Emlak Konut REIC

11th March 2015

Disclaimer

By attending this meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This presentation does not constitute or form part of and should not be constructed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for, securities of EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.Ş. (the "Company" or “Emlak Konut"), in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever. The information contained in the presentation has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be paled on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. 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Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forwardlooking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as of the date of this presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forwardlooking statements contained in this presentation. In addition, even if the Company's financial position, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. Past performance is not necessarily an indicator of future performance. The information and opinions contained in this document are provided as of the date of this presentation and are subject to change without notice.

2/23

Our Company at a Glance

Established in 1953 and adopted REIC status in 2002 Emlak Konut, with its controlling shareholder TOKI, is the largest REIC in Turkey by market value, property portfolio and size of land bank

Our business involves the purchase of land and the development, marketing and sale of residential real estate in Turkey with a focus on the upper-middle and middle income housing markets

Emlak

Konut also develops mixed-use real estate projects that include both commercial and residential units as well as public buildings

Emlak

(1)

Konut has vacant land area of ~9,2 mn sqm which has not yet been implemented a project on, including the squaremeter of vast land purchasing in Arnavutköy region. Currently, the (2) total land area of ongoing projects covers ~3,1 mn sqm.

Between 2003 and 2014 (ytd), approximately 100.000 units have either been completed or under construction

Since 2003, the aggregate tender worth based on agreements has been valued (3) TL ~35,07 bn

• Under Revenue Sharing Model TL ~33,10 bn

(including IFC)

• Under Turn- key Model TL ~1,97 bn 3/23

1 Company data as of December 31, 2014. Land area before the zoning plan application 2 Company data as of December 31, 2014 3 Calculated based on the initial Total Sales Revenues set in the tender Amounts expressed inTurkish Lira (“TL”), unless otherwise stated

Our Company at a Glance (continued) 2014 Completed Tenders

Land Acquisition since 2003 (ytd)

 Zeytinburnu, Base value ~ 726 mn, The Highest Offer: ~ 1,57 bn

TOKİ Priv. Administration Third Parties Total

Area (sqm) 14.000.339 75%

Value mnTL 9.745 85%

158.498

1.006

1%

9%

4.590.714

695

24%

6%

18.749.551

11.446

 Kayabaşı 4th Stage, Base value ~ 125 mn ,The Highest Offer: ~ 420 mn  Hoşdere 3rd Stage, Base value ~ 64 mn ,The Highest Offer: ~157 mn

 Ankara Etimesgut, Base value ~ 37 mn ,The Highest Offer: 54 mn  Kocaeli Derince, Base value ~ 70 mn ,The Highest Offer: ~ 83 mn  Kartal Yakacık, Base value ~ 85 mn ,The Highest Offer: ~ 124 mn

2015 Completed Tenders  Bahçelievler, Base value ~ 64 mn The Highest Offer: ~ 172 mn

Net Sales breakdown 6,76%

(31.12.2014)

Breakdown of tendered plots of land by project value (31.12.2014)

0,11%

1.348.438.922; 15%

Revenues from RSM Projects 34,81%

58,32%

lndependent unit sales and Turn-key

Initial CSTR of Ongoing RSM Projects (Value, %)

Sales of vacant land Rental Income

4/23

The Agreement Value of Ongoing Turn- Key Projects (Value, %)

7.642.584.019; 85%

1 Including the recent protocols with TOKİ Amounts expressed inTurkish Lira, unless otherwise stated(“TL”)

Complementary Business Models Business Models Revenue Sharing Model (“RSM”)

Turn- Key Project

TOKI, Emlak Bank1, third parties

TOKI, Emlak Bank1, third parties

Within the tender process held under the internal regulations of Emlak, the contractor proposes a revenue share ratio together with an estimate of the total revenues the project will generate. The highest bidder is awarded the project

Under turnkey project model (following the offer), more stringent financial and business capability requirements can be imposed on tender participants with the aim of decreasing the risk of non-completion.

