INVESTOR PRESENTATION SEPTEMBER 2014

INVESTOR PRESENTATION SEPTEMBER 2014 1

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Company Profile LARGEST MANUFACTURING CAPACITY IN TURKEY. TUMOSAN manufactures diesel engine and tractors in a closed area of 93.000 m 2 on its own property of 1.6 million m 2. Engine manufacturing capacity: 75.000 items/year-three shifts. Conform with the European Union emission standard Stage III-A. 3 Cylinder engines are; 50 85 HP. 4 Cylinder engines are; 75 115 HP. Tractor manufacturing capacity: 45.000/year-three shifts. Tractors between 50 115 HP with 3 and 4 cylinders. 2012 NET SALES TL 291.6 Mn NET INCOME TL 29.5 Mn 2013 NET SALES TL 445.1 Mn NET INCOME TL 62.1 Mn EBITDA TL 39,2 Mn EBITDA MARGIN 13,4% EBITDA TL 79,5 Mn EBITDA MARGIN 18% Company Profile 3

Ownership Structure 7% BEFORE IPO 78% 3% 3% 3% 3% 3% 3% Muzaffer ALBAYRAK Bayram ALBAYRAK Kazım ALBAYRAK Mustafa ALBAYRAK Ahmet ALBAYRAK Nuri ALBAYRAK Partner Capital (TL) Share in Capital (%) Ereğli Tekstil Turizm San. ve Tic. A.Ş. 82.090.905 78.18 % Muzaffer ALBAYRAK 6.586.381 6.27 % Bayram ALBAYRAK 3.264.543 3.11 % Nuri ALBAYRAK 3.264.543 3.11 % Kazım ALBAYRAK 3.264.543 3.11 % Mustafa ALBAYRAK 3.264.543 3.11 % Ahmet ALBAYRAK 3.264.543 3.11 % Hedef Girişim Sermayesi Yatırım Ortaklığı A.Ş. - - Free Float - - TOTAL 105.000.000 100 % TL 105 mn CAPITAL BEFORE IPO Company Profile 4

Ownership Structure 21.06% POST IPO 67.20% 1.74% 1.74% 1.74% 1.74% 1.74% 1.30% Free Float Bayram ALBAYRAK Kazım ALBAYRAK Mustafa ALBAYRAK Ahmet ALBAYRAK Nuri ALBAYRAK Partner Share in Partner Capital Capital (TL) (TL) Share Capital in (%) (%) Ereğli Tekstil Turizm San. San. ve Tic. ve A.Ş. Tic. A.Ş. 82.090.905 77.285.492,15 78.18 67,20 % % Muzaffer ALBAYRAK 6.586.381 2.000.000,00 6.27 1,74 % % Bayram ALBAYRAK Bayram ALBAYRAK 3.264.543 2.000.000,00 3.11 1,74 % % Nuri ALBAYRAK Nuri ALBAYRAK 3.264.543 2.000.000,00 3.11 % 1,74 % Kazım ALBAYRAK 3.264.543 3.11 % Kazım ALBAYRAK 2.000.000,00 1,74 % Mustafa ALBAYRAK 3.264.543 3.11 % Mustafa ALBAYRAK 2.000.000,00 1,74 % Ahmet ALBAYRAK 3.264.543 3.11 % Hedef Ahmet Girişim ALBAYRAK Sermayesi Yatırım Ortaklığı A.Ş. 2.000.000,00-1,74 % - Free Hedef Float Girişim Sermayesi Yatırım Ortaklığı A.Ş. 1.500.000,00-1,30 - % TOTAL Free Float 105.000.000 24.214.507,85 100 21,06 % % TOTAL 115.000.000,00 100,00 % TL 115 mn CAPITAL POST IPO Company Profile 5

Milestones Before Privatisation 1981 Engine assembly commenced. 1976 TUMOSAN has been founded as a State Economic Enterprise. 1977 A licence agreement has been signed with the FIAT Company 1986 The tractor and engine mechanical workshop was completed. 1983 The tractor assembly commenced. 1989 The licence agreement with FIAT terminated. 1987 Engine production commenced. 2004 Albayrak Group takeover through privatization. 1993 Tractor production re-started. Company Profile 6

Milestones After Privatisation 2008 Expansion of engine rage to 50-95 HP. 2005 Commencement Engine-Tractor Production 1 October 2007 65-74 - 82 HP 2006 Introduction of new models with Stage-II engines. 2010 Production of 4WD axle. 2009 Introduction of Stage III - A Engine. 2012 IPO 2011 Production of 16x16 gearbox. 2014/3 Tractor with 115 HP Acqusition of %70 of Faundry shares. 2013 Tractor with 105 HP. 2014/8 Altay Battle Tank Powerpack. Company Profile 7

