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GLOBAL INVESTMENT HOLDINGS

Investor Presentation

June 2018 Copyright © 2018 Global Investment Holdings

Who we are now 5

Who we will become 10

Who we were 3

Who We Were A Brokerage Firm

3

A brokerage firm

Total Assets: TL 241mn (as of 31.12.2005)

Total Equity: TL 140mn (as of 31.12.2005)

Who we are now 5


Who we were 3

Who We Are Now A Diversified Conglomerate

5

A diversified conglomerate

Total Assets: TL 4.4bn (as of 31.12.2017)

Total Equity: TL 1.6bn (as of 31.12.2017)

18x

11x

Portfolio Overview Investment Holding with a focus on Infrastructure and Energy

6

A brokerage firm that transforms into a diversified conglomerate in 12 years,

increasing total assets 18x and total equity 11x along the way

Port Power/Gas/ Mining

► Power

Co/Tri-generation with 54.1 MW installed

capacity

2 biomass plants with 17.2 MW installed

capacity and additional 108MV coming up

by Q4 2020

2 Solar PP projects with 14 MW under

development

Electricity wholesale & retail

► CNG Distribution

Turkey’s leading off-grid natural gas

distributor with c.77% market share in sole

CNG market. 14 CNG stations with 148

mn m3 sales volume & c.19% market

share in CNG/LNG (non-piped gas) market

► Mining

One of Turkey’s leading players in

industrial minerals with about 650k tons

volume

Real Estate

► Sümerpark Mall: GLA 34,600 m2

$2Million/year rent revenue

► Van Mall: GLA 26,032 m2

$6Million/year rent revenue. Operates

with 99% occupancy rate

► Denizli SkyCity Office Project:

Construction area: 35,843m2

► Sümerpark Housing: Construction

area: 105,000m2

► Vakıfhan No:6 Lease period: 2019

► Salıpazarı Global Building

► Denizli Hospital Land: 10,745m2

► Denizli Final Schools: 10 years

lease to Final Schools – Construction

area of 11,200m2

Finance

► Actus Asset Management: one of

the leading independent asset

management companies serving multi

national and Turkish corporate

investors with an innovative product

portfolio ( AUM: TL847mn)

► Global Securities: one of the leading

independent brokerage firms with a

pioneer position in Turkey

► World’s largest cruise port operator

with 14 cruise and 2 commercial ports

in 8 countries

► c.7.3m pax annually with dominant

presence in the Med

► Listed on London Stock Exchange

Portfolio:

Havana: Major port of Cuba, largest

island in the Caribbean

Barcelona: Highest turn around pax

in Europe

Venice: One of the 3 main hubs of

Mediterranean

Valletta: Growing home port

operations

Singapore: One of the 3 main home

ports of Asia

Lisbon: Significant homeport in the

Atlantic

Antalya: The largest export

commercial ports in Turkey

Ege: Largest cruise port in Turkey

Bar, Bodrum, Cagliari, Catania,

Malaga, Ravenna

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 4/06/2018

7

Centricus 30.7%

Mehmet Kutman*

22.4%

Treasury 9.6%

Lansdowne 8.0%

Other 29.3%

*Disclosed together with the shares of Turkcom Turizm Enerji İnşaat Gıda

Yatırımlar A.Ş. which is owned by Mehmet Kutman

Board of Directors: Mehmet Kutman (Chairman), Erol Göker, Ayşegül Bensel, Adnan Nas, Serdar Kırmaz, Oğuz Satıcı (Independent), Ercan Ergül (Independent)

• Corporate Governance Committee : Ercan Ergül (Chairman), Ayşegül Bensel, Adnan Nas, Aslı SU ATA

• Audit Committee: Oğuz Satıcı (Chairman), Ercan Ergül

• Early Risk Assessment Committee : Oğuz Satıcı (Chairman), Adnan Nas

Confirmed Overall Company Rating: 9.05 (out of 10)

Sub-sections Rating

Shareholders (25%) 92.7

Public Disclosure and Transparency (25%) 92.01

Stakeholders (15%) 90.93

Board of Directors (35%) 87.74

Global Yatırım Holding A.Ş. (GIH) Istanbul – September 26, 2017

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

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

Long Term National Local Rating BBB+ (Trk) / (Stable Outlook)

