Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş.

September 2012BGC Partners Conference

London

2

Contents

I. Park Elektrik Overview 3II. Ciner Group in Brief 7III. Operations 10IV. Reserves 13V. Planned Investments 20VI. Financial Structure 23VII. Evaluation of The Latest Financial Tables 32VIII. Corporate Governance Rating 38

Park Elektrik September 2012

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I. Park Elektrik Overview

September 2012

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The Company

Park Elektrik was established as a textile company in 1994. Initially offered to public in 1997, Park Elektrik is the sole listed

company within Ciner Group. Changed its commercial title and main line of activity in 2000. Took over operational rights of copper mine in Siirt in 2004. Commenced copper mining operations in late 2006. Merged with ISE-listed Group company, Ceytas, in May 2009

and added asphaltite mining into its operation line following Ceytas merger.

September 2012

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Ownership Structure

September 2012

Others32%

Turgay Ciner7%

Park Holding61%

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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 operates Cayirhan 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 June 2012, Park Termik paid TL5.2 mn dividends to Park Elektrik & Madencilik.

September 2012

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II. Ciner Group in Brief

Park Elektrik September 2012

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Ciner Group, Main Line of Businesses

Energy & Mining Group

Ciner Group

MediaGroup

Commerce, Industry &

Services Group

Major CompaniesPark Elektrik

Park TermikPark Teknik

Eti SodaSilopi Elektrik

Major Companies & Brands

Haberturk NewspaperHaberturk TV, Radio,Haberturk Web Site

Bloomberg HT News Channel, FHM,

Marie Claire, Newsweek

Major CompaniesPark MarinePark Aviation

Lares Park HotelsPark Insurance

Park Foreign TradeDenmar Logistics

September 2012

Park Holding Ciner Yayın Holding

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Ciner Group, Introduction

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 including companies in construction, insurance, logistics, media and broadcasting sectors. 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 2011, Park Holding has TL1.3 bn of consolidated sales and TL3.2 bn of total assets.

September 2012

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III. Operations

September 2012

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Park Elektrik’s Existing & Planned Facilities

Asphaltite Mine

Sırnak

Natural Gas Power Plant

Adana

Copper Mine

Siirt

HPP

Diyarbakır

September 2012

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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.

Mine operations started in late 2006 in the copper zone. So far, around 4 mn tons of ore was extracted in the copper zone.

According to initial reports, proven reserves in the zone was determined as 13 mn tons of ore. However, according to the recent report issued by Micromine Consulting Services, total reserves in the zone was determined as 39.8 mn tons of ore, 31.2 mn tons of which was classified as measured.

The company has a concentration facility and it produces and sells concentrated copper that includes copper content of around 19-20% levels.

Park Elektrik exports all of its concentrated copper production to international commodity brokers. September 2012

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Micromine Reserve Report Based On JORC

According to a JORC (Joint Ore Resources Code) compliant reserve report issued by Micromine Consulting Services in October 2011, based on the drilling and sampling works by Eti Holding (1981), Preussag AG Metall (1988) and Park Elektrik, the total reserves of Madenköy project was determined as 39,821,000 tons of ore, 31,182,000 tons of which was measured.

According to the same report, average grade in Madenkoy copper mine is 2.4% for the whole zone. Current grade in the zone is lower, at 1.8-1.9% levels in average.

Source: JORC Resource Estimate Report by Micromine

Resource Category Tonnes Cu (%)

Measured 31,182,000 2.26Indicated 6,433,000 2.79Total Measured & Indicated 37,615,000 2.34Inferred 2,206,000 3.38Project's Total Resources 39,821,000 2.40

September 2012

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Capacity Expansion

In parallel with growing reserves in the Madenkoy copper zone, the company increased its concentration facility’s capacity from 750k to 1.2 mn tons as of October 2011. Total capex for this investment was Euro 3.5mn.

Furthermore, Park Elektrik plans to increase its concentration capacity to 1.8 mn tons in the short term. The company plans to complete this second phase capacity expansion by December 2012 with a planned investment amount of Euro 3.5-4mn.

In line with increasing capacity, Park Elektrik revised its production targets for the coming two years. The company expects 90k production in 2012. For 2013, Park Elektrik expects production volume to be in a band of 130k-150k levels, with the assumptions of 1,8% and 2% grades respectively.

September 2012

* 2012 production targets have been revised as 90k from 95k due to an unexpected delay in delivery of new production line equipment in the capacity expansion process.

