Global Ports Holding Plc

Withdrawal of Scheme of Arrangement

Global Ports Holding Plc ("GPH" or the "Group"), the world's largest independent cruise port operator, announces today that its wholly owned subsidiary Port Finance Investment Limited has decided to withdraw the Scheme of Arrangement ("the Scheme"), first announced on the 7th January 2021 and launched on 18th February 2021, relating to the proposed refinancing of the $250,000,000 8.125% Senior Unsecured Notes due 2021 issued by Global Liman İsletmeleri A.S. The withdrawal of the Scheme is effective as of the 6 April 2021.

Since it first announced its proposed scheme of arrangement the Group and its advisors have engaged extensively with noteholders, including certain key noteholders who formed an Ad Hoc Group ("AHG"). However, the Group has decided to withdraw the Scheme after concluding that an agreement that was in best interests of the company and all stakeholders to effectively extend the maturity of the Eurobond could not be reached with the AHG. The Group has received support from all those noteholders that had elected to vote on the scheme up to today, excluding the AHG.

The Issuer and its subsidiaries, parent entities and stakeholders will continue to monitor the Issuer's financial and liquidity positions and evaluate its options regarding its financing alternatives in relation to the Notes.