COMPANY PRESENTATION. Real Professionalism in Real Estate

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1 COMPANY PRESENTATION Real Professionalism in Real Estate MARCH 2015

2 TABLE OF CONTENS 1.) OUR COMPANY, WHO ARE WE? 1 2.) KNOWLEDGE AND EXPERIENCE IN THE SECTOR 1 3.) CONFIDENTIALITY AND ETHICS 2 4.) OUR FIELDS OF SERVICES 2 5.) OUR STANDARDS 5 6.) OUR CLIENT PORTFOLIO 6 7.) OUR PUBLIC DISCLOSURE PROJECT 6 8.) REFERENCES 6 9.) APPRAISAL WORK, DEFINITIONS, METHODS AND METHODOLOGY ) DEFINITIONS AND METHODOLOGY OF APPRAISAL ) METHODS USED FOR APPRAISAL ) SALES COMPARISON APPROACH ) INCOME CAPITALIZATION APPROACH ) COST APPROACH ) DEVELOPMENT APPROACH ) CONTACT US ) AWARDS ) PUBLICATIONS / SECTOR REPOR 14

3 EVA REAL ESTATE APPRAISAL CONSULTANCY COMPANY PRESENTATION Please find below the detailed presentation of our company including our services, principles and methodologies of work, which we have prepared in order to provide a detailed description of our company. 1.) Our Company, Who are we? EVA Real Estate Appraisal & Consultancy Company was founded in Istanbul in September 2008 as a Joint Stock Company. Our company accepted as Licensed Company by Capital Markets Board of Turkey (CMB) as of March With the resolution by the Banking Regulation and Supervision Agency dated and numbered 4030, in accordance with the article 11 of the Regulations for the Authorization of the Institutions that Will Provide Appraisal Services for Banks, our company was entitled for carrying out appraisal for banks. On , our company regulated by RICS (Royal Institute of Chartered Surveyors), which is an international professional organization that was first established in the United Kingdom in 1868 and which currently has more than members in more than 120 countries across the world. Eva Real Estate Appraisal was recognized as Turkey s Best Real Estate Advisory Firm in Valuation and awarded by Euromoney in 2011.The leading magazine of Euromoney Institutional Investor, one of the worldwide primary authorities in financial markets, singles out the outstanding institutions in most of the world countries in several categories by a scientific annual study. The award was announced on September 20th, 2011 and delivered to EVA in a ceremony in Turkey. British Euromoney, one of the key publications as a leading authority in the field of finance, has awarded EVA Real Estate Appraisal Company in September 2011 as the Best Real Estate Advisory Firm, Valuation Turkey and in September 2013 as the Best Real Estate Advisory Firm, Valuation, Research Turkey. Furthermore, European Property Awards has awarded EVA Real Estate as the Best Property Consultancy Turkey and as the Best Real Estate Consultancy Europe for the year EVA has ISO 9001 Quality Management Certification and also has ISO Environment Management Certification as a first in Turkish appraisal sector. 2.) Knowledge and Experience in the Sector The foundation of the knowledge of our company is based on the long-years experience of our founders and employees in the sector, on real estate and machinery and equipment appraisal. The employees and founders of our organization are the representatives of knowledge and expertise in the real estate and construction industry, and they are pioneering for the sector with a professional approach based on their vast experiences. The employees of our company create a highly professional team with many years of experience in the sector and various professional education backgrounds such as architecture, city planning and engineering. 6 of the personnel within the staff and with founder status are people who were licensed by the Capital Market Board (SPK). Also, the general director and managing partner of our Company, Cansel Turgut Yazıcı has international certification from a British institution, Royal Institue of Chartered Surveyors (FRICS) and director of appraisal department, Ozdil Sahin have international certification from a British institution, Royal Institue of Chartered Surveyors (MRICS). Our managers share our sectoral experiences with the audiences through various press channels. Our publications, which indicate our opinions, based on regular or irregular researches can be found on Internet, periodicals or on certain real estate supplements of newspapers and the number of our publications are continuing to increase.