** Production targets for 2013 have been revised within the context of budget revision and new grade assumptions.

Capacity Expansion & Production Targets 2011 A 2012 E * 2013 E **

Concentration Capacity (tons) 750,000 1,200,000 1,800,000

Concentrated Copper Production (wmt) 77,510 90,000 130,000-150,000

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2012 Production Targets & Realizations by 1H12

September 2012

JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. TOTAL

Actual Actual Actual Actual Actual Actual Target Target Target Target Target Target Target

Ore (wmt) 100,191 84,912 96,148 102,127 104,014 102,232 94,000 94,000 91,000 94,000 93,000 106,000 1,161,624

Ore (dmt) 95,181 80,666 91,340 97,020 98,813 97,206 89,300 89,300 86,450 89,300 88,350 100,700 1,103,626

Con. Copper (wmt) 7,888 6,879 7,877 7,874 7,778 8,553 7,436 6,500 7,400 7,436 7,000 7,500 90,121

Con. Copper (dmt) 7,257 6,328 7,247 7,244 7,156 7,869 6,841 5,980 6,808 6,841 6,440 6,900 82,911wmt: wet metric tondmt: dry metric ton

As of 1H12, Park Elektrik exceeded its first half production targets by producing 46,852 wmt of concentrated copper, 9% over its target of 43k.

The company revised its year-end production target from 95k to 90k due to an unexpected delay in delivery of new production line equipment. There might also be a few daily production shortages in the second half of the year in line with ongoing capacity expansion process in the current concentration center.

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Current Underground Zone Plan

September 2012

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Shift To Open Pit Mining in 2013

Park Elektrik plans to shift its copper mining operations from underground to open-pit mining by the mid of 2013. Based on projections, production through open pit mining will continue until the end of 2025 for thirteen years in two different phases.

Regarding this shift, the company started stripping in the copper zone by assigning two subcontractors. The initial stripping of 13 mn m3,which will take one year from mid of 2012 to mid of 2013, will cost TL65mn with an average stripping cost of TL5 per m3.

The company plans to excavate 198 mn m3 soil to produce 19.75 mn tons of ore in thirteen years period of open pit mining, including initial stripping of 13 mn m3.

The compulsory purchase process which has started in line with Park Elektrik’s shift to open pit mining has completed recently with a total expense of TL11 mn.

September 2012

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II) Silopi Asphaltite Zone

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%”.

Asphaltite mine will be open-pit for the first years of operation. Later on, underground mining will be done by the method of “Cut and Fill Block Caving”.

September 2012

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Open-Pit Mining in Silopi

September 2012

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IV. Planned Investments

September 2012

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Diyarbakır HPP

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.

September 2012

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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.

September 2012

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V. Financial Structure

September 2012

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Annual Concentrated Copper Production (wmt)

September 2012

* Annual production declined due to production halt of four-month in 2010.

** To be on the conservative side, production estimation of 130k for 2013 has been used in the graph.

64,371 63,138

37,426

77,510

52,554

13,771

90,000

130,000

2006 2007 2008 2009 2010 * 2011 2012 E 2013 E **

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Annual Con. Copper (dmt) & Cathode (ton) Sales

September 2012

* In 2010, there was a production halt of four months.

** 6,613 wmt of concentrated copper were used to produce 1,210 mt copper cathode. This pushes 2011 total sales up to 61,667 dmt.

9,271

60,931 59,163 55,054

32,239

47,417

1,210

2006 2007 2008 2009 2010 2011

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Annual Asphaltite Sales (ton)

September 2012

* Asphaltite operations started in mid 2009.

434.333476.899

204,856*

2009 2010 2011

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Total Sales Revenues (TL)

September 2012

64

,19

1,6

60

69

,85

7,0

81

11

0,7

13

,83

3

80

,04

0,6

45 15

1,1

35

,66

4

19,709,514

19,314,3978,211,605

2007 2008 2009 2010 2011*

copper asphaltite

* Revenues from other sales is 1,616,016.

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Net Earnings (TL mn)

September 2012

19.8 19.4

37.2

100.8

74.8

2007 2008 2009 2010 2011

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Breakdown of COGS, as of YE11

September 2012

Fuel & Energy, 12%

Depreciation, 17%

Mach. Spare Part Repl.

Costs, 24%

Machinery Rent Costs, 3%

Maintanence, 4%

Labor Costs, 31%

Others, 10%

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Annual Margin Comparison

September 2012

(TL mn) 2007 2008 2009 2010 2011

Sales 80 111 79 84 173

Gross Profit 47 73 32 44 107

Gross Margin 59% 66% 41% 52% 62%

EBITDA 43 62 24 42 112

EBITDA Margin 52% 56% 30% 50% 65%

Net Earnings 20 75 19 37 101

Net Margin 25% 68% 25% 44% 58%

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Sources of Financing (TL mn)

September 2012

* Park Elektrik has no financial debt.

