1Q20 Results Discussion

Capital allocations in 1Q20 GEORGIA CAPITAL GEL millions Investments Buybacks Dividends Total BOG Listed portfolio GHG Water Utility 0.2 0.2 Private late stage portfolio Housing Development Investments highlights Renewable Energy: • GEL 38.7m for RP Global buyout (34.4% minority) o GEL 5.6m for Zoti HPP Auto Service: GEL 4.2m for Amboli working capital expansion P&C Insurance Renewable Energy 44.4 (4.9) Private early stage portfolio Hospitality & Commercial RE 1.1 39.5 1.1 Beer business: GEL 5m working capital financing Beverages 5.0 5.0 Dividends Education - Renewable Energy: GEL 5m dividend payment Auto Service 4.2 4.2 Pipeline portfolio Digital Services Other 1.1 1.1 Buybacks GCAP 5.7 5.7 Our liquidity remained high at GEL 306 million at 31 March 2020 Total 56.0 5.7 (4.9) 56.8 Page 29

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