A d e n G a y r i m e n k u l D e ğ e r l e m e v e D a n ı ş m a n l ı k A . Ş . w a s e s t a b l i s h e d by a n ex p e r i e n c e d te a m w h i c h h a s

been in the real estate sector since 2004 in Istanbul on 09/03/2016. Our Company, Aden Gayrimenkul Değerleme ve Danışmal ık A.Ş. , was added to the l ist by the Capital Market B o a rd o n 2 2 . 0 3 . 2 0 1 8 i n o rd e r to p ro v i d e va luat ion ser v ice wi th in the f ramework of “ Co m m u ni cat i on on Comp an i es wh i ch wi l l provide Real Estate Valuation Service within the framework of Capital Market Legislation a n d P r i n c i p l e s r e g a r d i n g A d d i n g t h e s e Companies into the L ist by the Board” with Serial number: VIII , numbered 35. I t was establ i shed by an exper ienced team w h i c h h a s b e e n i n t h e r e a l e s t a t e s e c t o r since 2004 in Istanbul on 09/03/2016.

A d e n D e ğ e r l e m e i s a n e x p e r t c o m p a n y engaging across Turkey and in international f ield and providing valuation, development and value management service.

A D E N D e ğ e r l e m e h a v i n g i n t e r n a t i o n a l s t a n d a r d s i n r e a l e s t a t e v a l u a t i o n a n d consultancy f ie ld , whose investments y ie ld resu l t in the pro jects in wh ich i t p rov ides serv ice, i s one of the important companies adding va lue into rea l estate industry with interdisciplinary action style.

A s A d e n D e ğ e r l e m e , i t i s m a i n t a i n i n g i t s a c t i v i t i e s w i t h t h e m i s s i o n o f s u p p o r t i n g i ts customers in f inancia l dec is ions re lated w i t h r e a l e s t a t e a n d c o n t r i b u t i n g i n t o development of real estate valuation sector a n d b r i n g i n g i t t o a s c i e n t i f i c s t r u c t u r e t h r o u g h i t s r e p o r t s a t i n t e r n a t i o n a l s t a n d a r d s p r e p a r e d b y t h e e x p e r i e n c e d expert staff.

It is continuing its studies with the vision of p lay ing an act ive ro le in the internat iona l f i e l d i n r e a l e s t a t e v a l u a t i o n s e r v i c e s o c c u p y i n g a n i m p o r t a n t p l a c e f o r t h e i nv e s t o rs t o t a ke fa s t f i n a n c i a l d e c i s i o n s i n t h e ca p i ta l f l ows o f t h e fa st- g l o b a l i ze d world.

I t p r o v i d e s i n d e p e n d e n t , i m p a r t i a l a n d sc ient i f ic service at internat ional valuat ion s t a n d a r d s i n t h e s u b j e c t s o f v a l u a t i o n , co n s u l ta n c y, o pt i m u m u s e s u r vey, p ro j e c t va luat ion , market research , in f rast ructure va l u at i o n s , va l u at i o n s o f i n ta n g i b l e f i xe d assets, vessel , aircraft valuation, machinery a n d e q u i p m e n t v a l u a t i o n t h r o u g h i t s te a m c o m i n g f ro m d i f fe re nt o c c u p at i o n a l d i s c i p l i n e s a n d s e c to ra l ex p e r i e n c e i n t h e valuation studies.

A l s o, va l u at i o n re q u i re m e nt s i n re ga rd to real estates , machinery and equipment are provided by engineer team which is expert in its subject and has long years of experience in the sector.

As Aden Değerleme, we are providing service with the understanding of Independence - Impartiality - Corporate and Social Responsibil ity - Reliabil ity - Scientificness - Competency - Confidentiality - O c c u p a t i o n a l D i l i g e n c e w i t h i n t h e framework of provis ion and rules of Capital Market Board (SPK), International Valuation S ta n d a rd s ( U D S ) , B a n k i n g Re g u l a t i o n a n d Supervision Agency (BDDK).

