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2. 2 2 Company Name: TSKB REAL ESTATE INVESTMENT TRUST Date of Establishment : 03.02.2006 Share Capital : 150.000.000 TL Listing : Borsa İstanbul Ticker Symbol : TSGYO Address: Meclisi Mebusan Cad. Molla Bayırı Sk. No:1 34427 Fındıklı İstanbul Web-site: www.tskbgyo.com.tr e-mail: gyo@tskb.com.tr Phone: +90 (212) 334 50 20 Fax : +90 (212) 334 50 27 Disclaimer: This presentation must be read with the disclaimer in the Appendix

3. 3 3 Section I The Company Section III Financial Data Section II Real Estate Portfolio Section IV TSGYO Stock Performance Section V Appendix

4. 4 4 Highlights  Aims to achieve sustainable growth – leasable area up from 3k sqm to 50k sqm  Asset size grew from TL12m (2006) to TL 361m (9M13)  Strong real estate portfolio with a commercial focus enabling reliable revenues derived from rental income  Income-sharing and joint-venture projects under evaluation  Established in 2006 as a real estate investment and development company  Developer of new projects, has demonstrated its ability to ensure profitable project development TSKB REIT aims to be a leading player in the Turkish real estate sector

5. 5 5 Vision & Mission VISION To be a “reliable business partner” with a “pioneering role“ in its sector. MISSION To establish and maintain a growing and sustainable investment portfolio with high returns.

6. 6 6 Shareholder Structure The Company is one of the subsidiaries established by TSKB in the real estate market, demonstrating the parent company’s commitment to the sector: 1.TSKB Real Estate Investment Company 2.TSKB Real Estate Appraisal ShareholderStake (%) TSKB59.00 YF Securities1.33 TSKB Employees Pension Fund1.04 TSKB Real Estate Appraisal0.30 Free Float on ISE*38.33 Total100.00 Experienced main shareholder, Turkey’s oldest and largest investment and development bank TSKB, part of the Is Bank Group. * As of September 30, 2013, 7,763,100 of the listed shares were held by TSKB, thus, the total share of TSKB was 64.18% as of the date given.

7. 7 7 Management Board General Manager Investments Accounting and Administrative Affairs Accounting Budgeting and Planning Administrative Affairs Legal Consultant Tax Consultant Property Appraiser Organization Finance and Investor Relations Project Development Project Management Asset Management Investor Relations Compliance Finance Lawyer

8. 8 8 200620072008200920102011-2013  TSKB REIT established in February.  TSKB contributed the Tahir Han Building as capital in kind in March.  Land for Pendorya Shopping Center (PSC) purchased in July.  Land for Adana hotel project purchased in 50% partnership in November.  Paid in capital upped from TL10m to TL75m.  Fındıklı Buildings added to the Company’s portfolio in December.  TSKB acquired the construction permit for PSC in July.  TSKB REIT laid the foundation for PSC in November.  Paid in capital was increased to TL100m.  PSC completed and opened to shoppers in December.  TSKB REIT on the ISE in April.  Paid in capital was increased to TL150m. History  Construction on the Adana hotel (Divan Hotel) project.

9. 9 9 Investment Strategy TSKB REIT's investment strategy is concentrated on commercial real estate due to the regular rent income and cash flow pattern which can be obtained from these kinds of assets. Business and shopping centers, tourism facilities, logistic warehouses and industrial plants are typical investment projects that the Company would like to add to its real estate portfolio. Residential investments can be another area of attraction as a part of a mixed use project or with respect to their potential profitability in stand-alone cases. Industrial and Geographical Focus The Goal of Growth by Project Development TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to develop it, to organize all project-essential activities in the developmental process, and to complete the project in such a way as to ensure its viability. By holding onto the investments which are added to its property portfolio on a long-term basis, the Company’s aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the properties’ value in the long run. Risk Calculation TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by verifying a project’s commercial viability before starting it, making sure that the financial resources required by the project will be available, and ensuring that the project is in compliance with existing laws and regulations.

