NORSEL INTERNATIONAL LIMITED Over the past two decades, textiles have become one of Turkey's locomotive industries. Availability of raw materials, employment opportunities and export potential have all been driving factors in this investment process. It was with this strategic reasoning that NORSEL INTERNATIONAL LTD. was founded in 1992 and established investments in the textile industry as its company mission. Its goal is the utilization of the most advanced technology to achieve highest possible quality. While constantly striving to find new international business partners, it is always on the basis of dedication to full customer satisfaction. As Turkmenistan has been the company's investment region, Ashkhabad was chosen as the site of Company headquarters. All Company projects are set up as joint investments with the Turkmenistan Government. The only exception is a ginning plant, which was constructed and delivered as a turn-key venture. Currently, 2'160 employees are working in cotton yarn plants and one textile complex. In 1999, when further yarn and weaving plants become operational, total production is forecast to reach USD 150 million. Construction for the "Dashowuz Textile Complex" will commence in 1999 and is scheduled for completion in 2001. The Complex will manufacture fine cotton yarns, which will be woven and processed into high quality men's shirts for export to European and US markets. Believing that a company should concentrate on its core business, Norsel International Ltd. set up Walford Holdings Ltd. In 1994. This company is responsible for the efficient and cost-effective management of the yarn, weaving and ready-wear plants. A further company, Boğaziçi Dış Ticaret, oversees all exports, imports and liaison with Turkey. Most recently, in 1998, the Karakum Construction Ltd. Company, was established with the aim of carrying out all construction projects of the Group. All Group Companies are characterized by their employment of highly skilled and experienced staff. Maintaining its enterprising course, the Group plans the formation of another company in 2000, which will be responsible for all marketing and brand diversification activities. The assortment of our group can be categorised as follows: 1. Yarn 2. Dyed knitted fabric 3. Knitted ready-made garments