INTRODUCTION - ENKA

57 Years of Construction Experience Worldwide

A Group of Companies Composed of More Than 50 Subsidiaries Operating in 6 Major Geographical Areas:CIS, Asia, Middle East, Europe, Africa & Turkey

476 Projects in 45 Countries have been Completed or Under Construction with Historical Value of US$ 41 Billion

Traded Publicly in Borsa Istanbul (BIST) with a Market Cap of USD 8,2 Billion (@ 31.12.2014)

INTRODUCTION

2

With a Solid Background of57 Years ENKA Operates in4 Main Segments

Engineering & Construction Energy Real Estate Trade

CAPABILITIES & OPERATIONS

3

1957 – Founded as a Limited Liability Partenership as Şarık Tara & Sadi Gülçelik ENKA Limited Şirketi

1962 – Focused on Design, Engineering and Construction Activities of Industrial Plants, Buildings and Infrastructure

1967 – The Partnership was Transformed into a Joint Stock Company asENKA İNŞAAT VE SANAYİ A.Ş.

1972 – ENKA Holding was Established

1972 – First International Contract (Benghazi Cement Factory in Libya) and then 4 More Cement Factory Projects in Libya

1973 – First Power Plant (150 MW Tunçbilek Thermal Power Plant) in Turkey

1973 – Diversification of Activities and Specialized Subsidiary Companies

MILESTONES

4

1983 – ENKA Sports, Education and Culture Foundation and Sadi Gülçelik Sports Center Establishments

1984 – First Natural Gas Combined Cycle Power Plant in Turkey 600 MW Trakya CCCP

1986 – Multinational Joint Ventures

1986 – Outstanding Achievements with Fast-Track Projects in Libya, Russia and Former Soviet Union Countries as well as in Turkey as a General Contractor

1992 – Establishment of Development Companies in Moscow

1993 – Primary Oil Services Contracts in Kazakhstan Oil Fields

1997 – Development of Shopping Malls and Retail Business in Moscow

MILESTONES (Cont'd)

5

2000 – Power Generation as Independent Power Producer (IPP)

2001 – Certified by BSI for ISO 9001 Quality Management System

2002 – Merged with Enka Holding under ENKA İnşaat ve Sanayi A.Ş.

2002 – Certified by BSI for ISO 14001 Environmental Management Systemand OHSAS 18001 Occupational Health and Safety Management System

2002 – Turkey BOO Projects Have Been Accomplished by the ENKA BECHTELJoint Venture

2003 – The US New Embassy Compounds’ Construction Started in West AfricaCountries : Cameroon, Guinea, Mali and Sierra Leone

2004 – 790 MW Rijnmond Natural Gas Fired CCPP Has Been Completed in 22Months by the ENKA BECHTEL Joint Venture in the Netherlands

2008- ENKA as a Main Contractor has been Awarded 400 MW Yajva StateDistrict Power Plant EPC Project in Russia

2009 – Completion of Sheremetyevo Airport Terminal 3 in Moscow

MILESTONES (Cont'd)

6

2010–ENKA Set a New World Record For Power Plant Availability (with99.8% which is 7% Over the Industry Average) over the 12-MonthPeriod with GE 9 FA Gas Turbines

2011–First Contract Awarded in Continent America – New US EmbassyCompound in Santa Domingo, Dominican Republic

2011–Development and Completion of the Design and Building of theMuscat International Airport (Main Contract 3) started in Sultanate ofOman

2011–ENKA’s Re-entry into Iraq Oil & Gas Market by Winning theContract for the MEI Works of Early Production Facility in Majnoon OilField.

2012–First Contract Awarded in Northern Iraq after Two DecadesErbil Combined Cycle Power Plant Conversion Project

MILESTONES (Cont'd)

7

2012–Al-Najybia 500 MW Gas Turbine Power Plant and Rumaila CrudeOil Pumping Station Projects have been Awarded.

2012–Steel Works Contract of Izmit Bay Crossing Suspension BridgeProject has been Awarded.

2013–Sulaymaniyah and Dohuk Combined Cycle Plant ConversionProjects have been Awarded.

