Georgia Capital Shareholder and Market Opportunity Overview

NAV PER SHARE (GEL) MOVEMENT IN 1Q21 NAV PER SHARE CHANGE % GEORGIA CAPITAL -1.2% +0.5% +0.2% +0.9% +0.1% -0.4% -2.8% -2.7% NAV PER SHARE 48.12 0.45 0.03 0.25 0.06 46.80 (0.20) DOWN 2.7% (0.58) (1.33) • 2.7% decline in 1Q21 NAV per share (GEL) mainly reflects a 4.0% GEL depreciation against USD and a 9.8% decrease in BoG share price, partially offset by the value creation across our resilient private portfolio during the quarter NAV per share 31-Dec-20 BOG Large portfolio companies Investment stage portfolio companies Other portfolio companies Buyback Operating expenses Liquidity manag./FX/ Other NAV per share 31-Mar-21 29 29

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