Global ports strategy_update_presentation_2014

Global Ports Investments PLC
Reinforcing leadership
19 June 2014, St. Petersburg

DISCLAIMER
Information contained in this presentation concerning Global Ports Investments PLC, a company organised and existing under the laws of Cyprus (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.
This presentation includes Unaudited Selected Illustrative Combined Financial Metrics representing selected information prepared based on estimates and assumptions
deemed appropriate by the Group. Global Ports together with NCC Group are referred to as the “Enlarged Group” or “Enlarged Global Ports”.
The information is limited to certain key indicators, remains preliminary, is unaudited, and provided for illustrative purposes only. It does not purport to represent what the
actual operational information results of operations or cash flows of the Enlarged Group would have been had the NCC Group acquisition occurred on 1 January 2013,
nor is it necessarily indicative of the operational information results or cash flows of any part of the Enlarged Group. Because of their nature, selected combined
information is based on a hypothetical situation and, therefore, do not represent the actual operational information results of operations or cash flows of the Enlarged
Group. The actual results of operations or cash flows of the Enlarged Group may differ significantly from the illustrative combined amounts reflected herein.
These materials may contain forward-looking statements regarding future events or the future financial performance of the Enlarged 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 Enlarged 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 Enlarged 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 assume any obligation 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 Russia, 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.
2Definitions for terms marked in this presentation with capital letters provided in the Appendices at pages 39-40

REFERENCE TO ACCOUNTS AND
OPERATIONAL INFORMATION
Unless stated otherwise all financial information in this presentation is extracted from the consolidated financial information of the Company for the year ended 31
December 2013 and prepared in accordance with International Financial Reporting Standards adopted by the European Union (“IFRS”) and the requirements of Cyprus
Companies Law, Cap. 113, and from the consolidated financial information of NCC (together with its subsidiaries and joint ventures “NCC” or “the NCC Group”) for the
year ended 2013, prepared in accordance with IFRS and the requirements of Cyprus Companies Law, Cap. 113.
The Global Ports Group’s audited consolidated financial statements for the year ended 31 December 2013 and NCC Group Limited and subsidiaries Consolidated
Financial Statements for the Year Ended 31 December 2013 are 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 Oil Products Terminal segment and
for the Finnish Ports segment, Euro.
The functional currency for Russian subsidiaries of the NCC Group is the Russian Ruble, and for Cypriot subsidiaries, the United States Dollar (“USD”). For purposes of
the consolidated financial statements, the results and financial position of each NCC Group’s entity are expressed in USD, which is the functional currency of the Parent
and the presentation currency for the consolidated financial statements.
Certain financial information which is derived from management accounts is marked in this presentation with an asterisk {*}.
In this presentation the Group has used certain non-IFRS financial information as supplemental measures of the Group’s operating performance.
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, ARGUS Nefte
Transport and Drewry Financial Research Services Ltd (“Drewry”).

TODAY’S SPEAKERS
4
Alexander Nazarchuk,
Chief Executive Officer
Aliona Ashurkova,
Deputy Chief
Executive Officer
Mikhail Loganov,
Chief Financial Officer
Evgeny Zaltsman,
Head of Business
Development
Roy Cummins,
Chief Commercial
Officer
Anders Kjeldsen,
Chief Operational Officer
Eduard Chovushyan,
Managing Director of
Petrolesport
Alexander Tikhov,
Managing Director of
First Container Terminal
Arnout Dirk Lugtmeijer,
General Manager of
Vopak E.O.S.

CONTENTS
Page
I. Establishing leadership: 2008-2013 6
II. Evolution of external environment 15
III. Strategy going forward 20
IV. Key takeaways 30
Appendices 31

2008 2013 2008 2013
ESTABLISHING LEADERSHIP: 2008 – 2013
6
MLT-Helsinki
Ust-Luga
Container
Terminal
Logistika-Terminal
Vostochnaya
Stevedoring Company
Yanino
Vopak E.O.S.
First Container Terminal
PetrolesportMoby Dik
MLT-Kotka
FAR EAST
BASIN
BALTIC
BASIN
BLACK SEA
BASIN
Definitions for terms marked in this presentation with capital letters provided in the Appendices at pages 39-40
(1) Source: ASOP, Drewry, Company estimates
(2) Capacity as at the beginning of 2008 and 2014, throughput data for full year 2008 and 2013; 2013 data includes NCC Group data
From a small regional player to the #1 container terminal operator in
Eastern Europe measured by throughput and capacity(1)
• 7 marine container terminals in Russia and Finland. Terminals
are located in Russia’s key container gateways, 2 inland
container facilities
• Almost one in two containers in Russia was handled by Global
Ports in 2013 compared to one in three in 2008
Track record of successful navigation through economic cycles
Marine container throughput and
capacity(2)
millionTEU
1.84
1.33
2.77
4.06
Throughput Capacity
2.1x
2.2x

