#1GEORGIA CAPITAL INVESTOR PRESENTATION 2Q21 & 1H21 results 10 August 2021 ✔ Follow @IRGCAP#2CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 2#3COVID-19 STATISTICS COVID-19 CASES: DYNAMICS IN GEORGIA 500 450 400 350 300 250 200 150 100 50 Thousand 6 Total cases (LHS) Daily cases (RHS) 5 2 GEORGIA CAPITAL 15.6% OF THE TOTAL ADULT POPULATION HAS RECEIVED AT LEAST ONE DOSE OF VACCINE, WHILE 6.9% IS FULLY VACCINATED AS OF 9 AUGUST 2021 16% 29% 4 TOTAL NUMBER OF ADMINISTERED 3 VACCINE DOSES 1 38% 641,242 17% Oct/20 Nov/20 Dec/20 Jan/21 Feb/21 Mar/21 Apr/21 May/21 Jun/21 Jul/21 Aug/21 STATISTICS AS AT: CONFIRMED CASES: 9 AUGUST 2021 7-DAY POSITIVE 450,149 AVERAGE DAILY CASES¹: 3,758 VACCINATION DYNAMICS 700 Cumulative vaccinations (LHS) 600 RATE: 9.75% ACTIVE CASES: 40,233 AVERAGE DAILY TESTS¹: 38,530 500 ➤ ACCORDING TO THE GOVERNMENT PLAN, GEORGIA TARGETS TO VACCINATE AT LEAST 60% OF THE ADULT POPULATION IN 2021. ➤ 3.5 MILLION DOSES OF VACCINE ARE REQUIRED FOR REACHING THE TARGET, WHERE 1.5 MILLION IS GUARANTEED THROUGH THE COVAX PLATFORM IN 2021. 500,000 DOSES OF EACH PFIZER, SINOPHARM AND SINOVAC HAVE ARRIVED IN JULY 2021. ACCORDING TO THE GOVERNMENT, ADDITIONAL 1 MILLION DOSES OF PFIZER ARE SCHEDULED TO ARRIVE THROUGHOUT 3Q21. Thousand 400 300 200 100 0 2/Jun 6/Jun 10/Jun 14/Jun 18/Jun 22/Jun 26/Jun 30/Jun 4/Jul Georgia Capital PLC | Source: NCDC, Geostat, Ourworldindata.org, Worldometers, data at 15:00 p.m. GMT on 9-August-21. 1) Daily average of the last 7 days from the respective date. 8/Jul ■Pfizer-BioNTech AstraZeneca ■Sinopharm Sinovac NUMBER OF FULLY VACCINATED: 197,118 25 Daily vaccinations (RHS) 20 20 12/Jul 16/Jul 20/Jul 24/Jul 28/Jul 1/Aug 5/Aug 9/Aug 3 0 5 15 10#4REAL GDP INCREASED BY 29.8% Y-O-Y IN 2Q21 REAL GDP UP 29.8% Y-O-Y IN 2Q21 (UP 13% COMPARED TO 2Q19) AND UP 12.7% Y-O-Y IN 1H21 (UP 5.7% COMPARED TO 1H19) KEY DRIVERS ➤ Expansionary fiscal policy boosting domestic demand and contributing significantly to GDP growth; Robust lending (up 12.6% y-o-y in June w/o the exchange rate effect) both in retail and business sectors; External recovery underway with solid FX inflows: record high remittances, merchandise exports exceeding 2019 levels and tourism revenues increasing elevenfold y-o-y; Improving consumer and business sentiments, supporting spending and investment decisions; Although the low base effect of 2020 remains in play, performance has been exceptional compared to 2019 as well. 5% Georgia Capital PLC | Source:, Geostat's rapid estimates. Real GDP y-o-y change -Real GDP change vs 2019 2021 45% 2% -3% -17% -14% Jan Feb Mar Apr May Jun 26% 21% GEORGIA CAPITAL 19% 19% 10% 4% 1% -3% -1% -7% -4% -6% -5% -5% -8% -8% -8% -12% լոր Feb Mar Apr May Jun#5ROBUST GROWTH OF FX INFLOWS SUPPORTING ECONOMIC ACTIVITY AND GEL PERFORMANCE EXTERNAL INFLOWS SUPPORTED BY REMITTANCES AND MERCHANDISE EXPORTS TOURISM REVENUES SHOWING FIRST SIGNS OF RECOVERY GEORGIA CAPITAL 0- Remittances, USD Million Change vs 2019 Remittances, y/y 145% 2021 2021 Tourism revenue (USD million) 193 161 74 8 9 11 12 15 16 15 13 15 10 14 30 50 74 122 990% 118% 95% % of 2019 level -Tourism Revenues, y/y 710% 487% 50% 42% 41% 18% 22% 26% 29% 19% 13% 16% 19% 18% 9% 9% -9% -10% 19% -42% 36% 30% 3% 3% 3% 3% 4% 5% 6% 6% 7% 6% 8% 12% 19% 27% 18% -5% 126 137 126 79 132 169 189 184 193 182 170 200 150 161 188 194 188 202 -70% -97% -97% -97% -97% -96% -95% -94% -94% -93% -95% -91% -60% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun Jan Jul Aug Sep Oct Nov Dec Feb Mar Apr May Jun 100% 1,000 Number of travelers from Israel and Ukraine recovered to 76% of 2019 levels in June 2021 75% 50% 25% 13% 9% -1% -2% 31% -16% 3% -7% 0% -23% -14%-15% -13%-18%-20 57% -29%-31% -25% -50% 200 -75% 70% 45% 800 38% 76% 76% 30% 600 13% 49% 400 46% 36% 35% 23% 25% 22% 18% 13% 13% 9% 8% 10% 10% 6% 5% 6% International visitors in 1H21 (% of 2019 level) ■International visitors in June 2021 (% of 2019 level) -100% Jan Feb Mar Apr May Jun Exports, USD Million (RHS) Imports, y/y (LHS) Georgia Capital PLC | Source: NBG, Geostat, Geostat's rapid estimates. Jul Aug Sep Oct Nov Dec Jan I Imports, USD Million (RHS) ----Exports change vs 2019 Feb Mar Apr May Jun Exports, y/y (LHS) ----Imports change vs 2019 Israel Ukraine Saudi Arabia USA Turkey EU Armenia Iran Russia Azerbaijan 5#6GEORGIA CAPITAL GEL APPRECIATION DRIVERS GEORGIAN LARI - TOP PERFORMER IN THE REGION GEL BEGAN STRENGTHENING IN MID-MAY AND APPRECIATED BY 5.5% COMPARED TO THE BEGINNING OF THE YEAR AND BY 11.3% COMPARED TO THE YEAR TO DATE LOW 150 140 130 120 110 100 90 Jan-20 Feb-20 -USD/TRY Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 USD/BYR Oct-20 Nov-20 Dec-20 USD/UAH USD/GEL USD/RUB Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 THE REAL EFFECTIVE EXCHANGE RATE HAS STRENGTHENED SINCE MAY 2021, BUT REMAINS BELOW THE LONG-TERM TREND 135 125 115 105 95 85 85 REER (Jan 2003=100) Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Georgia Capital PLC | Source: NBG. Dec-11 Linear (REER (Jan 2003 = 100)) Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Record high remittance inflows, increasing by 41% y-o-y in 1H21; Solid recovery in merchandise exports, exceeding 2019 levels by 5.3% in 1H21; Tourism revenues showing first signs of recovery, increasing 11x y-o-y in June 2021, kickstarting positive expectations; Tight monetary policy (NBG further increased the policy rate by 50 bps to 10% in August 2021), supporting stronger GEL and curbing negative expectations; Rebounding economic activity and significant interest rate differential aiding accelerated lending in foreign currency; New regulation to reduce reserve requirements on funds attracted in foreign currency, assisting deposit larisation and higher demand on GEL; Despite the strong performance of GEL, REER (real effective exchange rate) remains below its long-term trend, indicating room for further appreciation potential. 6#7GOVERNMENT MEASURES GEORGIA CAPITAL ACCUMULATED BUFFERS AND INTERNATIONAL SUPPORT HAVE ALLOWED THE GOVERNMENT TO LAUNCH SIZEABLE MEASURES US$ 3 billion funding facility US$ 3 billion (predominantly loans) from international donors (incl. US$ 450m from IMF): US$1.5 billion intended for the private sector US$1.5 billion for the public sector Monetary policy Easing non-price credit conditions (LTV, PTI, etc.); Intervening in the FX market (US$ 1.12 bn sold since March 2020 up to July 2021, including US$873 million in 2020); Monetary policy rate reduced from 9.0% to 8.0%, but increased to 10.0% in March-August 2021 due to price pressures; Introducing US$ 400 million currency swap facility for the financial sector to provide GEL liquidity; Reduced capital conservation buffer (2.5% of Risk Weighted Assets) and 2/3 of currency induced credit risk buffer total of GEL 1.6 billion; Temporary liquidity instrument to support credit to SMEs; Moratorium announced on new regulatory activity. Economic Plan Budget - GEL 3.5 billion (1st stage) Budget - GEL 1.1 billion (2nd stage) Social aid GEL 1.03 billion Social aid * GEL 545 million Economic support and business aid Anti-pandemic measures + GEL 0.35 billion Economic support and business aid GEL 515 million Support measures - - GEL 2.1 billion Sectoral special support packages for tourism, agriculture and real estate sectors; Subsidies for utility bills, basic product prices and construction materials; Loan restructuring for all businesses; VAT returns and long-term funds for banks; Extra funding to support business, including a credit guarantee scheme (GEL 2bln); Tax deferrals for car importers; Social aid programs to address job losses; Pension indexation from Jan- 21; GEL 200 transfers to families for every child under 18; Extended into 2021: - Utility bills; Income tax exemption; Unemployment and social aid; Deferred 2020 income tax waived and 2021 property tax exempted for tourism; New support package for restaurants. PRUDENT PRE-CRISIS FISCAL PRACTICE ENSURED A STRONG POSITION TO BORROW TO FIGHT THE PANDEMIC, WITH PUBLIC DEBT RISING TO C.60% OF GDP BY THE END OF 2020 (41% AT THE END OF 2019). DEBT IS EXPECTED TO DECLINE TO 54% OF GDP BY THE END OF 2021. 7#81000 2010 1150 1300 2011 2012 2013 LABOR MARKET DYNAMICS NUMBER OF JOBS IN 1Q21 WAS 108K FEWER Y-O-Y AND 22K FEWER Q-O-Q 1450 Employed ―0-Unemployment % 27.2 27.2 26.7 26.4 23.0 21.9 21.7 21.6 17.6 19.2 18.3 18.3 17.0 2014 2015 2016 2017 2018 2019 1 20 II 20 Georgia Capital PLC | Source: National Statistics Office of Georgia, Revenue Service, Galt & Taggart. III 20 IV 20 121 0 5 GEORGIA CAPITAL NOMINAL WAGES' CONTINUING RECOVERY TRANSLATED INTO GROWTH IN THE BUSINESS SECTOR BY 5% IN 1Q21 13.2% 12.9% 30 15% Wages, total Growth rate (RHS) 10.9% 2000 9.8% 11.0% 10% 25 8.1% 7.9% 21.9 6.5% 6.2% 6.5% 20.4 1500 20 20 4.6% 3.9%3.8% 4.1% 5% 10 0 15 1000 500 117 || 17 III 17 IV 17 118 II 18 III 18 IV 18 -0.8% 0.9% 0% -5% -5.3% 119 II 19 III 19 IV 19 1 20 II 20 III 20 IV 20 121 8 -10%#9REVENUE AND EXPENDITURE PLANS INCREASED BY GEL 1.1BN TO GEL 12.3BN AND GEL 13.9BN, RESPECTIVELY TAX REVENUES HAS SIGNIFICANTLY OVERSHOT THE PLAN, THE BUDGET LAW WAS AMENDED TO REFLECT HIGHER REVENUE AND EXPENDITURE PLANS 1,400 Consolidated Budget Tax Revenues (2020 vs 2021) 2020 2021 GEORGIA CAPITAL TOTAL EXPENSES (CURRENT + CAPITAL) GREW BY 19.6% Y-O-Y IN 1H21, INCLUDING CAPITAL EXPENDITURES INCREASING BY 28% Y-O-Y 2,500 Consolidated Budget Total Expenses (2020 vs 2021) 2020 2021 1,200 1,124 1,000 932 921 923 901 800 600 400 200 1,208 2,000 1,580 1,500 1,405 1,327 1,365 1,235 1,000 500 1,649 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Georgia Capital PLC | Source: MoF. 9#10CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 10#11GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 30-JUN-21 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS GEORGIA CAPITAL Rank Shareholder name Ownership 1 Eaton Vance 5.80% 2 M&G Investment Management Ltd 5.09% 3 USA³ Schroder Investment Management Ltd 4.33% 25.5% 4 Allan Gray Ltd 3.54% 5 Coeli Frontier Markets AB 3.31% 9 RWC 3.11% 7 Vanshap Capital LLC 2.63% 00 8 Aberdeen Standard Investments 2.53% 9 Firebird Management LLC 2.47% 10 Norges Bank Investment Management 2.41% Total 35.22% UK² 2 30.7% NUMBER OF OUTSTANDING SHARES 11,169,448 46,575,944 39,384,712 (2,650,375) (1,327,841) Management' 7.4% Switzerland 0.4% Norway 2.3% South Africa 3.6% Other 19.6% 0 Luxembourg 10.4% Georgia Capital PLC | 1. Management shares include both vested and unvested awarded shares. 2. UK also includes Channel Islands. 3. USA also includes Cayman Islands. Number of shares issued in May 2018 Shares cancelled Unawarded shares, management trust Shares issued* Number of shares outstanding * 11.2 million CGEO shares were issued as part of GHG transaction (3.4 million shares in Dec-19 and 7.7 million shares in 3Q20) 11#12OUR PORTFOLIO OVERVIEW LISTED ASSETS LISTED ASSETS ӨӨ LARGE PORTFOLIO COMPANIES ° Bank of Georgia (BOG) • Healthcare Services (GHG) • • Retail (pharmacy) (GHG) • Water Utility VALUE AT 30-JUN-21: SHARE IN TOTAL PORTFOLIO VALUE: GEL 575m 17.7% ° Insurance (P&C and medical (GHG)) NON-CYCLICAL BUSINESSES ■ CLOSE TO GEL 0.5BLN+ VALUE GEL 2,085m 64.2% PRIVATE ASSETS GEORGIA CAPITAL K INVESTMENT STAGE PORTFOLIO COMPANIES Renewable Energy • Education NON-CYCLICAL BUSINESSES ■ WITH POTENTIAL TO BECOME GEL 0.5BLN IN VALUE GEL 345m 10.6% OTHER ASSETS Housing Development Hospitality & Commercial Real Estate Beverages Auto Service Digital Services SUBSCALE BUSINESSES LIMITED POTENTIAL TO BECOME GEL 0.5BLN+ IN VALUE GEL 242m 7.5% 12#13OUR PRIVATE PORTFOLIO AT A GLANCE GEORGIA CAPITAL DEFENSIVE, HIGH QUALITY ASSETS WITH STRONG AND GROWING CASH FLOW STREAMS CLOSE TO GEL 0.5BLN+ VALUE EXPECTED TO BECOME GEL 0.5BLN+ IN VALUE NON-CYCLICAL STRONG CASH FLOW GENERATION DOMINANT MARKET POSITION INVESTMENT STAGE PORTFOLIO COMPANIES LARGE PORTFOLIO COMPANIES Healthcare Services ӨӨ Retail (pharmacy) Water Utility Insurance (P&C and medical) Renewable Energy Education ✓ ✓ 13#14PORTFOLIO HIGHLIGHTS | 30 JUNE 2021 Gross investment of GEL 1.5b Net investment of GEL 568m Listed assets Large portfolio companies Portfolio fair value of GEL 3.2b Investment stage portfolio companies Original 129 investment 390 216 11 148 19 64 MOIC¹ 7.7 3.8 3.0 24.2 1.6 1.9 GEL million 575 BOG -292 1,330 548 255 206 119 -40 GHG2 Water Utility P&C Insurance LSE Market value at 30-Jun-21 Fair value Net cash investment 221 134 124 64 Renewable Energy Education GEORGIA CAPITAL Georgia Capital PLC | 1. Multiple of Invested Capital is calculated as follows: i) the numerator is the cash and non-cash inflows from dividends and sell-downs plus fair value of investment at reporting date ii) the denominator is the gross investment amount. 2. GHG includes: Healthcare Services, Retail (pharmacy) and Medical Insurance businesses. 14#15CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 15#16CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance 02 Access to management 03 Access to capital THREE FUNDAMENTAL ENABLERS STRONG CORPORATE GOVERNANCE ACCESS TO MANAGEMENT ☑ GEORGIA CAPITAL ACCESS TO CAPITAL 16#17CAPITAL ALLOCATION PHILOSOPHY GEORGIA CAPITAL GCAP SHARE PRICE IS AT CORE OF OUR DECISION MAKING VIS-À-VIS INVESTMENTS WE ARE TARGETING TO INVEST IN OPPORTUNITIES WHICH PRODUCE GREATER RETURN THAN BUYING GCAP SHARES opportunity 360° ANALYSIS Sale opportunity Investment opportunity • We perform 360-degree analysis each time we make a capital allocation decision and compare: Investment opportunity vs. buyback opportunity • Sale opportunity vs. buyback opportunity 17#18CAPITAL ALLOCATION PHILOSOPHY (CONT'D) GEORGIA CAPITAL IRR & MOIC¹ IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW OPPORTUNITIES ROIC IS AT CORE OF DECISION MAKING WHEN OUR PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES KEY MONEY MULTIPLES AT GCAP LEVEL M IRR M MOIC KEY METRIC FOR REINVESTMENT DECISION MAKING AT PORTFOLIO COMPANIES' LEVEL • ROIC ROIC should be more than WACC for new investments . Portfolio companies to continue divestment of low ROIC and/or non-core assets & businesses to enhance ROIC e.g. hospital (HTMC) sale transaction, improving healthcare services business ROIC by 90bps on a proforma basis GCAP ROLE VIS-À-VIS PORTFOLIO COMPANIES • Approval of all capital allocation decisions: equity, debt, profit reinvestment, divestment etc. • Strategy setting, business plan approval and monitoring Georgia Capital PLC | 1. Multiple of Invested Capital (MOIC). • Human capital (CEO & CFO) allocation & KPI setting 18#19ENHANCEMENT OF OUR STRATEGY AS ANNOUNCED ON 2020 INVESTOR DAY We will be investing in the sectors/opportunities with potential to be GEL 0.5bln in equity value in the next 3-5 years' time Q GEORGIA CAPITAL Larger companies will be attractive for international strategic and financial buyers, which will increase the liquidity of our portfolio companies Management time will be used more efficiently for large opportunities LARGE COMPANIES ATTRACTIVE FOR INTERNATIONAL BUYERS Increased liquidity SMALLER COMPANIES ATTRACTIVE FOR LOCAL & REGIONAL BUYERS Lower liquidity, as access to capital is limited in the region 19#20ENHANCED STRATEGY IS TO INVEST IN LARGE OPPORTUNITIES GCAP invests in Georgia in large opportunities, which have a potential to become GEL 0.5bln+ in equity value. GCAP develops and grows. portfolio companies to equity. value of GEL 0.5bln+ and realizes proceeds through exit, as investments mature. LARGE SIZE WILL PROVIDE LIQUIDITY AND AS SUCH IMPROVED EXIT OPPORTUNITIES AND ABILITY FOR GCAP TO REDUCE THE NAV DISCOUNT INVEST IN GEORGIA IN LARGE OPPORTUNITIES GEORGIA CAPITAL MONETISE B GROW BUSINESSES TO EQUITY VALUE OF GEL 0.5BLN+ 20 20#21NEW PRIORITY #1 ANNOUNCED ON 2020 INVESTOR DAY: REALIZING VALUE OF ONE LARGE INVESTMENT GEORGIA CAPITAL We believe realizing value of one of our large investments will help to validate the value of our portfolio and to reduce discount to NAV Therefore, we will be targeting to complete a trade sale of one of our large businesses III Realizing value of one large investment Reduce NAV discount GCAP WILL COMPLETE THE FULL CYCLE OF ITS STRATEGY (INVEST, GROW, MONETISE), FOLLOWING THE SALE OF A LARGE PORTFOLIO COMPANY Starting from 2020, we are institutionilising exit process from our portfolio companies. Trade sale of one large investment over the next 18-24 months (from November 2020) NEW TARGET 21#22NEW PRIORITY #2: DIVESTMENT OF "OTHER" PORTFOLIO Other portfolio includes small companies with limited potential to achieve GEL 0.5 billion equity value SUBJECT TO 360° ANALYSIS "OTHER" PORTFOLIO EXPECTED TO BE DIVESTED IN THE NEXT 2-3 YEARS GEORGIA CAPITAL 22#23RENEWABLE ENERGY AND EDUCATION - OUR KEY INVESTMENT AREAS IN THE MEDIUM TERM GRADUALLY MOVING TO REINVESTMENT PHASE, GIVEN THE STRONG CASH FLOW GENERATION AT OUR INVESTMENT STAGE PORTFOLIO COMPANIES TOTAL NET INVESTMENT OF c. US$ 50MLN IDENTIFIED FROM GCAP OVER THE NEXT 3-5 YEARS¹ of which, c. US$ 10mln in 2021 Georgia Capital PLC | 1. Announced in November 2020. RENEWABLE ENERGY EDUCATION Limiting expansion through greenfield developments and focus on buying cash generating assets at attractive multiples GEORGIA CAPITAL 23#24INVESTING IN RENEWABLE ENERGY INDUSTRY INVESTMENT RATIONALE High margins, dollar linked cash flows Growing market, with 35% of demand satisfied through imports and TPPS High capacity factors Low penetration of air conditioners and high Cooling Degree Day (CDD) CURRENT INVESTMENT OVERVIEW | 30-Jun-21 GEL million 148 87 221 (14) TOTAL NET INVESTMENT OF c. US$ 36MLN IDENTIFIED FROM GCAP OVER THE NEXT 3 YEARS² ■ Over the next 3 years we will be launching pipeline projects: wind farms in Tbilisi and Kaspi, Zoti HPP and Darchi HPP. RENEWABLE ENERGY SNAPSHOT MOIC (Multiple of Invested Capital) IRR Installed capacity Run-rate EBITDA NOW IN 3-5 YEARS 1.6x 2.0x+ 19.9% 91MW 20%+ 263MW GEL 45mln GEL 122mln³ GEORGIA CAPITAL GCAP Equity invested Value creation Dividends Equity value 30-Jun-21 RANGE FOR PEER TRADING MULTIPLES¹ 7x-17x LTM EV/EBITDA NOTABLE TRANSACTION FROM GEORGIA - TEPCO & DARIALI ENERGY In April 2020, Renewable Energy arm of Tokyo Electric Power Company Holdings, Japanese Electric Utilities company, acquired 31.4% of 108MW Dariali HPP. REGIONAL4 TRANSACTION HIGHLIGHTS IN THE SECTOR5 182 transactions over the last 3 years ■ Of which, 38 transactions have less than US$ 100mln size Georgia Capital PLC | 1. Our valuation peer group multiples as of 30-Jun-21. 2. Announced in November 2020. 3. Run-rate EBITDA assuming 3.2 GEL/USD exchange rate. 4. Region covers countries in European and Asian Emerging Markets. 5. Source: Capital IQ. 24#25GEL million INVESTING IN EDUCATION INDUSTRY INVESTMENT RATIONALE ■ Asset light industry ■ High quality revenue with high margins ■ High trading multiples Highly fragmented K-12 private school market with strong growth potential CURRENT INVESTMENT OVERVIEW | 30-Jun-21 TOTAL NET INVESTMENT OF c. US$ 14MLN IDENTIFIED FROM GCAP OVER THE NEXT 5 YEARS BY 20252 - Scaling up to capacity of 21,000 learners through expansion plans in existing schools and M&As by 2025. ■ Strong organic growth at existing schools is expected to drive solid growth in Run-rate EBITDA, on top of expansion plans and M&As. By 2025, average investment and EBITDA per learner are expected to decrease, as 80% of M&A capacity will be concentrated in affordable sector. 60 60 EDUCATION BUSINESS SNAPSHOT NOW BY 2025 124 MOIC (Multiple of Invested Capital) 1.9x 2.0x+ IRR 46.4% 25%+ 64 Of which: Premium: 40 ➤ Mid-level: 14 Existing capacity (# of learners) 2,810 21,000 of which, existing schools 2,810 6,000 Affordable: 10 of which, M&A 15,000 Value creation Equity value 30-Jun-21 EBITDA GEL 10mln³ GEL 50mln+ GCAP equity invested RANGE FOR PEER TRADING MULTIPLES¹ 6x-25x LTM EV/EBITDA Georgia Capital PLC | 1. Our valuation peer group multiples as of 30-Jun-21. 2. Announced in November 2020. 3. EBITDA GEL 10mln is an estimate for 2020-21 academic year. GEORGIA CAPITAL 25#26OUTLOOK FOR OUR PRIVATE PORTFOLIO IN LINE WITH ENHANCED STRATEGY New Strategic Priority #1 New Strategic Priority #2 ӨӨ R LARGE PORTFOLIO COMPANIES Exit from one large investment over the next 18-24 months (from November 2020) 64.2% OF TOTAL PORTFOLIO VALUE AT 30-JUN-21 K INVESTMENT STAGE PORTFOLIO COMPANIES Total identified investment of US$ 50mln from GCAP in the next 3-5 years of which, c. US$ 10mln in 2021 10.6% OF TOTAL PORTFOLIO VALUE AT 30-JUN-21 SMALL COMPANIES ("OTHER ASSETS") Divestment over the next 2-3 years 7.5% OF TOTAL PORTFOLIO VALUE AT 30-JUN-21 WE BELIEVE REALIZING VALUE OF ONE LARGE INVESTMENT WILL HELP TO VALIDATE OUR PORTFOLIO VALUE AND TO REDUCE NAV DISCOUNT GCAP WILL COMPLETE THE FULL CYCLE OF ITS STRATEGY (INVEST, GROW, MONETISE), FOLLOWING THE SALE OF A LARGE PORTFOLIO COMPANY GRADUALLY MOVING TO REINVESTMENT PHASE, GIVEN THE STRONG CASH FLOW GENERATION AT OUR INVESTMENT STAGE PORTFOLIO " LIMITING EXPANSION THROUGH GREENFIELD DEVELOPMENTS AND FOCUS ON BUYING CASH GENERATING ASSETS AT ATTRACTIVE MULTIPLES OTHER PORTFOLIO INCLUDES SMALL COMPANIES WITH LIMITED POTENTIAL TO ACHIEVE GEL 0.5 BILLION EQUITY VALUE GEORGIA CAPITAL 26#27CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 22 27#28SALE OF US$ 35 MILLION COMMERCIAL REAL ESTATE ASSETS AND LAND PLOT DURING JUNE-AUGUST 2021 STRONG PROGRESS TOWARDS OUR STRATEGIC PRIORITIES Sold assets TRANSACTION DETAILS - US$ 4.7 MILLION PREMIUM TO 31 MARCH 2021 BOOK VALUES Premium to gross value 15.4% 34.8 US Dollar 30.1 Premium to net asset value 47.2% 14.5 $18.5 9.8 TOTAL BOOK VALUE $23.8 41% AS AT 30-JUN-21 $34.8 59% US$ 58.6 MILLION $13.2 Book value¹ 31-Mar-21 Sales value $3.1 Office spaces Remaining assets Sold assets Retail spaces Land plot Net asset value 31-Mar-21 Adjusted for sales premium Proceeds from the transaction will be used to repay the existing US$ 30 million bonds issued by the commercial real estate business, maturing on 31 December 2021 The value of the remaining disposable assets, US$ 23.8 million, is almost equally split between commercial real estate assets and land plots Net asset value 31-Mar-21 Georgia Capital PLC | 1. At standalone hospitality and commercial real estate business level. GEORGIA CAPITAL 28#29COMMENCEMENT OF US$ 10 MILLION SHARE BUYBACK AND CANCELLATION PROGRAMME GCAP SHARE PRICE IS AT CORE OF OUR DECISION MAKING VIS-À-VIS INVESTMENTS TRANSACTION RATIONALE Outstanding performance of our portfolio companies, supported by strong economic recovery Robust liquidity at GCAP level - US$ 90 million liquid funds (excl. issued loans) as at 30-Jun-21 Strong dividend income outlook LTV ratio at 27% as of 30-Jun-21, below the targeted threshold of 30% (further improving to 26.4% as at 6-Aug-21) ➤ IN LINE WITH OUR CAPITAL ALLOCATION PHILOSOPHY opportunity Buyback Investment 360° ANALYSIS Sale opportunity opportunity ATTRACTIVE OPPORTUNITY FOR DELIVERING GREATER RETURNS Average discount % to NAV: 25% 34% 26% 26% 22% COVID-19 period GEORGIA CAPITAL 53% 50% 45% 42% 42% 49.9 44.3 53.9 46.8 31.7 48.1 46.8 54.5 57.1 Jun/18 Dec/18 Jun/19 Dec/19 Jun/20 Dec/20 Mar/21 Jun/21 6-Aug-211 NAV per share (GEL) (%) Discount to NAV per share ☐ Share buyback and cancellation programme will be executed over a twelve month period. The shares will be purchased in the open market. Georgia Capital PLC | 1. Reflects BGEO and CGEO share prices and foreign exchange rate movements as at 6-Aug-21. 