4 Apart from these activities, the managers of our company are also sought after in the sector as tutors. For this reason, they are also lecturing at Dogus University and Garanti Bank on Appraisal Techniques. 3.) Confidentiality and Ethics Our most prominent principles and ethics of work are: Confidentiality, Full Independence, Reliability and Impartiality. Our services are prepared and presented as professional, high quality and certainly scientific. Due to the principle of confidentiality, the reports and studies are not shared by any third parties without the written approval of our clients. 4.) Our Fields of Services Our company is able to offer appraisal activities in various areas of specialization owing to the vast experiences of our employees. Especially during the project appraisal and best use studies, the works are carried out through the matrix system created by our team formed from different occupational disciplines. Our services mainly include:

5 I) APPRAISAL & COUNSELING SERVICES Real Estate Appraisal, -Plots and lands -Factories and Production Plants -Commercial Buildings (Offices, Stores etc.) -Shopping Centers -Hotels, Holiday Villages, Accommodation Facilities -Marinas and Ports -Golf Facilities -Fuel Oil Stations -Logistics Buildings -Residential Properties -Entertainment Facilities and Theme Parks -Quarries and Mines -Dorms -Highway Recreation Facilities Appraisal of the Real Estate-Related Rights and Interests, -Rent Value Appraisal -Superficies Value Appraisal -Resource Rights Appraisal Market and Sectoral Research Reports, -Shopping Centers, Hotels, Lojistics, Ofices, Student Dormitories, Service Station Sector..etc Feasibility Studies, Location Analysis, Goodwill Appraisal Studies for Projects and Buildings, Urban Transformation Consultancy and Goodwill Appraisal Strategic Advisory, Project Appraisal Studies, Highest and Best Use Studies, Tender Process Management Counseling, Portfolio and NPL appraisals, Real Estate Training Activities, Title Deed Due Diligence Reports, Opinion Reports for Evaluation of the Assets II) CONSTRUCTION INVESTMENT PROGRES REPORTS Preparation of Const.Invest.Advancement Reports for Financial Organizations Finance organizations especially work with us to control the expenditures of the investments which they finance. EVA Techincal department gives the appraisal services for machinery and equipment valuation. Machinery & Equipment Appraisal, -Machinery Park and Fixed Asset Appraisals -Appraisal of All Industrial Machinery & Equipment -Cement Facilities -Refineries -Ships -Shipbuilding Yards -Fleets of Vehicles -Appraisal of Renewable Energy Sources -Hydroelectric Power Plants -Wind Turbines

6 III) EVA + APPRAISAL SERVİCES FOR MORTGAGES The EVA + Department of our company offers appraisal services for the Credit Appraisal of Banks. This department continues working with solution partners from various professional disciplines around Turkey, that are specialized and able to receive all sorts of technical support from us. IV)URBAN TRANSFORMATION DEPARTMENT Our Urban Transformation Department is capable of providing project coordination services for the entire of an urban transformation project to be carried put for the reconstruction of problematic urban areas and/or buildings including project stages from the identification of ownerships and zoning plan conditions on different scales and contexts, to compiling new projects, goodwill studies by theoretic calculations based on former and new developed projects, providing support in land registry and municipality procedures and in contractor selection. Such project studies are performed under the framework of LAW 6306 FOR TRANSFORMATION OF AREAS UNDER EARTHQUAKE RISK. In transformation projects for individual buildings, we provide - in cooperation with our business partners (architectural, legal, technical and similar) - coordination for the following services; Collecting information about zoning plan status, Preparation of preliminary/draft project in coordination with Architecture Office, The presentation of studies to landlords and obtaining their views, The preparation of legal and technical specifications based on the generally accepted project in coordination with Law Office, The tender process with construction companies including the preparation of preliminary specifications, The assessment of offers obtained in tender process, together with landlords, Further cooperation throughout the process of agreement with construction company based on tender offer accepted, Coordination of the procedures at land registry offices together with landlords or the technical commission assigned by landlords, Coordination of services rendered by legally qualified companies for risk analysis services ((following up procedures for objections against the building exposed to risk, following up exemption documents after the objection, following up the demolition notifications process once the risks for the building is determined) The management of the appraisal study process to be performed by Capital Markets Board licensees related with the building exposed to risk under law, The organization of the process for meetings required under law and meetings for the building exposed to risk under the supervision of public notary, Notifications inviting to agree with the legal decision within 15 days, to landlords objecting/failing to agree with such, Management of public auction process for landlord denying to agree with legal decision and executing all procedures and transactions on behalf of the building management, Periodical technical auditing and reporting for the building until completion of the construction and delivery under the agreement with contractor company and written notification of the auditing reports to landlords or to the technical commission assigned by landlords, In transformation/urban renovation projects for shanty housing regions we provide in-house and in cooperation with our business partners the following essential institutional services; Performing highest and best use studies for the region Identifying analysis, usage analysis and number of storey analysis Performing appraisal studies Reconciliation and research for required projects and contractors