10. 10 Section I The Company Section III Financial Data Section II Real Estate Portfolio Section IV TSGYO Stock Performance Section V Appendix

11. 11 Breakdown of Real Estate Portfolio* Breakdown of Total Portfolio *Proportion of Total Portfolio Value. Portfolio Breakdown As of 30.09.2013( TL ) Project27,886,348 Adana Hotel Project27,886,348 Office Buildings97,833,300 Fındıklı Buildings87,733,300 Tahirhan Building10,100,000 Shopping Center211,923,607 Pendorya Shopping Center211,923,607 Total Real Estate Value337,643,255 Participations- Marketable Securities10,586,824 Total Portfolio Value348,230,079

12. 12 Value (TL 000)* Pendorya Shopping Center Fındıklı Office Buildings Tahir Han Office Building Total 211,924 87,733 10,100 337,643 * Valuations carried out by independent real estate appraisal companies Adana Hotel Project 27,886 Real Estate Portfolio Summary

13. 13 Pendorya Shopping Center

14. 14 Location Pendik - Istanbul TSKB REIT Stake100% Operational Date December 2009 Land Area (sqm)23,100 Construction Area (sqm)80,648 Leasable Area (sqm)30,250 Occupancy (sqm) (September 2013)87% Number of Stores100 Anchor Tenants Tesco Kipa (8,400 sqm), MediaMarkt (5,500 sqm), Cinemaximu m (2,500 sqm) Appraisal Value (TLm)211.9  100% of Pendorya is held by TSKB REIT.  The center features a 1,000-person capacity food court and 1,000 vehicle parking lot. Annual expected footfall is 6 million. Main Tenants Pendorya Shopping Center (contd.)

15. 15 Pendorya Shopping Center (contd.)  The Pendorya site was selected after careful evaluation of the surrounding region to ensure appropriate demographics and growth dynamics as well as unsaturated market conditions and potential.  Pendorya is located at the crossroads of two of Istanbul’s main highways, and is 8 km distant from the Sabiha Gokcen (SG) International Airport.  The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of Grade B income consumers. Ongoing boutique residential projects, a marina and other nearby tourism investments increase the attraction of Pendorya’s location.  The construction of a 4,000-person Garanti Bank Operations Center in the neighbouring plot has started. Also located in the vicinity, Turkey’s largest state teaching and research hospital (540 beds) was opened at January 2011. Pendik State Teaching and Research Hospital Turkey’s 3rd-largest marina First international fair facility on Asian side Recent Developments in Pendik Region Pendik Development Pipeline

16. 16 Fındıklı Buildings Fındıklı Office Buildings

17. 17 LocationIstanbul TSKB REIT Stake100% Land Area (sqm)1,696 Leasable Area (sqm)7,102 Number of Floors7 TenantTSKB Appraisal Value (TLm)44.4  TSKB REIT is the 100% owner of the building.  The building of some 7,102 sqm of covered space was purchased from TSKB in 2007.  Currently, it is rented by TSKB and serves as the headquarters of the bank.  The building was renovated in September 2007, and no major maintenance outlays are expected in the near future.  Close proximity to Bosphorus foreshore and mass transit options also have positive effect on site’s exclusivity. Galata Port operations will likely increase the site’s future appraisal value. Fındıklı Office Buildings (contd.) Fındıklı Building I

18. 18 LocationIstanbul TSKB REIT Stake100% Land Area (sqm)2,503 Leasable Area (sqm)10,542 Number of Floors10 Tenants TSKB, TSKB Foundation, TSKB RE Appraisal Appraisal Value (TLm)43.3  TSKB REIT is the 100% owner of the property.  The building has 10,542 sqm of enclosed area and was purchased from TSKB in 2007.  Currently rented by TSKB and other TSKB Group companies.  The building was renovated in September 2007, and no major maintenance outlays are expected in the near future.  Close proximity to Bosphorus foreshore and mass transit options also have positive effect on site’s exclusivity. Galata Port operations will likely increase the site’s future appraisal value. Fındıklı Building II Fındıklı Office Buildings (contd.)

