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ORGANIZATION CHART











                                                                                NUROL HOLDING        BOARD of DIRECTORS







                                                                           ADVISORS         INTERNAL AUDIT










          CONSTRUCTION            DEFENSE              ENERGY and              TRADE               TOURISM
          CONTRACT and            INDUSTRY               MINING
           REAL ESTATE                                                     COORDINATOR           COORDINATOR


                                                                           Nurol İşletme ve       Turser Tourism
         Nurol Construction    Nurol Makina ve        TÜMAD Mining          Gayrimenkul           Publishing and
         and Trading Co. Inc.    Sanayi A.Ş.        Industry & Trade Inc.   Yönetim A.Ş.           Trade Inc.

                                                                                                Nurol Club Salima
                              Nurol Technologies
         Nurol Real Estate       Industry and         GEMAD Mining        Nurol Aviation Inc.   Holiday Village and
        Investment Trust Inc.  Mining Trade Inc.    Industry & Trade Inc.                           Tourism
                                                                                                 Management Inc.

                                                       Nurol Energy        Botim Business
         SGO Construction       FNSS Savunma          Generation and       Management and        Bosfor Tourism
          and Trading Inc.      Sistemleri A.Ş.       Marketing Inc.         Trading Inc.       Management Inc.


                                  BNA Nurol
         Otoyol Yatırım ve       BAE Systems        Nurol Göksu Energy                           Nurol Hotel and
                                                                                                    Tourism
           İşletme A.Ş.        Air Systems Inc.       Production Inc.                            Management Inc.


           Gebze - İzmir                            Nurol Solar Energy
        İşletme & Bakım A.Ş.                          Production Inc.



                                                      Enova Energy
         Otoyol İşletme &
            Bakım A.Ş.                                Production Inc.


                                                      Enova Energy
            Nurol LLC
              (UAE)                                   Wholesale Inc.


         Nurol Georgia LLC
             (Georgia)









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