11th March Emlak Konut REIC

Transkript

1 11th March 2015 Emlak Konut REIC

2 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. Neither the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. Neither this Presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. This presentation is not directed at, and may not be communicated or forwarded to persons located in the United States other than Qualified Institutional Buyers as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the Securities Act ). The securities of Emlak Konut described herein have not been and will not be registered under the Securities Act or the laws of any state, and may not be offered or sold within the United States, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This presentation is directed only at (I) persons who are outside the United Kingdom or (II) investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the Order ) or (III) high net worth companies and other persons to whom it may lawfully be committed falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as Relevant Persons ). Any person who is not a Relevant Person must not act or rely on this presentation or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This presentation is only for persons having professional experience in matters relating to investments and must not be acted or relied on by persons who are not Relevant Persons. Solicitations resulting from this presentation will only be responded to if the person concerned is a Relevant Person. This presentation and its contents must not be distributed, published or reproduced (in whole or in part) by any medium or in any form, or disclosed or made available by recipients to any other person, whether or not such person is a Relevant Persons. If you have received this presentation and you are not a Relevant Person you must return it immediately to the Company. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation and any materials distributed in connection with this presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. This presentation includes "forward-looking statements". These statements contain the words "anticipate", will, "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements. 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

3 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 Konut has vacant land area of ~9,2 (1) mn sqm which has not yet been implemented a project on, including the squaremeter of vast land purchasing in Arnavutköy region. Currently, the total land area of ongoing projects covers ~3,1 (2) mn sqm. Between 2003 and 2014 (ytd), approximately 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, Land area before the zoning plan application 2 Company data as of December 31, Calculated based on the initial Total Sales Revenues set in the tender Amounts expressed inturkish Lira ( TL ), unless otherwise stated

4 Our Company at a Glance (continued) Land Acquisition since 2003 (ytd) 2014 Completed Tenders Zeytinburnu, Base value ~ 726 mn, The Highest Offer: ~ 1,57 bn Area (sqm) Value mntl TOKİ % 85% Priv. Administration % 9% Third Parties % 6% Total 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 ( ) Breakdown of tendered plots of land by project value ( ) 34,81% 6,76% 0,11% 58,32% Revenues from RSM Projects lndependent unit sales and Turn-key Sales of vacant land Rental Income ; 85% ; 15% The Agreement Value of Ongoing Turn- Key Projects (Value, %) Initial CSTR of Ongoing RSM Projects (Value, %) 4/23 1 Including the recent protocols with TOKİ Amounts expressed inturkish Lira, unless otherwise stated( TL )

5 Complementary Business Models Business Models Revenue Sharing Model ( RSM ) Turn- Key Project Sourcing of land TOKI, Emlak Bank 1, third parties TOKI, Emlak Bank 1, third parties Tender process 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 Risk allocation Land, approval of design and technical control Mainly the contractor Overall responsibility for project excluding construction Emlak Konut Sales Revenues Contractor and Emlak Konut Shared with contractor, minimum guaranteed to Emlak Konut Emlak Konut Fully attributable to Emlak Konut 5/23 1 capital in kind contribution in 2000 Source: Company data

6 Complementary Business Models (continued) Revenue Sharing Model ( RSM ) Turn- Key Project 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 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 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 Revenues 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 Selection of contractor via a public tender process pursuant to our internal regulations. Risk allocation 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 Financing by Emlak Design &construction by Emlak Marketing Sales & pricing 6/23 Source: Company data

7 Added Value from RSM* Completed Projects (mn TL) Tendered Plots of Land (mn TL) ,48x 2,1x ,41x ,94x Base Value of land at time of tender Tender Value Recognized Value Base Value of land at time of tender Tender Value Multiplier & Tendered Plots of Land with RSM 4,00 3,50 3,00 2,50 2,00 1,50 1,00 0,50 0,00 1,75 3,56 2,70 2,18 2,03 2,41 2,04 1,61 1,11 0,79 0,06 0, and pre ,5 2 1,5 1 0,5 0 Base Value of Land at Time of Tender CSTR Multiplier 7/23 Source: Company data * Please note that, the past performance is not necessarily an indicator of future performance. CSTR: Company Share in Total Revenue

