INVESTOR PRESENTATION May 2011

11

INVESTOR PRESENTATION

May 2011

22

3Turkish economic outlook

Listed REIC's

Operational review

Financial review

Development review

Future outlook

Appendix (Portfolio review)

33

Turkey both an anchor emerging economy and a CIVETS country

>In the developed economies, final demand is unlikely to demonstrate a strong recovery in the near future. The world needs anchor countries growing at a dynamic pace. These countries should have the following characteristics:

1.Young population to support growth and spending

2.Low debt burden to feed credit channels

3.Diversified economy to generate employment opportunities and long term growth

4.Capital accumulation to finance high savings or growth

>Turkey meets with the first three out of these four criteria

Turkey has a young population: in 2025 what % of the population will be older than 60 ?

Source: United Nations

44

Turkey

29,7%

18,4%

9,3%10,5% 10,5%

8,7%10,4%

6,3% 6,4% 5,5% 5,0%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 F 2012 F

Turkey

Real GDP Growth Fiscal Balances as % of GDP

Consumer Price Inflation Interest Rates

Economic Highlights

Source: EIU (February 2011)

Source: EIU (December 2010)

Source: Turkish Statistical Institute - Central Bank of Turkey (Feb. 2011) Source: Deutsche Bank

6,25,3

9,48,4

6,9

4,7

0,9

-4,8

8,9

5,2 5,1 5,4 5,3 5,4

1,2 1,32,3

1,6

3,1 2,9

0,7

-4,2

1,9 1,6 1,6 1,7 1,8 1,9

-6

-4

-2

0

2

4

6

8

10

12

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F 2012F 2013F 2014F 2015F

T urkey EU27

-11,9 -12,0

-8,8

-5,5

-3,6 -2,9 -2,6

5,1

2,84,0 4,7

5,8 5,54,2 3,5

0,10,8 1,0 0,9

-1,6 -1,8

-5,4

-0,6-1,3

-14,0

-12,0

-10,0

-8,0

-6,0

-4,0

-2,0

0,0

2,0

4,0

6,0

8,0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 F 2012 F

Budget balance Primary balance

Benchmark bond yield

16,2%

9,0%

7,1%

9,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

18,0%

2008 2009 2010 F 2011 F

Benchmark bond yield

Source: EIU (February 2011)

55

Economic Highlights

Consumer loans and mortgage loans (bn TRY) Loan Growth (%)

Source: Turkish Statistical Institute(January 2011) Source: Turkish Statistical Institute (February 2011

Source: CentralBank ( February 2011)Source: Central Bank (February 2011)

80,4

134,4

127,3116,5

107,899,4

91,686,4

83,581,4

64,861,9

56,753,049,3

45,642,840,739,438,7

20

40

60

80

100

120

140

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

CONSUMER LOANS(BILLION TRY)

MORTGAGE LOANS(BILLION TRY)

REAL EFFECTIVE EXCHANGE RATE(CPI BASED) (2003=100)

115,14113,98113,66

117,17

122,67

127,53

125,72121,66

131,41

116,65

100

105

110

115

120

125

130

135

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

REAL EFFECTIVE EXCHANGE RATE(CPI BASED) (2003=100)

Real Effective Exchange Rate

41

28 30

7

3429

61

42

23

12

3842

0

10

20

30

40

50

60

70

2006 2007 2008 2009 2010 2011*

Total Loans Consumer Loans

Interest Rate on Mortgages(%)

50,0

40,4

27,8

17,7 18,2 18,3 18,615,6

11,1 9,7

0

10

20

30

40

50

2002 2003 2004 2005 2006 2007 2008 2009 2010 Mar./11

Interest Rate on Mortgages(%)

Mortgage Rates (%)

