PEGASUS HAVA TAŞIMACILIĞI A.Ş.

Registration Form • Feb 29, 2024

PEGASUS HAVA TAŞIMACILIĞI ANONİM ŞİRKETİ ARTICLES OF ASSOCIATION
CURRENT TEXT	REVISED TEXT
Company Capital:	Company Capital:
Article 6:	Article 6:
The Company has adopted the authorized capital system in accordance with the Capital Markets Law No. 6362 and has acceded to the authorized capital system based on the approval of the Capital Markets Board dated 22 February 2013 and numbered 6/178.	The Company has adopted the authorized capital system in accordance with the Capital Markets Law No. 6362 and has acceded to the authorized capital system based on the approval of the Capital Markets Board dated 22 February 2013 and numbered 6/178.
The authorized capital ceiling of the Company is TL 500,000,000.00 consisting of 500,000,000.00 shares each with a nominal value of TL 1.00.	The authorized capital ceiling of the Company is TL 500,000,000.00 consisting of 500,000,000.00 shares each with a nominal value of TL 1.00.
The authorization granted by the Capital Markets Board for the authorized capital ceiling is valid for five years between 2023‐2027. Even if the Company capital does not reach the ceiling at the end of this term, any subsequent capital increase by the Board of Directors requires the approvals of the Capital Markets Board and the Company General Assembly for the same or a new ceiling.	The authorization granted by the Capital Markets Board for the authorized capital ceiling is valid for five years between 2023‐2027. Even if the Company capital does not reach the ceiling at the end of this term, any subsequent capital increase by the Board of Directors requires the approvals of the Capital Markets Board and the Company General Assembly for the same or a new ceiling.
The Company's paid capital is TL 102,299,707 and is divided into 102,299,707 shares, each with a nominal value of TL 1.00. TL 102,272,000 of this amount, representing the portion of the capital prior to the	The Company's paid capital is TL 500,000,000.00 and is divided into 500,000,000.00 shares, each with a nominal value of TL 1.00. This paid capital is fully paid free from collusion.
latest capital increase is fully paid in cash, in good faith. TL 27,707, representing the latest capital increase corresponds to the total nominal share	The shares representing the Company capital are dematerialized and are recorded in electronic form.
value to be allocated to the shareholders of IHY İzmir Havayolları Anonim Şirketi, registered with the Izmir Trade Registry under no. Merkez – 119105, in consideration of the assets of this entity acquired through the acquisition by merger	Within the framework of the Capital Markets Law and the Turkish Commercial Code, the Board of Directors is authorized to increase the Company's paid capital up to the authorized capital ceiling by issuing new shares, to restrict the pre‐emption rights of existing shareholders
of IHY İzmir Havayolları Anonim Şirketi with all its assets and liabilities and in accordance with the	and to issue shares with premium or below nominal value. The authority to restrict pre‐emption rights of existing
simplified merger method prescribed in Article 155 Paragraph 2 and Article 156 of the Turkish Commercial Code No. 6102, Article 13 of the Merger and Demerger Communiqué No. II‐23.2 of	shareholders cannot be exercised in a way that will result in inequality among shareholders. No new shares can be issued until the previously issued shares are fully sold and paid for.
the Capital Markets Board and Articles 18, 19 and
20 of the Corporate Tax Law No. 5520. This value has been determined based on the independent	Following the completion of the capital increase in accordance with the provisions of this article the Board of
expert report dated September 18, 2018 and	Directors registers the revised text of this article relating
prepared by DRT Kurumsal Finans Danışmanlık	to Company capital with the Trade Registry and
Hizmetleri A.Ş. and is fully paid in cash and in good	announces the amendment in the Turkish Trade Registry Gazette.
faith by the Company for the transfer of shares to the merged entity's shareholders not willing to
receive an exit payment instead. The notice for the
merger was approved by the Capital Markets
Board by its decision dated 08/11/2018 and
numbered 55/1257.
The shares representing the Company capital are dematerialized and are recorded in electronic form.

Within the framework of the Capital Markets Law and the Turkish Commercial Code, the Board of Directors is authorized to increase the Company's paid capital up to the authorized capital ceiling by issuing new shares, to restrict the pre‐emption rights of existing shareholders and to issue shares with premium or below nominal value. The authority to restrict pre‐emption rights of existing shareholders cannot be exercised in a way that will result in inequality among shareholders. No new shares can be issued until the previously issued shares are fully sold and paid for. Following the completion of the capital increase in

accordance with the provisions of this article the Board of Directors registers the revised text of this article relating to Company capital with the Trade Registry and announces the amendment in the Turkish Trade Registry Gazette.