111 INVESTOR PRESENTATION November 2011. 222 3 Turkey Real Estate Economic Highlights 3 Turkey Real Estate Market Review 5 Business Review 23 Project

111

INVESTOR PRESENTATION

November 2011

222

3

Turkey Real Estate Economic Highlights 3

Turkey Real Estate Market Review 5

Business Review 23

Project Pipeline 40

Financial Review 43

Future Outlook 50

Appendix ● Portfolio Review 52

● Financial Data 67

● Listed REIC's 69

333

Turkey Real Estate Economic Highlights

Source: Central Bank of Turkey

2002 2003 2004 2005 2006 2007 2008 2009 2010 39382.00

1.00

2.00

3.00

4.00

5.00

6.00

0.38 0.35 0.63

1.91

2.923.59

3.954.47

5.185,74

Mortgage Loans/GDP%Mortgage Loans/GDP%

2002

2003

2004

2005

2006

2007

2008

2009

2010

Oct./1

10

10

20

30

40

5050.0

40.4

27.8

17.7 18.2 18.3 18.6 15.611.1 12.4

Interest Rate on Mortgages(%)

Interest Rate on Mortgages(%)

Eurozone : 60% (2010)USA : 70% (2010)

4


Source: Central Bank of Turkey

Jan.09 Apr.09 Jul.09 Oct.09 Jan.10 Apr.10 Jul.10 Oct.10 Jan.11 Apr.11 Jul.11 Oct.1120

40

60

80

100

120

140

160

80.4 81.4 83.5 86.491.6

99.4107.8

116.5127.3

140.3

152.7159.2

37 37.5 38.6 40.6 43.2 46.7 50.1 53.658.5

63.2 67.2 69.1

CONSUMER LOANS(BILLION TRY)

MORTGAGE LOANS (BILLION TRY)

Consumer loans and mortgage loans (bn TRY)

2006 2007 2008 2009 2010 2011 Oct.0

10

20

30

40

50

60

70

41

28 30

7

34

42

61

42

23

12

38 37

Total Loans

Consumer Loans

Loan growth %

555

3


Turkey Real Estate Market Review

Business Review

Project Pipeline

Financial Review

Future Outlook

Appendix ● Portfolio Review

● Financial Data

● Listed REIC's

6

Turkey Residential Sales ( in units )

Source: Turkish Statistical Institute

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 20110

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

112,168 113,088109,333

92,516

108,861

194,743

111,913116,229

85,85790,270

83,697

97,51791,071

107,308101,754

7

Turkey Residential Permits (in units)

Source: Turkish Statistical Institute

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 110

50,000100,000150,000200,000250,000300,000350,000400,000

121,

403

148,

346

119,

822

113,

994

135,

571

113,

802

108,

967

160,

135

125,

975

175,

666

178,

750 34

2,66

9

92,3

04 162,

040

Construction Permit

Construction Permit

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 110

20,000

40,000

60,000

80,000

100,000

120,000

140,000

91,4

63

87,6

20

86,5

64

91,6

49

131,

015

128,

172

42,7

98

102,

073

87,9

55

94,7

88

59,1

56

109,

536

94,6

48

130,

593

Building Occupancy Permit

Building Occupancy Permit

8

Residential Purchase Confidence Index

Source: ING Mortgage Barometer (Compiled from 805 interviews in 14 cities)

July 2010

August 2010

September 2

010

October 2

010

November 2010

December 2

010

January 2011

Febru

ary 2011

March

2011

April 2011

May 2011

June 2011

July 2011

August 2011

September 2

01168.0

70.0

72.0

74.0

76.0

78.0

80.0

82.0

84.0

86.0

88.0

75.076.0

75.0

80.0

78.079.0

84.0

81.0

86.0

84.083.0

86.0

78.0

74.0

82.0

9

Turkey New Residential Price Index

2011 Oct Index Value Change M-o-M (%) Change Y-o-Y(%)Change Against January

2010(%)

New Residential Price Index 113.2 2.54% 9.04% 13.20%

Source: REIDIN Turkey

Jan.20

10

Feb.2

010

Mar.20

10

Apr.2

010

May.20

10

Jun.20

10

Jul.20

10

Aug.2

010

Sep.2

010

Oct.20

10

Nov.2

010

Dec.2

010

Jan.20

11

Feb.2

011

Mar.20

11

Apr.2

011

May.20

11

Jun.20

11

Jul.20

11

Aug.2

011

Sep.2

011

Oct.20

1190.0

95.0

100.0

105.0

110.0

115.0

100.0 100.3 100.5 100.8 101.1 101.7 102.1 102.5 103.0103.8

104.8 105.3106.3 106.5 106.7 107.3 107.7 108.2

109.5110.4 110.4

113.2

NEW RESIDENTIAL UNITS PRICE INDEX

1010

Turkey New Residential Price Index by Sqm

Source: REIDIN Turkey January 2010=100 beginning of the index

Flat Size2011 Oct Index

Value Change M-o-M Change Y-o-Y Change Against

January 2010

51-75 M2 110.5 3.17% 6.66% 10.50%

76-100 M2 109.4 2.34% 6.24% 9.40%

101-125 M2 113.9 1.42% 10.04% 13.90%

126-150 M2 110.9 2.97% 5.41% 10.90%

151 M2 + 111.6 2.95% 8.21% 11.60%

2Q 2011

1Q 2011

Total Labour Material Total Labour Material

QoQ(%) 4,35 2,34 4,96 QoQ(%) 4,37 2,64 4,91

YtD(%) 8,91 5,04 10,11

YoY(%) 12,76 6,49 14,76 Yoy(%) 8,44 7,32 8,79

Change to the Average of 4 Quarters(%) 8,7 6,58 9,37

Change to the Average of 4 Quarters(%) 6,62 6,43 6,67

11

Turkey Construction Costs

Source: Turkish Statistical Institute(2005=100)

2009 2010 2011 2012 2013 2014 2015 20160

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,00038

6,37

0

444,

543

492,

121

530,

745

570,

342

612,

957

660,

232

712,

135

207,

205

235,

283

257,

946

276,

167

294,

710

314,

529

336,

361

360,

159

179,

165

207,

799

228,

012

250,

651

272,

996

295,

859

319,

809

345,

794

Retail Sales (TRY mn) Grocery Retail Sales (TRY mn) Non-Grocery Retail Sales (TRY mn)

