ESAS HOLDİNG - Pegasus Airlines

Investment Overview

Pioneer of the Low Cost Carrier model in Turkey

Esas acquired Pegasus in 2005

Value-Add

number of passengers grew at 21% CAGR from 2008 to 2018

Fastest growing airline in Europe

Experienced management supported by a seasoned Board Of Directors

Current board includes Mark Griffiths (former COO of Virgin Atlantic) and Saad Hammad (former CEO of Flybe)

Previous board members include Raymond Webster (former CEO of easyJet), Conor McCarthy (former operations director of Ryanair) and Moritz Sater (founder of CrossAir)

Superior operating performance versus domestic competitors

High utilization rates, excellent "on time" records, significant cost advantage over Turkish Airlines

+21%

CAGR of number of passengers from 2008 to 2018

30 million

Number of passengers who flew with Pegasus in 2018

13.9x

Return generated by the IPO for Esas

# of passengers

2009

5.9

2010

8.6

2011

11.3

2012

13.6

2015

22.3

2016

24.1

2017

27.8

2018

30.0

# of aircrafts