7 Contractor selection Following up the procedures as required under law V) RESEARCH & REPORTING DEPARTMENT Eva Real Estate Appraisal Company taking initiatives every time to launch novelties in its sector, as with its research & reporting department providing professionally research services since 2010, in charge of conducting field research, software planning and development, database development, cross analysis of integrated data pool and reporting. Regional as well as sectoral market analysis studies issued from time to time by this department are available to our customers. Our services include the following; Market Analysis and Sectoral Research Reports -Branded Housing Sector Report -Turkish Shopping Center Sector Report -Office Sector Report -Hotel Sector Report -Dormitory Sector Report Customized Market Analysis Reports -Market Analyses on Macro Scale (by Nation/Province) -Market Analyses on Micro Scale (by District/Road) -Comparative Analyses Sectoral Facts and Analyses Covering Economic Data -Periscope Magazine -Periscope Analysis 5.) Our Standards Our studies are based on the standards of International Valuation Standards Council (IVSC) and also for RED BOOK -which Royal Institute of Chartered Surveyor- (RICS) or according to International Finance Regulation Standards (IFRS). In addition to the aforementioned, in case of demand, it is also possible for us to prepare reports in compliance with the standards set by the Capital Market Board (SPK). Our Company principles include following up the international activities and innovations, share the developments with our customers and include the applicable techniques in our studies. The studies can be conducted in Turkish and/or in English according to the demands from our customers. 6.) Our Client Portfolio Banks Real Estate Funds Real Estate Investors Real Estate Project Developers Real Estate Investment Trusts Banks and Financial Institutions Financial Leasing Companies Industrial Enterprises 7.) Our Public Disclosure Project EVA s research working group is publication each quarter named PERİSKOP which includes latest information and developments from Real Estate Industry and our short term expectations.