2008
Capacity
PLP MD Finnish
Ports
Global
Ports
standalone
2013
PLP VSC NCC Total
Global
Ports 2014
EXPANSION AND UPGRADE OF CONTAINER FACILITIES
Invested and already in
operation
Invested and
expected to be
commissioned
shortly
M&A
Group’s marine container capacity development(1)
1.84
2.37
0.4
0.1
0.5
0.35
0.12 0.06
C. USD 513 million invested over last six years into existing
facilities including:
● PLP converted from old timber port into modern
container facility with 1 mln TEU capacity, further 400
thousand TEU already constructed
● Car handling capacity of 190 thousand cars and heavy
Ro-Ro for 30 thousand units at PLP constructed from
scratch
● The largest reefer container yard in the Baltics created
● Coal handling facility of 1 mt established at VSC
● Moby Dik capacity expanded by 44% to 400 thousand
TEU
● Inland container depot (Yanino) developed
Following double-digit volume growth VSC is approaching
capacity (550 thousand TEUs):
● 100 thousand TEU capacity to be added in 2014
● Long-term capacity expansion master plan being
reviewed, current land plot enables to increase capacity
to over 2 million TEUs
4.06
1.69
7
millionTEU
(1) Capacity as at the beginning of 2008 and 2014, throughput data for full year 2008 and 2013.

Car sales
in Russia
2008
Car sales
in Russia
2013
New cars
import
2008
New cars
import
2013
2008 2009 2010 2011 2012 2013
Car handling at PLP
ENTREPRENEURIAL USE OF SPACE IN MAJOR FACILITIES
Car and Ro-Ro handling facility built at PLP in 2008-2009(1), long-term contract with
market leader Rolf
● Car throughput increased 3 times between 2008 and 2013 despite declining
car import market
● PLP handled 13% of total imports of new cars into Russia in 2013 compared to
2% in 2008
● Yard also designed to handle containers when needed
● Investments are expected to be fully paid back this year
Coal handling started at VSC in 2011 to optimise terminal land usage and generate
complementary revenue stream
● Current capacity is 1 million tones p.a. and is not expected to increase due to
rapid growth in container throughput at VSC
● Investment in coal facility already fully paid back
Continue to handle scrap metal and other bulk cargo at PLP until crowded
out by containers
thousandunits
36
28
43
67
105 108
-4%
-46%
Russian car market
2.7 2.6
1.5
0.8
numberofcars
8
(1) Further upgrades in 2010-2013
Source: PwC

2008 2009 2010 2011 2012 2013
GOING BEYOND SHIP-TO-SHORE OPERATIONS
9
Development of inland container depot business to add value outside
of seaports (stuffing and unstuffing and value-added operations)
● Development of Yanino Logistic Park
● Logistika Terminal was added to portfolio with NCC acquisition
VSC initiated block train service in late 2008 to increase terminal’s
attractiveness through predictable and reliable rail service
● Quality and pricing of railway dispatching from VSC is key to
its competitive positioning as 80% of containers leave
terminal by rail;
● Allowed to keep railway costs for VSC customers under
control in Ruble terms
More than 60% of all import containers leave the terminal on trains
organized by VSC
● VSC operates today c. 400 of its own flatcars
Developed block train service is a strong competitive advantage for
VSC
● Block train dispatches are cheaper and quicker
● Scheduled delivery with predictable price to Moscow,
Novosibirsk, Ekaterinburg and other key regions
Number of block trains organized by VSC
615
117
791
1,342
965
Units
0

2008 2009 2010 2011 2012 20132008 2013 2008 2013 2008 2013 2008 2013
OPTIMIZING OPERATIONS
10
Number of employees
Throughput, ‘000 TEU
Focus on performance improvement, increasing productivity
and efficiency to differentiate from competition
● PLP productivity almost doubled over 5 years to c. 30
STS moves per hour in 2013 making it one of the most
efficient terminals in Eastern Europe
Headcount(1) optimization and outsourcing of support functions
● PLP headcount reduced by 36% while container
throughput grew by 34% between 2008 and 2013
● VSC headcount reduced by 4% while container
throughput grew by 18% along with start of coal
operations between 2008 and 2013
PLP VSC
1,998
532
711 656 629
401
475
-36%
+34% -4%1,272
+18%
(1) Calculated as the sum of production staff and administrative staff headcount
65.7%
51.0%
59.9%
62.6% 64.1%
Russian Ports Segment EBITDA margin
Sustainably high EBITDA margin largely driven by strict
focus on efficiency of operations
● Margin above 50% achieved even in challenging
environment of 2009
Incremental increases in EBITDA margin in each of the
last 4 years
65.1%

Net cash from
operating activities
Interest paid Cash CAPEX Free cash flow
1.0
1.1
1.2
1.3
1.4
1.5
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Oil production Oil refining
Depth of oil refining Fuel oil production
EXPLOITING WINDOW OF OPPORTUNITY IN FUEL OIL
11
Rapid growth of fuel oil production and export in
Russia…
…created a window of opportunity for Vopak E.O.S. to
monetize its unique features
Demand driven growth in oil refining along with stable
refining depth increased fuel oil output
● Created strong demand for fuel oil export terminals
Global Ports consolidated smaller players in the port of
Muuga building the leading fuel oil transhipment hub by
2008
● Common user facility with premium infrastructure
providing for value-added services
Vopak E.O.S. generated high free cash flow
● Total FCF of USD 444 million(1) generated in
2008-2013
Distributions to Global Ports, a 50% shareholder of
Vopak E.O.S. amounted to USD 166 million between
2011 and 2013
Vopak E.O.S. cash flow generation in 2008-2013(1)
(1) Vopak E.O.S. 100% basis
Source: Minenergo, Company’s estimate
606
444
33 129
USDmillion

