1Q20 Results Discussion

Net Asset Value evolution GEL millions, except per share information NAV per share GEL 44.32 GBP 13.05 Private 54% 906 Listed 58% 978 Change since 31-Dec-18 Change since 31-Dec-19 GEL 46.84 +5.7% GEL 30.18 -35.6% GBP 12.46 -4.5% GBP 7.41 -40.5% Private 70% 1,225 Private 100% 1,140 Listed 59% 1,028 Listed 58% 660 Net debt (197) -12% Net debt -28% (494) Net debt -58% (660) 31-Dec-181 (1) Components do not sum up, as NAV also includes net other assets/liabilities. 31-Dec-191 31-Mar-201 GEORGIA CAPITAL Page 80

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