Global Yatirim Holding AS

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1 Company Fundamentals\Company Profile A Wright Investors' Service Research Report: Global Yatirim Holding AS 440 Wheelers Farms Road Milford, CT U.S.A. COMPANY PROFILE Figures in Turkish Liras Wright Quality Rating:DCNN Key Data Global Yatirim Holding AS, formerly Global Menkul Degerler AS, is a Turkey-based investment holding company that participates in the shareholding structure of its subsidiaries, while providing management, finance and organizational services. The Company operates four principal business units which are established to conduct its activities in these sectors: the infrastructure unit includes cruise and commercial port operations; the real estate unit involves real estate investment trust activities, including project development, management and construction of commercial buildings and holiday complexes; the natural gas distribution and electric power generation concessions, and other potential energy assets are structured under the energy unit, and the finance unit offers services, such as securities brokerage, intermediation, asset management, investment banking and insurance. Stock Chart Officers Chairman & Chief Executive Mehmet Kutman Vice Chairman Erol Goker Ticker: GLYHO 2010 Sales: 219,106,888 Major Industry: Financial Sub Industry: Securities Brokerage Country: Turkey Currency: Turkish Liras Fiscal Year Ends: December Employees 779 Exchanges: IST Stock Price (1/6/2012): 1.01 Recent stock performance 1 Week Weeks Weeks Weeks Earnings / Dividends (as of 9/30/2011) Earnings Dividends Most Recent Qtr Last 12 Months Ratio Analysis Price / Earnings Ratio N/A Dividend Yield 0.00 Price / Sales Ratio 1.04 Payout Ratio N/A Share Type: Ordinary Market Capitalization: 227,253,724 Total Shares Outstanding: 225,003,687 Closely Held Shares: 56,857,417

2 Price / Book Ratio 0.44 Held by Insiders Rihtim Caddesi Karakoy Istanbul TURKEY Address Phone Home Page Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

3 Company Fundamentals\Comparative Business Analysis A Wright Investors' Service Research Report: Global Yatirim Holding AS Provided By CorporateInformation.com 440 Wheelers Farms Road Milford, CT U.S.A. Wright Comparative Business Analysis Report Report Date: 1/6/2012 Company Description Global Yatirim Holding AS, formerly Global Menkul Degerler AS, is a Turkey-based investment holding company that participates in the shareholding structure of its subsidiaries, while providing management, finance and organizational services. The Company operates four principal business units which are established to conduct its activities in these sectors: the infrastructure unit includes cruise and commercial port operations; the real estate unit involves real estate investment trust activities, including project development, management and construction of commercial buildings and holiday complexes; the natural gas distribution and electric power generation concessions, and other potential energy assets are structured under the energy unit, and the finance unit offers services, such as securities brokerage, intermediation, asset management, investment banking and insurance. Competitor Analysis Global Yatirim Holding AS operates in the Natural gas distribution sector. This analysis compares Global Yatirim Holding AS with three other companies: Garanti Factoring Hizmetleri A.S. (2010 sales of million Turkish Liras [US$98.98 million] of which 100 was Factoring Income), Aviva Sigorta AS ( million Turkish Liras [US$ million] of which 100 was Insurance & Related Activities), and Tekstil Bankasi As ( million Turkish Liras [US$ million] of which 25 was Other Operations). Sales Analysis Sales increased substantially in 2010: Global Yatirim Holding AS reported sales of million Turkish Liras (US$ million) for the year ending December of This represents an increase of versus 2009, when the company's sales were million Turkish Liras. Sales of Infrastructure saw an increase of 45.9 in 2010, from million Turkish Liras to million Turkish Liras. Not all segments of Global Yatirim Holding AS experienced an increase in sales in 2010: sales of Other fell 6.5 to 4.56 million Turkish Liras. Global Yatirim Holding AS also experienced decreases in sales in Energy (down 2.2 to million Turkish Liras) and Finance (down 6.4 to million Turkish Liras). Recent Sales at Global Yatirim Holding AS (Figures in Millions of Turkish Liras) Global Yatirim Holding AS has changed its product mix within the past five years. In 2010, the largest segment was Energy, while in 2006, the largest segment was Finance. During the past four years, sales of Energy increased (from million Turkish Liras to million Turkish Liras), while during the same period, sales of Finance fell 54.2 (from million Turkish Liras to million Turkish Liras). During 2010, the company's sales increased at a faster rate than all three comparable companies. While Global Yatirim Holding AS enjoyed a sales increase of 155.2, the other companies saw smaller increases: Garanti Factoring Hizmetleri A.S. sales were up 83.4, Aviva Sigorta AS increased 13.5, and Tekstil Bankasi As experienced a sales decline of

