1. Mr. Patrick J. Keating General Manager IS Venture Capital Turkey

2. Former Managing Director, Strateji Securities, Istanbul Banking Experience: Morgan Stanley Dean Witter Merrill Lynch Hambrecht & Quist Investment Banking Mr. Patrick J. Keating

3. Venture Capital Industry: Turkey April 2004

4. Institutional Venture Capital Industry

6. Traditional Venture Capital Business Model

7. Non-traditional Venture Capital Business Model

8. Venture Capital Industry: Investment Stages

9. Results of Venture Capital Investing in the U.S. Technology Industry: 1970 - 2000 Three Decades of Venture Capital Investment Yields 7.6 Million Jobs and $1.3 Trillion in Revenue: Research Finds That $36K of VC Investment Creates a US Job

12. U.S. Venture Capital Average Returns, 2000

13. One of the best U.S. VC’s results…

14. Matrixs’ best bet… It paid U.S.$.20 cents per share for optical networking company Sycamore Networks Inc. in 1998 and sold it in 2000 at U.S.$107.00 dollars per share, for a gain of 53,400%

15. Probability of Success

16. Turkish Venture Capital Industry

17. Turkey: Institutional Venture Capital Companies Venture Capital Investments Trusts (VCIT): - Vakif Venture Capital Investment Trust - İş Venture Capital Investment Trust GP/LP Venture Capital: - AIG Blue Voyage Fund - Turkven Partners

18. İş Venture Capital İş Venture Capital was established in October 2000, incorporated in Turkey as a joint stock company with U.S.$30.0 million in paid-in capital. Address: İş Kuleleri Kule:2 Floor:8 4. Levent 34330, Istanbul website: www.isrisk.com.tr Phones: +90 212 325 17 44 Fax: +90 212 270 58 08 Employee Breakdown 1 General Manager 1 AGM/Investment Manager 2 Finance&Accounting 4 Investment Analysts 1 Driver 1 Secretary

19. İş Risk Shareholders

20. Where are We Investing?

21. Turkey Geographical Profile Total: 780,580 sq km Land: 770,760 sq km Water: 9,820 sq km (Slightly larger than Texas)

22. Turkey: People Population: 68,106,469 Age Structure: 0-14 years: 27.2% (male 9,422,242; female 9,082,840) 15-64 years: 66.4% (male 22,978,251; female 22,243,477) 65 years and over: 6.4% (male 2,013,926; female 2,368,733) (2003 est.) Average Age: Male: 26.7 Female: 27 Total: 26.8

23. Turkey: Educational System (1999-2000 School Year) Levels of EducationNumber ofNumber ofNumber of Schools Students Teachers Preschool 9,992 251,596 15,596 Primary School 43,324 10,053,127 324,924 Secondary School 6,168 2,444,407 143,469 General High Schools 2,663 1,506,379 70,249 Voc. & Tech. High Schools 3,505 938,028 73,220 University: Undergraduate 78 1,330,241 N/A University: Graduate N/A 74,838 N/A Total 65,730 16,598,616 627,458

24. Turkish Economy: Profile Employment: Employed in Agriculture: 43% Employed in Services: 40.3% Employed in Industry: 16.7% Cash Crops: Wheat, barley, cotton, sugar beets, sunflower, potato, tobacco, vegetables, dried fruits, fresh fruits, nuts, ornamentals. Natural Resources: Hydro-Electric power, chromium, copper, tungsten, phosphate, boron, barite, bentonite, manganese, zinc, magnesite, perlite, wolfram, asbestos, bauxite, lead, mercury, sulphur, emery, meerschaum, marble, aluminium, iron, coal, crude oil, forests, livestock. Agricultural Exports: Hazelnuts, pistachio, figs, dried raisins and apricot, pulses, tobacco, citrus, pome and stone fruits, melons, vegetables, tomato products, cut flowers, processed food, poultry meat, cereals, cotton, tea. Other Exports: Manufactured goods, minerals, textile, thread, ready-to-wear clothing, leather, machinery, mechanical appliances, furniture, carpets, rugs, automobiles, buses, pharmaceuticals, man-made filaments, glass and glass-ware products, articles of iron and steel and aluminum. Major Trading Partners: OECD, EU, Middle-East and CIS countries, Russian Federation.

25. Turkey: Enterprise Definitions: Turkey: Enterprise Definitions: Small-Scale Entreprises:less than 50 employees Medium-Scale Entreprises:between 50 and 200 employees Large-Scale Entreprises: more than 200 employees In Turkey, the number of small and medium-sized enterprises (SMEs) exceeds 200,000 and, increasingly, they are becoming the driving forces of its dynamic economy.

26. SME Growth Factors

27. The Opportunity: The Capital “Gap” U.S.$500,000 – 3.0 Million

28. İş Risk Portfolio

29. Fourth Investment: Nevotek Software

30. Microelectronics Value Chain

31. Why Nevotek? Strong Management Demonstrated Product Demand and Differentiated Technology Large Fast-Growing Domestic and Global Market Scalable Business Model Predictable Exit

32. Mr. Patrick J. Keating General Manager IS Venture Capital Turkey