Long Term National Issue Rating BBB+ (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-2 (Trk) / (Stable Outlook)

Short Term National Issue Rating A-2(Trk)

Sponsor Support 2

Stand Alone B

Corporate Governance Rating - Kobirate

JCR Eurasia

Centricus Strategic Partnership

Centricus;

► 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

• 125MW targeted installed capacity by Q4 2020

in biomass power generation

• Targeting up to 400MW installed capacity in

renewable energy and energy efficiency in the

next three 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 Americas, consolidate

the market further while looking for

horizontal growth in port/passenger

related businesses

• Double the number of ports and triple the

numbers of passengers in the mid-term

• Sail for the American continent, and reproduce

the success we achieved in the Med

• Implementing B2C and B2B revenue

opportunities to improve passenger experience

at our cruise ports, similar to the strategies

successfully implemented by airport operators

• Delivering growth and cash from the

commercial ports services, capacity utilization

and taking advantage of recent investments

• Continuing to enhance the competitive

advantage achieved through first-mover

advantage

PORT CLEAN ENERGY

Developing green energy projects

with attractive long-term feed-in

tariffs and innovative energy

efficiency solutions

ASSET MGT

Grow in asset management

with our partner Centicus

• Create Turkey’s largest asset manager

levering Global Investment Holding-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

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 & class 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 infrastructure (ports), clean energy (biomass, solar,

co-generation), and asset management.

Always prioritize the

potential for future

growth

A dynamic investment vehicle with

interests in a variety of budding

business sectors

Immediately responding to a

continuously changing

business environment and

achieving operational

efficiency

The evolution of key financial indicators

12

1,334

1,978

2,599

3,439

3,890

4,371

2012 2013 2014 2015 2016 2017

TL

m

Total Assets

737 726 743

975 913

1,595

2012 2013 2014 2015 2016 2017

TL

m

Total Equity

208 190

111

218 231

278

2012 2013 2014 2015 2016 2017

TL

m

EBITDA

166

247

357

552

630

806

2012 2013 2014 2015 2016 2017

TL

m

Turnover

Financial Highlights

(TL mn) As of 31.03.2018

13

Net revenues 1Q 2018 1Q 2017 %change FY 2017 FY 2016 %change

Gas 29.4 44.4 -34% 212.2 172.2 23%

Power 17.8 6.0 200% 35.5 16.4 117%

Mining 12.9 12.5 3% 60.7 36.2 68%

Ports 78.6 67.3 17% 424.5 347.0 22%

Brokerage & Asset Management 12.5 8.8 42% 41.4 30.3 36%

Real Estate 8.2 7.4 11% 31.4 25.8 22%

Holding stand-alone 0.0 0.0 NA 0.0 0.0 NA

Others 0.1 0.1 -17% 0.3 2.1 -88%

GIH total 159.5 146.5 9% 805.9 630.0 28%

Operating EBITDA 1Q 2018 1Q 2017 %change FY 2017 FY 2016 %change

Gas 0.2 1.2 -81% 11.4 21.5 -47%

Power 0.2 -0.1 NA 0.0 -0.6 NA

Mining 1.1 0.5 126% 1.7 6.1 -72%

Ports 43.3 38.1 14% 274.6 229.5 20%

Brokerage & Asset Management 1.0 -1.3 NA 1.8 -9.3 NA

Real Estate 5.3 5.7 -6% 20.6 18.1 14%

Holding stand-alone -7.2 -8.6 16% -26.3 -31.7 17%

Others -3.1 -1.3 -148% -5.4 -3.3 -63%

GIH total 40.7 34.2 19% 278.4 230.6 21%


14

Debt Position

As of 31.03.2018

Holding standalone debt (TL m) Currency

Interest

Rate

Year of

Maturity Amount TL mn US$ mn

Eurobond, net USD fixed 2022 12.8 3.2

TL bond TL floating 2019 14.8 3.7




Secured bank loans EUR floating 2019 123.8 31.4

Gross debt 276.4 70.0

Cash and Cash Equivalents 105.4 26.7

(I) - Net Financial Debt (TL m) standalone 171.0 43.3

Project Company debt by segment (TL m) 2018 2019 2020 2021 2022+ Amount TL mn US$ mn

