1. ALARKO REAL ESTATE INVESTMENT COMPANY ( 31.12.2006 )

2. ALARKO REAL ESTATE INVESTMENT COMPANY

11. Alkent İstanbul 2000

12. ALARKO REAL ESTATE INVESTMENT COMPANY Alkent İstanbul 2000 Entrance of Alkent İstanbul 2000

13. ALARKO REAL ESTATE INVESTMENT COMPANY Alkent İstanbul 2000 Marbella Sophistica Magnolia

14. ALARKO REAL ESTATE INVESTMENT COMPANY Lusia Alkent İstanbul 2000

15. ALARKO REAL ESTATE INVESTMENT COMPANY Etiler Alkent Shopping Center The Last Appraisal Date / Value: 15.12.2006 / 5.925.000 YTL ( 4.155.000 $ ) Purchase Date / Cost: 31.12.2004 / 4.200.000 YTL (3.129.424 $) 39 stores in Etiler Alkent Shopping Center

16. ALARKO REAL ESTATE INVESTMENT COMPANY Maslak Land The Last Appraisal Date / Value: 15.12.2006 / 28.445.000 YT (19.947.000 $) The Purchase Date / Cost: 30.04.2003 / 12.577.157 YTL (7.950.847 $) Maslak Mixed Use Development 2 parcels, 18.962 m², on the motorway of Şişli-İstinye Büyükdere and the land has a great commercial potential.

17. ALARKO REAL ESTATE INVESTMENT COMPANY Orhanlı Land 1 Parcel / area : 103.820,54 m 2 Location: İstanbul, Orhanlı Town near to Sabiha Gökçen Airport The Last Appraisal Date / Value: 28.12.2006 / 13.500.000 YTL (9.460.000 $) Purchase Date / Cost: 14.06.2006 / 11.420.260 YTL (8.008.400 $) 53.357,66 m 2 of 103.820,54 m 2 is construction area. Construction permit was taken on 15.12.2006 There is a project to construct 280 apartment flats and 20 villas.

18. ALARKO REAL ESTATE INVESTMENT COMPANY Hillside Beach Club The Last Appraisal Date / Value: 15.12.2006 / 52.205.000 YTL (36.610.000 $) Purchase Date / Cost: 21.04.2004 / 38.567.795 YTL (25.956.908 $) Holiday Village in Fethiye/Muğla

19. ALARKO REAL ESTATE INVESTMENT COMPANY Büyükçekmece / Eskice Terrain Golf Parcels Housing Parcel The Appraisal Date / Value: 15.12.2006 / 7.100.000 YTL (4.980.000 $) Purchase Date / Cost: 01.08.2001 / 204.982 YTL (154.924 $) 5 parcels, 819.272 m² The Appraisal Date / Value: 15.12.2006 / 7.100.000 YTL (4.980.000 $) Purchase Date / Cost: 01.08.2001 / 204.982 YTL (154.924 $) 5 parcels, 819.272 m² 5 parcels, 819.272 m² & 1 parcel, 239.466 m². There is a project to construct 63 villas on the parcel of 239.466 m² and another project to construct 18 hole championship golf course on the parcel of 819.272 m².