ANNUAL REPORT Life is the biggest project of all

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1 ANNUAL REPORT 2012 Life is the biggest project of all

2 As a vast corporation that breathes new life into every area it steps into, and leaves permanent legacy to the future, we continue to turn over a new leaf with our every project. By saying Life is the biggest project of all, we bring to life not only with construction projects but also to our future, to the youth through Bilkent University. We present you our 2012 Annual Report just like our construction projects for your access.

3 Contents At a Glance 3 Key Indicators in Major Developments in Tepe İnşaat in Brief 10 Vision, Mission and Corporate Values 12 Key Financial Indicators 14 Subsidiaries and Affiliates 16 Bilkent Holding 18 Milestones Management 23 Message from the Management 26 Board of Directors, Senior Management and Board of Auditors Operations in Operation Map 32 Contracting Projects 42 Investment Projects 44 TAV Havalimanları (TAV Airports) 54 TAV İnşaat (TAV Construction) 58 İDO (Istanbul Sea Buses) Sustainability 63 Human Resources Policy 66 Occupational Safety, Environmental and Quality Policy 68 Bilkent University 71 Contact Information

4 2 Narlife-Istanbul At a Glance

5 3 Key Indicators in 2012 Deriving strength from its parent company Bilkent Holding, Tepe İnşaat focused on significant projects in 2012 that propel the corporate structure into the future. 162 nd Position on ENR 225 Top List Enjoying an international reputation owing to the comprehensive projects completed thus far, in 2002 Tepe İnşaat ranked 162 nd in the ENR Top 225 List of the world s leading construction companies. A-(Trk) Long-term National Score of Bilkent Holding On May 29, 2013, JCR Eurasia Rating confirmed the long-term national rating of Tepe İnşaat as A-(Trk). 609 Number of Residences in the Narlife Project As the second residential project that Tepe İnşaat realized in the Maltepe region of Istanbul, Narlife comprises 609 residences built on land, 60% of which is dedicated to green area. 1,274,792 Equity Size (TL Thousand) Having gained prominence with its successful financial performance in parallel to its long-established corporate culture, Tepe İnşaat increased its equity to TL 1,274,792 thousand in ,793,143 Total Assets (TL Thousand) With a sustainable performance, Tepe İnşaat increased its total assets by 5% over the previous year to TL 1,793,143 thousand. 107,340 Total Built-up Area of Factories in Tatarstan (m 2 ) A project in the Special Industrial Zone of Yelabuga in the Republic of Tatarstan, a part of the Russian Federation, will be delivered on October Tepe İnşaat Annual Report 2012

6 4 Major Developments in 2012 Describing its activities as a continuous journey of success, Tepe İnşaat continued to sustain its credibility among international economic groups in Tepe İnşaat continued its journey of success 8.1% Participating Share of Tepe İnşaat in TAV Havalimanları Holding A.Ş. Following the sale of its 18% stake in TAV Havalimanları Holding A.Ş. for US$ 414 million, Tepe İnşaat considerably fortified its market position and financial efficiency. Ranked 162 nd in the Engineering News Record (ENR) Top 225 List 2012 of the largest international construction companies in the world, Tepe İnşaat continued to enjoy prominence for its strong corporate management approach and the successful projects realized in the construction sector in consequence of it. Subsequent to sales of the Company s 18% stake in TAV Havalimanları Holding A.Ş. to Aéroports de Paris Management for US$ 414 million, and the sale of % of its stake in TAV Tepe-Akfen Yatırım İnşaat ve İşletme A.Ş. for US$ 23,275,000, JCR Eurasia Rating confirmed Bilkent Holding s long-term domestic rating as A-(Trk) with a positive outlook. JCR Euroasia Rating confirmed that the sale transaction would positively impact the market efficiency and performance of Holding companies, including Tepe İnşaat. In the statement made by JCR Eurasia Rating on 29 th May 2013, the Company s long-term national rating was declared as A-(Trk) with a positive Outlook. At a Glance

