April 1, 2019

GUND INVESTMENT LLC FINISHES IT'S RESTRUCTURING

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The Annual Shareholders Meeting of MIH in 2016 had decided to restructure the company by splitting off. The decision had been taken based on the portfolio companies' inefficient value proposition which was due to the then current economic slowdown in the country and its shareholders' different viewpoints on the group's business philosophy and development priorities.

As it has agreed among the shareholders, the restructuring process has involved in two steps: changes in shareholders' structure at the subsidiaries' level first, which means current shareholders will be entitled to hold shares in each entity in a proportion of their shares in MIH. Later the shareholders had entered into negotiation among them and consolidated the holdings of particular companies by exchange their ownership in them. That has enabled shareholders to own and operate the businesses in their solely determined principles and ways.

Since 2016, the restructuring process has taken two and a half years and newly founded "Gund Investment" LLC which is now officially recognized as the successor of MIH Group, at this moment announcing that the restructuring process formally completed.

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