Investor Relations

The 1st coupon payment was made for the bill with a nominal value of TL 350,000,000, 269 days maturity, quarterly coupon payments and TRFISGY42513 ISIN code.

The 1st coupon payment was made for the bill with a nominal value of TL 500,000,000, 364 days maturity, quarterly coupon payments and TRFISGY72510 ISIN code.

The 1st coupon payment will be made on 11.10.2024 for the bill with a nominal value of TL 350,000,000, 269 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY42513, which was sold on 12.07.2024. The interest rate for the 1st coupon payment determined as 12.9197%.

The 1st coupon payment will be made on 10.10.2024 for the bill with a nominal value of TL 500,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY72510, which was sold on 11.07.2024. The interest rate for the 1st coupon payment determined as 13.5470%.

Coupon and redemption payments were made for the financing bill with a nominal value of 200,000,000 TL, a maturity of 179 days, coupon payment at the end of maturity, and ISIN code TRFISGYE2413.

Following to negotiations for the sale of the Block 21, plots numbered 110 (on which Marmarapark Shopping Center is located) and the adjacent plots numbered 102 and 103, of which all are owned by our Company, a purchase offer for all of the plots has been made. Prior the sale of the plots to the bidder under the said purchase offer the followings has been decided at the Board of Directos' meeting held on 23/09/2024;

To submit a proposal for the sale of the plot no. 110 to Istanbul 1 Gayrimenkul Yönetimi A.Ş. with a sales price of TL 2,711,908,000 + VAT within the framework of the pre-emption right held by Istanbul 1 Gayrimenkul Yönetimi A.Ş.

To submit a proposal for the sale of plots no. 102 and 103, which are adjacent to the relevant plot 110, to the said company for a total price of TL 15,365,000 + VAT within the scope of the sale proposal of the said plot no. 110

And to sell plot 110 together with plots 102 and 103 to Istanbul 1 Gayrimenkul Yönetim A.Ş.in case the offer is accepted.

At the meeting of the Board of Directors held on 16 September 2024, it has been decided to authorize the General Directorate of the Company to conduct negotiations regarding the purchase offers from potential buyers and to collect purchase offers within the scope of the sale of parcel 110 where Marmarapark Shopping Mall is located and adjacent parcels 102 and 103 and Maslak Office Building located in Sarıyer district, Istanbul.

In contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail.

The 1st coupon payment was made for the bill with a nominal value of TL 400,000,000, 364 days maturity, quarterly coupon payments and TRFISGY62511 ISIN code.

The 1st coupon payment was made for the bill with a nominal value of TL 400,000,000, 364 days maturity, quarterly coupon payments and TRFISGY62511 ISIN code.

The 1st coupon payment will be made on 12.09.2024 for the bill with a nominal value of TL 400,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY62511, which was sold on 13.06.2024. The interest rate for the 1st coupon payment determined as 13.6845%.

The 1st coupon payment will be made on 12.09.2024 for the bill with a nominal value of TL 400,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY62511, which was sold on 13.06.2024. The interest rate for the 1st coupon payment determined as 13.6845%.

Our company has completed the issuance of the corporate bill with a nominal value of 150,000,000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 20.08.2024 and maturity date 19 August 2025. The interest rate is set at TLREF + %1.

Our company has completed the issuance of the corporate bill with a nominal value of 150,000,000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 20.08.2024 and maturity date 19 August 2025. The interest rate is set at TLREF + %1.

The 1st coupon payment will be made today for the bill with a nominal value of TL 200,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY52512, which was sold on 16.05.2024. The interest rate for the 1st coupon payment determined as 13.7640%.

3rd Coupon Payment of Corporate Bond TRSISGY82512 has been made

The 1st coupon payment was made for the bill with a nominal value of TL 200,000,000, 364 days maturity, quarterly coupon payments and TRFISGY52512 ISIN code.

The 1st coupon payment will be made today for the bill with a nominal value of TL 200,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY52512, which was sold on 16.05.2024. The interest rate for the 1st coupon payment determined as 13.7640%.

3rd Coupon Payment of Corporate Bond TRSISGY82512 has been made

The 1st coupon payment was made for the bill with a nominal value of TL 200,000,000, 364 days maturity, quarterly coupon payments and TRFISGY52512 ISIN code.

2nd coupon payment of Corporate Bond TRSISGY12519 has been made.

2nd coupon payment of Corporate Bond TRSISGY12519 has been made.

Our company has completed the issuance of the corporate bill with a nominal value of 350.000.000 TL a maturity of 269 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 16.07.2024 and the interest rate is set at TLREF + %1.

Our company has completed the issuance of the corporate bill with a nominal value of 350.000.000 TL a maturity of 269 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 16.07.2024 and the interest rate is set at TLREF + %1.

Our company has completed the issuance of the corporate bill with a nominal value of 500.000.000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 11.07.2024 and the interest rate is set at TLREF + %1.

Coupon and redemption payments were made for the financing bill with a nominal value of 200,000,000 TL, a maturity of 119 days, coupon payment at the end of maturity, and ISIN code TRFISGY62412.

Our company has completed the issuance of the corporate bill with a nominal value of 200.000.000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 17.05.2024 and the interest rate is set at TLREF + %1,5.

Our company has completed the issuance of the corporate bill with a nominal value of 400.000.000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 13.06.2024 and the interest rate is set at TLREF + %1.

2nd Coupon Payment of Corporate Bond TRSISGY82512 has been made.

1st Coupon Payment of Corporate Bond TRSISGYK2519 has been made.

Our company has completed the issuance of the corporate bill with a nominal value of 200,000,000 TL a maturity of 179 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 05.04.2024 and the coupon interest rate is set at %29,4247

In accordance with the Corporate Governance Communiqué of the Capital Markets Board No. II-17.1, in order to work within the framework of the working principles of the Company's Board of Directors Committees, it was decided;

• to elect Mr. İlkay Arıkan as the Chairman of the "Corporate Governance Committee" whereas Ms. Vahide Uyar, Mr. Murat Doğan and Ms. Ayşegül Şahin Kocameşe (Assistant General Manager responsible for Investor Relations & Sustainability) as the committee members,
• not to establish Nominating Committee and Remuneration Committee since the functions of these committees will be performed by the Corporate Governance Committee,
• to elect Mr. Mehmet Gökpınar as the Chairman of the "Committee for Early Recognition of Risk" whereas Ms. Vahide Uyar and Mr. Murat Doğan as the committee members,
• to elect Prof. Oğuz Cem Çelik as the Chairman of the "Committee for Audit" and Mr. İlkay Arıkan as the committee member.

Ordinary General Assembly Meeting regarding 2023,was held on 26 March, 2024, at 10:00, in İş Sanat Kültür Merkezi İş Kuleleri Levent–Beşiktaş/İstanbul. In the general assembly meeting;

• The financial statements of the year 2023 were approved.
• The appointment to the Board of Directors Membership in 2023 was approved.
• The Board Members were discharged for their activities in 2023.
• Board of Directors' proposal concerning the distribution of 2023 operating profits was approved exactly as it was. The proposal suggests not distributing dividends aiming to optimize the cash flows since the Company is in investment period.
• Amendments to articles 3, 5, 6, 7, 9, 14 and 31 of the Company's Articles of Association were approved.
• The number of board members was determined as 9 in total and Mr. Can Yücel, Mr. Murat Karluk Çetinkaya, Mr. Özcal Korkmaz, Mr. Ömer Barlas Ülkü, Ms. Vahide Uyar, Mr. Murat Doğan, Mr. Prof. Oğuz Cem Çelik, Mr. İlkay Arıkan and Mr. Mehmet Gökpınar were elected as board members for 1 year period.
• Remuneration of the Board members was determined as TL 90.750 per month.
• PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was selected as independent auditor for the financial year of 2024.
• The Board Members were authorized for carrying out the transactions provided under the Articles 395 and 396 of the Turkish Commercial Code.
• The shareholders were informed about the donations made in 2023 and the limit for the donations to be made in 2024 was determined as TL 1.402.500.
• The shareholders were informed in accordance with the principles 1.3.6. of the Corporate Governance Principles and Article 37 of the Capital Markets Board's Communiqué No. III.48.1

At our Company's Ordinary General Assembly Meeting for the year 2023 held on 26.03.2024, it was decided to;

• not distributing dividends aiming to optimize the cash flows since the Company is in investment period and
• transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations approved by the General Assembly.

