OPEX Ratio Alignment & Portfolio Valuation Overview

DETAILED NAV PER SHARE (GEL) MOVEMENT IN 2Q22 NAV PER SHARE (GEL) UP 0.2% IN 2Q22 52.62 In GBP: 12.92 -4.9% 0.0% 3.0% 0.5% 0.2% 0.6% 1.5% -0.4% -0.2% 0.2% -1.4% (2.60) GEORGIA CAPITAL 0.78 1.59 0.27 0.11 0.30 52.71 (0.23) (0.11) PRIVATE PORTFOLIO LISTED AND OBSERVABLE +14.4% PORTFOLIO NAV per share 31-Mar-22 Operating performance Greenfields Multiple change FX change BOG Water Utility Buybacks Operating expenses Liquidity manag./ FX/ Other In GBP: 14.78 NAV per share 30-Jun-22 88

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