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Ref: Our announcements dated 30/01/2015, 18/06/2015, 12/10/2015, 04/12/2017, 05/11/2018 and 18/02/2020.

In the news signed by Kerim Ülker in the issue of Dünya newspaper dated September 19, 2022, it is written that one of our subsidiaries Tekfen İnşaat ve Tesisat A.Ş. (Tekfen İnşaat) has undertaken a new project on water wells and pipeline transmission in Libya and that the project will start at the beginning of 2023.

It was stated in our announcements referenced above that, as a result of the commercial arbitration initiated before the International Court of Arbitration of the International Chamber of Commerce (ICC) against the Project's employer authority Libyan Man-Made River Authority (MMRA) and the State of Libya in order to be compensated for all our rights, receivables and assets associated with the Great River Project that was undertaken in Libya by Tekfen‑TML Joint Venture (TTJV) in which our subsidiary Tekfen İnşaat has a 67% stake and that had been halted for an indefinite period of time owing to events arising on 21 February 2011 in the country, the arbitral tribunal ordered MMRA to pay USD 45,498,649 and that negotiations with the relevant administration are ongoing for the collection of the arbitration decision

At the last stage, efforts are being made to conclude the negotiations with the administration regarding the collection of compensation determined by the interim decision of the Arbitration Committee. There is no agreement with the administration regarding the continuation of the relevant project or the undertaking of a new project. The news that appeared in the same scope on various Libyan news sites recently was immediately denied by the relevant administration.