Investor Presentaiton

Private late stage portfolio P&C insurance business overview (cont'd) Valuation highlights | 31 March 2020 ALDAGI Financial metrics (GEL millions) GEORGIA CAPITAL GEL millions, unless otherwise noted 31-Mar-20 31-Dec-19 Change 2015 2016 2017 2018 2019 1Q19 1Q20 Change Earned premiums, net 47 50 63 67 75 17.4 17.5 0.4% LTM net income Multiple applied Equity FV LTM ROAE Valuation peer group 183 18 NMF Net income 121 14 16 182 18 4.3 3.3 -23.2% 7.7 9.0 -14.4% Combined ratio 79% 73% 75% 75% 82% 77.1% 87.5% 10.3ppts Loss ratio 43% 35% 40% 38% 42%¹ 38.7% 48.7% 10.0ppts 141 165 -14.4% Expense ratio 36% 38% 35% 37% 41%! 38.4% 28.0% 30.4% -2.4ppts Cash flow from operations 12 14 13 21 19 8.5 38.8% 9.0 0.4ppts 6.5% Selected operating metrics Company Country Dhipaya Insurance Thailand Ticker TIP Stock Exchange 1Q19 1Q20 change (y-o-y) Renewal Ratio Thailand Zavarovalnica Triglav Slovenia ZVTG Ljubljana Pozavarovalnica Sava Slovenia POSR Ljubljana Aksigorta Turkey AKGRT Istanbul Corporate insurance policies written² Retail insurance policies written 32,978 30,571 -7.3% 86% 20,779 23,038 10.9% 61% Anadolu Sigorta Turkey ANSGR Istanbul Performance track record (GEL millions) Profit & Dividend payout ratio (GEL millions) Earned premium, gross 1Q20 Earned premium, gross composition: Segment: Corporate 56%, Retail 39%, Compulsory lines 4%, Government 1% Product: Motor 37%, Property 27%, Credit life 14% Liability 11%, Other 11% CAGR 14% 98 86 90 68 71 5.3% 51 22 22 ROAE 28% 37% 37% 38% 34%2 30% CAGR 21% 2 18 18 16 14 11 68% -23.2% 61% 7 64% 23 51% 4 3 2019 Dividend payout ratio 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2019 1Q19 1Q20 Profit (1) Excluding impact of one-off FX contract with GEL 8 million loss. (2) Excluding credit life insurance. (3) FY19 net income used for valuation at 31-Mar-20. 1Q19 1Q20 Page 46

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