Turkish Real Estate Summit

SPEAKERS

AÇILIŞ KONUŞMALARI

BEKIR CUMURCU – Chairman of Real Estate Investment Companies GYODER
Bekir Cumurcu has been the General Manager and Vice Chairman of Nurol Real Estate Investment Company since its foundation in 1997 and held executive positions in the same group since 1992. He started his carrier as a Wall Street Research Assistant and continued in the Public Sector in Turkey. He worked at the Privatization Administration, Emlak Bank and Housing Development Administration in executive positions and served in the boards of various public and private companies. Mr. Cumurcu holds an MBA and an APC from New York University.

MURAT YALÇINTAŞ – İstanbul Chamber of Commerce, Chairman
Murat Yalçıntaş was born in 1965 in Istanbul. He has studied at the French Lycee Saint Joseph. Mr. Yalçıntaş has continued his education at the Bosphorus University in Faculty of Mechanical Engineering and got his master degree at Boston University, Brussels. He had two years of experience in one of the European Union’s institutions in Brussels as an expert and 3 years of experience in an international development bank as Project Officer. Mr. Yalçıntaş after returning to Turkey took several initiatives to establish companies in different sectors; such as telecommunication, casting, heating-air conditioning in which he is presiding. Murat Yalçıntaş is elected on March 15, 2005 as president of the İstanbul Chamber of Commerce. He is also member and co-founder of several social, cultural and economic foundations. Mr. Yalçıntaş speaks; French and English.

THE ISTANBUL CHAMBER OF COMMERCE - ICOC
The Istanbul Chamber of Commerce has been leading with the challenges for over 125 years, since its foundation in 1882, at a time when Istanbul was undergoing a rapid modernization in line with the Western economic norms. The Chamber with its 350.000 members advises on the risks and opportunities presented by the volatile conditions of the global economy. ICOC’ s target is to make Istanbul an international capital for commerce, finance, exhibitions and congresses through a member-oriented management approach. Some of the most important organizations in which ICOC is a leading member and business partner are: The International Chamber of Commerce, The Association of Mediterranean Chambers of Commerce and Industry (ASCAME), The Union European Chambers of Commerce and Industry (Eurochambers), United Nations Industrial Development Organization, The Southeast European Cooperation Initiative, International Automotive Spare Parts Sectors’ Union, The International Trade Center, The Economic Cooperation Organization. Each year, ICOC engages in various activities and organizes events concerned with commerce, economy and business life. Additionally, it supports education, art, culture and sports.

OSMAN BİRSEN - İstanbul Stock Exchage, Chairman
Osman Birsen was born in Ankara, in 1945. He earned his undergraduate degree in Economics and Finance from the University of Ankara in 1968. The same year, he started to work as Deputy Inspector at the Ministry of Finance. In 1971, he promoted to Inspector and later, Head Inspector and served at the Ministry of Finance until 1979. After completing his internship in United Kingdom, he was appointed as Deputy General Director of Banking and Foreign Exchange Department at the Undersecretariat of Treasury, Ministry of Finance. He also served as Chief Advisor to the Minister of Finance in 1980-1981. Between 1983 and 1986, he served as Financial Counselor to the Turkish Embassy in Washington D.C., USA. He returned to Turkey in 1987 and was appointed as the General Director of Public Finance at the Undersecretariat of Treasury and Foreign Trade, where he worked until 1989. During this period, he also assumed the position of member of the Board of Directors of the Turkish Electricity Authority (TEK). Between 1989 and 1993, he served as Deputy Permanent Representative of Turkish Delegation to the OECD in Paris. In October 1993, following his return to Turkey, he was appointed as Deputy Undersecretary to the Prime Ministry responsible of economic coordination. In April 1994, he was appointed as the Undersecretary of Treasury and Foreign Trade where he served until the splitting of the Undersecretariat into two divisions, namely, the Undersecretariat of Treasury and the Undersecretariat of Foreign Trade. Between 1995 and October 1997, he worked in the private sector. Mr. Birsen was appointed as the Chairman & CEO of the Istanbul Stock Exchange (ISE) in October 1997. Mr. Birsen is also the Chairman of the ISE Settlement and Custody Bank (Takasbank) and President of the Federation of Euro-Asian Stock Exchanges (FEAS). Mr. Birsen was re-appointed as the Chairman & CEO of the ISE in November 2002.

ISTANBUL STOCK EXCHANGE
In 1981, the Capital Market Law was enacted and one year later, the Capital Markets Board was established. In October 1983, the Parliament approved the Regulations for the Establishment and Operations of Securities Exchanges, which paved the way for the establishment of the Istanbul Stock Exchange (ISE), formally inaugurated on December 26, 1985.Currently, there are three markets operating at the ISE; the stock market, the bonds and bills market and the international market. The ISE provides a fair and transparent environment for trading of a wide variety of securities, namely, stocks, exchange traded funds, government bonds, Treasury bills, money market instruments (repo/reverse repo), corporate bonds and foreign securities. As of the end of 2006, 101 out of 110 members have been provided with remote access to the stock market trading systems. During the same period, the number of orders sent by members via Ex-API (Express Application Programming Interface) terminals reached 90% of all orders, with the number growing steadily. Trading on the bonds and bills market is already carried out remotely. In 1989, the foreign exchange regime was amended to allow non-residents to invest in Turkish securities, making the Turkish stock and bond markets open to foreign investors without any restrictions on the repatriation of capital and profits. The ISE was recognized as a “Designated Offshore Securities Market” by the U.S. Securities and Exchange Commission in 1993 and was designated as an “appropriate foreign investment market for private and institutional Japanese investors” by the Japan Securities Dealers Association in 1995. Likewise, the ISE has been approved by the Austrian Ministry of Finance as a regulated market in accordance with the regulations of the Austrian Investment Fund Act in 2000. As a result of all these developments, foreign investors now account for a substantial volume of daily trading and hold around 66 percent of the publicly-held stocks in their portfolios. The ISE currently owns 31.52% of the ISE Settlement and Custody Bank (Takasbank), 30% of the Central Registry Agency and 18% of the Turkish Derivatives Exchange (TURKDEX). On the international level, the ISE has participations in the Kyrgyz and Baku Stock Exchanges with stakes of 24.51% and 5.55%, respectively.

PROF. DR. MUSTAFA İSEN - Ministry of Culture and Tourism, Deputy Undersecretary
Upon graduating from the faculty, he taught in Istanbul and studied as a lecturer in Atatürk University. Through the Ministry of National Education, he was sent to the Oriental Languages Department of Belgrade University’s Faculty of Philology as senior lecturer. He served there until 1983. In the same year, he was assigned as assistant professor and upon his return to his homeland, he served as a lecturer in the Turkish Language and Literature Department of Atatürk University’s Faculty of Arts. During these years, he lectured on his specialty in the Turkish Language and Literature Department under the Faculty of Arts of Van Yüzüncü Yıl University, which was in a process of establishment. In 1988, he was nominated as an undersecretary in the Ministry of National Education. In the same year, he became an associate professor in the area of Ancient Turkish Literature and in 1989 he was assigned as an associate professor to the Turkish Language and Literature Department of Gazi University’s Faculty of Arts. He served as deputy dean of Faculty of Arts and the head of the Center for Learning, Practicing and Researching Turkish Language (G.U. TOMER). In 1994, he was appointed as a professor. He worked as the director of Social Sciences Institute in Ahmet Yesevi International Turkish-Kazak University and as the head of department in the Turkish Language and Literature Department of Gazi University’s Faculty of Arts. Successively, he became the dean of Gazi University’s Faculty of Arts (1997). In 2000, he was transferred to Başkent University and founded the Turkish Language and Literature Department. On December 17th, 2002, he was assigned as an undersecretary to the Ministry of Culture. Upon the unification of Culture and Tourism Ministries, on 17th June 2003 he was assigned to the Undersecretariat of Culture and Tourism Ministry. Prof. Dr. İsen has a number of published studies on Turkish Literature and Turkish Culture in the Balkans.