19. 19 GALATAPORT Tahir Han Office Building

20. 20 LocationIstanbul TSKB REIT Stake74% Land Area (sqm)606 Leasable Area (sqm)3.200 Number of Floors8 TenantsVarious Appraisal Value (TLm)10.1  TSKB REIT owns 74% of the building. Tahir Han is a seven-story building on 600 sqm plot and has a built up area of 3,200 sqm.  Building has full sea views from the third story and up.  Tahir Han is located on the border of a major redevelopment project. It is suitable for conversion to more lucrative activities. Galata Port operations will likely increase the site’s future appraisal value.  At present, the offices are rented out to various companies and individuals. Tahir Han Office Building (contd.)

21. 21 GALATAPORT Assets will be valued under the influence Galataport Adana Hotel Project (Divan Hotel)

22. 22 Location Adana-City Center TSKB REIT Stake50% Acquisition Date November 2007 Appraisal Value – Project_Land (TLm)27.89 Land Area (sqm)3,608 ProjectCity Hotel Construction Start Date3Q2011 Estimated Operational Date1H 2014  TSKB REIT acquired a 50% share of a 3,608 sqm plot located in a central area of Adana.  Adana is one of Turkey’s main industrial cities, with additional business growth potential due to investments in the energy and petrochemical sectors.  TSKB REIT has started the project in order to build a 5 star business hotel with about 200 rooms on the plot. The building licence has been obtained and the construction works has been started. The hotel is to be operational in the first half of 2014.  For the hotel management an operating agreement has been signed with Divan Group and the name of the hotel has been decided as ‘”Divan Adana”. Adana Hotel Project (contd.)

23. 23 Project fills need for a comfortable city hotel...  Despite significant commercial and industrial progress in the past few years, no new high standard hotel has opened in Adana, while the occupancy rate of the existing 5-star hotels has increased remarkably.  Adana also lacks alternative places for social activities such as conferences, wedding ceremonies, social occasions and MICE (Meetings, Incentives, Conferencing, Exhibitions) tourism.  The land for the city hotel was acquired in 2007 with the intent to open a city hotel in accordance with local demand. The land is located in Seyhan, a central district of Adana.  The project is located some 2.5 km from the airport and 5.5 km from the bus terminal.  An architectural project was prepared for the site, which is already zoned.  Operating Agreement (15-year maturity) was signed between TSKB REIT and Divan Group.  Hotel construction work is in progress. Adana Hotel Project (contd.)

24. 24 Section I The Company Section III Financial Data Section II Real Estate Portfolio Section IV TSGYO Stock Performance Section V Appendix

25. 25 Balance Sheet Current Assets8,0837,60234,0837,68835,24220,17826,50215,022 Cash and Banks2,0843,66623,8453,74530,21815,15422,07310,624 Financial Investments5,9793,4174898411,4501,8881,3381,444 Other Current Assets205199,7493,1023,5733,1363,0912,954 Non-Current Assets3,655114,584152,327290,663301,937320,386337,872345,948 Investment Property3,65169,24575,580278,976290,261309,835328,080337,643 Fixed Assets445,33976,7292539854326 Other Non-Current Assets--1811,66211,63710,4669,7498,279 Total Assets11,738122,186186,410298,351337,179340,564364,374360,969 Short-term Liabilities4112,3197,11320,43122,97711,63613,09614,211 Bank Debts-1,3432,06212,16320,17010,73411,00912,951 Trade Payables-8,7691564,397988573733656 Other412,2074,8953,8711,8193291,354604 Long-term Liabilities-29,14370,510113,78893,268110,832116,134123,181 Bank Debts-29,13970,509113,70093,161110,685115,908122,886 Other-4188107147226295 Shareholders’ Equity11,69780,724108,787164,133220,934218,096235,144223,577 Paid-in Capital10,00075,000100,000 150,000 Share Premium----593 Reserves-3243153 Retained Earnings-1,6665,6818,63463,98070,18867,35084,398 Net Income (Loss)1,6974,0263,06355,3466,208(2,838)17,048(11,567) Total Liabilities and Shareholders Equity 11,738122,186186,410298,351337,179340,564364,374360,969 (TL 000) 2006 2007200820092010 2011 2012 9M13

