1. 111 INVESTOR PRESENTATION June 2011

2. 222 3 Turkish economic outlook Listed REIC's Operational review Financial review Development review Future outlook Appendix (Portfolio review)

3. 333 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. 444 Real GDP Growth Fiscal Balances as % of GDP Consumer Price Inflation Interest Rates Economic Highlights Source: EIU (May 2011) Source: Deutsche Bank Source: EIU (May 2011)

5. 555 Economic Highlights Consumer loans and mortgage loans (bn TRY) Loan Growth (%) Source: Turkish Statistical Institute(January 2011)Source: Turkish Statistical Institute (annualized as of March 25, 2011) Source: Central Bank (May 2011) Source: Central Bank (February 2011) Real Effective Exchange Rate Mortgage Rates (%)

6. 66 3 Listed REIC's Operational review Financial review Development review Future outlook Appendix (Portfolio review) Turkish economic outlook

7. 77 TRY SATIŞ/SALESVAF Ö K/EBITDANET KAR/NET PROFIT PORTF Ö Y DEĞERİ/PORTFOLIO VALUE NET AKTİFLER/NET ASSETS 2010-32011-3%2010-32011-3%2010-32011-3%2010-32011-3%2010-32011-3% TORUNLAR25.045.00042.038.00067,8515.728.00021.823.00038,7521.007.0008.771.000-58,25 2.655.996.970 3.222.121.000 21,31.943.574..780 2.541.071.000 30,7 AKFEN4.241.8765.812.72537,032.813.12349.665.2311665,487.807.32832.540.328316,79 723.897.000 589.486.000 AKMERKEZ13.198.71714.101.7436,848.866.1789.623.4998,547.723.1418.673.38712,30819.748.386825.958.1700,76821.366.501804.679.057-2,03 ALARKO2.430.44410.057.787313,83593.747757.12227,52263.8002.401.456810,33257.378.000268.650.5714,38255.492.608265.049.9053,74 ATAKULE2.653.1492.419.562-8,801.316.844848.856-35,543.179.7292.915.793-8,30190.931.162211.676.49210,87189.930.525210.198.43810,67 AVRASYA138.417.33948.065.282-65,289.144-393.774-4406,36-144.962-689.944375,954.304.49577.248.1291694,593.287.18630.291.579821,50 DOĞUŞ2.353.6272.889.57722,771.348.0441.846.11136,951.449.2442.177.56550,26161.248.260172.996.1827,29169.315.368179.399.1065,96 EGS21.016112.961437,5021.077171.927715,7120.528170.773731,9038.925.08940.503.6284,0620.603.00618.977.220-7,89 EMLAK214.380.000171.129.000-20,17177.666.00059.138.000-66,71150.417.00073.234.000-51,31 7.281.157.575 5.655.659.556 İDEALİST 396.040 -69.835-1.351-98,07-65.1651.786-102,749.700.00011.550.62019,089.77011.95722,38 KİLER28.034.08153.045.73489,223.797.22715.976.281320,74736.35211.679.8691486,18 1.039.906.607 754.210.121 İŞ23.546.33126.836.08013,9716.318.46717.566.8047,6510.825.4619.787.515-9,591.281.939.7341.491.649.30816,361.241.082.3591.392.820.87312,23 MARTI 185.009.000202.571.5539,49167.253.98721650316429,45 NUROL1.524.2821.160.708-23,85569.771456.857-19,82-171.281122.265-171,38 59.600.455 59.597.205 Ö ZDERİCİ969.69437.163-96,17-67.726-194.055186,5380.706184.128128,1522.269.00091.881.000312,6017.549.000101.131.000476,28 PERA 243.967 -314.482-414.50031,80-334.516-1.091.984226,44128.758.280191.792.19048,96100.364.300140.608.57040,10 REYSAŞ 4.338.543 3.169.870 -7.0631.198.647-17070,79 289.453.129 324.298.424 SAĞLAM2.107.1601.831.702-13,071.364.6962.828.001107,23-106.5642.290.369-2249,29120.119.463104.444.103-13,0571.621.25175.531.7435,46 SİNPAŞ28.305.33273.532.281159,78-7.192.31212.864.338-278,86-4.574.16711.757.823-357,051.421.219.1961.669.946.00917,501.098.673.7381.229.285.41611,89 TSKB3.675.4783.576.199-2,70422.7841.487.503251,842.248.977-4.368.381-294,24279.003.950309.758.44011,02166.381.700216.565.35830,16 VAKIF1.014.4961.554.63053,24641.547820.69327,921.227.685780.595-36,42101.451.107114.910.13313,27102.171.457112.197.3619,81 YEŞİL753.8146.299.894735,74-514.540339.328-165,95-484.62085.137-117,5716.374.107456.756.7362689,5121.487.812187.810.342774,03 YK KORAY3.636.8513.116.335-14,31-989.158-998.9680,99-1.170.589-1.528.66030,59111.578.213110.875.107-0,63110.339.33789.237.664-19,12 TOTAL 496.308.687472.595.913-4,78222.328.596197.380.773-11,22199.928.024161.093.467-19,427.805.954.41218.969.304.137143,016.500.504.68515.194.621.059133,74

