H. Harun Moreno - GENERAL MANAGER

ALARKO REAL ESTATE INVESTMENT PARTNERSHIP - MISSION AND VISION

Our partnership is the first real estate investment company which was established with the objective of making effective use of the 60-year long accumulation of the Alarko Group in the land development sector and which has gone 49% public in Turkey.

Our main objective in the land development projects we have accomplished in the last 40 years has been to offer people housing:
- with perfectly designed infrastructure,
- containing all the elements necessary for modern living,
- in harmony with the natural environment,
- which will always maintain its quality of being a profitable investment.

At the same time, through our real estate investment company open to the public, we are offering the possibility to invest in shares, which have the same risk characteristics as real estate investments but are a more liquid instrument, rather than in investing directly in these residences.

Up to the present, our partnership has successfully accomplished the construction and marketing of approximately 150 villa type residences of the Alkent Istanbul 2000 project. Marketing is in progress for 63 residences on land owned by the partnership.

Since going public in 1996, our company has continuously shown a development which has satisfied its investors.

This development will continue to improve with new projects.

Yours respectfully,

Harun Hanne Moreno
General Manager
Alarko Real Estate Investment Partnership Co. Inc.

Kadir Eke - DEPUTY GROUP COORDINATOR

                    (MARKETING AND SALES)

Ahmet Varol - ASSISTANT GENERAL MANAGER - FINANCIAL AND ADMINISTRATIVE

ALARKO REAL ESTATE INVESTMENT COMPANY
Muallim Naci Cad. No : 69 34347 Ortaköy-ISTANBUL-TURKEY
Phone: (212) 227 52 00    Fax : (212) 261 84 31,   227 04 27