1Q20 Results Discussion

Our portfolio at a glance Public portfolio GEL 660m¹ Private portfolio - GEL 1,140m¹ Late Stage - GEL 613m¹ GEORGIA CAPITAL Management platform Pipeline - GEL 26m1.3 GEORGIA HEALTHCARE GROUP Georgia Healthcare Group 70.6% GEL 295m² Valued: LSE BANK OF GEORGIA Bank of Georgia 19.9%4 GEL 365m² 100% Water Utility Housing Development 100% P&C Insurance 100% Auto Service GEL 40m GEL 141m Valued: DCF Valued: 7.7x P/E 90%-100%6 GEL 15m² Valued: 8.7x EV/EBITDA (PTI) At acquisition price (Amboli) GEL 432m Valued: 8.5x EV/EBITDA Early Stage - GEL 501m¹ t Renewable Energy 100% GEL 151m Valued: LSE Valued: at acquisition price Hospitality & Commercial RE 100% GEL 219m Valued: NAV 87% Beverages Education Digital Services Valued: 8.3x EV/EBITDA (wine); 2.2x EV/Sales (beer); 70%-90%5 GEL 56m² Valued: at acquisition price 60% GEL 9m² Valued: at acquisition price GEL 75m² 1. As of 31 March 2020. 3. Total pipeline portfolio includes other pipeline projects with GEL 2 million value. 2. GCAP share 4. As long as Georgia Capital's stake is greater than 9.9%, it will exercise its voting rights in accordance with the votes cast by all other shareholders on all shareholder votes at any general meeting. 5. Different ownership stakes across premium, mid-level and affordable school segments. 6. Auto Service - 90% ownership in Amboli and 100% in Periodic Technical Inspection business. GEORGIA CAPITAL Third-party managed capital Upcoming funds Targeting to raise c. US$ 200 million Page 11

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