#1GEORGIA CAPITAL INVESTOR PRESENTATION 3Q21 & 9M21 results 16 November 2021 ✔ Follow @IRGCAP#2CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 3Q21 & 9M21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 9M21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 2#3Thousand COVID-19 STATISTICS COVID-19 CASES: DYNAMICS IN GEORGIA 900 7 Total cases (LHS) Daily cases (RHS) 800 60 700 600 500 400 300 200 100 5 4 3 GEORGIA CAPITAL 37.9% OF TOTAL ADULT POPULATION HAS RECEIVED AT LEAST A SINGLE VACCINE DOSE, WHILE 33.9% IS FULLY VACCINATED AS OF 15 NOVEMBER 2021 % OF ADULT POPULATION FULLY VACCINATED 9% 2 3.5% +30.4 ppts 33.9% 30% TOTAL NUMBER OF ADMINISTERED VACCINE DOSES 55% 1 30-Jun-21 0 0 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 STATISTICS AS AT: 15 NOVEMBER 21 CONFIRMED CASES: 785,911 7-DAY POSITIVE RATE: 9.52% ACTIVE CASES: 52,429 AVERAGE DAILY CASES¹: 4,409 SHARE OF RECOVERIES: 91% 15-Nov-21 NUMBER OF FULLY VACCINATED: 966,790 2,048,393 6% Pfizer-BioNTech ■Sinopharm AstraZeneca Sinovac ➤ ACCORDING TO THE GOVERNMENT PLAN, GEORGIA TARGETS TO VACCINATE AT LEAST 60% OF THE ADULT POPULATION IN 2021 "GREEN PASS" PROGRAMME TO COME INTO FORCE IN GEORGIA STARTING DECEMBER 1 Georgia Capital PLC | Source: NCDC, Geostat, Ourworldindata.org, Worldometers, data at 12:00 p.m. GMT on 15 November 2021. 1) Daily average of the last 7 days from the respective date. 3#4Jan -17% REAL GDP ON TRACK FOR DOUBLE-DIGIT GROWTH, UP 11.3% Y-O-Y IN 9M21 Real GDP Y-o-Y change Real GDP change vs 2019 2021 45% 26% 21% 19% 10% 10% 4% 9% 10% 5% -3% 1% 2% 4% 4% -1% -7% -3% -4% -6%-5% -5% -8% -8%-8% -12% -14% Jul Aug Georgia Capital PLC | Source:, Geostat's rapid estimates. Sep Oct ΛΟΝ Dec Jan Feb Mar Apr May Jun Jul REAL GDP UP 5.4% COMPARED TO 9M19 7% 6% KEY DRIVERS Expansionary fiscal policy boosting domestic demand and continuing to contribute significantly to GDP growth; Robust lending (up 15.8% Y-o-Y in September 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 rebounding to half of 2019 levels since July 2021; Improving consumer and business sentiment supporting spending and investment decisions; Although the low base effect of 2020 remains in play, performance has been exceptional compared to 2019 as well. Aug Sep GEORGIA CAPITAL#5-600% 1800% 1200% 600% 0% FAST INDICATORS SHOW RECOVERY SUSTAINING PACE 120% 60% 0% -60% ན ན་ཟིན Jan Feb Mar Apr May 2020 Jan Aug Feb Mar Apr May 120% 40% Remittances, y/y Remittances, vs 2019 Exports, y/y Exports, vs 2019 Imports, y/y Imports, vs 2019 80% 180% 180% 80% 80% Inc unr 2020 Aug Sep Oct Nov Dec Jan Feb Tourism Revenues, y/y Tourism Revenues, % of 2019 (RHS) 6px Sep Oct Nov Dec Jan Feb Mar Apr May 2021 unr Mar Apr May In unr 2021 Aug Sep 40% 60% 9% 0% -60% 120% 120% 100% 80% 80% 933% 40% 60% 51% 40% 0% 20% -40% 0% Aug Sep -40% Jan Feb Mar Apr May Ivay Jun unc 2020 0% Jan Feb Mar Apr idy Jul May 2020 unc זייד бон das Sen Ме 22% 40% 40% 0% 13% 0% -40% Oct 120 ΛΟΝ Company turnover, y/y Company turnover, vs 2019 Aug Sep Oct ΛΟΝ Dec Jan Feb Mar Apr May May 2021 Doc Dec Jan Feb Mar Apr Inf unr Aug Sep 2021 May unr Aug Sep -40% -80% 120% 60% 80% 40% 28% 40% 20% 24% 90 0% 0% -40% -20% Jan Feb Mar Apr May Jun 2020 Aug Sep Oct Nov Dec Jan Feb Mar Apr idy Fiscal expenditures (current + capital), y/y Fiscal expenditures, vs 2019 что Jan Feb Mar Apr May 2020 In unr Aug das Oct ΛΟΝ Dec Jan Feb Mar Apr May 2021 In unr 2021 լոր Jun unr Aug 60% 29% 40% 20% -3% 0% -20% Aug Sep 5 Sep GEORGIA CAPITAL 80% 24% 40% 15% 0% -40% -80%#6GEORGIAN LARI - TOP PERFORMER IN THE REGION AS OF 10 NOVEMBER, GEL HAS APPRECIATED BY 3.6% COMPARED TO THE BEGINNING OF THE YEAR AND BY 8.6% COMPARED TO THE YEAR-TO-DATE LOW GEORGIA CAPITAL 170 160 150 140 130 120 110 100 90 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 USD/TRY Sep-20 Oct-20 USD/BYR USD/UAH USD/GEL Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 USD/RUB Aug-21 Sep-21 Oct-21 Nov-21 THE REAL EFFECTIVE EXCHANGE RATE HAS BEEN STRENGTHENING SINCE MAY 2021, BUT REMAINS BELOW THE LONG-TERM TREND 135 125 115 105 95 85 Sep-03 Mar-04 Sep-04 REER (Jan 2003 = 100) ......Linear (REER (Jan 2003=100)) Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 GEL APPRECIATION DRIVERS Record high remittance inflows, increasing by 28% Y-o-Y in 9M21 (+36% compared to 9M19); Solid recovery in merchandise exports, exceeding 2019 levels by 9% in 9M21 (+24% Y-0-Y); Tourism revenues rebounding to half of 2019 levels for three consecutive months since July 2021, kickstarting positive expectations about tourism recovery; 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, as FX loans have been steadily increasing since April 2021; New regulation to reduce reserve requirements on funds attracted in foreign currency, assisting deposit larisation and higher demand on GEL. Georgia Capital PLC | Source: NBG. 6#714 12 10 8 6 4202 -2 Headline Inflation INFLATION TO DECELERATE FROM THE 2ND HALF OF 2022 Inflation Y-o-Y vs. inflation target Sources: NBG, GeoStat Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Target Core Inflation Apr-18 Jun-18 Aug-18 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 Inflation components Source: GeoStat Food and non-alcoholic beverages 14 12 10 Other Transport Alcoholic beverages and tobacco Housing and utilities Inflation -2 -4 864202+ I IV Λ VI VII VIII IX 2019 X IX IIX III II IV VI VII VIII IX X 2020 IIX IX II I III IV > 5 2021 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 VII VIII IX X 12.8 14 12 20 10 6.3 8 6 4 2 0 -2 Oct-21 GEORGIA CAPITAL SUPPLY SIDE PRESSURES PERSIST We expect inflation to remain high throughout the year, and decelerate after peaking in the beginning of 2022, due to the base effect of utility subsidies; All major components contributed to increasing inflation in the past few months – the rising contribution of transport reflects high oil prices, while food inflation has accelerated due to global trends, and prices on utilities have risen since the new gas tariff in Tbilisi was approved in June 2021; Despite GEL strengthening, imported inflation has been by far the most significant driver of rising prices, with all of wheat, vegetables, dairy products, meat and sugar world prices further increasing in September, and surging gas prices expected to further add to global inflationary pressures; Supply side price pressures are no longer abated by weak domestic demand, as economic recovery has been rapid; In October, prices increased on 89% of goods/services in the consumer basket, with annual inflation of over 5% on 71% of goods/services and annual inflation of over 10% on 46% of good/services. 7#8-6% -8% -10% -12% 2014 2015 Source: MoF 0% 20% 30% 2010 40% 50% 60% Public debt Sources: MoF Overall Balance (IMF Modified), % of GDP -2% -4% -2.7% -2.8% -3.0% -2.7% -2.3% -2.0% 2016 2017 2018 2019 2020 -9.3% 2021F 2022F -6.7% 2023F External public debt to GDP, % Total public debt to GDP, % 59.9% 52.2% 48.5% 47.5% 42.2% 34.8% 2024F 2017 DEBT AND FISCAL DEFICIT ON COURSE FOR CONSOLIDATION 2018 2019 2020 2021F -3.0% -2.7% -2.5% -4.4% 2025F 2022F 2023F 2024F 2025F FISCAL SUPPORT TO MODERATE Fiscal expenditures grew by 5% y/y in real terms in 9M21 (14% in nominal), including a 20% growth (30% in nominal) in 2Q21, contributing the most to the surge in consumption and, subsequently, GDP; Fiscal support has begun moderating since the 2nd half of 2021, as the fiscal deficit (overall balance) fell by 11.4% y/y in 9M21 (compared to a 57% increase y/y in 1H21); - The 2022 budget draft law lays out a consolidation path to return to the fiscal rule bounds – public debt is projected to fall to 52.2% of GDP by the end of the year, while the overall fiscal deficit (IMF program definition) will return to the 3% ceiling by 2023; ➤ The operating deficit is set to switch to surplus again from 2021, i.e. revenues are expected to be greater than current expenditures; Current expenditures are planned to fall to 22% of GDP in 2022, a significant cut compared to 26.2% of GDP in 2020 and close to the pre-crisis level of 21.4% in 2019; Capital expenditures are set to remain high and reach 8.2% of GDP in 2022. 8 GEORGIA CAPITAL#9CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 3Q21 & 9M21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 9M21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 9#10GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 30-SEP-21 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Shareholder name Management¹ 7.3% UAE 4.2% Norway 2.2% South Africa 5.1% Other 16.3% Luxembourg 10.7% Rank Ownership 1 M&G Investment Management Ltd 5.04% USA³ 23.4% 2 Allan Gray Ltd 4.97% 3 Schroder Investment Management Ltd 4.46% 4 Coeli Frontier Markets AB 3.81% 5 RWC 2.99% 6 Vanshap Capital LLC 2.65% 7 Firebird Management LLC 2.54% 8 Lazard Asset Management LLC 2.53% 9 GLG Partners LP 2.35% UK² 30.8% 2 10 Norges Bank Investment Management 2.30% Total 33.64% NUMBER OF OUTSTANDING SHARES 11,169,448 46,221,944 39,384,712 (3,004,375) (1,327,841) GEORGIA CAPITAL * 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) Number of shares issued in May 2018 Shares cancelled Unawarded shares, management trust Shares issued* Number of shares outstanding 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. 