Notes to Consolidated Financial Statements continued Thousands of Georgian Lari 2. Basis of Preparation continued Subsidiaries and associates continued Proportion of voting rights and ordinary share capital held 31 December 31 December 31 December Country of Date of Date of Subsidiaries 2018 2017 2016 incorporation Address Industry incorporation acquisition JSC BGEO (c) 100.00% 100.00% Georgia Kazbegi Str. Investment 7/8/2015 – Investments 3-5, Tbilisi JSC m Real Estate2 (c) 100.00% 100.00% Georgia 4 Freedom Square, Real estate 27/9/2006 – Tbilisi, 0105 m Residential, LLC2 (c) 100.00% 100.00% Georgia 3-5 Kazbegi st., Real estate 17/8/2015 – Tbilisi, 0179 Optima ISANI, LLC (c) 100.00% 100.00% Georgia 16 a Moscow ave., Real estate 25/7/2014 – Tbilisi Tamarashvili 13, (c) 100.00% 100.00% Georgia 13 Tamarashvili Str., Real estate 3/11/2011 – LLC Tbilisi, 0179 m at Hippodrome,2 (c) 100.00% 100.00% Georgia 10 Givi Kartozia st., Real estate 6/7/2015 – LLC Tbilisi m Skyline, LLC2 (c) 100.00% 100.00% Georgia 3 Maro Makashvili st., Real estate 23/7/2015 – Tbilisi m at Kazbegi, LLC2 (c) 100.00% 100.00% Georgia 25 Kazbegi Ave., Real estate 21/5/2013 – Tbilisi, 0160 m at Tamarashvili,2 (c) 100.00% 100.00% Georgia 6 Tamarashvili Str., Real estate 21/5/2013 – LLC Tbilisi, 0177 m at Nutsubidze,2 (c) 100.00% 100.00% Georgia 71 Vaja Pshavela Ave., Real estate 21/5/2013 – LLC 0186 M Square Park, LLC (c) 100.00% 100.00% Georgia 1 Marshal Gelovani ave., Real estate 15/9/2015 – Tbilisi Optima Saburtalo, (c) 100.00% 100.00% Georgia 2 Mikheil Shavishvili st, Real estate 15/9/2015 – LLC Tbilisi m at Vake, LLC2 (c) 100.00% 100.00% Georgia50 I. Chavchavadze ave., Real estate 3/8/2016 – Tbilisi m Hospitality, LLC2 (c) 100.00% 100.00% Georgia 3-5 Kazbegi st., Tbilisi, Real estate 17/8/2015 – 0179 m, LLC (formerly2 (c) 100.00% 100.00% Georgia #3-5 Kazbegi Street, Real estate 12/2/2014 – JSC m)2 Tbilisi m Kutaisi, LLC2 (c) 100.00% – Georgia 10 Melikishvili ave., Real estate 17/5/2017 – Tbilisi m at Melikishvili,2 (c) 100.00% – Georgia 10 Melikishvili ave., Real estate 17/5/2017 – LLC Tbilisi Kass 1, LLC (c) 60.00% – Georgia 20 Merab Kostava st., Real estate 16/10/2014 27/12/2017 Tbilisi m at Chavchavadze2 (c) 100.00% 100.00% Georgia50 I. Chavchavadze ave., Real estate 5/9/2016 – LLC Tbilisi m Commercial2 (c) 100.00% 100.00% Georgia 77 Zh. SHartavai st, Real estate 1/3/2016 – Properties LLC Tbilisi Caucasus (c) 100.00% 100.00% Georgia 80 Aghmashenebeli Real estate 29/3/2011 – Autohouse, LLC ave., Tbilisi, 0102 Land, LLC (c) 100.00% 100.00% Georgia Between university Real estate 3/10/2014 – and Kavtaradze st., Tbilisi BK Construction, (c) 100.00% – Georgia 80 Agmashenebeli ave., Real estate 18/5/2017 2/6/2017 LLC Tbilisi 180 Annual Report 2018Bank of Georgia Group PLC