DR. KADİR TOPBAŞ* – Mayor of İstanbul Municipality
Kadir Topbas was born in Artvin / Yusufeli in 1945. He graduated from Marmara University- Faculty of Theology in 1972, and Mimar Sinan University-Department of Architecture in 1974. Topbas earned his Ph.D degree from Istanbul University-Department of Art History and Archeology, with a study on "Hidiv Kasrı and its place in Bosphorus civilian architecture". Topbas worked as an architect for many years. Between 1994-1998, Kadir Topbas worked as an adviser for Recep Tayyip Erdogan, when Erdogan was the Mayor of Istanbul Metropolitan Municipality. During this period, he contributed to the restoration of the municipal palaces-summer palaces and historic buildings. Topbas also served as the deputy director of Istanbul 1st Cultural Heritage Protection and Monuments Committee of the Ministry of Culture. Kadir Topbas became the Mayor of Beyoglu in 1999. During this period, he managed to implement the "Güzel Beyoğlu" ("Beautiful Beyoglu") Project. Within the scope of "Urban Transformation and Social Rehabilitation" studies (in which he drew the architectural project), Topbas put a gymnasium-educational and social facilities complex into service, in Kasımpasa. Topbas became a candidate for being the Mayor of Istanbul Metropolitan Municipality from AK Party in the 28 March 2004 Local Elections, and won with vast majority. He published "Beyoglu: Kültürleri Buluşturan Kent" ("Beyoglu: The City Which Brings Cultures Together") with Bilgi University, "Geçmişten Günümüze Beyoglu I-II" ("Beyoglu From Past to Present I-II") and "Anılarda Beyoglu" ("Beyoglu in Memories") with TAC Foundation. Kadir Topbas, who is a member of the supervisory board and trustee committe of TAC Foundation (Foundation of History and Environment), is married with three children.

KONUK KONUŞMACI

NURI ÇOLAKOGLU - Doğan Yayın Holding, Vice President
Nuri M. Colakoğlu has been working as a journalist & broadcaster and media executive since 1969. He has held positions in Turkey and abroad. He started his professional carrier with Turkish public broadcaster TRT and then worked for German news agency DPA, Swedish TV, German radio WDR, daily Aydınlık, BBC World Service and as Milliyet London bureau chief. Upon his return to Turkey he was appointed as the news editor of Milliyet, then moved to become the Deputy General Manager TRT. Since 1991 has been involved in launching a number of private TV channels - Show TV, Cine 5, NTV, CNBC-e, CNN Turk and Fenerbahce TV. He is currently Vice President of Dogan Media Group and the CEO of The Turkish Daily News – The English language paper of Turkey. He is involved in launching an entertainment channel in Romania in Romanian language for the Dogan Media Group. He is also the Chairman & CEO of his two private companies – Intermedia International Communications Inc and NMC New Media Company. He is involved in a number of NGOs – currently serving as the Chairman of TV Broadcasters Association of Turkey, Executive Board Member of Istanbul Arts & Culture Foundation, Executive Board Member of Istanbul Modern Arts Museum, Chairman of Education Committee of Turkish Businessmen and Industrialists’ Association, Executive Board Member of TEMA Turkish Environment Protection Association. He recently lead the civilian initiative to have Istanbul declared European Capital of Culture (ECOC) for year 2010 by the European Union as the Chairman, Executive Board of Istanbul 2010 ECOC Initiative. Istanbul has won the bid and is waiting for the official declaration by the EU.

DOĞAN YAYIN HOLDİNG
Doğan Group is made up of companies engaged in a variety of activities from media to financial services, industry to tourism and telecommunications to energy. With the vision and ability to embrace the future of global trends in business, the Group is one of the largest conglomerates in Turkey and, in every area of activity, possesses the capacity to achieve its goals through its universal vision and developing structure. The Doğan Group is made up of two holding companies: Doğan Şirketler Grubu Holding A.Ş. (composed of companies in financial services and banking, tourism, industry, trade and marketing) and Doğan Yayın Holding A.Ş. (composed of companies involved primarily in media and related businesses). Doğan Yayın Holding (DYH) is Turkey's leading media-entertainment conglomerate, with operations in newspaper, magazine and book publishing, television and radio broadcasting, printing and new media. DYH is uniquely positioned in the Turkish media to inform and entertain its target group as well as to enrich their lives and widen their horizons in innovative ways that will take them beyond the role of spectators and encourage their active participation.

1. OTURUM

TAVIT KOLETAVITOGLU – Y&Y REIT, Chairman
Born in Malatya in 1951 and 1973 graduate of Urban and Regional Planning Dept. of METU, Mr. Köletavitoğlu commenced his professional life in public sector. In 1980, he shifted to the private sector at managerial level and was involved in the management of major development projects (Four Seasons Hotel Sultanahmet, Robinson Select Club Maris, Port Göcek), In 1997, he founded Atlas Ltd. Co., that is active in land development and project management services. Presently, he chairs the Advisory Council of The Turkish Tourism Investors Association. In 2001, the readers of Para Magazine awarded him “the top Manager role in the Management Category” in Year’s Gold Man Contest.

Y&Y REAL ESTATE INVESTMENT TRUST INC.
Ihlas Real Estate Investment Trust Inc., founded in 1997 with an initial capital of 2 million YTL and went 49% public in 1999, has been taken over by Yesil Construction and Mr. Rudolph Younes on 4 October 2006. The name of the company, restructured under a new vision, has been changed to Y&Y Real Estate Investment Trust Inc. This partnership uniting international finance and construction power, points to a new era in real estate investments with projects increasing life quality and standards. Yesil Construction, providing international perspectives and innovative project insight to the real estate industry, and Mr. Rudolph Younes, a pioneer investment manager in the world, famous for his excellent success in the past 10 years, have purchased equal shares in the non-public 30.7% of Y&Y Real Estate Investment Trust. Operating according to the regulations of Capital Markets Board of Turkey, managing a portfolio of real estate, real estate projects and capital market instruments, having a public and transparent corporate structure, Y&Y Real Estate Investment Trust has an identity appealing to international investors. It is the first REIT in Turkey having a foreign managing partner.
Y&Y REIT is preparing to accomplish projects converting the potential in our country into real estate demand, with its powerful corporate structure, new management team and financial resources. It will be a popular REIT of the real estate industry and investors with innovative projects to be realized in the following period, and also fast and profitable growth performance.

A. FARUK GÖKSU - Kentsel Strateji- Founder Partner
A. Faruk GÖKSU is an urban planner who gives advisory services to the public, private sectors, local people especially for urban regeneration projects. He has several implemented public-private partnerships projects in Turkey. He was a general director of first public-private partnership company which was organized Orange Blossem Valley Project. He is a specialist to bring people, private and public sector for the project basis.
He is dealing with the new urban instruments such as the transfer of development rights, negotiation and community participation models and methods for the pilot projects especially in Anatolian cities in Turkey. He also gives lectures about urban regeneration at the university.

KENTSEL STRATEJİ CO.
Kentsel Strateji (Urban Strategy) provides advisory services to the public and private sectors and local people in the fields of land development, urban regeneration and urban development . It is currently involved in major urban regeneration projects in İstanbul and Anatolia.
The aim of Kentsel Strateji;
- to establish a dialogue with landowners to solve their urban problems,
- to create public, private partnership model for the realization of the projects.
- to attain sustainable housing settlement and its environment,
- to produce solutions for physical, social and economic development of communities,
- to design communities for a new way of life and new urban patterns,
- to create strategic development plan and action plans.