2014–A Contract related to South Caucasus Pipeline Expansion (SCPX)has been Awarded to BECHTEL-ENKA JV.

2014–After Successfully Completing the Route 7 Motorway Project, theNew Phase; Route 6 has also been Awarded to BECHTEL-ENKA JV inKosovo.

2014–An EPC Contract for a Simple Cycle Power Plant Project has beenAwarded at Bazian, Sulaymaniyah.

2014–3.000 MW Combined Cycle Power Plant Project has beenAwarded at Bismayah, Iraq.

MILESTONES (Cont'd)

8

The Following Vision and Values Define What is Meant to be ENKA.

- Excellence

- Innovation

- Speed

- Safety

- Being a Good Member of the Community

- Its People

VISION AND VALUES

9

As of December 31, 2014

SHAREHOLDER STRUCTURE

50,08%

5,87%

12,60%

31,45%

TARA FAMILY

ENKA FOUNDATION

FREE FLOAT

GÜLÇELİK FAMILY

10

( Million USD ) 2014 2013 2012

TOTAL ASSETS 7.813 8.471 8.238

TOTAL EQUITY 5.157 5.597 5.099

CASH & MARKETABLE SECURITIES 2.990 2.752 2.707

REVENUE 5.821 6.547 5.746

EBITDA 827 1.032 725

EBITDA MARGIN % 14,2 15,8 12,6

NET PROFIT 659 656 628

NET MARGIN % 11,3 10,0 10,9

CONSOLIDATED FINANCIAL HIGHLIGHTS

11

2014 2013 2012

( Million USD ) USD % USD % USD %

CONSTRUCTION 2.139 36,8 2.550 38,9 1.384 24,1

POWER GENERATION 3.159 54,3 3.284 50,2 3.653 63,6

REAL ESTATE 485 8,3 478 7,3 442 7,7

TRADE 302 5,1 447 6,8 395 6,9

ELIMINATION (264) (4,5) (212) (3,2) (128) (2,3)

TOTAL 5.821 100 6.547 100 5.746 100

REVENUES BY BUSINESS LINES

12

EBITDA BY BUSINESS LINES

2014 2013 2012

( Million USD ) USD % Margin USD % Margin USD % Margin

CONSTRUCTION 196 24 9 357 35 15 119 16 9

POWER GENERATION 260 31 8 273 27 8 267 37 7

REAL ESTATE 337 41 70 346 34 73 308 43 65

TRADE 27 3 9 48 5 11 23 3 6

ELIMINATION 7 1 7 1 8 1

TOTAL 827 100 1.031 100 725 100

13

Share Capital Increases and Dividends (Turkish Liras)Date Previous Share Capital Increase Increase (%) Increased Share Capital

25.05.2010 1.800.000.000 400.000.000 22,22% 2.200.000.000

02.06.2011 2.200.000.000 300.000.000 13,64% 2.500.000.000

25.05.2012 2.500.000.000 300.000.000 12,00% 2.800.000.000

12.06.2013 2.800.000.000 400.000.000 14,29% 3.200.000.000

21.05.2014 3.200.000.000 400.000.000 12,50% 3.600.000.000

Date Cash Dividend Cash Dividend (USD) Gross Rate Net Rate D.P.F.S.**

17.05.2010 144.000.000 93.689.004 8,00% 6,80% 12.220.127

16.05.2011 160.000.000 100.825.509 7,27% 6,18% 13.619.945

15.05.2012 210.000.000 116.861.436 8,40% 7,43% 18.104.817

10.10.2012 80.000.000 44.242.893 2,86% 2,43% -

08.05.2013 224.000.000 124.874.568 8,00% 6,80% 19.316.677

16.04.2014 272.000.000 127.567.770 8,50% 7,45% 23.442.778

15.08.2014 288.000.000 133.574.510 8,00% 6,80% -

* Board of Directors has proposed to General Assembly which will be held on 27.03.2015 to increase Share Capital by 400.000.000 TL and todistrubute 300.000.000 TL as Cash Dividend

