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GLOBAL INVESTMENT HOLDINGS

Investor Presentation

January 2020 Copyright © 2020 Global Investment Holdings

Who we are now 5

Who we will become 10

Who we were 3

Who We Were A Brokerage Firm

A brokerage firm

Total Assets: TL 241mn (as of 31.12.2005)

Total Equity: TL 140mn (as of 31.12.2005)

3

Who we are now 5


Who we were 3

Who We Are Now A Diversified Conglomerate

A diversified conglomerate

Total Assets: TL 5.6bn (as of 31.12.2018)

Total Equity: TL 1.7bn (as of 31.12.2018)

23x

12x

5

Portfolio Overview Investment Holding with a focus on;

Port Infrastructure, Clean Energy & Asset Management

6

A brokerage firm that transforms into a diversified conglomerate in 13 years,

increasing total assets 23x and total equity 12x along the way

Ports Power/Gas/

Mining

► Power

Co/Tri-generation with 54.1 MW installed

capacity

Biomass power plants with a installed capacity of

29.2 MW at three separate facilities

2 Solar power plant with 16.8 MWp installed

capacity of which 10.8 MWp partially

commissioned and 6 MWp will be operational in

2020

► CNG Distribution

Turkey’s & Europe’s leading CNG distributer in

terms of station infrastructure and bulk sales

volumes. Controls around c.20% market share in

total non-piped gas market in Turkey

► Mining

One of Turkey’s leading players in industrial

minerals with about 1.5mn tons feldspar annual

production capacity

Real Estate Finance

► World’s largest independent cruise port

operator with 21 ports, including 2

commercial ports, in 13 different countries

► c.14mn pax annually with an established

presence in the Caribbean, Mediterranean,

Asia-Pacific regions

► Listed on London Stock Exchange

Portfolio:

Nassau: The busiest transit port in the Caribbean

Antigua: A marque port in the Eastern Caribbean

Barcelona: Europe’s leading cruise port

Venice: The best facilities lead to Venice

Valletta: The door to the Mediterranean

Singapore: One of main homeport in Asia

Lisbon: Significant homeport in Atlantic

Port Akdeniz, Antalya: A multi-functional facility

Ege Port Kusadasi: The Gateway To Ephesus

Ha Long: First purpose-built cruise port in Vietnam

Port of Adria, Bodrum, Cagliari, Catania,

Malaga, Ravenna, Havana, Zadar, La Goulette

► Sumerpark Shopping Centre: Denizli’s 3rd

largest shopping centre with 34,790 m2 GLA

► Van Shopping Centre: Van's first shopping

centre with 26.047m2 GLA

► Denizli SkyCity Office Project: Denizli's

first and the largest modern office project

with a construction area of 33.055 m2

► Sümerpark Residences: The first modern

mass-housing project in Denizli with 8

blocks over 105.000 m2 construction area

► Vakifhan No:6: 1.619 m2 ROT type office

re-development

► Salipazarı Global Building: 2nd degree

listed building with 5.230 m2 area.

► Denizli Hospital Land: 10,745 m2

► Denizli Final Schools: 11.565 m2 GLA

► Cyprus Aqua Dolce Hotel Project:

260.177 m2 land with 48.756 m2 hotel and

residential project area

► Bilecik Industrial Zone Land: 29.500 m2

Consolidated total GLA: 83,751 m2

Retail sector GLA: 62,456 m2

Other leasable areas: 21,295 m2

► Asset Management*

Among the leading independent asset

management companies of the market, offering

service to domestic, international, corporate and

individual investors with its innovative product

portfolio

• Actus: (AUM: TL 831mn as of Sep 2019)

• Global MD: (AUM: TL 238mn as of Sep

2019)

► Brokerage

Among Turkey’s leading independent brokerage

firms that offer securities and derivatives trading

and portfolio management services to

international and domestic investors

• Global Securities has a market share of

c. 2% with an equity trading volume of TL

46.9bn, ranking 15th among domestic

brokerage houses in 9M 2019

***In May 2019, Actus Asset Management and

İstanbul Asset Management have reached an

agreement to merge, creating the largest

domestic and independent asset management

company in Turkey

Company Overview Shareholding Structure, Strategic Priorities, Corporate Governance & Ratings

► A diversified conglomerate with an agile investment strategy

maximizing shareholder value

► Has evolved into a dynamic investment vehicle with interests in

a variety of nascent business sectors and traditional non-

bank financial service providers

► Current portfolio of assets includes commercial and cruise

ports, energy, real estate and financial services offering high

growth with ‘first mover’ advantages

► Lean management facilitates swift decision making and

timely response while extracting maximum value by

successful exit

► Listed on the Borsa Istanbul (BIST) (‘GLYHO’)

Shareholding Structure as of 09/01/2020

7

Centricus Holdings Malta

Limited 31.2%

Turkcom* 26.0%

Global Investment Holdings**

13.2%

Lansdowne European

Equity Master Fund Limited

8.7% Other 20.8%

*Turkcom Turizm Enerji Insaat Gıda Yatirimlar A.Ş. which is owned by Mehmet Kutman

** Treasury shares repurchased by the Company based on the share buyback programs

Board of Directors: Mehmet Kutman (Chairman), Erol Göker, Ayşegül Bensel, Serdar Kırmaz, Dalınç Arıburnu, Oğuz Satıcı (Independent), Shahrokh Badie (Independent)

• Corporate Governance Committee : Oğuz Satıcı (Chairman), Ayşegül Bensel, Serdar Kırmaz, Adnan Nas, Aslı Su Ata

• Audit Committee: Oğuz Satıcı (Chairman), Shahrokh Badie

• Early Risk Assessment Committee : Oğuz Satıcı (Chairman), Ayşegül Bensel, Serdar Kırmaz, Ercan Ergül, Adnan Nas

• Investment Committee : Ercan Ergül, Dalınç Arıburnu, Shahrokh Badie, Tahsin Bensel, Kerem Eser

Confirmed Overall Company Rating: 9.06 (out of 10)

Sub-sections Rating

Shareholders (25%) 90,88

Public Disclosure and Transparency (25%) 93.18

Stakeholders (15%) 92,95

Board of Directors (35%) 87.55

Global Investment Holdings (GIH) Istanbul – November, 15,2019

Long Term International Foreign Currency BBB- / (Stable Outlook)

Long Term International Local Currency BBB- / (Stable Outlook)

Long Term National Local Rating A- (Trk) / (Stable Outlook)

Long Term National Issue Rating A- (Trk)

Short Term International Foreign Currency A-3 / (Stable Outlook)

Short Term International Local Currency A-3 / (Stable Outlook)

Short Term National Local Rating A-1 (Trk) / (Stable Outlook)

Short Term National Issue Rating A-1(Trk)