8. 888 NAV ($ mn) % MCAP ($ mn) % REIT's 31.03.2011 Emlak Konut 2.36130,74.42452,2 Torunlar 1.63221,2 998 11,8 İş 90011,75096,0 Sinpaş 83910,96597,8 Akmerkez 5206,87018,3 Reysaş 2092,71341,6 Alarko 1712,21141,3 Martı 1401,8800,9 TSKB 1401,8891,1 Atakule 1361,8700,8 Y&Y 1211,62222,6 Doğuş 1161,51171,4 Vakıf 720,9440,5 Pera 911,2590,7 Özderici 650,8780,9 Yapı Kredi Koray 580,8580,7 Sağlam 490,6320,4 Nurol 380,5320,4 Avrasya 200,3240,3 EGS 120,2110,1 İdealist 80,1160,2 TOTAL 7.698100,08.471100,0 MCAP & NAV of the REIC Sector

9. 999 Relative post-IPO performance of Torunlar REIC’s share

10. 10 Listed REIC's Operational review Financial review Development review Future outlook Appendix (Portfolio review) Turkish economic outlook

11. 11 Shareholding Structure

12. 12 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 Strategy highlights

13. 13 History of Torunlar REIC–key milestones 199619992004200520072008200920101977 Construction for the company’s needs and third party use (small- scale residential units) Active in the Turkish construction and real estate market since 1977 Foundation of Toray Construction Acquisition of the Netsel Marina in Marmaris Torunlar bought the land to be used for Torun Tower Delivery of Korupark Residences phases I&II Torunlar REIC became a listed company as of October 21st, 2010, emerging as one of the biggest listed Turkish real estate companies Delivery of Nish İstanbul residences and offices Opening of one of the biggest shopping malls in Turkey, Korupark The residential compound at Korupark was Bursa’s first gated community Opening of the biggest mall in Turkey in 1999, Ankamall Opening of Zafer Plaza; the first shopping mall of Bursa Opening of the biggest outlet of Antalya, Deepo Outlet Opening of Torium Shopping Mall, October 30th, 2010 Torium Shopping Mall is the 3 rd largest shopping mall in Istanbul Torunlar bought the land for the Mall of Istanbul project, which will be one of Turkey’s largest mixed use projects including a shopping mall, residences, offices and a hotel Conversion to Torunlar REIC

14. 14 2nd largest listed retail property company in Turkey Included in ISE National XU 100, MSCI Turkey, EPRA indices Portfolio value: TRY3.2 bn (2011/03) Gross rental income: TRY 42.0 m(2011/03) 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 (2011/03) Financial strength Healthy financial structure with leverage at 25.4 % Stable shareholder structure with 25.16 % free float Key investment highlights

15. 15 Breakdown of Portfolio Value

16. 16 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 99% Korupark (SM) Occupancy 97% Deepo Outlet Centre (SM) Ankamall+ Crowne Plaza (SM+Hotel) Occupancy 100% Torium Istanbul (SM) Occupancy 99% Shopping Mall Portfolio

17. 17 Turkey Residential Sales ( in units ) Source: Turkish Statistical Institute

18. 18 2011 April IndexVariance (m-o-m)Variance (Y-o-Y) Turkey Composite95,4+0,19%+3,76% Adana110,6+0,80%+7,16% Ankara93,4+0,46%+4,78% Antalya82,2-0,51%-2,61% Bursa90,5-0,33%-0,66% İstanbul95,2+0,23%+5,19% İzmir97,6+0,09%-0,19% Kocaeli108,3-0,46%+2,34% TURKEY RESIDENTIAL PRICES Source: Reidin TurkeyJune: 2007=100 beginning of the index

