CASE FILE – RASEN CONSTRUCTION x KALE FINANCE INVESTMENT

1. Company Introduction

Rasen Construction is one of Russia's largest construction companies and a major shareholder of Soyak Holding. The company has implemented numerous prestigious skyscraper projects in Moscow. Rasen Construction, which owns 1,000,000 acres of land, also possesses state-of-the-art machinery for wheat production in Russia.

Rasen Construction has a strong capital structure in both the construction and agriculture sectors and is known as one of the richest companies in Türkiye.

2. Collaboration with Kale Finans Yatırım A.Ş.

Within the scope of the strategic cooperation protocol signed between Rasen İnşaat and Kale Finans Yatırım A.Ş., public consultancy, permit processes and financial structuring studies were carried out for energy and infrastructure projects in Türkiye.

This cooperation played a critical role, particularly within the framework of the 156 MW capacity hydroelectric power plant (HPP) project planned in the Munzur district of Tunceli province.

3. 156 MW Munzur HEPP Project

Kale Finans Yatırım A.Ş. served as the main coordinator in the public permit processes of the 156 MW HEPP project carried out in the Munzur district of Tunceli province.

Kale Finans Yatırım managed all permitting processes between the Presidential Investment Agency and public institutions. Additionally, the EIA process was successfully completed at the Ministry of Environment, Urbanization and Climate Change level.

The project has a technical capacity of 156 MW and is designed as a dam-type hydroelectric power generation facility. The total project cost is estimated at approximately 390 million US dollars (USD) .

4. Project Components

• Dam and tunnel construction: 214.5 million USD

• Electromechanical equipment (turbine, generator, SCADA): 97.5 million USD

• Transmission and transformer systems: 23.4 million USD

• Engineering, consultancy and permitting processes: 23.4 million USD

• Environmental and expropriation expenses: 11.7 million USD

• Other (quota, project management, etc.): 19.5 million USD

Total investment cost: 390 million USD

5. Conclusion and Impact

Kale Finans Yatırım A.Ş. played a key role in the public consultancy, financial structuring, and investment coordination processes carried out within the scope of the project. This collaboration has become one of the most significant public-private partnership projects in the Turkish energy sector.

The strategic partnership between Rasen İnşaat and Kale Finans Yatırım A.Ş. will also be continued in future energy investments.

Best regards,

KALE FINANCE INVESTMENT INC.

Assoc. Prof. Dr. Yasin Kalafatoğlu – CEO