6

3

Listed REIC's

Operational review

Financial review

Development review

Future outlook


Turkish economic outlook

7

TRYSATIŞ/SALES VAFÖK/EBITDA NET KAR/NET PROFIT

PORTFÖY DEĞERİ/PORTFOLIO VALUE

NET AKTİFLER/NET ASSETS

2010-3 2011-3 % 2010-3 2011-3 % 2010-3 2011-3 % 2010-3 2011-3 % 2010-3 2011-3 %TORUNLA

R 25.045.000 42.038.000 67,85 15.728.000 21.823.000 38,75 21.007.000 8.771.000 -58,25 2.655.996.970 3.222.121.000 21,3 1.943.574..780 2.541.071.000 30,7

AKFEN 4.241.876 5.812.725 37,03 2.813.123 49.665.231 1665,48 7.807.328 32.540.328 316,79 723.897.000 589.486.000 AKMERKE

Z 13.198.717 14.101.743 6,84 8.866.178 9.623.499 8,54 7.723.141 8.673.387 12,30 819.748.386 825.958.170 0,76 821.366.501 804.679.057 -2,03

ALARKO 2.430.444 10.057.787 313,83 593.747 757.122 27,52 263.800 2.401.456 810,33 257.378.000 268.650.571 4,38 255.492.608 265.049.905 3,74

ATAKULE 2.653.149 2.419.562 -8,80 1.316.844 848.856 -35,54 3.179.729 2.915.793 -8,30 190.931.162 211.676.492 10,87 189.930.525 210.198.438 10,67

AVRASYA 138.417.339 48.065.282 -65,28 9.144 -393.774 -4406,36 -144.962 -689.944 375,95 4.304.495 77.248.129 1694,59 3.287.186 30.291.579 821,50

DOĞUŞ 2.353.627 2.889.577 22,77 1.348.044 1.846.111 36,95 1.449.244 2.177.565 50,26 161.248.260 172.996.182 7,29 169.315.368 179.399.106 5,96

EGS 21.016 112.961 437,50 21.077 171.927 715,71 20.528 170.773 731,90 38.925.089 40.503.628 4,06 20.603.006 18.977.220 -7,89

EMLAK 214.380.000 171.129.000 -20,17 177.666.000 59.138.000 -66,71 150.417.000 73.234.000 -51,31 7.281.157.575 5.655.659.556

İDEALİST 396.040 -69.835 -1.351 -98,07 -65.165 1.786 -102,74 9.700.000 11.550.620 19,08 9.770 11.957 22,38

KİLER 28.034.081 53.045.734 89,22 3.797.227 15.976.281 320,74 736.352 11.679.869 1486,18 1.039.906.607 754.210.121

İŞ 23.546.331 26.836.080 13,97 16.318.467 17.566.804 7,65 10.825.461 9.787.515 -9,59 1.281.939.734 1.491.649.308 16,36 1.241.082.359 1.392.820.873 12,23

MARTI 185.009.000 202.571.553 9,49 167.253.987 216503164 29,45

NUROL 1.524.282 1.160.708 -23,85 569.771 456.857 -19,82 -171.281 122.265 -171,38 59.600.455 59.597.205

ÖZDERİCİ 969.694 37.163 -96,17 -67.726 -194.055 186,53 80.706 184.128 128,15 22.269.000 91.881.000 312,60 17.549.000 101.131.000 476,28

PERA 243.967 -314.482 -414.500 31,80 -334.516 -1.091.984 226,44 128.758.280 191.792.190 48,96 100.364.300 140.608.570 40,10

REYSAŞ 4.338.543 3.169.870 -7.063 1.198.647 -17070,79 289.453.129 324.298.424

SAĞLAM 2.107.160 1.831.702 -13,07 1.364.696 2.828.001 107,23 -106.564 2.290.369 -2249,29 120.119.463 104.444.103 -13,05 71.621.251 75.531.743 5,46

SİNPAŞ 28.305.332 73.532.281 159,78 -7.192.312 12.864.338 -278,86 -4.574.167 11.757.823 -357,05 1.421.219.196 1.669.946.009 17,50 1.098.673.738 1.229.285.416 11,89