4. As of 30-Sep-21 2,950,375 shares where cancelled and 54,000 shares were held in treasury. 10#11OUR PORTFOLIO OVERVIEW LISTED ASSETS LISTED ASSETS ӨӨ LARGE PORTFOLIO COMPANIES ° Bank of Georgia (BOG) • Healthcare Services (GHG) • • Retail (pharmacy) (GHG) • Water Utility VALUE AT 30-SEP-21: GEL 642m SHARE IN TOTAL PORTFOLIO VALUE: 18.5% ° Insurance (P&C and medical (GHG)) NON-CYCLICAL BUSINESSES ■ CLOSE TO GEL 0.5BLN+ VALUE GEL 2,245m 64.7% PRIVATE ASSETS GEORGIA CAPITAL K INVESTMENT STAGE PORTFOLIO COMPANIES Renewable Energy • Education NON-CYCLICAL BUSINESSES ■ WITH POTENTIAL TO BECOME GEL 0.5BLN IN VALUE OTHER ASSETS Housing Development Hospitality & Commercial Real Estate Beverages Auto Service Digital Services SUBSCALE BUSINESSES LIMITED POTENTIAL TO BECOME GEL 0.5BLN+ IN VALUE GEL 337m 9.7% GEL 246m 7.1% 11#12OUR PRIVATE PORTFOLIO AT A GLANCE GEORGIA CAPITAL DEFENSIVE, HIGH QUALITY ASSETS WITH STRONG AND GROWING CASH FLOW STREAMS CLOSE TO GEL 0.5BLN+ VALUE EXPECTED TO BECOME GEL 0.5BLN+ IN VALUE NON-CYCLICAL STRONG CASH FLOW GENERATION DOMINANT MARKET POSITION INVESTMENT STAGE PORTFOLIO COMPANIES LARGE PORTFOLIO COMPANIES Healthcare Services ӨӨ Retail (pharmacy) Water Utility Insurance (P&C and medical) Renewable Energy Education ✓ ✓ 12#13PORTFOLIO HIGHLIGHTS | 30 SEPTEMBER 2021 Gross investment of GEL 1.6b Net investment of GEL 545m Listed assets Large portfolio companies Original 129 investment 390 217 11 Portfolio fair value of GEL 3.5b Investment stage portfolio companies 149 69 69 MOIC¹ 8.2 4.0 3.3 25.1 1.5 1.8 1,409 GEL million 642 BOG -292 620 230 216 120 -40 GHG2 Water Utility P&C Insurance 209 130 127 69 Renewable Energy Education LSE Market value at 30-Sep-21 Fair value ■Net cash investment 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. GEORGIA CAPITAL 13 3#14CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 3Q21 & 9M21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 9M21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 14#15CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance 02 Access to management 03 Access to capital THREE FUNDAMENTAL ENABLERS STRONG CORPORATE GOVERNANCE ACCESS TO MANAGEMENT ☑ GEORGIA CAPITAL ACCESS TO CAPITAL 15#16CAPITAL ALLOCATION PHILOSOPHY GEORGIA CAPITAL GCAP SHARE PRICE IS AT CORE OF OUR DECISION MAKING VIS-À-VIS INVESTMENTS WE ARE TARGETING TO INVEST IN OPPORTUNITIES WHICH PRODUCE GREATER RETURN THAN BUYING GCAP SHARES opportunity 360° ANALYSIS Sale opportunity Investment opportunity • We perform 360-degree analysis each time we make a capital allocation decision and compare: Investment opportunity vs. buyback opportunity • Sale opportunity vs. buyback opportunity 16#17CAPITAL ALLOCATION PHILOSOPHY (CONT'D) GEORGIA CAPITAL IRR & MOIC¹ IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW OPPORTUNITIES ROIC IS AT CORE OF DECISION MAKING WHEN OUR PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES KEY MONEY MULTIPLES AT GCAP LEVEL M IRR M MOIC KEY METRIC FOR REINVESTMENT DECISION MAKING AT PORTFOLIO COMPANIES' LEVEL • ROIC ROIC should be more than WACC for new investments . Portfolio companies to continue divestment of low ROIC and/or non-core assets & businesses to enhance ROIC e.g. hospital (HTMC) sale transaction, improving healthcare services business ROIC by 90bps on a proforma basis GCAP ROLE VIS-À-VIS PORTFOLIO COMPANIES • Approval of all capital allocation decisions: equity, debt, profit reinvestment, divestment etc. • Strategy setting, business plan approval and monitoring Georgia Capital PLC | 1. Multiple of Invested Capital (MOIC). • Human capital (CEO & CFO) allocation & KPI setting 17#18ENHANCEMENT OF OUR STRATEGY AS ANNOUNCED ON 2020 INVESTOR DAY 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 18#19ENHANCED STRATEGY IS TO INVEST IN LARGE OPPORTUNITIES GCAP invests in Georgia in large opportunities, which have a potential to become GEL 0.5bln+ in equity value. GCAP develops and grows. portfolio companies to equity. value of GEL 0.5bln+ and realizes proceeds through exit, as investments mature. LARGE SIZE WILL PROVIDE LIQUIDITY AND AS SUCH IMPROVED EXIT OPPORTUNITIES AND ABILITY FOR GCAP TO REDUCE THE NAV DISCOUNT INVEST IN GEORGIA IN LARGE OPPORTUNITIES GEORGIA CAPITAL MONETISE B GROW BUSINESSES TO EQUITY VALUE OF GEL 0.5BLN+ 199 19#20NEW PRIORITY #1 ANNOUNCED ON 2020 INVESTOR DAY: REALIZING VALUE OF ONE LARGE INVESTMENT 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 20 20#21NEW PRIORITY #2: DIVESTMENT OF "OTHER" PORTFOLIO Other portfolio includes small companies with limited potential to achieve GEL 0.5 billion equity value SUBJECT TO 360° ANALYSIS "OTHER" PORTFOLIO EXPECTED TO BE DIVESTED IN THE NEXT 2-3 YEARS GEORGIA CAPITAL 21#22RENEWABLE ENERGY AND EDUCATION - OUR KEY INVESTMENT AREAS IN THE MEDIUM TERM GRADUALLY MOVING TO REINVESTMENT PHASE, GIVEN THE STRONG CASH FLOW GENERATION AT OUR INVESTMENT STAGE PORTFOLIO COMPANIES TOTAL NET INVESTMENT OF c. US$ 50MLN IDENTIFIED FROM GCAP OVER THE NEXT 3-5 YEARS¹ of which, c. US$ 10mln in 2021 Georgia Capital PLC | 1. Announced in November 2020. RENEWABLE ENERGY EDUCATION Limiting expansion through greenfield developments and focus on buying cash generating assets at attractive multiples GEORGIA CAPITAL 22#23INVESTING IN RENEWABLE ENERGY INDUSTRY INVESTMENT RATIONALE High margins, dollar linked cash flows Growing market, with 35% of demand satisfied through imports and TPPS High capacity factors Low penetration of air conditioners and high Cooling Degree Day (CDD) CURRENT INVESTMENT OVERVIEW | 30-Sep-21 GEL million 149 79 209 (19) TOTAL NET INVESTMENT OF c. US$ 36MLN IDENTIFIED FROM GCAP OVER THE NEXT 3 YEARS² ■ Over the next 3 years we will be launching pipeline projects: wind farms in Tbilisi and Kaspi, Zoti HPP and Darchi HPP. RENEWABLE ENERGY SNAPSHOT MOIC (Multiple of Invested Capital) IRR Installed capacity Run-rate EBITDA NOW IN 3-5 YEARS 1.5x 2.0x+ 16.8% 20%+ 91MW 263MW GEL 45mln GEL 122mln³ GEORGIA CAPITAL GCAP Equity invested Value creation Dividends Equity value 30-Sep-21 RANGE FOR PEER TRADING MULTIPLES¹ 9x-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-Sep-21. 2. Announced in November 2020. 3. Run-rate EBITDA assuming 3.2 GEL/USD exchange rate. 4. Region covers countries in European and Asian Emerging Markets. 5. Source: Capital IQ. 23#24GEL million INVESTING IN EDUCATION INDUSTRY INVESTMENT RATIONALE ■ Asset light industry ■ High quality revenue with high margins ■ High trading multiples Highly fragmented K-12 private school market with strong growth potential CURRENT INVESTMENT OVERVIEW | 30-Sep-21 TOTAL NET INVESTMENT OF c. US$ 14MLN IDENTIFIED FROM GCAP OVER THE NEXT 5 YEARS BY 2025³ - 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. 69 Of which: Premium: 41 ➤Mid-level: 14 GCAP equity invested Affordable: 14 58 EDUCATION BUSINESS SNAPSHOT NOW BY 2025 127 MOIC (Multiple of Invested Capital) 1.8x 2.0x+ IRR 38.6% 25%+ Existing capacity (# of learners) 5,060 21,000 of which, existing schools of which, M&A 5,060 7,200 13,800 Value creation Equity value 30-Sep-21 EBITDA GEL 9.5mln² GEL 50mln+ RANGE FOR PEER TRADING MULTIPLES1 7x-23x LTM EV/EBITDA Georgia Capital PLC | 1. Our valuation peer group multiples as of 30-Sep-21. 2. EBITDA for 2020-2021 academic year 3. Announced in November 2020. GEORGIA CAPITAL 24#25OUTLOOK 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) 64.7% OF TOTAL PORTFOLIO VALUE AT 30-SEP-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 9.7% OF TOTAL PORTFOLIO VALUE AT 30-SEP-21 SMALL COMPANIES ("OTHER ASSETS") Divestment over the next 2-3 years 7.1% OF TOTAL PORTFOLIO VALUE AT 30-SEP-21 WE BELIEVE REALIZING VALUE OF ONE LARGE INVESTMENT WILL HELP TO VALIDATE OUR PORTFOLIO VALUE AND TO REDUCE NAV DISCOUNT GCAP WILL COMPLETE THE FULL CYCLE OF ITS STRATEGY (INVEST, GROW, MONETISE), FOLLOWING THE SALE OF A LARGE PORTFOLIO COMPANY GRADUALLY MOVING TO REINVESTMENT PHASE, GIVEN THE STRONG CASH FLOW GENERATION AT OUR INVESTMENT STAGE PORTFOLIO " LIMITING EXPANSION THROUGH GREENFIELD DEVELOPMENTS AND FOCUS ON BUYING CASH GENERATING ASSETS AT ATTRACTIVE MULTIPLES OTHER PORTFOLIO INCLUDES SMALL COMPANIES WITH LIMITED POTENTIAL TO ACHIEVE GEL 0.5 BILLION EQUITY VALUE GEORGIA CAPITAL 25#26CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 3Q21 & 9M21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 07 9M21 GEORGIAN MACRO OVERVIEW APPENDICES GEORGIA CAPITAL 26#2788 RETAIL (PHARMACY) BUYOUT OF THE MINORITY SHAREHOLDERS IN RETAIL (PHARMACY) opportunity Investment 360° ANALYSIS opportunity RECONFIRMING OUR CONFIDENCE IN THE VALUE CREATION POTENTIAL OF THE RETAIL BUSINESS Sale opportunity IN LINE WITH OUR CAPITAL ALLOCATION PHILOSOPHY EV/EBITDA MULTIPLE INITIAL TERMS EFFECTIVE DURING 2023 RENEGOTIATED TERMS SPREAD OVER THE NEXT 6 YEARS 6.00x 4.50x ☆ 5.25x Call option Put option Renegotiated multiple GEORGIA CAPITAL TRANSACTION RATIONALE The transaction will allow GHG to increase the dividend inflows attributable to GHG from the retail (pharmacy) business The renegotiated future payment terms will provide better visibility for GHG to manage its liquidity position. BUYOUT OF A 33% MINORITY INTEREST WILL BE EXECUTED IN SIX ANNUAL TRANCHES 10.0% 11.0% 0.5% 0.5% 0.5% 10.5% ➤ Minority shareholders, who are also the managing partners of the retail business, will remain with the Group for an extended period. 