Global Yatirim : GIH Investor Presentation - January

GLOBAL INVESTMENT HOLDINGS

Investor Presentation

January 2020

Copyright © 2020 Global Investment Holdings

Who we were	3

Who we are now	5

Who we will become	10

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 were	3

Who we are now	5

Who we will become

10

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

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/	Real Estate	Finance
Mining

• 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

• 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

• 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-housingproject 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

6

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

	Global
	Investment
Turkcom*	Holdings**
26.0%	13.2%
Centricus	Lansdowne
Holdings Malta	European
Limited
Equity Master
31.2%
Fund Limited
Other
8.7%
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

Corporate Governance Rating - Kobirate

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

Credit Rating - JCR Eurasia

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

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

7

Centricus

Strategic Partnership

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

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

Asset	Banks
Managers

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

markets caused by monetary and regulatory policies

Corporates

Centricus targets high absolute returns in three core sectors

Financial Services

Investment in financial assets

Representative Acquisitions:

• CIFC Asset Management
• Halkin Asset Management
• Fortress (advisory role)

Infrastructure

Targeting high quality assets in infrastructure domain that have stable and attractive returns with long duration

Representative Acquisitions:

• Global Investment Holdings

Technology

Raising funds, investing and transforming the technology sector

Representative Transaction:

• Softbank Vision Fund (fundraising, structuring and advisory role)

FEMS

Investment in fashion, entertainment, sports and media

Representative Transaction:

• Chalayan

Structured origination and investment process

	Investment	Execution of	Challenge and
Deal sourcing	business plan with
selection based on	support
through expansive	provision of capital
prudent due	management to
global network	and management
diligence	reach its goals
	expertise
		8

Who we were

3

Who we are now	5

Who we will become	10

We intend to stay focused on our strategic sectors

PORTS

CLEAN ENERGY

ASSET MGMT

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

Develop green energy projects with attractive long-termfeed-in tariffs and innovative energy efficiency solutions

• 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-electrifiedSub-Saharan Africa
• Partnership with an international player in CNG business

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

10

Capabilities & Strategy

Effective recognition of attractive investment opportunities in rapidly growing sectors

No specific geographic or sector-bound limits

Proven track record of successful exits

A dynamic investment vehicle with interests in a variety of budding business sectors

Fast Mover

First Entrant

Dynamic

Strategy

Unique position as industry consolidator in its port operations

Always prioritize the potential for future growth

Investment portfolio unlike any other traditional holding company

Respond swiftly to a continuously changing business environment and achieving operational efficiency

• 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

11

The evolution of key financial indicators

TL mn	Total Assets
6,258
	5,648

4,371

3,890

3,439

2,599

1,978

2013

2014

2015

2016

2017

2018

30/09/2019

mn	Total Equity
TL	1,676

mn	Turnover
1,128
TL	1,084
	806	821

630

552

357

247

2013 2014 2015 2016 2017 2018

9M-189M-19

TL mn	EBITDA
465

1,595

975 913

726 743

1,518

426

349

278

218 231

190

111

2013

2014

2015

2016

2017

2018

30/09/2019

2013 2014 2015 2016 2017 2018

9M-189M-19

12

Financial Highlights

(TL mn)

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%

13

Debt Position - As of 30.09.2019

		Interest	Year of
Holding standalone debt	Currency	Rate	Maturity		Amount TL mn
Eurobond, net	USD	fixed	2022	18.4
TL bond	TL	floating	2020	45.0
TL bond	TL	fixed	2020	125.0
Secured bank loans	EUR	floating	2021	392.1
Gross debt				580.5
Cash and Cash Equivalents				271.9

(I) - Net Financial Debt - standalone					-308.6
Project Company debt by segment	2019	2020	2021	2022+	Amount TL mn
Ports (1)	89.6	162.9	1,489.7	206.1	1,948.3
CNG (2)	15.4	28.8	28.7	22.8	95.7
Power (2)	114.0	54.9	47.1	173.5	389.4
Mining (4)	25.1	57.6	4.1	0.6	87.3
Real Estate	5.9	35.0	27.1	80.7	148.7
Gross debt	249.9	339.0	1,596.7	483.7	2,669.3
Cash and Cash Equivalents					475.2
(II) - Net Financial Debt (TL m) - project company					-2,194.1
(I) + (II) - Consolidated Net Debt					-2,502.7