7 5 Tepe İnşaat Annual Report 2012 Atatürk Airport-Istanbul

8 6 Major Developments in 2012 Narlife, the third residential project in Istanbul s Maltepe region, having redefined the quality standard of the sector with its Narcity and Narkule projects, features 2,000 m 2 of social facilities. The project combining green with blue: Narlife Once again revealing its sectoral experience and competence through the Narcity and Narkule projects completed in the Maltepe region of Istanbul, in a period of intensified competition in the residential sector, Tepe İnşaat continued to raise the quality standard with its Narlife project to be completed in the same region. Located on a total area of 29,500 m 2 with views of the Princes Islands, the project offers 609 flats with one, two, three or four bedrooms, and duplex apartment options, together with social facilities on an area of 2,000 m 2 comprising outdoor and indoor swimming pools and a children s pool, as well as a playground, sauna, fitness hall market and cafe. Promising a new way of life by combining green with blue, the project is planned for completion in December Narlife s Total Resident Number Tepe İnşaat s Narlife project is located in Maltepe on a total area of 29,500 m 2 with views of the Princes Islands, and comprises a total of 609 flats of one, two, three or four bedrooms, as well as and duplex apartment options. At a Glance

9 7 Tepe İnşaat shortly aims to complete its project in Turkmenistan, which commenced in 2012 involving a silo and supply installation with a total capacity of 360,000 tons. Turkmenistan Having completed numerous projects in the international arena extending from the Russian federation to the Gulf States, Tepe İnşaat undertook important contracting projects in Turkmenistan during 2012 on the strength of its pedigree in the construction of industrial buildings. In 2012, the Company started the construction of a series of silo projects in eight cities of Turkmenistan, a rapidly developing country of Central Asia, as well as the construction of a bakery, and pasta and packaging material plants, contracted together with the silo projects. The projects are anticipated to be delivered gradually over 2013 and ,000 The Total Volume of Ongoing Silo Projects in Turkmenistan (Tons) With the silo projects of a total capacity of 360,000 tons realized in eight cities of Turkmenistan, Tepe İnşaat has again displayed its competence in the construction of industrial buildings. Tepe İnşaat Annual Report 2012

10 8 Tepe İnşaat ın brıef Structuring its activities from its well-established corporate governance approach, Tepe İnşaat declared registered capital of TL 780,000,000 as of December 31, With its ongoing activities in the construction & contracting sector, the key sector shaping the rapid development of the national economy for the past 44 years, Tepe İnşaat also instilled confidence in its stakeholders, and primarily in Bilkent Holding A.Ş., its major shareholder, in 2012 with its projects of high added value. Describing its activities as a continuous journey of success, focused on creating lasting values, the Company has become one of the truly remarkable players of the sector, having acquired an international reputation owing to its domestic and overseas projects that are designed by considering the rapidly changing needs of the contemporary world. Adhering to the founder of Bilkent University, Prof. Dr. İhsan Doğramacı s philosophy of further, toward the best, the Company holds a prominent portfolio of projects, comprising housing, shopping malls, office buildings, healthcare facilities, educational facilities and campuses, in addition to sports and recreational, hotels, military facilities, power plants and industrial facilities, transportation structures and roads, religious buildings, urban infrastructure, pipelines, water supply, renovation and pre-engineered projects. It fully intends to realize further developments over the coming period that continue to set the quality benchmark for the sector. Structuring its activities in light of its well-established corporate governance approach, in addition to its experienced human resources, Tepe İnşaat declared its registered capital as TL 780,000,000 as of December 31, % Bilkent Holding A.Ş 13.33% Tepe Emlak Yat. İnş. A.Ş. 0.8% Other Shareholders At a Glance

11 9 Shareholding Structure Company Shareholders Tepe İnşaat Sanayi Anonim Şirketi Share Class TL Participating Share (%) Bilkent Holding A.Ş. A 1 0 Bilkent Holding A.Ş. B 669,741, Tepe Emlak Yat. İnş. A.Ş. B 104,000, Tepe Savunma ve Güv. Sis. A.Ş. B 5,672, Tepe Home Mob. Dek. Ürün San. ve Tic. A.Ş. B 562, Meteksan Matbaacılık A.Ş. B 24,004 0 Tepe İnşaat Annual Report 2012