2022 2023 2024 2025 2026 2027 27#28EDUCATION EXPANSION OF THE EDUCATION BUSINESS IN THE AFFORDABLE SEGMENT CAPACITY DEVELOPMENT HIGHLIGHTS WE ARE SCALING UP OUR AFFORDABLE AND HIGH-QUALITY K-12 EDUCATION IN GEORGIA, IN LINE WITH OUR CAPITAL ALLOCATION PROGRAMME AS ANNOUNCED IN NOVEMBER 2020 RECENT INVESTMENT PROJECTS ➤ Acquisition of an 81%¹ equity interest in Georgian - Austrian School Pesvebi for GEL 3.9 million, providing additional capacity of 1,200 learners Launch of a new (second) campus under the existing affordable brand - Green School, which will provide education to 600 learners, with the potential to expand its capacity to 1,500-2,000 learners over the next few years by utilising the existing premises. Capacity expansion of the existing campus of Green School, adding 450 learner capacity Georgia Capital PLC | 1. Georgia Capital has a call option on the 9% equity stake during the 12 months starting from August 2022. 2,810 +80.1% 760 15% 5,060 800 16% TOTAL CAPACITY AS AT 30-SEP-21 5,060 LEARNERS GEORGIA CAPITAL 3,500 69% ■Mid-level segment Premium segment Affordable segment Total capacity 30-Jun-2021 Total capacity 30-Sep-2021 28#29OTHER BUSINESSES SALES OF US$ 45.0 MILLION COMMERCIAL REAL ESTATE PROPERTIES SINCE JUNE 2021 GEORGIA CAPITAL ADDITIONAL SALES OF US$ 10.3 MILLION COMMERCIAL REAL ESTATE PROPERTIES IN SEP-NOV 2021, DEMONSTRATING CONTINUING PROGRESS TOWARDS OUR STRATEGIC PRIORITIES PROGRESS SINCE JUNE 2021 Sold assets TRANSACTION DETAILS - US$ 4.6 MILLION PREMIUM TO 31 MARCH 2021 BOOK VALUES US$ MILLION Premium to gross value 40.5 +11.3% 45.0 Premium to net asset value +36.9% 17.0 12.4 $20.3 TOTAL VALUE AS AT 30-SEP-21 $14.0 24% US$ 59.0 $45.0 76% MILLION $21.6 Book value 1 31-Mar-21 Sales value Net asset value 31-Mar-21 $3.1 I Remaining assets Sold assets (Book value at 30-Sep-21) Office spaces Retail spaces Land plot Georgia Capital PLC | 1. At standalone hospitality and commercial real estate business level. Net asset value 31-Mar-21 Adjusted for sales premium Significant portion of the total proceeds has been collected and will be used to repay the existing US$ 30 million bonds issued by the commercial real estate business, maturing on 31-Dec-21 The book value of the remaining disposable assets is approximately US$ 14.0 million as of 30- Sep-21 and is split between commercial real estate assets (18%) and land plots (82%). 29 29#30il FIXED-INCOME FUND WE HAVE PROMOTED A FIXED-INCOME FUND, DOMICILED IN LUXEMBOURG FUNDS' OBJECTIVE IS TO ACHIEVE HIGH SINGLE-DIGIT DOLLAR GROSS RETURNS ON REGIONAL COUNTRIES' MACRO THEMES AND OPPORTUNITIES GEORGIA CAPITAL FUND OFFERS HIGH YIELD NICHE MARKET AND MOSTLY SOVEREIGN/QUASI-SOVEREIGN RISK INVESTMENT STRATEGY ACHIEVED 24% DOLLAR DENOMINATED GROSS RETURN DURING MAY-19-AUG-21 ITD GROSS RETURN, % 25.0 20.0 15.0 10.0 23.9% INVESTMENT UNIVERSE INCLUDES OUR NEIGHBOURS AS WELL AS COUNTRIES IN EASTERN EUROPE AND CENTRAL ASIA FUND WAS IPO-D IN AUGUST 2021 WITH CURRENT AUM STANDING AT US$ 10 MILLION 5.0 0.0 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 FUND IS DOMICILED IN LUXEMBOURG - SECOND LARGEST INVESTMENT FUND CENTER AFTER THE US FUND STRUCTURE Audentia Capital Management company Georgia Capital Promoter/ Investment Advisor Banque de Patrimoines Prives Depositary/custody/TA MAZARS Auditor Audentia Capital Sicav-RAIF-S.A EM & frontier fixed income fund Fund 2 Fund 3 Fund ... 30#31NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW NAV PER SHARE UP 2.0x SINCE THE START OF THE COVID-19 PANDEMIC % Change -35.6% +4.9% +19.5% +27.2% -2.7% +16.4% 9-0-9 GEL 46.84 37.84 31.67 30.18 +9.7% 59.77 54.48 48.12 46.80 GEORGIA CAPITAL CONTROLLABLE (PRIVATE) NAV PER SHARE UP 2.5x SINCE THE START OF THE COVID-19 PANDEMIC GEL % Change -25.0% -0.5% +69.3% +22.1% -1.6% +15.8% 9-0-9 25.47 19.11 19.01 32.19 +8.7% 48.72 44.83 39.32 38.71 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 31#32NAV PER SHARE (GEL) MOVEMENT IN 3Q21 NAV PER SHARE CHANGE % NAV PER SHARE GEORGIA CAPITAL +2.6% +7.3% -0.4% +0.1% +0.4% -0.3% NMF +9.7% 3.98 0.05 0.22 0.00 59.77 1.42 (0.20) (0.19) 54.48 • • • (GEL) UP 9.7% IN 3Q21 NAV per share (GBP) up 13.7% in 3Q21 9.7% growth in 3Q21 NAV per share (GEL) mainly reflects value creation across our resilient private portfolio and a 15.6% increase in BoG share price. 354,000 shares with a total value of US$ 3.0 million were repurchased in 3Q21 289,582 shares with a total value of US$ 2.4 million were repurchased in 4Q21 as of 12 November 2021 NAV per share 30-Jun-21 BOG Large portfolio companies Investment stage portfolio companies Other portfolio Buybacks companies Operating expenses Liquidity manag./FX/ Other NAV per share 30-Sep-21 32#33NAV PER SHARE (GEL) MOVEMENT IN 9M21 GEORGIA CAPITAL NAV PER SHARE CHANGE % +4.9% +18.8% +1.4% +1.3% +0.5% -1.2% -1.4% +24.2% NAV PER SHARE (GEL) UP 24.2% IN 9M21 2.39 48.12 NAV per share (GBP) up 31.0% in 9M21 • 24.2% growth in 9M21 NAV per share (GEL) on the back of strong value creation across our resilient private portfolio and a 27.4% increase in BoG share price within the nine-month period. 9.03 0.67 0.63 0.22 59.77 (0.59) (0.70) NAV per share 31-Dec-21 BOG Large portfolio companies Investment stage portfolio Other portfolio companies Buybacks Operating expenses Liquidity manag./FX/ Other NAV per share 30-Sep-21 companies 33#34AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED REVENUE UP 24.6% Y-O-Y IN 3Q21 AND UP 34.4% FROM 3Q19 9M21 aggregated revenue up 25.8% y-o-y and up 35.9% from 9M19 GEL MILLION +35.9% +25.8% 1,423 +34.4% +24.6% 239 1,130 53 1,047 506 198 142 52 89 15 406 376 17 83 64 19 13 300 3Q19 304 400 890 3Q20 3Q21 9M19 Other portfolio companies | Investment stage portfolio companies I Large portfolio companies Georgia Capital PLC | General note: Revenues from Medical Centre University Clinic (HTMC) are excluded for the presentation purposes. 881 1,130 9M20 9M21 Other portfolio companies Investment stage portfolio companies I Large portfolio companies GEORGIA CAPITAL 34#35AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED EBITDA UP 27.4% Y-O-Y IN 3Q21 AND UP 32.1% FROM 3Q19 9M21 aggregated EBITDA up 45.4% y-o-y and up 50.5% from 9M19 GEL MILLION +32.1% +27.4% +50.5% +45.4% 109 8 198 82 230 85 9 205 1 14 11 10 11 12 32 67 3Q19 62 91 3Q20 3Q21 Other portfolio companies I 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. 186 9M19 298 28 31 159 239 9M20 9M21 Other portfolio companies I Investment stage portfolio companies I Large portfolio companies GEORGIA CAPITAL 35#36AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO TOTAL AGGREGATED NET OPERATING CASH FLOW (GEL MILLION) 50 111 2.7x +23.9% 137 3Q19 3Q20 3Q21 141 GEORGIA CAPITAL TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) +76.6% 31-Dec-19 -13.8% 289 31-Dec-20 249 9M19 9M20 9M21 ORGANIC TRANSITION TO REVENUE GROWTH STRATEGY FROM PREVIOUSLY ADOPTED CASH PRESERVATION STRATEGY Record aggregated quarterly net operating cash flows of GEL 137 million, up 23.9% y-o-y in 3Q21 183 392 -0.1% 30-Jun-21 318 +23% 30-Sep-21 392 2.1x GCAP LIQUIDITY AT 30-SEP-21 GEL 415 MILLIO DOWN 6.1% IN 3Q21 (UP 46.0% IN 9M21, REFLECTING US$ 65 MILLION EUROBOND TAP ISSUE IN MARCH 2021) 36#37OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES HEALTHCARE SERVICES KEY DRIVERS The number of admissions up 105.1% and 81.1% y-o-y in 3Q21 at hospitals and clinics, respectively, reflecting the increased demand for regular elective care and outpatient services. Occupancy rate was up by 17.6 ppts y-o-y to 67.7% in 3Q21 in hospitals. The revenue of the diagnostics business up by 167.4% y-o-y in 3Q21 to GEL 8.8 million. GEL MILLION 69 69 REVENUE DEVELOPMENT +53.0% 71 +48.0% 105 +36.8% 216 199 +48.6% 296 EBITDA¹ DEVELOPMENT +45.5% 16 19 +27.7% 24 24 GEORGIA CAPITAL +36.5% 54 54 41 41 +78.1% 73 3Q19 3Q20 3Q21 9M19 9M20 9M21 3Q19 3Q20 3Q21 9M19 9M20 9M21 Georgia Capital PLC | General note: All figures are presented excluding Medical Centre University Clinic (HTMC). 