Initial Public Offering Information

LEGAL NOTICE

The content you are attempting to access does not constitute an offer to buy or sell in any jurisdiction where offers and sales of securities are illegal under the relevant country's capital markets law prior to registration or recordation. The securities specified herein have not been and will not be registered under the United States Securities Act of 1933 (as amended) (the "Securities Act"), and will not be offered or sold in the United States unless registered under the Securities Act or an exemption therefrom is granted. No public offering of securities will take place in the United States. The distribution of information regarding the public offering and sale of these securities may also be subject to restrictions in other countries.

The website you are accessing contains the electronic copy of the Draft Prospectus dated August 19, 2010, submitted to the Capital Markets Board of the Republic of Turkey Prime Ministry regarding the initial public offering of Emlak Konut Real Estate Investment Trust Inc. shares. The draft prospectus is presented on this website in accordance with Article 17 of the Capital Markets Board Communiqué Serial: I, No: 40 on Principles Regarding Registration and Sale of Shares, and has been prepared for informational purposes only. The draft prospectus has not yet been approved by the Capital Markets Board of the Republic of Turkey. Following approval by the Capital Markets Board, the finalized prospectus will be separately announced in accordance with legal procedures. For these reasons, the draft prospectus may be amended and therefore decisions should not be made based on the information contained in the draft prospectus.

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Emlak Konut REIT Statement Regarding Real Estate Ownership Incentive

In our real estate sales excluding projects sold jointly with contractors through the Revenue Sharing method, a 5% Real Estate Ownership Incentive discount will be applied to Domestic Individual Investors in addition to the discounts applied to the current sales prices in our projects (excluding projects where discounted sales are not applied), under the terms to be specified by our company, for one time only and to be utilized by the first owner of the share.

The list of those entitled to the Emlak Konut REIT Real Estate Ownership Incentive has been notified to our company by TSKB, and natural and legal persons wishing to exercise their rights may apply to our company's Marketing Directorate. Upon application, natural persons may initiate the purchase process by specifying the project they are interested in, bringing their Identity Card containing their Turkish Republic Identification Number, and legal persons by bringing documents showing their tax identification number.

The Real Estate Ownership Incentive rights of our buyers whose names have been notified are valid until December 31, 2013.

Announced to the relevant parties.