#1GEORGIA CAPITAL Investor presentation 19 May 2020#2Forward looking statements GEORGIA CAPITAL Disclaimer This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, which could include, among other things: impact of COVID-19; regional instability; regulatory risk across a wide range of industries; investment risk; liquidity risk; portfolio company strategic and execution risks; currency fluctuations, including depreciation of the Georgian Lari, and macroeconomic risk; and other key factors that indicated could adversely affect our business and financial performance, which are contained in our past and future filings and reports and also the 'Principal Risks and Uncertainties' and Emerging Risks included in Georgia Capital PLC's Annual Report and Accounts 2019. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity, and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this presentation should be construed as a profit forecast. Page 2#3Content 1. Response to COVID-19 outbreak 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. 1Q20 results discussion | Georgia Capital 5. Portfolio overview 6. Georgian macro overview 7. Appendices GEORGIA CAPITAL Page 3#4Spain USA Italy Belarus Russia Turkey 373 ➤ Travel restrictions for neighbouring countries were imposed on 5 March, followed by mandatory self-isolation/quarantine since 9 March 400 ➤ All borders were closed on 18 March and state of emergency was declared on 21 March, which is now in place until 22 May 2020 200 ➤Intracity movement was banned by the end of March ➤ All economic activity was halted, with only a fraction resuming operation after special licenses ➤ Gradual relaxing of measures (including total ban on cars) announced from 27 April, with a six stage exit plan underway COVID-19 cases per 100,000 persons 594 462 Armenia Iran Romania Czechia Ukraine Georgia has managed to effectively deal with the COVID-19 Lowest number of confirmed cases and deaths per capita in the region Georgia: COVID-19 response ➤ Border checks began on 27 February and schools switched to distance learning from 29 February COVID-19 cases: dynamics in Georgia 800 600 324 199 177 163 143 89 79 43 34 32 27 22 18 13 11 --- Total cases 701 Kazakhstan Bulgari Azerbaijan Slovakia Greece South Korea Active cases 257 Georgia Japan Paraguay logarithmic scale 10 086420 26-Feb-20 0 6-Mar-20 15-Mar-20 Total Cases 24-Mar-20 COVID-19 deaths since the first death case 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 Days Georgia Azerbaijan Armenia Russia Turkey Quarantined Hospitalized 3,787 337 Page 4 2-Apr-20 11-Apr-20 Total Recovered 20-Apr-20 29-Apr-20 Active Cases Peak on 2nd of May: 367 active cases 8-May-20 17-May-20 GEORGIA CAPITAL#5COVID-19 update | Government measures US$ 3 billion funding facility US$ 3b (predominantly loans) from international donors (incl. US$ 450m from IMF): o US$1.5b intended for the private sector o US$1.5b for the public sector Monetary policy Easing non-price credit conditions (LTV, PTI, etc.); Intervening in the FX auctions (US$ 120m in March-April); Monetary policy rate reduced to 8.5% and gradual exit from strict monetary policy announced (April 2020); ➤Introducing US$ 400m currency swap facility for the financial sector to provide GEL liquidity; Reduced capital conservation buffer (2.5% of Risk Weighted Assets) and 2/3 of currency induced credit risk buffer total of GEL 1.6b. Government Economic Plan ➤ Special support package for the tourism and agriculture sectors, to be followed by construction and education; o Tourism: Loan co-financing, income tax deferral and property tax exemption in 2020; o Agriculture: Subsidies for intermediate products, fuels and irrigation; loan and insurance co- financing; direct grants to farmers; o All farmers should register lands till 2021, as aid package is directly tied to proof of ownership; ➤Subsidies for utility bills, basic product prices and construction materials; > Loan restructuring for all businesses; ➤ VAT returns and long term funds for banks; Extra funding to support business, including a credit guarantee scheme (GEL 2b); ➤ Tax deferrals for car importers; ➤ Social aid programs to address job losses; Pension indexation from Jan- 21. Total budget - GEL 3.5 billion ➤ Social aid * GEL 1.03b ➤ Economic support and business aid ▸ Anti-pandemic measures Six stage lockdown exit strategy GEL 2.1b + GEL 0.35b Six stage exit strategy, beginning from 27 April, already brought forward partially to 11 May, as all types of industry permitted to resume operation; Local tourism to resume from 15 June, while external borders will be opened from 1 July GEORGIA CAPITAL Page 5#6Macro developments in 1Q20 Gross domestic product Source: Geostat, IMF US$ billions Kil GEORGIA CAPITAL Real GDP grew by 1.5% in 1Q20, according to rapid estimates. IMF forecasts that real GDP will contract by 4% in 2020, rebounding to 4% in 2021. 20 15 16% 12% 10 4.8% 4.8% 5.1% 4.0% 8% 3.0% 2.9% אן Inflation at 6.4% on average in Jan-Apr. IMF forecasts the ave. inflation at 4.7% in 2020. 5 4% 0 0% -5 -4% -10 2015 2016 2017 2018 2019* -4.0% 2020F NBG decreased the monetary policy rate by 50 basis points to 8.5% end of April. -8% 2021F GDP USD Real GDP, Y-o-Y growth Exchange rate indices (1 January=100) Source: NBG 130 USD/GEL 120 USD/UAH 110 100 90 90 3-Jan-2020 13-Jan-2020 23-Jan-2020 02-Feb-2020 12-Feb-2020 22-Feb-2020 ⚫USD/TRY USD/RUB м 03-Mar-2020 13-Mar-2020 23-Mar-2020 02-Apr-2020 12-Apr-2020 22-Apr-2020 02-May-2020 110 Tourism revenues fell 26% in 1Q20 and 70% in March, as international travel is halted. 130 Official reserve assets totaled $3.4 billion by the end of March. 120 100 90 $ GEL depreciated in March and stabilised around USD/GEL 3.2 from beginning of April. The fiscal deficit and public debt are expected to rise to around 8.5% and 60% in 2020 respectively, according to IMF. Page 6#7Georgia Capital's response to COVID-19 Cash accumulation and preservation is our key priority during the global COVID-19 pandemic Limited capital allocations at GCAP level, only critical investments throughout the remainder of 2020, if any GEORGIA CAPITAL Minimising capital investments at each portfolio company level Optimising Opex expenditures both at GCAP and at portfolio companies level Looking ahead, the range of possible outcomes remains wide and these uncertainties call us to be very disciplined and attentive to developments in our portfolio Page 7#8COVID-19 portfolio implications (excluding BoG) Most of our portfolio companies operate across structurally important, defensive sectors Level of resilience GEORGIA CAPITAL High Medium Low Water Utility P&C Insurance Renewable Energy Housing Development Digital Services Hospitality & Commercial RE GEORGIA HEALTHCARE GROUP GHG Education Beverages Auto Service Having focused on financial discipline well before COVID-19, our portfolio companies entered this crisis well- prepared and remain well-positioned to emerge stronger from the outbreak. Page 8#9Content 1. Response to COVID-19 outbreak 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. 5. ம் 1Q20 results discussion | Georgia Capital Portfolio overview 6. Georgian macro overview 7. Appendices GEORGIA CAPITAL Page 9#10CGEO:LN performance GEORGIA CAPITAL LSE premium listed, with more than 90% institutional shareholder base GCAP shareholders allocation by geography Number of outstanding shares as at 31-Mar-20 39,384,712 (2,650,375) 30.1% 28.2% USA 3,435,438 (2,483,719) 37,686,056 As of 18 May 2020 Average daily trading volume - GBP 0.9 million ■ UK/Ireland ■Luxembourg ■Scandinavia Number of shares Shares cancelled Unawarded shares, Shares issued* issued in May 2018 management trust Number of shares outstanding Market Capitalization - GBP 169 million 7.1% Management* * In December 2019 GCAP issued 3.4 million new shares for acquisition of 13.6% equity stake in GHG 4.1% 22.1% other 8.4% Includes both vested and unvested awarded shares GCAP top shareholders | 31-Mar-2020 Rank Shareholder name Ownership 1 Historical GCAP share price M&G Investment Management Ltd 7.49% GBP 14.0 12.0 10.0 8.0 6.0 4.0 2.0 2345 Schroder Investment Management Ltd 4.34% LGM Investments Ltd 3.39% Vanguard Group Inc 3.19% Norges Bank Investment Management 3.15% 6 Consilium Investment Management LLC 2.99% 7 Dunross & Co AB 2.75% 8 Van Eck Global 2.71% 9 Firebird Management LLC 2.35% May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Dec-19 Feb-20 May-20 10 T Rowe Price 2.05% CGEO will be included in MSCI Global Micro Cap index from 29-May-20 Total 34.41% Page 10#11Our portfolio at a glance Public portfolio GEL 660m¹ Private portfolio - GEL 1,140m¹ Late Stage - GEL 613m¹ GEORGIA CAPITAL Management platform Pipeline - GEL 26m1.3 GEORGIA HEALTHCARE GROUP Georgia Healthcare Group 70.6% GEL 295m² Valued: LSE BANK OF GEORGIA Bank of Georgia 19.9%4 GEL 365m² 100% Water Utility Housing Development 100% P&C Insurance 100% Auto Service GEL 40m GEL 141m Valued: DCF Valued: 7.7x P/E 90%-100%6 GEL 15m² Valued: 8.7x EV/EBITDA (PTI) At acquisition price (Amboli) GEL 432m Valued: 8.5x EV/EBITDA Early Stage - GEL 501m¹ t Renewable Energy 100% GEL 151m Valued: LSE Valued: at acquisition price Hospitality & Commercial RE 100% GEL 219m Valued: NAV 87% Beverages Education Digital Services Valued: 8.3x EV/EBITDA (wine); 2.2x EV/Sales (beer); 70%-90%5 GEL 56m² Valued: at acquisition price 60% GEL 9m² Valued: at acquisition price GEL 75m² 1. As of 31 March 2020. 3. Total pipeline portfolio includes other pipeline projects with GEL 2 million value. 2. GCAP share 4. As long as Georgia Capital's stake is greater than 9.9%, it will exercise its voting rights in accordance with the votes cast by all other shareholders on all shareholder votes at any general meeting. 5. Different ownership stakes across premium, mid-level and affordable school segments. 6. Auto Service - 90% ownership in Amboli and 100% in Periodic Technical Inspection business. GEORGIA CAPITAL Third-party managed capital Upcoming funds Targeting to raise c. US$ 200 million Page 11#12Portfolio highlights | 31 March 2020 Gross cash invested of GEL 1.3b Net cash invested of GEL 447m Listed Private late stage Private early stage GEORGIA CAPITAL Portfolio fair value of GEL 1.8b Pipeline Original investment 252 129 214 92 10 143 195 62 101 56 14 9 MOIC¹ GEL millions 116 1.7 6.1 2.4 2.1 17.3 1.1 1.1 1.0 0.1 NMF 1.1 NMF 432 365 295 (292) 132 40 (59) (26) 219 195 141 138 151 101 62 64 56 56 14 15 9 11 9 GHG BOG Water Utility Housing Development P&C Insurance Renewable Hospitality & Energy Commercial RE Wine Beer Education Auto Service Digital Services Fair value LSE Market value at 31-Mar-20 Net cash investment (1) Multiple of Capital Invested is calculated as follows: i) the numerator is the cash and non-cash inflows from dividends and sell-downs plus fair value of investment at reporting date ii) the denominator is the gross investment amount. Page 12#13Solid track record Created three listed companies from Georgia, on the premium segment of the London Stock Exchange ||| Acquisitions Capital raise |ı. Exit IRR GEORGIA CAPITAL The Georgia Capital management team has a track record of executing more than 50 acquisitions in banking, insurance, healthcare, utilities, education, renewable energy, retail, FMCG and other sectors (c. 40 acquisitions were made under the BGEO Group) Uniquely positioned given the access to capital in a small frontier economy, where access to capital is limited: c.US$ 500 million raised in equity at LSE Issued five Eurobonds totaling US$ 1.5 billion US$ 3 billion+ raised from IFIs (EBRD, IFC etc.) 121% IRR from GHG IPO 60%+ IRR from completed m² Real Estate projects Total number of acquisitions executed 50+ Total amount of debt raised (US$) 4.5bn+ IRR from GHG IPO 121% Page 13#14Content 1. Response to COVID-19 outbreak 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. 1Q20 results discussion | Georgia Capital 5. Portfolio overview 6. Georgian macro overview 7. Appendices GEORGIA CAPITAL Page 14#15Georgia Capital - Your ground floor investment opportunity GEORGIA CAPITAL Capitalizing on fast-growing economy with strong governance, management and access to capital Access to capital GEORGIA CAPITAL Access to management Three fundamental enablers Strong corporate governance Page 15#16Strong corporate governance How we run Georgia Capital Strong board, composed solely of independent directors with extensive international experience Approximately 40 employees at the management company level Highly experienced management team in each portfolio company with a strong measure of independence Solid corporate governance and oversight GEORGIA CAPITAL Page 16#17Strong corporate governance Aligned shareholder and management interests by share compensation Platform costs - targeted at maximum c.2% of MCAP Key things to know GEORGIA CAPITAL 1 Cash preservation is a key target for GCAP: two thirds of total operating expenses are related to share-based compensation. 