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1 Investor Presentation November 2014

2 Disclaimer The information and any opinions contained in this document have been compiled in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. Save to the extent (if any) that exclusion of liability is prohibited by any applicable law or regulation, Egeli & Co., its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise however arising (whether in negligence or otherwise) out of or in connection with the contents of or any omissions from this document. This document does not constitute an offer to sell, purchase, subscribe for or otherwise invest in units or shares of any fund referred to in this document. The value of any investment in any vehicle may fall as well as rise and investors may not get back the amount originally invested. Past performance is not necessarily a guide to the future. This document does not constitute and may not be relied upon as constituting any form of investment advice and prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment. This document is issued by Egeli & Co. Corporate Support Services on behalf of Egeli & Co. Financial Services Group.

4 Group Overview Established in 2002, Egeli & Co. is an independent financial investments group licensed and regulated by the Capital Markets Board of Turkey ( CMB ). Three companies of the group are listed on the Borsa Istanbul ( BIST ) Egeli & Co. Investment Holding ( EGC Investment Holding, BIST:EGCYH) Egeli & Co. Agriculture Investment Trust ( EGC Agri Capital, BIST:EGCYO) Egeli & Co. Investment Trust ( EGC InfraEnergy, BIST:EGLYO ) 4

5 Group Structure Egeli & Co. Agriculture Investment Trust (EGCYO)* Egeli & Co. Investment Holding (EGCYH)* Egeli & Co. Investment Trust (EGLYO)* Investment Theme Agriculture Generalist Energy Market Capitalization TL 24.6 million TL 28.4 million TL 91.6 million Book Value TL 45.0 million TL 37.9 million TL 42.8 million Total Assets TL 45.5 million TL 46.5 million TL 43.0 million Shareholding Structure Free Float 62.11% EGCYH 26.39% EGLYO 5.75% EPYAS 5.75% Free Float 48.38% Tan EGELİ 45.63% EGLYO 6.00% EGCYH 84.03% Free Float 15.97% EPYAŞ ** * As of ** EPYAS = Egeli & Co. Portföy Yönetimi A.Ş (Egeli & Co. Asset Management) 5

6 BIST Ticker: EGCYO ISIN:TRAEVREN91Q7

7 Company Overview Listed on the Borsa Istanbul (BIST), Egeli & Co. Agriculture Investment Trust (EGC Agri Capital, BIST:EGCYO) is the first Turkish closed-end structure focusing solely on agriculture investment theme. Paid-in capital and registered capital of the company are TL 22 million and TL 200 million, respectively. Management Harvest Your Investment Assets and liabilities of EGCYO are managed/advised by Egeli & Co. Asset Management (EPYAS) which is authorized and regulated by the CMB of Turkey. EGCYO has also a well established corporate governance system, which ensures efficient control of management s execution of strategic decisions. Listed on the BIST, EGCYO provides investors with a unique opportunity to utilize the growth potential in agriculture industry, through a transparent investment platform, regulated and monitored by the CMB. EGCYO aims to provide sustainable returns in the longterm with its value-based approach, which entails identification of and investing in the best occasions in agriculture industry. According to Turkish regulations, firms are exempt up to 10 percent of their incomes from income tax based on funds invested in venture capital investment trusts, which allocate financial sources to entrepreneurial firms, according to the new regulation. It enables firms to deduct a particular rate of venture capital funds from earnings and profits. Dividends from venture capital investment trust shares and partners in venture capital trusts are exempted from corporate income tax. Resident and non-resident tax payers stock trading gains on BIST are not subject to declaration and withholding tax. Yet investors should check their own jurisdictions while calculating their tax payments over the capital gain. 7

8 Executive Summary Despite the volatility of the factors that it is exposed to, the agriculture sector has the potential to create attractive returns in the long term EGCYO serves as the only transparent and regulated platform for the institutional investors who are interested in investing in rapidly growing agriculture industry in Turkey EGCYO is an investment company established under the VCIT Communique of CMB Turkey, granting all tax benefits of an Investment Trust Egeli & Co. investment team performs an active management of EGCYO in accordance with its strategic priorities EGCYO will focus investing in agriculture companies with growth potential, increasing profit margins and management teams with a proven track record 8