GROWING THE BUSINESS THROUGH IMPROVED
CUSTOMER SERVICE
12
Centralized commercial function to reach all levels of client’s decision making process
● Ability to access different levels of decision making process as needed
● APM Terminals as a co-controlling shareholder helps to strengthen long-term relationships with clients through its global
commercial network
● Position Global Ports as premium facility with best quality service
Expansion of customer base: focus on building relationships with main line operators (MLOs) vs. servicing feeder traffic,
establishing deeper cooperation
● Share of MLO throughput increased from 42% in 2008 to 77% in 2013
Successful pricing campaigns for four consecutive years
Share of main line operators in throughput(1)
2008 2009 2010 2011 2012 2013
42%
34%
42%
55%
62%
77%
(1) 2013 data provided is on the illustrative combined basis, including NCC Group results in 2013

2.5
3.1
2.2
1.7
2.3
3.4
2008 2009 2010 2011 2012 2013
Net debt (Adjusted for NCC
transaction)
Net debt/Adjusted EBITDA (Adjusted
for NCC transaction)
Prudent capital
allocation
MAINTAINING FINANCIAL FLEXIBILITY AND PRUDENT
CAPITAL ALLOCATION
Financial flexibility
provides for strategic
advantages
Maintain low leverage
● Historically low leverage, target Gearing Ratio of 1.5-2.0 times Net Debt / Adjusted
EBITDA established in 2012
Focus on best practice in corporate governance and transparency
● Understandable and credible player for all financing partners
Access to equity and debt financing
ROCE as the key investment criteria both for organic and non-organic growth
● Constantly high ROCE in 2010-2013: above 16%
Minimum dividend payout of 30% as stipulated in the dividend policy
Regular dividend of USD 84.6 million paid for 2012 and USD 58.4 million for 2013, excess
free cash flow distributed to shareholders in the form of special dividends
● Additional USD 79 mln special dividend in 2012
Ability to invest in growth when competitors are constrained due to over-leverage
Quick execution of lucrative transactions (e.g. purchase of remaining 25% of VSC)
IPO provided ability to consummate sizable transactions including equity component (e.g.
NCC acquisition)
(1) Adjusted for NCC acquisition 2013 leverage was equal to 0.9x. Definitions for terms marked in this presentation with capital letters provided in the Appendices at pages 39-40
Maintaining low leverage(1)
271 204 140 66 230
1,419
NCC acquisition
13

2008-2013 STRATEGY SUCCESSFULLY EXECUTED
14
Clear strategy
and reliable
execution =
market
leadership
Utilize the window of opportunity of lack of fuel oil export facilities
Leverage unique features of Vopak E.O.S.
Expansion and upgrade of container assets
Entrepreneurial use of space in major facilities (Ro-Ro, cars, coal,
scrap metal)
Go beyond ship-to-shore (block train service in VSC, inland facilities)
Focus on customer segmentation and services
Optimize operations to improve the profitability of the business
Maintaining low leverage and access to equity and debt financing
enabled GPI to invest when competitors were constrained
Value accretive M&A
 Growth in container
volumes and market
share
 Free cash flow
generation and dividend
distribution from VEOS
 Consistently high
EBITDA margin
 High ROCE

EVOLUTION OF EXTERNAL
ENVIRONMENT
15

2000-2008 CAGR 2011 2012 2013 5m14
CURRENT ECONOMIC CYCLE, REDUCED DWELL TIME
IMPACTING INDUSTRY
16
Russian GDP growth
Throughput of container
terminals in Russia
28.9%
5.3%
1.9%
4.3%
3.4%
1.3% 0.5%
2.7x
4.1x
3.9x
Russian container market / GDP growth multiplier
Container market growth rate is slowing as growth of
Russia’s economy decelerates
● Ongoing containerization: the container market grows
at a multiple of around 4 times GDP
Capacity utilization of the market remains high (above 70%)
● No known sizeable capacity additions in the Russian
market in 2014 except by Global Ports
Market capacity utilization rate(1), %
Source: ASOP, Rosstat
(1) Capacity utilization rate is defined as container throughput in the corresponding period divided by container handling capacity for the period expressed as a percentage.
(2) CB RF estimate for full year 2014
Average number of storage days decreased across industry
in recent years due to introduction of electronic customs
clearance and overall customs and logistic chains efficiency
improvements
● Negatively impacting storage revenue
Decrease in storage days removes ‘handbrake’ on trade and
promotes further containerization
● Quicker and cheaper container supply chain vs.
alternative transportation modes
(2)
9.1%
29.7%
6.6%
4.5x 6.7x
75%
73%
75%
Growth in electronically cleared customs documentsContainer market grows at a high multiple to GDP
9%
96%
Share of electronically cleared customs documents
Source: Federal Customs Service
2009 2013