26. 26 Income Statement Revenues25666,0484,72314,38114,73416,20513,100 Operating Costs (-)(375)(1,146)(3,149)(3,343)(12,230)(8,446)(8,447)(6,092) Net Operating Profit(350)(1,080)2,8991,3802,1516,2887,7587,008 Income from Other Operations1,0607866,25352,6325,44415,4557,933382 Expenses from Other Operations (-)(13 )(177)(114)(41)(249)(70)(51)(40) Operating Profit658(471)9,03853,9717,34621,67315,6407,350 Financial Income1,0394,4988031,6765,6501,6396,47734 Financial Expenses (-)--(6,778)(301)(6,787)(26,150)(5,069)(18,911) Profit Before Tax1,6974,0263,06355,3466,208(2,838)17,048(11,567) Tax-------- Net Income1,6974,0263,06355,3466,208(2,838)17,048(11,567) (TL 000) 2006 20072008 20092010 2011 2012 9M13

27. 27 Total Assets Real Estate Portfolio Assets Key Parameters Shareholders’ Equity

28. 28 Section I The Company Section III Financial Data Section II Real Estate Portfolio Section IV TSGYO Stock Performance Section V Appendix

29. 29 TSGYO Stock Performance Performance 31.12.1230.09.1325.10.1331.12.12-30.09.1330.09.13-25.10.13 BIST 100 Index78,20874,48779,272 -4.8%6.4% BIST REIT Index41,20835,86137,799 -13.0%5.4% TSGYO0.780.920.9917.9%7.6% Performance 31.12.1230.09.1325.10.1331.12.12-30.09.1330.09.13-25.10.13 TSGYO Market Cap (TL mn)117138149 17.9%7.6% TSGYO Market Cap (USD mn)666875 3.0%10.4%

30. 30 TSGYO Stock Performance TSGYO, BIST REIT Index and BIST 100 Index Performance

31. 31 TSGYO Stock Performance TSGYO - Relative Performance to BIST REIT Index -12.9%

32. 32 Net Asset Value * as of September 30, 2013 ** as of October 25, 2013 TSGYO Net Asset Value (NAV)( TL ) Project27,886,348 Adana Hotel Project27,886,348 Office Buildings97,833,300 Fındıklı Buildings87,733,300 Tahir Han Building10,100,000 Shopping Center211,923,607 Pendorya Shopping Center211,923,607 Total Real Estate Value337,643,255 Participations- Marketable Securities10,586,824 Total Portfolio Value348,230,079 Cash and Banks1.093 Receivables1,443,798 Other Assets11,294,451 Payables137,392,146 NAV*223,577,275 Market Cap**148,500,000 Discount to NAV-34%

33. 33 Section I The Company Section III Financial Data Section II Real Estate Portfolio Section IV TSGYO Stock Performance Section V Appendix

34. 34 Regulation Highlights Capital markets institution, under the supervision of the CMB Corporate tax exemption Allowed to invest in real estate, real estate projects, rights and capital market instruments backed by real estate, and money and capital market instruments >51% of the the portfolio to be invested in real estate Not allowed to carry out construction Properties to be valued by independent and CMB licensed appraisal companies

35. 35 Public REITS 1.Akfen 2.Akiş 3.Akmerkez 4.Alarko 5.Ata 6.Atakule 7.Avrasya 8.Doğuş 9.EGS 10.Emlak 11.Halk 12.İdealist 13.İş 14.Kiler 15.Martı 16.Nurol 17.Özak 18.Özderici 19.Pera 20.Reysaş 21.Saf 22.Servet 23.Sinpaş 24.Torunlar 25.TSKB 26.Vakıf 27.Yeni Gimat 28.Yeşil 29.Yapı Kredi Koray Non-public REITs 1.Albayrak 2.Bayraktar 3.Büyükhanlı 4.Kuyaş 5.Tuna REITs in Turkey

36. 36 Disclaimer This presentation does contain forward-looking statements that reflect the Company management’s current views with respect to certain future events based on the base-case assumptions. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Neither TSKB REIT nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from the use of this presentation.

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