19. 19 Source: Council of Shopping Centers- Turkey*January 2010 beginning of the index TURKEY SHOPPING MALL SALES TURNOVER AND FOOTFALL

20. 20 Footfall and turnover (March 2011) YoY variance(%)Torunlar REICTurkey Retail spending*10.8*14.8 Footfall*01.7 Occupancy ratio (%)9890 Source: Council of Shopping Centers Turkey *Ankamall and newly opened Torium excluded

21. 21 Resilient retail operations through active hands-on management. March 2011 Bursa Zafer Plaza Bursa KoruparkAntalya Deepo Outlet İstanbul Torium GLA ( m2 ) (1) 16.96871.26718.06995.280 Revenues (1) 2.100.00011.870.0003.273.00011.847.000 Revenues % growth036.918.7NA % Footfall growth 3.8(4.9)1.5NA Number of stores 12518181180 Occupancy (%) 999710099 Turnover rent (as % of fixed rent)2.84.217.213.8 Breakdown of rental revenues 64%USD 36%€ 86%€ 14%USD 82%€ 18%USD 72%USD 28%€ (1)72,26% share. Receives rental income.

22. 22 Shopping centers by value (TRY 000)31-03-11Nr of contracts Bursa Zafer Plaza 143.156125 Bursa Korupark 540.510181 Ankara Ankamall 138.274315 Antalya Deepo Outlet 180.49281 İstanbul Torium 549.876180 TOTAL 1.552.308882

23. 23 Financial review 3 Listed REIC's Operational review Development review Future outlook Appendix (Portfolio review) Turkish economic outlook

24. 24 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 EPS 1.16 TRY3.04 TRY-68.0 LfL rental revenue growth 33% Occupancy ratio 98% 0,0 TRY (000)20102099Variance % Total Assets 3.203.8392.509.78727.7 Total Equity 2.369.0831.805.16831.2 Net debt -344.619-547.89537.1 Portfolio value 3.130.0002.603.00020.2 Market cap 1.420.160 Financial highlights

25. 25 Financial highlights TRY (000)2011/032010/03Variance % Sales revenue 42.03825.04567.8 Residences sold 12.86910.78619.3 Rental revenue 24.71112.223102.1 EBITDA 24.13117.79135.6 EBITDA margin 57.4%71%-19.1 Dividend income 2.3082.06311.8 Valuation gain from financial assets and liabilities -15.0856.716-324.6 Net profit 8.77121.007-58.2 EPS 0.04 TRY0.11 TRY-63.6 LfL rental revenue growth 27.4% Occupancy ratio 98% 0,0 TRY (000)2011/032010/12Variance % Total Assets 3.250.4963.203.8391.4 Total Equity 2.377.8542.369.0830.3 Net debt -498.440-344.59944.6 Portfolio value 3.222.0003.130.0002.9 Market cap 1.532.160 1.420.1607.8

26. 26 Maturity of Financial Loans (TRY m) *The graph excludes TRY 516.4 m of cash and cash deposits and long-term financial investments as of March 2011. 63%USD, 35%€, 2%TRY

27. 27 Income statement 2 1 3 4 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. 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 2 1 3 4 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. (000 TL)2011/032010/03Fark/Variance % Satışlar/Sales42.03825.04567,85 Konut/Residence12.86910.78619,31 AVM kira/ Mall rental24.71112.223102,17 Diğer/Other4.4582.036118,96 SMM/Cost of sales16.5717.713114,85 Br ü t kar/Gross profit25.46717.33246,94 Br ü t marj/Gross margin60,669,2-8,62 Faaliyet giderleri/Opex-4.062-1.533164,97 Diğer gelir(gider)/Other income(expenses)337-98-443,88 Faaliyet karı /Operating profit21.74215.70138,48 İştiraklerden alınan temett ü /Share of profit of associates (recurring)2.3082.06311,88 VFOK/EBIT24.05017.76435,39 VFOK marjı /EBIT margin (%)57,270,9-13,72 Amortisman/Depreciation8127200,00 VAFOK/EBITDA24.13117.79135,64 VAFOK marjı/EBITDA margin (%)57,471,0-19,19 İştiraklerden gelir (gider)/share of profits (non-recurring)874-64-1465,63 Net faiz geliri(gideri)/Net financial interest income(expense)-1.952-3.530-44,70 Net diğer finansal gelir (gider)/Other net financial income (expense)1.329121998,35 Kur farkı geliri (gideri)/Valuation gain from financial assets and liabilities-15.0856.716-324,61 Vergi ö ncesi kar/Profit before tax9.21621.007-56,13 Vergi gideri/Corporate tax-4450 Net kar/net profit8.77121.007-58,25 Net kar marjı/Net profit margin (%)20,983,9-63,01 3

