#1GEORGIA CAPITAL INVESTOR PRESENTATION 3Q23 & 9M23 RESULTS#2CONTENTS 01 10 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 2#3GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 30-SEP-23 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS 3 Management 14.1% Sweden 2.1% UAE 4.9% South Africa 7.0% Other 4 9.0% Luxembourg 7.7% Rank Shareholder name Ownership 3 1. Management & Management Trust 14.14% UK 1 26.5% 2. Gemsstock Ltd 10.77% 3. Allan Gray Ltd 6.78% 4. Lazard Asset Management LLC 4.86% 5. Coeli Frontier Markets AB 4.75% 6. Eaton Vance 3.83% 7. Schroder Investment Management Ltd 3.65% 8. RWC 2.89% 9. Firebird Management LLC 2.81% USA² 28.7% 10. Motley Fool Asset Management 2.37% Total 56.85% NUMBER OF ISSUED SHARES - 43.8 MILLION Georgia Capital PLC | 1. UK also includes Channel Islands. 2. USA also includes Cayman Islands. 3. Management shares include shares directly held by the management (4.7%), shares held by the trust (5.6%) and unvested shares for the management (3.9%). 4. Other includes: Georgia - 4.4%; Other (inc. below threshold) - 4.6%. GEORGIA CAPITAL 3#4KEY FIGURES AT A GLANCE M NAV HIGHLIGHTS AT 30-SEP-231 Portfolio value 3,479 GEL million US$ 1,299 million Net debt 294 GEL million US$ 110 million GEORGIA CAPITAL PORTFOLIO VALUE BREAKDOWN AT 30-SEP-23 36% ■Listed & Observable O 64% ■ Private NAV 3,188 GEL million US$ 1,190 million NAV per share 76.99 GEL US$ 28.75 STARTING FROM 2024, PLATFORM COSTS ARE TARGETED AT MAXIMUM 0.75% OF NAV Georgia Capital PLC | 1. Values are converted in US$ via 30-Sep-23 official exchange rate (2.6783), published by the National Bank of Georgia (NBG). 4#5OUR PORTFOLIO OVERVIEW AS AT 30-SEP-23 LISTED AND OBSERVABLE PORTFOLIO Value: GEL 1,251m 36% of the total portfolio value BANK OF GEORGIA PRIVATE PORTFOLIO Value: GEL 2,228m 64% of the total portfolio value LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) Value: GEL 1,092m (31.4%) Value: GEL 679m (19.5%) WATER UTILITY HOSPITALS 金 INSURANCE (P&C AND MEDICAL) Value: GEL 382m (11.0%) Value: GEL 342m (9.8%) INVESTMENT STAGE PORTFOLIO COMPANIES RENEWABLE ENERGY EDUCATION Value: GEL 159m (4.6%) Value: GEL 261m (7.5%) Value: GEL 171m (4.9%) CLINICS AND DIAGNOSTICS Value: GEL 96m (2.8%) OTHER BUSINESSES (1) Auto Service; (2) Beverages; (3) Housing Development; (4) Hospitality Value: GEL 297m (8.5%) GEORGIA CAPITAL 5#6CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 6#7OUR STRATEGY 01 INVESTING IN CAPITAL- LIGHT OPPORTUNITIES ONLY 02 OUR ROBUST CAPITAL MANAGEMENT FRAMEWORK 03 ESG AT THE CORE OF OUR STRATEGY ESG 7#8CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 ☐ Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 8#9THE CAPITAL-LIGHT INVESTMENT STRATEGY GEORGIA CAPITAL STRONG VALUE CREATION POTENTIAL WITHOUT SIGNIFICANT CAPITAL COMMITMENTS GCAP INVESTS IN GEORGIA IN SECTORS NOT REQUIRING INTENSIVE CAPITAL COMMITMENTS OUR BREAD AND BUTTER STRONG TRACK RECORD IN TAPPING BIG OPPORTUNITIES WITH SMALL INVESTMENTS BY CONSOLIDATING FRAGMENTED INDUSTRIES, ESPECIALLY IN SERVICE-ORIENTED SECTORS ee Pharmacies Up Clinics Hospitals Insurance in progress Diagnostics in progress Private Schools in progress Manage third-party money and/or establish partnerships in capital heavy industries 9#10MAPPING EXISTING PORTFOLIO TO THE REGIONAL GROWTH OPPORTUNITIES LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES 29 Hospitals Retail (Pharmacy) Insurance (P&C and medical) Renewable Energy Education Clinics and diagnostics LARGE CAPITAL-LIGHT ✓ ☑ ✓ ✓ CURRENT REGIONAL LONG-TERM REGIONAL EXPANSION POTENTIAL EXPANSION POTENTIAL No No ✓ Yes Yes Х ✓ No No No No No Yes No Yes GEORGIA CAPITAL 10#11LARGE AND CAPITAL-LIGHT PORTFOLIO COMPANIES ARE ELIGIBLE FOR THE REGIONAL EXPANSION LARGE BUSINESSES Hospitals Insurance (P&C and medical) CURRENT REGIONAL EXPANSION POTENTIAL CAPITAL-LIGHT BUSINESSES Retail (Pharmacy) & Education Clinics and diagnostics LONG-TERM REGIONAL EXPANSION POTENTIAL GEORGIA CAPITAL TO FOLLOW THEIR NATURAL GROWTH PATH, GCAP ENABLES ITS LARGE, CAPITAL-LIGHT PORTFOLIO COMPANIES TO EXPLORE REGIONAL GROWTH OPPORTUNITIES 11#12OUR INVESTMENT STRATEGY GCAP INVESTS IN CAPITAL-LIGHT, LARGE OPPORTUNITIES, WHICH HAVE A POTENTIAL TO BECOME GEL 300 MLN+ IN EQUITY VALUE OVER 3-5 YEARS THE CYCLE OF GCAP'S STRATEGY Invest Grow Monetise Our key strategic principle is to develop or buy capital-light businesses at affordable prices. GCAP helps the portfolio companies institutionalise their management, enhance their governance and grow them into mature businesses that can further develop largely on their own, either with continued oversight or independently. As investments mature, GCAP intends to realise proceeds through exits at attractive prices. INVEST IN CAPITAL-LIGHT LARGE OPPORTUNITIES IN GEORGIA GEORGIA CAPITAL MONETISE घ GROW BUSINESSES TO EQUITY VALUE OF GEL 300 MLN+ 12#13OUR INVESTMENT STRATEGY (CONT'D) GEORGIA CAPITAL IRR & MOIC¹ IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW OPPORTUNITIES ROIC IS AT THE CORE OF OUR DECISION MAKING WHEN OUR PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES KEY INVESTMENT METRICS AT GCAP LEVEL W IRR KEY METRIC FOR REINVESTMENT DECISION MAKING AT PORTFOLIO COMPANIES' LEVEL ROIC ROIC should exceed WACC for all new investments Portfolio companies to continue divestment of low ROIC and/or non-core assets & businesses to enhance ROIC MOIC Georgia Capital PLC | 1. Multiple of Capital Invested (MOIC). 13#14CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 14#15NET CAPITAL COMMITMENT (NCC) OVERVIEW NCC RATIO IMPROVED BY 8.5 PPTS Y-O-Y AND 1.5 PPTS Q-O-Q TO 15.9% AS AT 30-SEP-23 A 1.5 ppts decrease in the NCC ratio in 3Q23 reflects: US$ Million Cash and liquid funds Loans issued Accrued dividend income Gross debt Net debt (1) Guarantees issued (2) • A 50.5% decrease in gross debt. • A 1.2% increase in the portfolio value. • • A 50.2% decrease in loans issued balance due to the full repayment of the previously issued loan to our auto services business. A US$ 1.6 million decrease in GCAP's bank guarantee on the borrowings of the beer business, following which the guarantees issued balance was reduced to zero. GEORGIA CAPITAL 30-Sep-22 Change (y-o-y) 30-Jun-23 Change (q-o-q) Now 30-Sep-23 133.9 -72.0% 153.2 89.3 -96.3% 6.7 NMF (362.9) -58.5% 20.2 (304.2) -50.5% -75.5% -50.2% NMF 37.5 3.3 (150.6) (139.7) (6.2) -21.4% NMF (124.1) -11.5% (109.8) Net debt and guarantees issued (3)=(1)+(2) (145.9) -24.7% Planned investments (4) (52.6) -10.1% (1.6) (125.7) -12.6% (47.3) NMF (109.8) (47.3) of which, planned investments in Renewable Energy (30.1) -3.3% (29.1) (29.1) of which, planned investments in Education (22.6) -19.0% (18.3) (18.3) Announced Buybacks (5) Contingency/liquidity buffer (6) (50.0) (50.0) (50.0) Total planned investments, announced buybacks and contingency/liquidity buffer (7)=(4)+(5)+(6) (102.6) -5.2% (97.3) (97.3) Net capital commitment (3)+(7) (248.6) -16.6% (223.1) -7.1% (207.2) Portfolio value¹ 1,017.6 27.7% 1,283.8 1.2% 1,299.0 NCC ratio 24.4% -8.5 ppts 17.4% -1.5 ppts 15.9% Georgia Capital PLC | 1. Portfolio value as at 30-Sep-22 includes US$ 10 million shareholder loan provided to Renewable Energy, which was converted into equity in 4Q22. 15#16NCC RATIO DEVELOPMENT OVERVIEW NCC REPRESENTS AN AGGREGATED VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS AT THE GCAP HOLDCO LEVEL NCC AND NCC RATIO DEVELOPMENT OVERVIEW¹ 385.8 365.9 345.7 42.5% We are targeting to reduce the balance of "net debt and guarantees issued" close to zero over the short to medium term 39.8% 31.9% GEORGIA CAPITAL 248.5 250.1 223.1 207.2 ~194.92 -8.5 ppts 24.4% 21.1% 17.4% 15.9% 15.0% 31-Dec-20 31-Dec-21 30-Sep-22 31-Dec-22 30-Jun-23 30-Sep-23 OVER THE CYCLE TARGET -Net Capital Commitment (US$ million) 31-Dec-19 INCC ratio Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our real estate and beverages businesses into equity. 2. Assuming the application of the 15% NCC ratio target to the total portfolio value as at 30 September 2023. 16#17360-DEGREE FRAMEWORK GCAP SHARE PRICE IS AT THE CORE OF OUR INVESTMENT DECISION MAKING NCC RATIO NAVIGATION TOOL opportunity Buyback Investment opportunity 360° ANALYSIS Sale opportunity WE PERFORM 360-DEGREE ANALYSIS EACH TIME WE MAKE A CAPITAL ALLOCATION DECISION AND COMPARE: • Investment opportunity vs. buyback opportunity • Sale opportunity vs. buyback opportunity 15% 40% GEORGIA CAPITAL MEANINGFUL BUYBACKS & INVESTMENTS TACTICAL BUYBACKS & INVESTMENTS CASH PRESERVATION STRATEGY CAPITAL ALLOCATIONS 17 7#18DELEVERAGING ACROSS OUR PRIVATE PORTFOLIO AGGREGATED LEVERAGE ACROSS OUR PRIVATE LARGE AND INVESTMENT STAGE PORTFOLIO COMPANIES AT 3.1x AS OF 30-SEP-23 ADJUSTED NET DEBT/EBITDA 30-JUN-23 CHANGE 30-SEP-23 GEORGIA CAPITAL TARGET (OVER THE CYCLE) LARGE PORTFOLIO COMPANIES Retail (pharmacy)¹ 1.7x +0.6x 2.3x Up to 1.5x Hospitals 4.1x +0.2x 4.3x Up to 2.5x Insurance (P&C and Medical) No leverage NMF No leverage No leverage INVESTMENT STAGE PORTFOLIO COMPANIES Renewable Energy² 7.1x -0.1x 7.0x Up to 6.0x Education 1.0x +0.3x 1.3x Up to 2.5x Clinics and Diagnostics 7.1x -2.4x 4.7x3 Up to 2.5x Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects; Net debt/EBITDA is adjusted for capital commitments. 1. Includes the application of the minority buyout agreement. 2. Renewable energy ratio is calculated in US$. 3. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt includes the receivable of US$ 6.2 million incurred from the sales transaction. 18#19LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES GEORGIA CAPITAL TOTAL NET DEBT/EBITDA DEVELOPMENT OVERVIEW ➤ Despite headwinds from COVID-19, leverage profile across our private portfolio companies improved over the last 4 years. GEL MILLION 5.5x 5.3x 4.6x 3.9x 3.7x 3.7x 3.4x 3.5x 3.3x 3.3x 3.2x 3.0x 1891,039 2001,062 2251,025 268 998 258 913 255 946 238 927 244 814 245 803 242 723 248 787 248 845 Sep-221 Dec-22 Mar-23 Jun-23 Sep-232 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Mar-22 Jun-22 Total LTM EBITDA Total Net debt -Total Net debt/EBITDA Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects. Net debt Includes the application of the minority buyout agreement in the retail (pharmacy) business and assumes the conversion of the loans issued to our real estate and beverages businesses into equity. 1. Renewable energy business net debt, excluding US$ 10 million quasi equity. 2. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt includes the receivable of US$ 6.2 million incurred from the sales transaction. 19#20AGGREGATED LEVERAGE OVERVIEW ACROSS OUR LARGE AND INVESTMENT STAGE PORTFOLIO COMPANIES GEORGIA CAPITAL ADJUSTED¹ NET DEBT/EBITDA DEVELOPMENT OVERVIEW LTM EBITDA up 13.1% as at Sep-23 from Dec-19. 3.1x 3.2x 3.1x 2.8x 2.6x 2.6x 2.6x 2.5x 2.6x 2.7x 2.8x 2.4x 89 124 131 92 92 93 80 184 186 197 224 235 472 238 499 223 535 218460 206 435 203 447 209 584 208 631 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Mar-22 Jun-22 Sep-222 Dec-22 Mar-23 Jun-23 Sep-233 LTM EBITDA Adjusted Net debt¹ Adjusted Net debt/EBITDA Minority buyout agreement at Retail (Pharmacy) Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects. 1. Adjusted for capital commitments. 2. Renewable energy business net debt, excluding US$ 10 million quasi equity. 3. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt includes the receivable of US$ 6.2 million incurred from the sales transaction. 