TRANSACTIONS WITH RELATED PARTIES

To provide the necessary expertise needed to secure TOKİ's ambitious goals and to meet the expectations of Turkey's citizens, the Administration has developed vigorous relationships with six affiliates and subsidiaries. Their relationship to TOKİ and the array of services they provide are listed below.

Emlak Konut Real Estate Investment Trust-REIT
(Emlak Konut GYO)

(TR millions; as of December 31, 2007)
TOKİ's share (%)		39.0
Capital		649.1
Profit / (Loss)		946.6
Short-term liabilities		2,826.6
Long-term liabilities		129.9

Emlak Konut GYO real estate investment trust that evaleuates real estate in its portfolio so it may develop projects and create public offerings. First established in 1953 as a bank to manage government land, Emlak Konut GYO went through a series of important changes to become Emlak Konut GYO (REIT) Co. in 2006. During the period of its reorganization, Emlak Konut GYO received real estate worth TRY 395 million for its Housing Acquisition Aid accounts to provide capital for REIT's operation. With capital standing at TR 649 million as of the end of 2007, Emlak Konut GYO is heavily involved in creating income sharing projects with the private sector, primarily in Turkish Thrace and metropolitan areas such as Istanbul and Izmir, totaling 30,070 housing unit. TOKİ owns 39% of Emlak Konut GYO and is strategic partner in its investment decisions.

Emlak Real Estate Marketing, Construction, Project Management and Trading Co. Inc. (EPPY)

(TR millions; as of December 31, 2007)
TOKİ's share (%)		49.0
Capital		65
Profit / (Loss)		(0.8)
Short-term liabilities		44.5
Long-term liabilities		10.0

Created in December 2001, EPPY offers a variety of services that include project management, real estate marketing, engineering, contracting, administration, management services, trading and consultancy; EPPY also participates in various maritime operations. With capital of TR 65 million as of the end of 2007, EPPY has been deeply involved in the Izmit Körfezkent, Istanbul Hadımköy Industrial Park, Ankara Park Oran and Istanbul Ispartakule-Bahçeşehir projects. EPPY had 2,813 housing units under develeopment by the fourth quarter of 2007. TOKİ owns 49% of Emlak Real Estate Marketing.

Metropolitan Municipality Construction, Real Estate and Project Co.Inc. (TOBAŞ)

(TR millions; as of December 31, 2007)
TOKİ's share (%)		49.9
Capital		10.0
Profit / (Loss)		-
Short-term liabilities		0.2
Long-term liabilities		-

Created in March 2004 to further TOKİ's urban renewal goals in Ankara, TOBAŞ serves as a consultant providing the Greater Ankara Municipality with professional advice about areas with substandard housing. It offers recommendations for the transformation of slum areas into quality housing projects that provide for the common good. TOBAŞ works on surveys of the pyhsical area and environment, urban planning, plans for evacuations necessary for the project at hand. TOKİ owns 49.9% of TOBAŞ; the Company's capital was TR 10 million as of the end of 2007. TOBAŞ is currently undertaking North Ankara Entrance Urban Renewal Development Projects valued at US$ 3.2 billion.

Real Estate Appraisal Valution Co. Inc. (GEDAŞ)

(TR millions; as of December 31, 2007)
TOKİ's share (%)		49.0
Capital		0.5
Profit / (Loss)		-
Short-term liabilities		0.2
Long-term liabilities		-

Operating since 1998, Real Estate Appraisal offers a variety of real estate valuation and appraisal services. They are basically involved with movables, such as properties, machinery, equipment, ships, etc., in addition to immovable properties, such as vacant lots, building, plant values and rental prices. TOKİ controls 49% of Real Estate Appraisal's shares. As of the end of 2007, it had capital of TR 500,000.

Vakıf Real Estate Investment Trust Co. Inc.-REIT (VAKIF GYO)

(TR millions; as of December 31, 2007)
TOKİ's share (%)		14.0
Capital		18.48
Profit / (Loss)		5.2
Short-term liabilities		0.1
Long-term liabilities		0.1

Established in December 2004, Vakıf Real Estate Investment Trust provides expertise in the real estate market and offers a diversified, low risk portfolio that is able to create the highest possible profit margin. By making real estate investments as transparent as possible, the Company seeks to involve smaller investors in large profit-producing projects. TOKİ controls 14% of Vakıf Real Estate Investment Trust and the Company's capital was TR 18.48 million as of the end of 2007.

Vakıf Construction, Restoration and Trade Co. Inc.

(TR millions; as of December 31, 2007)
TOKİ's share (%)		50.0
Capital		10.0
Profit / (Loss)		0.4
Short-term liabilities		3.4
Long-term liabilities		0.5