9 Sector Overview EGCYO serves as the only transparent and regulated platform for the institutional investors who wish to invest in rapidly growing agriculture sector in Turkey. Supported by the government policies, the Turkish agriculture sector is in a transition stage Turkey has begun its transition up the value chain in the food sector. The shift from export of raw foodstuff to processed food products continues (total exports increased >5x between 2000 and 2013) Sustainable food supply has become a priority for policy makers The transition stage leads to high future growth expectations for the sector There are a limited number of investment alternatives within the sector aiming at institutional investors As of , Turkey moved to first place in Europe and 7 th place in world in terms of agricultural revenues. Turkey aims to become one of the top five producer countries in the agriculture sector by 2023 (1) : Agricultural export will exceed USD 40 billion Agricultural GNP will reach USD 150 billion As of 30 September 2014, Borsa İstanbul ( BIST ) food index consists of 20 companies. However, the index is heavily influenced by a small number of companies. Ülker Bisküvi has generated 37,44% and of the BIST food index companies' total revenues on a stand-alone basis at 3Q of From an investor perspective, there is a limited number of investment alternatives for risk diversification purposes in the sector. EGCYO provides institutional investors with the opportunity to invest in privately-owned agriculture companies with substantial growth potential in Turkey (1) Republic of Turkey Prime Ministry, Investment Support and Promotion Agency 9

10 Structure Egeli & Co. Agriculture Investment Trust Bati Agriculture (w/senyayla Farm) % Doga Agriculture % Tolina Agriculture % 10

11 Main Facts TICKER ISIN Code Market Capitalization* Paid-in Capital Registered Capital EGCYO TRAEVREN91Q7 TL25 m TL22 m TL200 m 240,0 220,0 200,0 180,0 160,0 140,0 120,0 100,0 80,0 60,0 Financial Performance Equity* TL44 m * As of Shareholdering structure (September 2014) Between and EGCYO BIST-100 EGCYH 21,42% Free Float 63,43% EPYAS 9,40% EGLYO 5,75% 11 EGCYH: Egeli & Co. Yatırım Holding A.Ş. EPYAŞ: Egeli & Co. Portföy Yönetimi A.Ş. EGLYO: Egeli & Co. Girişim Sermayesi Yatırım Ortaklığı A.Ş.

Financial Highlights Denominated in TL September 30, 2014 September 30, 2013 Operating Profit 8.485.729 (3.549.086) Net Profit 8.485.081 (3.551.

12 Financial Highlights Denominated in TL September 30, 2014 September 30, 2013 Operating Profit ( ) Net Profit ( ) Earnings per Share 0,3857 (0,1614) September 30, 2014 December 31, 2013 Total Assets 45,544,968 36,637,088 Current Assets 345,804 3,726,156 Fixed Assets 45,199,164 32,910,932 Current Liabilities 547,229 91,978 Long Term Liabilities 8,910 34,941 Shareholders Equity 44,988,829 36,510,169 Paid-in Capital 22,000,000 22, Current Ratio Total Liabilities / Shareholders Equity Shareholders Equity /Total Assets Dec.13 Ara. 13 Total Assets (million TL) Net Profit (million TL) 45.5 Sep.14 Haz Agriculture Investments Investment Allocation As of September 2014 Doğa 67% Batı 22% Tolina 11% Haz. Sep (3.6) Haz.14 Sep.14 12

Milestones June 2011 EGCYO added Batı Agriculture to its portfolio June 2012 EGCYO bought 90.05% of Doga Agriculture s shares. July 2013 EGCYO bought rest of the shares. July 2012 EGCYO bought 43.

Construction was completed as of December 2013. Sep. 2013 Investments aiming to increase capacity from 300 cows to 600 has been started Mar. 2014 Senyayla Sheep Farm became operational Apr.

13 Milestones June 2011 EGCYO added Batı Agriculture to its portfolio June 2012 EGCYO bought 90.05% of Doga Agriculture s shares. July 2013 EGCYO bought rest of the shares. July 2012 EGCYO bought 43.57% of Tolina Agribulture s shares. July 2013 TL 1.6m grant application was approved for 500 dairy sheep farm under Batı Agriculture by EU supported IPARD*. Construction was completed as of December Sep Investments aiming to increase capacity from 300 cows to 600 has been started Mar Senyayla Sheep Farm became operational Apr With the completion of expansion investments, Doğa reached a capacity of 600 cows 13 * Instrument for Pre-Accession Rural Development (IPARD) is a European Union-funded grant programme that aims to support agricultural infrastructure and production activities in countries with pre-member status.