20 20#21CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 21#22CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance 02 Access to management 03 Access to capital THREE FUNDAMENTAL ENABLERS GEORGIA CAPITAL S STRONG CORPORATE GOVERNANCE ACCESS TO MANAGEMENT ACCESS TO CAPITAL 22 22#23ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRINCIPLES LIE AT THE HEART OF OUR BUSINESS OUR PORTFOLIO IS CONCENTRATED ACROSS STRUCTURALLY IMPORTANT INDUSTRIES IN GEORGIA, CONNECTING US TO THE COUNTRY'S SUSTAINABLE DEVELOPMENT GEORGIA CAPITAL WE INVEST IN INDUSTRIES WHICH HAVE POSITIVE IMPACT ON PEOPLE AND PLANET LARGEST EMPLOYER IN THE GEORGIAN PRIVATE SECTOR Male 25% OVER 19,000 EMPLOYEES AT THE GROUP LEVEL Female 75% Reputation among talented managers as the "best Group to work for", as 92% of the annual satisfaction survey participants enjoy working at GCAP Q Our healthcare businesses, contribute to the development of the Georgian healthcare system and society as a whole. Our Education business makes a significant contribution to the country's education system and society by developing the younger generation. Through its green projects, our renewable energy business supports climate change mitigation, natural resources conservation and pollution prevention. Our Auto Service business is directly engaged in the reduction of greenhouse gas emissions and road traffic accidents in Georgia. 23#24ESG AT THE CORE OF OUR STRATEGY 01 DELIVERED ON THE STRATEGIC PRIORITY RECENT KEY ESG DEVELOPMENTS 02 COMMITTED TO THE NET-ZERO INITIATIVE 03 ISSUED FIRST EVER SUSTAINABILITY-LINKED BONDS IN THE REGION 04 ENHANCED ESG EXPERTISE WITH UN GLOBAL COMPACT'S GUIDANCE ■ Georgia Capital delivered on its strategic priority of setting measurable ESG targets and established the ESG action plan. ■ The process considered a comprehensive analysis of the relevant ESG frameworks and guidelines, as well as determining the materiality of ESG matters across the business operations. ■In 2022, Georgia Capital committed to the Net-Zero Initiative and expressed its willingness to reach Net-Zero across Scope 1 and 2 emissions at both GCAP HoldCo and portfolio company levels by 2050. ■ In 2023, Georgia Capital issued US$ 150 million sustainability- linked bonds ("SLB") and established a SLB Framework, under which GCAP intends to decrease its GHG emissions by 20% by 2027. ■ Through this target, GCAP will further support climate change mitigation, natural resources conservation and pollution prevention, thereby contributing to the transition towards a more sustainable and lower carbon economy in Georgia. ■GCAP joined the UN Global Compact SDG accelerator and climate ambition programmes. Under the programme, GCAP enhanced its technical knowledge of SDGs and GHG reduction strategies, engaged in discussions with global experts and peer entities, and successfully shared its experience with the portfolio companies. GEORGIA CAPITAL 24#25INCREASEAD FOCUS ON IMPACT INVESTING COMMITTING TO UN'S PRINCIPLES AND MAPPING OUR BUSINESSES TO THEIR SUSTAINABLE DEVELOPMENT GOALS ("SDGS") GEORGIA CAPITAL 1 NO POVERTY 2 ZERO HUNGER 3 GOOD HEALTH AND WELL-BEING 4 QUALITY EDUCATION 5 GENDER EQUALITY Business SSS Direct SDG Impact Supportive / Indirect SDG Impact GCAP HoldCo 8, 10, 13 5 Retail (Pharmacy) 3,8,12 5,11 6 CLEAN WATER AND SANITATION 7 AFFORDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 10 REDUCED INEQUALITIES Hospitals 3,8, 12 5,11 = II) Insurance 3,8,9 1,10 Renewable Energy 7,9, 13 8, 11 11 AND COMMUNITIES SUSTAINABLE CITIES 12 RESPONSIBLE CONSUMPTION 13 CLIMATE ACTION 14 LIFE BELOW WATER 15 LIFE ON LAND AND PRODUCTION Education AND STRONG INSTITUTIONS QO 16 PEACE, JUSTICE 17 & Clinics & Diagnostics Auto Services 3,8,9 9,11,13 3, 11, 16 5,11 15 PARTNERSHIPS FOR THE GOALS SUSTAINABLE DEVELOPMENT GOALS Water Utility 6, 7, 11 12, 13, 14 III Banking 1,8,11 5 25#26CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 26#2717 ESG DELEVERAGING GCAP HOLDCO BY BRINGING DOWN THE NCC RATIO BELOW 15% REDUCE AND MAINTAIN PORTFOLIO COMPANIES' LEVERAGE TO RESPECTIVE TARGETED LEVELS ACHIEVE ESG TARGETS AT BOTH GCAP HOLDCO AND PORTFOLIO COMPANY LEVELS OUR STRATEGIC PRIORITIES CONTINUED PROGRESS ON THE DIVESTMENT OF "OTHER" PORTFOLIO COMPANIES 27 27#28OUR LONG-TERM ASPIRATION GEORGIA CAPITAL 8 ACHIEVEMENT OF OUR STRATEGIC PRIORITIES WILL ENABLE GCAP TO GRADUALLY TRANSFORM INTO A SUSTAINABLE PERMANENT CAPITAL VEHICLE (PCV) Significantly reduced leverage at the GCAP HoldCo level Capacity to redeploy our existing capital without the need for new equity share issuance/raise Consistent NAV per share growth on the back of resilient, capital-light investments Opportunity to return a significant portion of GCAP's cash inflows to our shareholders 28#29CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW Recent developments Georgia Capital results overview Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 29#30SIGNIFICANT PROGRESS ON DELEVERAGING GEORGIA CAPITAL SIGNIFICANT DECREASE IN NET DEBT, REFLECTING STRONG CASH GENERATION AND SUCCESSFUL REFINANCING OF EUROBONDS NET DEBT1 DOWN 25% Y-O-Y AND DOWN 13% Q-O-Q TO US$ 110 MILLION AT 30-SEP-23 I Net debt (US$ million) 1 Gross debt (US$ million) In 3Q23, we completed the issuance of US$ 150 million sustainability-linked bonds. The proceeds from the transaction, together with the existing liquid funds of GCAP were fully used to redeem GCAP's Eurobonds. ON 26-OCT-23, S&P UPGRADED GCAP'S ISSUER CREDIT RATING FROM "B+" TO "BB-" Georgia Capital PLC | 1. Including guarantees issued. 363 304 151 -25% 146 126 -13% 110 30-Sep-22 30-Jun-23 30-Sep-23 STRONG LIQUIDITY AT GCAP, WITH US$ c.40 MILLION CASH AND LIQUID FUNDS BALANCE POST EUROBOND REFINANCING 30#31COMMENCEMENT OF A NEW US$ 15 MILLION SHARE BUYBACK AND CANCELLATION PROGRAM opportunity Investment 360° ANALYSIS Sale The opportunity opportunity GCAP SHARE PRICE IS AT CORE OF OUR DECISION MAKING US$ 71 million already returned to GCAP investors through share buyback programmes since GCAP's inception A new US$ 15 million buyback programme is expected to reduce the number of issued shares to c.42.6 million from the current 43.8 million. DEVELOPMENT OF SHARE BUYBACK AND CANCELLATION PROGRAMMES GEORGIA CAPITAL 2.7 2.3 0.9 1.0 c.1.21 NUMBER OF SHARES 36.0 8.1 MILLION 2018-2019 Georgia Capital PLC | 1. Estimated based on GCAP's share price and exchange rates as at 30-Sep-23. 7.0 2021 18.0 15.0 10.0 2022 1H23 NEW PROGRAMME I Value of shares (US$ million) Number of shares (million) VALUE 86.0 US$ MILLION 31#32UPDATE ON THE EXPANSION OF THE EDUCATION BUSINESS NUMBER OF LEARNERS AND TOTAL LEARNER CAPACITY DEVELOPMENT OVERVIEW NUMBER OF LEARNERS INCREASED AT 23.1% CAGR OVER THE LAST 4 YEARS 1st grader intakes 245 246 In 3Q23, the total learner capacity of the education business increased by 400 learners, reflecting the launch of a new campus in the mid-scale segment category. 2,810 2,810 279 548 5,650 5,060 4,116 3,150 2,573 2,614 30-Sep-19 30-Sep-20 I Number of Learners GEORGIA CAPITAL 873 CAGR: 37.4% 1st grader intakes 7,270 5,900 30-Sep-21 30-Sep-22 30-Sep-23 Total learner capacity CAGR: 23.1% Number of learners 32#33STRATEGIC REORGANISATION ACROSS OUR HEALTHCARE BUSINESSES TO CAPTURE EMERGING OPPORTUNITIES ARISING FROM NEW GOVERNMENT REGULATIONS, ENSURE UNINTERRUPTED BUSINESS OPERATIONS, AND ENHANCE EFFICIENCY, WE PLAN TO RESTRUCTURE OUR HEALTHCARE BUSINESSES CURRENT STRUCTURE HOSPITALS Starting from 4Q23, the hospitals business will be split into two distinct segments: "Large and Specialty Hospitals" and "Regional and Community Hospitals". Regional and Community Hospitals will also incorporate the community clinics that are currently managed and presented as part of the clinics and diagnostics business. The existing hospitals' management team will continue to manage the Large and Specialty Hospitals business. The Regional and Community Hospitals business will be managed by a new CEO, set to join the Group from a local competitor. ➤ LARGE AND SPECIALTY HOSPITALS ➤ REGIONAL HOSPITALS ➤ COMMUNITY CLINICS ➤ POLYCLINICS & DIAGNOSTICS NEW STRUCTURE HOSPITALS Large portfolio GEORGIA CAPITAL FACILITIES SHARE IN EBITDA LARGE AND SPECIALTY HOSPITALS 6 c.60% EXISTING MANAGEMENT 28 REGIONAL AND COMMUNITY HOSPITALS c.20% REGIONAL HOSPITALS COMMUNITY CLINICS CLINICS & DIAGNOSTICS NEW MANAGEMENT CLINICS & DIAGNOSTICS Investment stage portfolio POLYCLINICS & DIAGNOSTICS EXISTING MANAGEMENT 17 c.20% 33#34STRONG NAV PER SHARE GROWTH GEORGIA CAPITAL NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW +12.3% CAGR STRONG NAV PER SHARE (GEL) GROWTH WITH 12.3% CAGR SINCE DEC-18 IN US$ AND GBP TERMS, NAV PER SHARE CAGR STANDS AT 12.3% AND 13.1%, RESPECTIVELY 46.8 48.1 44.3 +17.4% 77.0 65.6 63.0 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Sep-23 34#35FREE CASH FLOW DEVELOPMENT SIGNIFICANT INCREASE IN FREE CASH FLOW, REFLECTING ROBUST DIVIDEND INFLOWS, WELL-MANAGED OPERATING EXPENSES, AND REDUCED INTEREST EXPENSE IN LINE WITH OUR DELEVERAGING PROGRESS GCAP's FREE CASH FLOW DEVELOPMENT (US$ MILLION) Free cash flow is determined by subtracting interest and operating expenses from dividend and interest income. 17 14 GEORGIA CAPITAL 31 11 4Q23 Estimate 21 9M23 Actual 11 1 (10) 2018 2019 2020 2021 2022 2023 ➤ The 2023 free cash flow excludes US$ 22 million one-off dividends and US$ 17 million buyback dividend from the participation in BoG's 9M23 buybacks. 35#36CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW Recent developments Georgia Capital results overview Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 36#37NAV PER SHARE (GEL) MOVEMENT IN 3Q23 NAV PER SHARE (GEL) UP 5.1% Q-O-Q TO 76.99 ■ NAV per share (GEL) performance in 3Q23 mainly reflects continued recovery in BoG's share price. 73.28 In GBP: 22.12 +7.3% -1.5% -0.3% -0.4% +6.0% GEORGIA CAPITAL +5.1% 76.99 In GBP: 23.44 share per 30-Sep-23 NAV per share 30-Jun-23 Listed & obeservable Private portfolio portfolio Operating expenses Liquidity manag. NAV /FX/Other 37#38PORTFOLIO VALUE DEVELOPMENT IN 3Q23 PORTFOLIO VALUE UP 3.5% TO GEL 3.5 BILLION IN 3Q23 ■ The value of the listed and observable portfolio increased by GEL 209.4 million. ■ The value creation in the private portfolio amounted to negative GEL 46.2 million in 3Q23, reflecting the negative net impact from changes in implied valuation multiples and foreign currency exchange rates. PRIVATE PORTFOLIO VALUE CREATION IN 3Q23 PRIVATE PORTFOLIO GEL million Other businesses Renewable Energy Insurance (P&C & Medical) Clinics & Diagnostics Education Retail (Pharmacy) Hospitals Total VALUE CREATION 15.0 13.0 GEL MILLION 209 3,361 GEORGIA CAPITAL 11 3,479 (93) (9) LISTED AND OBSERVABLE PORTFOLIO VALUE UP BY 20.1% PRIVATE PORTFOLIO VALUE DOWN BY 3.9% (8.5) Portfolio BOG (13.5) value Water Utility (13.8) 30-Jun-23 Large portfolio companies Investment stage portfolio Other portfolio companies Portfolio value 30-Sep-23 (38.4) (46.2) 38#39LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) 300 74 300 365 365 300 150 150 Cash receipt from the water utility business sale Cancellation of US$ 65 Million GCAP Eurobond 54 54 88 234 152 Redemption of outstanding Eurobond -75.4%* 38 Includes US$ 10.2 million interim dividends from BoG, received on 27-Oct 48 Dec-19 Dec-20 Dec-21 Jun-22 Dec-22 Sep-23 Now GEORGIA CAPITAL * LIQUIDITY DOWN BY 75.4% IN US$ TERMS IN 9M23, MAINLY REFLECTING THE REDEMPTION OF GCAP'S EUROBONDS IN 3Q23, WHICH WAS PARTIALLY FINANCED BY GCAP'S EXISTING LIQUID FUNDS BALANCE. THE DECREASE WAS SLIGHTLY OFFSET BY STRONG DIVIDEND INFLOWS 39#40DIVIDEND INCOME OUTLOOK GEORGIA CAPITAL CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEL 202 MILLION DIVIDEND INCOME IN 9M23 DIVIDENDS INCOME +2.2x RECURRING ONE-OFF TOTAL (GEL million) 202 BOG 96.8 29.4 126.2 Of which, cash dividends 52.8 52.8 GEL MILLION Of which, buyback dividends 44.0 29.4 73.4 73 Retail (Pharmacy) 24.2 26.7 50.9 Insurance business 13.4 13.4 Of which, P&C Insurance 8.4 8.4 94 Of which, Medical Insurance 5.0 5.0 53 73 29 29 41 15 30 60 44 60 30 71 74 Hospitals business 6.0 6.0 Renewable Energy 5.2 5.2 TOTAL 145.7 56.1 201.7 76 53 2019 2020 Dividend income from private companies Buyback dividend 2021 2022 9M23 ■Dividend income from listed companies IN ADDITION TO THE RECURRING DIVIDENDS, GCAP RECEIVED A ONE-OFF NON- RECURRING INFLOW OF GEL 56.1 MILLION IN 9M23: 1) GEL 29.4 million from the participation in BOG's 2022 share buybacks; 2) One-off additional dividend of GEL 26.7 from the retail (pharmacy) business, following the minority buyout. SOLID RECURRING DIVIDEND INCOME OUTLOOK 2023 c.180 GEL MILLION EXCEEDING THE INITIALLY ANNOUNCED OUTLOOK BY 12.5% ADDITIONAL ONE-OFF INFLOWS IN 2023 56 GEL MILLION 40#41CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW Recent developments Georgia Capital results overview Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 41#42AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED REVENUE UP 6.7% Y-O-Y IN 3Q23 GEL MILLION 9M23 aggregated revenue up 9.6% y-o-y 492 1,398 +9.6% 1,532 +6.7% 433 350 525 126 125 162 152 41 40 301 3Q22 Other portfolio companies Investment stage portfolio companies ■Large portfolio companies 322 3Q23 923 9M22 Other portfolio companies I Investment stage portfolio companies I Large portfolio companies Georgia Capital PLC | General note: Revenue from the water utility business is excluded for the presentation purposes. Aggregated numbers are presented like-for-like basis. 