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Investor Presentaiton

Pipeline Auto Service business overview Number of passenger cars per 1,000 people, (2017) Market opportunity Investment rationale Georgia's Auto park continues to grow steadily, with 7.4% CAGR during the years 2012-2019 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 " Room for growth in the highly fragmented auto service market in Georgia with approximately GEL 2.8 billion annual revenues In July 2018, the business (Greenway Georgia or "GWG") won state tender to launch and operate 51 periodic technical inspection lines across Georgia with a 10-year license. Currently, inspection covers the basic technical control of vehicles. The government plans to gradually tighten procedures 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 services, present in 70+ countries Source: GALT & TAGGART GEL millions, unless otherwise noted Valuation highlights | 31 March 2020 GEORGIA CAPITAL 31-Mar-20 31-Dec-19 PTI EBITDA² Change 6.7 6.7 Multiple applied NMF 8.7 10.4 PTI enterprise value -16.3% 59 70 PTI net debt -16.3% (53) PTI | Equity fair value (49) 7.0% 6 Amboli acquisition price 21 -71.9% 9 Auto service business | Equity fair value 5 83.4% 15 26 -41.6% 527 510 Source: GALT & TAGGART Selected metrics 419 418 378 351 348 322 313 Czech rpb Slovenia Estonia 307 Financial metrics | Auto Service I 256 1 Lithuania Company Opus Group VICOM Applus Services Sweden Hungary Croatia 202 147 112 Revenue Gross profit EBITDA 1Q19 1Q20 1.8 Change 8.2 NMF 0.7 2.0 Latvia Belarus Russia Georgia Kazakhstan Valuation peer group Turkey Azerbaijan NMF Operating cashflow (0.4) 0.05 NMF (0.2) (1.9) NMF Number of inspection lines Operating metrics | PTI (1) Based on cars serviced. (2) (3) Singapore Spain Combination of the last six months and the next six months earnings as of 31 December 2019. Technical inspection prices are fixed set at GEL 60 and GEL 100 for light vehicles and heavy vehicles, respectively. Country Sweden Market share¹ Ticker OPUS VCM APPS 51 Stock Exchange Stockholm Singapore Cars serviced Bolsa de Madrid of which, primary of which, secondary 34% 1Q19 1Q20 Change 47,885 68,995 44.1% 34,387 48,271 40.4% 13,498 20,724 53.5% ➤ All inspection centers were constructed within 6 months. The operations launched in Mar-19. ➤ Average time per checks decreased significantly from 25 minutes upon launch to 12 minutes at 31-Mar-20. Page 58
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