Park Elektrik retim Madencilik Sanayi ve Ticaret A

Park Elektrik Üretim Madencilik Sanayi ve Ticaret A. Ş. Turkish Growth Companies Conference September 2010 Park Elektrik September 2010

Contents Introduction II. Ciner Group in Brief 7 III. Operations 10 IV. Planned Investments 23 V. Financial Structure VI. Evaluation of 1 H 10 Results 40 VII. Recent Developments Park Elektrik September 2010 VIII. Future Prospects I. 3 25 47 2

I. Park Elektrik Introduction September 2010 3

The Company § § § § Established in 1994. Initially offered to public in 1997. Changed its commercial title in 2000. Commenced copper operations in late 2006. Gathered electricity production license in 2008 for establishment of a hydro electricity power plant. Merged with ISE-listed Group company, Ceytas, in May 2009. Currently operating a copper and an asphaltite mine and plans to establish an HPP in the near future. Park Elektrik September 2010 4

Ownership Structure Park Elektrik September 2010 5

Participations, Park Termik § Park Elektrik has a 10% participation in Park Termik Elektrik San. ve Tic. A. S. , a Ciner Group company which is involved in thermal power generation in Ankara province. § Park Termik operates Cayirhan Thermal Power Plant which has a total production capacity of 630 MW in four units. § Cayirhan Thermal Power Plant is the first thermal power plant that was privatized by the government. Right after the privatization, the CUR in the plant was increased from 48% to 81%, while also the coal production amount of the related coal fields was increased from 500 tons to 7, 000 tons level. § Park Termik paid TL 1. 28 mn of dividends to Park Elektrik in 2010 out of its 2009 net earnings. Park Elektrik September 2010 6

II. Park Elektrik Ciner Group in Brief September 2010 7

Ciner Group, Introduction Park Holding is controlled by Ciner Group, which is solely owned by Mr. Turgay Ciner Group’s history goes back to 1978 when it was founded. § Ranking among the largest Groups of Turkey, Ciner Group diversified its operations from the energy and mining sectors to tourism, media and broadcasting sectors. § 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 highspeed growth. § As of 1 H 10, The Group has a total asset size of US$3. 2 bn, shareholder’s equity of US$1. 6 bn, consolidated revenues of US$490 mn and consolidated EBITDA of US$133 mn with a sound EBITDA margin of 27%. § Park Elektrik September 2010 8

Ciner Group, Main Line of Businesses Ciner Group Energy & Mining Group Media Group Commerce, Industry & Services Group Major Companies Park Elektrik Park Teknik Park Termik Eti Soda Silopi Elektrik Park Enerji Ekipmanları Major Companies & Brands Ciner Yayın Holding Haberturk Newspaper Haberturk TV, Radio, Haberturk Web Site Bloomberg HT, FHM, Marie Claire, Newsweek Major Companies Park Construction Park Marine Park Aviation Lares Park Hotels Park Insurance Park Foreign Trade Denmar Logistics Park Elektrik September 2010 9

III. Park Elektrik Operations September 2010 10

Park Elektrik’s Existing Facilities Ciner Group Headquarters (Cu) (As) Park Elektrik September 2010 11

Snapshot of Existing & Planned Facilities § (Cu) Siirt, Madenköy Copper Zone Started operations in 2006. Initial reserves were 13. 6 mn tons. § (As) Şırnak, Silopi Asphaltite Zone Started operations in 2 Q 2009. Total reserves at 25 mn tons of asphaltite. Operational rights are belong to Park Elektrik by the end of 2033. § (HEPP) Diyarbakır, Şirvan Hydro Electricity Power Plant The company’s application for HEPP establishment and electricity production license was approved by the Energy Market Regulatory Authority in December 2008. HEPP of 50, 5 MW will be established. Park Elektrik September 2010 12