33% 2 c. 1% of executives compensation is in fixed shares; with another 1% being fully discretionary, subject to achieving KPIs. 67% 3 GCAP's management's compensation is paid in long-vested (6-year) shares only, with no cash component. cash non-cash Page 17#18Managing investments Share ownership plan of management in portfolio companies Investment stage Sector Portfolio Company Development Focus Institutionalisation/ Independence Pipeline Early Acquisition/ Entrance Discovery Young Portfolio Companies Late Listed Target to exit Large Portfolio Companies Mature Portfolio Companies GEORGIA CAPITAL Possible completion of Exit Digital Services Auto Service Energy Education Renewable Hospitality & Beverages Commercial RE Housing P&C Development Insurance Water Utility Georgia Healthcare Group Bank of Georgia Group ➤ Hands-on management approach ➤ Discovery stage ➤ Rapid growth organically and through M&A Strategic guidance / advisory approach Focus on efficiency improvements ➤ Active investment stage ➤ Diversification of revenue streams Introduction of dividend discipline Low ➤ Sustainable shareholder value creation and dividend distributions High Page 18#19Our investment philosophy We will pick well, we will manage very well and sell extremely well GEORGIA CAPITAL 2nd exit 1st exit: cash-out ■ Trade sale, IPO, Fund Entry point Cash inflows through leveraging up and/or dividend payouts Using scale to access to debt capital markets Low acquisition multiples 360-degree analysis Exit options set prior to making investment Entering a new industry with a small ticket size Cash generation at both GCAP and portfolio company level is a key success factor Page 19#20Capital allocations 360-degree analysis - a strong foundation for value creation Buying assets at attractive prices is a key part of our investment philosophy Targeting to buy assets at a higher discount to their listed peers than GCAP's fair value discount Discounts at 31 March 2020 GCAP fair value Buyback opportunity 360° analysis opportunity Investment Target peer multiple New opportunities ? Sale opportunity Market value of our listed portfolio companies GEORGIA CAPITAL BOG GHG 43% ? discount ? GEORGIA CAPITAL Page 20#21Capital allocations Buybacks US$45 million share buyback programme, commenced in Jun-18, was completed in Aug-19 GEORGIA CAPITAL US$ 45 million 3,336,843 GBP 10.45 Programme amount Shares bought back Average price of shares bought back On 1 August 2019 we announced market purchase of CGEO shares of up to US$ 20 million for the management trust Shares of US$ 19.1 million were purchased as of 18 May 2020. Page 21#22Capital allocations Clear exit paths GEORGIA CAPITAL Trade sale IPO Fund Promote Water Utility X X X P&C Insurance X Housing Development X X Renewable Energy X X X Hospitality & Commercial X X Beverages X X Education X X X X Auto Service Digital services Exit options are set prior to making an investment decision Page 22#23Capital allocations How we evaluate investment performance ROIC, MOIC and IRR combination is the key decision making matrix MOIC and IRR at GCAP level Money multiples. We want to know achievable money multiples with all acquisitions and analyze them in combination with the expected IRR. MOIC and IRR combination. Targeting to have a combination of high MOIC and high IRR. Realised and unrealised MOICs are equally important for us. GEORGIA CAPITAL ROIC for financing projects and reinvestment at portfolio companies' level ROIC. We measure our expected return on the total invested capital at each portfolio company level. Different yields will be appropriate for different industries, US$ dollar and Lari businesses Page 23#24Additional strategic priorities Over time Georgia Capital will: 1. Decrease share of listed assets to 20% and 2. manage third-party money Over the next 5 years we will reshape our balance sheet GEORGIA CAPITAL GEORGIA CAPITAL 31-Mar-2020 In 5 years 20% Management company 37% Third-party managed capital 63% 80% GCAP investment portfolio Private Listed Private Listed Page 24#25Content 1. Response to COVID-19 outbreak 2. Georgia Capital at a glance 3. 4. 5. ம் Georgia Capital strategy & capital allocations 1Q20 results discussion | Georgia Capital Portfolio overview 6. Georgian macro overview 7. Appendices GEORGIA CAPITAL Page 25#26NAV Statement | 31 March 2020 GEORGIA CAPITAL GEL thousands unless otherwise noted Dec-19 1. Value creation 2a. Investments 2b. Buybacks 2c. Dividends 3. Operating expenses 4. Liquidity management/ FX/Other Listed Portfolio Companies GHG1 430,079 (134,624) BoG¹ Total Listed Portfolio Value 597,735 (233,123) 1,027,814 (367,747) Listed Portfolio value change % -35.8% 0.0% 0.0% 0.0% 0.0% Mar-20 Change % - 295,455 -31.3% 364,612 -39.0% 660,067 -35.8% 0.0% -35.8% Private Portfolio Companies Late Stage Water Utility 692,746 (79,658) 235 613,323 -11.5% 483,970 (51,904) 235 432,301 -10.7% Housing Development 43,853 (3,932) - 39,921 -9.0% P&C Insurance 164,923 (23,822) 141,101 -14.4% Early Stage 495,827 (40,505) 50,523 Renewable Energy 106,800 4,927 44,350 (4,927) (4,927) 500,918 1.0% 2 151,150 41.5% Hospitality and Commercial RE 245,558 (28,072) 1,137 - 218,623 -11.0% Beverages 87,119 (17,360) 5,036 74,795 -14.1% Education 56,350 56,350 0.0% Pipeline 36,696 (16,490) 5,264 25,470 -30.6% Auto Service 25,757 (14,905) 4,200 - 15,052 -41.6% Digital Services 8,790 - 8,790 0.0% Other 2,149 (1,585) 1,064 1,628 -24.2% Total Private Portfolio Value 1,225,269 (136,653) 56,022 (4,927) Private Portfolio value change % -11.2% 4.6% 0.0% -0.4% 0.0% 0.0% 1,139,711 -7.0% -7.0% Total Portfolio Value (1) 2,253,083 (504,400) 56,022 (4,927) - Total Portfolio value change % -22.4% 2.5% 0.0% -0.2% 0.0% 0.0% 1,799,778 -20.1% -20.1% Net Debt (2) (493,565) of which, Cash and liquid funds 211,889 (56,022) (56,022) (5,746) 4,927 (5,746) 4,927 (4,378) (4,378) of which, Loans issued 151,884 of which, Gross Debt (857,338) (104,812) 19,439 (16,006) (108,245) (659,596) 33.6% 170,109 -19.7% 135,878 -10.5% (965,583) 12.6% Net other assets/ (liabilities) (3) (5,650) (3,631) of which, share-based compensation (3,631) 6,435 3,631 (2,846) -49.6% NMF Net Asset Value (1)+(2)+(3) 1,753,868 NAV growth % (504,400) -28.8% (5,746) (8,009) 0.0% -0.3% 0.0% -0.5% (98,377) -5.6% 1,137,336 -35.2% -35.2% Shares outstanding 37,441,971 244,085 Net Asset Value per share 46.84 (13.47) (0.46) (0.21) (2.52) NAV per share growth % -28.8% 0.0% -1.0% 0.0% -0.5% -5.4% Net Asset Value per share GBP 12.46 (3.59) (0.12) (0.06) (1.28) 37,686,056 30.18 -35.6% 7.41 0.7% -35.6% -40.5% NAV per share growth % -28.8% 0.0% -1.0% 0.0% -0.5% -10.2% -40.5% NAV per share, Listed portfolio NAV per share, Private portfolio 21.37 25.47 11.07 19.11 -48.2% -25.0% Page 26 (1) Number of shares owned in GHG and BoG were 93,011,414 and 9,784,716 as of 31-Mar-20, respectively.#27Value creation in 1Q20 Portfolio Businesses GEL thousands Operating Performance Greenfields Multiple Change FX Value Creation (1) (2) (3) (4) (1)+(2)+(3)+(4) Listed (367,747) GHG (134,624) BOG Private Late Stage Water Utility Housing Development (233,123) (61,140) (1,585) (77,939) 4,011 (136,653) (12,752) (52,350) (14,556) (79,658) + (3,754) (28,528) (19,622) I (51,904) (8,998) 5,066 I (3,932) P&C Insurance (23,822) (23,822) Early Stage (48,388) (14,150) 22,033 I (40,505) Renewable Energy 4,927 4,927 Hospitality & Commercial Real Estate (55,815) 27,743 (28,072) Beverages 2,500 (14,150) (5,710) I (17,360) Education I Pipeline Auto Service Digital Services (1,585) (11,439) (3,466) (16,490) (11,439) (3,466) I (14,905) Other Total Portfolio (61,140) (1,585) (1,585) (1,585) (77,939) 4,011 (504,400) Ill. Decrease in value of private business excluding multiple change and FX is GEL 63 million GEORGIA CAPITAL Page 27#28Operating cash flow | Portfolio companies GEORGIA CAPITAL Strong operating cash flow generation - up almost 3x to GEL 92m in 1Q20 from GEL 36m in 1Q19 Late stage: +3.2x Early stage: +3.3x GHG 1Q20 operating cashflow* at GEL 43.2m (up 64.6% y-o-y) with EBITDA to cash conversion ratio of 119% (70% in 1Q19). GEL millions, unless otherwise noted GEL 43.2 GEL 13.6 GEL 7.8 GEL (3.4) +73.3% +75.8% NMF NMF +64.6% +18.1% NMF +6.5% NMF -100.0% 43.2 26.2 23.5 19.9 10.7 9.0 8.5 6.9 (14.8) 2.6 1.1 1.5 0.3 (0.1) (1.5) (6.2) (0.2) (1.9) (0.2) GHG* Water Utility Housing development P&C Insurance Renewable Energy Hospitality & Commercial RE Wine Beer Education Auto Service 1Q20 1Q19 * Excluding IFRS16 ➤ The 18.1% growth in 1Q20 Water Utility operating cash flow, reflecting 100% + EBITDA to cash conversion ratio. ➤ As a result of strong sales, Housing Development operating cash flow rebounded to GEL 10.7m in 1Q20 and is expected to further increase on the back of cost optimisation strategies. ➤ Renewable Energy 1Q20 operating cash flow at GEL 6.9m, reflecting GEL 2.4m from Qartli wind farm and GEL 5m insurance proceeds. ➤ 1Q20 operating cashflow improved significantly in Beverages: o Up 73.3% in the wine business, benefitting from vineyard acquisitions. • Up by GEL 4.7m in the beer business reflecting new brand launches. Page 28#29Capital allocations in 1Q20 GEORGIA CAPITAL GEL millions Investments Buybacks Dividends Total BOG Listed portfolio GHG Water Utility 0.2 0.2 Private late stage portfolio Housing Development Investments highlights Renewable Energy: • GEL 38.7m for RP Global buyout (34.4% minority) o GEL 5.6m for Zoti HPP Auto Service: GEL 4.2m for Amboli working capital expansion P&C Insurance Renewable Energy 44.4 (4.9) Private early stage portfolio Hospitality & Commercial RE 1.1 39.5 1.1 Beer business: GEL 5m working capital financing Beverages 5.0 5.0 Dividends Education - Renewable Energy: GEL 5m dividend payment Auto Service 4.2 4.2 Pipeline portfolio Digital Services Other 1.1 1.1 Buybacks GCAP 5.7 5.7 Our liquidity remained high at GEL 306 million at 31 March 2020 Total 56.0 5.7 (4.9) 56.8 Page 29#30NAV per share (GEL) movement in 1Q20 GEL unless otherwise noted NAV per share down 35.6% to GEL 30.18 in 1Q20 -21.0% -7.8% -1.0% -0.5% -5.4% -35.6% NAV per share change % GEL 46.84 (9.82) (3.65) (0.46) (0.21) (2.52) GEL 30.18 NAV per share Value creation on Value creation on Buybacks Operating expenses 31-Dec-19 listed assets private portfolio Liquidity management & FX & Other GEORGIA CAPITAL NAV per share 31-Mar-20 NAV per share (GEL) down 35.6% in 1Q20, resulting from decrease in valuations of the listed assets. GEL 368m decrease in the market value of listed assets (-21% impact on NAV per share). ➤ Valuations also decreased across our private businesses, primarily reflecting contractions in valuation multiples. о GEL 137m decrease in the fair value of private portfolio (-7.8% impact on NAV per share) Platform costs: 1Q20 management platform related costs (-0.5% impact on NAV per share). 1Q20 net interest, FX and other costs (-5.4% impact on NAV per share). Page 30#31NAV per share (GBP) movement in 1Q20 GBP unless otherwise noted NAV per share down 40.5% to GBP 7.41 in 1Q20 NAV per share change % -21.0% -7.8% -1.0% -0.5% -10.2% -40.5% GBP 12.46 (2.62) (0.97) (0.12) (0.06) (1.28) GBP 7.41 NAV per share Value creation on listed 31-Dec-19 assets Value creation on private portfolio Buybacks Operating expenses Liquidity management & FX & Other NAV per share 31-Mar-20 GEORGIA CAPITAL Page 31#32NAV movements in 1Q20 NAV down 35.2% to GEL 1,137 million during 1Q20 GEL millions unless otherwise noted NAV -21.0% -7.8% -0.3% -0.5% -5.6% -35.2% change % GEL 1,754 (368) (137) (6) (8) (98) GEL 1,137 NAV 31-Dec-19 Value creation on listed assets Value creation on private portfolio Buybacks Operating expenses Liquidity management / FX / Other NAV 31-Mar-20 GEORGIA CAPITAL Page 32#33Liquidity management at Georgia Capital GEL 660 million Net debt | 31-Mar-2020 ► Georgia Capital issued inaugural US$ 300m international corporate bonds in March 2018 GEL millions Net debt overview | 31-Mar-2020 306 Cash and liquid funds 170 136 L Loans issued 966 GEL millions Liquid assets & Loans issued | 31-Mar-2020 136 GEL 306 million 170 Loans issued (44%) Cash & liquid funds (56%) GEORGIA CAPITAL 660 Portfolio over net debt Listed assets over net debt Gross debt Liquid assets & Loans Net debt issued 2.7x 1.0x Page 33#34Portfolio performance highlights | 1Q20 Water Utility Private late stage Housing Development -6.1% +78.4% P&C Insurance Pipeline GEORGIA CAPITAL Auto Service +18.1% 33.2 31.2 -10.9% 29.1 23.5 19.9 16.3 17.3 15.4 +0.4% NMF +6.5% NMF NMF 17.4 17.5 -23.2% NMF NMF 10.7 9.0 8.2 2.4 8.5 4.3 3.3 1.8 0.05 (1.6) (14.8) (0.4) (0.2) (1.9) Revenue EBITDA Operating cash flow Revenue EBITDA Operating cash flow Earned premiums, net Net income Operating cash flow Revenue EBITDA Operating cash flow 1Q19 ■1Q20 1Q19 1Q20 1Q19 ■1Q20 1019 1Q20 Private early stage Renewable Energy Hospitality & Commercial Wine -12.6% Beer Education +31.5% +26.7% NME +91.5% 7.7 +26.0% NMF 7.9 6.6 6.9 -82.2% -97.8% +73.3% 7.3 6.9 -71.3% 5.9 5.8 +75.8% +44.7% 5.3 4.5 2.8 2.4 3.0 2.6 1.0 1.1 1.2 1.5 (0.2) (0.1) 0.2 0.3 (3.1) (1.7) (6.2) (1.5) 0.02 Revenue EBITDA Operating cash flow Revenue NOI Operating Revenue EBITDA cash flow Operating cash flow Revenue EBITDA Revenue EBITDA Operating cash flow 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 NMF 0.3 (0.2) Operating cash flow 1Q19 1Q20 Page 34#35Content 1. Response to COVID-19 outbreak 2. Georgia Capital at a glance 3. 