Portfolio and Acquisitions Summary 2019

Household size further reduction driving demand for housing market Average household size and home ownership, latest available data Private late stage portfolio Housing development business overview Investment rationale ■ Shortage of housing from Soviet era combined with Georgian tradition of multi generations living under one roof - average household size is significantly higher at 3.3 compared to Eastern or Western Europe ■ Most of the housing stock dates back to Soviet era and is amortised ■In line with the economic growth, urbanization level is expected to increase from current low level Value creation potential ■ Unlock land value by developing housing projects ■ Development of third-party land - franchise m² brand name. ■ Earn Construction management fees from third-party projects and bring construction works in-house In 2018 the number of residential unit transactions peaked at 34,600 units with record growth and the share of new apartment sales has been increasing each year. Total share of new apartments sold 59% 57% 54% 60% 54% 75% 71% 76% 69% 68% 33% 38% 52% 57% 60% Spain France 92% 91% 90% 84% 97% 83% 85% 82% 90% 69% Thousands 2014-2018 CAGR - 16.8% 34.6 27.0 Thousands 22.3 53 18.6 17.8 20.8 15.3 6.2 6.7 11.6 3.3 2.8 2.8 2.8 2.6 2.4 2.3 2.3 2.2 2.2 12.4 11.1 10.6 11.7 13.8 <1960 Georgia Croatia Slovakia Poland Romania Bulgaria Hungary EU Estonia Lithuania Average Household Size Urbanization Level Source: Eurostat, TBC Capital, World Bank, National statistics office of Georgia. 2014 2015 2016 2017 Home Ownership Old apartments sold New apartments sold 2018 Apartment units by development period Source: Galt and Taggart Source: TBC Capital Page 36 1961-1990 Source: IMF, Central banks 28% increase in the number of transactions in Tbilisi in 2018 1991-2005 7 2006-2019 Finland Malta Germany Belgium Mortgage loans to GDP %, 2018 45% 43% 43% 41% 36% 35% 31% 30% 28% 25% 22% 17% 16% 14% 13% Estonia Slovakia Austria Ireland Italy Lithuania Latvia Most of the housing stock needs replacement Around 205,000 units (62%) of the apartments were built between 1961 and 1990 and are out of their usable lifecycle. 205 66 m უძრავი ქონეგა REAL ESTATE Significant room for further growth in mortgages GEORGIA CAPITAL Slovenia Georgia

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