OPEX Ratio Alignment & Portfolio Valuation Overview

DIVIDEND INCOME OUTLOOK DIVIDEND INCOME FROM PORTFOLIO COMPANIES (GEL MILLION) 20191 44.0 2020 29.9 2021 59.9 28.9 72.9 14.5 74.4 +2.1% 2022 11.6 22.82 GEL 55-66 MLN DIVIDEND INCOME OUTLOOK ■Dividend income from private companies Dividend income from listed companies Georgia Capital PLC | 1. Cash dividends only, i.e. excluding a GEL 49.3 million non-cash dividends from the housing business 2. GEL 22.8 million represents an accrued dividend income from BoG as of 30-Jun-22. ROBUST DIVIDEND INCOME OUTLOOK IN 2022 INCLUDES PRIVATE PORTFOLIO COMPANIES AND BOG GEORGIA CAPITAL 90-100 GEL MILLION IN 2022 GEL 55.6-65.6 MILLION DIVIDEND INCOME REMAINING IN 2H22 40 40

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