USD mn 3.2 8.0 22.1 69.3

102.6

48.0

-54.5

USD mn 344.3 16.9 68.8 15.4 26.3

471.7

84.0

-387.7

-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

Chairman & CEO, CFO and Group CEOs

A Team of Industry Specialists

Mehmet	Mehmet
Kutman	Kerem
Chairman & CEO	Eser
	CFO

Emre Sayın

CEO,

Global Ports

Holding Plc

Atay

Arpacıoğulları

CEO,

Global Energy

• 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

• 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)

• 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

• 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

Hasan Tahsin	Barış
Turan	Hocaoğlu
CEO,	CEO,
Naturelgaz	Actus Asset
	Management
• Serves as CEO of Naturelgaz since	• Serves as CEO of Actus Portfolio
February 2017	Management since 2015
• 17 years of experience in the group (GIH)	• Holds a BA in Political Sciences and
• Held several positions such as CFO,	International Relations from Ankara
University
Global Securities and Director, Energy
Group	• Has 20 years of experience in the sector.
• Holds a BSc. Degree in Petroleum and
Natural Gas Engineering from METU

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

Barış

Subasar

CEO,

Global MD

Portfolio

Management

• 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

15

PORTS

Global Ports Holding Plc (GPH)

Snapshot

192

Cruise Ports

Ports

c.24%

Market share in

PassengersMediterranean

4

Continents

Global
Investment
Holdings,	Centricus
60.0%	Partners
Free Float	LP,
2.3%
(LSE),
37.7%

17

Global Ports Holding Plc (GPH)

World's largest independent cruise port operator

Ports: Location Overview

Dominant Position in the Mediterranean Cruise Port Landscape

Established Foothold the Caribbean and Asia

2 out of Top Mediterranean Cruise Ports

(2018 Pax, '000s)

Caribbean				Asia	Barcelona	3,041*
Nassau				Ha Long
Havana					Civitavecchia	2,442
				Singapore	Balearic Islands	2,431
Antigua
					Genoa/Savona	1,860
		Venice		Marseille	1,716
			Ravenna		Venice	1,561
				Bar	GPH Cruise Ports
Barcelona		ITALY (4)
	MONTENEGRO (1)
					Global Cruise Market Share (2018 Pax)
Lisbon				TURKEY (3)	Caribbean	38.4%
				Ege Port
Malaga	La Goulette	Catania		Asia/Pacific	15.1%
			Valletta	Bodrum	Mediterranean	14.2%
			Antalya
	TUNUSİA (1)
		MALTA (1)		Northern/Western
					9.4%
					Europe
					Alaska	4.4%
					Other	18.5%

GPH Cruise Ports

GPH Commercial Ports with some minor cruise activities

Country (Number of Ports)

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

18

Global Ports Holding Plc (GPH)

World's largest independent cruise port operator

	O		A	Bodrum Cruise Port
			Cruise, ferry and mega-yacht port
	R
L				located on Turkey's Aegean
	N			coast, near one of Turkey's most
			popular seaside resorts.
				Pax 2018: 141k
Caribbean	Asia		 End of concession: 2067

	D	Barcelona Cruise Port
		One of the largest cruise
		homeports;
		Pax 2018: 2mn
		End of
	o	2030	.
			3)
	o		(ext. potential, 2050)

B

Malaga Cruise Port

• 3 cruise terminals of
  Málaga
• Pax 2018: 504k
• End of

o 2038

ext. potential,2050)

1. (ext. potential,2054)

Lisbon Cruise Port

• Port of call for cruises; operates three cruise terminals and a new terminal completed in 2017
• Pax 2018: 577k
• End of concession:

Ege Port Kusadasi

• Busiest cruise port in Turkey, located near Ephesus and the House of the Blessed Virgin Mary
• Pax 2018: 189k
• End of
  (extension2052)

F

Cruise Port

The operation of Terminal Marina Bay Cruise Centre

• Pax 2018: 1.8mn
• End of concession: 2027

Valletta Cruise Port

 Significant cruise operations with more than 20% turnaround

 Pax 2018: 711k

 End of concession: 2066

H

Cruise Port

• commercial port

a dominant position in export traffic for its hinterland. Also active in cruise operations

• Pax 2018: 8k
• End of concession: 2028 (extension potential,2047)

I

Venice Cruise Port

• One of the 3 main hubs of Mediterranean
• Pax 2018: 1.7mn
• End of concession: 2024 (potentially 2060)

						J
E	D		M				Port
	J
B	K						main sea port
		C
						Pax 2018: 22k
	P	K		A	H		End of concession: 2043
		G

K

Italian Cruise Ports

• Cagliari, Catania, Ravenna
• Small-mediumsize operations
• Pax 2018: 525k
• End of concession: 2020 to 2027

L

Havana Cruise Port

• Cuba's major port and commercial center
• Pax 2018: 633k
• 15-yearmanagement agreement (ends 2033)

M		N		O
	Zadar CruisePort		Port		Nassau Cruise Port
 Close to old townwith Roman		the marquee ports in the	 One of the most popular cruise
	destinations in the world
	ruins, medieval churches and16th		Caribbean region
			Second largest transit port in the
	century fortifications.		Pax 2018: 791k
		world
	Pax 2018: 167k		End of concession: 2039
	Pax 2018: 3.6mn
	End of concession: 2028
			End of concession: 2044

P

La Goulette Cruise Port,

Tunusia

• Significant non-European cruise port in the Mediterranean
• Pax 2018: 1.8k
• End of concession: 2036 (extension potential 2056)

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-yearmanagement agreement (ends 2034)

Existing Ports		Creuers Ports	19

c.4,000m2

166,800m2

and reefer

Global Ports Holding Plc (GPH)

Commercial Port Business: Port Akdeniz (1/2)

Excellent Infrastructure and Capacity to Provide Multi-purpose Services

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 Layout

Key Highlights

A	Cruise	B	Commercial
	Operations		Operations

Concession until 2028, with an ongoing

Best-in-class operational and

sole ownership since 2010

extend concession to 2047

practices put in place under GPH's

• Luggage services, internet and other services offered
• Awarded "Most Improved Terminal
  Facilities" by DWCD

• Large terminal area supports seamless and flexible day-to- day operations
• It also provides opportunity for expansion of

Piers: 9 (o/w 2

Quay

Breakwater: 1,600m Side Breakwater: 650m

Terminal area and station:

• TEU container

5m tonnes general & bulk cargo

• 2,500 ships

1. storage and handling

Overview

area 1,142m Pier providing modern services in a fully protected and sheltered customs area

			Pier
A		Pier #6	#2-3
Pier #9	175m 162m
	140m	Pier #1
		150m

Pier #8

170m

2 Concrete warehouse (contracted for 3 years) outside the customs and just 50m from the quay

Indoor space for temporary storage services in bounded areas including industrial tents

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

20

Global Ports Holding Plc (GPH)

Commercial Port Business: Port Akdeniz (2/2)

Strategically Located with Strong Competitive Positioning

Port Akdeniz is strategically located with limited regional competition, high barriers to entry and	connectivity
to capture marble and cement volumes in the hinterland

Port Akdeniz	PortAkdeniz Competitor Ports	Road Transport Infrastructure
	Cement	Key Marble Mines	Key Hinterland Cities

Turkey

 Ideally located with	hinterland which is well
connected to the port
 Limited	to long distance and high land	cost
to other	nearby

Aliaga		Afyon
		D300	Karaman
Burdur
D650			D330		D330
D625			D696
D320			D330		D715
			Konya
		D696		Mersin
	D330		Isparta D695		Iskenderum
D330
Denizli
D585
D350
		D400	D400

