Global Investments PLC Corporate Presentation

January 2018

1 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 DISCLAIMER

Information contained in this presentation concerning Investments PLC, a company organised and existing under the laws of (the “Company”, and together with its subsidiaries and joint ventures, “Global Ports” or the “Group”), is for general information purposes only. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness.

These materials may contain forward-looking statements regarding future events or the future financial performance of the Group. You can identify forward looking statements by terms such as “expect”, “believe”, “estimate”, “anticipate”, “intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other similar expressions. These forward-looking statements include matters that are not historical facts and statements regarding the Company’s and its shareholders’ intentions, beliefs or current expectations concerning, among other things, the Group’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future.

The Company cautions you that forward-looking statements are not guarantees of future performance and that the Group’s actual results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Company operates may differ materially from those described in or suggested by the forward-looking statements contained in these materials. In addition, even if the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in these materials, those results or developments may not be indicative of results or developments in future periods.

The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in , market change in the Russian transportation industry or particularly in the ports operation segment, as well as many other risks specifically related to the Company and its operations.

These materials do not constitute an offer or an advertisement of any securities in any jurisdiction.

2 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 REFERENCE TO ACCOUNTS AND OPERATIONAL INFORMATION

Unless stated otherwise all financial information in this presentation is extracted from the Interim condensed consolidated financial information (unaudited) for the six month period ended 30 June 2017 which is prepared in accordance with International Financial Reporting Standards adopted by the European Union (“IFRS”) applicable to interim financial reporting (International Accounting Standard 34 “Interim Financial Reporting”).

The Global Ports Group’s Interim condensed consolidated financial information (unaudited) for the six month period ended 30 June 2017 is available at the Global Ports Group’s corporate website (www.globalports.com).

The financial information is presented in US dollars, which is also the functional currency of the Company and certain other entities in the Group. The functional currency of the Group’s operating companies for the periods under review was (a) for the Russian Ports segment, the Russian rouble, (b) for the Oil Products Terminal segment and for the Finnish Ports segment, the Euro.

In this presentation the Group has used certain non-IFRS financial information as supplemental measures of the Group’s operating performance. Such information is marked in this presentation with an asterisk {*}.

Information (including non-IFRS financial measures) requiring additional explanation or defining is marked with initial capital letters and the explanations or definitions are provided at the end of this presentation.

Rounding adjustments have been made in calculating some of the financial and operational information included in this presentation. As a result, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that precede them.

Market share data has been calculated using the information published by the Association of Sea Commercial Ports (“ASOP”), www.morport.com, Seabury Group LLC (“Seabury”) and Drewry Financial Research Services Ltd (“Drewry”).

3 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 CONTENTS

PAGE

I. Global Ports at a glance 5

II. Container market recovery 6

III. Containerized export continues to grow 7

IV. 1H 2017 Operating highlights: container volumes start to recover 8 1H 2017 Operating highlights: efficiency, safety and capex V. 9 optimisation

VI. 1H 2017 Financial highlights 10

VII. On-going focus on deleveraging 11

VIII. Industry outlook and strategic focus 12

Appendix #1: Global Ports Group 13 Appendix #2: Selected operational and financial information 21

4 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 GLOBAL PORTS AT A GLANCE

The #1 container terminal operator in Russia(1) Strong presence in both key container gateways to Russia: Baltic and the Far Eastern basins ● 6 marine container terminals in the Baltic basin and 1 in basin Efficient, well-invested terminals provide for low CAPEX requirements and high cash flow generation Listed on the main market of the London Stock Exchange, free float of 20.5%(2) ● APM Terminals and N-Trans (each with 30.75% of total share capital) are the core strategic shareholders ● Adherence to best-in-class corporate governance ● Board of Directors with strong track record and deep understanding of the industry

MLT-Kotka MLT- First Container Terminal Vostochnaya Moby Dik Petrolesport BALTIC Stevedoring Company Yanino BASIN Logistika-Terminal