The whole team which is highly experienced i n t h e s e c t o r h a s R e a l E s t a t e Va l u a t i o n Expert i se L i cense g iven by Turk i sh Cap i ta l M a r k e t ( S P K ) a n d m e m b e r s h i p o f T D U B (Turkish Appraisers Association).

ABOUT US

OUR SERVİCES

REAL ESTATE VALUATION MACHINERY AND EQUIPMENT VALUATION

• Complete Plant Valuation together with its Real Estate

• Raw Material, Product Valuation

• Valuation of Tangible Fixed Assets within the scope of UFRS/TFRS

• Valuation of Vehicle, Agriculture Means and Heavy Equipment

• Vessel Valuation

• Wind Power Plants

• Solar Power Plants

• Aircrafts (Plane, helicopter, glider, etc....)

• Pro-forma Control / Invoice Analysis

• Valuation of Tangible Fixed Assets

• On-site examination of Machinery Prior to Purchasing Upon

Demand of Leasing Companies

• Real Estate Valuation

• Commercial Real Estate Valuation

• Valuation for Housing Finance

• Valuation for UFRS (Financial reporting)

• Real Estate Development

• Valuation for Insurance Value

• Portfolio Valuation

• Valuation for Real Estates being Subject to Tax

• Valuation for purpose of Expropriation

URBAN TRANSFORMATION PROCESS SPECIAL PROJECTS AND CONSULTANCY

• Analysis of Existing State and Preparation of Valuation Reports

• Preparation of ministry valuation reports for the sales of land

share required by directorate of urban transformation, Ministry of

Environment and urbanization

• Preparation of Existing Project Special Assessment Reports (reports

which constitute the ground of sharing and distribution model in

new project)

• Preparation of New Project (Avant Project) Special Assessment and

Positioning Reports

• Preparation of Comparison Reports among Real Estates

• Calculation of rate of share in urban transformation areas and dis-

tribution values

• Presentation of projection and scenario for project future

• Development of data bank and transformation model for urban

transformation areas

• Preparation of reports intended for re-arrangement of land share

pursuant to article 3 of the Law of Property Ownership

• Comparative analysis of office markets

• Demand analysis of industry and storage areas

• Supply-demand analysis of housing market

• Complete Plant Valuation together with Real Estate • Raw Material, Product Valuation• Machinery Rental Valuation • aluation of Real Estates within the scope of UFRS/TFRS • Vehicle, Agriculture Means and Heavy Equipment Valuation • Vessel Valuation • Pro-forma Control/ Invoice Analysis

• Project Valuation Studies • Special Assessment Studies of Project and Existing Structures • Location Analyses • Best and Optimum Use Survey Studies • Market Analyses and Sector Research Reports • Portfolio Valuations • Assessment Opinion and Advice Reports related with Real Estates

Whom can we provide service?

• Real Estate Investors

• Real Estate Project Developers

• Real Estate Investment Partnerships

• Banks and Financial Institutions

• Asset Management Companies

• Real Estate Funds

• Financial Leasing Companies

• Publicly Traded Companies

• Domestic -Foreign Private Companies

• Independent Audit Companies

FEASIBILITY STUDIES

MACHINERY, EQUIPMENT VALUATION

• Land and Terrains • Commercial Structures (Office, store, shop, building, site, etc... )• Residential-purpose structures such as housing, villa, detached

house, vineyard house, farm, etc. • Waterside Residence, Mansion, Manor and Historical Real Estate

Valuation • Shopping Malls and Groceries • Head Office and Commercial Centers • Plaza, Business Centers • Accommodation Facilities like Hotel, Resorts, Hostels, etc. • Marina and Ports • Fueling Stations • Healthcare Facilities like hospital, health complexes, policlinic • Plants and Production Facilities, Factories and Mills • Valuation of Industrial Sites, Organized Industrial Zones, Integrated

