M A N N E S M A N N A.S / REAL ESTATE AND PROJECT APPRAISAL REPORT Bodrum/MUĞLA

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1 M A N N E S M A N N A.S / 2019 REAL ESTATE AND PROJECT APPRAISAL REPORT Bodrum/MUĞLA

2 EXECUTIVE SUMMARY The property subject to appraisal and its use: The real estate of land type without any building on in effect. Location and address of the real estate: Muğla İli, Milas District, Kıyıkışlacık mahallesi, 361 ada 4-5 parcels, 554 ada 2, 556 ada 1, 578 ada 1, 560 ada 1, 568 ada 1 parcels Appraisal Methods Used : Market Sales Comparison and Development Approach methods were used in the appraisal. Study description : The appraisal of net present value of the Geriatric Center project to be developed on the parcel subject to appraisal based on the breakdown of areas obtained from Asm Otelcilik İnşaat Taahhüt Ve Dış Ticaret Limited. Report Requested by : Mannesmann Construction Hotel Management and Tourism A.Ş Title deed data : Real estate in the form of "land" registered on the parcel of Muğla Province, Milas District, Kıyıkışlacık District, Karaburun District 361, island 4-5, 554 island 2, 556 island 1, 578 island 1, 560 island 1, 568 island 1. Zoning Status : For detailed information about detailed zoning status, please see Real Estates Zoning Status of this report. THE VALUE APPRAISED FOR SUBJECT REAL ESTATES AS OF ; USD Net Present Value of Geriatic Center Project Appraised by Project Valuation Approach Total Value of Land by Sales Comparison Approach;* * The total land value appraised for 7 parcels Overall, Social and Economical Data about Turkey Demographic Data The population of Turkey has been announced as 77,695,904 based on the results of Address- Based Population Registration System 2014 Population Census. In 2014, the population residing in Turkey has increased by 1,34% compared to previous year. In Turkey, urban population (resident in province and district center) is 71,286,182, and rural population (resident in counties and villages) is 6,409,722. Three largest cities in the country and their city center populations are given in table below: ProvincePopulation Population (City Center) Population Density(Residents/sqkm.) İstanbul % Ankara % İzmir % In Turkey increase of the population in cities very much comparing with rural areas. The ratio of the population in cities has been significantly rised in recent 20 years. Population ratio in the cities among the country by years is as follows: Year Ratio of the Urban Inhabitants Among the Country ,00% ,90% ,30% ,28% ,75%

3 The Turkish population has a young population distribution. Median age of 30.4 in 2013, 2014 Compared to the previous year. More than half of the population is over 30 years old is small. The distribution of the population in the country to the age groups is as follows Age Groups Percentage 0-14 years 24,3% years 67,8% 65 and older 8% Population density of residents per sqkm, across Turkey and by provinces, is given in table below. For the country in overall the population density being 101 residents/sqkm in 2014, it varies between 12 and 2,767 residents/sqkm by province. The most highly concentrated provinces are as follows: City Istanbul Kocaeli Izmir Turkey Average Population Density 2,767 residents/sqkm. 477 residents/sqkm. 342 residents/sqkm. 101 residents/sqkm. 1 For these provinces, entire population was included in the City Center as of the year This ratio rose as the entire populations of some of the provinces, was included in the City Center as in the year Tourism Data Analysing the tourists that have entered the Turkey in recent 10 years; foreign tourist number increase 99%, local tourist number increase 76%. In year 2013 the foreign tourist number calculated as 34,9 million and the local tourist number increase to 12,5 million. Mostly visited by the citizens of the nations; Germany, Russia, Great Britain, Georgia, Bulgaria, Netherlands, Syria, Iran, France and USA. Turkey has the 6th place among the most visited countries in the world. Economic Data In recent 4 years, Turkey has demonstrated a continuous economic growth. In the year 2013, major development such as the elimination of the hindrances preventing real estate sales to foreigners increasing the sales volume to international investors in comparison to the previous year, the upgrade of the credit rating of Turkey by international rating institution and mortgage loan rates reaching to lowest levels in recent years have contributed to the growth in real estate and construction sectors. Such developments having a positive impact on the sales of housing project have also led to a growth in mortgage loan volume in the sector and an intensive restructuring of loans. Nevertheless, loan rates have increased relatively and the growth in loan volume slowed down in the 2nd half of the year Increasing political and economic tension in parallel to the global developments in the last quarter of the year 2013 have gradually affected the real estate sector causing it to enter into a slowdown. Despite the increase in the last quarter, foreign direct capital investments for the entire year have lagged behind the previous year. Foreign direct investments from Middle East countries were seen to increase whereas those from European countries have decreased. On the other hand, Turkey has been growing without interruption in last 4 years. The figures of the year 2013 seem better than in the year 2012.