4 24.5. Global Yatirim Holding AS currently has 779 employees. With sales of million Turkish Liras (US$ million), this equates to sales of US$149,730 per employee. The sales per employee levels at the three comparable companies vary greatly, from US$123,538 to US$669,543, as shown in the following table. Some of the variation may be due to the way each of these companies counts employees (and if they count subcontractors, independent contractors, etc). Sales Comparisons (Fiscal Year ending 2010) Company Sales (mlns) Sales Growth Sales/ Emp (US$) Largest Region Global Yatirim Holding AS ,730 N/A Garanti Factoring Hizmetleri A.S ,571 N/A Aviva Sigorta AS ,543 Turkey (100.0) Tekstil Bankasi As ,538 Turkey (100.0) Recent Stock Performance In recent years, this stock has performed terribly. In 2000, the stock traded as high as 6.05 Turkish Liras, versus 1.01 Turkish Liras on 1/6/2012. (In 2000, the stock retreated significantly from its high, and by the end of the year was at 1.85 Turkish Liras). During each of the previous 3 years, this stock has increased in value (at the end of 2008, the stock was at 0.28 Turkish Liras). For the 52 weeks ending 1/6/2012, the stock of this company was down 15.8 to 1.01 Turkish Liras. During the past 13 weeks, the stock has fallen 9.8. During the past 52 weeks, the stock of Global Yatirim Holding AS has outperformed the three comparable companies, which saw losses between 22.3 and During the 12 months ending 9/30/2011, the company has experienced losses totalling 0.48 Turkish Liras per share. These 12 month earnings are lower than the earnings per share achieved during the last fiscal year of the company, which ended in December of 2010, when the company reported earnings of 0.94 per share. Earnings per share rose in 2010 from Note that the earnings number Includes Or Excludes Extraordinary Charge Or Credit. This company is currently trading at 1.04 times sales. The three companies vary greatly in terms of price to sales ratio: trading from 0.44 times all the way up to 2.48 times their annual sales. Global Yatirim Holding AS is trading at 0.44 times book value. Since the price to book ratio is less than 1, this means that theoretically, the net value of the assets is greater than the value of a company as a going concern. However, at the end of fiscal year 2010, this company's intangible assets ( million Turkish Liras) were higher than its common equity ( million Turkish Liras), which means that the price to book ratio is not a very useful indicator. The company's price to book ratio is lower than that of all three comparable companies, which are trading between 0.53 and 8.89 times book value. Summary of company valuations (as of 1/6/2012). Company The market capitalization of this company is million Turkish Liras (US$ million). The capitalization of the floating stock (i.e., that which is not closely held) is million Turkish Liras (US$90.41 million). Dividend Analysis This company has paid no dividends during the last 12 months. The company also reported losses during the previous 12 months. The company has not paid any dividends during the previous 6 fiscal years. Profitability Analysis The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were million Turkish Liras, or -7.9 of sales. This EBITDA margin is worse than the company achieved in 2009, when the EBITDA margin was equal to -1.5 of sales. All three comparable companies had positive EBITDA margins, while Global Yatirim Holding AS had a negative margin. In 2010, earnings before extraordinary items at Global Yatirim Holding AS were million Turkish Liras, or 95.6 of sales. This profit margin is an improvement over the level the company achieved in 2009, when the profit margin was 93.1 of sales. The company's return on equity in 2010 was This was significantly better than the already high 38.5 return the company achieved in (Extraordinary items have been excluded). Global Yatirim Holding AS reports profits by product line. During 2010, the itemized operating profits at all divisions were million Turkish Liras, which is equal to of total P/E Price/ Price/ Book Sales 52 Wk Pr Chg Global Yatirim Holding AS N/A Garanti Factoring Hizmetleri A.S Aviva Sigorta AS N/A Tekstil Bankasi As

