Karsan Europe SRL was declared the winner of the 24 [conclusive (with +7 optional)] 18m electric bus tenders issued by TPER Bologna in Italy, and the contract was signed as a result of the completion of the procedures and processes stipulated in the relevant legislation.

The tender covers the delivery of electric buses, the fulfillment of after-sales and spare parts services for these vehicles. The total tender price is approximately 18.2 Million Euros and the deliveries are expected to be completed in the 4th quarter of 2023.

Regarding the bid for the tender mentioned in this statement, with the decision of our Company's Board of Directors numbered 2022/16, within the scope of Article 6 of the CMB Special Cases Communiqué (II-15.1), it has been decided to postpone the public disclosure of the inside information regarding participation in the tender until the tender is concluded. The decision to postpone the disclosure of inside information to the public was taken in order not to deceive the investors and not to adversely affect the tender process and to protect the legal rights, competitiveness and bargaining power of our Company.

Yours faithfully,

The English translation of this disclosure is provided and in case of any discrepancy between the Turkish and the English versions of this disclosure, the Turkish version shall prevail.