1. Excluding IFRS 16. 37#38OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) 80 RETAIL (PHARMACY) REVENUE DEVELOPMENT +28.1% +18.3% EBITDA¹ DEVELOPMENT KEY DRIVERS Robust performance of the Retail (Pharmacy), reflecting overall improvement in economic activity and continuing expansion of the pharmacy chain. Same-store revenue growth at 14.8%, up 11.2 ppts y-o-y in 3Q21. Number of bills issued up 5.9% y-o-y to 7.4 million in 3Q21. Average bill size up 18.4% y-o-y to GEL 18.5 in 3Q21. GEL MILLION +31.7% +21.1% 193 160 147 478 442 566 +34.7% +24.7% 20 15 16 GEORGIA CAPITAL +16.5% 46 50 46 +7.3% 5.4 3Q19 3Q20 3Q21 9M19 9M20 9M21 3Q19 3Q20 3Q21 9M19 9M20 9M21 Added 32 pharmacies over the last 12 months, expanding from 309 to 341 stores Georgia Capital PLC | 1. Excluding IFRS 16. 38#39OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) 0 WATER UTILITY REVENUE DEVELOPMENT +27.6% +54.0% 152 14 EBITDA DEVELOPMENT KEY DRIVERS Water supply revenue up 54.9% y-o- y, reflecting revised water utility tariffs¹ effective from January 2021, and increased water consumption levels by corporate clients (up 5.5% y-o-y) Improved water inflows in Zhinvali reservoir led to 29.0% y-o-y growth in 3Q21 electricity generation, translating into 108.9% increase in revenues from electricity sales GEL MILLION 45 38 6 2 +34.6% 119 15 +58.2% 99 99 60 60 5 2.9x +47.5% +94.6% 68 40 50 50 +42.6% +91.9% 27 22 +46.9% 21 21 38 36 55 105 94 138 3Q19 3Q20 3Q21 9M19 9M20 9M21 3Q19 3Q20 3Q21 9M19 9M20 9M21 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. 39 GEORGIA CAPITAL 97 46#40OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) INSURANCE KEY DRIVERS Net premiums earned up 18.0% y-o-y in 3Q21, reflecting rebounding demand and increased prices of insurance policies In the P&C Insurance, number of policies written up 33.2% y-o-y in 3Q21, reflecting a 22.1% y-o-y increase in the number of policies written to corporate clients Combined ratio down 1.9 ppts y-o-y to 85.4% in 3Q21, driven by 1.9 ppts y-o-y decrease in the expense ratio GEL MILLION GROSS PREMIUMS WRITTEN +12.7% +8.6% +15.3% 158 145 137 59 68 55 +9.5% NET INCOME DEVELOPMENT -13.3% +21.4% -5.8% GEORGIA CAPITAL +0.7% 17.3 16.1 16.3 3.8 3.2 4.1 36 37 41 13 11 11 7.5 6.5 5.4 2.4 1.8 1.5 25 26 29 29 78 82 22 99 5.2 3.9 4.7 13.5 12.0 13.1 3Q19 3Q20 3Q21 9M19 9M20 9M21 3Q19 3Q20 3Q21 9M19 9M20 9M21 P&C Medical - Total P&C Medical - Total 40#41OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES RENEWABLE ENERGY KEY DRIVERS ■ Electricity generation levels down 9.5% y-o-y in 3Q21, reflecting: a) lower generation levels at Qartli Wind Farm in 3Q21, compared to the extraordinarily high generation levels in 3Q20 b) lower generation levels at Mestiachala and Hydrolea HPPs due to the unfavourable hydrological conditions during the quarter. Revenue down 15.7% y-o-y in 3Q21, reflecting, lower electricity generation levels and impact of Bl reimbursements for 2020 revenues of the 20MW Mestiachala HPP unit. Excluding the impact of BI reimbursement, 3Q21 revenue was down 9.8% y-o-y GEL MILLION REVENUE DEVELOPMENT -2.8% 35 4 -15.7% 10 16 2 13 1 60 6 +18.7% 34 12 +4.5% 8 7 21 22 EBITDA DEVELOPMENT -19.1% 13 11 GEORGIA CAPITAL -6.5% 28 26 3Q20 3Q21 9M20 9M21 3Q20 3Q21 9M20 9M21 ■PPA Non-PPA BI Reimbursement - - Total revenue 41 25#42OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES (CONT'D) GEORGIA CAPITAL EDUCATION KEY DRIVERS Revenue up by 6.5% y-o-y in 3Q21, reflecting a 15.2% y-o-y growth in average tuition revenue per learner in 9M21 and growth in the number of learners by 20.5% y-o-y EBITDA down by 28.2% and up by 25.4% y-o-y in 3Q21 and 9M21, respectively, reflecting the decreased number of academic days as the schools modified the academic calendar Capacity up 80.1% to 5,060 as at 30- Sep-21 from 30-Jun-21, reflecting the expansion of the education business in the affordable segment GEL MILLION REVENUE DEVELOPMENT +6.5% 3 3 17 +14.5% 20 -28.2% EBITDA DEVELOPMENT (1) (1) 4 +25.4% 5 UT 3Q20 3Q21 9M20 9M21 3Q20 3Q21 9M20 9M21 222 42#43GEORGIA 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$ 133 MILLION LIQUID FUNDS AS OF 30-SEP-21 GEORGIA CAPITAL Cash 51 TOTAL Marketable securities 133 25.4% 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 Sep-21 39 SOLID DIVIDEND INCOME OUTLOOK FROM OUR LISTED AND PRIVATE PORTFOLIO COMPANIES c.75 GEL MILLION IN 2021 DIVIDENDS RECEIVED (GEL million) GHG P&C Insurance Renewable Energy Total 3Q21 9M21 25.0 25.0 5.0 5.0 14.5 30.0 44.5 GEL 14.5 MILLION DIVIDENDS COLLECTED FROM BOG IN 4Q21 Georgia Capital PLC | 1. LTV Ratio - Loan to value ratio: net debt divided by the portfolio value. 44 43#44CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 3Q21 & 9M21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 9M21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 44#45GEL MILLION PORTFOLIO VALUE DEVELOPMENT IN 3Q21 PORTFOLIO VALUE UP 6.8% TO GEL 3.47 BILLION IN 3Q21 % SHARE OF LISTED ASSETS 17.7% 3,247 I 18.5% 161 3 3,469 66 (8) Portfolio value BOG Large portfolio Investment stage 30-Jun-21 companies portfolio companies Other portfolio companies Portfolio value 30-Sep-21 GEORGIA CAPITAL WATER UTILITY, BOG AND HEALTHCARE SERVICES CONTRIBUTED 79% TO THE TOTAL PORTFOLIO VALUE GROWTH IN 3Q21 17% 37 1% -5% 2% 6% 43-12 14 38 17% TOTAL PORTFOLIO VALUE GROWTH GEL 222 MILLION 32% 72 66 30% Water Utility (1) Healthcare Services (3) Insurance (P&C & Medical) (5) Other (7) Bank of Georgia (2) Retail (Pharmacy) (4) Education (6) Renewable Energy (8) 45 45#46PORTFOLIO VALUE DEVELOPMENT IN 9M21 PORTFOLIO VALUE UP 19.3% TO GEL 3.47 BILLION IN 9M21 % SHARE OF LISTED ASSETS GEORGIA CAPITAL HEALTHCARE SERVICES, WATER UTILITY AND BOG CONTRIBUTED 73% TO THE TOTAL PORTFOLIO VALUE GROWTH IN 9M21 GEL MILLION 18.3% 18.5% 387 34 30 3,469 110 2,908 Portfolio value BOG 31-Dec-20 Large portfolio companies Investment stage portfolio companies Other portfolio companies Portfolio value 30-Sep-21 4% 0% 5% 21-1 6% 30 35 12% 65 110 20% TOTAL PORTFOLIO VALUE GROWTH GEL 561 MILLION 27% 152 149 26% Healthcare Services (1) Bank of Georgia (3) Education (5) ■Insurance (P&C & Medical) (7) Water Utility (2) Retail (Pharmacy) (4) ■Other (6) ■Renewable Energy (8) 46 46#47PORTFOLIO VALUE AS OF 30-SEP-21 83% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 % SHARE IN TOTAL PORTFOLIO VALUE: 18% MULTIPLE: BGEO PRICE ON LSE GBP 15.54 21% 18% 18% 10% 7% 18% 246 642 337 PORTFOLIO BREAKDOWN GEL 3,469 MILLION 65% 2,245 Listed ■Large Investment stage Other GEL MILLION 8% 6% 4% 7% 10.5X LTM EV/EBITDA² 9.0X LTM EV/EBITDA³ 9.2X LTM EV/EBITDA² 12.0X 12.3X LTM P/E4 10.3X EV/EBITDA5 12.5X LTM EV/EBITDA 724 642 620 618 00 284 246 209 127 BOG Healthcare Services 6 Water Utility 7 Retail (Pharmacy) Insurance 6 (P&C & Medical) 6 Renewable Energy Education Other 7 EXTERNALLY VALUED¹ (ON A SEMI-ANNUAL BASIS) LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES GEORGIA CAPITAL Georgia Capital PLC 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by incorporating 3Q21 results, in line with "IPEV" guidelines and methodology deployed in 1H21 by an independent valuation company 2. LTM EV/EBITDA multiples for Healthcare services and Retail (pharmacy) are presented including IFRS 16 as of 30-Sep-21. 3. LTM Adjusted EBITDA as at 30-Sep-21 combines Water Utility's actual performance in 9M21 and the retrospective application of new tariffs on the 4Q20 numbers. 4. LTM P/E multiple of 12.0x for P&C Insurance and 12.3x for medical insurance as at 30-Sep-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. 47#48Listed portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ INVESTMENT RATIONALE Market opportunity 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 23.7% Leading market position¹ in Georgia by assets (35.3%), loans (36.0%), client deposits (36.1%) and equity (32.4%) as at 30 September 2021. 70 60 GEORGIA CAPITAL Growing market: The banking sector's assets growth rate at 23.7% (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 30-50%. 