Portfolio and Acquisitions Summary 2019

GEORGIA CAPITAL Glossary • • • Combined ratio equals sum of the loss ratio and the expense ratio. EBITDA - earnings before interest, taxes, non-recurring items, FX gain/losses and depreciation and amortization; The Group has presented these figures in this document because management uses EBITDA as a tool to measure the Group's operational performance and the profitability of its operations. The Group considers EBITDA to be an important indicator of its representative recurring operations. - EV enterprise value. Expense ratio in P&C Insurance equals sum of acquisition costs and operating expenses divided by net earned premiums. GCAP refers to the aggregation of stand-alone Georgia Capital PLC and stand-alone JSC Georgia Capital accounts. Georgia Capital and "the Group" refer to Georgia Capital PLC and its portfolio companies as a whole. IRR - for portfolio companies is calculated based on a) historical contributions to the portfolio company less b) dividends received and c) market / fair value of the portfolio company at 30 September 2019. Liquid assets & loans issued include cash, marketable debt securities and issued short-term loans. Loss ratio equals net insurance claims expense divided by net earned premiums. LTM-last twelve months. MOIC - 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. NAV - Net Asset Value, represents the net value of an entity and is calculated as the total value of the entity's assets minus the total value of its liabilities. Net investment - gross investments less capital returns (dividends and sell-downs). NMF - not meaningful. NOI - net operating income. NTM - next twelve months. Realised MOIC - realised Multiple of Capital Invested is calculated as follows: i) the numerator is the cash and non-cash inflows from dividends and sell-downs ii) the denominator is the gross investment amount. RevPAR - revenue per available room. ROAE - return on average total equity (ROAE) equals profit for the period attributable to shareholders divided by monthly average equity attributable to shareholders of the business for the same period for BoG and P&C Insurance. ROIC - return on invested capital is calculated as EBITDA less depreciation, divided by aggregate amount of total equity and borrowed funds. Investments - equity capital contribution WPP - Wind power plant HPP Hydro power plant PPA - Power purchase agreement Page 95

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