Investment and Growth Strategy

Private large portfolio companies EXTERNALLY VALUED ins P&C INSURANCE BUSINESS OVERVIEW INVESTMENT RATIONALE Significantly underpenetrated insurance market in Georgia (0.8% penetration in property and casualty insurance market). • Market leader with a powerful distribution network of point of sale and sales agents. VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. GEORGIA CAPITAL MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹ MARKET SHARE FY22 (GROSS PREMIUMS WRITTEN) (GEL MILLION) VIG 502 23% 27% 442 370 380 308 17% 12% 228 202 195 29% 28% 29% 29% 3% 6% %8 27% 36% 38% 39% 3% 138 110 127 70 77 88 90 105 Other Hualing Ardi Irao Unison GPIH TBC Insurance Aldagi 2015 2016 2017 2018 Market 2019 2020 Aldagi 2021 2022 • Local MTPL expected to kick in and provide access to untapped retail CASCO insurance market with only 5% existing penetration. • Increasing footprint in untapped MSME sector, where Aldagi's gross revenues have grown by 49% y-o-y in 1Q23 (from GEL 0.7 million to GEL 1.1 million). Digitalisation. Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY Source: Insurance State Supervision Services of Georgia Undisputed leader in providing insurance solutions to corporate clients. 11.1% 9.5% 6,610 7.1% 5,273 6.5% 5.8% OWNERSHIP 4,140 5.0% • P&C Insurance is 100% owned through Aldagi. 3,313 3,032 Georgia P&C Penetration 0.8% Density $38 MARKET PL & COMBINED RATIO | FY22 Total Market Profit * GEL 44.6 mln UK France Switzerland Insurance Density USD Belgium Germany Slovenia 21.2 101% 121% 2.5% 2.4% 1,047 451 280 Note: Penetration and density are stated including healthcare insurance (as of latest available data). Source: Swiss Re Institute * Market data is based on net profits reported to regulatory body and does not represent IFRS amounts, except for Aldagi and TBC 58 Georgia Capital PLC | 1. Calculated in line with the market approach. Poland Bulgaria Turkey Russia Insurance Penetration Georgia 89% 97% 96% 110% 104% 80% 1.3% 1.3% 1.3% 17.7 124 160 64 Market CR 96% 3.8 1.2 3.6 (0.2) (1.9) (0.7) Aldagi TBC GPIH Imedi_L Unisoni Kamara PSP Other

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