Contractor obligations

Whole process (financing to sale)

Construction

Financing

Contractor

Emlak Konut

Emlak’s obligations

Land, approval of design and technical control

Overall responsibility for project excluding construction

Risk allocation

Mainly the contractor

Emlak Konut

Sales

Contractor and Emlak Konut

Emlak Konut

Revenues

Shared with contractor, minimum guaranteed to Emlak Konut

Fully attributable to Emlak Konut

Sourcing of land

Tender process

5/23

1 capital in kind contribution in 2000 Source: Company data

Complementary Business Models (continued) Revenue Sharing Model (“RSM”)

Turn- Key Project

Revenues

Revenues

 Minimum amount of revenues guaranteed to Emlak by contractor, equal to, or higher than, the appraisal value of the land upon which the project is developed, final revenue share ratio is pre-determined at time of tender

Contractor obligations

 Revenues from sales of residential and commercial units fully attributable to Emlak Konut  Progress payments to the contractor based on the physical development of the project

Selection of contractor

 Develops project, responsible for the whole process from financing up to sale & pricing, subject to approval by Emlak Konut  Technical control of construction by Emlak Konut

Risk allocation

 Selection of contractor via a public tender process pursuant to our internal regulations.

Risk allocation

 Contractor assumes most of development and financing risks related to the whole development process  Emlak Konut takes limited financing and development risk, principally land contribution to the project and possible unsold units  Gives flexibility to Emlak Konut to pursue large-scale projects

 Emlak Konut bears all risks and responsibilities associated with the financing, development and sales of the project

Overview of the revenue sharing model Tender process

Revenue sharing agreement

Project financing by contractor

Design &construction by contractor

Marketing by Emlak and contractor

Sales & pricing by Emlak and contractor

 Revenues derived from the sale of independent units are shared between Emlak Konut and the contractor according to a pre-agreed ratio  Revenue share ratios for properties owned by Emlak Konut typically ranges from 16% to 55% Overview of the public procurement model Tender process

6/23

Financing by Emlak

Design &construction by Emlak

Marketing

Sales & pricing

Source: Company data

Added Value from RSM* Completed Projects (mn TL)

Tendered Plots of Land (mn TL)

7.742

2,1x 2.898 1.949

1,94x

4.103 1,41x

3.997

1,48x

Base Value of land at time of tender

Tender Value

Base Value of land at time of tender

Recognized Value

Tender Value

Multiplier & Tendered Plots of Land with RSM 4,00

3

3,50

3,56

3,00 2,50

2,03

2,18

1,5

2,04 1,61

1

1,11 0,79

0,50

7/23

CSTR

2,41

1,00

0,00

2,5

Base Value of Land at Time of Tender

2

1,75

2,00 1,50

2,70

0,06 0,17

0,5

Multiplier

0

2012 and pre-2012

2013

2014

2015 Source: Company data * Please note that, the past performance is not necessarily an indicator of future performance. CSTR: Company Share in Total Revenue

Focused on Regions with its Favourable Market Dynamics Key Catalysts for Future Growth in İstanbul

• • • • •

Possible Future Infrastructure Projects

• • • •

Marmaray Project (opened 29th October 2013) Population Growth Inbound migration New City Project Urban redevelopment project

New Airport Kanal İstanbul Project Eurasia Tunnel projects Third Bridge

Arnavutköy Zekeriyaköy Location of Third Bridge

Sultangazi Başakşehir

Şişli

Gaziosmanpaşa

Büyükçekmece

İstinye

Ümraniye Fatih

Küçükçekmece Avcılar Esenyurt

Maltepe

Kartal

New City Area 8/23

Current Land Bank

Tuzla

Main Areas of Operation Source: Company data

The Real Estate Sector in Turkey Mortgage Credits and Mortgage Credits/ GDP ⁽²⁾

Residential unit sales – Turkey and İstanbul (in thousands) ⁽¹⁾ 1157

607

555

708

1165

702

427 104 2008

141 2009

154 2010 Turkey

167

169 2011

2012

235

2013

225

2014

Istanbul

Average Interest Rates on Housing Credit ⁽³⁾ (Flow- Percent) 17,6

18,2

18,3

18,6 15,6

2005

2006

2007

2008

2009

11

11,6

2010

2011

12,4

11,9 9,7

2012

2013

2014

Housing Credits 9/23

1 Turkstat 2 CBRT, Financial Stability Report, May 3 CBRT

Independent Unit Sales Yearly Basis (Units) 15095

12417 7712

3817

2005

2834

2006

4206

3949

10032

8971

4820 1346

2007

2008

2009

2010

2011

2012

2013

2014

Feb'15

Total Sales Revenue (TL) in thousands 5.765.780

5.211.529

3.192.443 3.342.481

2.080.791 840.307

797.921

2005

2006

10/23

1.079.850 1.021.691 1.250.876

2007

2008

2009

833.336

2010

2011

2012

2013

2014

Feb'15

Source: Company data Amounts expressed in thousands Turkish Lira (“TL”)

Sites (As of 31.12.2014)

Site Area (sqm)

Appraisal Value (TL)

