Georgia Capital Portfolio Overview

1.Value creation Value creation across private portfolio | 1H19 Private Portfolio Businesses Dividends Operating Performance Greenfields Multiple Change Value Creation GEL thousands (1) (2) (3) (4) (1)+(2)+(3)+(4) Late Stage Water Utility 8,000 25,108 46,576 I 79,683 12,976 15,713 | 28,689 Housing Development P&C Insurance Early Stage 12,109 12,109 T 8,000 22 30,863 38,885 + 1,713 4,780 (1,070) 5,423 Beverages Renewable Energy Hospitality & Commercial Real Estate of which, wine 2,306 4,780 7,086 (593) (1,070) (1,663) 1,838 755 2,593 of which, beer (2,431) (1,825) I (4,256) Pipeline Education Auto Service 15,662 I 15,662 15,662 15,662 Digital Services Total private businesses 8,000 26,820 20,442 45,506 100,768 GEORGIA CAPITAL Page 11

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