1. 11 2010 ANNUAL EVALUATION MEETING 07 April 2011

2. 22 3 Turkish economic outlook Listed REIC's Operational review Financial review Development review Future outlook Appendix

3. 33 Turkey both an anchor emerging economy and a CIVETS country >In the developed economies, final demand is unlikely to demonstrate a strong recovery in the near future. The world needs anchor countries growing at a dynamic pace. These countries should have the following characteristics: 1.Young population to support growth and spending 2.Low debt burden to feed credit channels 3.Diversified economy to generate employment opportunities and long term growth 4.Capital accumulation to finance high savings or growth >Turkey meets with the first three out of these four criteria Turkey has a young population: in 2025 what % of the population will be older than 60 ? Source: United Nations

4. 44 Real GDP Growth Fiscal Balances as % of GDP Consumer Price Inflation Interest Rates Economic Highlights Source: EIU (February 2011) Source: EIU (December 2010) Source: Turkish Statistical Institute - Central Bank of Turkey (Feb. 2011) Source: Deutsche Bank Source: EIU (February 2011)

5. 55 Economic Highlights Industrial Production and Unemployment Consumer Confidence ISE National 100 Index Exchange Rate Source: Turkish Statistical Institute(January 2011)Source: Turkish Statistical Institute (February 2011 Source: CentralBank ( February 2011)

6. 6 3 Listed REIC's Operational review Financial review Development review Future outlook Appendix Turkish economic outlook

7. 77 MCAP & NAV of the REIC Sector REIT's NAV ($ mn) 31.12.2010 % MCAP ($ mn) 31.12.2010 % Emlak Konut 3.750,8041,73201,844,0 Torunlar1.620,7018,0912,812,6 İş 907,810,1512,37,0 Sinpaş 793,88,8672,79,3 Akmerkez 514,35,7731,110,1 Reysaş 189,82,1105,61,5 Alarko 170,51,9114,71,6 Martı 149,91,774,71,0 Tskb 142,91,691,21,3 Atakule 135,71,573,41,0 Y&Y 120,71,3333,14,6 Doğuş Ge 114,51,3104,31,4 Vakıf 70,80,845,70,6 Pera 66,00,744,10,6 Özderici 65,30,774,41,0 Yapı Kredi Koray 58,40,6510,7 Sağlam 47,50,532,20,4 Nurol 38,80,426,20,4 Avrasya 17,70,241,80,6 Egs 12,10,110,70,1 İdealist 7,70,117,50,2 TOTAL 8.995,70100,07.271,10100,0

8. 88 Relative post-IPO performance of Torunlar REIC’s share

9. 9 Operational review 3 Listed REIC's Financial review Development review Future outlook Appendix Turkish economic outlook

10. 10 Strategy highlights Development portfolio Successful track record of liaising with local municipalities in contributing to and working on urban transformation projects Leverage the development platform for performing value-adding tasks such as land development, funding and identify potential growth areas of development Opportunistic development of other asset classes Leverage track-record of JV development Access to attractive development opportunities Diversification of risk Strategy focus Primary focus on development of shopping malls Increased focus on mixed-use projects Creating ‘life centres’ with extensive leisure and entertainment avenues Focus investments in urban centres with limited supply Developing residential neighbourhoods in cities with good connectivity to metro etc. Opportunistic investments in non shopping mall related projects Asset management Active asset management targeting occupancy optimisation and rent increase Active refurbishment and extensions in-line with increased demand and evolving consumers and market trends Tenant rationalisation opportunities Ensure appropriate shop and tenant mix Leveraging Torunlar Group’s reputation and network of contacts to attract known Turkish/international tenants

11. 11 2nd largest listed retail property company in Turkey Portfolio value: TRY3.1 bn (2010) Gross rental income: TRY 58.5 m(2010) Market capitalisation: TRY1,5 bn(31/03/2011) Listed on 21.10.2010 on Istanbul Stock Exchange Diversified investment portfolio 5 cities, Istanbul added in October 2010 Portfolio ‘primarily’retail (76% shopping centres) Resilient operations: 98% occupancy rate (2010) Financial strength Healthy financial structure with leverage at 24.4 % Stable shareholder structure with 25.16 % free float Key investment highlights GAV Breakdown (2010) Total GAV:TRY 2.7 bn (USD 1.7 bn)