12 10 Vision, Mission and Corporate Values Vision Mission To provide resources to Bilkent University, the principal shareholder, and make a tangible contribution to national education, To provide added value to the national economy by producing and generating employment, To pursue its activities with respect for ethical values, in order to survive, and be trustworthy, in accordance with its mission and vision of becoming a leading company across different business lines, and on a global scale, and of establishing a presence in diverse geographical regions. To create the necessary resources for Bilkent University to continue developing and growing. To make a contribution to Turkey s future by transferring the values and resources it created at the establishment of Bilkent University, Turkey s first foundation university and one of the country s most distinguished educational institutions. To focus on success in each project undertaken for each new client, whether it is an institution or an individual, without compromising on quality, with complete confidence in its human resources, by considering environmental sustainability and by incorporating global technological developments and contemporary demands. To introduce innovations to the industry while developing a variety of construction projects in both Turkey and abroad. At a Glance

13 11 Corporate Values Possessing a Sense of Responsibility To be aware of its responsibilities towards customers, employees and suppliers, as well as to the environment and the wider community. To undertake only the services it is capable of offering under turnkey infrastructure projects, as well as investment projects, from concept design to final delivery, including land, funding, design, construction and marketing phases, and to execute all contracts comprehensively. Adherence to Ethical Values and Laws To adhere to ethical rules and laws to the fullest extent in striving towards best service and product quality in its field of activity, observing competition, efficiency and profitability. To comply with all laws and regulations applicable in the national, as well as overseas regions where projects are implemented. Being Customer Satisfaction Oriented To ensure continuous customer satisfaction by taking into consideration evolving and growing customer expectations. To establish clear and transparent communication with customers, while providing services in a timely manner according to its commitments. Creating Global Value To contribute to the environmental, economic, social and communal development of each region where the Company s projects are realized. Sharing the Success To share the successes attained with its employees, customers, business associates and the community. Tepe İnşaat Annual Report 2012

14 Balance Sheet Figures (TL Thousand) (*) Key Financial Indicators In the operating year of 2012, as the global markets suffered from stagnation, Tepe İnşaat maintained its market efficiency thanks to its strong equity structure. A-Current Assets 531, ,544 B-Fixed Assets 1,179, ,599 Total Assets 1,711,405 1,793,143 A-Short-term Foreign Liabilities 261, ,814 B-Long-term Foreign Liabilities 619, ,536 C-Shareholders Equity 830,536 1,274,792 Net Sales 347, ,325 Operating Profits 58,305 11,465 Extraordinary Revenues and Incomes 12,135 38,652 (*) Prepared according to the stand-alone financial statements. 1,711,405 1,793,143 1,274, , Total Assets (TL Thousand) Tepe İnşaat increased its total assets by 5% over the previous year to TL 1,793,143 thousand in Shareholders Equity (TL Thousand) Distinguished by its strong equity structure, Tepe İnşaat increased its shareholders equity to TL 1,274,792 thousand in 2012 from TL 830,536 thousand in At a Glance

15 Liquidity Ratios (%) (*) Current Ratio 2,30 2,94 Acid-Test Ratio 1,92 2,91 Cash Ratio 0,34 1,26 Operational Ratios (%) (*) Accounts Receivable Turnover Ratio Accounts Receivable Collection Period Current Asset Turnover Ratio Net Working Capital (TL) 269,650, ,730, Net Working Capital Turnover Ratio Tangible Asset Turnover Ratio Total Asset Turnover Ratio Equity Turnover Ratio Financial Leverage Ratios (%) (*) Financial Leverage Ratio Financing Ratio Ratio of Equity to Total Assets Ratio of Short-term Debts to Total Liabilities Ratio of Short-term Debts to Total Debts Ratio of Long-term Debts to Total Liabilities Ratio Analysis in Accordance with the Public Procurement Law (%) (*) Current Ratio Ratio of Equity to Total Assets Ratio of Short-term Financial Liabilities to Total Equity (*) Prepared according to the stand-alone financial statements. Tepe İnşaat Annual Report 2012

