Georgia Capital Portfolio Overview

(1) (2) Net Asset Value evolution Change since 31-Dec-18 GEL 44.32 GEL 47.56 +7.3% NAV per share¹ GBP 13.05 GBP 13.53 +3.7% GEL millions, except per share information 1,810 1,688 Private Private 51% 54% 928 906 Listed 58% 978 Listed 61% 1,097 Net debt -12% (197) Net debt -12% (214) 31-Dec-18² 31-Mar-192 Change since 31-Dec-18 GEORGIA CAPITAL GEL 53.90 +21.6% GBP 14.81 +13.5% 1,938 Private 54% 1,043 Listed 62% 1,195 Net debt -16% (305) 30-Jun-192 We calculate NAV per share as total NAV divided by the number of issued shares at the end of the period less unawarded shares in management trust. This represents a change from previously adopted approach, when shares bought under the buyback programme and unvested management shares were also deducted for calculation. Components do not sum up, as NAV also includes net other assets/liabilities. Page 9

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