Georgia Capital - Financial Overview and Investment Opportunities

Value creation Georgia Capital generated ROI¹ 26.7% at 30 June 2018 Listed investments Late stage portfolio businesses GHG BOG Holding period¹ 5.6 years 9.6 years Holding period 1 2.3 years GEL millions 27.6% ROI¹ 49.7% IRR 358.6% 26.8% ROI¹ IRR 609 594 129 44 Net Investment Market Value Net Investment Market Value GEL millions GEORGIA CAPITAL Water utility Housing Development 3 P&C Insurance² 7.2 years 8.6 years 38.7% ROI¹ 18.7% ROAC¹ 66.6% ROI¹ 13.5% ROAC¹ 425.4% 40.4% ROI¹ ROAC¹ 282 186 69 49 21 (14) Net Investment Allocated Capital Net Investment Allocated Capital Net Investment Allocated Capital (1) For detailed definition please refer to the 35 slide (2) Net investment amount is negative GEL 14 million, as the investment amount was fully recovered through dividends received from P&C insurance business over the investment holding period (3) Hospitality and commercial real estate business was fully funded by housing development business Page 14

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