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Investor presentation 20 August 2020 Page 1 Forward looking statements Disclaimer This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals,

  1. COVID-19 update | Georgia Capital Our response to COVID-19 We implemented a cash accumulation and preservation strategy at the end of 1Q20 COVID-19 measures Progress in 2Q20 Limited capital allocations at GCAP level, only critical investments No capital allocations in 2Q20 throughout the remainder of 2020, if any Aggregated development capex of portfolio companies GEL 30.4mln down 71.8% y-o-y Minimising capital investments at each portfolio company level Aggregated operating expenses of portfolio companies GEL 63.5mln down 17.1% y-o-y Optimising Opex expenditures both at GCAP and at portfolio companies’ level GCAP liquidity remained high at Aggregated cash balances of portfolio Aggregated operating cash flow generation in portfolio companies companies as of 30 June 2020 30 June 2020 GEL 280mln GEL 87.7mln GEL 179.8mln GEL 282mln +57.7% y-o-y in 2Q20 +96.0% y-o-y in 1H20 (up from GEL 183mln at 31-Dec-19) Page 8

  2. COVID-19 update | Georgia Capital Rebound in revenues across all portfolio companies Rebound in revenues across all portfolio companies from April’s lows, resulting in 11% y-o-y aggregated revenue growth* in June +12.6% +15.5% +12.0% -16.7% -12.8% +11.0% +6.9% Change (y-o-y) 146 137 135 +48.0% 128 GEL millions 125 Jul vs. Apr 116 98 -27.1% Apr vs. Mar January February March April May June July * Aggregated like-for-like y-o-y growth numbers in portfolio companies with controlling stakes, including the revenues generated by Amboli, Alaverdi, schools, Hydrolea HPPs and Qartli wind farm before acquisition (acquired in 2H19). Page 9

  3. COVID-19 update | Georgia Capital Monthly performance analysis | impact of COVID-19 GHG | Consolidated revenue GHG | Healthcare Services revenue Change (y-o-y) Change (y-o-y) +6.0% +0.7% +4.7% -15.9% -43.7% -26.7% +1.2% +6.9% +15.7% +9.2% -19.4% -15.2% +5.1% +0.1% 28.4 28.5 28.1 27.5 30.0 95.0 89.3 28.0 25.1 GEL millions 85.3 90.0 84.5 GEL millions 84.6 26.0 80.4 85.0 21.4 24.0 22.0 80.0 20.0 69.8 75.0 16.0 18.0 70.0 63.7 16.0 65.0 14.0 12.0 60.0 January February March April May June July January February March April May June July GHG | Pharmacy and Distribution revenue GHG | Medical Insurance net profit* Change (y-o-y) Change (y-o-y) +115.8% -59.9% +72.1% Up 3.8x +123.9% -119.4% -45.1% +9.2% +25.6% +26.1% -9.6% -11.9% +11.8% +8.6% 70.0 63.8 3.0 65.0 GEL millions 2.5 GEL millions 60.0 55.5 55.7 55.5 2.0 1.4 51.8 55.0 1.5 46.4 50.0 45.6 0.6 1.0 0.4 0.3 0.4 0.0 45.0 0.5 (0.1) - 40.0 January February March April May June July January February March April May June July (0.5) *Excluding IFRS16. Page 10

  4. COVID-19 update | Georgia Capital Monthly performance analysis | impact of COVID- 19 (cont’d) Water Utility Electricity sales revenue Water supply revenue Change (y-o-y) Change (y-o-y) +9.1% +6.4% -13.7% -29.7% -24.8% -12.7% -5.5% +31.7% -130.1% -109.1% -6.1% -72.6% -80.4% -78.7% 12.5 13.0 11.2 11.1 12.0 1.0 1.2 10.0 11.0 9.6 GEL millions 0.7 GEL millions 1.0 0.7 8.9 10.0 0.6 0.8 9.0 7.6 0.6 0.3 8.0 0.4 7.0 0.2 (0.1) (0.2) 6.0 - (0.2) January February March April May June July January February March April May June July (0.4) Housing Development P&C Insurance gross premiums written Revenue Change (y-o-y) Change (y-o-y) +18.0% -2.7% -21.3% -36.3% +19.8% +40.5% +46.2% +60.6% +56.0% Up 2.2x +0.6% -8.0% +69.5% +43.0% 19.0 16.4 14.6 16.0 17.0 GEL millions 14.1 GEL millions 12.9 15.0 14.0 11.3 11.6 13.0 12.0 11.0 9.7 7.7 7.0 9.0 10.0 5.8 8.0 5.1 7.9 7.0 8.0 6.5 5.0 3.0 6.0 January February March April May June July January February March April May June July Page 11

  5. COVID-19 update | Georgia Capital Monthly performance analysis | impact of COVID- 19 (cont’d) Renewable Energy Revenue Average selling price per kw, US$* Change (y-o-y) Change (y-o-y) +19.2% +0.2% -1.4% -2.7% -0.7% +22.1% +27.2% +14.6% +6.8% -21.9% +23.3% +18.8% +69.6% +29.8% GEL millions 0.06 0.06 0.06 0.06 7.0 5.8 0.07 6.0 4.8 0.06 0.05 0.04 0.04 4.2 5.0 0.05 3.3 3.0 4.0 0.04 2.0 3.0 0.03 1.6 2.0 0.02 1.0 0.01 - - January February March April May June July January February March April May June July Education revenue** Change (y-o-y) +42.3% +33.8% +21.9% -4.6% +3.0% -5.5% 3.5 3.0 2.6 3.0 GEL millions 2.5 2.5 2.0 1.9 1.9 2.0 1.5 1.0 January February March April May June * Electricity sales are fully covered by long-term Power Purchase Agreements (PPAs) with Government during Sep-Apr. Page 12 ** July revenues figure is not meaningful given that schools are not operational in Jul-Aug due to holidays.

  6. COVID-19 update | Georgia Capital Monthly performance analysis | impact of COVID- 19 (cont’d) Beverages Beer revenue Wine revenue Change (y-o-y) Change (y-o-y) -40.9% -63.5% -11.7% -42.3% -35.5% +18.7% +32.7% +55.8% +10.7% +24.1% +11.1% +12.6% +8.8% +11.4% 5.0 8.0 6.9 4.5 6.2 GEL millions 3.6 GEL millions 7.0 3.5 4.0 6.0 3.5 2.8 4.8 2.5 2.4 3.0 5.0 2.1 2.5 1.8 3.2 4.0 2.0 2.8 2.2 1.5 3.0 2.0 1.0 2.0 0.5 - 1.0 January February March April May June July January February March April May June July Auto service PTI revenue Amboli revenue Change (y-o-y) Change (y-o-y) Up 5.4x +46.3% -14.6% -90.3% -68.8% -20.9% +24.5% Up 2.2x Up 2.8x +86.5% +28.4% Up 2.6x Up 5.9x Up 4.8x 1.7 2.0 2.2 2.5 GEL millions GEL millions 1.8 1.5 2.0 1.0 0.9 1.2 0.9 0.9 1.2 1.5 1.0 0.8 0.7 1.0 0.4 0.4 0.5 0.1 0.5 - - January February March April May June July January February March April May June July Page 13

  7. COVID-19 update | Georgia Capital Monthly performance analysis | impact of COVID- 19 (cont’d) Commercial Real Estate Cash inflows at commercial RE Cash collection rate 87.2% 99.6% 96.4% 95.3% 96.8% 97.2% 97.2% 400 350 318 296 US$ thousands 300 268 254 247 250 218 215 200 150 100 January February March April May June July Hospitality business: In light of the COVID-19 outbreak, operations at the existing two hotels were suspended since mid-March and both hotels are leased by the government for quarantine, while constructions of new hotels were put on hold Page 14

  8. COVID-19 update | Georgia Capital Strong operating cash flow generation across portfolio companies Portfolio company aggregated* operating cash flow generation up 96.0% y-o-y to GEL 179.8 million in 1H20 Late stage: +48% Early stage: +4.9x GEL 42.7 GEL 63.1 GEL (7.3) +96.0% GEL 28.0 179.8 +57.7% +63.1% -35.9% NMF -32.5% NMF NMF NMF NMF NMF NMF -93.2% -4.8% GEL millions GEL millions 90.0 92.1 91.7 87.7 55.2 55.6 44.7 28.7 24.5 17.7 14.7 9.9 4.9 4.5 2.4 1.8 1.2 0.3 - 0.1 (0.6) (0.1) (1.5) (1.4) 2Q19 1Q20 2Q20 1H19 1H20 (8.8) (16.7) GHG Water Utility Housing P&C Renewable Hospitality & Wine Beer Education Auto Service Other Development Insurance Energy Commercial RE 1H19 1H20 *Aggregated stand-alone IFRS operating cash flow and revenue of portfolio companies with controlling stakes: private businesses and GHG (GHG’s cash flow excl. IFRS 16). Page 15

  9. COVID-19 update | Georgia Capital COVID-19 impact Level of resilience across our portfolio High Medium Low Renewable Housing Hospitality Water Utility P&C Insurance Digital Services Energy Development Commercial GHG Education Beverages Auto Service Real Estate Having focused on financial discipline well before COVID-19, our portfolio companies entered this crisis well- prepared and remain well-positioned to emerge stronger from the outbreak. Page 16

  10. Content 1. COVID-19 update 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. Georgia Capital 1H20 results discussion and key developments 5. Portfolio overview 6. Georgian macro overview 7. Appendices Page 17

  11. CGEO:LN performance LSE premium listed, with more than 90% institutional shareholder base GCAP shareholders allocation by geography Number of outstanding shares as at 30-Jun-20 As of 18 August 2020 39,384,712 USA (2,650,375) Average daily 27.1% 37,811,929 31.6% 3,435,438 (2,357,846) trading volume – UK/Ireland GBP 0.8 million Luxembourg Market Capitalization – GBP 179 million Scandinavia Number of shares Shares cancelled Unawarded shares, Shares issued* Number of shares issued in May 2018 management trust outstanding Management* * In December 2019 GCAP issued 3.4 million new shares for acquisition of 13.6% equity stake in GHG 6.6% 22.0% other 4.5% GCAP top shareholders | 30-Jun-2020 8.2% Rank Shareholder name Ownership * Includes both vested and unvested awarded shares 1 M&G Investment Management Ltd 7.24% Historical GCAP share price 2 Schroder Investment Management Ltd 4.86% GBP 3 Norges Bank Investment Management 4.49% 14.0 4 Aberdeen Standard Investments 4.10% 12.0 5 Vanguard Group Inc 3.17% 10.0 8.0 6 Dunross & Co AB 2.91% 6.0 7 Consilium Investment Management LLC 2.75% 4.0 8 Van Eck Global 2.66% 2.0 9 Mason Hill Advisors LLC 2.56% - May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Dec-19 Feb-20 May-20 Aug-20 10 LGM Investments Ltd 2.42% Total 37.16% CGEO is included in MSCI Global Micro Cap index from 29-May-20 Page 18

  12. Our portfolio at a glance | 30 June 2020 Management platform Private portfolio – GEL 1,096mln Public portfolio – GEL 730mln Late Stage – GEL 607mln Pipeline - GEL 26mln 2 Georgia Housing P&C Water Utility Auto Service Healthcare Group Development Insurance 90%-100% 4 70.6% 5 100% 100% 100% GEL 336mln 1 GEL 439mln GEL 23mln GEL 145mln GEL 15mln 1 Valued: EV/EBITDA (PTI) Valued: LSE Valued: EV/EBITDA Valued: DCF Valued: P/E At acquisition price (Amboli) Early Stage – GEL 464mln Renewable Hospitality & Bank of Georgia Beverages Education Digital Services Energy Commercial RE 19.9% 100% 100% 87% 70%-90% 3 60% GEL 394mln 1 GEL 185mln GEL 138mln GEL 60mln 1 GEL 81mln 1 GEL 9mln 1 Valued: LSE Valued: Sum of the parts: Valued: NAV Valued: Valued: EV/EBITDA Valued: at acquisition price EV/EBITDA and acquisition EV/EBITDA (wine); price EV/Sales (beer); 1. GCAP share. 2. Total pipeline portfolio includes other pipeline projects with GEL 2 million value. 3. Different ownership stakes across premium, mid-level and affordable school segments. 4. Auto Service – 90% ownership in Amboli and 100% in Periodic Technical Inspection business. Page 19 5. GCAP’s holding in GHG increased to 97.4% on 16 July 2020 as part of the Offer.

  13. Portfolio highlights | 30 June 2020 Gross cash invested of GEL 1.3bln Net cash invested of GEL 452mln Portfolio fair value of GEL 1.8bln Listed Private late stage Private early stage Pipeline Original investment 252 129 215 93 10 144 197 162 56 14 9 MOIC 1 1.9 6.3 2.4 1.9 17.8 1.3 0.7 0.4 1.4 1.1 NMF 439 GEL millions 394 336 197 185 162 145 139 138 116 133 81 56 60 15 14 9 9 23 (292) (59) (26) GHG BoG Water Utility Housing P&C Insurance Renewable Hospitality & Beverages Education Auto Service Digital Services Development Energy Commercial RE Fair value LSE Market value at 30-Jun-20 Net cash investment (1) Multiple of Capital Invested is calculated as follows: i) the numerator is the cash and non-cash inflows from dividends and sell-downs plus fair value of investment at reporting date ii) the denominator is the gross investment amount. Page 20

  14. Solid track record Created three listed companies from Georgia, on the premium segment of the London Stock Exchange Acquisitions Capital raise Exit IRR Uniquely positioned given the access The Georgia Capital management team 121% IRR from GHG IPO to capital in a small frontier economy, has a track record of executing more where access to capital is limited: than 50 acquisitions in banking, 60%+ IRR from completed m 2 Real insurance, healthcare, utilities, c.US$ 500 million raised in equity Estate projects • education, renewable energy, retail, at LSE FMCG and other sectors (c. 40 Issued five Eurobonds totaling US$ • acquisitions were made under the 1.75 billion BGEO Group) US$ 3 billion+ raised from IFIs • (EBRD, IFC etc.) Total number of acquisitions executed Total amount of debt raised (US$) IRR from GHG IPO 121% 50+ 4.75bln+ Page 21

  15. Content 1. COVID-19 update 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. Georgia Capital 1H20 results discussion and key developments 5. Portfolio overview 6. Georgian macro overview 7. Appendices Page 22

  16. Georgia Capital – Your ground floor investment opportunity Capitalizing on fast-growing economy with strong governance, management and access to capital Access to capital Access to management Three fundamental enablers Strong corporate governance Page 23

  17. Strong corporate governance How we run Georgia Capital Strong board, composed solely of independent directors with extensive international experience Approximately 40 employees at the management company level Highly experienced management team in each portfolio company with a strong measure of independence Solid corporate governance and oversight Page 24

  18. Strong corporate governance Aligned shareholder and management interests by share compensation Platform costs - targeted at maximum c.2% of MCAP Key things to know Cash preservation is a key target for GCAP: two thirds of total 1 operating expenses are related to share-based compensation. 33% c. 1% of executives compensation is in fixed shares; with another 1% 2 67% being fully discretionary, subject to achieving KPIs. GCAP’s management’s compensation is paid in long -vested (6-year) 3 shares only, with no cash component. cash non-cash Page 25

  19. Managing investments Share ownership plan of management in portfolio companies Investment stage Pipeline Early Late Listed Possible Acquisition/ Target to completion Entrance exit of Exit Discovery Young Portfolio Large Portfolio Mature Portfolio Companies Companies Companies Sector Digital Auto Education Renewable Hospitality & Beverages Housing P&C Water Georgia Healthcare Bank of Services Service Energy Commercial Development Insurance Utility Group Georgia Group RE ➢ Hands-on management approach ➢ Strategic guidance / advisory approach ➢ Discovery stage ➢ Sustainable shareholder value ➢ Rapid growth organically and through M&A ➢ Focus on efficiency improvements Portfolio Company creation and dividend distributions ➢ Active investment stage ➢ Diversification of revenue streams Development Focus ➢ Introduction of dividend discipline Institutionalisation/ High Low Independence Page 26

  20. Our investment philosophy We will pick well, we will manage very well and sell extremely well Cash generation at both GCAP and portfolio company level is a key success factor 2 nd exit 1 st exit: cash-out Trade sale, IPO, Fund ▪ Cash inflows through leveraging up and/or ▪ Entry dividend payouts Using scale to access to debt capital markets point ▪ Low acquisition multiples ▪ 360-degree analysis ▪ Exit options set prior to making investment ▪ Entering a new industry with a small ticket size ▪ Page 27