5 sales. Of all the product lines, Infrastructure had the highest operating profits in 2010, with operating profits equal to of sales. In 2009, Finance had the highest operating profits (353.5 of sales versus 21.2 for Infrastructure). Finance had the lowest operating profit margin in 2010, with the operating profit showing a loss equivalent to 69.6 of sales. However, as mentioned previously, Finance had the best operating profit margin during Financial Position As of December 2010, the company's long term debt was million Turkish Liras and total liabilities (i.e., all monies owed) were million Turkish Liras. The long term debt to equity ratio of the company is Global Yatirim Holding AS does not appear to be very efficient in collecting payments: As of December 2010, the accounts receivable for the company were million Turkish Liras, which is equivalent to 198 days of sales. This is an improvement over the end of 2009, when Global Yatirim Holding AS had 320 days of sales in accounts receivable. Financial Positions Company Note that some of the financial ratios stated within this analysis may be distorted because of sales in financing, leasing, etc., which can distort certain ratios. At Global Yatirim Holding AS, sales of Finance totalled million Turkish Liras, which was equal to of sales in Important Legal Notice Year LT Debt/ Equity Days AR Global Yatirim Holding AS Garanti Factoring Hizmetleri A.S ,802 Aviva Sigorta AS N/A Tekstil Bankasi As N/A Copyright The Winthrop Corporation Distributed by Wright Investors' Service, Inc. All Rights Reserved THIS REPORT IS PROVIDED FOR GENERAL INFORMATION ONLY, IS NOT TO BE CONSIDERED AS INVESTMENT ADVICE AND SHOULD NOT BE RELIED UPON FOR INVESTMENT DECISIONS. NO REPRESENTATION OR WARRANTY IS MADE REGARDING THE ACCURACY, RELIABILITY OR TIMELINESS OF THE CONTENT. THE REPORTS ARE COMPUTER GENERATED AND MAY BE SUBJECT TO PROGRAMMATIC AND/OR CONTENT ERRORS. VISITORS SHOULD VERIFY INFORMATION WITH OTHER RELIABLE SOURCES. THIS REPORT IS PROVIDED AS IS, WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. IN NO EVENT WILL THE WINTHROP CORPORATION, WRIGHT INVESTORS' SERVICE, INC. OR ANY OF THEIR DATA PROVIDERS BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, NO MATTER WHAT THE CAUSE. THE CONTENT OF THIS REPORT IS PROTECTED BY APPLICABLE COPYRIGHT LAWS. CONTENT MAY NOT BE REPRODUCED, DISTRIBUTED, MODIFIED OR FRAMED WITHOUT PRIOR WRITTEN PERMISSION.

6 Company Fundamentals\Summary Analysis SUMMARY ANALYSIS: Global Yatirim Holding AS Per Share- Turkish Liras Year Price Value Ratios Equity Capital Earnings Dividends Fiscal Yr Ends: December Market Price Last Price/ Earnings Ratio Price/ Book Ratio Dividend Yield Earned Growth Profit Rate (ROE) Book Value Begin Yr 12 Month Earnings Per Share Change Payout Ratio 12 Month Dividends Per Share n/c F n/c n/c A n/c F n/c n/c n/c F n/c n/c C D 0.10 n/c 0.0 A D D n/c BDE n/c n/c BDE 0.38 n/c BD n/c n/c n/c 2.30 n/a n/c n/c /6/ n/c n/a n/a n/c n/c 0.00 (A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 150:100 RIGHTS ISSUE (16.52DIV) ON 12/16/2005, 200:100 RIGHTS ISSUE (18.37 DIV) IN 2002 (B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 0.60 PRETAX CR & 0.06 PRETAX CHG IN 2009(0.03 PRETAX CR & 0.06 PRETAX CHG DEC, 0.51 PRETAX CR JUN & 0.06 PRETAX CR MAR), INCLS 0.16 PRETAX CR & 0.04 PRETAX CHG & EXCLS 0.03 CR IN 2008 (0.11 PRETAX CR & 0.04 PRETAX CHG & 0.03 EXCLS CR DEC & 0.05 PRETAX CR SEP) (C): NAME CHANGED FROM GLOBAL MENKUL DEGERLER AS IN MAY 2006 (D): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING (E): INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO (0.03) IN 2009, INCLS GAIN/ (LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO (0.03) DEC 2008 (F): EARNINGS PER SHARE ESTIMATED USING NET INCOME AFTER PREFERRED DIVIDEND DIVIDED BY THE YEAR END SHARES OUTSTANDING OR THE LATEST SHARES AVAILABLE - (Z ): EARNINGS PER SHARE ESTIMATED USING NET INCOME AFTER PREFERRED DIVIDEND DIVIDED BY THE YEAR END SHARES OUTSTANDING OR THE LATEST SHARES AVAILABLE Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