29 29#30GEL NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW NAV PER SHARE UP 16.4% TO GEL 54.48 IN 2Q21 (UP 22.0% TO GEL 57.09 AS AT 6-AUG-21) % Change q-o-q -35.6% +4.9% +19.5% +27.2% -2.7% CONTROLLABLE (PRIVATE) NAV PER SHARE UP 15.8% TO GEL 44.83 IN 2Q21 % Change q-0-9 -25.0% -0.5% +69.3% +22.1% -1.6% +22.0% +16.4% 57.09 54.48 48.12 46.80 30.18 31.67 37.84 46.84 اللسا GEL 25.47 19.11 19.01 32.19 +15.8% GEORGIA CAPITAL 44.83 39.32 38.71 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 6-Aug-211 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Georgia Capital PLC | 1. Reflects BGEO share price and foreign exchange rate movements as at 6-Aug-21. 30 30#31NAV PER SHARE (GEL) MOVEMENT IN 2Q21 GEORGIA CAPITAL NAV PER SHARE CHANGE % +3.3% +10.1% +1.7% +0.3% +0.1% -0.4% +1.4% +16.4% +5.6% +22.0% NAV PER SHARE 2.61 57.09 (GEL) UP 16.4% IN 2Q21 0.81 0.13 0.03 0.66 54.48 4.73 (0.20) 1.52 46.80 Externally valued • NAV per share (GBP) up • 24.9% in 2021 16.4% growth in 2Q21 NAV per share (GEL) mainly reflects value creation across our resilient private portfolio and a 22.2% increase in BoG share price, further supported by local currency appreciation against USD. NAV per share 31-Mar-21 BOG Large portfolio companies Investment stage portfolio Other portfolio Buyback companies Operating expenses Liquidity manag./FX/ Other NAV per share 30-Jun-21 BGEO share price and FX impact NAV per share 6-Aug-211 companies Georgia Capital PLC | 1. Reflects BGEO share price and foreign exchange rate movements as at 6-Aug-21. 31#32NAV PER SHARE (GEL) MOVEMENT IN 1H21 GEORGIA CAPITAL NAV PER SHARE CHANGE % +2.0% +10.4% +1.8% +1.2% +0.1% -0.8% -1.4% +13.2% +5.4% +18.6% NAV PER SHARE (GEL) UP 13.2% IN 1H21 2.61 57.09 5.00 0.88 0.57 0.05 54.48 (0.40) (0.69) 48.12 0.95 Externally valued • NAV per share (GBP) up 15.2% in 1H21 13.2% growth in 2Q21 NAV per share (GEL) on the back of strong value creation across our resilient private portfolio and a 10.2% increase in BoG share price within the half-year period. NAV per share 31-Dec-20 BOG Large portfolio companies Investment stage portfolio Other portfolio Buyback companies Operating expenses Liquidity manag./FX/ Other NAV per share 30-Jun-21 BGEO share price and NAV per share 6-Aug-211 FX impact companies Georgia Capital PLC | 1. Reflects BGEO share price and foreign exchange rate movements as at 6-Aug-21. 32#33◉ AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED REVENUE UP 45.3% Y-O-Y IN 2Q21 AND UP 42.2% FROM 2Q19 1H21 aggregated revenue up 26.5% y-o-y and up 37.1% from 1H19 GEL MILLION +37.1% +26.5% 917 +42.2% 150 724 37 +45.3% 669 115 502 77 33 2 86 353 23 345 48 64 2 18 302 263 393 590 577 730 2Q19 2Q20 2Q21 1H19 1H20 1H21 Other portfolio companies | Investment stage portfolio companies Other portfolio companies I Investment stage portfolio companies I Large portfolio companies I Large portfolio companies Georgia Capital PLC | General note: Revenues from Medical Centre University Clinic (HTMC) are excluded for the presentation purposes. GEORGIA CAPITAL 3 33#34AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED EBITDA UP 89.1% Y-O-Y IN 2Q21 AND UP 84.1% FROM 2Q19 1H21 aggregated EBITDA up 58.4% y-o-y and up 63.8% from 1H19 GEL MILLION 62 62 2 62 62 (2) 2Q19 +84.1% 60 852 12 +63.8% +58.4% 189 20 +89.1% 115 119 114 1 13 3 19 15 21 GEORGIA CAPITAL 44 86 119 97 148 (5) 2Q20 2Q21 1H19 1H20 1H21 Other portfolio companies I Investment stage portfolio companies ■Large portfolio companies Other portfolio companies Investment stage portfolio companies ■Large portfolio companies Georgia Capital PLC | General note: EBITDA from Medical Centre University Clinic (HTMC) are excluded for the presentation purposes. 34#35OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES HEALTHCARE SERVICES KEY DRIVERS The number of admissions up 121.4% y-o-y at clinics and up 122.0% y-o-y at hospitals in 2Q21, reflecting increased demand for elective services. Occupancy rate was up by 23.9 ppts y-o-y to 66.2% in 2Q21 in hospitals. The revenue of the diagnostics business up more than 4x y-o-y in 2Q21 to GEL 7.6 million. GEL MILLION 74 74 REVENUE DEVELOPMENT +37.8% 56 59 +29.2% 148 +82.0% 128 102 +48.9% 191 18 EBITDA¹ DEVELOPMENT +42.9% +253.3% 26 37 GEORGIA CAPITAL +32.5% 22 22 +120.5% 49 49 7 2Q19 2Q20 2Q21 1H19 1H20 1H21 2Q19 2Q20 2Q21 1H19 1H20 1H21 Georgia Capital PLC | General note: All figures are presented excluding Medical Centre University Clinic (HTMC). 1. Excluding IFRS 16. 35#36OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) 80 RETAIL (PHARMACY) REVENUE DEVELOPMENT +26.3% +16.9% EBITDA¹ DEVELOPMENT KEY DRIVERS Scheduled expansion of the retail (pharmacy) chain, rebounding demand for retail products and an overall improvement of economic activities have positively impacted the performance of the business. Same-store growth rate up 31.9 ppts y-o-y to 26.3% in 2Q21. Number of bills issued up 25.7% y-o- y to 7.2 million in 2Q21. Average bill size up 5.4% y-o-y to GEL 18.5 in 2Q21. Georgia Capital PLC | 1. Excluding IFRS 16. GEL MILLION 319 +33.2% 295 +38.4% 149 144 199 373 +31.3% 15 15 +33.9% 20 20 +7.5% 34 31 GEORGIA CAPITAL -1.2% 33 33 2Q19 2Q20 2Q21 1H19 1H20 1H21 2Q19 2Q20 2Q21 1H19 1H20 1H21 36#37OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) 0 WATER UTILITY REVENUE DEVELOPMENT +23.4% +51.3% 92 9 EBITDA DEVELOPMENT KEY DRIVERS 2Q21 water supply revenue up 63.7% y-o-y, reflecting 24.6% y-o-y increase in water consumption levels by corporate clients and revised water utility tariffs¹ effective from January 2021. Electricity sales up 4.5x y-o-y in 2Q21 supported by strong water inflows into the Zhinvali reservoir (up by 40.7% y-o-y). GEL MILLION 41 +30.3% 6 30 2 +82.0% 54 9 75 8 61 2 3.8x +55.4% 23 14 +152.7% 40 40 36 +39.3% 30 GEORGIA CAPITAL +90.0% 56 +42.1% 35 28 45 66 58 83 2Q19 2Q20 2Q21 1H19 1H20 1H21 2Q19 2Q20 2Q21 1H19 1H20 1H21 Water supply revenue Energy revenue Total revenue Georgia Capital PLC | 1. The tariff increase translates into an annual growth of 38% in allowed water revenue for the entire water utility business (c.38% for Georgian Water and Power LLC (GWP)) in the three-year regulatory period effective from 1 January 2021. 37#38OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) INSURANCE KEY DRIVERS Net premiums earned up 14.9% y-o- y in 2Q21, reflecting rebounding demand and increased prices of insurance policies. The number of new policies written in the P&C Insurance up 33.2% y-o-y in 2Q21. Combined ratio up 10.2 ppts y-o-y to 90.3% in 2Q21 due to higher passenger mobility following the removal of pandemic-related lockdown restrictions. GEL MILLION GROSS PREMIUMS WRITTEN +23.9% +13.0% 54 48 43 9 12 12 +7.3% 109 99 99 56 43 33 +17.5% 117 NET INCOME DEVELOPMENT GEORGIA CAPITAL +0.1% -9.5% 46 -13.3% 10.8 9.7 9.7 -36.5% 1.4 2.6 1.4 6.8 5.0 2.0 4.3 1.0 0.2 32 36 44 53 56 70 70 4.0 4.9 4.2 8.3 8.2 8.3 2Q19 ■P&C 2Q20 Medical 2Q21 - Total 1H19 1H20 1H21 2Q19 2Q20 2Q21 1H19 1H20 1H21 ■ P&C Medical - Total 38#39OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES RENEWABLE ENERGY KEY DRIVERS Resilient results despite the ongoing pandemic, as the revenue from the long-term PPAs increased by 37.0% y-o-y, while the revenue from the large industrial customers (Non-PPA) was up 43.7% y-o-y in 2Q21. A 49.5% y-o-y increase in the total generation levels in 2Q21, on the back of strong performance in all facilities. 2Q21 generation levels up 96.9%, 61.8% and 1.1%, y-o-y, in 20MW Hydrolea HPPS, 30MW Mestiachala HPPs and 21MW Qartli wind farm, respectively. GEL MILLION REVENUE DEVELOPMENT +13.5% 12 2 14 6 4 19 +8.2% 20 20 EBITDA DEVELOPMENT 3 +43.7% 6 4 +17.1% 11 10 GEORGIA CAPITAL +5.5% 15 14 +19.8% 6 8 12 15 2Q20 2Q21 1H20 1H21 2Q20 2Q21 1H20 1H21 PPA Non-PPA BI Reimbursement - Total revenue 39#40OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES (CONT'D) GEORGIA CAPITAL EDUCATION KEY DRIVERS A 9.5% y-o-y increase in the number of academic days in 2Q21, reflecting the modification of the academic calendar. An 18.4% y-o-y growth in average tuition revenue per learner in 1H21 and a 1.4 ppts y-o-y improvement of the capacity utilization as of 30-Jun- 21. The total number of learners up by 1.6% y-o-y as of 30-Jun-21. GEL MILLION 6.3 +40.6% REVENUE DEVELOPMENT 8.8 14.0 +16.4% 16.2 2.1 +73.8% 3.7 EBITDA DEVELOPMENT 5.1 +26.0% 2Q20 2Q21 1H20 1H21 2Q20 2Q21 1H20 1H21 6.5 40 40#41AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO TOTAL AGGREGATED NET OPERATING CASH FLOW (GEL MILLION) 55 +47.2% +22.7% GEORGIA CAPITAL TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) 31-Dec-19 178 31-Dec-20 -37.3% 112 -11.2% 91 91 80 31-Mar-21 30-Jun-21 2Q19 2Q20 2Q21 1H19 1H20 1H21 GEL ORGANIC TRANSITION TO REVENUE GROWTH STRATEGY FROM PREVIOUSLY ADOPTED CASH PRESERVATION STRATEGY 183 392 -19% 347 -8% 318 GCAP LIQUIDITY AT 30-JUN-21 442 MILLIO DOWN 5.4% IN 2Q21 (UP 55.5% IN 1H21, REFLECTING US$ 65 MILLION EUROBOND TAP ISSUE IN MARCH 2021) +74% 41#42GEORGIA CAPITAL LEVERAGE & LIQUIDITY PROFILE LTV RATIO¹ IS ON TRACK TO THE TARGETED THRESHOLD OF <30% Pre-COVID average: 22% 30% 27.9% 25.8% 20.0% 19.2% 17.6% 44.1% 41.9% 33.5% 31.2% 28.9% 27.4% LTV Ratio US$ 140 MILLION LIQUID FUNDS AS OF 30-JUN-21 GEORGIA CAPITAL ■Cash 50 TOTAL 60 Marketable securities 60 140 26.4% US$ MILLION Loans issued LTV Ratio Target Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 6-Aug-21² 30 SOLID DIVIDEND INCOME OUTLOOK FROM PRIVATE PORTFOLIO COMPANIES 60-70 GEL MILLION IN 2021 DIVIDENDS RECEIVED 2Q21 1H21 (GEL million) P&C Insurance 5.0 5.0 Renewable Energy 4.7 9.5 Total 9.7 14.4 Georgia Capital PLC | 1. LTV Ratio - Loan to value ratio: net debt divided by the portfolio value. 2. Reflects BGEO share price and foreign exchange rate movements as at 6-Aug-21. 42 42#43CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 43#44GEL MILLION PORTFOLIO VALUE DEVELOPMENT IN 2021 PORTFOLIO VALUE UP 11.1% TO GEL 3.25 BILLION IN 2Q21 % SHARE OF LISTED ASSETS 17.3% 17.7% 214 35 6 3,247 70 2,922 Externally valued Portfolio value BOG 31-Mar-21 Large portfolio companies Investment stage portfolio companies Other portfolio companies Portfolio value 30-Jun-21 14% 45 22% 5% 1% -1% 6% 15 6 (3) 20 70 TOTAL PORTFOLIO VALUE GROWTH GEL 325 MILLION 81 GEORGIA CAPITAL 28% 91 25% Water Utility Bank of Georgia Education Other Healthcare Services Retail (Pharmacy) Renewable Energy Insurance (P&C & Medical) 44#45PORTFOLIO VALUE DEVELOPMENT IN 1H21 PORTFOLIO VALUE UP 11.7% TO GEL 3.25 BILLION IN 1H21 % SHARE OF LISTED ASSETS GEL MILLION 18.3% 227 2,908 44 Externally valued 3% 2% 17.7% 8% 42 26 3,247 11 8 26 8% 28 Portfolio value BOG 31-Dec-20 Large portfolio companies Investment stage portfolio companies Other portfolio companies 9% 31 TOTAL PORTFOLIO VALUE GROWTH GEL 339 MILLION 44 13% 77 23% GEORGIA CAPITAL 34% 114 Portfolio value 30-Jun-21 Healthcare Services Bank of Georgia Retail (Pharmacy) ■Renewable Energy Water Utility Education Other Insurance (P&C & Medical) 45 45#46PORTFOLIO VALUE AS OF 30-JUN-21 82% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 % SHARE IN TOTAL PORTFOLIO VALUE: 18% MULTIPLE: BGEO PRICE ON LSE GBP 13.44 21% 11% 7% 18% 242 575 345 PORTFOLIO BREAKDOWN GEL 3,247 MILLION 64% 2,085 Listed ■Large Investment stage Other Georgia Capital PLC GEL MILLION 18% 17% 8% 7% 4% 7% 10.6X 9.3X LTM EV/EBITDA² LTM EV/EBITDA² 9.3X LTM EV/EBITDA³ - 12.0X 12.3X LTM P/E4 10.3X EV/EBITDA5 12.5X LTM EV/EBITDA 686 575 580 548 270 242 221 124 00 BOG Healthcare Retail Services 6 (Pharmacy)6 Water Utility 7 Insurance (P&C & Medical)6 Renewable Education Energy7 Other EXTERNALLY VALUED1 LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES GEORGIA CAPITAL 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. Our private large portfolio companies were valued externally as of 30-Jun-21 by a third-party independent valuation firm. 2. LTM EV/EBITDA multiples for Healthcare services and Retail (pharmacy) are presented including IFRS 16 as of 30-Jun-21. 3. LTM Adjusted EBITDA as at 30-Jun-21 combines Water Utility's actual performance in 1H21 and the retrospective application of new tariffs on the 2H20 numbers. 4. LTM P/E multiple of 12.0x for P&C Insurance and 12.3x for medical insurance as at 30-Jun-21. 5. Hydrolea HPPs and Qartli wind farm were valued using run-rate/ actual LTM EBITDA earnings and related EV/EBITDA multiple, while Mestiachala HPPs and other pipeline projects are stated at cost. Blended multiple is 10.3x for Hydrolea HPPs and Qartli WPP. 6. Healthcare Services, Retail (pharmacy), and Medical Insurance are owned through GHG. 7. Water Utility & Renewable Energy are owned through GGU. 46#47Listed portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ INVESTMENT RATIONALE Market opportunity GEORGIA CAPITAL The first entity from Georgia to be listed on the premium segment of the Main Market of the London Stock Exchange (LSE: BGEO) since February 2012. Banking sector assets, loans and deposits High standards of transparency and governance. CAGR 23.8% Leading market position¹ in Georgia by assets (36.0%), loans (35.6%), client deposits (38.9%) and equity (32.6%) as at 30 June 2021. 60 50 Growing market: The banking sector's assets growth rate at 23.8% (CAGR during 2003-2021 years). Strong retail and corporate banking franchise. Leader in payments and financial mobile app. Sustainable growth combined with strong capital, liquidity and robust profitability. Outstanding ROAE performance. Dividend per share growing at 34.3% CAGR over 2010-2018 VALUE CREATION POTENTIAL Loan book growth c.10%. Restoration of dividend pay-out ratio within 25-40%. 20%+ ROAE. OWNERSHIP Georgia Capital owns 19.9% of Bank of Georgia Group PLC. As long as Georgia Capital's stake in BoG is greater than 9.9%, it will exercise its voting rights in Bank of Georgia Group in accordance with the votes cast by all other shareholders on all shareholder votes at any general meeting. Banking business key medium-term targets ROAE 20%+ Loan book growth c. 10% 56.9 56.0 47.2 39.7 38.2 39.2 40 34.6 31.9 30.1 30 25.2 26.6 34.6 34.5 22.3 20.6 20 17.3 18.9 14.4 16.0 26.2 12.7 13.0 23.0 10.6 8.9 10.5 19.8 10 7.2 8.3 7.7 8.7 17.0 0.8 1.3 1.7 0.9 2.5 1.7 4.2 2.7 6.0 4.6 5.2 6.3 14.3 11.6 0.7 1.0 1.3 2.1 3.2 3.6 4.0 5.5 6.7 7.6 9.7 0 2003 2004 2005 2006 2007 2008 2009 2010 Assets, GEL bln 2011 2012 2013 Deposits, GEL bln 2014 2015 2016 2017 2018 2019 2020 2021 Loans, GEL bln Source: NBG Robust capital management track record Capital repatriation policy: In the light of the evolving macroeconomic situation and expected levels of medium-term growth, the Board will formally review the Group's capital repatriation policy in the second half of 2021 Regular dividends: Aiming 25-40% dividend payout ratio. Resuming dividend payout depends on new capital requirements schedule to be released by the NBG Cash dividend paid GEL 648mln+ during 2013-2019, within the targeted payout range Georgia Capital PLC | 1. Market data based on standalone accounts as published by the National Bank of Georgia (NBG) www.nbg.gov.ge 47#4840.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 Listed portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Stock price performance May-18 Jul-18 Sep-18 Nov-18 Retail clients ('000) Jan-19 Mar-19 May-19 % share of digital transactions in total transactions Sep-20 Nov-20 Jan-21 Jul-19 Sep-19 Selected operating metrics Nov-19 Jan-20 Mar-20 May-20 Jul-20 Profits & ROAE Financial metrics (GEL million) GBP 13.44 2015 2016 2017 2018 2019 as of 30-Jun-21 NIM 7.7% 7.4% 7.3% 6.5% 5.6% NPL coverage 83.4% 86.7% 92.7% 90.5% 80.9% 2020 2Q20 2Q21 Change 4.6% 4.2% 4.7% 0.5ppts 76.3% 115.7% 73.1% -42.6ppts Loan portfolio 5,367 Mar-21 May-21 Cost/income² 6,682 7,741 9,398 11,931 14,192 12,599 14,789 +17.4% 35.5% 37.7% 37.7% 36.7% 37.8% 39.7% 43.9% 36.4% -7.5ppts GEL 14.4 billion gross loan portfolio breakdown* | 30 June 2021 30-Jun-20 30-Jun-21 Change 2,541 2,574 1.3% Corporate loans, GEL 4,949 million, 34.4% 2Q20 2Q21 Change 96.0% 96.2% 0.2ppts ROAE¹ 21.9% 22.2% 25.2% 26.4% 26.1% 13.0% 1.4% 25.6% 24.5% 20.8% GEL million 500 370 379 296 274 341 295 15 Loan book growth 15.9% 21.4% 27.0% 18.9% 17.4% Retail loans, GEL 9,458 million, 65.6% * Bank of Georgia Standalone. Dividend record³ (GEL million) Payout 10% 15% ratio: 30% 36% 33% 34% 32% 30% 30% Total dividend paid for the year Dividend per share Dividend per share CAGR (GEL) - 34.3% 2.44 2.55 2.08 1.92 1.6 1.68 1.2 122 124 0.56 98 102 72 80 0.24 51 24 GEORGIA CAPITAL Interim dividend 2015 2016 2017 2018 2019 2020 1H20 1H21 2015 2016 2017 2018 2019 2020 1H21 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Georgia Capital PLC | 1. 2019 ROAE is adjusted for termination costs of former CEO and executive management, while 2018 ROAE is adjusted for demerger related expenses, one-off impact of re-measurement of deferred tax balance and termination costs of the former CEO. 2. 2019 cost/income ratio adjusted for GEL 12.4 million one-off employee costs (gross of income tax) related to termination benefits of the former executive management. 3. Actual dividend per share information for 2010-2016 years are adjusted for 19.9% Bog share issuance. 48 70#49Private large portfolio companies EXTERNALLY VALUED GEORGIAN HEALTHCARE MARKET OVERVIEW GROWTH IN HEALTHCARE SERVICES MARKET EXPECTED TO CONTINUE Total Market CAGR 2011-2019 of 13% GEORGIA CAPITAL STATE HEALTHCARE BUDGET IS INCREASING FOR THE LAST SEVERAL YEARS GEL million 11% 11% 10% 9% 9% 9% 9% Double digit growth on the back of favorable dynamics expected Total Market growth of 8% 2020-2021 % growth State healthcare spending dynamics '20-'21 4,765 4,397 4,062 10% 3,760 968 3,488 884 3,062 3,218 806 734 669 2,464 607 2,034 696 1,722 1,611 1,504 7% 1,716 1,552 543 1,311 1,404 438 1,217 1,092 343 305 908 782 675 714 573 659 814 1,013 1,273 1,395 1,508 1,622 1,752 1,903 2,075 9% 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021F Pharma Hospitals Polyclinics I State Healthcare Spending - UHC State Healthcare Spending - Other 800 964 681 760 829 710 1,326 574 841 281 343 305 329 349 2015 2016 2017 2018 2019 2020 A 2021B The country's expenditure on healthcare - c. 8% of GDP; c. 40% of the total healthcare expenditure is financed by the State; Government expenditure on healthcare as a % of GDP reached c. 4% from 1.6% in 2013; Government spending on healthcare accounts for 11% of the total budget; In 2020 increase in Other State Healthcare Spending is due to the evolved COVID-19 pandemic. GEL million Source: Frost & Sullivan analysis 2017 Hospital's market includes revenue of c. 10% from specialty beds, which is non-addressable market for GHG Polyclinics market excludes dental and aesthetic services Outpatient visits per capita, 2014-2016 7.02 EU average 4.4 3.9 4.0 4.1 3.2 2.5 8.4 7.4 -= Healthcare spending as a % of total state spending Source: Ministry of Finance of Georgia LONG-TERM, HIGH GROWTH PROSPECTS Bed occupancy rate by country, 2014-2016 88% 88% 10.0 70% 68% 68% 65% 65% South Africa Thailand Georgia US UAE Malaysia Poland Turkey Russia UK Russia Thailand Turkey Malaysia South US S Africa Source: Frost & Sullivan analysis 2017 53% 50% 49% US$ Per capita expenditures on healthcare by country, 2014-2018 9,403 3,935 910 893 570 568 456 308 228 75 Georgia UAE Poland US UK UAE Poland Russia South Africa Turkey Malaysia Georgia Thailand India 49#50Private large portfolio companies EXTERNALLY VALUED GEORGIA CAPITAL GHG AT A GLANCE A well diversified business model with cost and synergy advantages Georgia Healthcare Group - The only fully integrated healthcare provider in the region with solidified digital channels Community Healthcare Services Clinics & Polyclinics Referral Hospitals Healthcare Services 闰 Diagnostics (+ Retail Pharmacy Medical Insurance Extensive geographic coverage - diversified healthcare services and pharmacy network covering 3/4 of Georgia's population INVESTMENT RATIONALE • • Very low base: healthcare services spending per capita only US$ 308 (EU average is US$ 3,211). Growing market: healthcare spending growth estimated at 8% 2020-2021. Compromises of three businesses: Healthcare Services, Retail (pharmacy) and Medical Insurance | Market leader in each operating segment Advanced technology and IT infrastructure solidified Group's further growth opportunities on integrated level VALUE CREATION POTENTIAL • • • The single largest integrated company in the Georgian healthcare ecosystem, with a cost advantage due to the scale of operations. High-growth potential driven by opportunity to develop medical tourism, pick-up in polyclinics - outpatient market, the provision of beauty, dental, aesthetics and laboratory diagnostics. Well positioned to take advantage of the expected long-term macroeconomic and structural growth drivers. ROIC enhancement and substantially increased free cash flow generation following the completion of a significant three-year investment programme in 2018. GHG Group's medium to long term strategic targets Boosted operational Organic growth + New projects in pipeline Significantly improved cash flow Gradually approaching c.15%-17% Double digit revenue CAGR next 5 years Mid-teen EBITDA CAGR next 5 years + ROIC Disciplined capital allocation strategy OWNERSHIP Georgia Capital owns 100% in GHG at 30 June 2021. Our holding in GHG increased from 70.6% at 31 December 2019 following the completion of a recommended share exchange offer. Further details of the transaction are available at the following link: Offer for GHG | Georgia Capital 50#51Private large portfolio companies EXTERNALLY VALUED GHG'S TRACK RECORD OF DELIVERING STRONG RESULTS REVENUE, GROSS (GEL MILLION) CAGR 31.7% 426.4 246.0 975.4 920.3 849.9 747.8 +24.4% +46.4% 566.7 455.7 300.8 205.5 EBITDA1 (GEL MILLION) OPERATING CASH FLOW1 (GEL MILLION) GEORGIA CAPITAL EBITDA to cash conversion ratio¹: 81% 54% 54% 75% 84% 112% 191% 73% 149% 43% CAGR 20.0% +41.1% +86.7% 108.1 145.2 139.4 132.3 CAGR 28.1% -59.5% 156.5 -28.8% 78.0 121.2 56.1 83.3 99.6 59.0 46.2 24.7 45.4 58.2 42.4 88.1 47.4 33.7 35.7 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 2015 2016 2017 2018 2019 2020 2020 2Q21 1H20 1H21 CAPEX (GEL MILLION) ROIC (%) Start of the Capex Peak Capex stage Phase out from programme Capex programme Pursuing value creation and delivering strong operational performance 111.0 15% 12.7% 13.1% 9.4 89.3 71.2 10.8% 11.0% 9.6 63.7 9.6% 7.2 11.1 39.7 10% 101.6 30.3 79.7 13.0 15.1 21.8 64.0 11.9 52.6 6.8 10.0 4.4 7.3 5.0 27.8 20.3 2.2 5% 4.6 8.6 10.1 14.5 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 ■Development Capex ■Maintenance Capex Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1. Excluding IFRS16 impact 0% 2016 2017 2018 17.5% 16.1% 9.8% 7.7% 2019 2020 2Q20 2Q21 1H20 1H21 51#52Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW The largest healthcare service provider in Georgia: c. 20% market share by number of referral hospitals and community clinics beds - 2,949 Market share by number of beds¹ GEORGIA CAPITAL Referral hospitals MAJOR GROWTH DRIVERS Clinics & Polyclinics Diagnostics 18% GHG Hospitals 2,596 GHG Clinics 353 Aversi 714 Vienna Insurance... 