8 8.) References Our company serves for national and international companies. Due to the last experiences of the employees of our company, appraisal services can be given in the fields that require very different specializations. Some of the references of EVA Real Estate Appraisal Consultancy are stated as follows; REFERENCES : APPRAISAL & COUNSELING SERVICES Real Estate Development & Construction Companies CORIO GAYRIMENKUL YONETIMI VE YATIRIM, VARDE PARTNERS EUROPE, DOLPHIN LLP, KREA GAYRIMENKUL GELIŞTIRME, MIRATUR GAYRIMENKUL YATIRIM, METRO MAM ASSET MANAGEMENT, DEMIR GROUP, KARSAN KARADENIZ KIMYA SANAYI, TESCO-KIPA KITLE PAZARLAMA, TURKVEN REAL ESTATE, SILVAN SANAYI, TRAKYA SANAYI, ARMADA OTEL, ALBAYRAK TURIZM SEYAHAT INSAAT, INANLAR INSAAT, EGE AKTIF TEKSTIL, ASTAY GAYRIMENKUL, RONESANS GAYRIMENKUL, ZORLU GAYRIMENKUL, EFE AKTIF TEKSTIL, ERIA PARTNERS, DAIHATSU ALC OTOMOTIV, APEC YAPI, SOYAK YAPI, MILPA- MILLIYET PAZARLAMA, FER YAPI, EROGLU GAYRİMENKUL, BAINBRIDGE, AGAOGLU AKDENIZ INSAAT, GEDIZLER OTOMOTIV, YAMATA, DEDEMAN GAY. GELISTIRME, ESKIDJI GAYRIMENKUL, IS KORAY, DUMANKAYA GAYRIMENKUL, REGNUM GAYRIMENKUL, UKRA INSAAT, KONYA GAYRIMENKUL GELISTIRME VE YATIRIM A.S., ORTAKLAR GAYRIMENKUL, VENIVEST GAYRIMENKUL, MODERN YAPI, EA REAL ESTATE DEV.& CONSTRUCTION, PRIME DEVELOPMENT, ATILGAN INSAAT, TAT TURIZM INSAAT, ATA GAYRIMENKUL GELISTIRME, ASTAY GAYRIMENKUL INSAAT, ISKAN GAYRIMENKUL, EMLAK CONCEPT, HOCHTIEF GAYRIMENKUL GELISTIRME, HEBIL INSAAT, BLG CAPITAL LTD, OSEL ART, ANEMON TURIZM INSAAT, ORIX CORPORATION, AYMET CANKAYA TURIZM VE TICARET, BAINBRIDGE HOLDING, EGE YAPI, ASTRA YAPI, ORKON INSAAT, BILFINGER, FLORARESIDENCE YONETICILIGI, LONGULF TRADING, YALÇINLAR PROJE YÖNETİMİ, ÇUKUROVA GAYRİMENKUL, KVM YAPI, RZM GAYRİMENKUL,RENATA İNŞAAT, METAL YAPI, CZD GAYRİMENKUL, TERRA YAPI, AKFEN GAYRİMENKUL, MAKYOL INSAAT, BTE KAGITHANE GAYRIMENKUL, KUZU TOPLU KONUT INSAAT, NAR YATIRIM, NIDAPARK INSAAT, ETILER GAYRIMENKUL, AKYA GAYRIMENKUL, DKY INSAAT, PALMALI INSAAT, SVR GAYRIMENKUL, 4B GAYRIMENKUL, TAFF YAPI, POLAT YOL YAPI, IFM-AKDENIZ INSAAT IS ORTAKLIGI, AKFEN TURIZM, DUMANKAYA INSAAT, PEARL GAYRIMENKUL,KEYM KENTSEL YENILEME, DEHA GAYRIMENKUL, GUNERI SEHIRCILIK, TEK GRUBU GAYRIMENKUL, MIMAR LAR INSAAT, FTF GAYRIMENKUL, BOSPHORUS GAYRIMENKUL, AKZIRVE GAYRIMENKUL, MT GAYRIMENKUL, ZIYLAN GAYRİMENKUL, KILICOĞLU KUYUMCULUK INSAAT, GUZEL YURTLAR YATIRIM TURIZM, GARANTI KOZA, AL RAYYAN Real Estate Investment Companies (GYO) MARTI GYO, AKMERKEZ GYO, IS GYO, YESIL GYO, ATAKULE GYO, OZAK GYO, HALK GYO, ATA GYO, SAF GYO, AKFEN GYO Industry Companies UNILEVER TURK TICARET, GOODYEAR, CP STANDART GIDA SANAYI VE TICARET, BESAN BESIN SANAYI VE TICARET, EGEPLAST EGE PLASTIK TICARET VE SANAYI, KENT-CADBURY GIDA MADDELERI, TATA MOTORS LTD.-INDIA, DS SMITH COPIKAS, ALMANA YIYECEK IÇECEK (KATAR), LC WAIKIKI TEMA MAGAZACILIK, BAHCIVAN GIDA, DR. F.FRIK ILACLARI, BETOPAN, GERSAN ELEKTRİK, HIZIROGLU SERNIKEL GRUBU, MEY IÇKI, KONYA SEKER SANAYI VE TICARET A.S., MUTLU AKU, GOODYEAR, ARILI PLASTIK SANAYI, OKCU TEKSTIL, YASAR HOLDING, UNIPRO, UNILEVER, METALSAC, NURYILDIZ TEKSTIL, KILIM MENSUCAT, BICAKCILAR TIBBI CIHAZLAR, GERSAN, VATAN KABLO, ONCU GRUP, METAL SAC, BAHCIVAN GIDA, ADEL KALEMCILIK, ORKIDE YAGLARI, FRITO LAY, UNIPRO, MAINETTI ASKI, HOBIM BILGI ISLEM HIZMETLERI, VIKO ELEKTRIK, GEORG UTZ HOLDING, ELVAN GIDA, VEFA PREFABRIKE, HISAR CELIK, FARK GIYIM, DIZAYN TEKNIK BORU, TAYPA TEKSTIL GIYIM, ANADOLU ETAP, ATLAS VIDA, MORGENLAND MOBEL, GUNIŞI INSAAT MAKINA, UFUK DOGAL GIDA, REKA BITKISEL YAGLAR, MRO TEKNIK SERVIS, SUPERLAS SUPER PLASTIK, KENDA GERSAN, VATAN KABLO, BICAKCILAR TIBBI CIHAZLAR, ONCU GRUP, OXBOW CORPORATION