2.394.858; 26%

1.359.351.206; 26%

İstanbul

298.692.566; 6%

1.207.475; 13%

Total Site Area: 9.198.027

İstanbul

Ankara Ankara Other

5.595.693; 61%

3.578.504.996; 68%

Other

Buildings (As of 31.12.2014)

11/23

Number of units in stock

Appraisal Value (TL)

85

100.106.155

Source: Company data

Total Appraisal Value: 5.236.548.769

Tendered Plots of Land- RSM Number of ongoing RSM Model Projects

Book Value (TL)

Company Share in Total Revenue (TL)

Total Number of Units

Number of Units Sold

28*

3.273.170.720

7.771.499.208

31.191

19.803

Tendered Plots of Land- Turn Key

12/23

Number of ongoing Turnkey Model Projects

Book Value + Progress Payments (TL)

12

959.961.040

Total Number of Units

Number of Units Sold

8688

6260

Source: Company data * Including IFC

Financial Summary Total Assets

Equity 14.953,5

16000

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0

13.471,0

14000 12000 10000

7.698,9

8000 6000

8.578,9

4.671,3

4000

2000 0 2009 YE

2011 YE

2012 YE

2013 YE

2014 YE

8.353,6

3.987,5

8.751,3

4.392,3

2.094,5

2009 YE

2011 YE

2012 YE

2013 YE

2014 YE

Key Financials

in TL mn

2007

2008

2009

2010

2011

2012

2013

2014

Net sales

1.111,3

1.044,6

864,9

1.497,9

716,6

1.004,6

2.331,1

1.804,5

234,2

563,7

476,9

646,0

255,1

529,8

1.004,4

749,0

EBITDA margin(%)2

21,1

54,0

55,1

43,1

35,6

52,7

43,1

41,5

Profit for the period

367,5

526,9

445,9

554,3

228,3

523,4

1.060,5

954,4

Total assets

3.768,6

4.372,0

4.671,3

7.434,7

7.698,9

8.578,9

13.471,0

14.953,4

Shareholder’s equity

1.121,7

1.648,6

2.094,5

3.934,7

3.987,5

4.392,3

8.353,6

8.751,3

EBITDA1

13/23

Source: Company Financial Statements Amounts expressed in millionsTurkish Lira (“TL”) 1 EBITDA = Profit before tax + Financial expenses - Financial income + Depreciation of investment property + Depreciation and amortization. The company had other operating expenses related to HAS payments amounting to TL 574.7 mn in 2007 and TL 33.0 mn in 2008 2 EBITDA margin calculated as EBITDA / Net sales

Balance Sheet ASSETS

Notes

Current Assets

31 December 2014 31 December 2013

4.803.784

236.798

644.605

6

1.133.473

661.101

26

-

57

1.133.473

661.044

7

469.559

504.137

26

26.499

6.575

443.060

479.562

740.200

440.266

11.544

6.644

252.365

152.541

9.503.414

6.257.904

1.220.622

1.080.313

Other receivables from other parties Land and residential unit inventories

8

Prepaid Expenses Other current assets

14

Non-current assets

175.635 607.765

3.038.081 94.629 2.693 91.936 25.533

490.322

605.352 594.000 -

Trade payables to other parties

434.000 36.192 36.192

Other payables to other parties

15.130 15.130

7.204 7.204

1.952 3.048

1.797 2.351

8.751.284

8.353.608

3.800.000

3.800.000

(240.687)

(139.307)

2.366.895

2.366.895

Accumulated other comprehensive income/expense unclassified within profit or loss

(203)

147

Gain/(loss) on revaluation and remeasurement

(203)

147

Short term borrowings Short term parts of long term borrowings Trade payables Trade payables to related parties Trade payables to other parties Other payables Other payables to related parties Other payables to other parties Deferred income Short term provisions Short term provisions for employee benefits Other short term provisions Other current liabilities

2.606.132

Other receivables from related parties

515 171.757 1.376.240 558.203 818.037 515.425 515.425 3.527.704 120.238 3.609 116.629 -

Current liabilities

4

Other receivables

4.512.022

7.213.078

3

Trade receivables from other parties

5.711.879

5.450.071

Financial assets

Trade receivables from related parties

31 December 2013 Audited

Audited*

Cash and cash equivalents Trade receivables

31 December 2014 Audited

LIABILITIES AND EQUITY

Audited

6

Trade receivables from other parties

1.220.622

1.080.313

Other receivables

7

166

171

Land and residential unit inventories

8

8.243.895

5.168.696

5 6 26 7

15 13 12 14

Non-current liabilities Long term borrowings

Trade receivables

Notes

5

Trade payables Other payables Deferred income Long term provision for employee benefits