5m13 5m14Russia World
Average
Turkey North
America
Europe
RUSSIA REMAINS SUBSTANTIALLY UNDERCONTAINERISED
Containerisation level 2013, TEU per 1000 capita
Throughput of laden export containers increased 26% y-o-y
during 5 months of 2014
Significant potential in further containerisation of Russia’s
export flows
Containerisation level remains low in Russia:
42 TEU per thousand capita(1) in 2013 compared to(1) :
● 90 TEU per thousand capita world average
● 95 TEU per thousand capita in Turkey
● 134 TEU per thousand capita in North America
● 135 TEU per thousand capita in Europe(2)
17
(1) Source: Drewry; some 2013 numbers are estimated
(2) 2013 per capita data for Europe are for all of Europe (not just the European Union) and is not comparable to the numbers mentioned in GPI’s disclosure materials in 2012
(3) Source: ASOP
Growth of laden export in Russia (in thousand TEU) (3)
Source: Drewry Source:ASOP
42
90 95
134 135
+26%
392
310

57%
98%
68%
99% 86% 93%
Russia Brazil Turkey US EU Global
15%
33%
60% 68% 65%
47%
53%
71%
56%
78% 80% 78%
HIGH CONTAINERISATION POTENTIAL ACROSS INDUSTRIES1
18
Temperature or Climate Control (frozen food
and fish, perishable cargo etc.)
Chemicals & Products Foodstuffs & Beverages for human
consumption
Consumables
Plastics & rubbers
Consumer fashion, personal & household
goods
Manufactured metal & semi-manufactured
industrial consumables
Machinery parts. Components, supplies &
manufactures, n.e.s.
(1) Source: Seabury, calculated as total containerised ocean trade in tonnes divided by total trade by country/region in tonnes
(2) Selected cargo groups represent more than 50% of Russian import measured in TEU’s
(3) Selected cargo groups represent around 45% of Russian export (excluding liquids) measured in tonnes
Chemicals & Products
Containerisation of import(2) Containerisation of export(3)
34%
65%
37%
71%
51%
65%
45%
86%
37%
83% 84% 75%
4%
31% 31% 29%
47%
36%
25%
30%
19%
31% 31% 36%
8%
25% 26%
66%
34% 35%
8% 12%
67%
13%
39% 32%

5m 2013 5m 2014
Ust-Luga and NMT annual
handling capacity
Total Russian fuel oil export,
2013
BUSINESS ENVIRONMENT FOR VEOS HAS BECOME MORE
CHALLENGING
19
New
entrants to
the market
Change of
global
marketplace
Increased
ship
deliveries,
trend to
handle more
in Russia
Share of ship deliveries in VEOS
New capacity additions
5918
(1) Fuel oil 3.5%S RMG NWE barge - Fuel oil 3.5% barge swap ARA month 3.
milliontones(mt) -15
-5
5
15
09/13 11/13 01/14 03/14 05/14
Backwardation reduces demand for storage
Fuel oil spot price - 3m forward price(1)
USD/ton
Backwardation
Contango
Source: Argus European Products
30%1%
Less profitable ship deliveries to bordering countries have
increased
Trend of cargo owners is to handle more product within
Russia
Fuel oil market remains in backwardation (futures
price being less than spot price) reducing the storage
demand created by traders
New fuel oil terminal capacity built since 2008
represents 1/3 of fuel oil export from Russia
● Ust-Luga terminal commissioned in 2011 with
capacity of 14 million tones
● Novorossiysk terminal (NMT) commissioned in
2012 with capacity of 4 million tones

STRATEGIC FOCUS
21
Strategy largely unchanged: focus on highest safety standards, maximum value extraction from core assets,
investment discipline and complementary services
Maximize
shareholder
value
Focus on containers
● Maximize value extraction from core assets
● Generate new revenue streams
● Optimize portfolio of inland terminals
Optimize CAPEX
● USD 35-45 million annual CAPEX over the next few years excluding potential expansion
● Invest in efficiency to optimize costs
Performance and cost control
● Utilize potential of the enlarged operations for productivity improvement, repair
and maintenance optimization and centralization
● Further increase share of variable costs
● Restructure oil products business
Focus on FCF and deleveraging, maintain dividend
● ROCE driven investments, to be immediately cash generative
● Deleverage to reach target gearing of 2.0x Net Debt / Adjusted EBITDA
● Continue paying dividends as per dividend policy of 30% of imputed consolidated net profit

INCREASE FOCUS ON CORE CONTAINER ASSETS
22
Focus on large container assets – FCT, PLP, VSC
Expand VSC which is gaining market share on a
growing market
Improve operational processes further
Deepen commercial relationships - “value-based selling”
and promote and monetize network benefits
Divest minor non-core assets and operations (e.g.
trucking business)
86% of EBITDA
Container Operations
Historically a good business when there’s a shortage of
maritime container capacity
Now high competition driven by low entry barriers
● Low EBITDA margin of inland container facilities
decreasing attractiveness of inland concept
Group has space for ancillary services in ports post the
NCC acquisition
Optimize inland terminals, seek alternative uses
4% of EBITDA
Inland Terminals

