#1GEORGIA HEALTHCARE GROUP Investor presentation First quarter of 2023 results An extract from parent company's, Georgia capital PLC, results file while for the full version they can refer to the following link: Financial Results | Georgia Capital 10 May 2023#2FORWARD LOOKING STATEMENTS This announcement contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward- looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward- looking statements, certain of which are beyond our control, include, among other things: impact of COVID-19; regional instability; regulatory risk across a wide range of industries; investment risk; liquidity risk; portfolio company strategic and execution risks; currency fluctuations, including depreciation of the Georgian Lari, and macroeconomic risk; and other key factors that could adversely affect our business and financial performance, which are contained elsewhere in this document and in our past and future filings and reports and also the 'Principal Risks and Uncertainties' included in the 1H21 Result Announcement and in Georgia Capital PLC's Annual Report and Accounts 2020. No part of this document constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity, and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this document should be construed as a profit forecast. GEORGIA CAPITAL 2#3CONTENTS 01 RETAIL (PHARMACY) BUSINESS OVERVIEW 02 HOSPITALS BUSINESS OVERVIEW 03 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW 04 MEDICAL INSURANCE BUSINESS OVERVIEW Georgia Capital PLC GEORGIA CAPITAL 3#4Private large portfolio companies EXTERNALLY VALUED GEORGIA CAPITAL RETAIL (PHARMACY) BUSINESS OVERVIEW THE BODY SHOP 9 Afflebone 1 PARIS Key focus areas in medium and long-term 378 carter's® 1 Expending retail footprint in Georgia Pharmacies in total The Body Shop stores - Optics Alain Afflelou Children's apparel - Carter's 368 10 in Georgia in Armenia 5 2 in Georgia in Armenia SN 2 in Azerbaijan c.400 pharmacies in 5 years 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 Country's largest retailer in terms of both, revenue and number of bills issued > > GHG in pharma PSP Aversi Other Market share by revenue, 20211 789,893 33% 681,211 503,334 428,177 28% 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#5Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D) REVENUE 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 37.6% as of 1Q23 (34.5% as of 1Q22). GEL million GEORGIA CAPITAL 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 Same store growth (%) 27.6 29.0 31.0 7.6 7.6 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 2017 2018 2019 2020 2021 2022 1Q22 1Q23 CASH FLOW HIGHLIGHTS1 1Q22 1Q23 Change y-o-y Number of pharmacies countrywide 270 296 309 353 368 EBITDA¹ Operating cash flow¹ GEL 16.8m GEL 14.6m -13.3% EBITDA to 8.6% Operating leverage¹(%) NMF 7.8% EBITDA margin¹ (%) 10.1% 4.1% -1.4% -6.7% -7.8% 5.1% -0.5% 2.0 1.6 10.6% 10.4% 9.7% 9.7% 10.4% 10.3% cash 81.5% 71.0% -10.5ppts conversion¹ Free cash flow¹ GEL -2.0m GEL 19.5m NMF GEL million 76.2 76.9 -0.5% 65.3 70.4 52.2 38.9 GEL million 20.6 20.5 Georgia Capital PLC | 1. Excluding IFRS16 impact. NET DEBT & NET DEBT TO LTM EBITDA¹ 1.0 0.6 83.1 77.7 0.4 64.8 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 5#6CONTENTS 01 RETAIL (PHARMACY) BUSINESS OVERVIEW 02 HOSPITALS BUSINESS OVERVIEW 03 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW 04 MEDICAL INSURANCE BUSINESS OVERVIEW Georgia Capital PLC GEORGIA CAPITAL 6#7Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW State healthcare spending, GEL millions 13% 11% Market share by number of beds¹ 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 2015 2016 2017 2018 2019 2020 2021E 2022B • Government spending on 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, excluding specialty beds. 7#8Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW (CONT'D) CASH FLOW HIGHLIGHTS1 1Q22 1Q23 Change y-o-y Operating cash GEL 10.6 GEL -3.0m NMF flow¹ EBITDA to cash conversion¹ -21.9% 70.2% -92.0ppts GEORGIA CAPITAL BED OCCUPANCY RATE Average length of stay 5.4 5.2 5.6 5.7 5.1 5.7 5.2 -8.Oppts 54.7% 56.4% 53.1% 65.3% 54.3% 61.9% 53.9% GEL Free cash flow¹ 8.6m GEL -9.4m NMF 16 NET REVENUE Number of referral hospitals 2,524 Number of referral hospital beds KGEL 117.8 Revenue per referral bed 72 Emergency cars In Tbilisi and regions GEL million Gross profit margin (%) 2018 2019 2020 2021 2022 1Q22 1Q23 EBITDA1 EBITDA margin (%)¹ 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% 318.3 -4.4% 265.2 288.7 246.5 230.2 73.7 77.1 2018 2019 2020 2021 2022 1Q22 1Q23 GEL million -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 PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1.Excluding IFRS 16 impact. 80#9CONTENTS 01 RETAIL (PHARMACY) BUSINESS OVERVIEW 02 HOSPITALS BUSINESS OVERVIEW 03 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW 04 MEDICAL INSURANCE BUSINESS OVERVIEW Georgia Capital PLC GEORGIA CAPITAL 9#10> > > 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 3.5 3.3 3.5 2.8 2.5 2.5 2.3 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: NCDC statistical yearbook 2018 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 > > Improved logistics > JCI and CAP accreditation Digitalisation 10.00 8.40 7.40 1.5% 1.2% 1.2% 3.20 3.8 4.00 4.10 4.40 1.0% 2.50 South Africa Thailand Georgia Source: Frost and Sullivan Analysis 2017 ՏՈ UAE Malaysia Poland Turkey Russia 0.5% GEORGIA CAPITAL 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 + 10#11GEL 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% 17 Polyclinics CLINICS Market share by number of registered patients Outpatient diagnostic and treatment services in Tbilisi and major regional cities GHG clinics 615,700 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 Number of community clinics beds Registered patient in Georgia 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% 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) 3% 20% 5% 1,675,000 60% Retail portion in total revenue COVID tests portion in total revenue EBITDA, DIAGNOSTICS (excl. IFRS 16) EBITDA margin (%, excl. IFRS 16) 15.4% 19.9% 20.1% 19.9% 13.5% 18.5% 13.4% 3.2% 12.3% 23.8% 3.3% 13.7% 5.8% -76.2% 70.5 65.8 -12.9% -36.4% 7.3 14.2 44.2 46.3 33.3 24.8 37.8 8.9 9.4 21.0 21.4 17.9 5.9 19.6% 17.1% 37.2 41.0 19.9 23.2 24.9 9.1 9.0 1.8 3.6 2.3 0.2 1.1 0.7 0.3 5.6 10.5 11.5 2019 2020 2021 2022 1Q22 1Q23 2018 2019 2020 2021 2022 1Q22 1Q23 2018 2019 2020 2021 2022 1Q22 1Q23 Polyclinics Community Clinics 11#12CONTENTS 01 RETAIL (PHARMACY) BUSINESS OVERVIEW 02 HOSPITALS BUSINESS OVERVIEW 03 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW 04 MEDICAL INSURANCE BUSINESS OVERVIEW Georgia Capital PLC GEORGIA CAPITAL 12#13Private 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 IC Group 6 Alpha 6 Other 2 21 Georgia Capital PLC | 1. ISSSG as of 3Q22. 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) Medium to long-term targets Combined ratio <97% 13#14Private large portfolio companies EXTERNALLY VALUED Thousands + MEDICAL INSURANCE BUSINESS OVERVIEW (CONT'D) NUMBER OF INSURED & RENEWAL RATE REVENUE (NET INSURANCE PREMIUMS EARNED) 19.2% 23.3% 34.7% 39.4% 37.4% 37.3% 36.3% 37.1% 35.9% 32.5% 82.7% 76.9% 74.3% 73.4% 69.7% 234 77.5% + 236 78.0% 77.4% 73.4% 67.7% +7.4% 211 174 165 155 157 164 170 159 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 1Q23 COMBINED RATIO -5.0 ppts 96.7% 104.7% 102.5% 94.0% 96.1% 90.6% 97.4% 99.3% 100.7% 95.7% 84.1% 78.7% 84.2% 77.3% 81.4% 73.0% 79.3% 81.0% 82.0% 80.5% GEL million GEL million 1.8 74.8 75.4 69.5 72.4 +23.3% 58.6 61.5 53.7 55.1 GEORGIA CAPITAL 17.7 21.8 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 1Q23 NET PROFIT 6.4 4.4 2.9 +183.4% 3.8 3.4 8.0% 20.6% 18.3% 16.8% 14.7% 17.6% 18.1% 18.3% 18.7% 15.2% 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 1Q23 2015 2016 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Georgia Capital PLC | 1. 2019 and 2020 numbers are adjusted to exclude HTMC hospital. (2.6) (4.9) 1.8 0.6 14