14 Doğa Tarım Hayvancılık Gıda Paz. San. ve Tic. Ltd. Şti. Doga Agriculture 14

15 Company Profile The Company was established in Baklan district of Denizli in September 2010, and it was acquired by Egeli & Co. Tarım Girişim Sermayesi (EGC Agri Capital) in The Company aims to utilize its high technology and infrastructure to produce high quality, and healthy milk from imported, high yield bearing animals. Since its establishment, the company has invested a total of 6.2 mn TL. 3.4 mn TL of this amount was invested by Egeli & Co Agri Fund to increase lactated cow capacity to 600 heads. The company is located on 94.5 hectares area, and has sufficient ability to increase its capacity. It currently sells all of its milk production to Aynes, a dairy processing company in Denizli. Sales are conducted above the base price, with a premium derived from high quality, disease-free production, and compliance with EU regulations. It is one of the 29 EU approved, and certified disease-free milk farms in Turkey. As of 2014 September, the company employs 5 white collar, 15 blue collar employees, 20 in total. Herd Size, as of Total herd size: 493 Wet & dry cows: 269 Pregnant heifers: 69 Heifers: 119 Female calves: 24 Male livestock: 12 Key Milk Indicators The Facility Avg. per cow: 32.3 lt. Avg. production: 252 ton/month Avg. Fat: 3.7% Bacteria: Less than 40,000 per lt Somatic Cell: Less than per lt Total herd size: 1,200 Wet cow: 600 Pregnant heifer: 150 Heifers & calves : 400 Male livestock: 50 Investments in Progress The company has entered into a loan agreement with Ziraat Bank to import pregnant heifers. 185 pregnant heifers joined the herd in early November Birth time of new heifers will be in January 2015 until March 2015 It is estimated that monthly milk production will increase to 450 tons with this investment. 15

16 lt000 Operational Highligts Mlk Production (January - September 2014) Feed Consumption (January September 2014) ,0 33,1 32,8 32,6 32,3 32,0 31,8 31,9 30, January February March April May June July August September Milk Sold Wasteage Given to calf Average daily milk production 35,0 34,0 33,0 32,0 31,0 30,0 29,0 28,0 27,0 26,0 25, ,4 26,6 27,6 30,0 24,6 24,5 27,0 22,1 22,6 21,2 21,5 23,3 23,8 24,0 21,0 20,7 21,0 21,4 19,6 19,5 20,4 21,0 12,8 13,7 12,2 12,6 12,3 13,0 13,6 14,0 18,0 11,2 15,0 12,0 January February March April May June July August September Feeding Consumption (ton) Feeding Consumption (TL thousands) Average daily feeding consumption (kg) Average daily feeding consumption (TL 000) Daily feeding consumption per lactated (TL) 9,0 6,0 3,0 0,0 Herd Development (January - September 2014) Feed / Milk Coverage Ratio (January - September 2014) January February March April May June July August September Herd count Wet cow Dry count ,0 35,0 30,0 25,0 20,0 15,0 10,0 5,0 0,0 68% 65% 66% 66% 64% 62% 60% 58% 59% 59% 58% 55% 56% 56% 54% 54% 54% 52% 50% January February March April May June July August September Daily milk sales per lactated TL Daily feeding consumption per lactated (TL) Daily milk sales per cow TL Daily feeding consumption per cow (TL) Feeding Coverage For lactated 16

17 Production Facility Milking Cow Barns Infirmary and Delivery Room Dry Fodder Storage 3 division with 576 Head Capacity milking cow barns Calf Barns Infirmary and delivery room Milking Equipment ton dry fodder and clover capacity 500 ton provender capacity Corn Silage Area 120 head capacity calf igloos and 60 head capacity barn 32 head capacity milking machine and 18 ton milk cooling tank ton corn silage capacity 17

18 Tolina Tarım Hayvancılık Gıda Ürünleri Tic ve San. A.Ş. Tolina Agriculture 18

reached an agreement with a supplier of various organic feed in July 2014.

fat-free dry matter, to Tire Milk Cooperative The farm is certificated as Free From Infections and Environmental Impact Assessment (EIA) As of September 2014, the Company

19 Company Profile The Company was established in Bayındır district of İzmir by Hacaloğlu Tarım Hayvancılık and 43.57% of its shares were acquired through capital increase by Egeli&Co Agriculture Operations were initiated in January 2013 with the entrance of 200 pregnant heifers The Company reached an agreement with a supplier of various organic feed in July Therefore organic milk production is expected to start in April 2015 It sells all of its milk production with a premium on top the base milk price, based on average fat and fat-free dry matter, to Tire Milk Cooperative The farm is certificated as Free From Infections and Environmental Impact Assessment (EIA) As of September 2014, the Company employs 8 people: 2 in the administration and 6 in the production department Herd Size Total herd size : 300 Wet & dry cows : 152 Pregnant heifers: 38 Heifers: 55 Female calves: 45 Male livestock : 10 Key Milk Indicators Avg. per cow : 25.1 lt. Avg. Fat : 4.1 % Fat-free dry matter: 9.0% Avg. Bacteria ad/ml: 7,000 Avg. Somatic Cell: 100,000 19