DR. SUHA OZKAN - World Architecture Community, Chairman
Suha Özkan was born in Ankara, Turkey, in 1945. He studied architecture at the Middle East Technical University (METU) in Ankara, and theory of design at the Architectural Association in London. Dr. Özkan has undertaken extensive research on the theory and history of architecture, design, vernacular form, and emergency housing, and has published numerous articles and monographs. At METU, he taught architectural design and design theory for fifteen years, and became associate dean of the faculty of architecture in 1978; he was appointed vice-president of the university in 1979-1982. He taught and lectured extensively in North America, Europe, Central-, South-, and Southeast Asia, and throughout the Middle East. He has served as a jury member for many architectural competitions, and as an external examiner for diploma and doctoral assessments at the schools of architecture of the universities of Paris, Lausanne, Zurich, York, Birmingham and Trondheim. He was instrumental in the establishment of the XXI Architectural Culture Centre in Ankara and publication of the centre’s journal entitled XXI. During May 2000, he served as a member of the jury for the architectural competition for the Martin Luther King, Jr., National Memorial in Washington, D.C. He chaired the Rolex Master Protégé Programme in Geneva and was a member of European Union Prize for Architecture. He was also a member of juries of many competitions in Bahrain, Saudi Arabia, and Dubai. With the Aga Khan Award for Architecture in Geneva, Dr. Özkan served as the Deputy Secretary General from 1983 to 1990. He was the Secretary General between 1990-2006. On behalf of the Aga Khan Trust for Culture, Dr. Özkan has organised two important international architectural competitions, for the Revitalisation of Samarkand, Uzbekistan (1991), and the New Museum of Islamic Arts in Doha, Qatar (1997) Doha Corniche Urban design Competition (2002). He also served as the professional advisor for the architectural competition for the new campus of the American University of Cairo, Egypt, during 1999. Between 2005-2007 he has been heCompetititon Manager for Kartal ve Küçükçekmece uner Istanbul Metropoliten Plannin Office. Ayrıca, he is managing project procurement processes for Troya Museum and four large land development schemes in Almay and Astana, Kazakhstan. In 2002, Dr. Özkan was elected as a Council Member (Region II) of the International Union of Architects (UIA) and was the President UIA’s XXII Congress to be held in Istanbul during 2005. He also chaired the Scientific Committee for the same event between 2002-2004. He holds honours from United States, Uzbekistan, Azerbaijan, Kazakhstan, Bulgaria, Russia, Syria, India and ex-Yugoslavia. In 2004, American Institute of Architects awarded him with the Medal of Honorary Fellow and Russian Union of Architects gave him their Gold Medal. Presently he is the Founding Chairman of World Architecture Community a Geneva and Istanbul based international consultancy company.

WORLD ARCHITECTURE COMMUNITY
WA Community is an independent global forum and extensive database targeting to become the “Home Page” of architects from ALL countries of the world. The main intention is to provide a showcase for the contemporary architectural practices in the world with special emphasis on the countries that are not sufficiently covered by international media.
After their collaboration for the organization of the UIA 2005 Istanbul World Congress of Architecture, Suha Özkan (Congress President) and Şefik Onat (Congress Administrator) decided to initiate this activity.
WA Community also offers consultancy in creating and developing concepts, doing researches, preparing feasibility reports and organizing architectural competitions for international architecture projects like museums and libraries under the project coordination of Suha Özkan.

HADİ TEHERANİ – BRT Architekten
Hadi TEHERANI a Dipl. Architect, has more than 22 years of professional experience in the architectural design of state-of-art offices, residences, shopping malls, hotels and industrial buildings of high-tech. His strong academic background which he has gained as a tutor at the Technical University in Aachen, Polytechnic Hamburg and Muthesius University in Kiel turned out to be the gorgeous monuments within the scope of numerous landmark projects in Germany, Dubai, Moscow and Turkey after he established worldwide BRT Architects / Hamburg in 1991 with his partners Mr. Bothe and Mr. Richter.
He was awarded several prizes with BRT. Some of the selected ones are;
- Architecture Award 2000 of the West Hyp-Foundation for Ideal Office Buildings, Double-XX Office Building, Hamburg, Recognition
- FIABCI Prix d’Excellence, 2001 Double-XX Office Building, Hamburg,
- NEPIX Building Award 2002, Berliner Bogen Office Building, Hamburg,
- MIPIM Award 2003, Berliner Bogen Office Building,
- RENAULT Traffic Design Award 2003, Special Category Train Stations, ICE-Train Station at Frankfurt Airport,
- BDA Hamburg Architecture award 2005, Deichtor Office Building, 1st prize,
- MIPIM Award 2007, Europa-Passage Shopping Centre, Hamburg
Mr. TEHERANI has been the member of the Free Academy of Arts Hamburg since 1999. He founded a design product company namely Hadi TEHERANI AG in 2003 and acquired a number of product design awards in textile flooring, carpet concepts, home & street furniture. Mr. TEHERANI recently founded Bosphorus Real Estate Development Inc. / Istanbul in the year 2005 in order to develop properties with the best usage concept and financing model at prime locations in Turkey and abroad.

MUSA YETIM - Istanbul Konut INC., General Manager
Following his graduating from Ataturk University in Economics, Mr. Yetim gained his MA degree in Social Politics from Istanbul University in 1994. He attended Arabic courses at TUDAM, Cairo and Ain-Shems Universities in 1996. He went to the USA in 1997 for educational purposes and stayed there until 2002. During his stay in the USA, he held management positions in construction, wood frame construction systems, import-export, and real estate fields. After his return to Turkey he continued working on wood frame construction systems and real estate between 2002 and 2005. He was appointed Chief Executive Officer of Hamidiye Kaynak Suları in 2005. Since the beginning of 2006 he has been Chief Executive Officer of Istanbul Konut Inc.

ISTANBUL KONUT INC.
Istanbul Konut, Inc. founded in 1997, is one of the 22 municipal private companies of Istanbul Metropolitan Municipality. Our work includes: investing in real estate market on behalf of Istanbul Metropolitan Municipality, founding real estate investment partnerships, earthquake planning (searching for temporary relief areas and manufacturing temporary shelters), land development, joint ventures with foreign investors for land development projects. Istanbul Konut is spearheading the delivery of major physical and economic regeneration programs in Istanbul. Working in partnership with the public and private sectors, the company attracts investments for a range of major infrastructure and environmental improvement projects. These projects create employment opportunities for some localities and strengthen the surrounding local economies.

2. OTURUM

HAKAN KODAL
Founder Chairman of GYODER and Chairman of Urban Land Institute (ULI)- Turkey, Hakan Kodal is the President & CEO of Krea Real Estate. Before joining Krea Real Estate, Mr. Kodal was the General Manager of Yapı Kredi Koray Real Estate Invesment Company, between 1997 – 2006. Before he has worked as a corporate finance manager at Garanti Investment Bank, and between 1991 – 1995 he held various positions at Coopers & Lybrand, Corporate Finance in Paris, including management consulting and corporate finance assignments. Mr. Kodal holds a Bsc. Degree in Electronics and Telecommunication from Istanbul Technical University and Graduate degree from Ecole Superieure de Commerce de Paris.

KREA REAL ESTATE
Krea is the operating partner of Merrill Lynch Global Principal Investments Group (ML GPI), acting as investor, project developer, fund manager and investment adviser in Turkey. Krea is owned by its managers and Krea Real Estate Holdings. Krea Real Estate Holdings is a Luxembourg based company having interests in BREF, Bosphorus Partners, and in Reval (Retail Value), a shopping center management and leasing company in Turkey. BREF, structured as a discretionary private equity fund, is a limited partnership organized under the laws of Jersey to invest in real property assets in the Republic of Turkey. BREF held its initial closing with €205 million of equity commitments and it aims to invest at least USD 1 billion in 3 years. BREF will target real estate investments with a focus on residential and retail developments as well as mixed use projects. The first investment of BREF was the acquisition of 100% of Neo Shopping Center located in Eskisehir for $94 million.

MARUF DİNDAR – Daruma Corporate Finance, Partner, Domestic Business Development
Maruf Dindar is the Partner in charge of Domestic Business Development in Daruma Corporate Finance. Areas of his expertise are Business Development and Strategic Marketing. Mr. Dindar has over 8 years of experience in Corporate Finance. He also has 5 years of experience in non-financial sector as a manager. Mr. Dindar received a BA degree in Public Administration at The Middle East Technical University in Istanbul. He is fluent in English and Turkish.

DARUMA CORPORATE FINANCE
Headquartered in Istanbul, Daruma is the leading independent Corporate Finance Firm providing debt financing advisory and equity financing / M&A advisory services to companies in Turkey, Bulgaria, Romania and India. With 38 professionals on board and liaison offices in Bucharest and Sofia, Daruma has completed more than US$ 2 Billion worth of transactions since 1998. Daruma provides medium to long term structured financing facilities from Capital Goods Finance to Asset Based Facilities, from Working Capital Loans and Commodity Finance to Senior Loans for Commercial Real Estate Financing, to Mezzanine Finance and to Receivable Financing under debt financing advisory services. Daruma also has extensive experience in equity transactions and offers a wide range of equity finance services in terms of advisory to M&A transactions, privatizations, strategic partnerships and private placements. Thanks to strong track record, Daruma has vast experience and know-how in its core Turkish market and has been able to originate high quality and sustainable deal flow through its strong business development. Deal origination, financial analysis and deal structuring (financial and legal structuring unique to each client) capabilities allow Daruma to be a deal maker and help its vision to become a leading regional Corporate Finance House.

