1Q20 Results Discussion

Managing investments Share ownership plan of management in portfolio companies Investment stage Sector Portfolio Company Development Focus Institutionalisation/ Independence Pipeline Early Acquisition/ Entrance Discovery Young Portfolio Companies Late Listed Target to exit Large Portfolio Companies Mature Portfolio Companies GEORGIA CAPITAL Possible completion of Exit Digital Services Auto Service Energy Education Renewable Hospitality & Beverages Commercial RE Housing P&C Development Insurance Water Utility Georgia Healthcare Group Bank of Georgia Group ➤ Hands-on management approach ➤ Discovery stage ➤ Rapid growth organically and through M&A Strategic guidance / advisory approach Focus on efficiency improvements ➤ Active investment stage ➤ Diversification of revenue streams Introduction of dividend discipline Low ➤ Sustainable shareholder value creation and dividend distributions High Page 18

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