At the Ordinary General Assembly meeting held on March 26, 2024, it was resolved to appoint PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. as the independent audit institution for the fiscal year 2024.

The amendments to articles 3, 5, 6, 7, 9, 14 and 31 of the Company's Articles of Association were approved in the Ordinary General Assembly Meeting that was held on 26 March, 2024.

At the meeting of Board of Directors held on March 26, 2024; Mr. Can Yücel was elected as the Chairman of the Board of Directors and Mr. Murat Karluk Çetinkaya was elected as the Deputy Chairman of the Board of Directors.

At the meeting of Board of Directors which was held on March 25, 2024, it was decided to authorize Levent Varlık Kiralama Anonim Şirketi as "Issuer Asset Leasing Company" and İş Yatırım Menkul Değerler A.Ş. as intermediary and financial consultant in issuing transactions within the scope of issuing Sukuk based on management contract worth up to TL 5 billion tobe sold within 1 year from CMB approval of the issuance document and to authorize the General Directorate for the execution of the related transactions. The issued instruments will besold through private placement to qualified investors in domestic market without being offered to the public.

The amendment text prepared for the amendment of articles numbered 3, 5, 6, 7, 9, 14 and 31 of our Company's Articles of Association, was approved by the Ministry of Commerce letter dated 20.03.2024 and numbered E-50035491-431.02-00095132858. The amended articles of the Company's Articles of Association will be submitted to the approval of the shareholders at the Ordinary General Assembly meeting dated 26.03.2024.

It was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 8,000,000,000 TL with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public. Within this resolution scope, necessary approval application has been made to the Capital Markets Board today.

The list of independent board of directors candidates to be submitted for approval at our company's Ordinary General Assembly meeting to be held on 26.03.2024 consists of Prof. Oğuz Cem Çelik, Mr. İlkay Arıkan and Mr. Mehmet Gökpınar. An application was made to the Capital Markets Board for independent Board Member candidates in accordance with principle number 4.3.7 of the Corporate Governance Communiqué, and the Board did not express a negative opinion about our independent board member candidates in its letter dated 12.03.2024 and numbered E-12233903-110.07.07-51043. The résumés and independence statements of the Independent Board Member candidates are included in the annex of our statement.

The attached amendment text prepared for the amendment of articles numbered 3, 5, 6, 7, 9, 14 and 31 of our Company's Articles of Association, was approved by the Capital Markets Board's letter dated 11.03.2024 and numbered E-12233903-340.17-51008. The amended articles of the Company's Articles of Association will be submitted to the approval of the shareholders at the Ordinary General Assembly meeting dated 26.03.2024, following the approval of the Ministry of Commerce.

It was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 8,000,000,000 TL with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

ISGYO’s Ordinary General Assembly Meeting for the accounting period 2023 will be held at the address of İş Sanat Kültür Merkezi İş Kuleleri Levent-Beşiktaş/Istanbul at 10:00 on Wednesday, 26 March 2024.

• The Board of Directors’ Dividend Distribution Proposal, prepared in accordance with the CMB Regulations, Company’s Profit Distribution Policy and Company’s Articles of Association, that suggests;
• not distributing dividends aiming to optimize the cash flows since the Company is in investment period and
• transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations will be submitted to the approval of the General Assembly.

1st coupon payment of Corporate Bond TRSISGY82512 has been made.

Our company has completed the issuance of the corporate bill with a nominal value of 200,000,000 TL a maturity of 119 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 16.02.2024 and the coupon interest rate is set at 15,3233%.

“At İş REIC, we believe in the importance of women's place in economic life and we support women's empowerment. We aim to improve the participation of women in work life and additionally we provide women with equal access to senior management and participation in decision-making processes. By signing the Women’s Empowerment Principles, we demonstrate all our stakeholders that we are committed to pursue gender equality in all of our operations and contribute to increasing gender equality practices and awareness.”

Ömer Barlas Ülkü

Chief Executive Officer

This is the statement made in accordance with Article 37/2 of the Capital Markets Board's Communiqué on Principles Concerning Real Estate Investment Trusts.

By the end of 2023, comparing the annual appraisal rental income corresponding to the average occupancy on an annual basis, the rental income of Ege Perla Shopping Center in our portfolio, has been realized below the appraisal rent due to the failure to reach the predicted turnover levels. The rental appraisal fee of Ege Perla Shopping Center for 2023 is TL 22.3 million, excluding VAT and the rental income obtained from the asset for 2023 is TL 19.8 million, excluding VAT. In addition, the rental income of Paşabahçe store in Ege Perla Shopping Center, which was rented to a related party through a turnover based rental agreement, has been realized below the appraisal rental value.

The relevant issue will be included in the agenda of the first general assembly meeting and shareholders will be informed.

At the meeting of our Board of Directors held on January 31, 2024, in accordance with Article 35 titled Selection of the real estate appraisal company of the Capital Markets Board's Communiqué on the Principles of Real Estate Investment Trusts numbered (III–48.1) it was decided;

• To receive valuation services from Reel Gayrimenkul Değerleme A.Ş., Net Kurumsal Gayrimenkul Değerleme ve Danışmanlık A.Ş, Vera Gayrimenkul Değerleme ve Danışmanlık A.Ş., Bilgi Gayrimenkul Değerleme A.Ş., Nova Taşınmaz Değerleme ve Danışmanlık A.Ş. and Terra Gayrimenkul Değerleme ve Danışmanlık A.Ş., for the real estate in our portfolio, as determined in the attached list.
• To obtain valuation services from Reel Gayrimenkul Değerleme A.Ş or Nova Taşınmaz Değerleme ve Danışmanlık A.Ş for assets that can be included in the portfolio and require evaluation in 2024.

1st coupon payment of Corporate Bond TRSISGY12519 has been made.

Our company has completed the issuance of the corporate bill with a nominal value of 450.000.000 TL a maturity of 175 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 24.01.2024 and the coupon interest rate is set at 21,5753%.

In accordance with the Article 40 (40/3/ç) of the Capital Markets Board's Communiqué on Principles of Real Estate Investment Companies, within the framework of the collective disclosure of purchases, sales or leasing transactions not exceeding 2% of the total assets contained in our last publicly disclosed financial statements; in 2023 our Company carried out sales transactions amounting to approximately TL 951.4 million + VAT from the units sales in our real estate projects. Also, regarding the real estate portfolio, the amount of rental transactions realized in 2023, including renewed contracts, is approximately TL 236.3 million + VAT.

Below is our explanation regarding the price movements in our Company's shares traded on Borsa Istanbul.

Our Company continues its ordinary activities and there are no special events that have not been disclosed to the public regarding the price movements on the shares.

We present it to the information of all the public.

Coupon and redemption payments were made for the financing bill with a nominal value of 250,000,000 TL, a maturity of 270 days, coupon payment at the end of maturity, and ISIN code TRFISGYA2318.

Our company has completed the issuance of a bond with a nominal value of TL 500,000,000 a maturity of 720 days and three coupons payment, which has been offered for sale to qualified investors. The maturity start date of the Bond with ISIN code TRSISGYK2519 is 14.11.2023 and the redemption date is 03.11.2025, the annual simple return rate is 48% and the coupon interest rate is set at 23.5397% - 23.8027%.

Within the framework of the capital market legislation, the application made by our Company to the Capital Markets Board for the issuance of debt instruments a total amount up to 5,000,000,000.-TL for sale to domestic qualified investors and private placement without public offering was approved by the decision of the Board of Directors dated 02.11.2023 and numbered 66/1471.

Coupon and Principal Payment of Corporate Bond TRSISGYE2319 has been made.

At the meeting of our Board of Directors held on September 1, 2023; it was decided to appoint Mr. Göktay Özbek as Assistant General Manager.

Credit rating agency Saha Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. evaluated our Company in the "investment grade" category and confirmed our Long-Term (National) Rating (TR) AA, our Short-Term (National) Rating (TR) A1+ and their outlook as "Stable". The credit rating report can be found in attached.

Coupon and Principal Payment of Corporate Bond TRSISGY82322 has been made.

Coupon and Principal Payment of Corporate Bond TRSISGY82314 has been made.

