#1GEORGIA HEALTHCARE GROUP Investor presentation Second quarter and half-year of 2022 results An extract from parent company's, Georgia capital PLC, results file while for the full version they can refer to the following link: Financial Results | Georgia Capital 12 August 2022#2FORWARD LOOKING STATEMENTS This announcement contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward- looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward- looking statements, certain of which are beyond our control, include, among other things: impact of COVID-19; regional instability; regulatory risk across a wide range of industries; investment risk; liquidity risk; portfolio company strategic and execution risks; currency fluctuations, including depreciation of the Georgian Lari, and macroeconomic risk; and other key factors that could adversely affect our business and financial performance, which are contained elsewhere in this document and in our past and future filings and reports and also the 'Principal Risks and Uncertainties' included in the 1H21 Result Announcement and in Georgia Capital PLC's Annual Report and Accounts 2020. No part of this document constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity, and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this document should be construed as a profit forecast. GEORGIA CAPITAL 2#3CONTENTS 01 RETAIL (PHARMACY) BUSINESS OVERVIEW 02 HOSPITALS BUSINESS OVERVIEW 03 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW 04 MEDICAL INSURANCE BUSINESS OVERVIEW Georgia Capital PLC GEORGIA CAPITAL 3#4Private large portfolio companies EXTERNALLY VALUED 366 Pharmacies in total 358 8 RETAIL (PHARMACY) BUSINESS OVERVIEW in Georgia in Armenia THE BODY SHOP 7 The Body Shop stores Affleton 1 Optics Alain Afflelou - Key focus areas in medium and long-term Expending retail footprint in Georgia > c.400 pharmacies in 5 years International expansion (Armenia & Azerbaijan) > Adding new GPC stores in Armenia (currently 8) GEORGIA CAPITAL Country's largest retailer in terms of both, revenue and number of bills issued GHG in pharma Market share by revenue, 20201 615 35% > Entering Azerbaijan market Increase sales from E-commerce > Increase local sales from e-commerce (currently GEL 9.3 million) > Launch e-commerce in Armenia & Azerbaijan Supporting the core > > Expanding the mix of synergetic products and services Add international franchises on different beauty and other retail products PSP Aversi 336 Other 302 500 29% 19% 17% Our retail pharmacy operates under two pharmacy brands, each with a distinct positioning: > GPC for the high-end customer segment > Pharmadepot for the mass retail segment Georgia Capital PLC | 1. GHG internal reporting Next 5-year targets ☐ Double digit revenue & EBITDA CAGR 9%+ EBITDA margin 4#5Private large portfolio companies EXTERNALLY VALUED GEORGIA CAPITAL RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D) REVENUE AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Margin enhancement and strong growth in para-pharmacy sales: Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 34.9% as of 1H22 (34.3% as of 1H21). Gross profit margin (%) 24.5% 25.5% 25.5% 25.4% 26.0% 25.1% 29.0% 24.2% 29.4% Number of bills issued, million 25.3 27.1 28.8 Same store growth (%) 7.9% 8.5% 27.6 29.0 7.2 7.4 13.7 15.0 9.0% 6.1% 10.6% 26.3% -1.6% 8.6% 5.0% 782.4 GEL million 679.4 614.7 +4.9% 518.6 450.3 -3.5% 390.9 372.8 199.0 192.1 GEL million 18.9 18.5 18.7 18.8 18.9 16.8 14.3 13.3 13.4 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 III CASH FLOW HIGHLIGHTS Number of pharmacies countrywide 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 270 296 309 344 358 2Q22 1H22 EBITDA¹ NET DEBT & NET DEBT TO LTM EBITDA1 Operating Operating leverage¹(%) cash flow¹ GEL 18.4m GEL 35.2m Change y-o-y 14.5% NMF 7.8% EBITDA margin¹ (%) 8.6% 10.1% 4.1% -1.4% -6.7% 2.6% -15.6% -6.0% -6.8% 10.6% 10.4% 9.7% 10.1% 9.3% 8.9% 9.8% EBITDA to cash 103.1% 91.5% conversion¹ Change y-o-y 23.3ppts 50.7ppts GEL million +15.7% 