A SUBSIDIARY OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES

February 2015

INVESTOR PRESENTATION

22

Gübre Fabrikaları T.A.Ş

Date of Establishment 25.12.1952

Paid Capital 334.000.000TL

Listing Borsa Istanbul (BIST)

Ticker Symbol GUBRF

33

44

OWNERSHIP STRUCTURE

75,95%24,05%

Main Shareholder - The CentralUnion of Turkish AgriculturalCredit Cooperatives

Public Shares

55

THE CENTRAL UNION OF TURKISH AGRICULTURAL CREDIT COOPERATIVES

• Leading agricultural cooperatives

• Founded in 1863

• 10.000 employees

• 19 Subsidiaries

• Support farmers’ various procurement needs allthe way from fertilizers totractors

Strategic Relationship with GübretaşTACC procures all fertilizer needs of its partners fromGübretaş with the exclusive agreement

16RegionalUnions

1.820Cooperatives

1.100.000Farmer Partners

2.200.000 Total Registered Farmers

66

CURRENT BUSINESS

TURKEY

• Solid Fertilizer Production andSales

• Liquid and Powder FertilizerProduction and Sales

IRAN

• Fertilizer RawMaterials’ Production

• Fertilizer Production

Gübretaş

Razi Petrochemical

77

TURKISH FERTILIZER OUTLOOK

• Lack of main nutrients:

Nitrogen (N)

Phosphate (P)

Potassium (K)

• Depends on raw material

rich countries

Main Drivers Lack of Fertilizers Growth Potential

Fertilizer (nutrient based)

use per hectare of arable

land for some countries

• Turkey: 92 kg

• Greece: 153 kg

• UK: 252 kg

• Germany: 211 kg

• USA: 120 kg

• World Average: 116

• Fertilizer Prices

• Agricultural Product

Prices

• General Financial

Conditions

• Farmers’ Purchasing

Power

• Irrigation

• Weather Conditions

• Goverment’s

Agricultural Policies

88

FERTILIZER PRICES

0

250

500

750

World Fertilizer Prices (FOB US$ / Ton)

DAP (Tunusia) UREA (Black Sea) SULPHUR (Middle East) AN (Black Sea) AMMONIA (Middle East)

99

MARKET OVERVIEW

5.175 5.1995.367

5.148

4.129

5.2634.968

4.766

5.340

5.8145.472 5.500

3.192 3.158 3.133 3.1132.961 2.878

3.4003.750 3.661 3.577 3.548

4.000

2.7102.478

2.6612.377

2.078

3.007

2.1772.242

2.086

2.9343.167

2.800

195 149 23276 208 221

499 543316 182 287

500

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

Turkish Fertilizer Sector (1.000tons)

Consumption Production Import Export

1010

OPERATIONS IN TURKEY

Yarımca121.000t

Samsun30.000t

Tekirdağ30.000t

İzmir65.000t

İskenderun119.000t

RPF

W

Antalya

Diyarbakır

W

F W R

RP W R

W R

R

: Production Facility

: Port

: Warehouse

: Regional Office

F

P

W

R

AnkaraR

import

saleproduction

• 2 Ports

• 5 Logistics Centers

• 7 Regional Offices

• 2.915 dealers

• 365.000 tons Warehouse Capacity

1111

PRODUCTS

SOLID LIQUID POWDER SPECIAL

177 Type of Products

Products – General Use

AN DAP

CAN TSP

CAN GR 20.20.0

AS 20.20.0 ZN

UREA 15.15.15

UREA GR 15.15.15 ZN

Products - Specific Use

13.24.12+10SO3+ZN 23.12.9+ZN

(Corn) (Sunflower)

10.25.20+20SO3+ZN 12.30.12

(Potato) (Sugar beet)

15.20.10+1,5ZN 10.25.5+5CaO+15SO3

(Paddy) (Crop)

18.9.15+2MGO+10SO3 13.18.15+2MGO

(Citrus) (Sugar Beet)