IŞIK GÖKKAYA - Y&Y REIT, Genaral Manager
Işık Gökkaya was born in Ankara in 1962. After graduating from Private Tevfik Fikret Lycee, he attended Hacettepe University where he received his Bachelor’s Degree in Business Administration. Afterwards, he continued his education at Bosphorus University Executive Strategic Management Program. Prior to joining Ihlas Real Estate Investment Trust, he worked as the Managing Partner at Mint Mühendislik, the Deputy General Manager at İhlas Bilgi Islem and at similar managing positions in various companies. Işık Gökkaya has been a founder partner of Ihlas Real Estate Investment Trust in 1998. He has been the Deputy General Manager of this company since the end of 2006. In this period, he has been promoted as the Vice President and Board Member of GYODER (The Association of Real Estate Investment Companies) and the Urban Land Institute - Turkish Chapter. At the end of 2006, Ihlas Real Estate Investment Trust was taken over and its title was changed to Y & Y Real Estate Investment Trust. In the new establishment, Işık Gökkaya was promoted as the General Manager and Board Member of Y & Y Real Estate Investment Trust. He is also a Board Member of GYODER, The Association of Real Estate Investment Companies. He speaks fluent French and he is married with two children.

MICHAEL MONTEBAUR - Union Investment Real Estate AG, Senior Vice President
Michael Montebaur began his property career in 1990 when he joined the Müller Group in Hamburg, Germany. In 1992 and 1993 he was Head of the Prague Office being responsible for leasing and investment. Since 1994 Mr. Montebaur has been working with Union Investment Real Estate AG in Hamburg, formerly known as DIFA Deutsche Immobilien Fonds AG, leading the foreign expansion, firstly in the UK and since 1999 also in France, Belgium, Spain, Mexico, USA, Canada, South Korea and Chile as Head of the International Asset Management Department. He is responsible for acquisition and sales as well as property management and heads the offices in Madrid, New York and Singapore.

UNION INVESTMENT REAL ESTATE AG
Union Investment Real Estate AG (formerly DIFA Deutsche Immobilien Fonds AG) is a leading international investment management company specialising in open-ended real estate funds for private and institutional investors. Assets under management amount to EUR 13.2 billion. The portfolios of Union Investment’s open-ended real estate funds comprise some 230 properties and projects in Europe, the Americas and Asia. Union Investment Real Estate provides customised real estate solutions to meet the requirements of private and institutional asset allocation. Within the commercial real estate sector, the Hamburg-based company is active as an institutional investor, developer and property manager.

ALİ OTMAR - Merrill Lynch GPI, Vice President
Ali Otmar is a Vice President and has joined Merrill Lynch Global Principal Investments (“ML GPI”) in May 2006. Within ML GPI, he has geographic coverage responsibility of Turkey and has been responsible of structuring and raising Bosphorus Real Estate Fund I, as well as its day-to-day investment sourcing and execution. Ali Otmar has eight years of European real estate private equity and investment banking experience. Prior to joining ML GPI, he was a Vice President in Citigroup, where he was responsible of the execution of European real estate transactions with a volume of over €10 billion. Ali received a BA in Economics with Honours from the University of Chicago in 1999.

MERRILL LYNCH GPI
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies with offices in 36 countries and territories and total client assets of approximately $1.5 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. ML GPI is part of Merrill Lynch’s Global Commercial Real Estate Group (GCRE). ML GPI invests in high-yield debt and equity in assets, portfolios and operating companies, both through joint ventures and on a stand-alone basis. An active global investor for over 10 years, ML GPI targets properties and investments that benefit from capital restructuring, asset repositioning, market recovery and structuring expertise. ML GPI and it’s operating partner in Turkey, Krea Real Estate have established Bosphorus Real Estate Fund to invest at least USD 1 billion in Turkish market.

OLIVIER TERAN - GE Real Estate, Managing Director, Business Development
Olivier TERAN is head of GE Real Estate business development activities across Europe. He joined GE Real Estate in 1997 as part of the European Acquisition Team. In 2000, Olivier became the head of the group and Risk Manager of Continental Europe (excluding France). During his tenure he underwrote and closed a number of corporate and portfolio acquisitions.Between 2004 and 2006, Olivier was in charge of strategic risk management with North America Equity P&L based in Stamford, CT. He was instrumental in a number of transactions including the implementation of our industrial platform in Mexico.Prior to joining GE, Olivier worked at Commerz Financial Products, Commerzbank’s derivative house in Paris. Olivier is a post-graduate in Finance from University Paris-Dauphine

GE REAL ESTATE
GE Real Estate (www.gerealestate.com) is one of the world's premier commercial real estate companies with USD54 billion in assets and a presence in 26 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions.
GE Real Estate Europe has more than 20 years’ experience in the European property market and has established a solid foundation through long-term dedication to local partnerships and meeting customers’ needs. Today, 500 real estate professionals and 42 joint venture partnerships operate from eight regional offices across Europe. The business in Europe has current direct investments of US$ 14.5 billions, representing a US$ 16 billion portfolio of underlying assets in European real estate.

3. OTURUM

ENDER ÇOLAK - Capital Markets Board, Vice Chairman
Graduated from Ankara University Political Science Faculty in 1989. He worked as assistant expert and expert until 2000 and occupied deputy head and head of department positions in Institutional Investors, Corporate Finance and Accounting Standards Departments between 2000-2006 at Capital Markets Board of Turkey (CMB) where he started working just after he had graduated from university. He is still working as vice chairman at CMB. Has an international Management master degree at Thunderbird-American Graduate School of International Management. Has been involved in studies and regulation activities especially about mutual funds, real estate investment trusts, pension fund systems, institutional investors and corporate governance in CMB. Besides, he is leader of Twinning Project, assisting the Capital Markets Board of Turkey to comply fully with EU capital markets standards and chairperson of Corporate Governance Technical Committee of Inter-Ministerial Coordination Committee.

CAPITAL MARKETS BOARD
Capital Markets Board of Turkey (CMB) is the regulatory and supervisory authority in charge of the securities markets in Turkey. Empowered by the Capital Markets Law (CML), which was enacted in 1981, the CMB has been making detailed regulations for organizing the markets and developing capital market instruments and institutions in Turkey. Based on the main objectives of fair and orderly functioning of the markets and protecting the rights of investors, CMB has a wide range of responsibilities; regulation and supervision of the securities markets and institutions within the scope of the CML, taking the necessary measures for fostering the development of capital markets, and hence contributing to the efficient allocation of financial resources in the country while ensuring investor protection.

BRUNO ACCOU - Denizbank-Dexia
Bruno Accou has been appointed managing director and member of the Board of Directors Denizbank A.Ş. as from October 2006. Born in 1961, Belgian, Bruno Accou is holder of a degree in Applied Economics. He graduated with honors in 1983 from “Rijksuniversiteit Gent”. He also has a special degree in Accountancy. Bruno Accou started his career in 1985 as Senior Auditor with Ernst & Young. In 1987 he joined Sofinal-Cotesa as a Financial Controller, later as General Manager Sofiprint and finally as Manager affiliates and subsidiaries Group Sofinal, he was also member of the Management Committee. In 1993 he joined KBC Securities nv as Manager Corporate Finance & M&A. From 1999 till 2003 he was Managing Director KBC Securities and Head of Corporate Finance. His main responsibilities were Equity Capital Markets, Mergers & Acquisitions and Financial Advise (fairness opinions, valuations,…). In 2003 he moved to BAMnv (Beheersmaatschappij Antwerpen Mobiel) as CEO and Chairman of the Management Committee. BAM has been set up to finance, realise and manage the Antwerp Mobility Masterplan and to exploit the traffic infrastructure in the Antwerp region. Bruno Accou has joined as head of Corporate Banking Dexia Bank Belgium as from October 2005.