973 9M23 GEORGIA CAPITAL 42 222#43AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED EBITDA UP 3.8% IN 3Q23 AND UP 4.2% Y-O-Y IN 9M23 3Q23 and 9M23 performance reflects a number of regulatory changes, particularly within the healthcare sector, which in the short-term have slowed the previously projected pace of post-COVID recovery. GEL MILLION 67 19 +3.8% 70 21 21 14 15 35 3Q22 185 +4.2% 193 36 30 41 44 34 111 3Q23 Other portfolio companies Investment stage portfolio companies ■Large portfolio companies Georgia Capital PLC | General note: EBITDA from the water utility business is excluded for the presentation purposes. Aggregated numbers are presented like-for-like basis. 9M22 116 9M23 Other portfolio companies Investment stage portfolio companies I Large portfolio companies GEORGIA CAPITAL 43 43#44AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO TOTAL AGGREGATED NET OPERATING CASH FLOW (GEL MILLION) 70 153 -27.0% 51 3Q22 3Q23 -34.6% TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) 31-Dec-22 GEORGIA CAPITAL 310 -15.6% 100 +4.6% 30-Jun-23 250 30-Sep-23 262 9M22 9M23 The temporary decrease in aggregated net operating cash flows primarily reflects the retail (pharmacy) business's strategy of making advance payments to key vendors to secure substantial supplier discounts. Georgia Capital PLC | General note: Like-for-like numbers; excluding the performance of the water utility business. 44 44#45PORTFOLIO VALUE AS OF 30-SEP-23 91% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 % SHARE IN TOTAL PORTFOLIO VALUE: 31% GBP 36.90 9% 36% GEORGIA CAPITAL BGEO PRICE ON LSE 5% OPTION VALUATION² 20% 11% 10% 7% MULTIPLE: 9.1x LTM EV/EBITDA³ 12.5x LTM EV/EBITDA³ 11.8x-9.3x LTM P/E4 12.5x EV/EBITDA5 5% 16.5x6 LTM EV/EBITDA 3% 12.8x7 EV/EBITDA³ 9% 1,092 297 679 15% 528 1,251 GEL MILLION 382 342 297 261 PORTFOLIO 171 BREAKDOWN 159 96 GEL 3,479 MILLION Q & 00 Ⅲ BOG Water Utility Retail (Pharmacy) Hospitals Insurance (P&C & Medical) Renewable Energy Education Clinics and diagnostics Other 1,403 40% LISTED AND OBSERVABLE LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES Listed and observable Investment stage ■Large Other Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. The valuation of Water Utility in 3Q23 reflects the application of the put option valuation to GCAP's 20% holding in the business. 3. LTM EV/EBITDA multiples for Retail (Pharmacy), Hospitals and Clinics & Diagnostics are presented including IFRS 16 as of 30-Sep-23. 4. LTM P/E multiple of 11.8x for P&C insurance and LTM P/E multiple of 9.3x for medical insurance business as at 30-Sep-23. 5. Blended multiple for the operational assets of Renewable Energy is 12.5x, while other pipeline projects are stated at cost. 6. The forward-looking implied valuation multiple is estimated at 11.2x for the 2023-2024 academic year. 7. The forward-looking implied valuation multiple for Clinics & Diagnostics is estimated at 10.1x. 45#46CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 46#47Listed Portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ INVESTMENT RATIONALE • ° • • The first entity from Georgia to be listed on the premium segment of the Main Market of the London Stock Exchange (LSE: BGEO) since February 2012. High standards of transparency and governance. Leading market position¹ in Georgia by assets (38.5%), loans (36.8%), client deposits (42.3%) and equity (74.8%) as at 30 September 2023. Growing market: The banking sector's assets growth rate at 22.6% (CAGR over 2003-3Q23). Strongest retail banking franchise: 45.5% market share in deposits of individuals, 39.6% market share in individual loans, as of 30-Sep-23. Sustainable growth combined with strong capital, liquidity and robust profitability, with ROAE above 20%. VALUE CREATION POTENTIAL • Loan book y-o-y growth c.10%. Regular progressive semi-annual capital distribution with 30-50% dividend/share buyback payout ratio. 20%+ ROAE. OWNERSHIP Georgia Capital owns 19.62% of Bank of Georgia Group PLC. As long as Georgia Capital's stake in BoG is greater than 9.9%, it will exercise its voting rights in Bank of Georgia Group in accordance with the votes cast by all other shareholders on all shareholder votes at any general meeting. Banking business key medium-term targets ROAE 20%+ LOAN BOOK GROWTH C.10% Market opportunity Banking sector assets, loans and deposits CAGR 22.6% GEORGIA CAPITAL 74.8 70.0 60.6 56.9 50.1 47.2 43.0 44.7 39.7 38.2 34.6 49.4 31.9 30.1 44.3 25.2 26.6 37.2 20.6 22.3 34.6 17.3 1.3 0.8 1.7 0.9 2.51.7 4.22.7 7.2 8.9 10.6 12.7 14.4 13.0 8.3 4.6 6.0 5.2 6.3 7.7 8.7 10.5 0.7 1.0 1.3 2.1 3.2 3.6 4.0 5.5 7.6 9.7 11.6 GA 18.9 16.0 26.2 23.0 19.8 17.0 14.3 Deposits, GEL bln 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: NBG Assets, GEL bln Loans, GEL bln Robust capital management track record Maintain regular progressive semi-annual dividend payouts: aiming 30%-50% dividend/share buyback payout ratio. In 3Q23, GCAP received GEL 52.8 million final dividends (declared and accrued in 1H23) and GEL 11.8 million buyback dividends from participation in the Bank's buyback programme, corresponding to c.100,000 shares sold. Subsequent to 3Q23, GCAP received additional GEL 27.6 million interim dividends from BoG, up 52.3% compared to interim dividends received in 2022, notwithstanding the sale of c.775,000 BOG shares through the participation in the Bank's buyback programme since its resumption. Georgia Capital PLC | 1. Market data based on standalone accounts as published by the NBG www.nbg.gov.ge 47#4840.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 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 Now/19 61/AON Listed Portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Stock price performance Dec/19 Jan/20 Feb/20 Mar/20 Apr/20 May/20 Jun/20 Jul/20 Aug/20 Sep/20 Oct/20 Nov/20 Dec/20 Jan/21 Feb/21 Mar/21 Apr/21 May/21 Jun/21 Jul/21 Aug/21 Sep/21 Oct/21 Nov/21 Dec/21 Jan/22 Feb/22 בחלל Apr/22 Apr/22 May/22 Jun/22 Jul/22 Aug/22 Sep/22 Oct/22 Nov/22 Dec/22 Jan/23 Feb/23 Mar/23 Apr/23 May/23 Jun/23 Jul/23 Aug/23 Sep/23 Oct/23 GBP 36.9 as of 30-Sep-23 Selected operating metrics 30-Sep-22 30-Sep-23 Change Number of monthly active customers (retail) ('000) 1,546 1,739 +12.5% 3Q22 3Q23 Change Number of transactions in mBank, iBank and sCoolApp (million) 44.4 62.6 Profits & ROAE GEL 18.4 billion gross loan portfolio breakdown* | 30 September 2023 Corporate loans, GEL 5,732 million, 31% Retail loans, GEL 8,224 million, 45% 40.8% Loan book growth SME loans, GEL 4,482 million, 24% * Bank of Georgia Standalone. Dividend record (GEL million) Loan book growth (nominal) Loan book growth (constant currency basis) ROAE¹ 21.9% 22.2% 25.2% 26.4% 26.1% 13.0% 25.8% 32.4%2 31.1%5 Payout ratio4: 36% 33% 34% 32% 30% 30% 35% 37% 27.0% 24.5% 529 1,1322 1,0465 20.9% 21.4% 18.9% 19.8% 17.4% 19.0% 17.6% Share buyback GEL million 16.1% 22.0% 727 19.0% 13.9% 12.9% Total dividend paid for the year 10.2% 188 Interim dividends/buyback 257 500 370 379 274 296 295 15.9% 4.3% 1.5% 2015 2016 2017 2018 2019 2020 2021 2022 3Q23 2015 2016 2017 2018 2019 2020 2021 2022 9M23 73 196 341 124 62 184 40 72 80 98 102 122 124 134 84 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1H22 1H23 Georgia Capital PLC | 1. 2019 ROAE and profit are adjusted for termination costs of the former CEO and executive management, while 2018 ROAE is adjusted for demerger related expenses, one-off impact of re-measurement of deferred tax balance and termination costs of the former CEO. 2.2022 Adjusted for a one-off GEL 391.1m of other income due to the settlement of an outstanding legacy claim, and a one-off GEL 79.3m tax expense due to an amendment to the current corporate taxation model in Georgia. 3. 2019 cost/income ratio adjusted for GEL 12.4 million one-off employee costs (gross of income tax) related to termination benefits of the former executive management 4. For the purpose of total payout ratio calculation, total buyback amount is divided by outstanding shares before the beginning of the respective programme. 5. Adjusted for a one-off GEL 21.1 million other income related to the settlement of an outstanding legacy claim. Financial metrics (GEL million) NIM NPL coverage 2015 2016 2017 2018 2019 2020 2021 2022 3Q22 3Q23 Change y-o-y 7.7% 7.4% 7.3% 6.5% 5.6% 4.6% 4.9% 5.4% 5.3% 6.6% +1.3 ppts 83.4% 86.7% 92.7% 90.5% 80.9% 76.3% 95.5% 66.4% 89.4% 69.1% -20.3 ppts Loan portfolio Cost/income2,3 5,367 6,682 7,741 9,398 11,931 14,192 16,169 16,862 16,163 19,011 +17.6% 35.5% 37.7% 37.7% 36.7% 37.8% 39.7% 37.2% 32.0% 30.6% 28.8% -1.8 ppts 48 43 GEORGIA CAPITAL#49Option valuation WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW (GEL MILLION) 697.0 (557.6) 15.6 155.0 4.0 159.0 GCAP and the majority shareholder have put and call options for the minority 20% equity interest in the water utility business GCAP'S PUT OPTION 8.25x MAJORITY SHAREHOLDER'S CALL OPTION 8.90x EV/EBITDA Exercisable in 2025-2026. Equity value 31-Dec-21 Sale of 80% equity interest Put option valuation Equity value of as of 31-Dec-22 Change Equity value of as of 30-Sep-23 EV/EBITDA Exercisable on the date of expiry of the put option in 2026 and expiring six months thereafter. In 2022, GCAP completed the sale of 80% interest in Water Utility business for total consideration of US$ 180 million, translating into MOIC of 2.7x in US$ (3.6x MOIC in GEL) and IRR of 20% in US$ (27% IRR in GEL). In 2022, remaining 20% equity interest in business was valued with the application of put option valuation and positive developments in the normalised¹ LTM EBITDA, leading to GEL 15.6 million value creation in the business. In 9M23, the fair value of GCAP's 20% holding in the water utility business, increased by GEL 4.0 million to GEL 159.0 million. We expect that the year-end valuation assessment will reflect the revised tariffs for the upcoming 2024-2026 regulatory period, which are anticipated to receive approval in December 2023. Georgia Capital PLC | 1. Normalised for the items as set out in the terms of the disposal. GEORGIA CAPITAL 49#50Private large portfolio companies EXTERNALLY VALUED GEORGIA CAPITAL RETAIL (PHARMACY) BUSINESS OVERVIEW THE BODY SHOP 11 Key focus areas in medium and long-term Expending retail footprint in Georgia 394 Afflebone 1 carter's 1 Pharmacies in total The Body Shop stores - Optics Alain Afflelou Children's apparel - Carter's › Adding more pharmacies 381 in Georgia 13 5 2 4 in Armenia in Georgia in Armenia in Azerbaijan International expansion (Armenia & Azerbaijan) › Adding new GPC stores in Armenia (currently 13) › Entering Azerbaijan market Increase sales from E-commerce Increase local sales from e-commerce (GEL 19.7 million in 9M23) Launch e-commerce in Armenia & Azerbaijan Supporting the core › Expanding the mix of synergetic products and services › Add international franchises on