Investor Presentaiton

Key portfolio highlights | 31 March 2018 GEL millions 788 503 GEL 2.1 billion Portfolio value | 31-Mar-2018 706 Estimated fair value of 19.9% equity holding LSE Market value adjustment Book value of equity GEL 418 million Liquid assets | 31-Mar-2018 Cash at bank of GEL 341 million Liquid assets of GEL 77 million 285 141 285 65 55 GHG BOG GGU m2 Teliani Aldagi Value creation Georgia Capital invested GEL 570 million in GGU, GHG, m², Aldagi and Teliani, translating into GEL 1,333 million portfolio value at 31 March 2018(1) Min. IRR of 25% 121% IRR from GHG IPO 75% IRR from m² Real Estate projects 1 Excluding BoG 2 Stated at book value 3 Georgia Capital on-lent funds from bond proceeds to the portfolio companies US$ millions GEL 240 million Net debt |31-Mar-2018 ► Georgia Capital issued inaugural US$ 300mln international corporate bonds in March 2018 GEORGIA CAPITAL Outstanding debt coverage 898 53 226 619 99 Listed investments ■Private investments On-lent funds' ■Net debt Portfolio over net debt Listed assets over net debt 9.0x 6.2x Page 9

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