9 Consultancy Companies & Attorney Offices KRONUS KURUMSAL FINANS DAN., BASE HUKUK BUROSU, MOROGLU&ARSEVEN&OZDEMIR HUKUK BUROSU, PRICEWATERHOUSE COOPERS KURUMSAL FINANSMAN, ERKE DANISMANLIK, EGELI&CO HEDGE FOUND, CARIA FINANSAL DANISMANLIK, AYDIN ORHAN HUKUK BUROSU Others SEDES HOLDING, TURKCELL ILETISIM HIZMETLERI A.S., ANADOLU SIGORTA, POAS-PETROL OFISI, TNT EXPRESS, SELAHATTIN BEYAZIT MUESSESESI, HURRIYET GAZETECILIK, ROSY BLUE-DGM, OZEL AYDEM SAGLIK HIZMETLERI, OXFORD GROUP, DATATEKNIK BILGISAYAR SISTEMLERI, TELLCOM ILETISIM, BILGILI HOLDING, BIS ULUSAL LOJISTIK, DILEK TEKSTIL, ERGO SIGORTA A.S., TUVTURK, HIZIR VINC, ARAS KARGO, BURSA TASIT MUAYENE, AKTES DOGALGAZ, DIREN YATIRIM, WEBER YAPI, DIMES, KREDI GARANTI FONU, HAK-MET METAL, INAPA INVESTIMENTOS, ILICA HOTEL, VOYAGE TURIZM HOTELCILIK, BAYSAL TURIZM, MANCHES LLP, ETS GRUP, DOĞAN ORGANIK, IZMIR ATATIRK OSB, LUKOİL, ALJ OTOMOTİV, UYUM GIDA, MEDITERRA, MARTI OTEL ISLETMELERI, REGRUP DIS TICARET, DENSAN DENIZ NAKLIYAT SANAYI, AREMAS GAYRIMENKUL PAZARLAMA, TEKNOSA, PIRAMIT MENKUL DEĞERLER, TURING, YILDIZ HOLDING, ULKER GRUBU, KOMAGENE, DILEK PASTANELERI, BAYCAN BISIKLET, KARSIYAKA SPOR KLUBU, PETLINE, ENERGY PETROL, LUIK OIL, SIRMA GRUP, GURSES OTOMOTIV (LEVENT TURIZM), YASEMIN TURIZM(PLAZE OTEL), ERESIN OTELLERI, ÇAYDAVUL ORMAN URUNLERI, HATTAT TARIM, DILEK TEKSTIL, EGE SERAMIK (BTM), REHAN MEDIN, GULAYLAR GROUP (CITI S AVM), HYUNDAI ASSAN, YAPI KREDI SIGORTA, EA REAL ESTATE DEV.& CONSTRUCTION, GARANTI YATIRIM, ALDA PETROL, ALISAN ULUSLARARASI NAKLIYAT, DOW CORNING, ALJEZEERATURK, DOGAN GAZETECILIK, KALE GRUP, KALE MADEN, CEFIC JESTIYON AVM YONETICILIGI, ANADOLU VARLIK YÖNETİM, REMAX, SAHINLER HOLDING, ATA HOLDING, IMMERGAS ISITMA SISTEMLERI A.SIDO A.S., ERNUR TURIZM, OPET, BODUR HOLDING, DTV HABER, DOGAN HOLDING, EVKUR ALISVERIS MERKEZLERI, AKFEL PETROL, ESASBURDA TURIZM, KISMET OTEL, ORTADOGU ANTALYA LIMAN ISLETMECILIGI, CORPERA OTEL, MOTA TIPSAL, AKADEMETRE, IZMIR HILTON, ENTERNASYONEL, BASER HOLDING, ATAKCAG TURIZM, PALMALI GEMICILIK, AVENT SA CONSULTING, SETUR, ASADOV EMLAK, ORTAKOY APARTS OTELCILIK,SEFAKOY APARTS OTELCILIK, AYMET CANKAYA TURIZM, YD MADENCILIK, KALE HOLDING, TEPE MOBILYA, EUROPIM MOBILYA, BILAN BILKENT,, ADIDAS,KALE SERAMIK, JUPITER EĞITIM HIZMETLERI, DOG-TAŞ MOBILYA, TAHA HOLDING, MILTA TURIZM,TAT TURIZM,DOGUŞ HOLDING, ALJEZEERA TURK PRODUKSIYON Leasing Companies FORTIS LEASING, HALIC LEASING, A LEASING, BNP PARIBAS FINANSAL KIRALAMA A.S., FON FINANSAL KIRALAMA, KREDI GARANTI FONU,DENIZ LEASING Public, Association, Union and Foundations MILLI SAVUNMA BAKANLIGI, DARUSSAFAKA CEMIYETI, GALATASARAY SPOR KULUBU DERNEGI, TURKIYE TURING VE OTOMOBIL KURUMU, TOPLU KONUT IDARESI-TOKI, SOSYAL GUVENLIK KURUMU, ISTANBUL BUYUK ŞEHIR BELEDIYESI-IBB, IMAR BANKASI EMEKLI SANDIGI VAKFI, ORTA ANADOLU IHRACATCI BIRLIKLERI, RASIM AKSU YAPI KOORERATIFI, TARIS PAMUK ve YAGLI TOHUMLAR TARIM SATIS KOOP.BIRLIGI, GUPGUPZADE HACI EBUBEKIR AGA VAKFI, SS ISKITLER TOPLU ISYERI YAPI KOOP.BIRLIGI, TESIS SENDIKASI, ISTANBUL SGK IL MUDURLUGU, ILLER BANKASI, TURK TELEKOM, GAVRAMZADE VAKFI, ILLER BANKASI, TURK EGITIM VAKFI, ISTANBUL BUYUK SEHIR BELEDIYESI, ISTANBUL KULTUR SANAT VAKFI, T.C. BASBAKANLIK VAKIFLAR IZMIR BOLGE MUDURLUGU, CEMAL PEKIN VAKFI, ISTANBUL SANAYI ODASI, ISTOC YAPI KOOPERATIFI, BAKIRKOY IS BANKASI MENSUPLARI SITESI YONETIMI YAPILANDIRMA KOMISYONU BSK, ISTANBUL ERKEK LISELILER EGITIM VAKFI, MERKEZI KAYIT KURULUSU, TC ULASTIRMA BAKANLIGI - DEVLET HAVA MEYDANLARI ISLETMESI (DHMI)

