2010 ANNUAL EVALUATION MEETING 07 April 2011

2010 ANNUAL EVALUATION MEETING 07 April 2011 1

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

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 3

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

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

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

MCAP & NAV of the REIC Sector REIT's NAV ($ mn) 31. 12. 2010 MCAP ($ mn) 31. 12. 2010 % % Emlak Konut 3. 750, 80 41, 7 3201, 8 44, 0 Torunlar 1. 620, 70 18, 0 912, 8 12, 6 İş 907, 8 10, 1 512, 3 7, 0 Sinpaş 793, 8 8, 8 672, 7 9, 3 Akmerkez 514, 3 5, 7 731, 1 10, 1 Reysaş 189, 8 2, 1 105, 6 1, 5 Alarko 170, 5 1, 9 114, 7 1, 6 Martı 149, 9 1, 7 74, 7 1, 0 Tskb 142, 9 1, 6 91, 2 1, 3 Atakule 135, 7 1, 5 73, 4 1, 0 Y&Y 120, 7 1, 3 333, 1 4, 6 Doğuş Ge 114, 5 1, 3 104, 3 1, 4 Vakıf 70, 8 45, 7 0, 6 Pera 66, 0 0, 7 44, 1 0, 6 Özderici 65, 3 0, 7 74, 4 1, 0 Yapı Kredi Koray 58, 4 0, 6 51 0, 7 Sağlam 47, 5 0, 5 32, 2 0, 4 Nurol 38, 8 0, 4 26, 2 0, 4 Avrasya 17, 7 0, 2 41, 8 0, 6 Egs 12, 1 0, 1 10, 7 0, 1 İdealist 7, 7 0, 1 17, 5 0, 2 TOTAL 8. 995, 70 100, 0 7. 271, 10 100, 0 7

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

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

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

Key investment highlights 2 nd largest listed retail property company in Turkey GAV Breakdown (2010) • Portfolio value: TRY 3. 1 bn (2010) • Gross rental income: TRY 58. 5 m(2010) • Market capitalisation: TRY 1, 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 Total GAV: TRY 2. 7 bn (USD 1. 7 bn) • Healthy financial structure with leverage at 24. 4 % • Stable shareholder structure with 25. 16 % free float 11

Breakdown of Portfolio Value PORTFOLİO VALUE 3. 1 bilion TRY 12

Shopping Mall Portfolio Zafer Plaza (SM) Occupancy 98% Ankamall+ Crowne Plaza (SM+Hotel) Korupark (SM) Occupancy 96% Occupancy 100% Istanbul Black Sea Region (Karadeniz Bölgesi) Bursa Occupancy 99% Samsun Eastern Analtolia Region (Doğu Anadolu Bölgesi) Kutahya Central Anatolia Region (Iç Anadolu Bölgesi) Aegean Region (Ege Region) Mugla Torium Istanbul (SM) Ankara Marmara Region (Marmara Bölgesi) Izmir Deepo Outlet Centre (SM) Southeastern Anatolia Region (Güneydoğu Anadolu Bölgesi) Antalya Key portfolio information Mediterranean Region (Akdeniz Bölgesi) Torunlar REIC’s presence Additional target cities Operational Shopping Malls Pipeline Shopping Malls Total Shopping Malls Number 5 2 7 GLA(m²) 214, 697 181, 116 395, 913 13

Footfall and turnover Torunlar REIC performed stable and strong in 2010’ Yo. Y variance(%) Torunlar REIC Turkey Retail spending* 15. 5* 15 Footfall* 3. 6** (3) 98 90 Occupancy ratio (%) *Korupark, Deepo, Ankamall figures declared by the tenants. Zafer Plaza and Torium are excluded. **Newly opened Torium excluded Source: Council of Shopping Centers Turkey 14

Resilient retail operations through active hands-on management. Bursa Zafer Plaza Bursa Korupark GLA ( m 2 ) (1) 16. 968 Revenues (1) 8. 400. 000 39. 822. 000 0 38. 8 2. 43 Revenues % growth % Footfall growth Number of stores Occupancy (%) Turnover rent (as % of fixed rent) 71. 267 Ankara Ankamall (2) 13. 112 Antalya Deepo Outlet İstanbul Torium 18. 069 95. 280 13. 656. 000 NA NA 30. 7 NA 9. 8 2. 5 (0. 61) NA 125 178 315 82 180 98. 15 96. 35 100. 00 99. 57 99 4. 9 7. 1 NA 26. 6 NA NA (1)72, 26% share. Receives rental income. (2) 14, 83% share. Receives dividend income 15