  21. Capital allocations 360-degree analysis – a strong foundation for value creation Buying assets at attractive prices is a key part of our investment philosophy Targeting to buy assets at a higher discount to their Discounts at 30 June 2020 listed peers than GCAP’s fair value discount New opportunities ? Target peer GCAP fair multiple value 360 o analysis BoG GHG 45% ? ? discount Sale opportunity Market value of our listed portfolio companies Page 28

  22. Capital allocations Buybacks US$45 million share buyback programme, commenced in Jun-18, was completed in Aug-19 US$ 45 million 3,336,843 GBP 10.45 Programme amount Shares bought back Average price of shares bought back From 1 August 2019 through 20 August 2020, we repurchased CGEO shares of up to US$ 20 million for the management trust Page 29

  23. Capital allocations Clear exit paths Fund Trade sale IPO Promote x x x Water Utility x P&C Insurance x x Housing Development x x x Renewable Energy x x Hospitality & Commercial x x Beverages x x Education x Auto Service x Digital services Exit options are set prior to making an investment decision Page 30

  24. Capital allocations How we evaluate investment performance ROIC, MOIC and IRR combination is the key decision making matrix ROIC for financing projects and reinvestment MOIC and IRR at GCAP level at portfolio companies’ level Money multiples. We want to know achievable money multiples ROIC. We measure our expected return on the total invested capital at with all acquisitions and analyze them in combination with the each portfolio company level. expected IRR. Different yields will be appropriate for different MOIC and IRR combination. Targeting to have a combination industries, US$ dollar and Lari businesses of high MOIC and high IRR. Realised and unrealised MOICs are equally important for us. Page 31

  25. Content 1. COVID-19 update 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. Georgia Capital 1H20 results discussion and key developments 5. Portfolio overview 6. Georgian macro overview 7. Appendices Page 32

  26. NAV Statement | 1H20 2b. 2c. 3. Operating 4. Liquidity GEL ‘000, unless otherwise noted Dec-19 1. Value creation 2a. Investments Jun-20 Change % Buybacks Dividends expenses mgmt./FX/Other Listed Portfolio Companies GHG 1 430,079 (94,412) - - - - - 335,667 -22.0% BoG 1 597,735 (203,333) - - - - - 394,402 -34.0% Total Listed Portfolio Value 1,027,814 (297,745) - - - - - 730,069 -29.0% Listed Portfolio value change % -29.0% - - - - - -29.0% Private Portfolio Companies Late Stage 692,746 (87,574) - - - - 1,739 606,911 -12.4% Water Utility 483,970 (46,064) - - - - 1,083 438,989 -9.8% Housing Development 43,853 (21,958) - - - - 656 22,551 -48.6% P&C Insurance 164,923 (19,552) - - - - - 145,371 -11.9% Early Stage 495,827 (80,924) 50,553 - (4,927) - 3,310 463,839 -6.5% Renewable Energy 106,800 37,647 44,350 - (4,927) - 847 184,717 73.0% Hospitality & Commercial RE 245,558 (110,827) 1,136 - - - 2,463 138,330 -43.7% Beverages 87,119 (32,091) 5,035 - - - - 60,063 -31.1% Education 56,350 24,347 32 - - - - 80,729 43.3% Pipeline 36,696 (16,493) 5,436 - - - - 25,639 -30.1% Auto Service 25,757 (14,908) 4,200 - - - - 15,049 -41.6% Digital Services 8,790 - - - - - - 8,790 0.0% Other 2,149 (1,585) 1,236 - - - - 1,800 -16.2% Total Private Portfolio Value 1,225,269 (184,991) 55,989 - (4,927) - 5,049 1,096,389 -10.5% Private Portfolio value change % -15.1% 4.6% - -0.4% - - -10.5% Total Portfolio Value (1) 2,253,083 (482,736) 55,989 - (4,927) - 5,049 1,826,458 -18.9% Total Portfolio value change % -21.4% 2.5% - -0.2% - - -18.9% Net Debt (2) (493,565) - (56,674) (5,746) 4,927 (8,312) (73,180) (632,550) 28.2% of which, Cash and liquid funds 211,889 - (56,674) (5,746) 4,927 (8,312) 646 146,730 -30.8% of which, Loans issued 151,884 - - - - - (18,543) 133,341 -12.2% of which, Gross Debt (857,338) - - - - - (55,283) (912,621) 6.4% Net other assets/ (liabilities) (3) (5,650) - 685 (287) - (6,268) 15,115 3,595 -163.6% of which, share-based comp. - - - - - (6,268) 6,268 - 0.0% Net Asset Value (1)+(2)+(3) 1,753,868 (482,736) - (6,033) - (14,580) (53,016) 1,197,503 -31.7% NAV change % -27.5% - -0.3% - -0.8% -3.0% -31.7% Shares outstanding 37,441,971 - - 222,956.0 - - 147,002.0 37,811,929 1.0% Net Asset Value per share 46.84 (12.9) - (0.4) (0.4) (1.5) 31.7 -32.4% NAV per share change % -27.5% - -0.9% - -0.8% -3.1% -32.4% Page 33 (1) Number of shares owned in GHG and BoG were 93,011,414 and 9,784,716 as of 30-Jun-20, respectively.

  27. Value creation in 1H20 Operating Multiple Change Portfolio Businesses Greenfields Value Creation Performance and FX GEL thousands (1) (2) (3) (1)+(2)+(3) Listed (297,745) GHG (94,412) BoG (203,333) Private (268,932) 55,482 28,459 (184,991) Late Stage (156,187) - 68,613 (87,574) Water Utility (130,175) - 84,111 (46,064) Housing Development (24,784) - 2,826 (21,958) P&C Insurance (1,228) - (18,324) (19,552) Early Stage (105,017) 57,067 (32,974) (80,924) Renewable Energy 4,927 32,720 - 37,647 Hospitality & Commercial Real Estate (101,625) - (9,202) (110,827) Beverages (8,319) - (23,772) (32,091) Education - 24,347 - 24,347 Pipeline (7,728) (1,585) (7,180) (16,493) Auto Service (7,728) - (7,180) (14,908) Other - (1,585) - (1,585) Total Portfolio (482,736) (268,932) 55,482 28,459 Page 34

  28. Capital allocations in 1H20 1Q20 2Q20 Investments highlights GEL millions Investments Buybacks Dividends Investments Buybacks Dividends Total Renewable Energy: ➢ BOG - - - - - - - Listed portfolio o GEL 38.7mln for RP Global buyout (34.4% minority) GHG - - - - - - - o GEL 5.6mln for the development of under-construction Water Utility - - - - - - - Zoti HPP Private late Housing Development - - - - - - - stage portfolio Auto Service: GEL 4.2mln mainly for the buyout of 10% ➢ P&C Insurance - - - - - - - ownership in Amboli, increasing GCAP’s ownership to 90% Renewable Energy 44.4 (4.9) - - - 39.5 - Beer business: GEL 5mln working capital financing ➢ Hospitality & Commercial RE 1.1 - - - - 1.1 Private early - stage portfolio Beverages 5.0 - - - - 5.0 Dividends - Education - - - - - 0.0 - Renewable Energy: GEL 5mln dividend payment ➢ Auto Service 4.2 - - - - 4.2 - Pipeline Digital Services - - - - - - - portfolio Other 1.1 - 0.2 - - 1.3 - Our liquidity remained high at Buybacks GCAP - 5.7 - - 0.3 - 6.0 GEL 280 million at 30 June 2020 Total 56 5.7 (4.9) 0.2 0.3 - 57 Page 35

  29. NAV per share developments in 1H20 NAV per share down 32.4% in 1H20 reflecting negative impact of COVID-19 NAV per share -21.0% -7.8% -1.0% -0.5% -5.4% +6.2% -4.3% -0.6% +3.6% +4.9% -35.6% change % GEL 46.84 (9.82) (3.65) (0.46) (0.21) (2.52) 1.86 (1.28) 1.08 (0.17) GEL 31.67 GEL 30.18 NAV per share Value creation on Value creation in Buybacks Operating Liquidity NAV per share Value creation on Value creation in Operating Liquidity NAV per share 31-Dec-19 listed assets private portfolio expenses management & FX 31-Mar-20 listed assets private portfolio expenses management & FX 30-Jun-20 & Other & Other Page 36

  30. Liquidity management at Georgia Capital GEL 633 million Liquid assets & Loans issued | 30 June 2020 Net debt | 30-Jun-2020 Georgia Capital issued inaugural US$ 300m international corporate bonds in March 2018 ► Loans issued (48%) GEL millions Net debt overview | 30 June 2020 Cash & liquid funds (52%) GEL 280 280 133 147 million 147 Cash and liquid funds GEL millions 133 Loans issued 913 633 Portfolio over Listed assets over net debt net debt Gross debt Liquid assets & Loans Net debt issued 2.9x 1.2x Page 37

  31. Portfolio performance highlights | 1H20 Listed portfolio Private late stage Pipeline GHG Water Utility Housing Development P&C Insurance Auto Service -18.5% +0.3% +44.6% 75 80 550 472 473 -35.9% 20 -26.7% 61 70 16 57 -4.5% 450 60 GEL millions GEL millions GEL millions 15 45 50 40 350 39 36 35 -32.5% -16.3% +63.1% 40 30 29 -1.8% 10 250 25 +10.9% 30 5 15 90 150 75 63 20 10 55 8 5 8 4 0.6 0.7 (0.1) (1.4) 10 50 (2) (17) - - -50 Revenue EBITDA Operating Revenue EBITDA Operating (10) Revenue EBITDA Operating Revenue EBITDA Operating Earned Net income Operating cash flow (5) cash flow (20) cash flow cash flow premiums, cash flow 1H19 1H20 1H19 1H20 net 1H19 1H20 Private early stage Renewable Energy Hospitality & Commercial RE Wine Beer Education* +15.7% -12.6% 25 21 +14.1% 19 18 18 20 17 15 +25.1% 14 14 GEL millions 12 -23.2% 15 +8.8% 10 Up 2.5x 9 -57.9% 10 7 6 5 5 4 5 3 2 2 (0.6) 5 2 1.5 1 (6) (9) 0.3 - (118) (2) - (5) Revenue EBITDA Operating Revenue Net Operating Revenue EBITDA Operating Revenue EBITDA Operating Revenue EBITDA Operating Net cash flow operating cash flow cash flow cash flow cash flow operating (10) 1H19 1H20 income income * Like for like figures for education business. Page 38

  32. GGU issued US$ 250 million green bonds First-ever Green Bonds from Georgia ➢ Considerable interest from investors, demonstrating our superior access to capital even during the current challenging times. ➢ The issuance of the bonds significantly improves the financial flexibility of GGU and enhances its liquidity profile, contributing to the healthy growth of the business. Issuance details Allocation by geography Notes: US$ 250 million, 5NC2, 7.75% Green Bonds USA (6%) Listing: Irish Stock Exchange Asia Notes rating: B+ (Stable) by Fitch / B (Positive) by S&P (14%) Sole bookrunner, Green structuring agent, J.P. Morgan Continental Europe Development finance Georgia (53%) structuring agent: (14%) Co-manager: TBC Capital Sustainalytics, a leading provider of environmental, social and governance (ESG) Second party opinion provider: UK research and analysis, for its Green Bond Framework (13%) Demand: Book was oversubscribed c. 1.5x (order of up to US$ 380m) Call option: Bonds can be called after 2 years at 103.875% Page 39

  33. Recommended final share exchange offer for GHG shareholders Final share exchange offer for GHG shareholders was completed and our holding in GHG will reach 100% on 28 August 2020 ➢ Further strengthening GCAP private portfolio with three strong overarching free cash flow generative businesses, being Healthcare Services, Pharmacy and Distribution, and Medical Insurance. ➢ We expect to value each of these three businesses separately in the next quarters, with the valuation to be performed by an external worldwide recognized valuation firm. ➢ By taking GHG private, the share of listed assets in our portfolio decreases to c. 20%, which is in line with our strategic priority announced at the investor day last year. Transaction milestones 3 July 16 July 28 August 11 June 15 April 19 May GCAP General meeting Close of Offer; GCAP holding in GHG Circular, Prospectus and non-binding Binding offer Squeeze out approved the transaction and will reach 100% Offer Document posted offer announced announced issue of 6.1m CGEO shares. threshold reached 15-Apr-20 May-20 Jun-20 Jul-20 Aug-20 Now 2 July 7 July 5 August Day 21 – First Admission of 6.1m GHG delisting closing date GCAP shares effective Page 40

  34. GHG agreed terms to sell HTMC hospital ➢ Divestment of one of the lowest return generating hospital, improving GHG’s ROIC and leverage profile Transaction overview US$ 12mln On 19 August 2020, GHG’s signed a Sales and Purchase Agreement (“SPA”) to sell a 40% equity interest in High Technology ➢ Medical Centre University Clinic (“HTMC”), subject to regulatory approvals. Total cash consideration Due to the HTMC’s current shareholding structure (GHG owns 50%, while the other 50% is held by an individual shareholder ➢ 40% and current CEO of the hospital) GHG has had less control on the Hospital’s operations. The remaining 10% interest is also intended to be disposed in the coming months. ➢ Equity stake to be sold in HTMC, The buyer, Tbilisi State Medical University, intends to use HTMC as teaching platform. subject to regulatory approvals ➢ HTMC, had 13.0% and 9.8% share in the total healthcare services business’ assets and EBITDA, respectively, in 2019. ➢ Transaction rationale In line with GHG’s strategy to dispose low return generating assets - the transaction materially improves the healthcare services ➢ business ROIC - on a pro-forma basis, increasing FY19 ROIC by 90bps. Improving leverage profile - the total cash consideration of US$ 12mln (GEL 36.8mln) will be used to reduce net debt position and ➢ improve leverage ratio: the cost of GEL-denominated debt at c. 11.5% vs. HTMC ROIC of 3.4%. o Page 41

  35. Content 1. COVID-19 update 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. Georgia Capital 1H20 results discussion and key developments 5. Portfolio overview 6. Georgian macro overview 7. Appendices Page 42

  36. Listed portfolio Georgian healthcare market overview Growth in Healthcare Services Market Expected to Continue State healthcare budget is increasing for the last several years Double digit growth on the back of favorable dynamics expected State healthcare spending dynamics CAGR 2,100 The country’s expenditure on healthcare ▪ 15% ‘20 - ’21 – c.8% of GDP; 6,000 10% 13% 10% 9% 9% 9% 4,765 9% C.40% of the total healthcare expenditure ▪ 11% 4,397 5,000 1,400 is financed by the State; 4,062 3,760 10% 9% 968 GEL millions GEL millions 3,488 802 4,000 884 3,218 Government expenditure on healthcare 3,062 ▪ 806 7% 734 as a % of GDP reached c.3% from 1.6% in 669 2,464 829 3,000 607 1,722 700 760 5% 681 7% 710 2,034 696 1,611 2013; 574 1,504 1,716 1,404 1,552 543 1,311 3% 1,217 725 2,000 438 1,092 Government spending on healthcare ▪ 343 908 343 349 1% 305 305 329 281 9% accounts for c.9% of the total budget; 782 714 2,075 1,000 1,903 - 675 1,752 1,622 1,395 1,508 -1% 1,273 1,013 814 659 2015 2016 2017 2018 2019 2020 In 2020 increase in Other State 573 B ▪ - Healthcare Spending is due to the State Healthcare Spending - UHC 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020F 2021F evolved COVID-19 pandemic. State Healthcare Spending - Other Pharma Hospitals Polyclinics Source: Frost & Sullivan analysis 2017 Healthcare spending as a % of total state spending Hospitals market includes revenue of c.10% from specialty beds, which is non-addressable market for GHG Polyclinics market excludes dental and aesthetic services Source: Ministry of Finance of Georgia Long-term, high growth prospects Outpatient visits per capita, 2014-2016 Bed occupancy rate by country, 2014 – 2016 Per capita expenditures on healthcare by country, 2014 – 2018 14.0 88% 88% 9,403 12.0 10.0 90.0% 10,000 8.4 10.0 80.0% 3,935 70% 7.4 68% 68% 6,000 65% 65% 7.02 EU average 8.0 70.0% 2,000 US UK UAE Poland Russia South Africa Turkey Malaysia Georgia Thailand India 1,500 53% US$ 4.4 6.0 4.1 60.0% 4.0 910 3.9 50% 893 49% 3.2 1,000 2.5 570 568 4.0 50.0% 456 308 228 2.0 500 40.0% 75 - 30.0% - South Thailand Georgia US UAE Malaysia Poland Turkey Russia UK Russia Thailand Turkey Malaysia South US Georgia UAE Poland Africa Africa Source: Frost & Sullivan analysis 2017 Page 43