Milestones - Way Ahead 2014/11 Transaxle with powershift. Engine with 4 valves. Introduction of tractor with 125 HP. 2016 Cotton Picker Sprayer 2018 Harvester 2014/9 Acqusition of %30 of Faundry shares. 2015 Production of 6 cylinder diesel engine. 32x32 Gearbox Transaxle with power shuttle 2017 Production of new generation 4-6 cylinder diesel engines 200 HP Loader - Backhoe Loader Company Profile 8

Dealers and Services Network 114 Dealers and 384 authorized services located in 65 cities. Company Profile 9

Dealers and Services Network Company Profile 10

Research and Development TUMOSAN Research and Development Center has been active in ITU Teknopark / ISTANBUL. Laboratories are located in KONYA. Test facilities are Located in KONYA. Company Profile 11

Research and Development Completed Projects 115 HP Tractor. 4WD Front Axle. 16x16 Gear Box. Stage III-A and Stage III-B Diesel Engine. Ongoing Projects 4 Valve 4 cylinder 125 HP and 4 valve 6 cylinder 135 175 HP engine. 32x32 Gear Box. LPG CNG Engine. 16x16 Full Powershift Transmission. Stage IV 6 cylinder new generation engine. Cotton Picker. ECU - TCU Sprayer. Company Profile 12

R&D Expenditure Breakdown Projects, Million TL 2014 2015 2016 2017 4 Valve 4 Cylinder Diesel Engine 0,7-4 Valve 6 Cylinder Diesel Engine 1,6 2,0 2,8-32x32 Gear Box 0,7 0,8 - - Transaxle with Power Shuttle 0,4 - - - Lpg / Cng Engine 0,3 0,4 0,4 - Stage IV 6 Cylinder 2,6 1,5 2,7 1,1 Cotton Picker 0,8 0,9 1,4 Sprayer 0,6 0,6 1,5 - ECU TCU Design 0,8 1,3 1,8 - Telehandler - 1,1 1,7 1,2 Backhoe Loader - 0,3 1,9 1,4 Loader - 0 0,7 1 Total 8,5 8,9 14,9 4,7 Company Profile 13

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Agricultural Sector 24.5 million hectares of the existing 38 million agricultural land is being cultivated. Turkey is amongst the first 15 countries in the world with the size of cultivated agricultural land. The number of holdings decreased 4 to 2.3 million. Avarege land size of holdings increased from 4.7 to 7 hectares. Land Distribution 4.5 8.0 4.0 7.0 3.5 6.0 3.0 5.0 2.5 4.0 2.0 1.5 3.0 1.0 2.0 0.5 1.0 0.0 0.0 1991 2001 2012 18% 18% 31% 31% 31% 18% 18% 18% 10% 10% 10% 6% 6% 6% 5% 5% 5% 11% 11% 11% 18% Agricultural Sector 15

Agricultural Sector As of the year 2012, the Agricultural Gross Domestic Product (AGDP) is 8.2 % of the total GDP with 62.5 billion $. In terms of agricultural economy, Turkey ranks first of Europe and seventh of the world as of 2012. Agricultural Produc.on ($ Bl) 70 60 50 40 30 20 10 0 62 62 63 56 49 51 45 43 37 30 24 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Agricultural Sector 16

Subsides 50 % of the credit interest is subsidized. 50 % of the cost of orchard tractors are subsidized. 50 % of the cost of tractors for under developed regions are subsidized. Agricultural Sector 17

Comparison of TR & EU Agricultural Sector Agricultural Sector 18

2014 Outlook Interest rate of agricultural credits and subsidies support sales. Agricultural output fall 10 % due to adverse weather conditions. Sales numbers will relatively be equal to 2013. Cost production is higher due to fx based imports & procurement. Competition between local producers cause reduction of the profit. Agricultural Sector 19

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Tractor Market of Turkey AVERAGE 35.706 TRACTORS. Tractor Market 21

Tractor Market of Turkey 2012 2014 Tractor Market 2012-2014 TUMOSAN Sales 60,000 50,000 40,000 30,000 20,000 10,000 0 51,032 53,803 41,566 37,117 36,049 2012/9 2012 2013/9 2013 2014/9 2012/9 2012 2013/9 2013 2014/9 8,626 6,953 5,368 5,808 4,885 2012/9 2012 2013/9 2013 2014/9 2012/9 2012 2013/9 2013 2014/9 2012/9 2012 2013/9 2013 2014/9 Total 37.117 51.032 36.046 53.803 41.566 TUMOSAN 4.885 6.953 5.368 8.626 5.808 Tractor Market 22

Developments in Tractor Sector 1993-2013 10% 5% 0% Vineyard & Orchard Tractors 2% 7% 80% 60% 40% 20% 0% 4WD Tractors 9% 65% 75% 70% 65% 60% 55% 50% Average HP 59% 70% 3.5 fold increased in vineyard orchard segment. 7 fold increase in 4WD, reached 65%. Tractor power has increased by 20 % close to 70 HP. Tractor Market 23