15 13

Shareholder's equity Paid- in capital

16

Treasury shares (-) Investment property

Property, plant and equipment

9

10

847

35.897

1.169

5.485

Share premiums/ discounts

Total Assets

11

1.987 14.953.485

14/23

2.070 13.470.982

-

292.674

203.386 1.061.950

Current Period Profit

1.578.208 954.397

Total liabilities and equity

14.953.485

13.470.982

Legal reserves Intangible assets

16

607.765 570.379 18 570.361

Retained Earnings

1.060.537

Amounts expressed in thousands Turkish Lira (“TL”) * See Note 2.3.

Income Statement Notes

31 December 2014 Audited

31 December 2013 Audited

Net Sales

17

1.804.523

2.331.138

Cost of Sales

17

(1.032.812)

(1.311.319)

771.711

1.019.819

Gross Profit General administrative expenses

18

(89.653)

(68.175)

Marketing, sales and distribution expenses

18

(22.581)

(44.117)

Other operating income

20

170.957

138.240

Other operating expenses

20

(81.387)

(41.377)

749.047

1.004.390

15.825

36.741

764.872

1.041.131

Operating profit Income from investment activities

21

Profit/ (loss) before financial income/ financial expenses Financial Income

22

253.658

84.094

Financial Expenses

23

(64.133)

(64.688)

954.397

1.060.537

-

⁻

954.397

1.060.537

(350)

147

954.047

1.060.684

0,0025

0,0039

Profit/(loss) before income tax Tax expense from continuing operations Profit/(loss) for the period Other comprehensive income Remeasurement of employee termination benefits Total comprehensive income for the period

Earnings/loss per share(in full TL)

25

15/23 Amounts expressed in thousands Turkish Lira (“TL”)

Attachments

Line City/District

Details

Appraisal Value(¨)

Ankara/Balı Kuyumcu

91 Parcels

1.919.107

273.036.259

2

Ankara/ Çankaya

3 Parcels

525

0

560.000

3

Ankara/ Çankaya

2 Parcels

300.000

325.319.500

328.314.175

4

Ankara/ Çankaya

1 Parcel

50.750

95.164.836

95.156.250

5

Ankara/ Yenimahalle

1 Parcel

124.476

622.000.000

622.000.000

313.320.781

2.394.858

1.315.520.596

1.359.351.206

6

İstanbul/Arnavutköy

14 Parcels

3.645.528

333.309.400

375.915.000

7

İstanbul/Ataşehir

13 Parcels

21.628

12.660

35.771.637

8

İstanbul/Ataşehir

1 Parcel

1.788

7.295.040

7.152.000

9

İstanbul/Avcı lar

10 Parcels

239.915

277.149.128

341.879.516

10

İstanbul/Bahçelievler

1 Parcel

36.332

66.208.902

67.214.829

11

İstanbul/Başakşehir

16 Parcels

277.090

60.366.144

76.938.700

12

İstanbul/Başakşehir

36 Parcels

139.393

104.375.344

125.171.310

13

İstanbul/Başakşehir

14 Parcels

161.693

90.878.592

119.191.604

14

İstanbul/Başakşehir

9 Parcels

547.301

381.248.696

381.745.000

15

İstanbul/Beşiktaş

1 Parcel

1.298

296.674

3.895.000

16

İstanbul/Büyükçekmece

1 Parcel

78

1

15.000

17

İstanbul/Esenyurt

8 Parcels

149.533

119.879.172

140.685.000

18

İstanbul/Maltepe

48 Parcels

122.977

688.673.664

688.673.664

19

İstanbul/Kartal

5 Parcels

10.021

20.015.723

21.191.627

20

İstanbul/Kartal

13 Parcels

63.249

112.267.383

113.577.564

21

İstanbul/Sarıyer

6 Parcels

158.498

1.005.627.000

1.062.270.000

22

İstanbul/Şişli

1 Parcel

23

50

134.000

23

İstanbul/T uzla

4 Parcels

1.288

0

418.545

24

İstanbul/Ümraniye

4 Plots of Land

17.068

1.840.000

16.020.000

25

İstanbul/Zekeriyaköy

1 Parcel

992

1.823.540

645.000

Sub-Total for İstanbul (Land Area, Cost, Appraisal Value by Region)