28. 28 Balance sheet (‘000 TL) 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) 2011/032010/12 Fark/Variance % NAKİT VE NAKİT BENZERİ/CASH AND CASH EQUIVALENTS93.446438.664-78,70 FINANSAL YATIRIMLAR/FINANCIAL INVESTMENTS235.6940, TİCARİ ALACAKLAR/TRADE RECEIVABLES25.57249.706-48,55 STOKLAR/INVENTORY47.94751.769-7,38 DİĞER D Ö NEN VARLIKLAR/OTHER CURRENT ASSETS33.71339.642-14,96 D Ö NEN VARLIKLAR/CURRENT ASSETS436.372579.781-24,74 FİNANSAL YATIRIMLAR/FINANCIAL INVESTMENTS187.30029.459535,80 TİCARİ ALACAKLAR/TRADE RECEIVABLES4.5654.729-3,47 Ö ZKAYNAK Y Ö NTEMİ İLE DEĞ.YAT./INVEST.IN ASSOCIATES126.332125.4580,70 YATIRIM AMA Ç LI GAYRIMENKULLER/INVESTMENT PROPERTY2.416.0772.388.8651,14 MADDİ DURAN VARLIKLAR/TANGIBLE FIXED PROPERTY1.9321.11573,27 MADDİ OLMAYAN DURAN VARLIKLAR/INTANGIBLE FIXED ASSETS7382-10,98 DİĞER DURAN VARLIKLAR/OTHER NON-CURRENT ASSETS77.84574.3504,70 DURAN VARLIKLAR/NON-CURRENT ASSETS2.814.1242.624.0587,24 TOPLAM VARLIKLAR/TOTAL ASSETS3.250.4963.203.8391,46, FİNANSAL BOR Ç LAR/FINANCIAL LIABILITIES258.814231.14111,97 FİNANSAL KİRALAMA BOR Ç LARI/FINANCE LEASE LIABILITIES1220-40,00 DİĞER FİNANSAL Y Ü K Ü ML Ü L Ü KLER/OTHER FINANCIAL LIABILITIES2.5443.877-34,38 TİCARİ BOR Ç LAR/TRADE PAYABLES29.47134.536-14,67 D Ö NEM KARI VERGİ Y Ü K Ü ML Ü L Ü Ğ Ü /TAX PAYABLES4450, DİĞER Y Ü K Ü ML Ü L Ü KLER/OTHER CURRENT LIABILITIES10.56112.970-18,57 KISA VADELİ Y Ü K Ü ML Ü L Ü KLER/CURRENT LIABILITIES301.847282.5446,83 FİNANSAL BOR Ç LAR/FINANCIAL LIABILITIES568.766552.1223,01 Ç ALIŞANLARA SAĞLANAN FAYDALARA İLİŞKİN KARŞILIKLAR/PROVISION FOR EMPLOYMENT TERMINATION BENEFITS90 0,00 DİĞER Y Ü K Ü ML Ü L Ü KLER/OTHER NON-CURRENT LIABILITIES1.9390, UZUN VADELİ Y Ü K Ü ML Ü L Ü KLER/NON-CURRENT LIABILITIES570.795552.2123,37 Ö DENMİŞ SERMAYE/SHARE CAPITAL224.000 0,00 HİSSE SENEDİ İHRA Ç PRİMLERİ/SHARE PREMIUM301.770 0,00 KARDAN AYRILMIŞ KISITLANMIŞ YEDEKLER/RESTRICTED RESERVES3.7413.12719,64 GE Ç MİŞ YIL KARLARI/RETAINED EARNINGS1.839.5721.625.94113,14 NET D Ö NEM KARI/NET PROFIT8.771214.245-95,91 Ö ZKAYNAKLAR/ TOTAL EQUITY2.377.8542.369.0830,37 TOPLAM KAYNAKLAR/TOTAL LIABILITIES AND EQUITY3.250.4963.203.8391,46 1 2

29. 29 Financing ratios ‘Strong financing ratios’ 31-03-1131-12-10 Leverage ( financial loans as% of total assets)25.424.4 Average interest (year) (%)5.105.22 Average maturity (year)55 Interest coverage ratio (times) (EBITDA/net interest expense) 12.32.6 Net debt/Assets (%)15.310.7 Net debt/EBITDA (times)5.16.2

30. 30 Development review 3 Listed REIC's Operational review Financial review Future outlook Appendix (Portfolio review) Turkish economic outlook

31. 31 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

32. 32 2014 2010 İstanbul grasps a larger share by 2014, overtaking Bursa. GLA Breakdown by City

33. 33 3 Listed REIC's Operational review Financial review Development review Appendix (Portfolio review) Future outlook Turkish economic outlook

34. 34 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.

