Global Investments Limited

FY2012 Financial Results

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DISCLAIMER

Information contained in this presentation is intended solely for your personal reference and is strictly confidential. Such information is subject to changewithout notice, its accuracy is not guaranteed and it may not contain all material information concerning Global Investments Limited (“GIL”) or ST AssetManagement Ltd (“STAM”). Neither GIL, STAM nor any of their respective affiliates, advisors or representatives make any representation regarding, and noneof them assumes any responsibility or liability whatsoever (whether arising out of tort, contract or otherwise) for, the accuracy or completeness of, or any errorsor omissions in, any information contained herein nor for any loss howsoever arising from any use of this presentation. The recipient should consult with theirown legal, tax and accounting advisers as to the accuracy and application of the information contained in this presentation and should conduct their own duediligence and other enquiries in relation to such information. By attending this presentation, you are agreeing to be bound by the restrictions set out below.Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The information contained in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to, andno reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention toprovide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of GIL’s financial or trading position or prospects. Theinformation and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.

In addition, the information contained herein contains projections and forward-looking statements that reflect GIL’s current views with respect to future eventsand financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic andcompetitive uncertainties and contingencies as well as various risks and these may change over time and, in many cases, are outside the control of GIL,STAM, their associates and all their directors. No assurance can be given that future events will occur, that projections will be achieved, or that assumptionsunderpinning expectations are correct. Actual results may differ materially from those forecasted, projected or guided.

This presentation is not and does not constitute or form part of any financial product advice, offer, invitation or recommendation to purchase or subscribe forany securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto.This presentation does not carry any right of publication. This presentation may not be used or relied upon by any other party, or for any other purpose, andmay not be reproduced, disseminated or quoted without the prior written consent of GIL or STAM.

This presentation is not for distribution, directly or indirectly, in or into the United States.

This presentation is not an offer of securities for sale into the United States. The securities may not be offered or sold in the United States or to, or for theaccount or benefit of, US persons (as such term is defined in Regulation S under the US Securities Act of 1933, as amended) unless they are registered orexempt from registration.

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AGENDA

1. Financial Highlights

2. 2012 Overview

3. Portfolio Composition as at 31 December 2012

4. Outlook

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1. Financial Highlights

FY 2012 FY 2011 % Change

Net Profit after Tax S$19.1M S$12.2 M Net profit after tax grew by 56.1% on a year-on-year basis toS$19.1 million from S$12.2 million. The increase was drivenlargely by the reversal of impairment of its investment inAscendos of S$4.9 million registered for the year as well asthe absence of impairment expenses of S$1.8 millionrecorded in 2011.

Total Revenue S$18.4M S$20.5M Drop in revenue was mainly due to the change in accountingtreatment of distribution income received as a result of equityaccounting its investment in Ascendos in 2012.

Total Expense S$5.4M S$7.6M Drop in total expenses was mainly due to the absence ofimpairment charges, lower finance costs and other operatingexpenses.28.5%

56.1%

10.2%

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1. Financial Highlights

FY 2012 FY 2011 % Change

Return on Equity 11.2% 9.0% ROE rose to 11.2% in FY2012 (based on average Total Equity ofS$169.79 million) from 9.0% in FY2011 (based on average Total Equityof S$135.66 million).

Earnings per Share S$0.0253 S$0.0229 Earnings per share rose by 10.5% to 2.53 Singapore cents in FY2012(after adjusting for the enlarged share capital resulting from the RightsIssue in April 2012) from 2.29 cents in FY2011.

Net Asset Value S$190.1M S$149.5 M Net Asset Value (“NAV”) increased by 27.1% to S$190.1 million inFY2012. If the Rights Issue had been completed before 31 December2011, the increase in NAV would be 8.6% for the year ended 31December 2012, taking into account the final 2011 dividend of S$4.1million and interim 2012 dividend of S$6.2 million paid during the year.

Dividend Distribution S$12.4 M S$8.3 M Interim and final dividend distribution per share totalled 1.5 Singaporecents (based on larger 825.31 million shares) in FY 2012. The totalamount of dividend to be paid increased by 49.4% to S$12.4 million inFY 2012 from S$8.3 million in FY 2011.

24.4%

27.1%

10.5%

49.4%

1. Financial Highlights

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Consolidated Statement of Comprehensive Income

Income Statement

For the Quarter ended

31 December 12

S$’000

For the

Quarter ended 31 December 11

S$’000

Change

%

For the Year ended

31 December 12

S$’000

For the Year ended

31 December 11

S$’000

Change

%Revenue

Distribution income - 404 n.a - 1,162 n.a

Dividend income 455 269 69% 1,435 1,054 36%

Interest income 2,640 2,600 2% 8,772 9,866 (11%)

Rental income 1,159 1,216 (5%) 4,724 4,765 (1%)

Net foreign exchange gains - 998 n.a 100 - n.a

Gain on sale of investments 2,054 - n.a 3,307 3,608 (8%)

Gain on financial assets designated as fair value through profit or loss 27 - n.a 27 - n.aTotal Revenue 6,335 5,487 15% 18,365 20,455 (10%)