TSKB 3.675.478 3.576.199 -2,70 422.784 1.487.503 251,84 2.248.977 -4.368.381 -294,24 279.003.950 309.758.440 11,02 166.381.700 216.565.358 30,16

VAKIF 1.014.496 1.554.630 53,24 641.547 820.693 27,92 1.227.685 780.595 -36,42 101.451.107 114.910.133 13,27 102.171.457 112.197.361 9,81

YEŞİL 753.814 6.299.894 735,74 -514.540 339.328 -165,95 -484.620 85.137 -117,57 16.374.107 456.756.736 2689,51 21.487.812 187.810.342 774,03

YK KORAY 3.636.851 3.116.335 -14,31 -989.158 -998.968 0,99 -1.170.589 -1.528.660 30,59 111.578.213 110.875.107 -0,63 110.339.337 89.237.664 -19,12

TOTAL 496.308.687472.595.913 -4,78222.328.59

6197.380.77

3 -11,22199.928.02

4161.093.46

7 -19,427.805.954.41

218.969.304.13

7 143,016.500.504.68

515.194.621.05

9 133,74

88

MCAP & NAV of the REIC Sector

NAV ($ mn)

%

MCAP ($ mn)

%REIT's 31.03.2011 31.03.2011

Emlak Konut 2.361 30,7 4.424 52,2

Torunlar 1.632 21,2 998 11,8

İş 900 11,7 509 6,0

Sinpaş 839 10,9 659 7,8

Akmerkez 520 6,8 701 8,3

Reysaş 209 2,7 134 1,6

Alarko 171 2,2 114 1,3

Martı 140 1,8 80 0,9

TSKB 140 1,8 89 1,1

Atakule 136 1,8 70 0,8

Y&Y 121 1,6 222 2,6

Doğuş 116 1,5 117 1,4

Vakıf 72 0,9 44 0,5

Pera 91 1,2 59 0,7

Özderici 65 0,8 78 0,9

Yapı Kredi Koray 58 0,8 58 0,7

Sağlam 49 0,6 32 0,4

Nurol 38 0,5 32 0,4

Avrasya 20 0,3 24 0,3

EGS 12 0,2 11 0,1

İdealist 8 0,1 16 0,2

TOTAL 7.698 100,0 8.471 100,0

99

Relative post-IPO performance of Torunlar REIC’s share

10


Listed REIC's

Operational review

Financial review

Development review

Future outlook


11

March 2011

Aziz TORUN38%

Free Float25%

Mehm et TORUN37%

Mahm ut KARABIYIK

0%

Ali COŞKUN0%

Torun Pazarlam a A.Ş.

0,03%

Y.Em re TORUN0,03%

Shareholding Structure

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-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

13

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

14

Hotel 2,10%

Marina 1,10%

Others 2,80%

Office 9,90%

Residential 7,90%

Shopping malls; 76,30%

•2nd largest listed retail property company in Turkey

•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

2011/03

Land10%

Building40%

Project22%

Participations12%

Money and Capital Market Instruments

16%

Land Building Project Participations Money and Capital Market Instruments

Breakdown of Portfolio Value

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 informationKey portfolio information

Torunlar REIC’s presence

Additional target cities

Marmara Region(Marmara Bölgesi)

Number GLA(m²)Operational Shopping Malls 5 214,697

Pipeline Shopping Malls 2 181,116

Total Shopping Malls 7 395,913

Zafer Plaza (SM)Zafer Plaza (SM)

Occupancy 99%

Korupark (SM)Korupark (SM)

Occupancy 97%

Deepo Outlet Centre (SM)

Deepo Outlet Centre (SM)

Ankamall+ Crowne Plaza (SM+Hotel)

Ankamall+ Crowne Plaza (SM+Hotel)

Occupancy 100% Occupancy 100%

Torium Istanbul (SM)Torium Istanbul (SM)

