Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş.

May 8, 2012

2

Contents

I. Ciner Group in Brief 3II. Park Elektrik Overview 6III. Operations 10IV. Micromine Reserve Report 13V. Planned Investments 19VI. Financial Structure 22VII. Evaluation of The Latest Financial Tables 31VIII. Corporate Governance Rating 38

Park Elektrik May 2012

Park Elektrik 3

I. Ciner Group in Brief

Park Elektrik May 2012

Park Elektrik 4

Ciner Group, Introduction

Park Holding, the main shareholder of Park Elektrik, is controlled by Ciner Group, which is solely owned by Mr. Turgay Ciner. Ciner Group’s history goes back to 1978 when it was founded.

Ranking among the largest Groups of Turkey, Ciner Group diversified its operations from the energy and mining sectors to tourism, media and broadcasting sectors.

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.

May 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

Ciner Yayın HoldingHaberturk NewspaperHaberturk TV, Radio,Haberturk Web Site

Bloomberg HT, FHM, Marie Claire, Newsweek

Major CompaniesPark MarinePark Aviation

Lares Park HotelsPark Insurance

Park Foreign TradeDenmar Logistics

May 2012

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II. Park Elektrik Overview

May 2012

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The Company

Established in 1994. Initially offered to public in 1997. Park Elektrik is the sole

listed company within Ciner Group. Changed its commercial title in 2000. Commenced copper mining operations in late 2006. Merged with ISE-listed Group company, Ceytas, in May 2009. Added asphaltite mining into its operation line following

Ceytas merger. Currently operating a copper and an asphaltite mine and

plans to establish an HPP (Hydroelectricity Power Plant) in the medium term, and a NGPP (Natural Gas Power Plant) in the long term.

May 2012

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Ownership Structure

May 2012

Others32%

Turgay Ciner7%

Park Holding61%

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Participations, 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.

May 2012

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III. Operations

May 2012

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Park Elektrik’s Existing & Planned Facilities

Asphaltite Mine

Sırnak

Natural Gas Power Plant

Adana

Copper Mine

Siirt

HPP

Diyarbakır

May 2012

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I) Madenköy Copper Zone

Park Elektrik acquired operation license of Madenkoy copper mine from Eti Holding, a state-owned entity engaged in mining businesses, in 2004 for TL9.4 mn.

Mine operations started in late 2006 in the copper zone. So far, around 3 mn tons of ore was extracted in the copper zone.

According to initial reports, proven reserves in the zone was determined at 13 mn tons of ore. However, based on a recent report conducted by Micromine Consulting Services, total reserves in the zone was determined at 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 a varying rate of copper. Currently, copper content in the concentrate varies between 19-20% levels.

Although the Company does not posses a smelting facility, it recently initiated a trial production through a domestic subcontractor to produce A grade cathode copper that includes 99.9% copper content.

Park Elektrik exports all of its concentrated copper and cathode copper production.

May 2012

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Micromine Reserve Report Based On JORC

According to a JORC compliant recent reserve estimation made by Micromine Consulting Services, 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 39,821,000 tons of ore, 31,182,000 tons of which was set to be measured.

Based on the same report, average tenor rate in Madenkoy copper mine is determined as 2.4% for the whole zone. Current tenor in the zone is lower at 1.9-2.0% levels.

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

May 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-mid term. The company plans to complete this second phase capacity expansion in 2013 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 95k and 150k wmt of production for 2012 and 2013, respectively.

May 2012

Capacity Expansion & Production Targets 2012 2013

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

Concentrated Copper Production Estimations (wmt) 95,000 150,000

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2012 Production Targets

May 2012

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Ore (wmt) 91,000 87,000 91,000 91,000 94,000 91,000 94,000 94,000 91,000 94,000 91,000 91,000 1,100,000

Ore (dmt) 86,450 82,650 86,450 86,450 89,300 86,450 89,300 89,300 86,450 89,300 86,450 86,450 1,045,000

Con. Copper (wmt) 7,811 7,467 7,811 7,811 8,068 7,811 8,068 8,068 7,811 8,068 7,811 7,811 94,416

Con. Copper (dmt) 7,186 6,870 7,186 7,186 7,423 7,186 7,423 7,423 7,186 7,423 7,186 7,186 86,864

wmt= wet metric ton, dmt= dry metric ton

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Zone Plan

May 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 135 MW.