4 Years EconomicGrowth ConstructionSector Growth ,16% 18,30% ,77% 11,50% ,17% 0,60% ,00% 10,90% st Q 4,30% Mortgage Loans Analysing the process of recent 5 years, the year-end procedure of the bank rate for mortgage loan has been calculated 0,79% in year 2010 and it has been increased 0,90% in year 2013, and it has been increased 1,13% in the 1st quarter of In comparison of the extended credits by years; in year 2010 it has been increased 13%, in year 2011 it has been increased 26%, in year 2012 it has been increased 13% and in year 2013 it has been increased 22% The year-end procedure in the 1st quarter of year 2014 among the recent 1 year rated that the cumulative exchange increased 20% for the mortgage loan from April 2013 to April In comparison of the extended credits for mortgage loans for the 1st quarter of the recent three years, the sector has a expansion of 2,07% in year 2012, 9,36% in year 2013, 2,10% in year It is expected that the some of the sectoral laws regulated in 2013 will be affective on markets in short and medium terms. In accordance to the regulation of VAT at the beginning of the year 2013, the VAT rate increased from 1% to 1%-18% and 18% for the dwellings that has smaller area than 149 sqm. Besides change in Zoning Plan Law is renewal for regulation of the sector. The new regulations in the law will be possibly affective on buying power and there will be extra cost. This could be affective in the market negatively. As the land costs are very much especially in big cities, it is problematic to construct purchasable dweelings for persons in middle-class. Ownership Information of the Real Estate Province Muğla Muğla District Bodrum Bodrum, Kyıkışlacık Locality Karaburun Surface Area ,69 m² ,64 m²- 877,26 m² ,34 m² ,00 m² ,60 m² ,70 m² Total ,20 m² Parcels 361/4-5, 554/2, 556/1, 578/1, 560/1, 568/1 Main Estate Type Land Land Owner-Share Asm Otelcilik İnşaat Taahhüt Ve Dış Ticaret Limited Restrictions Data for the Property The examination of the appraisal expert on the title deed records of the concerned immovable was performed for the purpose of the determination of the rights in rem that constitute the ownership of the concerned property and the limitations imposed on the said rights. According to the information accessed on at from the Land Registry and Cadastre Information Portal System, following encumbrances exist mutually on the subject properties; island 14 parcels are m2 land type and they are in the Tourism Facility Area. E: island 5 parcels are m2 in size and in the daily facility area Is staying. E: island 2 parcels are m2 land type and stay in the daily facility area. E: island 1 parcel is m2 land type and it is in the Tourism Facility Area. E = island 1 parcel is m2 land type and it is in residence area. The precedent is 15%, the floor is 15% and the total is 30% island 1 parcel is in the area of m2 land and is in the residence area.the precedent is% 15 floor% 15% and the total is% 30

5 7-568 island 1 parcel is M2 land type and it is required to approve 1/1000 Implementation Plan from Milas Municipality by making Revision Construction Plan according to the Coastal Law and regulations and also to approve the 1/5000 scale Reconstruction Plan from Muğla Metropolitan City Headquarters. Accordingly, the approximate G.T.A area is m2 E: It is probable that T.T.A Area will rise to 1980 m2. E: Parseller's accounts island 14 parcels belongs to m2 land and is located in the Tourism Facility Area. E: Total except for the basement floors: m2. All facilities mentioned in the Tourism Qualifications Directive can be made here island 5 parcels are m2 in size and stay in the daily facility area. E: Total m2 Daily Restaurant Café etc. All facilities such as open and closed can be done island 2 parcels are m2 land type and stay in the daily facility area. E: Total precedent: sqm. All facilities such as open and closed can be done islands 1 parcel is m2 land type and is located in the Tourism Facility Area. E: Total except for the basement floors: m2. All facilities mentioned in the Tourism Qualifications Directive can be made here island 1 parcel is in the area of m2 land and is in the residence area. The precedent is 15%, the floor is 15% and the total is 30%. Except for the total residential basement floors, the total floor area is m2 on the first floor and m2 on the first floor, totaling m2. Can be done island 1 parcel is in the area of m2 land and is in the residence area. The precedent is 15%, the floor is 15% and the total is 30%. Except for the approximate total basement floors, the floor is m2 on the first floor and the same floor is m2. Can be done islands 1 parcel is 14, M2 land type and after approval of 1/1000 Implementation Plan from Milas Municipality by Revision Construction Plan according to coastal law and regulations and after approval of 1/5000 scale Master Plan by Mugla Metropolitan Municipality, About GTA area: m2 E: Total m2 Daily Restaurant Café etc. All facilities such as open and closed can be done. The T.T.A Area is 1980 m2 and the E: Total except for the basement floors: 594m2. All facilities mentioned in the Tourism Qualifications Directive can be made here Project cost of investment a- Architectural Project Design (including municipality and implementation project) The entire project cost from the Municipality to the receipt of Building Permit is approximately USD (Except for registration fees and Official fees) b- Construction of 568 island 1 parcel development plan and acquisition of re-land tiles Approximately $ 55,000 for the transaction. (Except for registration fees and Official fees) c- The total construction area is 43,580 m2 in total and the investment cost is 1,250 USD / 4,375 TL / m2, it will be around 54, USD / 190,662,500 TL d- I believe that the sales value of the project will be 12,500 TL / 3571 Usd in total of 544, TL / Usd in m2. (1USD = $ 3.50)

6 Licenses and Permits Any building does not exist on the property subject to appraisal. Land Value Used as Based on Real Estate Tax Basis The real estate tax basis average unit land value has been set for the year 2015 by Bodrum Municipality Real Estate Service as TRY 99.80/sqm for the 7 parcels where the subject real estates are located Distances from the Project Area to Key Locations Location Distance Bodrum- Muğla Highway (D 330) ~ 15,0 km. Muğla- Milas Airport ~ 44,0 km. Bodrum District Center ~ 25,0 km.

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14 MANNESMANN CONSTRUCTION PROJECTS 2018 / 1 BODRUM 2018 / 1