Our Company has applied to Capital Markets Board regarding the issuance of debt instruments worth up to TL 5 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

It was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 5,000,000,000 TL with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

Our company has completed the issuance of a bond with a nominal value of TL 500,000,000 a maturity of 540 days and three coupons payment, which has been offered for sale to qualified investors. The maturity start date of the bond is 01.08.2023 and the coupon interest rate is set at 19.2329%

Mr. Hasan K. Bolat, who has been serving as the General Manager and Board Member in our Company has been retired as of 31.07.2023. At the meeting of our Board of Directors held on 31.07.2023; it was decided to appoint Mr. Ömer Barlas Ülkü as the Company's General Manager and Board Member. Mr. Ömer Barlas Ülkü will serve as Board Member until the first General Assembly meeting and will be submitted for approval at the General Assembly within the scope of Article 363 of the Turkish Commercial Law.

In addition, Ms. Gülfem S. Tandoğan, who has been serving as Assistant General Manager in our Company, resigned from her duty due to retirement.

The tender process for the infrastructure construction works of the residence/villa project, which was decided to be developed with the joint ownership structure with Tecim, on the lands owned by our Company and Tecim in Istanbul Province, Çekmeköy, Ömerli District, has been completed. The project comprises 165 units and our Company’s and TECİM’s shares in the projects are 44% and 56% respectively. It is planned to start the construction and sales activities of the project within the year.

Within the framework of the capital market legislation, the application made by our Company to the Capital Markets Board for the issuance of debt instruments a total amount up to 500,000,000.-TL for sale to domestic qualified investors and private placement without public offering was approved by the decision of the Board of Directors dated 15.06.2023 and numbered 34/723.

At the meeting of our Board of Directors dated 09.06.2023; in Litus Istanbul Project, which our Company is developing together with TECİM on the basis of 50-50% cost and revenue sharing model, the entire 50% ownership share of our Company in the office and commercial area of the project (current market value of approximately TL 236.7 million) will be transferred to TECİM. Additonally, in return for this transaction, 50% of TECİM's ownership shares in some residential units having the equal market value will be transferred to our Company. The valuation report prepared by Reel Gayrimenkul A.Ş., which was disclosed to public on 07.06.2023, was taken as a basis in the transfer process.

A credit rating agreement was signed with SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. on 02.06.2023 and the agreement covering two rating periods is valid until 02.06.2025.

Coupon and Principal Payment of Corporate Bill TRFISGY52314 has been made.

Coupon and Principal Payment of Corporate Bill TRFISGY42315 has been made.

The results of the Ordinary General Assembly Meeting of our Company held on March 21, 2023 were registered on April 04, 2023.

In accordance with the Corporate Governance Communiqué of the Capital Markets Board No. II-17.1, in order to work within the framework of the working principles of the Company's Board of Directors Committees, it was decided;

• to elect Prof. Oğuz Cem Çelik as the Chairman of the “Corporate Governance Committee” whereas Mr. İlkay Arıkan, Mr. Kubilay Aykol, Mr. Murat Doğan and Ms. Ayşegül Şahin Kocameşe (Assistant General Manager responsible for Investor Relations & Sustainability) as the committee members, 
• not to establish Nominating Committee and Remuneration Committee since the functions of these committees will be performed by the Corporate Governance Committee,
• to elect Prof. Arzu Erdem as the Chairman of the “Committee for Early Recognition of Risk” whereas Mr. Kubilay Aykol and Mr. Murat Doğan as the committee members, to elect Mr. İlkay Arıkan as the Chairman of the “Committee for Audit” and Prof. Arzu Erdem as the committee member.

At the meeting of Board of Directors held on March 22, 2023; Mr. Can Yücel was elected as the Chairman of the Board of Directors and Mr. Kubilay Aykol was elected as the Deputy Chairman of the Board of Directors.

Ordinary General Assembly Meeting regarding 2022,was held on 21 March, 2023, at 10:00, in İş Sanat Kültür Merkezi İş Kuleleri Levent–Beşiktaş/İstanbul. In the general assembly meeting;

• The financial statements of the year 2022 were approved.
• The Board Members were discharged for their activities in 2022.
• Board of Directors' proposal concerning the distribution of 2022 operating profits was approved exactly as it was. The proposal suggests not distributing dividends.
• The number of board members was determined as 9 in total and Mr. Can Yücel, Mr. Kubilay Aykol, Mr. Hasan K. Bolat, Mr. Özcal Korkmaz, Mr. Murat Karluk Çetinkaya, Mr. Murat Doğan, Ms. Prof. Arzu Erdem, Mr. Prof. Oğuz Cem Çelik and Mr. İlkay Arıkan were elected as board members for 1 year period.
• Remuneration of the Board members was determined.
• Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was approved by the General Assembly as independent auditor for the financial year of 2023.
• The Board Members were authorized for carrying out the transactions provided under the Articles 395 and 396 of the Turkish Commercial Code.
• The shareholders were informed about the donations made in 2022, the limit for the donations to be made in 2023 was determined and the donation made within the relevant year was approved.

The shareholders were informed in accordance with the principles 1.3.6. of the Corporate Governance Principles.

Our company has completed the issuance of the corporate bill with a nominal value of TL 250.000.000 a maturity of 270 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 09.03.2023 and the coupon interest rate is set at 22,1918%.

Coupon and Principal Payment of Corporate Bond TRSISGY32319 has been made.

ISGYO’s Ordinary General Assembly Meeting for the accounting period 2022 will be held at the address of İş Sanat Kültür Merkezi İş Kuleleri Levent-Beşiktaş/Istanbul at 10:00 on Tuesday, 21 March 2023.

The Board of Directors’ Dividend Distribution Proposal, prepared in accordance with the CMB Regulations, Company’s Profit Distribution Policy and Company’s Articles of Association, that suggests;

• Not distributing dividends aiming to optimize the cash flows since the Company is in investment period and
• Transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations will be submitted to the approval of the General Assembly.

The title deed transactions regarding the acquisition of land shares with a total area of 7.871 sqm, owned by Kasaba Gayrimenkul and Bayek Tedavi, located in Istanbul Province, Çekmeköy, Ömerli District, have been completed and the ownership of the immovables has passed to our Company.

2nd Coupon and Principal Payment of Corporate Bill TRFISGY22317 has been made.

In accordance with the decision of Board of Directors dated 15.02.2023, within the scope of the donation to be made by İşbank Group, in order to support our citizens who were harmed by Kahramanmaraş centered earthquakes, that had devastating effects on 10 of our provinces; a cash donation of TL 8,000,000 was made to the Ministry of Internal Affairs, Disaster and Emergency Management Presidency (AFAD). The donation in question will be submitted to the approval of the shareholders at the first General Assembly Meeting to be held.

We wish God's mercy on our citizens who lost their lives due to the earthquakes, our condolences to their relatives and our nation, and a quick recovery to the injured.

Our Company has applied to Capital Markets Board regarding the issuance of debt instruments worth up to TL 5 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

Our Company has applied to Capital Markets Board regarding the issuance of debt instruments worth up to TL 5 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

At the meeting of Board of Directors dated 27 January 2023, it was decided that; according to “Communiqué on Principles Regarding Real Estate Investment Companies” about the “Selection of Real Estate Appraisal Company”;

“Net Kurumsal Gayrimenkul Değerleme ve Danışmanlık A.Ş.”, “Reel Gayrimenkul Değerleme A.Ş.”, “Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.” and “Vera Gayrimenkul Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of each asset in our current portfolio, “Reel Gayrimenkul Değerleme A.Ş.” or “Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of the assets which will be purchased and need appraisal during the year 2023. All the appraisal companies are CMB authorized local companies. For detailed information about each property and the related appraisal company please click here.

In accordance with the Article 40 (40/3/ç) of Communiqué On Principles of Real Estate Investment Companies, within the scope of the collective notification of purchase, sale or leasing transactions not exceeding 2% of total assets in our latest financial statements; the total value of the unit sales realized in real estate projects is approximately TL 147,9 million + VAT. Also, regarding the real estate portfolio, the total value of the leasing transactions (including renawals) realized in 2022 is approximately TL 123,5 million + VAT.

In accordance with the decision of the Board of Directors dated 06.01.2023; a revenue sharing agreement in return for land share was signed with Artaş İnşaat Sanayi ve Ticaret A.Ş. in order to develop a project related to Profilo Shopping Center in the portfolio.