16 14 Subsidiaries and Affiliates Tepe İnşaat implements an efficient risk management policy through its affiliates that encompasses diverse fields of activity. Company Name Total Capital (TL) Share Capital (TL) % Tepe Güvenlik A.Ş. 8,000,000 24, Tepe Home Mobilya ve Dekorasyon Ürünleri Ticaret A.Ş. 71,000,000 56,697, Tepe İnşaat ve Ticaret Ltd. (Cyprus) 145, , Tepe Metag Adi Ortaklığı 50,000 25, Tepe Prefabrik İnşaat Sanayi ve Ticaret A.Ş. 12,000,000 10,213, Tepe Savunma ve Güvenlik Sist. San. A.Ş. 30,000,000 18,779, Tepe Servis Yönetim A.Ş. 6,000,000 1,039, Tepe Tesan Adi Ortaklığı 100,000 60, Tepe Türkmen A.Ş. 1,000, , Turkofon A.Ş. 50, Yenikentler Yatırım A.Ş. 170,000 5,000 3 Artı Döviz Ticaret A.Ş 1,500, , Azerköprü-Tepe M.M.C Bilintur Kültür Turizm Yatırım ve Ticaret 100, , Bitu Turizm ve İnşaat Yat. A.Ş. 50,000 2,500 5 Dafne Ege Döviz Ticareti A.Ş. 500, Esenboğa Ankara Döviz Ticareti A.Ş. 500, Kirazlı Konutları Adi Ortaklığı 10, , Tav Esenboğa Yatırım Yapım ve İşletme A.Ş. 241,650, Tav Havalimanları Holding A.Ş. 363,281,250 29,273,852 8 Tav Yatırım Holding A.Ş. 100,500,000 24,346, Tepe Mesa Adi Ortaklığı 1,000, , Tepe Nacap İş Ortaklığı (*) Prepared according to the stand-alone financial statements. At a Glance

17 15 Company Name Total Capital (TL) Share Capital (TL) % Ankara Teknoloji Geliştirme Bölgesi ve İşletici A.Ş. 9,600,000 1,106, Antepe Sağlık Hiz. İnş. Yat. Tic.A.Ş. 3,000,000 2,975, Atı Servıcess Sa (Swiss Francs) 28,750,000 14,375, Batı Karadeniz Elektrik Dağıtım A.Ş. 1,400, , Bilan Bilkent Ankara Tepe Otel İşletmeciliği A.Ş. 5,500,000 2,694, Bilbak Bilkent İnş. Tic. ve Bakım Hizm. A.Ş. 50, Bildes Bilkent Destek Hizm. ve Tic. A.Ş. 50, Bilen Bilkent Enerji Yat. A.Ş. 50, Bilenerji Bilkent Enerji Üretim A.Ş. 30,550,000 4,530, Bilintur Bilkent Turizm Yatırım A.Ş. 57,500,000 21,500, Bilsigorta Bilkent Sigorta Aracılık Hizmetleri A.Ş. 1,000, C.B. Spolka Zograniczona (US$) 5,209, ,562, Dilek İnşaat ve Ticaret A.Ş. 22,000,000 2,968, Eccı-C İşortaklığı (US$) 5,000, , Hyper Foreıgn Trade Holland (US$) 91,000 46, İdo Deniz Otobüsleri Sanayi ve Ticaret A.Ş. 750,867,410 63,270,000 8 Knauf İnşaat ve Yapı Elemanları Sanayi Ticaret A.Ş. 147,043,000 4,114 0 Meteksan Matbaacılık ve Teknik San. ve Tic. A.Ş. 90,000,000 5,864,454 7 Meteksan Savunma Sanayi A.Ş. 10,000, ,310 6 Meteksan Sualtı Akustik Sis. Tek. A.Ş. 5,500,000 55,000 1 Optisis İletişim ve Bilgi Tekn. A.Ş. 300, Park Villa İnşaat ve Turizm A.Ş. 500, , Pft Sıva Sistemleri San. ve Tic. A.Ş Sports Int. Bilkent Fitness ve Spor Merkezi A.Ş. 26,000,000 21,888, Tepe Betopan Yapı Malzemeleri San. ve Tic. A.Ş. 20,000,000 13,200, Tepe Emlak Yatırım İnşaat ve Ticaret A.Ş. 221,000, ,047, Tepe İnşaat Annual Report 2012