20 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 lt000 lt000 Operational Highlights Milk Production (January-September 2014) Milk Production (February 2013 September 2014) , , , , ,1 27,2 0 27, ,0 25,6 24,7 24,9 25, , ,7 22,8 23,0 21,8 22,0 21,0 20,0 Ocak Şubat Mart Nisan Mayıs Haziran Temmuz Ağustos Eylül ,0 25,0 20,0 15,0 10,0 5,0 0,0 Milk Sold Wastage Given to calf Average daily milk Production Given to calf Wastage (lt000) Milk sold (lt000) Avg. Daily milk prod. Herd Development(January- Spetember 2014) Herd Development (January September 2014) Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep Herd size Wet Dry Herd size Wet Dry 20

21 Batı Tarımsal Yatırımlar A.Ş. Bati Agriculture 21

22 Company Profile Batı Tarım was established in Baklan district of Denizli in 2011 Company operations can be classified in two categories, Collection of non-cultivated land in a pool for crop cultivation Raising dairy sheep for its milk and raising meat sheep for slaughter, as well as sale of mature & fertile sheep (of both dairy and meat kind) It was found eligible for grant of TRY 1.6 million within the scope of European Union Instrument for Pre-accession Assistance for Rural Development The Company is located on a land of 1300 decare that consist of cultivable area, sheep barns, storage, and milking equipment The company reached 1500 ewe in total which consists of 900 milk and 600 meat livestock. With the addition of newborn lambs, the total herd size is expected to be 2,000 Operations of the sheep farm started in the first half of the 2014 It sells all of its milk and meat productions to dairy and meat processing companies in Denizli. Milk is sold to Hisar Diary and meat is sold to Cobanoglu Meat As of October 2014, Batı Tarım has 10 employees; 1 general manager, 1 accountant, 2 technicians, 2 farm workers, 3 handlers and 1 cook Herd size Herd Size: 477 Dairy Sheep: 292 Lamb: 179 Ram: 6 KPI for dairy sheep Herd size Herd Size: 1,614 Dairy Sheep: 876 Meat Sheep: 604 Lamb: 113 Ram: 21 Annual birth rate: 1 Average birthing ratio:1.7 Annual milk production: 200 kg Meat productivity: 35-38kg in 110 days Planned Additional Investments Planned herd size Herd Size: 2,500 Dairy Sheep: 1,000 Meat Sheep: 800 Lamb: 650 Ram: 50 KPI for meat sheep Annual birth rate: 2 Average birthing ratio:1.3 Annual milk production: NA Meat productivity: 35-38kg in 90 days In order to reduce its feed costs, Batı Tarım is in the process of applying for a lease of 700K sqm land which belongs to Turkish Government. If the application is approved, aforementioned area will also be cultivated for feed Depending on the process of organic expansion in the herd, Batı Tarım also aims to build three new barns for a capacity of 900 animals 22

23 Production Facility Management Office 2- Veterinary office 3- Feed Storages and silage storages 4- Farms 5- Planned three new farms 6- Milk production facility 7- Agricultural area 8- Solid fertilizer storage 9- Housings Total 6 barns Each barn is of either for 300 sheep or 600 lambs Management Office and veterinary office Milking facility Feed storage 1300 decares agricultural area 23

24 Appendix

25 Key Points of the Venture Capital Investment Trust (VCIT) regulation VCITs are regulated by CMB based on CMB s Communiqué Serial VI. No: 15 Excessive indebtedness, undertaking third party risks and investment risk concentration are not allowed VCIT foundation is subject to CMB s approval. VCITs conduct their commercial activities under controlling shareholder s authority and responsibility Full and limited tax payer real persons are exempt from withholding tax for the returns realised through VCIT trading activity on ISE. Dividends are paid based on gross = net calculation (without withholding tax). Corporates enjoy tax exemptions for allocations to VCITs from taxable income(1) Pension funds are allowed to invest up to 20% of their funds in VCITs (1) The article 325/A that has been added to the Tax Procedure Law 25

26 Thanks 26 Abdi Ipekci Cd. No.40/10 Nisantasi 34367, Istanbul / Turkey Tel: Fax:

Investor Presentation

Investor Presentation January 2016 Disclaimer The information and any opinions contained in this document have been compiled in good faith, but no representation or warranty, express or implied, is made