Shopping centers by value (TRY 000) 31 -12 -10 30 -06 -10 Nr of contracts 143. 156 141. 978 125 540. 510 533. 591 178 138. 274 315 204. 321 82 549. 876 211. 969 180 1. 576. 137 1. 230. 133 880 Bursa Zafer Plaza Bursa Korupark Ankara Ankamall Antalya Deepo Outlet İstanbul Torium TOTAL 16

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

Financial highlights 2010 TRY (000) 2010 2009 Sales revenue 232. 928 120. 158 93, 9 Residences sold 160. 585 65. 380 145, 6 Rental revenue 58. 584 39. 859 47, 0 EBITDA 55. 377 71. 700 -22, 8 EBITDA margin 23. 8% 59. 7% -35, 9 4. 745 4. 536 4, 6 Net gains from fair value adjustment 166. 660 488. 159 -65, 8 Net profit 214. 245 535. 641 -59, 4 Lf. L rental revenue growth 33% -3. 4% Occupancy ratio 98% 0, 0 Total Assets 3. 203. 839 2. 509. 787 27, 7 Total Equity 2. 369. 083 1. 805. 168 31, 2 -344. 619 -547. 895 -37, 1 Portfolio value (31. 12. 2010) 3. 130. 000 2. 603. 000 20, 2 Market cap (31. 03. 2011) 1. 500. 000 EPS 1. 16 TRY Dividend income Net debt Variance % 3, 04 TRY -68, 0 18

Maturity of Financial Loans (TRY m) • The graph excludes TRY 468. 1 m of cash and cash deposits at year end 2010. 19

Income statement ('000 TL) Sales revenue 2007 2008 2009 2010 4 4 5 120. 158 (10. 9%) 65. 380 39. 859 14. 919 -45. 183 74. 975 -8. 014 448, 776 126, 331 449, 514 126, 504 488. 159 166. 660 Opersting profit / loss exculuding fair value gains share of profit of associates (recurring) EBIT %margin EBIT' %growth % margin Share of profit of associates Net financial interest income (exp) Net other financial income (exp) Valuation gains from financial assets and liab. 454, 347 4, 833 3, 356 8, 189 19. 0% 8, 556 19. 8% 58, 846 -8, 511 15, 247 13, 607 185, 241 58, 737 3, 64 62, 377 46. 3% 62, 712 633. 0% 46. 5% 11, 788 -27, 366 -103, 802 -103, 434 555, 128 217. 109 66. 969 50, 449 4. 536 4. 745 71. 505 55, 193 59. 5%% 23, 7% 71. 700 55, 377 14. 3% (22. 8%) 59. 7% 23. 8% 2. 704 9. 980 -25. 433 -20. 975 -1. 294 1, 098 -2. 251 3. 562 Profit before Tax 523, 285 69, 501 535, 641 215. 519 Tax expenses Net profit excluding fair value adj. Gains Net profit -143 60, 021 523, 142 46, 431 69, 501 232, 928 93, 9% 160, 585 58, 584 13, 759 -152, 910 80, 018 -29, 040 rental income from operating shopping malls. 488, 167 166. 131 Operating profit / loss 3 134, 794 212. 7% 68, 639 41, 299 24, 856 -68, 218 66, 576 -7, 666 Net gains from fair value adj. On ınv. Properties 1 2 % growth Residences sold Rental revenue Other Cost of sales Gross profit/loss Operating expenses Other income (expenses) 43, 109 22, 949 20, 16 -25, 041 18, 068 -12, 497 1 Rental revenues relate to the -1, 274 49. 733 44. 023 535, 641 214, 245 2 Other revenue consists of electricity sales income, excavation site rent income, construction site rent income and sales of other services and goods. 3 Other income/expenses is mainjy driven by the net gains from fair value adjustments on investment property. 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. 5 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 20