Sponsor Support 2

Stand Alone B

Corporate Governance Rating - Kobirate

Credit Rating - JCR Eurasia

Centricus Strategic Partnership

► an investment platform backed by a global network of financials and strategic

investors

► aims to achieve superior absolute returns with a long-term investment horizon

► has access to significant capital and deal flow through its global network

► positioned to take advantage of opportunities resulting from distortion in credit

markets caused by monetary and regulatory policies

8

Investors

Banks

Corporates

Asset Managers

Deal sourcing

through expansive

global network

Challenge and

support

management to

reach its goals

Execution of

business plan with

provision of capital

and management

expertise

Investment

selection based on

prudent due

diligence

Structured origination and investment process

Financial Services Infrastructure Technology

Investment in financial assets Targeting high quality assets in

infrastructure domain that have

stable and attractive returns with

long duration

Raising funds, investing and

transforming the technology sector

Centricus targets high absolute returns in three core sectors

Representative Acquisitions:

• CIFC Asset Management

• Halkin Asset Management

• Fortress (advisory role)

Representative Acquisitions:

• Global Investment Holdings

Representative Transaction:

• Softbank Vision Fund

(fundraising, structuring and

advisory role)

FEMS

Investment in fashion,

entertainment, sports and media

Representative Transaction:

• Chalayan

Who we are now 5


Who we were 3

10

We intend to stay focused on our strategic sectors

• Target up to 300MW installed capacity in

renewable energy and energy efficiency in the

next couple of years

• Selectively participate in major renewable

tenders such as the recently announced YEKA

Wind and the future YEKA Solar projects

• Acquire mid-to-big ticket operating and brown-

field renewable assets with long feed-in tariff

periods

• Become a significant medium to long term

player in under-electrified Sub-Saharan Africa

• Partnership with an international player in CNG

business

Make inorganic acquisitions in high-

value regions of the Americas,

consolidate the market further while

looking for horizontal growth in

port/passenger related businesses

• Double the current portfolio and number of

passengers in the mid-term

• Sail for the Americas, and reproduce the

success we achieved in the Med

• Implement B2C and B2B revenue opportunities

to improve passenger experience at our cruise

ports, similar to the strategies successfully

implemented by airport operators

• Deliver growth and cash from the commercial

ports services through higher capacity

utilization and making use of recent

investments

• Continue to enhance the competitive

advantage achieved by being the first mover

PORTS CLEAN ENERGY

Develop green energy projects with

attractive long-term feed-in tariffs

and innovative energy efficiency

solutions

ASSET MGMT

Grow in asset management

with our partner Centicus

• Create Turkey’s largest asset manager

levering Global Investment Holdings &

Centricus partnership

• Acquire independent asset management

companies to boost AuM in the short term

• Create an infrastructure fund for international

investors that will invest in infrastructure

projects with significant treasury guarantees

• Acquire market share in pension industry

benefiting from re-allocation of asset

management services for pension funds

• Feed pension funds with alternative

investment funds that will be mandatory for

auto-enrolment funds

Capabilities & Strategy

11

Strategy

Fast Mover First Entrant

Unique position as industry

consolidator in its port

operations

Effective recognition of attractive

investment opportunities in rapidly

growing sectors

Proven track record of

successful exits

No specific geographic or

sector-bound limits

Dynamic

Investment portfolio unlike

any other traditional holding

company

► Expansion in all our portfolio companies

► Create a worldwide, high quality asset (consolidating the cruise port industry around the globe)

► Attach a value to at least one of our portfolio companies

► Create regional / international entities with the core focus on port infrastructure, clean energy and asset management

Always prioritize the

potential for future

growth

A dynamic investment vehicle with

interests in a variety of budding

business sectors

Respond swiftly to a

continuously changing

business environment and

achieving operational

efficiency

The evolution of key financial indicators

12

1,978

2,599

3,439

3,890

4,371

5,648

6,258

2013 2014 2015 2016 2017 2018 30/09/2019

TL

mn

Total Assets

247

357

552

630

806

1,128

821

1,084

2013 2014 2015 2016 2017 2018 9M-18 9M-19

TL

mn

Turnover

726 743

975 913

1,595 1,676

1,518

2013 2014 2015 2016 2017 2018 30/09/2019

TL

mn

Total Equity

190

111

218 231

278

465

349

426

2013 2014 2015 2016 2017 2018 9M-18 9M-19

TL

mn

EBITDA

Net revenues H1 2019 Q3 2019 H1 2018 Q3 2018 9M 2019 9M 2018 %change

Gas 171.1 154.0 94.0 90.4 325.2 184.5 76%

Power 61.5 36.3 37.7 21.7 97.8 59.4 65%

Mining 51.1 21.7 31.2 23.4 72.7 54.6 33%

Ports 306.3 208.9 231.0 200.6 515.2 431.6 19%

Brokerage & Asset Management 24.6 12.6 23.6 12.7 37.2 36.3 2%

Real Estate 21.4 10.7 34.7 11.1 32.1 45.8 -30%

Holding stand-alone 0.0 0.0 0.0 0.0 0.0 0.0 NA

Others 0.1 3.5 7.3 1.2 3.6 8.5 -58%

GIH total 636.1 447.6 459.6 361.1 1,083.7 820.6 32%

Operating EBITDA H1 2019 Q3 2019 H1 2018 Q3 2018 9M 2019 9M 2018 %change

Gas 34.5 47.8 10.3 20.1 82.3 30.5 170%

Power -0.5 2.6 1.1 3.7 2.1 4.8 -56%

Mining 11.6 4.3 5.1 8.5 15.9 13.7 16%

Ports 195.2 148.4 147.3 153.4 343.6 300.7 14%

Brokerage & Asset Management 0.8 0.2 1.0 1.1 1.1 2.1 -49%

Real Estate 10.3 5.4 13.4 6.7 15.7 20.1 -22%

Holding stand-alone -17.8 -11.5 -15.6 -8.2 -29.3 -23.8 -23%

Others -6.2 0.7 3.0 -1.5 -5.5 1.5 NA

GIH total 228.0 197.8 165.6 183.9 425.8 349.4 22%

(TL mn)

Financial Highlights

13

Debt Position - As of 30.09.2019

Holding standalone debt Currency

Interest

Rate

Year of

Maturity Amount TL mn USD mn

Eurobond, net USD fixed 2022 18.4 3.2

TL bond TL floating 2020 45.0 8.0

TL bond TL fixed 2020 125.0 22.1

Secured bank loans EUR floating 2021 392.1 69.3

Gross debt 580.5 102.6

Cash and Cash Equivalents 271.9 48.0

(I) - Net Financial Debt - standalone -308.6 -54.5

Project Company debt by segment 2019 2020 2021 2022+ Amount TL mn USD mn

Ports (1) 89.6 162.9 1,489.7 206.1 1,948.3 344.3

CNG (2) 15.4 28.8 28.7 22.8 95.7 16.9

Power (2) 114.0 54.9 47.1 173.5 389.4 68.8

Mining (4) 25.1 57.6 4.1 0.6 87.3 15.4

Real Estate 5.9 35.0 27.1 80.7 148.7 26.3

Gross debt 249.9 339.0 1,596.7 483.7 2,669.3 471.7

Cash and Cash Equivalents 475.2 84.0

(II) - Net Financial Debt (TL m) - project company -2,194.1 -387.7

(I) + (II) - Consolidated Net Debt -2,502.7 -442.2

1 of which 250mn USD Eurobond 2all project finance loans due. 2019 y/e Net debt/EBITDA target < 1.0 3of which TL 100.0mn due in 2019 is revolving facility fully

paid in October 4of which TL 23.0mn due in 2019 is revolving facility fully paid in October. Balance is export credit and Eximbank revolving lines

14

The evolution of key financial indicators

15

Chairman & CEO, CFO and Group CEOs

A Team of Industry Specialists

Mehmet

Kerem

Eser CFO

• Founding shareholder, Chairman and

CEO of Global Investment Holdings.

