Investor Presentaiton

Portfolio overview | 31 December 2019 GEORGIA CAPITAL GEL thousands unless otherwise noted Ownership % Valuation Method Multiples Dec-19 Jun-19 Dec-18 Listed Portfolio Companies GHG 70.6% Public markets BOG 19.9% Public markets Private Portfolio Companies Late Stage Water Utility 100% Housing Development 100% P&C Insurance 100% EV/EBITDA LTM Discounted Cash Flows P/E (LTM) 8.8 9.0 8.8 9.0 9.1 7.4 Early Stage Renewable Energy 65%-100% At acquisition price Hospitality & Commercial RE 100% NAV¹ Dec-19 1,027,814 430,079 597,735 1,225,269 1,042,811 17.5% 692,746 681,973 1.6% 483,970 459,706 5.3% 43,853 164,923 439,477 106,800 245,558 Jun-19 change 1,194,712 -14.0% 661,413 -35.0% Fair Values Dec-18 Change 977,827 5.1% 520,332 -17.3% 533,299 12.1% 457,495 30.7% 905,547 35.3% 628,326 10.3% 431,017 12.3% Beverages 87% 87,119 Of which, wine Of which, beer Pipeline Education EV/EBITDA (LTM) EV/Sales (LTM) 10.0 9.9 9.1 72,042 60,858 -27.9% 161,409 2.2% 314,901 39.6% 62,737 70.2% 182,431 34.6% 69,733 24.9% 59,633 20.8% 66,785 -34.3% 130,524 26.4% 271,288 62.0% 61,182 74.6% 149,079 61,027 64.7% 42.8% 56,771 26.9% 2.2 2.1 2.2 15,077 10,100 49.3% 4,256 NMF 93,046 45,937 NMF 5,933 NMF Auto Service Digital Services Other Total Portfolio Value (1) NAV for the hospitality & commercial real estate business refers to IFRS 13 FV measurement methodology. 70%-90% 100% 60% At acquisition price EV/EBITDA At acquisition price At cost 56,350 11,209 NMF 7,071 NMF 10.4 10.1 25,757 24,363 5.7% (1,326) NMF 8,790 8,790 NMF NMF 2,149 1,575 36.4% 188 NMF 2,253,083 2,237,523 0.7% 1,883,374 19.6% Page 72

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