7 Company Fundamentals\Sales Analysis SALES ANALYSIS: Global Yatirim Holding AS Figures in thousands of Turkish Liras Revenues Operating Expense - Total Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) After Tax Income before Extraordinary Charges and Credits Employees Year Amount in thousands Year-toyear Growth Amount in thousands of Revenues Amount in thousands of Revenues Amount in thousands of Revenues Number Revenues Per Employee After Tax Income Per Employee , , n/a n/a -12, ,878-23, ,544,602 13, ,559, , , ,120,944-69, ,107, ,116, , , ,279,992-3, ,943, ,952, , , ,577,884-28, , , n/a n/a 12, ,198 31, , , , , ,379 39, , , , , ,965 51, , , , , , , , , , , , , , , , , , ,883 Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

8 Company Fundamentals\Price Analysis PRICE ANALYSIS: Global Yatirim Holding AS Per Share- Turkish Liras Quarter High Price Low Price Closing Price Quarterly Change 12 months Change 2002 Jan - Mar n/a n/a Apr - Jun n/a Jul - Sep n/a Oct - Dec n/a 2003 Jan - Mar Apr - Jun Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep

9 Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec /6/ Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

10 Company Fundamentals\Earnings & Dividends Analysis EARNINGS AND DIVIDENDS ANALYSIS: Global Yatirim Holding AS Per Share- Turkish Liras Fiscal Year Ends in December Earnings Per Share Dividends Per Share 12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends Fiscal Years Earnings Change Q1 Mar. Q2 Jun. Q3 Sep. Q4 Dec. Dividends Change Q1 Mar. Q2 Jun. Q3 Sep. Q4 Dec. Payout n/c n/a n/a n/a n/a 0.00 n/c n/a n/a n/a F n/c n/a A 0.00 n/c n/a n/a n/a F n/c n/a n/a n/a n/a 0.00 n/c n/a n/a n/a F n/c n/a n/a n/a n/a 0.00 n/c n/a n/a n/a C D 0.10 n/c n/a n/a n/a n/a A 0.00 n/c n/a n/a n/a D n/a n/a n/a n/a 0.00 n/c n/a n/a n/a D n/c n/a n/a n/a BDE n/c n/c n/a n/a n/a BDE 0.38 n/c n/c n/a n/a n/a BD n/c n/a n/a n/a n/a n/c n/a n/a n/c n/a n/a n/a n/a n/c (A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 150:100 RIGHTS ISSUE (16.52DIV) ON 12/16/2005, 200:100 RIGHTS ISSUE (18.37 DIV) IN 2002 (B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 0.60 PRETAX CR & 0.06 PRETAX CHG IN 2009(0.03 PRETAX CR & 0.06 PRETAX CHG DEC, 0.51 PRETAX CR JUN & 0.06 PRETAX CR MAR), INCLS 0.16 PRETAX CR & 0.04 PRETAX CHG & EXCLS 0.03 CR IN 2008(0.11 PRETAX CR & 0.04 PRETAX CHG & 0.03 EXCLS CR DEC & 0.05 PRETAX CR SEP) (C): NAME CHANGED FROM GLOBAL MENKUL DEGERLER AS IN MAY 2006 (D): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING (E): INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO (0.03) IN 2009, INCLS GAIN/ (LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO (0.03) DEC 2008 (F): EARNINGS PER SHARE ESTIMATED USING NET INCOME AFTER PREFERRED DIVIDEND DIVIDED BY THE YEAR END SHARES OUTSTANDING OR THE LATEST SHARES AVAILABLE - (Z ): EARNINGS PER SHARE ESTIMATED USING NET INCOME AFTER PREFERRED DIVIDEND DIVIDED BY THE YEAR END SHARES OUTSTANDING OR THE LATEST SHARES AVAILABLE Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

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