Investor Presentaiton

Georgia Capital - strategy Georgia Capital strategy is based on three pillars GEORGIA CAPITAL 1 Georgia Leading economy in the region ■ Diversified non-commodity reliant economy with consistently high GDP growth across the last decade Top-ranked in economy environment indices #9 in ease of doing business (2018) Top-9 in Europe region by Economic Freedom Index (Heritage Foundation, 2018) and #16 internationally ■Low corruption and bribery risk (TI, 2017 and Trace international, 2017) Investment-led GDP growth with 5.5% growth potential expected in 2018 Development of large public infrastructure programs backed by multilateral international funding driving GDP growth Historically low inflation with 3% target set for 2018- 2020 by National Bank of Georgia 2 3 3-fundamental enablers Access to capital Only investment company in Georgia ■ Uniquely positioned given the access to capital in a small frontier economy Flexibility to use own shares as acquisition currency " Access to management Reputation among talented managers as the - "best group to work for" Attracted talents have demonstrated track record of successful delivery Commitment to the highest level of corporate governance Outstanding track record Strong board and robust corporate governance Aligned shareholders' and management's interests by share compensation Capital allocation & Managing investments Capital allocation Highly disciplined approach to unlock value through investments Clear, company specific, exit paths through IPO or trade sale in 5-10 years and outstanding divesture skills demonstrated via successful public listing of healthcare business Disciplined when investing, by buying cheaply Buying assets cheaply is the first and most important element of Georgia Capital's investment strategy Harvesting investments " Attracting and developing talent is a top priority Aligned management style with institutionalized/ non-institutionalized portfolio companies Share ownership plans (proxy shares) for portfolio companies' management ■Track record of Institutionalizing and creating independently managed healthcare business Page 12

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