Ports 71.2 64.2 59.4 1,022.6 90.3 1,307.8 331.2

CNG/Power/Mining 105.3 56.9 53.9 50.5 80.9 347.4 88.0

Real Estate 26.9 21.2 20.9 20.1 56.3 145.5 36.8

Gross debt 203.4 142.4 134.2 1,093.2 227.5 1,800.7 456.0

Cash and Cash Equivalents 407.7 103.2

(II) - Net Financial Debt (TL m) - project

company (TL m) 1,393.0 352.8

(I) + (II) - Consolidated Net Debt (TL m) 1,564.1 396.1


15

Chairman & CEO, CFO and Group CEOs

A Team of Industry Specialists

Mehmet Kerem Eser CFO

Gülşeyma

Doğançay CEO, Global

Securities

• 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)

Hasan Tahsin

Turan CEO, Naturelgaz

• 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

• 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

• 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

17

Global Ports Holding Plc (GPH) Snapshot

8

Countries

23%

Market share in

Mediterranean

14

Operating

cruise ports

Passengers

7.3m

2

Operating

commercial ports

GIH 65.6%

Free Float 34.4%

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

18

2 out of Top 5 Mediterranean Cruise Ports

(2017 Pax, ’000s)

1,428

1.487

2.11

2.204

2,712*

Venice

Marseille

Balearic Islands

Civitavecchia

Barcelona

13.8%

2.7%

4.1%

6.1%

9.2%

11.7%

18.7%

33.7%

0.0% 10.0% 20.0% 30.0% 40.0%

Other

South America

Alaska

Aust/NZ/S. Pac

Asia

Europe ex Med

Mediterranean

Caribbean

Global Cruise Market Share (2017 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 Country (Number of Ports)

J

.

I

K

D E

J B K

C A

KI

HH

G

F

19

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

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 2017:123k

End of concession: 2019

(extension potential 2056)

Malaga Cruise Port Three cruise terminals of

Port of Málaga

Pax 2017: 510k

End of concession:

o 2038 Levante (extension

potential,2050)

o 2041 Palmeral

(extension potential,2054)

Ege Ports Kuşadası

Busiest cruise port in Turkey,

located near Ephesus and

the House of the Blessed

Virgin Mary

Pax 2017: 189k


(extension potential 2052)

Barcelona Cruise Port

One of the largest cruise

homeports;

Pax 2017: 1,884k

End of concession:

o 2030 Adossat (extension

potential,2053)

o 2026 WTC (extension

potential, 2050)

Lisbon Cruise Port

Port of call for cruises;

operates three cruise

terminals and a new

terminal completed in 2017

Pax 2017: 521k


Singapore Cruise Port

The operation of Terminal

Marina Bay Cruise Centre

Pax 2017: 878k


(applied for 5-year extension,

with high likelihood of

approval)

Valletta Cruise Port

Significant cruise operations

with more than 20%

turnaround

Pax 2016: 779k


Antalya Cruise Port

High capacity commercial

port with a dominant position

in export traffic for its

hinterland. Also active in

cruise operations

Pax 2017: 40k


(extension potential,2047)

Venice Cruise Terminal

One of the 3 main hubs of

Mediterranean

Pax 2017: 1,428k


(potentially 2060)

Bar Cruise Port

Montenegro’s main sea port

Pax 2016: 11k


Italian Cruise Ports

Cagliari, Catania, Ravenna

Small-medium size operations

Pax 2017: 553k

End of concession: 2020 to

2027

A B C

D E F

G H I

J K

Creuers Ports Asia

Havana Cruise Port

Cuba’s major port and

commercial center

Pax 2017: 328k

15-year management

agreement

L

Caribbean

Global Ports Holding Plc (GPH) Strategically Located Commercial Port Operations

20

• Strategically located on the Southern coast

of Turkey with lack of direct competition

• High speed rail link to expand catchment

area

• Akdeniz is currently focused on diversifying

its cargo base

• Located within a Free Zone regime with

significant benefits

• Important link for regional intermodal

transport to inland capitals

• Benefits from local steel, aluminium

exports and automotive manufacturing

Source: Company information.