07.05.2015 3.600.000.000 400.000.000 11,11% 4.000.000.000

2015 * 300.000.000 ≈ 115.384.615 8,33% 7,58% 25.887.670

** D.B.F.S.: Dividend Paid to Founder Shares 14

BOARD OF DIRECTORSM.Sinan Tara Chairman of the Board

Haluk Gerçek Vice Chairman of Board

Erdoğan Turgut Member of Board (Non-executive Member)

E. Melih Araz Member of Board (Non-executive, Independent Member)

V. Ergin İmre Member of Board (Non-executive, Independent Member)

EXECUTIVE BOARDA.Mehmet Tara President and Chairman of the Executive Board and General Manager

M. Gökhan Sağnaklar Vice Chairman of the Executive Board

B. Burak Özdoğan Member of Executive Board

C. Şan Gürdamar Member of Executive Board

Özger İnal Member of Executive Board

S. Oğuz Kırkgöz Member of Executive Board

Zafer Gür Member of Executive Board

Asaf Yener Member of Executive Board

H. Fehmi Bayramoğlu Member of Executive Board

TOP MANAGEMENT

15

WORK FORCE

As of December 2014 TechnicalStaff

Administrative Staff Workers TOTAL

ENKA Istanbul Head Quarters 306 112 77 495

ENKA Subsidiaries in Turkey 913 463 1.873 3.249

ENKA Abroad 738 339 15.357 16.434

ENKA Subsidiaries Abroad 81 39 1.115 1.235

TOTAL 2.038 953 18.422 21.413

16

Specifically in O&G&PC Industry, ENKA Provides Engineering, Fabrication Construction,Commissioning and Start Up Services for Major Internatioal Clients Such as; Exxon Mobil,Shell, Chevron, Lukoil etc.

ENKA has also Solid Relations with Leading OEMS & Extensive Experience with LeadingEPCM Companies such as; Bechtel, Fluor, Technip etc.

The Fields of Engineering & Construction Activities are;

Oil & Gas Facilities, Pipelines Petrochemical Plants Power Plants Industrial Plants Motorways, Bridges, and Tunnels Airports, Harbors, and Offshore Works New Towns and Housing Complexes

Business Centers Administrative Buildings Cultural Centers Shopping Malls Hotels Hospitals Stadiums

ENGINEERING & CONSTRUCTION

17

ENKA Owns a Construction Machinery &Equipment Fleet Comprising of 3.740 PiecesWorth of USD 314 Million; and 800.000 SquareMeters of Site Facilities (Work Shops, Camps,Warehouses, Offices and etc.) Mobilized inDifferent Countries where Fabrication andConstruction Works are Being Performed.

RESOURCES

18

ENKA’s 411MWe CCPP Yajva State District Power Plant EPC Project has been Awarded “The Best Project inthe Power/Industrial category” in 2013 Global Best Projects Competition of ENR (Engineering News-Record)

ENKA’s Kosovo Motorway EPC Project (Sections 1,2,3 & 4a) has been Awarded “The Best Project in theRoads/Highways category” in 2013 Global Best Projects Competition of ENR (Engineering News-Record)

Program and Project Management of the Kosovo Motorway Project” in the “Program Management”Category of the 2012 IRF - International Road Federation Global Road Achievement Awards (GRAA)

Cityscape Awards for Emerging Markets - 2012 Category: Retail Project" Award to ENKA TC for itsKuntsevo Multifunctional Trade and Business Center in Moscow

”Most Admired Construction Company of Turkey Awards” for the Years 2005 - 2012 by Capital, aBusiness and Economics Magazine

In 2011, ENKA’s Adapazari Power Plant has been Selected as the Power Plant of the Year with anAvailability of 99,8 % by the Power Magazine

In 2011, ENKA’s Insurer Factory Mutual Global (FM), Awarded All Three ENKA Power Plants the Status ofHighly Protected Risk in Recognition of ENKA’s Commitment to the Reduction of Potential Losses Througha Stringent Programme of Risk Mitigation and Prevention.

Turkish Power Company ENKA Power has World Class Risk Management” Article whichPraises ENKA's Commitments and Achievements in Protecting the Power Plant Assets Published in UtilityWeek Magazine on 28 January 2011 Edition.