Actively involved in business development

at the Company level

• Member of TUSIAD (Turkish Industry &

Business Association) and DEIK (Foreign

Economic Relations Board).

• Holds a BA from Boğaziçi University and

an MBA from the University of Texas

Mehmet

Kutman Chairman & CEO

• Serves as the Group’s CFO since December

2007

• Formerly held CFO role at PEMI, an

Australian listed oil company (now Tapcor)

• Began career as an auditor at Coopers &

Lybrand

• Holds MBA degree from Bogazici University

and BSc in Industrial Engineering from

Middle East Technical University

• Qualified as an Independent Financial

Advisor (SMMM)

Gülşeyma

Doğançay CEO,

Global Securities

• Appointed as CEO of Global Securities

in 2017

• Has 24 years of experience in Global

Securities

• Former Assistant General Manager

responsible from Domestic Sales &

Marketing

• Completed one year language certificate

program at Embassy English in UK

• Holds a BSc degree in Business

Administration from Uludağ University

Hasan Tahsin

Turan CEO,

Naturelgaz

• Serves as CEO of Naturelgaz since

February 2017

• 17 years of experience in the group (GIH)

• Held several positions such as CFO,

Global Securities and Director, Energy

Group

• Holds a BSc. Degree in Petroleum and

Natural Gas Engineering from METU

• Serves as CEO of Actus Portfolio

Management since 2015

• Holds a BA in Political Sciences and

International Relations from Ankara

University

• Has 20 years of experience in the sector.

Barış

Hocaoğlu CEO,

Actus Asset

Management

• Has 20 years of C-Level experience in

global businesses

• Managed the brand experience at Verizon,

consumer business at Turkcell, business

development at Vimpelcom Group and

marketing at Microsoft Turkey

• Holds a postgraduate degree in Systems

Engineering at Rutgers and Princeton

Universities

Emre Sayın CEO,

Global Ports

Holding Plc

• Serves as CEO of Power and Mining

Division since 2013

• Formerly held Head of Business

Development role at GIH

• Holds MBA degree from Babson

College and Bachelor of Architecture

from METU

Atay

Arpacıoğulları CEO,

Global Energy

• Serves as CEO of Global MD Portfolio

Management since 2017

• Holds BSc degree on Econometry from

Istanbul University

• Has 20 years of experience in the finance

sector

Barış

Subasar CEO,

Global MD

Portfolio

Management

17

Global Ports Holding Plc (GPH) Snapshot

13

Countries

c.24%

Market share in

Mediterranean

19

Cruise Ports

Passengers

14mn

2

Commercial Ports

Global Investment Holdings,

60.0% Centricus Partners

LP, 2.3% Free Float

(LSE), 37.7%

4

Continents

CROATIA (1)

MONTENEGRO (1)

TURKEY (3)

MALTA (1)

SPAIN (2)

PORTUGAL (1)

ITALY (4) Barcelona

Malaga

Lisbon

Venice

Ravenna

Catania

Valletta

Zadar

Ege Port

Bodrum Antalya

Cagliari

Bar

Global Ports Holding Plc (GPH) World’s largest independent cruise port operator

18

2 out of Top Mediterranean Cruise Ports

(2018 Pax, ’000s)

1,561

1,716

1,860

2,431

2,442

3,041*

Venice

Marseille

Genoa/Savona

Balearic Islands

Civitavecchia

Barcelona

Global Cruise Market Share (2018 Pax)

GPH Cruise Ports

Ports: Location Overview

Dominant Position in the Mediterranean Cruise Port Landscape and

Established Foothold the Caribbean and Asia

GPH Cruise Ports GPH Commercial Ports with some minor cruise activities Country (Number of Ports)

Asia

Singapore

+ Note: # of pax including all 6 piers of the city of which GPH operates 5

18.5%

4.4%

9.4%

14.2%

15.1%

38.4%

Other

Alaska

Northern/WesternEurope

Mediterranean

Asia/Pacific

Caribbean

La Goulette

TUNUSİA (1)

Caribbean

Antigua

Nassau

Havana

Ha Long

J

J D M

I

B K C

A K H

G

E

K

Asia

N

19

Global Ports Holding Plc (GPH) World’s largest independent cruise port operator

Creuers Ports

Nassau Cruise Port

One of the most popular cruise

destinations in the world

Second largest transit port in the

world

Pax 2018: 3.6mn

End of concession: 2044

Bodrum Cruise Port

Cruise, ferry and mega-yacht port

located on Turkey's Aegean

coast, near one of Turkey's most

popular seaside resorts.

Pax 2018: 141k


Malaga Cruise Port 3 cruise terminals of Port of

Málaga

Pax 2018: 504k

End of concessions:

o 2038 Levante (ext. potential,2050)

o 2041 Palmeral (ext. potential,2054)

Ege Port Kusadasi

Busiest cruise port in Turkey,

located near Ephesus and the

House of the Blessed Virgin

Mary

Pax 2018: 189k

End of concession:2033

(extension potential 2052)

Barcelona Cruise Port

One of the largest cruise

homeports;

Pax 2018: 2mn

End of concessions:

o 2030 Adossat (ext.

potential,2053)

o 2026 WTC (ext. potential, 2050)

Lisbon Cruise Port

Port of call for cruises; operates

three cruise terminals and a

new terminal completed in 2017

Pax 2018: 577k


Singapore Cruise Port

The operation of Terminal Marina

Bay Cruise Centre

Pax 2018: 1.8mn


Valletta Cruise Port

Significant cruise operations

with more than 20% turnaround

Pax 2018: 711k


Antalya Cruise Port

High capacity commercial port

with a dominant position in export

traffic for its hinterland. Also

active in cruise operations

Pax 2018: 8k


(extension potential,2047)

Venice Cruise Port

One of the 3 main hubs of

Mediterranean

Pax 2018: 1.7mn


(potentially 2060)

Bar Cruise Port

Montenegro’s main sea port

Pax 2018: 22k


Italian Cruise Ports

Cagliari, Catania, Ravenna

Small-medium size operations

Pax 2018: 525k

End of concession: 2020 to 2027

Havana Cruise Port

Cuba’s major port and commercial

center

Pax 2018: 633k

15-year management agreement

(ends 2033)

A B C

D E F

G H I

K L

Antigua Cruise Port

One of the marquee ports in the

Eastern Caribbean region

Pax 2018: 791k


N O

La Goulette Cruise Port,

Tunusia

Significant non-European cruise

port in the Mediterranean

Pax 2018: 1.8k


(extension potential 2056)

P

Zadar Cruise Port

Close to old town with Roman

ruins, medieval churches and 16th

century fortifications.