Occupancy 99%

Shopping Mall Portfolio

17

2011 April Index Variance (m-o-m) Variance (Y-o-Y)

Turkey Composite 95,4 +0,19% +3,76%

Adana 110,6 +0,80% +7,16%

Ankara 93,4 +0,46% +4,78%

Antalya 82,2 -0,51% -2,61%

Bursa 90,5 -0,33% -0,66%

İstanbul 95,2 +0,23% +5,19%

İzmir 97,6 +0,09% -0,19%

Kocaeli 108,3 -0,46% +2,34%

TURKEY RESIDENTIAL PRICES

Source: Reidin Turkey June: 2007=100 beginning of the index

18

SALES TURNOVER INDEX (GENERAL)

10092 91 93

101 102 10196

108114 113

122112 108

103

0

20

40

60

80

100

120

140

Jan-10 Feb-10 Mar.10 Apr-10 May.10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar.11

SALES TURNOVER INDEX (GENERAL)

Source: Council of Shopping Centers- Turkey

FOOTFALL INDEX (GENERAL)

10093 93 89 93 89 92 92

99 98 101 97 99 97 95

0

20

40

60

80

100

Jan-10 Feb-10 Mar.10 Apr-10 May.10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar.11

FOOTFALL INDEX (GENERAL)

*January 2010 beginning of the index

TURKEY SHOPPING MALL SALES TURNOVER AND FOOTFALL

19

Footfall and turnover(March 2011)

YoY variance(%) Torunlar REIC Turkey

Retail spending* 10.8* 14.8

Footfall* 0 1.7

Occupancy ratio (%) 98 90

Source: Council of Shopping Centers Turkey*Deepo and newly opened Torium excluded

2020

Resilient retail operations through active hands-on management.

March 2011

Bursa

Zafer Plaza

Bursa Korupark Antalya Deepo Outlet

İstanbul Torium

GLA ( m2 ) (1)

16.968 71.267 18.069 95.280

Revenues (1)

2.100.000 11.870.000 3.273.000 11.847.000

Revenues

% growth 0 36.9 18.7 NA

% Footfall growth

3.8 (4.9) 1.5 NA

Number of stores

125 181 81 180

Occupancy (%)

99 97 100 99

Turnover rent (as % of fixed rent) 2.8 4.2 17.2 13.8

Breakdown of rental

revenues

64%USD

36%€

86%€

14%USD

82%€

18%USD

72%USD

28%€

(1)72,26% share. Receives rental income.

2121

Shopping centers by value

(TRY 000) 31-03-11 Nr of contracts

Bursa Zafer Plaza

143.156 125

Bursa Korupark

540.510 181

Ankara Ankamall

138.274 315

Antalya Deepo Outlet

180.492 81

İstanbul Torium

549.876 180

TOTAL

1.552.308 882

22

Financial review

3

Listed REIC's

Operational review

Development review

Future outlook



2323

Financial highlights

TRY (000) 2011/03 2010/03 Variance %

Sales revenue 42.038 25.045 67.8

Residences sold 12.869 10.786 19.3

Rental revenue 24.711 12.223 102.1

EBITDA 24.131 17.791 35.6

EBITDA margin 57.4% 71% -19.1

Dividend income 2.308 2.063 11.8

Valuation gain from financial assets and liabilities -15.085 6.716 -324.6

Net profit 8.771 21.007 -58.2

EPS 0.04 TRY 0.11 TRY -63.6

LfL rental revenue growth 27.4%

Occupancy ratio 98% 98% 0,0

TRY (000) 2011/03 2010/12 Variance %

Total Assets 3.250.496 3.203.839 1.4

Total Equity 2.377.854 2.369.083 0.3

Net debt -498.440 -344.599 44.6

Portfolio value 3.222.000 3.130.000 2.9

Market cap 1.532.160 1.420.160 7.8

2424

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.