AWARDS

19

ISO 9001: 2008QUALITY MANAGEMENT SYSTEM

ISO 14001: 2004ENVIRONMENTAL MANAGEMENT SYSTEM

OHSAS 18001: 2007HEALTH & SAFETY MANAGEMENT SYSTEM

ASME SPOWER BOILERS

ASME APOWER BOILER ASSEMBLIES

ASME UPRESSURE VESSELS

ASME U2ALTERNATIVE RULES FOR PRESSURE VESSELS

CERTIFICATES

20

ASME Nuclear NPT STAMP ASME Nuclear NA STAMP ASME Nuclear NS STAMP EnBW KTA 1401

's Nuclear Certificates

CERTIFICATES (Cont’d)

21

COUNTRY (Million USD) %

IRAQ 1.302 43,8

US EMBASSY PROJECTS 455 15,3

KOSOVO 330 11,1

GEORGIA 291 9,8

OMAN 200 6,8

KAZAKHSTAN 116 3,9

TURKEY 64 2,2

UNITED STATES 45 1,5

GERMANY 31 1,0

RUSSIA 26 0,9

OTHERS 111 3,7

TOTAL 2.971 100

BACKLOG AS OF 31.12.2014

23

Erbil Combined Cycle Power Plant Project – Erbil, Iraq

Sulaymaniyah Combined Cycle Power Plant Project – Sulaymaniyah, Iraq

Dohuk Combined Cycle Power Plant Project – Dohuk, Iraq

Al Najybia 4x125 MW Gas Turbine Power Plant Project – Basra, Iraq

Bazian Simple Cycle Power Plant Project – Sulaymaniyah, Iraq

Bismayah Combined Cycle Power Plant Project – Bismayah, Iraq

US Embassies - Afghanistan, Russia, The Netherlands, Djibuti, Mauritania and Turkmenistan

Route 6 Hani i Elezit Motorway Project - Kosovo

South Caucasus Pipeline Expansion (SCPX) Project – Georgia

Development of Muscat International Airport Project – Muscat (MC3)

Crude Shipment Capacity New Tank Farm Project – Kazakhstan

Berezovskaya Coal Fired Power Plant, Mechanical Erection Works – Russia

SELECTED PROJECTS UNDER CONSTRUCTION

24

Combined Cycle Power Plant Projects – Erbil, Sulaymaniyah and Dohuk, Iraq

Job Owner: MGH - Mass Group Holding Ltd.

Scope: To Convert its Erbil Independent Power Project (IPP) fromSimple-Cycle to Combined-Cycle Technology.

The Project is on an EPC basis.

Erbil Gas Power Station has 8 GE - 9E gas turbines at present.

All Turbines are Under Operation Now.

When Converted into a Combined Cycle will have a Total Capacity of 1500 MW.

Erbil Will be the First Combined Cycle Power Plant in Iraq.

Will Provide approximately 25% of the Power Demand of the Kurdistan Region.

Two Similar Projects Have Also Been Awarded in Sulaymaniyah and Dohuk in the Second and Fourth Quarters of 2013 respectively.


25

Al Najybia 4x125 MW Gas Turbine Power Plant Project – Basra, Iraq

Located in Basra, Iraq

Contract Price: USD 237 Million

The Project is in the Scope of “Mega Deal Projects” by Ministry of Electricity of Iraq.

Engineering, Procurement, Construction, Commissioning and Start-Up of 4 x 125 MW Simple Cycle Power Generation Plant on Turn-Key Basis.

Plant will Consist 4 Units of GE Frame 9E Gas Turbine Generator Sets.


26

Bazian Simple Cycle Power Plant Project

Contract Price : USD 240 Million

Job Owner : Qaiwan Group

Location : Bazian, Sulaymaniyah – Iraq

ENKA is awarded to Build the First Phase of Bazian Combined Cycle PowerPlant, the Simple Cycle Portion. The Green Field Project, Located Near to theCity of Sulaymaniyah and will be on EPC Turnkey Basis.

