OPEX Ratio Alignment & Portfolio Valuation Overview

NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW DESPITE THE NEGATIVE IMPACT OF THE ONGOING RUSSIA-UKRAINE WAR, NAV PER SHARE STILL REMAINS SIGNIFICANTLY ABOVE PRE-COVID-19 LEVELS GEL % Change 9-0-9 +4.9% +19.5% +27.2% -2.7% +16.4% +9.7% +5.5% COVID-19 IMPACT 46.84 -35.6% 31.67 30.18 37.84 +17.5% GEORGIA CAPITAL RUSSIA-UKRAINE WAR -16.5% +4.4% +0.2% 63.03 59.77 54.48 55.02 52.62 52.71 48.12 46.80 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 11-Aug-22 32

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