5.595.693

3.271.267.112

3.578.504.996

26

Balıkesir/Merkez

2 Parcels

50.000

44.001.331

44.000.000

27

Bursa/Osmangazi

4 Parcels

54.745

27.313.339

27.309.349

28

Eskişehir/Odunpazarı

1 Parcel

23.942

4.909.149

4.908.057

29

İzmir/Karşı yaka

1 Parcel

2.787

0

865.000

30

İzmir/Konak

1 Parcel

6.810

734.812

9.195.000

31

İzmir/Urla

1 Parcel

368.343

19.536.918

20.260.000

32

Kastamonu

2 Plots of Land

10.263

66.867

62.000

33

Kocaeli/Gebze

49 Parcels

187.979

44.601.814

48.874.462

34

Kocaeli/Körfez

5 Parcels

28.577

3.254.520

9.758.698

35

T ekirdağ/Çorlu

8 Parcels

102.795

15.748.238

37.545.000

36

T ekirdağ/Kapaklı

17 Parcels

Sub-Total for Land Stock out of 2 Major Cities (Area, Cost, Appraisal Value)

TOTAL

16/23

Cost of Purchase (¨)

1

Sub-Total for Ankara (Land Area, Cost, Appraisal Value by Region)

APPRAISAL SUMMARY TABLE – SITES (31.12.2014)

Site Area (sqm)

371.236

8.247.942

95.915.000

1.207.475

168.414.929

298.692.566

9.198.027

4.755.202.637

5.236.548.769

Source: Company portfolio table

Attachments

TENDERED LANDONGOING RSM PROJECTS TABLE (31.12.2014)

Line

City/ Location

RSM Name

Book Value (¨ )

Company Share in Total Rev enue (¨ )

Total Number of Units

# of Units Sold

1

İstanbul/ Ataşehir

Sarphan Finans Park

11.854.794

181.237.393

937

587

2

İstanbul/ Aydıntepe

Evora İstanbul Marmara

25.504.013

88.826.441

2682

2276

3

İstanbul/ Aydıntepe

Evora İstanbul

19.146.801

72.034.128

2397

2181

4

İstanbul/ Mecidiyeköy

Kuasar İstanbul

230.118.122

467.638.254

344

344

5

İstanbul/ Sultangazi

Batisehir

144.871.466

185.301.906

3444

2250

6

İstanbul/ Halkalı

Dumankaya Miks

27.862.312

82.502.500

736

541

7

İstanbul/ Ataşehir

Metropol İstanbul

246.165.569

500.971.500

2177

996

8

İstanbul/ Ispartakule

Unikonut

20.835.322

31.466.972

374

265

5214

3390

1910

1796

9

İstanbul/ Ayazağa

Maslak 1453 İstanbul

549.415.000

1.371.134.408

10

İstanbul/ Ayazma

Bahçetepe İstanbul

28.985.845

99.728.437

7.131.241

190.231.000

362

288

62.430.239

105.600.000

448 (1 )

448

11

İstanbul/ Ataşehir

Nidakule Ataşehir

12

İstanbul/ Gaziosmanpaşa

Avrupa Konutları TEM 2

13

İstanbul/ Kayabaşı 2nd Stage

Seyranşehir

23.295.550

51.520.000

284

168

14

İstanbul/ Fatih (Yedikule)*

-

65.645.744

105.968.270

N/A

not on sale

15

İstanbul/ Hoşdere 2nd Stage

Bahçekent Flora

47.064.238

80.832.000

1219 (1 )

481

16

İstanbul/ Avcılar (Kapadık)

Göl Panorama Evleri

79.298.587

148.400.000

1471

297

17

İstanbul/ Kartal

İstmarina

186.694.277

534.000.000

1722

1064

1745

1334

688 (1 )

386

18

İstanbul/ Ayazma

Bulvar İstanbul

107.553.273

202.440.000

19

İstanbul/ Kayabaşı 3rd Stage

Evvel İstanbul

88.794.096

188.760.000

20

İstanbul/ Zekeriyaköy

Köy

224.208.734

475.687.500

21

İstanbul/ Kayabaşı 4th Stage

Park Mavera

115.513.251

420.000.000

1004 (1 )

611

22

İstanbul/ Hoşdere 3rd Stage*

Avrupark

60.372.388

156.520.000

N/A

not on sale

23

İstanbul/ Zeytinburnu*

-

640.003.674

1.568.800.000

N/A

not on sale

156

1

N/A

not on sale

488

(1 )

99

24

Ankara/ Etimesgut

Sofaloca

37.287.612

54.000.000

25

Kocaeli/ Derince*

-

70.001.245

83.198.500

26

İstanbul/ Kartal*

-

86.919.135

123.900.000

N/A

not on sale

***

İstanbul/ Ataşehir

IFC

0

29.200.000

1389

-

3.206.972.526

7.599.899.208

31.191

19.803

66.208.902

171.600.000

N/A

not on sale

TOTAL

Following 31st December 2014 27

17/23

Bahçeliev ler/ Yenibosna*

The agreement has not been signed y et.

