PASHA_BANK_ANNUAL REPORT 2022

14 PASHA Bank 2022 Annual Report PASHA Bank’s Historical Development and Milestones 1987 2017 Establishment as Turkey’s first foreign‑capital investment bank First M&A transaction First eurobond ($) issuance First “intermediation in the issuance of a debt instrument”. Founded as the first foreign capital investment bank of Turkey in 1987 under the name Yatırım Bank A.Ş., PASHA Yatırım Bankası A.Ş. operated under the management of different shareholder groups. In 2015, the Baku based regional financial institution PASHA Bank OJSC which is a private bank with the highest capital in Azerbaijan, acquired the majority shares and the new title of the Bank became PASHA Yatırım Bankası A.Ş. and the business name became PASHA Bank. As the majority shareholder of the Bank, PASHA Holding LLC became 49% direct shareholder in 2018, paid-in- capital increased to TL 500 million. PASHA Bank operates from its head office located in Istanbul and has no branch offices. PASHA Bank has been providing services to entrepreneurs with its corporate, business, premium and investment banking products in accordance with its targets of supporting trade between Turkey- Azerbaijan-Georgia, providing resources and guidance for enterprises investing in the region. 1987 Yatırım Bank A.Ş. was established in Istanbul as the first foreign‑owned investment bank in Turkey. 2015 PASHA Bank OJSC, the highest‑capitalized private bank in Azerbaijan, became the majority shareholder by acquiring a majority stake in the Bank. The Bank’s title was changed to PASHA Yatırım Bankası A.Ş., and the paid‑in capital increased to TL 255 million. 2016 The issuance of the first debt instrument was realized by means of a sale to qualified investors.