Global Ports Investments : Annual report 2022 Holding on to the essence

Holding on

to the ANNUAL REPORT 2022 GLOBAL PORTS INVESTMENTS PLC

essence

Annual Report 2022

Global Ports Investments PLC

1. About

Global Ports

1. GLOBAL PORTS TODAY

1. KEY MILESTONES

1. ASSETS MAP

2.

Strategic Report

1. BOARD OF DIRECTORS' STATEMENT

1. MANAGEMENT STATEMENT

1. GLOBAL PORTS MISSION
2. STRATEGY
3. BUSINESS MODEL

1. SUSTAINABLE DEVELOPMENT

3. Corporate

Governance

1. CORPORATE GOVERNANCE

1. RISK MANAGEMENT
   6. Additional Information

1. RESPONSIBILITY STATEMENT
2. DEFINITIONS

74 ADDITIONAL INFORMATION

TO "SUSTAINABLE DEVELOPMENT" SECTION

1. GRI CONTENT INDEX

1. SHAREHOLDER INFORMATION AND KEY CONTACTS

Company's website

Annual Report 2022	About Global Ports	Strategic Report	Corporate Governance	Additional Information
Global Ports Investments PLC

Undisputed 1. ABOUT

industry GLOBAL PORTS

leader

Global Ports is No. 1 container terminal operator in Russia. The Group owns and operates unique network of marine container and multipurpose terminals

in the Baltic and Far East basins.

2.8 mln TEU1

Capacity of Global Ports marine container terminals

3,000

Number of employees

ruAA

Rating from RA Expert

1 Management estimates based on yard capacity of 100% consolidated terminals as of 31.12.2022.

Annual Report 2022

Global Ports Investments PLC

Global Ports today

Global Ports has proved that its business is fundamentally stable and sustainable, despite an extremely volatile operating environment and disruptions to local supply chains in 2022.

In 2022, the Group managed to successfully retain its team of dedicated and skilled professionals, replace its container clients base, increase non-container cargo throughput, and secure future growth opportunities in the Russian Far East. The Group achieved the lowest level of leverage since 2012 with a Net Debt to Adjusted EBITDA ratio of 1.0x and is fully prepared for its Eurobond redemption in September 2023.

The Group strengthened its positions by becoming a part of the Delo Group, the largest Russian integrated container logistics operator.

Key strenghts

No. 1 container

terminal operator in Russia

About Global Ports

Strategic Report

Corporate Governance

Additional Information

The only player with a network of terminals in Russia's key marine basins

Part of the Delo Group, a Russian transportation and logistics holding, which operates its own fleet and manages marine container terminals,

a network of railway container terminals, a fleet of containers and flatcars

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Annual Report 2022

Global Ports Investments PLC

Key Milestones

June	September	October

About Global Ports

Strategic Report

Corporate Governance

Additional Information

December

PLP started handling new regular container services connecting the Big Port of St. Petersburg with one of India's largest ports, Nhava Sheva. The new route is being serviced

by MODUL, a Russian transport and forwarding company.

It is designed to deliver Russian export cargo, including paper, chemical products, and lumber, to India and countries

of the Asia-Pacific region.

Last summer, after intensifying cooperation with shipping lines, VSC expanded its network of regular container services to the ports of Asia-Pacific countries, in particular China, South Korea, and Vietnam.

These services provide VSC customers with access to new markets and an opportunity to plan supply routes more efficiently.

This is a key advantage

for exporters and importers that have faced difficulties after several lines withdrew from the Russian market.

August

VSC set a new monthly record for container operations and handled 66,600 TEU.

The previous high of 52,000 TEU was set in July 2021.

Global Ports becomes part of Delo Group.

After a deal was completed to purchase shares from APMT, Delo Group became the controlling shareholder of Global Ports

with a 61.5% stake, including 52.9% of the voting and 8.6% of the non-voting shares.

Global Ports and the Far East and Arctic Development Corporation (FEDC) signed an agreement to cooperate

in a project to expand VSC's marine container terminal at the Vostochny Port in the Primorsky Territory.

VSC signed a contract to purchase four Rail-Mounted Gantry (RMG) cranes in 2022. In addition, VSC plans to purchase two more RMG and three RTG cranes

by the first quarter of 2024.

Expanding the equipment fleet will speed up container handling, increase yard capacity, and ensure the more efficient use of storage areas due to a larger number of tiers in the stack.

Global Ports held a consent solicitation among holders

of Eurobonds due to mature in 2023 in order to amend documentation and allow for the option

of direct coupon payments.

Global Ports acquired

Spika LLC along with the long-term leasing rights to land plots adjacent to the VSC container terminal

with a total area of 47 hectares.

Developing the land plots will significantly expand the capacity of VSC's berths, storage facilities, and advanced modern railway facilities and provide opportunities for the Group's long-term growth on the booming Far Eastern container market.

November

Global Ports' northwest terminals have begun operating a new regular direct container service with China, providing customers with more opportunities to quickly adapt to market changes

and ensure regular deliveries.

VSC placed RUB 15 billion worth of non-convertible interest- bearing bonds with a five- year term and a fixed coupon rate of 11.25% per annum.

Global Ports purchased a portion of its Eurobonds due in 2023

on the open market as part

of a new step towards improving the Group's debt maturity profile and decreasing its FX risk exposure.

As of the end of 2022,

the outstanding principal amount of the Eurobonds

was USD 82 million from the initial issue of USD 350 million.

Global Ports gained full control over its Russian terminals after concluding a cash-free share swap agreement

with CMA Terminals S.A.S.

As a result, Global Ports consolidated Yanino Logistics Park and Moby Dik. The Group's share in the Finnish ports will decrease from 75% to 50%.

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