2

WHO ARE WE?

GLOBAL TOWER AT A GLANCE

1st in Turkey, 5th in Europe, 15th in the World...

Established in 2006 as 100% subsidiary of Turkcell as pioneer of infrastructure sharing

Serves MNOs, media, ISPs, energy & public institutions

In 2008, our subsidiary Ukrtower has become Ukraine’s sole independent towerco

In 2016, our subsidiary Beltower was established as Belarus’s sole independent towerco

Operates a unique portfolio of approximately 10.500 towers in 4 countries

3

GLOBAL TOWER BUSINESS MODEL

Core Business

Buy & Lease Back

Built to Suite

Colocation

Additional Services

ContractManagement

Maintenance Energy Solutions

Site Acquisition Site Inspection Satellite Services

4

SCOPE FOR EXPANSION BOTH IN ANDOUT OF EXISTING MARKETS

8.288*

TURKEY

115T.R.N.C.

1.103UKRAINE

831BELARUS

*as of 2017 year end

1st Towerco in Turkey5th Towerco in Europe15th TowerCo in the Worldwith its unique portfolio ofapproximately 10.500 towers

5

TENANCY

1,49 1,421,54

1,71 1,80 1,89

2015 2016 2017 2018E 2019E 2020E

1,41 1,40 1,53 1,72 1,80 1,89

2015 2016 2017 2018E 2019E 2020E

1,90 1,50 1,55 1,67 1,80 1,92

2015 2016 2017 2018E 2019E 2020E

6

WHO

WE ARE MORE THAN TOWERS

Global Tower entered to Satellite Segment in 2018

Satellite services will maximize our value propositon for our customers in line

with «end to end solutions» philosophy

Global tower will serve its customers with two regional hubs in Turkey

Our exclusive partnership with Avanti & Intelsat and our close relations with

Turksat generate unique power&capability for customized solutions

Our satellite services include point to point & point to multi point satellite

connectivity services, with KA&KU band capabilities

We aim to serve EMEA & CIS region especially in construction, retail, financial,

oil-energy and public sectors

BUSINESS LINE: SATELLITE SERVICES

7

OUR PORTFOLIO BY PRODUCT TYPE

z

HEIGHT

Lattice Towers

Between 10 and 100 meters, withand average height of 52 meters

Antenna Capacity

Between 5m2 and 35m2

z

HEIGHT

Monopole Towers

Between 6 and 42 meters, withand average height of 28 meters

Antenna Capacity

Between 3m2 and 25m2

z

HEIGHT

Totem Towers

Between 10 and 42 meters, withand average height of 20 meters

Antenna Capacity

Between 3m2 and 25m2

z

HEIGHT

Mobile Towers

Between 6 and 36 meters, withand average height of 25 meters

Antenna Capacity

Between 2m2 and 6m2

z

HEIGHT

Wind Towers

Developed as free standingtowers, carrying measuring

instruments and meteorologicalinstruments

TOWER PORTFOLIO CONSISTING PURELY OF GREENFIELDS SITES

8

OUR PORTFOLIO BY PRODUCT TYPE

CAMOUFLAGE PRODUCTS

Clock Towers Flag Post Towers Palm Tree Towers Totem Towers

9

OUR PORTFOLIO BY PRODUCT TYPE

INNOVATIVE PRODUCTS

MultiRoom Shelter

Composite Tower

z

Telescopic Tower Atlas Tower Res Tower Water Based Tower

Tower with Safety CatchAtlas & Spinning WheelPortable Cat Walkaway

10

TOWER INFRASTRUCTURE ELEMENTS

Infrastructure Components Ownership

Component Global Tower Customer

Tower

Anten Apparatus

Antenna

Generator

Concrete Area

Shelter Room

Energy Line

Feeder Cable

1

2

3

4

5

6

11

GLOBAL TOWER OFFERS COMPELLING BENEFITSTO ITS CUSTOMERS

Global Tower Provides a Fully Outsourced Infrastructure Solution for Wireless Operators

% of Approximate Site Capex

1/3

2/3Outsourced to TowerCo

Active Equipment

Passive Equipment

1 Tenant Multiple Tenant

Compelling TowerCo Model Benefits Global Tower’s Customer

Reduced Capex

Outsourcing of Non-core Operations

Short Time to Market

Increased Efficiency

Colocation provides significant reductions in capital costs to MNOs

Allows MNOs to focus on their main activities

Flexibility for MNOs to expand / increase capacity in a short time frame

Dedicated operator able to maintain sites

12

MACROECONOMICFUNDAMENTALS & DEMOGRAPHICS

83 8166 65 61

47

2011 11 11 10 10

GE TR GB FR IT ES RO BE GR CZ HU SE

Population 2017A (m)

4,3%3,7% 3,4%

2,3% 2,3% 2,2%

1,4% 1,3% 1,3%0,9%

0,4%

Turkey Romania Serbia CzechRepublic

Hungary Spain Germany France Austria Italy UnitedKingdom

Average Real GDP Growth 17-19E

20,6 17,311,0

6,1

55,8

35,9 34,5

Turkey MexicoIndonesia India US Italy Spain

GDP per Capita (Thousands of US$ at PPP)

42%

37%

21%

Turkey

27%

34%

21%

WE

<25 years 25-50 years >50 years

26%

38%

21%

CEE

Seco

nd

Lar

gest

Po

pu

lati

on

in

Eu

rop

eP

red

om

inan

tly

You

ng

On

e o

f th

e m

ost

Fas

test

GD

P G

row

ths

in E

uro

pe

Un

de

rpin

nin

g A

ttre

ctiv

ene

sso

fG

lob

al T

ow

er’s

Co

re M

arke

tSources: Euromonitor, EIU, CIA World Factbook, Geohive.