Pax 2018: 167k


M

J

Existing Ports

Caribbean

N

O

L

P

R

Ha Long Cruise Port

first purpose-built cruise port in Vietnam

One of the most visited places in Vietnam and the Southeast Asia region

Pax 2019: c75k 15-year management agreement

(ends 2034)

R

A

B

Pier #9

140m

Pier #8

170m

Pier #7

170m

Pier #6

175m

Pier #1

150m

Pier

#2-3

162m

Pier #5

115m

Global Ports Holding Plc (GPH) Commercial Port Business: Port Akdeniz (1/2)

Excellent Infrastructure and Capacity to Provide Multi-purpose Services

20

Piers: 9 (o/w 2 cruise)

Quay Length: 1,142m

Main Breakwater: 1,600m

Side Breakwater: 650m

Concession until 2028, with an ongoing process to extend concession to 2047

Best-in-class operational and commercial practices put in place under GPH’s

sole ownership since 2010

Cruise

Operations

Commercial

Operations

B A

• Large terminal

area supports

seamless and

flexible day-to-

day operations

• It also provides

opportunity for

expansion of

storage and

handling

capabilities

• Luggage services,

internet and other

services offered

• Awarded “Most

Improved Terminal

Facilities” by DWCD

Infrastructure Overview

166,800m2 Terminal area

and reefer station

c.4,000m2 Indoor space for temporary storage services in bounded areas

including industrial tents

1,142m Pier providing modern services

in a fully protected and sheltered customs

area

7,000m2 Concrete warehouse (contracted for 3 years) outside the customs

zone and just 50m from the quay

Efficient IT management system Terminal operating system

has a direct interface with the accounting program and a mobile phone

application connects customers and co-workers to the port directly

Port Akdeniz Layout Key Highlights

Terminal area and reefer

station: 166,800m2

Annual Capacity:

• 500k TEU container

• 5m tonnes general & bulk

cargo

• 2,500 ships

Port Akdeniz is a multi-functional port with an excellent and extensive infrastructure that lends it a dominant

commercial position amongst its peers

Port Akdeniz is strategically located with limited regional competition, high barriers to entry and excellent connectivity

to capture marble and cement volumes in the hinterland

Global Ports Holding Plc (GPH) Commercial Port Business: Port Akdeniz (2/2)

Strategically Located with Strong Competitive Positioning

21

Ideally located with commercially attractive hinterland which is well

connected to the port

Limited competition due to long distance and high land transport cost

to other existing ports nearby

– Well developed touristic use of Mediterranean coast leaves limited

scope for construction of new ports

– High investments requirements, extensive constructions leads times,

and long license and regulatory process create additional barriers for

new entrants

Diversified revenue from a broad portfolio of shippers, predominantly

exporting marble and cement globally and increasingly importing metals,

granite, coal, aluminium, chemicals and agricultural products

Exposure to global construction and growth, especially emerging

countries, with marble exports to China and India and diversified cement

exports

Overview of Potential Incumbents Mitigants

Free Marble

Storage

V.A.S. ;

Marble

Cutting, 3D

Dimentioning

Port 4.0

(Solon Portal

and other

ongoing

mobile app’s)

Tailor Cut

Special

Services

From Mersin to İzmir sole service for container vessels ; Port

Akdeniz holds the responsibility of being the only well equipped port

along 700 km’s from Mersin to İzmir

Within this 700 km’s there are no signs of a new competition to be

entering to the port services business

Carries our the role of having round 40% of the share from Turkey’s

block marble export

Turkey

Syria

Cyprus

Aliaga

Port-Akdeniz

Antalya

Mersin Iskenderum

D400 D685 D650

D635

D350 D400

D400 D400

D695

D695

D696 D330

D330 D715

D330 D696

D300

D400

D685 D650

D350

D330

D320

D625 D650

D685

D330 D585 D320

D595

D350 D585 D330

Burdur

Denizli

Afyon

Isparta Konya

Karaman

Port Akdeniz Port Akdeniz Competitor Ports Road Transport Infrastructure

Cement Key Marble Mines Key Hinterland Cities

Global Ports Holding Plc (GPH) Commercial Port Business: Port of Adria (1/2)

Recently Modernised with a Multi-Services Platform

22

Berths: 9

Quay Length: 1,440 m Port Area:

527,000 m2

77k m2 closed storage

163k m2 open storage

Annual Capacity: >500k

TEU container

Port area consists of five terminals under operation: (i) Container

Terminal, (ii) General Cargo Terminal, (iii) Timber Terminal, (iv) Ro-

Ro Terminal and (v) Cruise Terminal

Recently undergone an extensive capex program over 2015-2018 for

12m Euro

Successfully completed major operational turnaround and social

program of 7.2m Euro post privatization, improving efficiency and

workforce reduced by more than one third

Long remaining concession life of 24 years, terminating in Jan-2044

Port of Adria is listed in the Montenegro Stock Exchange, with GPH

owning 63.18% of issued shares and the rest being free float

Container Terminal General Cargo Terminal

• Area: 6.3 ha

• Handles all types of cargo

• 1 MHC with 80t capacity

• 4 portable cranes + 2

crawler cranes (Terex)

• 11m draft

• Area: 8 ha

• Capacity: 50 TEU/hr

• Storage capacity: 2.5k TEU ground

slot

• Container Freight Station

• Railway tracks 2x 440m

• Two STSG Container Cranes

• Quay Length of 660m and 12m

depth

• Area: 5.8 ha

• Covered storage

capacity: 21 km2

• Additional services

A B

C

A B

Port of Adria Layout Key Highlights

Timber Terminal C

Port of Adria is a recently renewed port to provide multiple services and cater to increasing demand

Port of Adria is ideally located within a Free Zone regime to service landlocked Eastern European markets

Port-Adria-Bar Competitor Ports Bar-Belgrade Railway and Road

Road Connections Rail Connections

Italy Port-Adria

Serbia

Rijeka /

Port of

Ploče

Bosnia and

Herzegovina

Croatia

Montenegro

Albania Macedonia

(FYROM / NM)

Belgrade

Global Ports Holding Plc (GPH) Commercial Port Business: Port of Adria (2/2)

Strategically Located to Act as Gateway to Balkan Peninsula Trade

23

Major port in Montenegro, handling most of the country’s maritime

freight

Located within a Free Zone regime with significant economic

benefits such as exemption from customs duties, taxes and other

charges, quicker and easier customs procedures etc.

