Georgia Capital PLC Investment Overview

Pipeline Periodic technical inspection business overview Investment rationale Georgia's Auto park continues to grow steadily, with 8% CAGR during the years 2012-2018 " " Georgia lags behind developed countries by number of private passenger cars per capita, showing room for further growth " Vehicles older than 10 years represent 90% of total auto park Value creation potential Key highlights | 30 June 2019 NTM² EBITDA GEL 6.7mln 10.1 " " In July 2018, GWG won state tender to launch and operate 51 periodic technical inspection lines across Georgia with a 10-year license. Technical inspection prices are fixed set at GEL 60 and GEL 100 for light vehicles and heavy vehicles, respectively Currently, inspection covers the basic technical control of vehicles. The government plans to tighten procedures from January 2020 and also test vehicle catalytic converters to try and reduce the level of harmful emissions GWG is the only player on the market with support from an international partner, Applus+, a Spain- headquartered worldwide leader in testing, inspection and certification with services a market presence in more than 70 countries Multiple applied Enterprise Value Net debt PTI | Equity fair value Selected metrics Number of inspection lines Market share¹ 51 36% Financial highlights Operating highlights MTD GEL thousands 1H19 Jun-19 1H19 Revenue 5,304 1,244 Cars serviced 140,338 Gross margin 57% 67% of which, primary 101,513 EBITDA 613 446 of which, secondary 38,825 EBITDA margin 12% 36% (1) Based on available inspection lines. (2) Next twelve month. GEL 68mln GEL 49mln GEL 19mln GEL 5mln GEL 24mln Estonia Lithuania Sweden Hungary Croatia Market opportunity Number of passenger cars per 1,000 people, (2017) 527 510 419 418 Amboli acquisition cost Auto service business | Equity fair value Latvia Belarus Russia Georgia Kazakhstan 378 351 348 322 313 307 256 202 III 147 112 Turkey Azerbaijan Czech rpb Slovenia Page 45 GEORGIA CAPITAL

View entire presentation