Park Elektrik retim Madencilik Sanayi ve Ticaret A

Park Elektrik Üretim Madencilik Sanayi ve Ticaret A. Ş. BNP PARIBAS/TEB INVESTMENT CONFERENCE FRANKFURT JANUARY 16 -17, 2014

Contents I. II. III. IV. V. VII. Company & Operations Planned Investments Ownership Structure & Participation 22 Ciner Group Financial Structure Evaluation of The Latest Financial Tables Corporate Governance Rating Park Elektrik Madencilik January 2014 3 18 25 28 37 43 2

I. Company & Operations Park Elektrik Madencilik January 2014 3

Introduction § Initially offered to public in 1997, Park Elektrik is the sole copper mining company on the ISE. The company currently operates two mines namely; a copper mine in Siirt and an asphaltite (a kind of hydrocarbon) mine in Sırnak. § Making up 90% of total sales revenues, concentrated copper is the main product of the company. Park Elektrik’s end product is concentrated copper which involves around 20% copper content. Park Elektrik sells all of its concentrated copper production to international commodity brokers. Park Elektrik took over operational rights of copper mine in 2004 and commenced copper mining operations in late 2006. § As of YE 2013, employees working in copper and asphaltite mines are 430 and 87, respectively. With remaining administrative staff, company’s total work force is 577 as of year end 2013. Park Elektrik Madencilik January 2014 4

Park Elektrik’s Existing & Planned Facilities Natural Gas Power Plant Edirne Copper Mine Siirt Natural Gas Power Plant Adana Park Elektrik Madencilik January 2014 HPP Diyarbakır Asphaltite Mine Sırnak 5

I) Madenköy Copper Zone § Park Elektrik acquired operation license of Madenkoy copper mine in 2004 from Eti Holding, a state-owned entity engaged in mining businesses, for TL 9. 4 mn. § Copper mine operations started in late 2006 in Madenköy copper zone. So far, 6, 4 mn tons of ore have been extracted in the copper zone, while the remaining resources is 33. 4 mn tons of ore as of YE 2013. § According to initial reports, proven reserves in the zone was determined as 13 mn tons of ore when Park Elektrik commenced its operations in 2006. However, according to a reserve report issued by Micromine Consulting Services in September 2011, total reserves in the zone was determined as 39. 8 mn tons of ore, 31. 2 mn tons of which was measured. § The company has a concentration facility and it produces and sells concentrated copper that includes copper content of around 20% level. § Park Elektrik exports all of its concentrated copper production to an international commodity broker namely Traxys, while the end customer is China. Park Elektrik Madencilik January 2014 6

Micromine Reserve Report Based On JORC § According to a JORC (Joint Ore Resources Code) compliant reserve report issued by Micromine Consulting Services in September 2011, based on the drilling and sampling works done by different companies since 1981, the total reserves of Madenköy project was determined as 39, 821, 000 tons of ore, 31, 182, 000 tons of which was measured. § According to the same report, average grade in Madenkoy copper mine is 2. 4% for the whole zone and average grade of the measured resources is 2, 26%. Source: JORC Resource Estimate Report by Micromine Park Elektrik Madencilik January 2014 7

Capacity Expansion & Condemnation Concentration Facility Ore Processing Capacity (ton) 2011 2012 2013 750, 000 1, 200, 000 1, 800, 000 § In parallel with growing reserves in Madenkoy copper zone, the company increased its concentration facility’s capacity from 750 k to 1. 8 mn tons of ore processing in two phases with a total investment amount of € 7 mn. § Condemnation process due to expanding area of open pit mine continued in 2013 in line with the mine’s developmental needs. Company paid TL 12 mn in 2012 and TL 11 mn in 2013 for condemnation expenses. For 2014, TL 10 mn of condemnation expense is included in the Company’s investment plan. Park Elektrik Madencilik January 2014 8

Production Volumes & Targets 2011 2012* 2013 E** 2014 E 2015 E - 4, 024, 000 15, 000, 000 9, 000 1, 024, 871 1, 276, 856 1, 500, 000 1, 600, 000 949, 731 1, 138, 232 1, 500, 000 1, 73 1, 77 1, 47 1, 53 1, 75 Con. Copper Production (wmt) 77, 510 89, 253 105, 000 115, 000 Con. Copper (dmt) (~92% of wmt) 71, 309 82, 113 96, 600 105, 800 Copper (mt) (~20% of dmt con. copper) 14, 262 16, 423 19, 300 21, 160 Stripping (m 3) Ore Production (tons, wet) Ore Used In Con. Center (tons, dry) Grade of Ore (%) * Pre-stripping started in 2012. ** Production through open-pit started in mid of 2013. Park Elektrik Madencilik January 2014 9

