Global Ports Holding Update Presentation

1 Global Ports Holding Update Presentation July 2016 | Strictly Private and Confidential Disclaimer The information contained in this document has been prepared by Global Ports Holdings (GPH) and 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 GPH 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 GPH's actual performance. GPH, and its 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.

2 GPH 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. 1. Agenda Global Ports Holding | Update Presentation Introduction Industry Outlook Global Ports Cruise Ports Commercial Ports Overall What's Next Q&A. 2. Today's Presenters Previously served as Chief Business Development Officer at Vimpelcom, Amsterdam, and Senior Advisor at Verizon, New York Held various high-level positions such as Chief Commercial Officer, Consumer and Chief Commercial Officer, Corporate Services in Turkcell, reporting directly to the CEO, for seven years EBRD. Partnership Acted as General Manager of Kodak, CMO of Microsoft Turkey and variety of high level positions in Unilever within the Marketing and Emre Say n Management of Chain Stores GPH CEO since 2016. BSc degree in Industrial Engineering from Bo azi i University and a postgraduate degree in Systems Engineering from Rutgers and Princeton Universities Previously served as Head of Investment Banking in Global Securities and Head of Business Development in Global Yatirim Holding EBRD Held various executive positions including CEO, in leading energy and mining groups for five years Partnership Mehmet Ali Deniz Director, Head of Global BSc degree in Electrical and Electronics Engineering and a MBA degree from Bilkent University Strategy & M&A.

3 Since 2014. Head of Corporate Finance at Global Securities, part of GIH, and advisor to the GPH Board Previously led the Structured Finance activities of Fresenius VAMED Germany EBRD. Partnership Jan Fomferra Held various positions at IEG in Berlin, Barclays Capital Investment Banking Division and Deutsche Bahn Advisor to the GPH Board Master's degree from ESCP Europe Source: Company Information. 3. Introducing Global Ports Holding (1/2). Who we are What we do How we do it Cruise Ports Cruise Insight Magazine Best Turnaround Port Operations Commercial Ports Barcelona, Valletta and Singapore Between 2007-16. Diversified Holding company Established cruise port Consolidate position as the with interests in cruise and operations in the Mediterranean world's largest cruise port and Asia-Pacific regions operator2 by: commercial Ports as well as their surrounding ecosystems Targeted commercial port Being a real partner for cruise operations in Turkey and lines offering a compelling Established in 2004 Montenegro value proposition owned by Global Drive inorganic growth through Enriching the journey of those Investment Holdings (GIH) which careful selection of Ports for who use our Ports as their acquisition gateway to the city is listed on the Borsa Istanbul (BIST).

4 Drive value creation through Bringing significant value to leverage of network and the port's host city through EBRD acquired the remaining development of new products branded initiatives / products /. shares in September 20151 and services services Source: Company Information. 4 Note: 1. Represents the signing date. 2. By passenger numbers as of 2015. Introducing Global Ports Holding (2/2). World's largest cruise port operator3 with a diversified portfolio of cruise and commercial Ports in the Mediterranean and South-East Asia. Cruise Port Activities Commercial Port Activities Serving cruise liners, ferries, yachts and mega-yachts Specialising in container, bulk and general cargo handling Barcelona* Malaga* Venice Dubrovnik Valletta Ku adas Ravenna1 Brindisi1 Cagliari1 Antalya2 Bar Catania1 Lisbon* Singapore* Bodrum Antalya2. Revenue (2015) EBITDA (2015) Revenue (2015) EBITDA (2015). % of total % of total Total GPH (2015) % of total % of total 45% 46%.

5 Revenue: US$106m 54%. Segmental EBITDA: US$74m 55%. Net Debt(4): US$253m US$47m US$34m US$59m US$40m *Creuers Ports Margin: Margin: World's largest cruise port operator3. GPH operates a portfolio of 14 cruise ports1 in 7 countries Clear pipeline of future opportunities Established commercial port operations in Antalya, Turkey and Port of Adria, Bar, Montenegro Source: Company Information. Italian Ports acquisitions to be completed in 3Q 2016. 2. Port Akdeniz-Antalya, while predominantly a commercial port, also has cruise operations (representing approximately 4% of the port's 2015 revenue). 3. By passenger 5 numbers as of 2015. 4. Consolidated net debt as of year-end 2015. Agenda Global Ports Holding | Update Presentation Introduction Industry Outlook Global Ports Cruise Ports Commercial Ports Overall What's Next Q&A. 6. A Quick Look at the Cruise Industry The cruise industry is large and resilient with an attractive growth trajectory and fundamentally supply-driven economics.

