Intralot - conclusion of Inteltek

All,

This morning’s news is merely administrative. Intralot are buying back Turkcell’s stake in the course of the wind-up.

We remain long the 24s on the basis that the company will extend the majority of the 21s with a semi-secured package through the use of its E120m headroom, but use its cash to buy back the 24s and reduce its net debt.

Forthcoming catalysts between now and April include:

+ Confirmation of Gamenet cash on balance sheet

+ Further purchases of the 24s

-  A potential adverse impact on Bilyoner (model treats Turkey contribution at zero going forward)

+ Publication of a business plan

Wolfgang