Georgia Capital Portfolio Overview

1.Value creation Private portfolio valuation overview | 30 June 2019 Business Valuation method Fair value, GEL '000 Fair value, GEL '000 Multiple Multiple Change applied applied 30-Jun-19 31-Dec-18 30-Jun-19 31-Dec-18 Late stage portfolio Water Utility Housing Development P&C Insurance 681,973 628,326 8.5% EV/EBITDA (LTM') 459,706 431,017 6.7% 9.0 8.8 Discounted Cash Flow 60,858 66,785 -8.9% n/a n/a P/E (LTM¹) 161,409 130,524 23.7% 9.1 7.4 Early stage portfolio 314,901 271,288 16.1% Renewable Energy At cost or EV/EBITDA (LTM¹) 62,737 61,182 2.5% n/a n/a Hospitality & Commercial Real Estate NAV 182,431 149,079 22.4% n/a n/a Beverages - wine EV/EBITDA (LTM¹) 59,633 56,771 5.0% 9.9 9.1 Beverages - beer EV/Sales (LTM¹) 10,100 4,256 NMF 2.1 2.2 Pipeline Education 45,937 5,933 NMF At cost 11,209 7,071 58.5% n/a Auto Service PTI business at EV/EBITDA (NTM1)² 24,363 (1,326) NMF 10.1 Digital Services At cost 8,790 NMF n/a Other Total At cost 1,575 188 NMF n/a 加加加加 n/a n/a n/a n/a 1,042,811 905,547 15.2% (1) LTM refers to Last Twelve Months, NTM refers to Next Twelve Months. (2) In line with our valuation policy, Amboli, recently acquired auto service industry player, is stated at cost. GEORGIA CAPITAL Page 10

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