different beauty and other retail products Country's largest retailer in terms of both, revenue and number of bills issued > > GCAP Retail (Pharmacy) PSP Aversi Other Market share by revenue, 20221 405,000 789,893 32% 28% 683,795 23% 576,097 16% Our retail pharmacy operates under two pharmacy brands, each with a distinct positioning: > GPC for the high-end customer segment > Pharmadepot for the mass retail segment Georgia Capital PLC | 1. Internal Reporting. Next 5-year targets ■ Double digit revenue & EBITDA CAGR 9%+ EBITDA margin 50 50#51Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D) REVENUE Gross profit margin (%) 24.5% 25.5% 25.5% 25.4% 26.0% 29.3% 29.7% 31.0% 29.5% 30.2% GEORGIA CAPITAL AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Number of bills issued, million 25.3 27.1 28.8 27.6 29.0 31.0 7.5 7.6 22.5 23.1 Same store growth (%) Margin enhancement and strong growth in para- pharmacy sales: Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 39.6% as of 3Q23 (37.4% as of 3Q22). GEL million 782.4 789.9 679.4 614.7 518.6 450.3 +3.3% 600.1 580.7 +5.2% 189.8 199.6 GEL million 7.9% 8.5% 9.0% 6.1% 10.6% -0.8% -3.1% 3.5% 2.2% 1.0% +2.5% +6.7% 18.9 19.0 14.3 16.8 18.8 20.0 19.1 19.5 13.3 13.4 GEL 0.4m GEL 18.2m 2017 2018 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 2017 CASH FLOW 3Q23 9M23 HIGHLIGHTS1 Operating Number of pharmacies countrywide 296 381 2018 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 344 359 EBITDA¹ NET DEBT & NET DEBT TO LTM EBITDA1 cash flow Operating leverage¹(%) Change y-o-y -97.7% -66.7% 10.1% 10.6% 10.4% 9.7% 9.7% NMF 7.8% 4.1% -1.4% -6.7% -7.8% -11.5% 2.8% -8.7% 1.4% EBITDA margin¹ (%) 8.6% 9.5% 10.5% 9.7% 10.2% 177.2 EBITDA to cash 2.1% 29.6% conversion +8.5% Change y-o-y -104.6ppts -66.8ppts Free cash flow Change y-o-y GEL -10.6m NMF GEL -76.8m GEL million 70.4 76.2 76.9 65.3 +15.6% 52.2 56.5 61.3 38.9 20.9 18.1 GEL million 83.1 77.7 64.8 46.3 2.0 2.2 1.6 1.0 39.3 0.6 14.3 33.4 0.4 0.6 0.2 NMF 2017 2018 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 2017 2018 2019 2020 2021 2022 9M22 9M23 51 Georgia Capital PLC | 1. Excluding IFRS16 impact.#52RETAIL (PHARMACY) BUSINESS OPERATING PERFORMANCE OVERVIEW RETAIL (PHARMACY) KEY DRIVERS The y-o-y increase in revenues and EBITDA reflects the expansion of the pharmacy chain and franchise stores, along with overall economic growth in Georgia, partially subdued by: О о The decrease in product prices due to GEL's appreciation against foreign currencies; The negative impact of the External Reference Pricing model; The decrease in wholesale revenues due to the impact of new government regulations, which led to the closure of certain partner pharmacies in 2023, which our pharmacy business held wholesale distribution agreements with. The business added 26 pharmacies and 3 franchise stores over the last 12 months. Georgia Capital PLC | 1. Excluding IFRS 16. GEL MILLION +5.2% REVENUE DEVELOPMENT 190 200 581 +3.3% 600 18 +15.6% EBITDA¹ DEVELOPMENT 21 57 57 GEORGIA CAPITAL +8.5% 61 3Q22 3Q23 9M22 9M23 3Q22 3Q23 9M22 9M23 KEY OPERATING HIGHLIGHTS 3Q22 VS. ■3Q23 Change y-o-y 9M22 VS. 9M23 Change y-o-y # of pharmacies & franchise stores 378 407 +7.7% 378 407 +7.7% Same store revenue growth -3.1% 3.5% +6.6ppts 2.2% 1.0% -1.2ppts # of bills issued (mln) 7.5 7.6 +1.1% 22.5 23.1 +2.5% Average bill size 18.8 20.0 +6.7% 19.1 19.5 +2.5% 52#53Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q +2.6% 981 25 1,006 +28.0% NMF -6.1% 679 (319) (8) Enterprise value 30-Jun-23 Net increase in EV Enterprise value 30-Sep-23 Net debt inc. financial leases Minority interest Equity value 30-Sep-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change Enterprise value 1,006.3 LTM EBITDA 110.8 980.7 106.9 25.6 3.9 957.7 105.5 48.6 5.3 Implied EV/EBITDA multiple Net debt inc. lease liabilities 9.1x 9.2x (0.1x) (319.1) (249.2) Equity value of GCAP's share 679.2 723.5 (69.9) (44.3) 9.1x (145.9) 724.5 (173.2) (45.3) IMPLIED LTM EV/EBITDA DEVELOPMENT 9.2x 9.1x 30-Jun-23 30-Sep-23 ADJUSTED NET DEBT TO EBITDA² (excl. IFRS 16) 2.3x 1.7x < 1.5x 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. Includes the application of the minority buyout agreement. GEORGIA CAPITAL 53#54Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW State healthcare spending, GEL millions 13% 11% 10% 9% 9% 9% 9% 800 10% 10% 964 946 980 681 710 760 829 1,680 574 841 917 883 281 343 305 329 349 2015 2016 2017 2018 2019 2020 2021 2022 2023B GEORGIA CAPITAL Country's expenditure on healthcare as a % of GDP reached 4.0%. • Government spending on healthcare accounts to c.10% of total budget in 2023 State Healthcare Spending - Other State Healthcare Spending - UHC Healthcare spending as a % of total state spending Key focus areas in medium and long-term 1 Adding new services and strategic projects 2 Quality projects 3 Improved key operational data 4 Digitalisation of clinical processes Ambulance, oncology centre, transplantology center, radiology hub, medical tourism clinical trials, post COVID programmes Nursing reform/CRM development/Quality education programmes Automatisation of clinical processes in hospitals/Digitalisation of clinical KPIs/Use of statistical methods Inpatient/Outpatient/Clinical/Employee and customer satisfaction Next 5-year targets EBITDA CAGR 10%+ EBITDA TO OPERATING CASH c.85%+ ROIC: c.13%+ 54#55Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL CASH FLOW HIGHLIGHTS1 3Q23 9M23 BED OCCUPANCY RATE Operating cash flow GEL 21.7m GEL 14.8m Average length of stay 5.4 5.2 5.6 5.7 5.1 4.6 4.7 5.1 5.0 Change y-o-y NMF -19.5% EBITDA to cash 249.4% 39.9% conversion +4.8ppts +1.1ppts Change y-o-y 211.5ppts -7.9ppts 54.7% 56.4% 65.3% 53.1% 54.3% 43.6% 48.4% 52.1% 53.2% GEL Free cash flow 5.2m GEL (16.2)m 2018 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 Change y-o-y NMF NMF 16 Number of referral hospitals KGEL 117.6 Revenue per referral bed GEL million Gross profit margin (%) NET REVENUE 41.4% 42.0% 37.5% 38.4% 36.0% 33.9% 32.0% 35.2% 34.3% +2.0% 318.3 288.7 265.2 246.5 230.2 220.5 216.1 +2.6% GEL million 72 66.6 68.3 Emergency cars In Tbilisi and regions 2018 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1.Excluding IFRS 16 impact. EBITDA margin (%) 1 EBITDA1 26.1% 25.6% 21.8% 23.0% 18.0% 14.8% 12.6% 17.5% 16.6% -3.8% 70.0 65.6 74.2 -12.3% 50.7 52.7 38.5 37.0 9.9 8.7 2018 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 55#56HOSPITALS BUSINESS OPERATING PERFORMANCE OVERVIEW HOSPITALS KEY DRIVERS To address the oversupply of beds and enhance the quality of the healthcare industry in Georgia, the government introduced a new facility regulation, effective from September 2023. This regulation establishes upgraded standards for healthcare facilities and imposes limitations on space allotted per hospital bed. To meet the new standards, the business initiated renovation projects in 12 of its 16 hospitals. During the phased renovation process, certain sections of the business facilities were temporarily closed for services and unable to accept patients, thereby affecting the revenue and EBITDA. Georgia Capital PLC | 1. Excluding IFRS 16. GEL MILLION +2.6% REVENUE DEVELOPMENT 67 68 +2.0% 220 216 3Q22 3Q23 9M22 9M23 KEY OPERATING HIGHLIGHTS 3Q22 VS. ■ 3Q23 Number of admissions ('000) 287.5 Bed occupancy rate (%) 43.6% EBITDA¹ DEVELOPMENT -3.8% GEORGIA CAPITAL 38 37 -12.3% 10 9 3Q22 3Q23 9M22 9M23 Change y-o-y 253.9 -11.7% 903.9 48.4% +4.8ppts 52.1% 9M22 VS. ■ 9M23 Change y-o-y 801.8 -11.3% 53.2% +1.1ppts 56#57Externally valued¹ HOSPITALS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q -5.2% +3.9% 0.0% -10.4% 681 645 (35) 382 (231) (33) IMPLIED LTM EV/EBITDA DEVELOPMENT 12.9x 12.5x Enterprise value 30-Jun-23 Net decrease in EV Enterprise value 30-Sep-23 Net debt inc. Lease liabilities Minority interest Equity value 30-Sep-23 30-Jun-23 30-Sep-23 VALUATION HIGHLIGHTS¹ NET DEBT TO EBITDA (excl. IFRS 16) GEL million, unless noted otherwise 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change 4.3x 4.1x Enterprise value 645.4 680.8 (35.4) 653.3 (8.0) LTM EBITDA 51.7 52.9 (1.3) 53.6 (1.9) Implied EV/EBITDA multiple 12.5x 12.9x (0.4x) 12.2x 0.3x Net debt incl. lease liabilities (231.0) (222.2) (8.8) (188.1) (42.9) Equity value of GCAP's share 381.9 426.1 (44.2) 433.2 (51.3) 30-Jun-23 30-Sep-23 <2.5x TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. GEORGIA CAPITAL COM 300 57 44#58Private large portfolio companies EXTERNALLY VALUED ins P&C INSURANCE BUSINESS OVERVIEW INVESTMENT RATIONALE • Significantly underpenetrated insurance market in Georgia (0.7% penetration in property and casualty insurance market). • Market leader with a powerful distribution network of point of sale and sales agents. GEORGIA CAPITAL MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹ MARKET SHARE 1H23 (GROSS PREMIUMS WRITTEN) (GEL MILLION) VIG VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. • Local MTPL expected to kick in and provide access to untapped retail CASCO insurance market with only 5% existing penetration. • Increasing footprint in untapped MSME sector, where Aldagi's gross revenues have grown by 71% y-o-y in 3Q23 (from GEL 1 million to GEL 1.7 million) and by 63% y-o-y in 9M23 (from GEL 2.5 million to GEL 4.1 million). Digitalisation. . Undisputed leader in providing insurance solutions to corporate clients. OWNERSHIP P&C Insurance is 100% owned through Aldagi. 18% 3% 5% 5% %8 11% 21% 29% Other Hualing New Vision Irao Unison GPIH TBC Insurance Aldagi Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY Georgia P&C Penetration 0.7% Density $49 10.5% 8.7% 6,364 6.9% 5.9% 4,781 5.5% 4.7% 3,578 2,756 2,881 2.2% 2.2% 1,396 1.5% 1.3% 0.9% 409 281 154 134 85 UK France Switzerland I Insurance Density USD Belgium Germany Slovenia Poland Bulgaria Turkey Insurance Penetration Russia Georgia Note: Penetration and density are stated including healthcare insurance (as of latest available data). Source: Swiss Re Institute Georgia Capital PLC | 1. Calculated in line with the market approach. 502 442 370 380 308 292 228 257 195 36% 38% 202 29% 28% 29% 29% 29% 27% 26% 39% 138 110 127 70 77 88 90 105 85 67 1H23 2015 2016 2017 2018 2019 2020 2021 2022 1H22 Aldagi Market Source: Insurance State Supervision Services of Georgia MARKET PL & COMBINED RATIO | 1H23 Total Market Profit GEL 32.2 mln * 10.8 9.2 90% 102% 99% 99% 97% 83% 88% 85% Market CR 94% 4.4 2.3 2.4 2.1 0.5 0.5 Aldagi TBC GPIH Imedi_L Unisoni Kamara PSP Other * Market data is based on net profits reported to regulatory body and does not represent IFRS amounts, except for Aldagi and TBC 58#59Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW Distribution Mix (GPW %) | 9M23 COMBINED RATIO GEORGIA CAPITAL MTPL Channel 3% +22.8ppts +10.1ppts. Partnerships with Financial Institutions 99.5% 89.7% 73.9% 77.5% 72.6% 75.2% 75.4% 82.1% 81.5% 80.8% 79.2% 76.7% 79.6% 31% 63.3% 35.6% 42.8% 35.4% 40.0% 38.2% 41.6% 44.0% 48.4% 47.3% 45.9% 55.3% 47.3% Direct Sales & Brokers 66% 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% 37.6% 32.4% 2014 2015 2016 2017 2018 2019 2020 2021 34.1% 33.7% -2.2% -2.9% 1.0% -1.7% -0.4% 2022 3Q22 3Q23 9M22 9M23 35.2% 34.0% 34.8% Expense Ratio Loss Ratio Finance ratio Combined Ratio Operating Metrics 3Q23 9M23 PROFIT & DIVIDEND PAYOUT RATIO Number of policies written 35,841 88,393 (corporate) 28% 37% 37% 38% 34% 30% 25% 25% 30% 36% 13% 30% 23% Change (y-o-y) 32.2% 33.4% -15.3% Number of policies written CAGR 14% 21 51,305 153,801 (retail) 18 18 18 16 14 Change (y-o-y) 30.4% 25.1% 7 11 64% 17 88% -61.4% 15.7 13.3 81% 68% 61% 55% Number of claims reported 9,337 51% 20,896 6.5 2.5 Change (y-o-y) 144.9% 65.3% 2014 2015 2016 2017 2018 2019 2020 Profit 20211 2022 3Q22 3Q23 Dividend Payout Ratio 9M22 9M23 Georgia Capital PLC | General note: ROAE is calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares. 1. Adjusted for non-recurring items. 