12. 12 Breakdown of Portfolio Value PORTFOLİO VALUE 3.1 bilion TRY

13. 13 Shopping Mall Portfolio Istanbul Ankara Antalya Izmir Bursa Mugla Samsun Mediterranean Region (Akdeniz Bölgesi) Southeastern Anatolia Region (Güneydoğu Anadolu Bölgesi) Eastern Analtolia Region (Doğu Anadolu Bölgesi) Black Sea Region (Karadeniz Bölgesi) Aegean Region (Ege Region) Central Anatolia Region (Iç Anadolu Bölgesi) Kutahya Key portfolio information Torunlar REIC’s presence Additional target cities Marmara Region (Marmara Bölgesi) NumberGLA(m²) Operational Shopping Malls 5214,697 Pipeline Shopping Malls 2181,116 Total Shopping Malls 7395,913 Zafer Plaza (SM) Occupancy 98% Korupark (SM) Occupancy 96% Deepo Outlet Centre (SM) Ankamall+ Crowne Plaza (SM+Hotel) Occupancy 100%Occupancy 99% Torium Istanbul (SM) Occupancy 99%

14. 14 Footfall and turnover Torunlar REIC performed stable and strong in 2010’ YoY variance(%)Torunlar REICTurkey Retail spending*15.5*15 Footfall*3.6**(3) Occupancy ratio (%)9890 Source: Council of Shopping Centers Turkey *Korupark, Deepo, Ankamall figures declared by the tenants. Zafer Plaza and Torium are excluded. **Newly opened Torium excluded

15. 15 Resilient retail operations through active hands-on management. Bursa Zafer Plaza Bursa Korupark Ankara Ankamall Antalya Deepo Outlet İstanbul Torium GLA ( m2 ) (1) 16.96871.267 (2) 13.11218.06995.280 Revenues (1) 8.400.00039.822.000 NA13.656.000NA Revenues % growth 038.8NA30.7NA % Footfall growth 2.439.82.5(0.61)NA Number of stores 12517831582180 Occupancy (%) 98.1596.35100.0099.5799 Turnover rent (as % of fixed rent) 4.97.1NA26.6NA (1)72,26% share. Receives rental income. (2) 14,83% share. Receives dividend income

16. 16 Shopping centers by value (TRY 000)31-12-1030-06-10Nr of contracts Bursa Zafer Plaza 143.156141.978125 Bursa Korupark 540.510533.591178 Ankara Ankamall 138.274 315 Antalya Deepo Outlet 204.321 82 İstanbul Torium 549.876211.969180 TOTAL 1.576.1371.230.133880

17. 17 Financial review 3 Listed REIC's Operational review Development review Future outlook Appendix Turkish economic outlook

18. 18 Financial highlights 2010 TRY (000)20102009Variance % Sales revenue 232.928120.15893,9 Residences sold 160.58565.380145,6 Rental revenue 58.58439.85947,0 EBITDA 55.37771.700-22,8 EBITDA margin 23.8%59.7%-35,9 Dividend income 4.7454.5364,6 Net gains from fair value adjustment 166.660488.159-65,8 Net profit 214.245535.641-59,4 LfL rental revenue growth 33% -3.4% Occupancy ratio 98% 0,0 Total Assets 3.203.8392.509.78727,7 Total Equity 2.369.0831.805.16831,2 Net debt -344.619-547.895-37,1 Portfolio value (31.12.2010) 3.130.0002.603.00020,2 Market cap (31.03.2011) 1.500.000 EPS 1.16 TRY3,04 TRY-68,0

19. 19 Maturity of Financial Loans (TRY m) The graph excludes TRY 468.1 m of cash and cash deposits at year end 2010.