12

Turkey Retail Market

Source: Planet Retail

CAGR: 7.8 %

13

Turkey Retail Market

Food, beverage and tobacco

27%

Furnishing, household equipment

7%

Restaurant and hotels6%

Clothing and footwear5%Recreation and culture

3%

Transportation and communication

16%

Housing28%

Health2%

Education2%

Miscellaneous Goods and Services

4%

Household Expenditure (by type, 2010)

Istanbul40%

Ankara15%

Bursa6%

Izmir5%

Antalya3%

Adana3%

Kocaeli2%

Denizli2%

Gaziantep2%

Mersin2%

Konya2%

Trabzon2%

Other16%

Retail Centre Supply (supply breakdown by city)

Source: TURKSTAT Source: DTZ Pamir & Soyuer

141414

Shopping Mall Development

End 2009 Q3 2010 End 2010 Q3 2011

İstanbulUnit 81 85 93 101

GLA (sq m) 2,29 M 2,43 M 2,66 M 2,99 M

Rest of TurkeyUnit 155 170 171 190

GLA (sq m) 3,41 M 3,84 M 3,87 M 4,39 M

TurkeyUnit 236 255 264 291

GLA (sq m) 5,70 M 6,27 M 6,53 M 7,38 M

Source: Jones Lang LaSalle

Active Under Construction* Total

İstanbul

Unit 101 29 130

GLA (sq m) 2,99 M 1,08 M 4,07 M

Rest of Turkey

Unit 190 40 230

GLA (sq m) 4,39 M 1,10 M 5,49 M

TurkeyUnit 291 69 360

GLA (sq m) 7,38 M 2,18 M 9,5 M

*As of end 2013


15

Turkey Map of Shopping Malls

Current Shopping Malls

Shopping Malls under Construction and in Project

Concentration of Shopping Malls by GLA

LEGEND

Source: EVA Real Estate Appraisal Consultancy Akademetre Research and Strategy Planning

161616

City End 2010 Q3 2011 End 2013

İstanbul 210 sq m 226 sq m 282 sq m

Ankara 207 sq m 225 sq m 247 sq m

Karabük 65 sq m 179 sq m 166 sq m

Bolu 25 sq m 148 sq m 146 sq m

Trabzon 142 sq m 143 sq m 139 sq m

Bursa 134 sq m 143 sq m 139 sq m

Tekirdağ 139 sq m 139 sq m 132 sq m

Denizli 119 sq m 130 sq m 142 sq m

Turkey 90 sq m 100 sq m 124 sq m

Retail Density-GLA per 1,000 Capita, Turkey


17

Turkey’s Mall League

Source: Akademetre Research and Eva Real Estate

Mall Opening Date GLA Location Developer

1 Forum Istanbul 2009 180.000 Istanbul Multi Turkmall

2 Marmara Forum 2011 157.000 Istanbul Multi Turkmall

3 Cevahir 2005 110.000 Istanbul Celebioglu

4 Ankamall 1999 107.804 Ankara Yeni Gimat

5 Torium 2010 95.280 Istanbul Torunlar REIC

6 Istinyepark 2007 87.000 Istanbul Dogus, Orjin

7 Antares 2007 85.150 Ankara Dolunay

8 Anatolium 2010 84.165 Bursa Corio

9 Forum Ankara 2008 80.000 Ankara Multi Development TR

10 Kent Park 2008 80.000 Ankara Mega Turk Construction

11 Panora 2007 78.000 Ankara Polat Holding

12 M1 Merkez Adana 2000 75.700 Adana Metro

13 Korupark 2007 74.580 Bursa Torunlar REIC

14 Cepa 2007 72.000 Ankara Carrefour

15 Forum Mersin 2007 70.250 Mersin Multi Turkmall

16 Anatolium Ankara 2011 70.000 Istanbul Maya

17 M1 Meydan Umraniye 2007 70.000 Istanbul Metro

18 212 Istanbul Power Outlet 2009 69.000 Istanbul Edip International Real Estate

19 Ora Istanbul 2011 65.000 Istanbul Merkez Construction

20 Forum Bornova 2006 62.000 Izmir Multi Development TR

1818Source: Council of Shopping Centers- Turkey *January 2010= the beginning of index

Turkey SHOPPING MALL Sales Turnover and FootfallJa

n.20

10

Feb.

2010

Mar

.201

0

Apr.2

010

May

.201

0

Jun.

2010

Jul.2

010

Aug.

2010

Sep.

2010

Oct

.201

0

Nov.

2010

Dec.2

010

Jan.

2011

Feb.

2011

Mar

.201

1

Apr.2

011

May

.201

1

Jun.

2011

Jul.2

011

Aug.

2011

828486889092949698

100102 100

93 93

89

93

89

92 92

99 98

101

9799

9795

97

100

97

100 101

FOOTFALL INDEX (GENERAL)

Jan.

2010

Feb.

2010

Mar

.201

0

Apr.2

010

May

.201

0

Jun.

2010

Jul.2

010

Aug.

2010

Sep.

2010

Oct

.201

0

Nov.

2010

Dec.2

010

Jan.

2011

Feb.

2011

Mar

.201

1

Apr.2

011

May

.201

1

Jun.

2011

Jul.2

011

Aug.

2011

Sep.

2011

0

20

40

60

80

100

120

140

10092 91 93

101 102 101 96108 114 113

122112 108 103 108

115 119112 110 106

SALES TURNOVER INDEX (GENERAL)

