Georgia Capital - Financial Overview and Investment Opportunities

Glossary ● GCAP refers to the aggregation of stand-alone Georgia Capital PLC and stand-alone JSC Georgia Capital accounts Georgia Capital and "the Group" refer to Georgia Capital PLC and its portfolio companies as a whole ● NMF - Not meaningful NAV - net asset value GEORGIA CAPITAL EBITDA - Earnings before interest, taxes, non-recurring items, FX gain/losses and depreciation and amortization; The Group has presented these figures in this document because management uses EBITDA as a tool to measure the Group's operational performance and the profitability of its operations. The Company considers EBITDA to be an important indicator of its representative recurring operations ● ROIC - return on invested capital is calculated as EBITDA less depreciation, divided by aggregate amount of total equity and borrowed funds ● ● Loss ratio equals net insurance claims expense divided by net earned premiums Expense ratio equals sum of acquisition costs and operating expenses divided by net earned premiums Combined ratio equals sum of the loss ratio and the expense ratio ROAE - Return on average total equity (ROAE) equals profit for the period attributable to shareholders of P&C insurance business divided by monthly average equity attributable to shareholders of P&C business for the same period IRR for listed investments is calculated based on a) historical contributions to the listed investment less b) dividends received and c) market value of the investment at 30 June 2018 ROI for private investments is an annualised return on net investment (gross investments less capital returns) calculated at each investment level. Inputs into the ROI calculation are as follows: (i) the numerator is the annualised attributable income of the private portfolio company less allocated GCAP interest expense, and (ii) the denominator, is the net investment less allocated gross debt of GCAP ROAC is an annualised return on allocated capital as of 30 June 2018 and calculated at each private investment level. Inputs into the ROAC calculation are as follows: (i) the numerator is the annualised attributable income of the private portfolio company, less allocated GCAP interest expense, and (ii) the denominator is the management adjusted value, as included in the NAV statement, less allocated gross debt of GCAP Net investment - gross investments less capital returns Management adjusted value - Private portfolio companies are carried at their book values, which represents the sum of a) their respective IFRS stand- alone total shareholders' equities attributable to Georgia Capital, unless the Group has an arm's length sale transaction with portfolio company's equity. securities to an unrelated third-party; b) attributable IFRS goodwill and c) the carrying value of shareholder advances that represent preferred stock or mezzanine loan type investments in portfolio companies - Holding period – weighted average holding period (years) Page 35

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