1.Point to point distance on land. 2. Over 200 marble mines are operating in the hinterland. 3. Dry bulk, general cargo and container volumes; Metric tons. Includes contribution from container handling, converted from TEU to

tons at a ratio of 1:14.38.

Po

rt o

f A

dri

a-B

ar

(Mo

nte

ne

gro

)

Port-Adria-Bar Competitor Ports

Italy

Montenegro

Port-Adria

Macedonia(FYROM)

Bosnia andHerzegovina

Serbia

Rijeka

Split

Dubrovnik Bulgaria

Romania

Albania

Croatia

Belgrade

Bar-Belgrade Railway and Road

Americas: • 13.7M Pax

• 199 Ships

• 54.5% Market Share of which 38.9% Caribbean/Bahamas

Asia Pacific/Australia: • 4.7M Pax

• 45 Ships

• 18.5% Market Share of which 15.7% Asia Pacific

Europe:

• 6.8M Pax

• 121 Ships

• 27.0% Market Share of which 13.6% Mediterranean

Strategy

• GPH’s stronghold (12 ports, 6.2M Pax.in

2017)

• Focus on marquee ports and expansion

• Regional shift from East to Mid/West

Mediterranean

Strategy

• First mover in fast growing market

• Established foothold in Asia (GPH

Singapore – 0.9M Pax. in 2017)

• Seeking assets around main regional home

ports (e.g. Singapore, Shanghai, Hong

Kong etc.)

Strategy

• Grow recently established

presence in largest cruise market

• Seeking one or more marquee

ports to drive market penetration

Source: Seatrade Insider, Cruise Industry News 2016-2017 State of the Industry Annual Report, Industry data, EIU, CLIA UK & Ireland, CLIA Europe, Cruise Market Watch 2017. .

12%

41%

2012-2017 2017-2027

14%

65%

2012-2017 2017-2027

202%

64%

2012-2017 2017-2027

Regional

Growth by Pax.

Capacity

Global Ports Holding Plc (GPH) Broaden geographic reach beyond Mediterranean

21

6 acquisitions

since

November 2015

12 out of 14

acquisitions

since 2003 in

uncompetitive

tenders or

bilateral

negotiations

Project Funnel

Closing and Induction Concession Agreement &

Financing Negotiations Pre-Feasibility/Due Diligence Project Screening

Americas

Europe

Asia/Pacific

8 Ports

2 Ports

2 Ports

4 Ports

1 Port

1 Port

3 Ports 1 Port

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

22

1 Port

• A well-diversified portfolio helped the Group

in offsetting the weakness in Turkish Cruise

by the strong performance of the

Commercial business and non-Turkish

cruise ports in the network, maintaining

Segmental EBITDA margin at a high level of

69%

• 2017 Cruise division’s financial performance

was impacted negatively from lower

contribution of higher yielding Turkish ports

due to the geo-political challenges but non-

Turkish ports grew strongly with revenues up

9.9% and EBITDA up 6.3%

• Weakness in Turkish cruise ports expected

to continue into 2018. Passengers and

revenue are expected to stabilize. Some

cruise lines have begun to communicate

their plans to visit GPH’s Turkish ports in

2018, a good sign of recovery

• Strong performance in commercial ports with

revenues up 7.9%, and EBITDA up 9.7%

• A total dividend of USD35m in 2017 (41.7p

per share)

89% 89% 82%

2015 2016 2017

Global Ports Holding Plc (GPH) Resilient Financial Profile with High Margins and Strong Cash Conversion

CAGR

10%

(3%)