DENİZBANK – DEXIA
Roots of DenizBank Financial Services Group (DFSG) were created in 1997, when the Bank was privatized. Zorlu Holding acquired DenizBank from the Privatization Administration in the form of a banking licence and started to operate the Bank. DFSG was transfered from Zorlu Group to Dexia Group, the world leader in public finance, through the agreement made in May 2006. Today DFSG as a “Financial Supermarket” has a service network reaching all the sections of the society in Turkey. With 6400 employees and 262 branches taking service to the whole country, the Bank focuses primarily on the segments such as SMEs, exporters, project finance and retail customers. DenizBank Financial Services Group also operates in niche markets such as ship finance, tourism, agricultural credits, foreign construction projects, health and education.

EVELYN BUNN - Merrill Lynch, Structuring Group, Director
Evelyn joined Merrill Lynch in 2004. From 2002 she held a similar position as Director of the Financial Solutions Group at Westdeutsche Landesbank in London and from 1996 was at PricewaterhouseCoopers in London as Co-Head of the US Risk Management Technical Team and in Los Angeles as a Treasury Audit Specialist. From 1989, before she became a Certified Public Accountant, Evelyn was Co-Founder of the Hollywood Urban Project in Los Angeles where she led the fundraising and teenage gang prevention efforts. Evelyn holds a BA in Mass Communication from Stanford University and a Master of Accounting with honours from the Marshall School of Business at the University of Southern California.

MERRILL LYNCH
Merrill Lynch International, The Accounting Solutions Team structures efficient financing for public sector clients in Europe, Middle East and Africa, specialising in ESA95, SNA93, Maastricht Treaty guidelines, IMF covenants, and national regulations. The team also provides a broad range of solutions for clients reporting under US GAAP and IFRS; tools include derivatives, structured funding and investments, commodities and energy, rates and credit products.

DAVID DUBIN - Citigroup Global Markets Limited, Managing Director
David Dubin is a Managing Director in Citigroup’s Fixed Income Department looking after Corporate Securitisation and Whole Business deals. David joined Citigroup in September of 2006 after having spent 20 years at MBIA, a leading financial guarantor, where he managed a variety of business groups in New York, Paris, Madrid, Sydney and since 2000, in London, where he successively ran MBIA’s Public and then Structured Finance operations for EMEA. Prior to joining MBIA in 1987, he worked at Merrill Lynch/White Weld Capital Markets in Debt Capital Markets. Notable deals that David has managed in the whole business/corporate securitisation area, include: airport securitisations in Australia and Italy, utility financings across Australia, Europe and Latin America, water company securitisations in the UK, including the IFR Financing Deal of the Year for Welsh Water, the restructuring of NAT’s, sale/leasebacks for the BBC as well as pub financings for Unique and Punch. He holds a Masters in Public Administration from New York University and a BA from Indiana University (Bloomington).

METE GORBON - İş Yatırım, Asistant Manager
Mete Gorbon has obtained his B.S. degree in Computer Sciences from Boğaziçi University in 1994 and his M.B.A degree from Cornell University’s Johnson School of Management in 1996. After a few years of Professional life as management consultant in Arthur Andersen, he has joined the Corporate Finance Department of İş Investment. He is currently the Assistant Manager in charge of financial advisory services in public offerings, M & As and privatisations for clients in the Financial Services, Technology, Media & Telecommunications and FMCG & Retail industries. His most recent projects include the acquisition and merger of Efes Invest with Coca-Cola İçecek, and the public offering of Coca-Cola İçecek.

İŞ YATIRIM MENKUL DEĞERLER A.Ş.
İş Investment offers Turkish and international capital market products and services to local and foreign investors under the umbrella of investment banking services. İş Investment’s primary products (stocks, fixed income securities, mutual funds, repos, Eurobonds, security lending transactions, Turkish Derivatives Exchange transactions), and primary services (corporate finance, investment advisory, portfolio management) are offered to capital market participants in a market-focused approach which places emphasis on the building and sustaining customer satisfaction.

MURAT ULUĞ - TAV Havalimanları Holding A.Ş., CFO
Chief Financial Officer, 37. He was appointed as CFO of TAV Airports in 2006 and is also a member of Corporate Governance Committee. He graduated in Electronics and Communication Engineering in 1992 from, Istanbul Technical University, Turkey and received the Executive Masters of Business Administration from Istanbul Bilgi University in collaboration with Manchester Business School in 2003. Before joining TAV Airports he was Finance Co-ordinator of Akfen Holding and has 11 years of banking experience with ABN AMRO, HSBC and Garanti Bank.

TAV HAVALİMANLARI HOLDİNG A.Ş.
TAV, established in 1998 is the leading airport terminal operator in Turkey is a holding company for a group of subsidiaries operating in the airport industry that provide aviation and non-aviation services. Services are divided into five main segments: terminal services, duty free services, ground handling services, catering services and other. Terminal services, the core activity, include terminal operations of airports in three principal cities in Turkey, Istanbul — Atatürk Airport, Ankara — Esenboğa Airport and Izmir — Adnan Menderes Airport. TAV also operates Tbilisi Airport in Georgia. TAV has also recently won a tender in Tunisia for two airports. Duty free services (ATU) include the sale of duty free goods to international arriving and departing passengers and transit passengers. Ground handling services include providing traffic, ramp, flight operation, cargo and other ground handling services for domestic and international flights under a Turkish Civil Aviation Legislation license. Catering services include managing all catering operations at several terminals operated by us, both for passengers and terminal personnel. Other services mainly include car parks, commercially important person (“CIP”) services, IT services and security services.

26 NİSAN, PERŞEMBE

AÇILIŞ KONUŞMALARI

İLYAS ARLI - General Director Of National Property, Minister of Finance
İlyas Arlı was born in Kavak district at Samsun province in 1961. His primary, secondary, high school and university education history in a row is as follows; he was graduated from Samsun Kazım Orbay Primary School in 1973, Samsun Mithatpaşa Secondary School in 1977, Samsun19 Mayıs High School for ladies in 1979, Bursa Uludağ University Faculty of Economic and Administrative Science Department of Finance in 1984. His administrative functions in a row at civil service are as follows; Intern National Property Controller from 25.03.1985 to 01.06.1988, National Property Controller from 01.06.1988 to 16.12.1988, Military service in 1989, Deputy Head of Department from 16.12.1993 to 06.06.1995, Head of Department from 06.06.1995 to 06.01.1997, Deputy Assistant General Director from 06.01.1997 to 10.04.1997, Assistant General Director from 10.04.1997 to 06.08.1997, Head of Department from 06.08.1997 to 06.01.1998, Chief National Property Controller from 07.01.1998 to 28.08.1998, Head of Department from 28.08.1998 to 24.09.2003, Assistant General Director from 24.09.2003 to 02.06.2004, Deputy General Director from 02.06.2004 to 10.08.2004 He has been working as General Director of National Property since 10.08.2004. He has inscribed too many books and articles related to national property. He is married and has four children.

ERDOĞAN BAYRAKTAR - Chairman of Housing Development Administration
President Bayraktar was born in Trabzon in 1949. Graduated from the Department of Civil Engineering of State Engineering and Architecture Academy, Istanbul. He had a master’s degree from Istanbul University, Institute of Science. For one year, he participated to English language and professional education programmes in USA. He served as General Director of various enterprises for the Metropolitan Municipalities of Ankara and Istanbul. Married and has five children. He speaks English.

T.C. TOPLU KONUT IDARESI
TOKİ (Housing Development Administration of Turkey) was founded in 1984 with the law numbered 2985 with its special fund and autonomous structures apart from the general administrative budget. TOKİ is the most important institution for determining and applying the settlement and housing policies of our country, and it provided credit support for 940 thousand houses between 1984-2002 years within the scope of cooperative credits and it built 43 thousand 145 houses itself. Public Housing Fund was taken in the scope of general budget in 1993 and it was annulled completely at the end of 2001. Within the scope of “Planned Urbanization, House Building and Slum House Transformation Program” started as of 2003, 235 thousand houses in 81 cities 287 districts, 646 construction sites were tendered and 120 thousand were completed. 250 thousand houses have been aimed for the end of 2007. Besides, a project study for 500 thousand houses has been made for the following period covering low-income group, the poor and slum house transformation applications.