Important intermodal link for regional transport to landlocked

countries such as Bosnia and Herzegovina, Serbia and Macedonia,

facilitated by integration in the Belgrade-Bar railway and road traffic

network

Benefits from regional steel, aluminium export and automotive

manufacturing

Vicinity of the two international airports in Montenegro:

Podgorica (68 km) and Tivat (57 km)

Top 3 in proximity for 10 out of 11 of the main cities in the region

Competitive Advantages vs. Other Incumbents Key Measures to Maintain Competitiveness

Geographical

positioning and

easy cross

border activity

Local presence

with branch

office in Belgrade

to actively

support existing

client and seek

new

opportunities

Unique storage

capacity to

provide solution

at a reasonable

cost

PoA

continuously

monitors its

competitors’

proposed plans

Key competitors are ports: Rijeka / Ploče , Durres and Koper

Positioning at the entrance of Adriatic Sea with close proximity to Serbia,

Port of Adria has a natural competitive advantage against other ports in the

region by being able to deliver goods earlier (e.g. 1 day of delay if using

Rijeka Port vs. Port of Adria)

Recent investment in superstructure makes Port of Adria very compelling

Within this 100 km’s there are no signs of a new competition to be entering

to the port services business

Durres

Americas: • 15.6M Pax

• 227 Ships

• 56.2% Market Share of which 38.7% Caribbean/Bahamas

Asia Pacific/Australia: • 4.2M Pax

• 40 Ships

• 17.4% Market Share of which 12.3% Asia Pacific

Europe:

• 8.0M Pax

• 137 Ships

• 28.9% Market Share of which 14.8% Mediterranean

Strategy

• Birth place of GPH and our current

heartland

• Currently 14 ports, 6.3m PAX in 2018

• Continued opportunities for new ports

• Focus also on concession extensions at

current ports

Strategy

• Established foothold in Asia with equity

associate port Singapore – 1.8m PAX in

2018

• Signed 15-year management service

agreement for Ha Long Cruise Port,

Vietnam in 2019

• Significant potential for new port

investments

Strategy

• Have established a presence in

largest cruise market

• Largest cruise market in the world

but often with the oldest

infrastructure

• Significant opportunities for new port

investments

Source: Cruise Industry News 2019 Annual Report,

20%

44%

2012-2018 2018-2027

23%

70%

2012-2018 2018-2027

261%

48%

2012-2018 2018-2027

Regional

Growth by Pax.

Capacity

Global Ports Holding Plc (GPH) Harnessing Global Opportunities: Replicating European Success

24

Project Funnel

Closing and Induction Concession Agreement &

Financing Negotiations Due Diligence / MoU Project Screening / Pre-Feasibility

Americas

Europe &

Middle East

Asia/Pacific

3 Ports

2 Ports

1 Port

Global Ports Holding Plc (GPH) Strong Pipeline with Clearly Identified Opportunities

25

=

Total: - project

=

Total: 5 projects

=

Total: 1 project

=

Total: 22 projects

28 active projects in the pipeline

13 Ports

5 Ports

4 Port

Commences cruise port operations in Nassau

26

Overview

• GPH has signed a 25-year concession agreement with the Government

of the Bahamas for the Prince George Wharf and related areas at

Nassau Cruise Port and started operating the port as of 9th October 2019

• Nassau Cruise Port, which handled 3.7mn passengers in 2018, is the

largest cruise port in the portfolio

• The port has a capacity to handle up to 7 cruise vessels simultaneously

• The agreement marks an important step in GPH’s strategy to gain

further exposure to the exotic Caribbean region

• GPH and its partner Bahamian Investment Fund will invest up to USD

250mn. The construction phase is expected to start in Q4 2019 and is

anticipated to be completed within 24 months. Once construction has

been completed total revenues are expected to be in the range of USD

35-40mn per annum

Location

Key Features

Cruise Traffic

Total Pax / 2018 3.7 million

Total Calls / 2018 1,138

Turnaround Port No

Total Number of Piers 2

Terminals 1

Location City Center 1.5km

Facilities / Other Auditorium, Shopping area, parking

1

2

Cuba

Venezuela

Mexico

USA

Nassau

• GPH commenced cruise port operations in Antigua, following the signing

of a 30-year concession agreement with the Government of Antigua and

Barbuda

• A primary port-of-call for Southern Caribbean itineraries and can berth up

to 4 large ships with total passengers of 791k and total calls of 413 in

2018

• Antigua captures approximately 6.3% of the total Caribbean market

(according to the market research conducted by B&A, based on 2019

itineraries)

• GPH will finance the completion of the new pier that will be capable of

berthing the largest, 5,000+ passenger vessels in the industry. This will be

a crucial enabler of passenger volumes growing to over 1m in the medium

term

• The expected total initial investment in the first 12 months of operation will

be between $45-50m. Annual revenue in year one is expected to be c$8m

Antigua & Barbuda concession commencement

Overview Location

Key Features

Cruise Traffic

Total Pax / 2018 791,225

Total Calls / 2018 413

Turnaround Port No

Total Length of Quays(m) 1,420m


Terminals 1

Location City Center 1.5km

Facilities / Other Restaurant, Duty Free, Shops,

Souvenir shops

1

2

27

Acquisition of the operator of La Goulette, Tunisia

Overview

• Goulette Cruise Holding Ltd, Global Ports Holding Plc^s joint venture with

MSC Cruises S.A., has completed the acquisition of Goulette Shipping

Cruise, the company that operates the cruise terminal in La Goulette,

Tunisia, from Al Karama Holding

• The concession to operate the cruise port was awarded to Goulette

Shipping Cruise in 2006 on a 30-year basis, with a right to extend the term

for an additional 20 years

• While passenger volumes have been low in recent years, in 2010,

La Goulette welcomed c900k passengers and between 2011-2014 it

welcomed 441k cruise passengers per annum on average

Location

Key Features

Cruise Traffic

Total Pax / 2018 1,800

Total Calls / 2018 2

Turnaround Port No

Total Length of Quays(m) 1.700m


Terminals 3

Location Old City Center

Facilities / Other Restaurants, Duty Free, Souvenir shops,

Tourist Information, Hammam

1

2

28

15-year management service agreement for

Ha Long Cruise Port, Vietnam

29

Overview

• GPH signed a 15-year management service agreement with Ha Long Sun

Limited Liability Company for the Ha Long International Cruise Port,

located in Ha Long Bay, Vietnam

• The Port, having recently benefitted from a $44m investment, is the first

purpose-built cruise port in Vietnam and is capable of handling the world's

largest cruise ships

• In 2019 the Port is expected to welcome over 75,000 passengers and it is

forecasted to grow to over 100,000 passengers in 2020

• Vietnam is among the top 5 most visited country in Asia by cruise

passengers with over 490 calls in 2018

• The Ha Long International Cruise Port is the second port in GPH's

portfolio in Asia, a region that has seen high growth in cruise passengers

in recent years

Location

89% 82% 82%

2016 2017 2018

Global Ports Holding Plc (GPH) Robust Growth, Strong Margins and High Cash Conversion

CAGR

10%

1%

30

3.6 4.1 4.4 4.6

7.0

8.4

2016 2017 2018

Consolidated & Management Ports Ports in which GPH has an interest

114.9 116.4 124.8

53.6 50.3 54.9

61.2 66.1 69.9

2016 2017 2018

Cruise Commercial

80.9 80.5

90.7

36.9 32.2 37.6

44.0 48.3 53.1

2016 2017 2018

Cruise Commercial

7%

1%

Total Segmental

EBITDA margin

70.5%

Resilient financial profile with high margins and strong cash conversion

69.2%

Passenger growth (mn) Revenue Development (USD mn)

Segmental EBITDA Development (USD mn) High Cash Conversion*

CAGR

72.7%

* Cash conversion calculated as (Segmental EBITDA and unallocated expenses – CAPEX) / (Segmental EBITDA and unallocated expenses). CAPEX excludes acquisitions.