23

3.2 3.5

4.1

4.8

6.6 7.0

2015 2016 2017

Consolidated BasisPorts in which GPH has an interest

105.0 114.9

116.4

47.0 53.6 50.3

58.0 61.2 66.1

2015 2016 2017

Cruise Commercial

74.0

80.9 80.5

34.0 36.9 32.2

40.0 44.0 48.3

2015 2016 2017

Cruise Commercial

7%

4%

Total Segmental

EBITDA margin

70% 70%

Resilient financial profile with high margins and strong

cash conversion

69%

Passenger growth (PAX m) Revenue Development(USD m)

Segmental EBITDA Development (USD m) High Cash Conversion

CAGR

Power/Gas/Mining

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 High Biofuel Potential in Turkey & Competitive Advantage

25

► 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

17.2 125

2017 2020E

MW

GIH Installed Capacity Development

9.6 11.0 13.2

18.9 22.5

US

cent

Feed-in-Tariff*

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

26

Aydin

Soke Konya

Adana

Urfa Mardin

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

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

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

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

27

► Established in 2013 and is 93.7% 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

Jun-18

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 2025

MW

Power: Solar 2 ongoing projects

28

2 projects located in Mardin/Turkey and Bar/Montenegro

Mardin, SPP Project:

► Earned bid for licensed solar project in 2015

► Total installed capacity will be 10.5 MWp (9MWe at substation)

► Facility spans over a 17 hectare area

► Pre-licence obtained in late 2016

► Expected COD: 3Q2018

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

years

► CAPEX per MW is c. USD 1.0m

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 5MW

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

► In the process of permit applications by state authorities

► Expected COD 4Q2018

► CAPEX per MW is c. USD 1m

Mardin SPP settlement plan: 17 hectare spot in close proximity to

city center

Bar SPP settlement plan: 9 warehouses with a total area of 66,000

sqm (actual area utilisation: 37,000 sqm)

► 100 MW capacity under development in unlicensed solar sector

► 3,000 MW solar capacity to be proposed to the state in accordance with

the YEKA program

Other Projects in the Pipeline:

Gas: Naturelgaz – CNG Europe’s largest CNG (Compressed Natural Gas) distributor

► Naturelgaz, a 93.7% subsidiary of GIH and established in 2005, is

Europe’s largest CNG distributer as per mother station infrastructure

and bulk sales volume as of 2017.

► The company focuses on sales and distribution of bulk CNG to

industrial and commercial customers

► The company distributed 148 mn Sm3 of CNG in 2017 and reached

to 18,3% market share in total non-piped gas market in Turkey while

has 26% market share in it’s filling plants’ covered hinterlands.

Naturelgaz has also reached 77% share in sole CNG market.

► 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 infeasible 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 underdeveloped power infrastructure and

strong growth are.

► Developing Auto CNG projects in cooperation with OEM producers

and conversion companies

14 CNG plants

80 trucks

50,000 CNG cylinders

45 industrial scale compressors

~9 times increase in sales

volume in 6 yrs between 2011 -

2017

Naturelgaz CNG Plants / Auto CNG Stations Network

CNG sales (mn m³)

Revenue (mn USD)

29

11

58

2011 2017

16

148

2011 2017

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

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

626,000 tons of annual feldspar production of which 80% is

exported.

► Straton has substantial feldspar reserves, mine processing facilities

and commercial teams based in the West Aegean region of Turkey.

► 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

30

388 405

626

2015 2016 2017

Sales Volume Developments (000 ton)

Asset Management Segment

Asset Management: Actus

ACTUS

► Actus is the second largest portfolio management company which has domestic capital and without a bank/brokerage

house /insurance company as a subsidiary.

► AUM: c. TL847mn

► Actus is the founder of Turkey’ first infrastructure fund invested in a healthcare PPP project in Turkey. Investments of

the Fund in the Project Company compose of equity investments and a subordinated shareholder loan that qualifies as

mezzanine financing

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

global player

► Managing 4 pension, 6 mutual, and 2 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

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

32

Brokerage

REAL ESTATE

Real Estate

Denizli Sumerpark Complex

The project is a mixed-use complex development including a commercial

mall spanning over 98,400m² land in Denizli, southwest of Turkey.