10 Financial Institutions TEB-TURKIYE EKONOMI BANK, AKBANK, CITIBANK, STANDART UNLU BANK, OASIS CAPITAL BANK, TURKIYE IS BANKASI, GARANTI BANK, FIBA BANK, HSBC BANK, AAREAL BANK, ALTERNATIF BANK, TURKIYE FINANS, AKTIFBANK, TURKIYE FINANS KATILIM BANKASI, HALKBANK, EMIRATES NBD BANK, ALUBAF ARAB INTERNATIONAL BANK Construction Investment Prores Reports AKBANK, GARANTI BANK, YAPI KREDI BANK, T. IS BANKASI, T.C. ZIRAAT BANKASI, KARDEMIR A.S., KILER GYO, KILICBEY TURIZM ISL. SAN. VE TIC. A.S., CEYLAN INSAAT VE TICARET A.S., SEVKON GAYRIMENKUL GEL. VE INS.TUR.PAZ.VE TIC.A.S., PD THREE DEVELOPMENT GAY. YATIRIM LTD.STI., PROMESA INSAAT YATIRIM VE YONETIM A.S., ELIF GRUP GAYR. INSAAT A.Ş., AYTEMIZ MIMARLIK MUH. INSAAT VE TURIZM SAN. TIC. LTD. STI., ANEMON TURIZM VE INSAAT TIC. A.S., TIMUR GAYRIMENKUL GELISTIRME YAPI VE YATIRIM A.S., TURKIYE KALKINMA BANKASI A.S., ALSAR MASLAK GAYRIMENKUL INSAAT SAN. VE TIC. A.S., MET-SAN INSAAT TICARET VE SANAYI LTD. STI., SON ENERJI GAYRIMENKUL INSAAT A.S., ENBATI ELEKTRIK URETIM SAN. VE TIC. A.S., ANKARA LOJISTIK YATIRIMLARI VE AKARYAKIT A.S., ERIA PRAMERICA MED GAYRIMENKUL INSAAT YONETIM VE TIC. A.S., T.C. BEYKENT UNIVERSITESI, GALATASARAY SPOR KULUBU, ATA GAYRIMENKUL GELISTIRME YATIRIM VE INSAAT A.S., ANTALYA AKVARYUM ISLETMECILIGI INS. TIC. LTD. STI. 9.) Appraisal Work, Definitions, Methods and Methodology Our company staff has served both for the appraisal of many real estates such as Lands, Residences, Buildings, Plazas, Gas Stations, Hotels, Accommodation Facilities, Golf Facilities, Shopping Centers, Logistics Buildings, Shipyards, Ports and Marinas; and for the machinery & equipment park appraisal of various sectors such as Quarries and Mines, Cement Factories, Oil Refineries, Fleets of Vehicles, Power Generation Plants, Ship Building, and Textile. 9.1.) Definitions and Methodology of Appraisal Appraisal and counseling works may be required for various purposes. The requirement may be for the Market Value ; the estimated amount for which a property should Exchange on the date of valuation between a willing buyer and a willing seller in an arm s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion, or the Worth and Investment Value, Present Use Value, Mortgage Lending Value, Forced Liquidation Value, Regular Liquidation Value and/or Fair Value. 9.2.) Methods Used for Appraisal The internationally-accepted concepts define four different appraisal approaches (methods). These are Sales Comparison Approach, Income Capitalization Approach, Cost Approach and Development Approach ) Sales Comparison Approach In this approach; the prices of similar properties to the appraised property are taken into consideration. The properties are compared according to the sales/rental price, its date, location, size, occupancy and physical status and all other related data. In this study, the purpose is to estimate the value with a calculation based on the comparison with similar properties exchanged in the market. The bids and quotations of similar properties are also taken into consideration.