All Design, Engineering, Procurement and Construction Works will beCompleted by ENKA and Major Suppliers will be GE for Combustion Turbinesand Siemens for the Air Insulated Switchyard. The Design will Support PlantOperation with Two Types of Fuel – Liquid Fuel Gas and Liquid Fuel Oil.

The Project is Planned to be Completed in 15 months.


27

Bismayah Combined Cycle Power Plant Project – Bismayah, Iraq

Contract Price : USD 555 Million

Job Owner : Mass Energy Group Holding Ltd.

Location : Bismayah, Baghdad – Iraq

ENKA is awarded to Build the First Phase of Bismayah Combined Cycle PowerPlant. The Green Field Project, Located Near to the City of Baghdad at Bismayahand will be on EPC Turnkey Basis.

The Scope: Design, Engineering, Procurement, Construction, Commissioningand Testing of 1.500 MW Gas Fired Combined Cycle Power Plant in Bismayah.

The Project is Planned to be Completed in the Second Half of 2017.


28

US Embassy Projects – Afghanistan, Dominican Republic, Papua New Guinea, Russia, Equatorial GuineaThe Netherlands and Mauritania

The Collaboration between ENKA and CADDELL Construction Co. of USA Startedin Early 2000’s.

Companies Agreed to Jointly Carry Out the Construction of the US Embassy Buildings in Various Countries.

Number of Completed US Embassy Projects: 13

Job Owner: The Bureau of Overseas Construction Operations of the US State Department.

The Total Contract Value of 6 Ongoing Projects is Reaching USD 1.3 Billion.


29

Route 6 Hani i Elezit Motorway Project - Kosovo

BECHTEL – ENKA General Partnership (50% - 50%)

Contract Price: EUR 600 Million

60-Kilometer Motorway Linking the Capital, Pristina to Neighboring Macedonia.

The New Motorway, Route 6, will Connect Kosovo with the Surrounding Region andwill be the Country’s Second Motorway.

The Country’s First Motorway Route 7, Which Runs from Morina on the AlbanianBorder to the North of Pristina, was also Built by BECHTEL-ENKA and was Delivereda Year Ahead of Schedule in November 2013.


30


Contract for the Construction and Commissioning Support of the SCPX ProjectFacilities in Georgia has been Awarded to the BECHTEL-ENKA Joint Venture

The Scope of Work Under This Contract Includes Construction of a 16km AccessRoad, Two 120 Megawatt Compressor Stations and a Pressure Reduction andMetering station.

Completion is Expected in 2018.

South Caucasus Pipeline Expansion (SCPX) Project - Georgia


31

Development of Muscat International Airport Project (MC3)– Muscat, Sultanate of Oman

Consortium of BECHTEL – ENKA Joint Venture with Bahwan Engineering Company

The Contract Price : USD 1,8 Billion ( ENKA’s Share = USD 702 Million )

Job Owner : The Ministry of Transport and Comminication, Sultanate of Oman

The Largest Construction Project in Sultanate of Oman

The Development Works have been Divided into 11 Main Contracts

Main Contract 3 is the Largest Scope in the Development Project

Annual Capacity will be 12 Million Passengers which can be Increased


32

Berezovskaya Coal Fired Power Plant, Mechanical Erection WorksKrasnoyarsk, Russia

End Customer: OJSC “E.ON Russia”EPC Contractor: Energoproekt

ENKA is the Mechanical Erection Works Contractor for the Construction of the 800 MW Berezovskaya Coal Fired Power Plant Project.

The Estimated Total Scope is 25.559 Tons of Erection which Consist of Duct Works, SteelStructure Works, Equipment Erections, Pressure Part Erections and Piping Erectiontogether with Hydro Tests of the Boiler.



33

Crude Shipment Capacity New Tank Farm ProjectTengiz, Kazakhstan

Job Owner: TengizchevroilContractor: Senimdi Kurylys (Bechtel – ENKA Joint Venture with equal shares)

An EPC Contract of New Crude Oil Storage Tanks, Switching Manifolds and Exportpumps along with all their associated piping systems, utilities and control systems.

The projected completion is within June 2017.



