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NOVEMBER 2013

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Company Name : TSKB REAL ESTATE INVESTMENT TRUST

Date of Establishment : 03.02.2006

Share Capital : 150.000.000 TL

Listing : Borsa İstanbul

Ticker Symbol : TSGYO

Address : Meclisi Mebusan Cad. Molla Bayırı Sk. No:1

34427 Fındıklı İstanbul

Web-site : www.tskbgyo.com.tr

e-mail : gyo@tskb.com.tr

Phone : +90 (212) 334 50 20

Fax : +90 (212) 334 50 27

Disclaimer:

This presentation must be read with the disclaimer in the Appendix

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Section I The Company

Section III Financial Data

Section II Real Estate Portfolio

Section IV TSGYO Stock Performance

Section V Appendix

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Highlights

Aims to achieve sustainable growth – leasable area up from 3k sqm to 50k sqm

Asset size grew from TL12m (2006) to TL 361m (9M13)

Strong real estate portfolio with a commercial focus enabling reliable revenues derived from rental income

Income-sharing and joint-venture projects under evaluation

Established in 2006 as a real estate investment and development company

Developer of new projects, has demonstrated its ability to ensure profitable project development

TSKB REIT aims to be a leading player in the Turkish real estate sector

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Vision & Mission

VISION

To be a “reliable business partner” with a “pioneering role“ in its sector.

MISSIONTo establish and maintain a growing and sustainable investment portfolio with high returns.

TSKB REIT

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Shareholder Structure

The Company is one of the subsidiaries established by TSKB in the real estate market, demonstrating the parent company’s commitment to the sector:

1. TSKB Real Estate Investment Company

2. TSKB Real Estate Appraisal

Shareholder Stake (%)

TSKB 59.00

YF Securities 1.33

TSKB Employees Pension Fund 1.04TSKB Real Estate Appraisal 0.30Free Float on ISE* 38.33

Total 100.00

Experienced main shareholder, Turkey’s oldest and largest investment and development bank TSKB, part of the Is Bank Group.

Free Float38%

Other3%

TSKB59%

* As of September 30, 2013, 7,763,100 of the listed shares were held by TSKB, thus, the total share of TSKB was 64.18% as of the date given.

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Management Board

General Manager

Investments Accounting and Administrative Affairs

• Accounting

• Budgeting and

Planning

• Administrative Affairs

Legal Consultant

Tax Consultant

Property Appraiser

Organization

Finance and Investor Relations

• Project Development

• Project Management

• Asset Management

• Investor Relations

• Compliance

• Finance

Lawyer

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2006 2007 2008 2009 2010 2011-2013

TSKB REIT established in

February.

TSKB contributed the Tahir

Han Building as capital in

kind in March.

Land for Pendorya Shopping Center

(PSC) purchased in July.

Land for Adana hotel project

purchased in 50% partnership in

November.

Paid in capital upped from TL10m to

TL75m.

Fındıklı Buildings added to the

Company’s portfolio in December.

TSKB acquired the construction

permit for PSC in July.

TSKB REIT laid the foundation for

PSC in November.

Paid in capital was increased to

TL100m.

PSC completed and opened

to shoppers in December.

TSKB REIT on the ISE in April.

Paid in capital was increased to

TL150m.

History

Construction on the Adana

hotel (Divan Hotel) project.

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Investment Strategy

• TSKB REIT's investment strategy is concentrated on commercial real estate due to the regular rent income and cash flow pattern which can be obtained from these kinds of assets.

• Business and shopping centers, tourism facilities, logistic warehouses and industrial plants are typical investment projects that the Company would like to add to its real estate portfolio.

• Residential investments can be another area of attraction as a part of a mixed use project or with respect to their potential profitability in stand-alone cases.

Industrial and Geographical Focus

The Goal of Growth by Project Development

• TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to develop it, to organize all project-essential activities in the developmental process, and to complete the project in such a way as to ensure its viability.

• By holding onto the investments which are added to its property portfolio on a long-term basis, the Company’s aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the properties’ value in the long run.

Risk Calculation

• TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by verifying a project’s commercial viability before starting it, making sure that the financial resources required by the project will be available, and ensuring that the project is in compliance with existing laws and regulations.

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Section I The Company

Section III Financial Data

Section II Real Estate Portfolio

Section IV TSGYO Stock Performance

Section V Appendix

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Breakdown of Real Estate Portfolio*

Breakdown of Total Portfolio

*Proportion of Total Portfolio Value.