20. 20 Income statement Sales revenue 43,109134,794120.158232,928 % growth -212.7%(10.9%)93,9% Residences sold -68,63965.380160,585 Rental revenue 22,94941,29939.85958,584 Other 20,1624,85614.91913,759 Cost of sales -25,041-68,218-45.183-152,910 Gross profit/loss18,06866,57674.97580,018 Operating expenses -12,497-7,666-8.014-29,040 Other income (expenses) 448,776126,331488,167166.131 Net gains from fair value adj. On ınv. Properties 449,514126,504488.159166.660 Operating profit / loss 454,347185,241555,128217.109 Opersting profit / loss exculuding fair value gains 4,83358,73766.96950,449 share of profit of associates (recurring)3,3563,644.5364.745 EBIT8,18962,37771.50555,193 %margin19.0%46.3%59.5%23,7% EBIT'8,55662,71271.70055,377 %growth-633.0%14.3%(22.8%) % margin19.8%46.5%59.7%23.8% Share of profit of associates58,84611,7882.7049.980 Net financial interest income (exp)-8,511-27,366-25.433-20.975 Net other financial income income (exp)15,247-103,802-1.2941,098 Valuation gains from financial assets and liab.13,607-103,434-2.2513.562 Profit before Tax523,28569,501535,641215.519 Tax expenses-143--1,274 Net profit excluding fair value adj. Gains60,02146,43149.73344.023 Net profit523,14269,501535,641214,245 2 1 3 4 5 Rental revenues relate to the rental income from operating shopping malls. Other revenue consists of electricity sales income, excavation site rent income, construction site rent income and sales of other services and goods. Other income/expenses is mainjy driven by the net gains from fair value adjustments on investment property. Financial income includes gains and loss of financial instruments as well as the sale of share of profits from associates. Note: Sales are accounted when properties are physically transferred to buyers 1 EBIT includes operating profit and share of profits from associates excluding any effect of fair value changes 2 EBITDA = EBIT + Depreciation expenses ³ Excludes fair value gains/losses from “Investment Properties” and financial instruments ('000 TL) 2007200820092010 2 1 3 4 5 Share of profits of associates are minority stakes in assets held by Torunlar REIC. The latter in counterparty receives dividends from those assets. The split is into ‘dividends from associates’ which are considered as recurring item and the gain in fair value adj. of Investment Properties’ are considered non recurring. 4

21. 21 Balance sheet (‘000 TL) 1 2 1 Inventories consist of construction cost of housing units (completed and in progress) as well as the cost of land used for these residential projects. In addition lands for future development of residential projects are also included in this line- item 1 Investment properties are properties held for long-term rental yields and/or for capital appreciation. This also includes landbank on which asset to be held for long term usage is planned. 2 (‘000 TL)2007200820092010 Total assets Current assets220,490208,846 250,631579.781 Cash and cash equivalents137,44180,168 72,639438.644 Inventories62,31572,626 101,64851.769 Other current assets 20,73456,05276,34489.368 Non-current assets1,461,3521,719,189 2,259,1562,624.058 Investment in associates100,986112,774 115,478125,458 Investment property1,308,8321,557,584 2,096,4302,388,865 Property, plant and equipment1,831629 4071,115 Inventories13,09– – Other non-current assets 36,61347,70246,841108.620 Total assets1,681,8421,928,035 2,509,7873,203.839 Total liabilities and eqity Current liabilities379,303292,672 241,733282.544 Financial Liabilities315,507272,17 157,676231,141 Bank borrowings240,839266,637 155,694231,141 Due to related parties74,6685,533 1,982 Other current liabilities 63,79620,50284,05751.403 Non-current liabilities158,975349,062 462,886552,212 Financial Liabilities 137,236333,170462,881552,122 Other non-current liabilities 21,73915,89259090 Total equity1,143,5641,286,301 1,805,1682,369.083 Total liabilities and equity1,681,8421,928,035 2,509,7873,203.839 Net debt / Assets Net debt / EBITDA Interest coverage ratio 27.2% 21.8% 10.7% 20082009 2010 8.4x 7.6x 6.2x 20082009 2010 2.3x 2.8x 2.6x 2008 2009 2010 *EBITDA Net interest expense

22. 22 Financing ratios ‘Strong financing ratios’ 31-12-1031-12-09 Leverage ( financial loans as% of total assets)24.424.7 Average interest (year) (%)5.225.35 Average maturity (year)5 Interest cover ratio 2.62.8 % loans with a fixed interest rate66,246,1 Headcount3414

23. 23 3 Total revenues are boosted +93% by the residential sales of Nishistanbul project and rental revenues of Torium shopping mall opened in end- October. EBITDA is 22.8% lower due to one-off IPO, consultancy and donation to Bursa Metropolitan Municipality as well as increasing real estate taxes and advertising expenses. Net gain from fair value adjustment is 65.8% lower, driven by the significant contribution of Mall of İstanbul land and Torium land in 2009. This item accounts for 77.7% of net profit in 2010 vs 91% in 2009. Despite the contribution of deposit interest income and declining interest expense, the bottom level is 60% less than in 2009. 2010 Financial Commentary

24. 24 Development review 3 Listed REIC's Operational review Financial review Future outlook Appendix Turkish economic outlook

