Page 1

FINANCIAL PERFORMANCE HIGHLIGHTS ( IFRS ) 1 Georgia Capital PLC 3Q21 and 9M21 results GEL ' 000 , unless otherwise noted Sep - 21 Jun - 21 Change Dec - 20 Change Georgia Capital NAV overview NAV per share , GEL 59.77 Net Asset Value ( NAV ) 2,762,844 54.48 2,537,536 9.7 % 48.12 24.2 % 8.9 % 2,212,292 24.9 % Total portfolio value 3,469,495 3,247,326 6.8 % 2,907,688 19.3 % Liquid assets and loans issued 414,930 442,088 -6.1 % 284,272 46.0 % Net debt ( 712,121 ) ( 714,065 ) -0.3 % ( 697,999 ) 2.0 % Georgia Capital Performance 3Q21 3Q20 Change 9M21 9M20 Change Total portfolio value creation 244,631 452,097 -46 % 585,080 ( 30,641 ) NMF of which , listed businesses 66,246 ( 135,237 ) NMF of which , private businesses 178,385 587,334 -70 % 110,082 474,998 402,341 ( 432,982 ) NMF 18 % Investments 6,542 138,296 -95 % 17,130 194,287 -91 % Dividend income 30,000 9,972 NMF 44,430 14,899 NMF Net income 229,849 398,032 -42 % 553,148 ( 166,810 ) NMF Private portfolio companies ' performance¹ 3Q21 3Q20 Change 9M21 9M20 Change Large portfolio companies Revenue 399,853 303,652 31.7 % 1,130,041 880,561 28.3 % EBITDA 91,494 61,872 47.9 % 239,352 158,642 50.9 % Net operating cash flow 114,015 68,573 66.3 % 196,013 195,264 0.4 % Investment stage portfolio companies Revenue 16,765 19,164 -12.5 % 53,437 52,005 2.8 % EBITDA 9,489 12,455 -23.8 % 30,839 31,722 -2.8 % Net operating cash flow 13,965 14,573 -4.2 % 31,558 37,184 -15.1 % Total portfolio² Revenue 505,726 405,990 24.6 % 1,422,504 1,130,478 25.8 % EBITDA 108,837 85,452 27.4 % 297,718 204,709 45.4 % Net operating cash flow 137,378 110,892 23.9 % 248,976 288,933 -13.8 % KEY POINTS NAV per share ( GEL ) up 9.7 % in 3Q21 , mainly resulting from : о GEL 178.4 million value creation across our private portfolio ( +7.0 ppts impact ) о A 15.6 % increase in BoG share price in 3Q21 , adding GEL 66.2 million ( +2.6 ppts impact ) to the value of our holding Outstanding quarterly revenue and EBITDA growth across our private portfolio , up 24.6 % and 27.4 % y - o - y , respectively , in 3Q21 ( up 25.8 % and 45.4 % , y - o - y in 9M21 ) Record aggregate quarterly net operating cash flows of GEL 137.4 million , up 23.9 % y - o - y in 3Q21 GEL 30 million dividends collected from the private portfolio companies in 3Q21 ( GEL 44.4 million in 9M21 ) , including GEL 25 million dividends from GHG businesses Buyout of the minority shareholders in Retail ( Pharmacy ) agreed at renegotiated terms , providing the path to 100 % ownership and stretching over six year / tranches at 5.25x EV / EBITDA multiple Additional sales of US $ 10.3 million commercial real estate properties in September - November 2021 leading to a total of US $ 45.0 million divestment with an 11.3 % premium ( US $ 4.6 million ) since June 2021 Conference call : An investor / analyst conference call will be held on 16 November 2021 , at 13:00 UK / 14:00 CET / 08:00 US Eastern Time . Please click the link to join the webinar : WEBINAR LINK , webinar ID : 858 6566 0780 , passcode : 067923. Further details about the webinar are available on the Group's webpage : https://georgiacapital.ge/ir/news . 1 See " Basis of Presentation " for more background on page 26. Private portfolio companies ' performance includes aggregated stand - alone IFRS results for our portfolio companies , which can be viewed as APMs for Georgia Capital , since Georgia Capital does not consolidate its subsidiaries and instead measures them at fair value under IFRS . 2 The results of our five smaller businesses included in other portfolio companies ( described on pages 23-24 ) are not broken out separately . Performance totals , however , include the other portfolio companies results ( and are therefore not the sum of large and investment stage portfolio results ) . 1