615 Ghudushauri-Chachava 485 Inova 209 PSP 145 Other > 2% Organic growth of matured hospitals in line with the market > Increase number of registered > Building an effective logistics customers system for Group's healthcare facilities 5% > Growth in launched two flagship hospitals > Increasing Group referrals > Develop retail network > 4% > 3% Supporting growth pillars, such as medical tourism and clinical trials Adding new services, such as dental and aesthetic > Digitalisation Attracting B2B clients Digital Channels > 2% Forming joint ventures in synergetic businesses 1% > Digitalisation 9,468 65% 2Q21 Revenue breakdown by segments 7% 16% 77% Hospitals Clinics Diagnostics 2Q21 Revenue breakdown by payment sources 5% 30% 65% Out of pocket UHC Other . In clinics segment revenue from out of pocket payments represents 38% of total Georgia Capital PLC | 1. NCDC 2018, updated by GHG to include the changes before 30 June 2021; excluding specialty beds. Medium to long-term targets Double digit revenue CAGR in Hospitals and Clinics (20%+ at Clinics) Gradually improving EBITDA margin 28-30% at Hospitals 25% at Clinics 52 62#53Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW (CONT'D) HOSPITALS Bed occupancy rate CLINICS GEORGIA CAPITAL 17 19 15 Number of referral hospitals Average length of stay 4.9 5.2 5.5 5.4 5.2 5.6 5.6 5.4 5.4 5.6 Number of community clinics Number of polyclinics +23.9ppts +10.8ppts 66.2% 62.0% 353 c. 244,000 51.2% Number of community clinics beds Number of registered patients in Tbilisi 2,596 80% Number of referral hospital beds KGEL 117.9 63.0% 59.3% 61.6% 60% 54.7% 56.4% 53.1% 42.3% 40% Revenue per referral bed, 1H21 annualized 20% 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 CASH FLOW HIGHLIGHTS1 GROSS REVENUE² EBITDA¹ 2Q21 1H21 Gross profit margin (%) EBITDA margin (%)¹ 43% 46% 42% 42% 43% 39% 37% 43% 38% 43% Operating 27% 30% 26% 25% 26% 22% 13% 26% 17% 26% GEL 18.6m GEL 22.9m cash flow Change y-o-y -12.6% -55.8% 350 EBITDA to cash 70.8% 46.4% conversion GEL million CAGR 7.9% 305.6 2.9 293.0 5.1 265.4 246.1 38.3 44.4 250 285.8 14.5 46.7 +81.9% 195.0 150 +48.4% Change y-o-y -215.6ppts -185.0ppts 150 Free cash flow GEL 10.0m GEL 1.9m 192.3 100 +253.3% +120.5% 13.2 74.3 76.0 74.7 70.1 61.8 129.5 32.2 53.5 102.8 3.4 50 268.3 7.6 21.5 248.5 232.3 56.5 16.8 1.8 153.1 9.3 107.9 81.9 47.0 49.3 26.2 22.4 7.4 50 0 -35.1% -94.3% 2015 2016 2017 2018 2019 2020 ■Clinics Diagnostics Change y-o-y Hospitals Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1.Excluding IFRS 16 impact. 2. Sum of segments revenue does not reconcile to total revenue due to eliminations. 53 2Q20 2Q21 1H20 1H21 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21#54Externally valued¹ HEALTHCARE SERVICES BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q 899 Enterprise value 31-Mar-21 555 65 +7.3% 964 -6.4% +2.8% +13.3% 686 (241) (37) IMPLIED LTM EV/EBITDA² DEVELOPMENT (incl. IFRS 16) 12.5x 10.6x Increase in EV Enterprise value 30-Jun-21 Net debt inc. Lease liabilities Minority interest Equity value 30-Jun-21 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise Valuation method 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change Combination of income approach (DCF) and market approaches1 Enterprise value 964.0 898.8 65.2 836.9 127.1 LTM EBITDA² 90.7 71.9 18.8 63.6 27.1 Implied EV/EBITDA multiple 10.6x 12.5x -1.9x 13.2x -2.5x Net debt incl. lease liabilities Equity value (240.6) (257.1) 16.5 (230.1) (10.5) 723.4 641.7 81.7 606.8 116.6 Equity value of GCAP's share 685.8 605.1 80.7 571.7 114.1 Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. Our private large portfolio companies were valued externally as of 30-Jun-21 by a third-party independent valuation firm. 2. LTM EBITDAS are presented excluding HTMC. GEORGIA CAPITAL Agu. Sap. Oct. Nov. Dec. LVL 36 aVL SUP aVF 54 54#55Private large portfolio companies EXTERNALLY VALUED A RETAIL (PHARMACY) BUSINESS OVERVIEW 00 Country's largest retailer in terms of both, revenue and number of bills issued Market share by revenue, 20191 BUSINESSES MAJOR GROWTH DRIVERS GHG in pharma PSP Aversi 336 Other 302 500 615 35% 29% 19% 17% > Expending retail footprint › Enhancing retail margin (private label products) > New retail categories such as lab service and beauty GEORGIA CAPITAL > Growing wholesale revenue (such as hospital supplies) > Digital channels Medium to long-term targets ☐ Double digit revenue CAGR 329 Π 9%+ EBITDA margin Operates under two pharmacy brands, each with a distinct positioning: > GPC for the high-end customer segment > Pharmadepot for the mass retail segment 329 Pharmacies countrywide 226 126 130 61 34 39 102 103 69 25 38 24 9 1 Shopping Areas Clinic Residential area High street Total GPC Pharmadepot Georgia Capital PLC | 1. Total market size 2018 - Frost & Sullivan analysis, revenue distribution between competitors from published audited annual reports 55#56Private large portfolio companies EXTERNALLY VALUED ӨӨ 08 RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D) Margin enhancement and strong growth in para-pharmacy sales Strong sales in para-pharmacy products of GEL 54.1 million in 2Q21 (up 34.9% y-o-y), with 31.8% gross profit margin. Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 33.9% in 2Q21 (34.8% in 1Q21). CASH FLOW HIGHLIGHTS Gross profit margin (%) GEL million 24.5% REVENUE GEORGIA CAPITAL AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Number of bills issued, million 25.5% 25.5% 25.4% 26.7% 25.1% 26.3% 24.2% 25.3 27.1 Same store growth (%) 28.8 27.6 5.7 7.2 13.4 13.7 NMF 9% 9% 6% -6% 26% 6% 9% 800 679.4 614.7 600 518.6 184.7 450.3 176.9 +38.4% 134.5 400 113.9 +16.9% 318.8 372.8 102.4 199.0 82.9 494.7 200 437.8 143.8 336.4 384.1 56.1 36.6 235.9 270.4 107.2 142.9 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 ■Retail Distribution Number of pharmacies countrywide 270 296 309 299 329 EBITDA¹ GEL 18.5 18.8 17.6 16.8 16.5 14.3 13.3 13.4 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 CUSTOMER INTERACTIONS PER MONTH 2Q21 1H21 Operating cash flow¹ GEL 16.1m Operating leverage¹(%) GEL 13.6m Change y-o-y -33.9% -59.4% NMF EBITDA margin¹ (%) 7.8% 4.1% -1.4% -6.6% 2.6% -2.8% -6.0% c.0.8mln Loyal customers 8.6% 10.1% 10.6% 10.4% 10.5% 10.1% 10.5% 8.9% EBITDA to cash conversion¹ 150 79.8% 40.8% 20 Change y-o-y -81.8ppts -58.5ppts Free cash flow¹ GEL million 100 -1.2% GEL 11.8m GEL 6.7m 70.4 65.3 +33.9% 52.2 38.9 50 million 10 33.6 33.2 20.1 15.0 Change y-o-y -49.5% -78.5% Georgia Capital PLC | 1. Excluding IFRS16 impact 2.1 2.3 2.4 2.3 1.9 2.4 2.2 2.3 0 0 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 56#57Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW ӨӨ VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q +5.4% -1.4% +1.5% +8.4% 45 878 833 Enterprise value 31-Mar-21 (139) 580 (159) IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) 9.5x 9.3x Increase in EV Enterprise value 30-Jun-21 Net debt inc. financial leases Minority interest Equity value 30-Jun-21 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change otherwise Valuation method Combination of income approach (DCF) and market approaches¹ Enterprise value 878.0 832.9 45.1 835.9 42.1 LTM EBITDA 94.4 87.7 6.7 92.4 2.0 Implied EV/EBITDA multiple 9.3x 9.5x -0.2x 9.1x 0.3x Net debt inc. lease liabilities (138.9) (140.9) 2.0 (130.2) (8.7) Equity value 739.1 692.0 47.1 705.7 33.4 Equity value of GCAP's share 580.4 535.6 44.8 552.7 27.7 Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. Our private large portfolio companies were valued externally as of 30-Jun-21 by a third-party independent valuation firm. GEORGIA CAPITAL 57#58Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW Largest medical insurer in the country with 23%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 5 IC Group 2 Aversi 1 Other 9 15 23% 22 22 34% 14% c.168,000 Number of insured clients 7% 3% 2% 11 17% Georgia Capital PLC | 1. ISSSG as of 31 March 2021. BUSINESSES MAJOR GROWTH DRIVERS GEORGIA CAPITAL Growing the number of insured clients Enhancing gross profit through the introduction of "fee business" (such as motor Casco distribution, motor Third Party Liability distribution) Increasing retention rates within the Group Medium to long-term targets Increase contribution to the Group segments ■ Combined ratio <97% 58#59Thousands Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW (CONT'D) NUMBER OF INSURED & RENEWAL RATE REVENUE (NET INSURANCE PREMIUMS EARNED) Retention rate within the Group1 (%) 19.2% 23.3% 34.7% 39.4% 37.4% 37.3% 39.7% 36.5% 39.9% 36.2% 75.1% 76.9% 77.5% 77.1% 76.9% 73.4% 73.4% 400 69.7% 71.3% 74.1% 300 234 236 211 174 175 200 155 157 168 175 168 100 0 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 Number of Insured, thousands Renewal Rate COMBINED RATIO +14.5ppts +6.6ppts 96.7% 104.7% 102.5% 101.9% 94.0% 99.0% 96.1% 90.6% 92.4% 87.4% 84.1% 78.7% 84.2% 77.3% 84.0% 81.4% 73.0% 66.4% 73.4% 81.0% 18.0% 20.6% 18.3% 16.8% 14.7% 17.6% 21.0% 17.9% 18.9% 18.0% 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 Expense ratio Loss ratio Georgia Capital PLC | 1. 2019 and 2020 numbers are adjusted to exclude HTMC hospital. GEL million GEL million 90 00 60 60 30 75.4 69.5 58.6 61.5 53.7 55.1 +8.7% +1.8% 34.6 35.2 16.5 17.9 0 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 NET PROFIT 6.4 -46.6% -91.4% 4.4 2.9 2.6 2.0 1.8 1.4 0.2 GEORGIA CAPITAL (2.6) (4.9) 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 59#60Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q IMPLIED LTM P/E MULTIPLE DEVELOPMENT -7.1% -9.2% -6.7% 12.3x 9.8x 20 64 48 44 (4) Enterprise value Decrease in EV 31-Mar-21 Enterprise value 30-Jun-21 Excess cash Equity value 30-Jun-21 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change Combination of income approach (DCF) and market approaches¹ Valuation method LTM Net income 5.2 7.0 (1.8) 6.4 (1.2) Implied P/E multiple 12.3x 9.8x 2.5x 10.1x 2.2x Equity value 64.0 68.5 (4.5) 64.9 (0.9) LTM ROAE2 18.6% 25.1% -6.5ppts 24.2% -5.6ppts Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. Our private large portfolio companies were valued externally as of 30-Jun-21 by a third-party independent valuation firm. 2. Adjusted for non-recurring items. GEORGIA CAPITAL 60#61Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW INVESTMENT RATIONALE Significantly underpenetrated insurance market in Georgia (0.8% penetration in property and casualty insurance market). • Market leader with a powerful distribution network of point of sale and sales agents. MARKET SHARE 1Q21 (GROSS PREMIUMS WRITTEN) (GEL MILLION) 18% VIG 21% 26% GEORGIA CAPITAL MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹ 228 202 195 36% 370 380 308 VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. • Local MTPL expected to kick in and provide access to untapped retail CASCO insurance market with only 5% existing penetration. Increasing footprint in untapped MSME sector, where Aldagi's net written premiums have grown by 104% y-o-y in 2Q21 (from GEL 0.34 million to GEL 0.70 million) and by 120% y-o-y in 1H21 (from GEL 0.64 million to GEL 1.41 million) Digitalisation. Undisputed leader in providing insurance solutions to corporate clients. 4% 5% %9 Other Ardi Imedi L Irao 7% New Vision Source: Insurance State Supervision Service of Georgia 13% 38% 39% 29% 28% 29% 87 99 110 90 105 26% 22% 70 77 88 19 26 GPIH TBC Aldagi Insurance 2015 2016 2017 2018 2019 2020 1Q 20 1Q 21 Market Aldagi Market Share INSURANCE PENETRATION & DENSITY Georgia P&C Penetration 0.8% Density $34 Source: Insurance State Supervision Service of Georgia MARKET PL & COMBINED RATIO | 1Q21 Total Market Profit* GEL 11.8 m 11.1% 8.4% 8.6% 7,224 6.8% 6.1% 5.0% OWNERSHIP 4,523 P&C Insurance is 100% owned through Aldagi. 3,317 3,108 2.6% 2,719 1,429 UK Switzerland France Note: Penetration and density are stated including healthcare insurance (as of latest available data). Source: Swiss Re Institute Georgia Capital PLC | 1. Calculated in line with the market approach. Belgium Germany Slovenia Insurance Density USD Poland Bulgaria Turkey Russia Insurance Penetration Georgia 4.2 101% 111% 100% 90% 95% 55% 2.1 Market CR 93% 84% 2.4% 2.2 1.2 1.5% 1.4% 1.4% 1.2 -2% 0.4 409 239 128 146 58 0.6 (0.1) Aldagi TBC GPIH Imedi_L Unisoni Kamara PSP Other * Market data is based on net profits reported to regulatory body and does not represent IFRS amounts, except for Aldagi and TBC 61#62Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW GEORGIA CAPITAL COMBINED RATIO Financial Highlights 2Q21 1H21 -0.6ppts +7.3ppts +1.7ppts 82.1% 81.5% 80.2% 80.3% 82.0% Earned premiums gross 30.3m 57.2 77.5% 73.9% 75.2% 75.4% 72.6% 73.0% Change (y-o-y) +26.0% +22.5% 41.6% 44.0% Cash flow from operations 1.8m 9.1m 35.6% 42.8% 38.2% 35.4% 40.0% ----- 38.9% 49.4% Change (y-o-y) +97.7% -8.5% 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% -------- 37.6% 34.0% 30.8% -------- -------- 43.8% 49.5% 36.4% 32.5% 2014 2015 2016 2017 2018 Expense Ratio - • Combined Ratio 2019 2020 2Q20 2Q21 1H20 1H21 Loss Ratio Operating Metrics 2Q21 1H21 Number of policies written (corporate) 14,353 43,562 Change (y-o-y) +16.3% +1.8% PROFIT & DIVIDEND PAYOUT RATIO (GEL million) Number of policies written (retail) 37,217 76,173 ROAE 28% 37% 37% 38% 34% 30% 25% 29% 23% 25% 23% Change (y-o-y) +41.1% +52.7% Number of claims reported 5,027 8,988 CAGR 15% 18 18 16 17 +2.4% Change (y-o-y) +70.2% +37.0% 64% 14 -14.4% 11 Renewal rate (corporate) 85.7% 85.2% 68% 61% 7 51% 55% Change (y-o-y) +3.4ppts +0.7ppts 8.2 8.3 4.9 4.2 Renewal rate (retail) 71.6% 73.1% Change (y-o-y) +13.0ppts +12.0ppts 2014 2015 2016 2017 2018 1 2019 2020 2Q20 2Q21 1H20 1H21 Profit Dividend Payout Ratio Georgia Capital PLC | 1. Adjusted for non-recurring items. 62 62#63Externally valued¹ P&C INSURANCE BUSINESS L VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 IMPLIED LTM P/E (GEL MILLION) MULTIPLE DEVELOPMENT Change q-o-q NMF NMF NMF +0.85% 11 205 206 12.0x 11.4x (5) (5) Equity value 31-Mar-21 Operating performance Multiple change and FX Dividends Equity value 30-Jun-21 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ LTM Net income² 17.2 17.9 (0.7) 17.1 0.1 Implied P/E multiple 12.0x 11.4x 0.6x 11.6x 0.4x Equity value 206.4 204.6 1.8 197.8 8.6 LTM ROAE² 24.0% 25.5% -1.5ppts 24.9% -0.9ppts Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 2Q21, our private large portfolio companies were valued externally as of 30-Jun-21 by a third-party independent valuation firm. 2. Adjusted for non-recurring items. GEORGIA CAPITAL D 田 63#64Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW INVESTMENT RATIONALE Regulated monopoly in Tbilisi and surrounding districts with high entry barriers. ■ Stable regulatory environment with attractive return on investment. ■Full asset ownership of water and wastewater network and self-sufficient in terms of electricity usage. ■ Diversified cash flow streams from water and electricity sales, the latter being USD denominated and creating natural FX hedge. ■ Stable cash collection rates. ■ Growing electricity market as supply lags behind the increasing demand, creating opportunities. Ownership of the second largest hydro with the reservoir in Georgia, facilitating full-year deals with the direct customers on electricity market. VALUE CREATION POTENTIAL ■ EU harmonization reforms in progress in utilities sector, expected to drive water tariffs up, as demonstrated in the current regulatory period. ■ Bullet repayment structure, coupled with decreased capital expenditures, leading to strong cash-flow generation and strengthened liquidity position. " Ongoing reforms in electricity market positively affecting electricity sales price. ■ Stable dividend distribution capacity. OWNERSHIP ■ Water Utility is 100% owned by Georgia Capital. MEDIUM TERM STRATEGIC PRIORITIES Robust profitability with 60%-65% EBITDA margin ROIC enhancement to 13%-15% in GEL Strong cash flow generation and managed leverage - operating cash flow over debt service c.4.0x REGULATORY ENIVORNMENT TARIFF DERIVATION FORMULA Existing assets + New CAPEX Net book value WACC Return on assets Depreciation GEORGIA CAPITAL Total operating expenses Time value correction¹ Allowed revenue WATER TARIFF GROWTH IN 3-YEAR REGULATORY PERIODS GEL per m3 of water sold -0.4% + 47.8% 6.50 Georgia Capital PLC 1. The COVID-19 related unearned revenue from water sales during 2020 was reimbursed through time value correction in the tariff calculation methodology for 2021-2023 regulatory period. 4.42 2017 0.27 4.40 +23.9% 0.33 2018-2020 + 52.0% ■Legal entities Residential customers 0.50 2021-2023 64#65Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL OPERATING HIGHLIGHTS REVENUE HIGHLIGHTS Total 119 127 135 149 163 131 30 54 61 92 Energy 2Q21 1H21 EBITDA 2015-2019: +54% Electricity sales (KWh million) 70.4 Change (y-o-y) +330.8% 74.4 +148.2% Average electricity sales price (tetri/kWh) 10.0 10.0 GEL million 20 9 10 9 10 6 + 51.3% + 82.0% 9 2 GEL million 62 95 83 73 69 62 + 90.0% 63 + 152.7% 56 140 143 110 117 125 125 36 30 Change (y-o-y) -20.1% -22.0% 2 83 58 14 45 28 Self-produced electricity consumption 46.4 89.1 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 Change (y-o-y) +5.4% +3.7% Water supply revenue ■Energy revenue Electricity generation (KWh million) 116.8 163.5 OPERATING AND INVESTING CASH FLOW SELF-PRODUCED ELECTRICITY CONSUMPTION Change (y-o-y) +93.5% +41.1% FCF 17 (2) (58) (66) 17 4 (14) (0.2) (8) (1) 125 105 2015-2020: -45.2% Water Utility 2Q21 1H21 Water sales (million m³) 36.3 71.0 Change (y-o-y) -10.5% -13.1% GEL million 52 62 35 76 59 60 47 5256 3432 New Connections 1,766 975 Change (y-o-y) +23.9% +74.7% 2015 2016 2017 2018 2019 2020 + 5.4% + 3.7% 319 256 239 14 19 19 26 17 2827 193 174 175 86 89 (1) 44 46 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 2Q20 2Q21 1H20 1H21 Cash-flow used in investing activities1 Cash-flow from operating activities 2 Georgia Capital PLC 1. Cash flow used in investing activities includes Capital expenditures. 2. Cash flow used in operating activities includes Maintenance capex. 65#66Externally valued¹ WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q +6.7% -5.6% +20.0% 64 1,012 948 548 (464) IMPLIED LTM EV/EBITDA MULTIPLE DEVELOPMENT 9.6x 9.3x Enterprise value 31-Mar-21 30-Jun-21 Increase in EV 31-Mar-21 Enterprise value 30-Jun-21 Net debt inc. Lease liabilities Equity value 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches1 Enterprise value 1,011.5 947.7 63.8 930.9 80.6 LTM EBITDA 108.2² 98.73 9.5 98.74 9.5 Implied EV/EBITDA multiple 9.3x 9.6x -0.3x 9.4x -0.1x Net debt (463.3) (490.8) 27.5 Equity value 548.2 456.9 91.3 (459.7) 471.1 (3.6) 77.1 Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. Our private large portfolio companies were valued externally as of 30-Jun-21 by a third-party independent valuation firm. 2. LTM Adjusted EBITDA as at 30-Jun-21 combines Water Utility's actual performance in 1H21 and the retrospective application of new tariffs on the 2H20 numbers. 3. 31-Dec-20 LTM adjusted EBITDA was used for the valuation purposes in 1Q21, as the impact of new tariffs was already embedded in the year-end 2020 assessment. 4. LTM adjusted EBITDA as at 31-Dec-20, reflects the retrospective application of new tariffs on 2020 performance. GEORGIA CAPITAL 66 99#67Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW INVESTMENT RATIONALE ■ Growth in electricity consumption has been 6.5x more in TWhs than growth in electricity supply during last 10 years. MARKET OPPORTUNITY ELECTRICITY SUPPLY AND CONSUMPTION (TWH) ■ Underutilized energy resources resulting in high availability of economically feasible projects. Cheap to develop - up to US$ 1.5 million for 1MW hydro and up to US$ 1.4 million for wind development on average, with 1.5x higher capacity factors compared to Europe. Fully dollarized business, as both PPAs and market sales are set in US dollars. Deficit (4 months) Deficit (6 months) 1.5 GEORGIA CAPITAL Electricity deficit during July- April. 14% of total consumption produced by gas-fired TPPS, 26% imported. ■ 6m21 electricity consumption up by 9.3% y-o-y. VALUE CREATION POTENTIAL 1.0 Opportunity to establish a renewable energy platform with up to 265MW operating capacity over the medium term and capitalize on favorable electricity market conditions. Diversified portfolio of hydro and wind power plants with c. 40% capacity factors, all benefiting from long-term fixed price PPAs formed with the Government-backed entity. Availability of competitive funding from international capital markets for pipeline projects. High margins and EBITDA to cash-conversion rate, dollar-linked cash flows. 0.5 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Stable dividend provider capacity in the medium term. OWNERSHIP Renewable Energy is 100% owned by Georgia Capital. Hydro & Wind TPP Import 2020 consumption 2021 consumption 2019 consumption ELECTRICITY IMPORT AND EXPORT DYNAMICS (USD million) LOW BASE AND HIGH CDD1 POINT TOWARDS 5X INCREASE IN AC PENETRATION BY 2030 40.0 -10.0 600 -32 99% -60.0 400 86% 60% 50% 200 33% 35% 13% 0 ➤ Air conditioners are the most electricity-intensive conventional domestic devices and increasing penetration of ACs quickly eats away the surplus -110.0 -160.0 -74 -82 -90 -104 -115 -110 -119 -125 -146 -168 Greece Korea Canada France Spain Italy Georgia electricity on the market in the summer months -210.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 I Mean CDD AC penetration Source: Worldbank, Geostat, EurekAlert and etc. I Electricity exports Electricity imports Gas imports for TPPS Deficit Georgia Capital PLC 1. cooling degree day 2020 electricity trade deficit stood at USD 146 million. Consumption growth forecasted at minimum 4.0% CAGR in coming 10 years. Anticipated deficit of at least 6.1 TWh by 2030. 