NEW OPPORTUNITIES AND REVENUE BOOSTERS
Develop a value-
based selling
strategy to leverage
the strength of GPI’s
terminal portfolio
Strengthen
customer service:
centralize
commercial team
post NCC
integration
Define intermodal
strategy: replicate
the success of the
VSC rail strategy in
the North-West
Explore IT solutions
to generate new
revenue streams
New revenue
streams (road and
rail charges, new
tariff structures)
Continue
developing non-
containerized
cargoes where
capacity allows
Utilize opportunities of
the current asset base

CONTINUE TO REDUCE COSTS AND FOCUS ON
OPERATIONAL EFFICIENCY
24
Long-term maintenance program to
● optimise CAPEX and maintenance cost
● maximize return from previous investments and useful life of equipment
Optimize equipment inside network of terminals
Long-term
view on
maintenance
Centralization of handling equipment procurement completed, centralization of top 10
OPEX spending is ongoing
● Cost savings of more than 10% of 2014 procurements achieved
Further centralisation of procurement for projects in infrastructure, commodities, and IT
Further
centralization where
needed
Carefully benchmark productivity and efficiency of terminals and compare to APM
Terminals’ global network using numerous criteria to realize potential
Ensure business units deliver maximum productivity at lowest cost according to best
international standards
Benchmark against
network terminals
Mitigate volatility by creating stronger variable portion of the cost structure
Potential for further variable cost improvement in staff cost and fuel costs
Increase share of
variable costs
Continue to build and deliver highest safety and social responsibility
standards in the marketHSSE/CSR

OPTIMIZING OPERATIONS: NCD CASE STUDY
FCT layout NCD
Empty containers
dropped off by clients
at NCD
FCT delivers box to
berth
Loading of empty box
to vessel
Empty containers drop-
off by clients directly at
FCT or PLP
Loading of empty
box to vessel
FCT operations pre-acquisition
New process of operations after optimization
NCD previous activity was eliminated, releasing land plot for
other revenue uses
Potential savings of more than USD 1 million per annum achieved

5m 2013 5m 2014
VOPAK E.O.S. RESTRUCTURING LAUNCHED
10% of EBITDA
Oil Products
Throughput
milliontones(mt)
4.9
3.5
Business environment of Vopak EOS has become even more
challenging
● Throughput volumes decreased 27% YoY in 5m 2014
● Share of less profitable ship deliveries have increased to 30%
Vopak E.O.S. initiated a restructuring program to address the change
● Staff reduced more than 10% in 2014, multi tasking of staff to
increase flexibility and in-source
● CAPEX and expansion halted
● System of four interconnected terminals enables switching off of
excess terminal capacity
The impact of the recent restructuring is difficult to quantify at this stage
● However the anticipated continuation of a very challenging
business environment is currently expected to lead to a further
material decline in Vopak E.O.S.’ 2014 results

VSC PLP FCT ULCT MD Global Ports 2008 2009 2010 2011 2012 2013 2014 2015
AVAILABLE CAPACITY ALLOWS CAPEX SAVINGS
27
2013 container throughput and capacity
Container throughput
Available capacity
Capacity to be added in 2014
2013 utilization rate(1), %
86%
71% 87%
14%
55%
70%
Cash CAPEX(3)
Russian Ports segment
VEOS
Finnish Ports segment
Budget estimate
180
59 52
132
80 79
66
35-45
USDmillion
thousandTEU
Total available capacity of 1.1 million TEU or 30% of 2013
throughput
100 thousand TEU of additional capacity to be added at VSC
in 2H 2014
400 thousand TEU of additional capacity at PLP already
constructed, to be put into operation in the near future
475
711
1,084
2,551
62
219
378 181
166
1,089
289
400
75
100
Available capacity post NCC acquisition and well-
invested terminals allow further decrease of CAPEX
2014 CAPEX likely to be below USD 66 million
announced previously
2015-2016 CAPEX expected to decrease to USD 35-45
million excluding potential expansion
500
Preliminary estimate of
maintenance CAPEX
(1) Capacity utilization rate is defined as container throughput in the corresponding period divided by container handling capacity for the period expressed as a percentage.
(2) Russian Ports Segment
(3) 2013 data includes NCC Group cash CAPEX
(2)

2013 Cash and
deposits
2014 2015 2016
FOCUS ON FCF GENERATION AND DELEVERAGING
28
Focus on Free Cash Flow generation Deleveraging schedule(1)
Pro forma net cash flow from operating activity 2013
Cash and deposits(2) as of 31/12/13
Debt repayment(1)
Strong Free Cash Flow generation due to:
● Process optimization driven by cost control
● Further reduction in CAPEX
● Expansion CAPEX only if meets return requirements
and be cash generative quickly after implementation
Comfortable leverage and debt repayment schedule
● Providing for swift deleveraging to Target Gearing
Ratio of 1.5-2.0x Net Debt / EBITDA
No change in dividend policy, minimum 30% of imputed
consolidated net profit to be distributed as dividends
375
133 139
179 191
(1) As of 31/01/14, based on management accounts, excluding interest
(2) Including deposits with the maturity over 90 days
USDmillion

