Georgia Capital Portfolio Overview

Analysis of NAV movements | 1H19 GEORGIA CAPITAL Value creation across listed assets contributed 14.5% to NAV growth, while value creation in private assets contributed 6.0% GEL millions 1,688 Listed portfolio GEL 217 million Private portfolio GEL 138 million Change in net debt GEL 108 million 44 (59) 101 (8) (10) (10) 246 (29) (29) 3 1,938 NAV 31-Dec-18 Value creation Dividends received Value creation Dividends received Capital invested Buybacks Net capital allocations Cash operating expenses Liquidity management Other 1 NAV 30-Jun-19 (1) Liquidity management includes net interest income, foreign exchange losses and other immaterial movements. Page 8

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