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% 58.6 56.9 47.2 50 39.7 41.0 38.2 40 34.6 31.9 30.1 30 25.2 26.6 22.3 34.6 35.9 20.6 17.3 18.9 20 12.7 14.4 16.0 26.2 13.0 23.0 10.6 8.9 7.2 8.3 10 0.8 1.3 1.7 0.9 2.5 1.7 4.2 2.7 6.0 4.6 5.2 6.3 8.7 7.7 10.5 19.8 17.0 14.3 0.7 1.0 1.3 2.1 3.2 3.6 4.0 5.5 6.7 7.6 9.7 11.6 0 2003 2004 2005 2006 2007 2008 2009 2010 Assets, GEL bln 2011 2012 2013 Deposits, GEL bln 2014 2015 2016 2017 2018 2019 2020 2021 Loans, GEL bln Source: NBG Robust capital management track record Maintain regular progressive semi-annual dividend payouts: aiming 30-50% dividend/share buyback payout ratio Given higher levels of lending growth in the near term, the Board currently expects the payout ratio to be approximately 35-40% over the next two years GEL 648mln+ cash dividend paid during 2013-2019 An interim dividend of GEL 1.48 per ordinary share was paid on 5 November 2021 Georgia Capital PLC | 1. Market data based on standalone accounts as published by the National Bank of Georgia (NBG) www.nbg.gov.ge 48#49Listed portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Stock price performance GEORGIA CAPITAL Financial metrics (GEL million) 2018 2019 2017 2016 2015 7.3% 6.5% 5.6% GBP 15.54 7.4% 7.7% as of 30-Sep-21 NIM 83.4% 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 NPL coverage May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Selected operating metrics Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Loan portfolio Sep-21 Cost/income² Retail active clients ('000) % share of digital transactions in total transactions 30-Sep-20 30-Sep-21 Change 1,472 1,530 +4.0% 3Q20 3Q21 Change 95.1% 96.5% 1.4ppts GEL 15.2 billion gross loan portfolio breakdown* | 30 September 2021 Corporate loans, GEL 5,173 million, 34.0% Retail loans, GEL 10,021 million, 66.0% * Bank of Georgia Standalone. 2020 3Q20 3Q21 Change 4.6% 5.0% +0.2ppts 86.7% 92.7% 90.5% 80.9% 76.3% 76.8% 90.9% +14.1ppts 5,367 6,682 7,741 9,398 11,931 14,192 13,627 15,579 +14.3% 35.5% 37.7% 37.7% 36.7% 37.8% 39.7% 37.1% 36.8% -0.3ppts 4.8% Loan book growth 27.0% Profits & ROAE ROAE¹ 21.9% 22.2% 25.2% 26.4% 26.1% 13.0% 9.9% 25.7% 24.5% 20.8% 526 500 21.4% 15.9% Dividend record³ (GEL million) Payout 10% ratio: 15% 30% 36% 33% 34% 32% 30% 30% 18.9% Total dividend paid for the year Dividend per share 14.3% 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 24 295 GEL million 370 379 296 274 163 Interim dividend 2015 2016 2017 2018 2019 2020 9M20 9M21 2015 2016 2017 2018 2019 2020 9M21 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. 49 70#50Private 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 50#51Private 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 Significantly improved cash flow Organic growth + New projects in pipeline Double digit revenue CAGR next 5 years Mid-teen EBITDA CAGR next 5 years + Gradually approaching c.15%-17% ROIC Disciplined capital allocation strategy OWNERSHIP Georgia Capital owns 100% in GHG at 30 September 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 51#52Private large portfolio companies EXTERNALLY VALUED GHG'S TRACK RECORD OF DELIVERING STRONG RESULTS REVENUE, GROSS (GEL MILLION) 246.0 CAGR 31.7% 426.4 975.4 920.3 849.9 747.8 +27.3% 877.7 689.6 +33.0% 311.1 233.9 EBITDA1 (GEL MILLION) OPERATING CASH FLOW1 (GEL MILLION) GEORGIA CAPITAL EBITDA to cash conversion ratio¹: 81% 54% 54% 75% 84% 112% 105% 125% 132% 72% CAGR 20.0% +34.6% +24.3% 132.3 145.2 139.4 CAGR 28.1% -26.5% 108.1 129.5 156.5 +47.7% 78.0 56.1 96.2 121.2 99.6 37.2 46.3 45.4 42.4 58.2 127.3 93.5 57.8 39.1 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 CAPEX (GEL MILLION) Start of the Capex Peak Capex stage Phase out from programme Capex programme 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 ROIC (%) Pursuing value creation and delivering strong operational performance 16.8% 15.4% 89.3 15% 12.7% 13.1% 71.2 9.4 63.7 10.8% 11.0% 9.6 9.6% 7.2 10% 11.1 39.7 111.0 79.7 30.3 5.3 12.3 20.4 34.1 64.0 11.9 52.6 10.0 6.9 11.4 27.8 1.6 4.1 20.3 8.2 13.5 22.7 5% 3.6 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 ■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 12.7% 16.7% 0% 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 52#53Private 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 customers > Building an effective logistics 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% 3Q21 Revenue breakdown by segments 7% 16% 77% Hospitals Clinics Diagnostics 3Q21 Revenue breakdown by payment sources 30% 65% Out of pocket UHC Other In clinics segment revenue from out of pocket payments represents 32% of total Georgia Capital PLC | 1. NCDC 2018, updated by GHG to include the changes before 30 September 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 53#54Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW (CONT'D) HOSPITALS Bed occupancy rate CLINICS 19 15 17 Number of referral hospitals Average length of stay 4.9 5.2 5.5 5.4 5.2 5.6 5.1 5.7 5.4 5.6 Number of community clinics +17.6ppts 2,596 80% +12.5ppts 67.7% Number of referral hospital beds 63.0% 59.3% 61.6% 60% 54.7% 56.4% 53.1% 50.1% KGEL 121.0 63.8% 353 51.3% Number of community clinics beds 40% Revenue per referral bed, 9M21 annualized 20% 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 CASH FLOW HIGHLIGHTS1 GROSS REVENUE² EBITDA¹ GEORGIA CAPITAL Number of polyclinics c.251,000 Number of registered patients in Tbilisi 3Q21 9M21 Gross profit margin (%) EBITDA margin (%)¹ 43% 46% 42% 42% 43% 39% 44% 40% 40% 42% Operating 27% 30% 26% 25% 26% 22% 26% 23% 21% 25% GEL 30.8m GEL 53.7m cash flow Change y-o-y EBITDA to cash +44.6% -26.5% CAGR 7.9% +48.6% 305.6 350 128.2% 73.2% conversion GEL million 2.9 293.0 5.1 285.8 265.4 38.3 246.1 14.5 44.4 +49.0% 250 46.7 195.0 Change y-o-y Free cash flow +14.9ppts -104.3ppts 150 GEL 16.5m GEL 18.4m 50 0 -67.0% -78.0% 2015 2016 2017 2018 2019 2020 ■Clinics Diagnostics Change y-o-y Hospitals 2019 2020 3Q20 3Q21 9M20 9M21 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. 54 3Q20 3Q21 9M20 9M21 2015 2016 2017 2018 150 298.6 22.0 100 200.9 50.4 74.3 76.0 74.7 70.1 6.7 33.1 61.8 53.5 106.3 268.3 71.3 50 248.5 232.3 8.8 235.5 3.3 18.2 166.1 11.7 82.5 58.3 +27.7% +78.1% 73.3 41.1 24.0 18.8#55Externally valued¹ HEALTHCARE SERVICES BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q +4.5% +2.1% NMF +5.6% 43 1,007 964 724 (246) (37) IMPLIED LTM EV/EBITDA² DEVELOPMENT (incl. IFRS 16) 10.6x 10.5x Enterprise value 30-Jun-21 Increase in EV Enterprise value 30-Sep-21 Net debt inc. Lease liabilities Minority interest Equity value 30-Sep-21 30-Jun-21 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ Enterprise value 1,007.1 964.0 43.1 836.9 170.2 LTM EBITDA² 95.9 90.7 5.2 63.6 32.3 Implied EV/EBITDA multiple 10.5× 10.6x -0.1x 13.2x -2.7x Net debt incl. lease liabilities Equity value (245.6) (240.6) (5.0) (230.1) (15.5) 761.6 723.4 38.2 606.8 154.8 Equity value of GCAP's share 724.0 685.8 38.2 571.7 152.3 Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by incorporating 3Q21 results, in line with IPEV guidelines and methodology deployed in 1H21, by a third-party independent valuation firm. 2. LTM EBITDAS are presented excluding HTMC. GEORGIA CAPITAL Agu. Sap. Oct. Nov. Dec. LVL 416 пле 士 SLP aVF 55#56Private 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 337 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 337 Pharmacies countrywide 236 129 136 67 34 38 106 101 69 25 38 9 0 Shopping Areas Clinic 23 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 56#57Private 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 57.2 million in 3Q21 (up 30.1% y-o-y), with 33.5% gross profit margin. Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 35.8% in 3Q21 (33.9% in 2Q21). CASH FLOW HIGHLIGHTS 3Q21 9M21 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% 25.0% 27.4% 25.8% 25.3% 25.3 27.1 Same store growth (%) 28.8 27.6 7.0 7.4 20.4 21.1 NMF 9% 9% 6% 3.6% 14.8% 5.1% 10.6% 800 +18.3% 679.4 614.7 +21.1% 566.1 600 518.6 184.7 478.4 450.3 176.9 150.5 134.5 400 113.9 126.0 193.3 494.7 159.6 200 437.8 336.4 384.1 415.6 48.2 352.4 43.1 116.5 145.1 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 ■Retail Distribution Number of pharmacies countrywide 270 296 309 305 337 EBITDA¹ GEL 18.5 18.5 16.8 16.2 15.6 14.3 13.3 13.4 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 CUSTOMER INTERACTIONS PER MONTH Operating cash flow¹ GEL 26.2m GEL 39.7m Operating leverage¹(%) NMF 7.8% 4.1% -1.4% 1.6% -5.8% -1.3% -5.8% c.0.8mln Change y-o-y 73.8% -18.0% EBITDA margin¹ (%) Loyal customers 8.6% 10.1% 10.6% 10.4% 10.3% 10.6% 10.5% 9.5% EBITDA to cash conversion¹ 150 127.7% 73.9% Change y-o-y 36.1ppts -22.9ppts Free cash flow¹ GEL million +7.3% 100 GEL 22.4m GEL 29.1m 70.4 65.3 +24.7% 52.2 38.9 50 50.1 53.7 16.4 20.5 million Change y-o-y 64.5% -34.8% Georgia Capital PLC | 1. Excluding IFRS16 impact 2.1 2.3 2.4 2.3 2.3 2.5 2.3 2.3 0 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 57#58Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW ӨӨ VALUE DEVELOPMENT OVERVIEW | 3Q21 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) Change q-o-q 38 +4.4% 916 -2.9% +3.3% +6.4% (incl. IFRS 16) 878 9.3x (135) 618 (163) 9.2x Enterprise value 30-Jun-21 Increase in EV Enterprise value 30-Sep-21 Net debt inc. financial leases Minority interest Equity value 30-Sep-21 30-Jun-21 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches1 Enterprise value 916.4 878.0 38.4 835.9 80.5 LTM EBITDA 99.6 94.4 5.2 92.4 7.2 Implied EV/EBITDA multiple 9.2x 9.3x -0.1x 9.1x 0.1x Net debt inc. lease liabilities Equity value (134.9) (138.9) 4.0 (130.2) (4.7) 781.6 739.1 42.5 705.7 75.9 Equity value of GCAP's share 617.6 580.4 37.2 552.7 64.9 Georgia Capital PLC || 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by incorporating 3Q21 results, in line with IPEV guidelines and methodology deployed in 1H21, by a third-party independent valuation firm. GEORGIA CAPITAL 58#59Private 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 IC Group 5 Aversi 2 Other 9 18 Georgia Capital PLC | 1. ISSSG as of 30 June 2021. 