19

Turkey Shopping Mall Rental Yields- Sep 2011

PRIME RETAIL RENTS- Sep 2011

HIGH STREET US$ € US$ Compound (p.a) % growth

SHOPS sq.m/mth sq.m/yr sq.ft/yr 5yr 1yr

Istanbul 250 2,236 279 15.8 19.0

Izmir 70 626 78 4.9 4.5

Ankara 85 760 95 7.2 6.3

PRIME RETAIL YIELDS- Sep 2011

HIGH STREET Current Last Last 10 Year

SHOPS (Gross) Quarter Quarter Year High Low

Istanbul 7.25 7.50 7.75 14.50 7.25

Izmir 10.50 10.50 10.75 14.50 10.50

Ankara 10.50 10.50 10.75 15.50 10.50

SHOPPING Current Last Last 9 Year

CENTRES (Net) Quarter Quarter Year High Low

Istanbul 8.00 8.25 8.75 9.75 7.00

Source: Cushman&Wakefield

20

Shopping Centre Rents & Yields


Country Prime Rent (€/sq.m/year) Prime Yield (%)Short Term Yield

Outlook

Austria 700 - 1,020 6.10 - 6.75

Belgium 800 - 1,400 5.50 - 6.00

Czech Rep. 800 - 1,100 6.00 - 7.00

Denmark 500 - 1,150 5.75 - 6.25

Finland 900 - 1,600 5.00 - 6.25

France 1,400 - 2,000 4.75 - 5.75

Germany 1,200 - 1,560 4.95 - 5.80

Hungary 600 - 1,080 6.75 - 7.75

Ireland 1,100 - 1,800 7.50 - 8.00

Italy 600 - 800 6.25 - 7.25

Netherlands 650 - 900 6.25 - 7.00

Norway 800 - 1,050 6.00 - 6.75

Poland 500 - 950 6.25 - 7.25

Portugal 700 - 900 7.25 - 8.50

Romania 300 - 650 9.00 - 10.00

Russia 750 - 2,200 9.50 - 10.50

Slovakia 650 - 800 7.25 - 8.00

Spain 700 - 950 6.00 - 6.50

Sweden 550 - 800 5.50 - 6.00

Turkey 600 - 950 8.00 - 9.00

United Kingdom 1,330 - 1,850 5.50 - 6.50

212121

Sub Market GLA (sq m)

Europe

CBD 1,16 million

Non CBD 0,75 million

Asia 0,88 million

Total 2,79 million

Existing Grade A Office Stock Q3 2011


Sub Market GLA (sq m)

Europe

CBD 295,000

Non CBD 256,000

Asia 242,000

Total 793,000

Pipeline Projects Grade A Office Stock*

*For completion by end 2013


Office Market Overview

22

Turkey Office Rental Yields- Sep 2011

PRIME OFFICE RENTS- Sep 2011

US$ Prime Rent € US$ Compound (p.a) % growth

sq.m/mth sq.m/yr sq.ft/yr 5yr 1yr

Istanbul

Levent 36.0 322 40.1 14.9 0.0

Esentepe-Gayrettepe 32.0 286 35.7 16.4 10.3

Maslak 24.0 215 26.8 14.9 -4.0Umraniye 20.0 179 22.3 n/a 6.7

Izmir 15.0 134 16.7 13.4 -6.3Ankara 21.0 188 23.4 11.8 -4.5

PRIME OFFICE YIELDS- Sep 2011

Prime Yield (%) Current Last Last 10 Year Quarter Quarter Year High Low

Istanbul

Levent 8.00 8.00 8.15 16.30 7.50Esentepe-Gayrettepe 8.00 8.00 8.40 16.30 7.50Maslak 8.75 8.75 8.60 16.30 7.75Umraniye 8.50 8.50 8.85 9.50 8.50

Izmir 10.00 10.00 10.15 17.00 9.00Ankara 10.00 10.00 10.20 17.00 9.00


232323

3



Business Review

Project Pipeline

Financial Review

Future Outlook


● Financial Data

● Listed REIC's

2424

Shareholding Structure

Aziz TORUN38%

Mehmet TORUN37%

Y. Emre TORUN0.03%

Torun Pazarlama A.Ş.

0.03%

Free Float25%

September 2011

2525

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-addingtasks such as land development, funding and identify potential growth areas of development

Opportunistic development of other asset classes

Leverage track-record of JV developmentAccess to attractive development opportunitiesDiversification of risk

Strategy focus

Primary focus on development of shopping mallsIncreased 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 opportunitiesEnsure appropriate shop and tenant mix Leveraging Torunlar Group’s reputation

and network of contacts to attract known Turkish/international tenants

Strategy highlights

2626

History of Torunlar REIC– Key Milestones

1996 1999 2004 2005 2007 2008 2009 20101977

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 3rd 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

2727

Key Investment Highlights

• 2nd largest listed retail property company in Turkey

• Included in ISE National XU 100, MSCI Turkey, EPRA indices

• Diversified investment portfolio

• Portfolio ‘primarily’retail (57% shopping centres) in 5 cities

• Resilient operations: 98% occupancy rate (2011/09)

• Healthy financial structure with leverage at 28.8 %

• Stable shareholder structure with 25.16 % free float

1%

38%

30%

11%

19%

Current Portfolio Breakdown

Land

Buildings

Projects

Participations

Money and Capital Market Instruments

2% 2%

38%

57%

1%

Composition of Real Estate Portfolio

LandCompleted units for saleOngoing projectsShopping mallsMarina

2828

Key portfolio informationNumber GLA(m²)

Operational Shopping Malls 5 214,697

Pipeline Shopping Malls 2 181,116

Total Shopping Malls 7 395,913

Zafer Plaza (SM)

Occupancy 99%

Korupark (SM)

Occupancy 97%

Deepo Outlet Centre (SM)

Ankamall+ Crowne Plaza (SM+Hotel)

Occupancy 100% Occupancy 100%

Torium Istanbul (SM)

Occupancy 99%

Shopping Mall Portfolio

29

Operational Assets

Shopping Malls Zafer Plaza Korupark Deepo Outlet Torium

Land Area (sqm) 9.622 53.186 66.005 44.571

Land Cost (TRY) - 6.719.681 7.700.000 54.857.072

Land Price per sqm (TRY/sqm) - 126,34 116,66 1.230,78

Construction Area (sqm) 57.112 169.000 37.500 259.754

Development Cost (TRY) 18.448.375 77.315.718 10.149.518 221.069.212

Development Cost per sqm (TRY/sqm) 323 457 271 851

GLA (sqm) 16.944* 71.267 18.069 95.280

Rental Income-LTM Sept 2011 (TRY) 12.120.273* 36.462.266 12.354.258 23.199.437

Total Revenue-LTM Sept 2011 (TRY) 14.836.188* 46.451.404 16.451.700 23.199.437

EBITDA-LTM Sept 2011 (TRY) 10.720.629* 35.380.091 11.452.483 20.394.046

*Adjusted as per Torunlar, 72,26% share

AssetKorupark Residences

Phase I-II Torium Residence NishIstanbul

Land Area (sqm) 47.434 - 32.889

Land Cost (TRY) 5.993.043 - 60.570.467

Land Price per sqm 126,34 - 1.841,66

Construction Area (sqm) 221.979 14.952 135.291

Development Cost (TRY) 124.194.888 12.083.839 118.309.589

Development Cost per sqm (TRY/sqm) 559 808 874

Units 746 80 700

GLA/GSA (sqm) 110.414 5.318* 81.066

Total Revenue-Forecast (TRY) 224.913.318* 9.040.600* 120.000.000

30

Completed Projects

* Assuming the remaining units in inventory will be sold.