CHANGE IN JOINT VENTURE ACCOUNTING
29
Revenue Adjusted EBITDA(3)
Net Debt
57.0% 3.4x 3.5x
(1) 2013 data provided is on the illustrative combined basis, including NCC Group results in 2013
(2) 2013 financial metrics calculation is preliminary and may be revised within audit of 2014 results
(3) Including share of net profit of joint ventures
(4) Including dividends received from joint ventures, net of tax
The option to proportionately consolidate joint ventures has been eliminated
starting from January 1st 2014 due to adoption of IFRS 11
Group’s joint ventures Vopak E.O.S, Moby Dik, Yanino Logistics Park and
Finnish Ports are now consolidated using the equity method starting from
January 1st 2014
● Proportional share of net profit of joint ventures contributes to the “Share
of profit of joint ventures” reported below EBITDA
● EBITDA of joint ventures is deconsolidated
Group will continue to disclose segmental information as a note to IFRS
statements, to ensure continued comparability
The principal impact on Global Ports’ reported financial information as a result of
adopting these standards are shown below
USDmillion
Net Income Operating cash flow(4)
737
589
420
100
Adjusted EBITDA margin, % Net Debt / EBITDA
378
64.1%
1,323
375
406
Illustrative combined for 2013(1) Illustrative combined for 2013 based on new JV accounting(2)
Vopak E.O.S. Moby Dik
Yanino LP
MLT Helsinki
MLT Kotka
Joint ventures of Global Ports
50% 25%50% 75%
100
1,419
Impact of IFRS 11 implementation

Focused on FCF,
deleveraging and
dividend payments
KEY TAKEAWAYS
Clear strategy
Increase focus on key container assets
Utilize the scale advantage for taking costs out (productivity, maintenance, centralization etc.)
Optimize CAPEX further
Russian market is
underconteinerized
(1) Source: Drewry; some 2013 numbers are estimated
Fundamentally under-containerized market with good long-term structural growth prospects
Significant containerization gap across a broad range of industries
TEU per capita 2.1x(1) lower than global average, 2.3x(1) lower than Turkey
GPI is the leader in terms
of size, experience and
governance
Unparalleled network of 7 marine terminals in Russia and Finland, 2 inland facilities, strong
presence in two key basins for Russian trade: Baltic basin and Far East
Track record and experience of successfully navigating economic cycles
Strong governance culture with APM Terminals and N Trans as co-controlling shareholders
Focus on FCF generation
Deleverage to target gearing of 2.0x Net Debt / EBITDA
Continue paying dividend per dividend policy of minimum 30% of imputed net profit

SELECTED COMBINED
OPERATIONAL INFORMATION FOR 5 MONTHS1
32
(1) All information derived from management accounts;
(2) Total throughput of Russian Ports excludes the throughput of Yanino which, in 5m 2013 and 5m2014 was 25 thousand TEUs and 34 thousand TEUs respectively and the throughput of LT which, in 5m 2013 and 5m 2014
was 43 thousand TEUs and 41 thousand TEUs respectively.
5M 2013 5M 2014 5M 2013 5M 2014
Gross throughput Gross throughput
Russian Ports segment Finnish Ports segment
Global Ports containerised cargo
(thousand TEUs)
PLP 310 282 Containerised cargo (thousand TEUs) 88 101
VSC 186 202
FCT 444 408
Moby Dik 93 96 Oil Products Terminal segment
ULCT 14 42
Total Russian Ports segment2
1,047 1,031
Oil products Gross Throughput
(million tonnes)
4.9 3.5
Non-containerised cargo
Ro-ro (thousand units) 8 11
Cars (thousand units) 45 52
Bulk cargo (thousand tonnes) 450 354

To Kick off GMR Implementation, Safety reviews were
done on all Sites, based on the Global Ports GMR
Manual which includes GMR description, Accident
lessons learnt and APM Terminals Practices:
Global Ports Safety Improvement Plan for 2014
33
3 pillars of the safety Improvement plan for
2014
Initial Safety Reviews in Q2 lead to terminal
action plans
Minimum Safety Requirement Implementation
Prioritized based on the 4 high risk areas for
terminals:
● Traffic
● Falling objects
● Working at heights
● Compressed energy
GMRs covering main general HSSE requirements
added
Incident Investigation
Kelvin Topset methodology to be rolled out as the
standard for Incident investigation, ensuring Root
Cause analysis and lessons learnt
Incident Classification
Standard for incident classifications will be
implemented according to international standard to
ensure continued focus on High risk areas
Focus on implementation of Minimum Safety Requirements, Incident investigation training and Incident classification

