Portfolio and Acquisitions Summary 2019

Net Asset Value evolution (1) GEL millions, except per share information Change since 31-Dec-18 GEL 44.32 GEL 53.90 +21.6% NAV per share GBP 13.05 GBP 14.81 +13.5% Private 54% Listed 58% Private 54% 1,043 Change since 31-Dec-18 GEL 46.84 +5.7% GBP 12.46 -4.5% Private 70% 1,225 906 Listed 62% Listed 59% 1,195 978 1,028 Net debt -12% (197) 31-Dec-181 Components do not sum up, as NAV also includes net other assets/liabilities. Net debt -16% (305) Net debt -28% (494) 30-Jun-191 31-Dec-191 GEORGIA CAPITAL Page 71

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