8 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 Başakşehir Sultangazi Şişli İstinye Büyükçekmece Gaziosmanpaşa Ümraniye Fatih Avcılar Küçükçekmece Esenyurt Maltepe Kartal Tuzla New City Area Current Land Bank Main Areas of Operation 8/23 Source: Company data

9 The Real Estate Sector in Turkey Residential unit sales Turkey and İstanbul (in thousands) (¹) Mortgage Credits and Mortgage Credits/ GDP (²) Turkey Istanbul Average Interest Rates on Housing Credit (³) (Flow- Percent) 17,6 18,2 18,3 18,6 15, ,6 12,4 9,7 11, Housing Credits 9/23 1 Turkstat 2 CBRT, Financial Stability Report, May 3 CBRT

10 Independent Unit Sales Yearly Basis (Units) Feb'15 Total Sales Revenue (TL) in thousands Feb'15 10/23 Source: Company data Amounts expressed in thousands Turkish Lira ( TL )

11 Sites (As of ) Site Area (sqm) Appraisal Value (TL) Total Site Area: ; 26% ; 13% İstanbul Ankara ; 26% ; 6% İstanbul Ankara Total Appraisal Value: Other ; 61% Other ; 68% Buildings (As of ) Number of units in stock Appraisal Value (TL) /23 Source: Company data

12 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* Tendered Plots of Land- Turn Key Number of ongoing Turnkey Model Projects Book Value + Progress Payments (TL) Total Number of Units Number of Units Sold /23 Source: Company data * Including IFC

13 Financial Summary Total Assets Equity , , , , , YE 2011 YE 2012 YE 2013 YE 2014 YE , , , , , YE 2011 YE 2012 YE 2013 YE 2014 YE Key Financials in TL mn Net sales 1.111, ,6 864, ,9 716, , , ,5 EBITDA 1 234,2 563,7 476,9 646,0 255,1 529, ,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, ,5 954,4 Total assets 3.768, , , , , , , ,4 Shareholder s equity 1.121, , , , , , , ,3 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 mn in 2007 and TL 33.0 mn in EBITDA margin calculated as EBITDA / Net sales

14 Balance Sheet ASSETS 31 December 2014 Notes Audited 31 December 2013 Audited* LIABILITIES AND EQUITY Notes 31 December 2014 Audited 31 December 2013 Audited Current Assets Cash and cash equivalents Financial assets Trade receivables Trade receivables from related parties Trade receivables from other parties Other receivables Other receivables from related parties Other receivables from other parties Land and residential unit inventories Prepaid Expenses Other current assets Non-current assets Current liabilities Short term borrowings 515 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 14 - Non-current liabilities Trade receivables 6 Trade receivables from other parties Other receivables 7 Land and residential unit inventories 8 Investment property 9 Property, plant and equipment 10 Intangible assets 11 Total Assets Long term borrowings Trade payables Trade payables to other parties Other payables Other payables to other parties Deferred income Long term provision for employee benefits Shareholder's equity Paid- in capital Treasury shares (-) ( ) Share premiums/ discounts Accumulated other comprehensive income/expense unclassified within profit or loss (203) Gain/(loss) on revaluation and remeasurement (203) Legal reserves Retained Earnings Current Period Profit ( ) Total liabilities and equity /23 Amounts expressed in thousands Turkish Lira ( TL ) * See Note 2.3.