Power/Gas/Mining

Gas: Naturelgaz – CNG Europe’s & Turkey’s leading CNG (Compressed Natural Gas) distributor

► Naturelgaz, a 95.5% subsidiary of GIH and established in 2005, is

Turkey and Europe’s leading CNG distributer as per mother station

infrastructure and bulk sales volume as of 2018

► Naturelgaz focuses on sales and distribution of bulk CNG to industrial

and commercial customers in addition to cities

► The company distributed 138 mn Sm3 of CNG in 2018 and reached

c.17% market share in total non-piped gas market in Turkey while has

25% market share through the hinterlands covered by its filing plants.

► Naturelgaz is also focused on the road transport sector to supplement

existing bulk CNG sales. Compared to other energy sources, the use of

Auto CNG in road transportation provides two important advantages

are cost savings and environmental sustainability

Strategy

► In Turkey, there are many zones that natural gas has not reached

either because of geographical obstacles or poor economics. Supplying

CNG into pipeline of remote towns in Turkey, in cooperation with local

gas distributors, where there is no natural gas distribution infrastructure

► Carrying the experience and investments to the surrounding markets

such as Africa where the is underdeveloped power infrastructure and

strong growth

► Developing Auto CNG projects in cooperation with OEM producers and

conversion companies

► To increase the number of projects by supplying integrated CNG

solutions to well operators

12 CNG plants

4 co-operation plants

50,200 CNG cylinders

47 industrial scale compressors

In 2018, Naturelgaz distributed

138 mn Sm3 of CNG and

captured 17% market share in

the total non-piped natural gas

market in Turkey. The company

recorded a 25% market share

through the hinterlands covered

by its filling plants.

Naturelgaz CNG Plants / Auto CNG Stations Network

CNG sales (mn m³)

32

36

248

2011 2018

28

138

2012 2018

Revenue (TL mn)

Industrial 90%

Shopping Center 10%

operational

Samsun

10,1MW

Çerkezköy

6,7MW

Ankara

4,0MW

Bandırma

8,7MW

İzmir

6,7MW

Van

1,5MW

Uşak

11,0MW

Lüleburgaz

5,4MW

Power: Tres Biggest co/trigeneration supplier with 54.1MW

33

► Established in 2013 and 95.8% owned by GIH – remaining share is

owned by a local partner

► Offers power generation solutions via combined heat and power plants

(cogeneration/trigeneration) to end customers

► BO/ BOT model implementation in various types of facilities, both public

and private – industrial facilities, hospitals, shopping centres, hotels,

offices, etc. Operates according to unlicensed regulation.

► Total installed capacity is 54.1MW

► Designs, constructs and operates turn-key small-to-mid-size power

plants for industrial and commercial customers consuming power for

electricity, heating and cooling purposes. Capex per MW is USD 500-

700k

► Works with clients via long-term bilateral contracts securing fixed

savings in percentage terms to benchmark market prices (electricity or

natural gas)

54.1MW

Customer Breakdown by Sector and Capacity

Development of Installed Capacity

5.4

11.0

10.1

6.7

6.7

8.7

1.5 4.4

Jan-20

MW

Customer 8

Customer 7

Customer 6

Customer 5

Customer 4

Customer 3

Customer 2

Customer 1

12,1

16,8

15,4

6.0 3.8

54.1

250.0

2013 2014 2015 2016 2017 2018 2019 2025

MW

7.3 7.3 10.5 13.3 13.3 2.3 3.7

2.7 5.6

9.2

Hydro Wind Geothermal Biomass Solar

FIT for Electricity Max. FIT for Use of Domestic Equipment

Power : Biomass Total installed capacity of 29.2MW

34

► Global Investment Holdings is the leading biomass power

producer from residues and waste from agricultural fields,

forests, and livestock in Turkey with a total installed capacity of

29.2MW at its Aydın – Söke (12MW), Mardin – Derik (12MW) and

Şanlıurfa – Haliliye (5.2MW) power plants

► GIH holds an important competitive advantage in the biomass

sector in Turkey:

i. First mover in current and potential locations: electricity

generation from agricultural (mainly cotton and corn) residues,

animal manure, and forestry residues using combustion and

steam cycle technology - not employed by many players in the

Turkish market

ii. Integrated value chain under one roof including biomass

collection and plant operation

iii. High availability due to well proven technology: moving grate

boiler, steam turbine generator

iv. 49 years license with price guarantee through feed-in tariff at 13.3

US cent/kwh for initial 10 years

v. Facilities are located in close proximity to important supply areas

in Turkey

vi. Collects biomass from diversified sources with own equipment

and personnel in addition to selected subcontractors

vii. Secures supply chain via long-term agreements (c.10 years) with

General Directorate of Agriculture

Local Farmers

Regional Forestry Directorates

(*) Plants that become operational by 2020 will be eligible to benefit from the FIT for a period of

10 years following their commercial operation date. Domestic equipment support is applicable

for the initial 5 years of operation.

Source: Energy Market Regulatory Authority (EMRA)

3,435 4,361

3,781

7,619

3,666

Soke Urfa Mardin Konya Adana

'000 tonnes

Potential to generate

c.2.300MW with the

existing biofuel

Source: Turkish Statistical Institute

Current Biofuel Volume in Regions GIH is Present

Total fuel availability:

22.8m tonnes

17.2 29.2 29.2

2017 2018 2019

MW

GIH Installed Capacity Development

9.6 11.0 13.2

18.9 22.5

US

D c

ent

/ kw

h

Feed-in-Tariff*

Power : Biomass Our facilities are located in close proximity to important supply areas in Turkey

35

Aydin

Soke Konya

Adana

Urfa Mardin

Operational: Söke I (12MW), Urfa I (5,2MW),

Mardin I (12MW)

Under Construction: Söke II (12 MW)

Under Development: Konya (24MW), Adana (24MW)

Urfa II (24MW), Mardin II (12MW)

Total annual fuel

availability: 3.4mn

tonnes, of which Global

Energy will use c. 5%

p.a. once fully rolled-out

Total annual fuel

availability: 7.6mn




Total annual fuel

availability: 3.6mn




Total annual fuel

availability: 4.3mn




Total annual fuel

availability: 3.7mn




► Portfolio approach provides diversification with respect to fuel supply and operating performance

Power: Solar 2 projects with 16.8MWp installed capacity in progress

36

2 projects located in Mardin/Turkey and Bar/Montenegro

Mardin, SPP Project:

► Won bid for licensed solar project in 2015

► Total installed capacity will be 10.8 MWp (9MWe at substation)

► Facility spans over a 16 hectare area

► Licence obtained in March 2019

► Expected commercial operation starts: Q1 2020

► Price guarantee through feed-in tariff at 13.3 USD cent/kWh for 10

years

Bar, Port of Adria SPP Project:

► First international project of the energy group under GIH

► Development of a solar power plant on rooftops of existing

warehouses at the port

► Total installed capacity will be 6 MWp (5 MWe at substation)

