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VISIT OF THE GEBZE POWER PLANT Oct17th, 2012 UNIT & TRACTEBEL ENGINEERING

Message from M. Unal AYSAL, Chairman of Unit

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Unit company profile

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Message from M. Georges CORNET, CEO of Tractebel Engineering

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Tractebel Engineering company profile

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Project Description

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Services provided by Tractebel Engineering

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Main technical characteristics of the Power Plant

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Message from M. Unal AYSAL, Chairman of Unit In 1974, when I decided to establish UNIT, my dream was to build a vehicle to carry me and my team through the tunnel of time to reach not only the essence of the economic realities of the world, but also to enrich our cultural portfolio in communicating with various cultures without any geographical or political preference, while participating and contributing in their relentless efforts to reach higher standards for their people. Having set these objectives, UNIT has been active not only in calm waters of the world of developed countries, but also in strictly state controlled markets of the Communist era (prior to 1991), as well as on the moving sands of Middle East, with hard players such as Libya in 1970s, in Iran after the 1979 revolution, in Anwar Esad’s Egypt, Turkey before and after the 1980 Coup d’ Etat, and also in far east with giants like China, Japan and South Korea. We have formed joint ventures, partnerships and gone from simple trading activities to the more complicated barter and swap deals to find the most convenient “sur mesure” formula to satisfy the needs of each specific market. In this voyage to the future, we have gone through, and experienced difficult times, crisis, bankrupt governments, wars, revolutions, and even some natural disasters as well as success. The years after 1990, UNIT was no longer only a Project Development Company, but also a credible investor group in the Energy Sector. For UNIT the basic principle was “The Continuous Change”. We have tried to keep our minds always young and open to the new opportunities, systems, methods and technologies, only to follow closely the changing realities of the world but also to comply with them in a timely manner. In this sense I believe UNIT is a very young company. Our primary and most important task is to keep it always fit and ready to sail with our partners on win- win basis as we have been doing for the last three decades. Unal Aysal UNIT Chairman

Unit company profile Unit International S.A (“Unit”) is established in 1974 in Belgium. Unit is active in power generation business as a major developer, investor and trader in Turkey, South Eastern Europe (SEE) and the Middle East. Unit is the founder and investor of the first independent power producer (structured as BOT) in Turkey, Uni-Mar 480 MW CCGT power plant is now in its 12nd year of successful operation. Unit’s power generation portfolio includes advanced level under-construction projects with a total installed capacity of around 2,000 MW comprising hydroelectric, 865 MW CCGT (to be completed by end 2013) and renewable energy power plants which are planned to operate in the coming year. Besides the main field of activity, the company carried out EPC activities in the past resulting in completion of 4,000 MW of gas fired power plants. Lastly, energy trading special purpose vehicle, Unit Elektrik, is the pioneer electricity trader in Turkey that carries out its activities in highest business standards. Yeni Elektrik Üretim A.S is a Special Purpose Company created by UNIT for the purpose of the Yeni 850 MWe CCGT project.

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Message from M. Georges CORNET, CEO of Tractebel Engineering Tractebel Engineering takes pride in participating to the Belgian Economic Mission led by H.R.H. Prince Philippe to the Republic of Turkey because of the enormous potential this mighty country holds for fruitful partnerships and long-term industrial cooperation. Not only offers this country’s dynamic economic development vast opportunities for engineering and consulting firms like ours, it also plays a prominent role as a country connecting Asia and Europe which is highly appreciated by an international engineering company like Tractebel Engineering. Turkey has been a country in which Tractebel Engineering and the GDF SUEZ Group have vested interests since many decades: starting as early as 1911, our ancestors were involved in many coal-fired and hydropower generation and gas distribution projects starting with the electrification of the tramways linking Constantinople with Galat-Pera. Our presence in Turkey has been built on mutual respect for the expectations of the customers that we served and the recognition of our expertise in the field of energy engineering. Today’s visit to the construction site of GEBZE is an excellent opportunity to show you the contribution of our engineers to the development of another corner stone of Turkey’s economic tissue. We are also proud to announce that - in the presence of HRH Prince Philippe of Belgium - we will sign in Istanbul on October 16th a new contract with AFKEN Holding for the construction of a combined cycle power plant. Georges Cornet CEO of Tractebel Engineering

Tractebel Engineering company profile Tractebel Engineering is a leading international engineering company, specialized in energy and smart sustainable infrastructure projects. It offers state-of-the-art engineering and consulting solutions to power generation (thermal, renewable, hydro, and nuclear), power transmission, gas, industry and infrastructure customers in the public and private sectors. Its engineering assignments and services cover the full life cycle of customers’ installations: feasibility studies, basic design, technical specifications, project management and commissioning. Its knowledge of the most advanced technologies, its multidisciplinary teams and its years of experience in facility operation are its main assets. Some 3300 staff, mainly composed of high-qualified engineers, form a considerable source of expertise in areas as varied as thermal power generation (gas fired, coal fired, cogeneration, repowering, desalination), renewable energy (biomass, wind, solar, geothermal), hydropower, transmission and distribution (power system consulting, T&D infrastructure, T&D operations), carbon capture and storage, gas exploration and production, LNG, gas treatment, transmission, storage and distribution. Tractebel Engineering has acquired an excellent reputation for its engineering and consultancy services in the power and gas sectors in Turkey thanks to the important number of projects realised in the country since more than 60 years. 3


