financial statements

Opinion

In our opinion, the financial statements attached accurately and fairly reflect, in all material respects, the financial position of Park Elektrik Üretim Madencilik San. ve Tic. A.Ş. as of December 31, 2009 and its financial performance and cash flows in relation the year ending on the same date within the framework of financial reporting standards issued by the Capital Market Board.

Notwithstanding our opinion above, we would like to mention the following matter:

As disclosed in Note 3 of the financial statements, according to the resolution passed at the Board of
Directors meeting dated January 21, 2009, it was unanimously resolved that Ceytaş Madencilik Tekstil
Sanayi ve Ticaret A.Ş. would be merged into Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.Ş. by
the way of transfer of all the assets and liabilities of Ceytaş as a whole. The relevant merger transaction was finalized at the values of balance sheet dated April 30, 2009 upon the consent of the General Assembly at the Ordinary General Assembly Meeting held on the date of April 30, 2009
Istanbul,

March 11, 2010

KAVRAM BAĞIMSIZ DENETİM VE YEMİNLİ MALİ MÜŞAVİRLİK A.Ş.
KURTBAY ÖNCÜ
Partner – Head Auditor