88 100 130 143223

302 343443

14

66 53

60

3033

41

8

2004 2005 2006 2007 2008 2009 2010 2011

Shareholders' Equity Total Debt

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VI. Evaluation of 1H12 Financial Results

September 2012

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Evaluation of 1H2012 Financial Results

In the first half of 2012, total copper concentrate production was realized as 46,852 wmt, indicating 27% increase. Total sales for copper products was realized as 38,488 dmt for concentrate copper and 2,521 mt for cathode copper.

Total revenues increased by 86% due to the capacity expansion in the concentration center. Although profit margins of the company did not realize as high as the previous year due to the depreciation costs of an open pit copper site in which the operations ended, they showed significant improvement from 1Q to 2Q despite the fact that falling copper prices through the years 2011-2012.

The production and sales of asphaltite decreased as 40% due to the operational halt caused by a technical failure in the Silopi Elektrik A.Ş.

Park Elektrik distributed TL100 mn dividends out of 2011 earnings in May 2012.

September 2012

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Production & Sales Amount

September 2012

Production 1H11 1H12 %

Concentrated Copper (wmt) 37,021 46,852 27%

Cathode Copper (MT) 852* 902* 6%

Asphaltite (ton) 204,069 122,594 -40%* 852 mt cathode equals to 5,015 wmt con. copper. 902 mt cathode equals to 5,540 wmt of con. copper.

Sales 1H11 1H12 %

Concentrated Copper (dmt) 29,681 38,488 30%

Cathode Copper (MT) - 2,521** -

Asphaltite (ton) 204,069 122,594 -40%

** 2,521 mt cathode equals to 14,032 dmt of con. copper which push up total sales to 52,520 dmt, with a 77% y-o-y growth.

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Sales Breakdown (TL) & Gross Margin by Products

September 2012

1H11 1H12 %

Copper Sales 68,387,080 132,234,152 93%

Gross Margin of Copper 71% 55% -

Asphaltite Sales 8,842,048 9,515,643 8%

Gross Margin of Asphaltite 18% 14% -

Other Sales 390,576 2,932,976 625%

Total Sales Revenues 77,619,904 144,682,771 86%

Overall Gross Margin 64% 51% -

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Income Statement (TL)

September 2012

1H11 1H12 %Sales 77,619,704 144,682,771 86%COGS -27,581,165 -70,931,733 157%Gross Profit 50.038.539 73,751,038 47%Gross Margin 64% 51% -Marketing Selling & Dist. Exp. -4,286,574 -6,447,206 50%General Adm. Expenses -7,329,810 -7,810,182 7%Other Operating Income 5,331,285 10,448,793 96%Other Operating Expenses -1,537,688 -2,498,127 62%Operating Income 42,215,752 67,444,316 60%Operating Margin 54% 47% -Financial Income 15,065,031 19,587,033 30%Financial Expenses -3,224,718 -5,491,655 70%Profit Before Tax 54,056,065 81,539,694 51%Tax -10,632,392 -14,880,193 40%Net Profit 43,423,673 66,659,501 54%Net Margin 56% 46% -EBITDA 49,918,858 96,706,418 94%EBITDA Margin 64% 67% -

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Summary Balance Sheets (TL)

1H11 1H12

Current Assets 310,062,557 290,575,782

Fixed Assets 112,209,004 176,806,617

TOTAL ASSETS 422,271,561 467,382,399

Short Term Liabilities 29,745,368 51,258,531

Long Term Liabilities 6,541,679 6,007,815

Shareholders Equity 385,984,514 410,116,053

TOTAL LIABILITIES 422,271,561 467,382,399

September 2012

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Corporate Governance Rating

Park Elektrik was rated with 8.82 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 no deficiencies in any of the areas rated.

September 2012

MAIN SECTIONS: Avg. 88,24

87.62

94.75

89.86

78.77

0 20 40 60 80 100

Shareholders

Public Disclosure &Transparency

Stakeholders

Board Of Directors

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T H A N K Y O U.

CONTACTS

Yesim Bilginturan Selim Erdogan

IR Manager IR Manager

Phone: +90 216 531 25 33 +90 216 531 25 35

y.bilginturan@cinergroup.com.trs.erdogan@cinergroup.com.tr

www.parkelektrik.com.tr www.cinergroup.com.tr

September 2012