1. MASS PROPERTY VALUATION STUDIES IN TURKEY (LAND REGISTRY AND CADASTRE MODERNIZATION PROJECT)

2. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY Number of Parcels : 56.210.005 Number of Indvidual Units : 15.159.941

3. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY Land Registry and Cadastre Modernization Project 1 Cadastre and Land Registry Renovation and Updating 2 Improved Service Delivery 3 Human Resources and Institutional Development 4 Property Valuation 5 Project Management

4. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY MAMAK FATIH PILOT AREAS 54.021 Parcels 55.073 Parcels

5. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY TAKBIS + MINI SURVEYSMUNICIPALITIESFIELD WORK RELEVANT PUBLIC INSTITUTIONS SINGLE VALUATION REPORTS DATA SOURCES

6. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY DATA COLLECTION PILOT IMPLEMENTATION ANALYSES TKGM VALUATION TEAM TKGM VALUATION TEAM CONTRACTORS

7. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY FATIH CONTROL TEAM TKGM VALUATION TEAM MAMAK CONTROL TEAM DATA QUALITY CONTROLS

8. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY DATABASE DESIGN

9. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY DATA ENTRY USER INTERFACE

10. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY NeighbourhoodParking AreaNumber of BathsDistance to Cultural Areas Street/Road Is it in a Building Complex? Does it have a Balcony?Distance to Sea* Development Status of the Region Facility Management Is the Living Room Independent? Distance to Recreational Areas Location of ParcelNumber of FloorsArea Per ShareDistance to a Main Road SlopeHeating SystemDistance to City CentreDistance to a Bus Stop Street WidthOn Which Floor Distance to an Elementary School Distance to a Metro Station Earthquake* Location of Individual Unit Distance to a High School Distance to a Metrobus Station * Occupancy Permit Direction of Individual Unit Distance to a University Distance to a Tramway Station * Does it have Road Frontage? Number of Directions of Individual Unit Distance to a Supermarket Distance to a Marmaray Station * Building AgeNumber of RoomsDistance to a Bazaar Distance to a Suburban Train Station** Physical Status of Building Gross Indoor Area Distance to a Shopping Centre Distance to Shanty Settlements** Exterior MaterialGross Outdoor AreaDistance to a Mosque Distance to Garbage Dump** Does it have an Elevator? Gross Area of the Storeroom/Coal Cellar Distance to a Hospital

11. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY ResidentialCommercialLand FATİH2.702262- MAMAK2.722-691 ResidentialCommercialLand FATİH2.447242- MAMAK2.372-367

12. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY FATIH PILOT MAMAK PILOT Number of Parcels: 1.443 Number of Individual Units: 21.118 Number of Parcels: 1.627 Number of Individual Units: 29.612

13. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY Distance to Metro Station Distance to Mall % 93 Distance to City Center % 81 Distance to Hospital % 78 CORRELATION ANALYSIS

14. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY Number of Rooms Gross Surface Area % 70 CORRELATION ANALYSIS

15. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY MODEL BUILDING

16. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY Multiple Regression Analysis - MRA Artificial Neural Networks - ANN Decision Trees Linear Model MODEL BUILDING

17. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY Num. of Variables Success Average St. Deviation Multiple Regression Analysis 1982,52%14,4% Artificial Neural Networks 3980,40%16,28% Decision Trees (CHAID)1780,81%15,7% Linear Model 2583,10%13,58% FATIH

18. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY Num. of Variables Success Average St. Deviation Multiple Regression Analysis* 1986,4%11,1% Artificial Neural Networks 3885,45%11,8% Decision Trees (CHAID)1585,5%12,5% Linear Model* 2083,17%14,0% MAMAK

19. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY FATIH TAX REVENUES? FATIH TAX REVENUES? MAMAK TAX REVENUES? MAMAK TAX REVENUES? FATIH TRANSACTION FEES? FATIH TRANSACTION FEES? MAMAK TRANSACTION FEES? MAMAK TRANSACTION FEES?

20. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY TOTAL VALUE: 915.793.129,00 TL TOTAL VALUE: 915.793.129,00 TL TOTAL TAX (0,2%) 1.831.586,26 TOTAL TAX (0,2%) 1.831.586,26 TAX VALUES ESTIMATED VALUES TOTAL VALUE: 2.693.626.192,14 TL TOTAL VALUE: 2.693.626.192,14 TL TOTAL TAX (0,2%) 5.387.252,38 TL TOTAL TAX (0,2%) 5.387.252,38 TL x 2.9 FATIH RESULTS for 16.845 Individual Units FATIH RESULTS for 16.845 Individual Units

21. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY TOTAL VALUE: 872.906.000,00 TL TOTAL VALUE: 872.906.000,00 TL TOTAL TAX (0,2%) 1.745.812,00 TL TOTAL TAX (0,2%) 1.745.812,00 TL TAX VALUES ESTIMATED VALUES TOTAL VALUE: 1.640.881.703,19 TL TOTAL VALUE: 1.640.881.703,19 TL TOTAL TAX (0,2%) 3.281.763,41 TL TOTAL TAX (0,2%) 3.281.763,41 TL x 1.8 MAMAK RESULTS for 15.037 Individual Units MAMAK RESULTS for 15.037 Individual Units

22. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY TOTAL VALUE: 160.195.700,00 TL TOTAL VALUE: 160.195.700,00 TL TOTAL FEE (4%) 6.407.828,00 TL TOTAL FEE (4%) 6.407.828,00 TL TAKBIS VALUES (OFFICIAL REGISTERS) ESTIMATED VALUES TOTAL VALUE: 400.949.315,98 TL TOTAL VALUE: 400.949.315,98 TL TOTAL FEE(4%) 16.037.972,64 TL TOTAL FEE(4%) 16.037.972,64 TL x 2.5 FATIH RESULTS for 2.530 Individual Units FATIH RESULTS for 2.530 Individual Units

23. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY TOTAL VALUE: 483.780.128,94 TL TOTAL VALUE: 483.780.128,94 TL TOTAL FEE (4%) 19.351.205,16 TL TOTAL FEE (4%) 19.351.205,16 TL TAKBIS VALUES (OFFICIAL REGISTERS) ESTIMATED VALUES TOTAL VALUE: 1.016.525.029,33 TL TOTAL VALUE: 1.016.525.029,33 TL TOTAL FEE(4%) 40.661.001,17 TL TOTAL FEE(4%) 40.661.001,17 TL x 2.1 MAMAK RESULTS for 9.315 Individual Units MAMAK RESULTS for 9.315 Individual Units

24. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY TAX REVENUES FATIH 2.9 MAMAK 1.8 TRANSACTION FEES FATIH 2.5 MAMAK 2.1

25. March 2015 - WASHINGTON D.C. - USA GENERAL DIRECTORATE of LAND REGISTRY & CADASTRE TURKEY THANK YOU!…