OPEX Ratio Alignment & Portfolio Valuation Overview

NAV PER SHARE (GEL) MOVEMENT IN 2Q22 NAV PER SHARE (GEL) UP 0.2% IN 2Q22 NAV per share (GBP) up 14.4% in 2022, reflecting a 14.2% appreciation of GEL against GBP ■ As of 11-Aug-22, NAV per share (GEL) up 4.6% and up 30.0% in GBP terms from 31- Mar-22, reflecting BoG's share price and FX movements 52.62 In GBP: 12.92 NAV per share 31-Mar-21 GEORGIA CAPITAL -4.9% +3.5% +0.8% +1.5% -0.4% -0.2% +0.2% +4.4% +4.6% PRIVATE PORTFOLIO +14.4% Operating performance Multiple and Listed & obeservable Buybacks FX change portfolio Operating expenses Liquidity manag. /FX/Other 52.71 In GBP: 14.78 +13.7% 55.02 In GBP: 16.80 NAV per share 30-Jun-22 Change in BoG's share price and FX NAV per share 11-Aug-22 33

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