Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş. November 19, 2014

2 Contents  Company & Operations3  Ownership Structure & Participation18  Ciner Group 21  Financial Structure24 V.Evaluation of The Latest Financial Tables32 VI.Corporate Governance Rating37 Park Elektrik November 2014 Park Elektrik Madencilik

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

Park Elektrik4 Introduction  Park Elektrik is the sole copper mining company on the ISE. The company operates Madenköy copper mine in Siirt, in the southeast of Turkey, since late  Total resources of Madenköy copper mine was determined as 41.5 mn tons of ore according to a JORC based report conducted by Micromine Consulting Services in February So far, Park Elektirk extracted approximately 7.6 mn tons of ore in the zone.  The company has a concentration facility and it produces and sells concentrated copper that includes copper content of around 20% level. Park Elektrik sells all of its concentrated copper production to an international commodity broker, namely Traxys.  As of YE2013, number of employees working in copper mine is November 2014 Park Elektrik Madencilik

Park Elektrik5 Merger Process with Silopi Elektrik  On September 1st, 2014, Park Elektrik announced a plan by the BOD to merge with Silopi Elektrik, the sister company which is engaged in electricity production in Silopi, in its 135 MW thermal power plant.  The merger has rationale of product diversification, managerial and financial scales of economies and the Group’s perspective to have a bigger entity in the capital markets.  It is planned to have general meetings of both companies through the end of  Exit price and merger ratio were determined so far and announced to the public on Sep. 1st and Sep. 12nd respectively. Exit price is TL4.20 per share, while merger ratio was determined as by an independent third party. 5 November 2014 Park Elektrik Madencilik

6 Location of Copper Mine Copper Mine Siirt November 2014 Park Elektrik Madencilik

7 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, 7.6 mn tons of ore have been extracted in the copper zone, while the remaining resources is 33.9 mn tons of ore as of 3Q14.  According to initial reports, proven reserves in the zone was determined as 13 mn tons of ore when Park Elektrik commenced its operations in However, according to latest reserve report issued by Micromine Consulting Services in February 2014, total resources in the zone was determined as 41.5 mn tons of ore, 36.3 mn tons of which was measured.  Park Elektrik exports all of its concentrated copper production to an international commodity broker namely Traxys, while the end customer is China. November 2014 Park Elektrik Madencilik

November Micromine October 2011 Resource Report Micromine February 2014 Resource Report TonnesGrade (%)TonnesGrade (%) Measured , ,95 Indicated , ,45 Inferred , ,52 Total Resources , ,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

Park Elektrik9 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 budgets. 9 November 2014 Park Elektrik Madencilik Concentration Facility Ore Processing Capacity (ton)750,0001,200,0001,800,000

Park Elektrik10 Production Volumes & Targets 10 November 2014 Park Elektrik Madencilik * E2015E Stripping (m 3 ) -4,024,00015,000,0009,000,000 Ore Production (tons, wet) 1,024,8711,276,8561,540,0311,700,0001,600,000 Ore Used In Con. Center (tons, dry) 949,7311,138,2321,463,0291,600,0001,500,000 Grade of Ore (%)1,731,771,471,251,75 Con. Copper Production (wmt)77,51089,25396,03896,000115,000 Con. Copper (dmt) (~92% of wmt) 71,30982,11388,35488,300105,800 Copper (mt) (~20% of dmt con. copper) 14,26216,42317,67017,60021,160 * Pre-stripping started in ** Production through open-pit started in mid of 2013.

Park Elektrik11 Long Term Planning in Open Pit  Having being operated by underground mining since the beginning of operations in the Madenköy copper zone, Park Elektrik shifted its copper mining operations from underground to open-pit mining by the mid of  Based on projections, the company plans to continue open pit mining between Throughout open pit mining for 18 years, 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 by the end of November 2014 Park Elektrik Madencilik PeriodEstimated Total Stripping (m3) Estimated Total Ore Production (ton) Estimated Strip Ratio Estimated Total Con. Copper Production (wmt) ,000,00026,400,0009,312,107,702

