VALUATION REPORTS

Istanbul Province, Beykoz District, Göztepe Neighborhood, Block 2760, Plots 129, 130, 131, 132, 133, 134 and 135 – Valuation Report for Land-Designated Properties

Ankara Çankaya Alacaatlı Land Plots – Block 44638 Plot 4, Block 44638 Plot 5, Block 63303 Plot 2, Block 63303 Plot 5, Block 63304 Plot 1, Block 63306 Plot 1 Ankara Çankaya Alacaatlı – Sinpaş İncek Life Blue, Block 63306 Plot 2 – 1 Shop, 1 Triplex Office, 1 Home Office, 11 Offices, 14 Independent Units in Total Ankara Çankaya Büyükesat Neighborhood – Land-Designated Property, GOP Mall Project, Block 29284 Plot 2 Ankara Çankaya Büyükesat Neighborhood, Block 5514 Plot 6 – Building (Reinforced Concrete Commercial Premises) Ankara Çankaya Mühye Güneypark Küme Evler, Block 29634 Plot 2 – 147-Unit Residential Project Ankara Çankaya Mühye Güneypark Küme Evler, Block 29634 Plot 3 – 192-Unit Residential Project Ankara Çankaya Mühye İlkbahar Sinpaş Altınoran, Block 29634 Plot 10 – 52 Residential Independent Units Ankara Çankaya Mühye Land Plots – Block 29635 Plots 2, 4, 5, 6, 9, 11 and Block 29900 Plot 2 Ankara Çankaya Sinpaş Boulevard, Block 29634 Plot 6 – 1,404 Independent Units Ankara Çankaya Mühye İlkbahar – Sinpaş Altınoran / Snowland / Extremeland / Güneypark Küme Evler, Block 29635 Plots 7 and 8 Ankara Çankaya Mühye Güneypark Küme Evleri Marina Towers, Block 29634 Plot 5 – 18 Independent Units and Block 29634 Plot 7 – 1 Workplace (Tennis Club) Ankara Çankaya Sinpaş Oksijen, Block 29634 Plot 4 – 38 Residential Independent Units Ankara Çankaya Dikmen Sinpaş Ege Vadisi, Block 29355 Plot 1 – 172 Residential, 18 Shops, 190 Independent Units in Total Ankara Sincan Temelli Gazi Polatlı – Land, Block 3004 Plot 6 Istanbul Beykoz Göztepe Neighborhood – Land, Block 2760 Plot 23 Istanbul Küçükçekmece Halkalı – Sinpaş Bosphorus City, Block 800 Plot 4 – 3 Residential, 2 Shops, 5 Independent Units in Total Istanbul Küçükçekmece Halkalı – Sinpaş Ege Yakası, Block 801 Plot 27 – 8 Shops, 1 Residence, 9 Independent Units in Total Istanbul Küçükçekmece Halkalı Neighborhood – Land, Block 801 Plot 34 Istanbul Küçükçekmece Halkalı – Land, Block 800 Plot 5 Istanbul Küçükçekmece Halkalı – Sinpaş İstanbul Sarayları, Block 801 Plot 21 – 24 Independent Units Istanbul Sancaktepe Samandıra – Sinpaş Aydos Country, Block 9006 Plot 3 – 10 Shop-Designated Independent Units Istanbul Sancaktepe Samandıra – Sinpaş Ege Boyu, Block 6258 Plot 25 – 5 Shops, 1 Residential, 6 Independent Units in Total Istanbul Sancaktepe Sarıgazi – Sinpaş Aqua City, Block 2010 Plot 1958 – 8 Independent Units Istanbul Şişli Merkez – Sinpaş I Tower, Block 1157 Plot 3 – 4 Shops, 24 Residences Tekirdağ Çorlu – Asmalıpark Sitesi, Block 2490 Plot 3 – 4 Shops, 2 Residential Units Istanbul Beykoz – Block 121 Plot 12 and Block 121 Plot 119 – 2 Properties