EXHIBIT 4: BUSINESS ENVIRONMENT ANALYSIS REPORT Turkey Spain France Demographics Total Population Population Growth Rate (%) Age Structure (%) 0-14 years: 15-64 years: 65 years and over: 79.7 million 1.19 47.0 million 64.5 million 0.65 0.95 27.2 15.5 18.6 66.7 67.4 65 6.1 17.1 16.4 Upper Class Size (%) 30 26.6 24.8 Urban:61.3 Urban: 77 Urban:77 Urban/Rural Composition (%) Rural:38.7 Rural:23 Rural: 23 Sex ratio at birth: male to female 1.05 1.06 1.051 Under 15 years: male/female 1.05 1.06 1.05 15-64 years: male/female 1.02 1.03 1 0.84 0.74 0.72 1.02 0.97 0.96 65 years and over: male/female Total population: male/female Government Government Stability (100-point scale) Economic Freedom (100-point scale) Openness to FDI- Flow of FDI to home country ($) Legal System Currency Convertibility Physical Infrastructure Roads and Highways (km) Railways (km) Airports Navigable Waterways Ports Economics 64 61 55 70 58 64.2 140.5 billion 700.9 billion 1.054 trillion Civil Convertible Civil Convertible Civil Convertible 426,951 681,298 1,027,183 8,699 15,293 29,213 103 153 177 1,200 1,000 8,501 8 9 9 GDP Growth Rate (%) 1.10 1.2 1.4 Per Capita GDP ($) 12,300 Consumer Inflation Rate (%) 10.4 34,700 4.1 35,200 1.7 Trade % of GDP Potential Market 41 High 49.8 53.15 High High Communications Infrastructure Fixed Telephone Market 18.41 million Wireless Telephone Market 61.77million 18.58 million 48.81 million 35.90 million 59.26 million PC Ownership (%) 6 33 58 Internet Users 13.15 million TV Ownership 10.53 million 19.69million 16.20 million 42.91 million 36.95 million