Long Term Planning in Open Pit § Having being operated by underground mining since the beginning of operations in the Madenköy copper zone, Park Elektrik recently shifted its copper mining operations from underground to open-pit mining by the mid of 2013. § Based on projections, the company plans to continue open pit mining between 2013 -2031 for 19 years. Throughout open pit mining operations, the company plans to produce 26. 4 mn tons of ore with 246 mn m 3 stripping with an average strip ratio of 9. 3. Period Estimated Total Stripping (m 3) Estimated Total Ore Production (ton) Estimated Strip Ratio Estimated Total Con. Copper Production (wmt) 2013 -2031 246, 000 26, 400, 000 9, 31 2, 107, 702 Park Elektrik Madencilik January 2014 10

2014 Estimated Investments In Copper Zone Investments TL mn Open Pit 67 - Stripping 45 - Derivation Tunnel 7 -Waste Water Pool 6, 5 -Other 8, 5 Concentration Center 14, 3 -Other 12, 7 Total Park Elektrik Madencilik 94 January 2014 11

Open Pit Site View Park Elektrik Madencilik January 2014 12

Current View From Mine Park Elektrik Madencilik January 2014 13

Views From The Pit Park Elektrik Madencilik January 2014 14

Open Pit Topographic View – I Topography Main Ore Body Park Elektrik Madencilik January 2014 15

Open Pit Topographic View - II Main Ore Body Park Elektrik Madencilik January 2014 16

Open Pit Site Intersection Park Elektrik Madencilik January 2014 17

II) Silopi Asphaltite Zone § Asphaltite is a petroleum-origin hydrocarbon with a thermal value of 5, 500 -5, 800 kcal/kg. § Park Elektrik has the operational rights of Silopi asphaltite mine until 2033. Estimated asphaltite reserve in Silopi is around 35 mn tons based on Turkish Coal Enterprise (TKI) reports. § Operations in the asphaltite zone started in June 2009. The company provides asphaltite to Silopi Elektrik Üretim A. Ş. , a group company which is involved in electricity production in Silopi with fluidized bed technology and has a starting capacity of 135 MW. § Annual production amount in Silopi is around 450, 000 tons and is subject to increase from 2014 onwards in line with capacity expansion of Silopi EUAS from 135 MW to 405 MW. With the expansion, annual asphaltite production of Park Elektrik is also estimated to be tripled. § Based on recently renewed contract by two companies, sale price of asphaltite is determined as “Costs + 15%”. Park Elektrik Madencilik January 2014 18

Open-Pit Mining in Silopi Park Elektrik Madencilik January 2014 19

II. Planned Investments Park Elektrik Madencilik January 2014 20

Diyarbakır HPP § Installed capacity will be 50. 5 MW. § Production license is valid for 49 years. § According to recent feasibility studies, estimated investment amount is US$ 100 mn. § The compay plans to start HPP investment in the second half of 2013 with an estimated investment amount of TL 27 mn for 2013. Park Elektrik Madencilik January 2014 21

Ceyhan Natural Gas Power Plant § Park Elektrik applied to Energy Market Regulatory Authority for a license to establish a NGPP in Ceyhan, Adana. § Installed capacity will be 423 MW*. § Production license will be valid for 49 years. § Estimated investment amount is Euro 250 mn. *The technological advances took place since the application to EMRA allow us to reach max. 570 MW in one unit. Park Elektrik Madencilik January 2014 22

Edirne Natural Gas Power Plant § Park Elektrik applied to Energy Market Regulatory Authority for a license to establish a NGPP in Edirne. § Installed capacity will be 423 MW. § Estimated investment amount is Euro 250 mn. Park Elektrik Madencilik January 2014 23

III. Ownership Structure & Participation Park Elektrik Madencilik January 2014 24

Ownership Structure Park Elektrik Madencilik January 2014 25

Participation, Park Termik § Park Elektrik has 10% stake in Park Termik Elektrik San. ve Tic. A. S. , a Ciner Group company which is involved in thermal power generation in Çayırhan, Ankara. § Park Termik has operating rights of Çayırhan Thermal Power Plant which has a total production capacity of 620 MW, in four units. § The plant is an integrated power generator which procures coal through its own lignite mines. § In June 2012, Park Termik paid TL 5. 2 mn dividends to Park Elektrik & Madencilik. Park Elektrik Madencilik January 2014 26