4. Georgia Capital strategy & capital allocations 1Q20 results discussion | Georgia Capital 5. Portfolio overview 6. Georgian macro overview 7. Appendices GEORGIA CAPITAL Page 35#36Portfolio overview | 31 March 2020 GEL thousands unless otherwise noted Ownership % Valuation Method Multiples / Share prices Fair Values Mar-20 Dec-19 Mar-20 Dec-19 Change Listed Portfolio Companies 660,067 1,027,814 -35.8% GHG BOG 70.6% 19.9% Public markets Public markets GEL 3.2 GEL 4.6 295,455 430,079 -31.3% GEL 37.3 GEL 61.1 364,612 597,735 -39.0% Private Portfolio Companies 1,139,711 1,225,269 -7.0% Late Stage 613,323 692,746 -11.5% Water Utility 100% Housing Development 100% P&C Insurance 100% EV/EBITDA LTM Discounted Cash Flows P/E (LTM) 8.5 8.8 432,301 483,970 -10.7% 39,921 43,853 -9.0% 7.7 9.0 141,101 164,923 -14.4% Early Stage 500,918 495,827 1.0% Renewable Energy 100%¹ At acquisition price 151,150 106,800 41.5% Hospitality & Commercial RE 100% NAV 218,623 245,558 -11.0% Beverages 87% 74,795 87,119 -14.1% Of which, wine Of which, beer EV/EBITDA (LTM) EV/Sales (LTM) 82 8.3 2.2 32 10.0 63,620 72,042 -11.7% 2.2 11,175 15,077 -25.9% Education Pipeline 70%-90% At acquisition price 56,350 56,350 0.0% 25,470 36,696 -30.6% Auto Service Digital Services Other Total Portfolio Value 90%-100% 60% EV/EBITDA At acquisition price 8.7 10.4 15,052 25,757 -41.6% 8,790 8,790 0.0% At cost 1,628 2,149 -24.2% 1,799,778 2,253,083 -20.1% (1) Following the buyout of the 34.4% minority shareholder in GRPC on 25 February 2020, Georgia Capital owns 100% of renewable energy business. GEORGIA CAPITAL Page 36#37< Listed portfolio Georgia Healthcare Group (GHG) overview http://ghg.com.ge/ Investment rationale " " Very low base: healthcare services spending per capita only US$ 308 (EU average is US$ 3,2111) Growing market: healthcare spending growth estimated at 8% CAGR 2020-2021 Value creation potential " " " High-growth potential driven by opportunity to develop medical tourism, polyclinics (outpatient clinics) and new markets (beauty, aesthetics, lad retail) Only integrated player in the region with significant cost advantage in scale and synergies Well positioned to take advantage of the expected long term macroeconomic and structural growth drivers GEORGIA HEALTHCARE GROUP Total healthcare market (including healthcare services and pharmacy) GEL million GEORGIA CAPITAL Total Market CAGR 2020-2021 of 8% CAGR Total Market CAGR 2011-2019 of 13% 4,765 20-21 4,397 3,760 3,488 2,464 2,034 1,552 1,716 543 438 3,062 3,218 607 696 1,217 1,092 4,062 806 968 10% 884 734 669 1,722 7% 1,311 1,404 1,504 1,611 305 343 908 782 675 714 573 659 814 1,013 1,273 1,395 1,508 1,622 1,752 2,075 1,903 9% 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020F 2021F Pharma Hospitals Polyclinics Hospitals Medical Insurance • Double digit revenue CAGR • Double digit revenue CAGR - 20%+ • Double digit revenue CAGR Increase contribution to the Group segments 10% 9% 9% 9% 8% Gradually improving to 28-30% EBITDA margin 8% . Gradually improving to • 9%+ EBITDA margin • Combined ratio <97% 25% EBITDA margin ROIC enhancement and substantially increased free cash flow generation following the completion of significant three-year investment programme in 2018. (1) Source: World Bank, 2016 data. Medium to long term strategic targets by segment Clinics Source: Frost & Sullivan analysis 2017 Pharmacy and Distribution State healthcare spending dynamics GEL million Double digit revenue CAGR next 5 years GHG medium to long term targets Mid-teen EBITDA CAGR next 5 years Gradually approaching ROIC c.15-17% Given the current level of uncertainty due to COVID-19, the Directors of GHG decided not to recommend a dividend to shareholders at the 2020 AGM. Since the spread of the COVID-19, GHG announced readiness to support the Government of Georgia in its efforts to fight the spread of the virus in light of a spike in healthcare demand. 681 710 760 754 757 574 281 343 305 329 337 377 2015 2016 2017 2018 2019E 2020B State Healthcare Spending - UHC I State Healthcare Spending - Other Healthcare spending as a % of total state spending Source: Ministry of finance of Georgia Page 37#38Listed portfolio Georgia Healthcare Group (GHG) overview (cont'd) http://ghg.com.ge/ Stock price performance ☑ GEORGIA HEALTHCARE GROUP Financial metrics (GEL millions) GEORGIA CAPITAL 2015 20161 2017 2018 2019 1Q19 1Q20 Change GBP 0.89 18-May-20 Healthcare services EBITDA, excl. IFRS 16 Pharmacy and distribution EBITDA, excl. IFRS 16 Healthcare services EBITDA margin, excl. IFRS 16 Pharmacy and distribution EBITDA margin, excl. IFRS 16 Net profit, excl. IFRS 16 54 74 70 76 84³ 21.33 17.03 -20.2% N/A 6 39 52 65 15.6 18.6 19.4% 27.4% 30.2% 26.4% 24.9% N/A 4.3% 8.6% 10.1% 24.6% 31 24.5%³ 20.1% -4.4ppts 10.6% 10.7% 10.6% -0.1ppts 24 374 46 53 EPS (GEL) 0.15 0.24 0.23 0.27 69 0.36 0.095 0.075 -26.4% 18.35 14.35 -21.8% 4.5 4 3.5 3 GBP 1.70 2.5 IPO price 2 1.5 1 0.5 0 Number of hospital beds Hospital bed occupancy rate² Number of community clinic beds Number of pharmacies Number of bills issued (millions) Nov-15 Mar-16 Number of hospitals & clinics Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Selected operating metrics Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 1Q19 1Q20 Change 53 52 -1 2,967 2,967 NMF 62.3% 60.5% -1.8ppts 353 353 NMF 276 298 +22 7.16 7.67 +0.51 Number of individuals insured c.229.000 c.178,000 -c.51,000 Insurance claims retention rates 39.2% 43.9% +4.7ppts within Group (1) (2) FY16 includes only May-Dec pharmacy and distribution results. Excluding emergency beds. (3) (4) (5) Adjusted to exclude losses from foreign currencies and non-recurring expenses. Calculated based on aggregation of Hospitals, Clinics and Diagnostic segment results. Excluding deferred tax adjustment of GEL 24 million. GEL millions Performance track record Capex evolution ROIC Declared 3-year investment i 17.0% 14.9% 111 programme at IPO in 2015 15.0% 13.9% 12.8% 90 13.0% GEL millions 10 64 +2.5% 11.0% 9.0% 11 42 9.0% 12.7% 12.3% 11.8% 102 10.8% 11.0% 80 64 13 7.0% 53 9.5 9.7 7.9% 29 5.0% 2016 2017 2018 2019 1Q19 1Q20 2015 2016 2017 2018 2019 1Q19 1Q20 Development capex Maintanance capex EBITDA & Operating cash flow (excluding IFRS16) 81% 54% 54% 75% 81% EBITDA CAGR 28.9% 154 132 108 125 100 78 56 45 58 42 ⚫- ROIC adjusted 6 Revenue 70% 119% 37 36 43 26 GEL millions ROIC CAGR 40.7% 963 850 748 426 +10.6% 246 235 260 2015 2016 2017 2018 EBITDA Operating cash flow 2019 1Q19 1Q20 EBITDA to cash conversion ratio 2015 2016 2017 2018 2019 1Q19 1Q20 (6) Adjusted to exclude newly launched hospitals and polyclinics that are in roll-out phase Page 38#39Listed portfolio Bank of Georgia (BOG) Overview http://bankofgeorgiagroup.com/ Investment rationale ■ The first entity from Georgia to be listed on the premium segment of the Main Market of the London Stock Exchange (LSE:BGEO) since February 2012 High standards of transparency and governance Leading market position¹ in Georgia by assets (35.9%), loans (35.6%), client deposits (35.4%) and equity (28.9%) as of 31 March 2020 ■Market with stable growth perspectives ■ Strong brand name recognition and retail banking franchise Sustainable growth combined with strong capital, liquidity and robust profitability Outstanding ROAE performance " Dividend per share growing at 34.3% CAGR in 2010-2018 years Value creation potential ■ Loan book growth 15%-20% ■ Maintenance of dividend pay-out ratio within 25-40% BANK OF GEORGIA Market opportunity Banking sector assets, loans and deposits CAGR 25.0% GEORGIA CAPITAL 50 40 30 47.2 39.7 34.6 30.1 31.9 25.2 26.6 20.6 22.3 26.2 20 8.9 10 1.3 0.8 1.7 2.5 0.9 1.0 0.7 4.2 7.2 4.6 1.7 2.7 1.3 2.1 8.3 10.6 6.0 6.3 5.2 3.2 3.6 4.0 5.5. 12.7 14.4 17.3 18.9 23.0 16.0 19.8 13.0 8.7 10.5 17.0 14.3 6.7 7.6 97 11.6 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: NBG Assets, GEL bln Loans, GEL bln Deposits, GEL bln Banking business key medium to long term targets ROAE 20%+ Loan book growth 15%-20% Robust capital management track record Capital position: aiming to maintain +200bps buffer for CET1 and Tier 1 capital ratios over minimum regulatory requirement during the medium term ➤ Regular dividends: Aiming 25-40% dividend payout ratio ➤ Cash dividend paid GEL 648m+ during 2013-2019, within the targeted payout range over past 7 years (1)Market data based on standalone accounts as published by the National Bank of Georgia (NBG) www.nbg.gov.ge Given the current level of uncertainty due to COVID-19, the directors of BoG decided not to recommend a dividend to shareholders at the 2020 AGM. Page 39#40Listed portfolio Bank of Georgia (BOG) Overview (cont'd) http://bankofgeorgiagroup.com/ 23 18 13 8 3 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Oct-19 Selected operating metrics Retail clients ('000) Digital transactions (millions) Net profit Nov-19 BANK OF GEORGIA Stock price performance Financial metrics (GEL millions) GBP 8.15 as of 18-May-20 ROAE 2015 21.9% 2016 22.2% 2017 2018 2019 NIM 7.7% 7.4% 25.2% 26.4%² 26.1%3 7.3% 6.5% NPL coverage 83.4% 86.7% 92.7% 90.5% 5.6% 80.9% 1Q19 1Q20 Change 24.5% -18.6% -43.1ppts 6.0% 5.0% -1.0ppts 92.2% 147.2% 55.Oppts Loan portfolio 5,367 6,682 7,741 9,398 11,931 9,571 13,144 37.3% Cost/income 35.5% 37.7% 37.7% 36.7% 37.8% 35.5% 38.6% 3.1ppts Dec-19 Jan-20 Feb-20 Mar-20 May-20 1Q19 1Q20 2,455 2,567 41.5 44.0 * Bank of Georgia Standalone. Loan book growth Corporate loans, GEL 4,543.7 million, 35.7% GEL 12.7 billion loan portfolio breakdown* | 31 March 2020 Retail loans, GEL 8,189.1 million, 64.3% Dividend record¹ (GEL m) GEL millions 30.0% 500 370 379 25.0% 296 274 Payout 10% ratio: 15% 30% 36% 33% 34% 32% 30% 30% 27.0% 150 24.5% 20.8% 20.0% Dividend per share CAGR (GEL) - 34.3% 2.55 3.00 2.08 2.44 1.92 21.4% 100 1.60 1.68 2.00 1.20 102 15.9% 50 0.56 122 124 15.0% 98 102 1.00 0.24 72 80 (100) 51 9 24 0 10.0% 0.00 2015 2016 2017 2010 2018 2019 1Q19 1Q20 2011 2015 2016 2017 2018 2019 2012 2013 2014 Total dividend paid for the year 2015 2016 2017 Dividend per share 2018 (1) Actual dividend per share information for 2010-2016 years are adjusted for 19.9% Bog share issuance. (2) Adjusted for demerger related expenses, one-off impact of re-measurement of deferred tax balance and termination costs of the former CEO. (3) ROAE adjusted for termination costs of the former CEO and executive management. Page 40 GEORGIA CAPITAL#41Private late stage portfolio Water utility business overview Investment rationale Regulated monopoly in Tbilisi and surrounding districts with high entry barriers ■ Sectoral output increasing at a robust growth rate (on average 9.5% in the last 10 years) ■ Stable regulatory environment with fair return on investment ■ Stable cash collection rates ■ Diversified cash flow streams from water and electricity sales, the latter being linked to US dollars Value creation potential ■ EU harmonization reforms in progress in utilities sector, expected to drive water tariffs up " High GDP growth combined with tourism growth drive high demand from corporates Energy market deregulation positively affecting electricity sales price Upside opportunity from efficiency gains - continued decrease in self-consumption of energy, freeing up electricity for market sales. Stable dividend distribution capacity WACC of 15.99% for the first regulation period (2018-2020) Existing assets Effect of new consumers on the market 13.6 TWh 6% 1st May 2019 13.6 TWh 20% GEORGIA CAPITAL ■ Direct consumers' demand ■Direct consumers' with own generation ■Distribution companies 79% 65% ■ Export ■ System Losses Electricity market deregulation, effective from May 2019 enabled the company to immediately increase the selling price per KWh by at least 1.5x Efficiency gains (2019) Down from 16% in 2014 Net book WACC value Return on assets New CAPEX Elevation kWh/m3 Depreciation Level 4 2.3 1 0.1% I ■ Independent regulator - GNERC¹ ■ New tariff setting methodology since August, 2017 3-year tariff setting period I Level 3 2.2 3.6% Metering program and grid rehabilitation works focused on higher elevation zones Total operating expenses Level 2 0.8 9.9% ■ The WSS tariffs in Tbilisi have increased by 23.7% for residential customers and decreased by 0.4% for legal entities, serving as a first step towards gradually unifying WSS tariffs Level 1 0.4 33.6% Allowed revenue Level 0 0.0 52.8% % of total water supply (1) Georgian National Energy and Water Supply Regulatory Commission (GNERC) is an independent body that regulates the utilities market. Page 41 Down from 49% in 2014 Up from 35% in 2014#42Private late stage portfolio Water utility business overview (cont'd) Valuation highlights | 31 March 2020 Financial metrics (GEL millions) GEORGIA CAPITAL 2015 2016 2017 2018 2019 1Q19 1Q20 Change 31-Mar-20 31-Dec-19 GEL millions, unless otherwise noted Change Total revenue 119 127 135 149 163 33.2 31.2 -6.1% LTM EBITDA 951 95 NMF Of which, utility revenue 105 109 119 132 133 1 28.9 29.0 0.4% Of which, energy revenue 9 10 10 9 201 2.4 0.5 -80.7% Multiple applied 8.5 8.8 -3.4% Enterprise value 808 837 -3.4% Of which, other revenue Cash flow from operations FCF 5 8 6 8 101 2.0 1.7 -12.5% 52 54 70 82 99 1 19.9 17 (2) Net debt (376) (58) (66) 17 5.6 23.5 5.8 18.1% 3.6% (353) 6.6% Equity fair value 432 484 -10.7% Selected operating metrics millions except # of connections 1Q19 1Q20 Change LTM ROIC² 11.8% 12.5% -0.7ppts Water Utility Water sales (m³) 42.0 41.2 -1.8% Valuation peer group Self-produced electricity consumption (kwh) 41.7 41.9 0.5% New connections 1,140 867 -23.9% Company Aguas Andinas Country Chile EASTW³ Tallinna Vesi Thailand Estonia Ticker AGUAS-A EASTW TVEAT Stock Exchange Sant Comerc Energy Electricity generation (kwh) 63.2 55.5 -12.1% Thailand Tallinn Energy sales (kwh) 21.5 13.7 -36.5% Electricity purchases (kwh) 9.3 9.2 -1.1% Performance track record GEL millions EBITDA 2014-2019 +72.0% 95 83 55 62 69 73 -10.9% CAPEX 49 54 35 17 15 171 137 2014 2015 2016 2017 2018 2019 1Q19 1Q20 (1) FY19 EBITDA used for valuation at 31-Mar-20. (2) (3) ROIC is calculated as EBITDA less depreciation, divided by aggregate amount of total equity and borrowed funds. Eastern Water Resources Dev. & Man. 99 +11.8% 17 19 Self-produced electricity consumption 2014-2019 -43.6% 309 319 256 239 193 174 +0.5% 42 42 2014 2015 2016 2017 2018 2019 1Q19 1Q20 2014 2015 2016 2017 2018 2019 1Q19 1Q20 Page 42#43Private late stage portfolio Housing development business overview Investment rationale ■ Shortage of housing from Soviet era combined with Georgian tradition of multi generations living under one roof - average household size is significantly higher at 3.3 compared to Eastern or Western Europe ■ Most of the housing stock dates back to Soviet era and is amortised ■In line with the economic growth, urbanization level is expected to increase from current low level Value creation potential ■ Unlock land value by developing housing projects ■ Development of third-party land - franchise m² brand name. Undisputed market leading platform of at least 2,500¹ apartments to be delivered in five years. ■ Earn Construction management fees from third-party projects and bring construction works in-house Household size further reduction driving demand for housing market Average household size and home ownership, latest available data 59% 57% 54% 60% 54% 75% 71% 76% 69% 68% 92% 91% 90% 84% 97% 83% 85% 82% 90% 69% უძრავი ქონება m' REAL ESTATE Significant room for further growth in mortgages GEORGIA CAPITAL Mortgage loans to GDP %, 2018 45% 43% 43% 41% 36% 35% 31% 30% 28% 25% 22% 17% 16% 14% 13% Spain France Finland Malta Germany Belgium Estonia Number of residential unit transactions in Tbilisi In 2018 the number of residential unit transactions peaked at 34,600 units with record growth and the share of new apartment sales has been increasing each year. Total share of new apartments sold Slovakia Austria Ireland Italy Lithuania Latvia Slovenia Georgia Most of the housing stock needs replacement Around 205,000 units (62%) of the apartments were built between 1961 and 1990 and are out of their usable lifecycle. 