Esteemed Shareholders,

In 2021, the Covid-19 pandemic, health concerns, and policy measures remained high on the agenda globally, and we continued to feel the economic and social impacts of the outbreak. The initial roll-out of vaccines in early 2021, on the other hand, raised our hopes for a restriction-free future. And widespread vaccine deployment throughout the year accelerated social and economic recovery. Turkey’s solid, well-established healthcare system helped the country to curb the effects of the pandemic. In 2022, I hope that Covid-19 will completely fade away and we will see a strong global rebound.

As Doğuş REIT, our priority in 2021 has been to protect the health, safety, and comfort of our employees, tenants, and visitors. We meticulously implemented and maintained all necessary precautions in all our real estate, including 100-percent fresh air ventilation, enforced by the Turkish Republic Ministry of Health.

Doğuş REIT stood by its tenants who were bogged down with the economic adversities caused by the pandemic. Gebze Center Shopping Mall had to cease activity for 57 days during the first half of 2021 in line with the legal measures. Similarly, many of our other tenants in our other properties had to temporarily shut down. During this period, we did not request any rent payments from them to help them navigate the situation. And we maintained our financial support to our tenants after the resumption of economic activity. Through our tenant support during the first half of the year, we managed to maintain occupancy rates at our real estate and promote recovery particularly in the retail industry over the rest of the year. We even gained new tenants at the Gebze Center Shopping Mall following the economic rebound.

 In 2021, Doğuş REIT continued to promote sustainability and supported communities and the environment with sustainable work towards nature, corporate social responsibility, and corporate governance.

 Setting an example in safe working, and shopping and social areas, Gebze Center Shopping Mall was one of the first shopping malls to merit the “TSE COVID-19 Secure Services Certificate” by the Turkish Standards Institute.

 Gebze Center Shopping Mall also provided Covid-19 vaccination to our visitors upon demand at the stands set up in cooperation with the Gebze District Directorate of Health throughout 2021. In a similar fashion, we organized various activities and announcements relaying the “Mask, Distance, Hygiene” message to over one million people, thus raising awareness to help prevent against Covid-19.

 The “Drive-in Outdoor Cinema Days’’ at the Gebze Center Shopping Mall received Gold Award in three categories at the International Hermes Creative Awards. This event has become an exemplary project in the industry as our quality of life has been threatened by these challenging times. It was the first large-scale event at a shopping mall right after the quarantine when all social life had came to a halt. All hygiene precautions were meticulously implemented.

 We achieved an 88-percent water efficiency between 2020 and 2021 with the “Geleceğimiz Akıp Gitmesin (Don’t let our future go to waste)” project at the Gebze Center Shopping Mall.

 Gebze Center Shopping Mall and Hyatt House Gebze received a Certificate of Appreciation from Gebze Municipality for collecting the highest amount of waste as part of the Zero Waste Project, which was launched to encourage waste prevention, efficient use of resources, and garbage prevention at workplaces and residences.

 We initiated the “Electronic Waste’’ project as of November 2021. TEMA, Gebze Municipality, Gebze Technical University, TUBITAK, and Gebze Center cooperated in raising awareness on and collecting the electronic waste in the region. The income generated through waste recycling will be used to establish Turkey’s first Zero-Waste Forest in April.

 We improved and updated the navigation app “Yol Arkadaşım (My Companion)” which was launched together by the Gebze Center Shopping Mall and Turkcell as part of the “Hayal Ortağım (My Dream Partner)’’ project. We have run this project since 2016 to encourage blind people’s equal and independent participation in social life. The update included audio notifications to ensure an accessible shopping experience for all.

 Doğuş REIT continued to stress the importance of compliance with the Corporate Governance Principles with the 2021 Corporate Governance Principles Compliance Rating Report. Doğuş REIT was audited according to the 398 criteria defined in the methodology of Kobirate, an international credit and corporate governance rating company, for “BIST Investment Trusts”. Subsequently, the Corporate Governance Principles Compliance Rating for Doğuş REIT was upgraded to 9.42.

 We received the BIST Award for scoring the highest annual growth rate in our BIST Corporate Governance Index two years in a row (2017, 2018). This year, our 2020 Annual Report was ranked in the “Top 100 Reports Worldwide” and won the “Gold Winner Worldwide” award at the League of American Communications Professionals (LACP) annual Vision Awards, one of the most prestigious events in its field.

By the year end, the value of Doğuş REIT’s real estate investment portfolio, which consists of Doğuş Center Maslak, D-Ofis Maslak, Doğuş Center Etiler, and Gebze Center Shopping Mall, Hotel, and Automotive Showroom/Service Shop, amounted to 2.37 billion Turkish lira.

In 2021, our rent income reached 179.4 million Turkish lira.

This achievement of Doğuş REIT is, in fact, the collective success of all our employees. I would like to thank my colleagues who helped us create sustainable value despite the trying times amid the ambiguous pandemic days, our main shareholder Doğuş Holding for always supporting us, and our business partners with whom we are always happy to collaborate. I hope 2020 will be a golden year for our country, our industry, and our company.

Sincerely,

Çağan Erkan

CEO