2005 was a transition period for many sectors, and this looks set to continue, to some degree, throughout 2006. However, the transactions completed have already energized various sectors in 2005. We now have a more dynamic market for telecom, banking and petroleum.

Turkey has achieved an average growth rate of 7% over the last three years. We expect this growth rate to decline to 4.5% in 2006, after the 5.6% growth in 2005. Also taking into account the possibility of declining global liquidity into emerging markets, we expect the ISE to record a rather less vigorous performance than in 2005. However, given the current valuations and the solid ground created by structural privatizations and FDIs, as well as structural reform, we believe the ISE will remain an attractive market for investors in 2006.