Best practice governance standards established since 2008
● Quick and unbureaurcatic decision making processes
enabling Group to capitalise on market opportunities
Strong and professional Board of Directors including
experienced INED’s
● Strong Board committees chaired by INEDs
Entrepreneurial and experienced management team
● Proper split of responsibilities between head office and
terminal management
STRONG AND EFFECTIVE GOVERNANCE
34
Global Ports governance structure
Capt. Bryan Smith Senior
INED
(since 2008)
Chairman of Nominations
and Remuneration
committees
Siobhan Walker
INED
(since 2011)
Chairman of Audit and
Risk committee
General meeting of shareholders Remuneration Committee
Nomination Committee
Audit and Risk Committee
Internal Auditor
KEY EXECUTIVE MANAGEMENTTERMINALS
VICTORIA SCHERBAKOVA-
SLUSARENKO,
General Manager of Yanino
EDUARD CHOVUSHYAN,
Managing Director of PLP
VALERY MESTULOV,
Managing Director of VSC
ALEXANDER DUDKO,
General Manager of Moby Dik
DIRK VAN ASSENDELFT,
General Manager of Multi-
Link Terminals
VITALY MISHIN,
General Manager of Logistika
Terminal
ALEXANDER TIKHOV,
Managing Director of FCT
ARNOUT DIRK LUGTMEIJER,
General Manager of VEOS
ANDREY BOGDANOV,
General Manager of ULCT
ALIONA ASHURKOVA,
Deputy Chief Executive Officer
MIKHAIL LOGANOV,
Chief Financial Officer
EVGENY ZALTSMAN,
Head of Business Development
ROY CUMMINS,
Chief Commercial Officer
ANDERS KJELDSEN,
Chief Operating Officer
Board of Directors
ALEXANDER NAZARCHUK,
Chief Executive Officer
Appointment of the
members of terminals’
Board of Directors and
General Managers
Coordination of respective activities and policies

GLOBAL PORTS CORPORATE STRUCTURE
35
Entity Partner Share Partner Profile
Vopak E.O.S. Royal Vopak 50%
• Global market leader in independent bulk liquid storage terminals
• 77 terminals with a combined storage capacity of nearly 30.5 million cubic
meters in 29 countries1
Moby Dik, Finnish
Ports, Yanino
Container Finance
Ltd Oy
25% in
each
• Finnish investment company with extensive experience in transportation
• Shareholder of door-to-door European container transport company
Containerships
ULCT Eurogate 20%
• One of the largest and the most reputable European container-terminal groups,
operating ten sea terminals on the North Sea, in the Mediterranean region as
well as on the Atlantic
• Handled over 14.2 million TEUs in 2013
Enlarged Russian Ports segment(2)
Global Ports
VSC PLP Moby Dik
75%100%100%
Yanino
75%
Finnish
Ports
75%
Vopak E.O.S.
50%
9%
Polozio
Enterprises Limited
TIHL
30.75%
APM Terminals
9%30.75%
FCT ULCT LT
100%100% 80%
Ilibrinio
Establishment Limited
20.5%
Free Float
Source: Companies’ data.
(1) As of 16 March 2014.
(2) In enlarged Russian Ports segment post transaction: including Russian Ports segment of Global Ports and NCC.

WELL INVESTED TERMINALS IN KEY GATEWAYS
Source: Drewry, open sources, Company analysis, as of 31.12.2013.
Note: Gross container handling capacity with respect to container terminals of the Group as of 31 December 2013.
Black Sea Basin
15% of Russian market 2013 throughput
Russia
• Capacity: 440 ths. TEU
NCSP
Novorossiysk
Black
Sea
Turkey
Ukraine
NUTEP (Delo)
Baltic Sea Basin
Russia
Finland
Finnish transit
Baltic countries’ transit
Moby Dik
• Capacity: 1,000 ths. TEU
PLP
St. Petersburg
Region
Estonia
Latvia
Kaliningrad
Region
Baltic
Sea
Lithuania
Ust-Luga
BSC (NCSP)
and Kaliningrad SCP
• Capacity: 1,250 ths. TEU
FCT
CT St-Petersburg (UCL
Holding)
Far East Basin
VSC
VMTP (FESCO)
Vladivostok
Okhotsk
Sea
Moscow
Ilychevsk
VSFP
Russia
China
36

PLP: TERMINAL LAYOUT(1)
37
Metal Scrap Area
#48 #47 #46
Dedicated
Container Berths
Berths#42-43
Berths #49-50
Car Ro-Ro
Terminal
Traditional
Ro-Ro
Berths #64 #63 #62 #61 #60
Tunnel
Western Speed Diameter
Reefers
Loaded containers
Empty containers
400 thousand TEU
of new capacity
Key characteristics
Total Area: 129 ha
Number of berths: 13
Quay length: 2,201 m
Maximum ship draft: 11 m
Railway track length: 7,616 m
Container throughput in 2013: 711,000 TEU
Capacity
Containers: 1,000,000 TEU
Other bulk cargo: 900,000 tonnes
Cars: 190,000 units
Ro-Ro terminal capacity: 30,000 units
Reefer sockets: 3,630
(1) As of 31.12.2013

Key characteristics
The largest container terminal in Russia and the CIS by
throughput(1) and capacity(2)
Container throughput in 2013: 1,084,000 TEU
Container capacity
● Current – 1,250,000 TEU
● Potential – 1,500,000 TEU
Terminal area: 89 ha
4 operational berths of 780 m length, depth
alongside – 11.5 meters
3.3 km of railway tracks
2,905 reefer plugs
FCT: TERMINAL LAYOUT(1)
38
(1) Based on 2013 data , according
to Association of Sea
Commercial Ports (ASOP);
(2) Based on 2013 data , according
to Company’s estimates;

