Partial Demerger 2016

The Board of Directors of our Company made the following decision on October 11, 2016.

Considering the developing market conditions, in order to establish a more effective and efficient infrastructure, with the intent of performing the domestic activities other than R&D and production operations of our Company over a separate legal entity, it has been decided to transfer the assets and liabilities regarding "dealer management", "advertisement and sponsorship activities", "inventory and stock management", "logistics management", "guarantee services management", "installation and servicing" operations as a whole to a joint stock company to be founded named Arçelik Pazarlama A.Ş. by way of partial demerger as a 100% subsidiary in a manner that such transfer shall not ruin the business integrity; that the partial demerger shall be conducted in conformity with subparagraph "b" of the 1st clause of the Turkish Trade Code numbered 6102, Article 159 and with the provisions of Mergers and Demergers Communiqué (II-23.2) published by the Capital Markets Board which governs the demerger through facilitated procedure and with the subparagraph "b" of the 3rd clause of the Corporate Tax Law numbered 5520, article 19 and also with article 20 thereof and that the shares that represent the whole capital of the new company to be founded shall be acquired by Arçelik A.Ş.

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