Asset Mall of IstanbulKorupark Residences

Phase III Boulevard Samsun

Land Area (sqm) 122.860 35.773 17.400

Land Cost (TRY) 176.671.963 3.100.000 -

Land Price per sqm (TRY/sqm) 1.437,99 86,66 -


Development Cost (TRY) 498.820.834 134.787.172 34.485.443

Development Cost per sqm (TRY/sqm) 760 810 900

GLA/GSA (sqm) 281.000 102.260 15.900

Rental Income- Forecast (TRY) 65.214.396 - 6.884.199

Total Revenue- Forecast (TRY) 583.714.396 220.686.900 -

Completion Date H2 2013 Q1 2013 Q2 2012

31

Ongoing Projects

Asset Torun Tower Ali Sami Yen Project Deepo Extension

Land Area (sqm) 14.992 34.640 21.595

Land Cost (TRY) 46.637.080 475.000.000* 9.400.000

Land Price per sqm (TRY/sqm) 3.110,80 13.712,47 435,29


Development Cost (TRY) 106.445.963 311.237.664* 36.640.200

Development Cost per sqm (TRY/sqm) 1.158 1.147 943

GLA/GSA (sqm) 47.175 190.183 26.651

Rental Income-Forecast (TRY)30.395.354 - 15.842.207

Total Revenue-Forecast (TRY) 30.395.3541.025.211.825**

-

Net Operating Income-Forecast (TRY) 27.768.208 - -

32

Upcoming Projects

*Unadjusted total cost of the project**Adjusted 65% share of Torunlar

33

Project Deliveries & Pre-SalesCompleted Projects

30.09.2011 Location Saleable area (sq.m) Total # of units # of units delivered delivery ratio start/ completionTorunlar REIC's revenue share

Torunlar REIC sales revenue

Korupark I-II Bursa 110.414 746 678 91%

May 2006/February

2008 100% 198.331.000

Torium Residence Istanbul 5.318 80 0 0%June 2008/June

2011 100% 0

NishIstanbul Istanbul 70.129 648 648 100%July 2008/October

2010 60% 127.003.000

Residence 53.204 585 585 100%July 2008/October

2010

Office 16.925 63 63 100%July 2008/October

2010

Ongoing Projects

21.11.2011 LocationSaleable area

(sq.m)Total # of units

# of units

presold

GSA presold (sq.m)

# of units delivered

presold ratio (in units)

presold ratio (in sq.m)

delivery ratio

start/ completion

Torunlar REIC's

revenue share

Presale Cash In (TRY)

Mall of Istanbul Istanbul 146.000 1.186 572 61.573 NA 48% 42% NA

April 2011/Q4

2013 100% 203.917.040

Residence 116.882 1.071 535 54.762 NA 50% 47% NA

April 2011/Q4

2013 100% 172.009.000

Office 30.000 115 37 6.811 NA 32% 23% NA

April 2011/Q4

2013 100% 31.908.040

Korupark Residences Phase III Bursa 116.151 680 204 25.460 NA 30% 22% NA

March 2011/ Q1

2013 100% 45.761.296

34

Project Monthly Pre-Sales (in Units)

MALL OF İSTANBUL PRESALES

2011 MONTH RESIDENCE OFFICE

APRIL 293 0

MAY 76 0

JUNE 11 15

JULY 12 5

AUGUST 7 3

SEPTEMBER 44 2

OCTOBER 55 7

NOV 21st 37 5

DECEMBER 0 0

TOTAL 535 37

KORUPARK TERRACE APARTMENTS PRESALES

2011 MONTH PRESALES

APRIL 113

MAY 27

JUNE 9

JULY 3

AUGUST 4

SEPTEMBER 24

OCTOBER 22

NOV 21st 2

DECEMBER 0

TOTAL 204

353535

Resilient retail operations through active hands-on management

Sept 2011Bursa

Zafer PlazaBursa Korupark Antalya Deepo

Outlet Istanbul Torium Total

GLA ( m2 ) 23.448 71.267 18.069 95.280 201.584

Revenues (TRY)

6.312.000 37.826.000 11.155.000 35.781.000 91.074.000

LfL Revenues % growth

0* 31.5 25.1 NA 25.7

% LfL Footfall growth 6.0 (0.5) 2.2 NA 2.8

Number of stores 127 182 81 180 570

Occupancy (%) 99 97 100 99 98

Turnover rent (as % of fixed rent)

3.5 3.6 16.2 13.4 8.6

Breakdown of rentalrevenues

62%USD38%€

87%€13%USD

80%€20%USD

70%USD30%€

61%€39%USD

Share of International Tenants

19% of GLA24% of Rental

Revenue22% of Retail

Turnover



Turnover



Turnover



Turnover



Turnover

*Annual rental revenue is fixed at TRY 8.4 mn between 2008-2012, to set aside each year TRY 2.4 mn reserve to pay back the loan raised for the capex.

363636

Shopping Mall LfL Performance

1. Quarter 2. Quarter 3. Quarter 9 Month 4. Quarter0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,00011

,905

,413

.1

12,7

25,9

66.3

13,0

80,8

53.4

37,7

12,2

32.8

13,3

47,1

07.6

13,8

29,5

53.3

14,2

62,9

58.5

41,4

39,6

19.5

16,0

82,8

56.3

16,6

18,0

31.7

18,0

02,1

76.6

50,7

03,0

64.5

Rent Revenues (TRY Million)

200920102011

%12

%20%9

%20%9

%26

%10

%22

%3.3%8.3

1. Quarter 2. Quarter 3. Quarter 9 Month0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

45,000,000

50,000,000

9,19

9,74

7.4

9,90

1,63

1.4

9,74

8,20

6.8

28,8

49,5

85.6

12,0

62,8

71.0

12,5

11,8

43.0

12,6

75,2

10.0

37,2

49,9

24.0

14,7

97,6

28.9

14,7

30,0

79.0

16,1

06,9

83.2

45,6

34,6

91.1

EBITDA (TRY Million)

200920102011

%31

%23

%26%18

%30%22

%29

%23

%-0.5%9.4

373737

Shopping Mall LfL Performance


50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

300,000,000

350,000,000

400,000,000

450,000,000

500,000,00090

,734

,415

108,

417,

999

113,

594,

040

312,

746,

454

120,

011,

925

130,

108,

032

134,

754,

970

384,

874,

927

132,

809,

397

147,

349,

924

148,

925,

726

429,

085,

047

Trade Volume (TRY Million)

200920102011

%32

%11%20

%13%19

%11

%23

%11

%11.0%1.1


5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

6,14

9,11

6

6,26

0,59

6

6,70

4,52

4

19,1

14,2

36

6,62

4,04

0

6,59

1,54

3

6,80

9,03

3

20,0

24,6

16

6,62

3,43

0

6,76

1,04

6

7,20

4,62

3

20,5

89,0

99

Footfall (000)