Source: Company portfolio table * The projects which are marked have already been tendered but still wait for the construction permits. (1) The number of units may increase following getting construction permits for whole project.

Attachments

Line City/ Location

TENDERED LANDONGOING T-K PROJECTS TABLE (31.12.2014)

Book Value + Progress Payments (¨)

Total Number of Units

# of Units Sold

1

Kocaeli/ Körf ez

Körf ezkent 3rd Stage

89.340.663

875

833

2

İstanbul/ Ataşehir

Headquarters Of f ice Building

23.898.853

-

-

3

İstanbul/ Hoşdere

Bahçekent Emlak Konutları 1

86.729.865

682

681

4

İstanbul/ Hoşdere

Bahçekent Emlak Konutları 2

106.261.410

824

824

5

İstanbul/ Hoşdere

Bahçekent Emlak Konutları 3

54.167.144

282

not on sale

6

İstanbul/ Başakşehir

Emlak Konut Başakşehir Ev leri 1

138.577.376

1099

1082

7

İstanbul/ Başakşehir

Emlak Konut Başakşehir Ev leri 2

62.740.489

456

423

8

İstanbul/ Başakşehir

Emlak Konut Başakşehir Ev leri 3

80.624.067

510

504

9

İstanbul/ Başakşehir

Emlak Konut Başakşehir Ev leri 4

92.361.445

608

585

10

İstanbul/ Esenler

Esenler Urban Transf ormation Project

114.162.503

989

61

11

İstanbul/ Ay azma*

Ay azma Emlak Konutları

96.673.876

1239

1186

12

Kocaeli/ Körf ez

Körf ezkent 4th Stage

14.423.349

1124

81

959.961.040

8688

6260

TOTAL

18/23

Turn-key Name

Source: Company portfolio table * Ayazma Project has not been tendered yet.

Attachments Line City/District

APPRAISAL SUMMARY TABLE – BUILDINGS (31.12.2014)

Project Name

1

İstanbul/Ataşehir

Commercial Unit

Ataşehir, Headquarters Office Building

2

İstanbul/ Başakşehir

İkitelli Quarter

3

İstanbul/ Ataşehir

4

(sqm)

# of units in Stock

Cost of Purchase (¨)

Appraisal Value(¨)

2.513

1

3.254.394

15.060.000

Spradon Quartz

436

5

1.760.094

1.141.700

Independent Units

Varyap Meridian

138

2

805.413

858.600

Kırklareli/ Lüleburgaz

Independent Unit

Lüleburgaz Çarşı

1.188

1

1.208.400

1.220.000

5

İstanbul/ Avcılar

Ispartakule 3rd Region

1stanbul

4.060

25

10.906.318

11.874.600

6

İstanbul/ Tuzla

Tuzla Emlak Konutları 1

Tuzla 1

125

1

113.447

200.000

7

İstanbul/ Ataşehir

Independent Units

My Towerland

336

3

3.752.000

4.448.600

8

İzmir/Karşıyaka

Independent Unit

Parkyaşam Mavişehir

345

1

1.738.800

1.745.000

9

İzmir/Karşıyaka

Şemikler Village

Emlak Konut Mavişehir Evleri

720

6

708.573

2.205.000

10

Ankara/ Çankaya

Independent Units

Next Level

989

4

7.643.844

7.000.000

11

İzmit/ Körfez

Independent Unit

Körfezkent 1

87

1

86.139

85.000

12

İstanbul/ Sultanbeyli

Independent Units

Sultanbeyli Emlak Konutları

866

7

1.044.407

1.595.955

13

İstanbul/ Burhaniye

Independent Units

Şehrizar Konakları

6.942

24

51.334.513

51.851.700

14

Kırklareli/ Lüleburgaz

Independent Unit

Burgazkent

151

1

130.743

130.000

15

İzmit/ Gebze

Independent Units

Gebze 1

299

2

326.401

295.000

16

İzmir/ Şemikler

Independent Units

Emlak Konut Pelikan Sitesi

139

1

361.386

395.000

19.336

85

85.174.872

100.106.155

TOTAL

19/23

Details

Source: Company portfolio table

Attachments

Line City/District

LATEST LAND ACQUIREMENTS FROM TOKİ (dated 05.03.2015)

