PHYSICAL CUSTODY

According to the resolution of the Capital Markets Board dated December 15, 1994, No. 81, it was decided that Takasbank, heretofore conducting its business under the title Takas ve Saklama A.Ş. has been accepted as the Central Depository Institution in Turkey. In accordance with the CMB Communiqué Serial V. No. 19. Article 50 "Brokerage houses and Banks may safekeep securities delivered by their customers after the execution of a sales order, and shares purchased after the execution of a purchase order by a customer, can be safekept in custody for the maximum period for the instructions validity period as envisaged in Stock Exchange Legislation. Apart from these cases, brokerage houses and banks cannot safekeep securities belonging either to their customers or to themselves outside of authorized clearing, settlement and custody institutions.

In accordance with Article 10/A of the Capital Markets Law, with the dematerialization of the shares traded on Borsa Istanbul on November 28, 2005, by the resolution No. 43/1318 of the Capital Markets Board dated October 28, 2005, accounts of brokerage houses related to mutual funds participation certificates and shares traded on Borsa Istanbul held with Takasbank have all been transferred to the CSD of Turkey, together with customer sub-accounts, and monitored on the CSD of Turkey via their records.

At Takasbank, shares that have been not been dematerialized and are not been traded on Borsa Istanbul are safekept in physical custody.