31 23% 38 28% 13% c.168,000 Number of insured clients 7% 3% 2% 31 24% 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% 59#60Thousands 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% 34.8% 33.9% 40.5% 35.5% 75.1% 76.9% 77.5% 78.8% 78.2% 73.4% 73.4% 400 69.7% 71.0% 72.6% 300 234 236 211 174 174 200 155 157 168 174 168 100 GEL million 90 75.4 69.5 61.5 58.6 60 53.7 55.1 60 30 +5.1% GEORGIA CAPITAL 54.1 51.5 +11.7% 16.9 18.9 0 0 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 Number of Insured, thousands Renewal Rate COMBINED RATIO +2.4ppts +5.1ppts 104.7% 102.5% 96.7% 94.0% 96.1% 96.4% 90.6% 89.3% 91.7% 91.4% 84.1% 78.7% 84.2% 77.3% 81.4% 73.0% 74.9% 74.5% 73.9% 78.7% 18.0% 20.6% 18.3% 16.8% 14.7% 17.6% 14.4% 17.2% 17.4% 17.7% 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 Expense ratio Loss ratio Georgia Capital PLC | 1. 2019 and 2020 numbers are adjusted to exclude HTMC hospital. GEL million NET PROFIT -22.7% 6.4 +19.3% 4.4 2.9 1.8 4.1 3.2 1.5 1.8 (2.6) (4.9) 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 60 60#61Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q +6.0% +4.5% +5.5% 3 47 44 21 68 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 12.3x 12.3x Enterprise value 30-Jun-21 Increase in EV Enterprise value 30-Sep-21 Excess cash Equity value 30-Sep-21 30-Jun-21 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ LTM Net income 5.5 5.2 0.3 6.4 Implied P/E multiple 12.3x 12.3x Equity value 67.5 64.0 LTM ROAE2 17.8% 18.6% 3.5 -0.8ppts 10.1x 64.9 24.2% (0.9) 2.2x 2.6 -6.4ppts Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by incorporating 3Q21 results, in line with IPEV guidelines and methodology deployed in 1H21, by a third-party independent valuation firm. 2. Adjusted for non-recurring items. GEORGIA CAPITAL 61#62Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW INVESTMENT RATIONALE Significantly underpenetrated insurance market in Georgia (0.8% penetration in property and casualty insurance market). • Market leader with a powerful distribution network of point of sale and sales agents. VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. 17% MARKET SHARE 1H21 (GROSS PREMIUMS WRITTEN) (GEL MILLION) 4% 5% 5% 10% VIG 11% 18% 30% GEORGIA CAPITAL MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹ 228 202 195 36% 370 380 308 • 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 revenues have grown by 80% y-o-y in 3Q21 (from GEL 0.36 million to GEL 0.64 million) and by 73% y-o-y in 9M21 (from GEL 0.95 million to GEL 1.65 million). . Digitalisation. Undisputed leader in providing insurance solutions to corporate clients. Other Ardi New Irao Unison GPIH Vision TBC Aldagi Insurance 2015 2016 2017 2018 Market 2019 2020 1H 20 1H 21 Aldagi Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY Georgia P&C Penetration 0.8% Density $34 Source: Insurance State Supervision Service of Georgia MARKET PL & COMBINED RATIO | 1H21 Total Market Profit* GEL 14.6 m * 11.1% 8.4% 8.6% 7,224 OWNERSHIP 6.8% 6.1% P&C Insurance is 100% owned through Aldagi. 4,523 5.0% 3,317 3,108 2,719 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. UK Switzerland France 1,429 Belgium Germany Slovenia Insurance Density USD Poland Bulgaria Turkey Russia Insurance Penetration Georgia 2.6% 2.4% 1.5% 1.4% 1.4% 82% 5.0 409 239 128 146 58 38% 39% 29% 28% 29% 110 29% 30% 90 105 70 77 88 72 55 8.3 120% 107% 103% 98% 96% 89% 83% Market CR 97% 1.6 1.8 0.3 (1.4) 0.6 Aldagi TBC GPIH (1.7) 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 62 238 191#63Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW Financial Highlights COMBINED RATIO 3Q21 9M21 -0.6ppts -5.4ppts -0.8ppts 85.6% Earned premiums gross 32.8m 90.0 82.1% 81.5% 80.2% 82.1% 81.3% 77.5% 73.9% 72.6% 75.2% 75.4% Change (y-o-y) +15.2% +19.7% Cash flow from operations 7.6m 16.6m 41.6% 44.0% 35.6% 42.8% 35.4% 40.0% 38.2% Change (y-o-y) +7.6% -1.8% 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% 37.6% 38.8% 31.8% 37.2% ---------- 46.8% 48.4% ---------- 44.9% 49.1% 32.2% GEORGIA CAPITAL Operating Metrics 3Q21 9M21 2014 2015 2016 2017 2018 Expense Ratio 2019 2020 Loss Ratio 3Q20 - Combined Ratio 3Q21 9M20 9M21 Number of policies written (corporate) 24,597 68,159 Change (y-o-y) +22.1% +8.3% PROFIT & DIVIDEND PAYOUT RATIO (GEL million) Number of policies written (retail) 35,054 111,227 ROAE 28% 37% 37% 38% 34% 30% 25% 22% 24% 24% 23% Change (y-o-y) -8.9% +25.9% Number of claims reported 6,037 15,025 CAGR 15% 18 18 +8.8% 16 17 Change (y-o-y) +41.9% +38.9% Renewal rate (corporate) 64% 11 14 +22.2% 13.1 12.0 78.2% 86.4% 68% 61% 7 51% 55% Change (y-o-y) -3.3ppts +0.7ppts 3.9 4.7 Renewal rate (retail) 70.4% 73.5% 1 Change (y-o-y) +8.2ppts +11.1ppts 2014 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 Profit Dividend Payout Ratio Georgia Capital PLC | 1. Adjusted for non-recurring items. 63 3#64Externally valued¹ P&C INSURANCE BUSINESS L VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q 206 NMF +4.9% 10 216 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 12.0x 12.0x Equity value 30-Jun-21 Operating performance Equity value 30-Sep-21 30-Jun-21 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ LTM Net income² 18.0 17.2 0.8 17.1 0.9 Implied P/E multiple 12.0x 12.0x 11.6x 0.4x Equity value 216.4 206.4 LTM ROAE² 24.3% 24.0% 10.0 +0.3ppts 197.8 18.6 24.9% -0.6ppts Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by incorporating 3Q21 results, in line with IPEV guidelines and methodology deployed in 1H21, by a third-party independent valuation firm. 2. Adjusted for non-recurring items. GEORGIA CAPITAL D 田 64#65Private 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 65#66Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL OPERATING HIGHLIGHTS REVENUE HIGHLIGHTS Total 119 127 135 149 163 131 38 60 99 152 Energy 3Q21 9M21 EBITDA 2015-2019: +54% +91.9% + 54.0% Electricity sales (KWh million) 32.2 Change (y-o-y) +121.9% 106.7 +139.6% Average electricity sales price (tetri/kWh) 11.6 10.5 GEL million 20 9 10 9 10 14 6 + 58.2% 5 GEL million 95 83 73 69 62 97 63 + 94.6% 140 143 5 138 110 117 125 125 2 Change (y-o-y) -6.1% -17.3% 94 94 50 40 21 55 36 Self-produced electricity consumption 48.9 137.9 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 Change (y-o-y) +1.1% Electricity generation (KWh million) 81.1 +2.8% 244.6 Water supply revenue Energy revenue OPERATING AND INVESTING CASH FLOW SELF-PRODUCED ELECTRICITY CONSUMPTION Change (y-o-y) +29.0% +36.8% FCF 17 (2) (58) (66) 17 4 7 30 (1) 29 125 105 2015-2020: -45.2% Water Utility 3Q21 9M21 Water sales (million m³) 37.9 109.0 Change (y-o-y) -13.4% -13.2% New Connections 1,132 2,898 Change (y-o-y) -11.8% +7.0% GEL million 35 52 62 59 76 60 47 5256 3432 69 42 40 35 34 17 12 9 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 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. kWh million + 1.1% + 2.8% 319 256 239 193 174 175 134 138 48 49 2015 2016 2017 2018 2019 2020 3Q20 3Q21 9M20 9M21 66#67Externally valued¹ WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q +4.5% -5.6% +13.0% 45 1,012 1,057 620 (437) IMPLIED LTM EV/EBITDA MULTIPLE DEVELOPMENT 9.3x 9.0x Enterprise value Increase in EV 30-Jun-21 Enterprise value 30-Sep-21 Net debt inc. Lease liabilities Equity value 30-Sep-21 30-Jun-21 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches1 Enterprise value 1,057.0 1,011.5 45.5 930.9 126.1 LTM EBITDA 117.4² 108.23 9.2 98.74 18.7 Implied EV/EBITDA multiple Net debt 9.0x 9.3x -0.3x 9.4x -0.4x (437.3) (463.3) 26.0 (459.7) 22.4 Equity value 619.7 548.2 71.5 471.1 148.6 Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by incorporating 3Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. 2. LTM Adjusted EBITDA as at 30-Sep-21 combines Water Utility's actual performance in 9M21 and the retrospective application of new tariffs on the 4Q20 numbers. 3. LTM adjusted EBITDA as at 30-Jun-20, reflects the retrospective application of new tariffs on 2H20 performance. 4. LTM adjusted EBITDA as at 31-Dec-20, reflects the retrospective application of new tariffs on 2020 performance. GEORGIA CAPITAL 67 67#68Private 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. ■ 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. VALUE CREATION POTENTIAL 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. Stable dividend provider capacity in the medium term. OWNERSHIP Renewable Energy is 100% owned by Georgia Capital. GEORGIA CAPITAL MARKET OPPORTUNITY ELECTRICITY SUPPLY AND CONSUMPTION (TWH) Deficit (4 months) Deficit (6 months) 1.5 1.0 0.5 0.0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Electricity deficit during July- April. 