Dear Customers and Friends,

We have seen yet another year pass. In 2008 the world faced many natural disasters, as well as instances of war and levels of human suffering on a grand scale. However, many of us were shocked when an unfamiliar disaster hit home, “The Financial Crisis”, touching many of our lives. It began with the collapse of financial institutions in the United States and spread rapidly across the world. Economies have dwindled, companies have gone bankrupt and many have been left jobless.
 
Due to new bank lending regulations, it seems that 2009 may be a difficult year as well. The capitalist system as we know it is now gone forever.
 
The crisis has taught us all a very important lesson. A company that does not meticulously control its growth, costs or income strategy is bound to suffer under such circumstances. Fast growth is important, but controlling the return on equity and debt structure is even more important than unhealthy growth. To grow visually, only with debt and not enough funds or returns to support it is a great mistake.

ICL and its counterparts have demonstrated their exceptional management skills by expanding during these difficult times. In 2009, we have projected that our turnover rate will increase by a margin of 50% and the workforce will increase by an additional 500 people.

We have dedicated ourselves to creating new solutions for our customers and working towards decreasing their current logistics costs. These measures were accomplished by sitting down with companies of the same industry in order to develop shared logistical services and the consolidation of current business practices to reflect lower costs and a higher standard of service levels.

In 2008, ICL paid over EUR 20 million of debt from its own funds and solid returns. In 2009, ICL and the group companies will continue their investment strategy. Our goal is to continue on a path of systematic growth and remain a solid and powerful company in the Transport and Logistics sector.

We would like to thank all of our loyal customers for their continued support and for doing business with ICL. We are looking forward to meeting with new customers and invite those who would like to join forces with us.
Let’s work together to get through these difficult times.

Sincerely Yours

Vice President

Gokalp Cak
ICL Transport & Logistics A.Ş.