The Turkish summary of the report ‘Istanbul on the World Stage,’ prepared for the real estate services and investment management, was shared with the public. According to the report, Istanbul has been the most improved Emerging World City over the past five years thanks to its development as a trusted financial center, playing host to innovation and trade, and infrastructure improvements. Examining Istanbul in terms of many criteria such as its global competitiveness and commercial real estate environment, the report also stated that its economic fundamentals are stronger than many of its global peers. A HUB IN THE AVIATION The report’s important highlights were listed as follows: A unique cultural identity and extraordinary vibrancy support Istanbul’s position among the world’s top five visitor destinations, although it is vulnerable to security threats. Global connectivity is improving rapidly, and the city is now the world’s fastest-growing air passenger hub. Expansion of the city’s infrastructure is transforming Istanbul and playing a key role in its economic dynamism. An ambitious infrastructure pipeline, which includes metro line extensions, a third bridge, and a third airport, augurs well for future growth and offers a means to spread and shape development.” FUNDAMENTAL CHANGE The report “Istanbul on the World Stage” recorded that the newly emerging infrastructure projects changed the Istanbul real estate market’s spatial layout fundamentally. The report also stated that by the end of the current development cycle the city was likely to be home to over 5 million square meters of modern retail space including several truly world-class shopping malls; close to 7 million square meters of Grade A commercial office space including new business districts such as the Istanbul International Financial Center; around 9.5 million square meters of modern logistics space (across the Greater Istanbul area including Kocaeli); and in excess of 56,000 hotel rooms in over 500 graded hotels. THE KEY TO SUSTAINABLE SUCCESS The report noted that real estate is a component of the success and stated that Istanbul must provide the infrastructure and environment for activities that facilitate creativity, innovation, and entrepreneurship while protecting the city’s cultural identity. The report emphasized that this could be achieved with transparent real estate practices such as market tracking, performance measurement, regulatory oversight and transaction processes, liquidity and openness to international capital, preserving Istanbul’s uniqueness, fostering innovation and sense of community, responding to the need for a healthier and sustainable environment and providing high-quality, affordable and accessible housing. A PURCHASING POWER OF USD 400 BILLION Istanbul’s economic size as calculated according to its purchasing parity reached USD 400 billion. Also, the city was ranked, according to the Commercial Attraction Index, among the world’s top 20 business centers.

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Istanbul World Trade Center (IDTM), an Istanbul Chamber of Commerce subsidiary, launches Turkey’s largest fairground investment. IDTM will construct Turkey’s and the region’s largest project with a 500-million-dollar investment. Istanbul Expo Center currently has a 65,000-square meter area and its size will reach 700,000 square meters with new construction. 300,000 SQUAREMETERS The new fairground investment is scheduled to be completed in three phases. Initiated last October, the giant investment’s 300,000 square meter section will be allocated to fairgrounds. On the other hand, the 35,000-square meter section will accommodate a wellness center which will serve customers 365 days with a shopping mall, restaurants, and cafés. The new fairground will be Leed-certified and constructed in an entirely human- and nature-friendly way with an efficiency level meeting ‘green building’ standards. GIANT COMPLEX The new fairground will be within a giant complex including IDTM’s business center, the WOW Hotels and WOW Convention Center. The project aims to transform Istanbul into Europe’s most sought-after expo, meeting, and congress city as well as taking Turkey to the top league in fair organizations. BUSINESS TOURISM Turkey now makes itself heard not only with its sun and sea but also with historical, cultural, and congress tourism. The importance of congress and expo tourism grows steadily in a period of hardship experienced by the wider tourism industry. IDTM assumes a major role at this point. The Istanbul Expo Center, which hosts thousands of exhibitors and millions of visitors every year, reveals the IDTM’s importance in business tourism along with bilateral business meetings that bring together international investors or exporters with potential stakeholders in Turkey. HERE IS THE NEW FAIRGROUND One 6,000-person congress hall Four 50-person meeting rooms Three 1,800-person catering facilities 15 management rooms Press center Four simultaneous interpretation rooms Three storage rooms One 7,265-car parking garage One 300-car parking lot CONGRESS TOURISM BRINGS A USD-2500 PER CAPITA EXPENDITURE Quality infrastructure and superstructure investments are a must for Congress tourism. Therefore, the role assumed by IDTM is of great importance. Spending per person in coastal tourism comes in at USD 700-800, whereas it goes up to USD 2000-2500 in congress tourism. To date, over 2.4 million people have visited Turkey for conferences, seminars and trade fairs. And the congress tourism revenues have exceeded USD 2.5 billion. This demand has moved Turkey and Istanbul to the 21st and 9th places, respectively in the world. Turkey also ranks as one of the top 8 countries in Europe.