D400	Port-AkdenizD400
D350

D635	Antalya

- Well	touristic use of Mediterranean	leaves limited
	construction of new ports
	investments requirements,		leads times,
and long license and regulatory		additional barriers for
new entrants
 Diversified revenue from a	portfolio of shippers, predominantly
exporting marble and	and increasingly importing metals,
granite, coal,	and agricultural products

Cyprus	 Exposure	construction and growth, especially emerging
		marble exports to China and India and diversified cement

Overview of	Incumbents
 From Mersin to İzmir	service for container vessels ;
Akdeniz holds the responsibility of being the only well
along 700 km's from Mersin to İzmir
 Within this 700 km's there are no signs of a	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

Mitigants

				
		V.A.S. ;	Port 4.0
		(Solon Portal	Tailor Cut
Free Marble		Marble
	and other	Special
Storage		Cutting, 3D
	ongoing	Services
		Dimentioning
		mobile app's)

21

Global Ports Holding Plc (GPH)

Commercial Port Business: Port of Adria (1/2)

Recently Modernised with a Multi-Services Platform

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

Port of Adria Layout

A	B
Container Terminal	General Cargo Terminal

 Port area	terminals under operation: (i)
Terminal,	Cargo Terminal, (iii) Timber	(iv) Ro-
Ro	(v) Cruise Terminal

• 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

A B

• Area: 6.3 ha
• Handles all types of cargo
• 1 MHC with 80t capacity
• 4 portable cranes + 2 crawler cranes
• 11m draft

Timber Terminal

• Area: 5.8 ha
• Covered

2

•services

	undergone an extensive capex	over 2015-2018 for
	Euro
	Successfully completed		turnaround and social
	program of 7.2m Euro		improving efficiency and
	workforce reduced	than one third
	Long	life of 24 years, terminating in Jan-2044
	is listed in the Montenegro Stock Exchange, with GPH
	63.18% of issued shares and the rest being free float

Berths: 9

Quay Length: 1,440 m

Port Area:

527,000 m2

77k m2 closed storage 163k m2 open storage

C

Annual Capacity: >500k TEU container

22

Global Ports Holding Plc (GPH)

Commercial Port Business: Port of Adria (2/2)

Strategically Located to Act as Gateway to Balkan Peninsula Trade

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

markets

Rijeka /	Croatia
Port of
Ploče	Belgrade

Bosnia and

Herzegovina

Serbia

Montenegro

Italy	Port-Adria

	Albania	Macedonia
	Durres	(FYROM / NM)
Port-Adria-Bar	Bar-Belgrade Railway and
Road Connections	Rail Connections
Competitive	vs. Other

• Key competitors are ports: Rijeka / Ploče , Durres

 Positioning at the entrance of Adriatic Sea	proximity to Serbia,
Port of Adria has a natural competitive	against other ports in the
region by being able to deliver goods	(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

	Major port in	, handling most of the country's maritime
	freight
	a Free	Zone regime with	economic
	as exemption from customs		and other
	quicker and easier customs	etc.
	Important intermodal	link for	transport to	landlocked
	countries such as Bosnia	Serbia and Macedonia,
	facilitated by integration	Belgrade-Bar railway and road traffic
	network
	Benefits	steel, aluminium	export and	automotive

• of the two international airports in Montenegro: (68 km) and Tivat (57 km)
• Top 3 in proximity for 10 out of 11 of the main cities in the region

Key Measures to Maintain Competitiveness

			
	Local presence
	with branch	Unique storage	PoA
Geographical	office in Belgrade
capacity to	continuously
positioning and	to actively
provide solution	monitors its
easy cross	support existing
at a reasonable	competitors'
border activity	client and seek
cost	proposed plans
	new
	opportunities

23

Global Ports Holding Plc (GPH)

Harnessing Global Opportunities: Replicating European Success

Americas:

• 15.6M Pax
• 227 Ships
• 56.2% Market Share
• • of which 38.7% Caribbean/Bahamas

44%

Regional 20%

Growth by Pax.