59#60INSURANCE BUSINESS OPERATING PERFORMANCE OVERVIEW INSURANCE REVENUE INSURANCE KEY DRIVERS P&C Insurance 126 +21.0% 152 67 NET INCOME DEVELOPMENT GEORGIA CAPITAL +2.8% 18 17 ◉ The increase in insurance revenue is mainly driven by the growth in the motor, credit life and agricultural insurance lines. The combined ratio was up by 22.8ppts y-o-y in 3Q23, mostly reflecting: ○ ○ о Increased property insurance claims, resulting from an unprecedented landslide in one of the regions of Georgia; Increased Agro insurance claims due to abnormal number of hailstorms during the quarter; and A 3.9 ppts y-o-y increase in FX ratio, reflecting the impact of FX movements on the business operations. Medical Insurance " The increase in insurance revenue is attributable to increase in the total number of insured clients, mainly in the corporate client segment and increase in price of insurance policies. GEL MILLION 44 17 72 27 +22.0% 54 44 21 54 21 33 72 22 86 9 7 6 -46.8% 4 16 13 2 3Q22 3Q23 9M22 9M23 3Q22 3Q23 9M22 9M23 P&C Medical - Total ■ P&C ■Medical - - Total KEY OPERATING HIGHLIGHTS Medical Insurance 3Q22 VS. - 3Q23 Gross premium written (MGEL) Combined ratio Number of individuals insured 14.6 101.0% 159,960 15.5 94.6% 170,512 Change y-o-y +6.4% -6.4ppts +6.6% 63.2 101.1% 159,960 P&C Insurance Gross premium written (MGEL) Combined ratio Number of policies written 38.2 76.7% 66,455 50.1 99.5% 87,146 +31.3% +22.8ppts +31.1% 105.0 79.6% 189,192 9M22 VS. ■ 9M23 Change y-o-y 75.8 +20.1% 95.5% -5.6ppts 170,512 +6.6% 129.7 +23.5% 89.7% +10.1ppts 242,194 +28.0% 60#61Externally valued¹ P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q -3.3% 277 (49) IMPLIED LTM P/E MULTIPLE DEVELOPMENT 39 268 11.8x 10.1x Equity value 30-Jun-23 Operating performance Multiple change Equity value 30-Sep-23 30-Jun-23 30-Sep-23 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change No No No Leverage Leverage Leverage LTM net income² 22.7 27.5 (4.8) 21.5 1.2 Implied P/E multiple² 11.8x 10.1x 1.7x 10.6x 1.2x Equity value 267.8 277.0 (9.1) 228.0 39.8 LTM ROAE3 24.5% 30.3% (9.4ppts) 29.7% (20.3ppts) 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. 30-Jun-23 and 30-Sep-23 LTM Net incomes and respective implied multiples are on a pre- tax basis, due to the business valuation as of 30-Jun-23 and 30-Sep-23, incorporating impact of the forthcoming adoption of the Estonian Taxation Model. 3. Calculated based on average equity, adjusted for preferred shares. GEORGIA CAPITAL 19 61#62Private investment stage portfolio companies EXTERNALLY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW INVESTMENT RATIONALE ■ Growth in electricity consumption has been ~3.3x more in TWhs than growth in electricity supply since 2010, resulting in increased deficit. ■Favorable supply-demand dynamics pushing the power prices up. Georgia is on track to the harmonization of the current energy market structure with EU directives leading to a liquid, competitive and transparent market. ■ Natural cash flow hedge with fully dollarised revenues. VALUE CREATION POTENTIAL Opportunity to establish a renewable energy platform with up to ~240MW operating capacity over the medium term and capitalize on favorable electricity market conditions. ■ Diversified portfolio of hydro and wind power plants with c.40%+ capacity factors, benefiting from favorable mix of merchant sales and government PPAs, providing high visibility and significant upsides. High margins and dollar-linked cash flows. Availability of competitive green funding from local and international capital markets for pipeline projects. ■ Stable dividend provider capacity in the medium term. OWNERSHIP ■ Renewable Energy is 100% owned by Georgia Capital. TWh TWh 20.0 ELECTRICITY CONSUMPTION 16.0 12.0 9.3 9.4 9.7 10.2 10.4 5.0% average consumption growth rate 12.6 12.8 11.9 11.0 13.8 14.2 12.2 8.4 8.0 4.0 0.0 00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Electricity consumption ELECTRICITY IMPORT AND EXPORT DYNAMICS (TWh) 2.0 0.6 0.0 -2.0 -4.0 -6.0 (3.9) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 I Electricity exports Electricity imports Generation of TPPS Deficit GEORGIA CAPITAL 21.5% of total consumption produced by gas-fired TPPS, 9.7% - imported. ■ 2022 electricity consumption up by 11.0% and 16.7% from 2019 and 2020 respectively. More than 30% of consumed electricity was either import or generated by gas-fired TPPs. ■In 2022 weighted average ESCO balancing price reached 55.5 US$/MWh, up by 12.7% y-o-y. ■ 2022 net electricity deficit stood at 3.9 TWh, whereas in 2010, electricity surplus was at 0.6 TWh 62 62#63Private investment stage portfolio companies EXTERNALLY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) PERFORMANCE HIGHLIGHTS RENEWABLE ENERGY PROJECTS OVERVIEW | 30 SEPTEMBER 2023 Generation, GWh 55.4 58.6 18.5 15.2 23.6 24.9 97.4 98.7 91.0 94.0 46.0 62.7 66.3 64.5 203.2 221.2 GEORGIA CAPITAL Commissioned Installed capacity projects Gross PPA (MWs) capacity factor (P50) expiration PPA tariff, US$/KWh Generation in deficit months 3,079 2,985 5,507 5,356 11,740 11,472 Mestiachala HPP 30.0 40% WME 896751 1,5321,620 5,0104,508 2,154 3,039 Mestiachala Hydrolea 3Q2023 Qartli WPP 3Q2022 Total Mestiachala Hydrolea 9M2023 1H34 5.5 72% 20.4 70% 2H23-2H28 Hydrolea HPPS Qartli Wind Farm 20.7 47% 4,3084,193 Total operating Qartli WPP Total 9M2022 71.1 5.5-5.6 79% 2H29 6.5 85% Note: Mestiachala HPP was commissioned in 1H19; Qartli Wind Farm and Hydrolea HPPS were acquired in 2H19 by GCAP. FINANCIAL HIGHLIGHTS EBITDA (US$ million) 3Q23 4.4 9M23 3Q23 9M23 8.3 Change (y-o-y) -2.7% -9.9% Cash flow from operations (US$ million) Change (y-o-y) 4.4 6.8 +1.0% -14.9% EBITDA margin, % 80.1% 72.8% Average sales price in (US$/MWh) 56.4 56.4 Change (y-o-y) -4.5ppts -6.2ppts Change (y-o-y) +3.9% +6.2% Dividend payment (US$ million) 2.0 Change (y-o-y) NMF -4.8% 63#64RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY KEY DRIVERS ■ A 2.8% y-o-y increase in 3Q23 revenue reflects the net impact of: 。 A 1.3% y-o-y decrease in electricity generation in 3Q23 influenced by varying weather conditions; and 。 The electricity exports to the Republic of Türkiye which led to a 3.9% y-o-y increase in the average electricity selling price in 3Q23, while also affecting operating expenses, up 33.0% y-o-y in 3Q23, resulting from the electricity and transmission costs incurred due to electricity exports. US$ MILLION 5 REVENUE DEVELOPMENT +2.8% 60 3 3 12 -2.3% 11 +0.1% 5 5 -4.3% EBITDA DEVELOPMENT -2.7% 5 4 6 GEORGIA CAPITAL -9.9% 8 3 2 6 6 3Q22 3Q23 9M22 9M23 3Q22 3Q23 9M22 9M23 ■PPA ■Non-PPA - Total revenue KEY OPERATING HIGHLIGHTS Electricity 98.7 generation (GWh) Average sales price (US$/MWh) 54.3 3Q22 VS. ■ 3Q23 Change y-o-y 9M22 VS. ■ 9M23 Change y-o-y 97.4 -1.3% 221.2 203.2 -8.1% 56.4 +3.9% 53.1 56.4 +6.2% 64#65Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (US$ MILLION) Change q-o-q 169 0.3% -3.1% 2.9% 169 46 97 (72) Enterprise value 30-Jun-23 Net change in EV Enterprise value 30-Sep-23 Net debt Equity value 30-Sep-23 EQUITY FAIR VALUE COMPOSITION AT 30-SEP-23 (US$ MILLION) GEORGIA CAPITAL 21 Total value US$ 97 77 Operational assets Pipeline projects VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA US$ million, unless noted otherwise Enterprise value 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change 169.1 168.6 0.5 154.7 14.4 7.1x4 7.0x4 < 6.0x EBITDA² 12.0 12.1 (0.1) 12.2 (0.2) Implied EV/EBITDA multiple 12.5x 12.4x 0.1x 11.4x 1.1x Investments at cost (EV) 3 19.3 18.8 0.5 15.1 4.2 Net debt (71.7) (74.0) 2.3 (71.4) (0.3) Equity value 97.4 94.6 2.8 83.3 14.1 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at cost included the pipeline projects. 4. Ratio is calculated in US$ terms. 26129 55 65#66Private investment stage portfolio companies EXTERNALLY VALUED EDUCATION BUSINES OVERVIEW INDUSTRY INVESTMENT RATIONALE ■ " " Highly fragmented general education market with consolidation opportunity. Market with strong growth potential. Low dependency on the Government. High resilience to crisis. High quality and predictable revenue. Strong profitability. CAPEX efficient business. TARGETING FOR 2025... EBITDA margin 40%+ ...THROUGH REMAINING GCAP NEW EQUITY INVESTMENT GEORGIA CAPITAL 18 BUILT LEARNER CAPACITY 22 EBITDA 50 US$ million thousand GEL million " Positive ESG impact. TOTAL REMAINING 45 INVESTMENT, in US$m TOTAL BUILT LEARNER CAPACITY, in thousands 21.9 TOTAL EBITDA¹, in GELM 50 VALUE CREATION POTENTIAL Scaling up to capacity of 22,000 learners through expansion plans in existing 2 Equity Value Debt 14 Currently operational 7.3 Equity 31 campuses Currently operational campuses 21 schools, greenfield projects and M&As by 2025. GEL 0.5bln Reinvestment 11 Secured pipeline projects 2.4 GCAP new equity 18 M&A 12.3 Strong organic growth at existing investment schools is expected to drive solid Minority equity investment 2 growth in run-rate EBITDA, on top of expansion plans, greenfield projects and M&As by 2025. Out of 22k capacity: 14.9k Affordable; 4.6k Midscale; 1.9k Premium; 0.6k International As of 2022-23 academic year Organic growth Secured pipeline projects 13 8 9 M&A 20 ROIC Eventual growth of potential EBITDA with GEL 37m will be fulfilled through building out eventual learner capacity, reaching run-rate utilization and 3 20%+ ■ sustaining revenue per learner growth. Stable dividend provider capacity in the medium terms. OWNERSHIP 4 Ramp-up of new capacity ◉ Majority stakes (70%-90%) across different schools. 3-5 years With new equity investment of US$ 18 million GCAP can expand to 22k learner capacity and generate GEL 50 million EBITDA by 2025 through: (1) currently operational campuses, (2) secured pipeline projects and (3) M&A In addition to US$ 18 million new equity investment by GCAP, growth will be financed through, reinvestments, debt, and equity contribution by minorities - total remaining investment for Education business is US$ 45 million Georgia Capital PLC | 1. Target EBITDA breakdown is presented based on the calculations at the end of 2021-2022 academic year. 66 99#67Private investment stage portfolio companies EXTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL Operating highlights As of 30-Sep-23 PRIVATE K-12 MARKET IN GEORGIA Number of learners in private K-12 market Turnover of private K-12 market Capacity utilization, 81.2% 3.4% CAGR '13-19 COVID impact -2.0% COVID impact 0.5% 6.1% 12.2% -2.6% 5.2% Change (y-o-y) +8.3ppts 9.3% 9.7% 10.0% 9.9% 10.1% 10.4% 10.7% 10.2% 9.7% 10.0% Number of learners 5,900 3.6 16 4.2 4.4 3.7 3.8 3.2 2.6 2.7 2.9 335 Change (y-o-y) +43.3% 51.6 53.9 55.4 56.1 57.6 60.8 63.2 61.9 60.3 63.5 2.0 298 280 281 257 217 192 177 Learner to teacher 158 8.4 115 ratio 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E Change (y-o-y) -3.6% Number of private learners, '000 % in total number of learners Total revenue, GELmln Revenue per learner', GEL '000 Source: Ministry of Education of Georgia, G&T, GCAP estimates Financial 3Q23 9M23 Total spending on K-12 education, latest highlights EBITDA GEL (1.9m) GEL 8.0m 3.6% 3.9% 4.4% 4.3% 3.5% 3.7% 4.2% 4.4% 3.8% 3.7% 4.1% 3.6% 3.7% 3.3% 3.6% 2.9% Change (y-o-y) NMF -6.4% 2.1% EBITDA margin -24.2% 22.2% Change (y-o-y) -21.Oppts -7.5ppts US$ '000 Cash flow from GEL 6.2m GEL 17.5m operations 14.8 13.4 12.5 11.3 10.5 10.2 9.9 9.7 9.4 9.2 8.6 7.9 7.6 7.5 7.0 4.5 0.8 Change (y-o-y) +25.8% +.13.4% Net debt GEL 16.9m GEL 16.9m Austria Germany UK France Change (y-o-y) +43.8% +43.8% Italy Portugal Slovenia Czech Spain Total spending per learner Estonia Poland Hungary Slovakia Lithuania Latvia Turkey Georgia, Total spending as % of GDP Demand on private education is trending globally, growth attributable to regions with lower spending on Education Source: OECD, Ministry of Finance of Georgia 2022 Georgia Capital PLC | 1. Excluding kindergarten learners. 67 40#68EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EDUCATION KEY DRIVERS A 14.7% y-o-y increase in 3Q23 revenues were driven by: О organic growth through strong intakes and a ramp-up of the utilization; О expansion of the business through the launch of a new campus in the mid-scale segment category and the rebranding of the recently acquired school in the affordable segment. The revenue growth was partially subdued by GEL's y-o-y appreciation against US$, as the tuition fees for our premium and international schools are denominated in US$. Operating expenses were up by 38.0% y-o-y in 3Q23, mainly reflecting inflation and increased salary expenses in line with the expansion. The business grew by 1,784 learners (up by 43.3% y-o-y to 5,900 learners as of 30-Sep-23). GEL MILLION +14.7% 8 7 KEY OPERATING HIGHLIGHTS 29 29 +25.1% 36 EBITDA DEVELOPMENT NMF GEORGIA CAPITAL -6.4% 8.6 8.0 (0.2) 3Q22 3Q23 9M22 9M23 3Q22 (1.9) 3Q23 9M22 9M23 3Q22 VS. ■ 3Q23 Change y-o-y 9M22 VS. ■ 9M23 Change y-o-y Number of learners Capacity utilisation Capacity 5,650 4,116 7,270 +28.7% 5,650 7,270 +28.7% 5,900 +43.3% 4,116 5,900 +43.3% 72.8% 81.2% +8.3ppts 72.8% 81.2% +8.3ppts 68#69Externally valued¹ EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q -8.5% +2.5% -3.3% -8.6% -7.2% 225 29 205 (19) (13) 171 (50) LTM EV/EBITDA DEVELOPMENT 16.3x 16.5x Enterprise value Net decrease in EV 30-Jun-23 Enterprise value 30-Sep-23 Investment at cost Net debt Minority interest² Equity value 30-Sep-23 30-Jun-23 30-Sep-23 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change Enterprise value 205.3 224.5 (19.2) 218.3 (12.9) LTM EBITDA³ 12.4 13.8 (1.3) 12.9 (0.5) Implied EV/EBITDA multiple Net debt 16.5x 16.3x 0.2x 16.9x (0.4x) 1.3x (12.9) (13.4) 0.4 (16.3) 3.4 1.0x Investments at cost 28.6 27.9 0.7 16.3 12.2 Total equity value of GCAP's share 170.9 184.2 (13.3) 164.2 6.6 <2.5x 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. GCAP has different ownership stakes across schools (70-90%). 3. Functional currency adjustment is applied where applicable. GEORGIA CAPITAL 69#70Private investment stage portfolio companies EXTERNALLY VALUED 29 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW Outpatient visits per capita, Georgia HIGH GROWTH PROSPECTS IN THE CLINICS BUSINESS Outpatient encounters per capita 2.4 2.1 1.8 1.9 1.9 4.4 3.6 3.5 3.6 3.7 3.2 3.3 3.1 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: NCDC statistical yearbook 2021 MEDIUM TERM OBJECTIVES GEORGIA CAPITAL Government Expenses on Primary Care VS GDP 7.8 5.8 15% 5.7 3.7 4.0 3.5 1.6 Source: WHO 2021 10% 7.6% 6.8% 5% 3.8% 8.2% 12.2% 7.6% 6.8% 0% MDA RUS KAZ TJK ARM UZB GEO Source: WHO 2020 Clinics & Polyclinics Diagnostics › Adding new services > Expansion of retail > Geographic expansion > > Attracting B2B clients Combined financial targets for Clinics and Diagnostics for the next 5-years (2021-2026) DOUBLE DIGIT REVENUE CAGR EBITDA C.GEL 35-40 MILLION + > > Developing distance channels Sustainable growth of clinical & service quality Adding customer base > Improved logistics > JCI and CAP accreditation > Digitalisation 70 70#71Private investment stage portfolio companies EXTERNALLY VALUED & 18 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW (CONT'D) Community Clinics Outpatient and basic inpatient services in regional towns and municipalities 17 Polyclinics CLINICS (3Q23) Outpatient diagnostic and treatment services in Tbilisi and major regional cities c.291,300 Market share by number of registered patients* 632,200 GCAP Clinics Geo Hospitals 319,000 22% Medcapital 136,000 Market share by registered patients Registered patient in Tbilisi Medison 91,000 c.632,200 Registered patient in Georgia Other *As of 30-Sep-23. NET REVENUE, CLINICS c.164,000 GEORGIA CAPITAL DIAGNOSTICS (3Q23) Average number of tests per patient 3.4 Number of patients served 22% 11% c.560,000 GEL 7.5 5% Number of tests performed Average revenue per test (excluding COVID-19) 3% 16% 1,659,000 59% Retail portion in total revenue EBITDA, CLINICS (excl. IFRS 16) GEL million Gross profit margin (%) 42.6% 44.8% 46.5% 44.1% 42.4% 41.7% 43.6% 42.4% 43.5% 15.4% 19.9% 20.1% 19.9% 13.5% 8.9% 31.2% 14.8% 19.7% EBITDA margin (%, excl. IFRS 16) EBITDA, DIAGNOSTICS (excl. IFRS 16) EBITDA margin (%, excl. IFRS 16) 3.2% 12.3% 23.8% 3.3% -0.2% 4.2% 5.9% 6.2% +3.8% 70.5 44.2 46.3 33.3 65.8 24.9 +11.5% 37.8 21.0 21.4 51.1 49.2 18.9 15.8 GEL million 14.1 39.8% 7.3 8.9 9.4 5.9 17.9 19.9 23.2 24.9 37.2 40.9 14.1 5.U 16.1 46 10.3 9.0 NMF 7.4 5.2 1.3 GEL million -12.4% NMF 1.8 0.7 1.0 0.8 0.2 30.3 35.3 0.2 0.0 2018 2019 2020 2021 2022 3Q22 3Q23 Polyclinics ■Community Clinics 2019 2020 2021 2022 9M22 9M23 2018 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 3Q22 3Q23 9M22 9M23 71#72CLINICS & DIAGNOSTICS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT² CLINICS & DIAGNOSTICS KEY DRIVERS The y-o-y increase in total revenues in 3Q23 is attributable to higher demand for non-COVID regular ambulatory services and the expansion of the business. ■ Similar to the hospitals business, the new facility regulation, also affected community clinics. In certain departments, admissions were temporarily suspended due to renovation works. ☐ In 3Q23, the business sold one of its polyclinic buildings for US$ 6.2 million. The gain from this transaction amounted to GEL 2.9 million. GEL MILLION 19 +7.9% 20 20 4 14 16 3Q22 3Q23 ■Clinics Diagnostics - Total KEY OPERATING HIGHLIGHTS 99 65 -1.3% 65 16 13 51 49 EBITDA¹ DEVELOPMENT GEORGIA CAPITAL +33.8% 11 NMF 8 1 5 10 7 1 5 9M22 9M23 3Q22 3Q23 9M22 9M23 ■Clinics Diagnostics Clinics 3Q22 VS. ■ 3Q23 Change y-o-y 9M22 VS. ■ 9M23 Number of admissions ('000) Number of registered patients ('000) Diagnostics 1,619.8 1,481.8 Change y-o-y -8.5% 483.8 460.3 -4.9% 608.3 632.2 +3.9% 608.3 632.2 +3.9% Number of patients served ('000) Number of total tests performed ('000) 208 501 164 -20.9% +11.8% 762 560 1,799 577 1,810 -24.3% +0.6% Georgia Capital PLC 1. Excluding IFRS 16. 2. Total revenue excludes eliminations between the clinics & diagnostics business lines. 72#73Externally valued¹ 29 CLINICS & DIAGNOSTICS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q -3.3% 3.4% -7.5% -8.0% 183 177 (6) 96 (77) (4) Enterprise value 30-Jun-23 Net decrease in EV Enterprise value 30-Sep-23 Net debt inc. Lease liabilities Minority interest Equity value 30-Sep-23 GEORGIA CAPITAL IMPLIED LTM EV/EBITDA DEVELOPMENT² 18.8x 30-Jun-23 12.8x 30-Sep-23 VALUATION HIGHLIGHTS¹ GEL million, unless noted otherwise 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change NET DEBT TO EBITDA (excl. IFRS 16) 7.1x Enterprise value 176.9 183.0 (6.1) 179.9 (3.0) 4.7x3 LTM EBITDA 13.8 9.7 4.1 10.9 2.9 Implied EV/EBITDA multiple 12.8x 18.8x (6.0x) 16.5x (3.7x) <2.5x Net debt incl. lease liabilities (77.3) (74.7) (2.6) (63.8) (13.5) Equity value of GCAP's share 96.1 104.5 (8.4) 112.2 (16.1) 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. The forward-looking implied valuation multiple is estimated at 10.1x. 3. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt includes the receivable of US$ 6.2 million incurred from the sales transaction. 73#74CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 74#75REAL GDP UP BY 6.8% IN 9M23, WHILE INFLATION HAS FALLEN BELOW THE TARGET PRELIMINARY ECONOMIC GROWTH STANDS AT 6.8% Y-O-Y IN 9M23, FOLLOWING TWO YEARS OF DOUBLE-DIGIT EXPANSION (10.5% AND 10.1% IN 2021-2022, RESPECTIVELY) ANNUAL INFLATION STANDING BELOW THE 3% TARGET SINCE APRIL 2023, WITH SEPTEMBER 2023 INFLATION PRINTED AT 0.7% 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% 14% 10.5% 10.1% 7.4% 6.4% 4.4% 3.6% 4.8% 4.8% 5.0% 12% 6.8% 10% 5.1% 8% kan li 3.0% 2.9% 6% 2011 2012 2013 2014 2015 2016 2017 2018 2019 *Preliminary estimate **Average of IMF forecast for 2024-2028 Georgia Capital PLC | Source: Geostat, IMF, WEO (October 2023) -6.8% 2020 2021 2022 9M23* 2024-2028** 4.0% 4% 3.1% 2% 6.0% 5.2% 4.9% 2.6% 2.2% 9.6% 11.9% 0.7% 0% -0.5% -2% 2013 2014 2015 2016 2017 2018 Headline Inflation 2019 2020 - Target 2021 2022 Sep-23 GEORGIA CAPITAL 75 75#76ICT SECTOR: BOOSTS GDP GROWTH AND EMERGES AS A NEW SOURCE FOR THE FOREIGN CURRENCY FLOWS THE INFORMATION AND COMMUNICATION (ICT) SECTOR SHARE IN GDP STANDING AT 4.9% IN 2Q23, AS OPPOSED TO 3.1% IN 2018-2021 1,000 I Information and Communication, Value Added (GEL mln, LHS) Share in GDP, % (RHS) 900 800 EXPORTS OF ICT SERVICES (US$ MLN) GEORGIA CAPITAL Telecommunications services (LHS) Information services (LHS) 6% 35 250 5.5% 5.1% -Computer services (RHS) 5.2% 4.9% 30 5% 4.3% 700 3.9% 3.8% 4% 3.5% 600 3.3% 3.4% 3.3% 3.2% 3.2% 3.1% 3.1% 3.1% 3.0% 2.9% 2.9% 2.9% 2.8%, 2.6% 400 300 200 8 ྣ ༆ 8 ༔ 8 100 0 1Q18 2Q18 Georgia Capital PLC | Source: NBG, Geostat 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2020 3020 4020 1Q21 240 263 272 302 290 322 340 371 314 286 361 406 389 455 464 520 495 660 876 913 785 822 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 25 25 20 20 3% 15 2% 10 1% 5 0% 0 1Q15 4Q15 3Q16 2Q17 1Q18 4Q18 3Q19 2Q20 1Q21 4Q21 3Q22 200 150 100 50 50 2Q23 0 76#770 50 50 US$ MLN 100 150 200 250 88 68 58 Jan Feb Mar Apr May unr 2021 300 THE GROWING IMPORTANCE OF "MIDDLE CORRIDOR" RE-EXPORT INCREASED BY 89% Y-O-Y IN 9M23, AND BY 199% COMPARED TO THE 9M21, MOSTLY DUE TO THE INCREASED RE-EXPORT OF MOTOR CARS Motor cars 350 ■Spirituous beverages I Cigars and cigarettes Other 100 93 106 103 105 93 Aug Sep Oct ΛΟΝ Dec Jan Feb Georgia Capital PLC | Source: Geostat, State Treasury 100105 Mar Apr May 82 94 2022 217 209 197 199 200 189 158 133 Oct Nov Dec Jan Feb Mar 2023 REVENUES FROM ROAD USAGE CHARGE (RUC) INCREASED BY 59% Y-O-Y AND BY 176% COMPARED TO 9M21 GEORGIA CAPITAL Medicaments 60 Numebr of freight vehicles, Thousand (LHS) Revenue from Road Usage Charge, MLN GEL (RHS) 18 16.1 299 15.4 294 16 286 278 276 50 258 Number of freight vehicles paying (RUC) amounted 384 k in 9M23, 66 K more compared to the same period of last year (141k compared to the 9M21) 0 20 30 40 40 10 M Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 14 46.0 12 10 гри 8 160 Mar-22 Sep-22 Mar-23 Sep-23 77 0 2 4#78USD MLN USD BLN IMPROVED EXTERNAL POSITION TOTAL FX INFLOWS INCREASED BY 17.8% Y-O-Y AND AMOUNTED TO US$ 11.1 BLN IN 9M23 GEORGIA CAPITAL CURRENT ACCOUNT DEFICIT HAS NARROWED SIGNIFICANTLY AS FDI CONTINUES TO FULLY FINANCE THE DEFICIT 16 Export of goods Money Transfers Tourism revenues Total FX Inflows Goods, net 13.5 28% Current transfers, net Services, net Current account Investment income, net FDI, inflows 14 12 11.1 18% 3.5 9.2% 7.8% 9.4 10 8.8 8% 8.2 3.3 7.8 8 6.8 2.5 4.4 -2% 3.3 5.8 1.2 5.2 5.4 3.2 6 3.2 2.7 0.5 2.3 2.8 -12% -5.6% 1.7 4 1.9 2.1 1.6 1.9 -9.8% -12.2%-11.4% -10.2% -8.1% -6.8% -5.9% -4.6% -5.3% -10.4% -8.6% -12.5% 12.5% 1.4 -11.8% 1.1 1.2 5.6 -22% 2 3.4 3.8 4.2 4.6 4.1 3.3 2.7 2.2 2.1 -32% 0 1H22 1H23 2015 2016 2017 2018 2019 2020 2021 2022 9M22 9M23 Inflows from Others 5,000 4,000 3,000 2,000 1,000 0 EXTERNAL INFLOWS* EXCLUDING RUSSIA CONTINUE TO INCREASE Inflows from Russia - Inflows from Others, YoY % (RHS) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 *External inflows include merchandise exports, remittances and tourism inflows. Georgia Capital PLC | Source: Geostat, NBG. Bloomberg USD/GEL 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 APPRECIATING SINCE MID-2021, BRIEFLY INTERRUPTED AFTER THE WAR, GEL HAS NOW STRENGTHENED TO ABOVE PRE-PANDEMIC LEVELS AGAINST US$ 80% 3.8 60% 3.3 40% 20% 2.8 0% -20% 2.3 -40% -60% 1.8 Oct-15 3.46 the 2.77 3.40 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 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 78 2.70#79(800) US$ MLN (200) (400) (600) (90) 1Q17 2Q17 Georgia Capital PLC | Source: NBG, Geostat, MOF (40) (50)(53)(95) (30) (186) -4 May-16 Jul-16 Sep-16 0 Nov-16 Jan-17 Mar-17 4 May-17 8 12 16 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 APPROPRIATE MACRO POLICY STANCE INFLATION Y-O-Y VS. INFLATION TARGET Headline Inflation GENERAL GOVERNMENT DEBT (% OF GDP) Core Inflation - Target Monetary Policy Rate --General Government Debt, External (% of GDP) NET NBG INTERVENTIONS ON THE FX MARKET AND OFFICIAL RESERVE ASSETS 600 400 200 Net Interventions (LHS) 100121 73 Reserve Assets (RHS) 430 53 20 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1019 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 265 164 93 94 4 26 (58) (232) 2.0 (301) (332) (461) 1.0 20 10 (598) 0.0 Sep-23 0% 10 60% 50% 20 2.6 40% 0.7 30% 5.3 6.0 -2% 5.0 -4% -2.8% -2.7% 4.0 40 3.0 US$ BLN -6% -8% -10% -12% 2014 2015 2016 2017 2018 20% 2010 2011 2012 2013 2014 2015 OVERALL BALANCE (IMF MODIFIED), % OF GDP 2019 -3.0% -2.7% -2.3% -2.1% 2020 -9.3% 2021 2022 -6.1% 2023F 2024F 2025F 2016 2017 2018 2019 2020 General Government Debt, Total (% of GDP) 60.2% 47.6% 41.8% 39.8% 37.4% 32.0% 29.8% 2021 2022 2023F 2024F 2025F 2026F 2027F -3.1% -2.8% -2.5% -2.3% -2.2% -2.1% 2026F 79 19 2027F 23.6% GEORGIA CAPITAL#80MACROECONOMIC WRAP-UP ΣΣΣΣΣ STRONG GDP PERFORMACE BELOW - TARGET INFLATION ROBUST EXTERNAL BALANCE SHEET GEL/US$ ABOVE THE PRE-PANDEMIC LEVELS SOUND MACROECONOMIC FRAMEWORK 80#81CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 ☐ APPENDICES Board of directors and management team " Portfolio companies overview Georgia Capital financial statements GEORGIA CAPITAL 81#82OUR ROBUST CORPORATE GOVERNANCE FRAMEWORK BOARD OF DIRECTORS COMPOSITION GEORGIA CAPITAL IRAKLI GILAURI, CHAIRMAN & CEO Experience: Formerly BGEO Group CEO; Up to 20 years of experience in the banking, investment and finance. BMS in banking from CASS Business School, London; BBS from University of Limerick, Ireland MASSIMO GESUA'SIVE SALVADORI INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Currently an analyst at Lancaster asset management, formerly with McKinsey & Company for over 9 years DAVID MORRISON INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly Director at Sullivan & Cromwell with a track record of over 28 years, Founding CEO of the Caucasus Nature Fund (CNF) NEIL JANIN INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly Chair and Non-Executive Director of BGEO Group, Non- Executive Director of GHG, Director of McKinsey & Company for over 27 years. MARIA CHATTI-GAUTIER INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Over 25 years of experience in private equity in prominent financial institutions. Currently Senior Advisor of Trail Management 4 OUT OF 5 MEMBERS ARE INDEPENDENT 22 82#83GCAP'S HIGHLY EXPERIENCED MANAGEMENT TEAM GEORGIA CAPITAL IRAKLI GILAURI, CHAIRMAN & CEO Irakli Gilauri formerly served as the CEO of BGEO Group from 2011 to May 2018. He joined as CFO of Bank of Georgia in 2004 and was appointed as Chairman of the Bank in September 2015, having previously served as CEO of the Bank since May 2006. Prior, he was an EBRD (European Bank for Reconstruction and Development) banker. Mr Gilauri has up to 20 years of experience in banking, investment and finance. 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 MSc in banking from Cass Business School and a certificate in winemaking from the University of California, Davis. IA GABUNIA, CHIEF STRATEGY OFFICER Formerly Investment Director at Georgia Capital. Joined BGEO as an Investment Director in 2017. la has over ten years of experience in banking and investment management. Prior to joining BGEO la served as Head of Corporate Banking at Bank Republic, Société Générale Group. Previously, she held numerous executive positions in leading Georgian companies. la holds a BSc degree from London School of Economics and Political Science, UK. AVTO NAMICHEISHVILI, DEPUTY CEO In addition to his deputy CEO role at Georgia Capital, Avto also serves as a chairman of the Group's renewable energy, beverages, housing development and hospitality businesses. Formerly he was BGEO Group General Counsel. He was General Counsel of the Bank of Georgia from 2007 to 2018 and has played a key role in all of the Group's equity and debt raises on the capital markets, and over 25 mergers and acquisitions. Prior, he was a Partner at a leading Georgian law firm. Holds LLM in an international business law from Central European University, Hungary. GIORGI KETILADZE, MANAGING DIRECTOR, HEAD OF INVESTMENTS Formerly Investment Officer at BGEO Group. Joined BGEO in 2017. Previously, worked at Deutsche Bank in Corporate Finance department and at KPMG consulting in Germany. Giorgi holds a master's degree from London Business School. IRAKLI GOGIA, PORTFOLIO MANAGER CEO at Retail (Pharmacy), Hospitals, Medical Insurance and Clinics and Diagnostics businesses. Formerly Deputy CEO, Finance at GHG. Prior to that Irakli was a deputy chairman of the supervisory board of Evex Medical Corporation and Insurance Company Imedi L. He has ten years of experience in the financial industry. Previously, served as CFO of Insurance Company Aldagi and Liberty Consumer, prior to which he was a senior auditor at Ernst & Young and Deloitte. Holds a Bachelor of Business Administration degree from the European School of Management in Tbilisi. NINO VAKHVAKHISHVILI, CHIEF ECONOMIST Joined Georgia Capital in 2018. Nino is an IMF's Short-term Expert and visiting lecturer at the University of Georgia. Before joining the company, she spent over five years at the National Bank of Georgia. Holds a master's degree in economics from ISET. GIORGI ALPAIDZE, DEPUTY CEO, CHIEF FINANCIAL OFFICER Formerly BGEO Group CFO. Joined BGEO as Head of Group's Finance, Funding and Investor Relations in 2016. He has extensive international experience in banking, accounting and finance. Previously, he was a senior manager in Ernst & Young LLP's Greater New York City's assurance practice. Holds a BBA from the European School of Management in Georgia. US Certified Public Accountant. LEVAN DADIANI, GENERAL COUNSEL Formerly Senior Group Lawyer at BGEO Group. Joined BGEO in 2012. Levan has an extensive experience in commercial law, equity investments, corporate and project financing and energy projects. Previously, he was a Partner at a leading Georgian law firm. Holds an LLM degree in International Business Law from University of Texas at Austin, USA. 83#84CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 ◉ ■ APPENDICES Board of directors and management team Portfolio companies overview Georgia Capital financial statements GEORGIA CAPITAL 84#85RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY GEL MILLION -3.9% REVENUE DEVELOPMENT 15 15 8 8 34 -12.8% 30 16 -9.1% 14 -15.8% EBITDA DEVELOPMENT 27 -9.0% 13 12 GEORGIA CAPITAL -19.2% 222 7 6 19 16 3Q22 3Q23 9M22 9M23 3Q22 3Q23 9M22 9M23 ■PPA ■Non-PPA - Total revenue KEY OPERATING HIGHLIGHTS Electricity 98.7 generation (GWh) Average sales price 54.3 (US$/MWh) 3Q22 VS. ■ 3Q23 Change y-o-y 9M22 VS. ■ 9M23 Change y-o-y 97.4 -1.3% 221.2 203.2 -8.1% 56.4 +3.9% 53.1 56.4 +6.2% 85#86Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q +2.6% -0.9% +5.3% 441 12 453 261 (192) Enterprise value 30-Jun-23 Net increase in EV Enterprise value 30-Sep-23 Net debt Equity value 30-Sep-23 VALUATION HIGHLIGHTS1 EQUITY FAIR VALUE COMPOSITION AT 30-SEP-23 (GEL MILLION) GEORGIA CAPITAL 56 Total value 261 205 ■Operational assets Pipeline projects NET DEBT TO EBITDA GEL million, unless noted otherwise Enterprise value 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change 452.8 441.3 11.5 417.9 34.9 7.1x4 7.0x4 <6.0x EBITDA² 32.0 31.6 0.4 32.9 (0.9) Implied EV/EBITDA multiple 12.5x 12.4x 0.1x 11.4x 1.1x Investments at cost (EV) 3 51.6 49.2 2.4 40.7 10.9 Net debt (192.0) (193.7) 1.7 (192.9) 0.9 Equity value 260.8 247.7 13.1 225.0 35.8 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1 The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at cost included the pipeline projects. 4. Ratio is calculated in US$ terms. 86#87Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW Largest medical insurer in the country with 19%¹ market share Offering a variety of medical insurance products, with a wide distribution network to the Georgian population Market share by gross premium revenue¹ GCAP medical insurance Vienna Insurance Group Ardi PSP IC Group 3 Alpha 4 Other Georgia Capital PLC | 1. ISSSG as of 1H23. 11 32 2 37 19% 64 33% c.171,000 17% Number of insured clients 6% 2% 2% 42 42 21% GEORGIA CAPITAL BUSINESSES MAJOR GROWTH DRIVERS Growing the number of insured clients Enhancing gross profit through the introduction of "fee business" (such as motor Casco distribution, motor Third Party Liability distribution) ⑥Medium to long-term targets ■ Combined ratio <97% 80 87#88Thousands Private large portfolio companies EXTERNALLY VALUED + MEDICAL INSURANCE BUSINESS OVERVIEW (CONT'D) NUMBER OF INSURED & RENEWAL RATE 85.0% 83.6% 83.2% 74.3% 76.9% 77.5% 78.0% 77.4% 73.4% 73.4% 75.6% 69.7% +6.6% 234 236 +6.6% 211 174 155 157 165 164 160 171 171 160 96.7% 104.7% 102.5% 94.1% GEL million REVENUE (NET INSURANCE PREMIUMS EARNED) GEORGIA CAPITAL +23.7% 75.4 58.6 61.5 72.4 69.5 74.8 66.6 53.7 55.1 +21.2% 53.8 17.4 21.1 2015 2016 2017 2018 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 2015 2016 2017 2018 COMBINED RATIO 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 NET PROFIT 96.1% 90.6% 97.4% 99.5% 101.0% 94.6% 101.1% 95.5% -5.6 ppts -6.4 ppts 84.1% 78.7% 84.2% 77.3% 81.4% 73.0% 79.3% 81.0% 81.3% 77.6% 82.2% 79.7% 18.0% 20.6% 18.3% 16.8% 14.7% 2015 2016 2017 2018 2019 2020 17.6% 18.1% 18.5% 19.7% 17.0% 18.9% 15.8% 3Q22 3Q23 9M22 9M23 Georgia Capital PLC | General note: 3Q22 and 9M22 results have been retrospectively adjusted for IFRS 17 impact. 2021 2022 GEL million 4.4 2.9 1.8 6.4 +253.0% 3.8 3.4 1.5 1.1 0.3 +198.2% 4.3 2015 2016 2017 2018 2019 2020 2021 2022 3Q22 3Q23 9M22 9M23 (2.6) (4.9) 88#89Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q +14.0% -17.2% +6.1% 15 74 7 59 62 52 Enterprise value Increase in EV 30-Jun-23 Enterprise value 30-Sep-23 Excess cash Equity value 30-Sep-23 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 10.4x 30-Jun-23 9.3x 30-Sep-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change NET DEBT TO EBITDA (excl. IFRS 16) No Leverage No Leverage No Leverage LTM Net income² 8.0 6.7 1.3 3.5 4.5 Implied P/E multiple² 9.3x 10.4x (1.1x) 15.0x (5.7x) Equity value 74.0 69.7 4.3 51.9 22.1 LTM ROAE 16.7% 15.1% 1.6ppts 10.2% 6.5ppts 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. 30-Jun-23 and 30-Sep-23 LTM net income and respective implied multiple are on a pre-tax basis, due to the business valuation as of 30-Jun-23 and 30-Sep-23, incorporating impact of the forthcoming adoption of the Estonian Taxation Model. GEORGIA CAPITAL 89#90CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q23 & 9M23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 " APPENDICES Board of directors and management team Portfolio companies overview Georgia Capital financial statements 06 90 GEORGIA CAPITAL#91PRIVATE PORTFOLIO COMPANIES' DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 SEPTEMBER 2023 (GEL MILLION) 2023 2024 2025 2026+ Total Large portfolio companies 25.9 252.4 51.8 100.8 430.9 Retail (pharmacy)1 17.1 125.2 26.1 49.5 217.9 Hospitals 8.8 127.2 25.7 51.3 213.0 Investment stage portfolio companies 9.2 41.9 12.1 237.3 300.5 Renewable Energy 0.6 214.7 215.3 Education 1.8 5.1 2.8 16.4 26.1 Clinics and Diagnostics 7.4 36.8 8.7 6.2 59.1 Other businesses² 7.9 147.7 27.1 78.3 261.0 Total 43.0 442.0 91.0 416.4 992.4 1. Includes GEL c.40 million debt for financing the minority shareholder buyout in 9M23. 