Expenses

Management fees (322) (201) 60% (1,065) (760) 40%

Net foreign exchange losses (559) - n.a - (382) n.a

Depreciation and amortisation (316) (331) (5%) (1,286) (1,297) (1%)

Finance costs (273) (325) (16%) (1,165) (1,325) (12%)

Impairment expenses - (1,772) n.a - (1,772) n.a

Other operating expenses (481) (659) (27%) (1,887) (2,017) (6%)

Total Expenses (1,951) (3,288) (41%) (5,403) (7,553) (28%)

Reversal of impairment in associated company - - - 4,936 - n.a

Share of profit of associated company (net of tax) 359 - n.a 1,654 - n.a

Profit before tax 4,743 2,199 116% 19,552 12,902 52%

Income tax expense (117) (166) (30%) (495) (690) (28%)

Profit after tax 4,626 2,033 128% 19,057 12,212 56%

Other comprehensive income / (loss)

Available for sale financial assets revaluation reserve 637 (1,572) 141% 2,224 (4,082) 154%

Foreign currency translation reserve 323 (371) 187% (5,400) 2,186 (347%)

Other comprehensive income/(loss) for the period after tax 960 (1,943) 149% (3,176) (1,896) (68%)

Total comprehensive income for the period attributable to shareholders

5,586 90 6107% 15,881 10,316 54%

Basic earnings per share (cents per share) 0.56 0.36 56% 2.53 2.29 10%

Diluted earnings per share (cents per share) 0.56 0.36 56% 2.53 2.29 10%

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Statement of Financial Position (Group) As at 31 December

2012 S$’000

As at 31 December 2011

S$’000

Change %

Assets

Cash and cash equivalents24,508 42,166 (42%)

Financial assets at fair value through profit or loss8,777 - n.a

Available for sale financial assets 58,753 21,201 177%

Loans and receivables79,925 71,712 11%

Investment in associated company4,555 - n.a

Aircraft 28,707 31,825 (10%)

Other assets257 531 (52%)

Total Assets205,482 167,435 23%

Liabilities

Interest bearing liabilities14,037 16,964 (17%)

Other liabilities1,361 966 41%

Total Liabilities15,398 17,930 (14%)

Net assets attributable to shareholders190,084 149,505 27%

Shareholders equity190,084 149,505 27%

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AGENDA

1. Key Financial Data for 2012

2. 2012 Overview

3. Portfolio Composition as at 31 December 2012

4. Outlook

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2. 2012 Overview

� Renounceable Non-underwritten Rights Issue

� A 1 for 2 Rights Issue was announced on 7 February 2012 at an issue price of S$0.128 for each rights

share.

� Total rights subscribed and excess shares application was 129.8%.

� New rights shares were listed on 13 April 2012.

� The net proceeds of S$35.01 million from the Rights Issue have been fully utilised.

� Acquisition

� GIL invested in a portfolio of listed equities traded on various exchanges. As at 31 December 2012, the

carrying value of the listed equity portfolio was S$39.96 million.

� Invested A$5.00 million in a new issue Australian Residential Mortgage-Backed Securities (“RMBS”) by

acquiring the mezzanine notes of Class D Notes and Class E Notes of Resimac Bastille Trust Series

2012-1NC in October 2012.

� US$10.10 million was invested in START VIII CLO Limited, a newly issued synthetic Credit Linked Note.

� GIL invested in a portfolio of corporate bonds denominated in SGD and USD with a carrying value of

S$13.50 million.

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2. 2012 Overview

� Divestment

� The Company sold its investment of US$10.30 million in the US RMBS portfolio comprising of 4 securities

which hold US residential mortgage loans in November 2012. Total cash flows received from the 4

securities prior to the sale was US$3.86 million, and together with sales proceeds of US$8.77 million, the

total cash flow received in excess of GIL’s initial investment was US$2.33 million.

� The Company partially sold its portfolio holdings of shares in FLY Leasing for profit realization resulting in

net realized profit of S$2.03 million.

� The Company sold some listed equities for a net realized gain of S$410,000.

� The Company entered into a forward sale agreement with FedEx on the sale of GIL’s two Boeing 757-200

aircraft in December 2011. The Company has been in discussion with the manager of the two aircrafts to

ensure successful completion of the sale which is expected to be on 30 April 2013.

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2. 2012 Overview

� 2012 Dividend Distribution

� Interim dividend of 0.75 Singapore cents per share (based on 825.31 million shares) was paid on 10

September 2012.

� Final dividend of 0.75 Singapore cents per share is declared on 7 February 2013.

� Based on closing share price of 16.0 cents on 31 December 2012, the full year dividend distribution of 1.5

Singapore cents per share represented an annual dividend yield of 9.4%.

� Scrip Dividend Scheme

� The Company has just announced that the Scrip Dividend Scheme will be applied to the final dividend of

0.75 Singapore cents per share for FY 2012.

� This scheme provides Shareholders with greater flexibility in meeting their investment objectives as

Shareholders are given an option of either electing for cash dividend or reinvest in the Company through

acquisition of additional ordinary shares without having to incur transaction costs.