Portfolio Breakdown

Marketable Securities3%

Real Estate97%

As of 30.09.2013 ( TL )

Project 27,886,348

Adana Hotel Project 27,886,348

Office Buildings 97,833,300

Fındıklı Buildings 87,733,300

Tahirhan Building 10,100,000

Shopping Center 211,923,607

Pendorya Shopping Center 211,923,607

Total Real Estate Value 337,643,255

Participations -

Marketable Securities 10,586,824

Total Portfolio Value 348,230,079

Office Buildings29%

Project7%

Pendorya Shopping Center64%

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Value (TL 000)*

Pendorya Shopping Center

Fındıklı Office Buildings

Tahir Han Office Building

Total

211,924

87,733

10,100

337,643

* Valuations carried out by independent real estate appraisal companies

Adana Hotel Project 27,886

Real Estate Portfolio Summary

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Pendorya Shopping Center

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Location Pendik - Istanbul

TSKB REIT Stake 100%

Operational Date December 2009

Land Area (sqm) 23,100

Construction Area (sqm) 80,648

Leasable Area (sqm) 30,250

Occupancy (sqm) (September 2013) 87%

Number of Stores 100

Anchor Tenants

Tesco Kipa (8,400 sqm), MediaMarkt (5,500 sqm), Cinemaximu

m (2,500 sqm)

Appraisal Value (TLm) 211.9

100% of Pendorya is held by TSKB REIT.

The center features a 1,000-person capacity food court and 1,000

vehicle parking lot. Annual expected footfall is 6 million.

Hypermarket27%

Electronics18%

Stores37%

Food8%

Cinema8%

Other2%Main Tenants

Pendorya Shopping Center (contd.)

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Pendorya Shopping Center (contd.)

The Pendorya site was selected after careful evaluation of the surrounding region to ensure

appropriate demographics and growth dynamics as well as unsaturated market conditions and

potential.

Pendorya is located at the crossroads of two of Istanbul’s main highways, and is 8 km distant

from the Sabiha Gokcen (SG) International Airport.

The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of

Grade B income consumers. Ongoing boutique residential projects, a marina and other nearby

tourism investments increase the attraction of Pendorya’s location.

The construction of a 4,000-person Garanti Bank Operations Center in the neighbouring plot has

started. Also located in the vicinity, Turkey’s largest state teaching and research hospital (540

beds) was opened at January 2011.

Pendik State Teaching and Research Hospital

Turkey’s 3rd-largest marina

First international fair facility on Asian side

Recent Developments in Pendik Region Pendik Development Pipeline

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Fındıklı Buildings

Fındıklı Office Buildings

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Location Istanbul

TSKB REIT Stake 100%

Land Area (sqm) 1,696

Leasable Area (sqm) 7,102

Number of Floors 7

Tenant TSKB

Appraisal Value (TLm) 44.4

TSKB REIT is the 100% owner of the building.

The building of some 7,102 sqm of covered space was

purchased from TSKB in 2007.

Currently, it is rented by TSKB and serves as the

headquarters of the bank.

The building was renovated in September 2007, and no major

maintenance outlays are expected in the near future.

Close proximity to Bosphorus foreshore and mass transit

options also have positive effect on site’s exclusivity. Galata

Port operations will likely increase the site’s future appraisal

value.

Fındıklı Office Buildings (contd.)

Fındıklı Building I

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Location Istanbul

TSKB REIT Stake 100%

Land Area (sqm) 2,503

Leasable Area (sqm) 10,542

Number of Floors 10

Tenants

TSKB, TSKB Foundation,

TSKB RE Appraisal

Appraisal Value (TLm) 43.3

TSKB REIT is the 100% owner of the property.

The building has 10,542 sqm of enclosed area and was

purchased from TSKB in 2007.

Currently rented by TSKB and other TSKB Group companies.

The building was renovated in September 2007, and no major

maintenance outlays are expected in the near future.

Close proximity to Bosphorus foreshore and mass transit

options also have positive effect on site’s exclusivity. Galata

Port operations will likely increase the site’s future appraisal

value.

Fındıklı Building II

Fındıklı Office Buildings (contd.)

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GALATAPORT

Tahir Han Office Building

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Location Istanbul

TSKB REIT Stake 74%

Land Area (sqm) 606

Leasable Area (sqm) 3.200

Number of Floors 8

Tenants Various

Appraisal Value (TLm) 10.1

TSKB REIT owns 74% of the building. Tahir Han is a

seven-story building on 600 sqm plot and has a built up

area of 3,200 sqm.

Building has full sea views from the third story and up.

Tahir Han is located on the border of a major

redevelopment project. It is suitable for conversion to more

lucrative activities. Galata Port operations will likely

increase the site’s future appraisal value.

At present, the offices are rented out to various companies

and individuals.

Tahir Han Office Building (contd.)