Vopak E.O.S. Ust-Luga FAR Container BLACK SEA EASTERN Terminal BASIN BASIN

(1) Source: ASOP, based on 2017 overall container throughput in the Russian Federation ports (2) Of total share capital. 5 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 CONTAINER MARKET RECOVERY

Strong recovery of the Russian container market backed Russian container market by improving macro and pent-up demand kTEU ● Market grew 16% y-o-y during 2017 ● Growth more pronounced in Far East and South Basins with lagging recovery in Baltic Basin Recovery is largely driven by strong revival in imports ● Laden imports grew by 20% in 2017 Capacity utilisation is improving ● Average annualised capacity utilisation was close to 60% in 4Q2017 against less than 50% in 2016

Russian container market quarterly dynamics Laden imports % YoY mln TEU

-1% +20%

1.57 1.55 1.87

Source: ASOP, Company estimates (1) Including terminals located in the Big of and Ust-Luga 6 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 CONTAINERISED EXPORT CONTINUES TO GROW

Laden exports up 13% in 2016 and 12% in 2017 supported by Export growth is a sustained trend ongoing containerisation Laden export of Russia, mln TEU per annum ● Containerisation of export supply chains allows for +12% reduction of cargo losses; more flexibility and ability to +38% market small quantities (as little as one container) globally

Growth in exports balances Russian container flows 1.05 1.18 0.92 0.94 ● Need to import empty containers is expanding the overall market: import of empty containers was virtually non- 0.76 existent before rising to c. 6% of total imports in 2016 ● Export is potentially more stable compared to volatile imports

Laden exports growth is balancing Russian container market Laden exports growth drives empty containers’ import

XX - Laden export/total export ratio in Saint-Petersburg area(1) XX - Imports of empty containers dynamics, kTEU XX - Share of laden export in total market, % XX - Share of empty container import in total import (%)

14.8% 18.0% 24.8% 27.6% 26.7% 1.3% 0.8% 4.3% 6.2% 4.0%

103 0.8x 0.8x 0.7x 77 71 0.5x 0.4x 32 17

Source: ASOP (1) Saint-Petersburg and Ust-Luga 7 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 1H 2017 OPERATING HIGHLIGHTS: CONTAINER VOLUMES START TO RECOVER

Container volumes(1), thousand TEUs

After initial lead time following price re- 2% Commercial alignment in the beginning of 2017 4% incentives are container volume(1) growth has gaining accelerated to 4% in 2Q17 575 587 traction 290 303

1H16 1H17 2Q16 2Q17

Marine Bulk(2), thousand tonnes

41% Record volumes of bulk cargo(2) reaching over 1.3 mln tons during 1H17 (+41% y-o- 1313 y) driven by coal in VSC, scrap metal and 928 other bulk export at PLP Focus on 1H16 1H17 additional revenue 61% growth in high and heavy Ro-Ro Ro-Ro, thousand units Cars, thousand units streams throughput 61% -17%

Attracted new export volumes of Russian 11 cars from May 2017 7 46 38

1H16 1H17 1H16 1H17

(1) Consolidated marine container throughput (defined as combined marine container throughput by consolidated marine terminals: PLP, VSC, FCT and ULCT) (2) Consolidated marine bulk throughput (defined as combined marine bulk by consolidated terminals: PLP, VSC, FCT and ULCT) 8 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 1H 2017 OPERATING HIGHLIGHTS: EFFICIENCY, SAFETY AND CAPEX OPTIMISATION

Cash CAPEX, mln USD Ongoing centralisation improves service quality and reduces costs further -74%

● Commercial, procurement, IT and legal already 70.0 (1) centralised; finance to follow ● Further unification of IT platform and enhancement of IT solutions 23.6 11.7 18.0 7.9 Focus on Head office of Russian Ports to be transferred to St. 2013 2014 2015 2016 1H17 efficiency and Petersburg in 4Q17 providing for cost savings safety Total Operating Cash Costs adjusted for FX up 4% Total Operating Cash Costs, mln USD in 1H17 reflecting growing throughput Ongoing safety focus with significant progress +25% achieved in 2016: 65* ● LTIF(2) reduced by 39% 52* ● Increased our GMR(3) compliance to 95% across all terminals from 76% last year 1H16 1H17 Total Operating Cash Costs adjusted for FX(4), mln USD