Balance sheet (‘ 000 TL) 1 2 1 (‘ 000 TL) Total assets Current assets Cash and cash equivalents Inventories Other current assets Non-current assets Investment in associates Investment property Property, plant and equipment Inventories Other non-current assets Total liabilities and eqity Current liabilities Financial Liabilities Bank borrowings Due to related parties Other current liabilities Non-current liabilities Financial Liabilities Other non-current liabilities Total equity Total liabilities and equity 2007 2008 220, 490 137, 441 62, 315 20, 734 1, 461, 352 100, 986 1, 308, 832 1, 831 13, 09 36, 613 1, 681, 842 208, 846 80, 168 72, 626 56, 052 1, 719, 189 112, 774 1, 557, 584 629 – 47, 702 1, 928, 035 250, 631 579. 781 72, 639 438. 644 101, 648 51. 769 76, 344 89. 368 2, 259, 156 2, 624. 058 115, 478 125, 458 2, 096, 430 2, 388, 865 407 1, 115 – 46, 841 108. 620 2, 509, 787 3, 203. 839 379, 303 315, 507 240, 839 74, 668 63, 796 158, 975 137, 236 21, 739 1, 143, 564 1, 681, 842 292, 672 272, 17 266, 637 5, 533 20, 502 349, 062 333, 170 15, 892 1, 286, 301 1, 928, 035 27. 2% 21. 8% 2009 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 lineitem 2 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. Interest coverage ratio Net debt / EBITDA 8. 4 x 10. 7% 2008 2010 1 241, 733 282. 544 157, 676 231, 141 155, 694 231, 141 1, 982 84, 057 51. 403 462, 886 552, 212 462, 881 552, 122 5 90 1, 805, 168 2, 369. 083 2, 509, 787 3, 203. 839 Net debt / Assets 2009 2010 2008 7. 6 x 2009 6. 2 x 2010 2. 3 x 2008 2. 8 x 2009 2. 6 x 2010 *EBITDA Net interest expense 21

Financing ratios ‘Strong financing ratios’ 31 -12 -10 31 -12 -09 Leverage ( financial loans as% of total assets) 24. 4 24. 7 Average interest (year) (%) 5. 22 5. 35 Average maturity (year) 5 Interest cover ratio 2. 6 2. 8 % loans with a fixed interest rate 66, 2 46, 1 34 14 Headcount 22

2010 Financial Commentary n Total revenues are boosted +93% by the residential sales of Nishistanbul project and rental revenues of Torium shopping mall opened in end. October. n 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. n Net gain from fair value adjustment is 65. 8% lower, driven by the significant contribution of Mall of İstanbul land Torium land in 2009. This item accounts for 77. 7% of net profit in 2010 vs 91% in 2009. n Despite the contribution of deposit interest income and declining interest expense, the bottom level is 60% less than in 2009. 23

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

Evolution of the Projects (m 2) GLA+GSA (m 2) 2010 2011 2012 2013 2014 Retail 214. 697 246. 943 381. 943 395. 813 Residence 31. 081 249. 906 305. 884 Office 2. 964 3. 345 78. 105 131. 876 Hotel 2. 907 Marina 2. 984 Other 15. 599 18. 014 Total Land 270. 232 56. 893 302. 859 56. 893 733. 859 56. 893 857. 478 56. 893 25

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

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

Future Outlook n The company will capitalise on its expertise to further extract operational efficiency from its shopping malls under its management. n All the projects in the pipeline will start this year and be completed by 2013 -2014. n Total sales in 2011 are expected to reach TRY 150 million with 40% derived from residential sales. n 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. n As EBITDA of shopping malls is at around 80%, company EBITDA is expected to be higher than in 2010 at TRY 90 million. n For the upcoming years, 10% annual LFL growth is forecast in rental revenues. n The company will chase further acquisition opportunities with its favorable cash position. 28

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

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Zafer Plaza Shopping Mall Ownership Torunlar REIC (72. 26%) Operational date 1999 Leasable are (m²) 23, 449 (REIC share 16, 944) 98% (as of December 2010) Occupancy (m²) (as of date) 125 Number of stores Anchor tenants 4% anchors (30% of GLA): Migros, YKM, Bimeks and Boyner Appraisal value TL 143. 2 mm (US$92. 6 mm)¹ Average lease term as of Dec-2010 2. 0 years TL 38. 4 Average NOI (per TL/m²/month) Leasehold / Freehold status Freehold Rental income (Dec 2010) TL 10. 8 mm • 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–tenants (GLA) Breakdown–income Kiosk 0. 5% Leisure goods 1% Restaurant 2% Kiosk 3% Jewellery 5% Health beauty 5% Home 5% Footwear 5% Service 7% Food café 8% Restaurant 2% Jewellery 3% Fashion 43% Fashion 37% Footwear 3% Home 5% Service 5% Food café 6% Health beauty 7% Dept & Anchor 15% Dept & Anchor 33% 31