357

108102

258

0

50

100

150

200

250

300

350

400

2011 2012 2013 2014+

Maturity of debt

63%USD, 35%€, 2%TRY

2525

Income statementIncome 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 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

21

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) 2011/03 2010/03Fark/Variance

%Satışlar/Sales 42.038 25.045 67,85 Konut/Residence 12.869 10.786 19,31 AVM kira/ Mall rental 24.711 12.223 102,17 Diğer/Other 4.458 2.036 118,96SMM/Cost of sales 16.571 7.713 114,85Brüt kar/Gross profit 25.467 17.332 46,94Brüt marj/Gross margin 60,6 69,2 -8,62Faaliyet giderleri/Opex -4.062 -1.533 164,97Diğer gelir(gider)/Other income(expenses) 337 -98 -443,88Faaliyet karı /Operating profit 21.742 15.701 38,48

İştiraklerden alınan temettü/Share of profit of associates (recurring) 2.308 2.063 11,88VFOK/EBIT 24.050 17.764 35,39VFOK marjı /EBIT margin (%) 57,2 70,9 -13,72Amortisman/Depreciation 81 27 200,00VAFOK/EBITDA 24.131 17.791 35,64VAFOK marjı/EBITDA margin (%) 57,4 71,0 -19,19İştiraklerden 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) 1.329 121 998,35

Kur farkı geliri (gideri)/Valuation gain from financial assets and liabilities -15.085 6.716 -324,61Vergi öncesi kar/Profit before tax 9.216 21.007 -56,13Vergi gideri/Corporate tax -445 0 Net kar/net profit 8.771 21.007 -58,25Net kar marjı/Net profit margin (%) 20,9 83,9 -63,01

3

2626

Balance sheet (‘000 TL)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)2011/03 2010/12

Fark/Variance %

NAKİT VE NAKİT BENZERİ/CASH AND CASH EQUIVALENTS 93.446 438.664 -78,70FINANSAL YATIRIMLAR/FINANCIAL INVESTMENTS 235.694 0 ,TİCARİ ALACAKLAR/TRADE RECEIVABLES 25.572 49.706 -48,55STOKLAR/INVENTORY 47.947 51.769 -7,38DİĞER DÖNEN VARLIKLAR/OTHER CURRENT ASSETS 33.713 39.642 -14,96DÖNEN VARLIKLAR/CURRENT ASSETS 436.372 579.781 -24,74FİNANSAL YATIRIMLAR/FINANCIAL INVESTMENTS 187.300 29.459 535,80TİCARİ ALACAKLAR/TRADE RECEIVABLES 4.565 4.729 -3,47ÖZKAYNAK YÖNTEMİ İLE DEĞ.YAT./INVEST.IN ASSOCIATES 126.332 125.458 0,70YATIRIM AMAÇLI GAYRIMENKULLER/INVESTMENT PROPERTY 2.416.077 2.388.865 1,14MADDİ DURAN VARLIKLAR/TANGIBLE FIXED PROPERTY 1.932 1.115 73,27MADDİ OLMAYAN DURAN VARLIKLAR/INTANGIBLE FIXED ASSETS 73 82 -10,98DİĞER DURAN VARLIKLAR/OTHER NON-CURRENT ASSETS 77.845 74.350 4,70DURAN VARLIKLAR/NON-CURRENT ASSETS 2.814.124 2.624.058 7,24TOPLAM VARLIKLAR/TOTAL ASSETS 3.250.496 3.203.839 1,46 ,FİNANSAL BORÇLAR/FINANCIAL LIABILITIES 258.814 231.141 11,97FİNANSAL KİRALAMA BORÇLARI/FINANCE LEASE LIABILITIES 12 20 -40,00DİĞER FİNANSAL YÜKÜMLÜLÜKLER/OTHER FINANCIAL LIABILITIES 2.544 3.877 -34,38TİCARİ BORÇLAR/TRADE PAYABLES 29.471 34.536 -14,67DÖNEM KARI VERGİ YÜKÜMLÜLÜĞÜ/TAX PAYABLES 445 0 ,DİĞER YÜKÜMLÜLÜKLER/OTHER CURRENT LIABILITIES 10.561 12.970 -18,57KISA VADELİ YÜKÜMLÜLÜKLER/CURRENT LIABILITIES 301.847 282.544 6,83FİNANSAL BORÇLAR/FINANCIAL LIABILITIES 568.766 552.122 3,01ÇALIŞANLARA SAĞLANAN FAYDALARA İLİŞKİN KARŞILIKLAR/PROVISION FOR EMPLOYMENT TERMINATION BENEFITS 90 90 0,00DİĞER YÜKÜMLÜLÜKLER/OTHER NON-CURRENT LIABILITIES 1.939 0 ,UZUN VADELİ YÜKÜMLÜLÜKLER/NON-CURRENT LIABILITIES 570.795 552.212 3,37ÖDENMİŞ SERMAYE/SHARE CAPITAL 224.000 224.000 0,00HİSSE SENEDİ İHRAÇ PRİMLERİ/SHARE PREMIUM 301.770 301.770 0,00KARDAN AYRILMIŞ KISITLANMIŞ YEDEKLER/RESTRICTED RESERVES 3.741 3.127 19,64GEÇMİŞ YIL KARLARI/RETAINED EARNINGS 1.839.572 1.625.941 13,14NET DÖNEM KARI/NET PROFIT 8.771 214.245 -95,91ÖZKAYNAKLAR/ TOTAL EQUITY 2.377.854 2.369.083 0,37TOPLAM KAYNAKLAR/TOTAL LIABILITIES AND EQUITY 3.250.496 3.203.839 1,46