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Istanbul, the city of history, culture and trade, has also proven itself as an eminent hub of sports within Europe thanks to the large scale investments in the last few years. Nominated as the 2012 Sports Capital of Europe, the ancient city of İstanbul has also hosted many sporting events including Formula 1, MotoGP, Champions League Final, UEFA League Final, World Basketball Championship, World Tennis Championship, Chess Olympiads, World Track and Field Championships, European Short Course Swimming Championship and Euroleague Final Four. These events helped enhance the venue stock of the city in terms of both sheer numbers and the average age of the facilities. These days, sporting venues particularly in branches like soccer are edgier than even the European examples, with new, arena-like facilities added for track and field. These investments undertaken in the last ten years exceeded USD 2 billion in total cost, and new projects are already underway thanks to the efforts of sports clubs and municipal authorities. ABDİ İPEKÇİ ARENA Based in Zeytinburnu district of Istanbul, this sports facility is the country’s third largest by capacity (15,000) after Sinan Erdem and Ülker Sports Arena. Since its inception in 1979, the venue has undergone many renovations. Abdi İpekçi Arena hosted 2001 European and 2010 FIBA World Basketball Championships. It is also the home base for Men’s Basketball Super League Teams Anadolu Efes and Galatasaray Odeabank as well as Women’s Basketball Super League Team, Galatasaray. Apart from basketball, Arena also served as the venue for 2009 European Short Course Swimming Championship and 2004 Eurovision Song Contest. SİNAN ERDEM Built in 2010 with a USD 47 million investment, Sinan Erdem Sports Center is located in Bakırköy. It has capacity for 16,500 and 22,500 people for sports events and concerts/art activities respectively. It is as such the largest sports facility in Turkey, and third largest in Europe. It also served as the Turkey Basketball League and Euroleague home base for Anadolu Efes and Fenerbahçe Ülker between the years 2010-2012. Facility was also the venue that hosted 2012 Short Course Swimming Championship. ÜLKER SPORTS ARENA Completed in 2012 with a USD 200 million investment, Ülker Sports Arena draws attention as a major sports complex in Turkey. Fenerbahçe International Sports Complex Ülker Sports Arena is a multi purpose indoor sports facility in the Ataşehir district of İstanbul. It can accommodate 15,000 spectators for basketball games, other indoor sports activities, concerts, stage shows, conferences and special events. GARANTİ KOZA ARENA Built as the largest tennis and sports academy in Turkey, Garanti Koza Arena accommodates 63 tennis courts, of which 28 is indoor; and an 8,000 people facility to host various sports events. Announcing its grand opening as the proud host of “7th TEB BNP Paribas Istanbul Cup” in 2013, KOZA World of Sports Arena responded to a great need of İstanbul and Turkey as a major tennis venue. Constructed by Garanti Koza, KOZA World of Sports Arena managed to claim its ranks as a world class sports facility. In addition to the 8,000 people capacity main court with retractable roof, the facility offers 2 clay courts increasing total spectator capacity to 9,500. The complex overall has 63 tennis courts and facilities for swimming, basketball, volleyball, and soccer. ISTANBUL PARK Istanbul Park is a world class racing track that served also as the home of Formula 1. With 2.215 million m2 total area, Istanbul Park has capacity for approximately 150,000 people. 4 SOCCER PITCHES In addition to facilities for amateur sports, İstanbul also has 4 soccer pitches used for international tournaments and organizations: Atatürk Olympic Stadium, Vodafone Arena, Şükrü Saracoğlu Stadium and Türk Telekom Arena, in total costing USD 400 million. These 4 stadiums are the home base for games of the top 3 three soccer clubs in Turkey. These facilities hosted many international organizations. Istanbul Atatürk Olympic Stadium was built as part of national efforts in preparation for the Turkish Olympic bid. Serving track and field athletes and soccer teams, Atatürk Stadium was also the venue for the Champions League with 75,000 spectators. The most recently built of the four stadiums is the Vodafone Arena. Construction was completed last year and the total cost of the project was TRL 150 million. Şükrü Saracoğlu Stadium, a great facility at international standards, hosted the UEFA Cup. Galatasaray’s 50,000 people Türk Telekom Arena is one of the most important sporting facilities in İstanbul. UPWARDS AND ONWARDS IN ANATOLIA The investments in Anatolia are going on strong and will take Turkey to the European League Top 5 in terms of soccer stadium capacity. Projects currently under construction have total capacity for approximately 30,000 and expected to cost TRL 3.5 billion. Sivas Ongoing stadium construction in Sivas has capacity for 25,000 people. Trabzon The large scale stadium project by the shoreline has capacity 42,000 spectators. Eskişehir When complete, the stadium in Eskişehir will be able to accommodate 33,000 people. Gaziantep Gaziantep stadium will have a capacity of 33,000 people.

