ALARKO REAL ESTATE INVESTMENT COMPANY ( 31.12.2010 )

ALARKO

REAL ESTATE INVESTMENT COMPANY

( 31.12.2010 )

2

ALARKO REAL ESTATE INVESTMENT COMPANY

M. Alper Kaptanoğlu

BOARD OF DIRECTORS

Mustafa Filiz

President

İzzet Celal Kişmir Sarper Volkan ÖztenMember Member Member Member Independent Independent

A. Önder Kazazoğlu Hilmi Ö. Şahin Mehmet Ahkemoğlu

Financial and Administrative Vice General Manager

M & Sales Vice General Manager

MANAGEMENT

Harun H. MorenoGeneral Manager

Ahmet Y. Varol Kadir Eke

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PARTNERSHIP STRUCTURE

FREE FLOAT49%

ALARKO HOLDİNG A.Ş.16%

ALSİM ALARKO SAN. TES. VE TİC. A.Ş.

35%

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35,246,9

58,8

78,071,8

76,8

101,3

121,1136,5

141,5

181,4

162,1 169,3

170,3

0 $

20 $

40 $

60 $

80 $

100 $

120 $

140 $

160 $

180 $

200 $

NAV Mio $

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TOTAL PORTFOLIO VALUE 175,3 Mio $(- Advances and other (5,0 Mio $)=Net Assets Value= 170,3 Mio $)

CASH PORTFOLIO83,1 Mio $

% 47

REAL ESTATE PORTFOLIO92,2 Mio $

% 53

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CASH DISPERSION - TOTAL OF 83,1 Mio $

USD68%

EURO17%

TL13%

STOCKS2%

CASH POSITION TL

TOTAL TL USD %

TL 16.865.785 10,9 $ 13%

EURO 21.724.983 14,1 $ 17%

USD 87.603.418 56,7 $ 68%

STOCKS 2.251.438 1,4 $ 2%

GN. TOPLAM 128.445.625 83,1 $ 100%

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ALARKO REAL ESTATE INVESTMENT COMPANY35

,2 60,0

70 %

46,9

26,3

-44

%

58,8 69

,718

%

78,0

47,5

-39

%

71,8

44,0

-39

%

76,8

29,4

-62

%

101,

343

,4-5

7 %

121,

165

,3-4

6 %

136,

517

6,7

29 %

141,

5

96,9

-32

%

181,

4

124,

8-3

1 %

136,

5 17

6,7

-82

%

169,

3

109,

6-3

5 %

170,

3

117,

5-3

1 %

0 $

20 $

40 $

60 $

80 $

100 $

120 $

140 $

160 $

180 $

200 $

220 $

240 $

Dec.97 Dec.98 Dec.99 Dec.00 Dec.01 Dec.02 Dec.03 Dec.04 Dec.05 Dec.06 Dec.07 Dec.08 Dec.09 Dec.10

BOOK VALUE / MARKET VALUE Mio $

Book Value Mio $Market Value Mio $Change (%)

Market Value is as of December 31, 2010.

Book Value is as of December 31, 2010.

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INDEXES & MARKET VALUES OVER THE YEARS

-40.000.000 TL

10.000.000 TL

60.000.000 TL

110.000.000 TL

160.000.000 TL

210.000.000 TL

260.000.000 TL

310.000.000 TL

360.000.000 TL

Dec.97 Dec.98 Dec.99 Dec.00 Dec.01 Dec.02 Dec.03 Dec.04 Dec.05 Dec.06 Dec.07 Dec.08 Dec.09 Dec.100

10.000

20.000

30.000

40.000

50.000

60.000

70.000

Market Value - TL

ISE Index

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TL Mio USD

REAL ESTATE PORTFOLIO 142.504.569 TL 92,2 $- Büyükçekmece Eskice Village Land 11.179.000 TL 7,3 $- Maslak Land 33.185.000 TL 21,5 $- İstanbul Şişhane Building 1.590.000 TL 1,0 $- İstanbul Karaköy Building 1.300.000 TL 0,8 $- Ankara Çankaya Building 2.500.000 TL 1,6 $- Hillside Beach Club Holiday Village 60.415.000 TL 39,1 $- Büyükçekmece Eskice Village Real Estate Project 25.200.569 TL 16,3 $- Etiler Alkent Shopping Mall 39 Shops 7.135.000 TL 4,6 $

