KARPOWER INTERNATIONAL

Fast Track Guaranteed Electricity Supply Solution: POWERSHIP

Nuray Atacık Chief Commercial Officer

November 2011 Abuja, Nigeria KARADENIZ HOLDING CONFIDENTIAL 1 KARADENIZ GROUP BUSINESSES

2 MORE THAN 3,000 MWs GENERATION CAPABILITY

OPERATIONS CAPACITY Domestic Projects In Commercial Operation 246 MW

Domestic Projects Under Construction (HPP/Geo 1) 152 MW

558 MW Domestic Project Execution Pipeline (WPP/CCGT/HPP/Geo 2)

Total Domestic Operations 956 MW

Powerships in Commercial Operation & Completed (KPS 1-3-4-5-6) 785 MW (Phase I - 5 Vessels) Powerships Under Construction (KPS 9-7-11-10-2) 755 MW (Phase II - 5 vessels) Powerships in the Pipeline (KPS 8-12-14-15-16) 635 MW (Phase III - 5 vessels)

Total Powership Fleet 2175 MW

3 FAST TRACK GUARANTEED ELECTRICITY SUPPLY SOLUTION

KARPOWER POWERSHIP

4 POWERSHIP OFFERS MEDIUM-TERM SOLUTION

 Capacity: 10-40 MW  Capacity: 50-220 MW  Capacity: 500-1500 MW  Contract Term: 6-12 months  Contract Term: 3-5 years  Contract Term: 15-25  Delivery: 3-4ms  Delivery: 6 months years  Fuel: LFO  Fuel: HFO / NG  Delivery: 24-36 months  Fuel: Hydro/Coal/NG

5 POWERSHIP IS…

No Completion or Proven engine 90 days Delivery Direct connectivity Construction Site technology, ideal for time to local grid from Risk both Base Load or mounted, onboard High Fuel Peak Shaving faster transport & Voltage grid Independence High Fuel Efficiency greater access station , Dual-fuel supply Centralized , Utility capability Operation maintenance 24/7 option, Natural Grade Generation Gas or HFO

6 KARPOWER POWERSHIP FLEET

7 THE MARKET FOR POWERSHIPS

Central: , Regional Directory: Business Development Europe, Cyprus, Malta, Australia, Japan and East Africa Organization Structure : Regional Directory: North Regional Directory: Asia Pacific, and West Africa and Arabian Gulf 8 KARPOWER POWERSHIP CONCEPT ADVANTAGES

Mid-term solution for countries to avoid electricity shortage Gains time for decision makers for bridging generation gaps and choosing the best long term solution for their country Economical than short term solutions or suffering from shortage or many existing old power plants Immediate Impact for Sustainable Growth of the economy Rental Contract does not require lengthy legal or financial processes High quality and fast delivery No completion or Site Risk Operation is also possible in areas with poor logistic infrastructure Unaffected by floods, landslides or earthquakes Minimal use of land space Mobility advantage for future use in other areas CONFIDENTIAL 9 Phase I- POWERSHIP FLEET IN OPERATION

110 MW 220 MW

200 MW 144 MW 110 MW KARADENIZ IREM SULTAN POWERSHIP

KARADENIZ HOLDING OPERATING KARADENIZ POWERSHIPS Phase I - 785 MWs Karadeniz Powership Dogan Bey 144 MW Operating in Basrah- Karadeniz Powership Rauf Bey 200 MW Operating in Basrah - Iraq Karadeniz Powership Kaya Bey 220 MW Operating in Karachi – Karadeniz Powership Alican Bey 110 MW Operating in Karachi – Pakistan Karadeniz Powership İrem Sultan 110 MW Will Operate in Basrah - Iraq KARADENIZ POWERSHIP RAUF BEY Operating in Basrah

13 KARADENIZ POWERSHIP KAYA BEY & KARADENIZ POWERSHIP ALICAN BEY Operating in Karachi

14 MAJOR PROJECTS - POWERSHIPS

- Floating Power Plants – Powerships - Delivery completed - Guaranteed Availability - Fuel supplied and physically delivered by the Buyer on board, for energy conversion - Client with impeccable track record since IRAQ 250 MW 2003 with KEG over USD 600M+ 3+2 year Rental Contract – Ministry of Electricity of Iraq

Karadeniz Powership Dogan Bey Operating on Location Karadeniz Powership Rauf Bey Contract revision agreed : Karadeniz Powership Irem Sultan -Per kwh monthly invoicing -Discount of 10 % on Fuel Opex from 78 gr to 70,2 gr -Reduction in annual escalation to 2 % from 4,5%

15 MAJOR PROJECTS - POWERSHIPS

- Floating Power Plants – Powerships - Delivery Completed - Fixed Monthly Rental Fees to be paid secured by Sovereign GOP Guarantee - Guaranteed Availability - Fuel Charge paid based on generation, pass thru PAKISTAN 231.8 MW SBLC 5 years Rental Services Contract - Lakhra Power Generation Co. Ltd

Karadeniz Powership Kaya Bey All three Vessels safely moored on location and in Karadeniz Powership Alican Bey Commercial Operation Karadeniz Powership Enis Bey Fuel Shuttle / Storage Tanker(s) deployed (Fuel Shuttle)

16 Next Generation Karadeniz Powerships 755 MWs (5 New Powerships) Under Construction

KARPOWER KARADENIZ POWERSHIP PHASE 2 & PHASE 3 Under Construction

Standardized Design: Shark Class - Orca Class

Stream Lined Production Built to Spec

Standardized Brand New Equipment: Man – Siemens Alfa Laval – Aalborg

18 110 MW KARADENIZ IREM SULTAN POWERSHIP READY TO ENERGIZE THE WORLD

20 READY TO ENERGIZE THE WORLD

KARADENIZ HOLDING CONFIDENTIAL 21