AKFEN GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş.

Within the scope of the CMB's response letter dated 29.11.2024 regarding our application to the Capital Markets Board (CMB) to amend the Report on the Uses of the Funds Obtained in the Capital Increase (Fund Usage Report) within the framework of the decision of the Board of Directors of our Company dated 21.08.2024, with the decision of the Board of Directors of our Company dated 29.11.2024

1) Within the scope of the public offering of the shares issued due to the increase of our Company's issued capital from TL 1,300,000,000,000 to TL 3,900,000,000 within the registered capital ceiling of TL 50,000,000,000 (TL 6,500,000,000 on the date of capital increase) by increasing it by TL 2,600,000,000 to TL 3,900,000,000, all of it in cash, within the scope of the decision of our Company's Board of Directors dated 06. 10.2023 dated 06.10.2023 and numbered 2023/29, to revise the amendment of the Fund Utilization Report within the framework of the CMB's response dated 29.11.2024 regarding our application submitted to the CMB in order to amend the Fund Utilization Report, which was approved by the decision of our Company's Board of Directors dated 21.08.2024,

2) In this context, in order to replace the section related to the new fund utilization area specified in the decision of the Board of Directors of our Company dated 21.08.2024, the amount of funds (TL 830 million) planned to be used for the Tersane Hotel Project specified in the Fund Utilization Report shall be amended as follows in the Fund Utilization Report by taking into consideration the final evaluations made regarding the Tersane Hotel Project and the increasing costs and risks, and instead of the said project, it shall be used for the Yalıkavak Villa Project and Tuzla 2nd Hotel (Tuzla Novotel) Project, which are already included in the Fund Utilization Report. Hotel (Tuzla Novotel) Project and to amend the Fund Utilization Report as follows 

New Fund Utilization Areas foreseen due to the Withdrawal from Tersane Otel Istanbul Project

Place of Fund Utilization (*)                                 Fund Utilization Rate

Yalikavak Villa Project                                             70%-80

Tuzla 2nd Hotel (Tuzla Novotel) Project         20%-30

(*) If needed, up to 10% can be switched between fund utilization items

has been decided. 

Respectfully announced to the public and our investors.