200920102011

%7.7%-0.0 %5.3 %2.6 %1.6

%5.8

%4.8%2.8

%2.1%6.6

383838

Shopping Centers by Value

(TRY 000)Appraisal

value 30-09-11

Nr of contracts

Rental Yield on Cost

LTM Sept 2011

Rental Yield on Appraisal

ValueLTM

Sept 2011

Rental Yield on Cost

(2011 F)

Rental Yield on Appraisal

Value (2011 F)

Bursa Zafer Plaza 143.156 127 48,04% 6,19% 48,56% 6,26%

Bursa Korupark 540.510 182 47,09% 6,55% 43,75% 6,80%

Antalya Deepo Outlet

180.492 81 64,16% 6,35% 65,45% 6,47%

İstanbul Torium 549.876 180 9,44% 4,95% 9,44% 4,95%

TOTAL 1.414.034 570 21,72% 5,86% 20,71% 6,00%

39

Shopping Mall Tenants by Category

GLAGLA

BreakdownSALES/

SQM/MONTH

FIXED RENT/SQM/

MONTH RENT/SALES

Breakdown of Rental Revenue

Monthly Footfall

Average Spending Per Month

SQM TRY TRY TRY

ANCHOR 38.872 20% 295 13 4% 7%

HOME 5.185 3% 324 60 19% 4%

READY WEAR 84.898 45% 437 44 10% 50%

DEPARTMENT STORE 10.550 6% 301 22 7% 3%

SERVICE 3.313 2% 254 53 21% 2%

LEISURE/ GIFT/ SPECIAL 3.898 2% 330 55 17% 3%

PERSONAL CARE+ACCESSORIES

5.683 3% 802 91 11% 7%

CULTURE/ART/ENTERTAINMENT 19.041 10% 69 11 16% 3%

TECHNOLOGY 6.778 4% 502 65 13% 6%

FOOD & DRINK 12.232 6% 483 69 14% 11%

TOTAL 190.451 100% 369 39 11% 100% 3.197.237 22,2

404040

3



Business Review

Project Pipeline

Financial Review

Future Outlook


● Financial Data

● Listed REIC's

4141

Evolution of the Projects (m2)

GLA+GSA (m2) 2010 2011 2012 2013 2014

Retail 214.697 214.697 246.943 381.943 395.813

Residence 31.081 31.081 31.081 249.906 305.884

Office 2.964 2.964 3.345 78.105 131.876

Hotel 2.907 2.907 2.907 2.907 2.907

Marina 2.984 2.984 2.984 2.984 2.984

Other 15.599 15.599 15.599 18.014 18.014

Total 270.232 270.232 302.859 733.859 857.478

Land 56.893 56.893 56.893 56.893 56.893

Bursa22%

Antalya5%

Ankara2%

Istanbul70%

Samsun1%

2014

424242

Istanbul grasps a larger share by 2014, overtaking Bursa.

GLA Breakdown by City

Bursa46%

Antalya7%

Ankara6%

Istanbul40%

Mugla1%

2010

434343

3



Business Review

Project Pipeline

Financial Review

Future Outlook


● Financial Data

● Listed REIC's

44

TRY (000) 2010 2009 Change %

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

Dividend income 4.745 4.536 4.6

Net gain/(loss) from from fair value adjustments on investment property 166.660 488.159 -65.8

Net profit 214.245 535.641 -59.4

EPS 1.16 TRY 3.04 TRY -68.0

LfL rental revenue growth 33%

Occupancy ratio 98% 98% 0,0

Total Assets 3.203.839 2.509.787 27.7

Total Equity 2.369.083 1.805.168 31.2

Net debt -344.619 -547.895 37.1

Portfolio value 3.130.000 2.603.000 20.2

Market cap 1.420.160

Financial highlights

454545

Financial highlights

TRY 000 2011/09 2010/09 Change %

Sales revenue 121.248 150.868 -19,6%

Residences sold 28.815 103.485 -72,2%

Rental revenue 79.641 38.584 106,4%

EBITDA 66.438 47.450 40,0%

EBITDA margin 54,8% 31,5% 23,3 pp

Dividend income 6.497 4.744 37,0%

Net gain/(loss) from fair value adjustments on investment property 0 114.740

Forex gain/loss -127.857 32.353 NM

Net profit -47.849 181.539 NM

EPS -0,21 TRY 0,81 TRY NM

LfL rental revenue growth 25,8% 22,3% 3.5pp

Occupancy ratio 98% 98% 0,0%

TRY 000 2011/09 2010/12 Change %

Total Assets 3.608.777 3.203.839 12,6%

Total Equity 2.308.581 2.369.083 -2,6%

Net debt -358.788 -344.599 4,1%

Portfolio value 3.454.572 3.130.000 10,4%

Market cap 1.135.680 1.420.160 -20,0%

464646

Maturity of Financial Loans (TRY m)

*The graph excludes TRY 680.1 mn of cash and cash deposits as of Sept 2011.