25. 25 Evolution of the Projects (m2) GLA+GSA (m2)20102011201220132014 Retail214.697 246.943381.943395.813 Residence31.081 249.906305.884 Office2.964 3.34578.105131.876 Hotel2.907 Marina2.984 Other15.599 18.014 Total 270.232 302.859733.859857.478 Land56.893

26. 26 2014 2010 Istanbul grasps a larger share by 2014, overtaking Bursa. GLA Breakdown by City

27. 27 3 Listed REIC's Operational review Financial review Development review Appendix Future outlook Turkish economic outlook

28. 28 Future Outlook The company will capitalise on its expertise to further extract operational efficiency from its shopping malls under its management. All the projects in the pipeline will start this year and be completed by 2013-2014. Total sales in 2011 are expected to reach TRY 150 million with 40% derived from residential sales. No new opening or delivery will take place in 2011. The major part of sales revenue will come from shopping malls including Torium which will operate full year. As EBITDA of shopping malls is at around 80%, company EBITDA is expected to be higher than in 2010 at TRY 90 million. For the upcoming years, 10% annual LFL growth is forecast in rental revenues. The company will chase further acquisition opportunities with its favorable cash position.

29. 29 3 Listed REIC's Operational review Financial review Development review Turkish economic outlook Appendix Future outlook

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31. 31 Zafer Plaza Shopping Mall OwnershipTorunlar REIC (72.26%) Operational date1999 Leasable are (m²)23,449 (REIC share 16,944) Occupancy (m²) (as of date)98% (as of December 2010) Number of stores125 Anchor tenants 4% anchors (30% of GLA): Migros, YKM, Bimeks and Boyner Appraisal valueTL143.2mm (US$92.6mm)¹ Average lease term as of Dec-2010 2.0 years Average NOI (per TL/m²/month)TL38.4 Leasehold / Freehold statusFreehold Rental income (Dec 2010)TL10.8mm The Property is located at the most central part of the city Close to the metro station, on major public transportation routes and at the junction of intercity roads The property includes a movie theater with six screens and an amusement park for children and teenagers In 2000, Zafer Plaza was selected "The Best Shopping Centre" by the AMDP, Shopping Centres and Retail Centres Council Majority of rents (80%) are USD denominated Breakdown–income Fashion 43% Food café 8% Service 7% Footwear 5% Home 5% Health beauty 5% Jewellery 5% Kiosk 3% Restaurant 2% Leisure goods 1% Dept & Anchor 15% Breakdown–tenants (GLA) Fashion 37% Dept & Anchor 33% Health beauty 7% Food café 6% Restaurant 2% Service 5% Home 5% Footwear 3% Jewellery 3% Leisure goods 1% Kiosk 0.5%

32. 32 Korupark shopping mall The Property is located at the most central part of the city Close to the metro station, on major public transportation routes and at the junction of intercity roads The property includes a movie theater with six screens and an amusement park for children and teenagers In 2000, Zafer Plaza was selected "The Best Shopping Centre" by the AMDP, Shopping Centres and Retail Centres Council Majority of rents (80%) are USD denominated OwnershipTorunlar REIC (100%)Operational date H2 2007Leasable are (m²)71,267 Occupancy (m²) (as of date)96% (as of December 2010) Number of stores178 Anchor tenants (39% of GLA): Tesco, Koçtaş, Beymen, C&A, Boyner and Electro World Appraisal valueTL540.5mm (US$349.6mm)¹ Average lease term as of Dec -20102.7 years Average NOI (per TL/m²/month )TL34.4 Leasehold / Freehold statusFreehold Rental income (Dec 2010) TL36.8mm Breakdown–tenants (Income) Fashion 41% Dept & Anchor 14% Health beauty 4% Food 8% Restaurant 4% Service 7% Home 5% Footwear 7% Storages 1% Leisure goods 4% Kiosk 2% Jewellery 4% Breakdown–tenants (GLA) Fashion 26% Dept & Anchor 44% Health beauty 2% Food 3% Restaurant 2% Service 4% Home 3% Footwear 4% Jewellery 1% Leisure goods 9% Kiosk 0.5% Storages 2% Torunlar REIC's porfolio overview