In accordance with the signed contract; Artaş will develop a project on Profilo Shopping Center’s land and sell the independent units to third parties and all the expenses will be borne by Artaş. 40% of all revenues to be obtained within the scope of the project sales will be paid to our Company as revenue share in return for the land, and the minimum revenue share amount to be paid to our Company has been determined as USD 65 million + VAT.

At the meeting of our Board of Directors held on 06.01.2023; it was decided to purchase the land shares with a total surface area of 7,871.05 m2 located in Istanbul Province, Çekmeköy, Ömerli District, owned by Kasaba Gayrimenkul İnşaat Taahhüt ve Ticaret A.Ş. and Bayek Tedavi Sağlık Hizmetleri A.Ş. for a total value of TL 37.989.800 + VAT.

The title deed transactions regarding the acquisition of Profilo Shopping Center, owned by T. İş Bankası A.Ş., located in Istanbul Province, Şişli, Mecidiyeköy District, together with the immovable next to it, have been completed and the ownership of the immovables has passed to our Company.

Statement regarding the news on some websites and social media accounts. We engage in discussions with potential parties regarding the projects that can be developed regarding Profilo Shopping Center, which was decided to be included in the portfolio with the decision of our Board of Directors dated 09.11.2022. There is no concrete decision taken by our Board of Directors in this regard. In case of a concrete development on the subject, necessary disclosures will be made to the public.

Coupon and Principal Payment of Corporate Bond TRSISGYA2214 has been made.

At the meeting of our Board of Directors that was held on 09.11.2022; It was decided to purchase Profilo Shopping Center, located in Istanbul Province, Şişli, Mecidiyeköy District, together with the immovable next to it, from T. İş Bankası A.Ş. for a value of TL 989 million.

Our company has completed the issuance of the corporate bill with a nominal value of TL 400.000.000 a maturity of 181 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 19.10.2022 and the coupon interest rate is set at 13,3890%.

At the meeting of the Board of Directors dated 27.10.2022, it was decided to; Appoint the Corporate Governance Committee within the scope of the Company's Environmental, Social and Corporate Governance issues and sustainability practices, Assign the Investor Relations Department to carry out the coordination of sustainability studies within the Company and change the name of the Department to "Investor Relations and Sustainability" in this context, Update the current working principles of the Corporate Governance Committee.

Our statement regarding the request of Borsa İstanbul A.Ş. related to the extraordinary price and quantity movement dated 25/10/2022 and numbered E-18454353-100.06-12078 is given below. Regarding the extraordinary price and quantity movements on our company's stocks, there is no special event that has not been disclosed to the public, within the scope of Article 8, titled "Extraordinary Price and Quantity Movements", of the Capital Markets Board's Special Conditions Communiqué (II-15.1).

1st coupon payment of Corporate Bill TRFISGY22317 has been made.

Our company has completed the issuance of the corporate bill with a nominal value of TL 270.000.000 a maturity of 180 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 19.10.2022 and the coupon interest rate is set at 12,3288%.

Our company has completed the issuance of a bond with a nominal value of TL 100.000.000 a maturity of 370 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the bond is 28.09.2022 and the coupon interest rate is set at 30,4110%.

2022-Q2 Participation Finance Principles Information Form click here to download.

The building registry transaction regarding 6.306 sqm land owned by Anadolu Hayat Emeklilik A.Ş. located in Beşiktaş, Dikilitaş, İstanbul, has been completed and the ownership of the real estate passed to our Company.

SAHA Rating, in its periodic review, has affirmed the investment grade credit ratings ‘(TR) AA’ on the Long Term National Scale and ‘(TR) A1+’ on the Short Term National Scale along with ‘Stable’ outlook for our Company.

At the meeting of Board of Directors that was held on 22.08.2022; It was decided to purchase the building located in Istanbul/Beşiktaş from Anadolu Hayat Emeklilik A.Ş. for a value of TL 152.5 million in order to develop a project.

Our company has completed the issuance of a bond with a nominal value of TL 150.000.000 a maturity of 368 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the bond is 18.08.2022 and the coupon interest rate is set at 34,7836%.

Our company has completed the issuance of a bond with a nominal value of TL 101.000.000 a maturity of 367 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the bond is 15.08.2022 and the coupon interest rate is set at 34,6890%.

Our company has completed the issuance of a bond with a nominal value of TL 90.000.000 a maturity of 370 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the bond is 25.02.2022 and the coupon interest rate is set at 21.4904%

It was decided to continue the investment processes in Tuzla Residential Project, which was postponed with the relevant decision of the Board of Directors.

At the meeting of Board of Directors which was held on March 23rd, 2022, in accordance with the Communiqué II-17.1 on Corporate Governance Principles, it was decided

• to elect Prof. Oğuz Cem Çelik as the Chairman of the “Corporate Governance Committee” whereas Mr. İlkay Arıkan, Mr. Kubilay Aykol, Mr. Murat Doğan and Ms. Ayşegül Şahin Kocameşe as the committee members,
• not to establish Nominating Committee and Remuneration Committee since the functions of these committees will be performed by the Corporate Governance Committee.
• to elect Mr. Prof. Arzu Erdem as the Chairman of the “Committee for Early Recognition of Risk” whereas Mr. Kubilay Aykol and Mr. Murat Doğan as the committee members,

to elect Mr. İlkay Arıkan as the Chairman of the “Committee for Audit” and Prof. Arzu Erdem as the committee member.

Within the scope of updating our Company's current registered capital ceiling, the changes made in Article 7 of the Company's Articles of Association, titled "Capital and Share Certificates", were registered on 04.04.2022.

The results of the Ordinary General Assembly Meeting of our Company held on March 23, 2022 were registered on April 04, 2022.

Our statement regarding the request of Borsa İstanbul A.Ş. related to the extraordinary price and quantity movement dated 01/04/2022 and numbered E-18454353-100.06-7813 is given below. Regarding the extraordinary price and quantity movements on our company's stocks, there is no special event that has not been disclosed to the public, within the scope of Article 8, titled "Extraordinary Price and Quantity Movements", of the Capital Markets Board's Special Conditions Communiqué (II-15.1).

Our statement regarding the request of Borsa İstanbul A.Ş. related to the extraordinary price and quantity movement dated 01/04/2022 and numbered E-18454353-100.06-7813 is given below.

Regarding the extraordinary price and quantity movements on our company's stocks, there is no special event that has not been disclosed to the public, within the scope of Article 8, titled "Extraordinary Price and Quantity Movements", of the Capital Markets Board's Special Conditions Communiqué (II-15.1).

Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was approved by the General Assembly as independent auditor for the financial year of 2022.

At the meeting of Board of Directors held on March 23, 2022; Mr. Sezgin Yılmaz was elected as the Chairman of the Board of Directors and Mr. Kubilay Aykol was elected as the Deputy Chairman of the Board of Directors.

Regarding The Result of Ordinary General Meeting:

Ordinary General Assembly Meeting regarding 2021,was held on 23 March, 2022, at 10:00, in İş Sanat Kültür Merkezi İş Kuleleri Levent–Beşiktaş/İstanbul. In the general assembly meeting;

• The financial statements of the year 2021 were approved.
• The new appointment as Member of the Board of Directors was approved.
• The Board Members were discharged for their activities in 2021.
• Board of Directors' proposal concerning the distribution of 2021 operating profits were approved exactly as it was. The proposal suggests not distributing dividends.
• Sezgin Yılmaz, Mr. Murat Karluk Çetinkaya, Mr. Hasan Kimya Bolat, Mr. Özcal Korkmaz, Mr. Kubilay Aykol, Mr. Murat Doğan, Ms. Prof. Arzu Erdem, Mr. Prof. Oğuz Cem Çelik and Mr. İlkay Arıkan were elected as board members for 1 year period.
• Beginning from 01.04.2022, monthly remuneration to be paid to the Board members was determined as gross TL 22,750.
• Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was approved by the General Assembly as independent auditor for the financial year of 2022.
• The Board Members were authorized for carrying out the transactions provided under the Articles 395 and 396 of the Turkish Commercial Code.
• The extension of the registered capital ceiling period for the new upper limit amount and the amendments made in Article 7 of the Company's Articles of Association, titled “Capital and Share
• Certificates” in this context were approved.
• The Company’s donation limit for 2022 was determined as TL 500,000.

