1. Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş. August 2015

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 August 2015 Park Elektrik Madencilik

3. Park Elektrik3 I.Company & Operations 3 August 2015 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 9 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 YE2014, total number of employees is 479. 387 employees of total work force are blue collar employees working in the copper mine. 4 August 2015 Park Elektrik Madencilik

5. 5 Location of Copper Mine Copper Mine Siirt August 2015 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 9 mn tons of ore have been extracted in the copper zone, while the remaining resources is 32.5 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. August 2015 Park Elektrik Madencilik

7. August 20157  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 August 2015 Park Elektrik Madencilik 20112012*2013**20142015E Stripping (m3) - 3,500,29210,151,22414,291,2819,000,000 Ore Production (tons, wet) 1,024,8711,138,2321,540,0311,723,6531,652,000 Ore Used In Con. Center (tons, dry) 949,7311,081,3201,463,0291,637,4701,569,400 Grade of Ore (%)1,731,771,471,181,35 Recovery Rate87%86%82%87% Con. Copper Production (wmt)77,51089,25396,03891,18598,225 Con. Copper (dmt) (~92% of wmt) 71,30982,11388,35483,89090,367 Copper (mt) (~20% of dmt con. copper) 14,26216,42317,67016,77818,073 * 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. 9 August 2015 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 August 2015 Park Elektrik Madencilik Open Pit Site View

11. Current View From Mine Park Elektrik MadencilikAugust 201511

12. Views From The Pit Park Elektrik Madencilik August 201512

13. 13 August 2015 Park Elektrik Madencilik Main Ore Body Topography Open Pit Topographic View – I

14. 14 August 2015 Park Elektrik Madencilik Open Pit Topographic View - II Main Ore Body

15. 15 August 2015 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 soon. Park Elektrik Madencilik August 201516

17. 17 II.Ownership Structure & Participation Park Elektrik August 2015 Park Elektrik Madencilik

18. Park Elektrik18 Ownership Structure 18 August 2015 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 2014, Park Elektrik gained TL7 mn dividend income from Park Termik. 19 August 2015 Park Elektrik Madencilik

20. 20 III.Ciner Group Park Elektrik August 2015 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 August 2015 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. August 2015 Park Elektrik Madencilik

23. 23 IV.Financial Structure August 2015 Park Elektrik Madencilik

24. 24 Annual Concentrated Copper Production (wmt) * Annual production declined due to production halt of four-month in 2010. 24 August 2015 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. August 2015 Park Elektrik Madencilik

26. 26 Total Sales Revenues (TL) August 2015 Park Elektrik Madencilik

27. Park Elektrik27 Net Earnings (TL mn) 27 August 2015 Park Elektrik Madencilik

28. 28 Breakdown of Cost of Production, as of YE14, (copper only) August 2015 Park Elektrik Madencilik

29. 29 Annual Margin Comparison (TL mn)2008200920102011201220132014 Sales1117984173265261223 Gross Profit7332441071347224 Gross Margin66%41%52%62%51%28%11% EBITDA622442112165147121 EBITDA Margin56%30%50%65%62%57%54% Net Earnings7519371011077020 Net Margin68%25%44%58%58%40%27%9% August 2015 Park Elektrik Madencilik

30. 30 Sources of Financing (TL mn) * Park Elektrik has no financial debt. August 2015 Park Elektrik Madencilik

31. 31 V. Evaluation of 1H15 Financial Results August 2015 Park Elektrik Madencilik

32. 32 Evaluation of 1H15 Financial Results  In 1H15, copper concentrate production was realized as 48,079 wmt indicating %5 increase as compared to 1H14. Copper concentrate sales during the same period decreased %3,5 and realized as 41,105 dmt while it was 42,634 dmt last year.  The relatively sharp decline in the sales revenues by %21 was due to the lack of asphaltite sales and decreased copper prices. The company had withdrawn from asphaltite business by selling its facility to Silopi Elektrik A.Ş. in 2014.  Financial ratios have all recovered due to the increasing grade levels as well as decreased depreciation costs in the production costs. August 2015 Park Elektrik Madencilik Production1H141H15% Concentrated Copper (wmt)45,61848,0795% Sales1H141H15% Concentrated Copper (dmt)42,63441,105-3,5%

33. 33 Income Statement (TL) August 2015 Park Elektrik Madencilik 1H141H15% Sales122,005,52696,275,552-21% COGS-102,795,670-71,213,524-31% Gross Profit19,209,85625,062,02830% Gross Margin16%26% Marketing, Distribution Exp-7,765,899-6,984,244-10% General Adm. Expenses-13,053,518-8,882,246-32% Other Operating Income12,341,26315,674,57227% Other Operating Expenses-21,261,762-2,913,113-86% Operating Income-10,530,06021,956,997n.m. Operating Margin-9%23% Income From Investments15,763,5702,006,343-87% Expense From Investments-304,079-16,032-95% Income Before Financial Exp.4,929,43123,947,308386% Financial Income202,95810,080-95% Financial Expenses-398,363-255,961-36% Profit Before Tax4,734,02623,701,427401% Tax Income / Expense8,687,598-3,385,890-139% Net Profit13,421,62420,315,53751% Net Margin11%21%

34. 34 Summary Balance Sheets (TL) YE141H15 Current Assets297,365,121310,561,626 Fixed Assets255,897,086264,603,289 TOTAL ASSETS553,262,207575,164,915 Short Term Liabilities38,151,674132,107,493 Long Term Liabilities16,434,15315,530,192 Shareholders Equity498,676,380427,527,230 TOTAL LIABILITIES553,262,207575,164,915 August 2015 Park Elektrik Madencilik

35. 35 VI. Corporate Governance Rating August 2015 Park Elektrik Madencilik

36. 36 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. August 2015 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 August 2015 Park Elektrik Madencilik