TURAN EROL - CMB, Acting Chairman
Erol was born in 1961 in Trabzon. He had B.Sc. in economics in 1985, had M. Sc. in 1989 and lastly received Ph.D. degree in 1996 from Erasmus University in Holland. Before February 2003, the date he assigned to the Capital Markets Board of Turkey as a board member, he was associate professor in Başkent University in Ankara. Erol is married and has two children. He speaks English. He had lots of academic publications both in Turkey and abroad in the field of economics and finance.

1. OTURUM

NURHAN AZİZOĞLU - Vice Chairman of GYODER
Mr. Nurhan Azizoğlu who is the Vice Chairman GYODER studied Business Administration in Austria and holds an M.B.A. degree from University of Innsbruck in 1983. Before joining AEG Electrical Industries in Istanbul as Commercial Manager in 1987 he worked for Mercedes as Head of Planning. In 1990 he joined Alarko and managed the Finance Group as Senior Vice President until 2000. In 1996 he established Alarko Real Estate Investment Company, the first private close-end real estate investment fund of Turkey. Since 2001 he has been Vice Chairman and Chief Executive of Pizza Hut & KFC, Turkey and board member of Ritz Carlton, Istanbul. Prior to that he worked for Süzer as General Manager of Real Estate Investments. In addition Mr. Azizoğlu has been the president of Alumni Club-Austrian’s College, Istanbul since 2006.

ŞENAY AZAK MATT - Aareal Bank, General Manager, Turkey
Şenay Azak-Matt is the General Manager of Aareal Bank AG/Istanbul Representative Office-Turkey, graduate from Business Administration of the University of Applied Science in Konstanz/Germany and Coventry University/England. Mrs Azak-Matt started her career in the sales department of a production company. In 1999 she joined Aareal Bank where she became familiar with the credit business from various perspectives. From 1999 to 2005 she worked for and later managed the Turkish Credit Department and the Turkish Market at the headquarter in Germany. She was responsible for the establishment of Aareal Bank’s Representative Office in Istanbul, which opened in November 2005.

AAREAL BANK
Aareal Bank AG is one of the leading international property specialists. We are active across three continents. Based on our successful European business model, we have developed similar platforms in North America and Asia/Pacific. We provide property-financing solutions in more than 25 countries. Our business activities are centred on Structured Property Financing. Besides local experts, we have at our disposal specialist teams for logistics, retail property and hotel financing packages. This combination of local market expertise and specific industry know-how enables us to offer the best possible financing concepts, designed to meet the specific requirements of our clientele around the globe.

ANTHONY KHOI – CENOR GROUP, CEO
Anthony KHOI is an architect graduated also at the MBA EM LYON, one of the most renowned French Management Schools and completed his background in the International Management at the University of UCLA, Los-Angeles (USA). From 1987 till 1995 he has been the Director and in charge of development and management of several projects within two of the most important French shopping center development and investment companies: UNIBAIL and GRC. Since 1995 Anthony KHOI is the President of CENOR GROUP.

CENOR GROUP
CENOR GROUP is a major real estate company, specialized in the investment, development, asset, property and design management of shopping centers, commercial and residential properties. CENOR ASSET MANAGEMENT is the investment and asset management team of the GROUP, representing property funds AERIUM, BAINBRIDGE and CENORINVEST. These Funds have a leadership position on the European commercial real estate market. Over 6 billion Euros have been invested by the Funds in more than 600 properties. RETFUND DEVELOPMENT, the development company of the Group, manages the development and refurbishment of several shopping centers, commercial and residential properties in Europe, Turkey and Morocco. RETFUND MANAGEMENT is the property management company presented in different European countries. CEFIC GESTION, the filial of the Group, manages 12 shopping centers with Carrefour hypermarkets in Turkey.

TEVFİK TÜREL - Ece Türkiye, General Manager
Mr. Türel is the General Manager of ECE Türkiye for development of new shopping centers in Turkey. Mr. Türel is an experienced Project Engineer, Manager and Consultant with more than 21 years relevant experience. He has been responsible for all field engineering for Brown & Root in Dallas, Texas; has led Stewart’s efforts in Land and Real Estate Information Systems as well as Title Search and Title Guaranty Operations for Eurasia Region prior to joining ECE Türkiye in May 2006. Mr. Türel has an MBA degree in International Management from the University of Dallas, Texas, and a bachelor's degree in Civil Engineering from Boğaziçi University in Istanbul.

ECE TÜRKİYE
ECE Türkiye is the leading company for managing, leasing out, planning and developing large-scale shopping center projects in Turkey. We are a joint venture of the ECE Group of Germany and General Growth Properties (GGP) of the US. Currently, ECE Türkiye manages MetroCity, Beylikdüzü Migros, CarrefourSA Maltepe Park, Town Center, ANKAmall and Antalya Migros Shopping Center in Turkey, all of which are among the most prestigious Shopping Centers in Turkey. In addition to these, Espark in Eskişehir is our first investment project and it will be opened in 2007.

NICO VELDHUIS - Multi Turkmall, Vice Chairman
In 1997 Nico Veldhuis, came to Multi Development charged with the international expansion of the company’s activities, till then in the Netherlands, Belgium, Germany, France, Portugal and Spain. During those years new projects and Multi offices started in the United Kingdom, Greece, Poland, the Czech Republic, Hungary, Italy and Turkey. The projects vary from innercity to out-of-town shopping centres and from 15,000-150,000 m². Before Multi Development Nico Veldhuis was the Real Estate Director of Vendex International, a retail company for seven years. At Wereldhave, an investment company, he was director for the USA and the Netherlands during 9 years. Before that he worked as Director at the construction companies Dura in the Netherlands and Bataafse Construction Company as General Manager in the Netherlands and Saudi Arabia.

MULTI TURKMALL
Multi Turkmall is a joint venture between Multi Development and Turkmall. Multi Turkmall develops high-class commercial real estate such as shopping centres, sophisticated commercial buildings and offices. Multi Turkmall combines the expertise of the largest independent European developer Multi Corporation with the broad experience of the best-known Turkish commercial developer Turkmall. Multi Turkmall operates according to the formula of “Design & Development”. The focus in all of its projects is the design of the project and fitting it into the local culture and environment. Multi Turkmall’s projects carry international standards for their original and innovative nature, quality of architectural character and profound sensitivity to the blending of urban design. Multi Turkmall became the leader in shopping centre development, by the means of project development, mall management and real estate investment know-how. Multi Turkmall has firmly established its prominent position in the Turkish commercial real estate market with its extensive portfolio of projects under management, construction and in progress, including shopping centres named “Forum”, in İzmir, Ankara, Mersin, Trabzon, İstanbul, Antalya, Denizli, Kayseri, Aydın and more to come.

2. OTURUM

DR. CAN FUAT GÜRLESEL - Institute For Strategic Studies, President
Dr .Can Fuat Gürlesel was born in İstanbul, 1965, Graduated Economy Faculty, İstanbul University 1987, Master Degree, Economy, Institute of Social Science, İstanbul University 1988 and, Doctorate Degree, Economy, Institute of Social Science, İstanbul University 1990. Chairman of Institute For Strategic Studies The Institute forwards its research and studies to decision-makers in public administration, Political organizations and individuals, Foreign government and institutions. Founder and General Director of Marka Consultancy Services Limited Company. Company provides economic, social and politics consultancy services.

INSTITUE FOR STRATEGİC STUDIES
The Institute was founded in İstanbul in November 2003. The Institute produces strategies and policies from experts, committed to knowledge and reason, engages in research to contribute to the future of Turkey by bringing about interdisciplinary unison and harmony, and produces solutions. The Institute has defined its vision as directing all its studies towards the future, adopting strategic approaches in its studies, and producing concrete and applicable policies aimed at the strategic future. In this framework the Institute carries out studies in the fields of the Economic, Politics, Foreign Policy, Security Policy, Social Policy and Domestic Policy.