11.5% of total consumption produced by gas-fired TPPS, 15.9% imported. 9m21 electricity consumption up by 5.0% and 12.3% from 2019 and 2020 respectively. Hydro & Wind Import 2021 consumption TPP 2020 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. 68#69GEL millions Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) PERFORMANCE HIGHLIGHTS RENEWABLE ENERGY PROJECTS OVERVIEW | 30 September 2021 GEORGIA CAPITAL Generation (GWh) 55.8 52.4 12.6 11.4 23.2 19.1 81.5 93.8 39.0 55.8 69.8 62.3 Commissioned projects Installed capacity (MWs) Actual/ Target capacity factor commissioning (P50) Gross PPA expiration PPA tariff, Us¢/KWh -4.8% -8.9% -18.4% +11.2% +45.3% -6.2%, Mestiachala HPPS 50.0 1H19 14.1 Hydrolea HPPS 20.4 2H19 7.8 7.5 13.2 12.1 10.9 Qartli Wind Farm 20.7 2H19 40.2% 65-70% 47.3% 1H34 5.5 1H22-2H28 5.5-5.6 2H29 6.5 4.7 3.9 8.0 5.5 Pipeline projects Zoti HPP 46.0 TBD 43.0% TDB 5.1 1.7 1.6 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 3Q21 revenue Mestiachala HPPS Hydrolea HPPS Qartli WPP 9M20 revenue 9M21 revenue Kaspi Wind Farm 54.0 TBD 37%-40% TBD TBD Total 262.6 3Q20 revenue Note 1: 2021 revenue of Hydrolea HPPs excludes business interruption (BI) accrual (GEL 0.6m in 3Q21 and 9M21) 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. EBITDA (GEL million) Change (y-o-y) EBITDA margin Change (y-o-y) 3Q21 10.8 -19.1% 9M21 3Q21 9M21 25.7 -6.5% Cash flow from operations (GEL million) Change (y-o-y) 10.4 20.4 -8.0% -29.8% 80.4% 75.8% Average market sales price (Us¢/kWh) 4.1 3.5 -3.4ppts -3.Oppts Change (y-o-y) +3.2% -7.4% Dividend payment (GEL million) 5.0 14.5 69 69 Change (y-o-y) NMF NMF#70Internally valued RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q 507 -3.7% -2.3% -5.4% 488 (19) 209 (279) Enterprise value Decrease in EV 30-Jun-21 Enterprise value 30-Sep-21 Net debt Equity value 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Multiples² Enterprise value 488.3 506.9 (18.6) 489.3 (1.0) EBITDA1 25.9 27.2 (1.2) 27.3 (1.4) Selected EV/EBITDA multiple 10.3x 10.3x 0.0x 9.7x 0.6x Investments at cost (EV)³ 219.7 226.7 (7.0) 224.6 (4.9) Net debt (279.2) (285.8) 6.6 (279.4) 0.2 Equity value 209.1 221.1 (12.0) 209.9 (0.8) EQUITY FAIR VALUE COMPOSITION AT 30-SEP-21 GEORGIA CAPITAL (GEL MILLION) 44 Total value 209 165 ■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. eblegy 70#71Private 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 Majority stakes (70%-90%) across different schools. STRONG PLATFORM TO FACILITATE GROWTH AND SCALE TO BECOME THE LEADING EDUCATION PLAYER WITH c. 21,000 LEARNERS BY 2025 TARGETING FOR 2025... ...THROUGH Equity value GEL 0.5b Capacity (# of learners) EBITDA margin 40%+ Maintain ROIC 20%+ Ramp-up for new capacity (reaching 80%+ utilization) 3-5 years Utilization on operational campuses EBITDA GCAP new equity investment ROIC Investment per learner capacity in affordable segment REMAINING GCAP NEW EQUITY INVESTMENT BY 2025 Existing partner schools with expansion M&A 80% affordable & 20% midscale NOW 5,060 62% GEL 9.5mln¹ USD 19.0mln² 20%+ GEL 7,200 plans 50+ 13 USD million TOTAL EBITDA BY 2025 GEL million By 2025 7,200 85% GEL 34mln USD 2.4mln 20%+ GEL 7,000 CAPACITY BY 2025 By 2025 13,800 80%-85% GEL 16mln USD 10.2mln 20%+ GEL 6,200 21K learners Of which, 7,200 (existing schools) Of which, 13,800 (M&As) ➤ With new equity investment of USD 2.6mln, GCAP can expand to 7,200 learner capacity and generate GEL 34mln EBITDA by 2025 on secured real estate locations with existing partner schools ➤ Capacity of partner school campuses is at 5,060 learners (up from 2,810 learners y-o-y) - the launch of new campuses and acquisition of 1,200 learner capacity school in affordable segment. Due to low utilization rate on new campuses, utilization on operational campuses decreased to 62% (down from 93% y-o-y). We expect utilization rate to return to 80%+ ➤ USD 2.4mln new equity investment for expansion plans with existing partner schools is net of education business reinvestment of USD 5.4mln and net of in-kind contribution of USD 5.5mln (assets already on GCAP Balance Sheet) ➤ USD 10.2mln new equity investment for M&A pipeline is net of education business reinvestment of USD 15.2mln Georgia Capital PLC | 1. EBITDA for 2020-21 academic year. 2. Investment is calculated at 3.2 USD/GEL exchange rate. 71#72Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) PRIVATE K-12 MARKET IN GEORGIA Market growing at 1.6x nominal GDP growth rate GEORGIA CAPITAL Operating highlights 9M21 Capacity utilization 62.3% Change (y-o-y) -30.8 ppts Private K-12 learners in Georgia Private K-12 market size in Georgia Number of learners 3,150 8.2% CAGR '20-25 63.2 Change (y-o-y) +536 60.8 61.9 51.6 53.9 55.4 56.1 57.6 60.1 13.1% CAGR '13-20 4.6 3.9 3.6 3.7 3.6 11% Learner to teacher ratio 8.9 10% 3.2 10% 10% 10% 10% 10% 2.6 2.7 2.9 403 9% 10% 2.0 Change (y-o-y) -7.0% Average tuition revenue per learner¹ 7,237 280 272 281 257 60.1 192 177 158 115 Change (y-o-y) +15.2% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2025E Number of private learners % in total number of learners Total revenue, GELmln Revenue per learner, GEL '000 Financial highlights 3Q21 9M21 EBITDA Change (y-o-y) (1.3) 5.2 EBITDA margin Change (y-o-y) -28.2% -38.6% +25.4% 13.9 4.4% 4.5% 26.5% 13.1% 11.0 10.9 3.7% Cash flow from -6.5 ppts +2.3 ppts 3.0% 9.9 9.3 operations 3.7 11.2 Change (y-o-y) +13.1% Net debt +39.0% 15.0 Change (y-o-y) 15.0 -0.5% -0.5% 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, 9M21 tuition revenue is adjusted for the modification of the academic calendar. Latvia Slovakia Poland 3.9% 3.3% 3.3% 3.2% 3.0% 3.1% 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 Lower average annual spending per K-12 learner in Georgia indicating room for further growth Source: G&T, GCAP estimates Estonia Hungary Lithuania Chile Turkey Mexico Colombia Indonesia Georgia Georgia has lower spending on education compared to other countries: • Total spending per learner is USD 650 vs. USD 9,000 OECD average Total spending as % of GDP stands at 2.2% versus 3.1% OECD average Source: OECD, Ministry of Finance of Georgia 72#73Internally valued EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q -3.3% +21.8% -23.2% +0.5% +3.1% 34 144 139 (9) 127 (5) (37) LTM EV/EBITDA DEVELOPMENT 12.5x 12.5x Enterprise Decrease in EV value 30-Jun-21 Enterprise value 30-Sep-21 Investment at cost Net debt Minority interest 2 Equity value 30-Sep-21 30-Jun-21 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Multiples³ Enterprise value 139.1 143.8 (4.7) 119.0 EBITDA1 11.1 11.5 (0.4) 9.5 20.1 1.6 Selected EV/EBITDA multiple 12.5x 12.5x 12.5x - Net debt (8.8) (11.5) 2.7 (13.7) 4.9 Equity value 130.3 132.3 (2.0) 105.3 25.0 Investments at cost 33.9 27.8 Total equity value of GCAP's share 127.5 123.7 6.1 3.8 16.8 17.1 93.0 34.5 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 73#74CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 3Q21 & 9M21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 9M21 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 74#75SOVEREIGN 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 Stable August 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 Stable Kazakhstan BBB Stable Turkey BB- Stable Ukraine B Positive Economy Life expectancy: 73.5 years Official language: Georgian Literacy: 100% Currency (code): Lari (GEL) Nominal GDP (Geostat) 2020: GEL 49 billion (US$15.9 billion) Real GDP growth rate 2020: -6.2% Real GDP 2011-2020 annual average growth rate: 3.6% GDP per capita 2020 (PPP, international dollar) IMF: 14,920 Annual inflation 2020: 5.2% External public debt to GDP 2020: 47.5% RUSSIA 75#76GEORGIA'S KEY ECONOMIC DRIVERS GEORGIA CAPITAL Liberal economic policy Regional logistics and tourism hub Top performer globally in WB Doing Business over the past 12 years Liberty Act (effective January 2014) ensures a credible fiscal framework; Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%. " Following the emergency clause activation after the COVID-19 shock, the fiscal framework will return within the rule bounds in three years, as specified in the Liberty Act; Business friendly environment and low tax regime (attested by favourable international rankings); A natural transport and logistics hub, connecting land-locked energy rich countries in the east and European markets in the west Access to a market of 2.8 billion customers without customs duties: Free trade agreements with EU, China, Hong Kong, CIS and Turkey and GSP with USA, Canada, Japan, Norway and Switzerland; FTA with Israel and India under consideration. Tourism inflows fell sharply to US$ 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. 