Total CAPEX of USD 8 million for 1H17 +4% CAPEX in line with guidance FY17 CAPEX is expected to be around mid-term annual guidance of USD 25-35 million 52* 54*

1H16 1H17

(1) Illustrative combined basis (2) Lost-time injury frequency rates (3) Global Minimum Requirements (4) Management estimate, calculated as if effective USD/RUB exchange rate in 1H17 was the same as in 1H16 9 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 1H 2017 FINANCIAL HIGHLIGHTS

Revenue Container revenue down 7.1% to USD 126.3 million* as USD mln Revenue growth in throughput was offset by 9.2%* decline of -1% remained Revenue per TEU(1) broadly flat Non-container revenue grew 30.5% to USD 36.2 million* 164 162 and compensated for the decline in container revenue

1H16 1H17

Adjusted EBITDA and Adjusted EBITDA margin USD mln

Adjusted Adjusted EBITDA down 13% to USD 97.3 million* 68%* 60%* EBITDA -13% margin Adjusted EBITDA Margin, although affected by the remained decline in pricing and the appreciation in the Russian strong rouble, remained strong at 60% 112* 97*

1H16 1H17

Cash Conversion in 1H17 USD mln Strong Free Cash Flow generation due to: 97* High cash ● Strong operating cash flows 8 70* (25) (3) conversion ● Low CAPEX requirements (8) ● Dividend flow from joint ventures Adjusted Income CAPEX Dividends Other FCF EBITDA tax from JVs

(1) On consolidated basis 10 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 ON-GOING FOCUS ON DELEVERAGING

(1) Net Debt reduced by c. USD 32 million* in 1H 2017 Consistent Net Debt(1) reduction Since NCC acquisition at the end of 2013: USD mln

● Total Debt(1) reduced by c. USD 432 million*

(1) ● Net Debt reduced by c. USD 435 million* 1350* As of 30 June 2017: 1208* 1048* ● Total Debt(1) was USD 1,031 million*, Net debt(1) was 947* 915* USD 915 million*

● Net Debt / Adjusted LTM EBITDA of 4.4x*

● Average interest rate of the debt portfolio is around 6.8%

● Share of public debt was around 90%* 2013 2014 2015 2016 1H17 ● Share of fixed rate borrowings was 100%*

Debt maturity profile as of 30 June 2017

USD mln 350* 352* 294

LTM Net cash from 178* 163* operating activity 70* 41* 28* 27* Cash & 116 Equivalents

30.06.2017 2H17 2018 2019 2020 2021 2022 2023 and after

Source: Company data (1) Including derivative financial instruments 11 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 INDUSTRY OUTLOOK AND STRATEGIC FOCUS

Rapid recovery in 2017; cautious optimism for the next year Industry outlook Russian container market remains fundamentally undercontainerised Utilisation of industry capacity is improving but competition remains strong

Efficient modern capacity available in right locations in key container gateways Build on our High level of service, focus on increasing service levels further strengths Industry leader in IT solutions within the Russian container industry

Well invested terminals enable scale down of CAPEX to USD 25-35 million per annum in the mid term Continued focus on FCF and Focus on cost control, preserve cash given capacity available across the portfolio deleveraging Use strong Free Cash Flow for deleveraging

12 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 APPENDIX #1 Global Ports Group

13 STRONG POSITIONS IN KEY BASINS

Baltic Basin Far East Basin

RUSSIA RUSSIA

MLT Kotka CHINA Vostochnaya Stevedoring Company MLT Helsinki Moby Dik Petrolesport First Container Terminal SEA OF VEOS Ust-Luga JAPAN Container Terminal St. Petersburg

51% of Russia’s container 27% of Russia’s traffic container traffic Black Sea Basin 19% of Russia’s container traffic