Additionally; the shareholders were informed that, the Company made no donations in 2021, they’re also informed in accordance with the principles 1.3.6. and Principles and Article 37 of the Communiqué III-48.1.

At the meeting of Board of Directors which was held on March 17, 2022, it was decided to add Ms. Nilgün Türeoğlu, Prof. Arzu Erdem, Prof. Oğuz Cem Çelik and Mr. İlkay Arıkan to independent board member nominees list. Company’s Corporate Governance Committee assessed that; Ms. Nilgün Türeoğlu, Prof. Arzu Erdem, Prof. Oğuz Cem Çelik and Mr. İlkay Arıkan bear the independence criterias pursuant to Communiqué (II.17.1) on Corporate Governance.

It has been learned that a lawsuit has been filed in Istanbul 6th Administrative Court against The Ministry of Environment, Urbanization and Climate Change and Üsküdar Municipality with the request for the cancellation of the zoning plans and the building permits for the region where Altunizade Residential Project, in which our company has 50% share, is located. Our company is not a direct party to the lawsuit, and substantial developments regarding our project will be shared with the public within the scope of the lawsuit process.

Principal payment of Corporate Bill TRFISGY32217 has been made.

Our company has completed the issuance of a bond with a nominal value of TL 90.000.000 a maturity of 370 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the bond is 25.02.2022 and the coupon interest rate is set at 21.4904%.

ISGYO’s Ordinary General Assembly Meeting for the accounting period 2021 will be held at the address of İş Sanat Kültür Merkezi İş Kuleleri Levent-Beşiktaş/Istanbul at 10:00 on Wednesday, 23 March 2022.

The Board of Directors’ Dividend Distribution Proposal, prepared in accordance with the CMB Regulations, Company’s Profit Distribution Policy and Company’s Articles of Association, that suggests;

• not distributing dividends aiming to optimize the cash flows since the Company is in investment period and
• transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations will be submitted to the approval of the General Assembly.

Our Company has applied to Capital Markets Board regarding the issuance of debt instruments worth up to TL 3 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

It was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 3 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

Necessary permission for the amendment of Article 7 of Articles of Association named “Capital and Share Certificates” has been taken from Republic of Turkey Ministry of Trade. The amendment of Article 7 will be submitted to the approval of General Assembly.

The land registry transaction regarding 72.609 sqm land owned by Anadolu Hayat Emeklilik A.Ş. located in Çekmeköy, İstanbul, has been completed and the ownership of the real estate passed to our Company.

At the meeting of Board of Directors dated 31 January 2022, it was decided that; according to “Communiqué on Principles Regarding Real Estate Investment Companies” about the “Selection of Real Estate Appraisal Company”;

“Net Kurumsal Gayrimenkul Değerleme ve Danışmanlık A.Ş.”, “Reel Gayrimenkul Değerleme A.Ş.”, “Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of each asset in our current portfolio,

“Reel Gayrimenkul Değerleme A.Ş.” or “Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.”were selected to take service for the valuation of the assets which will be purchased and need appraisal during the year 2022.

All the appraisal companies are CMB authorized local companies. For detailed information about each property and the related appraisal company please click here.

It is a statement made in accordance with Article 37/2 of Communiqué On Principles Of Real Estate Investment Companies of the Capital Markets Board.

By the end of 2021, comparing the annual appraisal rental income corresponding to the average occupancy on an annual basis, the rental income of Ege Perla Shopping Center, Kule Çarşı and Tuzla Meydan Çarşı in our portfolio, has been realized below the appraisal rent due to the ongoing effects of the coronavirus epidemic.
The total rental appraisal fee of the mentioned assets for 2021 is TL 9,5 million, excluding VAT and the total rental income of these assets for 2021 is TL 7,5 million, excluding VAT. Additionally, in Ege Perla Shopping Center, the rental income of Paşabahçe store and ATM which have been leased to related parties, has been realized below the appraisal rental value.

The relevant matter will be put on the agenda of the first general assembly meeting to be held, and shareholders will be informed.

Necessary permission has been taken from CMB regarding the increase of authorised capital amounting TL 7.000.000.000 to be valid between 2022-2026 and the amendment of the “Article 7 Capital and Share Certificates” of Articles of Association in accordance with the new authorised capital ceiling.

In accordance with the Company’s investment strategy regarding residential sector; at the meeting of Board of Directors that was held on January 18th, 2022, it was decided to purchase the 72.609 sqm land located in Çekmeköy, İstanbul owned by Anadolu Hayat Emeklilik A.Ş. for a value of TL 130 million. The Company plans to develop a residential project that will be the continuation of Company’s ongoing Kasaba Evleri Residential Project in the same location.

Principal payment of Corporate Bill TRFISGY12219 has been made.

In accordance with the Article 40 (40/3/ç) of Communiqué On Principles of Real Estate Investment Companies, within the scope of the collective notification of purchase, sale or leasing transactions not exceeding 2% of total assets in our latest financial statements; in 2021 land purchase amounting approximately TL 7,9 million + VAT and unit sales in real estate projects amounting approximately TL 350,8 million + VAT were realized. Also, the total value of the annual rent regarding the rental agreements signed in 2021 (including renewals) is approximately TL 65,7 million + VAT.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 135.000.000 and term of 60 days to qualified investors.

The Company applied to the CMB regarding the new authorized capital ceiling.

At the meeting of Board of Directors dated 22.12.2021,pursuant to the CMB Communiqué and the Articles of Association, it was decided to;

• apply to the Capital Markets Board (CMB) and the related Ministry to increase the authorised capital which is TL 2.000.000.000 to TL 7.000.000.000 to be valid between 2022-2026 and to amend the “Article 7 Capital and Share Certificates” of Articles of Association in accordance with the new authorised capital ceiling,

• to submit the new authorized capital and the amendment of Article 7 to the approval of General Assembly, after receiving the necessary approvals and permissions.

Principal payment of Corporate Bill TRFISGYA2110 has been made.

Our company has completed the issuance of a bond with a nominal value of TL 78.650.000 a maturity of 389 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the bond is 15.11.2021 and the coupon interest rate is set at 18.6507%.

Our company has completed the issuance of a bond with a nominal value of TL 78.650.000 a maturity of 389 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the bond is 15.11.2021 and the coupon interest rate is set at 18.6507%.

The constructor company for the project being developed on the land in Üsküdar, Istanbul with Tecim, has been chosen. The construction activity of the project will start within this year and the planned completion date of the project is 2022 year end. Expected total sales revenue from the project that stands out with its central location, is TL 1,6 billion.

Within the scope of the Board Member change in our Company, in accordance with the Communiqué II-17.1 on Corporate Governance Principles, it was decided to elect Mr. Kubilay Aykol as the committee member of the “Corporate Governance Committee” and “Early Detection of Risk Committee”.

At the meeting of Board of Directors that was held on October 1st, 2021, it was decided to elect Mr. Kubilay Aykol in place of Ms. Neşe Gülden Sözdinler who resigned from the membership of Board of Directors. Mr. Kubilay Aykol will be submitted to the approval of General Assembly and serve until the first general meeting of shareholders.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 75.000.000 and term of 119 days to qualified investors.

Principal payment of Corporate Bill TRFISGY92112 has been made.

SAHA Rating, in its periodic review, has affirmed the investment grade credit ratings ‘(TR) AA’ on the Long Term National Scale and ‘(TR) A1+’ on the Short Term National Scale along with ‘Stable’ outlook for our Company.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 170.000.000 and term of 120 days to qualified investors.

Principal payment of Corporate Bill TRFISGY82113 has been made.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 130.000.000 and term of 124 days to qualified investors.

Principal payment of Corporate Bill TRFISGY72114 has been made.

It has been decided to sign a revenue sharing construction contract with TECİM regarding the project planned to be developed on the land in Üsküdar, Istanbul, 50% of which belongs to our Company and 50% to TECİM. The construction activity of the project, comprising 6 residential blocks, 1 office block and partial commercial area, is planned to start within this year.

Our Company decided to renew the credit rating agreement with SAHA Rating. The agreement, comprising two year rating period, was signed on 08.06.2021 and it will be valid until 08.06.2023.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 73.500.000 and term of 120 days to qualified investors.

