Investor Presentaiton

Liquidity management at Georgia Capital GEL 493 million Net debt | 31-Dec-2019 ► Georgia Capital issued inaugural US$ 300mln international corporate bonds in March 2018 Net debt overview | 31-Dec-2019 364 152 Liquid assets & Loans issued | 31-Dec-2019 GEL 364 million 212 Loans issued (42%) Cash & liquid funds (58%) GEORGIA CAPITAL GEL millions 212 Cash and liquid funds 152 Loans issued 857 493 Gross debt Liquid assets & Loans issued Net debt GEL millions GEL millions Portfolio over net debt 4.6x Listed assets over net debt 2.1x LTV Ratio below its 30% target 28%* * Net debt divided by portfolio value. Loans to portfolio companies are included in portfolio value instead of net debt. 212 Cumulative maturity gap 47 105 364 Cash Up to 6 months Up to 1 year Total liquidity 31 December 2019 Page 27

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