  37. Listed portfolio GHG at a glance A well diversified business model with cost and synergy advantages Extensive geographic coverage - diversified healthcare services and pharmacy network covering 3/4 of Georgia’s population Healthcare services Pharmacy and Medical insurance distribution Clinics Diagnostics Hospitals 18 1 19 15 299 c.175,000 Referral Hospitals Community Clinics Polyclinics Mega Lab Pharmacies Individuals insured General and specialty hospitals Outpatient and basic inpatient Outpatient diagnostic and Full range of diagnostics services, Wholesaler and urban-retailer, with Range of private insurance products offering outpatient and inpatient services in regional towns and treatment services in Tbilisi and including basic and complex a countrywide distribution network purchased by individuals and services in Tbilisi and major municipalities major regional cities laboratory tests employers regional cities 23% by beds 1 (total 3,320 beds) Market share c.3% by revenue N/A c.32% by revenue 2 c.28% by revenue 3 1H20 GEL 22.5 million | GEL 3.6 million | GEL (0.1) million | GEL 33.6 million | GEL 3.0 million | EBITDA | 17.7% margin 16.8% margin -3.5% margin 10.5% margin 8.8% margin EBITDA margin 4 1H20 EBITDA 4 breakdown | GEL 63 million 1H20 operating cash flow 4 breakdown | GEL 90 million 1H20 revenue breakdown | GEL 475 million Note 1: NCDC 2018, updated by GHG to include the changes before 30 June 2020; excluding specialty beds Note 3: Market share as of 31 March 2020 Page 44 Note 2: Total market size 2018 – Frost & Sullivan analysis, revenue distribution between competitors represents managements estimates Note 4: Excluding IFRS 16 effect

  38. Listed portfolio GHG’s track record of delivering strong results Revenue EBITDA 1 Operating cash flow 1 EBITDA to cash conversion ratio 1 : 81% 54% 54% 75% 81% 77% 178% 74% 144% 500 1,200 963.1 500 1,000 849.9 400 747.8 +0.3% 400 800 GEL millions 300 -9.8% 300 472.9 474.5 -16.3% 600 +63.1% 426.4 +61.8% -29.6% 154.2 200 132.3 200 400 246.0 108.1 125.2 237.7 214.5 78.0 99.6 74.8 90.0 62.6 56.1 100 58.2 55.2 37.4 45.4 46.8 200 26.3 100 42.4 28.9 0 0 0 2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 CAPEX ROIC Pursuing value creation and making and delivering strong Peak Capex stage operational performance Start of the Capex Phase out from Capex programme 140 programme 12.7% 15% 12.2% 111.0 12.2% 120 11.0% 10.8% 9.8% GEL millions 9.6% 9.4 89.3 100 7.7% 10% 71.2 9.6 80 63.7 7.2 16.2 101.6 60 11.1 40.6 42.0 5% 79.7 64.0 6.5 40 4.2 52.6 13.0 36.5 10.7 29.0 4.2 20 0% 2014 2015 2016 2017 2018 2019 2Q20 1H20 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 Development Capex Maintenance Capex Page 45 Note 1: Excluding IFRS16 impact

  39. Listed portfolio Healthcare services business overview The largest healthcare service provider in Georgia: more than 23% market Businesses major growth drivers share by number of referral hospitals and community clinics beds – 3,320 Referral hospitals Clinics & Polyclinics Diagnostics › Organic growth of matured › Increase number of › Building an effective Market share by number of beds 1 hospitals in line with the market registered customers logistics system for Group’s healthcare facilities 21% GHG Hospitals 2,967 › › Growth in launched two flagship Increasing Group referrals hospitals › Develop retail network 3% GHG Clinics 353 › Adding new services, such as › › Supporting growth pillars, such as dental and aesthetic Attracting B2B clients 5% Aversi 714 medical tourism and clinical trials › Digitalisation › Digital Channels Vienna Insurance 4% 615 › Forming joint ventures in Group synergetic businesses Ghudushauri- 3% 485 Chachava › Digitalisation 1% Inova 209 1% PSP 145 62% Other 9,097 Medium to long-term targets 1H20 Revenue breakdown by segments 1H20 Revenue breakdown by payment sources Double digit revenue CAGR in Hospitals and Clinics (20%+at Clinics) ▪ Gradually improving EBITDA margin ▪ 28-30% at Hospitals ▪ 25% at Clinics ▪ In clinics segment revenue from out of pocket payments represents 45% of total Page 46 Note 1: NCDC 2018, updated by GHG to include the changes before 30 June 2020; excluding specialty beds

  40. Listed portfolio Healthcare services business overview (cont’d) Hospitals Clinics 18 Bed occupancy rate 19 15 Number of referral Average Number of community clinics Number of polyclinics 5.6 5.2 5.4 5.4 5.4 5.8 5.4 4.9 5.5 hospitals length of stay 2,967 -9.0ppts -16.3ppts 80% 353 203,000 Number of hospital beds 63.0% 61.6% 60.9% 59.3% 59.6% 57.1% 54.7% 51.9% 60% KGEL 85.4 Number of community clinics Number of registered patients 43.3% beds In Tbilisi 40% Revenue per bed, annualised 20% 2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 1H20 Cash flow Revenue* EBITDA 1 highlights Gross profit margin (%) EBITDA margin (%) GEL 53.6mln 46% 42% 42% 42% 42% 37% 42% 38% 43% 27% 30% 26% 25% 25% 24% 14% 25% 17% +153.4% y-o-y Operating cash flow 1 -13.3% 335.5 305.6 350 5.1 300 206.9% -23.3% 2.9 44.4 GEL millions 171.1 265.4 38.3 148.4 246.1 2.3 250 200 3.4 +156.6ppts y-o-y -38.4% 22.0 -56.9% 195.0 85.3 21.5 EBITDA to cash conversion 1 65.5 83.7 291.2 1.1 74.3 76.0 268.3 70.1 150 100 53.5 10.9 1.8 149.0 42.1 GEL 33.3mln 126.7 25.9 9.3 20.8 9.0 74.2 55.9 50 0 +223.4% y-o-y 2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 Free cash flow 1 Hospitals Clinics Diagnostics *Sum of segments revenue does not reconcile to total revenue due to eliminations Note 1: Excluding IFRS16 impact Page 47

  41. Listed portfolio Pharmacy and distribution business overview Country’s largest retailer in terms of both, revenue and number of bills issued Businesses major growth drivers Market share by revenue, 2018 1 › Expending retail footprint › Enhancing retail margin (private label products) GHG in 32% 519 › New retail categories such as lab service and beauty pharma › Growing wholesale revenue (such as hospital supplies) PSP 460 28% › Digital channels 305 Aversi 19% Other 338 21% Medium to long-term targets Double digit revenue CAGR ▪ Operates under two pharmacy brands , each with a distinct positioning: › GPC for the high-end customer segment 9%+ EBITDA margin ▪ › Pharmadepot for the mass retail segment 299 299 Pharmacies countrywide 199 115 112 51 40 32 88 100 64 37 23 24 3 9 Shopping Areas Clinic Residential area High street Total GPC Pharmadepot Note 1: Total market size 2018 – Frost & Sullivan analysis, revenue distribution between competitors represents managements estimates Page 48

  42. Listed portfolio Pharmacy and distribution business overview (cont’d) Margin enhancement and strong growth in Performance track record para-pharmacy sales Strong sales in para-pharmacy products of Revenue Average bill size & Number of bills issued ▪ GEL 81.6 million in 1H20 (up 21.1% y-o-y), Gross profit margin (%) Number of bills issued, millions with 33.5% gross profit margin. 25.3 27.1 28.8 14.2 13.4 24.5% 25.5% 25.5% 26.7% 25.2% 26.3% 24.1% Para-pharmacy sales have the strongest ▪ Same store growth (%) margins and the share of para-pharmacy NMF 9% 9% 6% 6% 800 sales in retail revenue reached 34.0% in 614.7 +8.0% GEL millions 518.6 1H20 (30.3% in 1H19). 600 450.3 -3.7% 176.9 134.5 318.8 400 295.2 113.9 16.5 GEL 14.3 13.8 82.9 13.3 13.4 149.4 143.8 85.5 437.8 200 384.1 336.4 Cash flow highlights 43.4 36.6 235.9 209.7 106.0 107.2 0 2017 2018 2019 2Q19 2Q20 1H19 1H20 GEL 33.4mln Retail Distribution 2017 2018 2019 1H19 1H20 +8.0% y-o-y Number of pharmacies Operating cash flow 1 255 270 296 279 299 279 299 99.3% EBITDA 1 Customer interactions per month -0.6 ppts y-o-y Operating leverage 1 (%) EBITDA to cash conversion 1 c.0.8mln NMF 7.8% 4.1% 8.9% -6.6% 4.9% -2.8% GEL 33.0 mln EBITDA margin1 (%) Loyal customers 8.6% 10.6% 10.3% 10.5% 10.5% +7.5% y-o-y 10.1% 10.5% Free cash flow 1 20 150 GEL millions 55 days +8.8% Millions -2.0% 100 65.3 10 52.2 -9.4% y-o-y 38.9 30.9 33.6 50 2.4 2.4 2.1 2.3 2.2 Working capital cycle (days) 15.3 15.0 0 0 Note 1: Excluding IFRS16 impact 2017 2018 2019 1H19 1H20 2017 2018 2019 2Q19 2Q20 1H19 1H20 Page 49

  43. Listed portfolio Medical insurance business overview Largest medical insurer in the country with 27.8% 1 market share Offering a variety of medical Businesses major growth drivers insurance products, with a wide distribution network to the Georgian population ▪ Growing the number of insured clients Market share by gross premium revenue 1 ▪ Enhancing gross profit through the introduction of “fee business” (such as motor Casco distribution, motor Third Party Liability distribution) c.175,000 GHG in medical ▪ Increasing retention rates within the Group 16 27% insurance Vienna Insurance Number of insured clients 19 32% Group Ardi 8 13% Medium to long-term targets 4 PSP 6% Increase contribution to the Group segments ▪ IC Group 2 4% Combined ratio <97% ▪ Aversi 1 2% Other 10 16% Note 1: ISSSG as of 31 March 2020 Page 50

  44. Listed portfolio Medical insurance business overview (cont’d) Performance track record Number of Insured & Renewal rate Revenue (Net insurance premiums earned) Retention rate within the Group (%) 19.2% 23.3% 34.7% 39.4% 42.5% 41.1% 43.4% 77.5% 77.5% 76.9% 75.1% 73.4% 90 71.3% 75.4 69.7% 400 -5.0% 80.0% 61.5 GEL millions 58.6 Thousands 55.1 70.0% 53.7 -12.6% 300 234 236 60 229 60.0% 211 175 36.4 50.0% 34.6 157 155 200 40.0% 30 18.9 16.5 30.0% 100 20.0% 10.0% 0 0 0.0% 2015 2016 2017 2018 2019 1H19 1H20 2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 Number of Insured, thousends Renewal Rate Combined ratio 1 Net Profit 1 -3.7ppts -7.1ppts 150.0% 6 +89.0% 4.5 +77.9% 104.7% 102.5% 4 96.7% 96.1% 2.9 94.0% 94.1% 94.5% 92.4% 2.7 87.4% 1.9 100.0% 1.8 1.5 2 1.0 GEL millions 84.1% 84.2% 78.7% 77.3% 73.4% 81.4% 82.6% 66.4% 83.9% 0 50.0% 2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 -2 20.6% 21.0% 18.0% 18.3% 16.8% 19.0% 12.7% 11.9% 12.3% (2.6) 0.0% -4 2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20 -6 (4.9) Expense Ratio, without IFRS 16 (%) Loss Ratio, (%) Page 51 Note 1: Excluding IFRS16 impact

  45. Listed portfolio Digital transformation Taking healthcare beyond buildings Successful implementation of almost all elements of the Healthcare Information System (“HIS”) in all its healthcare facilities across the country: Picture Archiving and Laboratory Information Electronic Medical Records Inpatient Medical Ordering Communication System Management System (“EMR”), System and EMR (“PACS”) (“LIMS”) By full implementation of outpatient Hospitals business successfully All Tbilisi-based hospitals and polyclinics, “BioLab” LIMS has been fully integrated EMR, Clinics business has successfully implemented electronic ordering in all both inpatient and outpatient, were with our inpatient and outpatient EMR, removed 100% of papers in all its 15 its 18 facilities, eliminating significant successfully connected, integrating more ensuring fast and high-quality cooperation polyclinics and 19 community clinics in paperwork in inpatient departments. than 100 pieces of radiology equipment. between healthcare facilities and the the country. laboratory. The full EMR is almost up and running in almost all our hospitals. Core benefits seen from successful implementation of HIS Increase in the outpatient (c.40%) Reduction of the cost › › and inpatient business (penalties and charges) throughput related to clinical and regulatory risks Elimination of human errors and › elimination of the loss of medical Daily financial and operating › data or medical documents reports introduced in both inpatient and outpatient Real-time record of the results of businesses › Increased level of cooperation clinical and administrative work among doctors and clinics in the Development and effective › entire network, and a significant Reduction of the time required implementation of clinical › overall improvement of the for a comprehensive clinical quality control functions in healthcare services quality review each and every hospital Page 52

  46. Listed portfolio A fully integrated digital healthcare platform EKIMO – Health at your hand 51,269 Registered users Innovative, independent and fully integrated digital healthcare platform combining all 33,991 components of primary healthcare doctors, clinics, laboratories, radiology units, retail Monthly active users pharmacies and medical insurance. 5,267 Monthly paying users The platform is open for any healthcare service provider or health product seller in the country, and it is completely free of charge for patients/customers. Since its launch, EKIMO has been joined by 1,047 doctors from 73 different clinics, half of which are independent, third-party clinics. EKIMO Partner network 667 have online consultations too 1,047 Doctors 73 Clinics c.300 Pharmacies Page 53

  47. Listed portfolio Bank of Georgia (BoG) Overview http://bankofgeorgiagroup.com/ Market opportunity Investment rationale ▪ The first entity from Georgia to be listed on the premium segment of the Main Market of the Banking sector assets, loans and deposits London Stock Exchange (LSE:BGEO) since February 2012 CAGR 25.0% ▪ High standards of transparency and governance 47.2 ▪ Leading market position 1 in Georgia by assets (35.9%), loans (35.6%), client deposits (35.4%) 50 39.7 and equity (28.9%) as of 31 March 2020 34.6 40 31.9 ▪ Market with stable growth perspectives 30.1 26.6 ▪ Strong brand name recognition and retail banking franchise 25.2 30 26.2 22.3 20.6 23.0 ▪ Sustainable growth combined with strong capital, liquidity and robust profitability 18.9 17.3 14.4 16.0 19.8 ▪ Outstanding ROAE performance 20 12.7 13.0 10.6 17.0 8.3 8.9 10.5 14.3 7.2 8.7 ▪ Dividend per share growing at 34.3% CAGR in 2010-2018 years 4.2 7.7 11.6 1.7 2.5 6.0 6.3 6.7 1.3 4.6 5.2 9.7 10 7.6 2.7 0.9 1.7 5.5 0.8 3.2 4.0 3.6 1.0 2.1 1.3 Value creation potential 0.7 0 ▪ Loan book growth 15%-20% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ▪ Maintenance of dividend pay-out ratio within 25-40% Assets, GEL bln Loans, GEL bln Deposits, GEL bln Source: NBG Banking business key medium to long term targets Robust capital management track record ➢ Capital position: aiming to maintain +200bps buffer for CET1 and Tier 1 capital Loan book ratios over minimum regulatory requirement during the medium term ROAE ➢ Regular dividends: Aiming 25-40% dividend payout ratio growth 20%+ 15%-20% ➢ Cash dividend paid GEL 648mln+ during 2013-2019, within the targeted payout range over past 7 years (1)Market data based on standalone accounts as published by the National Bank of Georgia (NBG) www.nbg.gov.ge Due to the COVID-19 related uncertainties, BoG has decided against distributing a 2019 dividend to shareholders; however, BoG’s dividend policy remains unchanged, and the Bank plans to return to a ➢ targeted payout ratio range of 25-40% as soon as practically possible. Page 54

  48. Listed portfolio Bank of Georgia (BoG) Overview (cont’d) http://bankofgeorgiagroup.com/ Stock price performance Financial metrics (GEL millions) GBP 7.93 2015 2016 2017 2018 2019 1Q19 1Q20 Change 23 as of 18-Aug-20 ROAE 26.4% 2 26.1% 3 21.9% 22.2% 25.2% 24.5% -18.6% -43.1ppts 18 NIM 7.7% 7.4% 7.3% 6.5% 5.6% 6.0% 5.0% -1.0ppts 13 NPL coverage 83.4% 86.7% 92.7% 90.5% 80.9% 92.2% 147.2% 55.0ppts 8 Loan portfolio 5,367 6,682 7,741 9,398 11,931 9,571 13,144 37.3% 3 Cost/income May-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 Jun-20 Jul-20 Aug-20 35.5% 37.7% 37.7% 36.7% 37.8% 35.5% 38.6% 3.1ppts GEL 12.7 billion loan portfolio breakdown* | 31 March 2020 Selected operating metrics Corporate loans, GEL 4,543.7 million, 1Q19 1Q20 35.7% Retail loans, Retail clients (‘000) 2,455 2,567 GEL 8,189.1 million, 64.3% Digital transactions (millions) 41.5 44.0 * Bank of Georgia Standalone. Dividend record 1 (GEL m) Net profit Loan book growth 10% 15% 30% 36% 33% 34% 32% 30% 30% Payout 30.0% ratio: 500 27.0% 150 3.00 2.55 25.0% 379 24.5% 370 2.44 2.08 1.92 GEL millions 296 1.68 274 21.4% 1.60 20.8% 100 2.00 20.0% 1.20 124 122 102 0.56 15.9% 50 102 1.00 98 15.0% 80 0.24 72 51 9 24 (100) 0 0.00 10.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 1Q19 1Q20 Total dividend paid for the year Dividend per share (1) Actual dividend per share information for 2010-2016 years are (2) Adjusted for demerger related expenses, one-off impact of re-measurement of deferred tax balance and termination costs of the former CEO. Page 55 adjusted for 19.9% Bog share issuance. (3) ROAE adjusted for termination costs of the former CEO and executive management.