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GALATAPORT

Asset

s will

be

valu

ed u

nder th

e in

fluen

ce G

alat

aport

Adana Hotel Project (Divan Hotel)

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Location Adana-City Center

TSKB REIT Stake 50%

Acquisition Date November 2007

Appraisal Value – Project_Land (TLm) 27.89

Land Area (sqm) 3,608

Project City Hotel

Construction Start Date 3Q2011

Estimated Operational Date 1H 2014

TSKB REIT acquired a 50% share of a 3,608 sqm plot

located in a central area of Adana.

Adana is one of Turkey’s main industrial cities, with

additional business growth potential due to investments in

the energy and petrochemical sectors.

TSKB REIT has started the project in order to build a 5 star

business hotel with about 200 rooms on the plot. The

building licence has been obtained and the construction

works has been started. The hotel is to be operational in

the first half of 2014.

For the hotel management an operating agreement has

been signed with Divan Group and the name of the hotel

has been decided as ‘”Divan Adana”.

Adana Hotel Project (contd.)

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Project fills need for a comfortable city hotel...

Despite significant commercial and industrial progress in the past few years, no new high standard hotel has opened in Adana, while the occupancy rate of the existing 5-star hotels has increased remarkably.

Adana also lacks alternative places for social activities such as conferences, wedding ceremonies, social occasions and MICE (Meetings, Incentives, Conferencing, Exhibitions) tourism.

The land for the city hotel was acquired in 2007 with the intent to open a city hotel in accordance with local demand. The land is located in Seyhan, a central district of Adana.

The project is located some 2.5 km from the airport and 5.5 km from the bus terminal.

An architectural project was prepared for the site, which is already zoned.

Operating Agreement (15-year maturity) was signed between TSKB REIT and Divan Group.

Hotel construction work is in progress.

Adana Hotel Project (contd.)

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Section I The Company

Section III Financial Data

Section II Real Estate Portfolio

Section IV TSGYO Stock Performance

Section V Appendix

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Balance Sheet

Current Assets 8,083 7,602 34,083 7,688 35,242 20,178 26,502 15,022

Cash and Banks 2,084 3,666 23,845 3,745 30,218 15,154 22,073 10,624

Financial Investments 5,979 3,417 489 841 1,450 1,888 1,338 1,444

Other Current Assets 20 519 9,749 3,102 3,573 3,136 3,091 2,954

Non-Current Assets 3,655 114,584 152,327 290,663 301,937 320,386 337,872 345,948

Investment Property 3,651 69,245 75,580 278,976 290,261 309,835 328,080 337,643

Fixed Assets 4 45,339 76,729 25 39 85 43 26

Other Non-Current Assets - - 18 11,662 11,637 10,466 9,749 8,279Total Assets 11,738 122,186 186,410 298,351 337,179 340,564 364,374 360,969

Short-term Liabilities 41 12,319 7,113 20,431 22,977 11,636 13,096 14,211

Bank Debts - 1,343 2,062 12,163 20,170 10,734 11,009 12,951

Trade Payables - 8,769 156 4,397 988 573 733 656

Other 41 2,207 4,895 3,871 1,819 329 1,354 604

Long-term Liabilities - 29,143 70,510 113,788 93,268 110,832 116,134 123,181

Bank Debts - 29,139 70,509 113,700 93,161 110,685 115,908 122,886

Other - 4 1 88 107 147 226 295

Shareholders’ Equity 11,697 80,724 108,787 164,133 220,934 218,096 235,144 223,577

Paid-in Capital 10,000 75,000 100,000 100,000 150,000 150,000 150,000 150,000

Share Premium - - - - 593 593 593 593

Reserves - 32 43 153 153 153 153 153

Retained Earnings - 1,666 5,681 8,634 63,980 70,188 67,350 84,398

Net Income (Loss) 1,697 4,026 3,063 55,346 6,208 (2,838) 17,048 (11,567)Total Liabilities and Shareholders Equity 11,738 122,186 186,410 298,351 337,179 340,564 364,374 360,969

(TL 000) 2006 2007 2008 2009 2010 2011 2012 9M13

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Income Statement

Revenues 25 66 6,048 4,723 14,381 14,734 16,205 13,100

Operating Costs (-) (375) (1,146) (3,149) (3,343) (12,230) (8,446) (8,447) (6,092)

Net Operating Profit (350) (1,080) 2,899 1,380 2,151 6,288 7,758 7,008

Income from Other Operations 1,060 786 6,253 52,632 5,444 15,455 7,933 382

Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (70) (51) (40)

Operating Profit 658 (471) 9,038 53,971 7,346 21,673 15,640 7,350

Financial Income 1,039 4,498 803 1,676 5,650 1,639 6,477 34

Financial Expenses (-) - - (6,778) (301) (6,787) (26,150) (5,069) (18,911)

Profit Before Tax 1,697 4,026 3,063 55,346 6,208 (2,838) 17,048 (11,567)

