ALARKO REAL ESTATE INVESTMENT COMPANY ( 31.12.2008 )

ALARKO REAL ESTATE INVESTMENT COMPANY BOARD OF DIRECTORS

Mustafa Filiz President A. Önder Kazazoğlu M. Alper Kaptanoğlu Vice President Member Hilmi Ö. Şahin Member Edip İlkbahar Member Mehmet Kutman Independent Member Sarper Volkan Özten Independent Member

MANAGEMENT

Harun H. Moreno General Manager Ahmet Y. Varol Vice General Manager Mehmet A. Atamer Technical Manager Kadir Eke M & Sales Vice General Manager 2

FREE FLOAT 49% ALARKO REAL ESTATE INVESTMENT COMPANY PARTNERSHIP STRUCTURE ALARKO HOLDİNG A.Ş.

16% ALSİM ALARKO SAN. TES. VE TİC. A.Ş.

35%

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ALARKO REAL ESTATE INVESTMENT COMPANY NAV Mio $ 200 $ 180 $ 160 $ 140 $ 120 $ 100 $ 80 $ 60 $ 40 $ 20 $ 0 $ D ec .9

7 35,2 46,9 D ec .9

8 58,8 78,0 71,8 76,8 D ec .9

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REAL ESTATE PORTFOLIO 103,4 Mio $ % 59 ALARKO REAL ESTATE INVESTMENT COMPANY TOTAL PORTFOLIO VALUE 173,8 Mio $ (- Advances and other (11,7 Mio $) =Net Assets Value= 162,1 Mio $) CASH PORTFOLIO 70,4 Mio $ % 41

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ALARKO REAL ESTATE INVESTMENT COMPANY CASH DISPERSION - TOTAL OF 70,4 Mio $ TL 2% STOCKS 1% EURO 13% CASH POSITION TL TL EURO USD STOCKS GN. TOPLAM TOTAL TL 1.976.922

13.347.056

90.145.734

969.476

106.439.188

USD 1,3 $ 8,8 $ 59,6 $ 0,7 $ 70,4 $ % 1,9% 12,8% 84,4% 0,9% 100,0% USD 84%

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ALARKO REAL ESTATE INVESTMENT COMPANY BOOK VALUE / MARKET VALUE Mio $ Book Value Mio $ Market Value Mio $ Change (%) 240 $ 220 $ 200 $ 180 $ 160 $ 140 $ 120 $ 100 $ 80 $ 60 $ 40 $ 20 $ 0 $ Dec.97 Dec.98 Dec.99 Dec.00 Dec.01 Dec.02 Dec.03 Dec.04 Jun.05 Dec.05 Mar.06 Jun.06 Dec.06 Dec.07 Dec.08

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Market Value is as of December 31, 2008.

Book Value is as of December 31, 2008.

ALARKO REAL ESTATE INVESTMENT COMPANY INDEXES & MARKET VALUES OVER THE YEARS Market Value - YTL ISE Index 360.000.000 YTL 310.000.000 YTL 260.000.000 YTL 210.000.000 YTL 160.000.000 YTL 110.000.000 YTL 60.000.000 YTL 10.000.000 YTL -40.000.000 YTL D ec .9

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REAL ESTATE PORTFOLIO

- Büyükçekmece Eskice Village - Maslak - Orhanlı - İstanbul Şişhane - İstanbul Karaköy - Ankara Çankaya - Hillside Beach Club - Alkent İstanbul 2000 - Büyükçekmece Eskice Village - Orhanlı County - Etiler Alkent Shopping Mall

ALARKO REAL ESTATE INVESTMENT COMPANY YTL Mio USD

Land Land Land Building Building Building Holiday Village Villa Real Estate Project Real Estate Project 39 Shops

156.240.906 YTL

12.947.000 YTL 31.290.000 YTL 0 YTL 1.350.000 YTL 1.125.000 YTL 2.330.000 YTL 59.520.000 YTL 0 YTL 41.213.906 YTL 0 YTL 6.465.000 YTL

103,4 $

8,6 $ 20,7 $ 0,0 $ 0,9 $ 0,7 $ 1,5 $ 39,4 $ 0,0 $ 27,3 $ 0,0 $ 4,3 $

CASH & OTHER CAPITAL MARKET INSTRUMENTS

- Bank Deposits, Mutual Funds & Other Liquid Assets - Treasury Bills - Stocks

NET ASSETS VALUE

- Real Estate Portfolio - Bank Deposits, Mutual Funds & Other Liquid Assets - Receivables - Liabilities (-) - Other Assets

NUMBER OF SHARES (In Thousand) NAV PER SHARE Note: Appraisal values of real estates are updated as of December, 2008 .