20 67#68GEL millions Private investment stage portfolio companies INTERNALY VALUED Generation (GWh) RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) PERFORMANCE HIGHLIGHTS RENEWABLE ENERGY PROJECTS OVERVIEW | 30 June 2021 GEORGIA CAPITAL 24.8 40.1 17.2 33.8 23.2 23.5 25.7 41.4 26.4 44.4 46.6 43.2 Commissioned projects Installed capacity (MWs) Actual/ Target commissioning Gross capacity factor (P50) PPA expiration PPA tariff, Us¢/KWh NMF +5.6% Mestiachala HPPS 50.0 1H19 +52.7% +100.3% 9.3 9.3 5.0 +69.7% Hydrolea HPPS 20.4 2H19 4.8 4.4 4.5 +52.4% Qartli Wind Farm 20.7 2H19 40.2% 65-70% 47.3% 1H34 5.5 1H22-2H28 5.5-5.6 2H29 6.5 6.5 2.9 2.2 4.6 3.8 3.0 Pipeline projects Zoti HPP 46.0 TBD 43.0% TDB 5.1 Darchi HPP 17.5 1H23 55%-60% 1H33 5.5 Tbilisi Wind Farm 54.0 TBD 37%-40% TBD TBD Mestiachala HPPS Hydrolea HPPS Qartli WPP Qartli WPP Kaspi Wind Farm Total Mestiachala HPPS Hydrolea HPPS 2Q20 revenue 2Q21 revenue 1H20 revenue 1H21 revenue Note 1: 2020 revenue of Mestiachala HPPs excludes business interruption (BI) accrual (GEL 2.6m in 1H20 and GEL 2.3m in 2Q20) Note 2: Mestiachala HPPS - Mestiachala HPPs were flooded and taken offline in late July 2019. Following the rehabilitation, 30 MW generation unit was recommissioned in December 2019, while the restoration process is on-going on the 20MW HPP. FINANCIAL HIGHLIGHTS Note 1: In case of Qartli Wind Farm and Hydrolea HPPs, commissioning date shows the acquisition date of the power plants by Georgia Capital. Note 2: PPA terms for Tbilisi and Kaspi WPPs are under the discussion with the Government of Georgia. 54.0 TBD 37%-40% TBD TBD 262.6 2Q21 1H21 2Q21 1H21 EBITDA (GEL million) Change (y-o-y) 11.2 +17.1% 14.9 +5.5% Cash flow from operations (GEL million) Change (y-o-y) 8.3 10.0 +33.8% +23.9% EBITDA margin Change (y-o-y) 80.4% 72.7% Average market sales price (Us¢/kWh) +2.4ppts -1.9ppts Change (y-o-y) 3.1 -14.3% 3.1 -14.3% Note 1: y-o-y change of cash flow from operations does not include one-off BI reimbursement received in 2020 (GEL 4.7m in 2Q20 and GEL 9.7m in 1H20) Dividend payment (GEL million) 4.7 9.5 68 Change (y-o-y) NMF +92.2%#69Internally valued RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q 508 -0.2% 507 -5.1% +7.1% (1) 221 (286) Enterprise value Decrease in EV 31-Mar-21 Enterprise value 30-Jun-21 Net debt Equity value 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change Valuation method Multiples² Enterprise value 506.9 507.7 (0.8) 489.3 17.6 EBITDA1 27.2 28.0 (0.8) 27.3 (0.1) Selected EV/EBITDA multiple 10.3x 9.7x 0.6x 9.7x 0.6x Investments at cost (EV)³ 226.7 235.7 (9.0) 224.6 2.1 Net debt (285.8) (301.2) 15.4 (279.4) (6.4) Equity value 221.1 206.5 14.6 209.9 11.2 EQUITY FAIR VALUE COMPOSITION AT 30-JUN-21 (GEL MILLION) GEORGIA CAPITAL eslagv 41 Total value 221 180 ■Operational assets Pipeline projects Georgia Capital PLC | 1. Run-rate and LTM EBITDA was used for the calculation purposes for different assets. 2. Renewable Energy was valued internally. The valuation method used was market approach (multiples) cross checked with income approach (DCF). 3. Investments at cost include: Mestiachala and pipeline projects. 69#70Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINES OVERVIEW GEORGIA CAPITAL INDUSTRY INVESTMENT RATIONALE Highly fragmented general education market with consolidation opportunity. Market with strong growth potential. High quality revenue with high margins. Strong and predictable cash flow streams. High trading multiples. Asset light strategy. VALUE CREATION POTENTIAL " Scaling up to capacity of 21,000 learners through expansion plans in existing schools and M&As by 2025. Strong organic growth at existing schools is expected to drive solid growth in run-rate EBITDA, on top of expansion plans and M&As. Stable dividend provider capacity in the medium terms. OWNERSHIP STRONG PLATFORM TO FACILITATE GROWTH AND SCALE TO BECOME THE LEADING EDUCATION PLAYER WITH c. 21,000 LEARNERS BY 2025 TARGETING FOR 2025... ...THROUGH Expansion plans with existing partner schools NOW 2,810 Equity value GEL 0.5b Capacity (# of learners) Utilization on operational campuses EBITDA 91% GEL 10mln1 EBITDA margin GCAP new equity investment ROIC USD 17.5mln² 20%+ 40%+ Maintain ROIC 20%+ Majority stakes (70%-90%) across different schools. Ramp-up for new capacity (reaching 80%+ utilization) 3-5 years Investment per learner capacity in affordable segment GEL 7,200 REMAINING GCAP 14 NEW EQUITY INVESTMENT USD million TOTAL EBITDA BY 2025 50+ GEL million BY 20253 M&A 80% affordable By 2025 6,000 85% GEL 32mln USD 2.6mln 20%+ GEL 7,000 & 20% midscale By 2025 15,000 80%-85% GEL 18mln USD 11.4mln 20%+ GEL 6,200 CAPACITY BY 2025 21K learners Of which, 6,000 (existing schools) Of which, 15,000 (M&As) ➤ With new equity investment of USD 2.6mln, GCAP can expand to 6,000 learner capacity and generate GEL 32mln EBITDA by 2025³ on secured real estate locations with existing partner schools ➤ USD 2.6mln new equity investment for expansion plans with existing partner schools is net of education business reinvestment of USD 5.6min and net of in-kind contribution of USD 5.5min (assets already on GCAP Balance Sheet) ➤ USD 11.4mln new equity investment for M&A pipeline is net of education business reinvestment of USD 15.2mln Georgia Capital PLC | 1. EBITDA GEL 10mln is an estimate for 2020-21 academic year 2. Investment is calculated at 3.2 USD/GEL exchange rate. 3. Announced in November 2020. 70 10#71Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) PRIVATE K-12 MARKET IN GEORGIA Market growing at c.2x nominal GDP growth rate GEORGIA CAPITAL Operating highlights 1H21 Capacity utilization 91.2% Change (y-o-y) +1.4 ppts Private K-12 learners in Georgia Private K-12 market size in Georgia 8% CAGR '20-25 + Number of learners 2,564 63.2 Change (y-o-y) +40 60.8 16% CAGR '13-19 4.6 61.9 53.9 55.4 56.1 57.6 58.7 3.6 3.7 3.7 51.6 Learner to teacher ratio 9.5 11% 3.2 10% 2.9 10% 10% 10% 10% 2.6 2.7 400 10% 10% 2.0 Change (y-o-y) +7.6% 9% Average tuition revenue per learner¹ 6,127 280 275 257 217 192 177 158 115 Change (y-o-y) +18.4% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2013 2014 2015 2016 2017 2018 2019 2020E 2025E % in total number of learners Total revenue, GELmln Financial highlights 2Q21 1H21 EBITDA Change (y-o-y) 3.7 6.5 EBITDA margin +73.8% +26.0% 13.9 4.4% 4.5% Change (y-o-y) 42.4% 39.9% 13.1% Cash flow from +8.1 ppts 11.0 10.9 3.7% +3.0 ppts 3.0% operations 9.9 9.3 6.0 Change (y-o-y) 7.6 Net debt +18.9% +56.3% Change (y-o-y) 14.7 14.7 -0.8% -0.8% Austria UK Germany France New Zealand Italy Portugal Slovenia Spain Czech Total spending per learner Total spending as % of GDP Georgia Capital PLC | 1. For like-for-like comparison, 1H21 tuition revenue is adjusted for the modification of the academic calendar. Latvia Slovakia Poland Estonia Hungary 3.9% 3.3% 3.3% 3.0% 3.1% 3.2% 3.9% 4.0% 3.6% 3.1% 2.9% 3.0% 2.9% 2.6% 9.0 8.5 2.4% 8.4 8.2 2.7% 2.2% • 6.8 6.7 6.7 6.7 7.1 5.9 5.3 5.0 3.7 3.0 3.0 1.5 0.7 Number of private learners Revenue per leamer, GEL '000 Lower average annual spending per K-12 learner in Georgia indicating room for further growth Source: G&T, GCAP estimates Lithuania Chile Turkey Mexico Colombia Indonesia Georgia Georgia has lower spending on education compared to other countries: Total spending per learner is USD 650 vs. USD 9,000 OECD average Total spending as % of GDP stands at 2.2% versus 3.1% OECD average Source: OECD, Ministry of Finance of Georgia 71#72Internally valued EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q +16.9% LTM EV/EBITDA DEVELOPMENT +14.7% -18.1% +21.3% +19.8% 12.5x 28 21 144 123 (12) 124 (36) 12.5x Enterprise Increase in EV value 31-Mar-21 Enterprise value 30-Jun-21 Investment at cost Net debt Minority interest 2 Equity value 30-Jun-21 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Valuation method Change Multiples³ 31-Dec-20 Change Enterprise value 143.8 123.0 EBITDA1 11.5 9.8 20.8 1.7 119.0 24.8 9.5 2.0 Selected EV/EBITDA multiple 12.5x 12.5x - 12.5x - Net debt (11.5) (14.1) 2.6 (13.7) 2.2 Equity value 132.3 109.0 23.3 105.3 27.0 Investments at cost 27.8 24.2 3.6 16.8 11.0 Total equity value of GCAP's share 123.7 103.2 20.5 93.0 30.7 Georgia Capital PLC 1. LTM EBITDAs used for valuation purposes includes functional currency adjustment in schools, where applicable. 2. GCAP has different ownership stakes across schools (70-90%). 3. Education was valued internally. The valuation method used was market approach (multiples) cross checked with income approach (DCF). GEORGIA CAPITAL 72 2#73CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW Beverages business 。 Wine business o Beer business 。 Distribution business 。 Beverage business consolidated 。 Annex 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 73#74GEL mln Beverages business BEVERAGE BUSINESS Georgian Beverages Holding Combined Revenue 2021F GEL 249 MIN 31% growth y-o-y Wine Revenue 57% growth Total EBITDA 2021F GEL 27.8MLN 69% growth y-o-y Wine EBITDA 313% growth GEL mln 15.1 1H20 1H21 Beer Revenue 21.1 1H20 21% growth 25.5 1H21 23.6 GEL mln GEL mln 0.02 1H20 1.3 1H20 Beer EBITDA Tεliani VALLEY 0 GLOBAL GEORGIA 2 BEER GEORGIA CAPITAL GEORGIA DISTRIBUTION AND LOGISTIC 5.3 1H21 1.5 1H21 1 WINE Leading wine producer with 3 wineries and 740ha of vineyards #1 Georgian wine exporter globally, excl. Russia export, with 11.4% market share and 21 export markets #1 player on the local market with 28% market share 58% of production covered by owned vineyard harvest GEL 77.5m Net revenue 2021F GEL 18.0m EBITDA 2021F 23.2% EBITDA margin% Leading beer producer on the Georgian market with 22% local brewery market share Brand new brewery fitted with modern equipment and operating at a high level of efficiency #1 player in premium, craft and draught beer segment with locally brewed Heineken and craft beer Best in class portfolio of international and local brands GEL 55.0m Net revenue 2021F GEL 6.0m EBITDA 2021F 10.9% EBITDA margin% 3 DISTRIBUTION One of the largest distribution network platforms in Georgia 14,000+ active sales points covered (85%+ of the country) Over 9,000 sq.m. of warehouse area across 6 locations in Georgia and over 100 distribution vehicle fleet 30+ prominent brands and exclusive partnerships in alcoholic and non-alcoholic beverage segment GEL 116.0m Net revenue 2021F GEL 3.8m EBITDA 2021F 3.3% EBITDA margin% 74 78x growth Georgia Capital PLC | Note: Combined Revenue does not include group eliminations.#75Beverages business GEORGIA BEVERAGES GROUP MANAGEMENT MANAGEMENT TEAM WITH A PROVEN TRACK RECORD OF SUCCESS GEORGIA CAPITAL TEIMURAZ JANKARASHVILI, CEO of Group and Wine business Joined Georgian Beverages Holding in September 2018. Formerly CFO of Rustavi Azot JSC (one of the largest exporters in Georgia). Previously, was member of BGEO Group for 11 years, held position of VIP Director (CIB) at Bank of Georgia. BBA in Banking and Finances from Tbilisi State University. TENGIZ KHELASHVILI, Group CFO Joined Georgian Beverages Holding in September 2018. Previously, worked at Georgia Capital Investment team, for 2 years, held position of Investment Officer and Senior Investment Officer. Holds BSc in Accounting & Finance from the University of Warwick and is a CFA charterholder. TORNIKE NIKOLAISHVILI, CEO of Beer business CEO of group's beer business since September 2018. Joined Bank of Georgia in March, 2018 and was successfully leading Communications Department. Previously, was holding the position of a Commercial Director (Head of Sales and Marketing) of EFES Georgia - Natakhtari Brewery and for 11 years was playing the key role in company's success. As an overall, has 15 years' experience in FMCG sector, Holds BBA degree of European School of Management (ESM). SHOTA MILORAVA, CEO of Distribution business More than 15 years of extensive work experience in sales and distribution. Joined as Sales Manager at Teliani and later laid the foundation for Teliani distribution efforts and developed it into a leading beverage distribution business in Georgia. Prior, he worked as a Brand Manager at Borjomi (renowned Georgian mineral water), where he started his career as an Assistant Distributor. Holds a Master's in Philosophy. 75 15#76CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW Beverages business 。 Wine business ○ Beer business o Distribution business 。 Beverage business consolidated 。 Annex 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 76#77Wine business GEORGIA - CRADLE OF WINE GEORGIA CAPITAL EARLIEST EVIDENCE OF GRAPE WINEMAKING HAS BEEN FOUND IN 8,000-YEAR-OLD POTTERY JARS DISCOVERED IN GEORGIA GUINNESS GEORGIA IS HOME TO 500+ ENDOGENOUS GRAPE VARIETIES THAT MAKE LOCAL WINE PRODUCTION DISTINCTIVE WORLD RECORDS NEOLITHIC JAR QVEVRI FOUND IN GEORGIA IS THE OLDEST EXAMPLE OF THE DOMESTICATION OF GRAPEVINE SOLELY FOR THE PRODUCTION OF WINE GEORGIA'S TRADITION OF QVEVRI WINEMAKING HAS BEEN ADDED TO UNESCO'S WORLD INTANGIBLE HERITAGE LIST GEORGIA HAS CLIMATE AND TOPOGRAPHY THAT MAKE IT IDEAL FOR CULTIVATION AND DISTINCTLY OPTIMAL FOR VITICULTURE C.525 ENDOGENOUS GRAPE VARIETIES HAVE SURVIVED IN GEORGIA, OUT OF WHICH ~40 ARE CURRENTLY IN COMMERCIAL PRODUCTION AND MAKE UP MAJORITY OF THE EXPORT AND DOMESTIC MARKETS WINE IS A KEY EXPORT PRODUCT FOR GEORGIA Wine exports as % of GDP 2020 1.3% UP FROM 0.7% IN 2013 Wine exports as % of total exports 2020 6.3% #4 EXPORT PRODUCT 77#78Wine business GEORGIA WINE EXPORTS IN GLOBAL CONTEXT GEORGIA - 14TH LARGEST AND... As of 2020 - Share in total exports of 14bln bottles bottles exported սյա 19% 19% 13% 11% 7% 4% 4% 3% 3% 3% 3% 2% 1% olo 2,805 2,789 1,891 1,553 1,056 1. Spain 559 521 485 484 470 417 221 179 92 22 2. Italy 3. France 4. Chile 5. Australia 6. New Zealand 7. Argentina 8. USA 9. South Africa 10. Germany 11. Portugal 12. Canada 13. Moldova 14. Georgia 1% TELIANI VALLEY IS THE LEADING WINERY FROM GEORGIA 5.9mln bottles, 2021F GEORGIA CAPITAL ...4TH FASTEST GROWING WINE EXPORTING COUNTRY IN THE WORLD mln k bottles exported CAGR '13-20 21.5% 16.5% 13.5% 9.9% 5.6% 4.0% 2.8% 875 663 56 221 120 67 92 23 49 48 Canada Slovakia 149 64 94 521 429 Netherlands Georgia Austria Chile Argentina 2013 ■2020 #1 Wine exporter from Georgia excluding exports to Russia 22% growth y-o-y #1 Winery by market share in local sales 14% share in Georgian wine exports #3 Wine exporter from Georgia including exports to Russia 1.1mln bottles, 2021F 70% growth y-o-y 28% share on local market 10.9mln bottles, 2021F 66% growth y-o-y 10% share in Georgian wine exports #1 Winery in Georgia by global awards 2018-2021 period 146 awards Including 2 Best in Show at Decanter 78 Source: UNCTAD, Geostat, Management estimates#79Wine business TELIANI VALLEY IN GEORGIA WINE EXPORTS GEORGIA CAPITAL TELIANI PRESENT IN 21 MARKETS WITH USD 167BLN SPENDING ON WINE Total wine market size of Teliani's destination countries, 2020 11.5 BLN BOTTLES Share of Georgian wine export DURING 2018-2020 TELIANI ALMOST DOUBLED ITS MARKET SHARE IN GEORGIAN WINE EXPORTS - GROWING ACROSS ALL MAJOR MARKETS 19.2% Teliani market share in Georgian wine export countries 0.8% UP FROM 0.6% IN 2018 Share of Teliani's exports in total Georgian wine exports 7.1% UP FROM 3.8% IN 2018 4.3% 0.9% 13.1% 8.6% 14.5% 7.8% 6.2% 4.9% 5.2% 3.8% 2.9% Russia Ukraine Poland China *Premium markets - UK, US, Germany Georgia Capital PLC | Note: Teliani has direct sales representative office in Ukraine driving its high market share. ------ 13.4% 12.7% 7.1% 4.9% 3.8% 3.8% 3.1% 2.8% Kazakhstan Belarus Baltics Premium markets* Other Total 2018 2020 Source: UNCTAD, Geostat 79 79#80Wine business TELIANI VALLEY SALES BY EXPORT COUNTRIES IN 2018-2020 TELIANI EXPORT SALES GREW 9.3x FASTER THAN TOTAL GEORGIAN WINE EXPORT SALES GEORGIA CAPITAL TELIANI HAS 2x LESS EXPOSURE TO RUSSIAN MARKET VS. LOCAL PEERS '000 bottles sold VOLUME-TELIANI SALES +43.9% Teliani CAGR vs. +4.7% market CAGR VALUE-TELIANI SALES +48.3% Teliani CAGR vs. +14.7% market CAGR 6,556 +52.3% Teliani vs. 14% +14.7% market 12% 3,168 3,226 34% Sales, GEL '000 46,682 +51.5% Teliani vs. +17.0% market 17% 4% A 21,220 22,950 12% 35% 26% 2,118 15,145 15% 26% 9% 15% 32% 7% 18% 32% 44% 36% 41% 45% 35% 43% 43% 41% 15% 27% 16% 25% 2018 2020 1H20 1H21 2018 2020 1H20 1H21 ■Russia ■Ukraine ■ Poland ■China ■ Other EXPORT VOLUME EXPOSURE TO SINGLE MARKET (RUSSIA), 2020 Exposure of 15 largest Georgian wineries to Russia Teliani exposure to Russia ☑Russia ROW 36% 71% Teliani generated 43.9% CAGR during 2018-2020 in volume terms and 48.3% CAGR in value terms – significantly outperforming Georgian wine export growth for the same period - Teliani grew through expanding its geographic coverage and growing sales with existing partners In 1H 2021, Teliani continued its growth, 52.3% Y-o-Y in volume terms, continuing significant outperformance of Georgian wine export growth ➤ Teliani's geography sales mix is well-diversified with 2x less dependency on a single market (Russia) compared to local peers 36% vs. 71% Georgia Capital PLC | Note: Teliani acquired Kindzmarauli winery in 2018 and Alaverdi winery in 2019 – both contributing to sales growth. 80 Source: Geostat, Management estimates#81Wine business TELIANI VALLEY ON LOCAL WINE MARKET GEORGIA CAPITAL TELIANI VALLEY IS THE LOCAL MARKET LEADER WITH 28% MARKET SHARE - LOCAL SALES ACCOUNT FOR 10% OF ITS SALES SOLID LOCAL SALES RECOVERY IN 1H21 ON THE BACK OF WELL DIVERSIFIED PRESENCE ACROSS THE SALES POINTS - PRESENT IN 85% OF ALL RELEVANT SALES POINTS IN THE COUNTRY TELIANI VALLEY MARKET SHARE IN GEORGIA, 2020 TELIANI VALLEY SALES BY GEOGRAPHY, 1H21 7,722 7,104 y/y growth 88% in value 81% in volume TELIANI SALES POINTS COVERAGE BY CHANNELS, 2020 28% 2.3mln bottles market 72% 10% 1,275 1,367 3,304 420k bottles in Georgia 98% 85% 2,303 75% 1,225 648 418 231 ■Georgia ■ROW 2018 2019 2020 1H20 1H21 Large retail chains Traditional trade HoReCa I Volume, '000 bottles Value, GELK Teliani Valley Others 90% 1.4mln bottles sold on local market in 2019 - due to COVID-19 lockdowns, in 2020 Teliani local sales have decreased to 650k bottles Strong recovery in 2021 on local market, with 1H21 sales reaching 65% of total 2020 sales 85% sales point coverage across Georgia translating into strong customer reach and wide brand presence 81 Source: Management estimates#82Wine business TELIANI VALLEY WINERIES TELIANI OWNS 3 WINERIES COVERING MAJORITY OF KAKHETI REGION - Kakheti accounts for 75%+ of all vineyards planted in Georgia Tianeti - თიანეთი 1. Teliani winery Sioni სიონი Telav GEORGIA CAPITAL END-TO-END PRODUCTION PROCESS WITH STRONG OPERATING EFFICIENCY AND FLEXIBILITY 12.5MLN BOTTLES Fermentation capacity 15MLN BOTTLES Installed storage capacity Гебгуда 29MLN BOTTLES Bottling capacity 2. Kindzmarauli winery I iramo რამო a I I Tbilisi აბილისი arneuli ნეული Rustavi რუსთავი Gardabani გარდაბანი Idakhlo 1 დახლო Noyemberyan Նոյեմբերյան Sag საგა: Dash Salahly კაჭრებ ormughanlo Sighna bombame 3. Alaverdi winery Lagodekh ლაგოდენი Mahamalar Balakan Katex Zaqatala Tskaro Aliabad Dedoplis დედოფლისწყარო Garabagh Kakheti region ☐ Major vineyard areas in Kakheti Teliani wineries Bottling line has available capacity to produce additional 17mln bottles on top of 12mln planned for 2021 without additional investment 41% In 2021 total production capacity increased by 2.2mln bottles with investment of USD 1.3mln - USD 0.6 per additional bottle capacity 10.3 2.2 USD 1.3mln CAPEX 12.5 Storage spaces split across the wineries providing operational flexibility 24% ■ Teliani ■Kindzmarauli OHO 59% Utilization in 2021 Additional available capacity Capacity increase 2020 capacity Current capacity ■ Alaverdi 34% Georgia Capital PLC | Note: Total throughput of storage capacity depends on wine juice inventory turnover - assuming 1.0x annual turnover, capacity is 15mln bottles - assuming 4.0x annual turnover, capacity is 40mln bottles. Total storage installed capacity includes storage tanks and fermentation capacities. 42% 82#83Wine business TELIANI VALLEY WINERY PHOTOS Teliani Valley 441 Kindzmarauli Marani Alaverdi Georgia Capital PLC | Note: Alaverdi winery photo shows installation process for fermentation capacity expansion. GEORGIA CAPITAL 83#84Wine business TELIANI VALLEY VINEYARDS 740 HA VINEYARDS DISTRIBUTED ACROSS KAKHETI WINE REGION AVERAGE AGE OF VINES IN THE VINEYARDS - 17 YEARS GEORGIA CAPITAL c.45% higher yield compared to Georgia average 5.1 tons per ha. because of Teliani's operational efficiency eti ဥဂ Sioni სიონ Duisi დუისი. Rustavi რუსთავი Gardabani გარდაბანი Sag საგარ nberyan բերյան Dash Salahly Kva ყვარ Telavi კაჭრეთ mughanlo Sig Гебгуда Bezhta Бежта Tlyarata Тлярата agodekh ლაგოდენი Mahamalar Balakan Dedoplis Tskaro დედოფლისწყარო Garabag Ark Katex Kakheti region Major vineyard areas in Kakheti Red vineyards White vineyards Georgia Capital PLC | Note: Yields are calculated on net vineyard area of 623ha. Total Red grapes White grapes Vineyards, ha 740 572 168 Yield per ha 7.4 6.7 10.0 Zaqatala TELIANI'S VINEYARD MIX IS DOMINATED BY RED GRAPES - 77% OF TOTAL MATCHING THE EXPORT DEMAND OF GEORGIAN WINES - 79% RED WHILE ONLY 29% OF VINEYARD AREA IN GEORGIA IS RED GRAPE Aliabad White 23% 740ha vineyard Mixed vineyards area Red 77% White 21% White Red 79% 71% Red 29% 55k ha vineyard area 84#85Wine business TELIANI VALLEY VINEYARDS BY GRAPE VARIETIES & PDO TELIANI OWNS VINEYARDS OF GRAPE VARIETIES AND PDOS WITH GROWING POPULARITY ON EXPORT 76% OF TELIANI'S VINEYARD STOCK IS SAPERAVI INCL. 265HA KINDZMARAULI PDO GEORGIA CAPITAL SHARE OF SAPERAVI (INCL. KINDZMARAULI) WINE EXPORT FROM GEORGIA GREW FROM 51% IN 2012 TO 68% IN 2019 Avg. age Avg. yield 22% 18 16 14 19 16 16 23% 19% 21% 19% 17% 13% 11% 3% 3% 2% 4% 2% -2% 2% 2% 17% 18% 6.9 6.1 7.0 10.0 10.2 8.2 19% 17% 17% 17% Vineyard area, ha 23% 21% 9% 9% Total Saperavi area - - 470ha 8% 8% 8% 9% Total 6% 8% 18% 17% 19% 20% 22% 22% Saperavi 10% 14% 265 export - 166 39 68% 63 69 35% 43 47 32% 34% 35% 35% 35% 36% 37% PDO Saperavi Saperavi non- Saperavi PDO Rkatsiteli Kindzmarauli Mtsvane Other 2012 2013 2014 2015 2016 2017 2018 2019 PDO ■Saperavi non-PDO Rkatsiteli ■Saperavi - Kindzmarauli PDO Saperavi PDO Khvanchkara Other 76% of total Teliani's vineyard stock is Saperavi grape which is in line with the export demand on Georgian wines 43% of Teliani vineyards is located in Kindzmarauli PDO, one of the most popular wine varieties on local and export markets - 22% of 2019 exports Demand for Saperavi and Kindzmarauli wine is growing, increasing its share in total wine export mix by 17ppts in last 7 years PDO Protected Designations of Origin 85 Source: Georgian Wine Agency#86Wine business TELIANI VALLEY VINEYARD PHOTOS GEORGIA CAPITAL 86#87Wine business TELIANI VALLEY AWARDS & RECOGNITION TELIANI VALLEY IS #1 AMONG ITS LOCAL PEERS WITH NUMBER OF DECANTER AWARDS DURING 2018-2021 O 36 38 39 49 72 GEORGIA CAPITAL TELIANI VALLEY AWARDED "BEST IN SHOW" BY DECANTER FOR 2 CONSECUTIVE YEARS & TROPHY AWARD BY IWC FOR 4 CONSECUTIVE YEARS Decanter is one of the most prestigious wine award competitions with 280 experts judging wines from 55 countries IWC is an influential British wine challenge held annually. 