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34. 34 Korupark Residences Phase III The property, adjacent parcel to Korupark phase I & II, is a luxurious housing settlement that includes residences and office units For Korupark Residences Phase III, sales will be denominated in Turkish Lira Ownership Estimated start of construction Estimated date of completion Estimated operational date Estimated investment Appraisal value Leasehold / Freehold status Number of residential units/GSA 2011 Torunlar REIC (100%) Freehold 2012 2012-2013 TL87.3mm (US$56.5mm) TL50.4mm (US$32.6mm)¹ 643 units / 120.000 m2 resi, 9.659 m2 office Under project development Current status Map of Korupark Korupark Shopping Mall Korupark Residences Phase III Korupark Residences Phase I & II Note: Exchange rate US$/TL=1.5460 as of December 31, 2010 ¹ Prime appraisal report (based on the CMB standards as of December 31, 2010) Korupark Residences Phase I & II Korupark Residences Phase III

35. 35 Antalya Deepo outlet mall–Antalya Antalya Deepo is the biggest outlet in the Mediterranean region. The property is located close to the Antalya Airport The mall attracts annual foot traffic of c.5 mm For Antalya Deepo, majority of rents are denominated in EURO Zoning of this region is expected to be approved in 2011. Deepo Antalya is not directly held by Torunlar REIC, but is instead held by a subsidiary which is 100% owned by Torunlar REIC October 24, 2004Operational date Torunlar REIC ( 100 %) Ownership 99% (as of Dec 2010)Occupancy (%) (as of date) 9090Number of stores LCW, Ayakkabı Dünyası, Mudo City, Collezione, Sarar, Aydınlı Group Anchor tenants TL180.5mm (US$116.7mm)¹Appraisal valueTL48.2 Average NOI (per TL/m²/month) Freehold Leasehold / Freehold status TL13.3mmRental income (Dec 2010) 3.1 years Average lease term as of Dec-2010 18,069Leasable area (m²) Antalya Deepo extension project Torunlar REIC + HastalyaOwnership Partially freehold, partially leasehold from Hastalya Leasehold / Freehold status March 2012 Estimated date of completion March 2012Estimated operational dateTL31.2mm (US$20.2mm)Estimated investment Under zoning processCurrent status July 2011 Estimated start of construction Breakdown–income Breakdown–tenants (GLA) Source: Company as of Dec 31, 2010 Fashion 70% Restaurants 5% Food 4% Home 3% Service 2% Jewellery 2% Leisure goods 1% Heath Beauty 1% ATM & Kiosks 1% Footwear & Access. 11% Fashion 62% Food 8% Restaurants 6% Home 3% Service 3% Jewellery 3% ATM & Kiosks 2% Heath Beauty 1% Leisure goods 1% Footwear & Access. 10% 26,651Leasable area (m²) Torunlar REIC's porfolio overview (cont'd)

36. 36 Ankamall shopping mall + Crowne Plaza hotel–Ankara Ankamall is located in Yenimahalle, in the centre of Ankara. The shopping mall is considered to be the largest in Ankara and third largest in Turkey Ankamall is owned by Yeni Gimat which was formed as a cooperative with over 1000 investors, and in which Torunlar REIC currently has 14.83% stake, making it the largest shareholder as of December 31, 2010 The property includes the Crowne Plaza Hotel which is a 21–storey building with 263 rooms For Ankamall, the rents in Phase 1 are denominated in Turkish Lira, while the rents in Phase 2 are denominated in USD Operational date1999¹ Ownership Yeni Gimat in which Torunlar REIC holds (14.83%) Occupancy (%) (as of date) 100% (as of December 2010) Number of stores318Number of rooms263 Anchor tenants Migros, Koçtaş, Tepe Home, Electro World, Boyner, Mudo City, Marks&Spencer, LCW Appraisal value (REIC share) TL137.9m (US$89.2mm)³ Leasehold / Freehold status Freehold Leasable area (m²)88,421³ (REIC’s share 13,112) Dividends - Torunlar REIC share (TLmm)²

37. 37 Breakdown–Area¹ (GLA/GSA) Mall of Istanbul–Istanbul Mall of Istanbul is a mixed-use project with a large shopping mall development along with residential, office units It is expected to be one of the largest mixed-use projects in Turkey Planned to be built with 135.000 m² GLA enriched with 16,000 m² kids entertainment, 7,200 m² snowpark, cinema complex and conference / performance hall¹ Mall of Istanbul is well connected to the city centre through the D100 and TEM highway. In addition, the site is located within 5km of the airport For the Mall of Istanbul, rents will be denominated in USD. Sales will be denominated in Turkish Lira OwnershipTorunlar REIC (100%) Estimated start of constructionH1 2011 Estimated date of completionH2 2013 Estimated operational date H1 2013 Estimated investmentc.TL479.3mm (US$310mm) Number of residences/ GSA-GLA 1.200 units/ 135.000 m2 GLA ret, 116.000 m2 GSA residence 30.000 m2 GLA office Appraisal valueTL637.3mm (US$412.2mm)¹ Leasehold / Freehold status Freehold Current statusUnder project development