15 Income Statement Notes 31 December 2014 Audited 31 December 2013 Audited Net Sales Cost of Sales Gross Profit General administrative expenses Marketing, sales and distribution expenses Other operating income Other operating expenses Operating profit Income from investment activities Profit/ (loss) before financial income/ financial expenses Financial Income Financial Expenses Profit/(loss) before income tax Tax expense from continuing operations Profit/(loss) for the period 17 ( ) ( ) (89.653) (68.175) 18 (22.581) (44.117) (81.387) (41.377) (64.133) (64.688) Other comprehensive income Remeasurement of employee termination benefits Total comprehensive income for the period (350) Earnings/loss per share(in full TL) 25 0,0025 0, /23 Amounts expressed in thousands Turkish Lira ( TL )

16 Attachments APPRAISAL SUMMARY TABLE SITES ( ) 16/23 Line City/District Details Site Area (sqm) Cost of Purchase ( ) Appraisal Value( ) 1 Ankara/Balı Kuyumcu 91 Parcels Ankara/ Çankaya 3 Parcels Ankara/ Çankaya 2 Parcels Ankara/ Çankaya 1 Parcel Ankara/ Yenimahalle 1 Parcel Sub-Total for Ankara (Land Area, Cost, Appraisal Value by Region) İstanbul/Arnavutköy 14 Parcels İstanbul/Ataşehir 13 Parcels İstanbul/Ataşehir 1 Parcel İstanbul/Avcı lar 10 Parcels İstanbul/Bahçelievler 1 Parcel İstanbul/Başakşehir 16 Parcels İstanbul/Başakşehir 36 Parcels İstanbul/Başakşehir 14 Parcels İstanbul/Başakşehir 9 Parcels İstanbul/Beşiktaş 1 Parcel İstanbul/Büyükçekmece 1 Parcel İstanbul/Esenyurt 8 Parcels İstanbul/Maltepe 48 Parcels İstanbul/Kartal 5 Parcels İstanbul/Kartal 13 Parcels İstanbul/Sarıyer 6 Parcels İstanbul/Şişli 1 Parcel İstanbul/Tuzla 4 Parcels İstanbul/Ümraniye 4 Plots of Land İstanbul/Zekeriyaköy 1 Parcel Sub-Total for İstanbul (Land Area, Cost, Appraisal Value by Region) Balıkesir/Merkez 2 Parcels Bursa/Osmangazi 4 Parcels Eskişehir/Odunpazarı 1 Parcel İzmir/Karşı yaka 1 Parcel İzmir/Konak 1 Parcel İzmir/Urla 1 Parcel Kastamonu 2 Plots of Land Kocaeli/Gebze 49 Parcels Kocaeli/Körfez 5 Parcels Tekirdağ/Çorlu 8 Parcels Tekirdağ/Kapaklı 17 Parcels Sub-Total for Land Stock out of 2 Major Cities (Area, Cost, Appraisal Value) TOTAL Source: Company portfolio table

17 Attachments TENDERED LAND- ONGOING RSM PROJECTS TABLE ( ) Company Share in # of Units Line City/ Location RSM Name Book Value ( ) Total Number of Units Total Rev enue ( ) Sold 1 İstanbul/ Ataşehir Sarphan Finans Park İstanbul/ Aydıntepe Evora İstanbul Marmara İstanbul/ Aydıntepe Evora İstanbul İstanbul/ Mecidiyeköy Kuasar İstanbul İstanbul/ Sultangazi Batisehir İstanbul/ Halkalı Dumankaya Miks İstanbul/ Ataşehir Metropol İstanbul İstanbul/ Ispartakule Unikonut İstanbul/ Ayazağa Maslak 1453 İstanbul İstanbul/ Ayazma Bahçetepe İstanbul İstanbul/ Ataşehir Nidakule Ataşehir İstanbul/ Gaziosmanpaşa Avrupa Konutları TEM (1) İstanbul/ Kayabaşı 2nd Stage Seyranşehir İstanbul/ Fatih (Yedikule)* N/A not on sale 15 İstanbul/ Hoşdere 2nd Stage Bahçekent Flora (1) İstanbul/ Avcılar (Kapadık) Göl Panorama Evleri İstanbul/ Kartal İstmarina İstanbul/ Ayazma Bulvar İstanbul İstanbul/ Kayabaşı 3rd Stage Evvel İstanbul (1) İstanbul/ Zekeriyaköy Köy (1) İstanbul/ Kayabaşı 4th Stage Park Mavera (1) İstanbul/ Hoşdere 3rd Stage* Avrupark N/A not on sale 23 İstanbul/ Zeytinburnu* N/A not on sale 24 Ankara/ Etimesgut Sofaloca Kocaeli/ Derince* N/A not on sale 26 İstanbul/ Kartal* N/A not on sale *** İstanbul/ Ataşehir IFC TOTAL Following 31st December Bahçeliev ler/ Yenibosna* The agreement has not been signed y et N/A not on sale 17/23 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.