205 33% 38% 52% 57% 60% 62% Thousands I 2014-2018 CAGR - 16.8% 34.6 27.0 24.5 22.3 18.6 17.8 20.8 Thousands 53 15.3 6.2 6.7 11.6 15.1 3.3 2.8 2.8 2.8 2.6 2.4 2.3 2.3 2.2 2.2 12.4 11.1 10.6 11.7 13.8 I 9.4 <1960 Georgia Croatia Slovakia Poland Romania Bulgaria Hungary EU Average Household Size Home Ownership 2014 2015 2016 Estonia Lithuania 2017 2018 9M19 Urbanization Level Old apartments sold New apartments sold Source: Eurostat, TBC Capital, World Bank, National statistics office of Georgia. Source: TBC Capital Apartment units by development period Source: Galt and Taggart (1) 2,500 apartments relate to the signed Tbilisi Airport Highway deal. 1961-1990 7 1991-2005 66 2006-2019 Page 43#44Private late stage portfolio Housing development business overview (cont'd) Valuation highlights | 31 March 2020 m უძრაჰი ქონება REAL ESTATE GEORGIA CAPITAL Financial metrics (GEL millions)¹ 2015 2016 2017 2018 2019 1Q19 1Q20 GEL millions, unless otherwise noted 31-Mar-20 31-Dec-19 Change Apartments sales revenue Construction revenue EBITDA 45 96 92 95 55 6.3 14.5 Change NMF 36 60 9.8 14.1 44.9% 18 11 28 16 (3) (1.6) 2.4 NMF Enterprise value 221 205 8.2% Cash flow from operations (10) (16) 19 (10) (9) (14.8) 10.7 NMF Net debt (181) (161) 12.8% Digomi residential project update QTD | 31 March 2020 Project to date | 31 March 2020 Equity fair value 40 44 -9.0% Stage I Stage II Total Stage I Stage II Total Sq.m. of apartments sold 2,194 3,546 5,741 19,174 6,940 26,114 Dividends (lifetime) 152 152 NMF Sq.m. sold as % of total available 87% 19% 45% 87% 19% 45% space (apartments) IFRS revenue recognition 38% 21% 34% 38% 21% 34% Total sales value (US$ m) 1.9 3.2 5.2 19.8 6.6 26.5 Cash received (US$ m)² 2.7 3.9 6.6 10.2 4.0 14.2 886 909 900 1,034 957 1,014 ➤ Following COVID-19 outbreak, the business introduced one-off 20%-25% discounts for all-cash sales and during March sold 54 apartments with US$ 2.5 million sales value, of which, 77% was collected in cash. 10 completed projects (2,856 apartments developed with 100% sales progress and US$ 251m sales value) Price per square meter US$ Performance track record 358k sq.m Gross Buildable Area on completed projects 3,319 apartments sold (86.8% as a % of total with sales value of US$ 282m) 2 on-going projects US$ 40.8m land value unlocked (with 969 apartments under development) US$ 55.1m dividends distributed over 7 years (1) Housing development business' functional currency is US dollars. (2) Includes cash inflow from sales during prior periods. Page 44#45Private late stage portfolio P&C insurance business overview Investment rationale Significantly underpenetrated P&C insurance market in Georgia (0.6% penetration) ⚫ 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 to untapped retail CASCO insurance market with only 7% existing penetration • Increasing footprint in untapped MSME sector, where Aldagi's revenues have grown by 93% in 2019 from GEL 0.7m to GEL 1.3m (up by 76% in 1Q20 to GEL 0.3mln) • Developing and introducing new digital channels to simplify purchase of insurance products Undisputed leader in providing insurance solutions to corporate clients • 17% Market share FY19 (earned premium, gross) ALDAGI GEORGIA CAPITAL Market composition by product lines VIG 21% 13% 8% 5% 5% 3% 29% Property, 25% Other, 9% Liability, 11% Insurance penetration & density 9.6% 8.5% 9.0% 6.1% 6.0% UK Switzerland France Belgium Germany Slovenia I Insurance Density USD 1 Source: Swiss Re Institute (1) Including healthcare insurance. Poland Bulgaria Turkey Russia Insurance penetration Georgia Other IC Group Ardi TBC Unison Insurance Source: Insurance State Supervision Service of Georgia Irao GPIH Aldagi Market & Aldagi Revenue (GEL millions) Georgia P&C Penetration 0.6% Density $25 CAGR 2010-2019 Market 14% Aldagi - 15% Motor, 42% Source: Internal data Credit Life, 13% Market PL & Combined Ratio | FY19 Total Market Profit * GEL 22.6 m 345 15.2 286 4.9% 6,811 3,810 3,446 1,184 2,655 2,687 421 175 149 152 3.0% 2.2% 227 1.4% 1.4% 1.2% 202 123% 119% 13.0 109% 99% 90% 92% 179 122 142 44 106 100 115 Market CR 97% 83% 1.5 46 6.3 0.7 27% 32% 37% 38% 37% 37% 35% 38% (4.8) (2.5) (6.8) 32% 29% 67 71 86 90 99 42 46 52 Aldagi TBC Unison Ardi Insurance Irao Alfa GPIH Other 2010 2011 Source: Insurance State Supervision Service of Georgia 2012 2013 2014 2015 2016 2017 2018 2019 Market Aldagi Market share Market PL Combined ratio * Market data is based on net profits reported to regulatory body and does not represent IFRS amounts. Page 45#46Private late stage portfolio P&C insurance business overview (cont'd) Valuation highlights | 31 March 2020 ALDAGI Financial metrics (GEL millions) GEORGIA CAPITAL GEL millions, unless otherwise noted 31-Mar-20 31-Dec-19 Change 2015 2016 2017 2018 2019 1Q19 1Q20 Change Earned premiums, net 47 50 63 67 75 17.4 17.5 0.4% LTM net income Multiple applied Equity FV LTM ROAE Valuation peer group 183 18 NMF Net income 121 14 16 182 18 4.3 3.3 -23.2% 7.7 9.0 -14.4% Combined ratio 79% 73% 75% 75% 82% 77.1% 87.5% 10.3ppts Loss ratio 43% 35% 40% 38% 42%¹ 38.7% 48.7% 10.0ppts 141 165 -14.4% Expense ratio 36% 38% 35% 37% 41%! 38.4% 28.0% 30.4% -2.4ppts Cash flow from operations 12 14 13 21 19 8.5 38.8% 9.0 0.4ppts 6.5% Selected operating metrics Company Country Dhipaya Insurance Thailand Ticker TIP Stock Exchange 1Q19 1Q20 change (y-o-y) Renewal Ratio Thailand Zavarovalnica Triglav Slovenia ZVTG Ljubljana Pozavarovalnica Sava Slovenia POSR Ljubljana Aksigorta Turkey AKGRT Istanbul Corporate insurance policies written² Retail insurance policies written 32,978 30,571 -7.3% 86% 20,779 23,038 10.9% 61% Anadolu Sigorta Turkey ANSGR Istanbul Performance track record (GEL millions) Profit & Dividend payout ratio (GEL millions) Earned premium, gross 1Q20 Earned premium, gross composition: Segment: Corporate 56%, Retail 39%, Compulsory lines 4%, Government 1% Product: Motor 37%, Property 27%, Credit life 14% Liability 11%, Other 11% CAGR 14% 98 86 90 68 71 5.3% 51 22 22 ROAE 28% 37% 37% 38% 34%2 30% CAGR 21% 2 18 18 16 14 11 68% -23.2% 61% 7 64% 23 51% 4 3 2019 Dividend payout ratio 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2019 1Q19 1Q20 Profit (1) Excluding impact of one-off FX contract with GEL 8 million loss. (2) Excluding credit life insurance. (3) FY19 net income used for valuation at 31-Mar-20. 1Q19 1Q20 Page 46#47Private early stage portfolio Renewable energy business overview Investment rationale Growing electricity market as supply lags behind the increasing demand, creating opportunities. ■ Underutilized energy resources - availability of economically feasible hydro and wind projects. ■ Cheap to develop - up to US$1.5m for 1MW hydro and up to US$1.4m for wind development on average with 1.5x higher capacity factors compared to Europe over the last decade. Value creation potential " о Opportunity to establish a renewable energy platform with up to 440 MW operating capacity over the medium-term, targeting to capture approximately one third of deregulated electricity market. Energy consumption is expected to grow at least by CAGR 5% over the next 10-15 years on the back of following key drivers: Tourism and GDP growth with pronounced growth in electricity-heavy sectors. о Increasing penetration of domestic appliances, with accelerating imports of electricity-intensive conventional domestic devices. о Increasing number of installed residential and industrial air conditioning systems on the back of decreasing unit prices, expected to result in at least 5x growth in penetration level over the next decade. Stable dividend provider capacity in the medium term. Actual and forecasted consumption Energy consumption has grown at 5.3% CAGR in last 10 years and is expected to further grow at least by CAGR 5% over the next 15 years Electricity supply and consumption, 2019 GEORGIA CAPITAL 1,500 Deficit (4 months) 1,000 500 Deficit (6 months) 0 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Source: ESCO Hydros&Wind TPPS Imports Consumption Electricity deficit during July-April ■ 22% of total consumption produced by gas- fired TPPS, 13% - imported Low base and high CDD¹ point towards 5x increase in AC penetration by 2030 Air conditioners are the most electricity-intensive conventional domestic devices and increasing penetration of ACs quickly eats away the surplus electricity on the market in the summer months GWh 23,000 18,000 13,000 Consumption CAGR 2009-2019: 5.3% Consumption CAGR 2019-2030: 5% 8,000 3,000 2009 2011 2013 2015 Forecasted generation Hydros & Wind Actual generation Hydros & Wind 2017 2019 2021 2023 2025 2027 Forecasted consumption Actual consumption 2029 Growth of internal consumption: 7.7% in 2017, 6.1% in 2018 and 1.5% in 2019 Anticipated deficit of at least 6.4 TWh by 2030 1,457 299 418 107 223 362 6.4 TWh 88% 47% 36% 33% 31% 10% Cyprus Croatia Bulgaria AC penetration (2018) Italy Spain Georgia Mean CDD Source: World Bank's World Development indicators; Geostat, Galt&Taggart, Eurostat (1) cooling degree day Page 47#48Private early stage portfolio Renewable energy business overview (cont'd) Valuation highlights | 31 March 2020 GEORGIA CAPITAL Financial metrics (GEL millions) 2017 2018 2019 1Q19 GEL millions, unless otherwise noted 31-Mar-20 At acquisition price (GCAP share) 151 GCAP ownership* 100% 31-Dec-19 Change 1Q20 Change Revenue NMF NMF 16.2 NMF 6.6 NMF 107 41.4% EBITDA (1.7) (0.8) 13.1 (0.2) 4.5 NMF 65% 35ppts Cash flow from operations (1.5) (0.7) 2.8 (0.1) 6.9 NMF * Following the buyout of the 34.4% minority shareholder in GRPC on 25 February 2020, Renewable Energy consists of wholly-owned hydro and wind power plants with 91MW installed capacity in aggregate. Renewable energy platform Development Capex 76.6 68.3 32.9 11.3 11.1 -1.8% Key points Hydro: 210 MW Of which operational 71MW Wind: 228 MW Of which operational 21MW Renewable energy projects overview | 31 March 2020 Greenfield MWs projects Cost per MW Gross generation Gross capacity PPA PPA tariff tenor Current stage (US¢/kWh) (GWh)1 factor years Mestiachala HPPS 50 1.2 174 39.8% 15 5.5 Zoti HPPS 46 1.3 173 43.0% 15 5.1 Bakhvi 2 HPP 36 1.3 136 43.2% 15 5.5 Operational² Under Construction Feasibility Strong performance of high-quality renewable assets, acquired in 4Q19. GEL 5m insurance proceeds for business interruption ("BI") reimbursement for 2019 revenues from 50MW Mestiachala HPPS. ➤ The remaining GEL 5m BI reimbursement for 2019 revenues is expected to be received in 2Q20. ➤ The 30MW Mestiachala HPP resumed operations in 2019, while the restoration works continue on the 20MW Mestiachala HPP. Racha HPPS 38 1.5 169 50.8% Feasibility Wind Tbilisi 54 1.3 191 40.3% 10 6.5 Development Wind Kaspi 1Q20 performance 54 1.3 195 41.2% 10 6.5 Development Wind (other) 99 1.4 340 39.2% 10 6.5 Darchi HPP 19 1.4 89 53.3% 10 5.6 Recent acquisitions Hydrolea HPPS 21 1.8 105 Qartli Wind Farm Total 21 1.4 438 85 1,657 58.5% 47.1% 8-10 5.6 13 6.5 Feasibility Feasibility Operational Operational GEL thousands, unless otherwise noted Mestiachala HPPs² Revenue 482 Hydrolea 1,576 Qartli Wind Farm 4,582 Of which, Bl reimbursement 326 ➤ Projects under construction and under feasibility stages were put on hold in light of the COVID-19 outbreak until there is more certainty regarding the effects of COVID-19 on the business landscape and the Georgian economy. (1) (2) Generation capacity refers to target gross annual generation. The first phase (30MW) was launched on 8 April 2019, followed by the second phase (20MW) on 4 June 2019. Mestiachala HPPs were flooded and taken offline in late July 2019. Following the rehabilitation, 30 MW generation unit was recommissioned in December 2019, while the restoration works continue on the 20MW HPP. EBITDA (150) 1,086 3,917 Generation (Gwh) 0.9 9.2 23.4 Page 48#49Private early stage portfolio Hospitality and commercial real estate business overview Investment rationale " Increased number of tourists visiting Georgia every year: 5.1 million visitors in 2019, up 6.8% y-o-y, 9.9% CAGR over the last six years. Tourism inflows up 1.4% y-o-y from US$ 3.2 billion to US$ 3.3 billion in 2019; 11.5% CAGR over the last six years. Value creation potential Grow Portfolio of rent-earning assets through residential developments/opportunistic acquisitions Reach more than 1,000 hotel rooms. Currently approximately 1,222 rooms are confirmed, of which 273 are operational, 460 are under construction and 489 are under design stage. Targeting mostly 3-star and 4-star hotels, mostly taping unpenetrated markets in Georgian regions Leasable modern office stock remains scarce Georgian office stock's significant portion is non-refurbished, soviet-era stock (traditional). Although Tbilisi's has one of the highest modern office rents among the CEE¹ cities. Modern office rents and yields in 2018 Prime yield in Tbilisi stands at 11.7%, compared to average yield of 7.1% in peer cities Traditional, 28% Modern, 22% Owner Occupied, 50% Source: Galt and Taggart (1) Central and Eastern Europe. GEORGIA CAPITAL Arrivals of tourists and tourism revenue | Georgia Source: Georgian National Tourism Administration National Bank of Georgia 5.1 4.8 4.1 2.9 2.9 3.0 3.3 2.5 1.8 3.2 3.31 2.7 1.4 1.7 1.8 1.9 2.1 0.9 0.8 1.0 0.6 0.4 1 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q19 1Q20 Arrivals of tourists (mln) Tourism revenue(US$ bln) Hotel market overview | Tbilisi Accommodation rooms and beds in Tbilisi ('000) Tbilisi accommodation rooms breakdown | 30-Sep-19 International chain brands 24% Rooms in other accomodations 23 20 18 16% 16 40 12% 30 8% 20 12% 7% 6% 6% 6% 5% 10 0 Istanbul Kyiv Athens 38 32 25 25 23 22 19 19 18 Warsaw Budapest Tbilisi Rent, US$ per sq Prime Yield Vilnius Tallinn