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20210

20

40

60

80

100

120

140

160

180

200

123

193

129

146

117122

112

37

23 23

11

66,6%USD, 32,2%€, 1,2%TRY

Financial loans: TRY 1.038 mn

47

Net Foreign Currency Position

30.09.2011 31.12.2010

(.000) € $ TL Equivalent

TL Equivalent

Change %

Current assets 21.002 107.839 251.831 219.902 14,5%

Trade receivables 1 50 95 1.626 -94,2%

Monetary financial assets 3.971 0 9.990 218.276 -95,4%

Financial investments 14.791 103.330 227.885 0

Other 2.239 4.459 13.861 0

Total assets 21.002 107.839 251.831 219.902 14,5%

Current liabilities -25.236 -134.707 -312.061 -218.988 42,5%

Trade payables -2.210 -10.671 -25.251 -6.968 262,4%

Financial liabilities -22.888 -123.542 -285.551 -212.020 34,7%

Other current liabilities -138 -494 -1.259 0

Non-current liabilities -110.300 -251.933 -742.374 -552.122 34,5%

Financial liabilities -110.300 -251.933 -742.374 -552.122 34,5%

Total liabilities -135.536 -386.640 -1.054.435 -771.110 36,7%

Net foreign currency asset (liability) -114.534 -278.801 -802.604 -551.208 45,6%

48

Abridged Income Statement

(000 TRY) 9M11 % 9M10 % YoY

Sales 121.248 100,0% 150.868 100,0% -19,6

Residence 28.815 23,8% 103.485 68,6% -72,2

Mall rental 79.641 65,7% 38.584 25,6% 106,4

Other 12.792 10,6% 8.799 5,8% 45,4

Gross profit 73.261 60,4% 54.849 36,4% 33,6

Operating profit 59.750 49,3% 157.164 104,2% -62,0

EBIT 66.247 54,6% 47.168 31,3% 40,4

EBITDA 66.438 54,8% 47.450 31,5% 40,0

Profit before tax -46,458 -38.3% 182,372 120.9% -125.5

Net profit -47.849 -39,5% 181.539 120,3% -126,4

49

Funding Summary

2011/09 2010/12 Change

Total net debt (000 TRY) -358.788 -344.599 4,1%

Average loan term (years) 5 5

Average overall interest rate 5,01% 5,22% -0,2 pp

Leverage (financial loans as % of total assets) 28,8% 24,4% 4,4 pp

Net debt to equity ratio -15,5% -14,5% 1,0 pp

Net debt/Assets (%) -9,9% -10,8% -0,9 pp

Equity to assets ratio 64,0% 73,9% -9,9 pp

Loan to property value ratio (LTV) -13,2% -13,4% 0,2 pp

Interest coverage ratio (times) 5,9 -2,6 NM

Net debt/EBITDA (times) 4,1 6,2 -2,2

505050

3



Business Review

Project Pipeline

Financial Review

Future Outlook


● Financial Data

● Listed REIC's

515151

2012 Outlook

On the back of its strong financial position, the company will support residential demand for Mall of Istanbul and Korupark Residences with an attractive payment schedule in spite of increasing banking loan rates.

The company will gradually increase the frozen rents/sqm in € and US$ in Torium,

Korupark and Zafer Plaza due to abrupt TRY devaluation in September 2011.

The company will start the construction and pre-sales of Mecidiyekoy Project in early 2012, while Torun Tower and Mall of Istanbul will be under way.

Korupark Terrace Residences (3rd phase) are expected to be completed in December 2012.

Samsun Bulvar Shopping Mall will come on stream in May 2012.

The major part of sales revenue will come from shopping malls.

10 % annual LFL growth is forecast in rental revenues.

The company will seek for further land acquisition and tender opportunities with its favorable cash position.

525252

3



Business Review

Project Pipeline

Financial Review

Future Outlook


● Financial Data

● Listed REIC's

535353

545454

Zafer Plaza 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 AMPD, Trade Council of Shopping Centres and Retailers• Majority of rents (62%) are USD denominated

7%4%

36%

17%

8%3%

5%2% 11%

8%

Tenants-Breakdown of GLAANCHOR

HOME

READY WEAR

DEPARTMENT STORE

SERVICE

LEISURE/ GIFT/ SPECIAL


CULTURE/ART/ENTERTAINMENT

TECHNOLOGY

FOOD & DRINK

2% 5%

44%

8%8%

4%

9%

1% 10%

11%

Tenants-Breakdown of IncomeANCHOR

HOME

READY WEAR

DEPARTMENT STORE

SERVICE




TECHNOLOGY

FOOD & DRINK

Ownership Torunlar REIC (72.26%)

Operational Date 1999

Leasable area (m2) 23,449 (REIC share 16,944)

Occupancy (%) as of date 99% (as of Sep 2011)

Number of stores 127

Anchor tenants 4% anchors (30% of GLA): Migros, YKM, Bimeks and Boyner

Appraisal value TL143.2mm (US$92.6mm)

Average lease term as of Sep-2011 1.2 years

Average LTM NOI (per TL/m2/month) TL43.5

Leasehold/Freehold status Freehold

Rental income (Sept 2011). Last 12 months

TL12.1mm

555555

Korupark Shopping MallKorupark Shopping Mall

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 (87%) at the shopping mall are Euro denominated

29%

3%34%

11%

2%2%3%

9% 1%5%

Tenants-Breakdown of GLA

ANCHOR HOME

READY WEAR DEPARTMENT STORE

SERVICE LEISURE/ GIFT/ SPECIAL



TECHNOLOGY FOOD & DRINK

15%5%

45%

6%4%

4%6%

2%

2%9%

Tenants-Breakdown of IncomeANCHOR

HOME

READY WEAR

DEPARTMENT STORE

SERVICE




TECHNOLOGY

FOOD & DRINK

Ownership Torunlar REIC (100%)Operational Date H2 2007Leasable area (m2) 71,267



Anchor tenants (39% of GLA): Tesco, Koçtaş, Beymen, C&A, Boyner and Electro World


Average lease term as of Sep-2011 1.9 years

Average LTM NOI (per TL/m2/month)

TL41.3

Leasehold/Freehold status FreeholdRental income (Sep 2011). Last 12 months

TL36.4mm

565656

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 (80%) are denominated in EURO

Zoning of this region is expected to be approved in early 2012.

Deepo Antalya is not directly held by Torunlar REIC, but is instead held by a subsidiary which is 100% owned by Torunlar REIC

Antalya Deepo extension project

1%

70%

2%1%

1%

4%10%

1%9%


ANCHOR

HOME

READY WEAR

DEPARTMENT STORE

SERVICE




TECHNOLOGY

FOOD & DRINK

2%

69%2%

2%1%4%

3%

1%

13%

Tenants-Breakdown of Income

ANCHOR

HOME

READY WEAR

DEPARTMENT STORE

SERVICE




TECHNOLOGY

FOOD & DRINK

Ownership Torunlar REIC + Hastalya

Estimated start of construction January 2012

Estimated date of completion December 2012

Estimated operational date December 2012

Leasable area (m2) 26,651

Estimated investment TL31.2mm (US$20.2mm)

Leasehold / Freehold statusPartially freehold, partially leasehold from Hastalya

Current status Under zoning process

Ownership Torunlar REIC (100%)

Operational Date October 24, 2004Leasable area (m2) 18,069


Number of stores 81

Anchor tenantsLCW, Ayakkabı Dünyası, Mudo City, Collezione,

Sarar, Aydınlı Group


Average lease term as of Sep 2011 2.2 years

Average LTM NOI (per TL/m2/month) TL52.8


Rental income (Sep 2011), last 12 months

TL12.3 mm

575757

Torium Shopping Mall–Istanbul

• Torium is a mixed-use project of retail and residential use and the 5th largest mall of Turkey.

• 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 (70%) at the shopping mall are denominated in USD

• 80 residential units will be sold for 1.700TL/m2 starting from November 2011.