Capacity

2012-2018-2027

• Have established a presence in largest cruise market
• Largest cruise market in the

but often with the oldest infrastructure

• Significantfor new port investments

Europe:

• 8.0M Pax
• 137 Ships
• 28.9% Market Share
• • of which 14.8%

70%

23%

20122018-2027

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

Pacific/Australia:

• 4.2M Pax
• 40 Ships
• 17.4% Market Share

− of which

Asia Pacific

261%

48%

2012-20182018-2027

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

Source: Cruise Industry News 2019 Annual Report,

24

Global Ports Holding Plc (GPH)

Strong Pipeline with Clearly Identified Opportunities

Project Screening / Pre-Feasibility

Americas

13 Ports

Europe &	5 Ports
Middle East

Asia/Pacific	4 Port

=

Total: 22 projects

Project Funnel

Due Diligence / MoU

3 Ports

Ports

=

Total: 5 projects

Concession	&	Closing and Induction

1 Port

=		=
Total: 1 project	Total: - project

28 active projects in the pipeline

25

Commences cruise port operations in Nassau

Overview

Location

• 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	USA
• 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	Mexico
further exposure to the exotic Caribbean region

Nassau

Cuba

• 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	Venezuela
been completed total revenues are expected to be in the range of USD
35-40mn per annum

1 Key Features
Total Number of Piers	2
Terminals	1
Location	City Center 1.5km
Facilities / Other	Auditorium, Shopping area, parking

2 Cruise Traffic

Total Pax / 2018	3.7 million
Total Calls / 2018	1,138
Turnaround Port	No

26

Antigua & Barbuda concession commencement

Overview

Location

• 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

	1 Key Features
Total Length of Quays(m)	1,420m
Total Number of Piers	2
Terminals	1
Location	City Center 1.5km
Facilities / Other	Restaurant, Duty Free, Shops,
Souvenir shops
	2 Cruise Traffic
	Total Pax / 2018	791,225
	Total Calls / 2018	413
	Turnaround Port	No	27

Acquisition of the operator of La Goulette, Tunisia

Overview

Location

• 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

1 Key Features
Total Length of Quays(m)	1.700m
Total Number of Piers	3
Terminals	3
Location	Old City Center
Facilities / Other	Restaurants, Duty Free, Souvenir shops,
Tourist Information, Hammam

2 Cruise Traffic

Total Pax / 2018	1,800
Total Calls / 2018	2
Turnaround Port	No

28

15-year management service agreement for Ha Long Cruise Port, Vietnam

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

29

Global Ports Holding Plc (GPH)

Robust Growth, Strong Margins and High Cash Conversion

Passenger growth (mn)

Revenue Development (USD mn)

4.6

3.6

2016

7.0

4.1

2017

8.4

4.4

2018

114.9

61.2

53.6

2016

116.4

66.1

50.3

2017

124.8
	CAGR
69.9	7%
54.9	1%
2018

Consolidated & Management Ports Ports in which GPH has an interest

Cruise Commercial

Segmental EBITDA Development (USD mn)

High Cash Conversion*

Total

Segmental 70.5%

EBITDA

margin

80.9

44.0

36.9

2016

69.2%

80.5

48.3

32.2

2017
Cruise	Commercial

72.7%
90.7	CAGR
53.1	10%
37.6	1%
2018

89%

82%82%

2016

2017

2018

Resilient financial profile with high margins and strong cash conversion

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

30

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

Naturelgaz CNG Plants / Auto CNG Stations Network

Revenue (TL mn)

248

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.