13

SIZABLE & ATTRACTIVE TELECOM MARKET:EXPANDING SUBSCRIBER BASE

78

3424

Turkey Average WE Average CEE

Mobile Subscribers (2017A, m)

Larg

e Su

bsc

rib

er B

ase

As

Mo

bile

Mar

ket

isSu

bst

anti

ally

Un

de

rpe

net

rate

d

Exp

ect

ed

to

Gro

w a

t a

Fast

Pac

eSources: Euromonitor, EIU, CIA World Factbook, Geohive.

5,0

2,8

1,2

Turkey Average WE Average CEE

Total Subscribers Net Add (2017A-2020A, m)

88% 90% 97,6%110% 116% 119%

138% 131% 136%

India Mexico Turkey Spain USA Indonesia Italy Total WE Total CEE

Mobile Penetration (as % Population, 2017A)

14

SIZABLE & ATTRACTIVE TELECOM MARKET:INCREASING USAGE

Pro

life

rati

on

of

Ad

van

ced

Mo

bile

Dev

ices

Mo

bile

Dat

a Tr

affi

cSources: Euromonitor, EIU, CIA World Factbook, Geohive.

0,51,3

7,2

2013A 2015A 2017A

(GB/Month per Sub)

Incr

easi

ng

Mo

bile

Vo

ice

Traf

fic

Mo

bile

Dat

a Tr

affi

c

X2,4X5,5

330399

560

2013A 2015A 2020A

(Minutes of Use/Month)

+20%

+40%

7,2 7,7

1,9

Turkey WE CEE

(GB/month per sub) 17-19E cagr

%4 %0,1

%1

Average Data Usage per Device(2017A, MB/month data consumption)

FeaturePhone

SmartPhone

Tablet LapTop

311500

27005800

X50

X90

X190

15

TURKEY’S TELECOM NETWORK DESIGN REQUIRESHIGHER DENSIFICATION

Traditional Network Design(Voice + Some Data)

• Traditional network designed to ensure high quality voice services

• Unable to adequally handle exponential growth of traffic

Densified Network Design(High Data Traffic)

• Higher network density required, especially in urban areas

- Smartphone penetration leading to growth of data hungry applications- Anticipated VoLTE (Voice over LTE) adoption

16

Network densificationon the back of limited

availability of spectrum

Regulatory framework enforcing passive

infrastructure sharing

Expected to boostincrease in colocation

TURKEY’S TELECOM NETWORK DESIGN REQUIRESHIGHER DENSIFICATION

17

GLOBAL TOWER’S STRATEGY TO FOCUS ONVALUE MAXIMIZATION

1Focused on Improving

Profitability andCash Flow Conversion

Increasing Tenancy &Land ownership

2

Continued Organic Expansionof the Tower Portfolio

Network Expansion

3

Selective and DisciplinedInorganic Growth

Expand Foorprint Through M&A

18

OUR COMPETITIVE ADVANTAGE

Strong Financials

• Growing & profitable sector

• Sizeable and attractive telecom market

• Further growth in mobile data and coverage obligations

• Solid cash flow generation; cash flow conversion close to 0,9

• High operating leverage; EBITDA margin above 50%

• Attractive dividend policy; 75% dividend payout ratio

• Unleveraged balance sheet with zero net debt

Growing Industry

Strong Financials

• Regional player operating in four countries

• High revenue visibility & long-term contractual relations

• Strong & credible customers with secured revenue growth

19

EXPERIENCED TOP MANAGEMENT TEAM

Nihat NARİNCEO

• CEO of Global Tower since 2016

• MBA from Middlesex University

• Commenced work at Ata Invest as a telecom analyst in 1996

• Joined Turkcell in 2000 as a Senior Specialist at the Investor Relations division until 2004

• Investor Relations and M&A Director from 2009-2016

Hıfzullah ÖZKAYACFO

Dr. Hüseyin AslanChief Strategy & Investor

Relations Officer

Barış ENGİNTelco Services Director

• CFO of Global Tower since 2016

• Joined Turkcell in 2013 as the Financial Advisor to the chairman and the board of directors

• Started working at PricewaterhouseCoopers’s assurance department in 2006., incl. 1 year in the US

• Certified public accountant and licensed independent auditor in Turkey

• Chief Strategy and Investor Relations Officer of Global Tower since 2016

• Served as Vice President at the UK and Northern Ireland Representative of the Turkish Prime Ministry‘s Investment Support and Promotion Agency.

• Served as the Board Member of Ari Teknokent at Istanbul Technical University between 2012 and 2015

• Telco Services Sales Director of Global Tower as of August 2016

• Joined Global Tower in 2013 as Telco Services Sales Manager

• Radio Network and Site Acquisition Manager of Turkcell between 2008-2013

• Joined Turkcell’s Radio Network and Site Acquisition unit in 2006

Aydınevler Mahallesi No:20 Küçükyalı Ofis Park Maltepe, İstanbulTel:0850 229 78 00 Fax: 0216 376 58 53

www.globaltower.com.tr