106.439.188 YTL

21.794.148 YTL 83.675.564 YTL 969.476 YTL

245.124.762 YTL

156.240.906 YTL 106.439.188 YTL 6.540.971 YTL -24.456.642 YTL 360.339 YTL

5.490.100

44,65 YTL 70,4 $

14,5 $ 55,3 $ 0,6 $

162,1 $

103,4 $ 70,4 $ 4,3 $ -16,2 $ 0,2 $

5.490.100

29,5 $

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ALARKO REAL ESTATE INVESTMENT COMPANY RENTAL REVENUE OVER THE YEARS Rental Revenue from Outside Tenants- $ Rental Revenue from Group Companies - $ 5.000.000 $ 4.500.000 $ 4.000.000 $ 3.500.000 $ 3.000.000 $ 2.500.000 $ 2.000.000 $ 2.630.877

1.500.000 $ 1.000.000 $ 500.000 $ 0 148.972

0 $ Dec.03

Carrier / Çankaya - Kira Geliri Altek / Şişhane - Kira Geliri Hillside Beach Club - Kira Geliri

Ara Toplam 6.482

131.686

672.907

283.474

1.357.394

Dec.04

210.179

47.486

5.162.541

5.420.206

Mar.05

168.000 $ 37.440 $ 3.413.702 $

3.619.142 $ Jun.05

2.047.408

582.892

3.793.142

434.718

Sep.05

Dec.05

Dim Dizayn Mimarlık A.Ş.

Karaköy Binası - Kira Geliri

Ara Toplam Genel Toplam 3.061.344

268.115

1.351.668

822.672

3.680.947

Jun.06

Dec.06

52.231

136.170

1.156.347

6.576.553

640.049 $ 34.537 $ 90.042 $

764.628 $ 4.383.770 $ 1.048.132

Dec.07

764.628

3.619.142

Dec.08

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ALARKO REAL ESTATE INVESTMENT COMPANY Alkent İstanbul 2000

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ALARKO REAL ESTATE INVESTMENT COMPANY Alkent İstanbul 2000

Entrance of Alkent İstanbul 2000 12

Marbella ALARKO REAL ESTATE INVESTMENT COMPANY Alkent İstanbul 2000 Sophistica Magnolia

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ALARKO REAL ESTATE INVESTMENT COMPANY Alkent İstanbul 2000

Lusia

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ALARKO REAL ESTATE INVESTMENT COMPANY Etiler Alkent Shopping Center

The Last Appraisal Date / Value: 02.12.2008 / 6.465.000 TL ( 4.275.000 $ ) Purchase Date / Cost: 31.12.2004 / 4.200.000 TL (3.129.424 $) 39 stores in Etiler Alkent Shopping Center 15

ALARKO REAL ESTATE INVESTMENT COMPANY Maslak Land

The Last Appraisal Date / Value: 02.12.2008 / 31.290.000 YTL (20.690.000 $) The Purchase Date / Cost: 30.04.2003 / 12.577.157 YTL (7.950.847 $)

Maslak Mixed Use Development

2 parcels, 18.962 m², on the motorway of Şişli-İstinye-Büyükdere and the land has a great commercial potential.

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ALARKO REAL ESTATE INVESTMENT COMPANY Hillside Beach Club

The Last Appraisal Date / Value: 04.12.2008 / 59.520.000 YTL (39.358.000 $) Purchase Date / Cost: 21.04.2004 / 38.567.795 YTL (25.956.908 $) Holiday Village in Fethiye/Muğla 17

ALARKO REAL ESTATE INVESTMENT COMPANY Büyükçekmece / Eskice Terrain Golf Parcels Housing Parcel

The Appraisal Date / Value: 03.12.2008 / 7.690.000 YTL (5.085.000 $) Purchase Date / Cost: 01.08.2001 / 204.982 YTL (154.924 $) 5 parcels, 819.272 m² The Appraisal Date / Value : 03.12.2008 / 5.257.000 YTL (3.476.000 $) Purchase Date / Cost: 01.08.2001 / 54.562 YTL (41.292 $) 1 parcel, 239.466 m² 5 parcels, 819.272 m² & 1 parcel, 239.466 m².

There is a project to construct 63 villas on the parcel of 239.466 m² and another project to construct 18 hole championship golf course on the parcel of 819.272 m².

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