FY20 Results and Strategy Overview

NAV STATEMENT | 4Q20 GEL thousands unless otherwise noted 30-Sep-20 1.Value Creation 2a. Investments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 31-Dec-20 Change % Share in total portfolio (%) Listed Portfolio Companies Bank of Georgia (BOG)1 360,100 Total Listed Portfolio Value 360,100 Listed Portfolio value change % 171,458 171,458 47.6% 531,558 47.6% 18.3% 531,558 47.6% 18.3% 0.0% 0.0% 0.0% 0.0% 0.0% 47.6% Private Portfolio Companies Large Portfolio Companies (14,972) GEORGIA CAPITAL 1,545,818 327,170 221 1,858,237 20.2% 63.9% Healthcare Services Retail (Pharmacy) Water Utility Insurance (P&C and Medical) Of which, P&C Insurance 473,500 98,156 571,656 20.7% 19.7% 475,000 77,745 552,745 16.4% 19.0% 412,313 68,614 185,005 82,655 140,505 62,273 (10,000) (4,972) (4,972) 221 471,148 14.3% 16.2% 262,688 42.0% 9.0% 197,806 40.8% 6.8% Of which, Medical Insurance 44,500 20,382 64,882 45.8% 2.2% Investment Stage Portfolio Companies 282,175 20,481 88 220 302,964 7.4% 10.4% Renewable energy 201,497 8,185 220 209,902 4.2% 7.2% Education 80,678 12,296 88 93,062 15.3% 3.2% Other Portfolio Companies 223,178 (8,980) 290 441 214,929 -3.7% 7.4% Total Private Portfolio Value 2,051,171 338,671 378 (14,972) 882 2,376,130 15.8% 81.7% Private Portfolio value change % 16.5% 0.0% 0.0% -0.7% 0.0% 0.0% 15.8% Total Portfolio Value (1) 2,411,271 510,129 378 (14,972) Total Portfolio value change % 21.2% 0.0% 0.0% -0.6% 0.0% 882 0.0% 2,907,688 20.6% 20.6% 100.0% Net Debt (2) (677,865) (378) of which, Cash and liquid funds 163,733 (378) 14,972 14,972 (5,902) (28,826) (697,999) 3.0% (5,902) of which, Loans issued 103,373 2,864 5,610 175,289 7.1% 108,983 5.4% of which, Gross Debt (944,971) (37,300) (982,271) 3.9% Net other assets/ (liabilities) (3) (1,240) Of which, share-based compensation (3,207) (3,207) 7,050 2,603 NMF 3,207 0.0% Net Asset Value (1)+(2)+(3) 1,732,166 NAV change % 510,129 29.5% (9,109) 0.0% 0.0% 0.0% -0.5% (20,894) -1.2% 2,212,292 27.7% 27.7% Shares outstanding 45,772,547 Net Asset Value per share, GEL 37.84 11.15 0.00 0.00 0.00 (0.20) NAV per share, GEL change % 29.5% 0.0% 0.0% 0.0% -0.5% 204,700 (0.68) -1.8% 45,977,247 48.12 27.2% 0.4% 27.2% Georgia Capital PLC | 1) Number of shares owned in BoG was 9,784,716 as of 31 December 2020. 90 90

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