The leading brokerage house in

the region

July 2017
Agenda

Our Business Model

Galt & Taggart Brokerage

G&T BROKERAGE

G&T TRADER

Unique Opportunity to Invest and Custody Assets via Georgia

How to Open Account

Contact Us

Appendices

Jul-17 Galt & Taggart Brokerage 1

Galt & Taggart An Investment Bank with Full Spectrum of Financial Services

Brokerage Investment Banking Wealth Management Research

The largest brokerage house in
Georgia
More than 2,000 clients
Online trading platform with
SAXO Bank - G&T TRADER
Assets under administration
more than US$ 340 million
Sales and trading execution on
all major international
exchanges as well as on hard-
to-reach regional markets
Largest investment bank in
Georgia
Extensive track record in
primary and secondary debt
and equity markets
Proven track record in
ECM/DCM transactions
Corporate Advisory
1,400 clients from more than
60 countries
AUM of approximately US$700
million
Georgian and regional
macroeconomic research
Georgian sector research
including: energy, real estate,
agriculture, healthcare,
tourism, transport and logistics
Fixed income regional
coverage, Georgian Oil and Gas
Corporation, Georgian Railway

Best Investment Bank in
Georgia 2016
Best Corporate Advisory in
Georgia 2016
Best Corporate Advisory in
Georgia 2015
Best Regional Securities Best Investment Bank in The Best Brokerage Best Fixed Income House
Brokerage in 2016 Georgia 2017 House - Georgia 2016 in the Caucasus Region in
2016
Best Investment Bank in Best Investment Bank in
Georgia 2016 Georgia 2015 Best Investment Bank in
Georgia 2015
Best Investment Bank in
Georgia 2015 Best Investment Bank in
Georgia 2014

Jul-17 Galt & Taggart Brokerage 2

We are part of BGEO Group, a FTSE250 company
Group Structure

Banking Business Investment Business

Aldagi BNB Teliani

Retail Corporate Investment GHG GGU M2
(P&C (Bank in Valley
Banking Banking Management (Healthcare) (Utilities) (Real Estate)
Insurance) Belarus) (Wine & Beer)

GGU
Water utility and hydro

BGEO share price performance (5 years) BGEO top shareholders

Schroders Investment Management - 9.63%

Harding Loevner Management LP - 9.19%
Westwood International Advisors - 4.25%
Artemis Investment Management - 3.56%

BGEO has been included in the FTSE 250 and FTSE All-
share Index Funds since 18 June 2012

Source: Bloomberg

Jul-17 Galt & Taggart Brokerage 3

Our Business Model

Galt & Taggart Brokerage

G&T BROKERAGE

G&T TRADER

Unique Opportunity to Invest and Custody Assets via Georgia

How to Open Account

Contact Us

Appendices

Jul-17 Galt & Taggart Brokerage 4

One of the leading brokerage house in the region

Multi-Asset Online Trading Broad Access to Far-reaching International Sub-
Trading Platform Capabilities in Local Fixed Income Access to Custodian via Bank
G&T TRADER Regional, Hard-to- Markets International of Georgia
with reach, Frontier Investors Custody
Markets Community

Sales and trading Trading access through Access to local as well Access to a broad Direct participant in
execution capabilities multiple counterparty as to international product distribution ICSD safekeeping
on all major brokers fixed income markets capacity unmatched by systems
international other regional brokers
exchanges Trading capabilities in Market maker on the
regional, hard-to- regional fixed income
Opportunity to trade reach, frontier instruments
over 100,000 different markets, such as:
instruments including: Georgia, Ukraine,
Assets Under Administration (US$ mln)
Stocks Armenia, Azerbaijan,
Turkey, Russia, 344
Stock Options
Kazakhstan, etc. 283
ETFs & ETCs
Bonds
Futures 160
Contract Options 101
FX
FX Options
CFDs
2014 2015 2016 5m2017

Jul-17 Galt & Taggart Brokerage 5

Our major clients and partners

Jul-17 Galt & Taggart Brokerage 6

Serving clients via two major brokerage accounts

BROKERAGE

G&T TRADER G&T BROKERAGE

(For Developed Markets) (For Emerging/Regional Markets)

Multi-Asset Online Trading Trading and safekeeping

Platform G&T TRADER capabilities in regional, hard-
to-reach, frontier economies
Access to local fixed income
securities as well as to
corporate and sovereign debt
instruments
Sales and trading execution
capabilities on all major Trading access via multiple
international exchanges counterparty brokers