13.25.5+10SO3+0,5ZN 25.05.10

(Wheat) (Tea)

20.20.10+5(SO3)+Zn 20.12.15 and 18.16.15

(Paddy) (Hazelnut)

1212

PRODUCTION FLOW CHART

• AMMONIA

• UREA

• AS

• PHOSPHATE ROCK

• SULPHURIC ACID

• PHOSPHORIC ACID

• POTASSIUM

TSP185.000 ton/year

NPK 1200.000 ton/year

NPK 2300.000 ton/year

PRODUCTION CAPACITY:

985.000 TON/YEAR

YARIMCA PRODUCTION FACILITIES

Liquid Fertilizer Production

25.000 ton/year

• TSP

• 20.20.0

• 20.20.0.ZN

• 15.15.15

• 15.15.15.ZN

• 13.24.12

• 13.25.5

• 23.12.9

Main ProductsMain Inputs

NPK 1A250.000 ton/year

NPK 1B250.000 ton/year

NPK1A and NPK1B will be launched in April 2015 and NPK1 will be deactivated.

1313

MARKET SHARE

1.204 1.238

1.354 1.371

1.120

1.3911.448

1.532 1.538

1.6511.740

1.800

23% 24% 25% 27% 27% 26%29%

32%28,5% 28,2%

32% 33%

0

500.000

1.000.000

1.500.000

2.000.000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Gübretaş Sales (1.000tons)

GÜBRETAŞ Market Share

1414

PRODUCTION & C.U.R.

499 506463

514 515

348

510 529481 507 523

695

57% 58%53%

75% 75%

51%

74%77%

70%74%

76%

71%

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

900.000

1.000.000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Gübretaş Production (1.000tons)

GÜBRETAŞ Capacity Utilisation Rate

1515

RAZI PETROCHEMICAL CO.

• Established in 1968

• The largest fertilizer complex of İran

• Producer of Ammonia, Urea,Sulphur, Sulphuric Acid, PhosphoricAcid and DAP

• Located near the Mahsahr city at The Khuzestan province of Iran

• Advantage of processing both sourand sweet natural gas

1616

RAZI PETROCHEMICAL CO.

• The consortium led byGübretaş purchased 95.62% of Razi Petrochemical Co. shares from Iranian Privatization Organization in 2008 (656 million USD).

• Gübretaş has 48,88% stake in Razi Petrochemical Co.

• 3 members out of 5 at the board.

• Full consolidation

1717

RAZI PETROCHEMICAL CO.

SOUR GAS

AMMONIA UREASWEET GAS

FEEDSTOCKFERTILIZER RAW

MATERIALFERTILIZER

SULPHUR

DAPPHOSPHATE ROCK (ARYA)

SULPHURIC ACID

PHOSPHORIC ACID (ARYA)

1818

RAZI PETROCHEMICAL CO.

PRODUCTION CAPACITY

PlantNumber of

PlantCapacity

(tons)

Ammonia 3 1.336.000

Urea 1 594.000

DAP 2 450.000

Sulphuric Acid 2 627.000

Sulphur Granular 1 508.000

Phosphoric Acid(ARYA)

1 126.000

Total 10 3.641.000

1919

RAZI PETROCHEMICAL CO.

Since Razi is fully consolidated with Arya Phosphoricby 2013, the consolidated production and salesfigures have been revised from this date.

1.537

1.7971.971

1.552 1.6301.713

1.990

1.3151.486

1.632

1.309 1.247 1.3291.474

0

500

1.000

1.500

2.000

2.500

2009 2010 2011 2012 2013 2014 2015E

Production-Sales (1.000tons)

PRODUCTION SALES

55,3%

70,5%

50,5%

58,2%

67,3%

82,7%

78,1%

69,1% 70,1%

62,0%

51,8%55,1%

76,2%

56,6%

71,5%

51,7%

58,9%

40%

50%

60%

70%

80%

90%

2009 2010 2011 2012 2013 2014 2015E

Capacity Utilization Rate

AMMONIA SULPHUR UREA

2020

RAZI PETROCHEMICAL CO.-2015

AMMONIA45,23%

SULPHURIC ACID

13,07%

UREA17,59%

SULPHUR15,83%

PHOSPORIC ACID (ARYA)