► Price guarantee through feed-in tariff at 12 EUR cent/kWh for 12 years

► In the process of permit by state authorities

► Expected commercial operation date: H2 2020

Mardin SPP settlement plan: 16 hectare spot in close proximity to

city center

Bar SPP settlement plan: 9 warehouse roofs with a total area of

66,000 sqm

► In addition, GIH is not only pursuing plans to bid on government tenders

in renewables as may be announced in the near future, but also

evaluating various opportunities abroad in the sector

Other Projects in the Pipeline:

GIH’s first solar power plant, Ra Solar

Overview Location

Key Features

Project Location Mardin, Turkey

Developer Ra Gunes

Shareholder Structure 100% GIH

Plant Type Ground mounted - Tracker

DC Capacity (MWp) 10.8

AC Capacity (MWe) 9

Annual Generation (kWh/Year) 20,550,000

Tariff FIT in first 10 year:

13.3 USD cent/kWh

1

• Global Investment Holdings partially commissioned its first solar power

plant, Ra Solar, with 9MW (10.8 MWp) installed capacity in Mardin

• Ra Solar is subject to Renewable Energy Resources Support Mechanism

(YEKDEM) starting from 2020, selling electricity at 13.3 USD cent/kWh for

ten years

• The facility is expected to generate about 20 million kWh electricity per

annum, meeting the electricity requirement of more than 7.5 thousand

households.

37

Global Investment Holdings’ first international solar

plant investment

Overview Location

Key Features

Project Location Bar, Montenegro

Developer Barsolar

Plant Type Rooftop

DC Capacity (MWp) 6

AC Capacity (MWe) 5

Annual Generation (kWh/Year) 6,900,000

Tariff FIT in first 12 year:

12.0 EUR cent/kWh

1

• Barsolar is the first ever large-scale solar project in Montenegro with a

capacity of 5 MWe (6MWp)

• The solar plant is located in port of Adria, Bar, Montenegro; while Port of

Adria has been operated by Global Investment Holdings’ subsidiary. The

solar power plant will be constructed on the warehouse roofs covering an

area of over 66,000 square meters at the port

• Global Investment Holdings’ 51% subsidiary in solar energy, Barsolar

D.O.O has been granted the “Temporary Status of Privileged Energy

Producer” by the Regulatory Agency in Montenegro

• Barsolar is expected to generate about 6.9 million kWh electricity per

annum, meeting the electricity requirement of more than 2.6 thousand

households

• The company is planning to start construction in Q2 2020 and commence

power generation in H2 2020

38

► Straton, a 97.7% owned subsidiary of GIH, was acquired in 2013

► Straton has substantial feldspar reserves, mine processing facilities

and commercial teams based in the West Aegean region of Turkey

► Straton is among the top five feldspar producers in Turkey with 496,400

tons of annual feldspar production in 2018

► The Company’s main export markets were Spain, Italy, Egypt and

various Middle Eastern countries. Export related sales volume reached

428.395 tons while domestic sales volume realized at 68.005 tons in

2018

► Feldspar is a crucial ingredient for the quality manufacturing of

ceramics and glass, reducing the manufacturing temperature and

saving vast amounts of energy as well as carbon emissions

► Turkey is the global leader in feldspar mining with 5mn tons of

production. Turkey’s feldspar exports to Spain, Italy, Russia and the

Far East amounted to 3.2% of Turkey’s overall mine exports

Strategy

► Aims to become a leading player in the global feldspar market by

extracting feldspar in the most efficient and environmentally

responsible manner

► To this ends, Straton has completed an investment program that

includes establishment of new separation and enrichment facilities

besides expansion of existing production capacity

► By way of the new facilities under operation, Straton plans to gradually

increase feldspar sales over the next two years and more than double

its current annual production volume entering various new export

markets in order to become one of the leading players in the sector

► Geographical expansion into new markets such as the Far East

Mining: Straton - Feldspar

39

388 405

626

496

2015 2016 2017 2018

Sales Volume Developments (000 ton)

REAL ESTATE

• Denizli Sumerpark Mix-Use Real Estate Development

Sümerpark Project, which is the new living center of Denizli, is on 98,500 m2 land

and when completed, it shall reach to a gross construction area of 228,000 m2. The

project is composed of Sümerpark Evleri, consisting of 606 houses, Sümerpark

Shopping Center, Skycity Business Towers, Private School and a private hospital

with 150 beds

41

• VAN SHOPPING CENTER

Van Shopping Center is the first shopping center in

the city and provides a strong selection on 55.000m²

building area and 26,047 m² leasable area. Van

Shopping Center is home to approximately 90 stores

as well as restaurants and cafes, child playground and

7-theater cinema. Since its opening, it attracted more

than 28 million visitors and currently operates with 97%

occupancy

• SALIPAZARI GLOBAL BUILDING (RIHTIM 51)

Rihtim 51, which is a 2nd degree listed historical

building, has 5,230 m² building area. Global

Investment Holding is currently using the building as

headquarters. The renovation projects of the property

have been completed and the building permit is

obtained for the 7,400 m² hotel project

• VAKIFHAN NO:6

The project is based on the reconstruction of the 1,619

m2 historic building belonging to the General

Directorate of Foundations in Karaköy, Istanbul with

the Restore-Operate-Transfer (ROT) model. The

building restoration was completed in August 2006 and

operates with 100% occupancy

Ardus

Net land area 98,418m²

Residential Area 34,421m²

Commercial Area 47,709m²

Private School Area (Commercial precedent)

5,543 m²

Private Hospital Area 10,745m²

Gross construction area 228,620 m²

Residential 105,000 m² /608 housing (%38 completed)

Shopping Center

Office

107,000 m² / 34,790 m² GLA (%100 completed) 33,055 m² (%45 completed)

Private school 11,565 m² (%100 completed)

Private Hospital 32,000 m² (In the planning phase)

41

42

OTHER LANDS AND PROJECTS:

• CYPRUS AQUA DOLCE HOTEL PROJECT

48,756 m 2 project planned in 260,177 m 2 land, includes 5* hotels, casino and villa.

• BILECEIK INDUSTRIAL ZONE LAND

Located in the Industrial Zone, 29,500 m2 in size

• BODRUM TORBA LAND

45,822 m2 land suitable for large-scale tourism investments

Ardus

42

FINANCE

Asset Management

Actus Asset Management

► Actus is the second largest Turkish-owned portfolio management company without a bank/brokerage house/insurance company as a

parent

► Since April 2015, Actus Company has grown by 435%, managing TL 831mn in AUM as of 30 September 2019, just cross TL

1bn AUM mark by November 2019

► Actus launched Turkey’s first infrastructure private equity fund that will provide equity financing to a public-private partnership project

in healthcare sector. Actus aims to be the leader in Turkey in alternative investment funds leveraging Global Investment Holdings’

know-how and proven track record

► Actus is the founder of Turkey’s first corporate venture capital fund investing in technology firms with a vision of being a global player

Actus Asset Management Inc. Logo Ventures Fund

► Actus launched Turkey’s first diversified renewable energy Private Equity Investment Fund: Actus GreenOne Private Equity

Investment Fund

► Actus signed a Limited Partners Agreement with Sabancı University and got TUBITAK approval to establish a Technology Venture

