CORPORATE

---

Affiliates

KARADENİZ Hidroelektrik Enerjiden Elektrik Üretim Santralı Limited Şirketi

Formed in order to generate hydroelectric power, the company is
currently working on power plant projects in Giresun. Specifically, work is
underway for the construction of the Çırakdamı HEPP, on the Aksu River, with
an installed capacity of 49,1 MW and annual electricity generation of 140
million kWh, and the Dereli HEPP, also to be built on the same river, with an
installed capacity of 49,2 MW and annual electricity generation of 157,5
million kWh. Construction of the plants is expected to be completed in 2007-
2008.