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Investor Presentaiton

Private late stage portfolio Housing development business overview Investment rationale ■ Shortage of housing from Soviet era combined with Georgian tradition of multi generations living under one roof - average household size is significantly higher at 3.3 compared to Eastern or Western Europe ■ Most of the housing stock dates back to Soviet era and is amortised ■In line with the economic growth, urbanization level is expected to increase from current low level Value creation potential ■ Unlock land value by developing housing projects ■ Development of third-party land - franchise m² brand name. Undisputed market leading platform of at least 2,500¹ apartments to be delivered in five years. ■ Earn Construction management fees from third-party projects and bring construction works in-house Household size further reduction driving demand for housing market Average household size and home ownership, latest available data 59% 57% 54% 60% 54% 75% 71% 76% 69% 68% 92% 91% 90% 84% 97% 83% 85% 82% 90% 69% უძრავი ქონება m' REAL ESTATE Significant room for further growth in mortgages GEORGIA CAPITAL Mortgage loans to GDP %, 2018 45% 43% 43% 41% 36% 35% 31% 30% 28% 25% 22% 17% 16% 14% 13% Spain France Finland Malta Germany Belgium Estonia Number of residential unit transactions in Tbilisi In 2018 the number of residential unit transactions peaked at 34,600 units with record growth and the share of new apartment sales has been increasing each year. Total share of new apartments sold Slovakia Austria Ireland Italy Lithuania Latvia Slovenia Georgia Most of the housing stock needs replacement Around 205,000 units (62%) of the apartments were built between 1961 and 1990 and are out of their usable lifecycle. 205 33% 38% 52% 57% 60% 62% Thousands I 2014-2018 CAGR - 16.8% 34.6 27.0 24.5 22.3 18.6 17.8 20.8 Thousands 53 15.3 6.2 6.7 11.6 15.1 3.3 2.8 2.8 2.8 2.6 2.4 2.3 2.3 2.2 2.2 12.4 11.1 10.6 11.7 13.8 I 9.4 <1960 Georgia Croatia Slovakia Poland Romania Bulgaria Hungary EU Average Household Size Home Ownership 2014 2015 2016 Estonia Lithuania 2017 2018 9M19 Urbanization Level Old apartments sold New apartments sold Source: Eurostat, TBC Capital, World Bank, National statistics office of Georgia. Source: TBC Capital Apartment units by development period Source: Galt and Taggart (1) 2,500 apartments relate to the signed Tbilisi Airport Highway deal. 1961-1990 7 1991-2005 66 2006-2019 Page 43
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