Plants, Factories, Depot and Warehouses and Plants and Mills • Structures for Logistics use • Sports centers, racetracks, stadiums, theatre, indoor sports halls,

fitness centers • Valuation of Training Facilities like Private Training Facilities, Univer-

sities, Schools, Kindergartens and Nurseries, Dormitories • Resting facilities

• Recreation areas (Entertainment Facilities and Theme Parks, Restaurants, Touring Areas, Kiosks, Religious Facilities, Picnic Areas, Playing and Sports fields, congress and exhibition centers)

• Airports• Ports, storage and loading facilities • Railway station facilities • Quarries, sand and stone quarries, mine sites • Vessel, yacht, cruiser • Valuation of Hydroelectric Power Plant • Valuation of Wind Power Plant • Valuation of Solar Power Plant • Aircraft Valuation

VALUATION STUDIES

Valuation of Right and Interests based on Real Estate

• Rental Valuation (rental valuation of real estates to be leased or rented covers the valuation subjects due to renewal or exten-sion of lease contracts of those leased of the real estates included into the portfolio.) • Right of Costruction Valuation (determination of the legal con-ditions related with right of construction of tangible and intangi-ble assets, rights and commodity line)

OUR STAFF

Ahmet KARABIYIK who was born in 1971 completed his bachelor’s degree in Yıldız University Department of Geodesy and Photogrammetry Engineering. He started his business life as Survey Project Supervisor in Epsilon End. İnş. A.Ş. in 1993. He engaged in plant, dam, natural gas pipelines, building constructions, map, project and application studies in the company. Ahmet Karabıyık who is also founding partner of Prohit Mühendislik LTD. ŞTİ. established in 1996 took part in many Transportation project, expropriation, master plan practice, cadastro renewal works, route map, restoration relievo works within the scope of Project Map Engineering works. Also, he conducted practising exploration, quantity survey, proposal studies in housing, shopping mall, plant, highway, railway works both in domestic and foreign countries. He entered into valuation sector in 2004 by preparing project development, investment feasibility reports. He engaged in valuation reports intended for security deposit made to banks within the scope of private works, valuation reports intended for urban transformation, real estate and real estate project valuations, industrial plant valuations and many real estate valuation studies. Subsequently, he founde Aden Gayrimenkul Değerleme ve Danışmanlık A.Ş. on 09.03.2016 and he is continuing to serve as responsible appraiser.

He took part in qualified real estates’ valuation studies such as many housing, workplace, land valuations, land development and fesibility studies and hotel, shopping mall, industrial plants, power plants throughout his carrier in valuation field.

Ahmet KARABIYIKManaging Partner

Erhan SARAÇ born in Eskişehir in the year 1983, after completing his secondary education at Atayurt Kolej High School, has graduated from Yıldız Technical University Mechanical Engineering Department in the year 2007. In the year he has graduated, he started to work for real estate appraisal sector. He has accomplished the Project Management Graduate Program at Istanbul Kültür University with his master’s thesis in the subject “Real estate appraisal with artificial neural networks method” Please follow the link to read his master’s thesis.

Erhan SARAÇ has prepared numerous international and national appraisal reports, and currently renders service as a contracted personnel (solution partner) to appraisal companies licensed by Capital Markets Board of Turkey for their needs of real estate appraisal and machinery valuation. He was certified by Royal Institution of Chartered Surveyors (RICS) as a Member (MRICS) in the field of Machinery Valuation in the year 2015. He was accepted as a Recognized European Valuer (REV) certificate issued by TEGoVA (The European Group of Valuers’ Associations) in 2019. He is continuing to actively serve as licensed appraiser in Aden Gayrimenkul Değerleme Danışmanlık A.Ş. as from the 2019.

