Investor Presentaiton

Our portfolio at a glance GEORGIA CAPITAL Management platform Public portfolio - GEL 1,028mln¹ Private portfolio – GEL 1,225mln¹ Late Stage - GEL 693mln¹ GEORGIA HEALTHCARE GROUP Georgia Healthcare Group 70.6% GEL 430mln² Water Utility 100% GEL 484mln Valued: LSE Valued: 8.8x LTM EV/EBITDA BANK OF GEORGIA Early Stage - GEL 439min¹ Bank of Georgia 19.9%4 GEL 598mln² Renewable Energy 100%5 GEL 107mln² 1. As of 31 December 2019. 2. GCAP share Valued: LSE Valued: at acquisition price Housing Development P&C Insurance 100% GEL 44mln 100% GEL 165mln Valued: DCF Valued: 9.0x LTM P/E GEORGIA CAPITAL Pipeline - GEL 93mln 1.3 Third-party managed capital Education GEL 56mln Valued: at acquisition price Hospitality & Commercial Beverages 100% GEL 246mln Valued: NAV 87% GEL 87mln² Valued: 10.0x LTM EV/EBITDA (wine); 2.2x LTM EV/Sales (beer); Auto Service GEL 26mln Valued: 10.4x EV/EBITDA (PTI) At acquisition price (Amboli) Digital Services GEL 9mln Valued: at acquisition price Upcoming funds ➤ Targeting to raise c. US$ 200 million 3. Total pipeline portfolio includes other pipeline projects with GEL 2 million value. 4. As long as Georgia Capital's stake is greater than 9.9%, it will exercise its voting rights in accordance with the votes cast by all other shareholders on all shareholder votes at any general meeting. 5. Following the buyout of the 34.4% minority shareholder in GRPC on 25 February 2020, Renewable Energy consists of wholly-owned hydro and wind power plants with 91MW installed capacity in aggregate. Page 5

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