100+ judges blind-taste c. 13k entries in three tasting rounds ****** 11 13 13 23 19 20 27 29 29 Hercegovina produkt Av. of 10 largest wineries* Vina Laguna Edoardo Miroglio Törley Zamecke Vinarstvi Shabo Cramele Regas Fritz Waẞmer Dveri PAX Tikveš Teliani Valley Purcari 146 INTERNATIONAL AWARDS RECEIVED BY TELIANI WINES DURING 2018-2021 NATIONAL TROPHY Wine WINNER CHALLENGE 2020 2019 2120 2020 TROPHY Decanter 97 Decanter Decanter FLATINUM BEST IN Wine CHALLENGE WINNER 2020 Decanter PLATINUM Glekhuri Teliani Glekhuri Teliani Glekhuri Rkatsiteli Qvevri 2018 Kisi Qvevri 2017 Teliani VALLEY Teliani Winery 97 Unfiltered Saperavi 2019 KAKHURI 4ab340 Kindzmarauli Marani Kakhuri 2013 TELIANI VALLEY BECAME THE FIRST GEORGIAN WINERY TO RECEIVE THE "BEST IN SHOW" DECANTER AWARD IN 2019, AND ONE OF THE FEW WINERIES GLOBALLY TO RECEIVE SECOND CONSECUTIVE "BEST IN SHOW" AWARD IN 2020 ALONG WITH "PLATINUM" AWARD TELIANI RECEIVED THE HIGHEST AWARD OF IWC "TROPHY" 4 TIMES, EVERY YEAR DURING 2018-2021 PERIOD 54 Wine Enthusiast 3 Mundus Vini Decanter 16 325 33 32 7 13 10 247 Best in Show, 2020 Decanter Platinum, 2020 27 ■IWSC IWC Trophy, 2021 14 IWC # of entries 11 5 21 Decanter 11 10 12 # of winners 16,518 50 16,518 6,828 178 82 ■Concours Mondial de Bruxelles 2018 2019 2020 2021 Winners % 0.3% 1.0% 1.2% Georgia Capital PLC | Note: 10 largest Georgian wineries are selected based on volume sales, excl. Teliani Valley. IWC-International Wine Challenge 87 Source: Award organization websites#88Wine business TELIANI VALLEY STRATEGY TARGETING FOR 2025... 1 Grow sales c.2.2x from 7.2 mln bottles in 2020 to 16.0 mln bottles in 2025 2 Maintain geographic diversification in export sales with focus on West European and North American markets (price per bottle is 85% higher on premium markets over other markets) 3 Launching direct sales representative offices in premium markets 4 Strong cost discipline targeting GP margin 44% and EBITDA margin 24% Georgia Capital PLC | Note: Bottle sales in 2025F includes 1,000k bottles Brandy sales. ...RESULTING IN GEORGIA CAPITAL CAGR 1H20 1H21 Growth 2020 2021F 2025F '21-25 Bottle sales, '000 2,349 3,644 55% 7,204 12,000 16,000 8% Exposure to Russia 25% 38% 13 ppt 33% 42% 20% -22 ppts Price, USD per bottle 2.3 2.0 -9% 2.1 2.0 2.4 4% Revenue, GELM 15.0 23.6 57% 49.6 77.5 120.9 12% Gross profit, GELM 5.5 10.7 95% 21.4 33.9 53.3 12% margin % 36% 45% 9 ppts 43% 44% 44% 0.5 ppts EBITDA, GELM 1.3 5.3 313% 11.0 18.0 28.5 12% margin % 8% 22% 14 ppts 22% 23% 24% 0.3 ppts REVENUE BY 2025 120+ GEL million EBITDA BY 2025 28+ GEL million 88#89GEL mln Wine business TELIANI VALLEY SALES & PROFITABILITY DYNAMICS 1.6X HIGHER REVENUE IN H1 2021 VS H1 2020 Net Revenue 29.9% CAGR 49.6 42.2 29.4 56.6% 23.6 15.1 2018 2019 2020 H1 2020 H1 2021 IMPROVED MARGINS IN H1 2021 VS H1 2020 -2.1ppts 24% 21% 22% 22% 8% -4.7ppts 48% 45% 43% 45% 36% EBITDA % Gross Profit % 2018 2019 ■2020 TH1 2020 E H1 2021 GEL mln 4X HIGHER EBITDA IN H1 2021 VS H1 2020 GEORGIA CAPITAL EBITDA 24.3% CAGR 11.0 7.2 8.7 1.3 313% 5.3 2018 2019 2020 H1 2020 H1 2021 High double digit revenue growth over the last 3 years mainly driven by increase in sales volume Stable gross profit margin in a healthy range of 43%-46% Increased profitability in 1H21 compared to 1H20, with EBITDA reaching 4x 1H20 level 89#90Wine business TELIANI VALLEY WORKING CAPITAL DYNAMICS EFFECTIVE WORKING CAPITAL MANAGEMENT NWC as a % of sales -4ppts -21ppts 87% 84% 78% 74% 63% 2018 2019 2020 H1 2020 H1 2021 IMPROVING INVENTORY TURNOVER Inventory turnover +0.3x 1.1x 0.9x 0.8x 0.8x +0.2x 1.1x 2018 2019 2020 H1 2020 H1 2021 Effective WC management on the back of increased bargaining power due to larger scale and stable customer base ➤ Inventory turnover improvement driven by effective inventory levels control and Just- In-Time stock management system through partnerships with 3rd party suppliers GEORGIA CAPITAL 90 90#91Wine business TELIANI VALLEY INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 '18-20 Revenue 15,082 23,621 56.6% 29,352 42,150 49,553 29.9% of which, revenue from local sales 1,264 2,526 99.8% 7,041 7,584 3,342 -31.1% of which, revenue from exports 13,818 21,095 52.7% 19,436 31,667 44,001 50.5% of which, revenue from grape revaluation NMF 2,875 2,899 2,210 -12.3% COGS (9,596) (12,940) 34.8% (15,310) (23,355) (28,163) 35.6% Gross Profit 5,486 10,681 94.7% 14,042 18,795 21,390 23.4% Gross Profit Margin 36.4% 45.2% 8.8 ppts 47.8% 44.6% 43.2% -4.7 ppts Salaries and other employee benefits (2,024) (3,296) 62.8% (2,878) (4,767) (5,799) 41.9% Sales and marketing expenses (265) (269) 1.5% (399) (916) (530) 15.3% General and administrative expenses (1,144) (1,128) -1.4% (2,184) (2,563) (2,360) 4.0% Distribution expenses (666) (587) -11.9% (1,254) (1,408) (1,475) 8.5% Other operating expenses (106) (107) 0.9% (176) (410) (179) 0.8% EBITDA 1,281 5,294 313% 7,151 8,731 11,047 24.3% EBITDA margin 8.5% 22.4% 13.9 ppts 24.4% 20.7% 22.3% -2.1 ppts Depreciation and amortization (2,289) (2,269) -0.9% (1,435) (3,490) (4,536) 77.8% Net interest income/expense (1,854) (1,731) -6.6% (2,872) (3,882) (5,276) 35.5% Net foreign currency gain (loss) (2,726) 2,824 NMF (2,139) 67 (7,364) 85.5% Net non-recurring items 437 NMF (796) (410) (6) 91.3% Net profit/(loss) before income tax (5,588) 4,555 NMF (91) 1,016 (6,135) NMF Net profit/(loss) (5,588) 4,555 NMF (91) 1,016 (6,135) NMF GEORGIA CAPITAL 91#92Wine business TELIANI VALLEY BALANCE SHEET GEORGIA CAPITAL BALANCE SHEET CAGR GEL thousands; unless otherwise noted Jun-20 Jun-21 Change Dec-18 Dec-19 Dec-20 '18-20 Cash and cash equivalents 4,650 8,689 86.9% 8,380 5,230 8,186 -1.2% Amounts due from financial institutions 946 714 -24.5% 930 994 875 -3.0% Accounts Receivable 15,413 11,556 -25.0% 12,409 14,269 15,898 13.2% Prepayments & Other Assets 3,035 5,604 84.6% 985 2,748 2,695 65.4% Inventory 26,320 29,168 10.8% 18,979 28,174 26,545 18.3% Intangible Assets, Net 174 312 79.3% 333 270 274 -9.3% Goodwill 10,803 10,803 NMF 3,136 10,803 10,803 85.6% Property and Equipment, Net 55,858 55,537 -0.6% 32,233 57,138 55,108 30.8% Total Assets 117,199 122,383 4.4% 77,385 119,626 120,384 24.7% Accounts Payable 7,630 6,357 -16.7% 5,894 4,342 4,437 -13.2% Borrowings 50,258 54,246 7.9% 49,857 49,373 56,818 6.8% Other Current Liabilities 3,515 3,089 -12.1% 3,658 4,188 3,811 2.1% Total Liabilities 61,403 63,692 3.7% 59,409 57,903 65,066 4.7% Total Equity 55,796 58,691 5.2% 17,976 61,723 55,318 75.4% TOTAL LIABILITIES AND EQUITY 117,199 122,383 4.4% 77,385 119,626 120,384 24.7% 22 92#93Wine business TELIANI VALLEY CASH FLOW STATEMENT OF CASH FLOW GEL thousands; unless otherwise noted Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for operating expenses Interest received Taxes paid CAGR 1H20 19,604 30,142 (5,003) (10,908) 1H21 Change 53.8% NMF FY18 FY19 FY20 '18-20 (3,591) (4,482) 24.8% 32,515 (18,161) (3,769) 46,073 (21,051) (19,561) 52,199 26.7% 3.8% (6,522) (8,789) 52.7% (4,553) (4,613) 1.3% (7,495) (11,431) (9,377) 11.9% NMF 127 NMF (1,984) (1,790) -9.8% (3,119) (4,314) (3,005) 1.8% Net cash flows from operating activities 4,473 8,349 86.7% 98 2,755 11,467 NMF Acquisition of subsidiaries NMF (21,674) (32,918) NMF Purchase of Property, Plant and Equipment (1,036) (5,597) NMF (641) (6,278) (3,839) NMF Proceeds from sales of Property, Plant and Equipment 534 NMF NMF Loans Issued NMF (467) NMF Cash inflow from restricted cash account NMF 4,432 NMF Net cash flows from used in investing activities (1,036) (5,063) NMF (18,350) (39,196) (3,839) -54.3% Proceeds from borrowings 612 3,685 NMF 40,089 52,845 4,410 -66.8% Repayments of borrowings (3,024) (3,937) 30.2% (15,803) (36,320) (5,993) 38.4% Interest paid (1,626) (1,826) 12.3% (1,470) (2,735) (3,265) 49.0% Capital increase NMF 432 19,643 NMF Cash paid for lease liabilities (367) (368) 0.3% (356) (501) NMF Net cash flows from financing activities (4,405) Effect of exchange rates changes on cash and cash equivalents 388 (2,446) (337) -44.5% 23,248 33,077 (5,349) NMF NMF (101) 214 677 NMF Total cash inflow/(outflow) (580) 503 NMF 4,895 (3,150) 2,956 -22.3% Cash and cash equivalents, beginning 5,230 8,186 56.5% 3,485 8,380 5,230 22.5% Cash and cash equivalents, ending 4,650 8,689 86.9% 8,380 5,230 8,186 -1.2% GEORGIA CAPITAL 93#94CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW Beverages business o Wine business ○ Beer business 。 Distribution business 。 Beverage business consolidated 。 Annex 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 94#95Beer business BEER MARKET OVERVIEW GEORGIA HAS SIGNIFICANT ROOM TO GROW BEER CONSUMPTION PER CAPITA VS. PEER COUNTRIES Ranking by absolute growth of per capita consumption 2010-2019 #7 #39 #8 #16 #6 #99 #96 #68 #97 #18 #75 #54 GEORGIA CAPITAL GEORGIAN BEER MARKET IS GROWING ON THE BACK OF INCREASED CONSUMPTION AND PREMIUMIZATION TREND Volume Value Liters per capita 94 24 99 89 Poland Romania Croatia 77 71 69 59 Spain Hungary Estonia Russia Belarus Ukraine Georgia 62 62 54 50 42 25 11 63 24 Turkey Azerbaijan 6 Eastern Europe Global average HL '000 2015 987 1.9% CAGR 2020 1,083 GEL mln 2015 147 Georgia has lower beer consumption per capita at 25 liters per year, compared to peer countries, indicating that there is a room for further growth ➤ Consumption per capita in Georgia has been growing at 3.8% CAGR '2010-2019, while global consumption has been flat for the same period making Georgia #18 fastest growing market in the world in terms of beer consumption per capita ➤ Georgian beer market is dominated by locally produced Georgian and licensed international beer brands, holding 90%+ of total local beer market 9.5% CAGR 2020 231 95 Source: Euromonitor; Revenue Services Georgia#96Beer business BEER LOCAL COMPETITIVE LANDSCAPE GBG N1 IN PREMIUM SEGMENT Prices are RSPs of 0.5L glass bottles Premium 87k HL >GEL 3.2 Upper Mainstream 347k HL GEORGIA CAPITAL GROWING MARKET SHARE WITH FOCUS ON PREMIUM SEGMENT GBG market shares EFES Georgia Zedazeni (GBC) 31% GBG Argo 26% 22% 16% Other 5% 52% 52% Krombacher BERNARD IB STELLA ARTOIS MÜNCHEN Pilsen EFES Corona ✓ ✓ Isner Urquell 30% Heineken 23% 18% 20%21% 20%22% Gulich Warsteiner Staropramen LÖWENBRÄU GEL 2.9 GEL 3.2 Mainstream + Eco 649k HL Mainstream GEL 2.5 - 2.9 NATAKHTARI KARVA Bavaria HOLSTEN ROYAL VIKING DEER RAGNAR รกร 23% KAYAKI AMSTEL KRUŠOVICE 21% RAZBEG აისი 6530 RAVI ICY SVIANI Original OETTINGER Economy < GEL 2.5 BELGIUM KAISER ✓ RSP - retail sales price Market shares HOLLANDIA Premium Upper mainstream Maistream Total I 2019 2020 König Filsener Argo გერმანულ Juman GBG's brands have strong brand equity on Georgian beer market, dominating in premium and upper mainstream segments GBG's portfolio includes leading international beer brands: Heineken, Amstel and Krusovice In addition to international brands, GBG holds N1 craft beer brand in Georgia (Black Lion), the only local upper-mainstream brand (Kayaki) and historic local beer brand, N1 by market share across all segments (Kazbegi) 96 Source: Management estimates#97Beer business GBG KEY DEVELOPMENTS GLOBAL BEER GEORGIA 93303 remao BLACK LION 2017 1Q 2018 CRAFT BEER COMMERCIAL PRODUCTION LAUNCHED ACQUISITION OF LEADING GEORGIAN CRAFT BEER PRODUCER - BLACK LION - KAZBEGT 4Q 2018 APR-2019 FIRST CSD* AND BEER EXPORT ACQUISITION OF GEORGIA'S OLDEST BEER BRAND - KAZBEGI BEER & CSD KRUŠOVICE KRALOVSKÝ PIVOVAR TRO MRK. ΚΑΥΑΚΙ AMSTEL BIER TRADE MARK Heineken GEORGIA CAPITAL MAY-2019 MAY-2019 JUN-2019 JUL-2019 2020 KRUSOVICE LOCAL BREW LAUNCH LOCAL LIGHT BEER KAYAKI LAUNCH AMSTEL LOCAL BREW LAUNCH HEINEKEN LOCAL BREW LAUNCHED NEW EXPORT MARKETS TAPPED IN CIS AND CHINA აისი ICY GBG launched its first local mainstream brand ICY GBG sold 2,500 HL BL in 2020 - strengthening its position in premium segment Currently GBG is exporting CSD to 10 countries, increasing export volume 2.4x within a year After acquisition GBG gained additional market share of 8.6% from Kazbegi GBG diversified Upper mainstream segment by launching Heineken licensed brand Krusovice Kayaki became the only local Upper mainstream brand on Georgian beer market After one year of Krusovice launch, GBG increased its footprint in Upper mainstream segment by 2.5% GBG increased market share of Heineken from 2.4% in 2018 to 3.7% in 2020 with local production launch. Licensed Heineken increased GBG market share in premium segment by 22% GBG is focused on export sales. Company works to establish strong parentship with Ukraine, Russia, Azerbaijan, Kazakhstan, Moldova and China CSD Carbonated soft drink 97#98HL'000 Beer business GBG & LOCAL MARKET DYNAMICS GBG GROWING AT c.7x HIGHER CAGR IN VOLUME TERMS VS. MARKET FOR 2018-2020 PERIOD GEORGIA CAPITAL GROWING MARKET SHARE DRIVEN BY STRONG LOCAL AND INTERNATIONAL BRAND PORTFOLIO Volume 5.7% CAGR 1,076 1,083 970 Local Market 32.2% CAGR 1.4% 215 239 137 113 115 GBG GEL mln Value 13.9% CAGR 231 210 178 Local Market Premium Upper mainstream Mainstream AMSTEL KRUŠOVICE BIER Heineken KAYAKI 6.1% 3.7% 3.8% 2.5% აისი 22.1% ICY 20.0% 8.8% 7.0% 4.8% 1.9% 38.2% CAGR 0.6% 0.2% 0.8% 0.8% 0.6% 0.6% 14.6% 57 50 Heineken Black Lion Kayaki Amstel Krusovice Kazbegi ICY 30 26 30 Total local market share 2019 2020 GBG 2018 E 2019 E 2020 TH1 2020 TH1 2021 GBG demonstrated strong growth on the market both in volume and value terms increasing its market share from 14% in 2018 to 22% in 2020 One of the key drivers of GBG's growth in value terms is the premiumization strategy and increase in average selling price. Average price grew at 3.9% CAGR '2018-2020 In 2020 new economy (lowest priced) segment was established on Georgian beer market, overtaking c.9% market share. In line with the GBG premiumization strategy, company decided not enter the low gross profit margin economy segment - explaining GBG's relatively low volume growth from 1H 2020 to 1H 2021 MAINTAINING THE PREMIUMIZATION TREND CAGR '18-21 6.2% 5.6 Gross price per Liter, GEL 4.8 2.0 8.9% 10.5% 2.5 2.2 1.9 1.5 6.9% Premium Upper mainstream Mainstream Total 2018 2019 2020 H1 2021 Source: Revenue Services Georgia; Management estimates 98 2.6#99Beer business GBG SALES BREAKDOWN GBG IS WELL DIVERSIFIED ACROSS LOCAL SALES CHANNELS, WITH FOCUS ON HORECA AND TRADITIONAL TRADE GBG local portfolio mix Market mix vs GBG GBG GEORGIA CAPITAL GBG IS FOCUSED ON GROWING SALES OF HIGH GROSS PROFIT MARGIN PACKAGING TYPES - KEG AND SINGLE SERVE GBG local portfolio mix Market mix vs GBG GBG 239 239 215 215 22% 44% 31% 19% 30% 55% 137 34% 22% 137 29% 2020 16% 28% 27% 113 115 33% 29% 31% 20% 42% 2020 20% 60% 17% 32% 28% 17% 18% 52% 44% 23% 34% 67% Market 34% 42% 40% Market 27% 50% 45% 38% 2018 2019 2020 Traditional trade HoReCa & Draught shops Large retail chains 2018 2019 2020 H1 2020 H1 2021 PET KEG Single serve Source: Revenue Services Georgia; Management estimates GBG has increased share of premium, high GP margin, HoReCa & Draught shops in its portfolio from 17% in 2018 to 34% in 2020 vs. market average of 17% - 62% of GBG sales in 1H 2021 are KEG and single serve packaging types – highest margin products with 50%+ GP margins PET-plastic packaging 99 99#100Beer business GBG BREWERIES 1 INDUSTRIAL BREWERY (GBG) & 1 CRAFT BREWERY (BLACK LION) LOCATED IN CLOSE PROXIMITY TO CAPITAL TBILISI - 30 MIN DRIVE Mukhrani GLOBAL BEER GEORGIA Tsilkani წილკანი ი 04791000 ani Aghal Агаяни ძველი ქანდა Tserovani E60 Choporti ჭოპორტი Nadokra ნადოკრა Sakdrioni საყდრიონ Akhatani ახატანი Tsinamdzghvriantkari Natakhtari ნატახტარი წინამძღვრიანთკარი E117 Saguramo Navdaraantkari საგურამო ნავდარაანთკარი Buriani ბურიანი Ghulelebi ღულელები GEORGIA CAPITAL 1. GBG BREWERY - MODERN BREWERY LICENSED BY HEINEKEN 430K HL Beer brewing capacity 948K HL CSD production capacity Investment requirement for 20% brewing 1,586K HL Total bottling capacity 208 468 910 ■ РЕТ ■Glass/Can ■ KEG I var Saskhori Dzegvi ძეგვი I jori I MTSKHETA-MTIANETI KVEMO KARTLI წეროვანი Tsitsamuri წიწამური Mtskheta Mtkvari მცხეთა Zahesi E60 ზაჰესი Mamkoda მამკოდა E60 Didgori დიდგორი DIDI DIGHOMI Tsodoreti წოდორეთ Napetvrebi ნაფეტვრები mmo Tsveri 0 GLOBAL BEER GEORGIA Tskneti წყნეთი GBG Brewery SABURTALO VAKE Tbilisi National Pa თბილისის ეროვნული პარკი No 5m GLDANI-NADZALADEVI 1 Patara Lilo პატარა ლილო Tbilisi თბილისი Didi Lilc დიდი ლი DZVELI TBILISI Black Lion Brewery capacity increase is c. EUR 3.5m - 2. BLACK LION BREWERY – CRAFT BEER BREWERY, FOCUSED ON PREMIUM MARKET SEGMENT AND HORECA SALES CHANNELS 160K HL Brewing capacity 60%* Average annual utilization of total beer brewing 7% 150K HL Bottling capacity Average annual utilization of CSD production *Utilization rate of beer brewing in peak seasons is ~ 100% 20% Average annual utilization of bottling line 100#101Beer business GBG BREWERY PHOTOS GBG brewery GEORGIA CAPITAL 101#102Beer business GBG CSD EXPORT POTENTIAL GEORGIAN CSD EXPORT DOUBLE-DIGIT GROWTH DRIVEN BY ITS INCREASED POPULARITY GLOBALLY Volume - CSD Export 27% CAGR'16-20 Value - CSD Export 28% CAGR'16-20 GEORGIA CAPITAL GBG TARGETS SIGNIFICANT GROWTH IN CSD EXPORT SALES GBG export share in relevant CSD categories (75% of total CSD exports from Georgia) 141% growth I 20.0% 131.8 I 000, ΤΗ 523 30.9 452 26.6 26.7 14% 419 16% 8% 13% 9% 10% 274 10% 15% 20% USD mln 11% 17.0 9% 10% 15% 19% 199 14% 11.7 13% 40% 22% 43% 23% 10% 13% 12% 13% 22% 31% 19% 35% 46% 43% 32% 40% 37% 42% 31% 31% 33% 34% 24% 24% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 ■Russia Azerbaijan Armenia Ukraine Kazakhstan Other HL '000 4.4% 2.4% 16.4 6.8 2019 2020 2025F CSD EXPORT SALES SHARE IN GBG REVENUE TO INCREASE 5X TO 23% 5% 2020 95% CSD export Other 77% 2025 23% Georgian CSD products are prominent and hold historical and cultural value in CIS countries. CSD exports from Georgia grew 2.6x over the last 5 years GBG targets to reach 132k HL sales by 2025, translating into c.20% market share in CSD exports vs. current 4.4% Through CSD sales growth, GBG will increase the utilization of its existing CSD production capacity and diversify its revenue streams on international markets 102 Source: Geostat#103Beer business GBG STRATEGY TARGETING FOR 2025... ...RESULTING IN GEORGIA CAPITAL CAGR 1H20 1H21 Growth 2020 2021F 2025F 1 '21-25 Beer sales, '000 HL 117 120 3% 243 247 320 7% Premiumization on local market CSD sales, '000 HL 12 31 158% 29 72 207 30% Price per liter, Beer, GEL 2.3 2.6 13% 2.4 2.6 2.8 2% Price per liter, CSD, GEL 1.5 1.7 13% 1.6 1.7 1.8 1% 2 Revenue, GELM 21.1 25.5 21% 45.9 55.0 94.3 14% Focus on CSD exports Gross profit, GELM 6.7 9.3 39% 17.7 24.5 43.6 16% (margin %) 31.7% 36.4% 4.8 ppts 38.5% 44.6% 46.2% 1.6 ppts EBITDA, GELM 0.0 1.5 NMF 2.4 6.0 0.1% 5.8% 5.7 ppts 5.2% 10.9% 20.5 21.7% 36% 3 Strong COST/CAPEX discipline and improved profitability targeting 21%+ EBITDA margin (margin %) REVENUE BY 2025 94+ GEL million EBITDA BY 2025 10.8 ppts 20+ GEL million 103#104GEL mln Beer business GBG SALES & PROFITABILITY DYNAMICS DOUBLE DIGIT REVENUE GROWTH Net Revenue 25.2% CAGR 43.6 45.9 29.3 21.1 20.8% 25.5 2018 2019 2020 H1 2020 H1 2021 IMPROVED MARGINS DRIVEN BY SCALE UP +52.2ppts +4.1ppts 34% 39% 28% 32% 36% 5% 6% 0.1% -15% -47% EBITDA % Gross Profit % 2018 2019 ■2020 EH1 2020 E H1 2021 POSITIVE EBITDA TREND EBITDA GEL mln GEORGIA CAPITAL 2.4 0.02 1.5 (6.5) (13.8) 2018 2019 2020 H1 2020 H1 2021 ➤ Double digit revenue growth reflecting GBG's premiumization strategy along with increase in sales volume by 1.7x in 2018-2020 period GBG reached positive EBITDA in 2020, driven by scale growth and high margin new product launches ➤ Company also improved profitability ratios through cost optimization and scale growth 104#105Beer business GBG WORKING CAPITAL DYNAMICS STABLE AND HEALTHY WC RATIOS NWC as a % of sales 7% +17ppts +3ppts 25% 24% 23% 20% 2018 2019 2020 H1 2020 H1 2021 GEORGIA CAPITAL INVENTORY TURNOVER RATIO MAINTAINED AT 2.0X+ Inventory turnover -0.8x -0.8x 2.8x 2.9x 2.6x 2.1x 2.0x 2018 2019 2020 H1 2020 H1 2021 Inventory turnover decrease in 2018-2020 period can be attributable to new brand additions in GBG portfolio In 1H2021 GBG decided to make raw material purchases in advance to hedge future uncertainties associated with prices and delivery times due to pandemic. This resulted in decline of inventory turnover ratio, however company still managed to maintain a health ratio of 2.0x+ 105#106Beer business GBG INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 '18-20 Revenue 21,103 25,486 20.8% 29,308 43,628 45,947 25.2% of which, revenue from local sales 19,855 21,756 9.6% 29,308 41,769 42,947 21.1% of which, revenue from exports 1,248 3,730 NMF 1,859 3,000 NMF COGS (14,423) (16,207) 12.4% (19,221) (31,424) (28,247) 21.2% Gross Profit 6,680 9,279 38.9% 10,087 12,204 17,700 32.5% Gross Profit Margin 31.7% 36.4% 4.8 ppts 34.4% 28.0% 38.5% 4.1 ppts Salaries and other employee benefits (3,880) (4,563) 17.6% (8,811) (9,589) (8,563) 1.4% Sales and marketing expenses (668) (651) -2.5% (5,837) (3,134) (1,251) 53.7% General and administrative expenses (1,222) (1,182) -3.3% (4,808) (4,609) (3,167) 18.8% Distribution expenses (747) (715) -4.3% (2,753) (1,914) (1,522) 25.6% Other operating expenses (144) (691) NMF (1,632) 592 (795) 30.2% EBITDA 19 1,477 NMF (13,754) (6,450) 2,402 NMF EBITDA margin 0.1% 5.8% 5.7 ppts -46.9% -14.8% 5.2% 52.2 ppts Depreciation and amortization (4,572) (3,777) -17.4% (9,719) (11,185) (8,552) 6.2% Net interest income/expense (4,626) (5,337) 15.4% (4,212) (8,815) (9,756) 52.2% Net foreign currency gain (loss) (5,033) 7,704 NMF 300 (3,480) (17,704) NMF Net non-recurring items NMF (1,090) (25,307) NMF Net profit/(loss) before income tax (14,212) 67 NMF (28,475) (55,237) (33,610) -8.6% Net profit/(loss) (14,212) 67 NMF (28,475) (55,237) (33,610) -8.6% GEORGIA CAPITAL 106#107Beer business GBG BALANCE SHEET BALANCE SHEET CAGR GEL thousands; unless otherwise noted Jun-20 Jun-21 Change Dec-18 Dec-19 Dec-20 '18-20 Cash and cash equivalents 7,499 5,363 -28.5% 1,244 2,543 1,983 26.3% Amounts due from financial institutions NMF 8 NMF Accounts Receivable 11,035 12,976 17.6% 2,161 7,912 8,954 NMf Prepayments & Other Assets 3,085 3,063 -0.7% 4,998 4,489 2,309 -32.0% Inventory 11,550 14,880 28.8% 6,618 12,113 13,386 42.2% Intangible Assets, Net 6,635 6,550 -1.3% 631 8,722 6,612 NMF Goodwill NMF 2,226 2,226 NMF Property and Equipment, Net 72,454 66,466 -8.3% 98,267 70,249 68,933 -16.2% Total Assets 112,258 109,298 -2.6% 116,153 108,254 102,177 -6.2% Accounts Payable 12,084 14,861 23.0% 9,530 10,491 11,136 8.1% Borrowings 99,211 112,824 13.7% 68,096 88,973 111,330 27.9% Other Current Liabilities 4,322 4,298 -0.6% 2,310 2,933 2,471 3.4% Total Liabilities 115,617 131,983 14.2% 79,936 102,397 124,937 25.0% Total Equity (3,359) (22,685) TOTAL LIABILITIES AND EQUITY 112,258 109,298 NMF -2.6% 36,217 116,153 5,857 108,254 (22,760) NMF 102,177 -6.2% GEORGIA CAPITAL 107#108Beer business GBG CASH FLOW STATEMENT OF CASH FLOW CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 '18-20 Cash received from customers Cash paid to suppliers 30,242 34,486 14.0% 44,710 60,003 70,025 25.1% (7,870) (12,194) 54.9% (18,941) (29,319) (22,244) 8.4% Cash paid for operating expenses (19,923) (20,045) 0.6% (39,615) (44,673) (43,705) 5.0% Net cash flows from operating activities 2,449 2,247 -8.2% (13,846) (13,989) 4,076 NMF Purchase of Property, Plant and Equipment (3,027) (2,059) -32.0% (10,043) (18,614) (5,322) 27.2% Net cash flows used in investing activities (3,027) (2,059) -32.0% (10,043) (18,614) (5,322) -27.2% Proceeds from borrowings 5,002 27,045 NMF 9,200 95,019 9,002 -1.1% Repayment of borrowings (20,000) NMF (1,216) (68,658) (5,000) 102.8% Interest paid (4,002) (3,617) -9.6% (2,082) (6,733) (7,686) 92.1% Capital increase 5,000 NMF 6,924 15,143 5,000 -15.0% Cash paid for lease liabilities (264) (229) -13.3% (486) (460) NMF Net cash flows from financing activities 5,736 3,199 -44.2% 12,826 34,285 856 -74.2% Effect of exchange rate changes on cash and cash equivalents (202) (7) -96.5% (695) (383) (170) 50.5% Total cash inflow/(outflow) 4,956 3,380 -31.8% (11,758) 1,299 (560) 78.2% Cash and cash equivalents at beginning of period 2,543 1,983 -22.0% 13,002 1,244 2,543 -55.8% Cash and cash equivalents at end of period 7,499 5,363 -28.5% 1,244 2,543 1,983 26.3% GEORGIA CAPITAL 108#109CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW Beverages business o Wine business 。 