18 Attachments Line City/ Location Turn-key Name Book Value + Progress Payments ( ) Total Number of Units # of Units Sold 1 Kocaeli/ Körf ez Körf ezkent 3rd Stage TENDERED LAND- ONGOING T-K PROJECTS TABLE ( ) 2 İstanbul/ Ataşehir Headquarters Of f ice Building İstanbul/ Hoşdere Bahçekent Emlak Konutları İstanbul/ Hoşdere Bahçekent Emlak Konutları İstanbul/ Hoşdere Bahçekent Emlak Konutları not on sale 6 İstanbul/ Başakşehir Emlak Konut Başakşehir Ev leri İstanbul/ Başakşehir Emlak Konut Başakşehir Ev leri İstanbul/ Başakşehir Emlak Konut Başakşehir Ev leri İstanbul/ Başakşehir Emlak Konut Başakşehir Ev leri İstanbul/ Esenler Esenler Urban Transf ormation Project İstanbul/ Ay azma* Ay azma Emlak Konutları Kocaeli/ Körf ez Körf ezkent 4th Stage TOTAL /23 Source: Company portfolio table * Ayazma Project has not been tendered yet.

19 Attachments Line City/District Details Project Name (sqm) # of units in Stock Cost of Purchase ( ) Appraisal Value( ) 1 İstanbul/Ataşehir Commercial Unit Ataşehir, Headquarters Office Building İstanbul/ Başakşehir İkitelli Quarter Spradon Quartz İstanbul/ Ataşehir Independent Units Varyap Meridian Kırklareli/ Lüleburgaz Independent Unit Lüleburgaz Çarşı İstanbul/ Avcılar Ispartakule 3rd Region 1stanbul APPRAISAL SUMMARY TABLE BUILDINGS ( ) 6 İstanbul/ Tuzla Tuzla Emlak Konutları 1 Tuzla İstanbul/ Ataşehir Independent Units My Towerland İzmir/Karşıyaka Independent Unit Parkyaşam Mavişehir İzmir/Karşıyaka Şemikler Village Emlak Konut Mavişehir Evleri Ankara/ Çankaya Independent Units Next Level İzmit/ Körfez Independent Unit Körfezkent İstanbul/ Sultanbeyli Independent Units Sultanbeyli Emlak Konutları İstanbul/ Burhaniye Independent Units Şehrizar Konakları Kırklareli/ Lüleburgaz Independent Unit Burgazkent İzmit/ Gebze Independent Units Gebze İzmir/ Şemikler Independent Units Emlak Konut Pelikan Sitesi TOTAL /23 Source: Company portfolio table

20 Attachments Line City/District Details Site Area (sqm) Cost of Purchase ( ) Appraisal Value( ) 1 İstanbul/ Bağcı lar 1 Parcel İstanbul/ Başakşehir 2 Parcels LATEST LAND ACQUIREMENTS FROM TOKİ (dated ) 3 İstanbul/ Kağı thane 1 Parcel İstanbul/ Üsküdar 2 Parcels İstanbul/ Tuzla 1 Parcel İstanbul/ Ataşehir 1 Parcel İstanbul/ Bakı rköy 1 Parcel İstanbul/ Zeytinburnu 30 Parcels İstanbul/ Kağı thane 52 Parcels İstanbul/ Şile 2 Parcels Yalova/ Çiftlikköy 4 Parcels Niğde/ Merkez 1 Parcel Nevşehir/ Merkez 1 Parcel Denizli/ Merkez 9 Parcels Konya/ Meram 2 Parcels TOTAL /23

