Emlak Konut is the largest real estate investment company in Turkey. It focuses on developing residential real estate for middle and upper-middle income groups. Since 2002, Emlak Konut has undertaken 58 projects totaling over 63,000 housing units. It has a strategic relationship with TOKI, its largest shareholder, which provides land for development. Emlak Konut has experienced strong financial growth in recent years as the Turkish residential real estate market has also grown due to increasing population, urbanization, and renewal of old housing stock.

2. Our Company at a Glance
 Emlak Konut became a Real Estate
Investment Company in 2002
 The 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
 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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3. MY WORLD
(Atasehir, ISTANBUL)
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4. Company At A Glance
 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
bn
 Under Revenue Sharing Model TRY 19,03 bn
 Under 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 sqm
 Public 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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5. UPHILL COURT
(Atasehir, ISTANBUL)
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6. Strong Relationship With Controlling Shareholder TOKI And
Asset Composition
Committed ownership - Post-IPO Strategic relationship enabling
ownership structure Emlak Konut to:
Post-IPO ownership structure  Acquire land without participating in a
Total shares (mn) (%) tender
TOKI 1,874.83 74.99  Acquire land that is best suited for
Floating 625.00 25.00
development by Emlak Konut
Others 0.17 0.01
TOTAL 2,500.00 100.00  TOKI’s portfolio has been the main
supply for our developments
Kirklareli
25% Tekirdag Istanbul Kocaeli &
Gebze
Ankara
75% Izmir
TOKI Post IPO shareholders
Source: Company data 6

7. MAVİŞEHİR MODERN
(IZMIR)
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8. Key Financials
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 1,497.9 171.1 362,2 429,5
EBITDA 234.2 563.7 476.9 628.5 58.9 77,7 75,9
EBITDA margin(%) 21.1 54.0 55.1 42.0 34.4 21,4 17,7
Profit for the period 367.5 526.9 445.9 469.0 73.2 102,5 92,6
Total assets 3,768.6 4,372.0 4,671.3 7,115.5 7,297.3 7.402,9 7.079,2
Shareholder’s equity 1,121.7 1,648.6 2,094.5 3,615.4 3,513.1 3.542,4 3.532,5
Number of current tendered projects by business model
6
Revenue Sharing Model
Public Procurement Model
23
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9. SOYAK PART APARTS
(Halkalı, ISTANBUL)
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10. The Real Estate Sector in Turkey
Housing Demand
707 707
673 674 677 677
15,1
14,8
14,4
14,1
13,7
13,4
2010 2011 2012 2013 2014 2015
No. of urban housholds (mn)
Housing need ('000)
Source: GYODER report "The Growth Potential of the Housing Finance System“, GYODER Report ‘’ Main Indicators of Real Estate Sector in Turkey 2010 10

11. The Real Estate Sector in Turkey
There are 3 major drivers for the residential demand in Turkey.
1. POPULATION GROWTH
Every year new six hundred thousands units demand is sourced just only from the population growth.
2. MIGRATION
The 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 HOUSESTOCK
There 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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12. VARYAP MERIDIAN
(Atasehir, ISTANBUL)
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13. Independent Unit Sales of Emlak Konut
12658
7766
4840
4206 3953
3819
2837
540
2004 2005 2006 2007 2008 2009 2010 2011
Source: Company data 13