1. Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş. March 2016

2. 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 March 2016 Park Elektrik Madencilik

3. Park Elektrik3 I.Company & Operations 3 March 2016 Park Elektrik Madencilik

4. 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 2006.  Total resources of Madenköy copper mine was determined as 41.5 mn tons of ore with an average grade of 2,02% according to a JORC based report conducted by Micromine Consulting Services in February 2014. So far, Park Elektrik extracted approximately 10 mn tons of ore out of total resources of 41.5 mn tons in the zone.  The company has a concentration facility and it produces and sells concentrated copper, which is the final product of the company. Park Elektrik sells all of its concentrated copper, that includes copper content of around 20%, to an international commodity broker, namely Traxys.  As of YE2015, total number of employees is 419. 335 employees of total work force are blue collar employees working in the copper mine. 4 March 2016 Park Elektrik Madencilik

5. 5 Location of Copper Mine Copper Mine Siirt March 2016 Park Elektrik Madencilik

6. 6 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, approximately 10 mn tons of ore have been extracted in the copper zone, while the remaining resources is 31.5 mn tons of ore.  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 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. March 2016 Park Elektrik Madencilik

7. March 20167  According to a JORC (Joint Ore Resources Code) compliant reserve report issued by Micromine Consulting Services in February 2014, total resources of the project was determined as 41.5 million tonnes of ore.  According to the same report, average grade in Madenköy 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 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

8. Park Elektrik8 Production Volumes & Targets 8 March 2016 Park Elektrik Madencilik 2012*2013**201420152016E Stripping (m3)3,500,29210,151,22414,291,2817,442,69511,000,000 Ore Production (tons, wet) 1,138,2321,540,0311,723,6531,709,1301,700,000 Ore Used In Con. Center (tons, dry) 1,081,3201,463,0291,637,4701,608,5891,600,000 Grade of Ore (%)1,771,471,181,281,38 Recovery Rate86%82%87% Con. Copper Production (wmt)89,25396,03891,18596,542100,000 Con. Copper (dmt) (~92% of wmt) 82,11388,35483,89088,81892,000 Copper (mt) (~20% of dmt con. copper) 16,42317,67016,77817,76418,400 * Pre-stripping started in 2012. ** Production through open-pit started in mid of 2013.

9. Park Elektrik9 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 2013. Pre-stripping in the zone started in 2012 and it continued until mid of 2013.  Based on projections, the company plans to continue open pit mining between 2013- 2031. 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 2031.  2014 was the first full year of open pit mining therefore Park Elektrik had to work with very low grade with a high volume of stripping. In 2015, the company managed to increase its production volume by 6% with substantially lower stripping of 7.4 mn m 3 as compared to 2014’s high stripping amount of over 14 mn m 3. 9 March 2016 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

10. 10 March 2016 Park Elektrik Madencilik Open Pit Site View

11. Current View From Mine Park Elektrik Madencilik March 201611

12. Views From The Pit Park Elektrik Madencilik March 201612

13. 13 March 2016 Park Elektrik Madencilik Main Ore Body Topography Open Pit Topographic View – I

14. 14 March 2016 Park Elektrik Madencilik Open Pit Topographic View - II Main Ore Body

15. 15 March 2016 Park Elektrik Madencilik Open Pit Site Cross Section

16. 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 (HPP) of 50MW in Diyarbakır/Tarihler. Transmission aggreement with TEIAS was achieved. Tender offer for construction of the facility will be made. Park Elektrik Madencilik March 201616

17. 17 II.Ownership Structure & Participation Park Elektrik March 2016 Park Elektrik Madencilik

18. Park Elektrik18 Ownership Structure 18 March 2016 Park Elektrik Madencilik

19. Park Elektrik19 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 2015, Park Elektrik gained approximately TL7mn dividend income from Park Termik. 19 March 2016 Park Elektrik Madencilik

20. 20 III.Ciner Group Park Elektrik March 2016 Park Elektrik Madencilik

21. Park Elektrik21 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 21 March 2016 Park Elektrik Madencilik

22. 22 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. March 2016 Park Elektrik Madencilik

23. 23 IV.Financial Structure March 2016 Park Elektrik Madencilik

24. 24 Annual Concentrated Copper Production (wmt) 24 March 2016 Park Elektrik Madencilik

25. 25 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 2016 Park Elektrik Madencilik

26. 26 Total Sales Revenues (TL) March 2016 Park Elektrik Madencilik

27. Park Elektrik27 Net Earnings (TL mn) 27 March 2016 Park Elektrik Madencilik

28. 28 Breakdown of Cost of Production, as of YE15 March 2016 Park Elektrik Madencilik

29. 29 Annual Margin Comparison (TL mn)201020112012201320142015 Sales84173265261223165 Gross Profit44107134722431 Gross Margin52%62%51%28%11%19% EBITDA42112165147121104 EBITDA Margin50%65%62%57%54%63% Net Earnings37101107702029 Net Margin44%58%58%40%27%9%18% March 2016 Park Elektrik Madencilik

30. 30 Sources of Financing (TL mn) * Park Elektrik has no financial debt. March 2016 Park Elektrik Madencilik

31. 31 V. Evaluation of YE15 Financial Results March 2016 Park Elektrik Madencilik

32. 32 Evaluation of YE15 Financial Results  In YE15, copper concentrate production was realized as 96.542 wmt indicating a 6% increase as compared to YE14. Copper concentrate sales during the same period dropped 6% due to the temporary transportation difficulties caused by the weather conditions.  The relatively sharp decline in the sales revenues by 26% was due to decreased copper prices as well as the decreased sales volume.  Financial ratios have all recovered due to the increased grade levels, depriciated TL and decreased stripping volume according to the new production schedule. March 2016 Park Elektrik Madencilik ProductionYE14YE15% Concentrated Copper (wmt)91.18596.5426% SalesYE14YE15% Concentrated Copper (dmt)85.03879.773-6%

33. 33 Income Statement (TL) March 2016 Park Elektrik Madencilik 20142015% Sales222.672.159164.847.504-26% COGS-198.337.232-133.745.704-33% Gross Profit24.334.92731.101.80028% Gross Margin11%19% Marketing, Distribution Exp-15.053.257-13.630.475-9% General Adm. Expenses-26.825.412-17.457.742-35% Other Operating Income27.531.48932.279.25217% Other Operating Expenses-23.240.889-6.786.224-71% Operating Income-13.253.14225.506.611 Operating Margin-15% Income From Investments24.010.8678.971.047-63% Expense From Investments-1.013.234-18.254-98% Income Before Financial Exp.9.744.49134.459.404254% Financial Income301.854162.870-46% Financial Expenses-687.222-651.669-5% Profit Before Tax9.359.12333.970.605263% Tax Income / Expense11.100.801-4.735.722 Net Profit20.459.92429.234.88343% Net Margin9%18%

34. 34 Summary Balance Sheets (TL) 20142015 Current Assets297,365,121256,331,741 Fixed Assets255,897,086273,218,277 TOTAL ASSETS553,262,207529,550,018 Short Term Liabilities38,151,67474,822,841 Long Term Liabilities16,434,15317,999,667 Shareholders Equity498,676,380496,727,510 TOTAL LIABILITIES553,262,207529,550,018 March 2016 Park Elektrik Madencilik

35. 35 VI. Corporate Governance Rating March 2016 Park Elektrik Madencilik

36. 36 Corporate Governance Rating Park Elektrik’s corporate governance rating increased to 9.03 according to a recent report conducted by SAHA Corporate Rating Agency in June 2015. 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 2016 Park Elektrik Madencilik

37. 37 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 2016 Park Elektrik Madencilik