Since the late 1970s, we have completed thousands of transactions involving sovereign obligations in many emerging markets. Robert P. Smith, an attorney who had worked for the U.S. State Department and for one of Latin America's leading merchant banks, established in 1978 a company to implement barter and countertrade transactions in Turkey. By 1980 the company had become the first foreign investor approved by the Central Bank of the Republic of Turkey for debt equity conversion projects. Reincorporated in 1981 under the name Turan Corporation, this company created the first market for claims of foreign exporters to Turkish companies. In 1983, Turan developed the secondary market in Guatemalan Stabilization Bonds. In that same year, Turan was the first to trade El Salvador Dollar Bonds. In 1989, Turan created the secondary market for Central Bank of Nigeria U.S. Dollar Notes. Since that time, the company has traded over US$2.8 billion of these Nigerian notes in more than 1,400 transactions.

Turan also has extensive experience in the restructuring of sovereign or quasi-sovereign debt derived from its work with syndicated loans of the Central American Bank for Economic Integration (CABEI) and the floating rate notes of Costa Rica and Panama. In all these cases, Turan represented the interests of investor groups to achieve the most desirable restructuring terms.

Turan began to trade in 1993 claims arising from exports to the "foreign trade organizations" of the former Soviet Union, so-called "FTO debt." Since that time, we have done over US$720 million of FTO debt transactions in over 550 deals. This activity required that Turan work intensively with representatives of the Russian Federation and the importers to achieve the reconciliation of the amounts owed.

Beginning in 2004, Turan was one of the most active participants in trading the Paris Club debt of the Russian Federation. This created an opportunity for Turan and its investors to purchase the debt of an investment grade borrower at deeply discounted prices. This opportunity continued until 2005 when the Russian Federation prepaid its Paris Club obligations. During this period we also completed significant transactions involving the Paris Club debt of the Arab Republic of Egypt.

During 2006 and 2007, Turan Corporation was one of the most active traders in the oil-linked warrants of Nigeria and Venezuela and continued its work on Russian FTO debt. Our trading and investing activities were enhanced by two events: Russia’s exchange of the FTO debt for bonds in 2006 (which provided liquidity for our investments in receivables of the former Soviet Union) and Nigeria’s offer to purchase its oil warrants in 2007.

Our efforts at present focus on obligations of the following countries:

- Russia - FTO debt
- Nigeria - Notes & Oil Warrants
- Iraq - Trade Credits
- Venezuela – Oil Warrants

We would be pleased to review the claims your company holds and give you our estimation of their value.

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