  49. Private late stage portfolio Water utility business overview Effect of new consumers on the market Investment rationale ▪ Regulated monopoly in Tbilisi and surrounding districts with high entry barriers 13.6 TWh 13.6 TWh ▪ Sectoral output increasing at a robust growth rate (on average 9.5% in the last 10 years) ▪ Stable regulatory environment with fair return on investment Direct consumers' 6% ▪ Stable cash collection rates demand 20% ▪ Diversified cash flow streams from water and electricity sales, the latter being linked to US dollars Direct consumers' with 1 st May own generation 2019 Value creation potential Distribution companies ▪ EU harmonization reforms in progress in utilities sector, expected to drive water tariffs up 65% 79% ▪ Energy market deregulation positively affecting electricity sales price Export ▪ Upside opportunity from efficiency gains – continued decrease in self-consumption of energy, freeing up electricity for market sales. System Losses ▪ Stable dividend distribution capacity Electricity market deregulation, effective from May 2019 enabled the company to immediately increase WACC of 15.99% for the first regulation period (2018-2020) the selling price per KWh by at least 1.5x Existing assets Efficiency gains (2019) Net book Return WACC value on assets New CAPEX Elevation kWh/m3 0.1% Depreciation Level 4 2.3 Metering program and grid ▪ Independent regulator – GNERC 1 rehabilitation works focused Down from 3.6% Level 3 2.2 on higher elevation zones 16% in 2014 ▪ New tariff setting methodology since August, 2017 Total operating expenses 9.9% ▪ 3-year tariff setting period Level 2 0.8 ▪ The WSS tariffs in Tbilisi have increased by 23.7% for residential customers and Down from 33.6% Level 1 0.4 decreased by 0.4% for legal entities, serving as a first step towards gradually 49% in 2014 Allowed revenue unifying WSS tariffs Up from 35% 52.8% Level 0 0.0 in 2014 % of total water supply (1) Georgian National Energy and Water Supply Regulatory Commission (GNERC) is an independent body that regulates the utilities market. Page 56

  50. Private late stage portfolio Water utility business overview (cont’d) Valuation highlights | 30 June 2020 Financial metrics (GEL millions) 2015 2016 2017 2018 2019 1H19 1H20 Change Jun-20 Dec-19 Change Total revenue 119 127 135 149 163 75 61 -18.5% LTM EBITDA 85 95 -11.0% Of which, utility revenue 110 117 125 140 143 66 58 -11.9% Of which, energy revenue 9 10 10 9 20 8 2 -71.4% Multiple applied 9.8 8.8 11.4% -35.8% Cash flow from operations 52 54 70 82 99 45 29 Enterprise value 829 837 -0.9% FCF 17 (2) (58) (66) 17 10 (8) NMF Net debt (390) (353) 10.6% Selected operating metrics Equity fair value 439 484 -9.3% millions except # of connections 1H19 1H20 Change Water Utility LTM ROIC 1 9.7% 12.5% -2.8ppts Water sales (m 3 ) 87.3 81.8 -6.3% Valuation peer group Self-produced electricity consumption (kwh) 86.3 85.9 -0.5% New connections 2,312 1,441 -37.7% Company Country Ticker Stock Exchange Energy Aguas Andinas Chile AGUAS-A Sant Comerc Electricity generation (kwh) 168.5 115.9 -31.2% EASTW 2 Thailand EASTW Thailand Energy sales (kwh) 82.2 30.0 -63.5% Tallinna Vesi Estonia TVEAT Tallinn Electricity purchases (kwh) 18.0 18.6 3.6% Performance track record EBITDA CAPEX Self-produced electricity consumption 171 95 137 83 319 309 73 69 -26.7% 99 62 GEL millions GEL millions +1.0% 256 239 - 0.5% 55 kWh millions 193 174 40 54 49 30 39 39 35 86 86 2014 2015 2016 2017 2018 2019 1H19 1H20 2014 2015 2016 2017 2018 2019 1H19 1H20 2014 2015 2016 2017 2018 2019 1H19 1H20 (1) ROIC is calculated as EBITDA less depreciation, divided by aggregate amount of total equity and borrowed funds. (2) Eastern Water Resources Dev. & Man. Page 57

  51. Private late stage portfolio Housing development business overview Significant room for further growth in mortgages Investment rationale Mortgage loans to GDP %, 2019 ▪ Shortage of housing from Soviet era combined with Georgian tradition of multi generations living under one roof - average household size is significantly higher at 3.3 compared to Eastern or Western Europe ▪ Most of the housing stock dates back to Soviet era and is amortised 56% 45% 44% ▪ In line with the economic growth, urbanization level is expected to increase from current low level. 42% 39% 27% 23% 21% 20% Value creation potential 11% ▪ Unlock land value by developing housing projects (incl. suspended projects of defaulted company “Sveti” under distressed assets management arm) Belgium Germany Portugal Finland Spain Ireland Czech Italy Poland Georgia ▪ Earn Construction management fees from third-party projects and bring construction works in-house republic Source: European Mortgage Federation, National Bank of Georgia, World Bank Household size further reduction driving demand Most of the housing stock needs Number of residential unit transactions in Tbilisi for housing market replacement Average household size and home ownership, latest available data Government 4% mortgage interest rate subsidy will further incentivize customers to Around 205,000 units (62%) of the apartments were built buy apartments on the primary market in 2H20 between 1961 and 1990 and are out of their usable lifecycle. Total share of new apartments sold 59% 57% 54% 60% 54% 75% 72% 75% 69% 68% 205 33% 38% 52% 57% 60% 55% 56% 46% 96% 92% 90% 90% 91% 90% 84% 84% 82% 2014-2019 CAGR – 13.3% 69% Thousands Thousands 34.6 34.7 27.0 22.3 66 18.6 53 17.8 19.2 16.4 20.8 10.9 15.3 11.6 6.2 7 6.7 9.2 5.1 3.3 2.8 2.9 2.8 2.7 2.3 2.4 2.3 2.3 2.4 15.5 11.7 13.8 12.4 11.1 10.6 7.2 5.8 <1960 1961-1990 1991-2005 2006-2019 Georgia Croatia Slovakia Poland Romania Bulgaria Hungary EU Estonia Lithuania 2014 2015 2016 2017 2018 2019 1H19 1H20 Average Household Size Home Ownership Urbanization Level Old apartments sold New apartments sold Apartment units by development period Source: TBC Capital, Galt and Taggart Source: Geostat, Eurostat, World Bank, United Nations, Trading Economics, Statista Source: Galt and Taggart Page 58

  52. Private late stage portfolio Housing development business overview (cont’d) Valuation highlights | 30 June 2020 Financial metrics (GEL millions) 1 2015 2016 2017 2018 2019 1H19 1H20 Change Jun-20 Dec-19 Change GEL millions, unless otherwise noted Apartments sales revenue 45 96 92 95 55 16.6 33.9 NMF Construction revenue - - - 36 60 21.6 21.7 0.29% Enterprise value 182 205 -11.1% EBITDA 18 11 28 16 (3) (2.1) 3.9 NMF Cash flow from operations (10) (16) 19 (10) (9) (16.7) 24.5 NMF Net debt (159) (161) -0.9% Ongoing residential projects update YTD | Jun-20 Project to date | Jun-20 Equity fair value 23 44 -48.6% Digomi Sveti Digomi Sveti Sq.m. of apartments sold 14,251 6,805 34,625 6,805 Dividends (lifetime) 152 152 NMF 60% 4.2% 60% 4.2% Sq.m. sold as % of total available space (apartments) IFRS revenue recognition 36% 26% 36% 26% ➢ The cost of equity increased and the expected cash inflows from the Total sales value (US$ mln) 11.8 4.1 33.2 4.1 pipeline projects decreased as a result of COVID-19 related uncertainties, Cash received (US$ mln) 13.8 2 3.6 2 21.4 3.6 leading to GEL 22.0 million negative value creation in 1H20. Price per square meter US$ 832 602 958 602 Performance track record 10 completed projects 358k sq.m US$ 63.3m (2,856 apartments developed with 100% sales Gross Buildable Area on completed projects land value unlocked progress and US$ 251m sales value) 3,584 apartments sold 2 on-going projects (53.2% as a % of total with sales value 3 of US$ 293m ) (with 3,884 apartments under development) US$ 55.1m dividends distributed over 7 years (1) Housing development business’ functional currency is US dollars. (2) Includes cash inflow from sales during prior periods. Page 59 (3) Excluding receivable from prior period sales on Sveti project.

  53. Private late stage portfolio P&C insurance business overview Market share 1Q20 Market composition by Investment rationale product lines (earned premium, gross) • Significantly underpenetrated P&C insurance market in Georgia (0.7% penetration) • Market leader with a powerful distribution network of point of sale and sales agents Value creation potential Property, 22% 26.4% • Compulsory border TPL effective from 1 March 2018 21.8% Other, 10% • Local TPL expected to kick in and provide access to untapped retail CASCO insurance market with 16.5% only 7% existing penetration 13.3% 7.6% • Increasing footprint in untapped MSME sector, where Aldagi’s revenues have grown by 62% in 1H20 Liability, 11% 5.8% 4.8% 3.9% from GEL 0.4m to GEL 0.6m. • Developing and introducing new digital channels to simplify purchase of insurance products Motor, 44% Credit Life, 13% Other IC Group Ardi Irao TBC Unison GPIH Aldagi • Undisputed leader in providing insurance solutions to corporate clients Insurance Source: Internal data Source: Insurance State Supervision Service of Georgia Insurance penetration & density Market & Aldagi Revenue (GEL millions) Market PL & Combined Ratio | 1Q20 Georgia P&C Total Market Profit * CAGR 2010-2019 Penetration 0.7% GEL 11.6 m Market – 14% Density $34 Aldagi – 15% 345 286 5.9 126% 10.6% 8.4% 8.9% 227 108% 6.1% 6.0% 202 104% 4.9% 179 2.8% 91% 2.3% 3.3 87% 1.3% 1.5% 1.2% 92% 122 142 4,503 6,934 115 77% 100 106 3,667 2,817 2,908 1,336 1.9 38% 436 37% 87% 37% 35% Market CR 89% 213 38% 127 164 57 32% 37% 1.0 32% 1.2 27% 29% 67 71 86 90 99 52 46 32 42 29 (0.1) (0.4) (1.2) Aldagi TBC Unison Ardi Irao Alfa GPIH Other 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Insurance 1 1 * Market data is based on net profits reported to regulatory body and does not Insurance Density USD Insurance Penetration Market Aldagi Market share represent IFRS amounts. Source: Swiss Re Institute Source: Insurance State Supervision Service of Georgia (1) Including healthcare insurance. Page 60

  54. Private late stage portfolio P&C insurance business overview (cont’d) Valuation highlights | 31 March 2020 Financial metrics (GEL millions) 2015 2016 2017 2018 2019 1H19 1H20 Change GEL millions, unless otherwise noted Jun-20 Dec-19 Change 36.3 34.7 Earned premiums, net 47 50 63 67 75 -4.5% LTM net income 18 18 -0.8% Net income 12 1 14 16 18 2 18 8.3 8.2 -1.8% Combined ratio 79% 73% 75% 75% 82% 80.2% 80.3% 0.1ppts Multiple applied 8.0 9.0 -11.1% Loss ratio 43% 35% 40% 38% 42% 41.6% 43.8% 2.2ppts Equity fair value 141 165 -11.9% Expense ratio 36% 38% 35% 37% 41% 38.6% 36.4% -2.1ppts LTM ROAE 28.7% 30.4% -1.7ppts Cash flow from operations 12 14 13 21 19 14.7 9.9 -32.5% Valuation peer group Selected operating metrics Company Country Ticker Stock Exchange 1H19 1H20 change (y-o-y) Renewal Ratio TIP Dhipaya Insurance Thailand Thailand ZVTG Zavarovalnica Triglav Slovenia Ljubljana Corporate insurance policies written 3 50,781 42,790 -15.7% 85% POSR Pozavarovalnica Sava Slovenia Ljubljana AKGRT Aksigorta Turkey Istanbul Retail insurance policies written 54,730 49,887 -8.8% 61% ANSGR Anadolu Sigorta Turkey Istanbul Performance track record Earned premium, gross Profit & Dividend payout ratio (GEL millions ) (GEL millions ) 1H20 Earned premium, gross composition: ROAE 28% 37% 37% 38% 34% 2 30% 28% 25% Segment: Corporate 56% , Retail 38% , Compulsory lines 3% , Government 3% Product: Motor 34%, Property 27%, Credit life 14% Liability 10%, Other 15% 0.4% -1.8% 2 18 100% 18 20 16 98 90% 14 90 86 15 80% 11 71 68 68% 8.3 8.2 51 70% 7 61% 10 46.5 46.7 64% 60% 51% 5 50% 40% 0 2014 2015 2016 2017 2018 2019 1H19 1H20 2014 2015 2016 2017 2018 2019 1H19 1H20 Profit Dividend Payout Ratio 1. Excluding impact of one-off FX contract with GEL 8 million loss 3. Excluding credit life insurance. Page 61 2. Adjusted for non-recurring items.. 4. FY19 net income used for valuation at 31-Mar-20.

