Renewable Energy Business Overview

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. VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. 17% MARKET SHARE 1H21 (GROSS PREMIUMS WRITTEN) (GEL MILLION) 4% 5% 5% 10% VIG 11% 18% 30% GEORGIA CAPITAL MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹ 228 202 195 36% 370 380 308 • Local MTPL expected to kick in and provide access to untapped retail CASCO insurance market with only 5% existing penetration. Increasing footprint in untapped MSME sector, where Aldagi's net revenues have grown by 80% y-o-y in 3Q21 (from GEL 0.36 million to GEL 0.64 million) and by 73% y-o-y in 9M21 (from GEL 0.95 million to GEL 1.65 million). . Digitalisation. Undisputed leader in providing insurance solutions to corporate clients. Other Ardi New Irao Unison GPIH Vision TBC Aldagi Insurance 2015 2016 2017 2018 Market 2019 2020 1H 20 1H 21 Aldagi Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY Georgia P&C Penetration 0.8% Density $34 Source: Insurance State Supervision Service of Georgia MARKET PL & COMBINED RATIO | 1H21 Total Market Profit* GEL 14.6 m * 11.1% 8.4% 8.6% 7,224 OWNERSHIP 6.8% 6.1% P&C Insurance is 100% owned through Aldagi. 4,523 5.0% 3,317 3,108 2,719 Note: Penetration and density are stated including healthcare insurance (as of latest available data). Source: Swiss Re Institute Georgia Capital PLC | 1. Calculated in line with the market approach. UK Switzerland France 1,429 Belgium Germany Slovenia Insurance Density USD Poland Bulgaria Turkey Russia Insurance Penetration Georgia 2.6% 2.4% 1.5% 1.4% 1.4% 82% 5.0 409 239 128 146 58 38% 39% 29% 28% 29% 110 29% 30% 90 105 70 77 88 72 55 8.3 120% 107% 103% 98% 96% 89% 83% Market CR 97% 1.6 1.8 0.3 (1.4) 0.6 Aldagi TBC GPIH (1.7) 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 62 238 191

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