18 16 Bilkent HoldIng Companies working under the roof of Bilkent Holding are leaders in their respective sectors with regard to turnover and market share. Bilkent Holding s foundation began with Dilek İnşaat, established by İhsan Doğramacı in 1968 to operate in the construction industry; a year later, Tepe Ağaç Metal ve Makina Sanayi and Meteksan were founded. During a fundamental restructuring process in 1986, these companies were gathered under the umbrella of Bilkent Holding. Focused on creating value for its partners and stakeholders, Bilkent Holding has prioritized process focusing on customer satisfaction, profitability and excellence in quality in all the industries in which it operates. In this respect, operating within a broad field that includes construction, furniture retailing, printing and paper production, real estate and airport management services industries, Bilkent Holding has expanded its established domestic experience to an international level with operations in the Middle East, North Africa, the Turkic Republics, Eastern Europe and Russia. Continuing to expand its field of operations and geographical reach, Bilkent Holding is among the 50 largest corporate groups in Turkey according to statistical sources quoted by domestic and international business circles. Companies working under the roof of Bilkent Holding are leading players in the respective sectors in which they operate, with regard to turnover and market share. The flagship of Bilkent Holding in the construction industry, Tepe İnşaat, continues to undertake construction projects in both Turkey and abroad, introducing innovations without compromising on quality. Bilkent Holding is rapidly expanding its field of operations into furniture and retail industries, transferring high quality standards and powerful brand images gained with the Tepe brand in the construction industry. Tepe Home Mobilya produces and sells tailor-made designs to achieve high-level customer satisfaction. It is the top innovative brand in its industry and has brought the megastore furniture retailing concept to Turkey. Operating in the printing-paper sector, Meteksan Matbaa is a significant part of this industry, known for its product diversity and with an annual production capacity approaching 100,000 tons. Involved in the construction of seven shopping centers in Turkey and operating the Ankara Bilkent Center as well as the Istanbul Tepe Nautilus shopping malls, Tepe Emlak continues to create venues that serve the public thanks to the experience it has gained since the shopping center sector first gained momentum. Tepe Savunma is another company that continues its rapid corporate development under Bilkent Holding roof. Bilintur, founded to operate in hotel management and catering industries, also continues to steadily increase its market share with customer-focused processes and high quality standards. At a Glance

19 17 Not only Turkey s largest cement board manufacturer but also among the top three largest cement-bonded particleboard producers in the world, Tepe Betopan exports exterior siding products around the globe. The companies operating within Bilkent Holding are able to form new subsidiaries based on different partnerships by following the corporate values and principles of the Holding; in turn increasing the profitability of Bilkent Holding. TAV Havalimanları ve Yatırım Holding was founded with the partnership of Tepe- Akfen and is the most successful example of this model; the Company provides substantial added value to Bilkent Holding. During its corporate development, often referred to as its Journey toward Excellence is among the elements that sets Bilkent Holding apart. Its competitive corporate structure that is open to development and innovation, professional human resources management formed with the right person for the right job approach and environmentally friendly practices, has helped Bilkent Holding achieve ongoing success. Shaping its operations in terms of five-year strategic plans, Bilkent Holding reached its financial and operational goals in 2011 in accordance with its long-term goals and policies. In order to maintain its competitive edge in the industries it operates, Bilkent Holding closely followed the collaborative projects undertaken by public and private sectors, privatizations, overseas investment opportunities and investment projects with regard to technology. Taking its strength from more than 40 years experience in the development of the private sector in Turkey, Bilkent Holding is determined to carry its sustainable and profitable financial structure and its brand image identified with confidence into the future. Tepe İnşaat Annual Report 2012

20 18 Milestones 1980s 1982 Bilkent Campus Bilkent University, Turkey s first foundation university was established in October 1984 by the İhsan Doğramacı Foundation. Classes opened with 386 students in 1986; today, the University has 12,000 students in nine faculties, two professional schools, three vocational schools and six institutes. Bilkent graduates are among Turkey s most select human resources. The Bilkent Campus lies within the boundaries of Bilkent, a city created over the course of 15 years on the plains of Ankara. On 612 hectares, Bilkent is a city of science that meets every need with its campus, residences, business and shopping centers, sports complex, concert halls, hotel and movie theaters, dam, power plant, forest and a symphony orchestra. 1990s 1999 Atatürk Airport (Build-Operate-Transfer) Built by the joint venture of the Tepe and Akfen groups (TAV), the International Terminal of the Istanbul Atatürk Airport was completed and started operating within two years. A company specialized in the fields of airport construction, operation and financing, today, TAV is an international power, a leader in its field in Turkey and is among the most prominent companies in the Middle East, North Africa and the Caucasus. Completed at a cost of US$ 397 million, the New International Terminal of the Atatürk Airport commenced operations on December 22, With an additional facility launched in 2004, the capacity of the terminal increased from 14 million passengers to 20 million annually. In July 2005, TAV also undertook operations at the Atatürk Airport Domestic Terminal. With an area of 62,500 m 2, the Domestic Terminal has been modernized to accommodate an average of 7.5 million passengers each year. The Development and Expansion Project at the Domestic Terminal entered its final phase in 2010 and yielded a total additional covered space of 18,770 m 2. At a Glance