  55. Private early stage portfolio Renewable energy business overview Investment rationale Electricity supply and consumption, LTM ▪ Growing electricity market as supply lags behind the increasing demand, creating opportunities. ▪ Underutilized energy resources - availability of economically feasible hydro and wind projects. Deficit (10 months) 1,500 ▪ Cheap to develop – up to US$1.5m for 1MW hydro and up to US$1.4m for wind development on average with 1.5x higher capacity factors compared to Europe over the last decade. ▪ Electricity deficit Value creation potential 1,000 during July-April Opportunity to establish a renewable energy platform with up to 440 MW operating capacity over ▪ the medium-term, targeting to capture approximately one third of deregulated electricity market. ▪ 21% of total 500 consumption Energy consumption is expected to grow by CAGR of up to 5% over the next 10-15 years on the ▪ produced by gas- back of following key drivers: fired TPPs, 14% - GDP growth with pronounced growth in electricity-heavy sectors. 0 o imported Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Increasing penetration of domestic appliances, with accelerating imports of electricity-intensive o conventional domestic devices. Hydros&Wind TPPs Imports Consumption Source: ESCO Increasing number of installed residential and industrial air conditioning systems on the back o of decreasing unit prices, expected to result in at least 5x growth in penetration level over the next decade. Low base and high CDD 1 point towards 5x increase in AC penetration by 2030 Stable dividend provider capacity in the medium term. ▪ Air conditioners are the most electricity-intensive conventional domestic devices and increasing Actual and forecasted consumption, GWh penetration of ACs quickly eats away the surplus electricity on the market in the summer months Energy consumption has grown at 5.3% CAGR in last 10 years and is expected to further grow at least by CAGR 4.7% over the next 15 years 1,457 299 418 107 223 362 30,000 20,000 5.7 TWh 10,000 88% 47% 36% 33% 31% 0 10% 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 Cyprus Croatia Bulgaria Italy Spain Georgia Generation Hydros & Wind Consumption Mean CDD AC penetration (2018) Growth of internal consumption: 7.7% in 2017, 6.1% in 2018 and 1.5% in 2019 ▪ Source: World Bank’s World Development indicators; Geostat, Galt&Taggart, Eurostat Anticipated deficit of at least 6.4 TWh by 2030 ▪ (1) cooling degree day Page 62

  56. Private early stage portfolio Renewable energy business overview (cont’d) Renewable energy platform Financial metrics (GEL millions) 2017 2018 2019 1H19 1H20 Change Hydro: 208 MW Wind: 228 MW Of which operational 71MW Of which operational 21MW Revenue NMF NMF 16.2 2.4 18.9 NMF EBITDA (1.7) (0.8) 13.1 1.5 14.1 NMF Valuation highlights | 30 June 2020 Cash flow from operations (1.5) (0.7) 2.8 (0.6) 17.7 NMF Capex 70.0 62.3 117.4 18.5 22.0 18.7% GEL millions, unless otherwise noted Jun-20 Dec-19 Change 1H20 performance Equity Fair value (GCAP share) 185 107 107 73.0% Mestiachala HPPs 2 GEL thousands, unless otherwise noted Hydrolea Qartli Wind Farm Net debt 271 239 13.3% Revenue 5,653 3,816 9,334 Of which, BI reimbursement 2,620 - - GCAP ownership 3 100% 65% 35ppts Generation (Gwh) 25.7 26.4 46.6 Hydrolea HPPs and Qartli wind farm (acquired in 4Q19) were valued using run-rate EBITDA earnings and Renewable energy projects overview | 30 June 2020 ➢ related EV/EBITDA multiple, resulting in GEL 32.7 million value creation. Gross Gross PPA Greenfield Cost per PPA tariff MWs generation capacity tenor Current stage Valuation peer group projects MW (US¢/kWh) (GWh) 1 factor years Mestiachala HPPs 50 1.2 174 39.8% 15 5.5 Operational 2 Company Country Ticker Stock Exchange Zoti HPPs 46 1.3 173 43.0% 15 5.1 Under Construction Darchi HPP 17 1.6 83 55.7% 10 5.6 Development Falck Renewables Italy FKR Italy Bakhvi 2 HPP 36 1.3 136 43.2% 15 5.5 Feasibility Terna Energy Athens TENERGY Athens Racha HPPs 38 1.5 169 50.8% - - Feasibility Wind Tbilisi 54 1.3 191 40.3% 10 6.5 Development Azure Power Global India AZRE NYSE Wind Kaspi 54 1.3 195 41.2% 10 6.5 Development Wind (other) 99 1.4 340 39.2% 10 6.5 Feasibility BCPG Public Company Limited Thailand BCPG Thailand Recent acquisitions Hydrolea HPPs 21 1.8 105 58.5% 8-10 5.6 Operational (1) Generation capacity refers to target gross annual generation. Qartli Wind Farm 21 1.4 85 47.1% 13 6.5 Operational (2) The first phase (30MW) was launched on 8 April 2019, followed by the second phase (20MW) on 4 June 2019. Mestiachala HPPs were flooded and taken offline in late July 2019. Following the rehabilitation, 30 MW generation unit was Total 436 1,651 recommissioned in December 2019, while the restoration works continue on the 20MW HPP. (3) Following the buyout of the 34.4% minority shareholder in GRPC on 25 February 2020, Renewable Energy consists of Projects under construction and under feasibility stages were put on hold in light of the COVID-19 ➢ wholly-owned hydro and wind power plants with 91MW installed capacity in aggregate. outbreak until there is more certainty regarding the effects of COVID-19 on the business landscape and the Georgian economy. Page 63

  57. Private early stage portfolio Hospitality and commercial real estate business overview Arrivals of tourists and tourism revenue | Georgia ➢ We are re-evaluating our commitment to develop the hospitality business in light of the continuing uncertainty regarding the effects of COVID-19. Source: Georgian National Tourism Administration National Bank of Georgia Pre Covid-19 strategy 5.1 4.8 Increased number of tourists visiting Georgia every year: 5.1 million visitors in 2019, up 6.8% y-o-y, 9.9% CAGR 4.1 over the last six years. 3.3 3.0 2.9 2.9 Tourism inflows up 1.4% y-o-y from US$ 3.2 billion to US$ 3.3 billion in 2019; 11.5% CAGR over the last six ▪ 2.5 3.3 3.2 2.1 1.8 2.7 years. 2.1 1.9 1.8 Grow Portfolio of rent-earning assets through residential developments/opportunistic acquisitions 1.7 ▪ 0.8 1.4 1.5 1.0 Reach more than 1,000 hotel rooms. Currently approximately 1,222 rooms are confirmed, of which 273 are ▪ 0.5 operational, 460 are under construction and 489 are under design stage. 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H19 1H20 Targeting mostly 3-star and 4-star hotels, mostly taping unpenetrated markets in Georgian regions ▪ Arrivals of tourists (mln) Tourism revenue(US$ bln) Leasable modern office stock remains scarce Hotel market overview | Tbilisi Georgian office stock’s significant portion is non-refurbished, soviet-era stock (traditional). Although Tbilisi’s has one Accommodation rooms and beds in Tbilisi (‘000) Tbilisi accommodation rooms of the highest modern office rents among the CEE 1 cities. breakdown | 30-Sep-19 Modern office rents and yields in 2018 23 Prime yield in Tbilisi stands at 11.7%, compared to average yield of 7.1% in peer cities. International chain 20 brands Despite recent COVID-19 outbreak, rent per sq.m. in Tbilisi stands at US$ 20.7 in 2Q20. 18 24% 16 40 12% 12% 16% Traditional, 13 12% 28% Owner 30 8% 8% 8% 10 7% 10,244 9 7% 6% 6% 6% 6% Occupied, 8 5% 7 Rooms 8% 20 6 50% Modern, 10 4% 38 32 25 25 23 22 19 19 18 18 18 17 22% Rooms in other 0 0% accomodations 76% 2015 2016 2017 2018 2019 Rooms Beds Rent, US$ per sq Prime Yield Source: Galt and Taggart Source: Galt and Taggart (1) Central and Eastern Europe. Page 64

  58. Private early stage portfolio Hospitality and commercial real estate business overview (cont’d) Valuation highlights | 30 June 2020 Financial metrics (GEL millions) 2 GEL millions, unless otherwise noted Jun-20 Dec-19 Change 2016 2017 2018 2019 1H19 1H20 Change NOI 3 from operating leases 3 3 5 6 2.8 4.2 49.8% NAV 138 246 -43.7% NOI 3 from hospitality services - - 2 2 0.7 (1.1) NMF Revaluation gain - 1 28 22 7.9 (117.6) NMF Of which, Commercial Real Estate 77 86 -10.5% Total net operating income 2 3 31 25 9.5 (117.6) NMF Cash flow from operations 3 3 6 3 0.3 (1.5) NMF Of which, Hospitality 61 159 -61.6% Commercial real estate portfolio 42 42 68 129 122 118 -3.0% Hospitality projects overview | 30 June 2020 LTM ROIC 1 -23.7% 6.5% -30.2ppts Stage Hotel Location Rooms Current status Pre Covid-19 The mark-down of Hospitality & Commercial Real Estate NAV (8% of our total portfolio at 30 ➢ June 2020) is attributable to the uncertain outlook for the tourism sector. Ramada Encore Kazbegi, Tbilisi Capital city 152 Operational Rented for quarantine GUDAURI LODGE Region 121 Operational Rented for quarantine Selected operating metrics Ramada Melikishvili, Tbilisi Capital city 125 Construction Put on hold 1H19 1H20 Change Kempinski, Tbilisi Capital city 99 Construction Put on hold Gross yield (leased portfolio) 9.2% 9.2% -0.1ppts Seti Square in Mestia, Svaneti Region 52 Construction Put on hold Ramada Kutaisi Region 124 Construction Put on hold Occupancy rate +5.2ppts 84.7% 89.9% Kakheti Wine & Spa Region 60 Construction Put on hold Leased area (sq.m.) 26,163 34,428 31.6% Shovi, Racha Region 109 Design Put on hold Ramada Encore YTD June performance Mestia, Svaneti Region 140 Design Put on hold Telavi Region 110 Design Put on hold RevPAR, US$ ADR, US$ Occupancy% Zugdidi Region 130 Design Put on hold 9 23 38.3% Total 1,222 GUDAURI LODGE YTD June performance (1) ROIC is calculated as NOI divided by aggregate amount of total equity and borrowed funds. RevPAR, US$ ADR, US$ Occupancy% (2) Hospitality & Commercial real estate business’ functional currency is US dollars. (3) Net operating income. 18 36 49.1% In light of the COVID-19 outbreak, operations at the existing two hotels were suspended ➢ since mid-March and both hotels are rented to the government for quarantine. Page 65

  59. Private early stage portfolio Beverages business overview | Wine Vineyard productivity – 2019 (TON/HA) Investment rationale Georgia is considered the “cradle of wine” with a rich, 8,000 -year history of wine-making and home to over ▪ At 5.1 tons per hectare, grapes yield is three times lower compared to other top exporters. 500 unique grape varieties ➢ However, the yield equals 8.5 tons/ha on average for the large-scale producers Georgia’s favorable trade regimes (free trade agreements with EU and China) provide potential for export ▪ 20.0 growth for beverages Georgia - Large-scale producers 16.0 16.9 17.1 Growing urbanization and tourism inflows are raising demand for bottled wine locally ▪ 16.5 12.0 Strong demand in the Georgia’s export markets resulted in a 9% y -o-y increase in volume in 2019, with 13.3 ▪ 8.5 11.7 export bottles sold reaching a 14 year high of 93 million. 10.7 8.0 10.1 10.1 9.9 9.3 8.9 8.3 8.0 4.0 Value creation potential 5.7 5.1 4.6 4.9 0.0 Best-in-class distribution network platform ▪ Grow vineyard base to 1,000 hectares, from current 704 hectares ▪ Source: TBC Capital Georgian wine exports (Bottles, US$ millions) Wine consumption per capita, liters (2019) Georgian wine bottle sales by export countries | 1H20 Wine business share in export market Target and emerging Primarily established (1H20) – 5.2% export markets export markets 28.0 223 26.4 62% 197 23.0 180 171 19.9 40% 128 13.6 114 11.9 93 29% 96 97 91 84 77 61 7.0 48 50 41 4.6 40 12% 36 3.5 3.8 9% 9% 8% 7% 1.7 6% 6% 6% 3% 3% - Russia Ukraine China Poland Baltics Kazakhstan Other 2013 2014 2015 2016 2017 2018 2019 1H19 1H20 Wine exports (Bottles) Wine exports ($US millions) Country Share in Georgian Wine Export Country share in our export portfolio Source: National Statistics office of Georgia Source: TBC Capital Source: National Statistics Office of Georgia Page 66

  60. Private early stage portfolio Beverages business overview | Beer Strong export market for carbonated soft drinks (CSD) Investment rationale Georgia falls behind beer consumption per capita against EU ▪ Growing market Georgia’s favorable trade regimes (free trade agreements with EU and China) provide ▪ Export value of US$ 27.5m (43.2m litres) in 2019. potential for export growth for beverages o 33%+ CAGR in 2016-2019 years; greater organic demand from CIS countries. o Value creation potential Best-in-class distribution network platform Export to more than 25 countries ▪ Recently more countries have been importing Georgian CSD, showing its 10-year exclusivity (from 2015) from Heineken to produce and sell beer in Georgia ▪ o growing popularity. One of the strongest brand equity across Georgian beer market ▪ Annual beer consumption (liter per capita, Age 15+) in 2019 2 Domestic market share 1 | 30-Jun-20 Per capita beer consumption implies room for growth Better portfolio and Improved product mix allowed the business Georgia falls behind beer to increase beer market share from consumption per capita against EU 84 83 8% 17.5% to 22% in 1H20 Efes Georgia 66 13% 32% Zedazeni GBG 49 Castel 35 34 22% Other 8 5 15 25% Azerbaijan Armenia Turkey China Georgia Ukraine Russia USA EU Source: TBC Capital (1) Management estimate at the end of 1H20. (2) Georgia 2019, other countries 2016. Page 67

  61. Private early stage portfolio Beverages business overview (cont’d) Wine business Beer business Financial metrics (GEL millions) Financial metrics (GEL millions) 2015 2016 2017 2018 2019 1H19 1H20 Change 2017 2018 2019 1H19 1H20 Change Wine Revenue 18 18 20 29 42 17.3 15.1 -12.6% Beer Revenue 18 29 44 18.2 21.1 15.7% Gross profit margin 52% 53% 49% 48% 45% 45.3% 36.4% -8.9ppts Beer EBITDA (6) (14) (6) (6.5) - NMF Wine EBITDA 2 3 5 7 9 3.0 1.3 -57.9% Cash flow from operations (11.4) (13.8) (14) (8.8) 2.4 NMF Cash flow from operations 2.6 1.8 1.5 0.1 2.8 1.8 4.5 NMF Selected operating metrics (in ‘000) Selected operating metrics (in ‘000) Change Change 1H19 1H20 1H19 1H20 Wine sales bottles 2,608 2,354 -9.7% Beer sales liters 8,464 11,672 37.9% 7.8% Of which, export sales 2,093 2,118 1.2% Lemonade sales liters 1,148 1,238 +9.7 ppts 2.39 2.27 -5.0% Export share (%) 80.3% 90.0% Average price per liter GEL -11.8% Average price per bottle US$ 2.6 2.3 Valuation peer group Valuation peer group Company Country Ticker Stock Exchange Company Country Ticker Stock Exchange Moldova Anadolu Efes Turkey AEFES Istanbul Purcari Wineries Wine Bucharest Romania Grupa Zywiec Poland ZWC Warsaw Vina Concha Y Toro Chile CONCHATORO Sant Comerc Turk Tuborg Turkey TBORG Istanbul Vina San Pedro Chile VSPT Sant Comerc Cerveceria San Juan Peru SNJUANC1 Lima Bodegas Esmeralda Argentina ESME Buenos Aires Beverages equity fair value at GEL 60.1 million as at 30 June 2020, down by 31.1% in 1H20 ➢ Wine businesses valued using LTM EV/EBITDA methodology, while beer business is valued with LTM EV/sales ➢ Page 68

  62. Private early stage portfolio Education business overview Fragmented education market offers attractive opportunity for a scaled player Diversified business model with strategy 1-2-3 Strong platform to facilitate growth and scale to become the leading integrated education player with up to 27,000 learners by 2025 Partnership model, with 70-90% majority stakes ➢ Annual tuition fee: 3,500 Education business holding company won’t exist GEL 15,000+ ➢ learners Premium BGA & BIST 1 GCAP involvement will be limited to: strategy setting, hiring ➢ financial director, oversight of CAPEX spending Annual tuition fee: 7,000 learners GEL 6,000 - 15,000 GEL 70 million+ EBITDA by 2025 Two partners Mid-level 2 GEL 185 million gross capital allocation from GCAP through 2025 Annual tuition fee: Expansion plans were put on hold in light of the COVID-19 outbreak ➢ 16,500 learners Up to GEL 5,000 until there is more certainty regarding the effects of COVID-19 on Three partners 3 Affordable the business landscape and the Georgian economy. Three high quality school partnerships across premium, mid-level and affordable education segments, providing a clear pathway to approximately more than 50% of our targeted GEL 70 million EBITDA by 2025 Targeted Current capacity Targeted cost per Total capital allocation Valued at School Segment Deal close date Debt/Equity GCAP ownership capacity of of learners learner (GEL) from GCAP 2 learners BGA & BIST Premium 23 July 2019 GEL 60 million 50% 70% 6.4x EV/EBITDA 2020 800 3,200 35,000 - 40,000 Buckswood Mid-level 29 July 2019 80% 6.4x EV/EBITDA 2020 760 2,980 14,000 - 19,000 GEL 24 million 50% Green School Affordable 22 August 2019 GEL 21 million 50% 80% - 90% 1 5.6x EV/EBITDA 1,250 5,000 6,500 - 8,500 Total GEL 105 million 2,810 11,180 (1) 80% equity stake in the current campus and 90% equity stake in three new schools that will be developed under green school brand. (2) Includes actual and projected future capital allocations. Page 69