6 Key Statistics Key Trends Characteristics Large, resilient industry with attractive Trend towards even larger cruise vessels in quest for The cruise industry is driven by supply growth profile lower unit costs Worldwide cruise market size of c. Massification Fundamentally supply-driven $40bn Average Market Capacity per Vessel (Pax) Annual passenger growth shows Over cruise passengers carried 45,807. 73,546. strong consumer interest in cruising, in Europe and worldwide with demand outstripping supply Average revenue c. US$1,800 per 2000 2015 Allows newly built ships and added passenger worldwide Average Price per Vessel Ordered capacity to continually be filled (US$m). 300 vessels worldwide as of 2015 935 Further supported through various 287 marketing and discounting Average market capacity per vessel of strategies c. 73,546 (2015 Pax) 2000 2015. Following push strategy Resilient market demand growth Concentration trajectory of in 2007-2015.

7 High capex demands for new vessels favour large Demand in the cruise business created through Relatively stable passenger numbers operators with good access to capital during 2007-2008 crisis Market Share of Cruise Companies Worldwide Pricing (Capacity, 2016). Others Top 4 operators control Branding 15% 85% of the market MSC cruises based on capacity 7%. Carnival Corporation Norwegian Cruise Line 44%. 9%. Royal Caribbean cruises 25%. Source: Cruise Industry News 2016-2017 State of the Industry Annual Report; and Cruise Market Watch 2015. 7. Cruise Industry Poised for Growth . Global cruise passenger numbers have been growing at c. 5% CAGR over 2007-15, with Europe growing at over 7%. Room for further growth in Europe and Asia is indicated by relatively low penetration levels. Track Record of Strong Expansion Low Relative Penetration Suggests Significant Headroom Cruise Market Development CAGR 2007-2015 Cruise Penetration (Cruise Pax / Population) vs.

8 GDP/Capita1. Passengers (m) 2014 Global Europe Cruise Penetration (%). Cruise Penetration in Asia at around 2007 2008 2009 2010 2011 2012 2013 2014 2015 Global Europe GDP/Capita ('000 US$). Compelling Outlook Mediterranean Market with History of Outperformance Development of Global Cruise Demand Market Share Development Since 2008. Based on Fleet Deployment, %. 30. CAGR 15 '19E: 2016 Market 9% 6% 12% 19% 3% 4% 34%. 28 Share 800. 26. Global Cruise PAX (m). 24 22 390. 340. 20. 110. 18 16. (20). 14. 12 (350) (350). 10. 2007 2009 2011 2013 2015 2017 2019 Asia Aus Europe Med SA Alaska Carib Source: EIU, Econstats, Cruise Industry News 2016-2017 State of the Industry Annual Report, World Bank Indicators, CLIA, ECC, ICCA. 1. Bubble size indicates population size. 2. Cruise Penetration = Cruise Pax / Population. 8. with Highly Supportive Dynamics GPH is well-positioned to capture the attractive growth in vessel calls and passengers driven by the continued expansion of the cruise industry supply and ongoing high occupancy rate.

9 Highly Visible Industry Expansion with Europe Set to be Prime Beneficiary Equals to of Global Order Book European Order Book current capacity Total Ship Capacity 000 PAX Total Ship Capacity 000 PAX. deployed (2015). New vessel deployment Continued highlights Expansion Reflected continued industry in Strong Vessel growth . Pipeline and increased demand for cruise 2016E 2017E 2018E 2019E 2020E Total European 2016E 2017E 2018E 2019E 2020E Total port capacity capacity as % of Region of deployment announced Global capacity being deployed1. Region of deployment to be announced Robust Occupancy Rates Supported by Flexible Ticket Pricing Carnival and Royal Caribbean Occupancy Carnival and Royal Caribbean Ticket Revenue (2001 2017E) (per APCD2, 2003 2017E) Passenger 40% numbers are a 120% Average 2015-2017E: key driver of 100% 30% cruise port Port Revenues Historical Average: 80% 20% revenues Supported by High Vessel Occupancy 60% 10% Cruise lines are Rates strongly focused 40% 0%.

10 On maximizing 20% (10%) Flexible ticket pricing supports vessel occupancy robust occupancy rates rate and adjust 0% (20%). 2003 2007 2011 2015 price accordingly 2001 2005 2009 2013 2017E. CCL RCL CCL RCL. 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 2015, Association of Mediterranean Cruise Ports , Wall Street research. 1. Excludes order book vessels not yet assigned to a region. 2. Available Passenger Cruise Days = Double Occupancy per Cabin * the Number of Cruise Days. 9. Significant Expansion in Commercial Seaborne Trade Global container trade experienced a significant expansion over the past decade and represented 20% of total seaborne trade volumes in 2014. Container Trade Development Global Container Trade by Region 20. Total Volume: CAGR: Total Volume: CAGR: Total Volume: 15 TEU TEU TEU.