1Q20 Results Discussion

Private late stage portfolio P&C insurance business overview Investment rationale Significantly underpenetrated P&C insurance market in Georgia (0.6% penetration) ⚫ Market leader with a powerful distribution network of point of sale and sales agents Value creation potential •Compulsory border TPL effective from 1 March 2018 • Local TPL expected to kick in and provide access to untapped retail CASCO insurance market with only 7% existing penetration • Increasing footprint in untapped MSME sector, where Aldagi's revenues have grown by 93% in 2019 from GEL 0.7m to GEL 1.3m (up by 76% in 1Q20 to GEL 0.3mln) • Developing and introducing new digital channels to simplify purchase of insurance products Undisputed leader in providing insurance solutions to corporate clients • 17% Market share FY19 (earned premium, gross) ALDAGI GEORGIA CAPITAL Market composition by product lines VIG 21% 13% 8% 5% 5% 3% 29% Property, 25% Other, 9% Liability, 11% Insurance penetration & density 9.6% 8.5% 9.0% 6.1% 6.0% UK Switzerland France Belgium Germany Slovenia I Insurance Density USD 1 Source: Swiss Re Institute (1) Including healthcare insurance. Poland Bulgaria Turkey Russia Insurance penetration Georgia Other IC Group Ardi TBC Unison Insurance Source: Insurance State Supervision Service of Georgia Irao GPIH Aldagi Market & Aldagi Revenue (GEL millions) Georgia P&C Penetration 0.6% Density $25 CAGR 2010-2019 Market 14% Aldagi - 15% Motor, 42% Source: Internal data Credit Life, 13% Market PL & Combined Ratio | FY19 Total Market Profit * GEL 22.6 m 345 15.2 286 4.9% 6,811 3,810 3,446 1,184 2,655 2,687 421 175 149 152 3.0% 2.2% 227 1.4% 1.4% 1.2% 202 123% 119% 13.0 109% 99% 90% 92% 179 122 142 44 106 100 115 Market CR 97% 83% 1.5 46 6.3 0.7 27% 32% 37% 38% 37% 37% 35% 38% (4.8) (2.5) (6.8) 32% 29% 67 71 86 90 99 42 46 52 Aldagi TBC Unison Ardi Insurance Irao Alfa GPIH Other 2010 2011 Source: Insurance State Supervision Service of Georgia 2012 2013 2014 2015 2016 2017 2018 2019 Market Aldagi Market share Market PL Combined ratio * Market data is based on net profits reported to regulatory body and does not represent IFRS amounts. Page 45

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