EMLAK KONUT REIC

Our Company at a GlanceEmlak Konut became a Real Estate

Investment Company in 2002The company is the largest REIC

in Turkey by market value, property portfolio and size of the land bank, with a market value of TRY 5,85 bn as of February 22, 2012

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The 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 groups

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MY WORLD(Atasehir, ISTANBUL)

Company At A Glance

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From 2003 up to date; over 63.000 units have either been completed or under construction

Since 2002, the aggregate tender worth has been valued at TRY 19,57 bnUnder Revenue Sharing Model TRY 19,03 bnUnder Public Procurement Model TRY 549 mn

Since 2002, tendered and projected land has been reached to 4,53 mn sqm Revenue Sharing Model 3,67 mn sqmPublic Procurement Model 0,86 mn sqm

29 completed projects with 26.405 units 29 tendered projects which cover more than 22.163 units Since 2002, Emlak Konut has undertaken 58 projects and cooperated

with more than 33 major contractors in Turkey. 21 out of those contractors are still involved in the ongoing projects

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UPHILL COURT(Atasehir, ISTANBUL)

Strong Relationship With Controlling Shareholder TOKI And Asset Composition

Source: Company data

Acquire land without participating in a tender

Acquire land that is best suited for development by Emlak Konut

TOKI’s portfolio has been the main supply for our developments

Strategic relationship enabling Emlak Konut to:

Committed ownership - Post-IPO ownership structure

Post-IPO ownership structureTotal shares (mn) (%)

TOKI 1,874.83 74.99Floating 625.00 25.00Others 0.17 0.01TOTAL 2,500.00 100.00

75%

25%

TOKI Post IPO shareholders

Kocaeli &Gebze

Ankara

Izmir

Tekirdag Istanbul

Kirklareli

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MAVİŞEHİR MODERN(IZMIR)

Key Financials

Number of current tendered projects by business model

in TRY mn 2007 2008 2009 2010 2011 Q1 2011 H1 As of September 30, 2011

Net sales 1,111.3 1,044.6 864.9 1,497.9 171.1 362,2 429,5EBITDA 234.2 563.7 476.9 628.5 58.9 77,7 75,9EBITDA margin(%) 21.1 54.0 55.1 42.0 34.4 21,4 17,7Profit for the period 367.5 526.9 445.9 469.0 73.2 102,5 92,6Total assets 3,768.6 4,372.0 4,671.3 7,115.5 7,297.3 7.402,9 7.079,2Shareholder’s equity 1,121.7 1,648.6 2,094.5 3,615.4 3,513.1 3.542,4 3.532,5

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6Revenue Sharing Model

Public Procurement Model

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SOYAK PART APARTS(Halkalı, ISTANBUL)

The Real Estate Sector in Turkey

Source: GYODER report "The Growth Potential of the Housing Finance System“, GYODER Report ‘’ Main Indicators of Real Estate Sector in Turkey 2010

13,413,7

14,114,4

14,815,1

707

673

707

674 677 677

2010 2011 2012 2013 2014 2015No. of urban housholds (mn)Housing need ('000)

Housing Demand

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There are 3 major drivers for the residential demand in Turkey.

1. POPULATION GROWTHEvery year new six hundred thousands units demand is sourced just only from the population growth.

2. MIGRATIONThe avarage urbanization ratio in europe is approximitly %85. In Turkey this ratio is %74. So there is a way to go for Turkey because of this gap.

3. RENEWAL OF THE CURRENT HOUSESTOCKThere is an immediate need for renewal of the current housestock in Turkey due to the old unhealthy and uninspected buildings. 18 millions residential units exist in the country and %48 of this number have to be renewed.

The government’s legislation efforts on the Reciprocity rule, Sales of 2B type plots of land and Urban Transformation still continue and about to be completed very soon.

As the new reciprocity law come into effect; more foreign investors will be able to buy properties in Turkey. Together with the sales of 2B type plots of land, a new land potential is born for real estate developments.

As an emerging market and country, in Turkey, Urban Transformation becomes vital because of the earthquake risk and gains more importance with the high level of unhealthy housestock in the cities.

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The Real Estate Sector in Turkey

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VARYAP MERIDIAN(Atasehir, ISTANBUL)

Independent Unit Sales of Emlak Konut

Source: Company data 13

2004 2005 2006 2007 2008 2009 2010 2011

540

38192837

4206 39534840

7766

12658