11 9.2.2.) Income Capitalization Approach This method takes into consideration the income and expenditure data of the property appraised with sales comparison approach, and the final value is estimated through the capitalization method. This study can be performed with two methodological approaches. Direct Capitalization: This is the calculation of the real estate value by dividing the potential net income to be generated by the property in a year to the capitalization rate according to the current real estate market conditions. Yield Capitalization: This is the calculation of the potential net value in the future through the rental or operation of the property for a logical sequence of periods, And at the end of the sequence of periods, the calculated income is capitalized to the date of appraisal in accordance with the valid economic conditions, and the final value is estimated as a result ) Cost Approach In this technique, the value of the property is assumed as consisting of two different physical aspects; the land and buildings. In the cost approach, the property is appraised according to the cost that might occur if the property was reconstructed, or according to the cost of the new construction. The reconstruction cost also includes the estimated venture profit. In this method, it is assumed that the property has a remaining economic lifetime. Therefore, because the value of the property would decrease in times due to physical depreciation, and due to functional and economic outdating; the depreciation is deducted from the reconstruction value. In other words, it is assumed that the building value of an existing property would never be higher than its reconstruction cost. The calculated value is added to the land value in order to identify the final value of both the land and the building. During these studies, the building cost values are appraised according to the Construction Unit Costs of the Ministry of Public Works, the technical characteristics of the buildings, the construction materials consumed, the construction costs of the similar buildings in the market, interviews with contracting companies, and our past experiences. The depreciation cost of buildings is calculated with the consideration of the visible physical condition of the building and the table published on the Official Gazette, which indicates the depreciation rates of buildings per years ) Development Approach In this approach, one or more development projects proposed for the property can be applied as the model. In this study, the designed project and/or projects that might be realized on the land are modeled with assumptions. This modeling should be legally and physically possible, financially feasible and provide the utmost economic efficiency. With these studies, the projects are examined from the entrepreneur s point. Within the scope of the study, the current status of the sector that covers the subject output of the project, and the prospective expectations are examined and appraised. The costs to be incurred upon the realization of the project are estimated, the marketing policies and general feasibility principles of the company are taken into account, and the income-cost estimation is concluded with regard to the total income and expenditure. Considering the development, the general status of the sector, the statistical figures of similar projects and the current economic conditions and expectations are taken into consideration to determine the assumptions related with the project. As a result of these studies, the performance of the project is estimated and the net present value is calculated with the capitalization of the income to be obtained from the project. Actually, this approach is in a sense, a different model of income capitalization approach.

12 10.) Contact Us Please do not hesitate to contact us for any requirements on appraisal and counseling, or for any technical questions related with appraisal. Our specialists will reply you as soon as possible.

13 11.)Awards

14 12.) Publications / Sector Reports