Sofia Riga Bratislava Zagreb 13 8% 8% 12% 10 7% 9 6% 8 10,244 Rooms 8% 7 6 4% 18 18 17 0% 2015 2016 2017 2018 30-Sep-19 Rooms Beds Source: Galt and Taggart 76% Page 49#50Private early stage portfolio Hospitality and commercial real estate business overview (cont'd) GEORGIA CAPITAL Valuation highlights | 31 March 2020 Financial metrics (GEL millions)² GEL millions, unless otherwise noted NAV LTM ROIC1 31-Mar-20 31-Dec-19 Change 2016 2017 2018 2019 I 1Q19 1Q20 Change NOI³ from operating leases 3 3 5 61 1.5 2.4 61.9% 219 246 -11.0% NOI³ from hospitality services 2 21 0.0 (0.3) NMF Revaluation gain 1 28 221 NMF 5.6% 6.5% -0.9ppts Total net operating income 2 3 31 251 1.0 0.2 -82.2% Cash flow from operations 3 3 6 31 1.1 0.0 -97.8% ➤ In light of Covid-19, we marked down the valuations of our operational and pipeline hotels. Commercial real estate portfolio 42 42 68 129 87.1 151.0 73.4% Selected operating metrics Hospitality projects overview | 31 March 2020 1Q19 1Q20 Change Hotel Location Rooms Current Stage Gross yield (leased portfolio) Occupancy rate Leased area (sq.m.) 9.0% 9.8% +0.8ppts Ramada Encore Kazbegi, Tbilisi GUDAURI LODGE Capital city 152 Operational Region 121 Operational 83.5% 91.6% +8.1ppts Ramada Melikishvili, Tbilisi Capital city 125 Construction 25,145 34,780 38.3% Kempinski, Tbilisi Capital city 99 Construction Seti Square in Mestia, Svaneti Region 52 Construction Ramada Encore YTD February performance Ramada Kutaisi Region 124 Construction Kakheti Wine & Spa Region 60 Construction RevPAR, US$ 15 ADR, US$ 55 Occupancy% Shovi, Racha Region 109 Design 27.5% Mestia, Svaneti Region 140 Design GUDAURI LODGE MTD February performance RevPAR, US$ ADR, US$ 113 Occupancy% 49.1% Telavi Zugdidi Region 110 Design Region 130 Design Total 1,222 55 "Gudauri Lodge" hotel was launched in December 2019. In light of the COVID-19 outbreak, operations at the existing two hotels were suspended since mid-March and both hotels are rented to the government for quarantine, covering the costs of current operations. ➤ Hotels under construction and under design stages have been put on hold in light of COVID-19 outbreak until there is more certainty regarding the effects of COVID-19 on the business landscape and the Georgian economy. (1) ROIC is calculated as NOI divided by aggregate amount of total equity and borrowed funds. (2) Hospitality & Commercial real estate business' functional currency is US dollars. (3) Net operating income. Page 50#51238 203 185 144 170 114 98 86 93 77 47 50 36 2013 2014 2015 2016 2017 2018 2019 Wine exports (Bottles) Source: LEPL Georgian National wine agency; 1Q19 1Q20 Wine exports ($US millions) Private early stage portfolio Wine business overview Investment rationale " Georgia is considered the "cradle of wine" with a rich, 8,000-year history of wine-making and home to over 500 unique grape varieties " Georgia's favorable trade regimes (free trade agreements with EU and China) provide potential for export growth for beverages 20.0 " Growing urbanization and tourism inflows are raising demand for bottled wine locally 16.0 " Strong demand in the Georgia's export markets resulted in a 9% y-o-y increase in volume in 2019, with export bottles sold reaching a 14 year high of 93 million. 12.0 8.5 8.0 Value creation potential Best-in-class distribution network platform Grow vineyard base to 1,000 hectares, from current 704 hectares 4.0 5.1 0.0 Georgian wine exports (Bottles, US$ millions) Export Sales ($US) over past 6 years increased at 8.7% CAGR Wine consumption per capita, liters (2019) Primarily established export markets 47 46 1.7 19 19 Georgia Source: TBC Capital 19.9 China Ukraine 3.5 4.6 3.8 7.0 Japan Kazakhstan Poland Russia USA Czechia Germany UK Georgia Source: TBC Capital Moldova Portugal Target and emerging export markets 26.4 28.0 60% 23.0 47% 11.9 13.6 Source: LEPL Georgian National wine agency Spain 4.6 4.9 5.7 France Russia Argentina Chile 8.0 8.3 8.9 9.3 Ukraine Turkey Vineyard productivity - 2019 (TON/HA) At 5.1 tons per hectare, grapes yield is three times lower compared to other top exporters. However, the yield equals 8.5 tons/ha on average for the large-scale producers -Georgia - Large-scale producers Germany Italy Georgian wine bottle sales by export countries | 1Q20 22% 13% 8% 9% 9% 4% 5% 4% 8% 8% 3% 0% Russia Ukraine Poland Chinal Baltics. Kazakhstan Other Country share in Georgian wine export Country share in our export portfolio Page 51 New Zealand 9.9 10.1 10.1 10. Australia USA China South Africa 16.5 16.9 17.1 13.3 GEORGIA CAPITAL#52Private early stage portfolio Wine business overview (cont'd) Valuation highlights | 31 March 2020 Financial metrics (GEL millions) GEORGIA CAPITAL 2015 2016 2017 2018 2019 1Q19 1Q20 Change GEL millions, unless otherwise noted 31-Mar-20 31-Dec-19 Change Wine Revenue 18 18 20 29 42 i 7.9 6.9 -12.5% GCAP ownership 87% 87% NMF LTM EBITDA 10.81 9.5 12.9% Gross profit margin Wine EBITDA 52% 53% 49% 45% 48% 46.1% 37.8% -8.2ppts 2 3 5 7 9 1.2 0.3 -71.3% Multiple applied 8.3 10.0 -17.0% Cash flow from operations 2.6 1.8 1.5 0.1 2.8 1.5 2.6 70.0% Enterprise value 81 95 -6.3% Selected operating metrics (in '000) Net debt (35) (31) 13.3% ('000) 1Q19 1Q20 Change Alaverdi at acquisition price 16 16 NMF Wine sales bottles 1,165 960 -17.6% Equity fair value 56 72 -11.7% Of which, export sales 971 824 -15.1% LTM ROIC² 2.8% 6.2% -2.4ppts Export share (%) 83.3% 85.9% +2.6 ppts Valuation peer group Average price per bottle US$ 2.69 2.71 0.6% Vina San Pedro Company Purcari Wineries Vina Concha Y Toro Bodegas Esmeralda Country Moldova Romania Chile Ticker Wine CONCHA Stock Exchange Bucharest Sant Comerc Chile Argentina VSPT ESME Sant Comerc Buenos Aires (1) FY19 EBITDA adjusted for FX. (2) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund. Page 52#53Private early stage portfolio Beer business overview Investment rationale Georgia falls behind beer consumption per capita against EU Georgia's favorable trade regimes (free trade agreements with EU and China) provide potential for export growth for beverages Value creation potential Best-in-class distribution network platform 10-year exclusivity (from 2015) from Heineken to produce and sell beer in Georgia One of the strongest brand equity across Georgian beer market Strong export market for carbonated soft drinks (CSD) Growing market 。 Export value of US$ 27.5m (43.2m litres) in 2019. GEORGIA CAPITAL 33%+ CAGR in 2016-2019 years; greater organic demand from CIS countries. Export to more than 25 countries 。 Recently more countries have been importing Georgian CSD, showing its growing popularity. Annual beer consumption (liter per capita) in 2019² Per capita beer consumption implies room for growth Georgia falls behind beer consumption per capita against EU 66 99 12% 83 84 49 49 34 35 8 5 15 Azerbaijan Armenia Turkey China Georgia Ukraine Russia USA EU Source: TBC Capital (1) Management estimate at the end of 1Q20. (2) Georgia 2019, other countries 2016. 20% 9% Domestic market share¹ | 31-Mar-20 27% 32% Improved product mix allowed the business to increase beer market share from 12% to 20% in 1Q20 ■ Efes Georgia ■Zedazeni GBG ■Castel ■ Other Page 53#54Private early stage portfolio Beer business overview (cont'd) Valuation highlights | 31 March 2020 Financial metrics (GEL millions) GEORGIA CAPITAL 2017 2018 2019! 1Q19 1Q20 Change 18 29 44 5.8 7.3 26.7% (6) (14) (6) ¦ (3.1) (1.7) 44.7% (11.4) (13.8) (14) i (6.2) (1.5) 75.2% Selected operating metrics (in '000) 31-Mar-20 31-Dec-19 GEL millions, unless otherwise noted Change Beer Revenue GCAP ownership 87% 87% NMF Beer EBITDA LTM Revenue¹ 47 47 NMF Cash flow from operations Multiple applied 2.2 2.2 NMF Enterprise Value 104 104 NMF Beer sales liters Net debt (91) (86) 5.3% Equity fair value Lemonade sales liters 11 15 -25.9% LTM ROIC² -14.7% -15.5% +0.8ppts Average price per liter US$ Valuation peer group 1Q19 1Q20 Change 2,015 3,747 85.9% 335 688 NMF 1.08 0.82 -23.6% Focused on launching new brands within the first five months of 2019 Company Anadolu Efes Grupa Zywiec Turk Tuborg Cerveceria San Juan Country Ticker Stock exchange Turkey AEFES Poland ZWC Istanbul Warsaw Apr-19: Acquisition of Georgia's oldest beer brand - Kazbegi; also launched Kazbegi lemonade Turkey Peru TBORG SNJUANC1 Istanbul Lima KRUŠOVICE May-19: Krusovice full scale launch May-19: Local light beer launch (1) FY19 revenue, normalised for annualization of revenues from newly launched brands. (2) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund. Jun-19: Heineken brand Amstel launch AMSTEL Jul-19: Heineken launch, exclusive Heineken producer in Georgia Page 54#55Private early stage portfolio Education business overview Fragmented education market offers attractive opportunity for a scaled player Diversified business model with strategy 1-2-3 Strong platform to facilitate growth and scale to become the leading integrated education player with up to 27,000 learners by 2025 Annual tuition fee: GEL 15,000+ Premium 3,500 learners BGA³ Annual tuition fee: 7,000 learners 2 GEL 6,000 - 15,000 Mid-level Two partners Annual tuition fee: Up to GEL 5,000 Affordable 16,500 learners Three partners ➤ Partnership model, with 70-90% majority stakes ➤ Education business holding company won't exist GCAP involvement will be limited to: strategy setting, hiring financial director, oversight of CAPEX spending GEL 70 million+ EBITDA by 2025 GEL 185 million gross capital allocation from GCAP through 2025 Expansion plans were put on hold in light of the COVID-19 outbreak until there is more certainty regarding the effects of COVID-19 on the business landscape and the Georgian economy. BRITISH INTERNGALOW GEORGIA CAPITAL Three high quality school partnerships across premium, mid-level and affordable education segments, providing a clear pathway to approximately more than 50% of our targeted GEL 70 million EBITDA by 2025 Targeted Total capital allocation School Segment Deal close date Debt/Equity GCAP ownership Valued at from GCAP² Current capacity of learners capacity of learners BGA³ Buckswood Green School Premium Mid-level Affordable 23 July 2019 29 July 2019 22 August 2019 GEL 60 million GEL 24 million Total OGEL 21 million OGEL 105 million 50% 50% 50% 70% 80% 6.4x EV/EBITDA 2020 800 3,200 Targeted cost per learner (GEL) 35,000 40,000 6.4x EV/EBITDA 2020 760 2,980 14,000 19,000 80% - 90%1 5.6x EV/EBITDA 1,250 5,000 6,500 - 8,500 2,810 11,180 (1) (2) 80% equity stake in the current campus and 90% equity stake in three new schools that will be developed under green school brand. Includes actual and projected future capital allocations. Page 55 (3) Including BIST.#56Private early stage portfolio Education business overview cont'd Industry investment rationale Highly fragmented private school market ➤ Large and growing market ➤ Efficiency upside ➤ High trading multiples ➤ Low base-3.8% of GDP, compared to EU average of 4.6% * 2017 data: World bank, Eurostat Financial metrics (GEL millions) Medium term demand outlook for private high schools currently- 10% private Private 10% in 5-years - 20% private 20% State 90% 80% Currently c.570,000 learners across Georgia GEORGIA CAPITAL GEL millions, unless otherwise noted 1Q19 1Q20 Change Revenue 5.9 7.7 31.5% EBITDA 2.4 3.0 26.0% EBITDA margin 41% 40% -1ppts Cash flow from operations 0.3 (0.2) NMF Net debt 11.2 19.7 76.6% Operating metrics Premium Mid-level Affordable 1Q19 1Q20 Change 1Q19 1Q20 Change 1Q19 1Q20 Change Capacity utilization 91% 95% 3.7ppts 87% 90% 3.0ppts 82% 90% 8.5ppts Number of learners 731 761 4.1% 627 685 9.3% 1,021 1,127 10.4% Learner to teacher ratio 9.4 9.1 -3.3% 10.3 10.2 -0.5% 8.4 8.4 -0.3% Revenue per learner (GEL) 17,847 22,511 26.1% 6,082 6,686 9.9% 3,217 3,213 -0.1% Page 56#57Pipeline Attractive service business - Auto Service CAGR 2012-2019: Auto park- 7% We aim to build a diversified business model combining different auto-related services to capitalise on the large and growing automotive services market Auto park in Georgia ('000) Auto park by age in 2019: 0-1 years - 0.5% Cars per 1,000 people - 7% 7-9 years -5.8% 1-3 years - 1.7% 4-6 years - 3.8% 10-12 years 7.2% 12+ years - 81.0% 934 1,024 1,108 1,196 1,258 1,322 1,376 860 GEORGIA CAPITAL Room for growth in the highly fragmented auto service market in Georgia Leading player 16% The rest of the market is dominated by small, owner operated lower-end service shops. 