Beer business 。 Distribution business 。 Beverage business consolidated 。 Annex 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 109#110Distribution business GDL PRODUCT PORTFOLIO & OPERATING MODEL OPERATING THROUGH TWO MAJOR MODELS LOCALLY, OFFERING (1) 3RD PARTY LOGISTICS AND (2) FULL DISTRIBUTION SERVICE 1% 31% GEL 95m Sales in 2020 68% DIVERSIFIED PRODUCT PORTFOLIO OF MAJOR BEVERAGE CATEGORIES AND LEADING BRANDS GEORGIA CAPITAL Product category Product origin Main product portfolio Wine All Teliani brands Group Beer All GBG brands ■3rd party logistics Wine 2 local brands ■Full distribution service Water 2 local brands Export Whiskey Brandy/Calvados Vodka Coffee 3rd party Macallan, The Famous Grouse Cortel, Prince de Conde Medoff, Sobieski Lavazza LEADING PLAYER ACROSS MAJOR PRODUCT 53% CATEGORIES Market shares 2020 28% 25% 25% 22% 10% Premium Coffee Still Wine Sparkling Wine Water Beer Vodka 2 distinct operational models on local market: 1. 3rd party logistics - delivery of goods from seller's warehouse to final sales point, without sales and marketing services 2. Full distribution service - managing full lifecycle of product delivery, including sales and marketing GDL has a leading position in distribution of all major beverage categories - with some of the prominent international and local brands in its portfolio Georgia Capital PLC | Note: 3rd party under product origin is defined as companies outside of the group. 110 Source: Management estimates#111Distribution business GDL DISTRIBUTION GEOGRAPHIC COVERAGE 9 WAREHOUSES ACROSS ALL REGIONS OF GEORGIA WITH FULL COVERAGE OF THE COUNTRY mi მი Архыз Teberda Теберда Dombay Домбай Zugdidi warehouse Mt Elbrus Tyrnyauz Тырныауз Эльбрус Te kol Mestia მესტია Ushgu უმგე, sidi On Martvil მარტვილი Poti 832850 E97 E60 EVO 612 Kob Ozurgeti ოზურგეთი ქობულეთი Batur ბად. E69 Nalchik Nartkala Нальчик "Нарткала Malgobek Малгобек E50 Nazran Назрань Sunzha Сунжа E50 Shelkovskaya Terek River Шелковская Gudermes Grozny Грозный Гудермес Argun Аргун о Total # of warehouses E50 Khasavyurt Хасавюрт 9 Ki Киз Warehouse and office spaces Average size Total size 9,832 1,092 sqm sqm GEORGIA CAPITAL Total palette capacity 3,630 Vladikavkaz Владикавказ Urus-Martan Урус-Мартан Verkhny Alaniya Fiagdon tional Park Верхний Фиагдон E117 Национальный паркания Kutaisi warehouse უკან minda bro Botlikh Ботлих Agvali Агвали Khunzakl Хунзах Gudauri Juta Java Tusheti хоза Gori warehouse ational Park Chiatura ჭიათურა Tskhinvali ცხინვალი ეროვნული პარკი თუშეთის ზესტაფონი Akhaltsikhe warehouse ომი Zestafoni Georgia Telavi warehouse Go 20 E60 Tbilisi warehouse¹ Tbi si 88 კასი Akhaltsne Bakuriani ბაკურიანი stav Telavi vareli ყვარელი Gurjaani ambressbo Rustavi warehouse Lagodek ლაგოდეი Balakan Kutai ქუისი E60 011 Hopa Akhalkalaki ახალქალაქი Arhavi Batumi warehouse Şavşat in Ninotsminda Ardahan — ინოწმინდა Տաշիր E117 Ebd E001 Aghstafa OL. Gazakh Warehouse location Warehouse coverage area Note: Tbilisi houses two warehouses to cover larger number of sales points in the respective region Georgia Capital PLC | Note: all warehouses and offices used by distribution business are leased. Vehicle fleet # of vehicles Payload, tons Total 104 453 Zaqatala Leased 54 254 Owned 50 199 111#112Distribution business GDL SALES CHANNEL COVERAGE AVERAGE 85% OF ALL SALES POINTS COVERED COUNTRYWIDE BY GDL 68%+ SALES POINT COVERAGE IN ALL MAJOR BEVERAGE CATEGORIES GEORGIA CAPITAL 15% 15% 15% 20% 13% 25% 20% 32% 100% 85% 85% 80% 87% 75% 80% 68% Large retail chains Traditional trade HoReCa GDL coverage Not covered 90% 85% 10% Wine Beer Water Premium Vodka Whisky Total Coffee GDL coverage Not covered GDL has high penetration of all sales channels with full coverage of large retail chains in the country and 80%+ coverage of HoReCa and traditional trade channels GDL has 68%+ of all sales points covered in each product category, except for Whisky where GDL sells ultra premium brand in limited, selected premium sales points 112#113GEL mln Distribution business GDL SALES BREAKDOWN BY PRODUCT CATEGORIES 3.8X REVENUE GROWTH THROUGH 2018-2020 94.9% CAGR 94.6 80.3 25% 32% 13.8% 47.4 41.6 24% 75% 22% 24.9 68% 64% 76% 78% 36% 2018 2019 2020 Group Products H1 2020 H1 2021 3rd Party Products GEORGIA CAPITAL DIVERSIFIED GROSS PROFIT WITH GROUP AND 3RD PARTY PRODUCTS GDL Gross Profit breakdown, 2020 43% GEL 13.9m 57% ■Group Products ■3rd Party Products 3.8x revenue increase in 2018-2020 period through product portfolio enhancement and increased sales point coverage Revenue from 3rd party product sales has increased by 21.5% CAGR '18-20 - GDL is providing distribution services to more than 13 companies across 7 product categories 113#114Distribution business GDL STRATEGY GEORGIA CAPITAL 1 TARGETING FOR 2025... Focus on maintaining existing coverage and further enhancing scale ...RESULTING IN CAGR 1H20 1H21 Growth 2020 2021F 2025F '21-25 Revenue, GELM 41.6 47.4 14% 94.6 Gross profit, GELM 6.2 7.8 27% 13.9 (margin %) 14.8% 16.6% 1.7 ppts 16.7 14.7% 14.4% 116.4 168.1 10% 10% 24.3 14.5% 0.1 ppts 2 EBITDA, GELM 1.1 1.7 52% 3.0 3.8 Product portfolio diversification (margin %) 2.7% 3.6% 0.9 ppts 3.1% 3.3% 7.4 4.4% 18% 1.1 ppts 3 REVENUE 2025 Exploring export opportunities 168+ GEL million EBITDA BY 2025 7+ GEL million 114#115GEL mln Distribution business GDL SALES & PROFITABILITY DYNAMICS 3.8X HIGHER REVENUE IN 2020 VS 2018 Revenue 94.9% CAGR 94.6 24.9 80.3 13.8% 47.4 41.6 2018 2019 2020 H1 2020 H1 2021 IMPROVING GP AND EBITDA MARGINS +0.6ppts -6.4ppts 21.1% 17.3% 14.7% 14.8% 16.6% 2.5% 3.1% 0.4% 2.7% 3.6% EBITDA % Gross Profit % 2018 2019 2020 EH1 2020 E H1 2021 GEL mln PRODUCT PORTFOLIO ENHANCEMENT DRIVES EBITDA GROWTH IN 2021 EBITDA 52.1% GEORGIA CAPITAL 3.0 1.7 1.1 0.6 0.3 2018 2019 2020 H1 2020 H1 2021 Significant increase of GDL revenue (74.6% CAGR in 2018-LTM) was driven by portfolio expansion and addition of beer category in 2019 Fast EBITDA margin recovery in 2020 through addition of high profitability products, after decrease in 2019 due to increased share of lower margin beer sales 115#116Distribution business GDL WORKING CAPITAL DYNAMICS NET WORKING CAPITAL -11.3ppts NWC as a % of sales 12.3% +1.3ppts 1.0% 1.3% -1.5% 0.04% 2018 2019 2020 H1 2020 H1 2021 INVENTORY TURNOVER Inventory turnover 4.4x +12.9x -3.9x 17.3x 13.4x 14.2x 10.3x 2018 2019 2020 H1 2020 H1 2021 Healthy inventory turnover rate at 10x+ in 1H2021 Significant change in net working capital in 2019 caused by addition of beer as a product category with lower WC requirements GEORGIA CAPITAL 116#117Distribution business GDL INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 '18-20 Revenue 41,606 47,350 13.8% 24,896 80,254 94,581 94.9% COGS (35,439) (39,513) 11.5% (19,644) (66,397) (80,709) NMF Gross Profit 6,167 7,837 27.1% 5,252 13,857 13,872 62.5% Gross Profit Margin 14.8% 16.6% 1.7 ppts 21.1% 17.3% 14.7% -6.4 ppts Salaries and other employee benefits (2,761) (3,873) 40.3% (2,506) (7,242) (6,326) 58.9% Sales and marketing expenses (30) (40) 33.3% (190) (128) (128) 17.9% General and administrative expenses (990) (713) -28.0% (1,027) (1,334) (1,769) 31.2% Distribution expenses (1,220) (1,488) 22.0% (968) (3,427) (2,581) 63.3% Other operating expenses (51) (27) -47.1% 64 (1,391) (95) EBITDA 1,115 1,696 52.1% 625 335 2,973 NMF 118.1% EBITDA margin 2.7% 3.6% 0.9 ppts 2.5% 0.4% 3.1% 0.6 ppts Depreciation and amortization (871) (859) -1.4% (791) (1,635) (1,750) 48.7% Net interest income/expense (166) (124) -25.3% (1) (160) (235) NMF Net foreign currency gain (loss) (122) 70 NMF (30) (5) (153) 125.8% Net non-recurring items NMF NMF Net profit/(loss) before income tax (44) 783 NMF (197) (1,465) 835 NMF Net profit/(loss) (44) 783 NMF (197) (1,465) 835 NMF GEORGIA CAPITAL 117#118Distribution business GDL BALANCE SHEET BALANCE SHEET CAGR GEL thousands; unless otherwise noted Jun-20 Jun-21 Change Dec-18 Dec-19 Dec-20 '18-20 Cash and cash equivalents 2,213 838 -62.1% 327 1,049 3,001 NMF Accounts Receivable 14,158 17,395 22.9% 6,750 15,838 15,571 51.9% Prepayments & Other Assets 640 1,006 57.2% 403 828 467 7.6% Inventory 5,588 8,242 47.5% 4,422 4,952 4,654 2.6% Intangible Assets, Net 1,145 1,157 1.0% 1,130 1,128 1,121 -0.4% Goodwill 2,836 2,836 NMF 2,836 2,836 2,836 0.0% Property and Equipment, Net 3,110 2,802 -9.9% 1,453 3,520 2,303 25.9% Total Assets 29,690 34,276 15.4% 17,321 30,151 29,953 31.5% Accounts Payable 17,306 21,425 23.8% 7,653 19,206 17,029 49.2% Borrowings 2,022 NMF 1,994 NMF Other Current Liabilities 3,043 3,869 27.1% 864 3,579 2,733 77.9% Total Liabilities 22,371 25,294 13.1% 8,517 22,785 21,756 59.8% Total Equity 7,319 8,982 22.7% 8,804 7,366 8,197 -3.5% TOTAL LIABILITIES AND EQUITY 29,690 34,276 15.4% 17,321 30,151 29,953 31.5% GEORGIA CAPITAL 118#119Distribution business GDL CASH FLOW STATEMENT OF CASH FLOW CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 '18-20 Cash received from customers Cash paid to suppliers Cash paid for operating expenses 47,017 49,512 5.3% 32,133 89,244 105,302 81.0% (39,334) (39,984) 1.7% (22,345) (68,402) (88,111) 98.6% (7,437) (8,484) 14.1% (9,111) (18,024) (15,289) 29.5% Net cash flows from operating activities 246 1,044 NMF 677 2,818 1,902 67.6% Purchase of Property, Plant and Equipment (331) (517) 56.2% (745) (954) (411) 25.7% Proceeds from sales of Property, Plant and Equipment 76 3 -96.1% 35 106 NMF Net cash flows used in investing activities (255) (514) NMF (745) (919) (305) 36.0% Proceeds from borrowings 2,000 2,000 NMF 2,000 NMF Repayment of borrowings (4,000) NMF (150) NMF Interest paid (91) (83) -8.8% (1) (235) NMF Capital increase NMF NMF Cash paid for lease liabilities (691) (644) -6.8% (405) (1,160) (1,371) 84.0% Net cash flows from financing activities 1,218 (2,727) NMF (556) (1,160) 394 NMF Effect of exchange rate changes on cash and cash equivalents (45) 34 NMF (17) (17) (39) 51.5% Total cash inflow/(outflow) 1,164 (2,163) NMF (641) 722 1,952 NMF Cash and cash equivalents at beginning of period 1,049 3,001 NMF 968 327 1,049 4.1% Cash and cash equivalents at end of period 2,213 838 -62.1% 327 1,049 3,001 NMF GEORGIA CAPITAL 119#120CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW Beverages business 。 Wine business o Beer business o Distribution business • Beverage business consolidated 。 Annex 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 120#121Beverages business BEVERAGE BUSINESS STRATEGY TARGETING FOR 2025... ...RESULTING IN 1 2 WINE Further solidify leading position on local and export markets through significant sales growth BEER Premiumization on local market and focus on CSD exports 3 DISTRIBUTION Maintain wide sales point coverage and enhance product portfolio GEORGIA CAPITAL WINE BEER DISTRIBUTION COMBINED All amounts in GELm 2021 2025 CAGR 2021 2025 CAGR 2021 2025 CAGR 2021 2025 CAGR Net revenue 77 121 12% 55 94 14% 116 168 10% 249 383 11% Gross profit 34 53 12% 25 44 15% 17 24 10% 75 121 13% Gross profit margin% EBITDA 44% 44% 0 ppts 45% 46% 1 ppts 14% 15% 1 ppts 43%* 45%* 2 ppts 18 28 12% 6 21 36% 4 7 18% 28 56 19% EBITDA margin% 23% 24% 1 ppts 11% 22% 11 ppts 3% 4% 1 ppts 15%* 21%* 6 ppts COMBINED REVENUE BY 2025 380+ Georgia Capital PLC | Note: EBITDA & Gross Profit margins calculated on consolidated revenue, not combined revenue shown in the table. GEL million EBITDA BY 2025 55+ GEL million 121#122GEL mln Beverages business BEVERAGE BUSINESS SALES & PROFITABILITY DYNAMICS DOUBLING REVENUE OVER 2 YEARS Consolidated Revenue 34.8% CAGR 138.5 124.7 76.2 26.7% 68.7 54.3 2018 2019 2020 H1 2020 H1 2021 GEL mln SOLID CONSECUTIVE EBITDA GROWTH Total EBITDA 2.4 16.4 2.3 3.4x GEORGIA CAPITAL 7.8 (6.4) 2018 2019 2020 H1 2020 H1 2021 STRONG MARGIN RECOVERY IN 1H2021 +20.3ppts 12% 11% 2% 4% -0.3ppts 38% 36% 38% 39% 33% -8% EBITDA % Gross Profit % 2018 2019 2020 TH1 2020 E H1 2021 Georgia Capital PLC | Note: Consolidated Revenue accounts for group eliminations. 122#123Beverages business BEVERAGE BUSINESS WORKING CAPITAL DYNAMICS IMPROVING WC RATIO -2ppts NWC as a % of sales 37% 37% 35% 32% 32% 2018 2019 2020 H1 2020 H1 2021 Inventory turnover GEORGIA CAPITAL HEALTHY INVENTORY TURNOVER AT 1.8X - 2.0X +0.3x -0.2x 1.9x 2.0x 1.8x 1.8x 1.6x 2018 2019 2020 H1 2020 H1 2021 123#124Beverages business BEVERAGE BUSINESS INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 '18-20 Revenue 54,267 68,742 26.7% 76,214 124,705 138,532 34.8% COGS (36,162) (41,743) 15.4% (46,960) (80,349) (85,772) 35.1% Gross Profit 18,105 26,999 49.1% 29,254 44,356 52,760 34.3% Gross Profit Margin 33.4% 39.3% 5.9 ppts 38.4% 35.6% 38.1% -0.4% Salaries and other employee benefits (8,665) (11,732) 35.4% (14,195) (21,598) (20,688) 20.7% Sales and marketing expenses (963) (960) -0.3% (6,426) (4,178) (1,909) 45.5% General and administrative expenses (3,267) (2,916) -10.7% (7,913) (8,268) (7,132) -5.1% Distribution expenses (2,633) (2,790) 6.0% (4,883) (6,749) (5,578) 6.9% Other operating expenses (301) (825) NMF (2,278) (1,141) (1,069) 31.5% EBITDA 2,276 7,776 242% (6,441) 2,422 16,384 NMF EBITDA margin 4% 11% 7 ppts -8% 2% 12% 20 ppts Depreciation and amortization (7,732) (6,905) -10.7% (11,882) (16,327) (14,838) 11.7% Net interest income/expense (6,646) (7,192) 8.2% (7,085) (12,856) (15,267) 46.8% Net foreign currency gain (loss) (7,881) 10,590 NMF (1,879) (3,418) (25,221) NMF Net non-recurring items 437 NMF (1,886) (25,717) (6) -94.4% Net profit/(loss) before income tax (19,983) 4,706 NMF (29,173) (55,896) Net profit/(loss) (19,983) 4,706 NMF (29,173) (55,896) (38,948) (38,948) 15.5% 15.5% GEORGIA CAPITAL 124#125Beverages business BEVERAGE BUSINESS BALANCE SHEET BALANACE SHEET CAGR GEL thousands; unless otherwise noted Jun-20 Jun-21 Change Dec-18 Dec-19 Dec-20 '18-20 Cash and cash equivalents 14,785 15,143 2.4% 9,953 9,367 13,557 16.7% Amounts due from financial institutions 170 NMF 136 153 8 -75.7% Accounts Receivable 23,952 24,455 2.1% 16,260 23,643 26,485 27.6% Prepayments & Other Assets 6,760 9,674 43.1% 6,284 8,044 5,471 -6.7% Inventory 43,077 51,320 19.1% 30,043 44,988 44,306 21.4% Intangible Assets, Net 7,954 8,019 0.8% 2,094 10,121 8,007 95.5% Goodwill 13,639 13,639 NMF 8,198 15,865 13,639 29.0% Property and Equipment, Net 130,492 123,875 -5.1% 130,980 129,976 125,414 -2.1% Total Assets 240,829 246,125 2.2% 203,948 242,157 236,887 7.8% Accounts Payable 20,366 25,171 23.6% 18,021 19,729 18,659 1.8% Borrowings 150,589 166,067 10.3% 117,172 137,505 169,113 20.1% Other Current Liabilities 10,880 11,258 Total Liabilities 181,835 202,496 Total Equity 58,994 43,629 3.5% 11.4% -26.0% 6,728 141,921 62,027 10,606 167,840 9,015 15.8% 196,787 17.8% TOTAL LIABILITIES AND EQUITY 240,829 246,125 2.2% 203,948 74,317 242,157 40,100 236,887 -19.6% 7.8% GEORGIA CAPITAL 125#126Beverages business BEVERAGE BUSINESS CASH FLOW STATEMENT OF CASH FLOW GEL thousands; unless otherwise noted Cash received from customers Cash paid to suppliers Cash paid for operating expenses CAGR 1H20 1H21 67,065 (22,409) 81,184 (30,130) (37,610) (39,548) Net cash flows from operating activities 7,046 11,506 Change 21.1% 102,142 34.5% (52,231) 5.2% (62,980) 63.3% FY18 FY19 FY20 '18-20 147,105 157,558 (70,557) (59,948) (84,421) 24.2% 7.1% (80,323) 12.9% (13,069) (7,873) 17,287 NMF Acquisition of subsidiaries NMF (21,674) (32,918) NMF Purchase of Property, Plant and Equipment (4,394) (8,173) 86.0% (11,429) (25,846) (9,572) -8.5% Proceeds from sales of Property, Plant and Equipment 76 537 NMF 35 106 NMF Loans Issued NMF (467) NMF Cash inflow from restricted cash account NMF 4,432 NMF Net cash flows used in investing activities (4,318) (7,636) Proceeds from borrowings 7,614 32,730 76.8% NMF (29,138) (58,729) 49,289 (9,466) -43.0% 147,864 15,412 -44.1% Repayment of borrowings (3,024) (27,937) NMF (17,169) (104,978) (10,993) -20.0% Interest paid (5,719) (5,526) -3.4% (3,553) (9,468) (11,186) 77.4% Capital increase 5,000 NMF 7,356 34,786 5,000 -17.6% Cash paid for lease liabilities (1,322) (1,241) -6.1% (405) (2,002) (2,332) NMF Net cash flows from financing activities 2,549 (1,974) NMF 35,518 66,202 (4,099) NMF Effect of exchange rate changes on cash and cash equivalents 141 (310) NMF (813) (186) 468 NMF Total cash inflow/(outflow) 5,418 1,586 -70.7% (7,502) (586) 4,190 NMF Cash and cash equivalents at beginning of period 9,367 13,557 44.7% 17,455 9,953 9,367 -26.7% Cash and cash equivalents at end of period 14,785 15,143 2.4% 9,953 9,367 13,557 16.7% GEORGIA CAPITAL 126#127CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW Beverages business 。 Wine business o Beer business 。 Distribution business 。 Beverage business consolidated 。 Annex 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 127#128Beverages Business Annex TELIANI VALLEY WINERIES – DETAILED - Alaverdi GEORGIA CAPITAL 1 Teliani Valley 2 Kindzmarauli Marani 3 Av. Av. Equipment Quantity Capacity Brand Equipment Quantity Capacity Brand Equipment Quantity Capacity age age Country of manufacturing age Average Bunker 3 45 Tons/hr Crusher 4 68 Tons/hr - Press 4 92 Tons per cycle Bulgaria - PIM Italy - Enoveneta; Italy - Prospero France Bucher; Slovenia SKRLG 2 Bunker 4 50 Tons/hr - Italy Della Toffola Bunker 1 12 Crusher 2 20 Tons/hr 20 Tons/hr Georgia 3 Italy 20 4 Crusher Italy Della Toffola; 3 45 Tons/hr 6 - Italy Enoveneta Press 2 10 Tons per cycle CIS 18 14 Press 3 60 Tons per cycle Italy - Della Toffola 16 - Fermentation Storage tanks 54 1,080 Tons Georgia NMF 95 1.8k Tons Georgia NMF Fermentation 110 2.5k Tons Storage tanks 146 2.6k Tons Bulgaria - PIM Bulgaria - PIM; Other 5 Fermentation 67 2.2k Tons 14 Italy Della Toffola; Bulgaria - PIM; India Priminox Italy DellaToffola; 6 Bottling line 1 5.5 bottles/hr Italy (Gai) 8 Barrels 235 53k liters France Tonnellerie 2 Storage tanks 104 1.9k Tons Bulgaria - PIM; Other 11 Bottling line 2 3.2k bottles/hr Italy - Gai 11 Bottling line 1 2.5k bottles/hr Italy - Gai 15 TOTAL Equipment Quantity Capacity Av. age Bunker 8 44 Tons/hr 6 Crusher 9 50 Tons/hr 5 Press 9 63 Tons per cycle 15 Fermentation 231 2.1k Tons 6 Storage tanks 345 2.2k Tons 14 Barrels 235 53k liters 2 Bottling line 4 3.6k bottles/hr 10 128#129Beverages Business Annex TELIANI VALLEY VINEYARDS – DETAILED (1/2) - Teliani Valley vineyards by Protected Designations of Origin (PDO) PDO Main grape variety Grape type Total area (HA) Average distance between the rows (Meters) Average distance between vines (Meters) Total number Average yield of rows (Tons per HA) Total Harvest Average Age (Tons) Kindzmarauli Saperavi Red 265 2.6 1.4 10,307 6.9 1,834 17.8 Tsinandali Rkatsiteli White 26 2.2 1.3 939 11.0 286 16.4 Mukuzani Saperavi Red 21 2.7 1.5 780 7.0 147 16.9 Akhasheni Saperavi Red 18 2.8 1.4 705 7.0 127 11.9 Other Saperavi Red 292 2.6 1.4 11,654 7.5 2,203 16.6 Total 623 2.6 1.4 24,385 7.4 4,596 17.0 Teliani Valley vineyards by grape varieties Grape Total area Grape Variety type (HA) (Meters) Average distance Average distance between the rows between vines (Meters) rows Total number of Average yield (Tons per HA) Total Harvest Average Age (Tons) Saperavi Red 471 2.7 1.4 18,410 6.6 3,127 17.0 Rkatsiteli White 63 2.3 1.4 2,628 9.9 622 17.8 Mtsvane White 43 2.3 1.4 1,460 10.6 451 16.4 Moscato White 13 2.7 1.4 463 10.3 129 11.8 Qisi White 10 2.5 1.4 384 9.0 86 18.0 Khikhvi White 6 2.5 1.4 246 8.0 49 18.0 Cabernet Red 18 2.5 1.4 720 7.0 126 18.0 Collection Red/White 1 2.5 1.4 74 6.0 5 17.0 Total 623 2.6 1.4 24,385 7.4 4,596 17.0 GEORGIA CAPITAL 129#130Beverages Business Annex TELIANI VALLEY VINEYARDS - DETAILED (2/2) Teliani Valley vineyards by location and grape variety Location Grape variety Saperavi Grape type Total area (Ha) (Meters) Average distance Average distance between the rows between vines (Meters) ('000's) Number of vines Total number of Average yield (Tons per HA) Total Harvest Average Age rows (Tons) Red 171 Rkatsiteli White Cabernet Akhalsopeli Qisi Mtsvane Moscato Khikhvi Red White White Red White 9 Saperavi Red Enamta Moscato Red Rkatsiteli White Saperavi Red Rkatsiteli White Kvareli Mtsvane White Collection Red/White Saperavi Red Ikalto Mtsvane Rkatsiteli White White Kisiskhevi Saperavi Red Kindzmarauli Saperavi Red 19 Akhasheni Saperavi Red Vachnadziani Saperavi Red Gremi Saperavi Red Saperavi Red Chumlaki Rkatsiteli White Saperavi Red Tsinandali Rkatsiteli White Chikaani Mtsvane White Eniseli Telavi Total Saperavi Saperavi Red Red 1220276862822-221800127473252 2.5 1.4 484 6,898 7.0 1,207 19 2.5 1.4 57 806 10.1 202 18 2.5 1.4 51 720 7.0 126 18 2.5 1.4 2.5 1.4 2.5 1.4 2.5 1.4 3.0 1.4 3.0 1.3 3.0 1.5 نہ نہ نہ نہ نہ نہ ن 2.7 1.4 2.2 1.4 2.2 1.4 2.5 1.4 2.2 1.3 2.2 1.2 2.1 1.4 2.2 1.2 2.7 1.3 2.7 1.4 2.6 2.9 2.9 2.3 2.0 66633 1.5 1.5 1.5 1.5 1.5 2.0 1.5 9 2.5 1.4 3.0 1.5 2.5 1.4 623 2.6 1.4 225422827582243211212262 384 9.1 86 18 376 10.1 94 18 20 280 12.1 84 18 246 8.0 49 18 4,201 6.4 701 16 183 8.1 45 4 264 9.9 19 19 2,213 6.8 392 15 998 10.1 226 18 180 10.1 121 18 74 6.0 5 17 77 860 7.9 167 14 540 11.8 146 14 237 9.9 108 18 1,146 3.3 91 17 682 6.9 131 17 705 6.9 127 12 538 7.0 96 17 363 6.0 73 19 242 6.9 51 17 161 9.9 37 15 326 6.9 46 17 162 9.9 32 0 364 10.1 91 15 151 5.9 30 19 85 7.0 15 15 1,758 24,385 7.4 4,596 17 Georgia Capital PLC | Note: All vineyards are located in Kakheti region. GEORGIA CAPITAL 130#131Beverages Business Annex GBG BREWERIES – DETAILED - GEORGIA CAPITAL Brewery Filling & bottling line Other Assets Equipment Quantity Brand Average Age Average Average Equipment Capacity Brand Equipment Quantity Age Age Cylindric-Conical Tanks 31 ZVU 4 Complete Glass bottle line 18,000 bph KHS 4 Land & Buildings N/A N/A Brewing N/A ZVU 4 Complete PET line 17,500 bph KHS 4 Water well 3 4 Water treatment N/A ZVU 4 Canning line 15,000 bph KHS 4 Vehicles 220 1-5 CO2 recovery N/A ZVU 4 Kegging line #1 35 KEG/hr KHS 4 Draft system N/A 1-4 Yeast propagation N/A ZVU 4 Kegging line #2 120 KEG/hr MF 3 Fridges 8,433 1-4 BBT (Bright Beer Tanks) 6 ZVU 4 Filtration N/A KHS 4 Marketing N/A N/A Wet Malt Mill N/A ZVU 4 Syrup Room N/A KHS 4 KEG 27,949 1-4 Cooling Plant N/A ZVU 4 Office & IT N/A N/A Piping/Cable N/A ZVU 4 Spare parts N/A N/A CIP (Cleaning in Place) N/A ZVU 4 Water Treatment N/A 4 Silo (malt storage tanks) 4 ZVU 4 Other Equipment N/A N/A Compressor Altas N/A ZVU 4 Lease N/A N/A Degassed Water Tank N/A ZVU 4 131#132Beverages Business Annex GDL ASSETS - DETAILED Warehouse & office spaces Warehouses leased Vehicle fleet GEORGIA CAPITAL Count Total payload Palette City Usage Size, sq.m. Wrecks Car capacity Tbilisi #1 WH 2,000 