Istanbul Sancaktepe – Sinpaş Köyceğiz, Block 7056 Plot 1 – 1 Independent Unit Istanbul Sancaktepe – Sinpaş Lagün, Block 8243 Plot 6 – 1 Rooftop Duplex Residential Independent Unit Istanbul Sancaktepe – Metrolife, Block 0 Plot 1991 – 3 Residential, 44 Commercial, 47 Independent Units in Total Istanbul Sancaktepe – Tabiat Villaları, Block 121 Plot 1 – 32 Villas Istanbul Sultanbeyli – Sinpaş Liva, Block 7224 Plot 9 – 1 Independent Unit Istanbul Şişli – Queen Central Park Bomonti, Block 994 Plots 54, 55, 56 (Land) and Block 994 Plot 57 – 25 Residential, 3 Shops, 4 Offices, 32 Independent Units in Total Istanbul Ümraniye – Finans Şehir Finanskent, 9 Land Plots: Block 2432 Plots 5, 6, 7, 8; Block 2434 Plot 2; Block 2433 Plots 4, 5, 6, 7 Istanbul Ümraniye – Sinpaş Palas, Finanskent Mahallesi, Block 2436 Plot 6 – 2 Residential Independent Units Istanbul Ümraniye – Sinpaş Finans Şehir Time Park, Block 2435 Plot 17 – 7 Residential, 4 Commercial, 11 Independent Units in Total Istanbul Ümraniye – Sinpaş Finansşehir Park Yaşam, Block 2435 Plot 15 – 5 Residential Independent Units Istanbul Ümraniye – Koru Aura, Block 2432 Plot 11 – 217 Residential, 4 Commercial, 221 Independent Units in Total Istanbul Ümraniye – Finanskent Neighborhood Land, Block 2434 Plot 11 Istanbul Zeytinburnu – Sinpaş Ottomare Suites Kazlıçeşme, Block 774 Plot 57 – 1 Shop Istanbul Küçükçekmece – Saklı Koru Konakları, Block 801 Plot 33 – 495 Residential, 5 Commercial, 500 Independent Units in Total Bursa Osmangazi – Bursa Modern, Block 301 Plots 21 & 26 and Block 302 Plots 5 & 8 – 5 Residential, 38 Shops, 71 Parking Spaces Istanbul Ümraniye – Sinpaş Boulevard Finansşehir, Block 2435 Plot 5 – 94 Residential, 10 Commercial, 104 Independent Units in Total Istanbul Ümraniye – Sinpaş Gökorman, Plot 6785 – 1 Independent Unit; Plot 7392 – 8 Independent Units; 4 Residential, 5 Commercial, 9 Independent Units in Total Istanbul Sancaktepe – Metrolife Premium, Block 6372 Plot 25 and Block 6373 Plot 21 – 164 Residential, 4 Commercial, 175 Independent Units in Total

Ankara, Çankaya, Alacaatlı (Mühye) Block 29635 Plots 2, 4, 5, 6, 9, 11 and Block 29900 Plot 2 Our Land Plots Ankara Çankaya Block 29634 Plots 7 - 5 Ankara Çankaya Alacaatlı Land Plots Ankara Çankaya Alacaatlı Block 29900 Plot 2 Ankara Çankaya Büyükesat Block 29284 Plot 2 Ankara Çankaya Büyükesat Reinforced Concrete Commercial Premises Ankara Çankaya Dikmen Ege Vadisi Block 29355 Plot 1 Ankara Çankaya İncek Green Life 3 Home Offices Ankara Çankaya İncek Life Blue Block 63306 Plot 2 Ankara Çankaya Mühye Block 29634 Plot 10 Ankara Çankaya Mühye Güneypark Kümeevler Block 29634 Plot 3 Ankara Çankaya Mühye Güneypark Kümeevler Residential Block 29634 Plot 2 Ankara Polatlı Block 142 Plot 33 Ankara Çankaya Sinpaş Altınoran Snowland Extremeland Ankara Çankaya Sinpaş Boulevard Block 29634 Plot 6 Ankara Çankaya Sinpaş Oksijen Block 29634 Plot 4 Bursa Modern Osmangazi Residential, Parking Spaces, Shops Istanbul Beykoz Göztepe Block 2760 Plot 23 Istanbul Beykoz Kanlıca Block 121 Plots 12-119 Istanbul Finanskent Land Plots Istanbul Küçükçekmece Halkalı Block 800 Plot 5 Istanbul Küçükçekmece Halkalı Block 801 Plot 21 Istanbul Küçükçekmece Halkalı Block 801 Plot 34 Istanbul Küçükçekmece Halkalı Sinpaş Bosphorus City Istanbul Küçükçekmece Sinpaş Saklı Koru Block 801 Plot 33 Istanbul Sancaktepe Aydos Country Istanbul Sancaktepe Egeboyu Block 6258 Plot 25 Istanbul Sancaktepe Köyceğiz Block 7056 Plot 1 Istanbul Sancaktepe Lagün Block 8243 Plot 6 Istanbul Sancaktepe Metrolife Premium Block 6372 Plot 25 Istanbul Sancaktepe Sinpaş Aqua City Block 1958 Plot 8 Istanbul Sancaktepe Sinpaş Metrolife Block 0 Plot 1991 Istanbul Sancaktepe Paşaköy Tabiat Villaları Block 121 Plot 1 Istanbul Şişli iTower Residences Istanbul Şişli Queen Central Park Bomonti Block 994 Plots 54-55-56-57 Istanbul Sultanbeyli Sinpaş Liva Block 7224 Plot 9 Istanbul Ümraniye Finanskent Block 2434 Plot 11 Istanbul Ümraniye Finanskent Sinpaş Palas Block 2436 Plot 6 Istanbul Ümraniye Sinpaş Boulevard Finansşehir Block 2435 Plot 5 Istanbul Ümraniye Sinpaş Finansşehir Park Yaşam Block 2435 Plot 15 Istanbul Ümraniye Sinpaş Finansşehir Time Park Block 2465 Plot 17 Istanbul Ümraniye Sinpaş Gökorman Plot 6785 Istanbul Ümraniye Sinpaş Koru Aura Block 2432 Plot 11 Istanbul Zeytinburnu Ottomare Suites 1 Shop Tekirdağ Çorlu Block 2490 Plot 3

Beykoz Block 2760 Plot 23 - (KAP) Çorlu Asmalıpark - (KAP) Zeytinburnu (Ottomare) - (KAP) Ümraniye (Gökorman) - (KAP) Şişli (I Tower) - (KAP) Sancaktepe (Egeboyu) - (KAP) Sancaktepe (Aydos Country) - (KAP) Halkalı (İstanbul Sarayları) - (KAP) Halkalı (Block 801 Plot 34) - (KAP) Halkalı (Bosphorus City) - (KAP) Halkalı (Ege Yakası) - (KAP) Halkalı (Block 800 Plot 5) - (KAP) Beykoz (Kanlıca) - (KAP) Sancaktepe (Köyceğiz) - (KAP) Sancaktepe (Lagün) - (KAP) Sancaktepe (Metrolife) - (KAP) Sancaktepe (Paşaköy) - (KAP) Sultanbeyli (Liva) - (KAP) Şişli (Bomonti) - (KAP) Ümraniye (Finansşehir Land Plots) - (KAP) Ümraniye (Palas) - (KAP) Ümraniye (Time and Park) - (KAP) Ümraniye (Park Yaşam) - (KAP) Ümraniye (Koru Aura) - (KAP) Ümraniye (Block 2434 Plot 11) - (KAP) Çankaya (Altınoran) - (KAP) Çankaya (Marina Towers) - (KAP) Çankaya (Boulevard Çankaya) - (KAP) Çankaya (Cable Car and Ski Slope) - (KAP) Çankaya (Güneypark Land Plots) - (KAP) Çankaya (Ege Vadisi) - (KAP) Çankaya (Büyük Esat Building) - (KAP) Çankaya (İncek Life and Blue) - (KAP) Çankaya (İncek Green) - (KAP) Çankaya (Büyükesat Land) - (KAP) Sincan (Polatlı Land) - (KAP) Çankaya (Alacaatlı Land Plots) - (KAP) Bursa (Modern) - (KAP) Ümraniye (Finansşehir Boulevard) - (KAP) Çankaya (Oksijen) - (KAP)