  63. Private early stage portfolio Education business overview (cont’d) Industry investment rationale Medium term demand outlook for private high schools Highly fragmented private school market ➢ currently- 10% private in 5-years - 20% private Large and growing market ➢ Private 10% Efficiency upside ➢ 20% High trading multiples ➢ Low base – 3.8% of GDP, compared to EU average of 4.6%* ➢ 90% 80% State Currently c.570,000 learners across Georgia * Latest available data: World bank, Eurostat 1H20 performance highlights Valuation highlights | 30 June 2020 Financial metrics Education business was valued using LTM EV/EBITDA methodology at GEL ➢ GEL millions, unless otherwise noted 1H19 1H20 Change 80.7 million at 30 June 2020. Revenue 12.2 14.0 14.1% As a result of stable operating performance across all three schools, the ➢ EBITDA 4.8 5.2 8.8% business created GEL 24.3 million value for GCAP from the first-time revaluation in 1H20. EBITDA margin 38.9% 37.1% -1.8ppts Cash flow from operations 6.3 4.9 -23.2% Valuation peer group Net debt 7.1 14.8 NMF Company Country Ticker Stock exchange Operating metrics SISB Public Company Limited Thailand SISB Thailand 1H19 1H20 Change Cogna Educação S.A. Brazil COGN3 Sao Paulo Capacity utilization 85.9% 89.8% +3.9ppts Curro Holdings Limited South Africa COH Johannesburg Number of learners 2,379 2,524 5.7% Overseas Education Limited Singapore RQ1 Singapore Learner to teacher ratio 9.1 8.9 -2.5% Cairo for Investment & Real Estate Cairo and Egypt CIRA Development S.A.E. Alexandria Revenue per learner (GEL) 8,923 9,515 6.6% Page 70

  64. Pipeline Attractive service business – Auto Service We aim to build a diversified business model combining different auto-related services to capitalise on the large and growing automotive services market Auto park in Georgia (‘000) Room for growth in the highly fragmented auto service market in Georgia Leading player CAGR 2012-2019: Auto park by age in 2019: 16% Auto park – 7% 0-1 years - 0.5% 7-9 years - 5.8% The rest of the market is Cars per 1,000 people – 7% 1-3 years - 1.7% 10-12 years - 7.2% dominated by small, owner 4-6 years - 3.8% 12+ years - 81.0% operated lower-end service shops. 1,258 1,322 1,376 1,196 1,108 1,024 934 860 279 268 226 245 256 209 189 Car services and parts c. GEL 1 billion market 173 Total auto service Car insurance c. GEL 0.1 billion market market - 2012 2013 2014 2015 2016 2017 2018 2019 Secondary car trading c. GEL 1.7 billion market c. GEL 2.8 billion PTI c. GEL 50 million market Source: MOIA Autopark No of private pessanger cars per 1,000 people We have allocated GEL 14 million capital to auto service business as of 30 June 2020 2 Successfully launched the periodic technical inspection business (PTI) Acquired second largest player, Amboli, in Georgian auto service industry Periodic technical inspection business highlights Amboli transaction Highlights GEL 48mln 80% Total investment Equity stake purchased GCAP allocated capital GEL 5mln Total cash consideration GEL 3.4mln 1 0.7x EV/Sales 2018 Enterprise Value GEL 1.6mln Additional equity capital injection (1) Holdback of GEL 0.6 million. Increased ownership by 10% to 90% in Amboli in 1Q20 (2) GEL 10 million was allocated in 2019. Page 71

  65. Pipeline Auto Service business overview Valuation highlights | 30 June 2020 Investment rationale Georgia’s Auto park continues to grow steadily, with 7.4% CAGR during the years 2012 -2019 ▪ Jun-20 Dec-19 Change GEL millions, unless otherwise noted Georgia lags behind developed countries by number of private passenger cars per capita, showing room for ▪ further growth* PTI EBITDA 6.2 2 6.7 3 -7.9% Vehicles older than 10 years represent 90% of total auto park ▪ Multiple applied 9.8 10.4 -5.8% Value creation potential Room for growth in the highly fragmented auto service market in Georgia with approximately GEL 2.8 billion ▪ PTI Enterprise Value 61 70 -13.2% annual revenues In July 2018, the business (Greenway Georgia or “GWG”) won state tender to launch and operate 51 periodic ▪ PTI Net debt (55) (49) 11.5% technical inspection lines across Georgia with a 10-year license. Currently, inspection covers the basic technical control of vehicles. The government plans to gradually tighten ▪ PTI | Equity fair value 6 21 -72.0% procedures to try and reduce the level of harmful emissions* GWG is the only player on the market with support from an international partner, Applus+, a Spain- ▪ Amboli acquisition cost 9 5 83.4% headquartered worldwide leader in testing, inspection and certification services, present in 70+ countries Auto service business | Equity fair value 15 26 -41.6% * Source: GALT & TAGGART Market opportunity Selected metrics Number of passenger cars per 1,000 people, (2017) Source: GALT & TAGGART Financial metrics | Auto Service ➢ Mandatory testing 527 suspended during 1H20 1H19 Change 510 419 418 Revenue 16.0 5.3 NMF lockdown leading to 378 351 348 322 313 307 Gross profit 3.8 3.0 25.4% number of cars serviced 256 202 EBITDA 0.7 0.6 10.9% 147 down 28.5% y-o-y. 112 Operating cashflow (1.4) (0.1) NMF Operating metrics | PTI Market share 1 Number of inspection lines ➢ All inspection centers were constructed 51 34% Valuation peer group within 6 months. The operations launched in Mar-19. 1H20 1H19 Change Company Country Ticker Stock Exchange ➢ Average time per checks decreased Opus Group Sweden OPUS Stockholm Cars serviced 100,400 140,338 -28.5% significantly from 25 minutes upon VICOM Singapore VCM Singapore of which, primary 73,091 101,513 -28.0% launch to 12 minutes at 30-Jun-20. Applus Services Spain APPS Bolsa de Madrid 27,309 38,825 -29.7% of which, secondary (1) Based on cars serviced. (2) Combination of 2H19 and 1H21 EBITDA earnings: Page 72 (3) Combination of the last six months and the next six months earnings as of 31 December 2019.

  66. Pipeline Digital Services business overview Acquisition of Redberry enables us to have a platform for investments in the digital business US$ 2.8 million new capital injected for digital start-up development About Redberry 1 ➢ One of the most successful Georgian Joint ventures with corporates - digital marketing agency partnership model with minority ➢ Providing tech-based marketing stake of c. 20%. solutions to large Georgian corporates and government agencies ➢ US$ 0.4 million cash consideration to acquire 60% equity stake 2 Creating digital start-ups focused and applicable to Georgia (c. US$ 0.1m per start-up) ➢ Redberry has developed app “Lunchoba”, engaged in delivering ready-food made to the offices. Page 73

  67. Content 1. COVID-19 update 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. Georgia Capital 1H20 results discussion and key developments 5. Portfolio overview 6. Georgian macro overview 7. Appendices Page 74

  68. Sovereign ratings with favourable macro fundamentals Key Ratings Highlights General Facts Rating Agency Rating Outlook Affirmed Ba2 Stable September 2019 BB Stable October 2019 Georgia BB Negative April 2020 Georgia is favorably placed among peers Fitch Rating Country Country Rating Outlook Armenia BB- Negative Area: 69,700 sq. km ▪ Life expectancy: 73.5 years Azerbaijan BB+ Negative ▪ Population (2019): 3.7 million Official language: Georgian ▪ ▪ Capital: Tbilisi; ▪ Literacy: 100% ▪ Belarus B Stable Currency (code): Lari (GEL) ▪ Czech Republic AA- Stable Economy Georgia BB Negative Nominal GDP (Geostat) 2019: GEL 50 billion (US$17.7 billion) ▪ Kazakhstan BBB Stable Real GDP growth rate 2019: 5.1% ▪ Real GDP 2010-2019 annual average growth rate: 4.8% ▪ Turkey BB- Stable GDP per capita 2019 (PPP, international dollar) IMF: 12,227 ▪ Annual inflation 2019: 4.9% ▪ Ukraine B Stable External public debt to GDP 2019: 32.4% ▪ Page 75

  69. Georgia’s key economic drivers Top performer globally in WB Doing Business over the past 12 years Liberal economic Liberty Act (effective January 2014) ensures a credible fiscal framework: ▪ policy Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%; ▪ Business friendly environment and low tax regime (attested by favourable international rankings); ▪ A natural transport and logistics hub, connecting land-locked energy rich countries in the east and European markets in the west Access to a market of 2.8 billion customers without customs duties: Free trade agreements with EU, China, Hong Kong, CIS and Turkey and GSP with USA, Canada, Japan, Norway ▪ Regional logistics and Switzerland; FTA with Israel and India under consideration. and tourism hub Tourism inflows stood at US$ 3.3 billion in 2019 and international travelers reached 9.4 million in 2019 (up 7.8% y-o-y), out of which tourist arrivals were up 6.8% y-o-y to 5.1 million. ▪ Regional energy transit corridor accounting for 1.6% of the world’s oil and gas transit volumes. ▪ An influx of foreign investors on the back of the economic reforms have boosted productivity and accelerated growth Strong FDI FDI stood at US$ 1.3 billion (7.2% of GDP) in 2019. ▪ FDI averaged 8.5% of GDP in 2010-2019. ▪ Georgia and the EU signed an Association Agreement and DCFTA in June 2014 Support from Visa-free travel to the EU is another major success in Georgian foreign policy. Georgian passport holders were granted free visa entrance to the EU countries from 28 March 2017. ▪ international Discussions commenced with the USA to drive inward investments and exports. ▪ community Strong political support from NATO, EU, US, UN and member of WTO since 2000; Substantial support from DFIs, the US and EU. ▪ Developed, stable and competitively priced energy sector Only 20% of hydropower capacity utilized; 155 renewable (HPPs/WPPs/SPPs) energy power plants are in various stages of construction or development. ▪ Electricity transit Georgia imports natural gas mainly from Azerbaijan. ▪ hub potential Significantly boosted transmission capacity in recent years, a new 400 kV line to Turkey and 500 kV line to Azerbaijan built, other transmission lines to Armenia and Russia upgraded. ▪ Additional 2,000 MW transmission capacity development in the pipeline, facilitating cross-border electricity trade and energy swaps to Eastern Europe. ▪ Georgia underscored its commitment to European values by securing a democratic transfer of political power in successive parliamentary, presidential, and local elections and by ▪ signing an Association Agreement and free trade agreement with the EU. New constitution amendments passed in 2013 to enhance governing responsibility of Parliament and reduce the powers of the Presidency. ▪ Continued economic relationship with Russia, although economic dependence is relatively low. Political ▪ environment Russia began issuing visas to Georgians in March 2009; Georgia abolished visa requirements for Russians – Russia announced the easing of visa procedures for Georgians citizens ▪ effective December 23, 2015. stabilised Direct flights between the two countries resumed in January 2010. However, they have been banned again since July 2019 following the decision from Russia. ▪ Member of WTO since 2000, allowed Russia’s access to WTO; In 2013 trade restored with Russia. ▪ In 2019, Russia accounted for 13. 2% of Georgia’s exports and 10.8% of imports. ▪ Page 76

  70. Institutional oriented reforms Ease of Doing Business | 2020 (WB Doing Business Report) Economic Freedom Index | 2020 (Heritage Foundation) 1 New Zealand Ireland 6 Singapore 2 US 6 UK 7 Up by four places compared to 2018 Georgia 7 Georgia 12 Norway 9 Lithuania 16 11 Lithuania Estonia 18 Czech Republic 23 Kazakhstan 25 Germany 27 Russia 28 Azerbaijan 34 Latvia 32 40 Poland Armenia 34 Czech rep. 41 Bulgaria 36 41 Armenia Turkey 47 Azerbaijan 44 Romania 55 Turkey 71 Bulgaria 61 94 Russia Ukraine 64 Open Budget Index, 2019 | International Business Bribery Risk, 2019 | Trace Corruption Perception Index | TI 2019 Budget Partnership International Lithuania 35 Estonia Georgia is on 14 New Zealand 1 Poland 41 Lithuania 3 24 Sweden Georgia 44 par with EU Japan Georgia 5 25 Czech Republic 44 member states Georgia Norway 7 27 Latvia 44 Czech Republic Australia 8 Italy 34 51 Latvia France 13 Slovakia 59 42 Romania Russia 14 Belarus 66 68 Romania Armenia Bulgaria 16 70 27 19 Bulgaria 74 Bulgaria UK 77 Germany 20 Armenia 77 Azerbaijan 79 Turkey Romania 25 91 Belarus 108 Kazakhstan 113 Ukraine 26 Russia 110 Moldova 120 Poland 32 Moldova 117 Ukraine 126 Czech Republic 34 Ukraine 122 Azerbaijan 126 Kazakhstan 37 Turkey 123 Russia 137 46 Turkey Kazakhstan 126 Uzbekistan 153 81 Azerbaijan Uzbekistan 181 Sources: Transparency International, Heritage Foundation, World Bank, Trace International. Page 77

  71. COVID-19 impact – IMF forecasts Gross Domestic Product Consumer Price Inflation Source: IMF Source: IMF US$ b 7% 6.0% 20 16% 6% 15 12% 4.9% 4.7% 5% 4.0% 5.1% 10 4.8% 4.8% 8% 4.0% 3.6% 3.0% 2.9% 4% 5 4% 2.6% 3% 2.1% 0 0% 2% -5 -4% 1% -4.0% -10 -8% 0% 2015 2016 2017 2018 2019* 2020F 2021F 2015 2016 2017 2018 2019 2020F 2021F GDP USD Real GDP, Y-o-Y growth Current Account Balance Fiscal Deficit (GFSM 1986, IMF Modified) Source: IMF Source: IMF 0% -2 -2% -2 -2.3 -4% -2.7 -2.7 -2.9 -4 -6% % -5.1% -4.8 -6 -8% -6.8% -7.5% -8.1% -10% -8 -12% -11.3% -8.5 -11.8% -12.5% -10 -14% 2015 2016 2017 2018 2019 2020F 2021F 2015 2016 2017 2018 2019 2020F 2021F Page 78

  72. Diversified resilient economy Diversified nominal GDP structure, 1Q2020 Gross domestic product Source: Geostat Source: Geostat Growth was robust in 2019, but will be negative in 2020 due to Information and US$ bln the pandemic, with IMF expecting real GDP to contract by 4% Accommodation and food service communication activities 20 16% 3% Industry 5% Healthcare 14% 5% 15 12% Education Financial and 5% 7.4% Trade insurance activities 6.4% 10 8% 13% 5.1% 5.0% 5% 4.8% 4.8% 4.4% 3.6% 3.0% Construction 2.9% 2.2% 5 4% 7% Transportation and 0 0% Real estate storage 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2019Q1* 2020Q1* 13% 7% Public administration and defence Other 7% Agriculture Nominal GDP, USD Real GDP, Y-o-Y growth 9% 7% One of the Fastest Developing Economies in the Region Monthly Economic Activity Estimate, y-o-y growth Source: IMF Source: Geostat Comparative real GDP growth rates, % Economy contraction has been eased from April and GDP contraction in June was 7.7% y-o-y (2007-2019 average) 4.6 4.6 4.7 4.4 5.5 5.6 6.5 7.5 5.6 6.7 3.9 3.5 4.6 6.0 5.1 4.7 5.0 6.1 5.8 5.2 5.7 6.4 3.8 5.6 3.7 3.8 5.1 4.0 4.6 3.3 2.2 2.2 2.0 2.9 2.6 2.0 2.0 1.9 1.4 -2.7 0.0 -7.7 -16.6-13.5 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 ¹ preliminary data Page 79

  73. Room for further job creation Unemployment rate down 1.1 ppts y-o-y to 11.6% in 2019 UNDP Human Development Index Sources: GeoStat Sources: UNDP 0.79 0.79 0.78 17.417.918.317.417.317.2 16.9 0.78 2000 20 0.77 0.77 0.76 15.115.4 14.614.114.0 13.9 0.75 1900 13.9 13.512.7 0.74 0.74 12.412.6 12.711.6 15 0.73 0.73 0.73 10.311.1 1800 0.72 0.71 0.70 1700 10 0.69 0.68 0.68 0.67 1600 5 1500 1400 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 Employed Unemployment % Average monthly nominal earnings in business sector Labor force decomposition Sources: GeoStat Sources: GeoStat Hired workers accounted for 50% in total employment in 2019 2000 2000 2,018 2,005 1,996 1,983 1,983 1,972 1,971 1,988 1,979 1,985 1,945 1,940 1,912 1,909 1,911 1,152 1,241 1,316 1,405 1,319 284 1500 1500 279 276 1,024 1,107 1,144 1,242 300 345 290 1,227 345 335 246 361 343 221 1,106 1,150 1,187 294 347 331 1000 1000 833 840 928 910 882 944 936 940 1,050 957 952 975 1,008 949 974 500 500 860 849 798 801 824 716 744 669 684 694 632 629 622 635 0 608 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Energy Construction Trade Tourism Real estate Total Hired Self-employed Unemployed Not-identified worker Page 80