1,200 Yes FORD-TRANSIT Year of manufacture 2002-2007 leased own Total leased own Total 5 5 8 8 FOTON-AUMARK 2013-2016 - 60 6 27 27 Tbilisi #2 WH 900 300 No HYUNDAI-HD 2012-2014 4 1 5 14 5 19 Rustavi WH 760 220 No JAC-LD 141 2017 5 18 18 Batumi WH/ Office 750 250 No JAC-LE 420 2017 43 43 215 215 Kutaisi WH / Office 2,190 650 No MERCEDES-BENZ-ATEGO 1998-2003 3 3 Zugdidi WH/ Office 1,200 400 No MERCEDES-BENZ-AXOR 2005-2008 2 2 525 15 15 20 25 20 Gori WH/ Office No 952 270 MERCEDES-BENZ-SPRINTER 2003-2008 6 Telavi WH / Office 680 220 No MERCEDES-BENZ-VARIO 1996-2004 2 17 19 69 8 8 8 77 85 Akhaltsikhe WH/ Office 400 120 No Total 9,832 3,630 MITSUBISHI-CANTER Total 2008-2011 - 10 10 40 40 54 50 104 255 200 455 132#133CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 133#134SOVEREIGN RATINGS WITH FAVOURABLE MACRO FUNDAMENTALS GEORGIA CAPITAL Key Ratings Highlights Rating Agency Rating Outlook Affirmed MOODY'S Ba2 Stable April 2021 S&P Global BB Negative February 2021 Fitch Ratings BB Negative February 2021 Georgia is favorably placed among peers Aw General Facts TURKEY Georgia KAZAKHSTAN Country Country Rating Fitch Rating Outlook Festiva JAMANIA LABYA Armenia B+ Stable Area: 69,700 sq. km Azerbaijan BB+ Stable Population (2020): 3.7 million Capital: Tbilisi; Belarus B Negative Czech Republic AA- Stable Georgia BB Negative Kazakhstan BBB Stable Turkey BB- Stable Ukraine B Stable Economy Life expectancy: 73.5 years Official language: Georgian Literacy: 100% Currency (code): Lari (GEL) Nominal GDP (Geostat) 2020: GEL 49 billion (US$15.9 billion) Real GDP growth rate 2020: -6.2% Real GDP 2011-2020 annual average growth rate: 3.6% GDP per capita 2020 (PPP, international dollar) IMF: 14,920 Annual inflation 2020: 5.2% External public debt to GDP 2020: 47.5% RUSSIA 134#135GEORGIA'S KEY ECONOMIC DRIVERS GEORGIA CAPITAL Liberal economic policy Regional logistics and tourism hub Top performer globally in WB Doing Business over the past 12 years Liberty Act (effective January 2014) ensures a credible fiscal framework; Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%. " Following the emergency clause activation after the COVID-19 shock, the fiscal framework will return within the rule bounds in three years, as specified in the Liberty Act; Business friendly environment and low tax regime (attested by favourable international rankings); A natural transport and logistics hub, connecting land-locked energy rich countries in the east and European markets in the west Access to a market of 2.8 billion customers without customs duties: Free trade agreements with EU, China, Hong Kong, CIS and Turkey and GSP with USA, Canada, Japan, Norway and Switzerland; FTA with Israel and India under consideration. Tourism inflows fell sharply to US$ 542 million in 2020 from US$ 3.2 billion in 2019 due to COVID-19, but tourism is expected to bounce back once the pandemic is brought under control; Regional energy transit corridor accounting for 1.6% of the world's oil and gas transit volumes. An influx of foreign investors on the back of the economic reforms have boosted productivity and accelerated growth Strong FDI Support from international community Electricity transit hub potential Political environment stabilised " ◉ FDI stood at US$ 617 million (3.9% of GDP) in 2020 (FDI was lowered by a one-off transfer of ownership worth US$ 340.5 million). FDI averaged 8.1% of GDP in 2010-2020. Georgia and the EU signed an Association Agreement and DCFTA in June 2014 ◉ Visa-free travel to the EU is another major success in Georgian foreign policy. Georgian passport holders were granted free visa entrance to the EU countries from 28 March 2017. Discussions commenced with the USA to drive inward investments and exports. Strong political support from NATO, EU, US, UN and member of WTO since 2000; Substantial support from DFIs, the US and EU. Developed, stable and competitively priced energy sector ■ Only 20% of hydropower capacity utilized; 155 renewable (HPPS/WPPS/SPPS) energy power plants are in various stages of construction or development. Georgia imports natural gas mainly from Azerbaijan. Significantly boosted transmission capacity in recent years, a new 400 kV line to Turkey and 500 kV line to Azerbaijan built, other transmission lines to Armenia and Russia upgraded. Additional 2,000 MW transmission capacity development in the pipeline, facilitating cross-border electricity trade and energy swaps to Eastern Europe. Georgia underscored its commitment to European values by securing a democratic transfer of political power in successive parliamentary, presidential, and local elections and by signing an Association Agreement and free trade agreement with the EU. New constitution amendments passed in 2013 to enhance governing responsibility of Parliament and reduce the powers of the Presidency. Continued economic relationship with Russia, although economic dependence is relatively low. Russia began issuing visas to Georgians in March 2009; Georgia abolished visa requirements for Russians - Russia announced the easing of visa procedures for Georgian's citizens effective December 23, 2015. Direct flights between the two countries resumed in January 2010. However, they have been banned again since July 2019 following the decision from Russia. Member of WTO since 2000, allowed Russia's access to WTO; In 2013 trade restored with Russia. " In 2020, Russia accounted for 13% of Georgia's exports and 11% of imports. 135#136INSTITUTIONAL ORIENTED REFORMS Ease of Doing Business | 2020 (WB Doing Business Report) New Zealand Singapore Economic Freedom Index | 2020 (Heritage Foundation) US 6 Georgia 7 Norway 9 Lithuania Estonia Kazakhstan Russia Azerbaijan Poland Czech rep. Armenia Turkey Romania 11 18 25 28 34 40 41 41 47 55 Bulgaria 61 Ukraine 64 Ireland 6 UK 7 Georgia Lithuania 12 16 Up by four places compared to 2018 Czech Republic Germany Latvia Armenia Bulgaria Azerbaijan Turkey 23 27 32 34 36 44 71 Russia GEORGIA CAPITAL 94 Corruption Perception Index | 2020 (TI) Lithuania Latvia Poland Georgia Czech Republic 23322 35 42 45 45 49 Italy 52 Slovakia 60 Armenia 60 Belarus 888 Romania Bulgaria Turkey Kazakhstan Moldova Ukraine Azerbaijan Russia Uzbekistan Georgia is on par with EU member states Business Bribery Risk, 2020 | Trace International Open Budget Index, 2019 | International Budget Estonia Japan Lithuania 13 21 27 Georgia 28 Latvia 34 Czech Republic Armenia Bulgaria Romania 38 27 69 73 Ukraine Moldova Turkey 98 106 114 Kazakhstan Belarus Russia Azerbaijan 123 125 127 136 150 63 69 69 86 94 115 117 129 129 146 Uzbekistan Sources: Transparency International, Heritage Foundation, World Bank, Trace International. Partnership New Zealand Sweden 1 3 Georgia 5 Norway 7 Australia France 13 Russia 14 Bulgaria 16 UK 19 Germany 20 Romania 25 Ukraine 26 Poland 32 Czech Republic Kazakhstan 34 37 Turkey 46 Azerbaijan 81 136#137PACE OF ECONOMIC RECOVERY IS HIGHER THAN EXPECTED Gross domestic product According to preliminary estimates, real GDP fell by 4.5% y-o-y in 1Q21. Flash estimates show GDP increased by 29.8% in 2Q21, reaching 12.7% growth in 1H21. Nominal GDP structure, 1Q21 20,000 16,489 I Nominal GDP, USD mn 17,189 17,625 ―― Real GDP, YOY % Accommodation and food service activities Information and Other communication 4% 7% Industry 17% 17,597 17,422 16% 2% 16,249 15,112 14,948 15,142 15,888 Healthcare 5% 15,000 12% 7.4% 6.4% 10,000 8% Education 5% 4.4% 4.8% 4.8% 5.1% 3.6% 3.0% 2.9% 3,777 5,000 3,402 4% 0 0% Financial and insurance activities 6% Trade 15% 2.3% -5,000 -10,000 -4% -4.5% Transportation and storage 6% -6.2% -8% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 Public administration and defence 8% Real estate 12% Construction 7% Agriculture 6% 5.1 4.2 4.2 3.9 3.9 3.8 3.7 3.5 3.4 3.4 I II I II II I 2.9 2.5 1.8 1.1 Source: Geostat Medium-term growth forecast set to increase further as recovery beats expectations Comparative real GDP growth rates, % (2021-2026 average) | IMF Source: Geostat Monthly Economic Activity Estimate, y-o-y growth Flash estimates show the economy growing by 29.8% y-o-y in 2Q21 (up 13% compared to 2Q19). 44.8 Source: IMF, WEO (April 2021) Georgia Romania Moldova Turkey Armenia Ukraine Latvia Czechia Poland Estonia Lithuania Russia Azerbaijan Belarus 4.6 6.0 5.1 4.7 5.0 6.1 5.8 5.2 5.7 6.4 3.8 5.1 2.2 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 Source: Geostat -2.7 -16.613.5 -7.7-5.5-5.3 -0.7-3.9-7.7 -7.9-11.5 -5.1 4.0 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 137 25.8 18.7 GEORGIA CAPITAL#138Sources: GeoStat 2000 1000 2010 1150 2011 1300 2012 2013 2014 Sources: GeoStat 1450 27.2 27.2 26.7 26.4 23.0 2015 2016 21.9 Employed Unemployment % Average monthly nominal earnings in business sector 2017 2018 30 0.9 0.8 21.7 21.6 21.9 25 20.4 0.7 19.2 17.6 18.3 18.3 17.0 20 20 0.6 0.5 15 0.4 0.3 10 0.2 5 0.1 0 0 2019 07 SIGN OF RECOVERY IN WAGES WHILE EMPLOYMENT LAGS BEHIND Unemployment rate up to 21.9% in 1Q21 UNDP Human Development Index Sources: UNDP GEORGIA CAPITAL Il 20 III 20 2000 IV 20 121 2000 2001 2002 2003 2004 0.67 0.68 0.68 0.69 0.70 0.71 0.72 0.73 0.73 0.73 0.74 0.74 0.75 0.76 0.77 0.77 0.78 0.78 0.79 0.81 2005 1,405 1,417 1500 1,319 1,316 1,242 1,024 1,107 1,144 1,106 1,150 1,187 1,241 1,152 1,227 1,176 1,306 1,284 1500 1,604 1,625 1,655 1,627 1,676 1,629 1,654 1,641 1,605 1,573 1,545 1,515 1,529 1,506 1,447 367 436 442 442 430 374 359 354 309 277 283 1000 1000 277 260 308 317 446 434 417 392 398 371 455 452 445 453 398 423 449 392 346 500 500 900Z 2007 2008 2009 710 724 759 739 795 855 854 869 903 898 891 840 845 805 783 0 0 117 17 17 IV 17 18 18 18 IV 18 | 19 || 19 | 19 IV 19 120 II 20 III 20 IV 20 121 Construction Trade Real estate Education Accommodation and food service Wages, total 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1 20 II 20 III 20 IV 20 121 | Hired Self-employed Unemployed Not-identified worker Labor force decomposition Sources: GeoStat Number of hired workers fell by 22,000 q-o-q and by 108,000 y-o-y in 1Q21, while the number of unemployed increased by 10,000 q-o-q and by 35,000 y-o-y 138 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019#13980 60 40 20 -20 -40 ANN 0 INFLATION TO STAY ABOVE TARGET IN 2021 Inflation y-o-y vs. inflation target Sources: NBG, GeoStat Inflation has picked up pace since April 2021 and reached 11.9% in July on the back of supply side pressures as well as recovering domestic demand. We expect inflation to decelerate from the 2nd half of 2022. 12 11.9 13 10 11 8 9 Price Indices Source: GeoStat Jun-05 Dec-05 90-un Dec-06 Jun-07 Dec-07 Jun-08 Jun-08 Dec-08 60-unr Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 mow M2 vs. inflation, y-o-y,% Sources: Geostat, NBG Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Jun-17 Sep-19 Dec- Dec-17 Dec-19 Jun-18 Mar-20 Dec-18 Jun-19 Jun-20 Dec-19 Sep-20 Jun-20 Dec-20 Dec-20 Jun-21 Mar-21 Jun-21 M2 Y/Y % LHS Inflation Y/Y % RHS 1,600 16.0 14.0 1,400 12.0 10.0 8.0 1,200 6.0 1,000 4.0 2.0 800 (2.0) 600 (4.0) (6.0) 400 114 || 14 III 14 IV 14 115 SL II 64202 1 -1 -2 -3 For 53 - 73 7 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Headline Inflation Monthly Inflation Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Average monthly nominal earnings Source: Geostat Monthly nominal earnings increased by 4.6% y-o-y in 1Q21 SL III IV 15 116 II 16 III 16 IV 16 117 || 17 III 17 IV 17 118 Il 18 III 18 IV 18 119 II 19 III 19 IV 19 120 II 20 III 20 139 IV 20 Feb-19 Apr-19 121 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 GEL GEORGIA CAPITAL Core Inflation 12 10 8 22% 6+ NON 4 2 0 -2#1402010 2011 2012 2013 30% The CAB was -10.7% in 1Q21, with goods trade adjustment and record high remittances mitigating evaporating service exports 30% 20% 20% 10% 10% 0% 0% -10% -9.8% -20% -12.2% -11.4% -5.6% -30% -10% -8.1% -6.8% -5.5% -10.2% -11.8% -12.5% -12.5% -11.2% -10.7% -20% -30% -40% -40% CURRENT ACCOUNT BALANCE ADJUSTING AFTER RECORD LOWS Current account balance (% of nominal GDP) Sources: NBG Exports and Re-exports, US$ billion Goods, net Current transfers, net FDI and capital goods import Source: GeoStat 8.1% 6.9% 7.5% 7.2% 6.2% 6.5% 5.7% 5.9% 2014 2015 2016 Services, net Current account 10.3% 2017 2018 2019 2020 1Q20 1Q21 Investment income, net FDI, inflows 11.7% 11.1% 10.3% 8.7% 8.5% 7.9% 7.6% 7.8% 7.2% 7.2% 7.1% Source: NBG Service exports ■Goods exports, geo-originated Re-exports 1.0 0.8 0.5 1.1 0.9 0.4 0.3 0.9 3.6 3.9 1.0 0.7 3.1 0.5 0.3 3.1 3.1 2.6 2.5 0.2 0.2 2.5 0.2 2.5 0.1 0.1 0.0 0.0 0.0 0.0 2.1 1.9 1.8 1.6 0.6 0.7 2000 2001 2002 2003 2004 | 1.3 1.4 4.5 4.6 4.0 1.0 2.6 3.0 3.0 3.1 3.3 0.5 0.6 0.7 0.9 1.1 1.3 1.6 1.3 2.0 3.3 0.2 0.2 0.8 1.6 0.9 0.7 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 IFDI, % of GDP Capital Goods Import, % of GDP 6.8% 7.2% 4.6% 3.9% 3.7% 140 8.1% GEORGIA CAPITAL#141RECORD HIGH REMITTANCES AND REBOUNDING MERCHANDISE EXPORTS MITIGATING GAP IN TOURISM REVENUES FDI totalled 3.6% of GDP in 1Q21, with equity and debt increasing by 31.3% and reinvestments falling by 46.3% y-o-y Sources: GeoStat Visitors and tourism revenues Sources: GNTA, NBG 2,200 14% 12.2% 11.6% Tourism revenues fell by 34% in 1H21, a marked improvement compared to the post-COVID trend, with June 2021 tourism revenues rebounding to 36% of June 2019 level 10.9% 12% 9.4 3500 8.7 1,700 1,200 700 200 Π 7.9 3000 10% 6.7 6.3 7.4% 7.5% 2500 5.7 5.9 8% 4.7 2000 1500 3.1 4.6% 6% 3.9% 3.7% 1000 4% 500 1.7 1.4 0.5 0 2% 2015 2016 2017 2018 2019 2020 1Q20 1Q21 (300) 0% Tourism Revenues, $ mn International Traveler Trips, mn Reinvestment of earnings, US$ mn FDI, % of GDP Equity and Debt, US$ mn Remittances at record high levels Source: NBG Remittance inflows continued growing at record levels, with 1H21 growth totaling 40.8% y-o-y million $ Merchandise exports Source: Georstat Goods exports grew by 25.5% y-o-y in 1H21 225 202 194 205 188 188 185 161 165 150 145 125 105 85 65 45 Jan Feb Mar 2018 Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 450 400 350 300 250 200 150 100 50 0 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Exports, US$ mn, LHS Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 % change y/y, exports, RHS Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 141 80% 60% 40% 20% 0% -20% -40% GEORGIA CAPITAL Millions 22876543210#142US$ million TOURISM SECTOR Tourism revenues to GDP Sources: NBG, Geostat 4000 3500 3000 2500 2000 1500 1000 500 0 18.3% 18.8% 16.6% 13.9% 12.9% 9.9% 10.1% 8.6% 6.2% 5.4% I Tourism Revenues, $ mn Arrivals to country's population, 2019 Source: WDI 16 14.8 14 12 10 8 6 4 420 Tourism Revenues, % of GDP 1.3 Croatia Hungary Estonia Montenegro 6.3 4.6 4.0 3.4 3.2 Cyprus Greece Poland Slovenia 25 2.3 2.3 2.2 2.1 Albania Georgia Bulgaria Italy 1.8 1.6 Belarus Armenia Spending per arrival, 2019 Source: WDI 2020 1Q20 1Q21 800 700 600 500 400 300 22 0.2 200 133 76 97 100 29 36 51 Armenia Turkey Cyprus Russia Slovenia Greece Azerbaijan Number of Tourists (overnight visitors) Source: GNTA The number of tourists fell by 50% in 1H21, although it grew by 272% in 2Q21 20% 18% 900 820 818 788 16% 800 724 689 676 14% 11.3% 700 632 12% 544 600 508 10% 460 500 384 384 379 8% 400 3.4% 6% 300 200 189 178 166 1.6% 4% 200 109 2% 100 0% 0 GEORGIA CAPITAL Italy Montenegro Georgia Bulgaria Albania Estonia Croatia Ukraine Poland Hungary Belarus 2018 2019 2020 2021 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0.6 0.6 0.3 0.3 Turkey Azerbaijan Ukraine Russia 142#143DIVERSIFIED FOREIGN TRADE Goods' Trade Deficit Source: GeoStat In 1H21, the trade deficit widened by 13.3% y-o-y, as exports grew by 25.5% while imports increased by 18.4% Oil imports Source: GeoStat 0 -100 GEORGIA CAPITAL -200 -300 -400 -500 -600 -700 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Source: ESCO Electricity generation and trade, GWH Trade Deficit, US$ mn, LHS Oct-18 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 % change y/y, trade deficit, RHS 1400 1,200 50% 1,000 40% 30% 800 20% 10% 600 0% 400 -10% -20% 200 -30% -40% -50% (200) (400) (600) 1200 1000 800 600 59% WPPS TPPS HPPS Imports Exports Domestic Supply 2003 2004 2005 2006 2007 2008 45% 400 73%88% 99% 99% 200 0 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 63% 99% 68% 91% 70% 86% 67% 64% 78% 96% 93% 99% 99% 84% 80% 74% Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 59% 63% 71% Feb-19 Mar-19 Apr-19 May-19 54% 55% 83%99%99% 99% Jun-19 Jul-19 Aug-19 Sep-19 86% 74% 73% 55% 54% 46% Oct-19 Nov-19 Dec-19 52% 81% 83% Jan-20 Feb-20 Mar-20 Apr-20 May-20 98% 99% 95% 90% 72% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H20 1H21 O Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 48% 56% 60% 57% 51% 72% 91% Feb-21 Mar-21 Apr-21 Oil imports, US$ mn Oil imports, % change, y/y ующий 90% 70% 50% 30% 10% -10% -30% -50% 143#144DIVERSIFIED FOREIGN TRADE Imports of goods, contribution to growth Source: NBG Import of all types of goods increased in 2Q21, with intermediate and consumer goods rising the largest 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% 2016Q1 Investment goods Intermediate goods Consumer goods Imports y/y 2016Q2 6% USA 6% China 8% Russia 11% Ukraine 5% Armenia 5% Azerbaijan Other 18% Import countries, 1H21 Sources: GeoStat 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 201801 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 23% EU countries 2020Q4 2021Q1 2021Q2 18% Turkey Foreign Demand, 1H21 Source:, Geostat GEORGIA CAPITAL 9% 1% 2%1% 6% 8% 15% 16% Export countries, 1H21 Sources: GeoStat 26% 16% ■Crude materials, inedible, except fuels I Machinery and transport equipment I Beverages and tobacco ■Manufactured goods classified by material Food and live animals Chemicals and related products, n.e.s. Miscellaneous manufactured articles ■Commodities not classified elsewhere Mineral fuels, lubricants and related materials I Animal and vegetable oils, fats and waxes USA 4% Other 16% EU countries 17% Armenia 5% Ukraine 7% Turkey 9% Russia 14% Azerbaijan 13% China 15% China was the single largest destination country for Georgian exports in 2020 with a 14.3% share, and continues to be a leading export market in 2021, accounting for 15.4% of total exports as of 1H21 144#145Hungary Lithuania Georgia Latvia Turkey Romania Poland Belarus Bulgaria Armenia Croatia Moldova Kazakhstan Russia 2 Apr-08 Aug-08 4 Dec-08 8 6 12 10 Apr-09 Aug-09 Dec-09 0.9% 14 PRUDENT MONETARY POLICY ENSURES MACRO-FINANCIAL STABILITY Monetary policy rate Sources: NBG NBG further increased the monetary policy rate to 10% in August, as inflation is expected to remain higher than the target throughout 2021 Sources: NBG Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Nonperforming loans to total gross loans, latest 2021 Sources: IMF Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 1.0% 2.3% 3.5% 3.6% 3.9% 4.0% 5.2% 5.6% 6.6% 7.1% 7.2% 8.4% 8.8% Aug-21 4,000 10.00 3,000 2,000 1,000 0 Feb-05 Sep-05 Apr-06 International Reserves International reserves grew by 8.4% y-o-y to reach US$ 3.9 billion by the end of June 2021, although reserves fell by 5.6% m-o-m due to the closing of NBG swaps Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln Nov-06 Jun-07 Jan-08 Aug-08 Mar-09 Oct-09 Monetary policy rate vs peers Sources: Central banks 19.00% 20% End-2019 18% 16% 14% 12% 9.00% 9.50% 10% 8% 6% 4% 2% 0% Georgia Belarus May-10 Dec-10 Jul-11 8.50% Feb-12 Sep-12 Apr-13 Nov-13 Jun-14 Jan-15 End-2020 Latest-2021 6.25% 7.50% Aug-15 Mar-16 Oct-16 May-17 Dec-17 Jul-18 Feb-19 Sep-19 Apr-20 Nov-20 Jun-21 6.50% 5.50% 145 GEORGIA CAPITAL#146FLOATING EXCHANGE RATE - POLICY PRIORITY Loans by currencies Sources: NBG In parallel with the rebound in economic activity, both GEL and FX loans have started to increase since April, supporting GEL appreciation, with FX loan acceleration further aided by monetary tightening FX Loans, y/y (w/o exchange rate effect) GEL Loans, y/y GEORGIA CAPITAL NBG has sold $1.12 billion since March 2020 up to July 2021 on the foreign exchange market, with the last intervention coming in April 2021 US$ Sales US$ Purchase Net interventions 873 48% 38% 28% 18% 8% -2% 873 287 243 300 113 287 280 243 100 -130 -198 2 -52 -200 -278 -130 -198 90 85 80 75 70 2016-11 2017-04 2017-09 2018-02 2018-07 2018-12 2019-05 2019-10 2020-03 2020-08 2021-01 2021-06 2014 2015 2016 2017 2018 2019 2020 2021* Exchange rate indices (1 January=100) Dollarization ratios Sources: NBG 160 150 140 130 120 Source: NBG USD/BYR USD/GEL USD/UAH USD/TRY USD/RUB Both deposit and loan dollarization jumped in March 2020 on the back of the pandemic and GEL depreciation, but have declined since then 110 100 90 03/Jan/20 16/Jan/20 29/Jan/20 11/Feb/20 24/Feb/20 08/Mar/20 21/Mar/20 03/Apr/20 16/Apr/20 29/Apr/20 12/May/20 25/May/20 07/Jun/20- 20/Jun/20 03/Jul/20 16/Jul/20 29/Jul/20 11/Aug/20 24/Aug/20- 06/Sep/20 19/Sep/20 02/Oct/20 15/Oct/20 28/Oct/20 10/Nov/20 23/Nov/20 06/Dec/20 19/Dec/20 01/Jan/21 14/Jan/21 27/Jan/21 09/Feb/21 22/Feb/21 07/Mar/21 20/Mar/21 02/Apr/21 15/Apr/21 28/Apr/21- 11/May/21 24/May/21 06/Jun/21 19/Jun/21 02/Jul/21 15/Jul/21 28/Jul/21 65 60 50 45 252525252 40 90 85 Loan dollarization Deposit dollarization 80 75 70 Feb-05 Jun-05 Oct-05 Feb-06 Jun-06 Oct-06 Feb-07 Jun-07 Oct-07 Feb-08 Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 60 50 565554 40 146#147-10% -12% 20% 30% 40% 50% Sources: MOF 60% Public debt is expected to fall to 54% of GDP, with a consolidation plan in place for the medium run --External public debt to GDP, % Total public debt to GDP, % 60% PUBLIC DEBT TO DECREASE THROUGHOUT THE MEDIUM RUN Public debt Breakdown of public debt Overall Balance (IMF Modified), % of GDP Source: MOF 0% -2% -2.3% -2.0% -4% -2.8% -2.7% -3.0% -2.7% -6% -8% 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2018 2019 2020 2021F 2024F 2025F 2022F 2023F 2024F 2025F 20% 30% Source: MOF, as of 31 May 2021 50% Multilateral 58% 40% Domestic 19% External 81% Current vs Capital Expenditure, % of GDP Source: MOF Current expenditures jumped due to the pandemic-related expenses, while capital expenditures remained very high 30% 26.2% 25.2% 22.6% 23.0% 21.3% 21.4% 22.1% 21.6% 21.4% -3.0% -2.7% -2.5% 20% -4.4% -6.9% 7.9% 8.6% 8.1% 7.5% 10% 5.7% 6.4% 6.9% 6.9% 7.0% -9.3% Bilateral 17% Eurobond 5% 0% 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F ...Current Expenditures ** Capital Expenditures (Acquisition of Non-financial Assets) 147 GEORGIA CAPITAL#148CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements ➤ Portfolio companies overview GEORGIA CAPITAL 148#149AUTO SERVICE BEVERAGES OTHER BUSINESSES 見 OTHER PORTFOLIO PERFORMANCE HIGHLIGHTS GEORGIA CAPITAL 2Q21 1H21 Operational metrics 2Q21 Change y-o-y 1H21 Change y-o-y 2021 TARGET EBITDA GEL million Change y-o-y Revenue GEL million Change y-o-y EBITDA GEL million Change y-o-y Revenue GEL million Change y-o-y WINE Number of bottles solid 2.2 +58.0% 3.6 +53.8% 11.0-12.5 3.2 NMF 13.8 +69.3% 5.3 NMF 23.6 +56.6% in million BEER Sales in hectoliters 111,512 +31.6% 151,458 +17.3% c. 240,000 2.1 +23.7% 18.4 +33.6% 1.5 NMF 25.5 +20.8% DISTRIBUTION Revenue in GEL million 32.2 +26.4% 47.3 +13.8% c. 115.0 1.9 +103.5% 32.2 +26.4% 1.7 +52.1% 47.3 +13.8% Revenue in AMBOLI 7.8 +122.1% 12.9 +108.6% c. 35.0 0.4 +89.1% 7.8 +122.1% 0.6 NMF 12.9 +108.6% GEL million PTI Total cars serviced in '000 66.8 +112.7% 173.5 +72.8% c. 390 1.3 +150.7% 3.1 +107.7% 3.9 NMF 7.6 +85.9% HOUSING Sq.m. of apartment 15,440 +0.8% 36,566 +73.7% c. 75,000 2.2 +130.6% 20.1 +5.3% 4.3 NMF 44.7 +31.4% DEVELOPMENT sales 149#150VALUATION PEER GROUP HEALTHCARE SERVICES • Med Life S.A. | Romania • EMC Instytut Medyczny SA | Poland • Netcare Limited | South Africa • MD Medical Group Investments Plc | Cyprus Narayana Hrudayalaya Limited | India • MLP Saglik Hizmetleri A.S. | Turkey • • Life Healthcare Group Holdings Limited | South Africa Mediclinic International plc | South Africa • • • · EDUCATION SISB Public Company Limited | Thailand Cogna Educacao | Brazil Curro Holdings Limited | South Africa Overseas Education Limited | Singapore Cairo For Investment & Real Estate Development (CIRA) | Egypt • • • • ӨӨ • RETAIL (PHARMACY) NEUCA S.A. | Poland • Sopharma Trading AD | Bulgaria • SALUS, Ljubljana, d. d. | Slovenia • • • MEDICAL INSURANCE Powszechny Zaklad Ubezpieczen SA | Poland GEORGIA CAPITAL • European Reliance General Insurance Company S.A. | Greece • UNIQA Insurance Group AG | Austria Great Tree Pharmacy Co., Ltd. | Taiwan Dis-Chem Pharmacies Limited | South Africa Ageas SA/NV | Belgium • Clicks Group Limited | South Africa • S.C. Ropharma S.A. | Romania [73 P&C INSURANCE Dhipaya Insurance | Thailand Zavarovalnica Triglav | Slovenia Pozavarovalnica Sava | Slovenia Aksigorta | Turkey • Anadolu Sigorta | Turkey • Bao Minh Insurance | Vietnam • Turkiye Sigorta | Turkey • WATER UTILITY Aguas Andinas | Chile • EASTW | Thailand • Tallinna vesi | Estonia RENEWABLE ENERGY Falck Renewables | Italy • Terna Energy | Greece • Azure Power Global | India BCPG Public Company Limited | Thailand 150#151PRIVATE PORTFOLIO COMPANIES' DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 JUNE 2021 (GEL MILLION) 2021 2022 2023 2024+ Total Large portfolio companies 48.4 204.7 38.1 577.2 868.4 Healthcare Services 40.9 203.4 37.8 85.6 367.7 Retail (Pharmacy) 7.5 1.2 8.7 Water Utility 0.1 0.3 491.6 492.0 Insurance Investment stage portfolio companies 1.9 4.0 4.2 315.6 325.6 Renewable Energy - 0.1 302.2 302.3 Education 1.9 4.0 4.1 13.4 23.2 Other businesses 134.1 220.1 45.1 244.3 643.6 Total 184.4 428.8 87.4 1,137.1 1,837.6 Gross debt of other businesses includes: 1. A 3-year US$ 30 million bonds issued on the local market in 2019 with a 7.5% annual coupon rate, maturing in Dec-21. Bonds are backed by commercial real estate. During June-August 2021 period, we successfully completed the sale of selected commercial real estate assets for US$ 35 million. The proceeds from the transaction will be used to repay the bonds. 