12 November 2014 Park Elektrik Madencilik Open Pit Site View

Current View From Mine Park Elektrik MadencilikNovember

Views From The Pit Park Elektrik MadencilikNovember

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

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

17 November 2014 Park Elektrik Madencilik Open Pit Site Intersection

Power Plant Projects  Withdrew natural gas power plant applications for Edirne and Ceyhan regions due to the complexities of the investment stages and uncertainities.  Obtained environmental impact assessment report for Hydroelectricity power plant of 50MW in Diyarbakır/Tarihler.  Transmission aggreement with TEIAS was achieved.  Tender offer for construction of the facility will be made soon. Park Elektrik MadencilikNovember

19 II.Ownership Structure & Participation Park Elektrik November 2014 Park Elektrik Madencilik

Park Elektrik20 Ownership Structure 20 November 2014 Park Elektrik Madencilik

Park Elektrik21 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 2014, Park Termik paid TL6 mn dividends to Park Elektrik & Madencilik. 21 November 2014 Park Elektrik Madencilik

22 III.Ciner Group Park Elektrik November 2014 Park Elektrik Madencilik

Park Elektrik23 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 23 November 2014 Park Elektrik Madencilik

24 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. November 2014 Park Elektrik Madencilik

25 IV.Financial Structure November 2014 Park Elektrik Madencilik

26 Annual Concentrated Copper Production (wmt) * Annual production declined due to production halt of four-month in November 2014 Park Elektrik Madencilik

27 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. November 2014 Park Elektrik Madencilik

28 Total Sales Revenues (TL) November 2014 Park Elektrik Madencilik

Park Elektrik29 Net Earnings (TL mn) 29 November 2014 Park Elektrik Madencilik

30 Breakdown of Cost of Production, as of YE13, (copper only) November 2014 Park Elektrik Madencilik

31 Annual Margin Comparison (TL mn) Sales Gross Profit Gross Margin66%41%52%62%51%28% EBITDA EBITDA Margin56%30%50%65%62%57% Net Earnings Net Margin68%25%44%58%58%40%27% November 2014 Park Elektrik Madencilik

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

33 V. Evaluation of 3Q14 Financial Results November 2014 Park Elektrik Madencilik

34 Evaluation of 3Q14 Financial Results  In 9M14, copper concentrate production has been realized as 67,223 wmt indicating a 10% decline as compared to 9M13 results. Copper concentrate sales also decreased to 62,558 dmt with a 16% drop, y-o-y.  Due to the development costs of open pit in the first stages of the project, having not had faced full copper ore and low prices in the LME, our profit ratios continued to deteriorate in third quarters as well. November 2014 Park Elektrik Madencilik

35 Production & Sales Amount Production9M139M14% Concentrated Copper (wmt)75,08467,223-10% Asphaltite (ton)*249,142101,600-59%* Sales9M139M14% Concentrated Copper (dmt)74,26162,558-16% Asphaltite (ton)*249,142101,600-59%* November 2014 Park Elektrik Madencilik * Park Elektrik sold the entire asphaltite operations to Silopi Elektrik for TL61 mn resulting TL14 mn profit in the end of 1Q14 due to regulatory obligations.

36 Income Statement (TL) November 2014 Park Elektrik Madencilik 9M139M14% Sales % COGS % Gross Profit % Gross Margin31,0%11,9% Marketing, Distribution Exp % General Adm. Expenses % R&D Expenses nm Other Operating Income % Other Operating Expenses % Operating Income % Operating Margin32%-11% Income From Investments % Expense From Investments nm Income Before Financial Exp % Financial Income nm Financial Expenses % Profit Before Tax % Tax Income / Expense % Net Profit % Net Margin29%10%

37 Summary Balance Sheets (TL) YE139M14 Current Assets315,080,736291,534,113 Fixed Assets269,102,374245,297,123 TOTAL ASSETS584,183,110536,831,236 Short Term Liabilities42,409,59944,869,254 Long Term Liabilities21,567,54118,001,464 Shareholders Equity520,205,970473,960,518 TOTAL LIABILITIES584,183,110536,831,236 November 2014 Park Elektrik Madencilik

38 VI. Corporate Governance Rating November 2014 Park Elektrik Madencilik

39 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 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. November 2014 Park Elektrik Madencilik

40 T H A N K Y O U. CONTACTS Yesim BilginturanSelim ErdoganIR Manager Phone: November 2014 Park Elektrik Madencilik