Shanghai

Baltic Basin Far East Basin

Key entry gateway to Russia Supplying , CIS countries (, Tajikistan, Excellent maritime access to key Uzbekistan) as well as central consumption areas, including St. Russia (including Moscow) Petersburg and Moscow The fastest route to ship cargoes The cheapest route to deliver cargo from China to Moscow: up to 15- from China to European part of 20 days faster than via the Baltic (1) Russia Basin (1)

Source: Based on 2017 market data by ASOP (1) Company estimate based on public sources 14 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 WELL INVESTED CONTAINER TERMINALS IN KEY GATEWAYS

Baltic Sea Basin Far East Basin 50% of Russian market 2017 throughput 29% of Russian market 2017 throughput

PLP FCT • Capacity: 1 000 000 TEU • Capacity: 1 250 000 TEU

Moby Dik Finland

• Capacity: 400 000 TEU Russia St. Petersburg VSC Finnish transit Region Okhotsk • Capacity: 650 000 TEU Sea Other terminals VMTP China • Capacity: 300 000 TEU Russia • Capacity: 650 000 TEU Estonia Baltic Sea Moscow Baltic countries’ transit Black Sea Basin 17% of Russian market 2017 throughput Latvia Bronka Russia • Capacity(1): 500 000 TEU Novorossiysk NCSP Lithuania CT St-Petersburg Black • Capacity: 440 000 TEU Sea Kaliningrad • Capacity: 750 000 TEU Region Turkey BSC and Kaliningrad SCP Ust-Luga NUTEP

• Capacity: 540 000 TEU • Capacity: 440 000 TEU • Capacity: 350 000 TEU

Source: Drewry, open sources, Company analysis Note: Gross container handling capacity with respect to container terminals of the Group as at 31 December 2017 (1) Source: Vedomosti as at 19.06.2015 15 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 ST. PETERSBURG AND SURROUNDING AREA

PLP

• Capacity: 1 000 000 TEU

Moby Dik

• Capacity: 400 000 TEU FCT

• Capacity: 1 250 000 TEU

Bronka CT St-Petersburg • Capacity: 500 000 TEU • Capacity: 750 000 TEU

Ust-Luga

• Capacity: 440 000 TEU

16 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 LOGISTIKA-TERMINAL OVERVIEW

In August 2017 Global Ports announced the sale of Logistika-Terminal, one of the Group’s two inland terminals, to PJSC TransContainer (subject to approval by relevant authorities)

● A consideration of 1.9 billion Russian roubles to be paid upon completion of the transaction

● The Group intends to use the proceeds of the sale for further deleveraging, a key strategic priority

Terminal layout and key data

Location: Customs examination Class C storage (cold)  St. Petersburg, Russia Railway area lines Container  Total area: 90 ha Indoor railroad terminal overpass Capacity: Railway lines  Containers: 200 kTEUs Class A  Other cargo: 400,000 tons storage Reefer containers Service zone Examination area Throughput (2016): for incoming  Containers: 174 kTEUs containers Unheated temporary Heated temporary Access road warehouse  Bulk cargo: 320 thousand tons warehouse

Throughput (1H 2017): Moskovskoe highway St- Petersburg  Containers: 88 kTEUs  Bulk cargo: 174 thousand tons

17 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 PRINCIPLES OF IFRS CONSOLIDATION

100% 100% 100% 80% 100% 75% 75% 75% 50%

Multi-Link FCT PLP VSC ULCT LT Moby Dik Yanino VEOS Terminals

Fully consolidated Accounted using equity method Key contributors are large terminals FCT, PLP and VSC Vopak EOS is a JV with Royal Vopak (Netherlands), other JVs are with Container Finance (Finland) 20% of ULCT owned by Eurogate GmbH, shown as non- controlling interest in GPI’s financial statements In August 2017 the Group signed an agreement to sell its 100% shares in LT. The transaction is subject to approval of relevant regulatory authorities. mln USD, 1H17 mln USD, 1H17 4.4x* - Net Debt / Adjusted LTM EBITDA 0.6x* - Net Debt / Adjusted LTM EBITDA

97*

14*

70*

1*

EBITDA Free Cash Flow EBITDA Free Cash Flow 18 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 – ONE OF THE LARGEST PRIVATE TRANSPORTATION AND LOGISTICS HOLDING COMPANIES IN RUSSIA Overview Main operating and financial indicators for DeloPorts