4,02%

DAP4,27%

PRODUCTION-Ton

AMMONIA44,72%

SULPHURIC ACID

4,07%

UREA23,75%

SULPHUR18,09%

DAP5,77%

PHOSPORIC ACID

3,60%

SALES-Ton

Export67,90%

Domestic32,10%

SALES COMPOSITION

2121

RAZI PETROCHEMICAL CO. 2015

Production Estimates (Ton)

Product CUR 2015E

Ammonia 67% 900.000

Urea 59% 350.000

Sulphur 62% 315.000

Sulphuric Acid 41% 260.000

DAP 19% 85.000

Phosphoric Acid (ARYA) 63% 80.000

Total 55% 1.990.000

Sales Estimates (Ton)

Product 2015E

Ammonia 659.100

Urea 350.000

Sulphur 266.600

Sulphuric Acid 60.000

DAP 85.000

Phosphoric Acid (ARYA) 53.000

Total 1.473.700

2222

RAZI PETROCHEMICAL CO. 2015

Operations-.000 Tons 2015E

Production 1.990

Sales 1.474

Income Statement-Million USD 2015E

Revenues 599

EBITDA 172

EBITDA Margin 28%

Net Income 172

Net Income Margin 28%

Capex 30

2323

GÜBRETAŞ 2015 CONSOLIDATED

Operations-.000 Tons 2015E

Production 2.685

Sales 3.274

Income Statement-Million TL 2015E

Revenues 3.195

Gross Profit 694

Gross Profit Margin 22%

EBIT 442

EBIT Margin 14%

EBITDA 521

EBITDA Margin 16%

Net Income 423

Net Income Margin 13%

Adjusted EBITDA 315

Adjusted EBITDA Margin 10%

Adjusted Net Income 203

Adjusted Net Income Margin 6%

Capex 190

2424

NEW INVESTMENT AT YARIMCA FACILITY

• NPK/DAP Plant

• 500.000 Ton/Year capacity

• Ammonia Tank

• 25.000 Ton Capacity

• 60.000.000€ Capex

• Capacity Increase

• NPK & DAP Production

• Liquid Raw Material Usage

• Cost Advantage

2525

SUBSIDIARIES

RAZİ Petrochemical

International Trade

Arya PhosphoricPhosphoric Acid Production

Negmar MaritimeCompany

• 40% Stake• Dry Cargo Shipping• LPG Shipping

• Ro-Ro • Ferry

• Logistics Services

Tarkim Pesticide

• Partnership with TACC

• 40% Stake

Tarnet Information Technologies

• Partnership with TACC

• 17% Stake

İmece Prefabricated Construction

• Partnership with TACC

• 15% Stake

2626

DISCLAIMER

This presentation may contain forward-looking

statements within the meaning of securities laws which

may by their nature involve risk and uncertainty. All

statements that address the firm’s objectives, estimates,

predictions, expectations or projections about the future

including such statements as the company’s growth, cost

reduction and restructuring plans, expenditures and

financial results are forward-looking statements.

These statements are based on current plans,

estimates and expectations. Actual results may differ

materially from those projected in such forward-looking

statements and therefore investors should not place

undue reliance on them. Gübretaş undertakes no

obligation to publicly update or revise any forward-

looking statement, whether as a result of new

information, or otherwise.

INVESTOR RELATIONS MANAGEMENT

Phone +90 216 468 50 50

Fax +90 216 407 10 11

Web Site www.gubretas.com.tr

E-Mail hkarakus@gubretas.com.tr

Address Nida Kule, Göztepe Kavşağı 34732 Kadıköy/İstanbul

Thank You

AN SUBSIDIARY OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES