Georgia Capital Portfolio Overview

Key portfolio highlights | 30 June 2019 Gross cash invested of GEL 975³ million translating into GEL 2.3* billion portfolio value GEORGIA CAPITAL Listed Net cash invested (288) Fair value MOIC¹ 1,195 (1) (2) (3) GEL millions Private late stage 113 682 Private early stage 317 315 Pipeline* 73 88 5.7 7.4 2.4 1.9 18.9 1.1 1.4 1.3 0.1 NMF NMF NMF 662 533 460 154 4 (292) 61 182 161 133 58 63 81 (19) (22) 45 60 10 54 55 10 24 9 9 GHG BOG Water Utility Housing P&C Insurance Development Renewable Energy Hospitality & Commercial Real Estate Wine Beer Education Auto Service Digital Services Fair value* LSE Market value at 30-Jun-19 Net cash investment * Education and digital Services at cost as of 14-Aug-19 Multiple of Capital Invested is calculated as follows: i) the numerator is the cash and non-cash inflows from dividends and sell-downs plus fair value of investment at reporting date ii) the denominator is the gross investment amount. GEL 46 million was already paid as of 14-Aug-19. Includes subsequent capital allocations in education business Page 19

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