Principal payment of Corporate Bill TRFISGY52116 has been made.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 274.000.000 and term of 120 days to qualified investors.

Principal payment of Corporate Bill TRFISGY42125 has been made.

Within the scope of the Coronovirus epidemic; regarding the retail assets’ tenants in the Company portfolio, taking into account the current foot fall and turnover; It has been decided to authorize the General Directorate of the Company for rental support in varying forms and amounts for each tenant, provided that the tenants pay their past debts or make a payment plan for the period of April-June 2021.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 120.250.000 and term of 99 days to qualified investors.

Principal payment of Corporate Bill TRFISGY42117 has been made.

The results of the Ordinary General Assembly meeting were registered on April 2, 2021.

Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was approved by the General Assembly as independent auditor for the financial year of 2021.

At the meeting of Board of Directors’ dated 24.03.2021, Mr. Sezgin Yılmaz and Mr. Murat Karluk Çetinkaya were elected as the Chairman and the Vice Chairman, respectively.

Ordinary General Assembly Meeting was held on 24 March, 2021, at 10:00, in İş Sanat Kültür Merkezi İş Kuleleri Levent–Beşiktaş/İstanbul. In the general assembly meeting;
• The financial statements of the year 2020 were approved.
• The new appointments as Member of the Board of Directors were approved.
• The Board Members were discharged for their activities in 2020.
• Board of Directors' proposal concerning the distribution of 2020 operating profits were approved exactly as it was. The proposal suggests; not distributing dividends in accordance with the current strategies of the Company due to the general economic conjuncture and Company’s financing policy, aiming to optimize the cash flows of the Company and transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations.
• Mr. Sezgin Yılmaz, Mr. Murat Karluk Çetinkaya, Ms. Aysel Tacer, Mr. Özcal Korkmaz, Ms. Neşe Gülden Sözdinler, Mr. Murat Doğan, Ms. Prof. Dr. Arzu Erdem, Mr. Haluk Büyükbaş and Mr. Nihat Uzunoğlu were elected as board members for 1 year period.
• Beginning from 01.04.2021, monthly remuneration to be paid to the Board members was determined as gross TL 14,350.
• Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was approved by the General Assembly as independent auditor for the financial year of 2021.
• The Board Members were authorized for carrying out the transactions provided under the Articles 395 and 396 of the Turkish Commercial Code.
• It was decided not to recourse for the administrative fine paid by the Company against board members.
• The Company’s donation limit for 2021 was determined as TL 150,000.
Additionally; the shareholders were informed that, the Company made no donations in 2020, they’re also informed in accordance with the principles 1.3.6. and 4.4.7. of the Corporate Governance Principles and Article 37 of the Communiqué III-48.1.

12th Coupon and Principal Payment of Corporate Bond TRSISGY32111 has been made.

At the meeting of Board of Directors which was held on March 18, 2021, it was decided to add Prof. Dr. Ms. Arzu Erdem, Mr. Haluk Büyükbaş and Mr. Nihat Uzunoğlu to independent board member nominees list. Company’s Corporate Governance Committee assessed that; Prof. Dr. Ms. Arzu Erdem, Mr. Haluk Büyükbaş and Mr. Nihat Uzunoğlu bear the independence criterias pursuant to Communiqué (II.17.1) on Corporate Governance.

For the list of Independent Board Member Nominees please click here.

Our Company has applied to Capital Markets Board regarding the issuance of debt instruments worth up to TL 3 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

It was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 3 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors without being offered to the public.

ISGYO’s Ordinary General Assembly Meeting for the accounting period 2020 will be held at the address of İş Sanat Kültür Merkezi İş Kuleleri Levent-Beşiktaş/Istanbul at 10:00 on Wednesday, 24 March 2021.

• The Board of Directors’ Dividend Distribution Proposal, prepared in accordance with the CMB Regulations, Company’s Profit Distribution Policy and Company’s Articles of Association, that suggests

• not distributing dividends in accordance with the current strategies of the Company due to the general economic conjuncture and Company’s financing policy, aiming to optimize the cash flows of the Company and
• transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations will be submitted to the approval of the General Assembly.

In line with the proposal of the Audit Committee and the decision of the Board of Directors dated 24.02.2021, Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (a member firm of Ernst&Young Global Limited), will be submitted to the approval of the General Assembly as the independent audit company for the accounting period 2021.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 55.000.000 and term of 91 days to qualified investors.

Principal payment of Corporate Bill TRFISGY22119 has been made.

The conclusion section of the “Common and Continuous Transactions Report for 2021” prepared according to Article 10 of the CMB’s Communique II-17.1 on Corporate Governance is published on Public Disclosure Platform.

It is a statement made in accordance with Article 37/2 of Communiqué On Principles Of Real Estate Investment Companies of the Capital Markets Board.

By the end of 2020, when we compare the annual appraisal rental income corresponding to the average occupancy on an annual basis, the rental income below the appraisal rental value has been obtained from Kanyon Shopping Center, Ege Perla Shopping Center, Kule Çarşı and Tuzla Meydan Çarşı in our portfolio.

With the measures taken by public authorities within the scope of the coronavirus epidemic, the decreasing number of visitors and decreasing business volume have been effective in obtaining rental income below the appraisal rental values in the said retail assets in our portfolio.

The total rental appraisal fee calculated on the basis of the average occupancy of two shopping centers and two markets for which rental income is obtained below the appraisal lease amount for 2020 is TL 42.8 million, excluding VAT and total rental income at the end of 2020 is TL 31.2 million, excluding VAT. In addition, a rental income below the appraisal rental value was obtained from the stores of our related party Paşabahçe Mağazaları A.Ş in Kanyon Shopping Mall and Ege Perla Shopping Mall and from the branch of our related party Türkiye İş Bankası A.Ş in Kanyon Shopping Mall.

The relevant matter will be put on the agenda of the first general assembly meeting to be held, and shareholders will be informed.

Ant Yapı Sanayi ve Ticaret A.Ş. has been chosen as the constructor company for “Ömerli Villa Project”.

8th Coupon and Principal Payment of Corporate Bond TRSISGY12113 has been made.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 250.000.000 and term of 90 days to qualified investors.

Principal payment of Corporate Bill TRFISGY12110 has been made.

The land registry transaction regarding 32.8% share (owned by Bayek Tedavi Sağlık Hizmetleri ve İşletmeciliği A.Ş.) of 15.313,76 sqm land located in Çekmeköy, İstanbul has been completed and the ownership of the real estate passed to our Company.

At the meeting of Board of Directors dated 18 January 2021, it was decided that; according to “Communiqué on Principles Regarding Real Estate Investment Companies” about the “Selection of Real Estate Appraisal Company”;

“Nova Taşınmaz Değerleme ve Danışmanlık A.Ş.”, “Reel Gayrimenkul Değerleme A.Ş.”, “Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.” and “Terra Gayrimenkul Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of each asset in our current portfolio,

“Reel Gayrimenkul Değerleme A.Ş.” or “Nova Taşınmaz Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of the assets which will be purchased and need appraisal during the year 2021.

All the appraisal companies are CMB authorized local companies. For detailed information about each property and the related appraisal company please click here.

In accordance with the Article 40 (40/3/ç) of Communiqué On Principles Of Real Estate Investment Companies, within the scope of the collective notification of purchase, sale or leasing transactions not exceeding 2% of total assets in our latest financial statements; the value of the monthly rent regarding the rental agreements signed in 2020 is approximately TL 3.8 million + VAT. Amounting to approximately TL 14.8 million + VAT of land and amounting to approximately TL 7.8 million + VAT residential real estates was purchased .

Related to Manzara Adalar, Topkapı İnistanbul and Ege Perla projects in our company's portfolio, in 2020 total sales volume realized is approximately TL 178,4 million (excluding VAT) with 231 residential real estates. 67 residential units were sold below the appraisal value. The total sales value of the 67 residential units was approximately TL 42.5 million (excluding VAT), and the total appraisal value was approximately TL 44.5 million (excluding VAT).

At the meeting of Board of Directors that was held on December 6th, 2021, it was decided to purchase the 32,8% share of 15.313,76 sqm land located in Çekmeköy, İstanbul owned by Bayek Tedavi Sağlık Hizmetleri ve İşletmeciliği A.Ş. for a value of TL 7,9 million + VAT. The value of the land will be paid in advance at the date of transferring the title deed.