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StrategIcally located between Asia and Europe, Turkey plays an important role in global trade. It also is a major European hub with its large scale transport projects. With planned year end completion of many transport projects, international investors will have even better means to benefit from the strategic positioning of Turkey at the crossroads of global trade. ISTANBUL IZMIR HIGHWAY The first stage of Turkey’s 2023 target projects is already underway. The 40 kilometer Altınova-Gemlik phase of the 433-kilometer-long İstanbul-İzmir Highway as it is largely known among public, (officially called the Gebze-Orhangazi-İzmir Highway) is operational as of July 2016. The highway stretches from Yalova, Bursa, Balıkesir, Manisa, Kütahya through to İzmir. Servicing a geography that is home to some 38 million inhabitants, the project allows for much shorter drive time from İstanbul to major cities of Bursa (1 hour), Izmir (3 hours), and Eskişehir (2.5 hours), overall reducing travel times from İstanbul to Southern Aegean Region and Antalya. The major landmark within the project, the Osmangazi Bridge, is the fourth-longest suspension bridge in the world by the length of its 1550 meter central span and 2682 total length. It consists of 113 deck slabs. WORLD’S WIDEST BRIDGE: YAVUZ SULTAN SELİM Constructed on the Bosphorus Strait as part of the Northern Marmara Highway Project, the 10-lane Yavuz Sultan Selim Bridge is expected to be world’s widest bridge, with 4 lane motorway traffic planned at each direction plus 2 lanes for railway travel. Total cost of the 120-kilometer-long bridge is estimated as USD 3 billion. The bridge is first of its kind thanks to the co-located railway decks and is a record-breaker with its 322-meter tower height and 59-meter width. Yavuz Sultan Selim Bridge will have 1408-meter span and 2164-meter length and will be world’s longest combined railway-motorway suspension bridge. Yavuz Sultan Selim Bridge will open at end of August. EURASIA TUNNEL The Eurasia Tunnel (Istanbul Strait Tube Tunnel) is a road tunnel under construction in Istanbul, crossing the Bosphorus strait under the sea. The project's completion is expected by 20 December 2016. The 5.4 km (3.4 mi) double-deck tunnel will connect European and Asian parts of Istanbul on a 14.6 kilometer route. It will cross the Bosphorus beneath seabed, with the aim to alleviate Istanbul’s traffic load. Providing employment opportunity for for 1800 workers, project will make a TRL 560 million economic contribution and generate TRL 100 million for the treasury. Project is planned to reduce carbon emissions by 82 tons and ensure fuel savings of TRL 38 million. BAKU- TBILISI- KARS RAILWAY Also known as the the “Iron Silk Road”, Baku- Tbilisi- Kars project is expected to be complete by year end. This is the third big project undertaken by a consortium of the three countries following Baku- Tbilisi- Ceyhan and Baku- Tbilisi – Erzurum branches and will have transport capacity of 1 million passengers and 6.5 million tons’ freight. It is planned that the project capacity will increase to 3 million passengers and 17 million tons’ freight by 2034. LARGEST OF ALL: ISTANBUL 3. AIRPORT With 150 million expected passenger capacity upon completion, Istanbul 3. Airport is set to go for the world number one as a global aviation hub. Planned on a 76 million m2 land and phased out in 4 stages, the airport will have 6 runways and total construction cost of the project will be EUR 10.2 billion. Further enhancing İstanbul’s strategic eminence, the airport is already listed as the largest project in Turkey’s history. With Phase 1 planned to go live in February 2018, the airport is expected to provide employment for 120 thousand people. THE FIRST THREE-STOREY TUNNEL BENEATH SEA We reached the tender process in the “Three-storey Great Istanbul Tunnel Project,” which aims to relieve Istanbul’s traffic. Deep drilling will be applied both on land and in sea to identify ground data as part of the due diligence, project design, and engineering services. The yearly budget stands at 7.5 million Turkish liras whereas the total phase has a total cost of 35 million Turkish liras. Engineering projects are scheduled to be completed in one year after the tender process. The tunnel will pass under the Istanbul Strait, and accommodate both a main road and railroad in one single tube. It will have a two-way railroad in the middle and two-lane road on the top and bottom for the travel of rubber-wheeled vehicles. Representing firsts in the world with its size and scope, the project will also be integrated with nine metro lines, the TEM Motorway, E-5 Highway, and North Marmara Motorway. The tunnel will make it possible to travel from the European to the Asian side in 40 minutes through the 31-km long high-speed metro, which consists of 14 stations. 