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2. 2012 Overview

� Corporate Governance

� In November 2012, the Company established a Remuneration Committee, which comprises entirely of

independent non-executive directors to provide an objective basis for the determination of directors’

remuneration, and to review the fees and expenses in relation to GIL’s business.

� GIL improved its Governance and Transparency Index (“GTI”) score from 34 points in 2011 to 47 points in

2012 and was ranked in the top 15% out of 647 listed companies in the 2012 GTI. GTI is jointly launched

by The Business Times and the National University of Singapore’s Centre for Governance, Institutions

and Organisations. Sponsored by CPA Australia and supported by the Investment Management

Association of Singapore, it assesses the financial transparency of companies based on their annual

announcements.

� Outsourcing of Administrative Services

� ST Asset Management Ltd (“STAM”) has delegated administrative services which are non-investment

related to Allgrace Investment Management Pte Ltd with effect from 16 July 2012.

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2. 2012 Overview

� 2012 Annual General Meeting

� All resolutions set out in the Notice of Annual General Meeting dated 27 March 2012, including those in

relation to the adoption of the Preference Share Issue Mandate, were duly approved and passed by the

Company’s shareholders on 19 April 2012.

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AGENDA

1. Key Financial Data for 2012

2. 2012 Overview

3. Portfolio Composition as at 31 December 2012

4. Outlook

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3. Portfolio Composition as at 31 December 2012 - By Carrying Value

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AGENDA

1. Key Points of 2012 Financial Results

2. 2012 Overview

3. Portfolio Composition as at 31 December 2012

4. Outlook

4. Sector Outlook

Rail

� The European rail transport industry was affected by the uncertainty surrounding the Eurozone and the difficult economicconditions prevalent in Europe. Whilst passenger traffic grew, rail freight traffic appeared to have declined in 2012 and thedemand for freight equipment may continue to remain soft.

� Improvements in trans-European rail transport network infrastructure coupled with the increase in road congestion and thecost of road haulage will support the growth in rail transport.

� Outlook for the rolling stock lessors may improve if the recent improvements in financial markets were to continue andfoster a pick-up in consumer sentiment and business investment.

Aircraft

� Although the airlines face a difficult business environment amidst persistently high fuel costs and sluggish economicgrowth concerns, the outlook for 2013 has been lifted for airlines.

� Demand for leased aircraft has remained healthy with good growth from emerging countries.

� The revival in lease rates for A319 and A320, firming aircraft values and availability of funding access through the capitalmarkets continue to point to a stabilising outlook for aircraft lessors.

Residential

� In Australia, housing prices have softened in 2012. The RP Data-Rismark Home Value Index for capital city has declinedby approximately 0.4% over the year.

� However, the relatively stable unemployment rate and the rate cuts by the Reserve Bank of Australia as well as improvedhousing affordability are likely to support the housing market.

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4. Sector Outlook

Corporate Loans

� Prices of global corporate loans rose in 2012 as a result of a benign credit environment and strong demand from CLOs aswell as other loan funds.

� The Moody’s Global Speculative-Grade Corporate default rate is well below the historical average default rate of 4.8%,although it increased from 1.9% in 2011 to 2.6%. Moody’s base outlook is that the global default rate will rise modestly to3.0% by the end of 2013 as the weak economic recovery and sovereign debt issues continue to put upward pressure oncorporate default rates.

� The overall default rate in 2013 is expected to remain low, given that most loans have been refinanced to mature beyond2015 and supportive policy actions by central banks have moderated systemic risks.

Asia Listed Equities

� Asia equities rallied strongly in the second half of 2012, helping most indices end the year higher. Concerns over Europe’ssovereign debt woes abated, and uncertainty over the U.S. “fiscal cliff” was offset by improving economic data out of muchof Asia, especially China.

� A lack of a clear resolution over U.S. debt ceiling and tepid economic growth in much of Europe will likely remain asoverhangs over equity markets.

� However, the outlook for Asian equities is expected to remain positive, supported by accommodative monetary policiesand fiscal stimuli in many countries.

Bonds

� Asian bonds performed strongly in 2012, especially in the second half of the year. Yields and spreads compressedsharply as the European Central Bank (“ECB”) and the U.S. Federal Reserve intervened in markets to shore up investorconfidence.

� Despite heavy issuance by Asian corporates in 2012, demand has remained strong.

� The outlook for Asian credits is expected to remain positive on strong corporate balance sheets, an improvingmacroeconomic environment, and accommodative monetary policy.

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4. Company Outlook

� Future Direction and Growth Strategy of GIL

� To grow its assets and seek new investment in assets that will generate steady income and potential

appreciation in capital to deliver regular dividends and achieve capital growth.

� Active management of GIL’s assets with focus to protect and grow value.

� Investment Objective

� Investment opportunities in high yield bond, hybrid instruments and public equity investments, operating

lease assets, and single loans and loan portfolio assets.

� To be selective in the current environment, focusing on fundamental bottom-up analysis, with preference

for assets with defensive characteristics, and good cashflow generating ability.

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