38. 38 Torunlar REIC’s portfolio overview (cont’d) Torium Istanbul shopping mall–Istanbul Torium is a mixed-use project of retail and residential use It is located at the centre of high density residential settlements along one of the two major highways of Istanbul The shopping mall provides a broad range of leisure and entertainment facilities Majority of rents at the shopping mall are denominated in EUR Residential sales are expected to be denominated in Turkish Lira GLA split¹ (‘000m²) GLA/GSA split¹ (‘000m²) Café/ Rest. 5% Anchor 25% Entertainment 15% MSU & small stores 35% Residential 5% Retail 95% Hypermarket 10% Others 4% Electronic stores 4% Start of constructionH2 2008 OwnershipTorunlar REIC Appraisal value*TL556.9mm (US$360.3mm)¹ Leasehold / Freehold statusFreehold Date of completionOctober 30th, 2010 Operational dateOctober 30th, 2010 Number of stores168 GLA / GSA 95.280 m2 GLA retail 5.318 m2 GSA resi

39. 39 Torunlar REIC’s portfolio overview (cont’d) GLA Office:44760m2 Torun Tower–Istanbul The property is located at the city centre in one of the most expensive commercial districts of Istanbul It also has a subway connection 40 floor high-rise tower is planned The building is planned to be a landmark for the city with very modern architecture and construction technology The Property is planned as a mixed-use project with office and retail units For Torun Tower, leases will be denominated in USD Breakdown–Area (GLA) OwnershipTorunlar REIC (100%) Appraisal value TL237.7mm (US$153.8mm)¹ Leasehold / Freehold statusFreehold Estimated start of construction2011 Estimated date of completion2013 Estimated operational date2013 Estimated investmentc.TL128.3mm (US$83mm) Current StatusUnder project development Office 96% Other 4% GLA Office: 44.760m2 Other: 2.415m2

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41. 41 LocationIstanbul Ownership Torunlar REIC (65%), Ascioglu (30%), Kapıcıoğlu (5%) Land area (m²) 34.640 Land acquired Revenue Share (45%) Sellable area (m²) 1 GSA 55.978 m2 resi, 53.771 m2 office GSA 13.870 m2 retail Name of architect Emre Arolat Architects Appraisal value TL505.4mm ( US$326.9mm )¹* Leasehold / Freehold status Revenue Share Number of residences 593 Estimated start of constructionH2 2011 Format Mixed–use project Estimated date of completionH2 2014 Estimated operational dateH2 2014 Estimated investment c.TL463.8mm (US$300mm) * Current status Under project development Mecidiyeköy is a mixed-use project with 1,200 unit residential complex, along with office and retail units. Its’ location is in the city center, on the land where the ex-stadium of Galatasaray is located. The project is planned on three high-rise blocks of 40 storey's each. Two of the blocks will be used as residential, one block will be developed as A- Class Office Tower. For the Mecidiyeköy Project sales will be denominated in Turkish Lira. P O R T F O L I O O V E R V I E W Mecidiyeköy mixed-use project–Istanbul 1.Torunlar share

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47. 47 Existing property performance Munich once again holds the top spot for performance of existing investments, Istanbul following very close. London and Paris also retain top positions. 2010 was a year of stabilisation, both in terms of valuation and the occupier side. A clear focus on asset management to maintain the value of existing assets. Secondary property is a “ ticking time bomb”.

48. 48 New property acquisitions The answer is stock selection, not markets or cities. All markets have opportunities at the right price. Istanbul ranked top spot. “The biggest challenge is to find “good” new investments, i.e. core assets in top locations with strong tenants ”

49. 49 City Development Further signs of recovery in sentiment Istanbul, with strong underlying fundamentals, again, stands out followed by London and Munich

50. 50 Torunlar REIC: COMPETITIVE ADVANTAGES One of the leading real estate developers in Turkey Well established performance track record of development and asset management Excellent growth potential Professional management team with long-term local experience and deal sourcing capability Turkey has strong long term economic fundamentals supporting RE growth Stable financial structure and flexible tax efficient REIC regime 1 2 3 4 5 6