSOLIDATED BALANCE SHEET OF YALINKAYA HOLDING INC.                                                                                                                                      DATED 31.12.2006 USD
	ASSETS	2006,12
	I- CURRENT ASSETS	381.901.959
	A) LIQUID ASSETS		47.372.948
	1- Cash			2.793.276
	2- Banks			44.272.904
	3- Other Liquid Assets			306.768
	B) MARKETABLE SECURITIES		354
	1- Share Certificates
	2- Private Sector Bonds and Notes
	3- Public Sector Bonds and Notes
	4- Other Marketable Securities			354
	5- Provisions for Decrease in Value of Marketable Securities (-)
	C) TRADE RECEIVABLES		52.770.696
	1- Customers			51.873.681
	2- Notes Receivables			11.383
	3- Deposits and Guarantees Given			698.914
	4- Other Trade Receivables			246.929
	5- Rediscounts on Other Notes Receivables (-)			(60.211)
	6- Provisions for Doubtful Receivables (-)
	D) OTHER RECEIVABLES		465.425
	1- Due from Shareholders
	2- Due from Affiliates
	3- Due from Subsidiaries
	4- Other Receivables			465.425
	5- Rediscounts on Other Notes Receivables (-)
	6- Provision for Other Doubtful Receivables (-)
	E) INVENTORIES		277.134.298
	1- Raw Material and Supplies			7.021.068
	2- Semi Finished Goods in Production			13.192.619
	3- Intermediate Products
	4- Finished Goods			61.688.452
	5- Trade Goods			138.471.475
	6- Other Inventories			5.650.191
	7- Provisions for Inventories (-)			(2.370.347)
	8- Advances Given for Purchases			53.480.840
	F) OTHER CURRENT ASSETS		4.158.238
	CONSOLIDATED BALANCE SHEET OF YALINKAYA HOLDING INC.                                                                                                                                      DATED 31.12.2006 USD
	ASSETS	2006,12
	II- LONG TERM ASSETS	61.655.181
	A) TRADE RECEIVABLES		130.143
	1- Customers
	2- Notes Receivables
	3- Deposits and Guarantees Given			130.143
	4- Other Trade Receivables
	5- Rediscount on Notes Receivables (-)
	6- Provision for Doubtful Receivables (-)
	B) OTHER RECEIVABLES
	1- Due from Shareholders
	2- Due from Affiliates
	3- Due from Subsidiaries
	4- Other Receivables
	5- Rediscount on Other Notes Receivables (-)
	6- Provision for Other Doubtful Receivables (-)
	C) FINANCIAL FIXED ASSETS		51.124.588
	1- Long Term Securities
	2- Decrease in Value of Securities (-)
	3- Affiliates			51.072.912
	4- Capital Commitments for Affiliates (-)			(333)
	5- Decrease in Value of Affiliates Shares (-)			(15.936)
	6- Subsidiaries
	7- Capital Commitments for Subsidiaries (-)
	8- Decrease in Value of Subsidiaries Shares (-)
	9- Other Financial Fixed Assets			67.945
	D) TANGIBLE FIXED ASSETS		9.157.911
	1- Land			3.936.158
	2- Land Improvements
	3- Buildings
	4- Plant, Machinery and Equipment			3.543.431
	5- Motor Vehicles			204.570
	6- Furniture and Fixtures			6.148.352
	7- Other Tangible Fixed Assets
	8- Accumulated Depreciation (-)			(4.846.213)
	9- Construction in Progress			162.570
	10- Advances Given			9.043
	E) INTANGIBLE ASSETS		1.139.187
	1- Establishment and Foundation Expenses			869.018
	2- Rights			2.398.572
	3- Research and Development Expenses			199.285
	4- Other Intangible Fixed Assets			425.419
	5- Accumulated Amortization (-)			(2.753.107)
	F) OTHER FIXED ASSETS		103.352
	TOTAL ASSETS	443.557.140