CASH & OTHER CAPITAL MARKET INSTRUMENTS 128.445.624 TL 83,1 $- Bank Deposits, Mutual Funds & Other Liquid Assets 39.813.703 TL 25,8 $- Treasury Bills 86.380.483 TL 55,9 $- Stocks 2.251.438 TL 1,4 $

NET ASSETS VALUE 263.323.815 TL 170,3 $- Real Estate Portfolio 142.504.569 TL 92,2 $- Bank Deposits, Mutual Funds & Other Liquid Assets 128.445.624 TL 83,1 $- Receivables 6.775.453 TL 4,4 $- Liabilities (-) -17.454.782 TL -11,3 $- Other Assets 3.052.951 TL 1,9 $

NUMBER OF SHARES (In Thousand) 10.650.794 10.650.794NAV PER SHARE 24,72 TL 16,0 $

Note: Appraisal values of real estates are updated as of December, 2010 .

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Carrier / Çankaya - Kira Geliri 261.051 168.856 $ Etiler Alkent Sitesi Dükkan Kira Gelirleri935.417 605.057 $Altek / Şişhane - Kira Geliri 70.200 45.408 $ 4C Tüketim Malzemeleri İthalat İhracat LTD30.000 19.405 $Hillside Beach Club - Kira Geliri 5.240.657 3.389.817 $ Karaköy Binası - Kira Geliri 189.001 122.251 $Ara Toplam 5.571.908 3.604.080 $ Hillside Beach Club -JASMİNE TULIPANO Kira Geliri82.220 53.182 $

148.972

0

2.630.877

6.482

3.793.142

582.892

3.061.344

822.672

3.680.947

1.048.132

3.584.081

764.6284.264.281

994.739

3.604.080

799.895

0 $

1.000.000 $

2.000.000 $

3.000.000 $

4.000.000 $

5.000.000 $

6.000.000 $

Dec.03 Dec.04 Dec.05 Dec.06 Dec.07 Dec.08 Dec.09 Dec.10

RENTAL REVENUE OVER THE YEARSRental Revenue from Outside Tenants- $

Rental Revenue from Group Companies - $

Ara Toplam 1.236.637 799.895 $

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Alkent İstanbul 2000

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Alkent İstanbul 2000Entrance of Alkent İstanbul 2000

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Magnolia

Marbella Sophistica

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Lusia

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Etiler Alkent Shopping Center The Last Appraisal Date / Value: 06.12.2010 / 7.135.000 TL ( 4.615.000 $ )

Purchase Date / Cost: 31.12.2004 / 4.200.000 TL (3.129.424 $)39 stores in Etiler Alkent Shopping Center

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Maslak Land Maslak Mixed Use Development

2 parcels, 18.962 m², on the motorway of Şişli-İstinye-Büyükdere and the land has

a great commercial potential.

The Last Appraisal Date / Value: 06.12.2010 / 33.185.000 TL (21.465.000 $)

The Purchase Date / Cost: 30.04.2003 / 12.577.157 TL (7.950.847 $)

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Hillside Beach Club

The Last Appraisal Date / Value: 09.12.2010 / 60.415.000 TL (39.078.000 $)

Purchase Date / Cost: 21.04.2004 / 38.567.795 TL (25.956.908 $)

Holiday Village in Fethiye/Muğla

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Büyükçekmece / Eskice Terrain

The Appraisal Date / Value: 04.12.2010 / 8.260.000 TL (5.383.000 $)

Purchase Date / Cost: 01.08.2001 / 204.982 TL (154.924 $)

5 parcels, 819.272 m²

The Appraisal Date / Value : 07.12.2010 / 2.919.000 TL (1.928.000 $)

Purchase Date / Cost: 01.08.2001 / 54.562 TL (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.

Golf Parcels Housing Parcel

ALARKO REAL ESTATE INVESTMENT COMPANY ( 31.12.2010 )

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