YAVUZ CANEVI - Türk Ekonomi Bankası, Chairman
Mr. Canevi began his career by earning a B.S. from Ankara University and a M.A. in Economics from the University of Southern California. He has done postgraduate studies and taught at the Georgia State University, Atlanta, Georgia. In 1960 he began his career as an Inspector of Finance within The Ministry of Finance and from 1981 to 1983 he was appointed as Vice Governor of the Central Bank of Turkey. Subsequently, he was named Governor of Central Bank of Turkey. In 1986 he became Undersecretary of the Treasury and Foreign Trade. He is presently the Chairman of the Board of Directors of a privately owned commercial Bank, namely, Türk Ekonomi Bankası (TEB). He is also sitting on the board of several prominent corporations, professional organizations and NGO’s including, TUSIAD (Turkish Industrialists’ and Businessmen’s Association, IKV (Economic Development Foundation), Turkish Industrial Development Bank (TSKB), and Istanbul Stock Exchange (ISE). Mr Canevi’s several articles and research papers published in different newspapers and journals. Political Economy of the Policy Reform Ed.by J.Williamson Institute for International Economics is his international publication in 1994.

TÜRK EKONOMİ BANKASI (TEB)
Türk Ekonomi Bankası (TEB), a reputable and prestigious institution in the Turkish banking sector, became operational in 1927. Since its establishment, TEB, with its expanded network of branches and a diversified range of products and services, pursues operating in various fields of the banking sector as investment, leasing, factoring, and insurance and portfolio management. Türk Ekonomi Bankasi is one of the highest-rated banks in its respective category in Turkey. TEB Mali Yatırımlar A.Ş., which owns 84.25% of Türk Ekonomi Bankası that went public in February 2000, signed a partnership deal on 10 February 2005 with BNP Paribas, the 6th largest bank in the world and the largest in the Euro zone, with operations in 85 countries. With this agreement uniting the strengths and experiences of TEB, a reputable and powerful brand name in the Turkish finance sector, and BNP Paribas, a name of international renown, BNP Paribas acquired shares in TEB Yatırım (investment), TEB Leasing, TEB Factoring, TEB Sigorta (insurance), TEB Portföy Yönetimi (portfolio management), and TEB NV that operates as a Dutch bank in Amsterdam. BNP Paribas comes first in the Euro zone in terms of profit and overall market value. With an outstanding banking network, BNP Paribas plays a leading role in Corporate and Investment Banking, International Retail Banking, and Asset Management. 80 out of the world’s 100 largest groups are among BNP Paribas’s customers. The first outcome of TEB’s partnership with the BNP Paribas manifests itself in the international outlook it offers its customers by providing them with consultancy and banking support in foreign trade by means of the Trade Centers opened in İstanbul, İzmir, and Adana in Turkey to join a network of 80 others in 48 countries throughout the world. With this partnership, TEB has also begun to establish Turkey Desks in countries where Turkish entrepreneurs operate extensively and the BNP Paribas has a strong presence.

M. EMRE ÇAMLIBEL - Soyak General Manager
Emre Çamlıbel started his career in 1992 at STFA prior to his work at Kennedy & Rossi Inc. and Walsh Brothers Inc. as a Project Engineer in the USA. He has held a number of executive roles at Soyak before he was appointed as the General Manager of Soyak Yapı in 2001. Çamlıbel, graduated from Yıldız Technical University with a Construction Engineering degree and has a MS degree in Civil Engineering from MIT (1994) and he has been the Executive Member of the Board since 2004.

SOYAK
Soyak, with 46 years experience of its social facilities and infrastructure, not only contributes to the enhancement of the living spaces it offers by complete project development, but also adds a great value to the living quality of its close neighborhood and vicinity. Soyak’s lastly accomplished projects in Istanbul; Soyak Yenişehir, a complex of 3000 residences founded on 320.000sqm area and Soyak Olympiakent with approx. 3500 residences on a property of 1million square meters have provided to many families the ideal living environment they were wishing for. Soyak Mavişehir, a complex already in progress on 130.000sqm area and of which the 2 nd phase is currently for sale, will provide homes for the residents of İzmir with approx. 1500 residences.

JACK HAMILTON - Parador Group, Managing Director
Jack, accountancy background, gained management experience with Marks & Spencer in retail management programme. Than became a regional executive at Tesco and lead a pilot project with McKinsey & Co. Subsequently, he took over regional responsibilities in Great Universal Stores, as Sales Director. He established his own sales and marketing consultancy and became MD of a major international groups UK sports nutrition company. In 1987, with £1.25m backing from the Grattan Mail Order Group, he launched a mail order business with a unique product and marketing methods. He established Parador Properties, with Bill Eames and Simon Lambert in 1998. Jack is responsible for overall Group management, sales and marketing functions based in the UK.

PARADOR PROPERTIES
Parador Properties is the UK’s leading overseas property agency formed in 1998. By order we established in Ireland in 1999, Spain 2001, Cyprus 2003, new office in Spain 2003 and Portugal in 2005. In 2001, we introduced our brand to whole UK with our first major TV advertising campaign. In 2003, we had high profile partnerships followed with Connell’s, Reeds Rains and Barnard Marcus estate agencies and in 2005 with Thomson Travel agency. 2003 awards: Winner of ‘Best New Customer Service Initiative’, 4th fastest growing company in the UK. 2005 awards: Regional winners in the National Business awards for customer service, Winner at the Marketing Research Awards, National Customer Service Award Finalist. In 2006 we expanded into Turkey and finally Crete in 2007.

OYA NARİN - Martı REIC, Shareholder
Mrs. Narin is a graduate Hotel Ecolieré Lausanne in Switzerland in 1986. After her education she has held various Hotels in Switzerland and USA, completed MT program at Sheraton Hotels Hawaii Pacific Division. She has worked for Narin Pazarlama Ihr. Ith. A.S. in 1986. She has worked as a responsible for export in 1989. She was assigned to Narin Tekstil A.S. and Marmaris Marti Otel İsletmeleri A.S. as a member of the Board of Directors in 1989. She still serves in the following positions; member of board of directors of Marmaris Martı Otel Isletmeleri A.S., investment advisor of Martı GYO A.S.

MARTI GYO
Being established as a result of transformation of "Akdeniz Martı Turizm ve Yatırım AŞ" into a real estate investment trust, Martı GYO A.Ş (Martı REIT). is an organization which has operations in capital markets within the sphere of procedures and principals designated by regulations of the capital market for real estate investment trusts. Martı Myra and Martı Marina, facilities operated by Marmaris Martı, and Muğla-Sarıgerme are the major assets in portfolio of Martı REIT. Additionally, a boutique hotel, Martı Hemitea, on the land of Martı Marina, is planned to open in summer 2007. The area in Ayın Koyu upon which a boutique hotel will be built and 2 building lots in Aydın Karacasu are other assets in portfolio of Martı REIT. Also a 296 unit residence project is being carried out in Çerkezköy region which is one of the rapidly value-gaining areas of İstanbul by Martı GYO through revenue sharing model.

DAVID SMITH - Affordable Housing Institute, Founder
David A. Smith is the founder of the Affordable Housing Institute, which develops sustainable housing financial ecosystems worldwide. Since AHI’s founding in 2002, Mr. Smith has worked as a policy advisor and program developer in Egypt, Kenya, South Africa, Italy, England, and Ireland. Mr. Smith is also founder and president of Recapitalization Advisors, Inc., a for-profit firm that recapitalizes and preserves existing affordable housing via innovative financial transactions. Over the past 15 years, the firm has been involved in over 350 properties, 40,000 apartments, and comprising US$1.2 billion of aggregate value. Mr. Smith has become one of the most respected and sought-after affordable housing consultants in the United States, providing high-quality analysis to Congress, the Millennial Housing Commission, CBO, HUD, and others, and serving as a principal member of the 1996 Senate mark-to-market working group. In 1975, Harvard graduate, is an award-winning author with more than 100 published articles in real estate, valuation, and policy periodicals, a textbook, and the widely read United States Weblog He is a also a senior fellow at the at the University of Maryland Office of Executive Programs.

AFFORDABLE HOUSING INSTITUTE
The Affordable Housing Institute (www.affordablehousinginstitute.org) is a non-profit international consultancy that develops sustainable improvements in local housing finance systems worldwide by working with governments, parastatals, NGO's, and stakeholders to design, develop, pilot, and improve housing finance policies and programs. As a housing finance policy/program innovator, AHI organizes, interconnects, and presents the vast body of existing information on housing to enable change-makers to conceptualize, design, enact and implement programmatic and structural innovations that will strengthen their affordable housing supply and delivery systems. AHI believes that housing matters -- for economic growth and for sustainable community development as much as for its own sake as an essential element of urban infrastructure.