1,033 sqm office area in Is Towers- Tower 3 have been leased to Anadolu Hayat Emeklilik A.Ş for five years and It has been decided to extend the lease contract of İş Faktoring A.Ş. who are currently tenant in Ege Perla, Tower B for one year. Both transactions were carried out taking into account the appraisal rents.

Within the scope of global epidemic of Covid-19, regarding the retail assets in the portfolio; It has been decided to authorize the General Directorate of the Company for rental support in varying forms and amounts for each tenant, provided that the tenants pay their past debts or make a payment plan, taking into account the current foot fall and turnover for the period of January-March 2021.

At the meeting of Board of Directors that was held on December 22nd, 2020, It has been decided to extend the lease contracts of İş Girişim Sermayesi Yatırım Ortaklığı A.Ş. and Maxis Girişim Sermayesi Portföy Yönetimi A.Ş. who are currently tenants in İş Towers, Tower 2 for one year, taking into account the appraisal rents.

11th coupon payment of Corporate Bond TRSISGY32111 has been made.

12th coupon rate of Corporate Bond TRSISGY32111 has been determined as 4,00% which has an issue size of TRY 100.000.000 and a floating coupon type in every 3 months.

Principal payment of Corporate Bond TRSISGYA2016 has been made.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 100.000.000 and term of 123 days to qualified investors.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 50.750.000 and term of 90 days to qualified investors.

Principal payment of Corporate Bond TRSISGYK2014 has been made.

7th coupon rate of Corporate Bond TRSISGY12113 has been made.

8th coupon rate of Corporate Bond TRSISGY12113 has been determined as 4,0318% which has an issue size of TRY 100.000.000 and a floating coupon type of 3 month TRLIBOR rate.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 150.000.000 and term of 91 days to qualified investors.

Within the scope of the Board Member change in our company, in accordance with the Communiqué II-17.1 on Corporate Governance Principles, it was decided to elect Ms. Neşe Gülden Sözdinler as the committee member of the “Corporate Governance Committee”.

10th coupon payment of Corporate Bond TRSISGY32111 has been made.

11th coupon rate of Corporate Bond TRSISGY32111 has been determined as 3,86% which has an issue size of TRY 100.000.000 and a floating coupon type in every 3 months.

Within the scope of global epidemic of Covid-19, regarding the retail assets in the portfolio; The General Directorate of the Company has been authorized for the rental discounts or supports that would be given to the tenants taking into account the current foot fall and turnover for the period of September-December 2020.

It has been decided to take services from Tepe Emlak Yatırım İnşaat ve Ticaret A.Ş. for 2 years for the management and leasing services of Ege Perla Shopping Center and to authorize the General Directorate of the Company to sign the necessary contracts.

At the meeting of Board of Directors that was held on September 8th, 2020, it was decided to elect Mr. Sezgin Yılmaz place of Mr. Ömer Karakuş who resigned from membership of Board of Directors and to elect Ms. Neşe Gülden Sözdinler in place of Süleyman Hayrettin Özcan who resigned from membership of Board of Directors to serve until the first general meeting of shareholders. It was also decided to elect Mr. Sezgin Yılmaz as the Chairman of the Board of Directors and to elect Mr. Murat Karluk Çetinkaya as the Vice Chairman of the Board of Directors.

Principal payment of Corporate Bill TRFISGY82014 has been made.

596 sqm office area in Is Towers-Tower 2 have been leased to Isbank considering the rental appraisal value.

SAHA Rating, in its periodic review, has affirmed the investment grade credit ratings ‘(TR) AA’ on the Long Term National Scale and ‘(TR) A1+’ on the Short Term National Scale along with ‘Stable’ outlook for our Company.

6th coupon rate of Corporate Bond TRSISGY12113 has been made.

7th coupon rate of Corporate Bond TRSISGY12113 has been determined as 2,6509% which has an issue size of TRY 100.000.000 and a floating coupon type of 3 month TRLIBOR rate.

It has been decided to take service from Yanar Law Office regarding company’s legal services.

At the meeting of Board of Directors that was held on July 10th, 2020, it was decided to elect Mr. Murat Karluk Çetinkaya in place of Mr. İsmail Hakkı Akşener who resigned from membership of Board of Directors, to serve until the first ordinary general meeting of shareholders.

The land registry transaction regarding 67,2% share of 15.313,76 sqm land located in Çekmeköy, İstanbul has been completed and the ownership of the real estate passed to our Company.

The following decisions have been taken regarding the retail assets in the portfolio taking into account the current foot fall and turnover because of the continuing effects of global epidemic of Covid-19 on retail sector.

• The discount ratio of 50% for the month of June in accordance with the conditions to be determined by the General Directorate of the Company for Kule Çarşı, Mallmarine and Tuzla Meydan Çarşı, will be applied as 100% for the months of June, July and August.
• The authorization given to the General Directorate of the Company for the discounts to be made for the month of June in Ege Perla Shopping Center has been extended for the months of July and August to be able to apply the discount ratio as 100%.
• The General Directorate of the Company has been authorized for the rental discounts or supports that would be given to the tenants of Kanyon Shopping Center taking into account the current foot fall and turnover, for the months of June, July and August.

At the meeting of Board of Directors that was held on July 1st, 2020, it was decided to purchase the 67,2% share of 15.313,76 sqm land located in Çekmeköy, İstanbul owned by Altınhas Holding A.Ş. for a value of TL 14,8 million + VAT. The value of the land will be paid at the date of transferring the title deed.

9th coupon payment of Corporate Bond TRSISGY32111 has been made.

10th coupon rate of Corporate Bond TRSISGY32111 has been determined as 2,82% which has an issue size of TRY 100.000.000 and a floating coupon type in every 3 months.

Our Company has applied to Capital Markets Board regarding the issuance of debt instruments worth up to TL 1 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

It was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 1 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.

Our Company has completed the book building of the corporate bill with a nominal value of TRY 85.000.000 and term of 91 days to qualified investors.

Regarding the global epidemic of Covid-19, the following decisions have been taken, taking into account the statements and practices of the public authorities within the scope of the transition to gradual normalization.

• Kule Çarşı, Mallmarine and Tuzla Meydan Çarşı, which have started to operate gradually, will be operating with full capacity as of June 1, 2020.
• Tenants who open their stores in Kanyon Shopping Center and other shopping centers /commercial areas in the portfolio will receive a 50% discount over their fixed rental fees for the month of June in accordance with the conditions to be determined by the General Directorate of the Company.
• Ege Perla Shopping Center will be opened to visitors, operating with full capacity, as of June 1, 2020. The General Directorate of the Company is authorized for the discounts to be made for the month of June.

Principal payment of Corporate Bill TRFISGY52017 has been made.

Considering the pandemic's relatively positive trend in our country in May and announcements by public authorities that the the measures taken were effective and the statement of Presidency of the Republic of Turkey regarding the fact that the shopping centers could be partially opened on 11 May 2020; the following issues have been decided in relation to the shopping centers and commercial areas in the Company’s portfolio which are temporarily closed to service. 

• Kanyon Shopping Center, Kule Çarşı, Mallmarine Shopping Center and Tuzla Meydan Çarşı will be operating gradually as of May 11, 2020. No rental fee will be charged for the month May, from the tenants who open their stores as of 11.05.2020, in accordance with the conditions to be determined by the General Directorate of the Company.
• All tenants in Kanyon Shopping Center will open their stores until June 1, 2020 at the latest. (Except for the stores that have to remain closed within the scope of the official measures)

At the meeting of Board of Directors that was held on April 29th, 2020, it was decided to elect Mr. Özcal Korkmaz in place of Mr. Mehmet Türk who resigned from membership of Board of Directors, to serve until the first ordinary general meeting of shareholders.

5th coupon rate of Corporate Bond TRSISGY12113 has been made.

6th coupon rate of Corporate Bond TRSISGY12113 has been determined as 2,8596% which has an issue size of TRY 100.000.000 and a floating coupon type of 3 month TRLIBOR rate.

The results of the Ordinary General Assembly meeting were registered on 10 April 2020.

The global outbreak of COVID-19 is affecting our country as well as the whole World. As a consequence of that pandemic, Kanyon Shopping Center, Ege Perla Shopping Center and other shopping centers/commercial areas (Kule Çarşı, Mallmarine, Tuzla Meydan Çarşı) in our real estate portfolio are temporarily closed to service as of 20.03.2020.

