The establishment decision of Denge Varlık Yönetim A.Ş. ("Company"), registered on May 2, 2019, was published in the Turkish Trade Registry Gazette No. 9824, dated May 8, 2019. Denge Varlık Yönetim A.Ş., which was granted an operating license under the Banking Regulation and Supervision Board’s Decision No. 8111, dated November 29, 2018, in accordance with Article 143 of Banking Law No. 5411 and Article 6, Paragraph (4) of the Regulation on the Establishment and Operating Principles of Asset Management Companies, commenced its operations as of August 22, 2019.

Based on the Banking Regulation and Supervision Agency (BDDK) approvals, Denge Varlık Yönetim A.Ş. (BDDK Approval No. 12509071-110.01.03-E.15616, dated December 31, 2019) and Deren Varlık Yönetim A.Ş. (BDDK Approval No. 12509071-110.01.03-E.15611, dated December 31, 2019), as well as the approval of the General Directorate of Domestic Trade of the Turkish Ministry of Trade (Approval No. 50035491-431.02.E.00050907078, dated December 31, 2019), the Extraordinary General Assembly of Denge Varlık Yönetim A.Ş., registered with the Istanbul Chamber of Commerce under registry number 190964-5, was held on December 31, 2019, and the Board of Directors of Deren Varlık Yönetim A.Ş., registered under registry number 867402, passed a resolution on December 31, 2019 (Decision No. 2019-10). Pursuant to Articles 19 and 20 of Corporate Tax Law No. 5520 and Article 155, Paragraph 1(b), and Article 156 of the Turkish Commercial Code No. 6102, Deren Varlık Yönetim A.Ş. ("Transferring Company") was merged in its entirety, along with all its rights and obligations, into Denge Varlık Yönetim A.Ş. ("Transferee Company"), which operates in the same industry sector, through a simplified merger process. Following the merger, Denge Varlık Yönetim A.Ş. (Transferee Company) acquired Deren Varlık Yönetim A.Ş. (Transferring Company) along with all its assets and liabilities. The merger transaction was registered by the Istanbul Trade Registry Office on January 8, 2020, and as a result, Deren Varlık Yönetim A.Ş. was dissolved and removed from the trade registry through termination.