1

2

2727

Financing ratios‘Strong financing ratios’

31-03-11 31-12-10

Leverage ( financial loans as% of total assets) 25.4 24.4

Average interest (year) (%) 5.10 5.22

Average maturity (year) 5 5

Interest coverage ratio (times)

(EBITDA/net interest expense)

12.3 2.6

Net debt/Assets (%) 15.3 10.7

Net debt/EBITDA (times) 5.1 6.2

28

Development review

3

Listed REIC's

Operational review

Financial review

Future outlook



29

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

3030

BURSA22%

ANTALYA5%

ANKARA2%

ISTANBUL70%

MUĞLA0%

SAMSUN1%

BURSA ANTALYA ANKARA ISTANBUL MUĞLA SAMSUN

20142010

BURSA46%

ANTALYA7%

ANKARA6%

ISTANBUL40%

MUĞLA1%

BURSA ANTALYA ANKARA ISTANBUL MUĞLA

İstanbul grasps a larger share by 2014, overtaking Bursa.

GLA Breakdown by City

3131

3

Listed REIC's

Operational review

Financial review

Development review


Future outlook


3232

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.

3333

3

Listed REIC's

Operational review

Financial review

Development review



Future outlook

3434

3535

Zafer Plaza Shopping Mall

Ownership Torunlar REIC (72.26%)

Operational date 1999

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

Occupancy (m²) (as of date) 98% (as of March 2011)

Number of stores 125

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

Appraisal value TL143.2mm (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 status Freehold

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–incomeBreakdown–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)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%

3636

Korupark shopping mallKorupark shopping mall

Ownership Torunlar REIC (100%)

Operational date H2 2007

Leasable are (m²) 71,267

Occupancy (m²) (as of date) 97% (as of March 2011)


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


Average lease term as of Mar-2011 2.4 years

Average LTM NOI (per TL/m²/month) TL36.4

Leasehold / Freehold status FreeholdRental income (March 2011), last 12 months

TL36.8mm

Breakdown–tenants (Income)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%


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

37

Korupark Residences Phase I & IIKorupark 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)¹Leasehold / Freehold status

Date of completion

Operational date

Total investment

Units sold (%) 87% (as of March 2011)

3838

Korupark Residences Phase IIIKorupark 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

OwnershipOwnership

Estimated start of construction

Estimated start of construction

Estimated date of completion

Estimated date of completion

Estimated operational dateEstimated operational date

Estimated investment Estimated investment

Appraisal value Appraisal value

Leasehold / Freehold statusLeasehold / Freehold status

Number of residential units/GSA

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 constructionCurrent statusCurrent status