21 s 2000 Turkish Armed Forces Rehabilitation Center Built on a total area of 102,500 m 2, with a 400-bed capacity, this facility was established to provide rehabilitation services to army veterans. The facility was built at a cost of US$ 132 million; the project was selected as a result of an architectural competition. İş Bankası Headquarters Complex Turkey s first smart building, the İş Bankası Headquarters Complex is one of the most magnificent high-rises in Istanbul. It is located in the heart of industry, commerce and culture. Built at a cost of US$ 190 million, the complex has been equipped with state-of the-art technology. It represents a significant example of a smart building, not only in Turkey but also in Europe and the Middle East. İş Bankası Headquarters Complex is the highest skyscraper between Dubai and Frankfurt with its two towers, 52 and 36 stories respectively Kemer Rose Residence The housing estate, built in Kemerburgaz on land of 35,000 m² among unique rose gardens, comprises 70 blocks. Offering a tranquil life in touch with nature, the sports facilities of Kemer Rose Residence provide residents a wide range of opportunities Beykoz Mansions Built on 100 hectares in the Saip Molla Pasha Woods in Beykoz, Istanbul, Beykoz Mansions are one of Tepe İnşaat s most prestigious projects. The 401 mansions are in perfect harmony with their natural surroundings, concurrently nostalgic but modern, the project an atmosphere dating back two-centuries. The historical Hunting Lodge, which was renovated true to its original form, serves residents with a library, billiards tables, gaming and event lounges, a spacious garden designed for large receptions and a kitchen. With a project cost of US$ 90 million, Beykoz Mansions rank among the most exclusive residences in Istanbul. Tepe Nautilus Shopping Center Nautilus, or Lighthouse, was inspired by the seaside around Kadıköy, on the Asian side of Istanbul, one of the most historic coastal cities in the world. With a market value of 150 million, Nautilus is the largest shopping center on Istanbul s Asian side. With its luminous design, Nautilus offers visitors a comfortable shopping environment throughout the day The Eczacıbaşı Kanyon Project Kanyon is a modern open-air shopping center built by Tepe İnşaat in Istanbul. Kanyon houses 160 stores, a gourmet supermarket, a street market, movie theaters, restaurants, cafeterias, bars, a sports and health center, indoor and outdoor swimming pools and open-air performance venues, residential and office buildings and shopping and amusement centers. Kanyon was built by the partnership of Eczacıbaşı and İş Gayrimenkul on an area of 250,000 m 2 in compliance with national and international earthquake regulations. The cost of the project was US$ 41 million. Tepe İnşaat Annual Report 2012