Tractor Park The size of tractor park is 1.500.000. Average age is 23 years. The average age of 704.000 tractor is 34 years old. Government has a plan to modernize the park with a scrap incentive program. 459.055 31% 302.647 21% 25 years 10-25 years 10 years 704.506 48% Tractor Market 24

Sales Volume (Turkish Statical Institute Figures) 2012 / 6 2013 / 6 2014 / Market Share Market Share Market Share 13.16% 14.89% 13.97% 6 TUMOSAN TUMOSAN TUMOSAN Sales Volume Sales Volume Sales Volume 4.885 Total Sales 5.368 Total Sales 5.808 Total Sales 37.117 36.046 41.566 Tractor Market 25

HP Assessment 16.000 14.000 12.000 10.000 8.000 6.000 4.000 2.000 0 2013 HP VOLUME < 50 HP 50-59 HP 60-69 HP 70-79 HP 80-89 HP 90-99 HP 100-109 110-149 HP HP 45,00% 40,00% 35,00% 30,00% 25,00% 20,00% 15,00% 10,00% 5,00% 0,00% 2013 HP Market Share < 50 HP 50-59 HP 60-69 HP 70-79 HP 80-89 HP 90-99 HP 100-109 110-149 HP HP 2013 TUMOSAN 2013 Total 2013 Market Share 2013 TUMOSAN Market Share Tractor Market 26

TUMOSAN Sales Volume (Sales to Dealers) 6.315-5 6.015 2013/9 2014/9 Tractor Market 27

TUMOSAN Export Volume 230 128% 101 2013/9 2013/9 2013/9 2014/9 % EXPORT 101 230 128% Tractor Market 28

2014 Outlook 29

Financial Highlights Financial Review 30

Comparative Balance Sheet Financial Review 31

Comparative Balance Sheet Financial Review 32

Comparative Income Table Financial Review 33

FX Exposure FX Based Trade Payables. 22% 14% 22% of the trade payables was FX based. Need exit strategy. With the exception of diesel pump and injectors localisation is possible. 4WD axle already localised. Transaxle for compact tractor and hydraulic lift are planned to be localized. 2011 2013 Financial Review 34

Local Productions Saving COST OF FRONT AXLE COST OF HYDRAULIC LIFT 15.000.000 TL 14.500.000 TL 14.000.000 TL 14.946.618 TL - 8% 13.750.887 TL 7.500.000 TL 7.000.000 TL 6.500.000 TL 7.214.426 TL - 16% 6.078.514 TL 13.500.000 TL 6.000.000 TL 13.000.000 TL OTHER COMPANY TUMOSAN 5.500.000 TL OTHER COMPANY TUMOSAN COST OF TRANSAXLE 11.000.000 TL 10.500.000 TL 10.000.000 TL 9.500.000 TL 9.000.000 TL 10.708.436 TL OTHER COMPANY TUMOSAN - 8% 9.851.761 TL Financial Review 35

Capex Development Except Casting (TL Mn) 22.7 9.5 10.0 11.2 5.2 3.4 3.5 2012 2013 2014 2015 2016 2017 2018 Financial Review 36

Capex Items Installed tractor production capacity to be increased to 60.000. Modernization of paint shop. Expansion of Automated Guided Vehicle (AGV) application at assembly and material handling. Shift from manual to compressed air tools for manpower and energy efficiency. Upgrade of existing machining lines. Be prepared to produce new generation diesel engines. Workshop for Harvesters / Material Handling / Construction. Financial Review 37

Capex Breakdown Financial Review 38

IPO Conditions Financial Review 39

Ownership Structure - TD 3% 3% 3% 3% 3% 3% 7% 78% Muzaffer ALBAYRAK Bayram ALBAYRAK Kazım ALBAYRAK Mustafa ALBAYRAK Ahmet ALBAYRAK Nuri ALBAYRAK Partner Capital (TL) Share in Capital (%) Ahmet ALBAYRAK 311.000 3.11 % Bayram ALBAYRAK 311.000 3.11 % Kazım ALBAYRAK 311.000 3.11 % Nuri ALBAYRAK 311.000 3.11 % Mustafa ALBAYRAK 311.000 3.11 % Muzaffer ALBAYRAK 627.000 6.27 % Ereğli Tekstil Turizm San. ve Tic. A.Ş. 7.818.000 78.18 % TOTAL 10.000.000 100 % Financial Review 40

Ownership Structure - TD Partner Capital (TL) Share in Capital (%) TUMOSAN 10.000.000 100 % TOTAL 10.000.000 100 % Financial Review 41

Tumosan Foundry Established in 2012 Employees 33/67 Capacity (T/Y) 8.000/16.000 Cast Alloy Grey Iron Moulding Market Value Automatic-Horizontal 21.999.627,00 TL Financial Review 42

Turkish Foundry Industry Production (Ton) REQUIREMENT/COST SAVING JUSTIFIES INVESTMENT Financial Review 43

Income / Profit Expectations Financial Review 44

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Strategy Guidance Strategy 46

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