I) Madenköy Copper Zone § § License of copper mine in Madenköy zone was acquired from Eti Holding, a state-owned company, for YTL 9. 4 mn in January 2000. The company sells concentrated copper that includes 20 -24% copper content. The company’s concentration facility’s max. capacity is to run 100, 000 tons of copper concentrate per annum. Selling price is determined based on the spot price at the day of transaction in London Metal Exchange. Park Elektrik September 2010 13

Zone Plan Park Elektrik September 2010 14

II) Silopi Asphaltite Zone § In 2003, Ceytaş signed a protocol for Şırnak Silopi asphaltite fields of Turkish Coal Enterprises (TKİ) in order to operate Silopi asphaltite zone for 20 years. Then, the protocol was extended until the end of 2033. § According to TKI reports, estimated asphaltite reserve in Silopi is around 25 mn tones. § The company realized TL 18 mn of investments in the zone, which were totally financed through shareholders’ equity. § 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 a beginning capacity of 135 MW. § Total production amount in Silopi asphaltite zone is planned to be around 400, 000 tons for year 2010, of which will be totally procured by Silopi Elektrik Üretim A. Ş. Sales price of asphaltite per ton is determined as TL 40. 5 for 2009 and 2010. Park Elektrik September 2010 15

Asphaltite Preparation Facility Park Elektrik September 2010 16

IV. Park Elektrik Planned Investments September 2010 17

Tarihler HEPP § Installed capacity will be 50. 5 MW. § Production license is valid for 49 years. § Estimated investment amount is US$ 60 mn. § Estimated start-up time for the investments is 2010. § The plant is estimated to be operational by the end of 2013. § Estimated IRR of the investment is around 15%. Park Elektrik September 2010 18

V. Park Elektrik Financial Structure September 2010 19

Quarterly Copper Sales Since The Beginning (dmt) Park Elektrik September 2010 20

Annual Copper Sales (dmt) Park Elektrik September 2010 21

Total Sales Revenues* (TL) * Ignores other sales & discounts. Park Elektrik September 2010 22

Main Determinant; LME Price Park Elektrik September 2010 23

Copper Prices In Last 3 Years ($/ton) Park Elektrik September 2010 24

Average Product Price Park Elektrik September 2010 25

COGS, as of YE 09 Park Elektrik September 2010 26

Per Unit Cash Costs (TL/dmt) Park Elektrik September 2010 27

Sales, EBITDA (TL mn) & EBITDA Margin Park Elektrik September 2010 28

Net Earnings (TL mn) Park Elektrik September 2010 29

Margins Park Elektrik September 2010 30

Margins Park Elektrik September 2010 31

Sources of Financing (TL mn) Park Elektrik September 2010 32

Working Capital (TL) Park Elektrik September 2010 33

VI. Park Elektrik Evaluation of 1 H 2010 Financial Results September 2010 34

Evaluation of 1 H 10 Results § § § Despite lower copper concentrate sales due to strike in copper zone, the company’s sales and margins were not deteriorated thanks to higher copper prices in 1 H 10 as compared to same period of last year. Although the company’s copper concentrate sales was decreased from 14, 698 dmt in 2 Q 09 to 5, 708 dmt in 2 Q 10 by 61%, sales revenues reflected a 14% increase, y-o-y, in 1 H 10. Asphaltite sales also reflected a record rise due to base term effect. Recall that the company had initiated its asphaltite sales in June 2009. Benefiting from higher copper prices, the company’s margins also increased despite lower copper sales. The company also benefited from financial income on his interest bearing huge cash lent to parent Park Holding A. S. The company recorded TL 18. 5 mn of net income in 1 H 10, with a sound 63% increase, y-o-y. Park Elektrik September 2010 35