36

20112018

CNG sales (mn m³)

138

28

20122018

32

Power: Tres

Biggest co/trigeneration supplier with 54.1MW

► 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

Customer Breakdown by Sector and Capacity

(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

Lüleburgaz

5,4MW

Çerkezköy

6,7MW

Samsun 10,1MW

Bandırma
8,7MW	Ankara
	4,0MW
İzmir	Uşak
6,7MW	11,0MW

Shopping

Center

10%

MW	4.4
1.5
	8.7
	6.7
	6.7
54.1MW	10.1
	11.0
90%	5.4
	Jan-20

Customer 8

Customer 7

Customer 6

Customer 5

Customer 4

Customer 3

Customer 2

Customer 1

Van

1,5MW

operational

► Designs, constructs	and	turn-keysmall-to-mid-size
plants for industrial		customers consuming	for
electricity,	cooling purposes. Capex per	500-
700k
► Works with clients via long-term	bilateral	securing	fixed
savings in percentage terms to		prices (electricity or
natural gas)

of Installed Capacity

MW											250.0
								3.8
						6.0
				15,4							54.1
		16,8
	12,1
2013	2014	2015	2016	2017	2018	2019	2025

33

Power : Biomass

Total installed capacity of 29.2MW

• 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:
• 1. First mover in current and potential locations: electricity generation from agricultural (mainly cotton and corn) residues, animal manure, and forestry residues using combustion steam cycle technology - not employed by many players Turkish market

ii.	Integrated value chain under one roof	biomass
	collection and plant operation
iii.	High availability due to well		: moving grate
	boiler, steam turbine generator
iv.	49 years license with price	through feed-in tariff at 13.3
	US cent/kwh for initial
v.	Facilities are		close proximity to important
	in Turkey
vi.	Collects	from	diversified sources	equipment
	and personnel in addition to selected
vii.	Secures supply chain via long-		(c.10 years) with

• General Directorate
• Local Farmers
• Regional Forestry Directorates

Current Biofuel Volume in		GIH is Present
					Total fuel	7,619
tonnes			22.8m tonnes
3,435		3,781		3,666		Potential to generate
'000
									c.2.300MW with the
												existing biofuel
			Soke	Urfa	Mardin Konya
			Source: Turkish Statistical Institute
			GIH Installed
								29.2				29.2
			MW		.2
				2017	2018			2019

Feed-in-Tariff*
/ kwh				18.9	22.5
		13.2		9.2
cent	9.6	11.0	5.6
2.7
2.3
USD	3.7
10.5	13.3	13.3
7.3	7.3
	Hydro	Wind	Geothermal	Biomass	Solar

		FIT for Electricity	Max. FIT for Use of Domestic Equipment

1. 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.

34

Source: Energy Market Regulatory Authority (EMRA)

Power : Biomass

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

• Portfolio approach provides diversification with respect to fuel supply and operating

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

	Mardin I (12MW)
Construction:	Söke II (12 MW)
Under Development:	Adana (24MW)
	(24MW), Mardin II (12MW)

Aydin

Soke

Total annual availability:

tonnes, Global Energy will use c. 5% p.a. once fully rolled-out

Konya

Total annual fuel availability: 7.6 tonnes, of

c. 2%

fully rolled-out

Total annual fuel availability: 3.6mn tonnes, of which Global Energy will use c. 5% p.a. once fully rolled-out

UrfaMardin

Total annual fuel availability: 4.3mn tonnes, of which Global Energy will use c. 5% p.a. once fully rolled-out

Total annual fuel availability: 3.7mn tonnes, of which Global Energy will use c. 4% p.a. once fully rolled-out

35

Power: Solar

2 projects with 16.8MWp installed capacity in progress

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 years

Mardin SPP settlement plan: 16	spot in close proximity to
city center

Bar, Port of Adria SPP Project:
► First international project of the energy		GIH
► Development	of a solar	on	rooftops of existing
warehouses at the port
► Total installed	6 MWp (5 MWe at substation)
► Price	feed-in tariff at 12 EUR	12 years
► In the	of permit by state authorities

• Expected commercial operation date: H2

Other Projects in the Pipeline:

► In addition, GIH is	pursuing plans to bid on government tenders
in renewables as	be announced in the near future, but also

evaluating various opportunities abroad in the sector

Bar 66

plan: 9 warehouse roofs with a total area of

36

GIH's first solar power plant, Ra Solar

Overview

Location

• 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.