Torunlar REIC's porfolio overview Korupark shopping mall Ownership Torunlar REIC (100%) Operational date H 2 2007 Leasable are (m²) 71, 267 Occupancy (m²) (as of date) Number of stores 96% (as of December 2010) 178 Anchor tenants (39% of GLA): Tesco, Koçtaş, Beymen, C&A, Boyner and Electro World Appraisal value TL 540. 5 mm (US$349. 6 mm)¹ Average lease term as of Dec-2010 Average NOI (per TL/m²/month) Leasehold / Freehold status Rental income (Dec 2010) 2. 7 years TL 34. 4 Freehold TL 36. 8 mm • 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–tenants (Income) Storages 1% Kiosk 2% Leisure goods 4% Restaurant 4% Health beauty 4% Jewellery 4% Home 5% Footwear 7% Service 7% Food 8% Breakdown–tenants (GLA) Kiosk 0. 5% Fashion 41% Jewellery 1% Storages 2% Restaurant 2% Health beauty 2% Dept & Anchor 14% Food 3% Home 3% Footwear 4% Service 4% Leisure goods 9% Dept & Anchor 44% Fashion 26% 32

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Korupark Residences Phase III Torunlar REIC (100%) Ownership Estimated start of construction 2011 Estimated date of completion 2012 Estimated operational date 2012 -2013 Estimated investment TL 87. 3 mm (US$56. 5 mm) Appraisal value TL 50. 4 mm (US$32. 6 mm)¹ Leasehold / Freehold status Number of residential units/GSA settlement that includes residences and office units 643 units / 120. 000 m 2 resi, 9. 659 m 2 office Current status • The property, adjacent parcel to Korupark phase I & II, is a luxurious housing • For Korupark Residences Phase III, sales will be denominated in Turkish Lira Freehold Under project development Map of Korupark Residences Phase I & II Korupark Residences Phase III Korupark Shopping Mall • Note: Exchange rate US$/TL=1. 5460 as of December 31, 2010 ¹ Prime appraisal report (based on the CMB standards as of December 31, 2010) 34

Torunlar REIC's porfolio overview (cont'd) Antalya Deepo outlet mall–Antalya n Antalya Deepo is the biggest outlet in the Mediterranean region. n The property is located close to the Antalya Airport n The mall attracts annual foot traffic of c. 5 mm n For Antalya Deepo, majority of rents are denominated in EURO n Zoning of this region is expected to be approved in 2011. n Deepo Antalya is not directly held by Torunlar REIC, but is instead held by a subsidiary which is 100% owned by Torunlar REIC Breakdown–income Leisure goods 1% ATM & Kiosks 1% Heath Beauty 1% ATM & Kiosks 2% Leisure goods 1% Jewellery 3% Torunlar REIC (100%) Operational date October 24, 2004 Leasable area (m²) Occupancy (%) (as of date) Number of stores 18, 069 Home 3% Source: Company as of Dec 31, 2010 Food 4% Restaurants 6% Restaurants 5% Footwear & Access. 10% Footwear & Access. 11% Antalya Deepo extension project Ownership Torunlar REIC + Hastalya 99% (as of Dec 2010) July 2011 90 Estimated date of completion March 2012 Estimated operational date March 2012 LCW, Ayakkabı Dünyası, Mudo City, Collezione, Sarar, Aydınlı Group Appraisal value TL 180. 5 mm (US$116. 7 mm)¹ Rental income (Dec 2010) Fashion 70% Service 2% Estimated start of construction Anchor tenants Average lease term as of Dec-2010 Average NOI (per TL/m²/month) Leasehold / Freehold status Jewellery 2% Fashion 62% Service 3% Food 8% Ownership Breakdown–tenants (GLA) Leasable area (m²) 26, 651 3. 1 years TL 48. 2 Freehold TL 13. 3 mm Estimated investment Leasehold / Freehold status Current status TL 31. 2 mm (US$20. 2 mm) Partially freehold, partially leasehold from Hastalya Under zoning process 35