Key assets of Delo Group (established in 1993) include: Unit 2016 ● Marine container and grain terminals in the port of No. of marine terminals # 2 Novorossiysk (Black Sea basin) and a service company operating agency, bunkering and tugboat services – all Container throughput/capacity kTEU 233/350 consolidated under DeloPorts ● Intermodal operator Ruscon, owner of trucks, platforms, Grain throughput/capacity mln tons 3.3/3.5 inland terminals, customs and storage facilities Revenue(1) mln USD 117

IFRS for DeloPorts published since 2012, local bonds listed on EBITDA(1) mln USD 86 MOEX EBITDA Margin % 74 DeloPorts rated by S&P and Fitch: BB-/BB- respectively Net debt/EBITDA x 0.8

Source: DeloPorts (1) Converted from Russian Rubles at 2016 average USD/RUB exchange rate (66,83 RUB per USD) Key assets of DeloPorts: NUTEP and KSK Key container market players in the Black Sea

kTEU 433

304

NCSP NUTEP (Delo Ports)

Source: Based on 12m17 market data by ASOP

19 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 OTHER SEGMENTS Due to mandatory adoption of IFRS 11 from January 1st 2014, Vopak E.O.S., Finnish Ports segment (as well as Moby Dik and Yanino included in the Russian Ports segment) are consolidated using the equity method of accounting and their proportional share of net profit is reported below Adjusted EBITDA

Vopak E.O.S. Finnish Ports segment

1H16 1H16 1H17 1H17

-25% 38 -46% 8.6 32.8%* 22.7%* -51% -16% 123 17.2%* 15.6%* 1.6 29 13* 1.4 -48% 4.6 61 1.5* -51%

6*

0.7*

Throughput, mln tons Revenue, USDm Adjusted EBITDA Throughput, thousand TEU Revenue, USDm Adjusted EBITDA (USDm) and Adjusted (USDm) and Adjusted EBITDA margin (%) EBITDA margin (%)

Focus on storage and accumulation of large shipments, Finnish Ports segment throughput decreased by 51% utilising the unique features of the tank farm consisting of Revenues decreased by 46%, Adjusted EBITDA by 51% 78 tanks of different sizes Market environment remains extremely challenging

20 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 APPENDIX #2 Selected operational and financial information

21 SELECTED OPERATIONAL INFORMATION(1)

1H16 1H17 1H16 1H17 Gross throughput Gross throughput

Russian Ports segment Finnish Ports segment Containerised cargo (thousand TEUs) Containerised cargo (thousand FCT 251 264 123 61 TEUs) PLP 144 114 VSC 142 174 Moby Dik 73 83 Oil Products Terminal segment ULCT 37 35 Oil products Gross Throughput Total Russian Ports segment(2) 647 670 1.6 1.3 (million tonnes)

Non-containerised cargo Ro-ro (thousand units) 6.6 10.7 Cars (thousand units) 46.3 38.2 Bulk cargo (thousand tonnes) 939 1,332

(1) Data is on a 100% basis. Source: Management accounts (2) Total throughput of Russian Ports excludes the throughput of Yanino which in 1H16 and 1H17 was 57 thousand TEUs and 56 thousand TEUs respectively and the throughput of LT which in 1H16 and 1H17 was 84 thousand TEUs and 88 thousand TEUs respectively 22 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 SELECTED OPERATIONAL INFORMATION (CONTINUED)

1H17 1H17 Capacity (end of the period)

Russian Ports segment Finnish Ports segment Russian Marine Container Terminal Capacity Annual container handling capacity (Thousand TEUs) PLP(1) 1,000 MLT Kotka 270 VSC 650 MLT Helsinki 150 Moby Dik 400 Total 420 FCT 1,250 ULCT 440 Total Global Ports 3,740 Yanino, inland container terminal Annual container handling capacity 200 (Thousand TEUs) Annual general cargo capacity (Thousand tonnes) 400 Oil Products Terminal Segment LT, inland container terminal Storage Capacity (in thousand cbm) 1,052 Annual container handling capacity 200 (Thousand TEUs)

