Georgia Capital Portfolio Overview

Private late stage portfolio P&C insurance business overview Investment rationale • Significantly underpenetrated insurance market in Georgia • 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 untapped retail CASCO insurance market with only 4% existing penetration • First mover advantage on underpenetrated SME segment • Growing dividend payout capacity ⚫ Digitalization ALDAGI Key highlights | 30 June 2019 GEORGIA CAPITAL GEL millions, unless otherwise noted 30-Jun-19 LTM net income² 31-Dec-18 Change 18 18 NMF Multiple applied4 9.1 7.4 23.6% Equity FV 161 131 23.7% LTM ROAE 32.1% 34.4% -2.3ppt Financial metrics (GEL millions) Annual 2015 2016 2017 2018 Earned premiums, gross 1H18 Semiannually 1H19 68 71 86 90 1 42.6 Net income 46.5 Change 9.3% 121 14 16 182 8.32 Combined ratio 8.3 NMF 79% 9.6% 73% 75% 75% 74.7% 80.2% Loss ratio +5.5ppt 8.5% 9.0% 43% 35% 40% 38% 39.8% ROAE 41.6% 37% +1.8ppt 6.1% 6.0% 4.9% 37% 38% 34%2 32.7%2 28.3% -4.3ppt 6,811 Selected operating metrics 3,810 1H18 1H19 change (y-o-y) Corporate insurance policies written³ 28,538 50,781 77.9% Retail insurance policies written 77,636 84,661 9.0% UK Switzerland (1) Excluding impact of one-off FX contract with GEL 8 million loss. (2) Adjusted for non-recurring items. (3) Excluding credit life insurance. (4) Multiples improved significantly across all peer group companies France Belgium Germany Insurance Density USD Slovenia Poland Bulgaria Turkey Insurance penetration Russia Georgia Market opportunity Georgia P&C Penetration 0.6% Density $25 3.0% 2.2% 1.4% 1.4% 1.2% 3,446 1,184 2,655 2,687 421 175 149 152 46 Page 39

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