Site Area (sqm)

Cost of Purchase (¨)

Appraisal Value(¨)

1

İstanbul/ Bağcı lar

1 Parcel

532

903.890

903.890

2

İstanbul/ Başakşehir

2 Parcels

85.963

130.384.755

130.384.755

3

İstanbul/ Kağı thane

1 Parcel

46.400

29.928.000

29.928.000

4

İstanbul/ Üsküdar

2 Parcels

17.237

85.003.711

85.003.711

5

İstanbul/ Tuzla

1 Parcel

10.998

20.016.360

20.016.360

6

İstanbul/ Ataşehir

1 Parcel

10.160

40.132.000

40.132.000

7

İstanbul/ Bakı rköy

1 Parcel

5.250

30.003.750

30.003.750

8

İstanbul/ Zeytinburnu

30 Parcels

102.760

400.005.636

400.005.636

9

İstanbul/ Kağı thane

52 Parcels

36.765

115.953.466

115.953.466

10

İstanbul/ Şile

2 Parcels

34.590

12.034.200

12.034.200

11

Yalova/ Çiftlikköy

4 Parcels

1.455.000

178.340.000

178.340.000

12

Niğde/ Merkez

1 Parcel

27.769

20.271.604

20.271.604

13

Nevşehir/ Merkez

1 Parcel

31.084

69.939.000

69.939.000

14

Denizli/ Merkez

9 Parcels

95.294

74.738.419

74.738.419

15

Konya/ Meram

2 Parcels

60.675

85.000.000

85.000.000

2.020.479

1.292.654.791

1.292.654.791

TOTAL

20/23

Details

Attachments

COMPLETED RSM PROJECTS TABLE (“Provisional Acceptance“ approved completely )

Line

Project Name

Base Value of Land at Time of Tender (¨)

CSTR (¨)

AT THE END OF THE PROJECT (¨)

1

ATAŞEHİR RESIDENCE

3.519.000

10.255.000

32,53

18.181.734

2

KENTPLUS ATAŞEHİR

72.748.200

131.100.000

33,61

179.475.009

3

IDEALISTKENT

36.600.740

38.100.000

31,75

96.143.402

4

AVRUPA TEM KONUTLARI

162.344.327

186.000.000

30,00

216.075.517

5

KÖRFEZKENT STAGE 1

11.380.501

15.253.903

16,00

17.260.313

6

UPHILL COURT ATAŞEHİR

57.076.350

136.400.000

34,10

207.875.855

7

MY WORLD ATAŞEHİR

127.236.476

311.850.000

38,50

531.870.815

8

SOYAK MAVİŞEHİR

43.600.000

51.600.000

24,00

94.915.970

9

NOVUS RESIDENCE

16.408.600

57.750.000

55,00

115.760.305

10

MISSTANBUL

56.779.661

112.050.000

41,50

157.780.977

11

KENTPLUS MİMARSİNAN

9.732.640

42.120.000

35,10

54.717.096

12

EMLAK KONUT PELİKAN PROJECT

20.849.150

67.515.000

38,58

87.123.867

13

ÇERKEZKÖY DREAMCITY

3.990.647

10.065.000

30,50

13.624.442

14

BİZİMEVLER 2

48.686.587

48.750.000

33,00

54.270.185

15

ERGENE VALLEY

23.935.426

31.000.000

25,00

42.405.496

16

SPRADON QUARTZ

75.291.059

88.520.000

41,00

131.118.805

17

MAVİŞEHİR MODERN

25.145.000

27.001.000

31,00

29.434.971

18

MERKEZ KAYAŞEHİR

29.440.000

32.000.000

32.00

40.273.717

19

ELITE CITY

54.896.071

56.000.000

35.00

71.317.909

20

MY WORLD EUROPE

179.089.192

228.018.000

30,50

305.449.312

21

PARKYAŞAM MAVİŞEHİR

51.186.000

60.000.000

25,00

76.168.663

22

AVRUPA KONUTLARI ATAKENT 3

240.000.000

264.000.000

30,00

279.524.564

23

SPRADON VADİ

50.291.820

50.310.000

26,00

61.770.244

24

BULVAR 216 *

10.860.000

52.200.000

36,00

56.880.000

25

1STANBUL

102.555.962

105.000.000

30,00

154.434.905

26

ŞEHRİZAR KONAKLARI

105.535.000

137.700.000

50,00

225.371.578

27

VARYAP MERIDIAN

214.793.710

338.189.000

44,15

446.569.757

28

MY TOWERLAND

42.000.000

107.019.000

47,00

234.766.505

29

SOYAK PARK APARTS/ EVOSTAR

72.904.525

102.312.000

26,10

102.312.000

1.948.876.644

2.898.077.903

TOTAL

The Weighted Average of Company Revenue Share Ratio (%)

21/23

CRSR(%)

4.102.873.913 34,35

Source: Company data *Bulvar 216 Project has been completely sold with its current status.