34

Type Location Size (NLA) Occupancy Rate

Class A Office Area Moscow 337.000 m2 93% USD 850/m2/Year

Retail Area Moscow** 297.000 m2 90% USD 675/m2/Year

5 Star Hotel Moscow 235 Rooms * *

* Occupancy and Rate of rooms of the Hotel may vary daily.* * 1 out of 11 Shopping Centers is located in St.Petersburg

REAL ESTATE

36

1

2

3

45

6

7

8

9

10

INVESTMENTS IN RUSSIA

11

1213-14

15

1: Leningradsky 2: Kuntsevo Plaza 3: Maryina Roscha 4: Kashirskoe 5: Sevastopolsky 6: Vernadskogo7: Belyaevo 8: Podolsk 9: Orekhovo-Zuevo 1 0: Sergiev Posad 11: Pionerski (@ St. Petersburg) 12: Nab Tower 13: Paveletskaya 14: MKH 15: MOSENKA

37

REAL ESTATE

Year Rental Revenue Change Change (%)

2014 USD 485 Million USD 7 Million 1,5%




Year EBITDA EBITDA Margin Change Change (%)

2014 USD 337 Million 69,5% USD 9 Million 2,7%

2013 USD 346 Million 72,5% USD 38 Million 12%



38

REAL ESTATE ( Some Tenants)

LINDE GASLINKLATERSMEDTRONICMITSUI & CO.NATIONAL OILWELL VARCONESTLENINTENDOORACLEPFIZERQUALCOMMRENAISSANCE CAPITALRICHEMONTSAIPEMSBERBANK ASSET MANAGEMENTSTATOILSYMANTECTOMMY HILFIGERUBSUNIVERSAL PICTURES

ACCENTUREBASFCHANNELCITIBANKCLEARY GOTTLIEB STEEN & HAMILTONE.ONELI LILLYFORTUMGENERAL ELECTRICHSBCIATAIBMKPMGLA PRAIRELEGOLES LABORATORIES SERVIERLG ELECTRONICS

39

REAL ESTATEKuntsevo Multifunctional Complex

Job Owner : ENKA TC (Fully Owned By ENKA)

Total Investment : USD 465 Million

The Existing Shopping Center which was Opened In 1997with a Total Area of 19.400 m2 is demolished in 2012

The Complex Includes:

Shopping Center with a Net Leasable Area of 63.800 m2

Office Space with a Net Leasable Area of 25.800 m2

A Car Park of 2.350 spacesWith a Building Area of Approximately 245.000 m2 in Total

Grand Opening is Scheduled within March 2015

Won the “Cityscape Awards for Emerging Markets, 2012 Category Best Retail Project Future” Prize between 36 Projects from 13 Different Countries in the International Cityscape Global Real Estate Conference held in Dubai, 2012

40

REAL ESTATESergiev Posad Shopping Center

Job Owner: ENKA TC (Fully Owned By ENKA)Total Investment: USD 59 Million The Complex Includes: Shopping Center with a Net Leasable Area of 25.000 m2

A Car Park of 723 spacesWith a Building Area of Approximately 37.000 m2 in TotalStarted Operation in July 2014

41

REAL ESTATE (NEW & FURTHER INVESTMENT PROJECTS)Investment Projects of ENKA TC (Fully Owned By ENKA)

Kashirskaya Shopping Center Existing Shopping Center will be Demolished in 2Q, 2015 Total Investment: USD 260 Million Total Area: 173.000 m2, Net Leasable Area: 75.000 m2

Marino Rosha Shopping Center Existing Shopping Center will be Demolished in 2016 Total Investment: USD 335 Million Total Area: 210.000 m2, Net Leasable Area: 80.000 m2

Vernadskovo Office Center A-Class Offices including Multistorey Car Park Project will start in 2015 Total Investment: USD 55 Million Total Area: 37.800 m2, Net Leasable Area: 20.000 m2 & Car Park

Leningradsky Pravaberejnaya Office Center A-Class Offices including Multistorey Car Park Project will start in 2016 Total Investment: USD 70 Million Total Area: 55.000 m2, Net Leasable Area: 22.000 m2 & Car Park

