On October 24, 2019, Gabelli Funds, LLC announced that it engaged in the business of securities analysis and investment, analyze the operations, capital structure and markets of companies in which it invest, including, NII Holdings, Inc. on a continuous basis through analysis of documentation and discussions with knowledgeable industry and market observers and with representatives of such companies. Gabelli Funds stated that as a result of these analytical activities it may issue analysts reports, participate in interviews or hold discussions with third parties, with management or with Directors in which it may suggest or take a position with respect to potential changes in the operations, management or capital structure of such companies as a means of enhancing shareholder values. In addition, in pursuing this investment philosophy, Gabelli Funds will continuously assess the Company;s business, financial condition, results of operations and prospects, general economic conditions, the securities markets in general and those for the Company’s securities in particular, other developments and other investment opportunities, as well as the investment objectives and diversification requirements of its shareholders or clients and its fiduciary duties to such shareholders or clients.