Ankamall shopping mall + Crowne Plaza hotel–Ankara Ownership Operational date Yeni Gimat in which Torunlar REIC holds (14. 83%) 1999¹ Leasable area (m²) 88, 421³ (REIC’s share 13, 112) Occupancy (%) (as of date) 100% (as of December 2010) Number of stores 318 Number of rooms 263 Anchor tenants Appraisal value (REIC share) Leasehold / Freehold status • 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 Migros, Koçtaş, Tepe Home, Electro World, Boyner, Mudo City, Marks&Spencer, LCW TL 137. 9 m (US$89. 2 mm)³ Freehold Dividends - Torunlar REIC share (TLmm)² 36

Mall of Istanbul–Istanbul Ownership Torunlar REIC (100%) Estimated start of construction H 1 2011 Estimated date of completion H 2 2013 Estimated operational date H 1 2013 Estimated investment Number of residences/ GSA-GLA Appraisal value Leasehold / Freehold status Current status c. TL 479. 3 mm (US$310 mm) 1. 200 units/ 135. 000 m 2 GLA ret, 116. 000 m 2 GSA residence 30. 000 m 2 GLA office TL 637. 3 mm (US$412. 2 mm)¹ Freehold Under project development Breakdown–Area¹ (GLA/GSA) • 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 D 100 and TEM highway. In addition, the site is located within 5 km of the airport • For the Mall of Istanbul, rents will be denominated in USD. Sales will be denominated in Turkish Lira 37

Torunlar REIC’s portfolio overview (cont’d) Torium Istanbul shopping mall–Istanbul Torunlar REIC Ownership H 2 2008 Start of construction Date of completion October 30 th, 2010 Operational date October 30 th, 2010 Number of stores 168 Appraisal value* TL 556. 9 mm (US$360. 3 mm)¹ Freehold Leasehold / Freehold status 95. 280 m 2 GLA retail 5. 318 m 2 GSA resi GLA / GSA • 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 MSU & small stores 35% GLA split¹ (‘ 000 m²) Café/ Rest. 5% Residential 5% GLA/GSA split¹ (‘ 000 m²) Others 4% Anchor 25% Hypermarket 10% Electronic stores Entertainment 4% Retail 95% 15% denominated in Turkish Lira 38

Torun Tower–Istanbul Torunlar REIC’s portfolio overview (cont’d) Torunlar REIC (100%) Ownership Estimated start of construction 2011 Estimated date of completion 2013 Estimated operational date 2013 c. TL 128. 3 mm (US$83 mm) Estimated investment Appraisal value GLA TL 237. 7 mm (US$153. 8 mm)¹ Freehold Leasehold / Freehold status Current Status Office: 44760 m 2 Under project development Breakdown–Area (GLA) Other 4% • 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 Office 96% GLA Office: 44. 760 m 2 Other: 2. 415 m 2 39

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P O R T F O L I O O V E R V I E W Mecidiyeköy mixed-use project–Istanbul Location Ownership Istanbul Torunlar REIC (65%), Ascioglu (30%), Kapıcıoğlu (5%) Estimated start of construction H 2 2011 Estimated date of completion H 2 2014 Estimated operational date H 2 2014 Estimated investment Land acquired Land area (m²) Sellable area (m²)1 Format Name of architect Number of residences Appraisal value Leasehold / Freehold status Current status c. TL 463. 8 mm (US$300 mm) * Revenue Share (45%) 34. 640 GSA 55. 978 m 2 resi, 53. 771 m 2 office GSA 13. 870 m 2 retail Mixed–use project Emre Arolat Architects 593 TL 505. 4 mm (US$326. 9 mm)¹* Revenue Share Under project development n Mecidiyeköy is a mixed-use project with 1, 200 unit residential complex, along with office and retail units. n Its’ location is in the city center, on the land where the ex-stadium of Galatasaray is located. n 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. n For the Mecidiyeköy Project sales will be denominated in Turkish Lira. 1. Torunlar share 41

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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”. 47

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 ” 48

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

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