DEFINITIONS
39
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, other gains/(losses)-net, impairment charge of property, plant and equipment and
impairment charge of goodwill; for NCC Group is defined as profit for the period before income tax expense, foreign exchange gains/(loss), net, finance costs, finance
income and depreciation and amortisation expenses adjusted further certain non-cash or one-off nonrecurring gains and losses included within “other
income/(expenses), net” in Note 8 of the NCC Group Financial Information for the year ended 31 December 2013.
Adjusted EBITDA Margin (a non-IFRS financial measure) is calculated as Adjusted EBITDA divided by revenue, expressed as a percentage.
Average Storage Capacity is a storage capacity available at Vopak E.O.S. oil products terminals, averaged for the beginning and end of the year.
Baltic Sea Basin: 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.
Container Throughput in Russia is defined as total container throughput of the ports located in the Russian Federation excluding transit cargo volumes.
Far East Basin: the geographic region of southeast Russia, surrounding the Peter the Great Gulf, including Vladivostok and the Nakhodka Gulf, including Nakhodka on
the Sea of Japan.
FCT includes First Container Terminal ZAO, that owns and manages a container terminal in St. Petersburg port, North-West Russia. The Global Ports Group owns a
100% effective ownership interest in FCT.
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.
Fuel Oil Export Market is defined as the export of fuel oil from ports located in the Former Soviet Union countries.
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 terminal, Yanino. Gross Container Throughput of NCC Group represents total
container throughput of the NCC Group’s terminals shown on a 100% basis, it excludes the container throughput of the NCC Group’s inland container terminal, Logistika
Terminal.
Gross Throughput is throughput shown on a 100% basis for each terminal, including terminals held through joint ventures and proportionally consolidated.
Logistika Terminal (LT) includes NCC Logistika OOO that owns and manages a container terminal, 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 FCT.
LTM Adjusted EBITDA (a non-IFRS financial measure) represents Adjusted EBITDA for the last twelve months.
NCC means NCC Group Limited and its subsidiaries
Net Debt (a non-IFRS financial measure) is defined as a sum of current borrowings and non-current borrowings, 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).

DEFINITIONS
40
PLP includes Petrolesport OAO, OOO Farwater and various other entities (including some intermediate holdings) that own and manage a container terminal in St.
Petersburg port, North-West Russia. The Group owns a 100% effective ownership interest in PLP.
Revenue per CBM of Storage is defined as the total revenue of Oil Products Terminal segment (Vopak E.O.S.) for a respective period divided by Average Storage
Capacity during that period.
Revenue per Tonne of Throughput is defined as the total revenue of Oil Products Terminal segment for a respective period divided by Oil Products Terminal
segment’s Gross Throughput in tonnes.
ROCE (Return on capital employed, a non-IFRS financial measure) is defined as operating profit adjusted for impairment for the last twelve months divided by the sum
of Net Debt and total equity, averaged for the beginning and end of the last twelve month period.
Ro-Ro, roll on-roll off: cargo that can be driven into the belly of a ship rather than lifted aboard. Includes cars, buses, trucks and other vehicles.
Russian Ports segment consists of the Group’s 100% interest in PLP, 100% interest in VSC, and 75% interest in Moby Dik and Yanino (in each of which Container
Finance currently has a 25% effective ownership interest).
Russian Ports segment of the Enlarged Global Ports Group consists of the Group’s 100% interest in PLP, FCT and VSC and Logistika Terminal, 80% interest in
ULCT (in which Eurogate currently has a 20% effective ownership interest), 75% interest in Moby Dik and Yanino (in each of which Container Finance currently has a
25% effective ownership interest).
Operating Cash Costs of Russian Ports is defined as cost of sales and administrative, selling and marketing expenses of Russian Ports segment for the period less
(a) depreciation of property, plant and equipment, (b) amortisation of intangible assets, (c) impairment of property, plant and equipment and (d) impairment of goodwill.
Operating Cash Costs of Oil Products Terminal is defined as cost of sales and administrative, selling and marketing expenses for the period less (a) depreciation of
property, plant and equipment, (b) amortisation of intangible assets, (c) impairment of property, plant and equipment and (d) impairment of goodwill.
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 Operational Cash Costs is defined as cost of sales and administrative, selling and marketing expenses for the period less (a) depreciation of property, plant and
equipment, (b) amortisation of intangible assets, (c) impairment of property, plant and equipment and (d) impairment of goodwill.
Transaction is the acquisition of 100% of the share capital of NCC Group Limited, announced on 2 September 2013 and completed on 27 December 2013
ULCT includes Ust‐Luga Container Terminal OAO that owns and manages a container terminal in the large multi-purpose Ust-Luga port cluster on the Baltic Sea,
Russia. The Global Ports Group owns a 80% effective ownership interest in ULCT, Eurogate currently has a 20% effective ownership interest.
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.
VSC includes Vostochnaya Stevedoring Company OOO and various other entities (including some intermediate holdings) that own and manage a container terminal in
Vostochny port near Nakhodka, Far-East Russia. The Group owns a 100% effective ownership interest in VSC.

INVESTOR
RELATIONS
41
Mikhail Grigoriev
Tatyana Stepanova
Phone: +357 25 313 475
E-mail: ir@globalports.com
Web: www.globalports.com

Global ports strategy_update_presentation_2014

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