21 Attachments Line Base Value of Land at Project Name CSTR ( ) CRSR(%) Time of Tender ( ) AT THE END OF THE PROJECT ( ) 1 ATAŞEHİR RESIDENCE , KENTPLUS ATAŞEHİR , IDEALISTKENT , AVRUPA TEM KONUTLARI , KÖRFEZKENT STAGE , UPHILL COURT ATAŞEHİR , MY WORLD ATAŞEHİR , SOYAK MAVİŞEHİR , NOVUS RESIDENCE , MISSTANBUL , COMPLETED RSM PROJECTS TABLE ( Provisional Acceptance approved completely ) 11 KENTPLUS MİMARSİNAN , EMLAK KONUT PELİKAN PROJECT , ÇERKEZKÖY DREAMCITY , BİZİMEVLER , ERGENE VALLEY , SPRADON QUARTZ , MAVİŞEHİR MODERN , MERKEZ KAYAŞEHİR ELITE CITY MY WORLD EUROPE , PARKYAŞAM MAVİŞEHİR , AVRUPA KONUTLARI ATAKENT , SPRADON VADİ , BULVAR 216 * , STANBUL , ŞEHRİZAR KONAKLARI , VARYAP MERIDIAN , MY TOWERLAND , SOYAK PARK APARTS/ EVOSTAR , TOTAL The Weighted Average of Company Revenue Share Ratio (%) 34,35 21/23 Source: Company data *Bulvar 216 Project has been completely sold with its current status.

22 Attachments Line Project Name Base Value of Land at time of Tender ( ) CSTR ( ) CRSR(%) Multiplier Effect for Each Project 1 KUASAR İSTANBUL (LIQEUR FACTORY) ,00 1,58 2 SARPHAN FINANS PARK ,50 1,19 3 BATISEHIR ,00 1,21 4 METROPOL ISTANBUL ,15 1,72 5 AĞAOĞLU MASLAK 1453 İSTANBUL ,50 1,91 6 EVORA ISTANBUL ,65 3,43 7 EVORA ISTANBUL MARMARA ,00 3,08 8 DUMANKAYA MIKS ,50 2,19 9 BAHÇETEPE İSTANBUL ,00 1,49 10 KÖY ,25 1,88 ONGOING RSM PROJECTS TABLE (Figures based on the agreemets) Sub- total for the year of 2012 and pre Average Multiplier 1,75 11 ISTMARİNA ,00 2,49 12 BULVAR İSTANBUL ,00 1,58 13 NİDAKULE ATAŞEHİR ,20 1,58 14 AVRUPA KONUTLARI TEM ,00 1,71 15 BAHÇEŞEHİR GÖL PANORAMA EVLERİ ,00 1,84 16 FATIH YEDIKULE * ,01 1,84 17 SEYRANŞEHİR ,00 2,22 18 EVVEL İSTANBUL ,00 1,94 19 BAHÇEKENT FLORA ,26 1,46 Sub-total for the year of Average Multiplier 2,03 20 ZEYTİNBURNU, KAZLIÇEŞME * ,00 2,16 21 PARK MAVERA ,00 3,37 22 AVRUPARK * ,00 2,46 23 SOFALOCA ,00 1,48 24 KOCAELİ, DERİNCE * ,61 1,19 25 KARTAL, YAKACIK* ,50 1,46 Sub-total for the year of Average Multiplier 2,18 26 BAHÇELİEVLER YENİBOSNA * ,00 2,70 22/23 Sub-total for the year of 2015 TOTAL Average Multiplier 2, 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

23 Members of the Board of Directors Name Duty Profession Presence in Board in behalf of the Shareholder First elected to position Ertan YETİM Chairman Civil Engineer TOKI 2005 Ertan KELEŞ 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 /23 Source: Company data