268 279 173 189 209 226 245 256 2012 2013 2014 2015 Source: MOIA Autopark 2016 2017 2018 2019 Total auto service market - Car services and parts Car insurance Secondary car trading c. GEL 1 billion market No of private pessanger cars per 1,000 people. c. GEL 2.8 billion We have allocated GEL 14 million capital to auto service business as of 31 March 20202 Acquired second largest player, Amboli, in Georgian auto service industry PTI c. GEL 0.1 billion market c. GEL 1.7 billion market c. GEL 50 million market Successfully launched the periodic technical inspection business (PTI) Periodic technical inspection business highlights Amboli transaction Highlights Total investment GEL 48mln Equity stake purchased 80% GCAP allocated capital GEL 5mln Total cash consideration GEL 3.4mln¹ Enterprise Value 0.7x EV/Sales 2018 Additional equity capital injection GEL 1.6mln (1) Holdback of GEL 0.6 million. (2) GEL 10 million was allocated in 2019. Increased ownership by 10% to 90% in Amboli in 1Q20 Page 57#58Pipeline Auto Service business overview Number of passenger cars per 1,000 people, (2017) Market opportunity Investment rationale Georgia's Auto park continues to grow steadily, with 7.4% CAGR during the years 2012-2019 Georgia lags behind developed countries by number of private passenger cars per capita, showing room for further growth* Vehicles older than 10 years represent 90% of total auto park Value creation potential " Room for growth in the highly fragmented auto service market in Georgia with approximately GEL 2.8 billion annual revenues In July 2018, the business (Greenway Georgia or "GWG") won state tender to launch and operate 51 periodic technical inspection lines across Georgia with a 10-year license. Currently, inspection covers the basic technical control of vehicles. The government plans to gradually tighten procedures to try and reduce the level of harmful emissions* GWG is the only player on the market with support from an international partner, Applus+, a Spain- headquartered worldwide leader in testing, inspection and certification services, present in 70+ countries Source: GALT & TAGGART GEL millions, unless otherwise noted Valuation highlights | 31 March 2020 GEORGIA CAPITAL 31-Mar-20 31-Dec-19 PTI EBITDA² Change 6.7 6.7 Multiple applied NMF 8.7 10.4 PTI enterprise value -16.3% 59 70 PTI net debt -16.3% (53) PTI | Equity fair value (49) 7.0% 6 Amboli acquisition price 21 -71.9% 9 Auto service business | Equity fair value 5 83.4% 15 26 -41.6% 527 510 Source: GALT & TAGGART Selected metrics 419 418 378 351 348 322 313 Czech rpb Slovenia Estonia 307 Financial metrics | Auto Service I 256 1 Lithuania Company Opus Group VICOM Applus Services Sweden Hungary Croatia 202 147 112 Revenue Gross profit EBITDA 1Q19 1Q20 1.8 Change 8.2 NMF 0.7 2.0 Latvia Belarus Russia Georgia Kazakhstan Valuation peer group Turkey Azerbaijan NMF Operating cashflow (0.4) 0.05 NMF (0.2) (1.9) NMF Number of inspection lines Operating metrics | PTI (1) Based on cars serviced. (2) (3) Singapore Spain Combination of the last six months and the next six months earnings as of 31 December 2019. Technical inspection prices are fixed set at GEL 60 and GEL 100 for light vehicles and heavy vehicles, respectively. Country Sweden Market share¹ Ticker OPUS VCM APPS 51 Stock Exchange Stockholm Singapore Cars serviced Bolsa de Madrid of which, primary of which, secondary 34% 1Q19 1Q20 Change 47,885 68,995 44.1% 34,387 48,271 40.4% 13,498 20,724 53.5% ➤ All inspection centers were constructed within 6 months. The operations launched in Mar-19. ➤ Average time per checks decreased significantly from 25 minutes upon launch to 12 minutes at 31-Mar-20. Page 58#59Pipeline Acquisition of the leading Georgian digital marketing agency GEORGIA CAPITAL Acquisition of Redberry enables us to have a platform for investments in the digital business US$ 2.8 million new capital injected for digital start-up development About Redberry ➤ One of the most successful Georgian digital marketing agency Providing tech-based marketing solutions to large Georgian corporates and government agencies US$ 0.4 million cash consideration to acquire 60% equity stake 1 2 Joint ventures with corporates - partnership model with minority stake of c. 20%. Creating digital start-ups focused and applicable to Georgia (c. US$ 0.1m per start-up) Redberry has developed app "Lunchoba", engaged in delivering ready-food made to the offices. Page 59#60Content 1. Response to COVID-19 outbreak 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 1Q20 results discussion | Georgia Capital Portfolio overview 4. 5. 6. Georgian macro overview 7. Appendices GEORGIA CAPITAL Page 60#61Sovereign ratings with favourable macro fundamentals Rating Agency Key Ratings Highlights General Facts Rating Outlook Affirmed wwwwww MOODY'S Ba2 Stable September 2019 S&P Global BB Stable October 2019 Fitch Ratings BB Negative April 2020 Georgia is favorably placed among peers Fitch Rating Country Country Rating Outlook Armenia BB- Negative Azerbaijan BB+ Negative Belarus B Stable Czech Republic AA- Stable Georgia BB Kazakhstan BBB Stable Turkey BB- Stable Ukraine B Stable LIGYA 4144 Georgia KARACHISTAN LON 16031 Fecativa Negative Area: 69,700 sq. km Population (2018): 3.7 million Capital: Tbilisi; Economy Life expectancy: 73.5 years Official language: Georgian Literacy: 100% Currency (code): Lari (GEL) Nominal GDP (Geostat) 2019: GEL 50 billion (US$17.7 billion) Real GDP growth rate 2019: 5.1% Real GDP 2010-2019 annual average growth rate: 4.8% GDP per capita 2019 (PPP, international dollar) IMF: 12,227 Annual inflation 2019: 4.9% External public debt to GDP 2019: 32.4% GEORGIA CAPITAL RUSSIA Page 61#62Georgia's key economic drivers Top performer globally in WB Doing Business over the past 12 years Liberal economic policy " Liberty Act (effective January 2014) ensures a credible fiscal and monetary framework: Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%; " Business friendly environment and low tax regime (attested by favourable international rankings); GEORGIA CAPITAL Regional logistics A natural transport and logistics hub, connecting land-locked energy rich countries in the east and European markets in the west and tourism hub " Strong FDI " Access to a market of 2.8 billion customers without customs duties: Free trade agreements with EU, China, Hong Kong, CIS and Turkey and GSP with USA, Canada, Japan, Norway and Switzerland; FTA with Israel and India under consideration. Tourism inflows stood at US$ 3.3 billion in 2019 and international travelers reached 9.4 million in 2019 (up 7.8% y-o-y), out of which tourist arrivals were up 6.8% y-o-y to 5.1 million. Regional energy transit corridor accounting for 1.6% of the world's oil and gas transit volumes. An influx of foreign investors on the back of the economic reforms have boosted productivity and accelerated growth " FDI stood at US$ 1.3 billion (7.2% of GDP) in 2019. Support from international community Electricity transit hub potential Political environment stabilised FDI averaged 8.5% of GDP in 2010-2019. Georgia and the EU signed an Association Agreement and DCFTA in June 2014 Visa-free travel to the EU is another major success in Georgian foreign policy. Georgian passport holders were granted free visa entrance to the EU countries from 28 March 2017. Discussions commenced with the USA to drive inward investments and exports. Strong political support from NATO, EU, US, UN and member of WTO since 2000; Substantial support from DFIs, the US and EU. Developed, stable and competitively priced energy sector " " " " " " " " Only 20% of hydropower capacity utilized; 155 renewable (HPPS/WPPS/SPPS) energy power plants are in various stages of construction or development. Georgia imports natural gas mainly from Azerbaijan. Significantly boosted transmission capacity in recent years, a new 400 kV line to Turkey and 500 kV line to Azerbaijan built, other transmission lines to Armenia and Russia upgraded. Additional 2,000 MW transmission capacity development in the pipeline, facilitating cross-border electricity trade and energy swaps to Eastern Europe. Georgia underscored its commitment to European values by securing a democratic transfer of political power in successive parliamentary, presidential, and local elections and by signing an Association Agreement and free trade agreement with the EU. New constitution amendments passed in 2013 to enhance governing responsibility of Parliament and reduce the powers of the Presidency. Continued economic relationship with Russia, although economic dependence is relatively low. Russia began issuing visas to Georgians in March 2009; Georgia abolished visa requirements for Russians - Russia announced the easing of visa procedures for Georgians citizens effective December 23, 2015. Direct flights between the two countries resumed in January 2010. However, they have been banned again since July 2019 following the decision from Russia. Member of WTO since 2000, allowed Russia's access to WTO; In 2013 trade restored with Russia. " In 2019, Russia accounted for 13.2% of Georgia's exports and 10.8% of imports. Page 62#63Institutional oriented reforms Ease of Doing Business | 2020 (WB Doing Business Report) New Zealand Singapore US Georgia Economic Freedom Index | 2020 (Heritage Foundation) Ireland 6 GEORGIA CAPITAL Up by four places compared to 2018 Norway Lithuania Estonia Kazakhstan Russia Azerbaijan Poland Czech rep. Armenia Turkey Romania Bulgaria Ukraine 7 9 11 18 25 28 34 40 41 41 47 55 61 64 UK Georgia Lithuania Czech Republic Germany Latvia Armenia Bulgaria Azerbaijan Turkey Russia 12 16 23 27 32 34 36 44 71 94 35 Corruption Perception Index | TI 2019 Lithuania Poland Georgia Czech Republic 41 44 44 Latvia 44 Italy 51 Slovakia 59 Belarus Romania Bulgaria Armenia Turkey Kazakhstan Moldova 66 70 74 77 91 113 120 Ukraine Azerbaijan Russia Uzbekistan 126 126 137 153 Georgia is on par with EU 14 Business Bribery Risk, 2019 | Trace International Estonia Open Budget Index, 2017 | International Budget Partnership New Zealand Lithuania 24 Norway member states Japan Georgia 25 Georgia 5 up from 16th in 2015 27 US Czech Republic 7 34 Latvia 42 Italy 13 Romania 68 Russia 15 Armenia 27 Germany 17 Bulgaria 77 Czech rep. 25 Azerbaijan Belarus Russia Moldova 79 Poland 30 108 Turkey 32 110 Ukraine 117 39 Ukraine Turkey Kazakhstan Uzbekistan 122 Kazakhstan 42 123 India 53 126 Azerbaijan 77 181 Sources: Transparency International, Heritage Foundation, World Bank, Trace International. Page 63#64COVID-19 impact - IMF forecasts Gross Domestic Product Source: IMF US$ b Consumer Price Inflation GEORGIA CAPITAL Source: IMF 7% 20 16% 6.0% 6% 15 12% 5% 10 4.8% 4.8% 5.1% 8% 4.0% 3.0% 4.0% 2.9% 4% 4.9% 4.7% 3.6% 5 4% 3% 0 2.6% 2.1% 0% 2% -5 -4% 1% -4.0% -10 -8% 2015 2016 2017 2018 2019* 0% 2020F 2021F 2015 2016 2017 2018 2019 2020F 2021F GDP USD -Real GDP, Y-o-Y growth Current Account Balance Source: IMF Fiscal Deficit (GFSM 1986, IMF Modified) Source: IMF 0% -2% -2 -4% -6% -8% -5.1% -6.8% -8.1% -2 -2.3 -2.7 -2.7 -2.9 -4 % -6 -7.5% -4.8 -10% -8 -12% -11.3% -11.8% -8.5 -14% -12.5% -10 2015 2016 2017 2018 2019 2020F 2021F 2015 2016 2017 2018 2019 2020F 2021F Page 64#650 2.5 10 10 2011 15 15 Diversified resilient economy Gross domestic product Source: Geostat US$ b 20 2014 2015 Growth was robust in 2019, but will be negative in 2020 due to the pandemic, with IMF expecting real GDP to contract by 4% 16% InformationOther 3% Healthcare 9% 4% 12% 7.4% Education 4% 6.4% 4.4% 4.8% 4.8% 5.1% 8% 3.6% 3.0% 2.9% Accommodation 5% 4% 0% Financial activities 5% -4% 2016 2017 I Nominal GDP, US$ b, LHS Real GDP, Y-o-Y growth One of the Fastest Developing Economies in the Region Source: IMF Comparative real GDP growth rates, % (2007-2019 average) 5 Ukraine Latvia Estonia Russian Federation Czech Republic Lithuania Belarus Romania Moldova Poland Armenia Turkey Georgia Azerbaijan 2018 2019* Jan-17 Feb-17 Mar-17 Apr-17 1 preliminary data 2.1 Source: Geostat Diversified nominal GDP structure, 2019 Transportation 7% Public administration 7% Agriculture 7% Monthly Economic Activity Estimate, y-o-y growth Source: Geostat Economic activity increased by 1.5% in 1Q20 5.7 5.2 5.3 5.3 5.0 4.4 4.6 4.3 4.74.4 3.8 3.7 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 5.5 Real estate 12% Construction 9% 7.5 6.5 6.7 5.6 5.6 5.6 6.0 4.04.6 5.1 4.6 4.7 3.5 2.0 2.2 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 6.1 5.0 5.85.25.7 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Page 65 Feb-20 Mar-20 6.4 5.1 3.8 222 2.2 Industry 14% Trade 14% GEORGIA CAPITAL#660 500 Sources: GeoStat 2000 1500 Π 1000 Sources: GeoStat 2000 1900 12.4 12.6 1800 1700 1600 1500 1400 1998 1999 2000 2001 مال 2002 2003 2005 2004 Room for further job creation Unemployment rate down 1.1 ppts y-o-y to 11.6% in 2019 2005 2006 17.4 17.9 18.3 17.417.317.216.9 15.115.4 20 20 13.5. 13.9 12.7 14.6 14.114.013.9 12.7 15 11.6 2006 2007 2008 6002 2009 0102 Employed Unemployment % Average monthly nominal earnings in business sector 922 978 1,012 1,130 1,0241.1071,1441242 2016 II 2016_I Energy 2016 IV 2016_III 2017_I 2017 II 2017_III Construction 2017 IV Trade 2018 I 2018 II 2018 III 2018_IV 2019 II 2019_I לחוח 2011 לחון 2012 Z1OZ 2012 2013 2014 2011 2015 2015 2016 2016 2017 2018 2019 0 5 2000 10 10 2001 0.67 2002 2003 2004 2005 2006 Sources: UNDP CAPITAL UNDP Human Development Index Labor force decomposition Sources: GeoStat 2000 Hired workers accounted for 50% in total employment in 2019 1,319 1,1061,1501,187 1,1521.2411.316 1,405 1,983 1,912 1,909 1,945 1,972 1,971 1,988 2,005 1,979 1,985 2,018 1,996 1,983 1,940 1,911 1500 800 294 331 847 861 843 845 845 835 290 284 279 276 246 221 2007 2008 2009 2010 2011 2012 2013 1000 1,050 1,008 949 974 975 957 952 936 944 940 928 910 882 833 840 500 2019 III 2019 IV 0 632 608 629 622 635 669 684 716 694 744 798 801 824 860 849 2005 Tourism Real estate 2006 2007 2008 2009 Total 2010 2011 2012 2013 2014 Hired Self-employed ◉Unemployed Not-identified worker 2015 2016 2017 2018 2019 Page 66 2014 2015 2016 2017 2018 2019 GEORGIA#67-40 -20 ANNA 80 60 40 20 Inflation targeting since 2009 Inflation y-o-y vs. inflation target Sources: NBG, GeoStat As demand and supply shocks stemming from the pandemic move inflation in different directions, we expect the demand side to prevail with time and inflation to decelerate towards the target by the end of 2020, with forecasting annual inflation to average 4.7% 10 8 IMF 6 9.0 6.9 7.0 4 5.0 2 3.0 Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 M2 vs. inflation, y-o-y,% Sources: Geostat, NBG Sep-07 Mar-08 Sep-08 Mar-09 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-09 Sep-17 Mar-10 Nov-17 Sep-10 Mar-11 Jan-18 Sep-11 Mar-18 Mar-12 May-18 Sep-12 Jul-18 Mar-13 Sep-13 Sep-18 Mar-14 Nov-18 Sep-14 Jan-19 Mar-15 Mar-19 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 May-19 Jul-19 Sep-19 Nov-19 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Jan-20 Mar-20 M2 Y/Y % LHS ----Inflation Y/Y % RHS 1.0 -1.0 -3.0 20 1400 15 1300 1200 10 1100 1000 5 900 800 0 700 600 500 -5 400 2010_I 2010_III 2011_I -2 0 Jan-16 Mar-16 May-16 -inc Sep-16 Nov-16 Source: GeoStat Jan-17 Inflation y-o-y Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul- Sep-18 Nov-18 GEORGIA CAPITAL Core inflation closer to target 10 Monthly Inflation Headline Inflation Average monthly nominal earnings Source: Geostat Core (non-food, non-energy) Inflation Monthly nominal earnings increased on average 7.7% y-o-y in 2010-2019 1,320 GEL 2011_III 2012 I 2012_III 2013 I 2013 III 2014 I 2014_III 2015_I 2016 I 2015_III 2016 III 2017_1 2017_III 2018_I 2019 I 