21%

3%

36%

12%

2%

3%

2%

13%

3%7%


ANCHOR HOME

READY WEAR DEPARTMENT STORE

SERVICE LEISURE/ GIFT/ SPECIAL

PERSONAL CARE+ACCESSORIES CULTURE/ART/ENTERTAINMENT

TECHNOLOGY FOOD & DRINK

13% 4%

44%

7%

3%

4%

7%

4%

5%

14%

Tenants-Breakdown of Income

ANCHOR

HOME

READY WEAR

DEPARTMENT STORE

SERVICE




TECHNOLOGY

FOOD & DRINK


Start of construction H2 2008

Date of completion October 30th, 2010

Operational date October 30th, 2010


Investment cost TL207.2mm

Appraisal value* TL549.8mm (US$355.1mm)

Leasehold / Freehold status Freehold

GLA / GSA95,280 m2 GLA retail

5,318 m2 GSA residential

Rental income 2011 F TL32mm

5858

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 fourth 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 Sep 30, 2011.

• The property includes the Crowne Plaza Hotel which is a 21–storey building with 280 rooms

• For Ankamall, the rents in Phase 1 are denominated in Turkish Lira, while the rents in Phase 2 are denominated in USD

• ECE European Prime Shopping Centre Funds offered USD 525 million to buy 100% of Torunlar REIC’s 14.83% owned Ankamall and Crowne Plaza Hotel on July 15.

Dividends - Torunlar REIC share (TLmm)

2007 2008 2009 2010 20110

1

2

3

4

5

1.9 2.12.4

2.7

4.2

OwnershipYeni Gimat in which Torunlar REIC

holds (14.83%)Operational Date 19991

Leasable area (m2) 88,4213 (REIC’s share 13,112)

Occupancy (%) as of date 100% (as of December 2010)


Number of rooms 280

Anchor tenantsMigros, Koçtaş, Tepe Home,

Electro World, Boyner, Mudo City, Marks&Spencer, LCW

Rental revenue (2010) TL72.2mm

NOI (2010) TL54.8mm

Appraisal value (REIC share) TL138.2mm (US$89.3mm)

Leasehold/ Freehold status Freehold

59

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.

•Retail units will be leased for 19.25€/sq.m/month and office units for 13€/sq.m/month.

•64% of the retail area has already been leased as of Sept 2011.


Leasehold / Freehold status

Leasehold

Current statusUnder construction

Area breakdown

Land: 17,400 m2

Total construction area: 37,500 m2

Gross Leasable Area

Mall: 14,700 m2

Office: 1,200 m2

Completion date

Construction permit : Sept. 2010

Start of construction: Nov. 2010

End of construction: Q1 2012

Capex TL 27.3mm (US$17.6mm)

TL10.9mm (US$7mm)*


*Torunlar REIC 40% share.

6060

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 (57.119 sq.m), six blocks Inventory as of Sept 30th ,2011: 18 units

(3.088 sq.m) • Phase II: 403 units (66.721 sq.m), seven blocks Inventory as of Sept 30th, 2011: 50

units (10.737 sq.m) • For Korupark residences I/II, sales are Turkish Lira denominated and currently 2200

TL/ sq.m


Start of construction May, 2006

Date of completionPhase 1: January 2008/

Phase 2: December 2008

Operational date February 2008

Total investment TL 107.3mm (US$74mm)

Units sold (%) 91% (as of Sep 2011)

Appraisal value (remaining units)¹

TL50.1mm (US$32.4mm)


616161

Korupark Residences Phase III

• The property, adjacent parcel to Korupark phase I & II, is a luxurious housing settlement.

• For Korupark Residences Phase III, sales are denominated in Turkish Lira and 2.111TL/sq.m

•203 units (25.299 m2) were presold as of November 13th 2011.

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, 2010¹ Prime appraisal report (based on the CMB standards as of December 31, 2010)

Korupark Residences Phase I & IIKorupark Residences Phase III


Estimated start of construction May 2011

Estimated operational date Q1 2013

Estimated investment TL87.3mm (US$56.5mm)



Number of residential units/GSA 680 units / 102.260 m2 residence

Current status Under construction

626262

Breakdown–Area (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,retail units will be rented for 26$/m2 and residential and office units will be sold for 3500TL/m2 on the average.•Presales commenced on 23.04.2011 and 526 units (53.765m2) were presold for 3.130TL/m2 out of 1.071 and 38 office units (6.928m2) out 75 for 3.943TL/m2 until 13.11.2011.•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.


Start of construction March 2011

Estimated date of completion H2 2013


Estimated investment c.TL500.0mm (US$323mm)

Number of residences / GSA-GLA135.000 m2 GLA mall,

116.000 m2 GSA residence,30.000 m2 GSA office



Current status Under construction

48%

41%

11%

Retail Residential

Office

636363

GLA

Office: 44760m2

Torun Tower–Istanbul

• The property is located at the city centre in one of the most expensive commercial districts of Istanbul with 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.• Construction permit was awarded on 30.09.2011.• For Torun Tower, office units will be leased for

35$/sqm/month, retail units for 47$/sqm/month.

Breakdown–Area (GLA)

GLA

Office: 44.760m2

Other: 2.415m2

Office95%

Other5%


Estimated start of construction December 2011

Estimated date of completion Q4 2013


Estimated investment c.TL128.3mm (US$83mm)



Current status Under project development

646464

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 (Ex-Ali Sami Yen Stadium) Mixed-use Project–Istanbul

* Torunlar REIC’s share

OwnershipTorunlar REIC (65%), Ascioglu

(30%), Kapicioglu (5%)

Estimated start of construction Q1 2012

Estimated date of completion H2 2014

Estimated operational date H2 2014

Estimated investmentc.TL311mm (US$201.3mm) /

TL202mm (US$130mm)*

Land acquired Revenue Share (45%)

Land area (m2) 34,640

Sellable area (m2) 86,120 m2 (55,978 m2)*residence,

82,725 m2 (53,771 m2)*office, 21,338 m2 (13,869 m2)* retail

Number of residences 593

Appraisal valueTL300mm (US$195mm) / TL195mm

(US$125mm)*

Leasehold / Freehold status Revenue Share

Current status Under project development

65

Netsel Marina-Marmaris

• Netsel is one of the largest marinas in Turkey by capacity.

• It is located in Marmaris on the Aegean coast.• Torunlar purchased its stake for TL 14.9 mn in 2005.• The marina is operated by Setur, a subsidiary of Koc

Holding.• 66 cruisers with 166.000 guests visited the marina in

2010.• 2500-3000 people are estimated to visit the mall on a

daily basis from May to October in 2010.