Tax - - - - - - - -

Net Income 1,697 4,026 3,063 55,346 6,208 (2,838) 17,048 (11,567)

(TL 000) 2006 2007 2008 2009

2010 2011 2012 9M13

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Total Assets

Real Estate Portfolio Assets

Key Parameters

Shareholders’ Equity

2006 2007 2008 2009 2010 2011 2012

4

115

152

279 290 310 328TL m

2006 2007 2008 2009 2010 2011 2012 9A13

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122

186

298337 341

364 361TL m

2006 2007 2008 2009 2010 2011 2012 9A13

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81109

164

221 218235 224TL m

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Section I The Company

Section III Financial Data

Section II Real Estate Portfolio

Section IV TSGYO Stock Performance

Section V Appendix

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TSGYO Stock Performance

Performance Performance

31.12.12 30.09.13 25.10.13 31.12.12-30.09.13 30.09.13-25.10.13

BIST 100 Index 78,208 74,487 79,272   -4.8% 6.4%

BIST REIT Index 41,208 35,861 37,799   -13.0% 5.4%

TSGYO 0.78 0.92 0.99 17.9% 7.6%

Performance Performance

31.12.12 30.09.13 25.10.13 31.12.12-30.09.13 30.09.13-25.10.13

TSGYO Market Cap (TL mn) 117 138 149   17.9% 7.6%

TSGYO Market Cap (USD mn) 66 68 75   3.0% 10.4%

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TSGYO Stock Performance

TSGYO, BIST REIT Index and BIST 100 Index Performance 8/

4/10

26/5

/10

13/7

/10

30/8

/10

17/1

0/10

4/12

/10

21/1

/11

10/3

/11

27/4

/11

14/6

/11

1/8/

1118

/9/1

15/

11/1

123

/12/

119/

2/12

28/3

/12

15/5

/12

2/7/

1219

/8/1

26/

10/1

223

/11/

1210

/1/1

327

/2/1

316

/4/1

33/

6/13

21/7

/13

7/9/

1325

/10/

13

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

1.50

1.60

TSGYO BIST REIT Index BIST 100 Index

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TSGYO Stock Performance

TSGYO - Relative Performance to BIST REIT Index8/

4/10

26/5

/10

13/7

/10

30/8

/10

17/1

0/10

4/12

/10

21/1

/11

10/3

/11

27/4

/11

14/6

/11

1/8/

1118

/9/1

15/

11/1

123

/12/

119/

2/12

28/3

/12

15/5

/12

2/7/

1219

/8/1

26/

10/1

223

/11/

1210

/1/1

327

/2/1

316

/4/1

33/

6/13

21/7

/13

7/9/

1325

/10/

13

55

60

65

70

75

80

85

90

95

100

105

110

TSGYO BIST REIT Index

-12.9%

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Net Asset Value

* as of September 30, 2013

** as of October 25, 2013

TSGYO Net Asset Value (NAV) ( TL )

Project 27,886,348

Adana Hotel Project 27,886,348

Office Buildings 97,833,300

Fındıklı Buildings 87,733,300

Tahir Han Building 10,100,000

Shopping Center 211,923,607

Pendorya Shopping Center 211,923,607

Total Real Estate Value 337,643,255

Participations -

Marketable Securities 10,586,824

Total Portfolio Value 348,230,079

Cash and Banks 1.093

Receivables 1,443,798

Other Assets 11,294,451

Payables 137,392,146

NAV* 223,577,275

Market Cap** 148,500,000

Discount to NAV -34%

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Section I The Company

Section III Financial Data

Section II Real Estate Portfolio

Section IV TSGYO Stock Performance

Section V Appendix

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Regulation Highlights

Capital markets institution, under the supervision of the CMB

Corporate tax exemption

Allowed to invest in real estate, real estate projects, rights and capital market instruments backed by real estate, and money and capital market instruments

>51% of the the portfolio to be invested in real estate

Not allowed to carry out construction

Properties to be valued by independent and CMB licensed appraisal companies

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Public REITS1. Akfen

2. Akiş

3. Akmerkez

4. Alarko

5. Ata

6. Atakule

7. Avrasya

8. Doğuş

9. EGS

10. Emlak

11. Halk

12. İdealist

13. İş

14. Kiler

15. Martı

16. Nurol

17. Özak

18. Özderici

19. Pera

20. Reysaş

21. Saf

22. Servet

23. Sinpaş

24. Torunlar

25. TSKB

26. Vakıf

27. Yeni Gimat

28. Yeşil

29. Yapı Kredi Koray

Non-public REITs 1. Albayrak

2. Bayraktar

3. Büyükhanlı

4. Kuyaş

5. Tuna

REITs in Turkey

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Disclaimer

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 TSKB REIT 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.

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NOVEMBER 2013

Thank You...