Press Release

Gama Holding sells 40% of shareholding in Tynagh Energy to GE Energy Financial Services

April 19, 2006 - GAMA Construction Ireland Limited, the Irish based subsidiary of Turkish Construction and Energy company GAMA Holding AS, has sold a 40% stake in Tynagh Energy Limited, the Ireland based owner of a 385MW CCGT power plant, to GE Energy Financial Services, a global leader in energy investing and financing.

GAMA retains a 40% interest in the plant, which commenced operations in March 2006. GAMA, working in a joint venture with General Electric International, began construction of the plant in March 2004. The construction period was one of the shortest to date worldwide for this highly efficient technology. Tynagh is the newest and most efficient natural gas-fired power plant on the Irish grid.

Hakan Özman, Strategic Planning & Finance Group President and Board Member of GAMA Holding AS, said: “We are pleased to achieve the successful commercial operation of Tynagh Power Plant in a short period of time. It was our intention from the outset of this project to reduce GAMA’s ownership in Tynagh to the 40% level by bringing in a high quality investment partner once construction was completed. We are delighted to welcome GE Energy Financial Services as our partner in the Tynagh project.”

Commenting on the announcement, Mr Arif Ozozan, General Manager, Tynagh Energy Limited, said: "We welcome GE Energy Financial Service, and view its pending acquisition of a 40% interest as a vote of confidence in this project. We are delighted to have a new international partner involved that can bring additional perspective to this key infrastructure project.”

“We are very pleased to be investing in Tynagh Energy. Tynagh is a first class project which benefits from state of the art equipment, a supportive contractual structure and experienced operators,” said Alex Urquhart, President and CEO of GE Energy Financial Services. Andrew Marsden, Managing Director of GE Energy Financial Services’ European operations, added: “The Tynagh power plant is one of the most technologically advanced and efficient power plants in the Republic of Ireland and as such this pending acquisition makes an excellent fit with our strategy to invest in high quality energy assets with experienced counterparties.”

Fieldstone acted as financial adviser to GAMA. The Fieldstone team was led by Andrew Smith-Maxwell and Michael Sutcliffe, managing directors based in the London office.