ADA-Ticaret Joint Stock Company

completed

_x000C_ADA-Ticaret Joint-Stock Company (ADA or the company) plans to establish a food retail chain in Azerbaijan. The company will offer a broad range of quality grocery products at competitive prices to middle and lower-middle income customers in store formats with selling areas ranging from 350 to 600 square meters. The project is to establish one distribution center and at least 50 stores in Baku, the capital of Azerbaijan, between 2006 and 2008 at an estimated cost of at least $49 million. The project described in this ESRS is identical in scope to that described in an earlier version of this ESRS disclosed on June 13, 2006 under the name ADA-Azerbaijan Joint Stock Company. The new company name reflects a change in shareholding which will not affect the Company’s ability to mitigate possible environmental and social impacts arising from the project.