Investor Presentaiton

NAV STATEMENT | FY20 GEL '000, unless otherwise noted Listed Portfolio Companies Georgia Healthcare Group (GHG) Bank of Georgia (BOG)1 Total Listed Portfolio Value 31-Dec-19 1. Value creation 2a. Investment 2b. Buyback 2c. Dividend 2d. GHG delisting 3.Operating expenses 4. Liquidity/ FX/Other 31-Dec-20 Change % 430,079 (195,347) 138,265 (372,997) 597,735 (66,177) 531,558 -100.0% -11.1% 1,027,814 (261,524) 138,265 Listed Portfolio value change % -25.4% 13.5% 0.0% 0.0% (372,997) -36.3% 0.0% 0.0% 531,558 -48.3% -48.3% Private Portfolio Companies Large Portfolio Companies Healthcare Services 648,893 859,545 (24,943) 393,797 372,997 177,859 1,745 1,858,237 NMF 571,656 0.0% Retail (Pharmacy) Water Utility Insurance (P&C and Medical) Of which, P&C Insurance 374,322 178,423 552,745 0.0% 483,970 433 (15,000) 1,745 471,148 -2.6% 164,923 90,993 (9,943) 16,715 262,688 59.3% 164,923 42,826 (9,943) 197,806 19.9% Of which, Medical Insurance 48,167 16,715 64,882 0.0% Investment Stage Portfolio Companies 163,150 98,730 44,501 (4,927) 1,510 302,964 85.7% Renewable Energy 106,800 62,169 44,350 (4,927) 1,510 209,902 96.5% Education 56,350 36,561 151 93,062 65.1% Other Portfolio Companies 413,226 (217,266) 11,899 7,070 214,929 -48.0% Total Private Portfolio Value 1,225,269 Private Portfolio value change % 741,009 60.5% 56,400 4.6% 0.0% (29,870) -2.4% 372,997 30.4% 0.0% 10,325 0.8% 2,376,130 93.9% 93.9% Total Portfolio Value (1) 2,253,083 Total Portfolio value change % 479,485 21.3% 194,665 (29,870) 8.6% 0.0% -1.3% 0.0% 0.0% 10,325 0.5% 2,907,688 29.1% 29.1% Net Debt (2) (493,565) of which, Cash and liquid funds 211,889 (57,684) (57,684) (6,033) (6,033) 29,870 29,870 (19,455) (19,455) of which, Loans issued 151,884 of which, Gross Debt (857,338) Net other assets/ (liabilities) (3) (5,650) 1,284 of which, share-based compensation (12,681) (12,681) (151,132) 16,702 (42,901) (124,933) 19,650 12,681 (697,999) 41.4% 175,289 -17.3% 108,983 -28.2% (982,271) 14.6% 2,603 NMF 0.0% Net Asset Value (1)+(2)+(3) 1,753,868 NAV change % Shares outstanding 479,485 27.3% 138,265 7.9% (6,033) -0.3% 0.0% 0.0% (32,136) -1.8% (121,157) -6.9% 2,212,292 26.1% 26.1% Net Asset Value per share, GEL NAV per share, GEL change % 37,441,971 46.84 12.81 27.3% 7,734,010 (4.96) (173,076) 0.06 0.00 0.00 (0.86) -10.6% 0.1% 0.0% 0.0% -1.8% 974,342 (5.78) -12.3% 45,977,247 22.8% 48.12 2.7% 2.7% Georgia Capital PLC | 1) Number of shares owned in BOG was 9,784,716 as of 31 December 2020. GEORGIA CAPITAL 91

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