Georgia Capital Portfolio Overview

NAV Statement | 30 June 2019 GEORGIA CAPITAL Valuation Realized GEL thousands unless otherwise noted % Multiples Fair Values Change% MOIC IRR Method MOIC Jun-19 Dec-18 Listed Equity Investments Jun-19 1,194,712 Dec-18 Jun-19 977,827 22.2% 6.5x 33.0% 2.1x Georgia Healthcare Group PLC 57.0% LSE 661,413 520,332 27.1% 5.7x 43.9% 1.0x Bank of Georgia Group PLC 19.9% LSE 533,299 457,495 16.6% 7.4x 21.4% 3.3x Private Investments 1,042,811 905,547 15.2% Late Stage (at fair value) 681,973 628,326 8.5% 2.8x 0.6x Water Utility 100% EV/EBITDA 9.0 8.8 459,706 431,017 6.7% 2.4x 32.0% 0.3x Housing Development 100% DCF 60,858 66,785 -8.9% 1.9x 14.6% 1.2x P&C Insurance 100% P/E 9.1 7.4 161,409 130,524 23.7% 18.9x 32.9% 3.1x Early stage (at fair value) 314,901 271,288 16.1% 1.0x Renewable Energy 65% Cost 62,737 61,182 2.5% 1.1x 3.7% Hospitality & Commercial RE 100% NAV 182,431 149,079 22.4% 1.4x 14.7% Beverage 86% 69,733 61,027 14.3% 0.6x 0.0% Of which, wine EV/EBITDA 9.9 9.1 59,633 56,771 5.0% 1.3x 7.0% Of which, beer EV/Sales 2.1 2.2 10,100 4,256 NMF 0.1x 0.0% Pipeline Education 45,937 5,933 NMF Auto Service Other Digital Services Total Portfolio Value (1) Net Debt (2) of which, Cash and liquid funds of which, Loans issued of which, Gross Debt Net other assets/ (liabilities) (3) Net Asset Value (1)+(2)+(3) Shares outstanding Net Asset Value per share (GEL) 100% Cost 100% EV/EBITDA 10.1 60% Cost 100% Cost 11,209 7,071 58.5% 24,363 (1,326) NMF 8,790 NMF 1,575 188 NMF 2,237,523 1,883,374 18.8% (304,519) (196,915) 54.6% 323,959 299,650 8.1% 232,289 (860,767) 305,480 (802,045) -24.0% 7.3% 5,361 1,762 NMF 1,938,365 1,688,221 14.8% 35,961,403 38,089,558 -5.6% 53.90 44.32 21.6% Net Asset Value per share (GBP) 14.81 13.05 13.5% Page 66

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