Source: Management Accounts (1) As a result of the relocation of two STS cranes from PLP to VSC the capacity of PLP temporarily decreased to 750 thousand TEUs. It is expected to be restored to 1 mln TEUs in 2H 2017 23 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 GLOBAL PORTS CONSOLIDATED INCOME STATEMENT

Summary Income Statement

USD million 1H16 1H17

Revenue 163.7 162.5 Cost of sales (55.1) (79.9) Gross profit 108.7 82.5 Administrative, selling and marketing expenses (19.4) (22.6) Share of profit/(loss) of joint ventures 2.2 (10.1) Other losses – net (31.3) (35.8) Operating profit 60.2 14.1 Finance income/(costs) – net 92.6 (11.0) Profit before income tax 152.9 3.0 Income tax expense (39.4) (14.9) Profit for the period 113.4 (11.9) Profit attributable to: Owners of the Company 113.3 (12.1) Adjusted EBITDA* 111.5 97.3 Adjusted EBITDA Margin* 68.1% 59.9%

Source: Global Ports consolidated financial statements 24 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 GLOBAL PORTS CONSOLIDATED BALANCE SHEET

Summary Balance Sheet USD million 31-Dec-16 30-Jun-17 PP&E (incl. prepayments) 584.9 577.2

Intangible assets 666.2 679.8

Derivative financial instruments (non-current assets) 35.5 44.8

Other non-current assets 175.9 176.9

Cash and equivalents 119.3 115.9 Derivative financial instruments (current assets) 17.4 18.5 Other current assets 43.8 50.4 Total assets 1,643.0 1,663.5 Equity attributable to the owners of the Company 309.6 350.9 Minority interest 15.3 15.9 LT borrowings 1,040.9 1,019.6 Derivative financial instruments - - Other non-current liabilities 170.9 173.5 ST borrowings 78.7 74.6 Other current liabilities 27.6 29.0 Total equity and liabilities 1,643.0 1,663.5

Source: Global Ports consolidated financial statements 25 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 GLOBAL PORTS CONSOLIDATED CASH FLOW STATEMENT

Summary Cash Flow Statement USD million 1H16 1H17 Cash generated from operations 114.3 94.4 Dividends received from joint ventures 3.2 8.5 Tax paid (21.9) (24.7) Net cash from operating activities 95.7 78.2 Cash flow from investing activities Purchases of intangible assets (0.1) (0.5) Purchases of property, plant and equipment (4.6) (7.9) Proceeds from sale of property, plant and equipment 0.3 0.2 Loans granted to related parties (7.0) (7.5) Loans repayments received 0.4 1.0 Other 0.4 0.6 Net cash used in investing activities (10.5) (14.1) Cash flow from financing activities Net cash outflows from borrowings and financial leases (50.7) (22.6) Interest paid (33.5) (45.2) Net cash used in financing activities (84.2) (67.8)

Source: Global Ports consolidated financial statements 26 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 DEFINITIONS Adjusted EBITDA (a non-IFRS financial measure) for Global Ports Group is defined as profit for the period before income tax expense, finance (income)/costs—net, depreciation of property, plant and equipment, amortisation of intangible assets, share of profit/(loss) of joint ventures accounted for using the equity method, other gains/(losses)—net and impairment of goodwill and property, plant and equipment and intangible assets;

Adjusted EBITDA Margin (a non-IFRS financial measure) is calculated as Adjusted EBITDA divided by revenue, expressed as a percentage;

Adjusted LTM EBITDA (a non-IFRS financial measure) is Adjusted EBITDA for the last twelve months, calculated as a sum of Adjusted EBITDA for the first half of 2017 and Adjusted EBITDA for the second half of 2016;

Baltic Sea Basin is the geographic region of northwest Russia, Estonia and Finland surrounding the Gulf of Finland on the eastern Baltic Sea, including St. Petersburg, Tallinn, Helsinki and Kotka;