6.5 million daily passengers are expected to benefit from the line. MOUNTAINS TO BE CROSSED FOR TRADE OVIT TUNNEL When completed, the Ovit Mountain Pass will connect Rize and Erzurum as Turkey’s and Europe’s first and the world’s second longest double-tube highway. Upon completion, the Ovit Tunnel will result in a road that is open throughout year shortening the distance to 3.8 kilometers. The tunnel is expected to make an annual economic contribution of TL 60 million to the region with a length of 17.3 kilometers together with the linking roads. CANAL ISTANBUL The Canal Istanbul Project will lead to two strategically important Istanbul Straits, which connect the Black Sea with the Marmara Sea and then the Aegean Sea with the Mediterranean. Preparations for the project have been completed, and pre-implementation activities are still under way. New attractions will be built around the Canal. The project will connect Küçükçekmece and Arnavutköy on the European side turning Istanbul into a city where two seas pass through. The 24-meter deep, 40-kilometer long and 200-meter wide Canal will be built mainly on public lands. The project will shift the already busy passages from the Bosphorus strait to the new alternative. The Canal will also have six bosphorus bridges over it. JAPAN TO BE OVERTAKEN: ÇANAKKALE 1915 BRIDGE Çanakkale 1915 Bridge is another giant project to be kicked off this year. Feasibility studies are under way for the construction of one of the world’s longest suspension bridges. With a tower span of 2,000 meters, the bridge is expected to outpace the Akashi Kaikyo Strait Bridge in Kobe-Hyogo as the world’s longest bridge. TUBE TUNNEL IN THE GOLDEN HORN Projects become increasingly valuable along the historical peninsula’s inlet, which is known as the Golden Horn throughout history. The Unkapanı Highway Tunnel Project will connect the historical peninsula to Şişhane, Kasımpaşa, and Karaköy districts over Unkapanı. Land transportation on these lines will be fulfilled with a tunnel bridge built completely under water. The underwater bridge will appear at a depth of 8.5 meters below sea level and installed on the piles inserted to the sea bottom. The tunnel will be 900 meters long and will have three lanes in both directions. Water flow will be resumed when the construction is taken below water removing the current blockage. The tunnel project in Unkapanı will improve the Golden Horn shores leading to new recreational and green areas. As the current bridge will be removed with the completion of the tube tunnel project, pedestrian access will be ensured through decks from Karaköy to Kasımpaşa to Hasköy, and there will be occasional floating docks. Floating docks will be built with a foldaway feature and therefore enable marine transportation to shipyards.

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‘WE WILL NOT GIVE UP ON INVESTMENTS’ President Recep Tayyip Erdoğan: We continue to get stronger. Now we are going to create a public fund. We have many resources to transfer into this fund including those for privatization and public services. On August 26, we will inaugurate the Yavuz Sultan Selim Bridge. The high-speed train is one of the other projects. We will unveil the Eurasia Tunnel. We have the Canal Istanbul project. We will pass the Dardanelles through a bridge. I would like to underline that the state of emergency is a measure against the terror threat one that will ensure the protection of democracy, the rule of law as well as fundamental rights and freedoms. Economic players within and outside the country need not have the slightest reservations or hesitation about the application of a state of emergency. Let me say this clearly: Turkey will continue its economic reforms uninterruptedly including primarily incentives for increasing savings. There is no shortage of liquidity in the market; nor will we experience it later. ‘TURKEY WILL CONTINUE ITS PROGRESS’ Grand National Assembly Speaker İsmail Kahraman: Democracy will continue in Turkey. Hopefully, we will soon fix this scar. The nation will not let them divide their homeland. No one should immature dreams, nor swim in imagination. This picture proved that once again. We have a glorious history, and we have a mission. We are Turkey. We will not let them divide us. Nor can they change the system in one “go”. Democracy will be preserved while Turkey will continue to progress in its path going further. ‘INVESTORS SHOULD HAVE NO HESITATION’ Prime Minister Binali Yıldırım: Turkey has a robust economy and resources. Foreign investors are confused. We tell global investors, “Maintain your long-term investments. We are removing the barriers in front of you.” We will apply special interests for investments priority areas and compensate for any difference from the State Loan Guarantee Fund. Two companies issued 200-million-dollar bonds after the coup attempt. Foreign investors acquired 40% of this. This shows that: “We see continued confidence in the Turkish economy.” ‘JULY 15 SAW A NEW TURKEY EMERGE’ Leader of CHP Kemal Kılıçdaroğlu: Turkey is a strong nation. Republic of Turkey is a strong republic. We have all the strength and potential we need to overcome our problems. We will stand up for our country all the way. July 15 is significant in another way as well: July 15 opened up a way for consensus. July 15 saw a new Turkey emerge. If we can enhance this consensus culture, we will have a chance to leave a better Turkey for our children. ‘WE WILL GROW WITH DEMOCRACY’ Leader of MHP Devlet Bahçeli: We will not allow a new interregnum in this land of culture and civilization. Democracy is the answer; democracy is the solution of all problems. Republic of Turkey has the determination, competency and strength to fight off all evil. We will grow by defending democracy. Compromising on democracy means breaking away from our future and independence. Nationalist Movement Party is against and all non democratic means and attempts.

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