EXPORT-IMPORT BANK OF THE UNITED STATES

SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS

DECEMBER 12, 2003

ITEM NO 1Minutes of November 21, 2003 Board Meeting to be approved.

Board Decision: APPROVED

ITEM NO 2Minutes of November 25, 2003 Board Meeting to be approved.

Board Decision: APPROVED

ITEM NO 3

Country TURKEY AP079335XX

Request for FINAL COMMITMENT

Applicant T C BASBAKANI BASKANLIGINDA DARUSSAFAKA, ISTANBUL 80620 TURKEY

Borrower T C BASBAKANI BASKANLIGINDA DARUSSAFAKA, ISTANBUL 80620 TURKEY

Guarantor NONE

Buyer T C BASBAKANI BASKANLIGINDA DARUSSAFAKA, ISTANBUL 80620 TURKEY

End-user T C BASBAKANI BASKANLIGINDA DARUSSAFAKA, ISTANBUL 80620 TURKEY

Exporter DEUTSCHE BANK, NEW YORK NY

Exporter SABA INC, MEMPHIS TN

Supplier DEUTSCHE BANK, NEW YORK NY

Supplier SABA INC, MEMPHIS TN

Gteed Lender DEUTSCHE BANK AG, NEW YORK BRANCH, NEW YORK NY

Project Name URLA

Project Description URLA HOUSING PROJECT

Product Description ENGINEERING SERVICES

Financed Amount $ 38,065,666

Repayment Term 8 YEARS

Board Decision APPROVED