1Q20 Results Discussion

Multiple of Invested Capital (MOIC) | 31 March 2020 GEL millions Gross Investment Sell down Dividends Fair Value MOIC Realized MOIC (1) (2) (3) (4) (2+3+4)/(1) (2+3)/(1) Listed Investments 381 418 138 660 3.2x 1.5x Georgia Healthcare Group PLC 252 131 4 295 1.7x 0.5x Bank of Georgia Group PLC 129 287 134 365 6.1x 3.3x Private investments, late stage 316 270 613 2.8x 0.9x Water Utility 214 82 432 2.4x 0.4x Housing Development 92 152 40 2.1x 1.6x P&C Insurance 10 36 141 17.3x 3.5x Private investments, early stage 556 5 501 0.9x Renewable Energy 143 5 151 1.1x Hospitality and Commercial Real Estate 195 219 1.1x Beverages 162 75 0.5x Of which, wine 62 64 1.0x Of which, beer 101 11 0.1x Education 56 56 1.0x Pipeline 25 25 1.0x Auto Service 14 15 1.1x Digital Services Other Total 9 9 1.0x 2 2 1.0x 1,278 418 413 1,800 2.1x 0.7x GEORGIA CAPITAL Page 79

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