35. 35 3 Listed REIC's Operational review Financial review Development review Turkish economic outlook Appendix (Portfolio review) Future outlook

36. 36

37. 37 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 March 2011) 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 Mar-2011 1.8 years Average LTM NOI (per TL/m²/month)TL42.6 Leasehold / Freehold statusFreehold Rental income (Mar 2011), last 12 months TL11.6mm 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 AMPD, Trade Council of Shopping Centres and Retailers Majority of rents (64%) 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%

38. 38 OwnershipTorunlar REIC (100%)Operational date H2 2007Leasable are (m²)71,267 Occupancy (m²) (as of date)97% (as of March 2011) Number of stores181 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 Mar-2011 2.4 years Average LTM NOI (per TL/m²/month )TL36.4 Leasehold / Freehold statusFreehold Rental income (March 2011), last 12 months 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% Korupark is the largest shopping mall in Bursa and is located on the Mudanya Highway in the Nilüfer neighbourhood The property has three retail floors and two carpark floors with a capacity for 2,500 cars underground and 500 above ground The property includes a hypermarket (12,000m²), a do-it-yourself store (5,127m²), cinema complex (nine screens) and entertainment area (amusement park, children play centre) totalling 5,317m² Most of the rents (86%) at the shopping mall are Euro denominated

39. 39 Korupark Residences Phase I & II Located on the western side of Bursa (adjacent to Korupark Shopping Mall), the property is a residential settlement of luxurious units with sports and recreation facilities The project is the first gated community in Bursa Phase I: 343 units, six blocks Phase II: 403 units, seven blocks For Korupark residences I/II, sales are Turkish Lira denominated May, 2006 Torunlar REIC (100%) TL50.1mm (US$32.4mm)¹, ² Freehold Phase 1: January 2008/Phase 2: December 2008 February 2008 TL107.3mm (US$74mm) Start of construction Ownership Appraisal value (remaining units)¹ Leasehold / Freehold status Date of completion Operational date Total investment Units sold (%)87% (as of March 2011)

40. 40 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$32.6mm)¹ 680 units / 102.000 m2 residence Under construction Current status Map of Korupark Korupark Shopping Mall Korupark Residences Phase III Korupark Residences Phase I & II Note: Exchange rate US$/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

41. 41 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 (82%) 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 100% (as of March 2011)Occupancy (%) (as of date) 81Number of stores LCW, Ayakkabı Dünyası, Mudo City, Collezione, Sarar, Aydınlı Group Anchor tenants TL180.5mm (US$116.7mm)¹Appraisal valueTL49.8 Average LTM NOI (per TL/m²/month) Freehold Leasehold / Freehold status TL13.7mm Rental income (Mar 2011), last 12 months 2.8 years Average lease term as of March 2011 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)

42. 42 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

43. 43 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 İstanbul, rents will be denominated in USD. Sales will be denominated in Turkish Lira Presales commenced on 23.04.2011 and 396 units were presold until 10.05.2011. On 31.05.2011, the company signed USD 250 million loan agreement with Is Bank of Turkey for a term of 10 years with 3 years grace period. OwnershipTorunlar REIC (100%) Estimated start of constructionH1 2011 Estimated date of completionH2 2013 Estimated operational date H1 2013 Estimated investmentc.TL500.0mm (US$323mm) Number of residences/ GSA-GLA 135.000 m2 GLA mall, 116.000 m2 GSA residence 30.000 m2 GLA office Appraisal valueTL637.1mm (US$411.5mm)¹ Leasehold / Freehold status Freehold Current statusUnder construction

44. 44 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 (72%) at the shopping mall are denominated in USD 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*TL549.8mm (US$355.1mm)¹ Leasehold / Freehold statusFreehold Date of completion October 30th, 2010 Operational dateOctober 30th, 2010 Number of stores180 GLA / GSA 95.280 m2 GLA retail 5.318 m2 GSA resi Rental income 2011 FTL 35 mm

