Investor Presentaiton

Private large portfolio companies EXTERNALLY VALUED 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. MARKET SHARE 9M20 (gross written premiums) VIG 28% GEORGIA CAPITAL MARKET & ALDAGI REVENUE (GEL million) YTD Sep-20: Market revenue GEL 273mln Aldagi share 28%, CAGR 2010-2019 Market 14% Aldagi - 15% 286 345 VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. Local MTPL expected to kick in and provide access to untapped retail CASCO insurance market with only 4% existing penetration. Increasing footprint in untapped MSME sector, where Aldagi's gross revenues have grown by 52% in 2020 (from GEL 0.9 million to GEL 1.4 million). Digitalisation. Undisputed leader in providing insurance solutions to corporate clients. 16% 4% 4% 6% %8 14% 20% 227 202 179 115 122 142 106 100 38% 37% 37% 35% 38% 37% 32% 32% 27% 29% 46 52 67 71 86 90 99 32 42 29 Other Ardi IC Group Irao Unison GPIH TBC Aldagi 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Insurance Market Aldagi Market share Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY Georgia P&C Penetration 0.8% Density $36 Source: Insurance State Supervision Service of Georgia MARKET PL & COMBINED RATIO | 9M20 Total Market Profit* GEL 38.4 m OWNERSHIP . P&C Insurance is 100% owned through Aldagi. 12.0 98% 95% 86% 83% 82% 8.7 France Belgium UK Switzerland * I Insurance Density USD1 (1) Penetration and density are stated including 10.3% 8.4% 9.2% 6,835 6.0% 6.3% 5.1% 4,362 3,719 2,750 2,934 2.7% 2.4% 1,354 1.5% 1.4% 1.3% 418 236 131 157 60 Germany Slovenia Poland Source: Swiss Re Institute healthcare insurance (as of latest available data). Bulgaria Turkey Russia Insurance Penetration1 Georgia 95% 98% Market CR 92% 16% 5.2 3.6 3.1 2.7 1.6 1.5 Aldagi TBC GPIH Imedi_L Unisoni Kamara PSP Other * Market data is based on net profits reported to regulatory body and does not represent IFRS amounts, except for Aldagi and TBC 52

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