Investor Presentaiton

NAV growth in 2019 Value creation of GEL 134 million contributed 8.0% to NAV growth GEL millions unless otherwise noted NAV change % -2.0% 10.0% 6.7% -7.4% -2.0% -1.3% 3.9% 168 GEL 1,688 (34) NAV 31-Dec-18 113 ➤ 3.4 million CGEO share issuance valued at GEL 113 million for the acquisition of 13.6% stake in GHG. (125) (34) GEL 1,754 (22) Value creation on Value creation on listed assets private portfolio GHG share exchange facility Buybacks Operating expenses Liquidity NAV management / FX / 31-Dec-19 Other GEORGIA CAPITAL Page 23

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