KONUK KONUŞMACI

İBRAHİM DÖNMEZ - Vice Chairman of Capital Markets Board
İbrahim Dönmez, married with two kids, was born in Kütahya in 1964. After graduating from Ankara University Political Science Faculty, he joined Capital Markets Board as assistant specialist. He has worked for Capital Markets Board since 1986 in various positions including Head of Intermediary Activities Department and Head of Institutional Investors Department. He is also member of Tax Council. He is appointed as vice chairman of Board in May 2005.

3. OTURUM

BAHADIR TEKER - Istanbul Capital, CEO
Since June 2005, Bahadir has provided advisory services under the company he founded, Istanbul Capital, for mortgage finance, real estate project finance and the establishment of REITs. He set up a new company in 2006, with a partnership of York Capital based in USA, to serve to the Turkish home loan market as a lending institution. He is currently CEO of the company. Bahadir Teker is still board member of several companies including some of the REITs.
Mr. Teker has been one of the persons in creating the mortgage market in Turkey as the manager of this project for the CMB. Before 2005, as Deputy Head of the department of CMB, he had been responsible for Real Estate Investment Trusts, Mutual and Pension Funds, VC Funds, Investment and Portfolio Management Companies. Mr. Teker has often been one of the highly sought after speakers on real estate and mortgage market seminars and gatherings not only in Turkey but also on the international platform. Bahadir has also published various articles and wrote three books, “Real Estate Finance through Capital Market Instruments” (1994), “Capital Market Regulations in OECD Countries” (1997), and “Mutual Funds in Turkey” (1999). Mr. Teker holds a BS in Business Management from the Middle East Technical University in Ankara and has completed Finance program of Wharton Business School in 2001.

ISTANBUL CAPITAL
Istanbul Capital is dealing with real estate finance, investment and mortgage finance advisory services. Main fields of activity are real estate project financing, real estate investment management, REIT, and mortgage finance. Our services include representing project sponsors and real estate investors in all types of debt and equity financing of commercial, mixed-use and residential projects for their investments in Turkey, giving advisory services to potential promoters of REIT companies on foundation, business modeling, licensing applications, giving advisory services to mortgage institutions for business plan, preparation and implementation, assessments, financing arrangements for mortgage loans, covered bond, mortgage back securities and other mortgage related securities; due diligence and structuring.

SERKAN ERİKÇİ - Wachovia Securities Corp. and Invest. Banking, Director
Since joining Wachovia Securities in 2000, Serkan has led the structuring efforts of mortgage-backed transactions, principal transactions and developing innovative structural ideas. He is also instrumental in developing International RMBS efforts. He is currently responsible for trading and hedging principal whole loan positions. Prior to joining Wachovia Securities in 2000, Serkan was with Ocwen Federal Bank’s Capital Markets Group for 4 years. His responsibilities included structuring securitizations backed by U.S. subprime, re-performing, and sub-performing mortgage loans and also mortgages originated in the United Kingdom. In his capacity as senior manager of investments at Ocwen, he managed a portfolio of retained interest, valued residential and commercial mortgage-backed securities, monitored loan portfolio performance, and developed alternative financing strategies for mortgage assets. Serkan holds an M.B.A. in Finance from Georgia State University and a B.S. in Electrical Engineering from Bogazici University, Istanbul, Turkey.

WACHOVIA SECURITIES CORP.
Backed by the resources of the fourth-largest bank holding company based on asset size in the United States, Wachovia Securities is an integrated corporate and investment banking firm that deploys a full range of capital raising, market making and financial advisory services to meet the needs of corporate and institutional clients. Wachovia Securities Fixed Income Division provides corporate credit services, along with interest rate derivatives, non-dollar products, structured products and commercial real estate finance to corporate clients and institutional investors.

ZEYNEP NUR GÜRDAL - Senior Housing Finance Specialist Southern-Eastern Europe and Central Asia
Zeynep Gürdal received her BS degree in Applied Mathematics in Computer Science from the University of California in Berkeley. She built substantial international and Turkish market experience in corporate finance, asset backed finance and retail banking services inclusive of consumer and mortgage finance. She worked at Arthur Anderson Consulting as a senior financial consultant. At Citigroup in Turkey she managed Project Finance and Structured Trade Finance departments closing many lucrative, innovative and reputable deals. She then ran Asset Backed Finance business as the EVP and founded and acted as the General Manager of Citilease. At YKB managed all branch related retail banking sales activities, restructured the authorization and monitoring procedures for the consumer loan risk portfolio, and created a centralized consumer loan decision ‘engine’. She also assessed and developed mortgage finance business strategy. She has currently joined International Finance Corporation member of the World Bank Group as the Senior Housing Finance Specialist responsible for Southern-Eastern Europe and Central Asia region.

INTERNATIONAL FINANCE CORP.
IFC, the private sector arm of the World Bank Group, was founded in 1956. Since then, it has committed more than $56 billion of its own funds and has arranged $25 billion in syndications for 3,531 companies in 140 developing countries. The mission of the International Finance Corporation is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC is owned by its 179 member countries. IFC promotes private businesses in developing countries by making loans and equity investments, helping companies mobilize financing in the international financial markets, and providing advisory services to businesses and governments.

UMUR GÜVEN - T.Garanti Bank, Housing Finance Depart., Senior Vice President
Umur Güven is the Head of Housing Finance Department at GarantiBank, Turkey. He is responsible for the establishment and execution of financial strategies for product pricing, relationship management with other market players and concluding agreements, following of international and domestic developments of house financing and funding methods, peer analysis preparation as well as the development of new products and processes in coordination with the relevant departments. Prior to taking up the position, Umur Güven worked in the Project Finance Department between 2000 and 2005 and the Cash Management Department between 1997 and 2000 at GarantiBank. He holds a Masters’ Degree in Business Administration and Computer Science from the Vienna University.

T. GARANTİ BANKASI
Garanti Bank ("Garanti") is the third largest private bank in Turkey with $36 billion asset size as of December 31, 2006. Garanti provides retail, commercial, corporate and private banking services to over 6.2 million customers. As of December 2006, it operates 487 domestic branches, five foreign branches (in Luxembourg, Malta and Northern Cyprus (3), four international representative offices (in Moscow, London, Dusseldorf and Shangai), 1,455 ATMs, a call center and an internet bank utilizing its state-of-the-art technology and focusing in customer satisfaction. Garanti was established as a privately owned commercial bank in Ankara in 1946. In 1983, Doğuş Group - one of Turkey's largest conglomerates with operations in processed food, retailing, contracting, financial services and tourism - acquired Garanti. In 2001, Garanti became one of the largest players in Turkish banking sector as a result of Doğuş Group's strategic decision to merge all its banking operations under Garanti. Since Doğuş Group's acquisition of Garanti, its assets grew from $386 million reaching $36 billion by December 2006.

GÖKHAN MENDİ – Finansbank, Executive Vice President
Gokhan Mendi, born 1964, holds a BS in Civil Engineering from I.T.Ü. (Istanbul Technical University) B.A. from Istanbul University and M.B.A. from London Business School.
Mr. Mendi currently serves as AGM of Finansbank being responsible from Consumer Banking. He is on the board of directors of Finans Portfolio Management Company as a Vice Chairman. His experience includes services as EVP of Finansbank Holland from 2001-2003 being responsible from Consumer Banking for Holland, Germany and Belgium as VP, Head of Business Development of Citibank UK between 1999-2001 and Sales and Marketing Director of Credit Card Business in Citibank Turkey between 1996-1999, as Marketing Services and Product Manager in British Petroleum Company (BP) between 1990-1996. He speaks English, French and Turkish.

FINANSBANK
Finansbank was established by leading Turkish banker Hüsnü Özyeğin on October 26, 1987. Today, the bank operates an extensive network of 330 branches and 800 ATMs around Turkey.
Being the Turkish bank having the most extensive network in foreign countries as of August 2006, Finansbank sold 46% of its shares to the National Bank of Greece (NBG), the largest bank of Greece. The merger combines NBG's leading position in Southeast Europe with Finansbank’s high growth potential in Turkey. The resulting synergy is expected to drive growth and profitability.
By the end of 2006, Finansbank’s total assets increased by 45% in real terms over the end of the year 2005, reaching YTL 17.895,5 million.

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