Jul-17 Galt & Taggart Brokerage 7

Our Business Model

Galt & Taggart Brokerage

G&T BROKERAGE

G&T TRADER

Unique Opportunity to Invest and Custody Assets via Georgia

How to Open Account

Contact Us

Appendices

Jul-17 Galt & Taggart Brokerage 8

G&T BROKERAGE - access to hard-to-reach emerging (regional) markets
Traditional (over the phone) service
Trading Access Through Multiple,
Regional, Counterparty Brokers
Trading access through
counterparty brokers:
Access to following fixed income
and equity markets: Georgia,
Ukraine, Armenia, Azerbaijan,
Turkey, Russia, Kazakhstan
Jul-17
Access to Broad Fixed Income Custody Accounts With
Markets International Custodian
Access to local as well as to Simple and transparent custody
international fixed income and safekeeping arrangement
markets Excusive international sub-
Proven ability to source illiquid custodian in the region via Bank
and difficult-to-find fixed income of Georgia custody
in domestic and regional markets
Market maker on the domestic
and regional fixed income
instruments
Transparent transaction
economics
Galt & Taggart Brokerage 9
Our Business Model

Galt & Taggart Brokerage

G&T BROKERAGE

G&T TRADER

Unique Opportunity to Invest and Custody Assets via Georgia

How to Open Account

Contact Us

Appendices

Jul-17 Galt & Taggart Brokerage 10

We offer

State-of-the-art online trading platform created with SAXO

Bank via an excusive white label partnership agreement

www.trader.ge

Jul-17 Galt & Taggart Brokerage 11

Why

BREADTH OF LOW COSTS & HIGH ACCOUNT SUPERIOR SERVICE!

PRODUCTS! SIGNIFICAT TAX SAFETY!
BENEFIT!
Electronic market Dedicated account
No capital gain tax on Assets in tier 1 management and
access to Stocks, Stock the Internationally custodian banks
Options, ETFs, Futures, service team
traded securities in
Contract Options, FX, Licensed broker-dealer Fast and easy way to
Georgia
FX Options, CFDs by National Bank of open account
Competitive pricing Georgia
All from a single G&T Fast and easy way to
TRADER account 0.1% custody fees p.a. Accounts segregation transfer assets
requirement by the law
No inactivity fee and no
transfers out/exit fee 100% owned by the
BGEO group
NO country/regional
risk

Jul-17 Galt & Taggart Brokerage 12

Other Benefits of G&T TRADER

Global market The most
place for all intuitive web- Easy access via
Integrated
level of based all web
single account
investors and investment browsers on
service
traders platform any device

Advanced Various order iOS and
investment types with fast Android Apps
instrument and reliable
search tools execution

Jul-17 Galt & Taggart Brokerage 13

Our Business Model

Galt & Taggart Brokerage

G&T BROKERAGE

G&T TRADER

Unique Opportunity to Invest and Custody Assets via Georgia

How to Open Account

Contact Us

Appendices

Jul-17 Galt & Taggart Brokerage 14

Unique Opportunity to Invest and Custody Assets via Georgia
Onshore economy with offshore similar benefits
No capital gain tax on the internationally traded
securities International Assets
No CRS Stocks
High account safety (international custodian) Bonds
Fast and easy way to open account and transfer ETFs
in/out assets/funds Commodities
Derivatives
other
Invest and
keep assets via Georgia

Trading and custody capabilities

of international assets on all
major international exchanges

Georgia is one of the least tax burden economy in the world, ranked at 9th place according to Global Competitiveness
Report
Non-residents are not taxed at all on foreign sourced income of any kind. International assets of non-residents are
completely exempt of any inheritance tax
Georgia is onshore economy (compliant with international AML) with offshore-similar tax benefits. Capital kept in or
via Georgia never collects offshore restrictions

Jul-17 Galt & Taggart Brokerage 15

Our Business Model

Galt & Taggart Brokerage

G&T BROKERAGE

G&T TRADER

Unique Opportunity to Invest and Custody Assets via Georgia

How to Open Account

Contact Us

Appendices

Jul-17 Galt & Taggart Brokerage 16

Account opening is easy and straightforward
Private Individuals Legal Entities

2 working days to open and fund account

1 2 3 4
Application filling & providing
information KWC Check Account Opening Account Funding

3-4 working days to transfer assets

1 2 3 4
Checking Back Office to Back Office
Providing the list of assets to availability of Communication Assets
be transferred assets in the SAXO (arrangement of technical Transferring
bank system part of the transfer)

Fast and easy way to open account remotely

Offices in Budapest, Cyprus, London, Israel
24/7 online access to the account
Fast and easy way to transfer in/out assets/funds
Personal broker and/or private banker