76.2 70.4 -11.4% 65.3 52.2 38.9 GEL million Free cash flow¹ GEL (17.8)m GEL (19.7)m 38.5 33.2 20.1 17.8 2.0 1.6 1.6 1.0 132.3 0.6 77.7 83.1 0.2 0.5 64.8 43.4 39.3 14.3 Change y-o-y NMF NMF 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 2017 2018 2019 2020 2021 1H22 1H22 Adjusted for minority 5 Georgia Capital PLC | 1. Excluding IFRS16 impact buyout#6CONTENTS 01 RETAIL (PHARMACY) BUSINESS OVERVIEW 02 HOSPITALS BUSINESS OVERVIEW 03 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW 04 MEDICAL INSURANCE BUSINESS OVERVIEW Georgia Capital PLC GEORGIA CAPITAL 6#7Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW State healthcare spending, GEL millions Market share by number of beds¹ GEORGIA CAPITAL 13% 11% GHG 2,524 18% 10% 9% 9% 9% 9% Aversi 714 10% 5% 2,480 1,805 800 1,863 • Since 2020 Government spending increased to manage the COVID 19 in the country Vienna Insurance Group 615 4% - Ghudushauri-Chachava 485 3% 1,025 1,014 1,089 1,178 820 964 855 681 710 760 829 1,680 Country's expenditure on healthcare - 3.7% of GDP in 2020 (from 2.4% in 2019) Inova 209 2% PSP 145 574 1,043 1% 841 281 343 305 329 349 2015 2016 2017 2018 2019 2020 2021E 2022B • Government spending on healthcare accounts c.13% of total budget in 2021 Other 9,468 67% Total State Healthcare Spending - UHC Healthcare spending as a % of total state spending Key focus areas in medium and long-term 1 Adding new services and strategic projects 2 Quality projects 3 Improved key operational data 4 Digitalisation of clinical processes Ambulance, oncology centre, transplantology center, radiology hub, medical tourism clinical trials, post COVID programmes Nursing reform/CRM development/Quality education programmes Automatisation of clinical processes in hospitals/Digitalisation of clinical KPIs/Use of statistical methods Inpatient/Outpatient/Clinical/Employee and customer satisfaction EBITDA CAGR 10%+ EBITDA TO OPERATING CASH C.85%+ (51.2% in 1H22) ROIC: C.13%+ (9.2% in 2021) The largest healthcare service provider in Georgia: c.18% market share by number of hospital beds. Covering 3/4 of Georgia's population. Next 5-year targets Georgia Capital PLC | 1. Source: NCDC, data as of December 2018, excluding specialty beds. 7#8Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW (CONT'D) Bed occupancy rate CASH FLOW HIGHLIGHTS¹ 2Q22 1H22 Average length of stay 5.4 5.2 5.6 5.7 5.4 5.1 5.6 5.4 Operating cash flow GEL 4.0m GEL 14.6m -8.3ppts -2.1ppts Change y-o-y -72.9% -22.3% EBITDA to cash conversion 29.9% 51.2% 65.3% 66.2% 54.7% 56.4% 53.1% 62.0% 57.9% 59.9% Change y-o-y -43.7ppts +3.0ppts Free cash flow GEL 5.6m GEL 14.2m -31.3% NMF GEORGIA CAPITAL Change y-o-y 16 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 GROSS REVENUE EBITDA1 Number of referral hospitals Gross profit margin (%) EBITDA margin (%) 1 41% 42% 38% 38% 40% 36% 41% 36% 26% 26% 22% 23% 25% 18% 25% 19% 2,524 Number of referral hospital beds KGEL 118.8 Revenue per referral bed 72 Emergency cars In Tbilisi and regions GEL million -10.1% -0.7% 268.3 248.5 322.4 232.3 153.1 152.0 81.9 73.6 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1.Excluding IFRS 16 impact. GEL million -33.3% -26.8% 70.0 74.2 65.6 50.7 39.0 28.5 20.2 13.5 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 80#9CONTENTS 01 RETAIL (PHARMACY) BUSINESS OVERVIEW 02 HOSPITALS BUSINESS OVERVIEW 03 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW 04 MEDICAL INSURANCE BUSINESS OVERVIEW Georgia Capital PLC GEORGIA CAPITAL 9#10> > > Private large portfolio companies EXTERNALLY VALUED 29 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW Outpatient visits per capita, Georgia HIGH GROWTH PROSPECTS IN THE CLINICS BUSINESS Outpatient encounters per capita Government Expenses on Primary Care VS GDP 3.9 3.9 3.8 3.5 3.3 3.5 2.8 2.5 2.5 2.3 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: NCDC statistical yearbook 2018 Clinics & Polyclinics MEDIUM TERM OBJECTIVES Diagnostics › Adding new services > Expansion of retail > Geographic expansion > Developing distance channels Sustainable growth of clinical & service quality Adding customer base > > Improved logistics > JCI and CAP accreditation Digitalisation 10.00 8.40 7.40 1.5% 1.2% 1.2% 3.20 3.8 4.00 4.10 4.40 1.0% 2.50 South Africa Thailand Georgia Source: Frost and Sullivan Analysis 2017 ՏՈ UAE Malaysia Poland Turkey Russia 0.5% GEORGIA CAPITAL Georgia has the lowest rate of government spendings on primary healthcare 0.7% 0.7% 0.5% 0.5% 0.3% 0.0% MDA RUS KAZ TJK ARM UZB GEO Source: WHO regional office for Europe Attracting B2B clients Combined financial targets for Clinics and Diagnostics for the next 5-years (2021-2026) DOUBLE DIGIT REVENUE CAGR EBITDA C.GEL 35-40 MILLION + 10#11GEL million CLINICS Market share by number of registered patients GHG clinics 601,000 Geo Hospitals 319,000 Medcapital 136,000 264,000 Medison 91,000 Private large portfolio companies EXTERNALLY VALUED ✓ CLINICS & DIAGNOSTICS BUSINESS OVERVIEW (CONT'D) 19 Community Clinics Outpatient and basic inpatient services in regional towns and municipalities 21% 17 Polyclinics Outpatient diagnostic and treatment services in Tbilisi and major regional cities GEORGIA CAPITAL DIAGNOSTICS (1H22) Average number of tests per patient 0.6 million 2.3 21% Number of patients served 11% 5% 1.3 million GEL 9.1 3% Number of tests performed Average revenue per test Market share by registered patients 353 Registered patient in Tbilisi Other 601,000 1,675,000 60% 29% Retail portion in total revenue 20% Number of community clinics beds Registered patient in Georgia Average COVID tests portion in retail revenue GROSS REVENUE EBITDA (excl. IFRS 16) EBITDA (excl. IFRS 16) Gross profit margin (%) EBITDA margin (%, excl. IFRS 16) EBITDA margin (%, excl. IFRS 16) 43% 45% 47% 44% 45% 44% 46% 43% 15.4% 19.9% 20.1% 19.9% 21.3% 15.8% 21.1% 17.3% 3.2% 12.3% 23.8% 32.6% -2.9% 26.4% 8.2% 71.0 +8.7% 46.7 44.4 33.3 -8.8% 38.3 21.1 21.6 35.0 32.2 GEL million -10.7% 18.1 16.8 15.3 21.1 14.2 -32.4% 8.9 9.4 5.9 GEL million -72.5% 7.3 37.7 19.6 20.2 23.3 25.1 10.6 9.9 6.8 6.1 3.6 2.4 2.5 1.8 6.2 5.4 12.6 13.9 3.5 1.0 0.2 (0.1) 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 2019 2020 2021 2Q21 2Q22 1H21 1H22 ■Polyclinics Community clinics 11#12CONTENTS 01 RETAIL (PHARMACY) BUSINESS OVERVIEW 02 HOSPITALS BUSINESS OVERVIEW 03 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW 04 MEDICAL INSURANCE BUSINESS OVERVIEW Georgia Capital PLC GEORGIA CAPITAL 12#13Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW Largest medical insurer in the country with 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 Revenue, GEL millions GHG in medical insurance Vienna Insurance Group Ardi PSP 14 IC Group 6 Aversi 3 Other 28 Georgia Capital PLC | 1. ISSSG as of 31 December 2021. 47 58 59 23% 35% 14% 7% 3% 2% 16% 48 c.160,000 Number of insured clients 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% 13#14Private large portfolio companies EXTERNALLY VALUED + MEDICAL INSURANCE BUSINESS OVERVIEW (CONT'D) NUMBER OF INSURED & RENEWAL RATE Retention rate within the Group1 (%) 19.2% 23.3% 34.7% 39.4% 37.4% 37.3% 36.3% 36.5% 38.9% 36.2% 37.5% Thousands 76.9% 77.5% 78.0% 76.9% 74.3% 73.4% 73.4% 74.1% 69.7% 70.5% 70.5% -4.9% -4.9% 234 211 155 157 236 174 165 168 160 168 160 GEL million REVENUE (NET INSURANCE PREMIUMS EARNED) 75.4 69.5 72.4 58.6 61.5 +0.5% 53.7 55.1 2015 2016 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 2015 2016 COMBINED RATIO 96.7% 104.7% 102.5% 94.0% 96.1% 90.6% 97.4% 101.9% 106.7% 99.0% 103.8% +4.5ppts +4.6ppts 84.1% 78.7% 84.2% 77.3% 79.3% 84.0% 87.5% 81.0% 84.8% 81.4% 73.0% GEORGIA CAPITAL +0.8% 35.2 35.5 17.9 18.0 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 NET PROFIT 6.4 4.4 2.9 1.8 3.8 -84.3% 0.2 1.4 0.2 (0.2) (2.6) 18.0% 20.6% 18.3% 16.8% 2015 2016 2017 2018 14.7% 2019 17.6% 18.1% 17.9% 19.2% 18.0% 19.0% (4.9) 2020 2021 2Q21 2Q22 1H21 1H22 2015 2016 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 14 Georgia Capital PLC | 1. 2019 and 2020 numbers are adjusted to exclude HTMC hospital.