Annual production amount in Silopi is around 450,000 currently and is subject to increase from 2014 onwards in line with capacity expansion of Silopi EUAS. With the expansion, annual asphaltite production will be tripled.

Park Elektrik has a profit margin of 15% on its asphaltite sales based on recently renewed contract by two companies. The contract will be valid as long as Silopi Elektrik runs the operations.

The 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”.

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Open-Pit Mining in Silopi

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IV. Planned Investments

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Diyarbakır HPP

Installed capacity will be 50.5 MW.

Production license is valid for 49 years.

Estimated investment amount is US$ 60 mn according to

initial

feasibility studies.

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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.

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V. Financial Structure

May 2012

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Annual Concentrate (dmt) & Cathode (ton) Sales

May 2012

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

** Cathode copper sales realized for the first time in 3Q11.*** 17.268 wmt concentrated copper were used to produce 2829 mt copper cathode.

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)

May 2012

* Asphaltite operations started in mid 2009.

434.333476.899

204,856*

2009 2010 2011

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Total Sales Revenues* (TL)

*Revenues from other sales is 1.676.016 TL

May 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

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Net Earnings (TL mn)

May 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

May 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

May 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)

May 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 1Q12 Financial Results

May 2012

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Evaluation of 1Q2012 Financial Results

In the first quarter of 2012, total copper concentrate production was realized as 22,646 wmt, indicating 16% increase. Total sales for copper products was realized as 14,481 dmt for concentrate copper and 1,600 mt for cathode copper. Note that 8,991 dmt concentrate copper was spent to produce the cathode sold.

Revenues from total sales increased by 52% due to the capacity expansion in the concentration center. However, 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. Based on this fact, all of the profit margins deteriorated except EBITDA margin.

The production and sales of asphaltite decreased as 37% due to the operational halt caused by a failure in the Silopi Elektrik A.Ş.

May 2012

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Production & Sales Amount

May 2012

Production 1Q11 1Q12 %

Concentrated Copper (wmt) 19,489 22,646 16%

Cathode Copper (MT) - 902 nm

Asphaltite (ton) 118,144 74,088 -37%

Sales 1Q11 1Q12 %

Concentrated Copper (dmt) 17,043 14,481 -15%

Cathode Copper (MT) - 1,600 nm

Asphaltite (ton) 118,144 74,088 -37%

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Sales Breakdown (TL) & Gross Margin by Products

May 2012

1Q11 1Q12 %

Copper Sales 38,986,232 60,225,584 54%

Gross Margin of Copper 73% 56%

Asphaltite Sales 4,784,832 5,084,642 6%

Gross Margin of Asphaltite 17% 13%

Other Sales 106,761 1,368,817 1182%

Total Sales Revenues 43,877,825 66,679,043 52%

Overall Gross Margin 67% 52%

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Income Statement (TL)

May 2012

1Q11 1Q12 %Sales 43,877,825 66,679,043 52%COGS -14,502,787 -32,003,999 121%Gross Profit 29,375,038 34,675,044 18%Gross Margin 67% 52% -Marketing Selling & Dist. Exp. -2,737,203 -2,469,418 -10%General Adm. Expenses -3,561,815 -4,600,990 29%Other Operating Income 5,197,457 418,687 -92%Other Operating Expenses -724,107 -1,321,519 83%Operating Income 27,549,370 26,701,804 -3%Operating Margin 63% 40% -Financial Income 5,239,129 6,936,990 32%Financial Expenses -3,190,078 -6,673,722 109%Profit Before Tax 29,598,421 26,965,072 -9%Tax -5,818,397 -5,291,869 -9%Net Profit 23,780,024 21,673,203 -9%Net Margin 54% 33% -EBITDA 31,868,499 49,320,538 55%EBITDA Margin 73% 74% -

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Margins

1Q11 1Q12

Gross Profit Margin 67% 52%

Operational Profit Margin 63% 40%

EBITDA Margin 73% 74%

Net Profit Margin 54% 33%

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Summary Balance Sheets (TL)

1Q2011 1Q2012

Current Assets 297,678,924 334,187,594

Fixed Assets 186,424,631 167,971,525

TOTAL ASSETS 484,103,555 502,159,119

Short Term Liabilities 34,255,807 31,335,792

Long Term Liabilities 6,391,196 5,693,572

Shareholders Equity 443,456,552 465,129,755

TOTAL LIABILITIES 484,103,555 502,159,119

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Corporate Governance Rating

Park Elektrik was rated with 8.67 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.

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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

May 2012