Sales Amount Park Elektrik September 2010 36

Sales Breakdown (TL) & Gross Margin by Products Park Elektrik September 2010 37

Income Statement (TL) 20091 H 20101 H % Sales 35, 698, 854 40, 761, 796 14 COGS -20, 636, 540 -20, 370, 961 -1 15, 062, 314 20, 390, 835 35 42% 50% -9, 463, 295 -8, 435, 911 -11 5, 599, 019 11, 954, 924 114 16% 29% 8, 067, 177 10, 815, 879 34 Tax -2, 318, 512 -4, 312, 515 86 Net Profit 11, 347, 684 18, 458, 288 63 32% 45% Gross Profit Gross Margin Operational Expenses Operational Profit Operating Margin Net Fin. Income/Exp. Net Margin Park Elektrik September 2010 38

Margins 20091 H 20101 H Gross Profit Margin 42 50 Operational Profit Margin 16 29 EBITDA Margin 27 41 Net Profit Margin 32 45 Park Elektrik September 2010 39

Summary Balance Sheets (TL) YE 2009 1 H 2010 % 235, 938, 117 242, 632, 140 3 Fixed Assets 95, 825, 468 94, 773, 396 -1 Short Term Liabilities 25, 745, 005 13, 320, 487 -48 Long Term Liabilities 4, 228, 132 3, 836, 388 -9 301, 790, 448 320, 248, 661 6 Current Assets Shareholders Equity Park Elektrik September 2010 40

VII. Recent Developments Park Elektrik September 2010 41

Recent Developments, Corporate Governance Rating § Park Elektrik was rated with 8. 65 as a result of the Corporate Governance study done by SAHA Kurumsal Rating Agency. According to report done by SAHA, 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 almost no deficiencies in any of the areas rated. Park Elektrik September 2010 42

Recent Developments, Strike & Temporary Prod. Halt § On May 15, Park Elektrik’s copper production was halted temporarily following the dispute between the Workers’ Union in Siirt Copper Mine and the company over salary increase issues. § The production halt lasted in September 15 th, following the agreement with the Workers Union and the company. § However, the company’s 1 H 10 financial results have not reflected tremendous revenue decrease thanks to higher product prices as compared to previous year. Park Elektrik September 2010 43

VIII. Future Prospects Park Elektrik September 2010 44

Future Prospects § In the very near future, Park Elektrik is going to start construction of its HPP. The company will call for a tender for the construction of the HPP in the coming months. It is estimated that HPP will become operational by the end of 2013 or in 2014, in the worst case scenario. § Having a pile of cash, Park Elektrik looks for new investment opportunities. Electricity production tenders which are expected to be opened in 2011, are among the target areas of the company. § The company keeps on consecutive drilling in Madenkoy copper mine, targeting to increase its proven copper reserves above its initial level of 13. 6 mn tons up until the probable reserves of 23 mn tons level. These studies are estimated to increase Park Elektrik’s life period considerably. The company also aims to increase its tenor rate through these drillings. Park Elektrik September 2010 45

Future Prospects § As Silopi Elektrik’s capacity will be tripled by 2014, at the latest, Park Elektrik’s asphaltite sales will be also tripled in the meantime. This means that the company’s annual asphaltite sales will increase to 1, 2 -1, 3 mn tons level by the year 2014. Park Elektrik September 2010 46

IX. Park Elektrik Market Data September 2010 47

Market Data Price Performance Price Data Ticker Paid In Capital (TL) Current Price (TL, Sep. 17, 10) 52 -Week Range (TL) 148, 867, 243 2. 58 3 M YTD US$ 8% 7% -9% ISE Rel. 0% -8% -25% 2. 34 -3. 32 MCap (US$mn) 257 Net Cash (US$mn, 1 H 10) 150 Shareholders’ Eq. (US$mn, 1 H 10) 213 3 M Av. Tr. Vol. (US$mn) 3. 6 Park Elektrik 1 M PRKTE. IS September 2010 48 Source: LME

T H A N K Y O U. Please e-mail us at investor. relations@cinergroup. com. tr for any additional questions you might have. You can also visit our company’s web site www. parkelektrik. com. tr and Ciner Group’s web site www. cinergroup. com. tr. Park Elektrik September 2010 49