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P&C insurance business (Aldagi) overview Key facts Industry investment rationale Underpenetrated insurance market Lack of digitalisation providing first-mover advantage Compulsory border TPL kicked in from 1 March 2018 and local TPL in 2020 Untapped retail Casco insurance market ■c. 50k cars insured out of 1.2m cars, only 4% penetration Aldagi's market share in retail Casco insurance - 40% per GPW based on 2017 data Solid track record Outstanding ROAE performance ■Doubled retail portfolio during the last 3 years Target to grow net income to GEL 50 million in 2022 year Financial metrics (GEL m) Annual 2015 2016 2017 Quarterly 1Q17 1Q18 Earned premiums, gross 68 71 86 19 20 Net income 12* 14 16 4 4 Combined ratio 79% 73% 75% 72.7% 72.4% Loss ratio 43% 35% 40% 39.1% 40.8% ROAE 37% 37% 38% 36.9% 31.3% Selected operating metrics 1Q17 4Q17 1Q18 Active corporate clients 2,073 2,125 2,404 Active retail clients 37,209 45,598 55,418 Corporate insurance policies written 14,159 12,486 14,405 Retail insurance policies written 17,539 24,497 32,529 *Excluding one-off FX contract with GEL 8mln loss ALDAGI Market opportunity Penetration (GPW I GDP) & Density (GPW per Capita USD) (¹) GEORGIA CAPITAL 8,000 6,000 10.2% 8.9% 9.2% 4,000 6,934 2,000 4,064 3,395 6.4% 6.1% 12.0% 10.0% UK (1) P&C insurance lines for Geogia Switzerland France 2,613 2,548 Insurance Density Belgium Germany Slovenia Poland 4.9% 8.0% 1,036 351 2.8% 2.1% 6.0% 1.3% 155 144 Bulgaria 135 Turkey Russia Dividend record (GEL m) Insurance Penetration Armenia Azerbaijan Georgia 1.5% 0.6% 0.7% 1.2% 4.0% 23 2.0% 28 40 0.0% 7 2016 7 2017 Best combined ratio on the market 78.5% 72.7% 72.4% 35.0% 33.6% 31.6% 39.1% 43.5% 40.8% Q1 2017 Q4 2017 Q1 2018 Loss Ratio Expense Ratio Exit Strategy - IPO or strategic sale in 5 years Page 24

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