Investment and Growth Strategy

NAV PER SHARE (GEL) MOVEMENT IN 1Q23 NAV PER SHARE (GEL) UP 3.3% IN 1Q23 ■ NAV per share (GBP) up 6.4% in 1Q23. ■ As of 5-May-23, NAV per share (GEL) up 7.6% and up 12.3% in GBP terms from 31- Dec-22, reflecting: (a) GCAP's share buybacks, (b) participation in BoG's buyback dividends and (c) movements in BoG's share price and FX. 65.56 In GBP: 20.12 GEORGIA CAPITAL +2.0% +0.7% +1.1% -0.4% -0.2% +3.3% +4.3% +7.6% 70.57 +6.4% 67.72 In GBP: 21.41 +5.9% NAV per share 31-Dec-22 Private portfolio Listed & obeservable Buybacks portfolio Operating expenses Liquidity manag. /FX/Other NAV per share Change 31-Mar-23 In GBP: 22.59 NAV per share 5-May-23 37

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