42

Operator Ownership: 100% ENKA

Debt-to-Equity Ratio: 75/25

Export Credit Agency (ECA) and OPIC Facilities

Fully Covered Political and Commercial Risk is Approximately 94%

Exhaustive Due Diligence Over 2 Years by ECA and OPIC

No Local Currency Risk: Payments Calculated in USD and Payable in Turkish Lira Equivalent

FINANCIAL OVERVIEW

44

3 Gas-Fired Combined Cycle Power Plants (Total 3,854 MW)– Gebze 1,554 MW– Adapazarı 777 MW– Izmir 1,523 MW

Annual Generation is 32 Billion kWh Net and the Annual Natural Gas Consumption is around 6.5 Billion cbm,

Capability of Meeting 12% of Turkey’s Total Demand, since Turkey’s Consumption in 2014 was 255 Billion kWh,

Developed under the ‘Build-Own-Operate’ Programme,

Take-or-Pay Off-Take with State-Owned Turkish Electricity Trading Corporation (TETAŞ)under 16-Year Electricity Sales Agreements.

PROJECT OVERVIEW

45

BOTAŞ Turkish Pipeline Corporation, a Turkish State Entity, Supplies Natural Gas Under16-Year-Term Contract (Will expire at the end of 2018)

Turkish Undersecreteriat of Treasury Guarantees Back Obligations of TETAŞ and BOTAŞ,

Very Competitive Tariffs - 4.2 Cent/kWh Average Sales Price for 16 Years,

Natural Gas is a Pass-Through Item, Thus Enka Does Not Take Any Natural Gas Price Risk

Located Near Areas of High Demand in West Turkey,

Separate Legal Entities:– Separate Sets of Project and Financing Documentation– Share Near-Identical Commercial Framework

PROJECT OVERVIEW (Cont’d)

46

Strong and Growing Projected Demand for Electricity (8% p.a. at that Time)

Existing and Forecasted Energy Shortage at that Time,

Improving Economic Situation in Turkey.

Proximity to Main Electricity Load Centres– Will Reduce Transmission Losses from Plants in East (Near Domestic Coal and

Hydro Sources)

Proven and Environmentally Friendly Technology.

Will still be Operative and Owned by Enka after 16 years from 2019.

35 – 40 Years of Economic Life

PROJECT RATIONALE

47

COMMITTED AMOUNTS TOTAL(Million USD)

TOTAL DEBT (75%) 1.530

TOTAL EQUITY (25%) 510

TOTAL PROJECT COST 2.040

DEBT FUNDING

48

All Outstanding Project Finance Loans have been Fully Paid Back in 2013

PROJECT FINANCE TOTAL

US EXIM, USA 860

HERMES, GERMANY 185

OND, BELGIUM 125

OPIC, USA 300

OTHER BANKS 60

TOTAL 1.530

DEBT FUNDING

49

BOTAŞ

NATURAL GAS SALES

AGREEMENT

ELECTRICITY SALES

AGREEMENT

TREASURY GUARANTIES

EPC CONTRACT

OPERATIONS &

MAINTENANCEAGREEMENT

PARTS & SERVICES

AGREEMENT

TETAŞ

TREASURY

BECHTELENKA JV

ENKASANTRAL

BAKIM

GEPROJECT

COMPANY

OVERVIEW OF PROJECT AGREEMENTS

50

Source: TEIAS

TURKEY’S ENERGY CONSUMPTION IN 2014

SOURCES MILLION KWH %

NATURAL GAS + LNG 120.438 47,1

HYDRO 40.396 15,8

COAL 73.086 28.6

WIND, GEO & OTHERS 16.516 6.5

IMPORT 7.805 3,1

EXPORT (2.696) (1.1)

TOTAL PRODUCTION 250,436 98,0

TOTAL CONSUMPTION 255,545 100,0

51

TURKEY’S ENERGY DEMAND

95 106 114 119 128 127 133 141 150 161 175 190 198 194 210 230 242 246 255-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

50

100

150

200

250

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Billion KWh Change %

52

INTRODUCTION - ENKA

Documents

Transcript of INTRODUCTION - ENKA