  74. Inflation targeting since 2009 Inflation y-o-y vs. inflation target Inflation y-o-y Sources: NBG, GeoStat Source: GeoStat Core inflation remains high, pointing to a persistent 10 10 As demand and supply shocks stemming from the pandemic move trend in prices 15.0 inflation in different directions, we expect the demand side to prevail with 8 8 13.0 time and inflation to decelerate towards the target by the end of 2020, reaching 3% in the 1 st half of 2021. 11.0 6 6 9.0 4 4 5.7 7.0 2 2 5.0 3.0 0 0 1.0 -2 -2 -1.0 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 -3.0 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Monthly Inflation Headline Inflation Core (non-food, non-energy) Inflation Average monthly nominal earnings M2 vs. inflation, y-o-y,% Sources: Geostat, NBG Source: Geostat Monthly nominal earnings increased on average 7.7% y-o-y in 2010-2019 80 16 14 1,400 60 12 1,200 10 40 8 1,000 6 20 4 800 2 0 0 600 -2 -20 -4 400 -40 -6 2014_I 2014_II 2014_III 2014_IV 2015_I 2015_II 2015_III 2015_IV 2016_I 2016_II 2016_III 2016_IV 2017_I 2017_II 2017_III 2017_IV 2018_I 2018_II 2018_III 2018_IV 2019_I 2018_IV 2019_I 2019_II 2019_III 2019_IV 2020_I Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 M2 Y/Y % LHS Inflation Y/Y % RHS Page 81

  75. Current account Current account balance (% of nominal GDP) Exports and Re-exports, US$ billion Source: NBG Sources: NBG Double digit shrinking in the trade deficit helped the Current Account balance (CAB) to improve to a historic low of 5.1% in 2019, providing a strong position to withstand the pandemic, with Q1 deficit-to-GDP ratio equaling 11% 30% 20% Service exports Goods exports, geo-originated Re-exports 12.0 20% 10% 1.0 10.0 0.8 10% 0% 0.5 8.0 0% 1.1 0.9 -10% 0.9 0.4 0.3 3.9 3.6 -10% 6.0 0.7 3.1 -5.0% -5.6% -5.9% -6.8% -20% -8.1% 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.2 0.5 -20% -9.8% -10.2% 3.1 3.1 2.5 -11.0% 2.6 -11.4% -11.8% -12.2% -12.5% 4.0 2.5 -30% 2.5 -30% 0.2 0.2 1.9 2.1 4.6 1.6 4.5 2.0 1.8 4.0 1.4 3.3 3.0 3.0 3.1 -40% -40% 1.3 2.6 0.9 0.8 1.0 2.0 0.7 1.6 0.5 0.5 0.6 1.3 1.3 0.9 1.1 0.9 0.6 0.7 0.7 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019Q1 2020Q1 0.4 0.4 0.4 0.5 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019Q1 2020Q1 Goods, net Services, net Investment income, net Current transfers, net Current account FDI FDI and capital goods import Source: GeoStat 20% 15% 11.7% 11.1% 10.3% 10.3% 9.3% 8.7% 8.5% 8.4% 8.4% 8.1% 10% 7.9% 7.8% 7.9% 7.8% 7.5% 7.6% 7.5% 7.4% 7.4% 7.2% 7.2% 7.2% 7.1% 7.1% 7.2% 6.9% 6.5% 6.2% 5.9% 5.7% 4.8% 4.4% 5% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Q1 2019Q2 2019Q3 2019Q4 2019 2019Q1 2020Q1 FDI, % of GDP Capital Goods Import, % of GDP Page 82

  76. Diversified sources of capital Strong foreign investor interest Visitors and tourism revenues Sources: GNTA, NBG Sources: GeoStat 2Q20 tourism revenues fell by 97% y-o-y, as borders remain closed (down 69% y-o-y in 1H20) 2,500 25% 9.4 8.7 7.9 $4,100 10.0 2,000 20% 6.7 6.3 5.9 5.7 8.0 $3,100 10.4% 11.6% 10.9% 12.1% 4.7 1,500 15% 3.9 6.0 3.1 $2,100 7.5% 7.4% 7.2% 7.1% 6.9% 4.0 1.4 1,000 6.2% 10% 5.9% 4.4% $1,100 2.0 500 5% $100 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 6M2019 6M2020 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q2019 1Q2020 Tourism inflows, US$ mn, LHS Number of foreign visitors, mln, RHS FDI, US$ mln, LHS FDI as % of GDP Remittances Merchandise exports Source: NBG Source: Georstat Goods exports fell by 15.3% in 1H20, with April and May hit the hardest, and Remittance inflows fell by 4.6% y-o-y in Jan-Jun 2020, reflecting an 18% June relatively better 450 60% y-o-y growth in June, after a low of -42% y-o-y in April mln $ 400 2017 2018 2019 2020 40% 185 350 169 300 165 20% 250 137 132 145 200 126 126 0% 150 125 100 -20% 105 50 79 0 -40% 85 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 65 45 Exports, US$ mn, LHS % change y/y, exports, RHS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Page 83

  77. Tourism sector Spending per arrival, 2017 Tourism revenues to GDP Sources: NBG, Geostat Source: WDI 18% 18% 3600 20% 1496 17% 1600 15% 1310 3100 14% 1400 13% 15% 2600 11% 1200 US$ million 10% 10% 2100 9% 857 848 823 771 763 757 714 692 661 629 591 555 527 458 441 1000 10% 6% 1600 800 1100 600 5% 600 400 140 200 100 0% 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q2019 1Q2020 Tourism inflows, US$ mn, LHS Tourism revenues, % of GDP Arrivals to country’s population, 2017 Number of Tourists (overnight visitors) Source: WDI Source: GNTA 4 During Mar-Jun 2020, the number of tourists fell 7 times y-o-y, with borders 3.8 800 remaining closed aside from France, Germany and the Baltic states 3.5 3.1 3.0 Thousands 3 2.5 2.5 600 2.5 364 1.7 1.7 2 1.6 400 258 1.3 1.5 1.0 1.0 0.9 1 200 144 0.6 0.5 0.5 0.5 27 27 29 0.3 0.2 0.5 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 2019 2020 Page 84

  78. Diversified foreign trade Goods’ Trade Deficit Oil imports Source: GeoStat Source: GeoStat In 2Q20, the trade deficit fell by 34%, as exports were cut by 23.7% and imports contracted by 1200 29.3% on the back of the pandemic Oil imports, US$ mn Oil imports, % change, y/y 90% 1000 0 50% 40% 70% 800 -100 30% 600 50% 20% -200 10% 400 30% -300 0% -10% 200 -400 10% -20% 0 -30% -500 -10% -40% -200 -600 -50% -30% -400 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 -600 -50% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019M6 2020M6 Trade Deficit, US$ mn, LHS % change y/y, trade deficit, RHS Electricity generation and trade, GWH Source: ESCO 1400 TPPs HPPs WPPs Imports Exports Domestic Supply 1200 1000 800 54% 46% 63% 67% 64% 78% 96% 93% 99% 99% 84% 80% 74% 59% 54% 55% 59% 45% 55% 68% 600 99% 99% 99% 91% 63% 71% 52% 83% 99% 99% 99% 86% 74% 73% 81% 83% 98% 99% 86% 70% 73% 88% 400 200 0 Apr-17 Nov-17 Apr-18 Nov-18 Apr-19 Nov-19 Apr-20 Jan-17 Feb-17 Mar-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Dec-17 Jan-18 Feb-18 Mar-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Dec-18 Jan-19 Feb-19 Mar-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Dec-19 Jan-20 Feb-20 Mar-20 May-20 Jun-20 Page 85

  79. Diversified foreign trade Imports of Goods, contribution to growth Foreign Demand, 1H20 Source: NBG Source:, Geostat All types of goods contributed to shrinking imports in Q2, with consumer goods driving the half Crude materials except fuels of the decline Investment goods Intermediate goods Consumer goods Imports y/y Machinery and transport equipment 8% 28% 30% Beverages and tobacco 20% Manufactured goods 10% 9% Chemicals and related products 0% -10% Food and live animals -20% Miscellaneous manufactured articles 13% -30% 17% Commodities not classified elsewhere -40% Animal and vegetable oils 15% Mineral fuels, lubricants Import countries, 1H20 Export countries, 1H20 Sources: GeoStat Sources: GeoStat Ukraine Other China has become the single Other 6% 9% largest destination country for 16% Armenia Georgian exports in 1H20 with EU countries Ukraine EU countries 6% a 13.6% share, as opposed to 5% 22% 24% 2.9% in 1H19 Turkey United States 7% 5% China Armenia 14% Bulgaria Turkey 6% 11% 17% Russia Azerbaijan China Azerbaijan 12% 13% Russia 9% 7% 11% Page 86

  80. Prudent monetary policy ensures macro-financial stability International reserves Monetary policy rate Sources: NBG Sources: NBG Reserve assets were $3.6 billion at the end of June, worth 4.3 14 months of imports as of 1Q20 data, providing adequate cover 3700 3700 NBG lowered the monetary policy rate to 8.0% at the beginning of August, as the demand 12 3200 3200 shock is expected to pull inflation down towards the target in the short to medium term 2700 2700 10 2200 2200 8.0 1700 1700 8 1200 1200 700 700 6 200 200 4 -300 -300 -800 -800 2 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 0 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln Nonperforming loans to total gross loans, latest 2020 Monetary policy rate vs peers Sources: IMF Sources Central banks Lithuania 1.2% 30% End-2018 End-2019 Latest-2020 Hungary 1.5% Georgia 25% 2.3% Romania 3.9% 20% Poland 4.0% 15% Latvia 5.0% 9.50% 8.25% 8.25% 7.75% Turkey 5.0% 10% 7.00% 6.00% 4.50% 4.50% Belarus 5.3% 5% Armenia 5.5% 0% Bulgaria 6.6% Armenia Georgia Russia Turkey Kazakhstan Belarus Ukraine Azerbaijan Croatia 6.7% Moldova 8.5% Kazakhstan 8.6% Russia 9.4% Page 87

  81. Floating exchange rate - policy priority Central Bank’s interventions Real effective exchange rate (REER) Sources: NBG Sources: NBG NBG sold $270mln in Mar-Jul 2020 on the foreign exchange market and 155 220 maintains a declaration of active intervention policy to provide liquidity 250 145 200 135 120 150 100 100 125 60 60 100 60 40 40 40 27 50 115 0 105 -50 -20 95 -30 -40 -63 -100 -70 -80 85 -85 -150 -120 Apr-03 Nov-03 Jun-04 Aug-05 Mar-06 May-07 Dec-07 Jul-08 Feb-09 Sep-09 Apr-10 Nov-10 Jun-11 Aug-12 Mar-13 May-14 Dec-14 Jul-15 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Aug-19 Mar-20 Jan-05 Oct-06 Jan-12 Oct-13 Jan-19 -140 -200 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 REER (Jan 2003=100) Linear (REER (Jan 2003=100)) NBG monthly net interventions US$ mn Exchange rate indices (1 January=100) Dollarization ratios Both deposit and loan dollarization jumped in March on Sources: NBG Source: NBG Flexible exchange rate regime plays a role as a shock-absorber the back of the pandemic and GEL depreciation, with deposit dollarization starting to decline immediately USD/GEL USD/TRY USD/UAH USD/RUB 90 90 130 130 Loan dollarization Deposit dollarization 125 125 80 80 120 120 115 115 70 70 110 110 105 105 60 60 100 100 50 50 95 95 90 90 40 40 Dec-02 May-03 Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Page 88

  82. Low public debt Breakdown of public debt Public debt Sources: MOF Source: MOF, as of 30 April 2020 Low public debt ensures a strong position to borrow to fight the pandemic, with MoF expecting public debt to rise to around 55% 60% 60% 50% 50% Multilateral 40% 40% 57% Domestic External 30% 30% 79% 21% 20% 20% 10% 10% 0% 0% Bilateral 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F 2021F 2022F 2023F 2024F 15% Eurobond 7% External public debt to GDP, % Total public debt to GDP, % Overall Balance, % of GDP (GFSM 2001) Current vs Capital Expenditure, % of GDP Source: MOF Source: MOF Capital expenditures reached record highs in 2019 and will prove key 0% in the fiscal stimulus, planned at GEL 3.5bln -3.0 -1.0% -1.3% -0.8% -0.7% -2.7% -3.0% -2.8% 25.8% -2% 30% 23.1% 23.2% 23.0% 22.6% 22.7% -4.0% 21.3% 21.0% 25% -4.8% -4% 20% 15% -6% 7.9% 7.0% 6.8% 6.4% 6.3% 5.7% 5.8% 5.5% 10% -8.3% -8% 5% 0% -10% 2017 2018 2019 2020F 2021F 2022F 2023F 2024F 2014 2015 2016 2017 2018 2019 2020F 2021F 2022F 2023F 2024F Current Expenditures Capital Expenditures (Acquisition of Non-financial Assets) Page 89

  83. Growth-oriented government reforms (2019-2020) Structural Reforms Promoting Transit & Tourism Hub 1 2 Tax Reform Roads ▪ ▪ Favorable tax rates for SME development Plan to finish all spinal projects by 2020 – East-West Highway, other supporting infrastructure ▪ ▪ Special tax regimes for regional offices of multinational companies Rail ▪ ▪ Enhancing easiness of tax compliance Baku – Tbilisi Kars new railroad line ▪ ▪ Capital Market Reform Railway modernization and integration in international transport systems ▪ ▪ Boosting stock exchange activities ▪ Development of local bond market ▪ Pension Reform ▪ Introduction of private pension system ▪ PPP Reform ▪ Introduction of transparent and efficient PPP framework ▪ Education 3 Public Investment Management Framework ▪ Improved efficiency of state projects ▪ Law of Georgia on Entrepreneurs ▪ General Education Reform ▪ New law will be drafted reflecting requirements of Association Agreement between EU and ▪ Maximising quality of teaching in secondary schools ▪ Georgia Fundamental Reform of Higher Education ▪ Responsible Lending ▪ Based on the comprehensive research of the labour market needs ▪ Regulatory actions to support responsible lending ▪ Improvement of Vocational Education ▪ Decrease household over indebtedness ▪ Increase involvement of the private sector in the professional education ▪ Maximizing Government Effectiveness ▪ Modification of government support programs based on performance ▪ Association Agreement Agenda ▪ Page 90

  84. Content 1. COVID-19 update 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. Georgia Capital 1H20 results discussion and key developments 5. Portfolio overview 6. Georgian macro overview 7. Appendices ➢ Georgia Capital results discussion ➢ Georgia Capital financial statements ➢ Portfolio companies overview ➢ Portfolio companies financial statements Page 91

  85. Maturity profile across portfolio companies Gross debt maturity as of 30 June 2020 1 2H20 2021 2022 2023 2024 2024+ Total Gel millions, unless otherwise noted GHG 70 94 181 33 77 - 455 Late Stage - 29 121 2 31 481 664 Water Utility - - - - - 477 477 Housing development 2 - 29 121 2 31 4 187 P&C Insurance - - - - - - - Early Stage 7 144 43 35 51 375 655 Renewable Energy - - - - - 287 287 Hospitality 1 27 9 10 26 45 118 Commercial Real Estate 3 - 92 - - - - 92 Wine 5 5 9 9 9 17 54 Beer - 17 22 12 13 19 83 Education 1 3 3 4 3 7 21 Pipeline 3 6 7 7 14 17 54 Auto Service 3 6 7 7 14 17 54 Total 80 273 352 77 173 873 1,828 All existing loans of Water Utility and Renewable Energy were refinanced by GGU’s green bond, shifting principal payments thr ough 2020-2023 to 2024+ ➢ Beer business’ loan terms renegotiated, shifting principal payments from 2H20 to the following years ➢ (1) Principal repayments as of 30 June 2020, considering green bonds issued by GGU in July 2020. (2) A 3-year US$ 35 million bonds issued on the local market in Oct-19 with a 7.5% annual coupon rate, maturing in Oct-22. (3) A 3-year US$ 30 million bonds issued on the local market in 2019 with a 7.5% annual coupon rate, maturing in Dec-21. Bonds are backed by commercial real estate. Page 92

  86. Multiple of Invested Capital (MOIC) | 30 June 2020 Gross Sell down Dividends Fair Value MOIC Realized MOIC GEL millions Investment (1) (2) (3) (4) (2+3+4) / (1) (2+3) / (1) Listed Investments 381 418 138 730 3.4x 1.5x Georgia Healthcare Group PLC 252 131 4 336 1.9x 0.5x Bank of Georgia Group PLC 129 287 134 394 6.3x 3.3x Private investments, late stage 318 - 270 607 2.8x 0.8x Water Utility 215 - 82 439 2.4x 0.4x Housing Development 93 - 152 23 1.9x 1.6x P&C Insurance 10 - 36 145 17.8x 3.5x Private investments, early stage 560 - 5 464 0.8x - Renewable Energy 144 - 5 185 1.3x - Hospitality and Commercial Real Estate 197 - - 138 0.7x - Beverages 162 - - 60 0.4x - Education 56 - - 81 1.4x - Pipeline 25 - - 26 1.0x - Auto Service 14 - - 15 1.4x - Digital Services 9 - - 9 1.0x - Other 2 - - 2 1.0x - Total 1,283 418 413 1,826 2.1x 0.6x Page 93