2018 III 2019_III Page 67 Jan-19 Mar-19 -леW May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 8 0 864 NON 2 -2#6820.0% 10% 0% -10% -20% -9.8% -30% 2010 2011 -12.2% Current account deficit down to historic lows Current account balance (% of nominal GDP) Sources: NBG 20% Double digit shrinking in the trade deficit helped current account balance (CAB) to improve to a historic low of 5.1% in 2019, providing a strong position to withstand the pandemic, with IMF expecting CAB to widen to around 11% of GDP in 2020 Exports and Re-exports, US$ billion Source: NBG 12.0 Service exports ■Goods exports, geo-originated Goods, net Current transfers, net FDI and capital goods import Source: GeoStat I Services, net Current account 10.0 ■Re-exports 1.0 20% 0.8 8.0 10% ◊ 1.1 0.9 0.5 0.9 0% 6.0 0.4 0.3 3.6 3.9 0.7 3.1 -5.6% -10% -11.4% -10.2% -8.1% -6.8% -5.1% 4.0 0.3 0.5 0.2 0.2 3.1 3.1 2.6 2.5 -11.8% -12.5% -20% 2.0 -30% 0.0 0.0 0.0 0.0 0.1 0.1 0.2 2.5 2.5 1.8 2.1 1.9 1.6 1.4 2012 2013 2014 2015 2016 2017 2018 2019 0.0 0.7 0.9 1.1 1.3 1.3 1.6 2.0 2.6 3.0 3.0 3.1 3.3 4.0 4.5 4.6 I Investment income, net FDI 2000 2001 2002 2003 2004 2005 2006 2007 15.0% 11.7% 11.1% 10.3% 10.3% 8.7% 8.5% 10.0% 6.9% 7.5% 7.2% 8.1% 7.9% 5.7% 6.2% 5.9% 6.5% 7.2% 7.6% 7.2% 7.8% 7.1% 5.0% 2008 2009 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FDI, % of GDP Capital Goods Import, % of GDP 2010 2011 2012 2013 2014 2015 2016 2017 Page 68 2018 2019 GEORGIA CAPITAL#69500 0 2010 2,000 1,500 1,000 6.9% 7.5% 6.2% 5.9% 2011 Diversified sources of capital Strong foreign investor interest Sources: GeoStat 2,500 2012 2013 FDI, US$ mln, LHS 2014 2015 10.4% 2016 FDI as % of GDP 2017 m $ 185 Remittances Source: NBG Remittances fell by 9% in March 2020 and are expected to fall further as the global recession accelerates in 2Q20 165 137 145 126 126 125 105 85 65 45 Jan Feb Mar Apr 2017 May Jun Jul Aug Sep Oct Nov Dec 2018 2019 ―2020 0 100 Jan-16 Mar-16 May-16 2018 2019 Sources: GNTA, NBG 25% Visitors and tourism revenues Tourism revenues fell by 70% in March, while 1Q20 was down by 26% 9.4 20% 3600 8.7 7.9 3100 11.6% 12.1% 10.9% 15% 2600 5.7 5.9 6.3 6.7 4.7 7.2% 7.1% 10% 2100 3.1 1600 5% 1100 600 0% 100 2011 I Tourism inflows, US$ mn, LHS Number of foreign visitors, mln, RHS Merchandise exports 500 400 300 200 Source: Georstat Goods exports fell by 21.5% in March 2020, by 5.6% in 1Q20 whi Jul-16 Sep-16 Sep-16 Nov-16 Nov-16 Jan-17 /L-uer Mar-17 Mar-17 May-17 May-17 Jul-17 Exports, US$ mn, LHS Jul-17 Sep-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 10 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 % change y/y, exports, RHS Page 69 Nov-19 Jan-20 Mar-20 -40% 2018 2019 60% 40% 20% 0% -20% 3M2019 10.0 8.0 6.0 4.0 1.6 1.3 2.0 0.0 3M2020 GEORGIA CAPITAL#70Tourism sector Tourism revenues to GDP Sources: NBG, Geostat 3600 US$ million 3.8 3.5 3.1 3.0 3 2.5 2.5 2.5 2 Tourism inflows, US$ mn, LHS Arrivals to country's population, 2017 4 Source: WDI Source: WDI 18% 18% 17% 20% 1496 1600 3100 13% 14% 1310 1400 2600 15% 10% 10% 1200 2100 9% 1000 1600 6% 10% 800 1100 600 100 600 5% 400 0% 200 2011 2012 2013 2014 2015 0 Spending per arrival, 2017 Tourism revenues, % of GDP Hungary Azerbaijan Cyprus 900 Thousands 700 500 364 258 1.7 1.7 1.6 1.3 1.0 1.0 0.9 1.5 1 0.5 0 Croatia Cyprus Montenegro Greece Estonia Georgia Albania Slovenia Bulgaria Latvia Czech Republic Lithuania Hungary Armenia Poland Turkey Ukraine Azerbaijan 300 0.6 0.5 0.5 0.5 0.3 0.2 100 Jan Feb Mar Apr May Jun 2017 Turkey Slovenia Poland Armenia Number of Tourists (overnight visitors) Source: GNTA In March 2020, the number of tourists fell 2.2 times y-o-y, with borders closed and expected to remain so in the near future Czech Republic Croatia Greece Estonia Lithuania Montenegro Latvia 857 848 823 771 763 757 714 692 661 629 591 555 527 458 441 Bulgaria Georgia Albania Ukraine GEORGIA CAPITAL 140 Jul Aug Sep Oct Nov Dec 2020 2019 2018 Page 70#710 Diversified foreign trade Goods' Trade Deficit Source: GeoStat In March 2020, the trade deficit fell by 7.3%, as exports were cut by 21.5% and imports contracted by 13.5% on the back of the pandemic -100 -200 -300 -400 -500 -600 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Trade Deficit, US$ mn, LHS Electricity generation and trade, GWH Source: ESCO 1400 1200 1000 800 59% 600 45% 400 200 0 Jan-17 Feb-17 Mar-17 Apr-17 May-17 73% 88% 99% 99% Jun-17 Jul-17 Aug-17 Sep-17 Jun-18 Jul-18 Sep-18 Oct-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 % change y/y, trade deficit, RHS 63% 99% 68% 67% 64% 78% 96% 91% 70% 86% Mar-20 Oil imports Source: GeoStat GEORGIA CAPITAL 1200 Oil imports, US$ mn Oil imports, % change, y/y 90% 1000 50% 40% 800 30% 600 20% 400 10% 0% 200 -10% 0 -20% -200 Мюнции 70% 50% 30% 10% -10% -30% -30% -400 -600 -50% TPPS HPPS WPPS Imports Exports Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019M3 2020M3 Domestic Supply 93% 99% 99% 84% 80% 74% 63% 71% 59% 54% 55% 83% 99% 99% 99% May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 86% 74% 73% 46% 54% 55% 52% 81% Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Page 71#72Diversified foreign trade Imports of Goods, contribution to growth Source: NBG 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Investment goods I Intermediate goods 2015Q1 2015Q2 2015Q3 ww 2015Q4 Import countries, 1Q20 Sources: GeoStat 2016Q1 2016Q2 2016Q3 201604 2017Q1 2017Q2 2017Q3 Consumer goods Imports y/y 2017Q4 2018Q1 2018Q2 201803 2018Q4 2019Q1 201902 2019Q3 2019Q4 2020Q1 Other 15% Ukraine 4% EU countries 24% Armenia 4% United States 6% China 9% Azerbaijan 9% Russia 11% Turkey 18% Foreign Demand, 1Q20 Source:, Geostat 9% 13% GEORGIA CAPITAL Crude materials, except fuels Machinery and transport equipment 8% 26% Beverages and tobacco Manufactured goods. 22% 14% Export countries, 1Q20 Sources: GeoStat United States 2% Other 29% EU countries 21% Armenia 6% Russia Ukraine 7% Turkey 7% 12% Azerbaijan 16% Food and live animals Chemicals and related products ■Miscellaneous manufactured articles ■Commodities not classified elsewhere Animal and vegetable oils Mineral fuels, lubricants Page 72#73-800 Jan-03 Jul-03 Jan-04 Jul-04 3200 2200 1200 Jan-05 Jul-05 Jan-06 90-լոր Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 60-Inr Official Reserve Assets, US$ mln Prudent monetary policy ensures macro-financial stability International reserves Sources: NBG International reserves totaled $3.4b by the end of March Monetary policy rate Sources: NBG Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Net Foreign Assets, US$ mln 1.2% 1.5% 1.9% Nonperforming loans to total gross loans, latest 2020 Sources: IMF Lithuania Hungary Georgia Poland 4.0% Romania 4.6% Belarus 4.6% Latvia 5.0% Turkey 5.0% Armenia Bulgaria Croatia Kazakhstan Russia Moldova 5.4% 7.6% 7.6% 8.6% 9.3% 10.2% -300 -1300 642 O Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 14 3700 12 2700 NBG lowered the monetary policy rate to 8.5% at the end of April, as the demand shock is expected to pull inflation down towards the target in the short to medium term 10 1700 8 700 Dec-10 May-11 Oct-11 Mar-12 Monetary policy rate vs. peers Sources Central banks End-2018 End-2019 Latest-2020 30% 25% 20% 15% 10% 5.00% 5% 0% Armenia Georgia Russia Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-18 Nov-18 Apr-19 Sep-19 Feb-20 8.50% 5.50% 8.75% 9.50% 8.75% 8.00% Turkey Kazakhstan Belarus Ukraine Azerbaijan Page 73 7.25% 8.50 GEORGIA CAPITAL#74200 120 150 100 100 60 60 4040 4040 50 272000 Im تات 40 0 -50 -15 -40 -100 -63 -80 -150 -120 -140 -200 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 130 USD/GEL 125 USD/AMD ⚫USD/RUB 120 115 110 105 100 95 90 T -20 -70 -40 ■NBG monthly net interventions US$ mn Exchange rate indices (1 January=100) Sources: NBG Flexible exchange rate regime plays a role as a shock-absorber USD/TRY USD/UAH 03-Jan-2020 13-Jan-2020 23-Jan-2020 02-Feb-2020 12-Feb-2020 22-Feb-2020 03-Mar-2020 13-Mar-2020 23-Mar-2020 וני וייד י -20-30201825-20 -50 -655 Floating exchange rate - policy policy priority Central Bank's interventions Sources: NBG 250 220 NBG sold $120m in Mar-Apr 2020 on the foreign exchange market and declared an active intervention policy to provide liquidity Real effective exchange rate (REER) Sources: NBG GEORGIA CAPITAL 02-Apr-2020 12-Apr-2020 22-Apr-2020 02-May-2020 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 -30 Jan-20 Mar-20 90 130 125 80 120 70 115 110 60 105 100 50 95 90 40 40 Dec-02 May-03 Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 3320 20 155 145 100 135 T 125 20 I 115 105 95 85 Apr-03 Nov-03 Jun-04 Jan-05 Aug-05 Mar-06 Oct-06 May-07 Dec-07 80-յոր Feb-09 Sep-09 Apr-10 Dollarization ratios Source: NBG REER (Jan 2003 = 100) ...Linear (REER (Jan 2003=100)) Both deposit and loan dollarization jumped in March on the back of the pandemic and GEL depreciation Loan dollarization Deposit dollarization Feb-07 20-Inr Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Page 74 40 50 60 70 Jul-15 Feb-16 II Sep-16 80 Apr-17 Nov-17 Jun-18 Jan-19 Aug-19 Mar-20 90#75-2% -3% -4% % Source: MOF 0% Low public debt Public debt Sources: MOF Breakdown of public debt Source: MOF, as of 31 March 2020 70% Low public debt ensures a strong position to borrow to fight the pandemic, with IMF expecting public debt to rise to around 60% 50% 40% 50% Multilateral 30% 57% 30% 20% Domestic 20% External 80% 10% -10% 10% 2010 2013 2014 2015 2016 2017 2018 2019 0% Bilateral 15% Eurobond 7% External public debt to GDP, % Total public debt to GDP, % Overall Balance, % of GDP (GFSM 2001) -0.8% -0.7% -1.0% -1% -1.3% -3.0 2014 2015 2016 2017 2018 Current vs Capital Expenditure, % of GDP Source: MOF Capital expenditures reached record highs in 2019 and will prove key in the fiscal stimulus 30% 25% 20% 25.1% 22.7% 23.9% 23.5% 24.8% 25.5% 24.1% 23.7% 21.5% 21.7% 15% -2.7% 10% 5% 7.3% 7.1% 6.2% 6.6% 5.5% 4.0% 0% 2010 2011 2012 2013 4.4% 3.5% 2014 2015 3.9% 2016 2017 4.4% 2018 2019 2019 Current Expenditures Capital Expenditures (Acquisition of Non-financial Assets) Page 75 GEORGIA CAPITAL#76Growth-oriented government reforms (2019-2020) 1 Structural Reforms 2 Promoting Transit & Tourism Hub GEORGIA CAPITAL Tax Reform Favorable tax rates for SME development Special tax regimes for regional offices of multinational companies Enhancing easiness of tax compliance Capital Market Reform Boosting stock exchange activities Development of local bond market Pension Reform Introduction of private pension system ■ PPP Reform ■ Introduction of transparent and efficient PPP framework Public Investment Management Framework Improved efficiency of state projects ■ Law of Georgia on Entrepreneurs New law will be drafted reflecting requirements of Association Agreement between EU and Georgia Responsible Lending " Decrease household over indebtedness Regulatory actions to support responsible lending ■ Maximizing Government Effectiveness ■ Modification of government support programs based on performance ■ Association Agreement Agenda 3 Roads ■ Rail Plan to finish all spinal projects by 2020 - East-West Highway, other supporting infrastructure Baku Tbilisi Kars new railroad line Railway modernization and integration in international transport systems " General Education Reform Education Maximising quality of teaching in secondary schools ■ Fundamental Reform of Higher Education Based on the comprehensive research of the labour market needs Improvement of Vocational Education Increase involvement of the private sector in the professional education Page 76#77Content 1. Response to COVID-19 outbreak 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 1Q20 results discussion | Georgia Capital Portfolio overview 4. 5. 6. Georgian macro overview 7. Appendices GEORGIA CAPITAL Page 77#78Maturity profile across private portfolio companies Gross debt maturity1 Average maturity (in years) GEORGIA CAPITAL Gel millions, unless otherwise noted 2020 2021 2022 2023 2024 2024+ Total 31 March 2020 Late Stage 25 79 156 42 104 194 600 4.2 Water Utility 25 61 39 40 45 190 400 4.8 Housing development² 0.4 18 117 2 59 4 200 2.9 P&C Insurance Early Stage 44 156 47 49 128 281 705 5.0 Renewable Energy 8 14 15 16 58 194 305 7.2 Hospitality 2 26 6 6 38 46 124 4.7 Commercial Real Estate³ - 99 - 99 1.6 Wine 7 6 10 10 10 14 57 3.4 Beer 25 8 12 13 18 20 96 2.7 Education 2 3 4 4 4 7 24 3.9 Pipeline 7 7 7 7 14 18 60 3.8 Auto Service 7 7 7 7 14 18 60 3.8 Total 76 242 210 98 246 493 1,365 4.6 (1) (2) (3) €23 Principal repayments. A 3-year US$ 35 million bonds issued on the local market in Oct-19 with a 7.5% annual coupon rate, maturing in Oct-22. A 3-year US$ 30 million bonds issued on the local market in 2019 with a 7.5% annual coupon rate, maturing in Dec-21. Bonds are backed by commercial real estate. Page 78#79Multiple of Invested Capital (MOIC) | 31 March 2020 GEL millions Gross Investment Sell down Dividends Fair Value MOIC Realized MOIC (1) (2) (3) (4) (2+3+4)/(1) (2+3)/(1) Listed Investments 381 418 138 660 3.2x 1.5x Georgia Healthcare Group PLC 252 131 4 295 1.7x 0.5x Bank of Georgia Group PLC 129 287 134 365 6.1x 3.3x Private investments, late stage 316 270 613 2.8x 0.9x Water Utility 214 82 432 2.4x 0.4x Housing Development 92 152 40 2.1x 1.6x P&C Insurance 10 36 141 17.3x 3.5x Private investments, early stage 556 5 501 0.9x Renewable Energy 143 5 151 1.1x Hospitality and Commercial Real Estate 195 219 1.1x Beverages 162 75 0.5x Of which, wine 62 64 1.0x Of which, beer 101 11 0.1x Education 56 56 1.0x Pipeline 25 25 1.0x Auto Service 14 15 1.1x Digital Services Other Total 9 9 1.0x 2 2 1.0x 1,278 418 413 1,800 2.1x 0.7x GEORGIA CAPITAL Page 79#80Net Asset Value evolution GEL millions, except per share information NAV per share GEL 44.32 GBP 13.05 Private 54% 906 Listed 58% 978 Change since 31-Dec-18 Change since 31-Dec-19 GEL 46.84 +5.7% GEL 30.18 -35.6% GBP 12.46 -4.5% GBP 7.41 -40.5% Private 70% 1,225 Private 100% 1,140 Listed 59% 1,028 Listed 58% 660 Net debt (197) -12% Net debt -28% (494) Net debt -58% (660) 31-Dec-181 (1) Components do not sum up, as NAV also includes net other assets/liabilities. 