NOVEMBER 2013

1. NOVEMBER 2013

2. 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 : MeclisiMebusan Cad. MollaBayırı Sk. No:1 34427 Fındıklıİstanbul Web-site : www.tskbgyo.com.tr e-mail : gyo@tskb.com.tr Phone : +90 (212) 3345020 Fax : +90 (212) 3345027 Disclaimer: This presentation must be read with the disclaimer in theAppendix

3. Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO StockPerformance Section V Appendix

4. Established in 2006 as a realestateinvestmentanddevelopmentcompany • Developer of newprojects, has demonstrateditsabilitytoensureprofitableprojectdevelopment • Asset size grewfrom TL12m (2006) to TL 361m (9M13) • Strongrealestateportfoliowith a commercialfocusenablingreliablerevenuesderivedfromrentalincome • Aimstoachievesustainablegrowth – leasableareaupfrom 3k sqmto 50k sqm • Income-sharingandjoint-ventureprojectsunderevaluation Highlights TSKB REIT aimsto be a leadingplayer in theTurkishrealestatesector

5. Vision & Mission VISION To be a “reliablebusiness partner”with a “pioneeringrole“ in its sector. TSKB REIT MISSION To establish and maintain a growing and sustainable investment portfolio with high returns.

6. Shareholder Structure Experienced main shareholder, Turkey’s oldest and largest investment and development bank TSKB, part of the Is Bank Group. * As of September 30, 2013, 7,763,100 of thelistedshareswereheldby TSKB, thus, the total share of TSKB was 64.18% as of thedategiven. TheCompany is one of thesubsidiariesestablished by TSKB in the real estate market, demonstrating the parent company’scommitmentto the sector: • TSKB Real Estate Investment Company • TSKB Real EstateAppraisal

7. Organization Management Board General Manager Legal Consultant Tax Consultant Property Appraiser Lawyer Investments Accountingand Administrative Affairs Financeand Investor Relations • Accounting • Budgeting and Planning • Administrative Affairs • Project Development • Project Management • Asset Management • Investor Relations • Compliance • Finance

8. History • TSKB acquiredtheconstructionpermitfor PSC in July. • TSKB REIT laid the foundation for PSC in November. • Paid in capital was increased to TL100m. • TSKB REIT establishedin February. • TSKB contributedtheTahir Han Building as capital in kind in March. • Constructionon the Adana hotel(Divan Hotel) project. • PSC completed and openedtoshoppersin December. • 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 TL10mto TL75m. • Fındıklı Buildings added to the Company’s portfolio in December. • TSKB REIT on the ISE in April. • Paid in capital was increased to TL150m.

9. InvestmentStrategy IndustrialandGeographicalFocus • 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 shoppingcenters, 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. TheGoal of Growthby Project Development • TSKB REIT adheresto an investmentstrategywhichseekstotake a projectfromitsinitialconceptionandtodevelop it, to organize allproject-essentialactivities in thedevelopmentalprocess, andtocompletetheproject in such a way as toensureitsviability. • By holding ontotheinvestmentswhichareaddedtoitspropertyportfolio on a long-termbasis, theCompany’saim is not onlytoachievesustainablegrowth but alsototakeadvantage of thelikelyappreciation in theproperties’ valuein the long run. Risk Calculation • TSKB REIT engages in a painstakingplanningprocess in orderto minimize risk factors as much as possiblebyverifying a project’scommercialviabilitybeforestarting it, making sure thatthefinancialresourcesrequiredbytheprojectwill be available, andensuringthattheproject is in compliancewithexistinglawsandregulations.

10. Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO StockPerformance Section V Appendix

11. PortfolioBreakdown Breakdown of Real EstatePortfolio* *Proportion of Total PortfolioValue. Breakdown of Total Portfolio

12. Real EstatePortfolio Summary Value (TL 000)* • Pendorya Shopping Center 211,924 87,733 • Fındıklı Office Buildings 10,100 • Tahir Han Office Building 27,886 • AdanaHotel Project Total 337,643 * Valuations carried out by independent real estate appraisal companies

13. Pendorya Shopping Center

14. Pendorya Shopping Center (contd.) • 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. Main Tenants

15. 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. • Theconstruction of a 4,000-personGaranti Bank OperationsCenter in the neighbouringplot has started. Also located in the vicinity, Turkey’s largest state teaching and research hospital (540 beds) wasopened at January 2011. Recent Developments in Pendik Region Pendik Development Pipeline Pendik StateTeachingand Research Hospital Turkey’s 3rd-largest marina First international fair facility on Asian side

16. Fındıklı Office Buildings Fındıklı Buildings

17. Fındıklı Office Buildings (contd.) Fındıklı Building I • TSKB REIT is the 100% owner of the building. • The building of some 7,102sqm 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.

18. Fındıklı Office Buildings (contd.) Fındıklı Building II • TSKB REIT is the 100% owner of the property. • The building has 10,542sqm 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.

19. Tahir Han Office Building GALATAPORT

20. Tahir Han Office Building (contd.) • 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 3,200sqm. • Building has full sea views from the third story and up. • Tahir Han is located on the border of a majorredevelopment 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 officesare rented out to various companies and individuals.

21. Adana Hotel Project (Divan Hotel) Assets will be valued under the influence Galataport GALATAPORT

22. Adana Hotel Project (contd.) • TSKB REIT acquired a 50% share of a 3,608sqm 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 firsthalfof 2014. • For the hotel management an operatingagreement has been signed with Divan Group and the name of the hotel has been decided as‘”Divan Adana”.

23. Adana Hotel Project (contd.) 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 andMICE (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. • OperatingAgreement (15-yearmaturity) wassignedbetween TSKB REIT and Divan Group. • Hotelconstructionwork is in progress.

24. Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO StockPerformance Section V Appendix

25. Balance Sheet 2012 9M13 2006 2007 2008 2009 2010 2011 (TL 000)

26. Income Statement 2009 2010 2011 2012 9M13 (TL 000) 2006 2007 2008

27. Key Parameters Shareholders’ Equity Total Assets Real Estate Portfolio Assets

28. Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO StockPerformance Section V Appendix

29. TSGYO StockPerformance

30. TSGYO StockPerformance TSGYO, BIST REIT Indexand BIST 100 IndexPerformance

31. TSGYO StockPerformance TSGYO - RelativePerformanceto BIST REIT Index -12.9%

32. Net AssetValue * as of September 30, 2013 ** as of October 25, 2013

33. Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO StockPerformance Section V Appendix

34. 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 appraisalcompanies

35. REITs in Turkey Public REITS Akfen Akiş Akmerkez Alarko Ata Atakule Avrasya Doğuş EGS Emlak Halk İdealist İş Kiler Martı Nurol Özak Özderici Pera Reysaş Saf Servet Sinpaş Torunlar TSKB Vakıf Yeni Gimat Yeşil Yapı Kredi Koray Non-publicREITs Albayrak Bayraktar Büyükhanlı Kuyaş Tuna

36. Disclaimer Thispresentationdoescontainforward-lookingstatementsthatreflecttheCompanymanagement’scurrentviewswithrespecttocertainfutureeventsbased on thebase-caseassumptions. Although it is believedthattheexpectationsreflectedinthesestatementsarereasonable,theymay be affectedby a variety of variablesandchanges in underlyingassumptionsthatcouldcauseactualresultstodiffermaterially. Neither TSKB REIT norany of itsdirectors, managersoremployeesnoranyotherpersonshallhaveanyliabilitywhatsoeverforanylossarisingfromtheuse of thispresentation.

37. ThankYou... NOVEMBER 2013