Erhan SARAÇManaging PartnerMRICS, REV

Sinan Doğuizi who was born in 1963 completed his bachelor’s degree in Uludağ University Faculty of Administrati ve Sciences. He started his business life in Güntekin İnşaat A.Ş. in 1988. He engaged in keeping formal records of data of the constructi on sites, preparati on of declarati ons and fulfi llment of year-end procedures in the company which constructs dam and hydroelectric power plants. He took part in organizing the works, transferring all informati on into records legally, consolidati ng of data and reporti ng the fi nancial informati on to the management in Burç Taahhüt ve Mühendislik A.Ş. between 1995 and 1997. Aft erwards, he worked Step İnşaat A.Ş. having branches in Turkey and Turkmenistan in which he was also Member of Board of Directors (responsible for Financial and Administrati ve Aff airs) - Partner between 1997 and 2006 for the works of following the fi nancial and administrati ve works, organizing and coordinati ng all necessary works pursuant to the customs and fi nancial legislati on of both countries. He undertook the positi ons of Finance Manager and Financial and Administrati ve Aff airs in many companies he worked between 2006 and 2016. Sinan Doğuizi is conti nuing to acti vely serve as licensed appraiser in Aden Gayrimenkul Değerleme Danışmanlık A.Ş. as from 2017.

He took part in real estates’ valuati on studies such as many housing, workplace, land valuati ons and valuati on of tangible fi xed assets throughout his carrier in valuati on fi eld.

Sinan DOĞUİZİDirector

Mustafa L MAZMANCI, born in Hatay/Iskenderun in 1982, aft er graduati ng from Ibni Sina Anatolian High School started his career in 2006 by completi ng the Department of Geodesy and Photogrammetry at Yıldız Technical University.In the same year, he worked as Field Engineer and Geographic Informati on Systems Specialist and was the fi rst and founding staff member of Yetkin Real Estate Appraisal and Consultancy Inc. which was founded in October 2007.Mustafa L MAZMANCI, who worked in the apprisal of all kinds of real estate, has served for 12 years as Assistant Real Estate Appraiser, Real Estate Appraiser, Project Manager, Technical Manager and in various ti tles including Deputy General Manager for the last 4 years.

He has been acti vely working in Aden Real Estate Appraisal and Consultancy Inc. as a licensed appraiser since September 2019

Mustafa L. MAZMANCIManaging Partner

Şefi k Ercan KESKİNER who was born in 1984 completed his bachelor’s degree in Department of Geophysics Engineering Faculty of Engineering Kocaeli University. He started his business life as fi eld engineer in Ulukar A.Ş.. He conti nued to work as fi eld engineer in the ground survey fi eld in Zetaş Zemin Teknolojileri/Zemin Etüd ve Tasarım A.Ş.. He served as rough constructi on fi eld engineer in Fenerbahçe Ülker Arena and Alpella Youth City Project in Özka İnşaat in 2010. He took part as real estate appraiser in EVA Gayrimenkul Değerleme Danışmanlık A.Ş. between 2012 and 2018. He was appointed as project coordinator in 2016. Subsequently, he transferred to Nova Değerleme Danışmanlık A.Ş. in 2018 and worked as auditor for the purpose of auditi ng the compliance of valuati on reports with the bank specifi cati ons. He is conti nuing to acti vely serve as licensed appraiser in Aden Gayrimenkul Değerleme Danışmanlık A.Ş. as from the end of 2018.

He took part in qualifi ed real estates’ valuati on studies such as many housing, workplace, land valuati ons and feasibility studies and hotel, shopping mall, Fuel Stati on throughout his carrier in valuati on fi eld.

Ş.Ercan KESKINERCoordinator

Hüseyin Barış ALIR, born in Ankara in 1991, graduated from Abant İzzet Baysal University, Department of Internati onal Relati ons in 2016. He completed his internship at Dünya Real Estate Appraisal and Consultancy Inc. as an appraisal specialist assistant in 2017. He worked as a appraiser in Değer Real Estate Appraisal and Consultancy in 2018 - 2019.

