AN AFFILIATE OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES

July 2012

INVESTOR PRESENTATION

2

Gübre Fabrikaları T.A.Ş

Date of Establishment 25.12.1952

Share Capital 83.500.000TL

Listing Istanbul Stock Exchange

Ticker Symbol GUBRF

3

GÜBRE FABRİKALARI T.A.Ş

4

OWNERSHIP STRUCTURE

75,95% 24,05%

Main Shareholder - The Central Union of Turkish Agricultural Credit Cooperatives

Public Shares

5

THE CENTRAL UNION OF TURKISH AGRICULTURAL CREDIT COOPERATIVES

• Leading agricultural cooperatives

• Founded in 1863

• 6.000 employees

• 23 Subsidiaries

• Support farmers’ various procurement needs all the way from fertilizers to tractors

Strategic Relationship with Gübretaş Procure all fertilizer needs of its partners from Gübretaş with the exclusive agreement

16 Regional Unions

1.678 Cooperatives

1.150.000 Farmer Partners

3.000.000 Total Farmers

6

CURRENT BUSINESS

TURKEY

• Compound Fertilizer Production

• Liquid Fertilizer Production

• Marketer of fertilizer

• Pesticide Production

• Shipping

• Port Management

IRAN

• Feedstock Production

• Fertilizer Production

Gübretaş

Razi Petrochemical

7

TURKISH FERTILIZER OUTLOOK

• Scarcity of main nutrients:

Nitrogen (N)

Phosphorus (P)

Potassium (K)

• Dependency on raw

material rich countries

Main Drivers Feedstock Scarcity Growth Potential

Fertilizer (nutrient based)

use per hectare of arable

land for selected countries

• Turkey: 80 kg

• Greece: 144 kg

• UK: 208 kg

• Germany: 160 kg

• USA: 103 kg

• Fertilizer Prices

• Agricultural Product

Prices

• General Financial

Conditions

• Farmers’ Purchasing

Power

• Irrigation

• Weather Conditions

• Goverment’s

Agricultural Policies

8

FERTILIZER PRICES

0

250

500

750

1.000

1.250

World Fertilizer Prices (FOB US$ / Ton)

DAP (Tunisia) UREA (Blacksea) AN (Blacksea) SULPHUR (Iran) AMMONIA (Middle East)

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MARKET OVERVIEW

4.262

4.506

5.094 5.175 5.199 5.367

5.148

4.129

5.263

4.968 4.766

2.632

3.472 3.318

3.192 3.158 3.133 3.113 2.961 2.878

3.400

3.702

1.776 1.735

2.126

2.710 2.478

2.661

2.377

2.078

3.007

2.177 2.242

1.000

2.000

3.000

4.000

5.000

6.000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Turkish Fertilizer Sector (1.000tons)

Consumption Production Import

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OPERATIONS IN TURKEY

Yarımca 140.000t

Samsun 30.000t

Tekirdağ 40.000t

İzmir 62.000t

İskenderun 119.000t

R P F

W

Konya

Diyarbakır

W

F W R

R

P W R

W R

R

: Production Facility

: Port

: Warehouse

: Regional Sale Office

F

P

W

R

Ankara R

import

sale production

• 2 Ports

• 5 Warehouses

• 7 Regional Sale Offices

• 2.618 dealer

• 391.000 ton Warehouse Capacity

11

PRODUCTS

SOLID LIQUID POWDER SPECIAL

130 Type of Products

Products - General Use

AN 15.15.15

CAN 15.15.15 ZN

AS 20.20.0

URE 20.20.0 ZN

DAP TSP

MAP PS

Products - Specific Use

13.24.12 (Corn)

23.12.9 (Sunflower)

10.25.20 (Potato)

12.30.12 (Sugar beet)

10.25.5 (Crop) 15.20.10 (Paddy)

13.25.5 (Crop) 25.5.10 (Tea)

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PRODUCTION FLOW CHART

• AMMONIA

• UREA

• AS

• PHOSPHATE

• S.ACID

• F.ACID

TSP 185.000 ton/year

NPK 1 200.000 ton/year

NPK 2 300.000 ton/year

PRODUCTION CAPACITY:

685.000 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

• 12.30.12

• 13.24.12

Main Products Main Inputs

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MARKET SHARE

762

898

1.204 1.238

1.354 1.371

1.120

1.394 1.449

1.532 1.588

17% 18%

23% 24% 25%

27% 27% 26%

29% 32% 31%

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Gübretaş Sales (1.000tons)

Gübretaş Market Share %

14

PRODUCTION & CUR

324

422

499 506

463

514 515

348

510 529 521

37%

48%

57% 58% 53%

75% 75%

51%

74% 77% 76%

0

100

200

300

400

500

600

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Gübretaş Production (1.000tons)

Gübretaş Capacity Utilisation Rate

15

RAZI PETROCHEMICAL CO.

16

RAZI PETROCHEMICAL CO.

• Established in 1968

• The largest fertilizer complex

• Producer of Ammonia, Urea, Sulphur, Sulphuric Acid, Phosphoric Acid and DAP.

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

• Advantage of sour and sweet natural gas

17

RAZI PETROCHEMICAL CO.

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

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

• 3 members out of 5 at the board.

• Full consolidation

18

RAZI PETROCHEMICAL CO.

SOUR GAS

AMMONIA UREA SWEET GAS

FEEDSTOCK FERTILIZER RAW

MATERIAL FERTILIZER

SULPHUR

DAP PHOSPHATE ROCK

SULPHURIC ACID

PHOSPHORIC ACID

19

RAZI PETROCHEMICAL CO.

