PARTNERSHIPS

As per the Resolution by the Council of Ministers dated 03 April 2001 and numbered 2001/2202, the transfer of the assets of Emlak Bankası A.Ş. which are not related to its banking activities, and the shares and commercial real estate in companies operating in this field, and the redundant commercial real estate to HDA was decided, and the protocol concerning the procedures to be applied in this respect was concluded on 14/12/2001.

In this framework, shares of Emlak Bankası in three affiliated companies of Emlak Bankası, which are not operating in the banking sector, were transferred to HDA.

1 - Emlak Real Estate Investment Company

It was established by the merger of Ankara İmar Ltd. Şti and Timlo, which were affiliated to Emlak Bankası, in 1950s. It was transformed to Emlak Konut A.Ş. in 1990, and to Emlak GYO A.Ş. on 01/08/2002. The company is currently conducting its activities for the assessment of the immovable property in its portfolio. The tender preparations for a total of 13.478 housing units and villas in Istanbul, İzmir and Tekirdağ have been completed by Emlak GYO A.Ş. as of September 2004, and the constructions have started.

Also, total surface area of lands in Ankara, Istanbul, İzmir and Tekirdağ, which are included in the company portfolio, is 4.300.000m2. The activities for utilizing from these lands by settling the reconstruction problems related to them are underway.

In addition, real estate with a value of 395 trillion TL corresponding the balance of HAA account has been transferred to the company as capital in kind, and one of the duties of the company is to develop projects for utilizing from this real estate for the benefit of the beneficiaries.

The Company is owned by the Housing Development Administration by 39%, and by HDA beneficiaries by 61%.

The capital is 649 million YTL as of 2005.

2 - Real Estate Marketing, Project Management and Service Company

The company is providing project management, controlling, and marketing services for Bahçeşehir project as well as management of housing units, and maintenance before and after sales.

The company operations also include any design, management and controlling and consultancy services, planning, design and engineering services in its area of activity, marketing and management services for any real estate, commercial services, servicing and management services.

6.500 housing units including the landscape work has been completed in Bahçeşehir, and the remaining land and other immovable property of 2.100.000 m2 has been shared by HDA and other shareholders as per the provisions of the contract, in which HDA's share is 50%, which means an area suitable for the production of 4.000 - 4.500 housing units.

The capital of the company is 1,2 million YTL as of 2005.

The company is owned by TOKİ by 49%.

3 - TOBAŞ Company

With the Law No.5104 dated 04/03/2004, HDA and the Greatest Municipality of Ankara are authorized to improve the physical situation and environs of Northern Ankara Entrance, named as the "Protocol Road" and the surrounding areas, to beautify the areas and to provide a healthier settlement order. In the areas described by this Law, urban design, housing, social superstructure, environmental arrangementsand the technical infrastructure projects and the constructions will be arranged both by the Municipality and HDA in coordination.

TOBAŞ A.Ş. Company has been established for the provision of controlling and consultancy services within the framework of this project.

The capital of the company is 10 million YTL as of 2005.

The company is owned by TOKİ by 49%.

4 - Real Estate Expertise Company

The company has been providing, as "CMB Licensed" since 1998, rapid, reliable and meticulous on-the-spot examination, assessment and expertise services related to any movable property (machinery, equipment, vessel, etc.) or immovable property (land, building, facilities, and rentals).

The capital of the company is 500.000 YTL as of 2005.

The company is owned by TOKİ by 49%.

5 - Vakıf Real Estate Investment Company

With the Law dated 14/12/2004 and numbered 5273 concerning the abolishment of the General Directorate of Land Office and the transfer of its duties and powers to the Housing Development Administration, Vakıf Real Estate Investment Company , which is one of the participations of the General Directorate of Land Office, has been transferred to our Administration.

The capital of the company is 100 million YTL as of 2005.

The company is owned by TOKİ by 16,67%.

6 - Vakıf Construction, Restoration and Trade Company

The company operations include any planning, design, re-design (rehabilitation and reparation), management and controlling and consultancy services in its area of restoration activities and research and development facilities.

The capital of the company is 4. 6 million YTL as of 2005.

The company is owned by TOKİ by 50%.