The Mall:

GLA: 34,600m2

Total asset size: 43mn USD

Offices (SkyCity):

GLA: 8,633m2


Vakıfhan VI

The project is based on a ROT type office re-development of a 1,700 m²

building located in Karakoy, Istanbul. The restoration was completed in

August 2006 and is currently 100% leased.

GLA: 8,633m2


Van AVM

It is the first shopping mall project in Van. Since its opening, Van AVM has

attracted more than 18 million visitors since opening, reaching an

occupancy rate of 99%.

GLA: 26,032m²


The Residence:

GLA: 34,421m²


Commercial:

GLA: 27,854m2


35

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 with its many accomplishments in Turkey, among

which “The non-bank intermediary institution with the biggest trading volume since the foundation of Borsa

Istanbul” over the years.

► Has mediated close to 100 corporations establish an initial public offering, has also contributed with 5bn

USD to the Turkish Capital Market.

Strategy

Configured with the vision of being a pioneer of the sector in Turkey, Global Securities holds the strategy of

serving its clients with the accumulation of information and experience in the capacity of being a leading and

dependable brokerage institution.

36

APPENDIX

Balance Sheet

38

(TL Million) 31 Mar 2018 31 Dec 2017

Current Assets 1,306.6 940.6 Cash and Banks 373.5 439.9

Marketable Securities 4.2 5.5

Trade Receivables 192.4 195.3

Inventories 45.3 98.3

Other Receivables and Current Assets (1) 691.2 200.8

Assets classified as held for sale 491.3 0.9

Non-current Assets 3,209.0 3,430.5 Financial Assets 5.4 5.4

Investment Properties 0.0 379.7

Tangible Fixed Assets 977.5 930.2

Intangibles and Concession properties 1,873.2 1,799.1

Equity Pickup Investments 102.2 93.2

Goodwill 69.4 72.0

Deferred tax assets 97.9 92.3

Other receivables and non-current assets (2) 83.4 58.5

TOTAL ASSETS 4,515.6 4,371.0 LIABILITIES

Short term liabilities 921.3 729.5 Financial debt 497.4 451.0

Trade Payables 163.2 172.8

Accrued liabilities and other payables 76.3 105.7

Liabilities directly associated with assets held for sale 184.5 0.0

Long term liabilities 1,998.3 2,046.7 Financial debt 1,465.9 1,537.0

Provisions and other long term liabilities (3) 118.6 107.8

Deferred tax liabilities 413.8 401.9

Total Shareholders' Equity 1,596.0 1,594.8 Paid in capital 325.9 325.9

Treasury shares -50.6 -41.0

Reserves 685.8 547.8

Previous years' profit/loss 144.4 483.1

Profit/(loss) for the period -56.6 -329.2

Minority Interest 547.1 608.1

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,515.6 4,371.0

(1) held for sale assets, 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) non-trade payables including related parties, long term provisions and other liabilities

Income Statement

39

(TL mn) Q1 2018 Q1 2017 FY 2017 FY 2016

Total gross revenues 151.3 139.1 805.91 629.99

Cost of sales and services -131.6 -116.9 -564.04 -409.92

Gross Profit 19.7 22.2 241.87 220.07

Operating expenses -52.3 -45.0 -244.72 -188.18

Other operating income/(loss), net -1.9 -1.8 -207.96 -7.67

Equity pickup asset gains/(losses) 3.7 1.5 10.37 7.28

Gross operating profit/(loss) -30.7 -23.1 -200.45 31.50

Financial income/(expenses), net -53.8 -56.9 -203.53 -172.86

Profit/(loss) before tax -84.5 -80.0 -403.98 -141.36

Taxation 6.9 10.0 17.58 5.75

Profit/(loss) after tax -77.6 -69.9 -386.40 -135.61

Net profit/(loss) from discontinued operations 2.2 4.0

Minority interest -18.8 9.2 -57.24 -5.71

Net profit/(loss) for the period -56.6 -56.8 -329.15 -129.90 EBITDA 40.7 34.2 278.4 230.6

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

Google Maps: 41.024305,28.979579

Phone: +90 212 244 60 00

Email: [email protected]

Website: www.globalyatirim.com.tr

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