Capital Fund with TL 100mn final closing target

► Managing 3 pension, 5 mutual, and 3 alternative investment funds as well as several discretionary mandates, Actus is the only full-

fledged asset manager in Turkey

Strategy

► Besides organic growth, Actus’ strategy is to acquire independent asset management companies to boost AuM in the short term

Actus Asset Management and İstanbul Asset Management have reached an agreement to merge under Istanbul Asset

Management, creating the largest domestic and independent asset management company in Turkey with over TL 4bn AUM

Actus will hold a 33.25% stake in the merged entity; and GIH will have an option to buy 40% of the shares of the merged entity

► Launch a Turkish regional infra fund up to USD 1bn jointly with Centricus

45

Merger of Actus & İstanbul Asset Management

• Actus Asset Management and İstanbul Asset Management have reached an agreement to merge, creating the largest domestic and independent asset

management company in Turkey

• Post merger, Actus’ shareholders will hold 33.25% of the merged entity; and Global Investment Holdings has an option to acquire additional 40% (share

purchase) of the shares of the merged entity

Opportunity :

• Creating the largest domestic and independent asset management company in Turkey

• Taking advantage of the new Capital Markets Law, which aims at levelling the playing field between banks and the non-bank financial institutions

• Unlocking growth potential in AIFs, pension fund mandates, fintech initiatives and impact investing

Shareholders: 80% Global Investment Holdings 5 ex-industry professionals

20% Police Pension Fund (Polsan)

AUM (as of 30 September 2019):

TL 831mn

Since April 2015’s acquisition by Global Investment

Holdings, Actus’ AuM had grown by around 5 folds

TL 2,812mn

With the new shareholding structure,

Istanbul Asset Management

was able to expand its portfolio by 50 folds

Mutual / Pension Funds: 3 Pension Funds, 5 Mutual Funds 3 Pension Fund, 12 Mutual Funds

AIFs: Healthcare PPP Infra PEIF Bosphorist VC PEIF

Logo Ventures CVC PEIF

GreenOne Renewable Energy PEIF

46

Global MD Portfolio Management

► Global MD is a leading non-bank portfolio management firm which focuses on pension funds, namely Aegon Emeklilik

and Fiba Emeklilik, real estate funds and venture capital funds

► Global MD offers top quality portfolio management to both individual and institutional investors, managing 7 funds

invested in the Turkish equity and debt markets. (AUM: TL 238mn as of 30 September 2019)

► Global MD is the founder of Torkam Global MD Real Estate Fund , one of Turkey’s first real estate investment funds in

which Emlak Konut has pledged to be a seed investor for the first time

► Global MD’s first venture capital fund, Acalis 1st Venture Capital Fund, gives the opportunity to invest in disabled and

elderly care centers all over Turkey

► 100% owned by Global Securities

Strategy

► Global MD has the mission to become one of the leading portfolio management companies via adding new venture and

real estate funds worth of at least TL 200mn to its current roster in 2019 and more later

► Global MD focuses on providing superb service to its customers and aims its investment funds’ performance to the

highest rankings in their categories

47

Brokerage

Global Securities

Global Securities ► Global Securities is an independent and listed company on BIST that provides capital market brokerage

services to individuals and corporates; local and international investors

► Global Securities has received 40 international awards for its many accomplishments in Turkey over the

years, among which is the award for “The non-bank intermediary institution with the biggest trading volume

since the foundation of Borsa Istanbul”

► Has mediated close to 100 corporations establish an initial public offering, has also contributed with

USD 5bn to the Turkish Capital Market

Strategy

Configured with the vision of being a pioneer of the sector in Turkey, Global Securities serves its clients

through its accumulation of information and experience, in the capacity of being a leading and dependable

brokerage

49

APPENDIX

(1) non-trade receivables including related parties, tax receivables and others (2) long term non-trade receivables including related parties, advances, prepaid expenses and others (3) recognition of right-of-use asset and a lease liability with respect to rent contracts of building, office, vehicles and concession agreements according to transition to TFRS 16. (4) non-trade payables including related parties, long term provisions and other liabilities

Balance Sheet

(TL mn) 30 September 2019 31 Dec 2018

ASSETS

Current Assets 1,381.1 1,104.2 Cash and Banks 509.2 496.9

Marketable Securities 7.3 4.1

Trade Receivables 444.0 272.3

Inventories 86.9 93.4

Other Receivables and Current Assets (1) 333.7 236.6

Assets classified as held for sale 0.9 0.9

Non-current Assets 4,876.5 4,543.8 Financial Assets 79.8 68.6

Investment Properties 473.4 473.4

Tangible Fixed Assets 1,330.8 1,285.0

Intangibles and Concession properties 2,192.7 2,241.4

Right of Use Assets (3) 319.6 0.0

Equity Pickup Investments 169.8 150.8

Goodwill 95.2 89.8

Deferred tax assets 132.8 127.2

Other receivables and non-current assets (2) 82.4 107.7

TOTAL ASSETS 6,257.7 5,648.0 LIABILITIES

Short term liabilities 1,459.8 1,203.4 Financial debt 956.2 728.1

Lease Liabilities (3) 17.0 0.0

Trade Payables 336.6 243.0

Accrued liabilities and other payables 150.0 232.3

Liabilities directly associated with assets held for sale 0.0 0.0

Long term liabilities 3,280.4 2,768.7 Financial debt 2,364.6 2,169.9

Lease Liabilities (3) 324.0 0.0

Provisions and other long term liabilities (4) 74.2 84.5

Deferred tax liabilities 517.6 514.3

Total Shareholders' Equity 1,517.5 1,675.9 Paid in capital 325.9 325.9

Treasury shares -158.6 -115.5

Reserves 829.7 723.5

Previous years' profit/loss 73.6 107.8

Profit/(loss) for the period -86.3 -89.9

Minority Interest 533.3 724.0

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,257.7 5,648.0

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Income Statement

(TL mn) 9M 2019 9M 2018

Total gross revenues 1,083.7 820.6

Cost of sales and services -748.1 -541.9

Gross Profit 335.7 278.7

Operating expenses -229.4 -180.2

Other operating income/(loss), net 6.0 12.7

Equity pickup asset gains/(losses) 23.5 17.4

Gross operating profit/(loss) 135.8 128.7

Financial income/(expenses), net -233.4 -249.9

Profit/(loss) before tax -97.6 -121.2

Taxation -15.7 31.4

Profit/(loss) after tax -113.3 -89.8

Minority interest -27.0 -3.6

Net profit/(loss) for the period -86.3 -86.2 EBITDA 425.8 349.4

52

The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this document. This document may also contain certain forward-looking statements concerning the future performance of Global Investment Holdings (“GIH” or “the Group”) and should be considered as good faith estimates. These forward-looking statements reflect management expectations and are based upon current data. Actual results are subject to future events and uncertainties, which could materially impact GIH’s actual performance.

GIH, and its respective affiliates, advisors or representatives, shall have no liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. GIH undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Therefore you should not place undue reliance upon such statements.

Disclaimer

For further information, please contact:

Investor Relations

Global Yatırım Holding A.Ş.

Rıhtım Caddesi No. 51

Karakoy 34425 Istanbul, Turkey

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Phone: +90 212 244 60 00

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