(1) All shares of Akfen Gayrimenkul Ticaret A.Ş. ("Akfen GT") were sold and transferred to Merit Kıbrıs Turizm Ltd. on 17.01.2024. Akfen GT, whose spin-off process was completed before the sale, has been transformed into Akfen Kuzey Gayrimenkul İşletme A.Ş. "Akfen Kuzey" and Akfen Güney Gayrimenkul İşletme A.Ş. Akfen Kuzey Gayrimenkul İşletme A.Ş. ("Akfen Kuzey"), Samstroykom Limited Şirketi ("Samstroykom") and Kaliningrad Invest Limited Şirketi ("KaliningradInvest"), in which Akfen North Russia hotel investments are located, Volgastroykom Limited ("Volgastroykom"), which has an office investment in Russia, has become 96,17% new owner and Severnyi Avtovokzal Limited ("Severnyi"), which has a hotel investment in Moscow, has become 100% new owner. The main activities of these companies are to realise hotel and office projects in Russia.

(2) Akfen Karaköy Yatırımları ve İnşaat A.Ş. is 21,2% owned by Akfen GYO A.Ş. and 78,8% owned by Akfen Güney Gayrimenkul İşletme A.Ş..

(3) A project in Istanbul Karaköy is intended to be developed by Akfen Karaköy Real Estate Investments and Construction Inc. (Akfen Karaköy), a special-purpose company. The Company's activities include planning, building and commissioning, leasing, operating, and managing all types of tourist facilities, hotels, and real estate investments. The Company is developing a hotel in Istanbul's Karaköy. 100.0% of Akfen REIT is owned in Akfen Karaköy both directly and indirectly.