Portfolio Valuation and Ameriabank Acquisition Update

■ INSURANCE BUSINESS OPERATING PERFORMANCE OVERVIEW INSURANCE REVENUE +21.4% 208 NET INCOME DEVELOPMENT GEORGIA CAPITAL +3.1% INSURANCE KEY DRIVERS P&C Insurance The increase in insurance revenue is mainly driven by the growth in the motor and credit life insurance lines. The combined ratio was up by 10.7 ppts y-o-y in 4Q23, mostly reflecting: о a 2.3 ppts y-o-y increase in the loss ratio, mainly due to the increased and cargo 172 91 26 25 3 7 GEL MILLION 75 +22.5% +3.7% 56 46 8 8 21 117 19 97 25 2 2 21 25 31 6 6 property insurance claims, a 4.0 ppts increase expense ratio driven by increased salary expenses in line with business growth, and 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 P&C Medical - Total P&C Medical - Total О a 4.4 ppts y-o-y increase in FX ratio, reflecting the impact of FX movements on the business operations. Medical Insurance " The increase in insurance revenue is attributable to the increase in the price of insurance policies and the number of insured clients primarily in the corporate client segment. KEY OPERATING HIGHLIGHTS P&C Insurance 4Q22 VS. ■ 4Q23 Gross premium written (MGEL) Combined ratio Number of policies written 34.1 78.3% 61,817 45.2 89.0% 83,168 Change y-o-y +32.7% FY22 VS. ■ FY23 +10.7 ppts 139.1 79.2% 174.9 89.5% Change y-o-y +25.8% +10.3 ppts +34.5% 251,009 325,362 +29.6% Medical Insurance Gross premium written (MGEL) Combined ratio Number of individuals insured 16.9 95.1% 163,721 17.5 92.6% 169,106 +3.6% 80.1 -2.5 ppts +3.3% 99.5% 163,721 93.4 +16.6% 94.8% -4.7 ppts 169,106 +3.3% 57

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