1Q20 Results Discussion

Portfolio 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

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