1 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

37

Global Investment Holdings' first international solar

plant investment

Overview

Location

• 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

1 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

38

Mining: Straton - Feldspar

• 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

Sales Volume Developments (000 ton)

626

496

388 405

2015 2016 2017 2018

39

REAL ESTATE

Ardus

• 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

Net land area	98,418m²
Residential Area	34,421m²
Commercial Area	47,709m²
Private School Area	5,543 m²
(Commercial precedent)
Private Hospital Area	10,745m²
Gross construction area	228,620 m²
Residential	105,000 m² /608 housing (%38 completed)
Shopping Center	107,000 m² / 34,790 m² GLA (%100 completed)
Office	33,055 m² (%45 completed)
Private school	11,565 m² (%100 completed)
Private Hospital	32,000 m² (In the planning phase)

• 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

41

41

Ardus

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

42

FINANCE

Asset Management

Actus Asset Management

► Actus is the second largest Turkish-owned portfolio management company without a bank/brokerage house/insurance	a
	parent
► Since April 2015, Actus Company has grown by 435%, managing TL 831mn in AUM as of 30 September	cross TL
	1bn AUM mark by November 2019
►	Actus launched Turkey's first infrastructure private equity fund that will provide equity financing to a		partnership project
	in healthcare sector. Actus aims to be the leader in Turkey in alternative investment funds		Investment Holdings'
	know-how and proven track record
►	Actus is the founder of Turkey's first corporate venture capital fund investing in	with a vision of being a
	Actus Asset Management Inc. Logo Ventures Fund
►	Actus launched Turkey's first diversified renewable energy Private	Fund: Actus		Equity
	Investment Fund
► Actus signed a Limited Partners Agreement with Sabancı	got TUBITAK approval to		a Technology Venture
	Capital Fund with TL 100mn final closing target
► Managing 3 pension, 5 mutual, and 3 alternative	funds as well as several	mandates, Actus is the only full-
	fledged asset manager in Turkey
	Strategy
►	Besides organic growth, Actus'	to acquire independent asset	companies to boost AuM in the short term

 Actus Assetand İstanbul Asset Management, creating the largest domestic and

• • Actus will hold a 33.25% stake in the merged
• Launch a Turkish regional infra fund up to USD 1

reached an agreement to merge under Istanbul Asset asset management company in Turkey with over TL 4bn AUM

GIH will have an option to buy 40% of the shares of the merged entity

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

Shareholders:	80% Global Investment Holdings	5 ex-industry professionals
	20% Police Pension Fund (Polsan)
	TL 831mn	TL 2,812mn
	With the new shareholding structure,
AUM (as of 30 September 2019):	Since April 2015's acquisition by Global Investment
Istanbul Asset Management
	Holdings, Actus' AuM had grown by around 5 folds
	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
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	46

Global MD Portfolio Management

► Global MD is a leading non-bank portfolio management firm which focuses on pension	namely Aegon Emeklilik
and Fiba Emeklilik, real estate funds and venture capital funds
► Global MD offers top quality portfolio management to both individual and		investors, managing 7 funds
invested in the Turkish equity and debt markets. (AUM: TL 238mn as of 30	2019)
► Global MD is the founder of Torkam Global MD Real Estate Fund ,	of Turkey's first real estate	funds in
which Emlak Konut has pledged to be a seed investor for the
► Global MD's first venture capital fund, Acalis 1st	Fund, gives the		invest in disabled and
elderly care centers all over Turkey

► 100% owned by Global Securities

Strategy

• Global MD has the real estate funds

become one of the leading at least TL 200mn to its

management companies via adding new venture and in 2019 and more later

► Global MD	on providing superb	customers and aims its investment funds' performance to the
highest	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

Balance Sheet

(TL mn)30 September 201931 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

(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	51
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

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

Disclaimer

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.

For further information, please contact:

Investor Relations

Global Yatırım Holding A.Ş. Rıhtım Caddesi No. 51 Karakoy 34425 Istanbul, Turkey Google Maps:41.024305,28.979579 Phone: [phone] Email: [e-mail]: www.globalyatirim.com.tr facebook.com/GLYHOIRtwitter.com/GLYHOIRlinkedin.com/GLYHOIR