Jul-17 Galt & Taggart Brokerage 17

Our Business Model

Galt & Taggart Brokerage

G&T BROKERAGE

G&T TRADER

Unique Opportunity to Invest and Custody Assets via Georgia

How to Open Account

Contact Us

Appendices

Jul-17 Galt & Taggart Brokerage 18

Contact us
Goga Melikidze Jemal Todua
Head of Brokerage Head of Sales and Trading
Galt & Taggart Galt & Taggart
goga.melikidze@gt.ge jtodua@gt.ge
Cell: (+995 599) 412 070 Cell: +995 (555) 591622
Phone: (+995 32) 2 444 132 (ext. 8368) Phone: (+995 32) 2 444 132 (ext. 4658)

Jul-17 Galt & Taggart Brokerage 19

Our Business Model

Galt & Taggart Brokerage

G&T BROKERAGE

G&T TRADER

How to Open Account

Contact Is

Appendices
Selected transactions
Recognized regional industry leader
Georgian Economy: Growth Oriented Reforms
One of the lowest tax rates in Georgia in the world
Double taxation avoidance treaty with 52 countries

Jul-17 Galt & Taggart Brokerage 20

Galt & Taggarts selected transactions

Jul-17 Galt & Taggart Brokerage 21

Recognized regional industry leader

Best Fixed Income The Best Brokerage Best Regional Securities Best Investment Bank
Best Investment Bank in
House in the Caucasus House - Georgia 2016 Brokerage in 2016 in Georgia in 2016
Georgia 2017
Region in 2016

Best Corporate Finance Best Investment Bank in Best Investment Bank in Best Investment Bank in Best Investment Bank in
Advisory in Georgia in Georgia 2016 Georgia 2015 Georgia 2015 Georgia 2014
2015

The Best Brokerage

Top 5 Best Brokerage
Company of the
Firm Ukraine
Georgian Stock Best Frontier Markets
2008-2010
Exchange in 2006-2007 Investment Bank 2010

Jul-17 Galt & Taggart Brokerage 22

Georgian Economy: Growth Oriented Reforms
Ease of doing business, 2016 Global corruption barometer
Denmark 1%
UK 6 Norway 3%
USA 7 GEORGIA 4%
Sweden 8 % of surveyed
UK 5%
Norway admitting having
9 Estonia 6%
US 7% paid a bribe
Estonia 16
Georgia 24 Romania 7%
France 27 Bulgaria 8%
Czech Republic 15%
Czech Rep. 36
Armenia 18%
Romania 37 Latvia 19%
Kazakhstan 41 Turkey 21%
Montenegro 46 Greece 22%
Turkey 55 Serbia 26%
Serbia 59 Lithuania 26%
Azerbaijan 63 Kazakhstan 32%
Ukraine 83 Ukraine 37%

Source: WB Source: Transparency International

Economic Freedom Index, 2016 Georgia sovereign credit ratings

Estonia 9
UK 10
USA 11
Georgia 23
Latvia 36
Hungary 58
Bulgaria 60
Romania 61
France 75
Turkey 79
Italy 86
Azerbaijan 91
Russia 153
Ukraine 162
Source: Rating Agencies
Source: Heritage Foundation

Jul-17 Galt & Taggart Brokerage 23

Georgian Economy: Growth Oriented Reforms

Gross domestic product Diversified nominal GDP structure, FY 2015

12.6%
20 14%
11.1% 15.8 16.1 16.5 Hotels &
9.6% 9.4% 14.4 12% Trade 16.6%
14.0 restaurants 2.5%
15 12.8 10%
11.6 7.2%
10.8 6.2% Other
5.8% 10.2 6.4% 8% Financial interm.
10 7.8 4.6% 3.7% 11.0%
6.4 3.4% 6% Maufacturing
5.1 2.4% 2.8%
4.0 4% Healthcare 6.0% 16.5%
5
2%
0 0%
-3.7% -2% Real Estate 6.6%
Transport &
-5 -4% commun. 10.7%
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015
Construction
Public
8.0%
administration
Agriculture 9.2%
Nimonal GDP, US$ bn Real GDP growth, y/y % 9.3%

Source: GeoStat Source: GeoStat

Comparative GDP growth rates, 2006-2015, % GDP per capita

6% 10,000 9,209 9,566
5.1% 8,526
5% 8,006
3.9% 3.8% 8,000 7,287
4% 3.6% 6,571
2.7% 2.6% 2.5% 5,788 6,135 6,030
3% 2.0% 6,000 4,943
1.9% 1.9%
2% 4,329 4,131 4,267 4,434
4,000 3,431 3,779 3,159
3,711 3,743
1%
2,479 2,694 2,951
0% 1,522 1,863
2,000 924 1,202
-1%
-0.8%
-2% 0
Turkey

Moldova

Latvia
Romania

Russia

Estonia
Georgia

Poland

Lithuania

Czech Rep.