IV. Ciner Group Park Elektrik Madencilik January 2014 27

Ciner Group, Main Line of Businesses Ciner Group Park Holding Energy & Mining Group Major Companies Park Elektrik, Park Termik, Silopi Elektrik, Park Teknik, Park Toptan, Eti Soda, Rio Tur Soda, Park Cam Park Elektrik Madencilik Ciner Yayın Holding Commerce, Industry & Services Group Major Companies Ciner Marine, Ciner Aviation, Lares Park Hotels, Park Insurance, Denmar Logistics, UCZ Retail Chain January 2014 Media Group Major Companies & Brands Haberturk Newspaper Haberturk TV, Radio, Haberturk Web Site Bloomberg HT, Aks TV (Show TV) 28

Ciner Group § Park Holding, the main shareholder of Park Elektrik with 61% share, is solely owned by Mr. Turgay Ciner. § Ranking among the largest Groups of Turkey, Ciner Group’s history goes back to 1978 when it was founded. The Group has a diversified business portfolio. However, the Group’s main line of businesses are mining and energy in which it has a wide expertise. § Ciner Group is a pioneering actor in energy and mining sector given its new and initial steps since early 1990 s. In line with accelerated privatization efforts in 1990 s, the Group successfully involved in mining and energy sectors which are the underlying sectors of the Group’s fast growth in recent years. § As of year-end 2012, Park Holding has TL 1. 4 bn of consolidated sales and TL 5 bn of total assets. Total number of employees within the Group is 6, 000. Park Elektrik Madencilik January 2014 29

V. Financial Structure Park Elektrik Madencilik January 2014 30

Annual Concentrated Copper Production (wmt) 105, 000 89, 253 77, 510 64, 371 63, 138 52, 554 37, 426 13, 771 2006 2007 2008 2009 2010 * 2011 2012 2013 E * Annual production declined due to production halt of four-month in 2010. Park Elektrik Madencilik January 2014 31

Annual Con. Copper (dmt) & Cathode (ton) Sales 73, 367 60, 931 59, 163 55, 054 47, 417 32, 239 9, 271 1, 210 2006 2007 2008 2009 2010 2011 2, 521 2012 * In 2010, there was a production halt of four months. ** 6, 613 dmt of concentrated copper were used to produce 1, 210 mt copper cathode. This pushes 2011 total sales up to 61, 667 dmt. *** 14, 296 dmt of concentrated copper were used to produce 2, 521 mt copper cathode, that is increasing 2012 total sales volume up to 87, 663 dmt. Park Elektrik Madencilik January 2014 32

Annual Asphaltite Sales (ton) 476, 899 434, 333 363, 848 204, 856* 2009 2010 2011 2012 * Asphaltite operations started in mid 2009. Park Elektrik Madencilik January 2014 33

Total Sales Revenues (TL) copper asphaltite 30, 816, 836 Park Elektrik Madencilik 2010 2011 January 2014 229, 264, 821 2009 19, 314, 397 64, 191, 660 2008 69, 857, 081 8, 211, 605 151, 135, 664 2007 110, 713, 833 80, 040, 645 19, 709, 514 2012 34

Net Earnings (TL mn) 107. 3 100. 9 74. 8 37. 2 19. 8 2007 Park Elektrik Madencilik 19. 4 2008 2009 2010 January 2014 2011 2012 35

Breakdown of COGS, as of YE 12 Others 10% Rents 4% Direct Labor Costs 24% Materials & Machinery Replacement 15% Depreciation 34% Fuel & Energy 12% Park Elektrik Madencilik January 2014 36

Annual Margin Comparison (TL mn) 2008 2009 2010 2011 2012 Sales Gross Profit Gross Margin EBITDA Margin Net Earnings Net Margin 111 73 66% 62 56% 75 68% 79 32 41% 24 30% 19 25% 84 44 52% 42 50% 37 44% 173 107 62% 112 65% 101 58% 265 134 51% 165 62% 107 40% Park Elektrik Madencilik January 2014 37

Sources of Financing (TL mn) Shareholders' Equity Total Debt 41 53 443 450 2011 2012 33 30 60 8 66 14 53 88 100 130 143 2004 2005 2006 2007 223 2008 302 2009 343 2010 * Park Elektrik has no financial debt. Park Elektrik Madencilik January 2014 38

VI. Evaluation of 9 M 13 Financial Results Park Elektrik Madencilik January 2014 39

Evaluation of 9 M 13 Financial Results § In 9 M 13, total copper concentrate production has been realized as 75. 084 wmt, indicating 10. 3% increase compared to 9 M 13. In 9 M 13, copper concentrate sales increased by 37%, y-o-y. However, taking into account 2, 521 mt ton of cathode copper sales in 9 M 12 period which corresonds roundly 14. 000 DMT of concentrate sales, volume growth deteriorates to around 9%, y-o-y. § In 9 M 13, asphaltite production and sales were realized as 249. 142 tons along with the demand by Silopi Elektrik, indicating %10 increase. § Despite increase in volume sales, total revenues increased by only 1. 2% due to decline in the average copper prices. Profit margins of the company dropped significantly due to utilizing very low grade stockpile as well as low grade ore in the early stages of the open pit in the transition period. Park Elektrik Madencilik January 2014 40

