[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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Hayır (No)
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Regarding the construction at Block A with Building Permit No. 192238 dated 25.01.2023, Block B with Building Permit No. 192238-1 dated 25.01.2023, and Block C with Building Permit No. 192238-2 dated 25.01.2023, located at Pafta 38, 1799 Island, Parcel 1 on Barbaros Boulevard, Nisbetiye Neighbourhood, Beşiktaş District, it has been decided to annul the actions related to the ongoing construction, which do not concern the permits, by the Istanbul 10th Administrative Court's decision dated 22.11.2023 with file number 2021/1113 E.; 2023/2570 K. No and the letter dated 27.12.2023 with file number E-50892535-303.01 [034.340136016.34047778.04] – 8322826 by the Ministry of Environment, Urbanization, and Climate Change.

Next Level Istanbul Project is a real estate sales with revenue-sharing project with Emlak Konut Gayrimenkul Yatırım Ortaklığı Inc., and it is not involved in the mentioned lawsuits, including our company.

The Ministry of Environment, Urbanization, and Climate Change, as a party to the lawsuit, and Emlak Konut GYO, as an intervenor, are currently utilizing legal objection mechanisms, and the legal process is ongoing. After the conclusion of the procedural steps of the appeal process, relevant activities will continue.

Our company will provide updates on the matter as developments unfold. Respectfully announced to the public.

This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.