The following decisions have been taken for the properties which are indicated above:

- Not collecting rental fee for the period between 20 March-30 April, from the tenants which do not provide service.

- Authorizing the Company Headquarter to collect rental fee from the tenants which are continuing their services.

In these days that we will eliminate the negative economic conditions caused by the global epidemic with collaboration and cooperation, the income loss that will occur within the scope of the decision taken by our Board of Directors is expected to be limited, considering the diversified porfolio comprising qualified real estates and revenue sources of the Company. Since the course and length of the pandemic cannot be predicted, the final impact of the decisions taken by the Company's management would be analyzed more clearly in the following period.

At the meeting of Board of Directors which was held on March 31st, 2020, in accordance with the Communiqué II-17.1 on Corporate Governance Principles, it was decided

• to elect Ms. Prof. Dr. Arzu Erdem as the Chairman of the “Corporate Governance Committee” whereas Mr. Süleyman H. Özcan, Mr. Murat Doğan and Ms. Ayşegül Şahin Kocameşe as the committee members,
• not to establish Nominating Committee and Remuneration Committee since the functions of these committees will be performed by the Corporate Governance Committee.
• to elect Mr. Haluk Büyükbaş as the Chairman of the “Committee for Early Recognition of Risk” whereas Ms. Prof. Dr. Arzu Erdem and Mr. Murat Doğan as the committee members,
• to elect Mr. Nihat Uzunoğlu as the Chairman of the “Committee for Audit” and Mr. Haluk Büyükbaş as the committee member.

At the meeting of Board of Directors’ dated 25.03.2020, Mr. Ömer Karakuş and Mr. Süleyman H. Özcan were elected as the Chairman and the Vice Chairman, respectively.

Ordinary General Assembly Meeting was held on 25 March, 2020, at 10:00, in İş Sanat Kültür Merkezi İş Kuleleri Levent–Beşiktaş/İstanbul. In the general assembly meeting;

• The financial statements of the year 2019 were approved.
• The Board Members were discharged for their activities in 2019.
• Board of Directors' proposal concerning the distribution of 2019 operating profits were approved exactly as it was. The proposal suggests; not distributing dividends in accordance with the current strategies of the Company due to the general economic conjuncture and Company’s financing policy, aiming to optimize the cash flows of the Company and transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations.
• Mr. Ömer Karakuş, Ms. Aysel Tacer, Mr. Süleyman H. Özcan, Mr. İ. Hakkı Akşener, Mr. Mehmet Türk, Mr. Murat Doğan, Ms. Prof. Dr. Arzu Erdem, Mr. Haluk Büyükbaş and Mr. Nihat Uzunoğlu were elected as board members for 1 year period.
• Beginning from 01.04.2020, monthly remuneration to be paid to the Board members was determined as gross TL 12,700.
• Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was approved by the General Assembly as independent auditor for the financial year of 2020.
• The Board Members were authorized for carrying out the transactions provided under the Articles 395 and 396 of the Turkish Commercial Code.
• The Company’s donation limit for 2020 was determined as TL 125,000.

Additionally; the shareholders were informed that, the Company made no donations in 2019, they’re also informed in accordance with the principles 1.3.6. and 4.4.7. of the Corporate Governance Principles and Article 37 of the Communiqué III-48.1.

8th coupon payment of Corporate Bond TRSISGY32111 has been made.

9th coupon rate of Corporate Bond TRSISGY32111 has been determined as 3,38% which has an issue size of TRY 100.000.000 and a floating coupon type in every 3 months.

Within the scope of protection of public healthcare, it was decided to shut down Kanyon Shopping Center located in Istanbul and Ege Perla Shopping Center located in İzmir due to the COVID-19 pandemic temporarily, as of 20 March 2020, 8:00 p.m. During this period, markets and pharmacies -where visitors can find their basic needs- could operate depending on the initiative of the store owners. We will continue to inform our investors about the developments. We hope to leave this difficult period behind in a healthy way.

At the meeting of Board of Directors which was held on March 19, 2020, it was decided to add Prof. Dr. Ms. Arzu Erdem, Mr. Haluk Büyükbaş, Mr. Nihat Uzunoğlu and Ms. Gökben Karaaslan Aksoy to independent board member nominees list. Company’s Corporate Governance Committee assessed that; Prof. Dr. Ms. Arzu Erdem, Mr. Haluk Büyükbaş, Mr. Nihat Uzunoğlu and Ms. Gökben Karaaslan Aksoy bear the independence criterias pursuant to Communiqué (II.17.1) on Corporate Governance.

For the list of Board Member Nominees please click here.

There is no postponement regarding our General Assembly Meeting that will be held on March 25, 2020, due to COVID 19. We kindly remind our shareholders willing to participate the meeting physically that participating the meeting in electronic environment can also be preferred.

In line with the proposal of the Audit Committee and the decision of the Board of Directors dated 9.03.2020, Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (a member firm of Ernst&Young Global Limited), will be submitted to the approval of the General Assembly as the independent audit company for the accounting period 2020.

In line with the proposal of the Audit Committee and the decision of the Board of Directors dated 9.03.2020, Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (a member firm of Ernst&Young Global Limited), will be submitted to the approval of the General Assembly as the independent audit company for the accounting period 2020.

• ISGYO’s Ordinary General Assembly Meeting for the accounting period 2019 will be held at the address of İş Sanat Kültür Merkezi İş Kuleleri Levent-Beşiktaş/Istanbul at 10:00 on Wednesday, 25 March 2020.
• The Board of Directors’ Dividend Distribution Proposal, prepared in accordance with the CMB Regulations, Company’s Profit Distribution Policy and Company’s Articles of Association, that suggests
• not distributing dividends in accordance with the current strategies of the Company due to the general economic conjuncture and Company’s financing policy, aiming to optimize the cash flows of the Company and
• transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations will be submitted to the approval of the General Assembly.

• Legal service regarding Ege Perla Complex will be taken from Uluhan Law Office.

• 4th coupon rate of Corporate Bond TRSISGY12113 has been made.

• Additional protocol has been signed with the tenant Anadolu Hayat Emeklilik A.Ş who occupies 1,033 sqm office area in Is Towers, Tower 2, located on 17th floor. The current monthly rent of the tenant is above the appraisal rent of the leased area.

• 2,029 sqm office area in Is Towers- Tower 2 and 996 sqm office area in Is Towers-Tower 3 have been leased to Isbank considering the rental appraisal value. For partial renovation works to be done for the leased area, services will be received from İşmer.

• At the meeting of Board of Directors dated 17 January 2020, it was decided that; according to “Communiqué on Principles Regarding Real Estate Investment Companies” about the “Selection of Real Estate Appraisal Company”;
• “Nova Taşınmaz Değerleme ve Danışmanlık A.Ş.”, “Reel Gayrimenkul Değerleme A.Ş.”, “Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.” and “Terra Gayrimenkul Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of each asset in our current portfolio,
• “Reel Gayrimenkul Değerleme A.Ş.” or “Terra Gayrimenkul Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of the assets which will be purchased and need appraisal during the year 2020.

All the appraisal companies are CMB authorized local companies. For detailed information about each property and the related appraisal company please click here.

In accordance with the Article 40 (40/3/ç) of Communiqué On Principles Of Real Estate Investment Companies, within the scope of the collective notification of purchase, sale or leasing transactions not exceeding 2% of total assets in our latest financial statements; he value of the monthly rent (excluding VAT) regarding the rental agreements signed in 2019 is approximately TL 1,4 million.Related to residential and commercial real estates; total sales volume realized (including sales of Kapadokya Lodge Hotel) is approximately TL 136,6 million (excluding VAT).

Principal payment of Corporate Bill TRFISGY12011 has been made.

The process regarding the transfer of title deeds of the office and commercial area in Kartal Manzara Adalar to the real estate investment fund has been completed and the fund units, in return for the title deeds, have been transferred to our Company.

The payment regarding the revenue share amounting TL 173,5 mn(excluding VAT) to the ex-land owner Tecim Construction in accordance with the signed revenuesharing agreement, in return for the transfer of the office and commercial part of Kartal Manzara Adalar to the real estate investment fund, will be made with the fund units corresponding to the same amount.