Portfolio Valuation and Ameriabank Acquisition Update

NAV PER SHARE (GEL) MOVEMENT IN 4Q23 NAV PER SHARE (GEL) UP 7.7% Q-O-Q TO 82.94 ■ NAV per share (GEL) performance in 4Q23 mainly reflects the strong value creation across our portfolio companies, supported by the accretive impact of share buybacks. ■ In GBP terms, the NAV per share growth in 4Q23 was 3.4%, driven by GEL's slight depreciation against GBP during the quarter. 76.99 In GBP: 23.44 GEORGIA CAPITAL +5.1% +1.9% +0.9% -0.3% +0.1% +7.7% +3.4% 82.94 In GBP: 24.23 NAV per share 30-Sep-23 Listed & observable portfolio Private portfolio Buybacks Operating expenses Liquidity manag. NAV /FX/Other per 31-Dec-23 share 34

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