PRODUCTION CAPACITY

Plant Number of Plant

Capacity (tons)

Ammonia 3 1.336.000

Urea 1 594.000

DAP 2 450.000

Sulphuric Acid 2 627.000

Phosphoric Acid 1 255.000

Sulphur Granul. 1 508.000

Total 10 3.770.000

20

RAZI PETROCHEMICAL CO.

55%

70%

83%

78%

65%

52%

58%

76% 72%

40%

60%

80%

100%

2009 2010 2011 2012E

Capacity Utilization Rate

AMMONIA SULPHUR UREA

1.548

1.845 1.999

1.768

1.315 1.486

1.636 1.550

0

500

1.000

1.500

2.000

2.500

2009 2010 2011 2012E

Production-Sales (1.000tons)

Production Sales

21

RAZI PETROCHEMICAL CO.-2011

AMMONIA 50%

SULPHURIC ACID 7%

UREA 23%

DAP 1%

SULPHUR 19%

PRODUCTION

AMMONIA 45%

SULPHURIC ACID 8%

UREA 24%

DAP 1%

SULPHUR 22%

SALES

Export 81%

Domestic 19%

SALES COMPOSITION

22

RAZI PETROCHEMICAL CO.

Production Estimates (Ton)

Product CUR 2012E

Ammonia 64% 849.000

Sulphuric Acid 20% 124.000

Urea 72% 430.000

DAP 7% 30.000

Sulphur 65% 330.000

Phosphoric Acid 2% 5.000

Total 47% 1.768.000

Products Available for Sale (Ton)

Product 2012E

Ammonia 624.000

Sulphuric Acid 106.000

Urea 483.000

DAP 30.000

Sulphur 307.000

Total 1.550.000

Sales Price Assumptions (US$/Ton)

Product 2012E

Ammonia 504

Sulphuric Acid 94

Urea 385

DAP 550

Sulphur 176

Sales Revenues (US$/Mil)

Product 2012E

Ammonia 314

Sulphuric Acid 10

Urea 186

DAP 17

Sulphur 54

Total 581

23

OPERATING PROFORMA 2012E

Capacity Utilization Rate 47%

Production '000 Ton 1.768

Sales '000 Ton 1.550

Revenues US$ Mil. 581

EBITDA US$ Mil. 261

EBITDA Margin 45%

Net Income US$ Mil. 220

Net Income Margin 38%

Capex US$ Mil. 12

RAZI PETROCHEMICAL CO.

24

Growing with Turkey for 60 years!

25

2004 - 2012 ECONOMIC PROFILE

Consolidated Income Statement (Million TL) 2004 2005 2006 2007 2008 2009 2010 2011 2012E

Revenues 428 414 481 610 1.412 1.045 1.385 2.276 2.432

Sales Growth 68% -3% 16% 27% 131% -26% 33% 64% 7%

COG 374 371 421 529 943 930 952 1.582 1.866

Gross Income 54 43 60 81 469 115 433 695 566

Gross Margin 13% 10% 12% 13% 33% 11% 31% 31% 23%

G & A Expenses 36 36 38 42 72 79 104 182 182

G & A / Sales 9% 9% 8% 7% 5% 8% 8% 8% 7%

EBIT 18 7 22 39 398 36 329 513 384

EBIT Margin 4% 2% 5% 6% 28% 3% 24% 23% 16%

Financial Exp. (Inc.) 6 6 7 -10 136 78 49 120 -62

Earnings Before Tax 11 1 15 49 262 -42 280 392 446

Net Income 7 1 9 39 282 -48 245 375 400

Adjusted Net Income 7 1 9 39 103 -59 120 130 197

Net Income Margin 2% 0% 2% 6% 7% -6% 9% 6% 8%

EBITDA 19 8 24 46 449 106 402 606 485

Adjusted EBITDA 19 8 24 46 238 71 224 316 246

EBITDA Margin 4% 2% 5% 8% 32% 10% 29% 27% 20%

26

NEW INVESTMENT IN YARIMCA

• NPK/DAP Plant

• 500.000Ton/Year capacity

• Ammonia Tank

• 25.000Ton Capacity

• 60.000.000€ Capex

• Launch in April 2014

• Capacity Increase

• NPK & DAP Production

• Liquid Raw Material Usage

• Cost Advantage

27

SUBSIDIARIES

Tarkim Pesticide Company

• Partnership with Turkish Agricultural

Credit Cooperatives

• 40% Stake

• 25.000Ton/year production capacity

RAZİ Petrochemical

Negmar Shipping Company

• 40% Stake • 5 Dry Cargo Vessels

• 3 Ro-Ro Vessels

• 52 Trucks

28

GÜBRETAŞ INVESTMENT THESIS

• Strong market position and potential to

become a regional market leader

• TACC strategic relationship

• A proven management track record

• Unique assets including dedicated natural gas

• Ideal geographic positioning and logistic

capabilities

• Improvement opportunities at the newly

acquired facilities.

Gübretaş remains well

positioned on its way to

become a global player

“

”

29

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 +90 212 376 50 50

Fax +90 212 288 13 76

Web Site www.gubretas.com.tr

E-Mail noner@gubretas.com.tr

Address Kasap Sk. No:22 Esentepe 34394 Sisli/Istanbul/Turkiye

Thank You

AN AFFILIATE OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES