#1GEORGIA CAPITAL INVESTOR PRESENTATION 1Q21 results 18 May 2021 ✔ Follow @IRGCAP#2CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 1Q21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1Q21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 2#3Thousand COVID-19 STATISTICS COVID-19 CASES: DYNAMICS IN GEORGIA 350 300 250 200 150 100 50 1... 1... 1... 1... NUMBER OF TOTAL CASES 330,375 STATISTICS AS OF: ACTIVE CASES 7-DAY POSITIVE DAILY CASES RATE -3.09% AVERAGE DAILY TESTS1 6 Total cases (LHS) Daily cases (RHS) 5 4 3 2 wwwww 1 wwwww 4-DEC-20 PEAK PERIOD OF THE SECOND LOCKDOWN 16-MAY-21 1... GEORGIA CAPITAL 3.1% OF TOTAL ADULT POPULATION HAS BEEN VACCINATED AS AT 16-MAY-21 27% TOTAL NUMBER OF VACCINATED PEOPLE 41% ■ AstraZeneca ■■ Pfizer-BioNTech 88,522 Sinopharm 31% ➤ ACCORDING TO THE GOVERNMENT PLAN, GEORGIA TARGETS TO VACCINATE AT LEAST 60% OF THE ADULT POPULATION IN 2021 ➤ 4 MILLION DOSES OF VACCINE IS REQUIRED FOR REACHING THE TARGET, WHERE 1.5 MILLION IS GUARANTEED THROUGH THE COVAX PLATFORM IN 2021, WHILE DISCUSSIONS ARE ONGOING WITH VACCINE PRODUCERS FOR THE REST 90 % CHANGE Cumulative vaccinations (LHS) Daily vaccinations (RHS) NOW 70 27,370 17,086 -38% 5,450 13,720 968 -82% 29,928 +118% ➤ ECONOMY NEARING FULL REOPENING, AS THE COUNTRY-WIDE NIGHT-TIME CURFEW IS THE ONLY REMAINING MAJOR RESTRICTION, WHICH WAS SHORTENED TO 11PM TO 5AM ON 17 MAY 2021 Thousand 10 8862022 ° 50 40 30 Georgia Capital PLC | Source: NCDC, Geostat, Ourworldindata.org, Worldometers, data at 12:00 p.m. GMT on 17-May-21. 1) Daily average of the last 7 days from the respective date. 3/Apr 6/Apr 8/Apr 10/Apr 12/Apr 14/Apr 16/Apr 18/Apr 20/Apr 22/Apr 24/Apr 26/Apr 29/Apr 5/May 7/May 9/May 11/May 13/May 16/May 3 98765432-0#4MACROECONOMIC INDICATORS IN 2021 RECORD HIGH REMITTANCES AND REBOUNDING MERCHANDISE EXPORTS SUPPORTING RECOVERY GEORGIA CAPITAL REAL GDP GREW BY 4% IN MARCH 2021 ON THE BACK OF LIGHTER RESTRICTIONS AND THE BASE EFFECT 2021 2021 Remittances, USD million Remittances, y/y 30% Real GDP, y/y VAT Turnover, y/y 22% O 20% 145% 10% 4.0% 0% 5.1% 50% 2.2% 9% 9% 18% 22% 26% 29% 19% 13% 16% 19% 18% -10% -2.7% -9% -10% -42% -20% -0.7% -5.5% -5.3% -3.9% -5.1% -7.7% -7.7% -7.9% -11.5% -13.5% -16.6% -30% 126 137 126 79 132 169 189 184 193 182 170 200 150 161 188 194 -40% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 100% I Exports, USD million (RHS) Imports, USD million (RHS) 1,000 70% 75% - Exports, y/y (LHS) - Imports, y/y (LHS) Tourism revenue (USD million) 193 161 74 8 9 11 12 15 16 15 13 15 10 10 14 30 57% 800 50% 31% 18% 25% 13% 9% 3% 600 -1% -2% -5% -7% 0% -23% -14% -15% -13% -18%-16% -29% -31% Tourism revenues, y/y 400 -25% -60% -70% -50% 200 -75% 97% -97% -97% -97% -96% -95% -94% -94% -93% -95%* -91% -100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Georgia Capital PLC | Source: NBG, Geostat, Geostat's rapid estimates. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 4#5Budget - GEL 3.5 billion (1st stage) GOVERNMENT MEASURES GEORGIA CAPITAL ACCUMULATED BUFFERS AND INTERNATIONAL SUPPORT HAVE ALLOWED THE GOVERNMENT TO LAUNCH SIZEABLE MEASURES US$ 3 billion funding facility US$ 3 billion (predominantly loans) from international donors (incl. US$ 450m from IMF): Economic Plan Budget - GEL 1.1 billion (2nd stage) US$1.5 billion intended for the private sector US$1.5 billion for the public sector Social aid MM GEL 1.03 billion Social aid * GEL 545 million Economic support and business aid GEL 2.1 billion Anti-pandemic + GEL 0.35 billion Economic support and business aid GEL 515 million measures Monetary policy Easing non-price credit conditions (LTV, PTI, etc.); Intervening in the FX market (US$ 1.12 bn sold since March 2020 up to April 2021, including US$873 million in 2020); Monetary policy rate reduced from 9.0% to 8.0%, but increased to 9.5% in March-April 2021 due to price pressures; Introducing US$ 400 million currency swap facility for the financial sector to provide GEL liquidity; Reduced capital conservation buffer (2.5% of Risk Weighted Assets) and 2/3 of currency induced credit risk buffer total of GEL 1.6 billion; Temporary liquidity instrument to support credit to SMEs; Moratorium announced on new regulatory activity. Support measures - - Sectoral special support packages for tourism, agriculture and real estate sectors; Subsidies for utility bills, basic product prices and construction materials; Loan restructuring for all businesses; VAT returns and long-term funds for banks; Extra funding to support business, including a credit guarantee scheme (GEL 2bln); Tax deferrals for car importers; Social aid programs to address job losses; Pension indexation from Jan- 21; GEL 200 transfers to families for every child under 18; Extended into 2021: - Utility bills; Income tax exemption; Unemployment and social aid; Deferred 2020 income tax waived and 2021 property tax exempted for tourism; New support package for restaurants. PRUDENT PRE-CRISIS FISCAL PRACTICE ENSURED A STRONG POSITION TO BORROW TO FIGHT THE PANDEMIC, WITH PUBLIC DEBT RISING TO C.60% OF GDP BY THE END OF 2020 (41% AT THE END OF 2019) 5#61000 1150 2010 1300 LABOR MARKET DYNAMICS IN 2020 THE UNEMPLOYMENT RATE INCREASED TO 20.4% DUE TO 2ND SET OF RESTRICTIONS 1450 27.2 27.2 26.7 26.4 2011 2012 2013 2014 2015 | Employed -0- Unemployment % 23.0 21.9 21.7 21.6 17.6 19.2 18.3 18.3 17.0 2016 2017 2018 2019 1 20 20 II 20 III 20 IV 20 Georgia Capital PLC | Source: National Statistics Office of Georgia, Revenue Service, Galt & Taggart. GEORGIA CAPITAL NOMINAL WAGES IN THE BUSINESS SECTOR GREW BY 0.9% IN 4Q20, FOLLOWING A SHARP DECLINE IN 2Q20 13.2% 12.9% Wages, total 15% Growth rate (RHS) 30 10.9% 2000 9.8% 11.0% 25 8.1% 7.9% 6.5% 6.5% 6.2% 20.4 20 1500 20 3.9% 3.8% 4.1% 15 1000 10 500 5 0 117 5% 0.9% 0% -0.8% -5% -5.3% || 17 III 17 IV 17 118 II 18 III 18 IV 18 I 19 II 19 III 19 IV 19 1 20 II 20 III 20 IV 20 -10% 6 10%#70 500 Mar-05 Sep-05 Mar-06 Georgia Capital PLC | Source: NBG. 1,000 1,500 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 2,000 Mar-10 Sep-10 2,500 3,000 3,500 4,000 Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln 135 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 EXCHANGE RATE PERFORMANCE OFFICIAL RESERVE ASSETS REACHED A HISTORIC HIGH OF US$ 4.1 BILLION BY THE END OF MARCH 2021, UP 20.6% Y-O-Y THE REAL EFFECTIVE EXCHANGE RATE HAS DEVIATED FROM THE LONG-TERM TREND FOR MORE THAN TWO YEARS GEORGIA CAPITAL Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 5 85 90 Jan-03 Aug-03 Mar-04 Oct-04 M May-05 Dec-05 90-յոր 115 120 125 Feb-07 Sep-07 Apr-08 Nov-08 Jun-09 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 130 Feb-14 Sep-14 Apr-15 Nov-15 REER (Jan 2003=100) Linear (REER (Jan 2003 = 100)) Jun-16 Jan-17 Aug-17 Mar-18 Oct-18 May-19 Dec-19 Jul-20 7 Feb-21#8FISCAL EXPENSES REMAIN SUBSTANTIAL AS REVENUE PLANS MET THE TAX REVENUE PLAN WAS MET IN 1Q21, WITH REVENUES AMOUNTING TO 100.3% OF THE PLAN Consolidated Budget Tax Revenues (2020 vs 2021) GEORGIA CAPITAL TOTAL EXPENSES (CURRENT + CAPITAL) GREW BY 14% Y-O-Y IN 1Q21, WHILE CAPITAL EXPENSES AMOUNTING TO 106% OF THE PLAN 2,500 Consolidated Budget Total Expenses (2020 vs 2021) 1,200 1,000 932 901 800 600 400 200 1,124 2020 2021 2,000 1,500 1,405 1,327 1,235 1,000 500 2020 2021 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Georgia Capital PLC | Source: MoF. 8#9CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 1Q21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1Q21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 9#10GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 31-MAR-21 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY Management 1 7.1% Switzerland 0.8% Norway 2.2% South Africa 2.6% Other 20.0% 0 Luxembourg 11.4% USA 25.5% 3 GCAP TOP 10 SHAREHOLDERS GEORGIA CAPITAL Rank Shareholder name Ownership 1 Eaton Vance 5.95% 2 M&G Investment Management Ltd 5.65% 3 Schroder Investment Management Ltd 4.44% 4 RWC 3.13% UK² 5 Coeli Frontier Markets AB 2.76% 30.4% 6 Vanshap Capital LLC 2.63% 7 Aberdeen Standard Investments 2.57% 8 Allan Gray Ltd 2.50% 9 Firebird Management LLC 2.44% 10 Norges Bank Investment Management 2.32% Total 34.39% NUMBER OF OUTSTANDING SHARES 11,169,448 46,279,963 39,384,712 (2,650,375) (1,623,822) Georgia Capital PLC | 1. Management shares include both vested and unvested awarded shares. 2. UK also includes Channel Islands. 3. USA also includes Cayman Islands. Number of shares issued in May 2018 Shares cancelled Unawarded shares, management trust Shares issued* Number of shares outstanding * 11.2 million CGEO shares were issued as part of GHG transaction (3.4 million shares in Dec-19 and 7.7 million shares in 3Q20) 10#11OUR PORTFOLIO OVERVIEW LISTED ASSETS LISTED ASSETS ӨӨ LARGE PORTFOLIO COMPANIES ° Bank of Georgia (BOG) • Healthcare Services (GHG) • • Retail (pharmacy) (GHG) • Water Utility VALUE AT 31-MAR-21: SHARE IN TOTAL PORTFOLIO VALUE: GEL 505m 17.3% • Insurance (P&C and medical (GHG)) NON-CYCLICAL BUSINESSES ■ CLOSE TO GEL 0.5BLN+ VALUE GEL 1,871m 64.0% PRIVATE ASSETS GEORGIA CAPITAL INVESTMENT STAGE PORTFOLIO COMPANIES Renewable Energy • Education NON-CYCLICAL BUSINESSES ■ WITH POTENTIAL TO BECOME GEL 0.5BLN IN VALUE OTHER ASSETS Housing Development Hospitality & Commercial Real Estate Beverages Auto Service Digital Services SUBSCALE BUSINESSES LIMITED POTENTIAL TO BECOME GEL 0.5BLN+ IN VALUE GEL 310m 10.6% GEL 236m 8.1% 11#12OUR PRIVATE PORTFOLIO AT A GLANCE GEORGIA CAPITAL DEFENSIVE, HIGH QUALITY ASSETS WITH STRONG AND GROWING CASH FLOW STREAMS CLOSE TO GEL 0.5BLN+ VALUE EXPECTED TO BECOME GEL 0.5BLN+ IN VALUE NON-CYCLICAL STRONG CASH FLOW GENERATION DOMINANT MARKET POSITION INVESTMENT STAGE PORTFOLIO COMPANIES LARGE PORTFOLIO COMPANIES Healthcare Services 80 Retail (pharmacy) Water Utility Insurance (P&C and medical) Renewable Energy K Education ✓ ✓ ✓ 12#13PORTFOLIO HIGHLIGHTS | 31 MARCH 2021 Gross investment of GEL 1.5b Net investment of GEL 575m Listed assets Large portfolio companies Portfolio fair value of GEL 2.9b Investment stage portfolio companies Original 129 investment 390 MOIC¹ 7.2 3.4 GEL million 505 BOG -292 1,209 255 216 11 147 63 2.6 23.5 1.5 1.6 457 205 119 -35 GHG2 Water Utility P&C Insurance LSE Market value at 31-Mar-21 Fair value Net cash investment 207 137 103 63 Renewable Energy Education GEORGIA CAPITAL Georgia Capital PLC | 1. Multiple of Invested Capital is calculated as follows: i) the numerator is the cash and non-cash inflows from dividends and sell-downs plus fair value of investment at reporting date ii) the denominator is the gross investment amount. 2. GHG includes: Healthcare Services, Retail (pharmacy) and Medical Insurance businesses. 13#14CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 1Q21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1Q21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 14#15CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance 02 Access to management 03 Access to capital THREE FUNDAMENTAL ENABLERS STRONG CORPORATE GOVERNANCE ACCESS TO MANAGEMENT ☑ GEORGIA CAPITAL ACCESS TO CAPITAL 15#16CAPITAL ALLOCATION PHILOSOPHY GEORGIA CAPITAL GCAP SHARE PRICE IS AT CORE OF OUR DECISION MAKING VIS-À-VIS INVESTMENTS WE ARE TARGETING TO INVEST IN OPPORTUNITIES WHICH PRODUCE GREATER RETURN THAN BUYING GCAP SHARES opportunity 360° ANALYSIS Sale opportunity Investment 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 16#17CAPITAL ALLOCATION PHILOSOPHY (CONT'D) GEORGIA CAPITAL IRR & MOIC¹ IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW OPPORTUNITIES ROIC IS AT CORE OF DECISION MAKING WHEN OUR PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES KEY MONEY MULTIPLES AT GCAP LEVEL M IRR M MOIC KEY METRIC FOR REINVESTMENT DECISION MAKING AT PORTFOLIO COMPANIES' LEVEL • ROIC ROIC should be more than WACC for new investments . Portfolio companies to continue divestment of low ROIC and/or non-core assets & businesses to enhance ROIC e.g. hospital (HTMC) sale transaction, improving healthcare services business ROIC by 90bps on a proforma basis GCAP ROLE VIS-À-VIS PORTFOLIO COMPANIES • Approval of all capital allocation decisions: equity, debt, profit reinvestment, divestment etc. • Strategy setting, business plan approval and monitoring Georgia Capital PLC | 1. Multiple of Invested Capital (MOIC). • Human capital (CEO & CFO) allocation & KPI setting 17#18ENHANCEMENT OF OUR STRATEGY AS ANNOUNCED ON 2020 INVESTOR DAY GEORGIA CAPITAL We will be investing in the sectors/opportunities with potential to be GEL 0.5bln in equity value in the next 3-5 years' time Q Larger companies will be attractive for international strategic and financial buyers, which will increase the liquidity of our portfolio companies Management time will be used more efficiently for large opportunities LARGE COMPANIES ATTRACTIVE FOR INTERNATIONAL BUYERS Increased liquidity SMALLER COMPANIES ATTRACTIVE FOR LOCAL & REGIONAL BUYERS Lower liquidity, as access to capital is limited in the region 18#19ENHANCED STRATEGY IS TO INVEST IN LARGE OPPORTUNITIES GCAP invests in Georgia in large opportunities, which have a potential to become GEL 0.5bln+ in equity value. GCAP develops and grows portfolio companies to equity. value of GEL 0.5bln+ and realizes proceeds through exit, as investments mature. LARGE SIZE WILL PROVIDE LIQUIDITY AND AS SUCH IMPROVED EXIT OPPORTUNITIES AND ABILITY FOR GCAP TO REDUCE THE NAV DISCOUNT INVEST IN GEORGIA IN LARGE OPPORTUNITIES GEORGIA CAPITAL MONETISE B GROW BUSINESSES TO EQUITY VALUE OF GEL 0.5BLN+ 199 19#20NEW PRIORITY #1 ANNOUNCED ON 2020 INVESTOR DAY: REALIZING VALUE OF ONE LARGE INVESTMENT We believe realizing value of one of our large investments will help to validate the value of our portfolio and to reduce discount to NAV III GEORGIA CAPITAL Realizing value of one large investment Reduce NAV discount Therefore, we will be targeting to complete a trade sale of one of our large businesses GCAP WILL COMPLETE THE FULL CYCLE OF ITS STRATEGY (INVEST, GROW, MONETISE), FOLLOWING THE SALE OF A LARGE PORTFOLIO COMPANY Starting from 2020, we are institutionilising exit process from our portfolio companies. Trade sale of one large investment over the next 18-24 months (from November 2020) NEW TARGET 20 20#21NEW PRIORITY #2: DIVESTMENT OF "OTHER" PORTFOLIO Other portfolio includes small companies with limited potential to achieve GEL 0.5 billion equity value SUBJECT TO 360° ANALYSIS "OTHER" PORTFOLIO EXPECTED TO BE DIVESTED IN THE NEXT 2-3 YEARS GEORGIA CAPITAL 21#22RENEWABLE ENERGY AND EDUCATION - OUR KEY INVESTMENT AREAS IN THE MEDIUM TERM GRADUALLY MOVING TO REINVESTMENT PHASE, GIVEN THE STRONG CASH FLOW GENERATION AT OUR INVESTMENT STAGE PORTFOLIO COMPANIES TOTAL NET INVESTMENT OF c. US$ 50MLN IDENTIFIED FROM GCAP OVER THE NEXT 3-5 YEARS¹ of which, c. US$ 10mln in 2021 Georgia Capital PLC | 1. Announced in November 2020. RENEWABLE ENERGY EDUCATION Limiting expansion through greenfield developments and focus on buying cash generating assets at attractive multiples GEORGIA CAPITAL 21#23INVESTING IN RENEWABLE ENERGY INDUSTRY INVESTMENT RATIONALE High margins, dollar linked cash flows Growing market, with 35% of demand satisfied through imports and TPPS High capacity factors Low penetration of air conditioners and high Cooling Degree Day (CDD) CURRENT INVESTMENT OVERVIEW | 31-Mar-21 GEL million 147 69 207 (10) TOTAL NET INVESTMENT OF c. US$ 36MLN IDENTIFIED FROM GCAP OVER THE NEXT 3 YEARS² ■ Over the next 3 years we will be launching pipeline projects: wind farms in Tbilisi and Kaspi, Zoti HPP and Darchi HPP. RENEWABLE ENERGY SNAPSHOT MOIC (Multiple of Invested Capital) IRR Installed capacity Run-rate EBITDA NOW IN 3-5 YEARS 1.5x 2.0x+ 18.2% 91MW 20%+ 263MW GEL 45mln GEL 122mln³ GEORGIA CAPITAL GCAP Equity invested Value creation Dividends Equity value 31-Mar-21 RANGE FOR PEER TRADING MULTIPLES1 11x-18x LTM EV/EBITDA NOTABLE TRANSACTION FROM GEORGIA - TEPCO & DARIALI ENERGY In April 2020, Renewable Energy arm of Tokyo Electric Power Company Holdings, Japanese Electric Utilities company, acquired 31.4% of 108MW Dariali HPP. REGIONAL4 TRANSACTION HIGHLIGHTS IN THE SECTOR5 182 transactions over the last 3 years ■ Of which, 38 transactions have less than US$ 100mln size Georgia Capital PLC | 1. Our valuation peer group multiples as of 31-Mar-21. 2. Announced in November 2020. 3. Run-rate EBITDA assuming 3.2 GEL/USD exchange rate. 4. Region covers countries in European and Asian Emerging Markets. 5. Source: Capital IQ. 23#24GEL million INVESTING IN EDUCATION INDUSTRY INVESTMENT RATIONALE ■ Asset light industry ■ High quality revenue with high margins ■ High trading multiples Highly fragmented K-12 private school market with strong growth potential CURRENT INVESTMENT OVERVIEW | 31-Mar-21 889 63 Of which: Premium: 40 ➤Mid-level: 13 Affordable: 10 GCAP equity invested TOTAL NET INVESTMENT OF C. US$ 14MLN IDENTIFIED FROM GCAP OVER THE NEXT 5 YEARS BY 20252 ■ ■ Scaling up to capacity of 21,000 learners through expansion plans in existing schools and M&As by 2025. Strong organic growth at existing schools is expected to drive solid growth in Run-rate EBITDA, on top of expansion plans and M&As. By 2025, average investment and EBITDA per learner are expected to decrease, as 80% of M&A capacity will be concentrated in affordable sector. 40 EDUCATION BUSINESS SNAPSHOT NOW BY 2025 103 MOIC (Multiple of Invested Capital) 1.6x 2.0x+ IRR 30.3% 25%+ Existing capacity (# of learners) 2,810 21,000 of which, existing schools 2,810 6,000 of which, M&A 15,000 Value creation Equity value 31-Mar-21 EBITDA GEL 10mln³ GEL 50mln+ RANGE FOR PEER TRADING MULTIPLES¹ 7x-29x LTM EV/EBITDA Georgia Capital PLC | 1. Our valuation peer group multiples as of 31-Mar-21. 2. Announced in November 2020. 3. EBITDA GEL 10mln is an estimate for 2021 academic year. GEORGIA CAPITAL 24#25OUTLOOK FOR OUR PRIVATE PORTFOLIO IN LINE WITH ENHANCED STRATEGY New Strategic Priority #1 New Strategic Priority #2 ӨӨ LARGE PORTFOLIO COMPANIES Exit from one large investment over the next 18-24 months (from November 2020) 64.0% OF TOTAL PORTFOLIO VALUE AT 31-MAR-21 K INVESTMENT STAGE PORTFOLIO COMPANIES Total identified investment of US$ 50mln from GCAP in the next 3-5 years of which, c. US$ 10mln in 2021 10.6% OF TOTAL PORTFOLIO VALUE AT 31-MAR-21 SMALL COMPANIES ("OTHER ASSETS") Divestment over the next 2-3 years 8.1% OF TOTAL PORTFOLIO VALUE AT 31-MAR-21 WE BELIEVE REALIZING VALUE OF ONE LARGE INVESTMENT WILL HELP TO VALIDATE OUR PORTFOLIO VALUE AND TO REDUCE NAV DISCOUNT GCAP WILL COMPLETE THE FULL CYCLE OF ITS STRATEGY (INVEST, GROW, MONETISE), FOLLOWING THE SALE OF A LARGE PORTFOLIO COMPANY GRADUALLY MOVING TO REINVESTMENT PHASE, GIVEN THE STRONG CASH FLOW GENERATION AT OUR INVESTMENT STAGE PORTFOLIO " LIMITING EXPANSION THROUGH GREENFIELD DEVELOPMENTS AND FOCUS ON BUYING CASH GENERATING ASSETS AT ATTRACTIVE MULTIPLES OTHER PORTFOLIO INCLUDES SMALL COMPANIES WITH LIMITED POTENTIAL TO ACHIEVE GEL 0.5 BILLION EQUITY VALUE GEORGIA CAPITAL 25#26CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 1Q21 RESULTS OVERVIEW 70 05 PORTFOLIO OVERVIEW 06 1Q21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 26#27US$ 65 MILLION EUROBOND TAP ISSUE IN MARCH 2021 GEORGIA CAPITAL OUR STRONG LIQUIDITY HAS BEEN FURTHER ENHANCED, UP 64.4% TO GEL 467 MILLION IN 1Q21 ☐ On 9-Mar-21, JSC Georgia Capital priced a US$ 65 million tap issue at par, which was consolidated and now forms a single series with the existing US$ 300 million 6.125% Eurobonds, maturing in Mar-24. The transactions was oversubscribed and met with high demand from the existing bondholders. TOTAL ISSUE c.$30 US$ 65 c.$35 MILLION Capital allocations General corporate purposes USE OF PROCEEDS US$ c.35 million will be used to fund capital allocations to our portfolio companies US$ c.30 million is intended for general corporate purposes The Georgian government priced US$ 500 million 5-year Eurobonds at a record low coupon of 2.75% in Apr-21, after repaying their 10-year, 6.875% coupon Eurobonds, issued in 2011. The low coupon rate marks a new milestone achievement for Georgia. 27 22#28GEL NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW NAV PER SHARE DOWN 2.7% TO GEL 46.80 IN 1Q21 GEORGIA CAPITAL CONTROLLABLE (PRIVATE) NAV PER SHARE DOWN 1.6% TO GEL 38.71 IN 1Q21 % Change q-0-9 -35.6% +4.9% +19.5% +27.2% -2.7% % Change q-0-9 -25.0% -0.5% +69.3% +22.1% -1.6% 46.84 37.84 31.67 30.18 48.12 46.80 GEL 25.47 19.11 19.01 32.19 39.32 38.71 Dec/19 Mar/20 Jun/20 Sep/20 Dec/20 Mar/21 Dec/19 Mar/20 Jun/20 Sep/20 Dec/20 Mar/21 28#29NAV PER SHARE (GEL) MOVEMENT IN 1Q21 NAV PER SHARE CHANGE % GEORGIA CAPITAL -1.2% +0.5% +0.2% +0.9% +0.1% -0.4% -2.8% -2.7% NAV PER SHARE 48.12 0.45 0.03 0.25 0.06 46.80 (0.20) DOWN 2.7% (0.58) (1.33) • 2.7% decline in 1Q21 NAV per share (GEL) mainly reflects a 4.0% GEL depreciation against USD and a 9.8% decrease in BoG share price, partially offset by the value creation across our resilient private portfolio during the quarter NAV per share 31-Dec-20 BOG Large portfolio companies Investment stage portfolio companies Other portfolio companies Buyback Operating expenses Liquidity manag./FX/ Other NAV per share 31-Mar-21 29 29#30AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED REVENUE UP 8.3% Y-O-Y IN 1Q21 AND UP 30.7% FROM 1019 LTM 1021 aggregated revenue up 3.9% y-o-y GEL MILLION +30.7% +8.3% 426 393 326 75 65 14 38 14 288 314 337 1,595 +3.9% 1,657 331 307 68 42 1,246 1,258 LTM 1Q21 1Q19 1Q20 1Q21 LTM 1Q20 ■Large portfolio companies I Investment stage portfolio companies Other portfolio companies Total revenue Georgia Capital PLC | General note: Revenues from Medical Centre University Clinic (HTMC) are excluded for the presentation purposes. GEORGIA CAPITAL 30#31GEL MILLION AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES RESILIENT PERFORMANCE OF HEALTHCARE SERVICES, NET REVENUE UP 23.3% Y-O-Y IN 1Q21. LTM 1Q21 NET REVENUE UP 3.8% Y-O-Y +20.7% +23.3% 89 74 72 +3.8% 300 289 GEL MILLION ӨӨ GEORGIA CAPITAL 1Q21 REVENUE OF RETAIL (PHARMACY) REMAINED LARGELY FLAT (DOWN 0.7% Y-O-Y). LTM 1Q21 REVENUE UP 5.3% Y-O-Y +19.2% -0.7% 175 174 146 +5.3% 678 644 1Q19 Healthcare Services¹ KEY DRIVERS 1Q20 1Q21 LTM 1Q20 LTM 1021 The number of admissions was up by 26.2% y-o-y at clinics and up by 22.9% y-o-y at hospitals in 1Q21. The Healthcare services business has mobilised c.1,000 beds across the country to treat COVID-19 patients, as needed. The diagnostics business more than tripled its quarterly revenue in 1Q21 y-o-y to GEL 5.5 million. Georgia Capital PLC | 1. Revenues from Medical Centre University Clinic (HTMC) are excluded for the presentation purposes. 1Q19 1Q20 1Q21 LTM 1Q20 LTM 1Q21 ■Retail (Pharmacy) KEY DRIVERS A slight decline in the 1Q21 revenue mainly reflects the base effect of the significant customer stockpiling of pharmaceuticals at the onset of the pandemic in 1Q20 and the decreased demand for flu and other seasonal medicines over the last few months. Average bill size up 17.1% y-o-y to GEL 18.4 in 1Q21. 31#32GEL MILLION AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) REVENUE OF WATER UTILITY UP 22.2% Y-O-Y IN 1Q21, REFLECTING THE IMPACT OF INCREASED TARIFFS1 SINCE JAN-21 GEORGIA CAPITAL TOTAL GROSS PREMIUMS WRITTEN OF P&C AND MEDICAL INSURANCE UP 21.6% Y-O-Y IN 1Q21 REFLECTING THE REBOUNDING DEMAND TRAJECTORY +14.8% +22.2% 38 -14.8% 161 18.3 137 5.9 -68.0% 33 31 0.4 2.4 0.5 31 31 38 -8.0% 143 132 1Q19 1Q20 1Q21 LTM 1Q20 LTM 1Q21 Water supply revenue Energy revenue - Total revenue KEY DRIVERS GEL MILLION -3.7% 65 52 +21.6% 63 44 37 31 21 20 20 1Q19 169 99 68 +10.8% 187 74 26 101 113 1Q20 1Q21 LTM 1Q20 LTM 1Q21 Insurance total Water levels in Zhinvali reservoir up 12.1% y-o-y in water volume (m³) terms in 1Q21, while strong inflows during April and May lead to y-o-y reservoir level increase by 160.3% (m³) at 13-May-21, approaching the maximum possible level. 1Q21 water sales volume to commercial customers was down 13.4% y-o-y, however, volumes have started to show a rebounding trajectory as the economic activities improve. Georgia Capital PLC | 1. The tariff increase translates into an annual growth of 36.3% in allowed water revenue for the entire water utility business (c.38% for Georgian Water and Power LLC (GWP)) in the three-year regulatory period effective from 1 January 2021 ■ P&C Medical KEY DRIVERS Total combined ratio of the P&C and Medical Insurance down by 2.6 ppts y-o-y in 1Q21 The number of new policies written in the P&C Insurance grew by 26.3% y-o-y in 1Q21 of which, 15.0% is attributable to the agricultural insurance line. 32#33AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES 1Q21 REVENUE DOWN BY 1.6% Y-O-Y, REFLECTING 5.6% Y-O-Y DECREASE IN TOTAL ELECTRICITY GENERATIONS GEORGIA CAPITAL EDUCATION REVENUE DOWN 3.4% Y-O-Y IN 1Q21 REFLECTING A DECREASE IN THE NUMBER OF ACADEMIC DAYS GEL MILLION 6.6 1Q20 ■Renewable Energy -1.6% 6.5 22.8 +86.3% 42.5 1Q21 LTM 1Q20 LTM 1Q21 GEL MILLION 7.7 -3.4% 7.4 18.9 +35.4% 25.5 1Q20 Education 1Q21 LTM 1Q20 LTM 1Q21 KEY DRIVERS Resilient 1Q21 results despite the COVID-19, as the electricity sales during the quarter were fully covered by PPAs formed with Government. LTM 1Q21 revenue up 86.3%, primarily reflecting strong momentum from acquisitions completed at the end of 2019 and energy price increases. Strong electricity generation levels at HPPs, up 17.4% y-o-y in 1Q21. Electricity generation was down 15.5% y-o-y at Qartli wind farm in 1Q21. KEY DRIVERS Distance learning period increased to 1.5 months in 1Q21 (1 month in 1Q20). To mitigate the impact of distance learning, the schools modified the academic calendar, resulting in a 10.4% y-o-y decrease in the number of academic days in 1Q21. The unearned revenues reflected by the reduced number of academic days in 1Q21 will be recognised in the subsequent quarters. 33#34AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED EBITDA UP 25.3% Y-O-Y IN 1Q21 AND UP 45.9% FROM 1019 LTM 1021 aggregated EBITDA up 6.3% y-o-y GEL MILLION 53 +45.9% 61 8 +25.3% 77 716 289 9 25 +6.3% 307 40 40 39 GEORGIA CAPITAL 57 53 62 255 228 (4) 1Q19 1Q20 1Q21 LTM 1Q20 LTM 1Q21 ■Large portfolio companies I Investment stage portfolio companies Other portfolio companies Total EBITDA Georgia Capital PLC | General note: Revenues from Medical Centre University Clinic (HTMC) are excluded for the presentation purposes. 34#35AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO TOTAL AGGREGATED NET OPERATING CASH FLOW (GEL MILLION) 06 90 -65% 31 284 +12% 318 GEORGIA CAPITAL TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) 31-Dec-19 31-Dec-20 31-Mar-21 183 347 +90% -11% 392 1Q20 1Q21 LTM 1Q20 LTM 1Q21 AGGREGATED Y-O-Y NET OPERATING CASH FLOW DOWN 65% TO GEL 31.4 MILLION IN 1Q21, REFLECTING ORGANIC TRANSITION TO REVENUE GROWTH STRATEGY FROM PREVIOUSLY ADOPTED CASH PRESERVATION STRATEGY GCAP LIQUIDITY AT 31-MAR-21 GEL 467 MILLION UP 64.4% IN 1Q21, REFLECTING US$ 65 MILLION EUROBOND TAP ISSUE IN MARCH 2021 35#36GEORGIA CAPITAL LEVERAGE & LIQUIDITY PROFILE LTV RATIO¹ IS ON TRACK TO THE TARGETED THRESHOLD OF <30% 44.1% 41.9% Pre-COVID average: 22% 30% 27.9% 25.8% 20.0% 19.2% 17.6% LTV Ratio US$ 137 MILLION LIQUID FUNDS AS OF 31-MAR-21 GEORGIA CAPITAL ■Cash 38 33.5% 31.2% 28.9% Marketable securities TOTAL 137 US$ MILLION Loans issued 13 86 LTV Ratio Target Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 SOLID DIVIDEND INCOME OUTLOOK FROM PRIVATE PORTFOLIO COMPANIES 60-70 GEL MILLION In 2021 1Q21 dividends: GEL 5 million already received from the renewable energy business Georgia Capital PLC | 1. LTV Ratio - Loan to value ratio: net debt divided by the portfolio value. 36#37CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 1Q21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1Q21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 37#38PORTFOLIO VALUE DEVELOPMENT IN 1021 PORTFOLIO VALUE UP 0.5% TO GEL 2.92 BILLION IN 1Q21 % SHARE OF LISTED ASSETS 18% GEL MILLION 2,908 12 7 (26) 17% 224 21 2,922 Portfolio value BOG 31-Dec-20 Large portfolio companies Investment stage portfolio companies Other portfolio companies Portfolio value 31-Mar-21 GEORGIA CAPITAL 38#39PORTFOLIO VALUE AS OF 31-MAR-21 81% OF OUR PORTFOLIO IS VALUED EXTERNALLY¹ (ON A SEMI-ANNUAL BASIS) % SHARE IN TOTAL PORTFOLIO VALUE: 17% MULTIPLE: BGEO PRICE ON LSE GBP 11.00 21% 11% 8% 17% 236 505 310 PORTFOLIO BREAKDOWN GEL 2,922 MILLION 64% 1,871 ■Listed ■Large Investment stage Other Georgia Capital PLC GEL MILLION 18% 16% 9% 7% 4% 8% 12.5X 9.5X 9.6X LTM EV/EBITDA² LTM EV/EBITDA² LTM EV/EBITDA³ 11.4X-9.8X LTM P/E4 9.7X EV/EBITDA5 12.5X LTM EV/EBITDA 605 536 505 457 273 236 207 103 00 BOG Healthcare Retail Water Services6 (Pharmacy) 6 Utility 7 Insurance (P&C & Medical)6 Renewable Energy 7 Education Other EXTERNALLY VALUED¹ (ON A SEMI-ANNUAL BASIS) LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES GEORGIA CAPITAL 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. 2. LTM EV/EBITDA multiples for Healthcare services and Retail (pharmacy) are presented including IFRS 16 as of 31-Mar-21. 3. Adjusted LTM 31-Dec-20 EBITDA was used in Water Utility valuation, as the impact of new tariffs was already embedded in the year-end 2020 assessment. 4. LTM P/E multiple of 11.4x for P&C Insurance at 31-Mar-21 and 9.8x for medical insurance at 31-Mar-21. 5. Hydrolea HPPs and Qartli wind farm were valued using run-rate / actual LTM EBITDA earnings and related EV/EBITDA multiple, while Mestiachala HPPs and other pipeline projects are stated at cost. Blended multiple is 9.7x for Hydrolea HPPs and Qartli WPP. 6. Healthcare Services, Retail (pharmacy), and Medical Insurance are owned through GHG. 7. Water Utility & Renewable Energy are owned through GGU. 39#40Listed portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Market opportunity GEORGIA CAPITAL 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. Banking sector assets, loans and deposits High standards of transparency and governance. CAGR 24.4% Leading market position¹ in Georgia by assets (35.9%), loans (35.1%), client deposits (37.3%) and equity (32.7%) as at 31 March 2021. 70 60 INVESTMENT RATIONALE Growing market: The banking sector's assets growth rate at 24.4% (CAGR during 2003-2021 years). Strong retail and corporate banking franchise. Leader in payments and financial mobile app. Sustainable growth combined with strong capital, liquidity and robust profitability. Outstanding ROAE performance. Dividend per share growing at 34.3% CAGR over 2010-2018 VALUE CREATION POTENTIAL Loan book growth c.15%. Restoration of dividend pay-out ratio within 25-40%. 20%+ ROAE. OWNERSHIP Georgia Capital owns 19.9% 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. 15% 56.9 58.2 50 47.2 39.7 38.2 39.0 40 34.6 31.9 30.1 30 25.2 26.6 36.2 34.6 22.3 20.6 17.3 18.9 20 12.7 14.4 16.0 26.2 13.0 23.0 10.6 8.9 7.2 8.3 10 1.3 0.8 1.7 0.9 2.5 1.7 4.2 2.7 6.0 4.6 5.2 6.3 8.7 7.7 10.5 19.8 17.0 14.3 0.7 1.0 1.3 2.1 3.2 3.6 4.0 5.5 6.7 7.6 9.7 11.6 0 2003 2004 2005 2006 2007 2008 2009 2010 Assets, GEL bln 2011 2012 2013 Deposits, GEL bln 2014 2015 2016 2017 2018 2019 2020 2021 Loans, GEL bln Source: NBG Robust capital management track record Capital position: aiming to maintain c.200bps buffer for CET1 and Tier 1 capital ratios over minimum regulatory requirement during the medium term Regular dividends: Aiming 25-40% dividend payout ratio. Resuming dividend payout depends on new capital requirements schedule to be released by the NBG Cash dividend paid GEL 648mln+ during 2013-2019, within the targeted payout range Georgia Capital PLC | 1. Market data based on standalone accounts as published by the National Bank of Georgia (NBG) www.nbg.gov.ge 40 40#4140.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 Listed portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Stock price performance May-18 Jun-18 Jul-18 Aug-18 Sep-18 Retail clients ('000) Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 % share of digital transactions in total transactions Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Selected operating metrics 31-Mar-20 Profits & ROAE Financial metrics (GEL million) GBP 11.00 2015 2016 2017 2018 2019 as of 31-Mar-21 NIM 7.7% 7.4% 7.3% 6.5% 5.6% 2020 1Q20 1Q21 Change 4.6% 5.0% 4.5% -0.5ppts NPL coverage 83.4% 86.7% 92.7% 90.5% 80.9% 76.3% 147.2% 77.5% -69.7ppts Loan portfolio Dec-20 Jan-21 Feb-21 Mar-21 31-Mar-21 Change 2,567 2,641 2.9% 1Q20 1Q21 Change 94.2% 95.9% 1.7ppts ROAE¹ 21.9% 22.2% 25.2% 26.4% 26.1% 13.0% -18.6% 21.5% 24.5% 20.8% GEL million 500 370 379 296 274 295 139 Cost/income² 5,367 6,682 7,741 9,398 11,931 14,192 13,144 14,601 +11.1% 35.5% 37.7% 37.7% 36.7% 37.8% 39.7% 38.6% 35.4% -3.2ppts GEL 14.2 billion gross loan portfolio breakdown* | 31 March 2021 Corporate loans, GEL 4,892 million, Loan book growth 15.9% 21.4% 34.5% 27.0% -100 2015 2016 2017 2018 2019 2020 1Q20 1Q21 2015 2016 2017 2018 2019 2020 18.9% Retail loans, GEL 9,295 million, 65.5% * Bank of Georgia Standalone. GEORGIA CAPITAL Dividend record³ (GEL million) Payout 10% 15% ratio: 30% 36% 33% 34% 32% 30% 30% Total dividend paid for the year Dividend per share 1.6 Dividend per share CAGR (GEL) - 34.3% 2.55 2.44 2.08 1.92 1.68 Georgia Capital PLC | 1. 2019 ROAE is adjusted for termination costs of 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. 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. 3. Actual dividend per share information for 2010-2016 years are adjusted for 19.9% Bog share issuance. 1.2 122 124 0.56 98 102 72 80 0.24 51 24 2010 2011 2012 2013 2014 2015 2016 2017 2018 41#42Private large portfolio companies EXTERNALLY VALUED GEORGIAN HEALTHCARE MARKET OVERVIEW GROWTH IN HEALTHCARE SERVICES MARKET EXPECTED TO CONTINUE Total Market CAGR 2011-2019 of 13% GEORGIA CAPITAL STATE HEALTHCARE BUDGET IS INCREASING FOR THE LAST SEVERAL YEARS GEL million 10% 10% 9% 9% 9% 9% 9% Double digit growth on the back of favorable dynamics expected Total Market growth of 8% 2020-2021 % growth State healthcare spending dynamics '20-'21 4,765 4,397 4,062 10% 3,760 968 3,488 884 3,062 3,218 806 734 669 2,464 607 2,034 696 1,722 1,611 1,504 7% 1,716 1,552 543 1,311 1,404 438 1,217 1,092 343 305 908 782 675 714 573 659 814 1,013 1,273 1,395 1,508 1,622 1,752 1,903 2,075 9% 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021F Pharma Hospitals Polyclinics I State Healthcare Spending - UHC State Healthcare Spending - Other 800 802 681 760 829 710 574 865 725 281 343 305 329 349 2015 2016 2017 2018 2019 2020B 2021B The country's expenditure on healthcare - c. 8% of GDP; c. 40% of the total healthcare expenditure is financed by the State; Government expenditure on healthcare as a % of GDP reached c. 3% from 1.6% in 2013; Government spending on healthcare accounts for 9% of the total budget; In 2020 increase in Other State Healthcare Spending is due to the evolved COVID-19 pandemic. GEL million Source: Frost & Sullivan analysis 2017 Hospital's market includes revenue of c. 10% from specialty beds, which is non-addressable market for GHG Polyclinics market excludes dental and aesthetic services Outpatient visits per capita, 2014-2016 7.02 EU average 4.4 3.9 4.0 4.1 3.2 2.5 8.4 7.4 -=- Healthcare spending as a % of total state spending Source: Ministry of Finance of Georgia LONG-TERM, HIGH GROWTH PROSPECTS Bed occupancy rate by country, 2014-2016 88% 88% 10.0 70% 68% 68% 65% 65% South Africa Thailand Georgia US UAE Malaysia Poland Turkey Russia UK Russia Thailand Turkey Malaysia South US S Africa Source: Frost & Sullivan analysis 2017 53% 50% 49% US$ Per capita expenditures on healthcare by country, 2014-2018 9,403 3,935 910 893 570 568 456 308 228 75 Georgia UAE Poland US UK UAE Poland Russia South Africa Turkey Malaysia Georgia Thailand India 42#43Private large portfolio companies EXTERNALLY VALUED GEORGIA CAPITAL GHG AT A GLANCE A well diversified business model with cost and synergy advantages Georgia Healthcare Group - The only fully integrated healthcare provider in the region with solidified digital channels Pharmacy Extensive geographic coverage - diversified healthcare services and pharmacy network covering 3/4 of Georgia's population INVESTMENT RATIONALE • . Very low base: healthcare services spending per capita only US$ 308 (EU average is US$ 3,211). Growing market: healthcare spending growth estimated at 8% 2020-2021. Healthcare Services Community Clinics & Polyclinics Referral Hospitals Healthcare Services 闰 Diagnostics (+ Retail Medical Insurance Compromises of three businesses: Healthcare Services, Retail (pharmacy) and Medical Insurance | Market leader in each operating segment Advanced technology and IT infrastructure solidified Group's further growth opportunities on integrated level VALUE CREATION POTENTIAL • • • The single largest integrated company in the Georgian healthcare ecosystem, with a cost advantage due to the scale of operations. High-growth potential driven by opportunity to develop medical tourism, pick-up in polyclinics - outpatient market, the provision of beauty, dental, aesthetics and laboratory diagnostics. Well positioned to take advantage of the expected long-term macroeconomic and structural growth drivers. ROIC enhancement and substantially increased free cash flow generation following the completion of a significant three-year investment programme in 2018. GHG Group's medium to long term strategic targets Boosted operational Organic growth + New projects in pipeline Significantly improved cash flow Gradually approaching c.15%-17% Double digit revenue CAGR next 5 years Mid-teen EBITDA CAGR next 5 years + ROIC Disciplined capital allocation strategy OWNERSHIP Georgia Capital owns 100% in GHG at 31 March 2021. Our holding in GHG increased from 70.6% at 31 December 2019 following the completion of a recommended shar exchange offer. Further details of the transaction are available at the following link: Offer for GHG | Georgia Capital 43#44Private large portfolio companies EXTERNALLY VALUED GHG'S TRACK RECORD OF DELIVERING STRONG RESULTS REVENUE, GROSS (GEL MILLION) CAGR 31.7% 920.3 975.4 849.9 747.8 426.4 246.0 EBITDA1 (GEL MILLION) +6.3% CAGR 20.0% 250.1 265.8 108.1 145.2 132.3 139.4 78.0 56.1 GEORGIA CAPITAL OPERATING CASH FLOW1 (GEL MILLION) EBITDA to cash conversion ratio²: 81% 54% 54% 75% 84% 112% 119% 5% CAGR 28.1% -95.1% +8.1% 156.5 121.2 99.6 34.3 37.0 45.4 58.2 42.4 40.8 2.0 2015 2016 2017 2018 2019 2020 1Q20 1Q21 2015 2016 2017 2018 2019 2020 1Q20 1Q21 2015 2016 2017 2018 2019 2020 1Q20 1Q21 CAPEX (GEL MILLION) ROIC (%) Start of the Capex Peak Capex stage programme Phase out from Capex programme Pursuing value creation and delivering strong operational performance 13.9% 111.0 15% 12.7% 13.1% 11.8% 9.4 89.3 10.8% 11.0% 71.2 9.6 63.7 9.6% 10% 7.2 11.1 39.7 101.6 30.3 79.7 64.0 11.9 8.3 8.8 52.6 10.0 3.0 27.8 2.7 20.3 5% 5.6 5.8 2015 2016 2017 2018 2019 2020 1Q20 1Q21 ■Development Capex ■Maintenance Capex Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1. Excluding IFRS16 impact 0% 2016 2017 2018 2019 2020 1Q20 1Q21 44#45Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW The largest healthcare service provider in Georgia: c. 20% market share by number of referral hospitals and community clinics beds - 2,949 GEORGIA CAPITAL Market share by number of beds¹ Referral hospitals MAJOR GROWTH DRIVERS Clinics & Polyclinics 18% GHG Hospitals 2,596 > 2% GHG Clinics Organic growth of matured hospitals in line with the market > Increase number of registered customers 353 Diagnostics Building an effective logistics system for Group's healthcare facilities 5% > Aversi 714 Growth in launched two flagship hospitals > Increasing Group referrals > Develop retail network > Vienna Insurance... 4% 615 > Supporting growth pillars, such as Adding new services, such as dental and aesthetic Attracting B2B clients Ghudushauri-Chachava 3% medical tourism and clinical trials 485 > Digitalisation Digital Channels > Inova 209 2% Forming joint ventures in synergetic businesses PSP 145 1% > Digitalisation Other 9,468 65% 1Q21 Revenue breakdown by segments 6% 17% 77% Hospitals Clinics Diagnostics 1Q21 Revenue breakdown by payment sources 27% 68% Out of pocket UHC Other . In clinics segment revenue from out of pocket payments represents 35% of total Georgia Capital PLC | 1. NCDC 2018, updated by GHG to include the changes before 31 March 2021; excluding specialty beds. • Medium to long-term targets Double digit revenue CAGR in Hospitals and Clinics (20%+at Clinics) Gradually improving EBITDA margin 28-30% at Hospitals 25% at Clinics 45 45#4617 Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW (CONT'D) HOSPITALS Bed occupancy rate CLINICS Number of referral hospitals Average length of 4.9 5.2 5.5 stay GEORGIA CAPITAL Number of polyclinics 19 15 5.4 5.2 5.6 5.3 5.9 Number of community clinics -3.3ppts -2.3ppts 2,596 80% 63.0% 353 c.539,000 Number of referral hospital beds 61.6% 60.0% 59.3% 56.4% 57.7% 54.7% 60% 53.1% KGEL 109.6 Number of community clinics beds Number of registered patients 40% Revenue per referral bed 20% 2015 2016 2017 2018 2019 2020 1Q20 1Q21 1Q21 CASH FLOW HIGHLIGHTS1 NET REVENUE² EBITDA¹ GEL 4.3m Gross profit margin (%) 43% 46% 42% 42% 43% 39% 38% 43% EBITDA margin (%)¹ 27% 30% 26% 25% 26% 22% 21% 26% -85.9% y-o-y Operating cash flow 18.6% EBITDA to cash conversion CAGR 7.9% 305.6 350 293.0 300 2.9 285.8 GEL (8.1)m Free cash flow GEL million 5.1 265.4 38.3 246.1 14.5 +23.3% 44.4 250 46.7 200 -17.2% 195.0 +54.5% 88.9 72.1 268.3 5.5 150 248.5 100 74.3 70.1 76.0 74.7 232.3 1.7 15.3 53.5 61.8 12.0 23.1 14.9 70.7 60.1 50 2015 2016 2017 2018 2019 2020 1Q20 1Q21 0 2015 2016 2017 2018 2019 2020 1Q20 1Q21 Hospitals Clinics Diagnostics Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1.Excluding IFRS 16 impact. 2. Sum of segments revenue does not reconcile to total revenue due to eliminations. 46 46#47Externally valued¹ HEALTHCARE SERVICES BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q21 (GEL MILLION) Change q-o-q 837 +7.4% +11.7% +4.1% +5.8% 62 62 899 605 (257) (37) IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) 13.2x 12.5x 31-Dec-20² 31-Mar-21 Enterprise value 31-Dec-20 Increase in EV Enterprise value 31-Mar-21 Net debt inc. Lease liabilities Minority interest Equity value 31-Mar-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Mar-21 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ NMF Enterprise value 898.8 836.9 61.9 LTM EBITDA² 71.9 63.6 8.3 Implied EV/EBITDA multiple 12.5x 13.2x -0.7x Net debt incl. lease liabilities (257.1) (230.1) (27.0) Equity value 641.7 606.8 34.9 Equity value of GCAP's share 605.1 571.7 33.4 Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. 2. LTM EBITDA at 31-Mar-21 and 31-Dec-20 is presented excluding HTMC. GEORGIA CAPITAL Agu. Sap. Oct. Nov. Dec. LVL 46 aVL SUP aVF 47#48Private large portfolio companies EXTERNALLY VALUED A RETAIL (PHARMACY) BUSINESS OVERVIEW ӨӨ Country's largest retailer in terms of both, revenue and number of bills issued BUSINESSES MAJOR GROWTH DRIVERS GHG in pharma PSP Market share by revenue, 20181 Aversi 305 Other 338 519 32% 460 28% 19% 21% > Expending retail footprint > Enhancing retail margin (private label products) > New retail categories such as lab service and beauty GEORGIA CAPITAL > Growing wholesale revenue (such as hospital supplies) > Digital channels Medium to long-term targets ☐ Double digit revenue CAGR Π 9%+ EBITDA margin 318 Operates under two pharmacy brands, each with a distinct positioning: > GPC for the high-end customer segment > Pharmadepot for the mass retail segment 318 Pharmacies countrywide 216 120 128 60 32 23 38 96 102 68 37 9 Shopping Areas Clinic 24 Residential area High street Total GPC Pharmadepot Georgia Capital PLC | 1. Total market size 2018 - Frost & Sullivan analysis, revenue distribution between competitors represents managements estimates. 48#49Private large portfolio companies EXTERNALLY VALUED ӨӨ 08 RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL REVENUE AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Margin enhancement and strong growth in para-pharmacy sales Strong sales in para-pharmacy products of GEL 49.0 million in 1Q21 (up 18.0% y-o-y), with 29.4% gross profit margin. Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 34.8% in 1Q21 (30.1% in 1Q20). Gross profit margin (%) 24.5% 25.5% 25.5% 25.4% 25.9% 23.2% Number of bills issued, million 25.3 27.1 28.8 27.6 7.7 6.5 +10.5% Same store growth (%) NMF 9% 9% 6% 17% -5% 800 679.4 614.7 GEL million 600 518.6 184.7 450.3 176.9 -0.7% 134.5 400 113.9 GEL 494.7 175.0 173.8 200 437.8 336.4 384.1 46.3 46.3 128.7 127.5 0 2017 2018 2019 2020 1Q20 1Q21 ■Retail Distribution 18.4 16.8 15.7 14.3 13.3 13.4 1Q21 CASH FLOW HIGHLIGHTS Number of pharmacies countrywide 2017 2018 2019 2020 1Q20 1Q21 270 296 309 298 318 EBITDA1 CUSTOMER INTERACTIONS PER MONTH GEL -2.5m Operating leverage¹(%) Operating cash flow¹ NMF 7.8% 4.1% -1.4% 0.8% -12.8% c.0.8mln EBITDA margin¹ (%) 8.6% 10.1% 10.6% 10.4% 10.6% 7.5% Loyal customers -19.3% -68.1ppts y-o-y EBITDA to cash conversion¹ GEL -5.1m Free cash flow¹ Georgia Capital PLC | 1. Excluding IFRS16 impact GEL million 150 100 +7.8% 70.4 65.3 52.2 38.9 50 -29.6% 18.6 13.1 million 10 20 2.1 2.3 2.4 2.3 2.6 2.2 0 0 2017 2018 2019 2020 1Q20 1Q21 2017 2018 2019 2020 1Q20 1Q21 49#50Externally valued¹ ӨӨ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q21 (GEL MILLION) IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) Change q-o-q -0.4% +8.3% +2.3% -3.1% 9.5x 836 833 9.1x (3) Enterprise value (141) 536 (156) Decrease in EV Enterprise value 31-Mar-21 Net debt inc. financial leases Minority interest Equity value 31-Mar-21 31-Dec-20 31-Mar-21 31-Dec-20 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Mar-21 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ NMF Enterprise value 832.9 835.9 (3.0) LTM EBITDA 87.7 92.4 (4.7) Implied EV/EBITDA multiple 9.5x 9.1x +0.4x Net debt inc. lease liabilities (140.9) (130.2) (10.7) Equity value Equity value of GCAP's share 692.0 535.6 705.7 (13.7) 552.7 (17.1) Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. GEORGIA CAPITAL 50 50#51Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW Largest medical insurer in the country with 25.0%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 GHG in medical insurance Vienna Insurance Group Ardi PSP 16 IC Group 9 Aversi 5 Other 32 62 25% 84 34% 13% c.172,000 Number of insured clients 7% 3% 2% 41 41 16% Georgia Capital PLC | 1. ISSSG as of 31 December 2020. BUSINESSES MAJOR GROWTH DRIVERS GEORGIA CAPITAL 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) ▪ Increasing retention rates within the Group Medium to long-term targets Increase contribution to the Group segments ■ Combined ratio <97% 51#52Thousands Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW (CONT'D) NUMBER OF INSURED & RENEWAL RATE Retention rate within the Group (%) 19.2% 23.3% 34.7% 39.4% 37.4% 37.3% 40.0% 35.9% 75.1% 76.9% 77.5% 73.4% 73.4% 400 69.7% 71.5% 65.3% 300 234 236 211 174 178 200 155 157 172 100 0 2015 2016 2017 2018 Number of Insured, thousands 20191 20201 1Q201 1Q21 Renewal Rate COMBINED RATIO -5.5ppts -1.0ppts 104.7% 102.5% 96.7% 94.0% 96.1% 96.9% 95.9% 90.6% 84.1% 78.7% 84.2% 77.3% 81.4% 73.0% 79.8% 77.9% 18.0% 20.6% 18.3% 16.8% 14.7% 17.6% 17.1% 18.0% 2015 2016 2017 2018 2019 2020 1Q20 1Q21 Expense ratio Loss ratio Georgia Capital PLC | 1. Adjusted for HTMC. GEL million GEL million 90 60 60 30 REVENUE (NET INSURANCE PREMIUMS EARNED) -7.8% 75.4 69.5 61.5 58.6 53.7 55.1 -4.4% GEORGIA CAPITAL 18.1 17.3 0 2015 2016 2017 2018 2019 2020 1Q20 1Q21 1.8 NET PROFIT +45.9% 6.4 4.4 +86.4% 2.9 1.2 0.7 2015 2016 2017 2018 2019 2020 1Q20 1Q21 (2.6) (4.9) 52 22#53Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q21 (GEL MILLION) Change q-o-q +6.7% +6.2% +5.6% 20 21 69 3 45 48 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 10.1x 9.8x Enterprise value 31-Dec-20 Increase in EV Enterprise value 31-Mar-21 Excess cash Equity value 31-Mar-21 31-Dec-20 31-Mar-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Mar-21 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ NMF LTM Net income 7.0 6.4 0.6 Implied P/E multiple 9.8x 10.1x -0.3x Equity value 68.5 64.9 3.6 LTM ROAE² 25.1% 24.2% +0.9ppts Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. 2. Adjusted for non-recurring items. GEORGIA CAPITAL 53#54Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW INVESTMENT RATIONALE • Significantly underpenetrated insurance market in Georgia (0.8% penetration in property and casualty insurance market). • Market leader with a powerful distribution network of point of sale and sales agents. VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. 16% MARKET SHARE FY20 (GROSS PREMIUMS WRITTEN) (GEL MILLION) 4% 5% 6% %L VIG³ 13% 20% 29% GEORGIA CAPITAL MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹ 370 380 308 228 202 195 36% 38% 39% 29% 28% 29% 110 90 105 70 77 88 • 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 net written premiums have grown by 139% in 1Q21 (from GEL 0.3 million to GEL 0.7 million). Digitalisation. Undisputed leader in providing insurance solutions to corporate clients. Other IC Group Ardi Irao Unison GPIH TBC Aldagi Insurance Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY 2015 2016 Market 2017 2018 Aldagi 2019 Market Share 2020 Source: Insurance State Supervision Service of Georgia MARKET PL & COMBINED RATIO | FY20 Georgia P&C Penetration 0.8% Density $36 Total Market Profit * GEL 47.5 m * 17.0 10.3% 8.4% 9.2% OWNERSHIP 6,835 6.0% 6.3% • P&C Insurance is 100% owned through Aldagi. 5.1% 4,362 3,719 2,750 2,934 1,354 UK Georgia Capital PLC | 1. Calculated in line with the market approach. Insurance Density USD1 (1) Penetration and density are stated including healthcare insurance (as of latest available data). Switzerland * France Belgium Germany Slovenia Poland Bulgaria Turkey Russia Insurance Penetration1 Source: Swiss Re Institute Georgia 2.7% 2.4% 1.5% 1.4% 1.3% 418 236 131 157 60 100% 94% 87% 83% 82% 11.4 2.1 97% 101% Market CR 94% 28% 5.0 5.1 3.3 1.9 1.6 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 54#55Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW COMBINED RATIO 1Q21 Financial Highlights GEL 26.9m GEL 7.3m -0.6ppts -3.6ppts 87.5% 82.1% 83.9% 81.5% 77.5% 73.9% 72.6% 75.2% 75.4% +18.8% y-o-y -19.0% y-o-y 41.6% 48.7% 44.0% 49.6% Earned premiums gross Cash flow from operations 35.6% 42.8% 35.4% 40.0% 38.2% 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% 37.6% 38.8% 34.3% GEORGIA CAPITAL 29,209 1Q21 Operating Metrics 38,956 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 Expense Ratio ■Loss Ratio - Combined Ratio 3,961 PROFIT & DIVIDEND PAYOUT RATIO (GEL million) -4.1% y-o-y +65.7% y-o-y +9.8% y-o-y ROAE 28% 37% 37% 38% 34% 30% 25% 21% 24% Number of policies written (corporate) Number of policies written (retail) Number of claims reported CAGR 15% 53.0% -26.7 ppts y-o-y Renewal rate (corporate) +6.2 ppts y-o-y Renewal rate (retail) 71.6% 18 18 16 64% 11 14 68% 61% 7 51% 55% 15 17 +27.5% 4 3 Georgia Capital PLC | 1. Adjusted for non-recurring items. 2014 2015 2016 2017 20181 2019 20201 1Q20 1Q21 Profit Dividend Payout Ratio 55#56Externally valued¹ P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q21 (GEL MILLION) Change q-o-q IMPLIED LTM P/E MULTIPLE DEVELOPMENT NMF NMF +3.4% NMF 10 0.4 198 205 (3) 11.6x 11.4x Equity value 31-Dec-20 Operating performance Multiple change and FX Other Equity value 31-Mar-21 31-Dec-20 31-Mar-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise Valuation method LTM Net income² Implied P/E multiple Equity value LTM ROAE2 31-Mar-21 31-Dec-20 Change Combination of income approach (DCF) and market approaches¹ NMF 17.9 17.1 0.8 11.4x 11.6x -0.2x 204.6 197.8 25.5% 24.9% 6.8 +0.6ppts Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. 2. Adjusted for non-recurring items. GEORGIA CAPITAL D 田 56#57Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW REGULATORY ENIVORNMENT TARIFF DERIVATION FORMULA INVESTMENT RATIONALE Regulated monopoly in Tbilisi and surrounding districts with high entry barriers. ■ Stable regulatory environment with attractive return on investment. ■Full asset ownership of water and wastewater network and self-sufficient in terms of electricity usage. ■ Diversified cash flow streams from water and electricity sales, the latter being USD denominated and creating natural FX hedge. ■ Stable cash collection rates. ■ Growing electricity market as supply lags behind the increasing demand, creating opportunities. Ownership of the second largest hydro with the reservoir in Georgia, facilitating full-year deals with the direct customers on electricity market. VALUE CREATION POTENTIAL ■ EU harmonization reforms in progress in utilities sector, expected to drive water tariffs up, as demonstrated in the current regulatory period. ■ Bullet repayment structure, coupled with decreased capital expenditures, leading to strong cash-flow generation and strengthened liquidity position. Existing assets + New CAPEX " Ongoing reforms in electricity market positively affecting electricity sales price. ■ Stable dividend distribution capacity. OWNERSHIP ■ Water Utility is 100% owned by Georgia Capital. MEDIUM TERM STRATEGIC PRIORITIES Robust profitability with 60%-65% EBITDA margin ROIC enhancement to 13%-15% in GEL Strong cash flow generation and managed leverage - operating cash flow over debt service c.4.0x Net book value WACC Return on assets Depreciation GEORGIA CAPITAL Total operating expenses Time value correction¹ Allowed revenue WATER TARIFF GROWTH IN 3-YEAR REGULATORY PERIODS GEL per m3 of water sold -0.4% + 47.8% 6.50 4.42 2017 Georgia Capital PLC 1. The COVID-19 related unearned revenue from water sales during 2020 was reimbursed through time value correction in the tariff calculation methodology for 2021-2023 regulatory period. 0.27 4.40 +23.9% 0.33 2018-2020 + 52.0% Legal entities Residential customers 0.50 2021-2023 57#58Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW (CONT'D) 1Q21 OPERATING HIGHLIGHTS REVENUE HIGHLIGHTS Energy 4.1 million KWh 9.9 Tetri/KWh -70.3% y-o-y -24.8% y-o-y Electricity sales 42.7 GWh +1.9% y-o-y Average electricity sales price GEL million Total 123 119 127 135 149 163 131 31 38 20 9 10 6 10 9 6 +22.2% 140 143 117 110 117 125 125 0.4 0.5 46.7 GWh 31 38 -15.8% y-o-y 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 Self-produced electricity Electricity generation consumption Water Utility 34.7 million m3 791 -15.8% y-o-y -8.8% y-0-y Water sales New Connections Water supply revenue ■Energy revenue OPERATING AND INVESTING CASH FLOW FCF 7 17 (2) (58) (66) GEL million 17 4 6 (1) 125 105 76 55 48 59 60 52 47 5256 35 34 32 18 12 10 8 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 Cash-flow used in investing activities ■Cash-flow from operating activities 2 Georgia Capital PLC 1. Cash flow used in investing activities includes Capital expenditures. 2. Cash flow used in operating activities included Maintenance capex. GEL million EBITDA 2014-2019: +72% 95 83 73 69 62 55 GEORGIA CAPITAL +32.4% 63 15 20 20 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 SELF-PRODUCED ELECTRICITY CONSUMPTION kWh million 2014-2020: -43.3% 319 309 256 239 + 1.9% 193 174 175 2014 2015 2016 2017 42 43 2018 2019 2020 1Q20 1Q21 58#59Externally valued¹ WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q21 (GEL MILLION) Change q-o-q +1.8% +6.8% -3.0% 931 17 948 457 (491) IMPLIED LTM EV/EBITDA MULTIPLE DEVELOPMENT 9.6x 9.4x Enterprise value Increase in EV 31-Dec-20 Enterprise value 31-Mar-21 31-Dec-20 Net debt inc. Lease liabilities Equity value 31-Mar-21 31-Mar-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Mar-21 31-Dec-20 Change Combination of income approach (DCF) and Valuation method NMF market approaches¹ Enterprise value 947.7 930.9 16.8 LTM EBITDA 98.72 98.72 Implied EV/EBITDA multiple 9.6x 9.4x +0.2x Net debt Equity value (490.8) 456.9 (459.7) 471.1 (31.1) (14.2) Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. 2. Adjusted LTM 31-Dec-20 EBITDA was used in Water Utility valuation. The impact of new tariffs was already embedded in the year-end 2020 assessment as the adjusted EBITDA was calculated based on the retrospective impact of new tariffs on 2020 performance. GEORGIA CAPITAL 59#60Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW INVESTMENT RATIONALE ■ Growth in electricity consumption has been 6.5x more in TWhs than growth in electricity supply during last 10 years. MARKET OPPORTUNITY ELECTRICITY SUPPLY AND CONSUMPTION (TWH), 2020 ■ Underutilized energy resources resulting in high availability of economically feasible projects. Cheap to develop - up to US$ 1.5 million for 1MW hydro and up to US$ 1.4 million for wind development on average, with 1.5x higher capacity factors compared to Europe. Fully dollarized business, as both PPAs and market sales are set in US dollars. 1.5 Deficit (4 months) Deficit (6 months) VALUE CREATION POTENTIAL 1.0 GEORGIA CAPITAL Electricity deficit during July- April. ■ 22% of total consumption produced by gas-fired TPPS, 13% - imported. ■1Q21 electricity consumption up by 3.2% y-o-y. Opportunity to establish a renewable energy platform with up to 265MW 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, all benefiting from long-term fixed price PPAs formed with the Government-backed entity. Availability of competitive funding from international capital markets for pipeline projects. High margins and EBITDA to cash-conversion rate, dollar-linked cash flows. 0.5 0.0 Jan Feb Mar Apr May Jun Jul Aug ■ Stable dividend provider capacity in the medium term. OWNERSHIP Renewable Energy is 100% owned by Georgia Capital. Hydro and wind TPPS Sep Oct Nov Import Dec 2020 consumption - - - 2021 consumption --2019 consumption ELECTRICITY IMPORT AND EXPORT DYNAMICS (USD million) LOW BASE AND HIGH CDD1 POINT TOWARDS 5X INCREASE IN AC PENETRATION BY 2030 40.0 -10.0 -32 600 -60.0 99% 400 86% 60% 50% 200 33% 35% 13% 0 Greece Air conditioners are the most electricity-intensive conventional domestic devices and increasing penetration of ACs quickly eats away the surplus -110.0 -160.0 Korea Canada France Spain Italy Georgia electricity on the market in the summer months Mean CDD AC penetration Source: Worldbank, Geostat, Georgia Capital PLC 1. cooling degree day EurekAlert and etc. -74 -82 -90 -104 -115 -110 -119 -125 -146 -168 -210.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Electricity exports Electricity imports I Gas imports for TPPS Deficit ■ 2020 electricity trade deficit stood at USD 146 million. Consumption growth forecasted at minimum 4.0% CAGR in coming 10 years. Anticipated deficit of at least 6.1 TWh by 2030. 60 60#61Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) 1Q21 PERFORMANCE RENEWABLE ENERGY PROJECTS OVERVIEW | 31 March 2021 GEORGIA CAPITAL Generation (GWh) 0.9 1.3 9.2 10.6 23.4 19.8 Commissioned projects Installed capacity (MWs) Actual/ Target commissioning Gross capacity factor PPA expiration PPA tariff, Us¢/KWh -5.8% Mestiachala HPPS 50.0 1H19 39.8% 1H34 5.5 GEL thousands 4,582 4,318 Hydrolea HPPS 20.4 2H19 59.1% 1H22-2H28 5.5-5.6 Qartli Wind Farm 20.7 2H19 47.2% 2H29 6.5 +47.6% +26.0% 1,986 1,576 Pipeline projects Zoti HPP 46.0 2H23 43.0% 2H38 5.1 156 230 Darchi HPP 17.5 1H23 55%-60% 1H33 5.5 Tbilisi Wind Farm 54.0 TBD 37%-40% TBD N/A Qartli WPP Kaspi Wind Farm Mestiachala HPPS Hydrolea HPPS 1Q20 revenue 1021 revenue Note 1: 1Q20 revenue of Mestiachala HPPs excludes business interruption (BI) accrual of GEL 0.3 million Note 2: Mestiachala HPPS - The first phase (30MW) was launched on 8 April 2019, followed by the second phase (20MW) on 4 June 2019. Mestiachala HPPs were flooded and taken offline in late July 2019. Following the rehabilitation, 30 MW generation unit was recommissioned in December 2019, while the restoration process is on-going on the 20MW HPP. Total Note 1: In case of Qartli Wind Farm and Hydrolea HPPs, commissioning date shows the acquisition date of the power plants by Georgia Capital. Note 2: PPA terms for Tbilisi and Kaspi WPPs are under the discussion with the Government of Georgia. 54.0 TBD 37%-40% TBD N/A 262.6 1Q21 FINANCIAL HIGHLIGHTS GEL 3.7m 56.4% -18.9% y-o-y EBITDA -12.0% y-o-y EBITDA margin GEL 1.7m -75.1% y-o-y Cash flow from operations 6.2 USC/Kwh -1.2% y-o-y Average sales price GEL 4.7m -3.8% y-o-y Dividend payment 61#62Internally valued RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q21 (GEL MILLION) Change q-o-q 489 19 +3.8% 508 7.9% -1.6% 207 (301) Enterprise value Increase in EV 31-Dec-20 Enterprise value 31-Mar-21 Net debt Equity value 31-Mar-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Mar-21 31-Dec-20 Change Valuation method Multiples² NMF Enterprise value 508 489 19 EBITDA1 28.0 27.3 0.7 Selected EV/EBITDA multiple 9.7x 9.7x NMF Investments at cost (EV)³ 235.7 224.6 11.1 Net debt (301.2) (279.4) (21.8) Equity value 206.5 209.9 (3.4) EQUITY FAIR VALUE COMPOSITION AT 31-MAR-21 (GEL MILLION) GEORGIA CAPITAL eslagv 43 Total value 207 164 ■Operational assets Pipeline projects Georgia Capital PLC | 1. Run-rate and LTM EBITDA was used for the calculation purposes for different assets. 2. Renewable Energy was valued internally. The valuation method used was market approach (multiples) cross checked with income approach (DCF). 3. Investments at cost include: Mestiachala and pipeline projects. 62#63Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINES OVERVIEW GEORGIA CAPITAL INDUSTRY INVESTMENT RATIONALE Highly fragmented general education market with consolidation opportunity. Market with strong growth potential. High quality revenue with high margins. Strong and predictable cash flow streams. High trading multiples. Asset light strategy. VALUE CREATION POTENTIAL " Scaling up to capacity of 21,000 learners through expansion plans in existing schools and M&As by 2025. Strong organic growth at existing schools is expected to drive solid growth in run-rate EBITDA, on top of expansion plans and M&As. Stable dividend provider capacity in the medium terms. OWNERSHIP STRONG PLATFORM TO FACILITATE GROWTH AND SCALE TO BECOME THE LEADING EDUCATION PLAYER WITH c. 21,000 LEARNERS BY 2025 TARGETING FOR 2025... .THROUGH Expansion plans with existing partner schools By 2025 NOW 2,810 Equity value GEL 0.5b Capacity (# of learners) Utilization on operational campuses 91% EBITDA GEL 10mln1 EBITDA margin GCAP new equity investment ROIC USD 17.5mln² 20%+ 40%+ Maintain ROIC 20%+ Majority stakes (70%-90%) across different schools. Ramp-up for new capacity (reaching 80%+ utilization) 3-5 years Investment per learner capacity in affordable segment GEL 7,200 REMAINING GCAP NEW EQUITY INVESTMENT 14 USD million TOTAL EBITDA BY 2025 50+ GEL million BY 20253 M&A 80% affordable 6,000 85% GEL 32mln USD 2.6mln 20%+ GEL 7,000 & 20% midscale By 2025 15,000 80%-85% GEL 18mln USD 11.4mln 20%+ GEL 6,200 CAPACITY BY 2025 21K learners Of which, 6,000 (existing schools) - Of which, 15,000 (M&As) ➤ With new equity investment of USD 2.6mln, GCAP can expand to 6,000 learner capacity and generate GEL 32mln EBITDA by 20253 on secured real estate locations with existing partner schools ➤ USD 2.6mln new equity investment for expansion plans with existing partner schools is net of education business reinvestment of USD 5.6mln and net of in-kind contribution of USD 5.5mln (assets already on GCAP Balance Sheet) ➤ USD 11.4mln new equity investment for M&A pipeline is net of education business reinvestment of USD 15.2mln Georgia Capital PLC | 1. EBITDA GEL 10min is an estimate for 2020-21 academic year 2. Investment is calculated at 3.2 USD/GEL exchange rate. 3. Announced in November 2020. 63#64Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) 1Q21 Operating highlights 90.9% -0.6ppts y-o-y Capacity utilization 2,554 PRIVATE K-12 MARKET IN GEORGIA Market growing at c.2x nominal GDP growth rate Private K-12 market size in Georgia Private K-12 learners in Georgia 63.2 60.8 61.9 -0.6% y-o-y 53.9 55.4 56.1 57.6 51.6 11% Number of learners 10% 10% 10% 10% 10% 10% 9.5 9% 2.0 +4.9% y-o-y Learner to teacher ratio GEL 9,530 +11.5%¹ y-o-y 2013 2014 2015 2016 2017 2018 2019 Average tuition revenue per learner 1Q21 Financial highlights GEL 2.7m -8.4% y-o-y EBITDA 37.0% -2.0ppts y-o-y EBITDA MARGIN GEL 1.6m NMF y-o-y Cash flow from operations GEL 17.3m Net debt -6.6% y-o-y GEORGIA CAPITAL 8% CAGR '20-25 16% CAGR '13-19 4.6 3.6 3.7 3.7 3.2 2.9 2.6 2.7 400 ... 280 275 257 217 192 177 158 115 I Number of private learners % of total number of learners 2020 2013 2014 2015 2016 2017 2018 2019 Total revenue, GELmln 2020E 2025E Revenue per leamer, GEL '000 Lower average annual spending per K-12 learner in Georgia indicating room for further growth Source: G&T, GCAP estimates 4.5% 4.4% 13.9 3.9% 3.7% 10.9 3.1% 11.0 3.3% 3.3% 3.2% 3.0% 3.0% 3.1% 4.0% 3.9% 3.6% 3.1% 9.9 9.3 2.9% 3.0% 2.9% 2.6% 9.0 8.5 2.4% 8.4 8.2 2.7% 2.2% 7.1 6.8 6.7 6.7 6.7 5.9 5.3 5.0 3.7 3.0 3.0 1.5 0.7 Austria UK Germany France New Zealand Italy Portugal Slovenia Spain Czech Latvia Slovakia Poland Total spending per learner Total spending as % of GDP Georgia Capital PLC | 1. For like-for-like comparison, 1Q21 tuition revenue is adjusted for the modification of the academic calendar. Estonia Hungary Lithuania Chile Turkey > Mexico Colombia Indonesia Georgia Georgia has lower spending on education compared to other countries: . Total spending per learner is USD 650 vs. USD 9,000 OECD average Total spending as % of GDP stands at 2.2% versus 3.1% OECD average Source: OECD, Ministry of Finance of Georgia 64 +#65Internally valued EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q21 (GEL MILLION) Change q-o-q +3.4% LTM EV/EBITDA DEVELOPMENT +44.0% +2.4% +3.2% +10.9% 12.5x 24 119 4 123 (14) 103 (30) 12.5x Enterprise Increase in EV value 31-Dec-20 Enterprise value 31-Mar-21 Investment at cost Net debt Minority interest 2 Equity value 31-Mar-21 31-Dec-20 31-Mar-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Mar-21 31-Dec-20 Change Valuation method Multiples³ NMF Enterprise value 123.0 119.1 3.9 EBITDA1 9.8 9.5 0.3 Selected EV/EBITDA multiple 12.5x 12.5x Net debt (14.1) (13.7) (0.4) Equity value 109.0 105.3 3.7 Investments at cost 24.2 16.8 7.4 Total equity value of GCAP's share 103.2 93.0 10.2 Georgia Capital PLC 1. LTM EBITDA used for valuation purposes (at 31-Dec-20 and at 31-Mar-21) includes functional currency adjustment in schools, where applicable. 2. GCAP has different ownership stakes across schools (70-90%). 3. Education was valued internally. The valuation method used was market approach (multiples) cross checked with income approach (DCF). GEORGIA CAPITAL 65#66CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 1Q21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1Q21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 66#67SOVEREIGN RATINGS WITH FAVOURABLE MACRO FUNDAMENTALS GEORGIA CAPITAL Key Ratings Highlights Rating Agency Rating Outlook Affirmed MOODY'S Ba2 Stable April 2021 S&P Global BB Negative February 2021 Fitch Ratings BB Negative February 2021 Georgia is favorably placed among peers Fitch Rating Country Country Rating Armenia B+ Outlook Stable Azerbaijan BB+ Negative Belarus B Negative Czech Republic AA- Stable Georgia BB Negative Kazakhstan BBB Stable Turkey BB- Negative Ukraine B Stable JAMANIA Aw LAZYM General Facts TURKEY Georgia KAZAKHSTAN Festiva Area: 69,700 sq. km Population (2020): 3.7 million Capital: Tbilisi; Economy Life expectancy: 73.5 years Official language: Georgian Literacy: 100% Currency (code): Lari (GEL) Nominal GDP (Geostat) 2020: GEL 49 billion (US$15.9 billion) Real GDP growth rate 2020: -6.2% Real GDP 2011-2020 annual average growth rate: 3.6% GDP per capita 2020 (PPP, international dollar) IMF: 14,920 Annual inflation 2020: 5.2% External public debt to GDP 2020: 47.5% RUSSIA 67#68GEORGIA'S KEY ECONOMIC DRIVERS Top performer globally in WB Doing Business over the past 12 years GEORGIA CAPITAL Liberal economic policy Regional logistics and tourism hub Liberty Act (effective January 2014) ensures a credible fiscal framework; Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%. Following the emergency clause activation after the COVID-19 shock, the fiscal framework will return within the rule bounds in three years, as specified in the Liberty Act; Business friendly environment and low tax regime (attested by favourable international rankings); A natural transport and logistics hub, connecting land-locked energy rich countries in the east and European markets in the west Access to a market of 2.8 billion customers without customs duties: Free trade agreements with EU, China, Hong Kong, CIS and Turkey and GSP with USA, Canada, Japan, Norway and Switzerland; FTA with Israel and India under consideration. Tourism inflows fell sharply to US$ 542 million in 2020 from US$ 3.2 billion in 2019 due to COVID-19, but tourism is expected to bounce back once the pandemic is brought under control; Regional energy transit corridor accounting for 1.6% of the world's oil and gas transit volumes. An influx of foreign investors on the back of the economic reforms have boosted productivity and accelerated growth Strong FDI Support from international community Electricity transit hub potential Political environment stabilised " ◉ FDI stood at US$ 617 million (3.9% of GDP) in 2020 (FDI was lowered by a one-off transfer of ownership worth US$ 340.5 million). FDI averaged 8.1% of GDP in 2010-2020. Georgia and the EU signed an Association Agreement and DCFTA in June 2014 ◉ Visa-free travel to the EU is another major success in Georgian foreign policy. Georgian passport holders were granted free visa entrance to the EU countries from 28 March 2017. Discussions commenced with the USA to drive inward investments and exports. Strong political support from NATO, EU, US, UN and member of WTO since 2000; Substantial support from DFIs, the US and EU. Developed, stable and competitively priced energy sector ■ Only 20% of hydropower capacity utilized; 155 renewable (HPPS/WPPS/SPPS) energy power plants are in various stages of construction or development. Georgia imports natural gas mainly from Azerbaijan. Significantly boosted transmission capacity in recent years, a new 400 kV line to Turkey and 500 kV line to Azerbaijan built, other transmission lines to Armenia and Russia upgraded. Additional 2,000 MW transmission capacity development in the pipeline, facilitating cross-border electricity trade and energy swaps to Eastern Europe. Georgia underscored its commitment to European values by securing a democratic transfer of political power in successive parliamentary, presidential, and local elections and by signing an Association Agreement and free trade agreement with the EU. New constitution amendments passed in 2013 to enhance governing responsibility of Parliament and reduce the powers of the Presidency. Continued economic relationship with Russia, although economic dependence is relatively low. Russia began issuing visas to Georgians in March 2009; Georgia abolished visa requirements for Russians - Russia announced the easing of visa procedures for Georgian's citizens effective December 23, 2015. Direct flights between the two countries resumed in January 2010. However, they have been banned again since July 2019 following the decision from Russia. Member of WTO since 2000, allowed Russia's access to WTO; In 2013 trade restored with Russia. " In 2020, Russia accounted for 13% of Georgia's exports and 11% of imports. 68#69INSTITUTIONAL ORIENTED REFORMS Ease of Doing Business | 2020 (WB Doing Business Report) New Zealand Singapore Economic Freedom Index | 2020 (Heritage Foundation) US 6 Georgia 7 Norway 9 Lithuania Estonia Kazakhstan Russia Azerbaijan Poland Czech rep. Armenia Turkey Romania Bulgaria Ukraine 11 18 25 28 34 40 41 41 47 55 61 64 Ireland 6 UK 7 Georgia Lithuania 12 16 Up by four places compared to 2018 Czech Republic Germany Latvia Armenia Bulgaria Azerbaijan Turkey 23 27 32 34 36 44 71 Russia GEORGIA CAPITAL 94 Corruption Perception Index | 2020 (TI) Lithuania Latvia Poland Georgia 35 42 45 45 Czech Republic 49 Italy 52 Slovakia 60 Armenia 60 Belarus 88 63 Romania Bulgaria Turkey Kazakhstan Moldova Ukraine Azerbaijan Russia Uzbekistan 669 Georgia is on par with EU member states Business Bribery Risk, 2020 | Trace International Open Budget Index, 2019 | International Budget Estonia Japan Lithuania 13 21 27 Georgia 28 Latvia 34 Czech Republic Armenia Bulgaria 38 27 69 86 94 115 117 129 129 Azerbaijan 146 Uzbekistan Romania Ukraine Moldova Turkey 73 98 106 114 Kazakhstan Belarus Russia 123 125 127 136 150 Partnership New Zealand 1 Sweden 3 Georgia 5 Norway 7 Australia France Russia 13 14 Bulgaria 16 UK 19 Germany 20 Romania 25 Ukraine 26 Poland 32 Czech Republic Kazakhstan 34 37 Turkey 46 Azerbaijan 81 69 Sources: Transparency International, Heritage Foundation, World Bank, Trace International.#702011 16,489 17,189 17,625 17,597 17,422 16,249 15,112 14,948 15,142 15,888 7.4% 6.4% 4.4% 4.8% 4.8% 5.1% 3.6% 3.0% 2.9% ECONOMY HIT HARD, BUT EXPECTED TO BOUNCE BACK FAST Gross domestic product According to preliminary estimates, real GDP fell by 6.2% in 2020 Diversified nominal GDP structure, 2020 2014 2015 2016 Source: Geostat Nominal GDP, USD mn Medium-term growth to remain high Real GDP, YoY % Comparative real GDP growth rates, % (2021-2026 average) | IMF 2017 2018 2019 5.1 4.2 4.2 3.9 3.9 3.8 3.7 3.5 3.4 3.4 I II I II II I 2.9 2.5 1.8 1.1 Source: IMF, WEO (April 2021) Georgia Romania Moldova Turkey Armenia Ukraine Latvia Czechia Poland Estonia Lithuania Russia Azerbaijan Belarus -6.2% 2020 Financial and insurance. Accommodation and food service activities Healthcare 5% 3% Information and communication 3% Industry 16% Education 5% activities 5% Transportation and storage 6% Other 7% Public administration and defence 7% Construction 9% Agriculture 8% Real estate 12% Trade 14% Source: Geostat Monthly Economic Activity Estimate, y-o-y growth Economic activity estimate turned positive in March for the first time since February 2020 4.4 5.5 5.6 6.5 7.5 4.0 4.6 2.0 5.6 6.7 2.2 5.6 3.5 4.66.0 5.1 4.7 5.0 6.1 5.8 5.2 5.7 6.4, 3.8 5.1 2.2 4 Jan-18 Mar-18 May-18 Source: Geostat Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 -5.1 ןווייוון -7.911.5 -0.7 -3.9 -7.7 -2.7 -7.7 -5.5-5.3 Jan-20 Mar-2016 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 70 10 GEORGIA CAPITAL#71500 2000 Sources: GeoStat 1000 2010 1150 2011 1300 2012 SIGNS OF RECOVERY IN THE LABOUR MARKET New unemployment rate (updated methodology) equal to 20.4% in 4Q20, up by 3.8 pp y-o-y Sources: GeoStat 1450 27.2 27.2 UNDP Human Development Index Sources: UNDP 30 26.7 1 26.4 23.0 25 21.9 21.7 21.6 0.8 20.4 19.2 17.6 18.3 18.3 17.0 20 0.6 15 0.4 10 10 0.2 Employed Unemployment % Average monthly nominal earnings in business sector 2018 2019 1 20 II 20 III 20 2000 IV 20 5 0 0 2000 2001 2002 2003 0.67 0.68 0.68 0.69 0.70 0.71 0.72 0.73 0.73 0.73 0.74 0.74 0.75 0.76 0.77 0.77 0.78 0.78 0.79 0.81 1500 1,405 1,417 1,242 1,107 1,144 1,024 1,106 1,150 1,187 1,319 O 1,316 1,604 1,625 1,655 1,627 1,629 1,676 1,654 1,641 1,241 1,306 1500 1,605 1,227 1,573 1,545 1,152 1,176 1,515 1,529 1,506 367 436 442 442 430 374 359 354 309 277 283 277 260 308 1000 1000 446 434 417 392 398 455 452 445 453 371 398 423 449 392 500 2009 2010 2011 2012 -----------Ɛ LOZ 710 724 759 739 795 855 854 869 903 898 891 840 845 805 0 0 17 17 III 17 IV 17 I 18 II 18 III 18 IV 18 I 19 Il 19 III 19 IV 19 120 II 20 III 20 IV 20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 120 II 20 III 20 IV 20 Construction Trade Real estate Hired Self-employed Unemployed Not-identified worker Accommodation and food service Education Wages, total Labor force decomposition Sources: GeoStat Number of hired workers fell by 40,000 q-o-q and by 75,000 y-o-y in 4Q20, while the number of unemployed increased by 48,000 q-o-q and by 53,000 y-o-y, on the back of restrictions 71 2014 2015 2016 LO 2018 2019 GEORGIA CAPITAL#7280 60 40 20 Jan-05 Jul-05 Jan-06 -40 -20 ANN 0 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 M2 vs. inflation, y-o-y,% Sources: Geostat, NBG Jul-06 Jan-07 Jul-07 Jul-07 Jan-08 Jan-08 Jul-08 Jul-08 Jan-09 Jul-09 Jul-09 Jan-10 Jul-10 M2 Y/Y % LHS Jan-11 Jul-11 Jan-12 농 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Inflation Y/Y % RHS INFLATION TO STAY ABOVE TARGET IN 2021 Inflation y-o-y vs. inflation target Sources: NBG, GeoStat expect inflation to increase to above 6% on average in 2021 impact of government-subsidised utilities, subtracted from price changes. We Inflation was under the 3% target in December-February reflecting a one-off Source: GeoStat Apr-17 Jul-17 쭛 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 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 16.0 14.0 12.0 1,400 10.0 1,200 8.0 6.0 1,000 4.0 2.0 800 (2.0) 600 (4.0) (6.0) 400 114 || 14 III 14 IV 14 115 || 15 III 15 IV 15 11 8 9 7.2 7 5 4 3 2 1 0 -1 N Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Price Indices CAPITAL GEORGIA Headline Inflation Average monthly nominal earnings Source: Geostat 1,600 Monthly Inflation Monthly nominal earnings increased by 0.9% in 4Q20 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 116 II 16 III 16 IV 16 117 || 17 III 17 IV 17 118 II 18 III 18 IV 18 119 II 19 III 19 IV 19 120 II 20 III 20 IV 20 72 Core Inflation GEL -2 0 2 4 6 8#732010 2011 2012 Goods, net Current transfers, net FDI and capital goods import Source: GeoStat 2013 30% The CAB was -12.4% in 2020, with goods trade adjustment and record high remittances mitigating evaporating service exports 30% 20% 20% 10% 10% 0% 0% -10% -10% -5.6% -8.1% -6.8% -5.5% -9.8% -20% -12.2% -11.4% -10.2% -12.4% -11.8% -12.5% -20% -30% -30% -40% -40% CURRENT ACCOUNT BALANCE ADJUSTING AFTER RECORD LOWS Current account balance (% of nominal GDP) Sources: NBG 2014 2015 Services, net Current account 2016 2017 2018 2019 11.7% 11.1% 10.3% 10.3% 8.7% 8.1% 7.9% 7.5% 6.9% 7.2% 7.2% 6.2% 6.5% 5.7% 5.9% Investment income, net FDI, inflows 2020 2000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IFDI, % of GDP Capital Goods Import, % of GDP 2001 2002 2003 2004 2005 2006 2007 Exports and Re-exports, US$ billion Source: NBG Service exports ■Goods exports, geo-originated Re-exports 0.5 0.6 0.7 0.9 1.1 1.3 1.3 2.0 1.6 2008 2009 2010 2011 2.6 3.0 4.0 3.0 3.1 3.3 2012 2013 2014 2015 8.5% 7.6% 7.2% 7.8% 7.1% 6.8% 3.9% 73 2016 2017 4.5 4.6 1.6 GEORGIA CAPITAL#742010 million $ 225 194 205 188 185 161 150 165 145 125 105 85 65 45 Jan Feb Mar 2018 Apr 2011 2012 2013 2016 2017 RECORD HIGH REMITTANCES AND REBOUNDING MERCHANDISE EXPORTS MITIGATING DECREASED TOURISM REVENUES Foreign investor interest remains resilient, notwithstanding the one-off fall in FDI due to ownership transfers Sources: GeoStat 25% Visitors and tourism revenues Sources: GNTA, NBG GEORGIA CAPITAL Tourism revenues fell by 87% in 1Q21, although March showed first signs of recovery, with the fall amounting to 60% 2018 2,000 9.4 1,800 3500 8.7 7.9 1,600 20% 3000 6.7 1,400 6.3 2500 5.7 5.9 1,200 1,000 10.3% 11.1% 11.7% 15% 4.7 10.3% 2000 800 6.9% 7.5% 7.2% 7.1% 10% 1500 3.1 6.2% 5.9% 600 3.9% 1000 400 5% 500 200 0 0% 0 2019 2020 FDI, US$ mn Remittances at record high levels Source: NBG FDI, % of GDP Remittance inflows continued growing at record levels, with 1Q21 growth totaling 28.4% y-o-y, while April growth reached 145% due to the base effect Merchandise exports Source: Georstat Goods exports grew by 5.2% y-o-y in 1Q21, while growth reached 70% in April 2021 May 2019 Jun Jul Aug Sep Oct Nov Dec 2020 2021 450 400 350 300 250 200 150 100 50 0 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Exports, US$ mn, LHS 2011 Tourism Revenues, $ mn International Traveler Trips, mn Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 % change y/y, exports, RHS Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 74 74 80% 60% 40% 20% 0% -20% -40% 1.7 1.3 0.1 1 1Q21 Millions 10 298765432-0#750 US$ million TOURISM SECTOR Tourism revenues to GDP Sources: NBG, Geostat Spending per arrival, 2018 Source: WDI 18.3% 18.8% 4000 20% 16.6% 18% 3500 1200 1075 13.9% 16% 3000 12.9% 1000 876 14% 811 803 781 2500 763 749 9.9% 10.1% 740 12% 725 721 717 800 8.6% 589 2000 10% 600 6.2% 8% 1500 5.4% 3.4% 6% 400 1000 4% 200 500 0 2% 0 0% Arrivals to country's population, 2018 Source: WDI I Tourism Revenues, $ mn Tourism Revenues, % of GDP 5 4.1 4 3.3 3.3 2.8 3 2.4 2.1 1.9 1.8 2 1 Croatia Montenegro Cyprus Greece Estonia Slovenia Albania Hungary Bulgaria Georgia 1.3 13 1.3 10 1.0 Latvia Lithuania 1.0 1.0 10 0.6 0.6 0.5 0.3 Czech Republic Armenia Turkey Poland Ukraine Azerbaijan 0.3 63 GEORGIA CAPITAL Azerbaijan Cyprus Turkey Poland Czech Republic 800 700 600 500 400 300 200 100 29 36 51 2018 2019 ⚫2020 2021 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Number of Tourists (overnight visitors) Source: GNTA The number of tourists fell by 85% in 1Q21, although the fall was 64% in March Slovenia Armenia Georgia Croatia Estonia 547 547 543 Greece Montenegro Bulgaria 502 432 Hungary Latvia 161 Lithuania Albania Ukraine 75 75#760 -100 -200 -300 -400 -500 -600 -700 DIVERSIFIED FOREIGN TRADE Goods' Trade Deficit Source: GeoStat In 1Q21, the trade deficit fell by 7.3% y-o-y, as exports grew by 5.2% while imports were cut by 2.4%. In April, the deficit grew by 45% y-o-y, with exports were up by 70% and imports were up by 57% Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 I Trade Deficit, US$ mn, LHS Electricity generation and trade, GWH Source: ESCO 1400 1200 1000 800 59% 600 400 200 0 45% 73% 88% 99% 99% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 63% 99% 68% 91% 70% 86% Sep-17 Oct-17 Nov-17 Dec-17 67% 64% 78% Jun-20 Aug-20 Oct-20 % change y/y, trade deficit, RHS 93% 99% 99% 96% Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Oil imports Source: GeoStat 1,200 1,000 50% 40% 800 30% 20% 600 10% 0% 400 -10% -20% 200 -30% -40% -50% (200) (400) (600) Dec-20 Feb-21 Apr-21 WPPS TPPS HPPS Imports Exports Domestic Supply 2003 2004 2005 2006 2007 84% 80% 74% 63% 71% 59% 54% 55% 83% 99% 99% 99% 86% 74% 73% 55% 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 2008 GEORGIA CAPITAL Oil imports, US$ mn Oil imports, % change, y/y 90% унщин. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 46% 54% 52% 81% 83% 98% 99% May-20 Jun-20 95% 90% Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 48% 56% 60% 72% 57% 76 76 10% -10% -30% -50% 70% 50% 30%#77Foreign Demand, 1Q21 Source:, Geostat 2016Q1 2016Q2 Import countries, 1Q21 Sources: GeoStat 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 Armenia 6% USA 7% Other 15% Ukraine 4% 2018Q2 2018Q3 2018Q4 2019Q1 EU countries 23% Investment goods Intermediate goods Consumer goods Imports y/y 30% 20% 10% 0% -10% -20% -30% -40% DIVERSIFIED FOREIGN TRADE Imports of Goods, contribution to growth Source: NBG Import of investment goods increased in 1Q21, while intermediate and consumer goods continued to shrink 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 Azerbaijan 7% China 9% Russia 11% Turkey 18% 11% 1% 2%0% 5% 9% 16% 15% Export countries, 1Q21 Sources: GeoStat 25% 16% Other 16% USA 4% EU countries 19% Armenia 5% Ukraine 8% Turkey 9% Russia 13% Azerbaijan 13% GEORGIA CAPITAL ■Crude materials, except fuels ■Machinery and transport equipment ■Beverages and tobacco ■Manufactured goods Food and live animals ■Chemicals and related products ■Miscellaneous manufactured articles ■Commodities not classified elsewhere I Animal and vegetable oils, fats and waxes ■Mineral fuels, lubricants China 13% China was the single largest destination country for Georgian exports in 2020 with a 14.3% share, and continues to be a leading export market in 2021 77#7812 20% 6+ NO 10 8 4 2 Feb-08 PRUDENT MONETARY POLICY ENSURES MACRO-FINANCIAL STABILITY Monetary policy rate 14 Sources: NBG NBG increased the monetary policy rate to 8.5% in March and to 9.5% in April, as inflation is expected to remain higher than the target throughout 2021 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Nonperforming loans to total gross loans, latest 2021 Sources: IMF Aug-12 Feb-13 Hungary 0.9% Lithuania 1.0% Georgia 2.3% Latvia 3.5% Turkey 3.9% Poland 4.0% Romania 4.1% Belarus 4.8% Bulgaria Armenia Croatia Moldova Kazakhstan 5.8% 6.6% 7.2% 7.4% 8.4% Russia 8.8% Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Turkey Kazakhstan Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Monetary policy rate vs peers Sources Central banks Aug-19 Feb-20 Aug-20 Feb-21 9.50 19.00% 20% End-2019 End-2020 Latest-2021 18% 16% 14% 12% 9.00% 9.50% 10% 8.50% 7.50% 8% 6.25% 5.50% 5.00% 6% 4% 2% 0% Georgia Belarus Russia 78 78 GEORGIA CAPITAL#7990 100 110 120 130 US$ Purchase US$ sale Sources: NBG 150 140 03/Jan/20 16/Jan/20 29/Jan/20 11/Feb/20 24/Feb/20 - Central Bank's interventions Sources: NBG 250 200 150 100 50 0 NBG maintains a declaration of active intervention policy to provide liquidity 100 40 20 50 33 20 20 T I 09 -50 -20 -20 -18 -40 -30 -20 -30 -100 -150 -25 -70 -20 20 -50 -65 -85 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 FLOATING EXCHANGE RATE - POLICY PRIORITY GEORGIA CAPITAL NBG has sold $1.12 billion since March 2020 up to April 2021 on the foreign exchange market Sep-18 Nov-18 ■Net Monthly Interventions, $ mn Exchange rate indices (1 January=100) USD/BYR 08/Mar/20 21/Mar/20 03/Apr/20 16/Apr/20 29/Apr/20 12/May/20 25/May/20 07/Jun/20 20/01/20 20/Jun/20 03/Jul/20 16/Jul/20 29/Jul/20 11/Aug/20 USD/GEL 24/Aug/20 06/Sep/20 19/Sep/20 02/Oct/20 15/Oct/20 28/Oct/20 USD/UAH Jan-19 Mar-19 May-19 Jul-19 200 174 120 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 80 50 4040 83 US$ Sales US$ Purchase Net interventions 873 873 287 300 243 113 287 280 100 243 -130 -198 2 -52 -200 -278 -130 -198 2014 2015 2016 2017 2018 2019 2020 2021 Dollarization ratios Source: NBG ⚫ USD/TRY USD/RUB Both deposit and loan dollarization jumped in March on the back of the pandemic and GEL depreciation, but have declined since then 10/Nov/20 23/Nov/20 06/Dec/20 19/Dec/20 01/Jan/21 14/Jan/21 27/Jan/21 09/Feb/21 22/Feb/21 07/Mar/21 20/Mar/21 02/Apr/21 15/Apr/21 28/Apr/21- 50 45 252525252 40 90 85 Loan dollarization Deposit dollarization 80 75 70 65 60 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 79 65 60 55 50 45 40 SOGEFOR 90 85 80 75 70#80-8% -10% -6% 0% 60% 55% 50% 45% 40% 35% 30% 25% 20% Public debt increased to 59.9% of GDP, with a consolidation plan in place for the medium run PUBLIC DEBT TO DECREASE THROUGHOUT THE MEDIUM RUN Public debt Sources: MOF Breakdown of public debt Source: MOF, as of 31 December 2020 External public debt to GDP, % 2018 Overall Balance (IMF Modified), % of GDP Source: MOF -2% -2.0% -2.3% -2.8% -2.7% -2.7% -3.0% -4% -9.3% 2021F -7.6% 2022F 2019 2020 2021F 2022F 2023F 2024F Total public debt to GDP, % 65% 60% 55% 50% Multilateral 45% 55% 40% 35% Domestic 21% External 79% 30% 25% 20% Bilateral 18% Eurobond 6% Current vs Capital Expenditure, % of GDP Source: MOF Current expenditures jumped due to the pandemic-related expenses, while capital expenditures remained very high 30% 27.1% 25.1% 23.2% 22.6% 22.8% 22.2% 25% 21.3% 21.0% -2.6% 20% -3.1% 15% -4.4% 7.9% 7.7% 7.9% 7.0% 10% 6.4% 6.3% 6.5% 5.7% 5% 0% 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2023F 2024F ...Current Expenditures Capital Expenditures (Acquisition of Non-financial Assets) 80 GEORGIA CAPITAL#81CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 1Q21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1Q21 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements ➤ Portfolio companies overview GEORGIA CAPITAL 81#82OTHER BUSINESSES DI AUTO SERVICE BEVERAGES H WINE BEER (INCL. DISTRIBUTION) AMBOLI OTHER PORTFOLIO PERFORMANCE HIGHLIGHTS GEORGIA CAPITAL 1Q21 LTM 1Q21 Operational metrics 1Q21 Change y-o-y LTM 1Q21 Change y-o-y 2021 TARGET EBITDA GEL million Change y-o-y Revenue GEL million Change y-o-y EBITDA GEL million Change y-o-y Revenue GEL million Change y-o-y Number of bottles solid 1.5 +48.0% 7.7 31.7% 11.0-12.5 2.1 NMF 9.8 +41.6% 12.8 +62.2% 52.4 +27.4% in million Sales in hectoliters 34,775 -7.2% 240,291 +2.0% c. 240,000 (1.1) +39.6% 14.5 -6.4% 6.2 NMF 91.5 -3.0% Revenue in 5.1 +91.1% 23.9 NMF c. 35.0 0.2 NMF 5.1 +91.1% 1.4 NMF GEL million 23.9 NMF PTI Total cars serviced in '000 106.7 54.6% 289.7 -20.3% c. 390 2.6 NMF 4.6 +73.7% 6.5 +62.1% 12.8 -7.2% Yong HOUSING Sq.m. of apartment 21,125 +3.7x 84,419 3.0x c. 75,000 4.3 +79.6% 35.4 +21.4% 11.1 NMF 127.4 -2.4% DEVELOPMENT sales 82#83VALUATION PEER GROUP HEALTHCARE SERVICES • • Med Life S.A. | Romania EMC Instytut Medyczny SA | Poland • Netcare Limited | South Africa • MD Medical Group Investments Plc | Cyprus Narayana Hrudayalaya Limited | India • MLP Saglik Hizmetleri A.S. | Turkey • • Life Healthcare Group Holdings Limited | South Africa Mediclinic International plc | South Africa • • • · EDUCATION SISB Public Company Limited | Thailand Cogna Educacao | Brazil Curro Holdings Limited | South Africa Overseas Education Limited | Singapore Cairo For Investment & Real Estate Development (CIRA) | Egypt • • • • • GEORGIA CAPITAL ӨӨ • RETAIL (PHARMACY) NEUCA S.A. | Poland • Sopharma Trading AD | Bulgaria • SALUS, Ljubljana, d. d. | Slovenia • • • • Great Tree Pharmacy Co., Ltd. | Taiwan Dis-Chem Pharmacies Limited | South Africa Clicks Group Limited | South Africa S.C. Ropharma S.A. | Romania • MEDICAL INSURANCE Powszechny Zaklad Ubezpieczen SA | Poland • European Reliance General Insurance Company S.A. | Greece • UNIQA Insurance Group AG | Austria Ageas SA/NV | Belgium è P&C INSURANCE Dhipaya Insurance | Thailand Zavarovalnica Triglav | Slovenia Pozavarovalnica Sava | Slovenia Aksigorta Turkey Anadolu Sigorta | Turkey . Bao Minh Insurance | Vietnam • Turkiye Sigorta | Turkey WATER UTILITY Aguas Andinas | Chile . EASTW | Thailand • Tallinna vesi | Estonia RENEWABLE ENERGY Falck Renewables | Italy • Terna Energy | Greece • Azure Power Global | India BCPG Public Company Limited | Thailand 83#84PRIVATE PORTFOLIO COMPANIES' DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 31 MARCH 2021 (GEL MILLION) 2021 2022 2023 2024+ Total Large portfolio companies 86.2 197.1 38.8 614.2 936.3 Healthcare Services 73.0 197.1 38.8 86.5 395.4 Retail (Pharmacy) 13.2 13.2 Water Utility (Green bonds) 527.7 527.7 Insurance Investment stage portfolio companies 2.8 4.0 4.0 337.0 347.7 Renewable Energy (Green bonds) - 325.6 325.6 Education 2.8 4.0 4.0 11.4 22.1 Other businesses 169.6 250.8 52.3 223.5 696.2 Total 258.6 451.9 95.1 1,174.7 1,980.2 Gross debt of other businesses includes: 1. A 3-year US$ 30 million bonds issued on the local market in 2019 with a 7.5% annual coupon rate, maturing in Dec-21. Bonds are backed by commercial real estate. 2. A 3-year US$ 35 million bonds issued on the local market in Oct-19 with a 7.5% annual coupon rate, maturing in Oct-22. Georgia Capital PLC | General note: Gross debt maturity profile comprises outstanding principal payments. GEORGIA CAPITAL 84#85MULTIPLE OF INVESTED CAPITAL (MOIC) | 31-MAR-2021 GEL million Gross Investment Sell down Dividends Fair Value MOIC Realized MOIC (1) (2) (3) (4) (2+3+4)/(1) (2+3)/(1) Listed Investments Bank of Georgia Group PLC 129 287 134 505 7.2x 3.3x 129 287 134 505 7.2x 3.3x Private large portfolio companies 617 131 147 1,871 3.5x 0.5x GHG1 390 131 4 1,209 3.4x 0.3x Water Utility 216 97 457 2.6x 0.4x P&C Insurance 11 46 205 23.5x 4.3x Private investment stage portfolio companies 210 10 310 1.5x Renewable Energy 147 10 207 1.5x Education 63 103 1.6x Other 588 260 236 0.8x 0.4x Total 1,544 418 551 2,922 2.5x 0.6x Georgia Capital PLC | 1. GHG comprises three businesses: Healthcare Services, Retail (pharmacy) and Medical Insurance. GEORGIA CAPITAL 85#86Georgia Capital's board of directors Irakli Gilauri, Chairman & CEO Board of directors - Georgia Capital PLC 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 Caroline Brown, Independent Non-Executive Director Experience: A Fellow of the Chartered Institute of Management Accountants and has over 20 years experience sitting on the boards of listed companies and has chaired audit committees of listed companies for the past 18 years. Jyrki Talvitie, Independent Non-Executive Director Experience: 30 years of experience in the banking, including Sberbank, VTB, East Capital and Bank of New York in both buy and sell-side transactions David Morrison, Senior Independent Director GEORGIA CAPITAL Experience: formerly Director at Sullivan & Cromwell with a track record of over 28 years, Founding CEO of the Caucasus Nature Fund (CNF) Kim Bradley, Independent Non-executive Director Experience: Goldman Sachs AM, Senior Executive at GE Capital, President of Societa Gestione Crediti, Board Chairman at Archon Capital Deutschland Massimo Gesua'sive Salvadori, Independent Non-Executive Director Experience: currently an analyst at Odey asset management, formerly with McKinsey & Company for over 9 years Maria Chatti-Gautier, Independent Non-Executive Director Experience: Over 25 years of experience in private equity in prominent financial institutions. Currently Partner of Trail Management, 6 out of 7 members are independent 86#87Irakli Gilauri, Chairman & CEO Georgia Capital's highly experienced management team Georgia Capital Georgia Capital Management Georgia Capital Giorgi Ketiladze, Director, Investments GEORGIA CAPITAL 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. 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. 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 MS in banking from Cass Business School. Avto Namicheishvili, Deputy CEO In addition to his deputy CEO role at JSC Georgia Capital, Avto also serves as a chairman of the Group's water utility, renewable energy, beverages, housing development and hospitality & commercial real estate 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. Nikoloz Gamkrelidze, Deputy CEO In addition to his deputy CEO role at JSC Georgia Capital, Nick also serves as CEO of GHG, the holding company of the Group's healthcare services, retail (pharmacy) and medical insurance businesses. Previously served as deputy CEO (Finance) of BGEO Group PLC. Our healthcare business story starts with Mr Gamkrelidze, who started it in 2006, and has successfully led it through outstanding growth. Nick also served as CEO of Insurance Company Aldagi, CEO of My Family Clinic and Head of the Personal Risks Insurance Department at BCI Insurance Company. He was a consultant at the Primary Healthcare Development Project (a World Bank Project) and worked on the development of pharmaceutical policy and regulation in Georgia. Holds an MA in International Healthcare Management from the Imperial College Business School. Giorgi Alpaidze, 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. la Gabunia, Chief Exit 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, among which are an Investment Executive at Liberty Capital (the holding company of Liberty Bank) and Head of Investor Relations at Galt & Taggart Asset Management. la holds a BSc degree from London School of Economics and Political Science, UK. Private Portfolio Listed 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. Archil Gachechiladze, CEO, Bank of Georgia Previously CEO at GGU, the Group's water utility and renewable energy businesses. Prior to that Archil was a Deputy CEO in charge of corporate banking at Bank of Georgia. He launched the Bank's industry and macro research, brokerage, and advisory businesses, as well as leading investments in GGU and launched Hydro Investments. Previously, he was an Associate at Lehman Brothers Private Equity in London, and worked at Salford Equity Partners, EBRD, KPMG, Barents, and the World Bank. Holds an MBA with distinction from Cornell University and is a CFA charterholder. Nikoloz Gamkrelidze, CEO at Healthcare Services, Retail (pharmacy) and Medical Insurance Businesses In addition to his deputy CEO role at JSC Georgia Capital, Nick also serves as CEO of GHG, the holding company of the Group's healthcare services, retail (pharmacy) and medical insurance businesses. Previously served as deputy CEO (Finance) of BGEO Group PLC. Our healthcare business story starts with Mr Gamkrelidze, who started it in 2006, and has successfully led it through outstanding growth. Nick also served as CEO of Insurance Company Aldagi, CEO of My Family Clinic and Head of the Personal Risks Insurance Department at BCI Insurance Company. He was a consultant at the Primary Healthcare Development Project (a World Bank Project) and worked on the development of pharmaceutical policy and regulation in Georgia. Holds an MA in International Healthcare Management from the Imperial College Business School. Giorgi Vakhtangishvili, CEO at Water Utility and Renewable Energy Businesses Formerly CFO at GGU (the holding company of the Group's water utility and renewable energy businesses). Previously held different managerial positions at BGEO Group's companies; before joining GGU, Giorgi served as CEO of m2 Real Estate. Holds a BBA degree from European School of Management (ESM). Giorgi Baratashvili, CEO at P&C Insurance Business Joined as the Head of Corporate Clients Division of Aldagi, the holding company of the Group's P&C insurance business, in 2004. Before taking the leadership of our P&C insurance business in 2014, he served as Deputy CEO of Aldagi in charge of strategic management for corporate sales and corporate account management. Holds a Masters Diploma in International Law. 87#88CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 1Q21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1Q21 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements Portfolio companies overview GEORGIA CAPITAL 88#89NAV STATEMENT | 1Q21 1.Value 2a. 3.Operating GEL thousands unless otherwise noted 31-Dec-20 2b. Buybacks Creation Investments 2c. Dividends Expenses 4. Liquidity Management/ FX / Other Share in total 31-Mar-21 Change % portfolio (%) Listed Portfolio Companies BOG' 531,558 (26,452) 505,106 -5.0% 17.3% Listed Portfolio Value 531,558 (26,452) 505,106 -5.0% 17.3% Listed Portfolio value change % -5.0% 0.0% 0.0% 0.0% 0.0% 0.0% -5.0% Private Portfolio Companies Large portfolio companies 1,858,237 11,312 1,160 1,870,709 0.7% 64.0% Healthcare Services Retail (Pharmacy) Water Utility 571,656 33,428 605,084 5.8% 20.7% 552,745 (17,159) 535,586 -3.1% 18.3% 471,148 (15,005) 737 456,880 -3.0% 15.6% Insurance 262,688 10,048 423 273,159 4.0% 9.4% P&C Insurance 197,806 6,389 423 204,618 3.4% 7.0% Healthcare Insurance 64,882 3,659 68,541 5.6% 2.4% Investment stage companies 302,964 3,063 8,050 Renewable energy 209,902 (701) 1,660 (4,738) (4,738) 378 309,717 2.2% 10.6% 378 206,501 -1.6% 7.1% Education 93,062 3,764 6,390 103,216 10.9% 3.5% Others 214,929 20,613 150 498 236,190 9.9% 8.1% Private Portfolio Value 2,376,130 34,988 8,200 (4,738) 2,036 2,416,616 1.7% 82.7% Private Portfolio value change % 1.5% 0.3% 0.0% -0.2% 0.0% 0.1% 1.7% Total Portfolio Value 2,907,688 8,536 8,200 (4,738) Total Portfolio value change % 0.3% 0.3% 0.0% -0.2% 0.0% 2,036 0.1% 2,921,722 0.5% 100.0% 0.5% Net Debt (697,999) (8,200) (1,712) (5,406) (51,502) (760,081) 8.9% 4,738 of which, Cash and liquid funds 175,289 (8,200) (1,712) 4,738 (5,406) of which, Loans issued 108,983 174,652 19,044 339,361 93.6% 128,027 17.5% of which, Gross Debt (982,271) Net other assets/ (liabilities) 2,603 (3,467) Share based compensation (3,467) Net Asset Value 2,212,292 8,536 (1,712) (8,873) NAV change % 0.4% 0.0% -0.1% 0.0% -0.4% Shares outstanding 45,977,247 (66,709) (245,198) 5,314 3,467 (44,152) -2.0% 369,425 (1,227,469) 25.0% 4,450 71.0% 0.0% 2,166,091 -2.1% 46,279,963 -2.1% 0.7% Net Asset Value per share 0.18 (0.00) 0.03 (0.00) (0.20) (1.33) -2.7% 48.12 NAV per share change % 0.4% 0.0% 0.1% 0.0% -0.4% -2.8% 46.80 -2.7% Georgia Capital PLC | 1. Number of shares owned in BoG was 9,784,716 as of 31 March 2021. GEORGIA CAPITAL 89#90GEORGIA CAPITAL PERFORMANCE OVERVIEW | 1Q21 VALUE CREATION IN PRIVATE PORTFOLIO | 1Q21 GEORGIA CAPITAL Income statement Portfolio Businesses Operating Performance Greenfields Multiple Change and FX GEL '000, unless otherwise noted 1Q21 1Q20 Change Dividend income 4,738 4,927 -3.8% GEL thousands (1) (2) (3) Value Creation in 1Q21 (1)+(2)+(3) Interest income 4,497 6,155 -26.9% BOG (26,452) Realised/unrealised (loss)/ gain on liquid funds (172) (3,940) -95.6% Interest expense (17,219) (14,650) 17.5% Total Listed Portfolio Companies (26,452) Gross operating (loss)/income (8,156) (7,508) 8.6% Large Portfolio Companies 24,106 (12,794) 11,312 Operating expenses (8,873) (8,009) 10.8% GCAP net operating (loss)/income (17,029) (15,517) 9.7% Healthcare Services 78,728 (45,300) 33,428 Retail (Pharmacy) (56,215) 39,056 (17,159) Fair value changes of portfolio companies Water Utility (13,793) (1,212) (15,005) Listed portfolio companies (26,452) (367,747) -92.8% Of which, Georgia Healthcare Group PLC (134,624) NMF Insurance (P&C & Medical) 15,386 (5,338) 10,048 Of which, Bank of Georgia Group PLC (26,452) (233,123) -88.7% Investment Stage Portfolio (7,705) 1,015 9,753 3,063 Private portfolio companies 30,250 (141,580) NMF Companies Large Portfolio Companies 11,312 (75,726) NMF Renewable Energy (4,258) 3,557 (701) Of which, Healthcare Services 33,428 NMF Education (3,447) 1,015 6,196 3,764 Of which, Retail (pharmacy) (17,159) NMF Other Portfolio Companies 14,286 (150) 6,477 20,613 Of which, Water Utility (15,005) (51,904) -71.1% Of which, Insurance (P&C and Medical) 10,048 (23,822) NMF Total Private Portfolio Companies 30,687 865 3,436 34,988 Investment Stage Portfolio Companies 1,675) NMF Total Portfolio 30,687 865 3,436 8,536 Of which, Renewable energy (5,439) NMF Of which, Education 3,764 NMF Other businesses 20,613 (65,854) NMF Total investment return 3,798 (509,327) NMF (Loss)/Income before foreign exchange (13,231) (524,844) -97.5% movements and non-recurring expenses Net foreign currency loss Non-recurring expenses Net Income/(loss) (adjusted IFRS) (31,442) (177) (44,850) (92,139) -65.9% NMF (616,983) -92.7% 90 90#91• NUMBER OF SHARES OUTSTANDING DEVELOPMENT HISTORY US$45 million share buyback programme, commenced in Jun-18, was completed in Aug-19 In Jun-Aug 2019, 2.7m shares were cancelled In Dec-19, 3.4m shares were issued for GHG share exchange 3.3 million shares were bought +21.1% 38.68 back, of which 2.7 million 38.31 38.09 38.05 shares were cancelled 35.96 +7.2% 37.81 37.44 37.69 34.93 From 1 August 2019 through 1st quarter of 2020, CGEO shares of up to US$ 20 million were repurchased for the management trust million Decrease by 9.7% over the period Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 In 3Q20, 7.7m shares were issued for GHG share exchange 45.98 45.77 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 # of shares outstanding GEORGIA CAPITAL 46.28 91#92CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 1Q21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1Q21 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements ➤ Portfolio companies overview GEORGIA CAPITAL 92#93GEORGIAN HEALTHCARE MARKET OVERVIEW GEORGIA CAPITAL Healthcare coverage of Georgia's 3.7m population: UHC UHC was introduced in February 2013 and replaced most of the previously existing state- funded medical insurance plans 2015 Overview The main goal is to provide basic healthcare coverage to the entire population PMI UHC 2014 UHC is fully financed by the government Financing and top-up mechanism UHC doesn't reimburse 100% of costs in most cases, leaving substantial room for out-of-pocket payments by patients PMI SIP UHC 2013 UHC beneficiaries may select any healthcare provider enrolled in the programme PMI SIP OOP Beneficiaries and providers Actual prices charged to patients by healthcare providers are not regulated by the state 2012 Any provider, whether private or public, is eligible to participate in the programme Source: Ministry of Health of Georgia SIP OOP OOP OOP out-of-pocket UHC Universal Healthcare Program PMI Private Medical Insurance SIP State Insurance Program PMI, UHC, SIP include co-payments 93 3#94FORWARD LOOKING STATEMENTS GEORGIA CAPITAL 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: impact of COVID-19; regional instability; regulatory risk across a wide range of industries; investment risk; liquidity risk; portfolio company strategic and execution risks; currency fluctuations, including depreciation of the Georgian Lari, and macroeconomic risk; and other key factors that could adversely affect our business and financial performance, which are contained elsewhere in this document and in our past and future filings and reports and also the 'Principal Risks and Uncertainties' included in Georgia Capital PLC's Annual Report and Accounts 2020. No part of this document 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. 94 94#95COMPANY INFORMATION Georgia Capital PLC Registered Address 84 Brook Street London W1K 5EH 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 Ernst & Young LLP 1 More London Place London, SE1 2AF 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) 370 702 0176 Share price information Shareholders can access both the latest and historical prices via the website www.georgiacapital.ge GEORGIA CAPITAL