  87. Net Asset Value evolution Change since Change since 31-Dec-18 31-Dec-19 GEL 44.32 GEL 46.84 GEL 31.67 +5.7% -32.4% NAV per share -4.5% -32.5% GBP 13.05 GBP 12.46 GBP 8.41 Private GEL millions, except per share information 70% Private Private 1,225 54% 92% 906 1,096 Listed Listed 59% 58% Listed 1,028 978 61% 730 (197) Net debt Net debt Net debt (494) -12% -28% -53% (633) 31-Dec-18 1 31-Dec-19 1 30-Jun-20 1 (1) Components do not sum up, as NAV also includes net other assets/liabilities. Page 94

  88. Acquisitions in 2019 | private portfolio July 2019 August 2019 Buckswood International Alaverdi winery November 2019 May 2019 • The leading school in the mid-level • Purchase of 100% equity stake segment Qartli wind farm Redberry • 244 hectares of vineyards and 135 • Purchase of 100% equity stake March 2019 • The leading Georgian digital • Purchase of 80% equity stake hectares of free land in the Kakheti • Valued at 7.2x EV / EBITDA 2020 marketing agency region • Valued at 6.4x EV / EBITDA 2020 Kazbegi brand acquisition February 2019 • 21MW installed capacity • US$ 0.4mln cash consideration to • The acquisition tripled the Wine • Georgia’s oldest beer brand – • Targeted capacity of c. 2,980 learners Kempinski Hotel • US$ 14.4m cash consideration acquire 60% equity stake Business’s production capacity Kazbegi. by 2021 (Current 760 learners) • Buyout of the remaining • Capital allocation from GCAP of • US$ 2.8mln new capital injected for • Capital allocation from GCAP of • Capital allocation from GCAP of GEL • Total cash consideration of 40% equity stake for GEL 13mln digital start-up development GEL 16mln US$ 3.65mln 24mln 2 US$ 5.2mln February March April May June July August October November December June 2019 July 2019 April 2019 October 2019 December 2019 Amboli British-Georgian Academy Green School Hydrolea Four famous Georgian restaurants • Second largest player in Georgian • The leading school in the premium • The leading player in affordable • Purchase of 100% equity stake • Our hospitality business partnered auto service industry segment segment • Three operating HPPs with 21MW (50% ownership) with the • GEL 3.4mln cash consideration to • Purchase of 80-90 1 % equity stake • Purchase of 70% equity stake installed capacity famous Georgian chef, Tekuna acquire 80% equity stake Gachechiladze, owner of four • Valued at 6.4x EV / EBITDA 2020 • Valued at 5.6x EV / EBITDA 3 • Greenfield HPP project with 19MW leading Georgian restaurants • Valued at 0.7x EV/Sales 2018 targeted capacity • Targeted capacity of c. 5,000 learners • Targeted capacity of c. 3,200 learners • Capital allocation from GCAP of GEL • Total consideration of GEL 1.3mln • Additional Equity capital injection of by 2021 ( Current 800 learners) by 2024 ( Current 1,250 learners) 30mln GEL 1.6mln • Capital allocation from GCAP of GEL • Capital allocation from GCAP of GEL 21mln 2 75mln 2 (1) 80% equity stake in the current campus and 90% equity stake in three new schools that will be developed under green school brand. (2) Includes actual and projected future capital allocations. (3) An additional earn-out may apply subject to EBITDA target within the next three academic years. The cumulative EV paid will not exceed 5.6x EV/EBITDA of the respective year (including performance-related deferred consideration). Page 95

  89. Georgia Capital’s board of directors Board of directors - Georgia Capital PLC David Morrison , Senior Independent Director Irakli Gilauri , Chairman & CEO Experience: formerly BGEO Group CEO; Up to 20 years of Experience: formerly Director at Sullivan & Cromwell with a experience in the banking, investment and finance. BMS in track record of over 28 years, Founding CEO of the Caucasus Nature Fund (CNF) banking from CASS Business School, London; BBS from University of Limerick, Ireland Caroline Brown , Independent Non-Executive Director Kim Bradley , Independent Non-executive Director Experience: A Fellow of the Chartered Institute of Management Experience: Goldman Sachs AM, Senior Executive at GE Capital, Accountants and has over 20 years experience sitting on the President of Societa Gestione Crediti, Board Chairman at boards of listed companies, and has chaired audit committees Archon Capital Deutschland of listed companies for the past 15 years. Massimo Gesua’sive Salvadori , Independent Non-Executive Jyrki Talvitie , Independent Non-Executive Director Director Experience: 28 years of experience in the banking, including Experience: currently an analyst at Odey asset management, Sberbank, VTB, East Capital and Bank of New York in both buy formerly with McKinsey & Company for over 9 years and sell-side transactions Maria Chatti-Gauttier , Independent Non-Executive Director Experience: Over 25 years of experience in private equity in prominent financial institutions. Currently Partner of Trail Management, 6 out of 7 members are independent Page 96

  90. Georgia Capital’s highly experienced management team Georgia Capital Management Irakli Gilauri , Chairman & CEO Archil Gachechiladze, CEO, Bank of Georgia Formerly CEO of BGEO Group since 2011, joined as CFO of Bank of Georgia in 2004. Mr Listed Previously CEO at GGU, the Group’s water utility and renewable businesses. Prior to that Archil was a Deputy CEO in charge of BoG Gilauri was appointed Chairman of the Bank in September 2015, having previously served corporate banking in BoG. He launched the Bank’s industry and macro research, brokerage, and advisory businesses. Previously, as CEO of the Bank since May 2006. Up to 20 years of experience in the banking, he was an Associate at Lehman Brothers Private Equity in London, and worked at Salford Equity Partners, EBRD, KPMG, Barents, investment and finance. Prior, he was EBRD (European Bank for Reconstruction and and the World Bank. Holds MBA with distinction from Cornell University and is CFA charterholder. Development) banker. Over the last decade, Irakli’s leadership has been instrumental in creating major players in a number of Georgian industries, including banking, healthcare, utilities and energy, real estate, insurance and wine. Holds an MS in banking from CASS Giorgi Vakhtangishvili, CEO, Georgia Global Utilities Business School. Formerly CFO at GGU. Previously held different managerial positions at BGEO Group’s companies; before joining GGU, Giorgi GGU served as CEO of m 2 . Previously he was a senior auditor at EY Georgia. Holds BBA degree from European School of Avto Namicheishvili , Deputy CEO Management (ESM). Avto also serves as a chairman of the Group’s water utility, renewable energy and beverages businesses. Formerly he was BGEO Group General Counsel. Joined as a General Counsel at the Bank of Georgia in 2007, and has since played a key role in all of the Group’s equity and Irakli Burdiladze, Co-CEO, Georgia Real Estate* debt raises on the capital markets, and over 25 mergers and acquisitions. Prior, was a Joined as a CFO at the Bank of Georgia in 2006. Before taking leadership of real estate business in 2010, he served as the COO Georgia Capital Georgia Real Estate * Partner at a leading Georgian law firm. Holds LL.M. in international business law from of the Bank. Prior he was a CFO at a leading real estate developer and operator in Georgia. Holds a graduate degree in Central European University, Hungary. International Economics and International Relations from the Johns Hopkins University School of Advanced International Studies. Nikoloz Gamkrelidze , Deputy CEO Nick also serves as a CEO of the Georgian Healthcare Group. Previously deputy CEO Shota Berekashvili, Co-CEO, Georgia Real Estate* (Finance) of BGEO Group. Our healthcare business story starts with Nick, who started it in Joined JSC m² Real Estate in 2017. Before joining m² from 2009 to 2017 Shota was the founder and the CEO of “BK Capital” 2006, and has successfully led it through outstanding growth and most recently the IPO on construction company. From 2003 to 2009 worked in Moscow as CFO of “BK Capital”. From 1999 to 2003 worked in investment the London Stock Exchange. Holds an MA in international healthcare management from the banking sector in NY and London. In 1999 Shota graduated from Columbia University NY with Bachelor’s degree in Science and Tanaka Business School of Imperial College London in 2002 Shota graduated from Cass Business School London with Master’s Degree in Corporate Finance and Risk Management. Private Giorgi Alpaidze , Chief Financial Officer Formerly BGEO Group CFO. Joined BGEO as Head of Group’s Finance, Funding and Investor Giorgi Baratashvili , CEO, Aldagi Aldagi Relations in 2016. He has extensive international experience in banking, accounting and Joined as the Head of Corporate Clients Division of Aldagi in 2004. Before taking the leadership of our P&C insurance business finance. Previously he was a senior manager in Ernst & Young LLP’s Greater New York City’s in 2014, he served as Deputy CEO of Aldagi in charge of strategic management for corporate sales and corporate account assurance practice. BBA from the European School of Management in Georgia. U.S. Certified management. Holds the Master Diploma in International Law. Public Accountant . Ia Gabunia , Chief Exit Strategy Officer Temo Jankarashvili, CEO, Wine Business Formerly Investment Director at Georgia Capital. Joined BGEO as an Investment Director in CEO of Wine business since November 2019, in addition to his CFO role at beer business. Formerly CFO at Rustavi Azot JSC. He Wine 2017. Ia has over 10 years of experience in banking and investment management. Prior to has an extensive experience in finance. Previously, worked for BGEO Group for 11 years, served as a VIP Director at Bank of joining BGEO Ia served as Head of Corporate Banking at Bank Republic, Societe Generale Georgia, successfully leading the commercial lending team, covering structured financing, M&As, LBOs and project financing. Group. Previously Ia held numerous executive positions in the leading Georgian companies, Holds BBA degree in Banking and Finance from Tbilisi State University. Ia holds a BSc degree from London School of Economics and Political Science, UK. Tornike Nikolaishvili, CEO, Beer Business Nikoloz Gamkrelidze, CEO, Georgia Healthcare Group Beer CEO of beer business since September 2018, having previously been Chief Marketing Officer at Bank of Georgia from March Previously deputy CEO (Finance) of BGEO Group. Our healthcare business story starts with 2018. Previously he was a Commercial Director at EFES Georgia – Natakhtari Brewery. Before joining EFES, he was an Advertising Listed Nick, who started it in 2006, and has successfully led it through outstanding growth and GHG Manager of Cartu-Universal. Overall, he has 15 years` experience in FMCG sector. Holds BBA degree of European School of most recently the IPO on the London Stock Exchange. Holds an MA in international Management. healthcare management from the Tanaka Business School of Imperial College London. * m 2 was renamed as Georgia Real Estate in 2019 Page 97

  91. Content 1. COVID-19 update 2. Georgia Capital at a glance 3. Georgia Capital strategy & capital allocations 4. Georgia Capital 1H20 results discussion and key developments 5. Portfolio overview 6. Georgian macro overview 7. Appendices ➢ Georgia Capital results discussion ➢ Georgia Capital financial statements ➢ Portfolio companies overview ➢ Portfolio companies financial statements Page 98

  92. NAV Statement | 2Q20 2c. 3. Operating 4b. Liquidity GEL ‘000, unless otherwise noted Mar-20 1. Value creation 2a. Investments 2b. Buybacks Jun-20 Change % Dividends expenses mgmt./FX/Other Listed Portfolio Companies 660,067 70,002 - - - - - 730,069 10.6% GHG 1 295,455 40,212 - - - - - 335,667 13.6% BoG 1 364,612 29,790 - - - - - 394,402 8.2% Private Portfolio Companies 1,139,711 (48,340) 204 - - - 4,814 1,096,389 -3.8% Late Stage 613,323 (7,916) - - - - 1,504 606,911 -1.0% Water Utility 432,301 5,840 - - - - 848 438,989 1.5% Housing Development 39,921 (18,026) - - - - 656 22,551 -43.5% P&C Insurance 141,101 4,270 - - - - - 145,371 3.0% Early Stage 500,918 (40,421) 32 - - - 3,310 463,839 -7.4% Renewable Energy 151,150 32,720 - - - - 847 184,717 22.2% Hospitality & Commercial RE 218,623 (82,756) - - - - 2,463 138,330 -36.7% Beverages 74,795 (14,732) - - - - - 60,063 -19.7% Education 56,350 24,347 32 - - - - 80,729 43.3% Pipeline 25,470 (3) 172 - - - - 25,639 0.7% Auto Service 15,052 (3) - - - - - 15,049 0.0% Digital Services 8,790 - - - - - - 8,790 0.0% Other 1,628 - 172 - - - - 1,800 10.6% Total Portfolio Value (1) 1,799,778 21,662 204 - - - 4,814 1,826,458 1.5% Net Debt (2) (659,596) - (889) - - (3,934) 31,869 (632,550) -4.1% of which, Cash and liquid funds 170,109 - (889) - - (3,934) (18,556) 146,730 -13.7% of which, Loans issued 135,878 - - - - - (2,537) 133,341 -1.9% of which, Gross Debt (965,583) - - - - - 52,962 (912,621) -5.5% Net other assets/ (liabilities) (3) (2,846) - 685 (287) - (2,636) 8,679 3,595 NMF Of which, share-based comp. - - - - - (2,636) 2,636 - 0.0% Net Asset Value (1)+(2)+(3) 1,137,336 21,662 - (287) - (6,570) 45,362 1,197,503 5.3% NAV change % 1.9% - 0.0% - -0.6% 4.0% 5.3% Shares outstanding 37,686,056 - - (21,129) - - 147,002 37,811,929 0.3% Net Asset Value per share 30.18 0.57 - 0.01 - -0.17 1.08 31.67 4.9% NAV per share change % 1.9% - 0.0% - -0.6% 3.6% 4.9% Page 99 (1) Number of shares owned in GHG and BoG were 93,011,414 and 9,784,716 as of 30-Jun-20, respectively.

  93. Georgia Capital 1H20 performance (adjusted IFRS10 accounts) Income statement Reconciliation of adjusted IFRS10 accounts to IFRS GEL ‘000, unless otherwise noted 1H20 1H19 Change Income statement IFRS income Dividend income 4,927 55,667 -91.1% GEL ‘000, unless otherwise noted Adjustment (Adjusted IFRS10 accounts) statement Interest income 11,816 21,868 -46.0% Realised / unrealised (loss)/ gain on liquid funds (4,577) 5,297 NMF Dividend income 4,927 (4,927) - Interest expense (30,180) (25,892) 16.6% Gross operating (loss)/income (18,014) 56,940 NMF Interest income 11,816 (11,816) - Operating expenses (14,580) (16,609) -12.2% Realised / unrealised (loss)/ gain on liquid funds (4,577) 4,577 - GCAP net operating (loss)/income (32,594) 40,331 NMF Interest expense (30,180) 30,180 - Fair value changes of portfolio companies Gross operating (loss)/income (18,014) 18,014 - Listed portfolio companies (297,745) 216,885 NMF Operating expenses (14,580) 10,890 (3,690) Of which, Georgia Healthcare Group PLC (94,412) 141,081 NMF GCAP net operating (loss)/income (32,594) 28,904 (3,690) Of which, Bank of Georgia Group PLC (203,333) 75,804 NMF Private portfolio companies (189,918) 74,034 NMF Late Stage (87,574) 52,948 NMF Total investment return / gross investment loss (487,663) (62,929) (550,592) Of which, Water Utility (46,064) 28,689 NMF Of which, Housing Development (21,958) (6,626) NMF (Loss)/Income before foreign exchange movements Of which, P&C Insurance (19,552) 30,885 NMF (520,257) (34,025) (554,282) and non-recurring expenses Early Stage (85,851) 5,424 NMF Of which, Renewable energy 32,720 - NMF Net foreign currency loss (41,361) 41,165 (196) Of which, Hospitality & Commercial Real Estate (110,827) 7,087 NMF Non-recurring expenses (3,222) 3,222 - Of which, Beverages (32,091) (1,663) NMF Net (loss)/Income (564,840) 10,362 (554,478) Of which, Education 24,347 - NMF Pipeline businesses (16,493) 15,662 NMF Of which, Auto Service (14,908) 15,662 NMF Of which, other (1,585) - NMF Total investment return (487,663) 290,920 NMF (Loss)/Income before foreign exchange movements (520,257) 331,251 NMF and non-recurring expenses Net foreign currency loss (41,361) (25,624) 61.4% Non-recurring expenses (3,222) - NMF Net (loss)/Income (564,840) 305,627 NMF Page 100

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