Production & Sales Amount Production 9 M 12 9 M 13 % 68. 060 75. 084 10. 3% 902* - nm. 226. 256 249. 142 10. 1% 9 M 12 9 M 13 % Concentrated Copper (dmt) 54. 225 74. 261 37% Cathode Copper (MT) 2. 521** - nm 226. 256 249. 142 10. 1% Concentrated Copper (wmt) Cathode Copper (MT) Asphaltite (ton) Sales Asphaltite (ton) * 5, 010 dmt of concentrated copper is used for production of 902 mt cathode. ** 14, 000 dmt of concentrated copper is used for production of 2, 521 mt of cathode. Park Elektrik Madencilik January 2014 41

Sales Breakdown (TL) & Gross Margin by Products Copper Sales Gross Margin of Copper Asphaltite Sales Gross Margin of Asphaltite Other Sales Total Sales Revenues Overall Gross Margin Park Elektrik Madencilik 9 M 12 9 M 13 % 175. 925. 695 175. 484. 942 -0, 3% 57% 34% 18. 707. 416 25. 626. 498 37, 0% 14% 13% 4. 650. 991 684. 421 -85, 3% 199. 284. 102 52% 201. 795. 861 31% 1, 3% January 2014 42

Income Statement (TL) Sales COGS Gross Profit Gross Margin R&D Expenses Marketing, Sales, Distribution Exp. General Adm. Expenses Other Operating Income Other Operating Expenses Operating Income Operating Margin Financial Income Financial Expenses Profit Before Tax Net Profit Net Margin EBITDA Margin Park Elektrik Madencilik 9 M 12 199. 284. 102 -95. 927. 254 103. 356. 848 52% 0 -9. 689. 055 -11. 790. 410 30. 244. 254 -9. 466. 270 102. 655. 367 52% 5. 140. 429 -117. 349 107. 678. 447 -19. 988. 158 87. 690. 289 44% 140. 001. 432 70% January 2014 9 M 13 201. 795. 861 -139. 318. 972 62. 476. 889 31% -58. 550 -10. 399. 602 -14. 638. 268 39. 194. 224 -11. 393. 362 65. 181. 331 32% 6. 104. 747 -437. 276 70. 848. 802 -12. 960. 720 57. 888. 082 29% 118. 106. 163 59% Chg. 1% 45% -40% 7% 24% 30% 20% -37% 19% 273% -34% -35% -34% -16% 43

Summary Balance Sheets (TL) 2012 9 M 13 Current Assets 296, 579, 212 321, 597, 173 Fixed Assets 206, 692, 571 252, 187, 794 TOTAL ASSETS 503, 271, 783 573, 784, 967 Short Term Liabilities 32, 226, 892 43, 756, 302 Long Term Liabilities 20, 574, 734 21, 168, 700 Shareholders Equity 450, 470, 157 508, 859, 965 TOTAL LIABILITIES 503, 271, 783 573, 784, 967 Park Elektrik Madencilik January 2014 44

VII. Corporate Governance Rating Park Elektrik Madencilik January 2014 45

Corporate Governance Rating Park Elektrik’s corporate governance rating increased to 8. 98 according to a recent report conducted by SAHA Corporate Rating Agency in June 2013. Based on the report, the rating means that the company performs “very good” in terms of Capital Markets Board’s corporate governance principles. It has, to varying degrees, identified and actively managed all significant corporate governance risks through comprehensive internal controls and management systems. The company’s performance is considered to represent best practice, and it had no deficiencies in any of the areas rated. Park Elektrik Madencilik MAIN SECTORS AVERAGE: 89. 80 Shareholders 87. 86 Public Disclosure & Transparency Stakeholders Board of Directors 85. 1 January 2014 96. 65 87. 93 87. 06 90. 1 95. 1 100. 1 46

T H A N K Y O U. CONTACTS Yesim Bilginturan Selim Erdogan IR Manager Phone: +90 216 531 25 33 +90 216 531 25 35 y. bilginturan@cinergroup. com. tr s. erdogan@cinergroup. com. tr www. parkelektrik. com. tr www. cinergroup. com. tr Park Elektrik Madencilik January 2014 47