1Q20 Results Discussion

Liquidity management at Georgia Capital GEL 660 million Net debt | 31-Mar-2020 ► Georgia Capital issued inaugural US$ 300m international corporate bonds in March 2018 GEL millions Net debt overview | 31-Mar-2020 306 Cash and liquid funds 170 136 L Loans issued 966 GEL millions Liquid assets & Loans issued | 31-Mar-2020 136 GEL 306 million 170 Loans issued (44%) Cash & liquid funds (56%) GEORGIA CAPITAL 660 Portfolio over net debt Listed assets over net debt Gross debt Liquid assets & Loans Net debt issued 2.7x 1.0x Page 33

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