Map of Korupark 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

3939

Antalya Deepo outlet mall–AntalyaAntalya 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 GroupAnchor tenants

TL180.5mm (US$116.7mm)¹Appraisal value

TL49.8Average LTM NOI (per TL/m²/month)

FreeholdLeasehold / Freehold status

TL13.7mmRental income (Mar 2011), last 12 months

2.8 yearsAverage lease term as of March 2011

18,069 Leasable area (m²)

Antalya Deepo extension projectAntalya Deepo extension project

Torunlar REIC + Hastalya Ownership

Partially freehold, partially leasehold from Hastalya

Leasehold / Freehold status

March 2012Estimated date of completion

March 2012Estimated operational date

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

Under zoning processCurrent status

July 2011Estimated start of construction

Breakdown–incomeBreakdown–income


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)

40

Ankamall shopping mall + Crowne Plaza hotel–Ankara 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 date 1999¹

OwnershipYeni Gimat in which Torunlar

REIC holds (14.83%)

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


Number of rooms 263

Anchor tenantsMigros, Koçtaş, Tepe Home, Electro World, Boyner, Mudo City, Marks&Spencer, LCW

Appraisal value (REIC share) TL137.9m (US$89.2mm)³


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

Dividends - Torunlar REIC share (TLmm)²Dividends - Torunlar REIC share (TLmm)²

4141

Retail48%

Residential41%

Office11%

Retail

Residential

Office

Breakdown–Area¹ (GLA/GSA)Breakdown–Area¹ (GLA/GSA)

Mall of Istanbul–IstanbulMall 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.


Estimated start of construction H1 2011

Estimated date of completion H2 2013

Estimated operational date H1 2013

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

Number of residences/ GSA-GLA 135.000 m2 GLA mall,

116.000 m2 GSA residence30.000 m2 GLA office



Current status Under construction

4242

Torium Istanbul shopping mall–IstanbulTorium 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 split¹ (‘000m²) GLA/GSA split¹ (‘000m²)GLA/GSA split¹ (‘000m²)

Café/ Rest.5%

Anchor 25%

Entertainment 15%

MSU & small stores35%

Residential5%

Retail95%

Hypermarket 10%

Others4%

Electronic stores

4%

Start of construction H2 2008

Ownership Torunlar REIC

Appraisal value* TL549.8mm (US$355.1mm)¹


Date of completion October 30th, 2010

Operational date October 30th, 2010


GLA / GSA95.280 m2 GLA retail

5.318 m2 GSA resi

Rental income 2011 F TL 35 mm

4343

Torunlar REIC’s portfolio overview (cont’d)

GLA

Office: 44760m2

Torun Tower–IstanbulTorun 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)Breakdown–Area (GLA)




Estimated start of construction 2011

Estimated date of completion 2013

Estimated operational date 2013

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

Current Status Under project development

Office96%

Other 4%

GLA

Office: 44.760m2

Other: 2.415m2

4444

NishIstanbul mixed use project–IstanbulNishIstanbul 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


Appraisal value TL32.5mm (US$22.4mm)³


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 construction H2 2008

Date of completion November 2010

Operational date August 2010

4545 P O

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F O

L I

O

O V

E R

V I

E W

Location Istanbul

OwnershipTorunlar REIC (65%), Ascioglu (30%), Kapıcıoğlu (5%)

Land area (m²) 34.640

Land acquired Revenue Share (45%)

Sellable area (m²)1GSA 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 construction H2 2011

Format Mixed–use project

Estimated date of completion H2 2014

Estimated operational date H2 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

4646

4747

4848

4949

5050

5151

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”.

5252

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”

5353

City Development

Further signs of recovery in sentiment

Istanbul, with strong underlying

fundamentals, again, stands out

followed by London and Munich

5454

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

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Documents

INVESTOR PRESENTATION May 2011