Attachments

Line

Project Name

1

KUASAR İSTANBUL (LIQEUR FACTORY)

2

SARPHAN FINANS PARK

3 4

(Figures based on the agreemets)

CRSR(%)

Multiplier Effect for Each Project

375.337.542

50,00

1,58

51.786.200

61.500.000

37,50

1,19

BATISEHIR

351.665.405

424.000.000

32,00

1,21

METROPOL ISTANBUL

290.998.144

500.971.500

43,15

1,72

5

AĞAOĞLU MASLAK 1453 İSTANBUL

604.940.000

1.153.750.000

35,50

1,91

6

EVORA ISTANBUL

47.815.045

163.903.000

32,65

3,43

7

EVORA ISTANBUL MARMARA

49.868.323

153.600.000

32,00

3,08

8

DUMANKAYA MIKS

37.590.590

82.502.500

30,50

2,19

9

BAHÇETEPE İSTANBUL

110.649.748

165.100.000

26,00

1,49

10

KÖY

252.910.000

475.687.500

32,25

1,88

2.035.709.278

3.556.352.042 Average Multiplier

1,75

11

ISTMARİNA

214.045.000

534.000.000

40,00

2,49

12

BULVAR İSTANBUL

128.386.000

202.440.000

28,00

1,58

13

NİDAKULE ATAŞEHİR

63.551.681

190.231.000

36,20

1,58

14

AVRUPA KONUTLARI TEM 2

61.800.000

105.600.000

30,00

1,71

15

BAHÇEŞEHİR GÖL PANORAMA EVLERİ

80.810.000

148.400.000

28,00

1,84

16

FATIH YEDIKULE *

67.915.000

105.968.270

35,01

1,84

17

SEYRANŞEHİR

23.170.000

51.520.000

28,00

2,22

18

EVVEL İSTANBUL

97.500.000

188.760.000

26,00

1,94

19

BAHÇEKENT FLORA

55.245.000

80.832.000

25,26

1,46

Sub-total for the year of 2013

792.422.681

1.607.751.270 Average Multiplier

2,03

20

ZEYTİNBURNU, KAZLIÇEŞME *

725.700.000

1.568.800.000

37,00

2,16

21

PARK MAVERA

124.615.000

420.000.000

30,00

3,37

22

AVRUPARK *

63.698.214

156.520.000

26,00

2,46

23

SOFALOCA

36.547.140

54.000.000

30,00

1,48

24

KOCAELİ, DERİNCE *

70.000.000

83.198.500

21,61

1,19

25

KARTAL, YAKACIK*

85.030.299

123.900.000

29,50

1,46

Sub-total for the year of 2014 26

BAHÇELİEVLER YENİBOSNA *

Sub-total for the year of 2015

TOTAL

22/23

CSTR (¨)

237.485.823

Sub- total for the year of 2012 and pre-2012

ONGOING RSM PROJECTS TABLE

Base Value of Land at time of Tender (¨)

1.105.590.653 63.564.095

63.564.095

3.997.286.707

2.406.418.500 Average Multiplier 171.600.000

2,18

39,00

2,70

171.600.000 Average Multiplier

2,70

7.742.121.812 Multiplier Effect

1,94

Source: Company data * The construction permits of marked projects have not been obtained yet. CSTR: Company share in total revenue CRSR: Company revenue share ratio

Members of the Board of Directors

Presence in Board in behalf of the Shareholder

First elected to position

Civil Engineer

TOKI

2005

Vice Chairman

Civil Engineer

Independent

2014

Murat KURUM

Member, GM

Civil Engineer

TOKI

2009

Mehmet Ali KAHRAMAN

Member

City and Regional Planner

TOKI

2011

Aliseydi KARAOĞLU

Member

Director of TOKI Istanbul Branch

TOKI

2011

Veysel EKMEN

Member

Public Accountant

Independent

2011

Havvanur YURTSEVER

Member

Lawyer

Independent

2014

Name

Duty

Profession

Ertan YETİM

Chairman

Ertan KELEŞ

23/23

Source: Company data