1. Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş. March 2014

2. 2 Contents I. Company & Operations3  Planned Investments18  Ownership Structure & Participation22  Ciner Group 25 V.Financial Structure28 VI.Evaluation of The Latest Financial Tables37 VII.Corporate Governance Rating43 Park Elektrik March 2014 Park Elektrik Madencilik

3. Park Elektrik3 I.Company & Operations 3 March 2014 Park Elektrik Madencilik

4. Park Elektrik4 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. Park Elektrik’s BOD recently decided to transfer operating rights and assets of asphaltite mine to its sister company Silopi Elektrik A.S. However, transfer has not completed yet.  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 YE2013, 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. 4 March 2014 Park Elektrik Madencilik

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

6. 6 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 TL9.4 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 YE2013.  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. March 2014 Park Elektrik Madencilik

7. February 20137 Micromine October 2011 Resource Report Micromine February 2014 Resource Report TonnesGrade (%)TonnesGrade (%) Measured31.182.0002,2636.264.0001,95 Indicated6.439.0002,795.002.0002,45 Inferred2.206.0003,38225.0003,52 Total Resources39.821.0002,4041.500.0002,02  According to a JORC (Joint Ore Resources Code) compliant reserve report issued by Micromine Consulting Services in February 2014, total resources of the project has increased to 41.5 million tonnes from previously declared 39.8 million tonnes.  According to the same report, average grade in Madenkoy copper mine is 2.02% for the whole zone and average grade of the measured resources is 1.95%. Micromine Reserve Report Based On JORC

8. Park Elektrik8 Capacity Expansion & Condemnation  In parallel with growing reserves in Madenkoy copper zone, the company increased its concentration facility’s capacity from 750k 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 TL12mn in 2012 and TL11mn in 2013 for condemnation expenses. For 2014, TL10mn of condemnation expense is included in the Company’s investment plan. 8 March 2014 Park Elektrik Madencilik Concentration Facility201120122013 Ore Processing Capacity (ton)750,0001,200,0001,800,000

9. Park Elektrik9 Production Volumes & Targets 9 March 2014 Park Elektrik Madencilik 20112012*20132014 E2015E Stripping (m 3 ) -4,024,00015,000,0009,000,000 Ore Production (tons, wet) 1,024,8711,276,8561,540,0311,600,000 Ore Used In Con. Center (tons, dry) 949,7311,138,2321,463,0291,500,000 Grade of Ore (%)1,731,771,471,531,75 Con. Copper Production (wmt)77,51089,25396,038105,000115,000 Con. Copper (dmt) (~92% of wmt) 71,30982,11388,35496,600105,800 Copper (mt) (~20% of dmt con. copper) 14,26216,42317,67019,30021,160 * Pre-stripping started in 2012. ** Production through open-pit started in mid of 2013.

10. Park Elektrik10 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. 10 March 2014 Park Elektrik Madencilik PeriodEstimated Total Stripping (m3) Estimated Total Ore Production (ton) Estimated Strip Ratio Estimated Total Con. Copper Production (wmt) 2013-2031246,000,00026,400,0009,312,107,702

11. Park Elektrik11 2014 Estimated Investments In Copper Zone 11 March 2014 Park Elektrik Madencilik InvestmentsTL mn Open Pit67 - Stripping45 - Derivation Tunnel7 -Waste Water Pool6,5 -Other8,5 Concentration Center14,3 -Other12,7 Total94

12. 12 March 2014 Park Elektrik Madencilik Open Pit Site View

13. Current View From Mine Park Elektrik MadencilikMarch 201413

14. Views From The Pit Park Elektrik MadencilikMarch 201414

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

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

17. 17 March 2014 Park Elektrik Madencilik Open Pit Site Intersection

18. 18 II) Silopi Asphaltite Zone  Recently, Park Elektrik’s Board of Directors decided to transfer all of the assets as well as operating rights of Silopi asphaltite mine to its sister company Silopi Elektrik A.S. who is also the consumer of asphaltite. According to an independent company’s valuation, Park Elektrik will transfer asphaltite mine for TL61mn and related amount wil be paid in 12 installments by the end of 2014.  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 135MW.  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 135MW to 405MW. 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%”. March 2014 Park Elektrik Madencilik

19. 19 Open-Pit Mining in Silopi March 2014 Park Elektrik Madencilik

20. 20 II.Planned Investments March 2014 Park Elektrik Madencilik

21. 21 Diyarbakır HPP March 2014 Park Elektrik Madencilik  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 company plans to start HPP investment in the second half of 2013 with an estimated investment amount of TL27mn for 2013.

22. 22 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. March 2014 Park Elektrik Madencilik *The technological advances took place since the application to EMRA allow us to reach max. 570 MW in one unit.

