OPEX Ratio Alignment & Portfolio Valuation Overview

DETAILED NAV PER SHARE (GEL) MOVEMENT IN 1H22 NAV PER SHARE (GEL) DOWN 16.4% IN 1H22 GEORGIA CAPITAL -5.6% 0.0% -4.4% 0.4% -7.0% 0.4% 3.0% -0.7% -2.5% -16.4% -9.6% 63.03 0.24 (3.53) (0.00) (2.75) In GBP: 15.10 NAV per share 31-Dec-21 Operating performance PRIVATE PORTFOLIO 1.90 0.29 52.71 (0.43) (4.43) (1.60) LISTED AND OBSERVABLE PORTFOLIO -2.1% 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 89

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