2. A 3-year US$ 35 million bonds issued on the local market in Oct-19 with a 7.5% annual coupon rate, maturing in Oct-22. Georgia Capital PLC | General note: Gross debt maturity profile comprises outstanding principal payments. GEORGIA CAPITAL 151#152MULTIPLE OF INVESTED CAPITAL (MOIC) | 30-JUN-2021 GEL million Gross Investment Sell down Dividends Fair Value MOIC Realized MOIC (1) (2) (3) (4) (2+3+4)/(1) (2+3)/(1) Listed Investments Bank of Georgia Group PLC 129 287 134 575 7.7x 3.3x 129 287 134 575 7.7x 3.3x Private large portfolio companies 617 131 152 2,085 3.8x 0.5x GHG1 390 131 4 1,330 3.8x 0.3x Water Utility 216 97 548 3.0x 0.4x P&C Insurance 11 51 206 24.2x 4.8x Private investment stage portfolio companies 212 14 345 1.7x 0.1x Renewable Energy 148 14 221 1.6x 0.1x Education 64 124 1.9x Other 588 260 242 0.9x 0.4x Total 1,547 418 560 3,247 2.7x 0.6x Georgia Capital PLC | 1. GHG comprises three businesses: Healthcare Services, Retail (pharmacy) and Medical Insurance. GEORGIA CAPITAL 152#153Georgia Capital's board of directors Irakli Gilauri, Chairman & CEO Board of directors - Georgia Capital PLC Experience: formerly BGEO Group CEO; Up to 20 years of experience in the banking, investment and finance. BMS in banking from CASS Business School, London; BBS from University of Limerick, Ireland Caroline Brown, Independent Non-Executive Director Experience: A Fellow of the Chartered Institute of Management Accountants and has over 20 years experience sitting on the boards of listed companies and has chaired audit committees of listed companies for the past 18 years. Jyrki Talvitie, Independent Non-Executive Director Experience: 30 years of experience in the banking, including Sberbank, VTB, East Capital and Bank of New York in both buy and sell-side transactions David Morrison, Senior Independent Director GEORGIA CAPITAL Experience: formerly Director at Sullivan & Cromwell with a track record of over 28 years, Founding CEO of the Caucasus Nature Fund (CNF) Kim Bradley, Independent Non-executive Director Experience: Goldman Sachs AM, Senior Executive at GE Capital, President of Societa Gestione Crediti, Board Chairman at Archon Capital Deutschland Massimo Gesua'sive Salvadori, Independent Non-Executive Director Experience: currently an analyst at Odey asset management, formerly with McKinsey & Company for over 9 years Maria Chatti-Gautier, Independent Non-Executive Director Experience: Over 25 years of experience in private equity in prominent financial institutions. Currently Partner of Trail Management, 6 out of 7 members are independent 153#154Irakli Gilauri, Chairman & CEO Georgia Capital's highly experienced management team Georgia Capital Georgia Capital Management Georgia Capital Giorgi Ketiladze, Director, Investments GEORGIA CAPITAL Formerly Investment Officer at BGEO Group. Joined BGEO in 2017. Previously, worked at Deutsche Bank in Corporate Finance department and at KPMG consulting in Germany. Giorgi holds a master's degree from London Business School. Nino Vakhvakhishvili, Chief Economist Joined Georgia Capital in 2018. Nino is an IMF's Short-term Expert and visiting lecturer at the University of Georgia. Before joining the company, she spent over five years at the National Bank of Georgia. Holds a master's degree in economics from ISET. Irakli Gilauri formerly served as the CEO of BGEO Group from 2011 to May 2018. He joined as CFO of Bank of Georgia in 2004 and was appointed as Chairman of the Bank in September 2015, having previously served as CEO of the Bank since May 2006. Prior, he was an EBRD (European Bank for Reconstruction and Development) banker. Mr Gilauri has up to 20 years of experience in banking, investment and finance. Over the last decade, Irakli's leadership has been instrumental in creating major players in a number of Georgian industries, including banking, healthcare, utilities and energy, real estate, insurance and wine. Holds an MS in banking from Cass Business School. Avto Namicheishvili, Deputy CEO In addition to his deputy CEO role at JSC Georgia Capital, Avto also serves as a chairman of the Group's water utility, renewable energy, beverages, housing development and hospitality & commercial real estate businesses. Formerly he was BGEO Group General Counsel. He was General Counsel of the Bank of Georgia from 2007 to 2018 and has played a key role in all of the Group's equity and debt raises on the capital markets, and over 25 mergers and acquisitions. Prior, he was a Partner at a leading Georgian law firm. Holds LLM in an international business law from Central European University, Hungary. Nikoloz Gamkrelidze, Deputy CEO In addition to his deputy CEO role at JSC Georgia Capital, Nick also serves as CEO of GHG, the holding company of the Group's healthcare services, retail (pharmacy) and medical insurance businesses. Previously served as deputy CEO (Finance) of BGEO Group PLC. Our healthcare business story starts with Mr Gamkrelidze, who started it in 2006, and has successfully led it through outstanding growth. Nick also served as CEO of Insurance Company Aldagi, CEO of My Family Clinic and Head of the Personal Risks Insurance Department at BCI Insurance Company. He was a consultant at the Primary Healthcare Development Project (a World Bank Project) and worked on the development of pharmaceutical policy and regulation in Georgia. Holds an MA in International Healthcare Management from the Imperial College Business School. Giorgi Alpaidze, Chief Financial Officer Formerly BGEO Group CFO. Joined BGEO as Head of Group's Finance, Funding and Investor Relations in 2016. He has extensive international experience in banking, accounting and finance. Previously, he was a senior manager in Ernst & Young LLP's Greater New York City's assurance practice. Holds a BBA from the European School of Management in Georgia. US Certified Public Accountant. la Gabunia, Chief Exit Strategy Officer Formerly Investment Director at Georgia Capital. Joined BGEO as an Investment Director in 2017. la has over ten years of experience in banking and investment management. Prior to joining BGEO la served as Head of Corporate Banking at Bank Republic, Société Générale Group. Previously, she held numerous executive positions in leading Georgian companies, among which are an Investment Executive at Liberty Capital (the holding company of Liberty Bank) and Head of Investor Relations at Galt & Taggart Asset Management. la holds a BSc degree from London School of Economics and Political Science, UK. Private Portfolio Listed Levan Dadiani, General Counsel Formerly Senior Group Lawyer at BGEO Group. Joined BGEO in 2012. Levan has an extensive experience in commercial law, equity investments, corporate and project financing and energy projects. Previously, he was a Partner at a leading Georgian law firm. Holds an LLM degree in International Business Law from University of Texas at Austin, USA. Archil Gachechiladze, CEO, Bank of Georgia Previously CEO at GGU, the Group's water utility and renewable energy businesses. Prior to that Archil was a Deputy CEO in charge of corporate banking at Bank of Georgia. He launched the Bank's industry and macro research, brokerage, and advisory businesses, as well as leading investments in GGU and launched Hydro Investments. Previously, he was an Associate at Lehman Brothers Private Equity in London, and worked at Salford Equity Partners, EBRD, KPMG, Barents, and the World Bank. Holds an MBA with distinction from Cornell University and is a CFA charterholder. Nikoloz Gamkrelidze, CEO at Healthcare Services, Retail (pharmacy) and Medical Insurance Businesses In addition to his deputy CEO role at JSC Georgia Capital, Nick also serves as CEO of GHG, the holding company of the Group's healthcare services, retail (pharmacy) and medical insurance businesses. Previously served as deputy CEO (Finance) of BGEO Group PLC. Our healthcare business story starts with Mr Gamkrelidze, who started it in 2006, and has successfully led it through outstanding growth. Nick also served as CEO of Insurance Company Aldagi, CEO of My Family Clinic and Head of the Personal Risks Insurance Department at BCI Insurance Company. He was a consultant at the Primary Healthcare Development Project (a World Bank Project) and worked on the development of pharmaceutical policy and regulation in Georgia. Holds an MA in International Healthcare Management from the Imperial College Business School. Giorgi Vakhtangishvili, CEO at Water Utility and Renewable Energy Businesses Formerly CFO at GGU (the holding company of the Group's water utility and renewable energy businesses). Previously held different managerial positions at BGEO Group's companies; before joining GGU, Giorgi served as CEO of m2 Real Estate. Holds a BBA degree from European School of Management (ESM). Giorgi Baratashvili, CEO at P&C Insurance Business Joined as the Head of Corporate Clients Division of Aldagi, the holding company of the Group's P&C insurance business, in 2004. Before taking the leadership of our P&C insurance business in 2014, he served as Deputy CEO of Aldagi in charge of strategic management for corporate sales and corporate account management. Holds a Masters Diploma in International Law. 154#155CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements Portfolio companies overview GEORGIA CAPITAL 155#156NAV STATEMENT | 2Q21 1.Value GEL thousands unless otherwise noted 31-Mar-21 Creation 2a. Investments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 30-Jun-21 Change % Listed Portfolio Companies BOG 505,106 70,288 575,394 13.9% Listed Portfolio Value 505,106 70,288 575,394 13.9% Listed Portfolio value change % 13.9% 0.0% 0.0% 0.0% 0.0% 0.0% 13.9% Private Portfolio Companies Large portfolio companies 1,870,709 218,776 (4,959) 250 2,084,776 11.4% Healthcare Services Pharmacy and Distribution Water Utility 605,084 80,737 685,821 13.3% 535,586 44,816 580,402 8.4% 456,880 91,100 250 548,230 20.0% P&C Insurance 273,159 2,123 P&C Insurance 204,618 6,692 Healthcare Insurance 68,541 (4,569) Investment stage companies 309,717 37,247 2,287 Renewable energy 206,501 17,804 1,287 (4,959) (4,959) (4,732) (4,732) 270,323 -1.0% 206,351 0.8% 63,972 -6.7% 249 344,768 11.3% 249 221,109 7.1% Education 103,216 19,443 1,000 123,659 19.8% Others 236,190 5,601 100 497 242,388 2.6% Private Portfolio Value 2,416,616 261,264 2,387 (9,691) 996 2,671,932 10.6% Private Portfolio value change % 10.8% 0.1% 0.0% -0.4% 0.0% 0.0% 10.6% Total Portfolio Value 2,921,722 331,912 2,387 (9,691) Total Portfolio value change % 11.4% 0.1% 0.0% -0.3% 0.0% Net Debt (760,081) (2,387) (1,487) 9,691 (5,430) 996 0.0% 45,629 3,247,326 11.1% 11.1% (714,065) -6.1% of which, Cash and liquid funds of which, Loans issued 339,361 128,027 (2,387) (1,487) 9,691 (5,430) (55,851) 283,897 -16.3% 30,164 158,191 23.6% of which, Gross Debt (1,227,469) 71,316 (1,156,153) -5.8% Net other assets/ (liabilities) 4,450 (3,792) 3,617 4,275 -3.9% Share based compensation (3,792) 3,792 0.0% Net Asset Value 2,166,091 331,912 (1,487) (9,222) 50,242 2,537,536 17.1% NAV change % 15.3% 0.0% -0.1% 0.0% -0.4% 2.3% Shares outstanding 46,279,963 (52,453) 348,434 17.1% 46,575,944 0.6% Net Asset Value per share 46.80 7.18 0.00 0.03 0.00 (0.20) 0.66 54.48 16.4% NAV per share change % 15.3% 0.0% 0.1% 0.0% -0.4% 1.4% 16.4% GEORGIA CAPITAL 156#157NAV STATEMENT | 1H21 GEORGIA CAPITAL 1.Value GEL thousands unless otherwise noted 31-Dec-20 Creation 2a. Investments 3.Operating 2b. Buybacks 2c. Dividends Expenses 4. Liquidity Management/ FX / Other 30-Jun-21 Change % Listed Portfolio Companies BOG¹ 531,558 43,836 575,394 8.2% Listed Portfolio Value 531,558 43,836 575,394 8.2% Listed Portfolio value change % 8.2% 0.0% Private Portfolio Companies Large portfolio companies 1,858,237 230,090 0.0% 0.0% (4,959) 0.0% 0.0% 8.2% 1,408 2,084,776 12.2% Healthcare Services Retail (Pharmacy) Water Utility Insurance 571,656 114,165 685,821 20.0% 552,745 27,657 580,402 5.0% 471,148 76,097 985 548,230 16.4% 262,688 12,171 P&C Insurance 197,806 13,081 Healthcare Insurance 64,882 (910) Investment stage companies 302,964 40,310 10,338 Renewable energy 209,902 17,103 2,948 (4,959) (4,959) (9,471) (9,471) 423 270,323 2.9% 423 206,351 4.3% 63,972 -1.4% 627 344,768 13.8% 627 221,109 5.3% Education 93,062 23,207 7,390 123,659 32.9% Others 214,929 26,213 250 996 242,388 12.8% Private Portfolio Value 2,376,130 296,613 10,588 (14,430) 3,031 2,671,932 12.4% Private Portfolio value change % 12.5% 0.4% 0.0% -0.6% 0.0% 0.1% 12.4% Total Portfolio Value 2,907,688 340,449 10,588 (14,430) 3,031 3,247,326 11.7% Total Portfolio value change % 11.7% 0.4% Net Debt (697,999) (10,588) of which, Cash and liquid funds 175,289 (10,588) 0.0% (3,199) (3,199) -0.5% 14,430 14,430 0.0% 0.1% 11.7% (10,837) (5,872) (714,065) 2.3% (10,837) 118,802 283,897 62.0% of which, Loans issued 108,983 49,208 158,191 45.2% of which, Gross Debt (982,271) (173,882) (1,156,153) 17.7% Net other assets/ (liabilities) 2,603 (7,259) 8,931 4,275 64.2% Share based compensation (7,259) 7,259 0.0% Net Asset Value 2,212,292 340,449 (3,199) (18,096) 6,090 2,537,536 14.7% NAV change % Shares outstanding 15.4% 0.0% -0.1% 0.0% -0.8% 0.3% Net Asset Value per share NAV per share change % 45,977,247 48.12 (119,162) 717,859 14.7% 46,575,944 1.3% 7.40 (0.00) 0.05 (0.00) (0.40) (0.69) 54.48 13.2% 15.4% 0.0% 0.1% 0.0% -0.8% -1.4% 13.2% Georgia Capital PLC | 1. Number of shares owned in BoG was 9,784,716 as of 30 June 2021. 157#158GEORGIA CAPITAL 2021 & 1H21 PERFORMANCE OVERVIEW GEORGIA CAPITAL Income statement GEL '000, unless otherwise noted 2Q21 2Q20 Change 1H21 1H20 Change Dividend income 9,691 NMF 14,430 4,927 Interest income 6,120 5,660 8.1% 10,617 11,816 NMF -10.1% Realised/unrealised (loss)/ gain on liquid funds 1,687 (638) NMF 1516 (4,577) NMF Interest expense (20,302) (15,530) 30.7% (37,520) (30,180) 24.3% Gross operating (loss)/income (2,804) (10,508) -73.3% (10,957) (18,014) -39.2% Operating expenses (9,225) GCAP net operating (loss)/income (12,029) (6,570) (17,078) 40.4% -29.6% (18,096) (14,580) 24.1% (29,053) (32,594) -10.9% Fair value changes of portfolio companies Listed portfolio companies 70,288 70,002 0.4% 43,836 (297,745) NMF Of which, Georgia Healthcare Group PLC 40,212 NMF (94,412) NMF Of which, Bank of Georgia Group PLC 70,288 29,790 NMF 43,836 (203,333) NMF Private portfolio companies 251,933 (48,340) NMF 282,183 (189,918) NMF Large Portfolio Companies 213,817 10,110 NMF 225,131 (65,616) NMF Of which, Healthcare Services 80,737 NMF 114,165 NMF Of which, Retail (pharmacy) 44,816 NMF 27,657 NMF Of which, Water Utility 91,100 5,840 NMF 76,097 (46,064) NMF Of which, Insurance (P&C and Medical) (2,836) 4,270 NMF 7,212 (19,552) NMF Investment Stage Portfolio Companies 32,515 57,067 -43.0% 30,839 57,067 -46.0% Of which, Renewable energy 13,072 32,720 -60.0% 7,632 32,720 -76.7% Of which, Education 19,443 24,347 -20.1% 23,207 24,347 -4.7% Other businesses 5,601 (115,517) NMF Total investment return 322,221 21,662 NMF 26,213 326,019 (181,369) (487,663) NMF NMF (Loss)/Income before foreign exchange 310,192 4,584 NMF movements and non-recurring expenses Net foreign currency loss 57,988 50,781 14.2% Non-recurring expenses (41) (3,222) -98.7% Net Income/(loss) (adjusted IFRS) 368,139 52,143 NMF 296,966 26,547 (218) 323,295 (520,257) NMF (41,361) NMF (3,222) -93.2% (564,840) NMF 158#159VALUE CREATION IN PRIVATE PORTFOLIO | 2Q21 GEORGIA CAPITAL 2,123 331.9 GEL MILLION TOTAL VALUE CREATION IN 2Q21 Portfolio Businesses Operating Performance Greenfields Multiple Change and FX Value Creation in 2Q21 GEL thousands (1) (2) (3) (1)+(2)+(3) BOG 70,288 Total Listed Portfolio Companies 70,288 Large Portfolio Companies 321,346 (102,570) 218,776 Healthcare Services 208,972 (128,235) Retail (Pharmacy) 57,014 (12,198) 80,737 44,816 Water Utility 81,491 9,609 91,100 Insurance (P&C & Medical) (26,131) 28,254 Investment Stage Portfolio Companies 38,230 (983) 37,247 Renewable Energy 17,931 (127) 17,804 Education 20,299 (856) 19,443 Other Portfolio Companies 22,589 (100) (16,888) 5,601 Total Private Portfolio Companies 382,165 (100) (120,441) 261,624 Total Portfolio 382,165 (100) (120,441) 331,912 159#160VALUE CREATION IN PRIVATE PORTFOLIO | 1H21 GEORGIA CAPITAL Portfolio Businesses Operating Performance Greenfields Multiple Change and FX Value Creation in 1H21 GEL thousands (1) (2) (3) (1)+(2)+(3) BOG 43,836 Total Listed Portfolio Companies 43,836 Large Portfolio Companies 332,823 (102,733) 230,090 Healthcare Services 272,169 (158,004) 114,165 Retail (Pharmacy) 1,737 25,920 27,657 Water Utility 67,698 8,399 76,097 Insurance (P&C & Medical) (8,781) 20,952 12,171 Investment Stage Portfolio Companies 30,570 1,015 8,725 40,310 Renewable Energy 13,718 3,385 17,103 Education 16,852 1,015 5,340 23,207 Other Portfolio Companies 36,402 (250) (9,939) 26,213 Total Private Portfolio Companies 399,795 765 (103,947) 296,613 Total Portfolio 399,795 765 (103,947) 340,449 340.4 GEL MILLION TOTAL VALUE CREATION IN 1H21 160#161• NUMBER OF SHARES OUTSTANDING DEVELOPMENT HISTORY GEORGIA CAPITAL • US$45 million share buyback programme, commenced in Jun-18, was completed in Aug- 19. 3.3 million shares were bought back, of which 2.7 million shares were cancelled From 1 August 2019 through 1st quarter of 2020, CGEO shares of up to US$ 20 million were repurchased for the management trust COMMENCEMENT OF US$ 10 MILLION SHARE BUYBACK AND CANCELLATION PROGRAMME million In Dec-19, 3.4m shares were issued for GHG share exchange In 3Q20, 7.7m shares were issued for GHG share exchange In Jun-Aug 2019, 2.7m shares were cancelled +21.1% 38.68 38.31 38.09 38.05 37.81 35.96 +7.2% 37.44 37.69 34.93 Decrease by 9.7% over the period 45.98 45.77 Commencement of US$10 million share buyback and cancellation program 46.28 46.58 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 # of shares outstanding 161#162CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 2Q21 & 1H21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 1H21 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements ➤ Portfolio companies overview GEORGIA CAPITAL 162#163GEORGIAN HEALTHCARE MARKET OVERVIEW GEORGIA CAPITAL Healthcare coverage of Georgia's 3.7m population: UHC UHC was introduced in February 2013 and replaced most of the previously existing state- funded medical insurance plans 2015 Overview ■ The main goal is to provide basic healthcare coverage to the entire population PMI UHC 2014 UHC is fully financed by the government Financing and top-up mechanism UHC doesn't reimburse 100% of costs in most cases, leaving substantial room for out-of-pocket payments by patients PMI SIP UHC 2013 UHC beneficiaries may select any healthcare provider enrolled in the programme PMI SIP OOP Beneficiaries and providers Actual prices charged to patients by healthcare providers are not regulated by the state Any provider, whether private or public, is eligible to participate in the programme 2012 Source: Ministry of Health of Georgia SIP OOP OOP OOP out-of-pocket UHC Universal Healthcare Program PMI Private Medical Insurance SIP State Insurance Program PMI, UHC, SIP include co-payments 163#164FORWARD 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: 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 Results Announcement and Georgia Capital PLC's Annual Report and Accounts 2020. No part of this document constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this presentation should be construed as a profit forecast. GEORGIA CAPITAL 164#165COMPANY 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 Ernst & Young LLP 1 More London Place London, SE1 2AF United Kingdom Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS13 8AE United Kingdom Please note that Investor Centre is a free, secure online service run by our Registrar, Computershare, giving you convenient access to information on your shareholdings. Investor Centre Web Address - www.investorcentre.co.uk. Investor Centre Shareholder Helpline - +44 (0) 370 702 0176 Share price information Shareholders can access both the latest and historical prices via the website www.georgiacapital.ge GEORGIA CAPITAL