#1GEORGIA CAPITAL INVESTOR PRESENTATION 1Q23 RESULTS#2CONTENTS 01 10 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 2#3GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 31-MAR-23 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Other 8.2% Management³ Norway 2.0% UAE 4.8% 13.3% 0 South Africa 6.9% Luxembourg 7.5% Rank Shareholder name Ownership 1. Management & Management Trust 13.30% 2. Gemsstock Ltd 10.67% UK1 32.4% 3. Allan Gray Ltd 6.63% 4. Coeli Frontier Markets AB 4.65% 5. Lazard Asset Management LLC 4.29% 6. Schroder Investment Management Ltd 3.46% 7. BlackRock Investment Management (UK) 3.10% 8. RWC 3.03% 9. Firebird Management LLC 2.83% 10. GLG Partners LP 2.26% USA 2 25.0% Total 54.22% NUMBER OF ISSUED SHARES - 44.8 MILLION Georgia Capital PLC | 1. UK also includes Channel Islands. 2. USA also includes Cayman Islands. 3. Management shares include vested and unvested awarded shares and unawarded shares for management. 4. Management shares include shares directly held by the management (4.9%), shares held by the trust (5.2%) and unvested shares for the management (3.2%). GEORGIA CAPITAL 3#4KEY FIGURES AT A GLANCE GEORGIA CAPITAL M NAV HIGHLIGHTS AT 31-MAR-231 Portfolio value 3,267 GEL million US$ 1,276 million NAV 2,880 GEL million US$ 1,125 million Net debt 386 GEL million US$ 151 million NAV per share 67.72 GEL US$ 26.45 PORTFOLIO VALUE BREAKDOWN AT 31-MAR-23 30.1% O 69.9% ■Listed & Observable ■ Private STARTING FROM 2024, PLATFORM COSTS ARE TARGETED AT MAXIMUM 0.75% OF NAV Georgia Capital PLC | 1. Values are converted in US$ via 31-Mar-23 official exchange rate (2.5604), published by the National Bank of Georgia (NBG). 4#5OUR PORTFOLIO OVERVIEW AS AT 31-MAR-23 LISTED AND OBSERVABLE PORTFOLIO Value: GEL 985m 30% of the total portfolio value EI BANK OF GEORGIA Value: GEL 830m (25.4%) WATER UTILITY PRIVATE PORTFOLIO Value: GEL 2,282m 70% of the total portfolio value LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) Value: GEL 750m (23.0%) HOSPITALS 金 INSURANCE (P&C AND MEDICAL) Value: GEL 427m (13.1%) Value: GEL 290m (8.9%) INVESTMENT STAGE PORTFOLIO COMPANIES RENEWABLE ENERGY EDUCATION GEORGIA CAPITAL CLINICS AND DIAGNOSTICS OTHER BUSINESSES (1) Auto Service; (2) Beverages; (3) Housing Development; (4) Hospitality Value: GEL 287m (8.8%) Value: GEL 155m (4.7%) Value: GEL 243m (7.4%) Value: GEL 175m (5.4%) Value: GEL 110m (3.4%) 5#6STRONG NAV PER SHARE GROWTH NAV PER SHARE (GEL) +10.5% CAGR 46.8 48.1 44.3 67.7 65.6 63.0 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Mar-23 GEORGIA CAPITAL STRONG NAV PER SHARE GROWTH WITH 10.5% CAGR OVER THE LAST 4 YEARS THE OUTLOOK IS EVEN STRONGER ON THE BACK OF THE MEGA GROWTH OPPORTUNITIES ACROSS OUR PORTFOLIO 16#7CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 7#8OUR STRATEGY 01 INVESTING IN CAPITAL- LIGHT OPPORTUNITIES ONLY 02 OUR ROBUST CAPITAL MANAGEMENT FRAMEWORK 03 ESG AT THE CORE OF OUR STRATEGY ESG 8#9CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 03 OUR STRATEGY ☐ Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL#10THE CAPITAL-LIGHT INVESTMENT STRATEGY GEORGIA CAPITAL STRONG VALUE CREATION POTENTIAL WITHOUT SIGNIFICANT CAPITAL COMMITMENTS GCAP INVESTS IN GEORGIA IN SECTORS NOT REQUIRING INTENSIVE CAPITAL COMMITMENTS OUR BREAD AND BUTTER STRONG TRACK RECORD IN TAPPING BIG OPPORTUNITIES WITH SMALL INVESTMENTS BY CONSOLIDATING FRAGMENTED INDUSTRIES, ESPECIALLY IN SERVICE-ORIENTED SECTORS ee Pharmacies Up Clinics Hospitals Insurance in progress Diagnostics in progress Private Schools in progress Manage third-party money and/or establish partnerships in capital heavy industries 10 10#11MAPPING EXISTING PORTFOLIO TO THE REGIONAL GROWTH OPPORTUNITIES LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES 29 Hospitals Retail (Pharmacy) Insurance (P&C and medical) Renewable Energy Education Clinics and diagnostics LARGE CAPITAL-LIGHT ✓ ☑ ✓ ✓ CURRENT REGIONAL LONG-TERM REGIONAL EXPANSION POTENTIAL EXPANSION POTENTIAL No No ✓ Yes Yes Х ✓ No No No No No Yes No Yes GEORGIA CAPITAL = 11#12LARGE AND CAPITAL-LIGHT PORTFOLIO COMPANIES ARE ELIGIBLE FOR THE REGIONAL EXPANSION LARGE BUSINESSES Hospitals Insurance (P&C and medical) CURRENT REGIONAL EXPANSION POTENTIAL CAPITAL-LIGHT BUSINESSES Retail (Pharmacy) & Education Clinics and diagnostics LONG-TERM REGIONAL EXPANSION POTENTIAL GEORGIA CAPITAL TO FOLLOW THEIR NATURAL GROWTH PATH, GCAP ENABLES ITS LARGE, CAPITAL-LIGHT PORTFOLIO COMPANIES TO EXPLORE REGIONAL GROWTH OPPORTUNITIES 12#13OUR INVESTMENT STRATEGY GCAP INVESTS IN CAPITAL-LIGHT, LARGE OPPORTUNITIES, WHICH HAVE A POTENTIAL TO BECOME GEL 300 MLN+ IN EQUITY VALUE OVER 3-5 YEARS THE CYCLE OF GCAP'S STRATEGY Invest Grow Monetise Our key strategic principle is to develop or buy capital-light businesses at affordable prices. GCAP helps the portfolio companies institutionalise their management, enhance their governance and grow them into mature businesses that can further develop largely on their own, either with continued oversight or independently. As investments mature, GCAP intends to realise proceeds through exits at attractive prices. INVEST IN CAPITAL-LIGHT LARGE OPPORTUNITIES IN GEORGIA GEORGIA CAPITAL MONETISE घ GROW BUSINESSES TO EQUITY VALUE OF GEL 300 MLN+ 13#14OUR INVESTMENT STRATEGY (CONT'D) IRR & MOIC¹ IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW OPPORTUNITIES KEY INVESTMENT METRICS AT GCAP LEVEL IRR MOIC GEORGIA CAPITAL ROIC IS AT THE CORE OF OUR DECISION MAKING WHEN OUR PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES KEY METRIC FOR REINVESTMENT DECISION MAKING AT PORTFOLIO COMPANIES' LEVEL • • ROIC ROIC should exceed WACC for all new investments Portfolio companies to continue divestment of low ROIC and/or non-core assets & businesses to enhance ROIC 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 • Human capital (CEO & CFO) allocation & KPI setting Georgia Capital PLC | 1. Multiple of Capital Invested (MOIC). 14#15CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 15#16NET CAPITAL COMMITMENT (NCC) OVERVIEW NCC REPRESENTS AN AGGREGATED VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS AT THE GCAP HOLDCO LEVEL US$ MILLION Cash and liquid funds Loans issued Gross debt Net debt (1) Guarantees issued (2) Guarantees issued down by 76.1% in 1Q23, resulting from the recent developments in the beer business's operating performance. Portfolio value up by 7.8%, reflecting the strong value creation across our portfolio companies. Robust liquidity levels at GCAP, also reflecting GEL 21.2 million buyback dividends from the participation in BoG's buybacks, corresponding to c.240,000 shares sold. GEORGIA CAPITAL 31-DEC-22 CHANGE 31-MAR-23 152.4 9.9 -11.8% 39.8% 134.5 13.9 (303.3) -1.4% (299.2) (141.0) 7.0% (150.8) (6.8) -76.1% (1.6) Net debt and guarantees issued (3)=(1)+(2) Planned investments (4) (147.8) 3.2% (152.5) (52.3) -7.0% (48.7) of which, planned investments in Renewable Energy (30.1) 0.0% (30.1) of which, planned investments in Education Announced Buybacks (5) (22.3) -16.4% (18.6) Contingency/liquidity buffer (6) (50.0) 0.0% (50.0) Total planned investments, announced buybacks and contingency/liquidity buffer (7)=(4)+(5)+(6) (102.3) -3.6% (98.7) Net capital commitment (3)+(7) (250.1) 0.4% (251.2) Portfolio value 1,183.8 7.8% 1,276.2 NCC ratio 21.1% -1.4 ppts 19.7% 16#17NCC RATIO DEVELOPMENT OVERVIEW NCC RATIO DOWN BY 1.4 PPTS TO 19.7% IN 1Q23 NCC AND NCC RATIO DEVELOPMENT OVERVIEW¹ 385.8 365.9 345.7 Subsequent to 1Q23, we have received an additional GEL 26.3 million from participating in the BoG's buybacks with 295,000 BoG shares sold. This coupled with GCAP's share buybacks and movements in BoG's share price and foreign exchange rates, led to a further reduction in the NCC ratio to 19.1%. In light of a worldwide rising interest rate environment, we are targeting to reduce the balance of "net debt and guarantees issued" close to zero over the short to medium term 42.5% 39.8% 31-Dec-19 31-Dec-20 NCC ratio 31.9% 31-Dec-21 250.1 251.2 254.4 GEORGIA CAPITAL ~191.42 21.1% 19.7% 19.1% 15.0% 31-Dec-22 -Net Capital Commitment (US$ million) Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our real estate and beverages businesses into equity. 2. Assuming the application of the 15% NCC ratio target to the total portfolio value as at 31 March 2023. 31-Mar-23 Pro-forma 31-Mar-23 OVER THE CYCLE TARGET 17#18360-DEGREE FRAMEWORK GCAP SHARE PRICE IS AT THE CORE OF OUR INVESTMENT DECISION MAKING opportunity Buyback Investment opportunity 360° ANALYSIS NEW NCC RATIO NAVIGATION TOOL 15% 40% GEORGIA CAPITAL MEANINGFUL BUYBACKS & INVESTMENTS TACTICAL BUYBACKS & INVESTMENTS CASH PRESERVATION STRATEGY Sale opportunity WE PERFORM 360-DEGREE ANALYSIS EACH TIME WE MAKE A CAPITAL ALLOCATION DECISION AND COMPARE: • Investment opportunity vs. buyback opportunity • Sale opportunity vs. buyback opportunity CAPITAL ALLOCATIONS 18#19DELEVERAGING ACROSS OUR PRIVATE PORTFOLIO AGGREGATED LEVERAGE ACROSS OUR PRIVATE LARGE AND INVESTMENT STAGE PORTFOLIO COMPANIES AT 2.7x AS OF 31-MAR-23 ADJUSTED NET DEBT/EBITDA 31-DEC-22 CHANGE 31-Mar-23 GEORGIA CAPITAL TARGET (OVER THE CYCLE) LARGE PORTFOLIO COMPANIES Retail (pharmacy)¹ 1.6x -0.2x 1.4x Up to 1.5x Hospitals 3.4x +0.4x 3.8x Up to 2.0x Insurance (P&C and Medical) No leverage NMF No leverage No leverage INVESTMENT STAGE PORTFOLIO COMPANIES Renewable Energy² 6.4x +0.4x 6.8x Up to 6.0x Education 1.2x 0.0x 1.2x Up to 2.5x Clinics and Diagnostics 5.3x +2.1x 7.4x Up to 2.0x Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects; Net debt/EBITDA is adjusted for capital commitments. 1. Includes the application of the minority buyout agreement. 2. Renewable energy ratio is calculated in US$. 19#20LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES TOTAL NET DEBT/EBITDA DEVELOPMENT OVERVIEW ➤ Despite headwinds from COVID-19, leverage profile across our private portfolio companies improved over the last 2 years. GEORGIA CAPITAL 5.5x 5.3x 4.6x 3.9x 3.7x 3.7x 3.5x 3.3x 3.3x 3.0x 189 1,039 200 1,062 225 1,025 268 998 258 913 255 946 238 927 244 814 245 803 242 723 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Mar-22 Jun-22 Sep-221 Dec-22 Mar-23 Total LTM EBITDA Total Net debt -Total Net debt/EBITDA Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects. Net debt Includes the application of the minority buyout agreement in the retail (pharmacy) business and assumes the conversion of the loans issued to our real estate and beverages businesses into equity. 1. Renewable energy business net debt, excluding US$ 10 million quasi equity. 20 20#21AGGREGATED LEVERAGE OVERVIEW ACROSS OUR LARGE AND INVESTMENT STAGE PORTFOLIO COMPANIES GEORGIA CAPITAL ADJUSTED¹ NET DEBT/EBITDA DEVELOPMENT OVERVIEW LTM EBITDA up 10.5% as at Mar-23 from Dec-19; Excluding the minority buyout agreement at Retail (pharmacy), adjusted net debt of large and investment stage portfolio companies was down 25.3% as at Mar-23 from Dec-19. GEL MILLION 3.2x 3.1x 2.8x 2.6x 2.6x 2.6x 2.5x 2.6x 2.7x 2.4x 623 624 603 552 89 528 539 124 131 92 92 93 92 184 598 186 586 197 516 224 534 235 472 238 499 223 535 218 460 206 435 203 447 Dec-19 Jun-20 Dec-20 Jun-21 Dec-212 Mar-222 Jun-222 Sep-222,3 Dec-222 Mar-232 LTM EBITDA Adjusted Net debt 1 - Adjusted Net debt/EBITDA Minority buyout agreement at Retail (Pharmacy) Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects. 1. Adjusted for capital commitments. 2. Includes the application of the minority buyout agreement in the retail (pharmacy) business. 3. Renewable energy business net debt, excluding US$ 10 million quasi equity. 21#22CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy ■ Our strategic priorities 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 22 22#23CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance 02 Access to management 03 Access to capital THREE FUNDAMENTAL ENABLERS GEORGIA CAPITAL S STRONG CORPORATE GOVERNANCE ACCESS TO MANAGEMENT ACCESS TO CAPITAL 23 23#24ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRINCIPLES LIE AT THE HEART OF OUR BUSINESS OUR PORTFOLIO IS CONCENTRATED ACROSS STRUCTURALLY IMPORTANT INDUSTRIES IN GEORGIA, CONNECTING US TO THE COUNTRY'S SUSTAINABLE DEVELOPMENT GEORGIA CAPITAL WE INVEST IN INDUSTRIES WHICH HAVE POSITIVE IMPACT ON PEOPLE AND PLANET LARGEST EMPLOYER IN THE GEORGIAN PRIVATE SECTOR Male 25% OVER 19,000 EMPLOYEES AT THE GROUP LEVEL Female 75% Reputation among talented managers as the "best Group to work for", as 92% of the annual satisfaction survey participants enjoy working at GCAP Q Our healthcare businesses, contribute to the development of the Georgian healthcare system and society as a whole. Our Education business makes a significant contribution to the country's education system and society by developing the younger generation. Through its green projects, our renewable energy business supports climate change mitigation, natural resources conservation and pollution prevention. Our Auto Service business is directly engaged in the reduction of greenhouse gas emissions and road traffic accidents in Georgia. 24#25OUR RECENT KEY ESG DEVELOPMENTS GEORGIA CAPITAL 01 ENHANCED ESG TRANSPARENCY 02 OBTAINED RENEWED MSCI ESG RATING 2022 IN BRIEF 03 ENHANCED ESG EXPERTISE WITH UN GLOBAL COMPACT'S GUIDANCE 04 DELIVERED ON THE STRATEGIC PRIORITY 05 COMMITTED TO THE NET-ZERO INITIATIVE ■ To further enhance the ESG transparency, in 2022 Georgia Capital submitted its first climate change questionnaire for scoring to the CDP platform. ■ GCAP's first CDP score is C. ■ MSCI ESG rating reinstated coverage of GCAP, after the rating withdrawal in 2020. ■ GCAP's MSCI ESG rating score is A, with the highest average score in the governance criteria. ■ GCAP joined the UN Global Compact SDG accelerator and climate ambition programmes. ■ Under the programme, GCAP enhanced its technical knowledge of SDGs and GHG reduction strategies, engaged in discussions with global experts and peer entities, and successfully shared its experience with the portfolio companies. " Georgia Capital delivered on its strategic priority of setting measurable ESG targets and established the ESG action plan. ■ The process considered a comprehensive analysis of the relevant ESG frameworks and guidelines, as well as determining the materiality of ESG matters across the business operations. ■In 2022, Georgia Capital committed to the Net-Zero Initiative and expressed its willingness to reach Net-Zero across Scope 1 and 2 emissions at both GCAP HoldCo and portfolio company levels by 2050. 25#26INCREASEAD FOCUS ON IMPACT INVESTING COMMITTING TO UN'S PRINCIPLES AND MAPPING OUR BUSINESSES TO THEIR SUSTAINABLE DEVELOPMENT GOALS ("SDGS") GEORGIA CAPITAL 1 NO POVERTY 2 ZERO HUNGER 3 GOOD HEALTH AND WELL-BEING 4 QUALITY EDUCATION 5 GENDER EQUALITY Business SSS Direct SDG Impact Supportive / Indirect SDG Impact GCAP HoldCo 8, 10, 13 5 Retail (Pharmacy) 3,8,12 5,11 6 CLEAN WATER AND SANITATION 7 AFFORDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 10 REDUCED INEQUALITIES Hospitals 3,8, 12 5,11 = II) Insurance 3,8,9 1,10 Renewable Energy 7,9, 13 8, 11 11 AND COMMUNITIES SUSTAINABLE CITIES 12 RESPONSIBLE CONSUMPTION 13 CLIMATE ACTION 14 LIFE BELOW WATER 15 LIFE ON LAND AND PRODUCTION Education AND STRONG INSTITUTIONS QO 16 PEACE, JUSTICE 17 & Clinics & Diagnostics Auto Services 3,8,9 9,11,13 3, 11, 16 5,11 15 PARTNERSHIPS FOR THE GOALS SUSTAINABLE DEVELOPMENT GOALS Water Utility 6, 7, 11 12, 13, 14 III Banking 1,8,11 5 26#27CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy ■ Our strategic priorities 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 27#2817 ESG DELEVERAGING GCAP HOLDCO BY BRINGING DOWN THE NCC RATIO BELOW 15% REDUCE AND MAINTAIN PORTFOLIO COMPANIES' LEVERAGE TO RESPECTIVE TARGETED LEVELS SET MEASURABLE ESG TARGETS AT BOTH GCAP HOLDCO AND PORTFOLIO COMPANY LEVELS OUR STRATEGIC PRIORITIES CONTINUED PROGRESS ON THE DIVESTMENT OF "OTHER" PORTFOLIO COMPANIES 28 20#29OUR LONG-TERM ASPIRATION GEORGIA CAPITAL 8 ACHIEVEMENT OF OUR STRATEGIC PRIORITIES WILL ENABLE GCAP TO GRADUALLY TRANSFORM INTO A SUSTAINABLE PERMANENT CAPITAL VEHICLE (PCV) Significantly reduced leverage at the GCAP HoldCo level Capacity to redeploy our existing capital without the need for new equity share issuance/raise Consistent NAV per share growth on the back of resilient, capital-light investments Opportunity to return a significant portion of GCAP's cash inflows to our shareholders 29 29#30CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW Strategic developments Georgia Capital results overview Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 30#31RECENT DEVELOPMENTS KEY ACTIVITIES IN 1Q23 01 ROBUST OPERATIONAL AND FINANCIAL PERFORMANCE IN 1Q23 02 TRANSFER TO LSE STANDARD LISTING 03 SALE OF HOSPITALITY BUSINESS ASSETS 04 EXPANSION OF THE EDUCATION BUSINESS 05 SHARE BUYBACKS GEORGIA CAPITAL NAV per share (GEL) up 3.3% (up 6.4% in GBP terms), reflecting strong value creation across our portfolio companies. NCC ratio down by 1.4 ppts to 19.7%, resulting from the continued growth in the portfolio value and decrease in the guarantees issued. Successful completion of the transfer to LSE Standard Listing, which is anticipated to: • Provide flexibility to dispose the assets; Simplify the procedures to execute meaningful buybacks; ■ Reduce costs. Sale of two operational hotels and a vacant land plot in Tbilisi for a total consideration of US$ 28 million. ➤Net debt of the hospitality business down to US$ 11.1 million at 31-Mar-23. ➤ Aggregated net debt to EBITDA of our private businesses down to 3.0x at 31-Mar-23 from 3.3x at 31-Dec-22. ➤In April 2023, the business signed an SPA to sell another under-construction hotel for US$ 8.4 million. The transaction is expected to close by the end of 2Q23. ➤In 1Q23, GCAP expanded its K-12 education business through two investment projects: (1) Acquisition of a new campus in the affordable segment, leading to the expansion of the total built capacity from 5,670 learners to 6,870 learners. (2) Acquisition of a land plot adjacent to the operational campuses of our premium and international schools, increasing the total secured pipeline capacity for 2025 by 350 learners, from 2,410 learners to 2,760 learners. • Launch of the US$ 10 million share buyback and cancellation programme in April 2023. • 665,921 shares (1.5% of issued capital) repurchased to date under the buyback programme as of 5-May-23. 31#32COMPLETION OF THE TRANSFER TO LSE STANDARD LISTING FOLLOWING THE APPROVAL FROM A 99.99% OF THE VOTING SHAREHOLDERS, THE TRANSFER TO LSE STANDARD LISTING BECAME EFFECTIVE ON 13 APRIL 2023 THE TRANSFER IS ANTICIPATED TO ELIMINATE TRANSACTION DELAYS AND COSTS ASSOCIATED WITH CLASS TESTS AND ENSURES MORE SEAMLESS EXECUTION OF SIGNIFICANT TRANSACTIONS THE TRANSFER: 01 02 22 03 PROVIDES FLEXIBILITY TO DISPOSE ASSETS Provides flexibility when it comes to disposals/exits from portfolio companies, given there are no legal/regulatory burdens (circular submissions, shareholder approvals, etc.). Minimizes the dependency on market fluctuations, as GCAP's market capitalization is no longer the main factor in determining class test related transaction execution paths. SIMPLIFIES THE PROCEDURES TO EXECUTE MEANINGFUL BUYBACKS Saves US$ c. 1.0 million on costs related to sponsors, legal and accounting services. REDUCES COSTS Saves US$ c.1.2 million on fees related to significant transactions. Saves up to US$ 1.0 million on annual operating expenses, supporting the company's target to bring down its OPEX ratio to 0.75% of NAV starting from 2024. GEORGIA CAPITAL FOLLOWING THE TRANSFER, GCAP CONTINUES TO MAINTAIN THE HIGHEST LEVELS OF: O CORPORATE GOVERNANCE TRANSPARENCY 32#33SALE OF HOSPITALITY BUSINESS ASSETS In 1Q23, our hospitality business completed the sale of two operational hotels and a vacant land plot in Tbilisi for a total consideration of US$ 28 million. Additionally, in April 2023, the business entered into a binding agreement to sell another under-construction hotel located in Tbilisi for US$ 8.4 million. The transaction is expected to close by the end of 2Q23. THE PROCEEDS FROM THE TRANSACTION WERE FULLY UTILISED FOR DELEVERAGING THE HOSPITALITY BUSINESS BALANCE SHEET TRANSACTION HIGHTLIGHTS NET DEBT DEVELOPMENT OVERVIEW (US$ MILLION) -72% 40 THE TRANSACTIONS MARK FURTHER PROGRESS TOWARDS TWO CORE STRATEGIC PRIORITIES: to divest, over the next few years, subscale portfolio companies to delever the Group's balance sheet TOTAL CONSIDERATION US$ 36 MILLION 28 TRANSACTIONS HAD POSITIVE IMPACT ON THE AGGREGATED LEVERAGE OF OUR PRIVATE PORTFOLIO COMPANIES AGGREGATED NET DEBT TO EBITDA OF THE PRIVATE BUSINESSES 3.3x 31-DEC-22 3.0x 31-MAR-23 Received in 1Q23 ■To be collected in 2Q23 ➤ THE SALES HAVE NO IMPACT ON GCAP'S NAV 11 31-Dec-22 31-Mar-23 GEORGIA CAPITAL 33#34EXPANSION OF THE EDUCATION BUSINESS WE ARE SCALING UP OUR HIGH-QUALITY K-12 EDUCATION IN GEORGIA, IN LINE WITH OUR CAPITAL ALLOCATION PROGRAMME RECENT INVESTMENT PROJECTS: Acquisition of a new campus in the affordable segment, through which the business has expanded from a built capacity of 5,670 learners to 6,870 learners. Acquisition of a land plot adjacent to the operational campuses of our premium and international schools, increasing the total secured pipeline capacity for 2025 by 350 learners, from 2,410 learners to 2,760 learners. TOTAL LEARNER CAPACITY DEVELOPMENT OVERVIEW +21.2% 6,870 5,670 31-Dec-22 31-Mar-23 1,150 4,700 TOTAL CAPACITY AS AT 31-MAR-23 1,020 6,870 LEARNERS I Premium and International segments I Mid-scale segment Affordable segment GEORGIA CAPITAL 34#35COMMENCEMENT OF US$ 10 MILLION SHARE BUYBACK AND CANCELLATION PROGRAMME 665,921 SHARES (1.5% OF ISSUED CAPITAL) HAVE BEEN REPURCHASED UNDER THE BUYBACK PROGRAMME AS OF 5-MAY-23 ➤In 1Q23, 770,291 shares with a value of US$ 7.3 million were repurchased for the management trust. DEVELOPMENT OF SHARE BUYBACK AND CANCELLATION PROGRAMME Remaining funds earmarked for buybacks 3.5 10 Repurchased 6.5 as of 5-May-23 US$ MILLION NUMBER OF ISSUED SHARES DEVELOPMENT OVERVIEW (MILLION) GHG share exchange facility 47.9 47.1 44.8 44.8 39.4 40.2 38.1 -1.5% 44.2 29-May-18 (Demerger) Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Mar-23 5-May-23 GEORGIA CAPITAL 35#36CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW Strategic developments Georgia Capital results overview Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 36#37NAV PER SHARE (GEL) MOVEMENT IN 1Q23 NAV PER SHARE (GEL) UP 3.3% IN 1Q23 ■ NAV per share (GBP) up 6.4% in 1Q23. ■ As of 5-May-23, NAV per share (GEL) up 7.6% and up 12.3% in GBP terms from 31- Dec-22, reflecting: (a) GCAP's share buybacks, (b) participation in BoG's buyback dividends and (c) movements in BoG's share price and FX. 65.56 In GBP: 20.12 GEORGIA CAPITAL +2.0% +0.7% +1.1% -0.4% -0.2% +3.3% +4.3% +7.6% 70.57 +6.4% 67.72 In GBP: 21.41 +5.9% NAV per share 31-Dec-22 Private portfolio Listed & obeservable Buybacks portfolio Operating expenses Liquidity manag. /FX/Other NAV per share Change 31-Mar-23 In GBP: 22.59 NAV per share 5-May-23 37#38PORTFOLIO VALUE DEVELOPMENT IN 1Q23 PORTFOLIO VALUE UP 2.2% TO GEL 3.3 BILLION IN 1Q23 GEL MILLION GEORGIA CAPITAL 3,199 21 0 30 26 13 3,267 (21) I LISTED AND OBSERVABLE PORTFOLIO VALUE¹ PRIVATE PORTFOLIO VALUE UP BY GEL 69 MILLION (3.1%) Portfolio value BOG Value 31-Dec-22 creation BOG Buyback dividends Water Utility Large portfolio companies Investment stage portfolio Other portfolio companies Portfolio value 31-Mar-23 Georgia Capital PLC | 1. A 5.6% growth in BoG's share price in 1Q23 was offset by GEL 21.2 million buyback dividends from the participation in BoG share buybacks. 38#39LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) 300 300 365 365 CASH RECEIPT FROM THE WATER UTILITY BUSINESS SALE CANCELLATION OF US$ 65 MILLION GCAP EUROBOND 88 74 54 234 GEORGIA CAPITAL 300 300 -11.8% 152 135 • . LIQUIDITY DOWN BY 11.8% IN US$ TERMS IN 1Q23, MAINLY REFLECTING: A) GEL 23.9 MILLION COUPON PAYMENT, B) GEL 19.3 MILLION CASH OUTFLOW FOR BUYBACKS, AND C) GEL 17.0 MILLION CAPITAL ALLOCATIONS. THE DECREASE WAS PARTIALLY OFFSET BY REALISED REGULAR AND BUYBACK DIVIDENDS AND INTEREST RECEIPTS OF GEL 30.8 MILLION IN AGGREGATE IN 1Q23. OF US$ 300 MILLION GCAP EUROBONDS, US$ c.80 MILLION IS CURRENTLY HELD IN TREASURY. US$ c.28 million were repurchased in 2023. Dec-19 Dec-20 Dec-21 Jun-22 Dec-22 Mar-23 39#40GEL MILLION DIVIDEND INCOME OUTLOOK DIVIDEND INCOME FROM PORTFOLIO COMPANIES DIVIDEND INCOME PER SHARE (GEL) 73 1.6 +26.2% 94* 2.1 1.21 74 41 15 53 29 30 48 44 60 53 2019 2020 2021 2022 5 YTD 1 ■Regular dividend from private companies Buyback dividend Regular dividend from listed companies * Including the buyback dividend of GEL 29 million, the total dividend income in 2022 stands at GEL 123 million. ** 2023 dividend income outlook excludes GEL 29 million buyback dividends related to the participation in BoG's 2022 share buyback programme in 2023. Georgia Capital PLC | 1. Presented as of 5-May-23. GEORGIA CAPITAL DIVIDEND INCOME 1Q23 YTD1 (GEL million) Buyback dividend 21.2 47.5 Regular dividends from Renewable Energy TOTAL 5.2 5.2 26.4 52.7 GEL 150-160 MILLION DIVIDEND INCOME EXPECTED IN 2023** (Includes buyback dividends from BoG) 40 40#41CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW Strategic developments Georgia Capital results overview Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 41#42AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED REVENUE UP 10.0% Y-O-Y IN 1Q23 AND UP BY 26.5% FROM 1Q21 Aggregated revenue excluding Hospitals and Clinics & Diagnostics, which are completing their gradual organic return to pre-pandemic levels of activity, is up 15.9% y-o-y in 1Q23. GEL MILLION +26.5% +10.0% 1,902 +2.3% 1,945 484 529 479 435 165 161 378 121 77 64 43 39 34 280 315 319 1,252 1Q21 1Q22 1Q23 FY22 Other portfolio companies I Investment stage portfolio companies | Large portfolio companies Georgia Capital PLC | General note: Revenue from the water utility business is excluded for the presentation purposes. Aggregated numbers are presented like-for-like basis. GEORGIA CAPITAL 1,256 LTM 31-Mar-23 Other portfolio companies Investment stage portfolio companies I Large portfolio companies 42 222#43AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED EBITDA UP 0.9% Y-O-Y IN 1Q23 AND UP BY 0.6% FROM 1Q21 Aggregated EBITDA excluding Hospitals and Clinics & Diagnostics, is up 12.0% y-o-y in 1Q23. GEL MILLION +0.6% +0.9% 54 55 54 1 13 10 11 243 35 +0.2% 244 37 56 53 40 153 37 40 40 40 1Q21 1Q22 1Q23 Other portfolio companies ■Investment stage portfolio companies Large portfolio companies Georgia Capital PLC | General note: EBITDA from the water utility business is excluded for the presentation purposes. Aggregated numbers are presented like-for-like basis. FY22 153 LTM 31-Mar-23 Other portfolio companies Investment stage portfolio companies ■Large portfolio companies GEORGIA CAPITAL 43#44AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO ORGANIC TRANSITION TO REVENUE GROWTH STRATEGY FROM PREVIOUSLY ADOPTED CASH PRESERVATION STRATEGY TOTAL AGGREGATED NET OPERATING CASH FLOW (GEL MILLION) TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) +93.3% +5.3% 32 33 17 206 +0.8% 31-Dec-21 317 208 +29.0% 31-Dec-22 310 1Q21 1Q22 1Q23 FY22 LTM 31-Mar-23 Georgia Capital PLC | General note: Like-for-line numbers; excluding the performance of the water utility business. 31-Mar-23 400 +26.4% GEORGIA CAPITAL 44#45PORTFOLIO VALUE AS OF 31-MAR-23 91% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 % SHARE IN TOTAL PORTFOLIO VALUE: 25% 9% 30% 287 985 16% 528 PORTFOLIO BREAKDOWN GEL 3,267 MILLION 1,467 I Listed and observable ■Large GEORGIA CAPITAL 5% 23% 13% 9% 8% 5% 3% 9% GBP 27.50 BGEO PRICE ON LSE OPTION VALUATION² MULTIPLE: 9.3x 12.8x LTM EV/EBITDA³ LTM EV/EBITDA³ 10.4x-8.8x LTM P/E4 12.6x EV/EBITDA5 16.2x LTM EV/EBITDA 21.0x6 EV/EBITDA³ 830 750 GEL MILLION 427 287 290 243 175 155 110 (& 00 Ⅲ BOG Water Utility Retail (Pharmacy) Hospitals Insurance (P&C & Medical) Renewable Energy Education Clinics and diagnostics Other 45% LISTED AND OBSERVABLE LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES Investment stage Georgia Capital PLC | Other 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. The valuation of Water Utility in 1Q23 reflects the application of the put option valuation to GCAP's 20% holding in the business. 3. LTM EV/EBITDA multiples for Retail (Pharmacy), Hospitals and Clinics & Diagnostics are presented including IFRS 16 as of 31-Mar-23. 4. LTM P/E multiple of 10.4x for P&C insurance and LTM P/E multiple of 8.8x (adjusted for the excess cash) for medical insurance business as at 31-Mar-23. 5. Blended multiple for the operational assets of Renewable Energy is 12.6x, while other pipeline projects are stated at cost. 6. Blended multiple for Clinics & Diagnostics is 21.0x. 45#46CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 46#47Listed Portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ INVESTMENT RATIONALE • ° • • The first entity from Georgia to be listed on the premium segment of the Main Market of the London Stock Exchange (LSE: BGEO) since February 2012. High standards of transparency and governance. Leading market position¹ in Georgia by assets (37.8%), loans (36.1%), client deposits (38.9%) and equity (34.7%) as at 31 December 2022. Growing market: The banking sector's assets growth rate at 22.6% (CAGR over 2003-1Q23). Strongest retail banking franchise: 44.4% market share in deposits of individuals, 38.8% market share in loans to individuals, as at 31-Dec-22. Sustainable growth combined with strong capital, liquidity and robust profitability, with ROAE above 20%. VALUE CREATION POTENTIAL • Loan book y-o-y growth c.10%. Regular progressive semi-annual capital distribution with 30-50% dividend/share buyback payout ratio. 20%+ ROAE. OWNERSHIP Georgia Capital owns 20.6%² of Bank of Georgia Group PLC. As long as Georgia Capital's stake in BoG is greater than 9.9%, it will exercise its voting rights in Bank of Georgia Group in accordance with the votes cast by all other shareholders on all shareholder votes at any general meeting. Banking business key medium-term targets ROAE 20%+ LOAN BOOK GROWTH C.10% Market opportunity Banking sector assets, loans and deposits CAGR 22.6% GEORGIA CAPITAL 70.0 67.3 60.6 56.9 47.2 44.7 44.8 43.0 39.7 38.2 34.6 31.9 30.1 44.3 43.3 25.2 26.6 37.2 20.6 22.3 34.6 17.3 12.7 14.4 1.3 0.8 1.7 0.9 2.51.7 4.22.7 7.2 8.9 10.6 13.0 8.3 4.6 6.0 5.2 6.3 7.7 8.7 10.5 0.7 1.0 1.3 2.1 3.2 3.6 4.0 5.5 7.6 9.7 11.6 GA 18.9 16.0 26.2 23.0 19.8 17.0 14.3 Deposits, GEL bln: 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: NBG Assets, GEL bln Loans, GEL bln Robust capital management track record Maintain regular progressive semi-annual dividend payouts: aiming 30%-50% dividend/share buyback payout ratio; Under its ongoing share buyback and cancellation programme the Bank repurchased 1,670,446 ordinary shares at a total cost of GEL 112.7 million in 2022. The programme was further extended of an additional GEL 148 million in February 2023. In 2022, BOG paid interim dividend of GEL 1.85 per ordinary share in respect of the period ended 30 June 2022. On 16 February 2023, the Bank announced its Board intention to recommend a final dividend for 2022 of GEL 5.80 per ordinary share at the Bank's 2023 Annual General Meeting. This will make a total dividend paid in respect of the Bank's 2022 earnings of GEL 7.65 per share. Georgia Capital PLC | 1. Market data based on standalone accounts as published by the NBG www.nbg.gov.ge 2. Following the participation in BoG's share buybacks, GCAP's holding in the Bank decreased to 20.3% as of 31-Mar-23 from 20.6% as of 31-Dec-22. 47#4840 Listed Portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Stock price performance 35 30 25 20 15 10 5 May/18 Jun/18 Jul/18 Aug/18 Sep/18 Oct/18 Nov/18 Dec/18 Jan/19 Feb/19 Mar/19 Apr/19 May/19 Jun/19 Jul/19 Aug/19 Sep/19 Oct/19 Nov/19 Dec/19 Jan/20 Feb/20 Mar/20 Apr/20 May/20 Jun/20 Selected operating metrics 31-Dec-21 Jul/20 Aug/20 Sep/20 Oct/20 Nov/20 Dec/20 Jan/21 Feb/21 Mar/21 Apr/21 May/21 Jun/21 Jul/21 Aug/21 Sep/21 Oct/21 Nov/21 Dec/21 Jan/22 Feb/22 Mar/22 Apr/22 May/22 Jun/22 Jul/22 Aug/22 Sep/22 Oct/22 Nov/22 Dec/22 Jan/23 Feb/23 Financial metrics (GEL million) GBP 27.50 as of 31-Mar-23 NIM NPL coverage Loan portfolio Mar/23 Cost/income²,3 2015 2016 2017 2018 2019 2020 2021 2022 Change y-o-y 7.7% 7.4% 7.3% 6.5% 5.6% 4.6% 4.9% 5.4% +0.5 ppts -29.1 ppts +4.3% 83.4% 86.7% 92.7% 90.5% 80.9% 76.3% 95.5% 66.4% 5,367 6,682 7,741 9,398 11,931 14,192 16,169 16,862 35.5% 37.7% 37.7% 36.7% 37.8% 39.7% 37.2% 32.0% -5.2 ppts GEL 16.6 billion gross loan portfolio breakdown* | 31 December 2022 31-Dec-22 Change Number of monthly active customers ('000) 1,459 1,714 +17.4% Corporate loans, GEL 4,989 million, 30.1% 4Q21 4Q22 Change Number of transactions in mBank and iBank ('000) Profits & ROAE 35,402 52,466 48.2% Retail loans, GEL 11,591 million, 69.9% * Bank of Georgia Standalone. Loan book growth Dividend record (GEL million) Loan book growth (nominal) Loan book growth (constant currency basis) Payout ratio: ROAE 21.9% 22.2% 25.2% 26.4% 26.1% 13.0% 25.8% 32.4%2 36% 33% 34% 32% 30% 30% 27.0% 24.5% 1,1322 20.9% 21.4% 19.8% 18.9% 17.4% Share buyback GEL million 16.1% 22.0% 13.9% 727 19.0% 12.9% Total dividend paid for the year 10.2% 500 370 379 274 296 295 15.9% 4.3% 1.5% 2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022 4. For the purpose of payout ratio calculation, total buyback amount is divided by outstanding shares before the beginning of the programme for the respective year. 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. Adjusted for a one-off GEL 391.1m of other income due to the settlement of an outstanding legacy claim, and a one-off GEL 79.3m tax expense due to an amendment to the current corporate taxation model in Georgia. 3. 2019 cost/income ratio adjusted for GEL 12.4 million one-off employee costs (gross of income tax) related to termination benefits of the former executive management 35%4 37%4 539 184 72 80 98 102 122 124 84 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 257 73 267 188 GEL 267m final dividend recommended for shareholder approval 48 43 GEORGIA CAPITAL#49Option valuation WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW (GEL MILLION) 697.0 (557.6) 15.6 155.0 155.0 Equity value 31-Dec-21 Sale of 80% equity interest Put option valuation Equity value of as of 31-Dec-22 Change Equity value of as of 31-Mar-23 GCAP and Aqualia have put and call options for the minority 20% equity interest in the water utility business. GCAP'S PUT OPTION AQUALIA'S CALL OPTION 8.25x 8.90x EV/EBITDA Exercisable in 2025-2026. EV/EBITDA Exercisable on the date of expiry of the put option in 2026 and expiring six months thereafter. ➤ In 2022, GCAP completed the sale of 80% interest in Water Utility business for total consideration of US$ 180 million, translating into MOIC of 2.7x in US$ (3.6x MOIC in GEL) and IRR of 20% in US$ (27% IRR in GEL). ➤ In 2022, remaining 20% equity interest in business was valued with the application of put option valuation and positive developments in the normalised¹ LTM EBITDA, leading to GEL 15.6 million value creation in the business. ➤ In 1Q23, the fair value of GCAP's 20% holding in the water utility business, remained unchanged at GEL 155.0 million Georgia Capital PLC | 1. Normalised for the items as set out in the terms of the disposal. GEORGIA CAPITAL 49#50Private large portfolio companies EXTERNALLY VALUED GEORGIA CAPITAL RETAIL (PHARMACY) BUSINESS OVERVIEW THE BODY SHOP 9 carter's 1 Key focus areas in medium and long-term Expending retail footprint in Georgia 378 Afflebone 1 Pharmacies in total The Body Shop stores - Optics Alain Afflelou Children's apparel - Carter's > c.400 pharmacies in 5 years 368 in Georgia 10 5 2 2 in Armenia in Georgia in Armenia in Azerbaijan Country's largest retailer in terms of both, revenue and number of bills issued GHG in pharma PSP Market share by revenue, 20211 789,893 33% 681,211 28% International expansion (Armenia & Azerbaijan) › Adding new GPC stores in Armenia (currently 10) › Entering Azerbaijan market Increase sales from E-commerce > > Increase local sales from e-commerce (GEL 6.5 million in 1Q23) Launch e-commerce in Armenia & Azerbaijan Supporting the core › Expanding the mix of synergetic products and services › Add international franchises on different beauty and other retail products Aversi Other 503,334 428,177 21% 18% Our retail pharmacy operates under two pharmacy brands, each with a distinct positioning: > GPC for the high-end customer segment > Pharmadepot for the mass retail segment Georgia Capital PLC | 1. GHG internal reporting. Next 5-year targets ■ Double digit revenue & EBITDA CAGR 9%+ EBITDA margin 50 50#51Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D) REVENUE GEORGIA CAPITAL AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Number of bills issued, million Margin enhancement and strong growth in para- pharmacy sales: Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 39.7% as of 1Q23 (34.6% as of 1Q22). GEL million Gross profit margin (%) 24.5% 25.5% 25.5% 25.4% 26.0% 29.3% 29.7% 29.9% 25.3 27.1 28.8 27.6 29.0 31.0 7.6 7.6 Same store growth (%) 7.9% 8.5% 9.0% 6.1% 10.6% -0.8% 12.5% -3.2% 782.4 789.9 679.4 614.7 518.6 450.3 -0.3% 198.8 198.3 GEL million 18.9 19.0 19.3 19.4 14.3 16.8 13.4 13.3 2017 2018 2019 2020 2021 2022 1Q22 1Q23 CASH FLOW HIGHLIGHTS1 1922 1Q23 Change y-o-y Number of pharmacies countrywide 270 296 309 353 368 EBITDA1 Operating cash flow GEL 16.8m GEL 14.6m -13.3% Operating leverage¹(%) NMF 7.8% EBITDA margin¹ (%) 4.1% -1.4% -6.7% -7.8% 5.1% -0.5% 2.0 8.6% 10.1% 10.6% 10.4% 9.7% 9.7% 1.6 10.4% 10.3% EBITDA to cash 81.5% 71.0% -10.5ppts conversion Free cash flow GEL -2.0m GEL 19.5m NMF Georgia Capital PLC | 1. Excluding IFRS16 impact. GEL million 76.2 76.9 65.3 70.4 -0.5% 52.2 38.9 20.6 20.5 GEL million 2017 2018 2019 2020 2021 2022 1Q22 1Q23 NET DEBT & NET DEBT TO LTM EBITDA¹ 1.0 0.6 83.1 77.7 64.8 0.4 0.2 0.2 0.2 39.3 33.4 14.3 20.7 16.9 2017 2018 2019 2020 2021 2022 1Q22 1Q23 2017 2018 2019 2020 2021 2022 1Q22 1Q23 51#52RETAIL (PHARMACY) BUSINESS OPERATING PERFORMANCE OVERVIEW ☐ REVENUE DEVELOPMENT +14.1% -0.3% 199 198 EBITDA¹ DEVELOPMENT +56.7% -0.5% GEORGIA CAPITAL 21 21 13 1Q21 1Q22 1Q23 1Q21 1Q22 1Q23 RETAIL (PHARMACY) KEY DRIVERS 1Q23 revenue and EBITDA were largely flat, notwithstanding a) a significant decrease in product prices, due to GEL's appreciation against foreign currencies and b) the negative impact of the External Reference Pricing model, which introduces a maximum retail price on targeted prescription medicines that are financed by the State. EBITDA was further impacted by an increase in operating expenses in line with the overall inflation and the continuing expansion of the business (added 19 pharmacies y-o-y as of 31-Mar-23). The y-o-y decrease in the same store revenue growth rate in 1Q23 is attributable to GEL's appreciation against foreign currencies. GEL MILLION 174 KEY OPERATING HIGHLIGHTS Georgia Capital PLC | 1. Excluding IFRS 16. 1Q22 VS. 1Q23 Same store revenue growth 12.5% -3.2% Number of bills issued (mln) 7.6 Average bill size 19.3 Change y-o-y -15.7ppts 7.6 +0.8% 19.4 +0.3% 62 52#53Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) (incl. IFRS 16) Change q-o-q +1.8% -7.3% +1.9% +3.6% 958 17 975 750 (135) (90) Enterprise value 31-Dec-22 Net increase in EV Enterprise value 31-Mar-23 Net debt inc. financial leases Minority interest Equity value 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change Enterprise value 974.7 957.7 17.0 LTM EBITDA 105.0 105.5 (0.5) Implied EV/EBITDA multiple 9.3x 9.1x 0.2x Net debt inc. lease liabilities (135.3) (145.9) 10.6 Equity value of GCAP's share 750.5 724.5 26.0 9.3x 9.1x 31-Dec-22 31-Mar-23 ADJUSTED NET DEBT TO EBITDA² 1.6x < 1.5x 1.4x 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. Includes the application of the minority buyout agreement. GEORGIA CAPITAL 53#54Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW State healthcare spending, GEL millions Market share by number of beds¹ 13% 11% GHG 10% 9% 9% 9% 9% 10% Aversi 714 2,480 . Since 2020 Government spending 1,805 800 1,863 increased to manage the COVID - 19 in the country Vienna Insurance Group 615 Ghudushauri-Chachava 485 1,025 1,014 1,089 1,178 820 • 964 Country's expenditure on 855 681 574 710 760 829 1,680 ― healthcare 3.7% of GDP in 2020 (from 2.4% in 2019) 1,043 841 281 343 305 329 349 • Government spending on 2015 2016 2017 2018 2019 2020 2021E 2022B healthcare accounts c.13% of total budget in 2021 Inova 209 PSP 145 Other State Healthcare Spending - UHC State Healthcare Spending - Other Healthcare spending as a % of total state spending Key focus areas in medium and long-term 1 Adding new services and strategic projects 2 Quality projects 3 Improved key operational data 4 Digitalisation of clinical processes • 2,524 18% 5% 4% 3% 2% 1% 9,468 67% GEORGIA CAPITAL The largest healthcare service provider in Georgia: 15% market share by number of hospital beds. Covering 3/4 of Georgia's population. Next 5-year targets Ambulance, oncology centre, transplantology center, radiology hub, medical tourism clinical trials, post COVID programmes Nursing reform/CRM development/Quality education programmes Automatisation of clinical processes in hospitals/Digitalisation of clinical KPIs/Use of statistical methods Inpatient/Outpatient/Clinical/Employee and customer satisfaction EBITDA CAGR 10%+ EBITDA TO OPERATING CASH c.85%+ ROIC: c.13%+ Georgia Capital PLC | 1. Source: NCDC, data as of December 2021, adjusted for the traumatology hospital sale in April 2022 (excluding specialty beds). 54#55Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW (CONT'D) CASH FLOW HIGHLIGHTS1 1Q22 1Q23 Change y-o-y BED OCCUPANCY RATE Operating cash GEL 10.6 GEL (3.0)m Average 5.4 5.2 5.6 5.7 5.1 5.7 5.2 NMF flow length of stay EBITDA to cash conversion -21.9% 70.2% -92.1ppts Free cash flow GEL 8.6m GEL (9.4)m NMF -8.Oppts 54.7% 56.4% 53.1% 65.3% 54.3% 61.9% 53.9% 2018 2019 2020 2021 2022 1Q22 1Q23 16 NET REVENUE EBITDA1 Number of referral hospitals Gross profit margin (%) EBITDA margin (%) 1 2,524 41.4% 42.0% 37.5% 38.4% 36.0% 35.4% 35.0% 26.1% 25.6% 21.8% 23.0% 18.0% 19.2% 18.3% Number of referral hospital beds KGEL 117.8 GEL million 318.3 -4.4% 265.2 288.7 246.5 230.2 GEL million Revenue per referral bed 73.7 77.1 72 Emergency cars 2018 2019 2020 2021 2022 1Q22 1Q23 In Tbilisi and regions Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1.Excluding IFRS 16 impact. -9.7% 70.0 65.6 74.2 50.7 52.7 15.1 13.6 2018 2019 2020 2021 2022 1Q22 1Q23 GEORGIA CAPITAL 55#56HOSPITALS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT +4.2% HOSPITALS KEY DRIVERS 1Q23 performance of the business reflects: the temporary closure of lashvili Hospital due to the mandatory renovation works (the works commenced in October 2022 and were completed in March 2023), the absence of revenues from the Traumatology Hospital, which was divested in April 2022, the suspension of COVID contracts by the Government in mid-March 2022. Adjusted for the temporary closure of lashvili Hospital and the absence of revenues from the Traumatology Hospital, the 1Q23 revenue was up by 3.0% y-o-y, while the 1Q23 EBITDA was up by 13.1% y-o-y. GEL MILLION 71 1Q21 KEY OPERATING HIGHLIGHTS Number of admissions ('000) Georgia Capital PLC | 1. Excluding IFRS 16. 2. Annualised numbers. 314.7 Revenue per bed2 120.9 Bed occupancy rate (%) 61.9% 77 -4.4% 74 1Q22 1Q23 EBITDA¹ DEVELOPMENT -27.7% -9.7% 19 15 14 1Q21 1Q22 1Q23 1Q22 VS. ■ 1Q23 262.4 Change y-o-y -16.6% 117.8 -2.6% 53.9% -8.0ppts GEORGIA CAPITAL 56 56#57Externally valued¹ HOSPITALS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q 653 10 10 +1.5% +8.3% 0.0% -1.4% 663 427 (204) (32) Enterprise value 31-Dec-22 Net increase in EV Enterprise value 31-Mar-23 Net debt inc. Lease liabilities Minority interest Equity value 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change Enterprise value 662.8 653.3 9.5 LTM EBITDA 51.9 53.6 (1.7) Implied EV/EBITDA multiple 12.8x 12.2x 0.6x Net debt incl. lease liabilities (203.7) (188.1) (15.6) Equity value of GCAP's share 427.1 433.2 (6.1) IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) 12.8x 12.2x 31-Dec-22 31-Mar-23 NET DEBT TO EBITDA 3.8x 3.4x <2.0x 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. GEORGIA CAPITAL COM 300 57 44#58Private large portfolio companies EXTERNALLY VALUED ins P&C INSURANCE BUSINESS OVERVIEW INVESTMENT RATIONALE Significantly underpenetrated insurance market in Georgia (0.8% 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. GEORGIA CAPITAL MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹ MARKET SHARE FY22 (GROSS PREMIUMS WRITTEN) (GEL MILLION) VIG 502 23% 27% 442 370 380 308 17% 12% 228 202 195 29% 28% 29% 29% 3% 6% %8 27% 36% 38% 39% 3% 138 110 127 70 77 88 90 105 Other Hualing Ardi Irao Unison GPIH TBC Insurance Aldagi 2015 2016 2017 2018 Market 2019 2020 Aldagi 2021 2022 • Local MTPL expected to kick in and provide access to untapped retail CASCO insurance market with only 5% existing penetration. • Increasing footprint in untapped MSME sector, where Aldagi's gross revenues have grown by 49% y-o-y in 1Q23 (from GEL 0.7 million to GEL 1.1 million). Digitalisation. Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY Source: Insurance State Supervision Services of Georgia Undisputed leader in providing insurance solutions to corporate clients. 11.1% 9.5% 6,610 7.1% 5,273 6.5% 5.8% OWNERSHIP 4,140 5.0% • P&C Insurance is 100% owned through Aldagi. 3,313 3,032 Georgia P&C Penetration 0.8% Density $38 MARKET PL & COMBINED RATIO | FY22 Total Market Profit * GEL 44.6 mln UK France Switzerland Insurance Density USD Belgium Germany Slovenia 21.2 101% 121% 2.5% 2.4% 1,047 451 280 Note: Penetration and density are stated including healthcare insurance (as of latest available data). Source: Swiss Re Institute * Market data is based on net profits reported to regulatory body and does not represent IFRS amounts, except for Aldagi and TBC 58 Georgia Capital PLC | 1. Calculated in line with the market approach. Poland Bulgaria Turkey Russia Insurance Penetration Georgia 89% 97% 96% 110% 104% 80% 1.3% 1.3% 1.3% 17.7 124 160 64 Market CR 96% 3.8 1.2 3.6 (0.2) (1.9) (0.7) Aldagi TBC GPIH Imedi_L Unisoni Kamara PSP Other#59Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW Distribution Mix (GPW %) | 1Q23 Partnerships with Financial Institutions 40% MTPL Channel 4% Operating Metrics 1Q23 Number of policies written 29,829 (corporate) Change (y-o-y) 30.1% Number of policies written (retail) 42,327 Change (y-o-y) 20.3% Number of claims reported Change (y-o-y) 4,029 11.9% COMBINED RATIO +3.1ppts GEORGIA CAPITAL 77.5% 82.1% 81.5% 80.8% 85.6% 82.5% 79.7% 73.9% 75.2% 72.6% 75.4% Direct Sales & Brokers 41.6% 35.6% 42.8% 35.4% 40.0% 38.2% 44.0% 48.4% 48.9% 46.2% 51.2% 56% 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% 37.6% 32.4% 33.5% 33.6% 34.4% 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Expense Ratio Loss Ratio - Combined Ratio PROFIT & DIVIDEND PAYOUT RATIO 28% 37% 37% 38% 34% 30% 25% 25% 30% 23% 26% CAGR 14% 18 18 18 16 14 17 88% 81% 7 11 64% 68% 61% 55% 51% 21 21 +22.1% 4.0 4.8 2014 2015 2016 2017 20181 2019 Profit 2020 20211 Dividend Payout Ratio 2022 1Q22 1Q23 Georgia Capital PLC | General note: ROAE is calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares. 1. Adjusted for non-recurring items. 59#60INSURANCE BUSINESS OPERATING PERFORMANCE OVERVIEW INSURANCE REVENUE +30.6% ■ INSURANCE KEY DRIVERS P&C Insurance The increase in insurance revenue is mainly driven by the growth in the credit life, motor and border MTPL insurance lines. The combined ratio was up by 3.1ppts in 1Q23, reflecting a) increase in loss ratio, mainly attributable to the large property insurance claim incurred in 1Q23, and b) increased expense ratio reflecting inflation and the business growth. Medical Insurance The performance in 1Q23 reflects the increase in the number of insured clients, mainly in the corporate client segment. GEL MILLION 36 39 17 18 19 KEY OPERATING HIGHLIGHTS 22 22 +19.3% 47 22 22 NET INCOME DEVELOPMENT GEORGIA CAPITAL 5.4 25 4.6 25 +21.6% +44.3% 6.6 1.8 1.2 0.6 4.8 4.2 4.0 1Q21 1Q22 1Q23 1Q21 1Q22 1Q23 P&C Medical - Total ■ P&C ■Medical Total Medical Insurance Combined ratio Number of individuals insured 99.5% 158,551 P&C Insurance Combined ratio 82.5% Number of policies written 58,108 1Q22 VS. ■1Q23 Change y-o-y 95.8% -3.7ppts 170,222 +7.4% 85.6% +3.1ppts 72,156 +24.2% 60 60#61Externally valued¹ P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +1.9% 9 232 228 (5) Equity value 31-Dec-22 Operating performance Multiple change Equity value 31-Mar-23 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 10.6x 10.4x 31-Dec-22 31-Mar-23 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change No No No Leverage Leverage Leverage LTM Net income² 22.3 21.5 0.8 Implied P/E multiple 10.4x 10.6x (0.2x) Equity value LTM ROAE3 232.3 228.0 4.3 30.0% 29.6% +0.4ppts 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. Adjusted for non-recurring items. 3. Calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares. GEORGIA CAPITAL 61 19#62Private investment stage portfolio companies EXTERNALLY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW INVESTMENT RATIONALE ■ Growth in electricity consumption has been ~3.3x more in TWhs than growth in electricity supply since 2010, resulting in increased deficit. ■Favorable supply-demand dynamics pushing the power prices up. Georgia is on track to the harmonization of the current energy market structure with EU directives leading to a liquid, competitive and transparent market. ■ Natural cash flow hedge with fully dollarised revenues. VALUE CREATION POTENTIAL Opportunity to establish a renewable energy platform with up to ~240MW operating capacity over the medium term and capitalize on favorable electricity market conditions. ■ Diversified portfolio of hydro and wind power plants with c.40%+ capacity factors, benefiting from favorable mix of merchant sales and government PPAs, providing high visibility and significant upsides. High margins and dollar-linked cash flows. Availability of competitive green funding from local and international capital markets for pipeline projects. ■ Stable dividend provider capacity in the medium term. OWNERSHIP ■ Renewable Energy is 100% owned by Georgia Capital. TWh TWh 20.0 ELECTRICITY CONSUMPTION 16.0 12.0 9.3 9.4 9.7 10.2 10.4 5.0% average consumption growth rate 12.6 12.8 11.9 11.0 13.8 14.2 12.2 8.4 8.0 4.0 0.0 00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Electricity consumption ELECTRICITY IMPORT AND EXPORT DYNAMICS (TWh) 2.0 0.6 0.0 -2.0 -4.0 -6.0 (3.9) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 I Electricity exports Electricity imports Generation of TPPS Deficit GEORGIA CAPITAL 21.5% of total consumption produced by gas-fired TPPS, 9.7% - imported. ■ 2022 electricity consumption up by 16.7% and 3.1% from 2019 and 2020 respectively. More than 30% of consumed electricity was either import or generated by gas-fired TPPs. ■In 2022 weighted average ESCO balancing price reached 55.5 US$/MWh, up by 12.7% y-o-y. ■ 2022 net electricity deficit stood at 3.9 TWh, whereas in 2010, electricity surplus was at 0.6 TWh 62 62#63Private investment stage portfolio companies EXTERNALLY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) PERFORMANCE HIGHLIGHTS RENEWABLE ENERGY PROJECTS OVERVIEW | 31 MARCH 2023 GEORGIA CAPITAL Generation, 1.5 1.6 6.7 13.2 20.8 19.1 28.9 33.9 GWh Commissioned Installed capacity projects Gross PPA (MWs) capacity factor (P50) expiration PPA tariff, US$/KWh Generation in deficit months Revenue, $ '000 2,068 1,805 Mestiachala HPP 30.0 40% 1,349 1,241 Hydrolea HPPS 1H34 5.5 72% 20.4 70% 1H22-2H28 5.5-5.6 79% 738 373 83 89 Qartli Wind Farm 20.7 47% 2H29 6.5 85% Total operating 71.1 Mestiachala Hydrolea Qartli WPP Total Note: Mestiachala HPP was commissioned in 1H19; Qartli Wind Farm and Hydrolea HPPS were acquired in 2H19 by GCAP. 1Q23 ■1Q22 FINANCIAL HIGHLIGHTS 1Q23 1Q23 EBITDA (US$ million) 0.9 Change (y-o-y) -24.9% Cash flow from operations (US$ million) Change (y-o-y) 0.6 -49.0% EBITDA margin, % 49.7% Average sales price in (US$/MWh) 62.4 Change (y-o-y) -8.1ppts Change (y-o-y) +2.4% Dividend payment (US$ million) 2.0 Change (y-o-y) NMF 63#64. RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY REVENUE DEVELOPMENT EBITDA DEVELOPMENT -7.2% 24 2.1 KEY DRIVERS Ay-o-y decrease in revenue and EBITDA in 1Q23 reflect the net impact of: A 49.7% y-o-y decrease in electricity generation at Hydrolea HPPs as one of the power-generating units was temporarily taken offline due to previously planned rehabilitation works, expected to be completed in June 2023, An 8.7% y-o-y increase in electricity generation at Qartli Wind Farm due to the favourable weather conditions, A 2.4% y-o-y increase in the average electricity selling price (at 62.4 US$/MWh in 1Q23). The business paid GEL 5.2 million dividends in 1Q23. US$ MILLION 1.9 1Q21 KEY OPERATING HIGHLIGHTS Electricity generation (GWh) 33.9 -12.8% -17.9% 1.8 1.1 1.2 1Q22 1Q23 Average sales price (US$/MWh) 61.0 -24.9% GEORGIA CAPITAL 0.9 1Q21 1Q22 1Q23 1Q22 VS. ■1Q23 Change y-o-y 28.9 -14.8% 62.4 +2.4% 64#65Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (US$ MILLION) Change q-o-q +9.6% +4.6% +14.0% 15 170 155 95 (75) Enterprise value 31-Dec-22 Net increase in EV Enterprise value 31-Mar-23 Net debt Equity value 31-Mar-23 EQUITY FAIR VALUE COMPOSITION AT 31-MAR-23 (US$ MILLION) GEORGIA CAPITAL 20 Total value US$ 95 75 Operational assets Pipeline projects VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA US$ million, unless noted otherwise 31-Mar-23 31-Dec-22 Change Enterprise value 169.6 154.7 14.9 EBITDA³ 12.1 12.2 (0.1) 6.4x4 6.8x4 < 6.0x Implied EV/EBITDA multiple 12.6x 11.4x 1.2x Investments at cost (EV)2 18.1 15.1 3.0 Net debt (74.7) (71.4) (3.3) Equity value 94.9 83.3 11.6 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1 The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. Investments at cost included the pipeline projects. 3. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 4. Ratio is calculated in US$ terms. 26129 55 65#66Private investment stage portfolio companies EXTERNALLY VALUED EDUCATION BUSINES OVERVIEW INDUSTRY INVESTMENT RATIONALE ■ " " Highly fragmented general education market with consolidation opportunity. Market with strong growth potential. Low dependency on the Government. High resilience to crisis. High quality and predictable revenue. Strong profitability. CAPEX efficient business. TARGETING FOR 2025... EBITDA margin 40%+ ...THROUGH REMAINING GCAP NEW EQUITY INVESTMENT GEORGIA CAPITAL 19 BUILT LEARNER CAPACITY 22 EBITDA 50 US$ million thousand GEL million " Positive ESG impact. Currently: 30%+ TOTAL REMAINING 48 INVESTMENT, in US$m TOTAL BUILT LEARNER CAPACITY, in thousands 21.9 TOTAL EBITDA¹, in GELM 50 VALUE CREATION POTENTIAL Scaling up to capacity of 22,000 learners through expansion plans in existing schools, greenfield projects and M&As by 2025. 2 Equity Value GEL 0.5bln Debt 16 Currently operational 6.9 Equity 32 campuses Currently operational campuses 21 Reinvestment 12 Secured pipeline projects 2.8 GCAP new equity 19 M&A 12.3 Strong organic growth at existing Currently: GEL 175mln investment schools is expected to drive solid Minority equity investment 2 growth in run-rate EBITDA, on top of expansion plans, greenfield projects and M&As by 2025. Out of 22k capacity: 14.9k Affordable; 4.6k Midscale; 1.9k Premium; 0.6k International As of 2021-22 academic year Organic growth Secured pipeline projects 12 9 9 M&A 20 ROIC 3 20%+ ■ Eventual growth of potential EBITDA with GEL 40m will be fulfilled through building out eventual learner capacity, reaching run-rate utilization and sustaining revenue per learner growth. Stable dividend provider capacity in the medium terms. OWNERSHIP ◉ Majority stakes (70%-90%) across Currently: 20%+ Ramp-up of • 4 new capacity 3-5 years With new equity investment of US$ 19m GCAP can expand to 22k learner capacity and generate GEL 50m EBITDA by 2025 through: (1) currently operational campuses (2) secured pipeline projects and (3) M&A Out of US$ 19m new equity investment, US$ 18m is attributable to M&A In addition to US$ 19m new equity investment by GCAP, growth will be financed through, reinvestments, debt, and equity contribution by minorities - total remaining investment for Education business is US$ 48m different schools. Georgia Capital PLC | 1. Target EBITDA breakdown is presented based on the calculations at the end of 2021-2022 academic year. 66#67Private investment stage portfolio companies EXTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL Operating PRIVATE K-12 MARKET IN GEORGIA highlights As of 31-Mar-23 Number of learners in private K-12 market Turnover of private K-12 market Capacity utilization, 65.7% 3.4% CAGR '13-19 COVID impact -2.0% COVID impact 0.5% 6.1% 12.2% -2.6% 5.2% Change (y-o-y) +2.1ppts 9.3% 9.7% 10.0% 9.9% 10.1% 10.4% 10.7% 10.2% 9.7% 10.0% Number of learners 4,512 3.6 16 4.2 4.4 3.7 3.8 3.2 2.6 2.7 2.9 335 Change (y-o-y) +40.3% 51.6 53.9 55.4 56.1 57.6 60.8 63.2 61.9 60.3 63.5 2.0 298 280 281 257 217 192 177 Learner to teacher 158 8.4 115 ratio 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E Change (y-o-y) +4.7% Number of private learners, '000 % in total number of learners Total revenue, GELmln Revenue per learner', GEL '000 Source: Ministry of Education of Georgia, G&T, GCAP estimates Financial highlights 1Q23 EBITDA GEL 5.4m Change (y-o-y) +24.2% EBITDA margin 38.5% Change (y-o-y) Cash flow from operations -1.5ppts GEL 3.1m US$ '000 Total spending on K-12 education, latest 3.6% 3.9% 4.4% 4.3% 4.2% 4.4% 3.5% 3.7% 3.8% 3.7% 4.1% 3.6% 3.7% 3.3% 3.6% 2.9% 2.1% 14.8 13.4 12.5 11.3 10.5 10.2 9.9 9.7 9.4 9.2 8.6 7.9 7.6 7.5 7.0 4.5 0.8 Change (y-o-y) +83.8% Net debt GEL 17.8m Austria Germany UK France Change (y-o-y) +9.4% Italy Portugal Slovenia Czech Spain Total spending per learner Estonia Poland Hungary Slovakia Lithuania Latvia Turkey Georgia, Total spending as % of GDP 2022 Georgia Capital PLC | 1. Excluding kindergarten learners. Demand on private education is trending globally, growth attributable to regions with lower spending on Education Source: OECD, Ministry of Finance of Georgia 67 40#68EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA DEVELOPMENT +87.5% EDUCATION KEY DRIVERS Increase in revenues reflect strong intakes and a ramp-up of utilization. EBITDA margin down by 1.5ppts at 38.5% y-o-y in 1Q23, reflecting increased operating expenses (up by 32.3% y-o-y in 1Q23), resulting from inflation and expansion of the business. In 1Q23, the education business increased its capacity by 1,200 learners to 6,870 learners. The utilisation rate for the total 6,870 learner capacity was 65.7%, up 2.1 ppts y-o-y as of 31-Mar-23. GEL MILLION 7 1Q21 11 KEY OPERATING HIGHLIGHTS +29.0% 14 1Q22 1Q23 +95.1% 4 3 +24.2% 5 1Q21 1Q22 1Q23 1Q22 VS. ■ 1Q23 Change y-o-y Number of learners Capacity utilisation¹ (excluding expansion) 3,215 4,512 +40.3% 95.9% 100.0% +4.1ppts Georgia Capital PLC | 1. The utilisation rate for the pre-expansion 2,810 learner capacity (i.e., excluding the new capacity addition of 4,060 learners since 3Q21). GEORGIA CAPITAL 68#69Externally valued¹ EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +1.3% +58.4% +9.7% -0.3% +6.6% 264 218 3 221 (18) 175 (54) LTM EV/EBITDA DEVELOPMENT 16.9x 16.2x Enterprise value 31-Dec-22 Net increase Enterprise in EV value 31-Mar-23 Investment at cost Net debt Minority interest² Equity value 31-Mar-23 31-Dec-22 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise Enterprise value EBITDA³ Implied EV/EBITDA multiple Net debt Investments at cost Total equity value of GCAP's share NET DEBT TO EBITDA 31-Mar-23 31-Dec-22 Change 221.1 218.3 2.8 13.7 12.9 0.8 16.2x 16.9x (0.7x) 1.2x 1.2x (17.9) (16.3) (1.6) 25.9 16.3 9.6 175.1 164.2 10.8 31-Dec-22 31-Mar-23 <2.5x TARGET Georgia Capital PLC | 1 The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. GCAP has different ownership stakes across schools (70-90%). 3. Implied EV/EBITDA is calculated based on LTM EBITDA of schools; functional currency adjustment is applied where applicable. 4. Increase in investment at cost reflects value of the recently acquired school in the affordable segment. GEORGIA CAPITAL 69#70GEORGIA CAPITAL Private investment stage portfolio companies EXTERNALLY VALUED 29 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW Outpatient visits per capita, Georgia HIGH GROWTH PROSPECTS IN THE CLINICS BUSINESS Outpatient encounters per capita Government Expenses on Primary Care VS GDP 3.9 3.9 3.8 3.3 3.5 3.5 2.8 2.5 2.3 2.5 3.20 3.8 4.10 4.40 4.00 2.50 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: NCDC statistical yearbook 2018 Source: Frost and Sullivan Analysis 2017 Clinics & Polyclinics MEDIUM TERM OBJECTIVES Diagnostics › Adding new services > Expansion of retail > Geographic expansion > > > > Developing distance channels Sustainable growth of clinical & service quality Adding customer base 10.00 8.40 1.5% 7.40 1.2% 1.2% 1.0% 0.5% Georgia has the lowest rate of government spendings on primary healthcare 0.7% 0.7% 0.5% 0.5% 0.3% 0.0% MDA RUS KAZ TJK ARM UZB GEO Source: WHO regional office for Europe Attracting B2B clients Combined financial targets for Clinics and Diagnostics for the next 5-years (2021-2026) DOUBLE DIGIT REVENUE CAGR EBITDA C.GEL 35-40 MILLION + > Improved logistics > JCI and CAP accreditation > Digitalisation 70 70#71GEL million Private investment stage portfolio companies EXTERNALLY VALUED & 19 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW (CONT'D) Community Clinics Outpatient and basic inpatient services in regional towns and municipalities 21% CLINICS (1Q23) 17 Market share by number of registered patients* Polyclinics Outpatient diagnostic and treatment services in Tbilisi and major regional cities 615,700 GEORGIA CAPITAL DIAGNOSTICS (1Q23) c.207,000 3.0 Number of patients served 21% 11% c.619,000 5% Number of tests performed Average number of tests per patient GEL 6.9 Average revenue per test (excluding COVID-19) GHG clinics Geo Hospitals 319,000 279,815 Medcapital 136,000 Market share by registered patients 353 Registered patient in Tbilisi Medison 91,000 617,293 Other 3% 20% 5% 1,675,000 60% Retail portion in total revenue Number of community clinics beds Registered patient in Georgia *As of 31-Dec-22. NET REVENUE, CLINICS EBITDA, CLINICS (excl. IFRS 16) Gross profit margin (%) EBITDA margin (%, excl. IFRS 16) 42.6% 44.8% 46.5% 44.1% 42.4% 41.6% 42.6% 15.4% 19.9% 20.1% 19.9% 13.5% 18.5% 13.4% COVID tests portion in total revenue EBITDA, DIAGNOSTICS (excl. IFRS 16) EBITDA margin (%, excl. IFRS 16) 3.2% 12.3% 23.8% 3.3% 13.7% 5.8% 70.5 65.8 -12.9% 14.1 7.3 44.2 46.3 33.3 24.9 37.8 8.9 9.4 21.0 21.4 5.9 17.9 19.6 17.1 37.2 40.9 8.6 19.9 23.2 24.9 5.6 -36.4% 9.0 3.6 1.8 1.1 2.3 0.7 0.2 0.3 -76.2% 11.0 11.4 2019 2020 2021 2022 2018 2019 2020 2021 2022 1Q22 1Q23 2018 2019 2020 2021 2022 1Q22 1Q23 1Q22 1Q23 71 Polyclinics Community Clinics#72CLINICS & DIAGNOSTICS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT² +3.0% EBITDA¹ DEVELOPMENT GEORGIA CAPITAL ☐ CLINICS & DIAGNOSTICS KEY DRIVERS Our clinics and diagnostics business's decreased revenue and EBITDA were due to the significantly reduced number of COVID cases in the country and the suspension of COVID contracts from mid-March 2022 by the Government. The business is showing a rebounding trend in revenues from non-covid services in 1Q23 as evidenced by: о О a 38.5% y-o-y increase in the revenues from non-COVID, regular ambulatory services at our polyclinics; a 103.2% y-o-y increase in revenues from non-COVID services at our community clinics; a 14.5% y-o-y increase revenues from regular lab tests in 1Q23, at our diagnostics business. GEL MILLION ■Clinics 28 -21.7% -38.9% 21 21 8 4 20 17 4 5 65 15 1Q21 1Q22 1Q23 Diagnostics - Total KEY OPERATING HIGHLIGHTS Clinics Number of admissions ('000) Number of registered patients ('000) 638.6 595 Diagnostics Average revenue per non-covid test (GEL) Number of non-covid tests performed ('000) 6.1 603 -45.4% 3 3 4 1Q21 1Q22 1Q23 Clinics Diagnostics 1Q22 VS. ■ 1Q23 Change y-o-y 510.1 617 -20.1% +3.7% 6.9 +13.4% 608 +0.9% Georgia Capital PLC | General note: All figures are presented excluding Medical Centre University Clinic (HTMC). 1. Excluding IFRS 16. 2. Total revenue excludes eliminations between the clinics & diagnostics business lines. 72#73Externally valued¹ 29 CLINICS & DIAGNOSTICS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +0.5% +5.9% -4.6% -2.4% 181 180 IMPLIED LTM EV/EBITDA DEVELOPMENT² (incl. IFRS 16) 21.0x 16.5x 110 (68) (3) Enterprise value 31-Dec-22 Net decrease in EV Enterprise value 31-Mar-23 Net debt inc. Lease liabilities Minority interest Equity value 31-Mar-23 VALUATION HIGHLIGHTS¹ 31-Dec-22 NET DEBT TO EBITDA GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change 7.4x Enterprise value 180.8 179.9 0.9 5.3x LTM EBITDA 8.6 10.9 (2.3) Implied EV/EBITDA multiple 21.0x 16.5x 4.5x Net debt incl. lease liabilities (67.5) (63.8) (3.7) Equity value of GCAP's share 109.5 112.2 (2.7) 31-Mar-23 < 2.0x 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. The forward-looking implied valuation multiple is estimated at 9.8x. GEORGIA CAPITAL 73#74CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 74#75REAL GDP UP BY 7.2% IN 1Q23 PRELIMINARY ECONOMIC GROWTH STANDING AT 7.2% Y-O-Y IN 1Q23, FOLLOWING UP ON TWO YEARS OF DOUBLE-DIGIT EXPANSION (10.5% AND 10.1% IN 2021-2022 RESPECTIVELY) 50% 45% GEORGIA CAPITAL ECONOMIC GROWTH REMAINS STRONG 40% 30% 20% 10% 4% 0% -10% -20% -5% -12% 26% 19% 18.0% 14.6% 12% 10% 10% 10.6% 11.6% 10% 7% 7% 7.2% 9.7% 10.5% 8.8% 8.3% 9.3% 11.0% Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 2.6% Apr-22 May-22 Jun-22 Jul-22 Nov-22 Dec-22 NOMINAL GDP IS EXPECTED TO CONTINUE ACCELERATING BOTH IN GEL AND USD TERMS 8.4% 5.8% 7.3% Jan-23 Feb-23 Mar-23 I Nominal GDP, USD bn (LHS) OGDP Per Capita, GEL (RHS) --GDP Per Capita, USD (RHS) Strong external demand supplemented by the migration effect, as remittance inflows grew by 130% y-o-y in 1Q23, largely on the back of a surge in inflows from Russia, while merchandise exports increased by 25% y-o-y, and tourism revenues reached 138% of 2019 levels in 1Q23; Continued credit expansion (up 13.8% y-o-y in March w/o the exchange rate effect) both in retail and business sectors as well as both in GEL and foreign currency, despite the tight monetary stance and rising FX interest rates, aiding economic activity; I Nominal GDP, GEL bn (LHS) 90 80 70 60 50 40 30 20 10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F* Georgia Capital PLC | Source: Geostat, Georgia Capital estimates (*) 25 Current expenditures growing by 10.6% y-o-y and capital expenditures rising by 14% y-o-y in 1Q23, facilitated by a 12.4% y-o-y growth in fiscal revenues; 20 15 Strong business sentiment supporting spending and investment decisions; 10 5 ➤ As a result of the improved macroeconomic environment, Fitch Ratings revised Georgia's sovereign credit rating outlook to positive from stable in January 2023. 75 75#76GEORGIA RANKS AMONG TOP 10 PERFORMERS IN THE WORLD WITH RESPECT TO VARIOUS ECONOMIC GROWTH INDICATORS RECENT AND PROJECTED ECONOMIC GROWTH INDICATORS IN GEORGIA (IMF) 8th place among all countries (8/193) 8th place among all countries (8/193) 9th place among all countries (9/192) 3rd place among countries with a recession in 2020 (3/158) 9th place among all countries (9/191) 155.4% 129.7% GDP Per Capita, PPP, Current, 2022 (% of 2019) 114.5% 121.6% 113.4% GDP Per Capita, PPP, Constant, 2022 (% of 2019) Real GDP Level, 2022 (% of 2020) Real GDP Level, 2022 (% of 2019) Georgia Capital PLC | Source: IMF (April 2023 WEO) GEORGIA CAPITAL 9th place among all countries (9/191) 136.0% GDP Per Capita, PPP, Current, 2028 (% of 2022) GDP Per Capita, PPP, Constant, 2028 (% of 2022) 76 76#77130 120 110 100 90 80 70 Jan-22 1.8 May-15 2.3 2.8 3.3 Series1 GEORGIAN LARI - NOW ABOVE PRE-PANDEMIC LEVELS APPRECIATING SINCE MID-2021, BRIEFLY INTERRUPTED AFTER THE RUSSIAN INVASION OF UKRAINE, GEL HAS NOW STRENGTHENED TO ABOVE PRE-PANDEMIC LEVELS AGAINST USD 3.8 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 3.46 where 2.77 GEL HAS APPRECIATED AGAINST USD, DESPITE USD STRENGTHENING GLOBALLY DXY - USD/Trading Partner Basket (Jan 2022=100) USD/GEL (Jan 2022=100) Georgia Capital PLC | Source: NBG. Bloomberg Jan-22 Mar-22 Apr-22 May-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Nov-19 Feb-20 May-20 Mar-23 Apr-23 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 3.40 GEORGIA CAPITAL May-23 105.8 80.9 2.50 GEL APPRECIATION DRIVERS Record-high remittance inflows, surging by 130% y-o-y in 1Q23; Continued robust performance in merchandise exports, growing by 25% y-o-y in 1Q23; Tourism revenues rebounding to 138% of 2019 level in 1Q23, reflecting the global resumption of travel as well as the migration effect; Tight monetary policy (cumulative hike of 300 basis points since March 2021 to 11% as of May 2023), supporting stronger GEL and curbing negative expectations; Ample FX liquidity in the banking sector, facilitating foreign currency lending (FX liquidity coverage ratio at an average of 137.4% in 2022 and 136.4% in 1Q23); Rebounding economic activity and significant interest rate differential aiding accelerated lending in foreign currency, as FX loan growth has remained resilient thus far despite rising FX interest rates, averaging 12.2% in 2022 and 10.5% in 1Q23 (w/o the exchange rate effect). May-23 77#78Goods, net 28% Current transfers, net 18% Services, net Current account CURRENT ACCOUNT DEFICIT AT A RECORD LOW OF 4.1% OF GDP IN 2022, ON THE BACK OF A RECORD-HIGH 5.7% SURPLUS IN 3Q22 CURRENT ACCOUNT COMPONENTS AND FDI INFLOWS (% OF NOMINAL GDP) I Investment income, net FDI, inflows 12.5% 10.8% 6.2% 8% 4.3% 5.7% -2% -12% -5.6% -9.8% -8.1% -6.8% -5.8% -4.1% -4.3% -7.2% -12.2%-11.4% -10.2% P-11.8% -12.5% -10.4% -12.5% -13.3% -22% -32% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 2Q22 3Q22 4Q22 I Inflows from Others EXTERNAL INFLOWS* (USD MN) FROM RUSSIA AND OTHER COUNTRIES I Inflows from Russia Inflows from Others, YoY % (RHS) 4,500 80% 4,000 60% 3,500 40% 3,000 2,500 20% 2,000 0% 1,500 -20% 1,000 500 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 *EXTERNAL INFLOWS INCLUDE MERCHANDISE EXPORTS, REMITTANCES AND TOURISM INFLOWS. Georgia Capital PLC | Source: NBG, Geostat 2Q22 3Q22 4Q22 1Q23 GEORGIA CAPITAL -40% -60% EXTERNAL INFLOWS AT RECORD-HIGH LEVELS The current account deficit reached $1 bn in 2022, almost half of the 2021 deficit ($1.9 bn) and lowest in nominal terms since 2013 ($955 mn); ➤ The current account deficit to GDP ratio reached a record low of 4.1% in 2022, largely thanks to a record-high 5.7% surplus in 3Q22; ➤ The trade deficit (goods and services) made up 10% of GDP in 2022, posting a first trade surplus on record in 3Q22; The secondary income (transfers) surplus reached 12.4% of GDP in 2022, while the primary income deficit totaled -6.6% of GDP; Foreign direct investment (FDI) inflows grew by 61% y-o-y in 2022 and made up $2 bn, highest ever in nominal terms, reaching 8.1% of GDP, highest since 2017; While inflows from Russia have been surging, so have been inflows from other countries, with overall external inflows* reaching $3.5 bn in 1Q23, o/w inflows from Russia equaled $1.1 bn (up by 350% y-o-y) and inflows from other countries totaled $2.4 bn (up by 28% y-o-y). 78#79INFLATION Y-O-Y VS. INFLATION TARGET INFLATION BELOW THE TARGET LEVEL IN APRIL 2023 GEORGIA CAPITAL 16 12 8 4 0 -4 Apr-16 Headline Inflation Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Core Inflation - Target Monetary Policy Rate Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 11.00 4.7 2.7 NET NBG INTERVENTIONS ON THE FX MARKET AND OFFICIAL RESERVE ASSETS (US$ MN) USD MN 500 400 300 200 100 (100) (200) (300) (400) (500) (600) I Net Interventions (LHS) (90) (40) (30) (50)(53) (95) (186) Reserve Assets (RHS)* 430 265 164 73 100121 93 20 64 34 26 6.0 5.0 5.0 4.0 3.0 (58) 2.0 (232) (301) 1.0 (461) 0.0 USD BN SIGNIFICANT DISINFLATION UNDERWAY Annual inflation decelerated to 2.7% in April 2023, below the 3% target, decelerating significantly compared to previous months. The last time inflation was under the target was January 2021. While part of this disinflation can be attributed to the base effect, prices have been falling compared to the previous month since February 2023, averaging a 0.4% m-o-m deflation in Feb-Apr 2023; As GEL has strengthened and global price pressures have relatively eased, imported inflation has begun shrinking, driving overall disinflation. Imported inflation turned negative in March 2023, amounting to -3.5%; NBG has maintained a tight monetary stance with the refinancing rate standing at 11% since March 2022, with its latest forward guidance indicating that the stance will be eased once disinflationary pressures become evident in locally-produced goods' inflation as well; Apart from raising the refinancing rate, NBG has introduced various macroprudential measures in order to constrain credit activity and, subsequently, aggregate demand; NBG bought an additional $461 mn in 1Q23, as international reserves reached a record-high $5.0 bn at the end of March 2023. 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Georgia Capital PLC | Source: NBG, Geostat 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 79#80-10% -12% 2014 -6% -8% 0% 20% 30% 2010 40% 2011 50% 2012 60% 2013 2014 General Government Debt, External (% of GDP) General Government Debt, Total (% of GDP) PRELIMINARY ESTIMATES SHOW PUBLIC DEBT SHRINKING BELOW PRE- COVID LEVELS AND THE FISCAL DEFICIT FALLING UNDER 3% OF GDP IN 2022 GENERAL GOVERNMENT DEBT (% OF GDP) OVERALL BALANCE (IMF MODIFIED)*, % OF GDP -2% -2.3% -2.1% -2.8% -2.7% -4% -3.0% -2.7% 2018 -9.3% -6.1% 2015 2016 2017 2018 2019 60.1% 47.6% 41.8% 39.7% 36.4% 32.0% 29.8% 2020 2021 -2.3% -2.3% -2.9% -2.8% *CALCULATED AS NET ACQUISITION OF FINANCIAL ASSETS SUBTRACTED FROM PRELIMINARY ESTIMATES OF NET BORROWING. Georgia Capital PLC | Source: Ministry of Finance 2023F 2024F 2025F 2026F 2022* 2023F 2024F 2025F FISCAL SUPPORT HAS CONTINUED MODERATING 23.5% -2.2% 2026F Fiscal support has continued moderating, as the overall fiscal balance (consolidated budget) posted a surplus of GEL 98 mn in 1Q23, up by 154% y-o-y; The operating surplus (difference between current expenditures and current revenues) reached GEL 840 mn, up by 23% y-o-y, in 1Q23; On the expenditure side, current expenses grew by 10.6% y-o-y and capital expenses increased by 14% y-o-y in 1Q23; On the revenue side, tax revenues grew by 12.7% y-o-y in 1Q23, facilitating a 12.4% growth in overall fiscal revenues; Preliminary estimates show the overall deficit (net borrowing) reaching 2.5% of GDP in 2022, with the IMF-modified deficit* standing at 2.9%, below the 3% deficit rule; Government debt is estimated to have fallen to under 40% of GDP in 2022, lower than the pre-COVID level of 42% in 2019, with external debt falling to under 30% of GDP, down from 32% in 2019. 80 GEORGIA CAPITAL#81CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 ☐ APPENDICES Board of directors and management team " Portfolio companies overview Georgia Capital financial statements GEORGIA CAPITAL 81#82OUR ROBUST CORPORATE GOVERNANCE FRAMEWORK BOARD OF DIRECTORS COMPOSITION GEORGIA CAPITAL IRAKLI GILAURI, CHAIRMAN & CEO Experience: Formerly BGEO Group CEO; Up to 20 years of experience in the banking, investment and finance. BMS in banking from CASS Business School, London; BBS from University of Limerick, Ireland 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 MARIA CHATTI-GAUTIER, INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Over 25 years of experience in private equity in prominent financial institutions. Currently Senior Advisor of Trail Management NEIL JANIN, INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly Chair and Non-Executive Director of BGEO Group, Non-Executive Director of GHG, Director of McKinsey & Company for over 27 years. DAVID MORRISON, SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly Director at Sullivan & Cromwell with a track record of over 28 years, Founding CEO of the Caucasus Nature Fund (CNF) KIM BRADLEY, INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly AM at Goldman Sachs, 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 Brook asset management, formerly with McKinsey & Company for over 9 years 6 OUT OF 7 MEMBERS ARE INDEPENDENT 22 82#83GEORGIA CAPITAL'S HIGHLY EXPERIENCED MANAGEMENT TEAM GEORGIA CAPITAL Irakli Gilauri, Chairman & CEO Irakli Gilauri formerly served as the CEO of BGEO Group from 2011 to May 2018. He joined as CFO of Bank of Georgia in 2004 and was appointed as Chairman of the Bank in September 2015, having previously served as CEO of the Bank since May 2006. Prior, he was an EBRD (European Bank for Reconstruction and Development) banker. Mr Gilauri has up to 20 years of experience in banking, investment and finance. Over the last decade, Irakli's leadership has been instrumental in creating major players in a number of Georgian industries, including banking, healthcare, utilities and energy, real estate, insurance and wine. Holds an MSc in banking from Cass Business School. la Gabunia, Chief Strategy Officer Formerly Investment Director at Georgia Capital. Joined BGEO as an Investment Director in 2017. la has over ten years of experience in banking and investment management. Prior to joining BGEO la served as Head of Corporate Banking at Bank Republic, Société Générale Group. Previously, she held numerous executive positions in leading Georgian companies. la holds a BSc degree from London School of Economics and Political Science, UK. Avto Namicheishvili, Deputy CEO In addition to his deputy CEO role at 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. Giorgi Ketiladze, Managing Director, Investments Formerly Investment Officer at BGEO Group. Joined BGEO in 2017. Previously, worked at Deutsche Bank in Corporate Finance department and at KPMG consulting in Germany. Giorgi holds a master's degree from London Business School. Irakli Gogia, CEO at Retail (pharmacy), Hospitals, Medical Insurance and Clinics & Diagnostics Businesses Formerly Deputy CEO, Finance of GHG. Prior to that Irakli was a deputy chairman of the supervisory board of EVEX Medical Corporation and Insurance Company Imedi L. He has ten years of experience in the financial industry. Previously, served as CFO of Insurance Company Aldagi and Liberty Consumer, prior to which he was a senior auditor at Ernst & Young and Deloitte. Holds a Bachelor of Business Administration degree from the European School of Management in Tbilisi. Nino Vakhvakhishvili, Chief Economist Joined Georgia Capital in 2018. Nino is an IMF's Short-term Expert and visiting lecturer at the University of Georgia. Before joining the company, she spent over five years at the National Bank of Georgia. Holds a master's degree in economics from ISET. Giorgi Alpaidze, Chief Financial Officer Formerly BGEO Group CFO. Joined BGEO as Head of Group's Finance, Funding and Investor Relations in 2016. He has extensive international experience in banking, accounting and finance. Previously, he was a senior manager in Ernst & Young LLP's Greater New York City's assurance practice. Holds a BBA from the European School of Management in Georgia. US Certified Public Accountant. Levan Dadiani, General Counsel Formerly Senior Group Lawyer at BGEO Group. Joined BGEO in 2012. Levan has an extensive experience in commercial law, equity investments, corporate and project financing and energy projects. Previously, he was a Partner at a leading Georgian law firm. Holds an LLM degree in International Business Law from University of Texas at Austin, USA. 83#84CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 ◉ ■ APPENDICES Board of directors and management team Portfolio companies overview Georgia Capital financial statements GEORGIA CAPITAL 84#85RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY GEL MILLION REVENUE DEVELOPMENT -7.5% EBITDA DEVELOPMENT 44 41 NMF 12 +31.2% 16 -28.0% -36.5% -26.6% -36.8% GEORGIA CAPITAL -6.9% 33 31 7 6 5 -20.6% 4 4 2 7 31 25 6 5 1Q21 1Q22 1Q23 LTM 31-Mar-22 LTM 31-Mar-23 1Q21 1Q22 1Q23 LTM LTM 31-Mar-22 31-Mar-23 PPA Non-PPA BI Reimbursement - Total revenue KEY OPERATING HIGHLIGHTS Electricity generation (GWh) 33.9 Average sales price (US$/MWh) 61.0 1Q22 VS. ■1Q23 Change y-o-y 28.9 -14.8% 62.4 +2.4% 85#86Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +3.9% -0.9% +8.0% 16 434 418 243 (191) Enterprise value 31-Dec-22 Net increase in EV Enterprise value 31-Mar-23 Net debt Equity value 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change Enterprise value 434.2 417.9 16.3 EBITDA³ 30.9 32.9 (2.0) Implied EV/EBITDA multiple 12.6x 11.4x 1.2x Investments at cost (EV)2 46.4 40.7 5.7 Net debt (191.1) (192.9) 1.8 Equity value 243.0 225.0 18.0 EQUITY FAIR VALUE COMPOSITION AT 31-MAR-23 (GEL MILLION) GEORGIA CAPITAL 51 Total value 243 192 ■Operational assets Pipeline projects NET DEBT TO EBITDA 6.4x4 6.8x4 <6.0x 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1 The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. Investments at cost include the pipeline projects. 3. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 4. Ratio is calculated in US$ terms. 86#87Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW Largest medical insurer in the country with 19%¹ market share Offering a variety of medical insurance products, with a wide distribution network to the Georgian population Market share by gross premium revenue¹ GHG In medical insurance Vienna Insurance Group Ardi PSP 21 IC Group 6 Alpha 6 Other Georgia Capital PLC | 1. ISSSG as of 3Q22. 49 49 62 62 19% 117 35% c.170,000 15% Number of insured clients 6% 2% 2% 69 21% GEORGIA CAPITAL BUSINESSES MAJOR GROWTH DRIVERS Growing the number of insured clients Enhancing gross profit through the introduction of "fee business" (such as motor Casco distribution, motor Third Party Liability distribution) ⑥Medium to long-term targets ■ Combined ratio <97% 87#88Thousands Private large portfolio companies EXTERNALLY VALUED + MEDICAL INSURANCE BUSINESS OVERVIEW (CONT'D) NUMBER OF INSURED & RENEWAL RATE 76.9% 77.5% 78.0% 77.4% 74.3% 73.4% 73.4% 69.7% 67.7% +7.4% 234 236 211 174 155 157 165 164 170 159 82.7% GEL million REVENUE (NET INSURANCE PREMIUMS EARNED) 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 1Q23 2015 2016 2017 COMBINED RATIO -3.7 ppts 96.7% 104.7% 102.5% 94.0% 96.1% 90.6% 97.4% 99.4% 99.5% 95.8% 84.1% 78.7% 84.2% 77.3% 81.4% 73.0% 79.3% 81.0% 81.0% 80.5% GEL million 74.8 75.4 69.5 72.4 +23.3% 58.6 61.5 53.7 55.1 GEORGIA CAPITAL 17.7 21.8 2018 2019 2020 2021 2022 1Q22 1Q23 NET PROFIT 6.4 4.4 3.8 +183.2% 3.4 2.9 1.8 1.8 0.6 (2.6) 18.0% 20.6% 18.3% 16.8% 14.7% 17.6% 18.1% 18.5% 18.5% 15.3% (4.9) 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 1Q23 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 1Q23 88#89Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +9.3% +13.0% +10.4% 37 40 3 40 40 17 57 Enterprise value 31-Dec-22 Increase in EV Enterprise value 31-Mar-23 Excess cash Equity value 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change LTM Net income³ 4.6 3.5 1.1 Implied P/E multiple² 8.8x 10.6x (1.8x) Equity value LTM ROAE² 57.3 51.9 5.4 13.0% 10.2% 2.8ppts IMPLIED LTM P/E MULTIPLE DEVELOPMENT² 10.6x 31-Dec-22 NET DEBT TO EBITDA 8.8x 31-Mar-23 No No No Leverage Leverage Leverage 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. Adjusted for the excess cash. 3. Adjusted for non-recurring items. GEORGIA CAPITAL 89#90CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 " APPENDICES Board of directors and management team Portfolio companies overview Georgia Capital financial statements 06 90 GEORGIA CAPITAL#91PRIVATE PORTFOLIO COMPANIES' DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 31 MARCH 2023 (GEL MILLION) 2023 2024 2025 2026+ Total Large portfolio companies 101.7 99.9 37.6 86.4 325.6 Retail (pharmacy) 73.9 17.0 15.6 25.9 132.4 27.8 82.9 22.0 60.5 193.2 Hospitals Medical Insurance Investment stage portfolio companies 25.0 14.9 11.8 222.2 273.9 Renewable Energy 0.5 205.3 205.8 Education 6.0 4.8 2.6 10.8 24.2 Clinics and Diagnostics 19.0 10.1 8.7 6.1 43.9 Other businesses 119.51 120.82 22.3 79.5 342.1 Total 246.2 235.6 71.7 388.1 941.6 1. As of 5-May-23, GEL 65.8 million has already been repaid by the hospitality business from the proceeds of disposals. 2. Gross debt of other businesses includes a 2-year US$ 35 million bonds issued by the housing development business in Oct-22. GEORGIA CAPITAL 91#92VALUE CREATION IN PRIVATE PORTFOLIO | 1Q23 Portfolio Businesses GEL thousand BOG Water Utility Operating Performance Greenfields / buy-outs/exits Multiple Change Value Creation in and FX 4Q22 (1) (2) (3) (1)+(2)+(3) 20,839 Total Listed and Observable Portfolio Companies 20,839 Large Portfolio Companies (16,791) 45,722 28,931 Retail (pharmacy) (2,588) 28,527 25,939 Hospitals (39,361) 33,273 (6,088) Insurance (P&C & Medical) 25,158 (16,078) 9,080 Investment Stage Portfolio Companies (16,994) 35,449 18,455 Renewable energy (3,046) 22,879 19,833 Education 12,469 (11,173) 1,296 Clinics and Diagnostics (26,417) 23,743 (2,674) Other Portfolio Companies 34,523 (25,852) 8,671 Total Private Portfolio Companies 738 55,319 56,057 Total Portfolio 738 55,319 56,896 GEORGIA CAPITAL 76.9 GEL MILLION TOTAL VALUE CREATION IN 1Q23 20.8 GEL MILLION VALUE CREATION IN 1Q23 FROM THE LISTED AND OBSERVABLE PORTFOLIO COMPANIES 56.1 GEL MILLION VALUE CREATION IN 1Q23 FROM THE PRIVATE PORTFOLIO COMPANIES 92 92#93NAV STATEMENT | 1Q23 GEORGIA CAPITAL GEL thousand unless otherwise noted Listed and Observable Portfolio Companies Bank of Georgia (BOG) Water Utility 31-Dec-22 830,463 1.Value Creation 2a. Investments 3.Operating 2b. Buybacks 2c. Dividends Expenses 4. Liquidity Management/ FX / Other 31-Mar-23 Change % 20,839 (21,225) 830,077 0.0% 155,000 155,000 0.0% Total Listed and Observable Portfolio Value 985,463 20,839 Listed and Observable Portfolio value change % 2.1% 0.0% 0.0% (21,225) -2.2% 985,077 0.0% 0.0% 0.0% 0.0% Private Portfolio Companies Large portfolio companies 1,437,610 28,931 548 1,467,089 2.1% Retail (pharmacy) Hospitals Insurance (P&C and Medical) Of which, P&C Insurance Of which, Medical Insurance Investment stage companies Renewable Energy Education 724,517 25,939 750,456 3.6% 433,193 (6,088) 427,105 -1.4% 279,900 9,080 548 289,528 3.4% 228,045 3,683 548 232,276 1.9% 51,855 5,397 57,252 10.4% 501,407 18,455 12,798 224,987 19,833 3,188 (5,187) (5,187) 195 527,668 5.2% 195 243,016 8.0% 164,242 1,296 9,610 175,148 6.6% Clinics and diagnostics 112,178 (2,674) 109,504 -2.4% Others 274,147 8,671 4,200 610 287,628 4.9% Private Portfolio Value 2,213,164 56,057 16,998 (5,187) 1,353 2,282,385 3.1% Private Portfolio value change % 2.5% 0.8% 0.0% -0.2% 0.0% 0.1% 3.1% Total Portfolio Value 3,198,627 76,896 16,998 (26,412) 1,353 3,267,462 2.2% Total Portfolio value change % 2.4% Net Debt (380,905) of which, Cash and liquid funds 411,844 0.5% (16,998) (16,998) 0.0% (19,266) (19,266) -0.8% 0.0% 26,412 (5,217) 0.0% 9,746 2.2% (386,228) 1.4% 26,412 (5,217) of which, Loans issued of which, Gross Debt Net other assets/ (liabilities) Share based compensation Net Asset Value NAV change % Shares outstanding Net Asset Value per share NAV per share change % 26,830 (52,446) 8,718 344,329 -16.4% 35,548 32.5% (819,579) 53,474 (766,105) -6.5% (331) (4,714) 4,261 (784) NMF (4,714) 4,714 0.0% 2,817,391 76,896 (19,266) (9,931) 15,360 2,880,450 2.2% 2.7% 0.0% -0.7% 0.0% -0.4% 0.5% 2.2% 42,973,462 65.56 (770,291) 329,844 42,533,015 -1.0% 1.79 0.00 0.74 0.00 (0.23) (0.15) 67.72 3.3% 2.7% 0.0% 1.1% 0.0% -0.4% -0.2% 3.3% Georgia Capital PLC | 1. Number of shares owned in BoG was 9,784,716 as of 31 December 2022. 93#94INCOME STATEMENT | 1Q23 GEL '000, unless otherwise noted Dividend income Buyback dividend Interest income Realised/unrealised gain/(loss) on liquid funds Interest expense Gross operating income/(loss) Operating expenses GCAP net operating income/(loss) Income statement 1Q23 1Q22 Change 5,187 2,195 NMF 21,225 NMF 4,977 8,785 -43.3% 428 (10,239) NMF (13,751) (19,853) -30.7% 18,066 (19,112) NMF (9,932) (9,305) 6.7% 8,134 (28,417) NMF Fair value changes of portfolio companies Listed and observable portfolio companies (386) (207,707) -99.8% Bank of Georgia Group PLC (386) (207,707) -99.8% Water Utility Private portfolio companies Large Portfolio Companies Of which, Retail (pharmacy) Of which, Hospitals NMF 50,870 (245,309) NMF 28,931 (142,532) NMF 25,939 (53,306) NMF (6,088) (49,519) -87.7% Of which, Insurance (P&C and Medical) 9,080 (39,707) NMF Investment Stage Portfolio Companies Of which, Renewable energy 13,268 (15,683) NMF 14,646 (10,051) NMF Of which, Education 1,296 4,355 -70.2% Of which, Clinics and Diagnostics (2,674) (9,987) -73.2% Other businesses 8,671 (87,094) NMF Total investment return 50,484 (453,016) NMF (Loss)/income before foreign exchange movements and non-recurring 58,618 (481,433) NMF expenses Net foreign currency loss 22,020 (3,724) NMF Non-recurring expenses (92) NMF Net (loss)/income (adjusted IFRS) 80,638 (485,249) NMF GEORGIA CAPITAL 94#95VALUATION PEER GROUP • RETAIL (PHARMACY) NEUCA S.A. | Poland . • Sopharma Trading AD | Bulgaria • S.C. Ropharma S.A. | Romania • SALUS, Ljubljana, d. d. | Slovenia Great Tree Pharmacy Co., Ltd. | Taiwan • Dis-Chem Pharmacies Limited | South Africa Clicks Group Limited | South Africa MEDICAL INSURANCE Powszechny Zaklad Ubezpieczen SA | Poland European Reliance General Insurance Company S.A. | Greece UNIQA Insurance Group AG | Austria • Ageas SA/NV | Belgium GEORGIA CAPITAL • • • • • . HOSPITALS Medicover AB (publ) | Sweden EMC Instytut Medyczny SAEMC SA | Poland Med Life S.A. | Romania Netcare Limited | South Africa Mediclinic International plc | South Africa MLP Saglik Hizmetleri A.S. | Turkey Life Healthcare Group Holdings Limited | South Africa EDUCATION & CLINICS AND DIAGNOSTICS • • • P&C INSURANCE* Dhipaya Insurance | Thailand Zavarovalnica Triglav | Slovenia Pozavarovalnica Sava | Slovenia • Aksigorta | Turkey • Anadolu Sigorta | Turkey • Bao Minh Insurance | Vietnam • Turkiye Sigorta | Turkey • EMC Instytut Medyczny SA | Poland • SISB Public Company Limited | Thailand Curro Holdings Limited | South Africa Overseas Education Limited | Singapore Cairo For Investment & Real Estate Development S.A.E | Egypt • Med Life S.A. | Romania Mediclinic International plc | South Africa . • Medicover AB | Sweden • Cogna Educação S.A. | Brazil • Fleury S.A. | Brazil • Colegios Peruanos S.A. | Peru . Instituto Hermes Pardini S.A. | Brazil • Educational Holding Group K.S.C.P | Kuwait • ADVTECH Limited | South Africa Q • RENEWABLE ENERGY** BCPG Public Company Limited | Thailand ERG S.p.A | Italy Polenergia S.A. | Poland Terna Energy Societe Anonyme | Greece *Due to extraordinary circumstances, Turkish peers have been temporarily removed from the peer group as of March 2023. **This list of the renewable energy business peers is extracted from the larger peer group used in valuations by Kroll. 95#96FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, certain of which are beyond our control, include, among other things: regional instability; impact of COVID-19; currency fluctuations, including depreciation of the Georgian Lari, and macroeconomic risk; regulatory risk across a wide range of industries; investment risk; liquidity risk; portfolio company strategic and execution risks; and other key factors that could adversely affect our business and financial performance, including those which are contained elsewhere in this presentation and in our past and future filings and reports and also the 'Principal Risks and Uncertainties' included in Georgia Capital PLC's Annual Report and Accounts 2022. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this presentation should be construed as a profit forecast. GEORGIA CAPITAL 96#97COMPANY INFORMATION Georgia Capital PLC Registered Address 42 Brook Street London W1K 5DB United Kingdom www.georgiacapital.ge Registered under number 10852406 in England and Wales Stock Listing London Stock Exchange PLC's Main Market for listed securities Ticker: "CGEO.LN" Contact Information Georgia Capital PLC Investor Relations Telephone: +44 (0) 203 178 4052; +995 322 000000 E-mail: [email protected] Auditors PricewaterhouseCoopers LLP ("PwC") Atria One, 144 Morrison Street, Edinburgh EH3 8EX United Kingdom Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS13 8AE United Kingdom Please note that Investor Centre is a free, secure online service run by our Registrar, Computershare, giving you convenient access to information on your shareholdings. Investor Centre Web Address - www.investorcentre.co.uk. Investor Centre Shareholder Helpline - +44 (0) 370 873 5866 Share price information Shareholders can access both the latest and historical prices via the website www.georgiacapital.ge