Dear Shareholders, 

I present our Company’s Annual Report, Financial Statements and Audit Reports of the year 2009 for your examination and approval.

Global Economic crisis and related sharp decline in the Turkish Economy were the key issues of 2009.  Industrial Manufacturing figures started to go upward with the second half of the year. Although this trend is an important indicator for getting out from the crises we need to act prudently during 2010. Growth and Employment issues will be the most significant agenda items of the next years.

The Corrugated Packaging Sector has been effected negatively from the economic turmoil too. Corrugated Packaging sector sales increased with the improvements in export figures and industrial production during the last 5 months of 2009 . This positive trend is expected to continue in the first half of 2010.

In spite of the excess capacity in the corrugated packaging sector and the slow down in demand , OLMUKSA increased its profitability significantly during 2009 . OLMUKSA’s realized sales and net profit were 216 ,8 million TL and 7,9 million TL, respectively. Our key target for 2010 is to grow the sales volume and achieve higher profitability.

OLMUKSA is also leading the “Sustainability” initiative in the sector. Company’s “Sustainability” policy and approach will be introduced to all stakeholders during 2010  . More detail of our approach can be seen in our annual report.

OLMUKSA has created distinctive and innovative solutions to its customers during 2009. Our aggressive moves in Innovation will continue. Being awarded as the “Most Admired Company in the Paper & Packaging sector”, OLMUKSA’s main target is to create value to its shareholders and customers and to protect its strong financial structure.

I am thankful to the members of the Board, management team and all employees and would like to respectfully acknowledge all our esteemed shareholders for their valuable contributions to those achievements.

Ahmet Cemal Dördüncü
Chairman