Investor Presentaiton

2H19 NAV overview GEL thousands unless otherwise noted Jun-19 1. Value creation 2a. 2b. Buybacks 3. Operating 2c. Dividends Investments expenses 4. Liquidity management/ FX /Other Dec-19 Change % Listed Portfolio Companies GHG¹ 1,194,712 661,413 (279,754) 112,856 1,027,814 -14.0% (344,190) 112,856 430,079 -35.0% BOG' 533,299 64,436 597,735 12.1% Private Portfolio Companies 1,042,811 67,540 181,460 (66,542) 1,225,269 17.5% Late Stage 681,973 77,315 (66,542) 692,746 1.6% Water Utility 459,706 46,264 (22,000) 483,970 5.3% Housing Development 60,858 23,504 (40,509) 43,853 -27.9% P&C Insurance 161,409 7,547 (4,033) 164,923 2.2% Early Stage 314,901 (10,510) 135,086 439,477 39.6% Renewable Energy 62,737 44,063 106,800 70.2% Hospitality and Commercial RE 182,431 2,841 60,286 245,558 34.6% Beverages 69,733 (13,351) 30,737 87,119 24.9% Of which, wine 59,633 (3,689) 16,098 72,042 20.8% Of which, beer 10,100 (9,662) 14,639 15,077 49.3% Pipeline Education 45,937 735 46,374 93,046 102.6% 11,209 45,141 56,350 NMF Auto Service 24,363 1,394 25,757 5.7% Digital Services 8,790 8,790 0.0% Other 1,575 (659) 1,233 2,149 36.4% Total Portfolio Value (1) 2,237,523 (212,214) 294,316 (66,542) 2,253,083 0.7% Net Debt (2) (304,519) (150,318) (66,046) 39,916 (10,301) (2,297) (493,565) 62.1% of which, Cash and liquid funds 323,959 (145,679) (66,046) 39,916 (10,301) 70,040 211,889 -34.6% of which, Loans issued 232,289 (4,639) (75,766) 151,884 -34.6% of which, Gross Debt (860,767) 3,429 (857,338) -0.4% Net other assets/ (liabilities) (3) of which, share based compensation 5,361 (31,142) 1,200 26,626 (7,481) (214) (5,650) NMF (7,481) 7,481 Net Asset Value (1)+(2)+(3) NAV change % 1,938,365 (212,214) -10.9% 112,856 5.8% (64,846) -3.3% (17,782) -0.9% (2,511) -0.1% 1,753,868 -9.5% -9.5% Shares outstanding Net Asset Value per share 35,961,403 53.90 NAV per share change % (5.90) -10.9% 3,435,438 (1.83) -3.4% (1,954,870) 1.23 (0.49) (0.07) 2.3% -0.9% -0.1% 37,441,971 46.84 -13.1% 4.1% -13.1% (1) Number of shares owned in BoG and GHG were 9,784,716 and 93,011,414 shares, respectively. GEORGIA CAPITAL Page 75

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