31-Dec-191 31-Mar-201 GEORGIA CAPITAL Page 80#81Acquisitions in 2019 | private portfolio GEORGIA CAPITAL February 2019 Kempinski Hotel Buyout of the remaining 40% equity stake for US$ 5.2m March 2019 Kazbegi brand acquisition . Georgia's oldest beer brand- Kazbegi. • Total cash consideration of US$ 3.65m May 2019 Redberry • The leading Georgian digital marketing agency • US$ 0.4m cash consideration to acquire 60% equity stake US$ 2.8m new capital injected for digital start-up development July 2019 Buckswood International • The leading school in the mid-level segment . . Purchase of 80% equity stake • Valued at 6.4x EV/EBITDA 2020 Targeted capacity of c. 2,980 learners by 2021 (Current 760 learners) Capital allocation from GCAP of GEL 24m² August 2019 Alaverdi winery Purchase of 100% equity stake ⚫ 244 hectares of vineyards and 135 hectares of free land in the Kakheti region ⚫ The acquisition tripled the Wine Business's production capacity Capital allocation from GCAP of GEL 16m • November 2019 Qartli wind farm Purchase of 100% equity stake Valued at 7.2x EV/EBITDA 2020 • 21MW installed capacity • US$ 14.4m cash consideration . Capital allocation from GCAP of GEL 13m February March April May June July August October November December April 2019 Amboli • Second largest player in Georgian auto service industry • GEL 3.4m cash consideration to acquire 80% equity stake • Valued at 0.7x EV/Sales 2018 • Additional Equity capital injection of GEL 1.6m June 2019 British-Georgian Academy • The leading school in the premium segment • Purchase of 70% equity stake Valued at 6.4x EV/EBITDA 2020 Targeted capacity of c. 3,200 learners by 2021 (Current 800 learners) Capital allocation from GCAP of GEL 75m² July 2019 Green School • The leading player in affordable segment Purchase of 80-901% equity stake Valued at 5.6x EV/EBITDA³ Targeted capacity of c. 5,000 learners by 2024 (Current 1,250 learners) Capital allocation from GCAP of GEL 21m² October 2019 Hydrolea ⚫ Purchase of 100% equity stake ⚫ Three operating HPPs with 21MW installed capacity ⚫ Greenfield HPP project with 19MW targeted capacity Capital allocation from GCAP of GEL 30m December 2019 Four famous Georgian restaurants • Our hospitality business partnered (50% ownership) with the famous Georgian chef, Tekuna Gachechiladze, owner of four leading Georgian restaurants • Total consideration of GEL 1.3m (1) 80% equity stake in the current campus and 90% equity stake in three new schools that will be developed under green school brand. (2) Includes actual and projected future capital allocations. (3) An additional earn-out may apply subject to EBITDA target within the next three academic years. The cumulative EV paid will not exceed 5.6x EV/EBITDA of the respective year (including performance-related deferred consideration). Page 81#82Georgia Capital's board of directors Irakli Gilauri, Chairman & CEO Board of directors - Georgia Capital PLC Experience: formerly BGEO Group CEO; Up to 20 years of experience in the banking, investment and finance. BMS in banking from CASS Business School, London; BBS from University of Limerick, Ireland Caroline Brown, Independent Non-Executive Director Experience: A Fellow of the Chartered Institute of Management Accountants and has over 20 years experience sitting on the boards of listed companies, and has chaired audit committees of listed companies for the past 15 years. Jyrki Talvitie, Independent Non-Executive Director Experience: 28 years of experience in the banking, including Sberbank, VTB, East Capital and Bank of New York in both buy and sell-side transactions David Morrison, Senior Independent Director GEORGIA CAPITAL Experience: formerly Director at Sullivan & Cromwell with a track record of over 28 years, Founding CEO of the Caucasus Nature Fund (CNF) Kim Bradley, Independent Non-executive Director Experience: Goldman Sachs AM, Senior Executive at GE Capital, President of Societa Gestione Crediti, Board Chairman at Archon Capital Deutschland Massimo Gesua'sive Salvadori, Independent Non-Executive Director Experience: currently an analyst at Odey asset management, formerly with McKinsey & Company for over 9 years Maria Chatti-Gauttier, Independent Non-Executive Director Experience: Over 25 years of experience in private equity in prominent financial institutions. Currently Partner of Trail Management, 6 out of 7 members are independent Page 82#83Listed GHG Georgia Capital - Georgia Capital's highly experienced management team Georgia Capital Management Irakli Gilauri, Chairman & CEO Formerly CEO of BGEO Group since 2011, joined as CFO of Bank of Georgia in 2004. Mr Gilauri was appointed Chairman of the Bank in September 2015, having previously served as CEO of the Bank since May 2006. Up to 20 years of experience in the banking, investment and finance. Prior, he was EBRD (European Bank for Reconstruction and Development) banker. Over the last decade, Irakli's leadership has been instrumental in creating major players in a number of Georgian industries, including banking, healthcare, utilities and energy, real estate, insurance and wine. Holds an MS in banking from CASS Business School. Avto Namicheishvili, Deputy CEO Avto also serves as a chairman of the Group's water utility, renewable energy and beverages businesses. Formerly he was BGEO Group General Counsel. Joined as a General Counsel at the Bank of Georgia in 2007, and has since played a key role in all of the Group's equity and debt raises on the capital markets, and over 25 mergers and acquisitions. Prior, was a Partner at a leading Georgian law firm. Holds LL.M. in international business law from Central European University, Hungary. Ekaterina Shavgulidze, Chief Investment Officer Formerly served as Head of Funding and Investor Relations in BGEO Group. Joined BGEO as a CEO of healthcare services business in 2011. Most recently Eka played a key role in the GHG IPO as a Group Head of IR. Prior, she was an Associate Finance Director at AstraZeneca, UK. Holds an MBA from Wharton Business School. Giorgi Alpaidze, Chief Financial Officer Formerly BGEO Group CFO. Joined BGEO as Head of Group's Finance, Funding and Investor Relations in 2016. He has extensive international experience in banking, accounting and finance. Previously he was a senior manager in Ernst & Young LLP's Greater New York City's assurance practice. BBA from the European School of Management in Georgia. U.S. Certified Public Accountant. la Gabunia, Chief Exit Strategy Officer Formerly Investment Director at Georgia Capital. Joined BGEO as an Investment Director in 2017. la has over 10 years of experience in banking and investment management. Prior to joining BGEO la served as Head of Corporate Banking at Bank Republic, Societe Generale Group. Previously la held numerous executive positions in the leading Georgian companies, la holds a BSc degree from London School of Economics and Political Science, UK. Nikoloz Gamkrelidze, CEO, Georgia Healthcare Group Previously deputy CEO (Finance) of BGEO Group. Our healthcare business story starts with Nick, who started it in 2006, and has successfully led it through outstanding growth and most recently the IPO on the London Stock Exchange. Holds an MA in international healthcare management from the Tanaka Business School of Imperial College London. Private Wine Aldagi Georgia Real Estate * GGU Listed BOG Archil Gachechiladze, CEO, Bank of Georgia Previously CEO at GGU, the Group's water utility and renewable businesses. Prior to that Archil was a Deputy CEO in charge of corporate banking in BoG. He launched the Bank's industry and macro research, brokerage, and advisory businesses. Previously, he was an Associate at Lehman Brothers Private Equity in London, and worked at Salford Equity Partners, EBRD, KPMG, Barents, and the World Bank. Holds MBA with distinction from Cornell University and is CFA charterholder. Giorgi Vakhtangishvili, CEO, Georgia Global Utilities Formerly CFO at GGU. Previously held different managerial positions at BGEO Group's companies; before joining GGU, Giorgi served as CEO of m². Previously he was a senior auditor at EY Georgia. Holds BBA degree from European School of Management (ESM). Irakli Burdiladze, Co-CEO, Georgia Real Estate* Joined as a CFO at the Bank of Georgia in 2006. Before taking leadership of real estate business in 2010, he served as the COO of the Bank. Prior he was a CFO at a leading real estate developer and operator in Georgia. Holds a graduate degree in International Economics and International Relations from the Johns Hopkins University School of Advanced International Studies. Shota Berekashvili, Co-CEO, Georgia Real Estate* Joined JSC m² Real Estate in 2017. Before joining m² from 2009 to 2017 Shota was the founder and the CEO of "BK Capital" construction company. From 2003 to 2009 worked in Moscow as CFO of "BK Capital". From 1999 to 2003 worked in investment banking sector in NY and London. In 1999 Shota graduated from Columbia University NY with Bachelor's degree in Science and in 2002 Shota graduated from Cass Business School London with Master's Degree in Corporate Finance and Risk Management. Giorgi Baratashvili, CEO, Aldagi Joined as the Head of Corporate Clients Division of Aldagi in 2004. Before taking the leadership of our P&C insurance business in 2014, he served as Deputy CEO of Aldagi in charge of strategic management for corporate sales and corporate account management. Holds the Master Diploma in International Law. Temo Jankarashvili, CEO, Wine Business CEO of Wine business since November 2019, in addition to his CFO role at beer business. Formerly CFO at Rustavi Azot JSC. He has an extensive experience in finance. Previously, worked for BGEO Group for 11 years, served as a VIP Director at Bank of Georgia, successfully leading the commercial lending team, covering structured financing, M&As, LBOS and project financing. Holds BBA degree in Banking and Finance from Tbilisi State University. Beer Tornike Nikolaishvili, CEO, Beer Business CEO of beer business since September 2018, having previously been Chief Marketing Officer at Bank of Georgia from March 2018. Previously he was a Commercial Director at EFES Georgia - Natakhtari Brewery. Before joining EFES, he was an Advertising Manager of Cartu-Universal. Overall, he has 15 years' experience in FMCG sector. Holds BBA degree of European School of Management. * m² was renamed as Georgia Real Estate in 2019 Page 83 GEORGIA CAPITAL#84Glossary • • Combined ratio equals sum of the loss ratio and the expense ratio in the P&C Insurance. GEORGIA CAPITAL EBITDA - earnings before interest, taxes, non-recurring items, FX gain/losses and depreciation and amortization; Management uses EBITDA as a tool to measure the portfolio companies' operational performance and the profitability of operations. The Group considers EBITDA to be an important indicator of the representative recurring operations. EV-enterprise value. Expense ratio in P&C Insurance equals sum of acquisition costs and operating expenses divided by net earned premiums. GCAP refers to the aggregation of stand-alone Georgia Capital PLC and stand-alone JSC Georgia Capital accounts. Georgia Capital and "the Group" refer to Georgia Capital PLC and its portfolio companies as a whole. IRR - for portfolio companies is calculated based on a) historical contributions to the portfolio company less b) dividends received and c) market/ fair value of the portfolio company at reporting date. Liquid assets & loans issued include cash, marketable debt securities and issued short-term loans. Loss ratio equals net insurance claims expense divided by net earned premiums. LTM - last twelve months. MOIC - Multiple of Capital Invested is calculated as follows: i) the numerator is the cash and non-cash inflows from dividends and sell-downs plus fair value of investment at reporting date ii) the denominator is the gross investment amount. NAV - Net Asset Value, represents the net value of an entity and is calculated as the total value of the entity's assets minus the total value of its liabilities. Net investment - gross investments less capital returns (dividends and sell-downs). NMF - not meaningful. NOI - net operating income. Realised MOIC - realised Multiple of Capital Invested is calculated as follows: i) the numerator is the cash and non-cash inflows from dividends and sell-downs ii) the denominator is the gross investment amount. RevPAR - revenue per available room. ROAE - return on average total equity (ROAE) equals profit for the period attributable to shareholders divided by monthly average equity attributable to shareholders of the business for the same period for BoG and P&C Insurance. ROIC - return on invested capital is calculated as EBITDA less depreciation, divided by aggregate amount of total equity and borrowed funds. Investments - equity capital contribution WPP - Wind power plant HPP Hydro power plant PPA - Power purchase agreement Page 84#85Company information Georgia Capital PLC Registered Address 84 Brook Street London W1K 5EH United Kingdom www.georgiacapital.ge Registered under number 10852406 in England and Wales Stock Listing London Stock Exchange PLC's Main Market for listed securities Ticker: "CGEO.LN" Contact Information Georgia Capital PLC Investor Relations Telephone: +44 (0) 203 178 4052; +995 322 000000 E-mail: [email protected] Auditors Ernst & Young LLP 1 More London Place London, SE1 2AF United Kingdom Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS13 8AE United Kingdom Please note that Investor Centre is a free, secure online service run by our Registrar, Computershare, giving you convenient access to information on your shareholdings. Investor Centre Web Address - www.investorcentre.co.uk. Investor Centre Shareholder Helpline +44 (0) 370 702 0176 Share price information Shareholders can access both the latest and historical prices via the website www.georgiacapital.ge GEORGIA CAPITAL Page 85#86GEORGIA CAPITAL