Dividends - Torunlar REIC share (TLmm)

2007 2008 2009 2010 20110

0.5

1

1.5

2

2.5

1.5 1.5

2.2 2.12.3

Ownership Torunlar REIC (44.6%)

Operational Date 1989

Land 37,478 m2

Capacity 700 yachts

Leasable area (m2) 5,996 (REIC’s share 2,674)

Mall Occupancy (%) as of date 68.7% (as of December 2010)

Number of stores 75

TenantsMigros, Lacoste, Sisley, Tommy

Hilfiger

Mall rental revenue (2010) TL1.2mm

Total rental revenue (2010) TL13.1mm

Appraisal value (REIC share) TL30.7mm (US$19.8mm)

Leasehold / Freehold status Leasehold

666666

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 June 2011, the project partnership was terminated. 3 residential units (291 m2) will be kept, 5 office (1340 m2) units will be sold for 5000TL/m2. 20 stores (3425 m2) will be leased for 25$/m2/month.

• Torunlar REIC has 6 more offices (1620 m2) and a 1080 m2 spa in its portfolio.


Start of construction H2 2008

Date of completion November 2010

Operational date November 2010

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



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3



Business Review

Project Pipeline

Financial Review

Future Outlook


● Financial Data

● Listed REIC's

686868

Income Statement

Note: Sales are accounted when properties are physically transferred to buyers1 EBIT includes operating profit and share of profits from associates excluding any effect of fair value changes2 EBITDA = EBIT + Depreciation expenses ³ Excludes fair value gains/losses from “Investment Properties” and financial instruments

(000 TL) 3Q11 3Q10 YoY 2Q11 1Q11 9M11 9M10 YoY

Sales 38.106 101.012 -62,3% 41.104 42.038 121.248 150.868 -19,6%

Residence 5.105 82.214 -93,8% 10.841 12.869 28.815 103.485 -72,2%

Mall rental 28.122 14.149 98,8% 26.808 24.711 79.641 38.584 106,4%

Other 4.879 4.649 4,9% 3.455 4.458 12.792 8799 45,4%

Cost of sales 13.474 79.958 -83,1% 17.942 16.571 47.987 96.019 -50,0%

Gross profit 24.632 21.054 17,0% 23.162 25.467 73.261 54.849 33,6%

Gross margin 64,6% 20,8% 43,8 pp 56,3% 60,6% 60,4% 36,4% 24,0 pp

Opex -3.744 -3.046 22,9% -7.817 -4.062 -15.623 -12.224 27,8%

Other income(expenses) 889 447 98,9% 886 337 2.112 -201 -1150,7%

Net gain (loss) fair value adjustments on investment property

0 0 0 0 0 114.740 -100,0%

Operating profit 21.777 18.455 18,0% 16.231 21.742 59.750 157.164 -62,0%

Operating profit excluding fair value adjustment

21.777 18.455 18,0% 16.231 21.742 59.750 42.424 40,8%

Share of profit of associates (recurring) 0 0 4.188 2.308 6.497 4.744 37,0%

EBIT 21.777 18.455 18,0% 20.419 24.050 66.247 47.168 40,4%

EBIT margin (%) 57,1% 18,3% 38,8 pp 49,7% 57,2% 54,6% 31,3% 23,3 pp

Depreciation 66 94 -29,8% 44 81 191 282 -32,3%

EBITDA 21.843 18.549 17,8% 20.463 24.131 66.438 47.450 40,0%

EBITDA margin (%) 57,3% 18,4% 38,9 pp 49,8% 57,4% 54,8% 31,5% 23,3 pp

share of profits (non-recurring) 3.805 2.598 46,5% -3.122 874 1.556 8.865 -82,4%

Net financial interest income(expense) 12.171 -7.056 -272,5% -33 -1.952 11.201 -20.306 -155,2%

Other net financial income (expense) 47 716 -93,4% 2.034 1.329 2.395 -448 -634,6%

Forex gain (loss) -78.565 19.289 -507,3% -34.207 -15.085 -127.857 32.353 -495,2%

Profit before tax -40.765 34.002 -219,9% -14.909 9.216 -46.458 182.372 -125,5%

Corporate tax -521 -364 43,1% -425 -445 -1.391 -833 67,0%

Net profit -41.286 33.638 -222,7% -15.334 8.771 -47.849 181.539 -126,4%

Net profit margin (%) -108,3% 33,3% NM -37,3% 20,9% -39,5% 120,3% NM

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Business Review

Project Pipeline

Financial Review

Future Outlook


● Financial Data

● Listed REIC's

70

Portfolio Structures of REICs (as of June 2011)

Listed REICs Land Buildings Ongoing projectsRights over real

estate assetsMarketable securities

Participations

Emlak Konut 52% 4% 32% - 12% -

Torunlar 8% 39% 23% - 19% 11%

İş 12% 83% - - 6% 0%

Sinpaş 33% 21% 37% - 2% 7%

Kiler 6% 85% 3% - 6% 0%

Akmerkez - 91% - - 9% -

Akfen - 45% 3% 2% 6% 44%

Reysaş 16% 74% 8% - 0% 1%

Alarko 16% 16% 6% 20% 41% 0%

Martı 16% - 21% 63% - 0%

TSKB 4% 90% - - 6% 0%

Atakule 0% 60% 0% - 39% -

Yesil 30% - 70% - 0% -

Doğuş - 89% - - 11% -

Pera - 82% 10% 2% 4% 2%

Vakıf 77% 12% - 2% 9% -

Özderici - 3% 79% - 18% -

Yapı Kredi Koray 8% 25% 20% - 0% 47%

Sağlam - 68% - - 28% 4%

Nurol 49% 34% - - 17% -

Avrasya 16% 83% - - 2% -

EGS 2% - 98% - 0% 0%

İdealist - 95% - - 5% -

TOTAL 27% 34% 22% 1% 11% 5%

exc. EKGYO 13% 51% 17% 2% 11% 8%

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 Torunlar REIC 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.

71

Disclaimer

Haluk YUKLER

Investor Relations Director

[email protected]

72

Contacts

Ismail KAZANC

CFO

[email protected]

TORUNLAR REIC (Real Estate Investment Company)Ruzgarlibahce Mah. Selvi Cikmazi No.4 34805 Kavacik, Istanbul, TURKEY

Phone: +90-216-425 20 07Fax: +90-216-425 03 12

Documents

111 INVESTOR PRESENTATION November 2011. 222 3 Turkey Real Estate Economic Highlights 3 Turkey Real Estate Market Review 5 Business Review 23 Project