Georgia Capital Portfolio Overview

Pipeline Attractive service business - Auto Service We aim to build a diversified business model combining many different auto-related services to capitalise on the large and growing automotive services market Number of registered vehicles in Georgia ('000) – 8% CAGR 2012-2018 Average age of cars is high, hence spending is expected to increase due to the stricter regulatory environment 1,258 1,322 999 1,081 1,167 907 832 GEORGIA CAPITAL Room for growth in the highly fragmented auto service market in Georgia Leading player 16% The rest of the market is dominated by small, owner operated lower-end service shops. 43% 40% 45% 46% 45% 46% 47% 44% 45% 45% 46% 46% 48% 50% 2012 2013 2014 2015 2016 2017 2018 Total auto service market - 20 > years 11-20 years 7-10 years 4-6 years 0-3 years Car services and parts Car insurance Secondary car trading c. GEL 1 billion market c. GEL 1.8 billion PTI c. GEL 0.3 billion market c. GEL 0.5 billion market c. GEL 50 million market Source: MOIA We have allocated GEL 10 million¹ capital to auto service business in 1H19 Successfully launched the periodic technical inspection business (PTI) Periodic technical inspection business highlights Total investment GCAP allocated capital Amboli transaction Highlights GEL 48mln Equity stake purchased Total cash consideration GEL 5min Acquired second largest player, Amboli, in Georgian auto service industry 80% GEL 3.4mln¹ 0.7x EV/Sales 2018 ➤ Targeting 400,000 to 450,000 vehicles annually from 2020 (1) Holdback of GEL 0.6 million. Enterprise Value Additional equity capital injection ➤ Amboli deal was closed on 28 June 2019 GEL 1.6mln Page 44

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