Cash Costs of Sales (a non-IFRS financial measure) is defined as cost of sales, adjusted for depreciation and impairment of property, plant and equipment, amortisation and impairment of intangible assets;

Cash Administrative, Selling and Marketing expenses (a non-IFRS financial measure) is defined as administrative, selling and marketing expenses, adjusted for depreciation and impairment of property, plant and equipment, amortisation of intangible assets;

CD Holding group consists of Yanino Logistics Park (an inland terminal in the vicinity of St-Petersburg), CD Holding and some other entities. The results of CD Holding group are accounted in the Global Ports’ financial information using the equity method of accounting;

Consolidated Marine Container Throughput is defined as combined marine container throughput by consolidated marine terminals: PLP, VSC, FCT and ULCT;

Consolidated Marine Bulk Throughput is defined as combined marine bulk throughput by consolidated terminals: PLP, VSC, FCT and ULCT;

Consolidated Inland Container Throughput is defined as combined container throughput by consolidated inland terminals: LT;

Consolidated Inland Bulk Throughput is defined as combined bulk throughput by consolidated inland terminals: LT;

Container Throughput in the Russian Federation Ports is defined as total container throughput of the ports located in the Russian Federation, excluding half of cabotage cargo volumes. Respective information is sourced from ASOP (“Association of Sea Commercial Ports”, www.morport.com);

Far East Basin is the geographic region of southeast Russia, surrounding the Peter the Great Gulf, including Vladivostok and the Nakhodka Gulf, including Nakhodka on the ;

First Container Terminal (FCT) is located in the St. Petersburg harbour, Russia’s primary gateway for container cargo. The Global Ports Group owns a 100% effective ownership interest in FCT. The results of FCT are fully consolidated;

Finnish Ports segment consists of two terminals in Finland, MLT Kotka and MLT Helsinki (in port of Vuosaari), in each of which Container Finance currently has a 25% effective ownership interest. The results of the Finnish Ports segment are accounted for in the Global Ports’ financial information using the equity method of accounting (proportionate share of net profit shown below EBITDA);

Free Cash Flow (a non-IFRS financial measure) is calculated as Net cash from operating activities less Purchase of PPE;

Functional Currency is defined as the currency of the primary economic environment in which the entity operates. The functional currency of the Company and certain other entities in the Global Ports Group is US dollars. The functional currency of the Global Ports Group’s operating companies for the years under review was (a) for the Russian Ports segment, the Russian Rouble and (b) for the Oil Products Terminal segment, and for the Finnish Ports segment, the Euro;

Gross Container Throughput represents total container throughput of a Group’s terminal or a Group’s operating segment shown on a 100% basis. For the Russian Ports segment it excludes the container throughput of the Group’s inland container terminals, Yanino and Logistika Terminal;

Logistika Terminal (LT) is an inland container terminal providing a comprehensive range of container freight station and dry port services at one location. The terminal is located to the side of the St. Petersburg - Moscow road, approximately 17 kilometres from FCT and operates in the Shushary industrial cluster. The Global Ports Group owns a 100% effective ownership interest in LT. The results of LT are fully consolidated (in August 2017 the Group signed an agreement to sell its 100% shares in LT, the transaction is subject to approval of relevant regulatory authorities); 27 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 DEFINITIONS

MLT group consists of Moby Dik (a terminal in the vicinity of St-Petersburg) and Multi-Link Terminals Oy (terminal operator in Vuosaari (near Helsinki, Finland) and Kotka, Finland). The results of MLT group are accounted for in the Global Ports’ financial information using the equity method of accounting (proportionate share of net profit shown below EBITDA);

Moby Dik (MD) is located in Kronshtadt on the St. Petersburg ring road, approximately 30 kilometers from St. Petersburg, at the entry point of the St. Petersburg channel. It is the only container terminal in . The Global Ports Group owns a 75% effective ownership interest in MD, Container Finance LTD currently has a 25% effective ownership interest. The results of MD are accounted for in the Global Ports’ financial information using the equity method of accounting (proportionate share of net profit shown below EBITDA);

