Despite the contribution of deposit interest income and declining interest expense, the bottom level is 60% less than in 2009

Total revenues are boosted +93% by the residential sales of Nishistanbul project and rental revenues of Torium shopping mall opened in end-October.

• Total revenues are boosted +93% by the residential sales of Nishistanbul project and rental revenues of Torium shopping mall opened in end-October.

• EBITDA is 22.8% lower due to one-off IPO, consultancy and donation to Bursa Metropolitan Municipality as well as increasing real estate taxes and advertising expenses.

• Net gain from fair value adjustment is 65.8% lower, driven by the significant contribution of Mall of İstanbul land and Torium land in 2009. This item accounts for 77.7% of net profit in 2010 vs 91% in 2009.

• Despite the contribution of deposit interest income and declining interest expense, the bottom level is 60% less than in 2009.

The company will capitalise on its expertise to further extract operational efficiency from its shopping malls under its management.

• 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.

• 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”.

The answer is stock selection, not

• 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”

Further signs of recovery in sentiment

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