He has been acti vely working in Aden Real Estate Appraisal and Consultancy Inc. as a licensed appraiser since July 2019

Hüseyin Barış AlırLicenced Appraiser

Atilla Sarı who was born in 1971 completed his bachelor’s degree in Department of Civil Engineering in Karadeniz Technical University Faculty of Engineering. He started business life as field engineer in Esenyurt Municipality Directorate of Zoning and Technical Affairs in 1997. He performed project of over about 30 buildings for which he undertook the technical practice responsibility, took the license and realized the manufacturing in AKS Mühendislik A.Ş. in which he was also a partner between 1999 and 2003. He served as controller of rough construction and fine construction phases in Sistem Yapı Denetim A.Ş.. He worked in zoning department of Organized Industrial Zone between 2004 and 2008 and undertook the tasks such as registration of structures and facilities commissioned or to be commissioned in the region, taking building occupancy certificates, auditing of projects and control of projects on-site. His expertise related with Real Estate started in civil service period is still continuing in various Criminal, Civil and Administrative Courts in the list of Istanbul Regional Expertise Regional Board in line with the demands coming from courts in the fields Real Estate Valuation Consultancy, Expropriation Expertise and Cadastre Technical Expertise. He took part as appraiser in Talya Gayrimenkul Değerleme Şirketi in 2016. Atilla Sarı is continuing to actively serve as licensed appraiser in Aden Gayrimenkul Değerleme Danışmanlık A.Ş. as from 2017.

He took part in qualified real estates’ valuation studies such as many housing, workplace, land valuations and feasibility studies and hotel, shopping mall valuation throughout his carrier in valuation field.

Atilla SARILicenced Appraiser

Cemal Karakuş who was born in 1950 completed his bachelor’s degree in Eskişehir Anadolu University. He started his business life in General Directorate of Land Registry and Cadastre in 1972 and retired in 2003. He served as land registration, triangulation, renewal, group, cadastre technician, title deed technical officer and cadastre control officer in various units of central and provincial organization in the General Director-ate of Land Registry and Cadastre. He continued his business life as map technician and reporter in appraisal report issuing, preparation of zoning state, determination of el-evation-section and construction destination and preparation of 18 articles of zoning plan implementation proposal files and control works in İkitelli Organized Industrial Zone founded pursuant to the act numbered 4562 and performing expropriation in favor of public and having private law legal entity. He has served as real estate appraiser in many real estate valuation companies as from 2008. Cemal Karakuş has took part in estab-lishment of our company and has continued to serve as responsible appraiser in Aden Gayrimenkul Değerleme Danışmanlık A.Ş. as from 2017.

His expertise related with Real Estate is still continuing in various Criminal, Civil and Ad-ministrative Courts in the list of Istanbul Regional Expertise Regional Board in line with the demands coming from courts in the fields Real Estate Valuation Consultancy, Expro-priation Expertise and Cadastre Technical Expertise.

He took part in qualified real estates’ valuation studies such as many housing, work-place, land valuations, land development and fesibility studies and hotel, shopping mall throughout his carrier in valuation field.

Cemal KARAKUŞLicenced Appraiser

Begüm KAMIŞCI, who was born in 1988 in Istanbul, graduated from Kocaeli University, Department of Geophysical Engineering in 2011. In the same year, she started her master’s degree in Finance at Beykent University. She worked as a Project Coordinator at Eva Real Estate Appraisal and Consultancy Company between 2012-2018. As of March 2018, she worked as a Controller in TERRA Real Estate Appraisal and Consultancy Inc. Special Projects Department. She has been acti vely working in Aden Real Estate Appraisal and Consultancy Inc. as a licensed appraiser since July 2019.

During her appraisal career, she was involved in many residenti al, business, land valuati on as well as goodwill, project appraisal, feasibility analysis of the most eff ecti ve and most effi cient use.

Begüm KAMIŞCILicenced Appraiser

Natali V Dergazaroğlu has been involved in the valuati on, development and feasibility studies of many real estate and real estate projects in the real estate sector and has nearly 14 years of work experience. She started his career in 2005 with La Madera Tourism Investment Consultancy and conti nued as a licensed appraiser at Istanbul Real Estate Appraisal and Consultancy Inc. between 2006-2008 and TGD Appraisal Inc. between 2008-2010; Between 2010 and 2011, she worked as the General Coordinator and Istanbul Regional Manager at İdeal Real Estate Appraisal and Consultancy Company. She worked as the Project Valuati on and Consultancy Department Manager at EVA Real Estate Appraisal Consultancy Inc between the years 2012-2017.She has been acti vely working as a licensed appraiser at Aden Real Estate Appraisal Consultancy Inc. since July 2019Dergazaroğlu, who completed the undergraduate program of City and Regional Planning Department of Yıldız Technical University, holds the real estate appraiser license granted by The Capital Markets Board of Turkey and is a member of TDUB (Appraiser Associati on of Turkey).

