Georgia Capital Portfolio Overview

Private early stage portfolio Hospitality and commercial real estate business overview Investment rationale y-o-y, Record number of tourists visiting Georgia every year: 4.8 million visitors in 2018, up 16.9% (2.1 million in 1H19, up 10% y-o-y), 10.5% CAGR over the last 5 years; Tourism inflows up 19.1% y-o-y from US$ 2.7bln in 2017 to US$ 3.2bln in 2018, 13.4% CAGR over the last 5 years Value creation potential " Grow Portfolio of rent-earning assets through residential developments/opportunistic acquisitions Reach more than 1,000 operational hotel rooms. Currently approximately 1,222 rooms are confirmed, of which 152 are operational and c. 1,070 are in the pipeline. Targeting mostly 3-star and 4-star hotels Financial metrics (GEL millions)² 182 GEORGIA CAPITAL GEL millions, unless otherwise noted Key highlights | 30 June 2019 30-Jun-19 31-Dec-18 Change Equity fair value 149 22.4% LTM ROIC¹ 14.1% 16.4% -2.3ppt Market opportunity Arrivals of tourists and tourism revenue | Georgia 4.1 4.8 Source: Georgian National Tourism Administration National Bank of Georgia Annual 2016 2017 2018 1H18 Semiannually 1H19 3.3 2.9 2.9 3.0 Change 2.5 3.2 NOI³ from operating leases 3 3 5 1.9 2.8 46.9% 1.8 2.7 1.9 2.1 NOI³ from hospitality services 2 0.5 0.7 52.5% 1.7 1.8 1.9 2.1 1.4 1.4 1.5 Revaluation gain 1.0 28 7.9 NMF Total net Operating Income 2 3 32 1.9 9.5 NMF Commercial real estate portfolio 42 77 112 95.2 121.9 28.1% 2011 2012 2013 2014 2015 2016 2017 2018 1H18 1H19 Arrivals of tourists (min) Tourism revenue(US$ bln) Selected operating metrics 1H18 1H19 Change Hotel rooms pipeline as of 30 June 20194 Gross yield (leased portfolio) Occupancy rate Leased area (sq.m.) 10.2% 8.6% -1.6ppt Hotel Location Rooms 89.5% 86.7% -2.8ppt Ramada Encore Kazbegi, Tbilisi Capital city Gudauri 152 Q1-2018 Target opening Current date4 Stage Operational Total Cost Target US$ mln ROICE 12.1 15.0% Region 121 Q4-2019 Construction 13.3 12.0% 22,240 26,301 18.3% Ramada Melikishvili, Tbilisi Kempinski, Tbilisi Capital city 125 Capital city 99 Ramada Encore 1H19 performance Seti Square in Mestia, Svaneti Region 52 Ramada Kutaisi Region 121 Q1-2020 Q3-2020 Q4-2020 Q4-2020 Construction Construction Construction Construction 13.0 14.9% 28.1 12.5% 5.9 16.3% 9.5 17.5% RevPAR, US$ 31.0 ADR, US$ 63 Occupancy% 48.8% Kakheti Wine & Spa Region 60 Q3-2021 Design 7.5 17.3% Shovi, Racha Region 92 Q3-2021 Design 5.7 15.8% Mestia, Svaneti Region 140 Q4-2021 Design 10.1 15.8% (1) ROIC is calculated as NOI divided by aggregate amount of total equity and borrowed funds. (2) Hospitality & Commercial real estate business' functional currency is US dollars. (3) Net operating income. Telavi Zugdidi Region 130 Q4-2021 Design 12.7 13.4% Region 130 Q4-2021 Design 14.1 12.0% Total 1,222 132.0 (4) Target opening dates remain subject to adjustment following passing of the design stage. (5) Including under construction retail properties presented in housing business, which will be transferred to hospitality & commercial real estate business at the date of construction completion. (6) Target return on invested capital is calculated based on average stabilized EBITDA divided by total invested capital. Page 41

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