45. 45 Boulevard Samsun Shopping Mall The property is located on the site of an ex-tobacco factory building at the city center of Samsun on the Black Sea region in Northern Turkey. The land is leased for 30 years from Samsun Metropolitan Municipality. The project is a mixed-use project developed in conjunction with the shopping mall developer Turkmall. Leases will be denominated in €. 60% of the retail area has already been leased as of May 2011. Area breakdown Land: 17.400 m2 Total Construction Area : 37.500 m 2 Gross Leasable Area Mall : 14.700 m 2 Office : 1.200 m 2 Completion date Construction permit : Sept. 2010 Start of construction: Nov. 2010 End of construction: Q1 2012 Capex TRY 10.2mm(US$6.6mm ) Appraisal valeTRY 16.1mm(US$10.4mm) Ownership share40% Leasehold / Freehold statusLeasehold Current StatusUnder construction

46. 46 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 and will be leased. 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

47. 47 NishIstanbul mixed use project–Istanbul Located on the west-side of Istanbul in Yenibosna, 1.5 km away from Istanbul Atatürk Airport Three residential blocks, one office block and retail units As of March 2011, 58 offices and 574 residences were delivered. Remaining 34 retail units will be leased For NishIstanbul, sales are denominated in Turkish Lira OwnershipTorunlar REIC (60%) Appraisal valueTL32.5mm (US$22.4mm)³ Leasehold / Freehold statusFreehold Number of residences / Sellable area (m²) 585 / 53,204 Number of offices / Sellable area (m²) 63 / 16,925 Number of retail units / Leasable area (m²) 52 / 10,937 Start of constructionH2 2008 Date of completionNovember 2010 Operational dateAugust 2010

48. 48 1. Torunlar’s share P O R T F O L I O O V E R V I E W 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 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. All of them will be sold. For the Mecidiyeköy Project sales will be denominated in Turkish Lira. Mecidiyeköy mixed-use project–Istanbul

49. 49 Shopping Mall Development End 2009Q1 2010End 2010Q1 2011 Unit81 9296 İstanbulGLA (sq m)2,28 M 2,65 M2,85 M Unit155157171174 Rest of TurkeyGLA (sq m)3,41 M3,50 M3,87 M3,93 M Unit236238263270 TurkeyGLA (sq m)5,69 M5,78 M6,52 M6,78 M Source: Jones Lang LaSalle ActiveUnder Construction*Total Unit9628124 İstanbulGLA (sq m)2,85 M1,02 M3,87 M Unit17446220 Rest of TurkeyGLA (sq m)3,93 M1,27 M5,20 M Unit27074344 TurkeyGLA (sq m)6,78 M2,29 M9,07 M *As of end 2013 Source: Jones Lang LaSalle

50. 50 CityEnd 2010Q1 2011End 2013 İstanbul200 sq m215 sq m280 sq m Ankara202 sq m 239 sq m Denizli118 sq m154 sq m166 sq m Bursa130 sq m 135 sq m Tekirdağ139 sq m 132 sq m İzmir112 sq m118 sq m130 sq m Eskişehir116 sq m 111 sq m Adana59 sq m 86 sq m Turkey88 sq m92 sq m118 sq m Retail Density-GLA per 1,000 Capita, Turkey Source: Jones Lang LaSalle

51. 51 Prime Rent (EUR / sq m / month)Prime Yield Trend % % % % % % % Source: Jones Lang LaSalle Prime Yield Trend Shopping Mall Development

52. 52 Office Market Overview

53. 53 Sub MarketGLA (sq m) EuropeCBD1,1 million Non CBD0,73 million Asia 0,80 million Total 2,6 million Existing Grade A Office Stock Source: Jones Lang LaSalle Sub MarketGLA (sq m) EuropeCBD207,000 Non CBD185,000 Asia 229,000 Total 621,000 Pipeline Projects Grade A Office Stock* *For completion by end 2013 Source: Jones Lang LaSalle Office Market Overview

54. 54 Prime Rent (EUR / sq m/ month)Prime Yield Trend (%) % % % % % % % % Source: Jones Lang LaSalle Prime Rent ( € / sq m / month )Prime Yield Trend(%) Office Market Overview

55. 55 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”.

56. 56 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 ”

57. 57 City Development Further signs of recovery in sentiment Istanbul, with strong underlying fundamentals, again, stands out followed by London and Munich

58. 58 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