2. Gross debt of other businesses includes a 2-year US$ 35 million bonds issued by the housing development business in Oct-22. GEORGIA CAPITAL 91#92VALUE CREATION IN PRIVATE PORTFOLIO | 3Q23 Portfolio Businesses GEL thousand BOG Water Utility Operating Performance Greenfields / buy-outs/exits and FX Multiple Change Value Creation in 3Q23 (1) (2) (3) (1)+(2)+(3) 221,148 Total Listed and Observable Portfolio Companies 221,148 Large Portfolio Companies (49,632) (2,647) (52,279) Retail (pharmacy) (225) (13,551) (13,776) Hospitals (18,769) (19,762) (38,531) Insurance (P&C & Medical) (30,638) 30,666 28 Investment Stage Portfolio Companies 2,045 (11,000) (8,955) Renewable energy 5,538 7,451 12,989 Education (16,675) 3,202 (13,473) Clinics and Diagnostics 13,182 (21,653) (8,471) Other Portfolio Companies 47,588 (32,580) 15,008 Total Private Portfolio Companies 1 (46,227) (46,226) Total Portfolio 1 (46,227) 174,922 GEORGIA CAPITAL 174.9 GEL MILLION TOTAL VALUE CREATION IN 3Q23 221.1 GEL MILLION VALUE CREATION IN 3Q23 FROM THE LISTED AND OBSERVABLE PORTFOLIO COMPANIES (46.2) GEL MILLION VALUE CREATION IN 3Q23 FROM THE PRIVATE PORTFOLIO COMPANIES 92 92#93VALUE CREATION IN PRIVATE PORTFOLIO | 9M23 Portfolio Businesses GEL thousand Operating Performance Greenfields / buy-outs/exits and FX Multiple Change Value Creation in 9M23 (1) (2) (3) GEORGIA CAPITAL (1)+(2)+(3) 387,939 4,000 391,939 457.4 GEL MILLION TOTAL VALUE CREATION IN 9M23 391.9 GEL MILLION VALUE CREATION IN 9M23 FROM THE LISTED AND OBSERVABLE PORTFOLIO COMPANIES 65.5 GEL MILLION VALUE CREATION IN 9M23 FROM THE PRIVATE PORTFOLIO COMPANIES BOG Water Utility Total Listed and Observable Portfolio Companies Large Portfolio Companies 34,248 (638) 33,610 Retail (pharmacy) 4,447 553 5,000 Hospitals (63,086) 17,149 (45,937) Insurance (P&C & Medical) 92,887 (18,340) 74,547 Investment Stage Portfolio Companies (1,102) 14,131 13,029 Renewable energy 2,566 30,941 33,507 Education 5,550 (9,852) (4,302) Clinics and Diagnostics (9,218) (6,958) (16,176) Other Portfolio Companies 210,840 (192,032) 18,808 Total Private Portfolio Companies 243,986 (178,539) 65,447 Total Portfolio 243,986 (178,539) 457,386 93#94NAV STATEMENT | 3Q23 GEORGIA CAPITAL 2a. GEL thousands unless otherwise noted 30-Jun-23 1.Value Creation Investments and Divestments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 30-Sep-23 Change % Listed and Observable Portfolio Companies BOG Water Utility 882,846 221,148 (11,785) 1,092,209 23.7% 159,000 159,000 0.0% Listed and Observable Portfolio Value 1,041,846 221,148 Listed and Observable Portfolio value change % 21.2% 0.0% 0.0% (11,785) -1.1% 1,251,209 20.1% 0.0% 0.0% 20.1% Private Portfolio Companies Large portfolio companies 1,496,262 (52,279) (41,876) 817 1,402,924 -6.2% Retail (pharmacy) Hospitals Insurance 723,505 (13,776) (30,843) 359 679,245 -6.1% 426,060 (38,531) (6,018) 359 381,870 -10.4% 346,697 28 (5,015) 99 341,809 -1.4% Of which, P&C Insurance 276,960 (9,248) 99 267,811 -3.3% Of which, Healthcare Insurance 69,737 9,276 (5,015) 73,998 6.1% Investment stage companies 536,362 (8,955) 30 371 527,808 -1.6% Renewable energy 247,682 12,989 139 260,810 5.3% Education 184,147 (13,473) 30 152 170,856 -7.2% Clinics and Diagnostics 104,533 (8,471) 80 96,142 -8.0% Others 286,094 15,008 (4,168) 331 297,265 3.9% Private Portfolio Value 2,318,718 (46,226) (4,138) (41,876) 1,519 2,227,997 -3.9% Private Portfolio value change % -2.0% -0.2% 0.0% -1.8% 0.0% 0.1% -3.9% Total Portfolio Value 3,360,564 174,922 (4,138) (53,661) 1,519 3,479,206 3.5% Total Portfolio value change % 5.2% -0.1% 0.0% -1.6% 0.0% Net Debt (324,864) 1,001 53,661 of which, Cash and liquid funds 401,125 1,001 (273) 106,498 (5,442) (5,442) of which, Loans issued of which, Dividend receivable of which, Gross Debt Net other assets/(liabilities) Share based compensation Net Asset Value NAV change % Shares outstanding Net Asset Value per share 17,461 0.0% (18,268) (402,553) (8,556) 3.5% (294,185) -9.4% 100,356 8,905 -75.0% -49.0% 52,837 (52,837) -100.0% (796,287) (1,103) 3,137 (3,360) (3,360) 3,034,597 174,922 (273) (8,802) 5.8% 0.0% 0.0% 0.0% -0.3% 392,841 3,985 3,360 (12,764) -0.4% (403,446) 2,659 -49.3% NMF 0.0% 3,187,680 5.0% 5.0% 41,411,180 (9,430) 41,401,750 0.0% 73.28 4.22 (0.00) 0.01 (0.00) (0.21) (0.31) 76.99 5.1% NAV per share change % 5.8% 0.0% 0.0% 0.0% -0.3% -0.4% 5.1% Net Asset Value per share (GBP) 22.12 1.27 (0.00) 0.00 0.00 (0.06) 0.11 23.44 6.0% NAV per share (GBP) change % 5.8% 0.0% 0.0% 0.0% -0.3% 0.5% 6.0% 94 94#95NAV STATEMENT | 9M23 2a. GEL thousands unless otherwise noted 31-Dec-22 1.Value Creation Investments and Divestments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 30-Sep-23 Change % Listed and Observable Portfolio Companies BOG Water Utility 830,463 387,939 (126,193) 1,092,209 31.5% 155,000 Listed and Observable Portfolio Value 985,463 4,000 391,939 159,000 2.6% Listed and Observable Portfolio value change % 39.8% 0.0% 0.0% (126,193) -12.8% 1,251,209 27.0% 0.0% 0.0% 27.0% Private Portfolio Companies Large portfolio companies 1,437,610 33,610 (70,355) 2,059 1,402,924 -2.4% Retail (pharmacy) 724,517 5,000 (50,904) 632 679,245 -6.2% Hospitals 433,193 (45,937) (6,018) 632 381,870 -11.8% Insurance 279,900 74,547 (13,433) 795 341,809 22.1% Of which, P&C Insurance 228,045 47,389 (8,418) 795 267,811 17.4% Of which, Healthcare Insurance 51,855 27,158 (5,015) 73,998 42.7% Investment stage companies 501,407 13,029 16,253 (5,187) 2,306 527,808 5.3% Renewable energy 224,987 33,507 5,718 (5,187) 1,785 260,810 15.9% Education 164,242 (4,302) 10,535 381 170,856 4.0% Clinics and diagnostics 112,178 (16,176) 140 Others 274,147 18,808 32 4,278 96,142 297,265 -14.3% 8.4% Private Portfolio Value 2,213,164 65,447 16,285 (75,542) 8,643 2,227,997 0.7% Private Portfolio value change % 3.0% 0.7% 0.0% Total Portfolio Value 3,198,627 457,386 16,285 Total Portfolio value change % 14.3% Net Debt (380,905) of which, Cash and liquid funds 411,844 0.5% (19,422) (19,422) 0.0% (53,994) (53,994) -3.4% (201,735) -6.3% 201,735 201,735 0.0% 0.4% 0.7% 8,643 3,479,206 8.8% 0.0% 0.3% 8.8% (16,327) (25,272) (294,185) -22.8% (16,327) (423,480) 100,356 -75.6% of which, Loans issued of which, Gross Debt Net other assets/ (liabilities) Share based compensation Net Asset Value NAV change % Shares outstanding 26,830 (17,925) 8,905 -66.8% (819,579) 416,133 (403,446) -50.8% (331) 3.137 (11,647) 11,500 2,659 NMF (11,647) 11,647 0.0% 2,817,391 457,386 16.2% 0.0% 42,973,462 (53,994) -1.9% (2,151,848) (27,974) (5,129) 3,187,680 13.1% 0.0% -1.0% -0.2% 13.1% 580,136 Net Asset Value per share 65.56 10.64 0.00 2.13 0.00 (0.65) (0.70) 41,401,750 76.99 -3.7% 17.4% NAV per share change % 16.2% 0.0% 3.3% 0.0% -1.0% -1.1% 17.4% Net Asset Value per share (GBP) 20.12 3.21 0.00 0.64 0.00 (0.20) (0.33) 23.44 16.5% NAV per share (GBP) change % 15.9% 0.0% 3.2% 0.0% -1.0% -1.7% 16.5% GEORGIA CAPITAL 95#96INCOME STATEMENT | 3Q23 & 9M23 Income statement GEORGIA CAPITAL GEL '000, unless otherwise noted 3Q23 Dividend income 41,876 3Q22 32,019 Change 9M23 9M22 Change 30.8% 128,379 66,440 93.2% Buyback dividend 11,785 NMF 73,356 NMF Interest income 4,304 8,165 -47.3% 14,296 26,315 -45.7% Realised/unrealised gain/(loss) on liquid funds (3,430) (1,719) NMF (2,348) (13,154) NMF Interest expense (12,031) (16,573) -27.4% (38,782) (54,253) -28.5% Gross operating income/(loss) 42,504 21,892 94.2% 174,901 25,348 NMF Operating expenses (8,802) (9,821) -10.4% (27,973) (29,521) -5.2% GCAP net operating income/(loss) 33,702 12,071 NMF 146,928 (4,173) NMF Fair value changes of portfolio companies Listed and observable portfolio companies 209,363 142,450 47.0% 265,746 (69,409) NMF Bank of Georgia Group PLC Water Utility 209,363 142,450 47.0% 261,746 (83,017) NMF NMF 4,000 13,608 -70.6% Private portfolio companies Large Portfolio Companies (88,102) (4,563) NMF (10,095) (292,391) -96.5% (94,155) (25,140) NMF (36,745) (189,065) -80.6% Of which, Retail (pharmacy) (44,619) 6,209 NMF (45,904) (33,147) 38.5% Of which, Hospitals (44,549) (45,819) -2.8% (51,955) (141,588) -63.3% Of which, Insurance (P&C and Medical) (4,987) 14,470 NMF 61,114 (14,330) NMF Investment Stage Portfolio Companies (8,955) 5,965 NMF 7,842 (13,254) NMF Of which, Renewable energy 12,989 1,768 NMF 28,320 (234) NMF Of which, Education (13,473) 7,286 NMF (4,302) 28,028 NMF Of which, Clinics and Diagnostics (8,471) (3,089) NMF (16,176) (41,048) -60.6% Other businesses 15,008 14,612 2.7% 18,808 (90,072) NMF Total investment return 121,261 137,887 -12.1% 255,651 (361,800) NMF Income/(loss) before foreign exchange movements and non- 154,963 149,958 3.3% 402,579 (365,973) NMF recurring expenses Provision (103) 1,113 NMF Net foreign currency loss/(gain) (6,067) 11,024 NMF Non-recurring expenses (439) (82) NMF (145) 6,605 (1,759) 402 NMF 26,183 -74.8% (278) NMF Net income/(loss) (adjusted IFRS) 148,354 162,013 -8.4% 407,280 (339,666) NMF 96 96#97VALUATION PEER GROUP • RETAIL (PHARMACY) NEUCA S.A. | Poland . • Sopharma Trading AD | Bulgaria • S.C. Ropharma S.A. | Romania • HOSPITALS Medicover AB | Sweden EMC Instytut Medyczny SAEMC SA | Poland Med Life S.A. | Romania Netcare Limited | South Africa • • • P&C INSURANCE Dhipaya Insurance | Thailand Zavarovalnica Triglav | Slovenia Pozavarovalnica Sava | Slovenia • SALUS, Ljubljana, d. d. | Slovenia • Great Tree Pharmacy Co., Ltd. | Taiwan Clicks Group Limited | South Africa • MLP Saglik Hizmetleri A.S. | Turkey • Aksigorta | Turkey • Anadolu Sigorta | Turkey Dis-Chem Pharmacies Limited | South Africa • Life Healthcare Group Holdings Limited | South Africa • Bao Minh Insurance | Vietnam • Turkiye Sigorta | Turkey MEDICAL INSURANCE Powszechny Zaklad Ubezpieczen SA | Poland • • . Allianz SE | Germany . UNIQA Insurance Group AG | Austria • Ageas SA/NV | Belgium • EDUCATION SISB Public Company Limited | Thailand Curro Holdings Limited | South Africa Overseas Education Limited | Singapore Cairo For Investment & Real Estate Development S.A.E | Egypt Cogna Educação S.A. | Brazil • Colegios Peruanos S.A. | Peru • ADVTECH Limited | South Africa *This list of the renewable energy business peers is extracted from the larger peer group used in valuations by Kroll. • • 20 CLINICS AND DIAGNOSTICS EMC Instytut Medyczny SA | Poland Med Life S.A. | Romania . Medicover AB | Sweden • Fleury S.A. | Brazil GEORGIA CAPITAL • Q • • • RENEWABLE ENERGY* BCPG Public Company Limited | Thailand ERG S.p.A | Italy Polenergia S.A. | Poland Terna Energy Societe Anonyme | Greece 97#98FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, certain of which are beyond our control, include, among other things: regional instability; impact of COVID-19; currency fluctuations, including depreciation of the Georgian Lari, and macroeconomic risk; regulatory risk across a wide range of industries; investment risk; liquidity risk; portfolio company strategic and execution risks; and other key factors that could adversely affect our business and financial performance, including those which are contained elsewhere in this presentation and in our past and future filings and reports and also the 'Principal Risks and Uncertainties' included in the 1H23 Results Announcement and in Georgia Capital PLC's Annual Report and Accounts 2022. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this presentation should be construed as a profit forecast. GEORGIA CAPITAL 98#99COMPANY INFORMATION Georgia Capital PLC Registered Address 42 Brook Street London W1K 5DB United Kingdom www.georgiacapital.ge Registered under number 10852406 in England and Wales Stock Listing London Stock Exchange PLC's Main Market for listed securities Ticker: "CGEO.LN" Contact Information Georgia Capital PLC Investor Relations Telephone: +44 (0) 203 178 4052; +995 322 000000 E-mail: [email protected] Auditors PricewaterhouseCoopers LLP ("PwC") Atria One, 144 Morrison Street, Edinburgh EH3 8EX United Kingdom Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS13 8AE United Kingdom Please note that Investor Centre is a free, secure online service run by our Registrar, Computershare, giving you convenient access to information on your shareholdings. Investor Centre Web Address - www.investorcentre.co.uk. Investor Centre Shareholder Helpline - +44 (0) 370 873 5866 Share price information Shareholders can access both the latest and historical prices via the website www.georgiacapital.ge