Ukraine

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015
Nominal GDP per capita, US$ GDP per capita, PPP

Source: IMF, GeoStat Source: IMF, GeoStat

Jul-17 Galt & Taggart Brokerage 24

Georgian Economy: Growth Oriented Reforms
FDI Inflows Tourist arrivals and revenues
2.5 25%
6,000 5,392 5,516 5,898
1,606 1800
1,426 1,489
19.8%
5,000 4,428 1500
2.0 20%
15.3% 1,155
4,000 1200
1.5 12.2% 15% 2,822
9.7% 10.6% 9.7% 3,000 741 900
8.5% 7.7% 2,032
1.0 7.0% 10%
6.1% 7.0% 5.8% 5.8% 2,000 1,500 460 600
1,290
1,052
0.5 5% 763 208 243 294
1,000 560 146 300
313 368
29 73
17
0.0 0% 0 0
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015
FDI, US$ bn FDI as a % of GDP Foreign visitors (thousand persons, LHS) Net tourist revenue (US$ mn, RHS)

Source: GNTA, NBG

Source: GeoStat

Currency weakening vs. USD National bank reserves % change

60% 54.2% 10% 0.3% 10%
49.6% 50.1% 52.0%
47.0% 0% 0%
-10% -10%
45%
-20% -9.6% -20%
29.5% -15.6% -17.0%
26.4% -30% -20.1% -30%
30% 25.2% -29.2%
-40% -40%
16.6% 17.3% -36.0% -36.5%
-50% Reserve loss, %
-50%
15% -60% -60%
-70% -70%
0% -80% -73.3% -80%

Turkey

Moldova
Kazakhstan

Azerbaijan
Russia

Belarus
Armenia
Georgia

Ukraine
Turkey

Azerbaijan
Moldova

Kazakhstan

Russia

Belarus
Armenia

Georgia
Euro

Ukraine

Source: Bloomberg Source: IMF

Note: US$ per unit of national currency; 1 Aug 2014 15 Mar 2016 Note: From Aug-2014 to Jan-2016, (Kazakhstan as of Dec-2015); Armenias reserves exclude
a US$ 500mn Eurobond issued in March 2015

Jul-17 Galt & Taggart Brokerage 25

 100

0
10
20
30
40
50
60
70
80
90
Macedonia, FYR
Qatar
Kuwait
Bahrain
Lesotho
Saudi Arabia
Zambia
United Arab Emirates
Georgia
Singapore
Croatia
Luxembourg
Armenia
Namibia
Cambodia
Canada
Montenegro
Hong Kong SAR
Oman
Cyprus
Bosnia and Herzegovina
Mongolia
Mauritius
Botswana
Lao PDR
Ireland

Note: Chart includes 100 counties only out of 140

Denmark
Thailand
Bulgaria
Chile
Kazakhstan
South Africa
Switzerland

Jul-17
Jordan
Kyrgyz Republic
Nepal
Iceland
Lebanon
Israel
Albania
Sierra Leone
Mauritius, Ireland and Switzerland

Indonesia
Seychelles
Ethiopia
Trinidad and Tobago
2015 Global Competitiveness Report Total Tax Rates Ranking

Slovenia
Guyana
world, ahead of major tax haven counties:

Korea, Rep.
Singapore, Luxembourg, Hong Kong, Cyprus,

Bangladesh
Pakistan
Nigeria
Zimbabwe
Ecuador
Liberia
Ghana
Georgia is the 9th place by the lowest tax rates in the

Rwanda
United Kingdom
Chinese Taipei
New Zealand
Latvia
Paraguay
Madagascar
Malawi
Swaziland
Peru
Cape Verde
One of the lowest tax rates in Georgia in the world

Uganda
Mozambique
Panama
Kenya
Serbia
Poland
El Salvador
Bhutan
Netherlands
Galt & Taggart Brokerage
Malaysia
Jamaica
Moldova
Azerbaijan
Guatemala
Finland
Turkey
Haiti
Gabon
Norway
Vietnam
Malta
Uruguay
Portugal
Philippines
Lithuania
Honduras
Romania
Dominican Republic
United States
Iran, Islamic Rep.
26

Tanzania
Egypt
Senegal
Burundi