While the presence of the Group in Turkey starts as early as 1911 (Silahtara a power plant – Santralistanbul), Tractebel Engineering has acted as Owner’s Engineer for the construction of the LNG terminal of Marmara-Ereglisi developed by BOTAS and for the construction of the Baymina gas-fired power plant developed by GDF SUEZ. More recently, several contracts have been established in the form of Owner’s Engineer missions for the construction of thermal power plants of Mersin for Akfen Energy (contract to be signed during the Belgian economic mission), of Sarkoy for Bilgin Energy and of Gebze for Unit. A similar contract for the hydro power plant of Artvin has been awarded. Moreover, various due diligences are conducted by Tractebel Engineering in Turkey for private investors in the energy sector. In the gas sector, Tractebel Engineering is currently studying the Trans-Turkey Pipeline (1,800 km) to bring natural gas from Iran to Europe.

Project Description On July 13 2011, Unit Investment NV closed the financing of the Yeni Elektrik 865 MW gas-fired combined cycle power plant (Yeni Elektrik) in Kocaeli, Gebze located near Istanbul in Turkey. The project has been entirely developed by Unit International SA (Unit) based in Brussels. Yeni Elektrik CCGT project is of landmark significance in that it represents the successful conclusion of a limited recourse project financing of a gas-fired merchant plant, in a jurisdiction where the on-going liberalization of electricity and gas markets required forward thinking engagement and collaboration between sponsors and lenders. The project benefits from strong sponsor credentials, Unit Investment NV (a sister company of Unit) has an established presence in the Turkish Electricity Market, with more than 30 years experience and its joint venture partner Ansaldo Energia Spa (Ansaldo) is Italy’s leading contractors for manufacturing thermal power plant equipment and bringing a proven track record in the construction of power plants. Unit and Ansaldo are shareholders in Yeni Elektrik, with Unit Investment NV owning 60% and Ansaldo 40% of the shares. The EPC strength of the contractor and the robust contractual framework allowed the project to enter into a turn-key lump-sum, date certain contract minimizing the execution risks. This, combined the strength of the project sponsors enabled lenders to accept the limited recourse structure during the execution of the project. The developing Turkish economy and the obvious need for additional power supply capacity, when supported with a transparent and well-structured regulatory environment were the essential parameters to establish a limited recourse structure for the operation period. The project was financed exclusively in the Turkish bank market. Garanti Bankası, Bankası, Vakıflar Bankası and Yapı Kredi Bankası together provided 700 million USD term loan facility and 80 million USD letter of guarantee facility to Yeni Elektrik which has a total project cost estimated around 1 billion USD. Yeni Elektrik with its state of the art technology will benefit from high efficiency figures and flexibility, which are essential factors to be dispatched in a competitive electricity market. Yeni Elektrik is located in a region where the electricity growth is well above the average growth rate of Turkey and the location needs reliable power supply to feed the heavy industry established in that zone. In addition, with its high environmental standards Yeni Elektrik assures to be an environmentally friendly project with low emission values. Yeni Elektrik is an out standing example of collaboration between sponsors, contractors and lenders to create a valuable power plant in the Turkish Electricity Market.

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Services provided by Tractebel Engineering Yeni Elektrik has entrusted Tractebel Engineering to perform following activities: UÊ

Consolidation of a bankable feasibility, aiming at providing the financial institutions with sufficient and reliable information regarding the development, organization and predicted economic results of the Yeni CCGT Project for financing purposes,

Selection of an EPC Contractor,

Owner’s Engineering activities during project implementation. The activities of TE involve design review, manufacturing workshop inspection and follow up of construction at site and commissioning and testing activities. Technical support for the selection of O&M Contractor is also part of this mission.

Main technical characteristics of the Power Plant The Plant configuration consists of a 2+1 multi shaft configuration, arrangement of UÊ UÊ UÊ

two gas turbines model AE94.3a4 two heat recovery steam generator one steam turbine

operating in combined cycle, with approximate total nominal net output of 825 MW and peak output at 865 MW. Each gas turbine and the steam turbine will drive a separate generator from which electricity will be exported via a transformer to the TEIAS grid at 380 kV. The power station is fed by natural gas coming from the BOTAS gas national network. The 865 MW CCPP has following main characteristics: UÊ UÊ UÊ

mainly a merchant plant designed for heavy cycling; very environment friendly and one of the cleanest power plants of the category in Turkey. The environmental parameters shall be continuously monitored to ensure clean operation at all times; 57.9% net efficiency LHV, one of the highest rates of its category.

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Belgian Prince Philippe visits Gebze Powerplant