Natali V. DERGAZAROĞLULicenced Appraiser

REFERENCES

KEFELİ – DEKORSELL ORTAKLIĞI

PROVINCE WE SERVENumber of appraiser 105

As Aden Appraisal, we provide many diff erent services throughout Turkey with our 105 specialists who come from very diff erent professional disciplines such as Public Administrati on, City and Regional Planning Business, Internati onal Relati ons, Accounti ng-Finance, Geodesy and Photogrammetry Engineering, Architecture, Landscape Architecture, Economics, Geological Engineering, Geodesy and Photogrammetry Engineering, Civil Engineering, Mathemati cs, City and Regional Planning, Physics Engineering, Fisheries Engineering, Geomati cs Engineering etc.

PROVINCE WE SERVECİTY NUMBER OF APPRAISERADANA 3

ADIYAMAN 1

AFYONKARAHİSAR 2

AKSARAY 1

AMASYA 1

ANKARA 7

ANTALYA 2

AYDIN 1

BALIKESİR 2

BATMAN 1

BOLU 1

BURSA 3

ÇORUM 1

DENİZLİ 2

DİYARBAKIR 1

DÜZCE 1

ELAZIĞ 1

ESKİŞEHİR 3

GAZİANTEP 3

HATAY 2

ISPARTA 2

İSTANBUL 14

İZMİR 8

CİTY NUMBER OF APPRAISERKAHRAMANMARAŞ 2

KARAMAN 1

KASTAMONU 1

KAYSERİ 2

KOCAELİ 3

KONYA 4

KÜTAHYA 1

MALATYA 1

MANİSA 2

MERSİN 3

MUŞ 1

NİĞDE 1

ORDU 2

OSMANİYE 1

SAMSUN 3

SİVAS 1

ŞANLIURFA 1

TEKİRDAĞ 3

TOKAT 1

TRABZON 2

UŞAK 1

YALOVA 2

ZONGULDAK 2

QUALITY CERTIFICATES

Issue date: 2266 JJuullyy 22001199 Valid until: 2255 JJuullyy 22002222 (Subject to adherence to the agreed ongoing programme, successful endorsement of certification following each audit and compliance with the terms and conditions of certification.) Original date of certification:

certifies that:

Aden Gayrimenkul Değerleme ve Danışmanlık Anonim Şirketi

İçerenköy Mah. Eski Üsküdar Yolu Cad. Umut Sk. Barış Apt . No:6/2 Ataşehir / İstanbul / Turkey

Real Estate Appraisal, Machine Equipment and Ship Appraisal, Feasibility Preparation and Consultancy Services. Assessed in accordance with the

statement of applicability, dated 01.08.2017 revision.01 (27001:2013)

IOF100 Rev 4.0

N° CN/18172IS

ISO/IEC 27001:2013

MMaatttthheeww WWeessttbbyy Operations Director UK

CERTIFICATE

SOCOTEC Certification UK Ltd - 6 Gordano Court - Serbert Close- Portishead - Bristol BS20 7FS

UNITED KINGDOM www.socotec-certification-international.com

operates a management system that has been assessed as conforming to:

for the scope of activities:

CGI-19102018-EN-UK

ISTANBUL (MAIN OFFICE)TEL: 0 216 380 23 36FAX: 0 216 380 23 37Kozyatağı Mah. Bayar Cad. Demirkaya İş Merkezi No: 97 / 21 34742 Kadıköy-İSTANBUL

ANKARA OFFICETEL: 0 312 925 75 50 FAX: 0 312 926 75 50 Aziziye Mah. Kuzgun Cad. No: 72 / 3 06690 Yukarı Ayrancı / Ankara