23. Park Elektrik23 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. 23 March 2014 Park Elektrik Madencilik

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

25. Park Elektrik25 Ownership Structure 25 March 2014 Park Elektrik Madencilik

26. Park Elektrik26 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 2013, Park Termik paid TL6 mn dividends to Park Elektrik & Madencilik. 26 March 2014 Park Elektrik Madencilik

27. 27 IV.Ciner Group Park Elektrik March 2014 Park Elektrik Madencilik

28. Park Elektrik28 Ciner Group, Main Line of Businesses Energy & Mining Group Ciner Group Media Group Commerce, Industry & Services Group Major Companies & Brands Haberturk Newspaper Haberturk TV, Radio, Haberturk Web Site Bloomberg HT, Aks TV (Show TV) Major Companies Ciner Marine, Ciner Aviation, Lares Park Hotels, Park Insurance, Denmar Logistics, Park Holding Ciner Yayın Holding Major Companies Park Elektrik, Park Termik, Silopi Elektrik, Park Teknik, Park Toptan, Eti Soda, Rio Tur Soda, Park Cam 28 March 2014 Park Elektrik Madencilik

29. 29 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 1990s. In line with accelerated privatization efforts in 1990s, 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 TL1.4 bn of consolidated sales and TL5 bn of total assets. Total number of employees within the Group is 6,000. March 2014 Park Elektrik Madencilik

30. 30 V.Financial Structure March 2014 Park Elektrik Madencilik

31. 31 Annual Concentrated Copper Production (wmt) * Annual production declined due to production halt of four-month in 2010. 31 March 2014 Park Elektrik Madencilik

32. 32 Annual Con. Copper (dmt) & Cathode (ton) Sales * 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. March 2014 Park Elektrik Madencilik

33. Park Elektrik33 Annual Asphaltite Sales (ton) * Asphaltite operations started in mid 2009. 33 March 2014 Park Elektrik Madencilik

34. 34 Total Sales Revenues (TL) March 2014 Park Elektrik Madencilik

35. Park Elektrik35 Net Earnings (TL mn) 35 March 2014 Park Elektrik Madencilik

36. 36 Breakdown of Cost of Production, as of YE13, (copper operations) March 2014 Park Elektrik Madencilik

37. 37 Annual Margin Comparison (TL mn)200820092010201120122013 Sales1117984173265261 Gross Profit73324410713472 Gross Margin66%41%52%62%51%28% EBITDA622442112165147 EBITDA Margin56%30%50%65%62%57% Net Earnings75193710110770 Net Margin68%25%44%58%58%40%27% March 2014 Park Elektrik Madencilik

38. 38 Sources of Financing (TL mn) * Park Elektrik has no financial debt. March 2014 Park Elektrik Madencilik

39. 39 VI. Evaluation of YE13 Financial Results March 2014 Park Elektrik Madencilik

40. 40 Evaluation of 2013 Financial Results  In 2013, total copper concentrate production has been realized as 96.038 wmt, indicating %8 increase compared to 2012. In 2013, copper concentrate sales increased by 27%, y-o-y. However, taking into account 2,521 mt ton of cathode copper sales in 2012 period which corresonds roundly 14.000 DMT of concentrate sales, volume growth deteriorates to around 6%, y-o-y.  In 2013, asphaltite production and sales were realized as 322.010 tons along with the demand by Silopi Elektrik, indicating %11.5 decrease.  Despite increase in volume sales, total revenues increased by only 1.4% 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. March 2014 Park Elektrik Madencilik

41. 41 Production & Sales Amount Production20122013% Concentrated Copper (wmt)89.25396.0388% Cathode Copper (MT)902*-nm. Asphaltite (ton)363.848322.010-12% Sales20122013% Concentrated Copper (dmt)73.36793.04927% Cathode Copper (MT)2.521**-nm Asphaltite (ton)363.848322.010-12% March 2014 Park Elektrik Madencilik * 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.

42. 42 Sales Breakdown (TL) & Gross Margin by Products YE12YE13% Copper Sales229,264,821226,524,686-1% Gross Margin of Copper57%30%nm Asphaltite Sales30,816,83633,704,0189% Gross Margin of Asphaltite14%13%nm Other Sales4,805,991784,589-84% Total Sales Revenues264,887,648261,013,293-1% Overall Gross Margin51%28%nm March 2014 Park Elektrik Madencilik

43. 43 Income Statement (TL) March 2014 Park Elektrik Madencilik 20122013Chg. Sales264,887,648261,013,293 COGS-130,509,149-188,559,07844 Gross Profit134,378,49972,454,215-46 Gross Margin51%28% R&D Expenses-657,270-58,550-91 Marketing, Sales, Distribution Exp.-13,481,001-14,237,3536 General Adm. Expenses-18,546,618-23,929,45929 Other Operating Income36,166,11847,165,76430 Other Operating Expenses-9,859,944-19,745,529100 Operating Income127,999,78461,649,088-52 Operating Margin48%24% Income/Loss From Investment Act.5,262,0116,138,68417 Financial Income/Loss-171,254-916,695435 Profit Before Tax133,090,54166,871,077-50 Tax Income/Loss-25,775,4582,381,786-109 Net Profit107,315,08369,252,863-35 Net Margin41%27% EBITDA165,425,842146,649,088-11 EBITDA Margin62%57%

44. 44 Summary Balance Sheets (TL) 20122013 Current Assets296,579,212315,080,736 Fixed Assets206,692,571269,102,374 TOTAL ASSETS503,271,783584,183,110 Short Term Liabilities32,226,89242,409,599 Long Term Liabilities20,574,73421,567,541 Shareholders Equity450,470,157520,205,970 TOTAL LIABILITIES503,271,783584,183,110 March 2014 Park Elektrik Madencilik

45. 45 VII. Corporate Governance Rating March 2014 Park Elektrik Madencilik

46. 46 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. March 2014 Park Elektrik Madencilik

47. 47 T H A N K Y O U. CONTACTS Yesim BilginturanSelim ErdoganIR Manager Phone: +90 216 531 25 33+90 216 531 25 35 y.bilginturan@cinergroup.com.trs.erdogan@cinergroup.com.tr www.parkelektrik.com.trwww.parkelektrik.com.tr www.cinergroup.com.trwww.cinergroup.com.tr March 2014 Park Elektrik Madencilik