22 20 Milestones 2005 Baku-Tbilisi-Ceyhan Crude Oil Pipeline Tepe İnşaat has participated in the construction of the 277-kilometer section of the pipeline and pumping stations between Posof and Erzurum. İmranlı-Kayseri Natural Gas Pipeline Kütahya-Bilecik-Uşak Natural Gas Pipeline 2006 Narcity Housing Project Built on approximately 147,000 m 2 in Maltepe, Istanbul, the Narcity complex is landscaped primarily with pomegranate trees, reflecting the name nar, Turkish for pomegranate. Built in compliance with the latest earthquake regulations, Narcity Housing Project consists of 1,306 units with state-of-the-art soundproofing, heating and water insulation systems. With high-quality materials and workmanship as well as its extensive social facilities and security systems, Narcity Housing Project is a strong candidate as one of Istanbul s favorite residential destinations. The US$ 200 million project, launched in January 2006, is now being populated. Esenboğa Airport At a project cost of 188 million, Esenboğa Airport provided Ankara with a facility that suits the capital city. With an annual capacity of ten million passengers, Esenboğa Airport is the only airport in Turkey that combines domestic and international terminals under one roof. Completed one year ahead of schedule, it has become the modern face of Turkey s capital Bilkent Garden Homes With an investment value of US$ 52 million, this project consists of 124 twin-villas built on 123,000 m 2. Set amid superb natural beauty, the villas are 500 m 2 each and equipped with state of the-art technology. The complex includes two playgrounds for children, an observation deck, jogging tracks, swimming pool, game room, fitness center with sauna, cafeteria, tennis, basketball and volleyball courts. Bilkent Garden Homes have been designed to meet the social needs of its residents. Located in an urban location that is far from the hustle and bustle of the city and combining the beauty of nature with the amenities of contemporary life, Bilkent Garden Homes has been received with great interest. The project was launched at the end of 2005 and was completed at the end of All units were sold before the construction was actually completed Hacettepe University Hospitals The Morphology Building and Seventh and Eighth Block Retrofits Completed in December 2008 at a cost of TL 71 million, the project has a total construction area of 28,500 m 2. As part of this project, among the most important projects undertaken by Tepe İnşaat for Hacettepe University, the seventh and eighth blocks and the Morphology Building were reinforced against earthquakes. Departments such as Internal Medicine, Urology, Neurology, General Surgery, Brain Surgery and Gastrology were remodeled at the seventh block. In addition, departments of Biochemistry, Microbiology, Endocrinology, Geriatrics, Nephrology, Infection, Rheumatology, Hematology, Gastrology, Coronary Intensive At a Glance

23 21 Care and the Emergency Room laboratories as well as the inpatient floor were remodeled in the Morphology Building. The project was completed and delivered as of December Tepe Prime Comprised of Tepe Prime Business, Tepe Prime Residence and Tepe Prime Avenue with an indoor area of 92,800 m 2, the project aims at providing absolute comfort to its dwellers and guests. The project is delivered to customers in Narkule Istanbul Built in Maltepe, Istanbul on land adjacent to Narcity, the Narkule project was designed as a boutique project targeting the joys of living in a high-rise with modern architecture. With the slogan, Some Like It High, Narkule combines contemporary architecture with a youthful, dynamic, dignified and colorful style coupled with high-quality living standards and breathtaking scenery. Most of the 108 residential units in the 27-story Narkule project have a splendid view of the forest, sea and the islands Privatization of Istanbul Sea Buses Istanbul Deniz Otobüsleri Sanayi ve Ticaret A.Ş. (İDO) was established in 1987 in an effort to help resolve traffic congestion in Istanbul. It is now considered to be one of the largest maritime transport fleets in the world. It was taken over for US$ 861 million by the Tepe-Akfen-Souter- Sera (TASS) consortium. This company, of which Tepe İnşaat has a 30% share, has undertaken important breakthroughs toward expanding its transportation network and infrastructure Share Selling at TAV Havalimanları A.Ş. In 2012, Tepe İnşaat transferred its 18% stake in TAV Havalimanları A.Ş. to Aéroports de Paris Management, one of the world s leading airport operators, for US$ 414 million. Upon successfully closing this sales transaction, realized in a period when global markets suffered serious fragility, JCR Eurasia Rating ratified the long-term domestic rating of Bilkent Holding, the Company s principal shareholder, as A-(Trk), and its outlook as stable. Subsequent to this sale transaction, which considerably fortified the financial performance and market efficiency of both Tepe İnşaat and Bilkent Holding, the Company s share in TAV Havalimanları A.Ş. came to 8.1%. Narlife Project In 2006, Tepe İnşaat entered the housing sector at a fair gallop with its Narcity and Narkule projects completed in the Maltepe region of Istanbul, and commenced the construction works of the Narlife project in the same region. Located on a total area of 29,500 m 2 with Princes Islands views, the project offers 609 flats with one, two, three or four bedroom and duplex apartment options, together with social facilities of 2,000 m 2 made available to residents, comprising outdoor and indoor swimming pools and a children s pool, as well as a playground, sauna, fitness hall, market and café, together reflecting the Tepe İnşaat blend of quality and aesthetics. Bringing a fresh perspective to the housing sector, the project is planned for completion in December Tepe İnşaat Annual Report 2012

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