Net Debt (a non-IFRS financial measure) is defined as the sum of current borrowings, non-current borrowings and derivative financial instruments less cash and cash equivalents and bank deposits with maturity over 90 days;

Oil Products Terminal segment consists of the Group’s 50% ownership interest in Vopak E.O.S. (in which Royal Vopak currently has a 50% effective ownership interest). The results of the Oil Products Terminal segment are consolidated in the Global Ports’ financial information using the equity method of accounting (proportionate share of net profit shown below EBITDA);

Petrolesport (PLP) is located in the St. Petersburg harbour, Russia’s primary gateway for container cargo. The Group owns a 100% effective ownership interest in PLP. The results of PLP are fully consolidated;

Ro-Ro, roll on-roll off is cargo that can be driven into the belly of a ship rather than lifted aboard. Includes cars, buses, trucks and other vehicle

Russian Ports segment consists of the Global Ports Group’s interests in PLP (100%), VSC (100%), FCT (100%), ULCT (80%) (in which Eurogate currently has a 20% effective ownership interest), Moby Dik (75%), Yanino (75%) (in each of Moby Dik and Yanino Container Finance currently has a 25% effective ownership interest), and Logistika Terminal (100%) and some other entities. The results of Moby Dik and Yanino are accounted for in the Global Ports’ condensed consolidated financial information using the equity method of accounting (proportionate share of net profit shown below EBITDA);

TEU is defined as twenty-foot equivalent unit, which is the standard container used worldwide as the uniform measure of container capacity; a TEU is 20 feet (6.06 metres) long and eight feet (2.44 metres) wide and tall;

Total Debt (a non-IFRS financial measure) is defined as a sum of current borrowings, non-current borrowings and derivative financial instruments.

Total Operating Cash Costs (a non-IFRS financial measure) is defined as Global Ports Group’s cost of sales, administrative, selling and marketing expenses, less depreciation and impairment of property, plant and equipment, less amortisation and impairment of intangible assets;

Ust Luga Container Terminal (ULCT) is located in the large multi-purpose Ust-Luga port cluster on the Baltic Sea, approximately 100 kilometres westwards from St. Petersburg city ring road. ULCT began operations in December 2011. The Global Ports Group owns a 80% effective ownership interest in ULCT, Eurogate, the international container terminal operator, currently has a 20% effective ownership interest. The results of ULCT are fully consolidated;

Vopak E.O.S. includes AS V.E.O.S. and various other entities (including an intermediate holding) that own and manage an oil products terminal in Muuga port near Tallinn, Estonia. The Group owns a 50% effective ownership interest in Vopak E.O.S.. The remaining 50% ownership interest is held by Royal Vopak. The results of Vopak E.O.S. are consolidated in the Global Ports’ financial information using the equity method of accounting (proportionate share of net profit shown below EBITDA);

Vostochnaya Stevedoring Company (VSC) is located in the deep-water port of Vostochny near Nakhodka on the Russian Pacific coast, approximately eight kilometers from the Nakhodka- Vostochnaya railway station, which is connected to the Trans-Siberian Railway. The Group owns a 100% effective ownership interest in VSC. The results of VSC are fully consolidated;

Weighted average effective interest rate is the average of interest rates weighted by the share of each loan in the total debt portfolio.

Yanino Logistics Park (YLP) is the first terminal in the Group’s inland terminal business and is one of only a few multi-purpose container logistics complexes in Russia providing a comprehensive range of container and logistics services at one location. It is located approximately 70 kilometres from the Moby Dik terminal in Kronstadt and approximately 50 kilometres from PLP. The Global Ports Group owns a 75% effective ownership interest in YLP, Container Finance LTD currently has a 25% effective ownership interest. The results of YLP are accounted for in the Global Ports’ financial information using the equity method of accounting.

28 Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 27-28 INVESTOR RELATIONS

Mikhail Grigoriev Phone: +7 495 989 4769 (ext. 1310) Mob: +7 916 991 7396

E-mail: [email protected] Web: www.globalports.com

Definitions for terms marked in this presentation with capital letters are provided in the Appendices at pages 26-27 29