76#77INSTITUTIONAL ORIENTED REFORMS Ease of Doing Business | 2020 (WB Doing Business Report) New Zealand Singapore Economic Freedom Index | 2021 (Heritage Foundation) Ireland UK GEORGIA CAPITAL 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 Georgia Lithuania Czech Republic Germany Latvia Armenia Bulgaria Azerbaijan Turkey Russia 5 7 12 15 27 29 30 32 35 38 76 92 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 1 Sweden 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 77#78Source: IMF, WEO (October 2021) -5,000 -10,000 2013 PACE OF ECONOMIC RECOVERY IS HIGHER THAN EXPECTED Gross domestic product 2014 2015 Nominal GDP structure, 1H21 According to preliminary estimates, real GDP grew by 12.5% y-o-y in 1H21, including a 29.9% growth in 2Q21 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 8% Industry 17% 3% 17,597 17,422 16% 3% 16,249 15,112 14,948 15,142 15,888 12.5% 15,000 12% 7.4% 6.4% 10,000 8,185 4.4% 4.8% 4.8% 5.1% 7,319 8% Healthcare 5% Education 4% 3.6% 3.0% 2.9% 5,000 4% Financial and insurance activities 5% 0 2016 2017 2018 Source: Geostat Georgia's medium-term growth rate forecast increased from 5.1% to 5.8% in the IMF's latest World Economic Outlook (October 2021) Comparative real GDP growth rates, % (2021-2026 average) | IMF 2019 -6.2% -6.0% 2020 1H20 1H21 5.8 5.2 4.6 4.4 4.4 4.3 3.9 3.8 3.7 3.6 3.3 do 50.0 40.0 30.0 20.0 2.5 2.0 1.2 -10.0 -20.0 Georgia Moldova Armenia Romania Estonia Turkey Latvia Poland Ukraine Czechia Lithuania Russia Azerbaijan Belarus -30.0 Source: Geostat 0% -4% Transportation and storage. 6% -8% Public administration and defence 7% Construction 8% Agriculture 7% Monthly Economic Activity Estimate, Y-o-Y growth Flash estimates show the economy growing by 11.3% Y-o-Y in 9M21 10.0 4.6 6.0 5.1 4.7 5.0 6.1 5.8 5.2 5.7 6.4 0.0 Source: Geostat Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 3.8 5.1 2.2 Jan-20 Feb-20 Mar-20 -2.7 13.5 -16.613 -7.7-5.5-5.3 Apr-20 May-20 Jun-20 -0.7-3.9 -7.7 -7.911.5 -5.1 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 4.0 Real estate 11% 44.8 25.8 18.7 9.910.36.9 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 78 Trade 16% GEORGIA CAPITAL#79SERVICE SECTOR MAJOR DRIVER OF 2021 REBOUND THE SERVICE SECTOR CONTRIBUTED BY 25.5 PERCENTAGE POINTS IN 2Q21 GROWTH 40% 35% 30% 25% 20% 15% 10% Agriculture Industry Services Real GDP Growth CONTRIBUTIONS TO REAL GDP GROWTH GEORGIA CAPITAL I2Q21 vs 2Q19 12Q21 vs 2Q20 2.9% Wholesale and retail trade 5.8% 2.6% Manufacturing 3.8% 2.5% Arts, entertainment 3.7% 1.3% Finance and insurance 2.5% 0.5% Accommodation and food service 2.3% 0.2% Transportation and storage 2.2% 1.6% Real estate 2.2% 2.1% Healthcare 2.0% 0.0% Construction 2.0% 1.0% Information and communication 1.6% 0.2% Other 1.3% 5% 0% Indthirth -5% -10% -15% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 79 79#800 117 500 1000 Sources: GeoStat 30 0.9 1450 27.2 27.2 26.7 26.4 0.8 23.0 21.9 21.7 21.9 22.1 25 21.6 0.7 20.4 19.2 17.6 18.3 18.3 20 0.6 1300 17.0 0.5 15 0.4 0.3 1150 10 0.2 5 0.1 0 1000 0 2013 2014 2015 2016 2017 2018 2000 13% 13% 10% 8% 8% 1500 11% 6% 4% 4% 4% || 17 III 17 IV 17 | 18 2019 Employed Unemployment % Average monthly nominal earnings in business sector Sources: GeoStat Wages, total Growth rate (RHS) 18% 20% II 18 III 18 IV 18 119 II 19 61 III IV 19 1 20 -5% II 20 III 20 IV 20 121 11% 7% 7% II 21 120 11 20 SIGN OF RECOVERY IN WAGES WHILE EMPLOYMENT LAGS BEHIND Unemployment rate up to 22.1% in 2Q21 UNDP Human Development Index Sources: UNDP GEORGIA CAPITAL III 20 IV 20 121 || 21 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 2006 2007 Labour force decomposition Sources: GeoStat Number of hired workers increased by 49k q-o-q while the number of unemployed rose by 27k q-o-q, as the labour force grew by 112k q-o- 15% 1,604 1,625 1,655 1,627 1,629 1,676 1,654 1,641 1,605 1,573 1,545 1,515 1,529 1,506 1,559 1,447 10% 367 436 442 442 430 374 359 354 309 277 283 277 260 308 345 5% 317 5% 446 434 417 392 398 371 453 398 423 392 382 445 1% 455 452 449 346 0% 1% -5% 710 724 759 739 795 855 854 869 903 898 891 361 840 845 805 783 832 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -10% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 120 II 20 III 20 IV 20 121 II 21 | Hired Self-employed Unemployed ■Not-identified worker 80#81INFLATION TO DECELERATE FROM THE 2ND HALF OF 2022 14 Inflation Y-o-Y vs. inflation target Sources: NBG, GeoStat Inflation has picked up pace since May 2021 and reached 12.8% in October mostly on the back of supply side pressures such as global food and commodity prices. Core inflation has stabilized, pointing to gradual easing of underlying price pressures. We expect inflation to decelerate from the 2nd half of 2022 Headline Inflation Target Core Inflation Inflation components Source: GeoStat GEORGIA CAPITAL All major components contributed to increasing inflation in the past few months - the rising contribution of transport reflects high oil prices, while food inflation has accelerated due to global trends, and prices on utilities have risen since the new gas tariff in Tbilisi was approved in June 2021 14 14 12.8 Food and non-alcoholic beverages Alcoholic beverages and tobacco 12 10 8 6 4 2 0 -2 Transport 12 12 12 Other 10 10 8 8 6.3 6 6 4 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 4 2 2 0 0 2 -2 -4 I III VI VII VIII IX 2019 Λ Χ IIX TIX IX או III IV ΙΛ Λ 2020 I Housing and utilities Inflation VIII IX IX XII VI VII VIII 2021 X XI 81#82-40% -30% 2010 Goods, net -20% 0% 10% 20% -5.6% -5.5% -10% -6.8% -8.1% -9.8% -10.2% -11.4% -12.2% -11.8% -12.5% 2011 Current transfers, net 2012 2013 2014 CURRENT ACCOUNT BALANCE ADJUSTING AFTER RECORD LOWS Current account balance (% of nominal GDP) 30% Sources: NBG GEORGIA CAPITAL Exports and Re-exports, US$ billion Source: NBG The CAB was -9.2% in 1H21, with the trade deficit slightly widening as imports bounced back, albeit more than compensated by remittance inflows 30% While service exports plummeted due to COVID-19, Georgian-originated goods exports have proven resilient throughout the crisis and afterwards 2015 2016 Services, net -Current account 2017 2018 2019 20% Service exports Goods exports, geo-originated Re-exports 1.0 0.8 0.5 1.1 0.9 0.4 0.3 10% 0.9 3.6 3.9 1.0 0.7 3.1 0.5 3.1 3.1 0.3 2.5 2.6 0.2 0.2 2.5 0.2 2.5 0.5 0% 0.1 3.3 0.6 0.1 1.9 0.0 1.8 2.1 1.6 0.0 0.0 0.0 1.3 1.4 4.0 4.5 4.6 0.5 10.5 0.6 0.7 1.0 2.6 3.0 3.0 3.1 3.3 1.4 1.9 0.5 0.6 0.7 0.9 1.1 1.3 1.3 1.6 2.0 1.6 1.0 0.9 -10% -9.2% -11.3% -12.4% 2000 2001 2002 2003 2006 2007 2008 2017 FDI (components and % of nominal GDP) -20% Source: Geostat Equity and Debt, US$ mn Reinvestment of earnings, US$ mn FDI, % of GDP 2,200 14% 12.2% -30% 11.6% 10.9% 12% 1,700 10% 7.4% 7.5% -40% 1,200 8% 2020 1H20 1H21 5.6% 4.5% 6% 700 3.9% 4% 200 I Investment income, net 2% FDI, inflows (300) 2015 2016 2017 2018 2019 2020 1H20 1H21 0% 82#8360% DIVERSIFIED FOREIGN TRADE Exports and imports of goods, Y-o-Y % Source: Geostat 75% 45% 30% 15% 0% тим -15% -30% -45% Jan-17 Mar-17 May-17 Jul-17 Sep-17 Jan-18 Nov-17 Mar-18 May-18 Import countries, 9M21 Sources: GeoStat Source:, Geostat Imports, YoY % Exports, YoY % 75% 60% 45% h 30% 15% 10% 0% -15% -30% 16% -45% Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Ukraine 4% Armenia Other 19% EU countries 23% 5% Azerbaijan 6% USA China 9% Russia 10% 6% Turkey 18% Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Foreign Demand, 9M21 GEORGIA CAPITAL 1% 2% 6% 0% 24% 8% 16% Export countries, 9M21 Sources: GeoStat 17% ■Crude materials, inedible, except fuels I Machinery and transport equipment I Manufactured goods Beverages and tobacco 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 17% China 16% Armenia 6% Ukraine 7% Turkey 8% Russia 14% Azerbaijan 13% EU countries 15% After emerging as the single largest destination country for Georgian exports since 2020, China has overtaken all EU countries together, accounting for 16% of total exports in 9M21 83#84TRADE WITH ALL TYPES OF GOODS BOUNCING BACK FAST Export of goods, contribution to growth Source: NBG Import of goods, contribution to growth Source:, Geostat GEORGIA CAPITAL Similar to exports, imports of all types of goods increased in 3Q21, with imports of intermediate and consumer goods increasing most Exports of all types of goods increased in 3Q21, with exports of intermediate and consumer goods rising the largest Investment goods Intermediate goods Consumer goods Exports y/y 60% 60% Investment goods Intermediate goods I Consumer goods Imports y/y 50% 40% 30% 20% 10% 0% -10% -20% -30% 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 202003 202004 2021Q1 2021Q2 2021Q3 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 201801 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 84#85US$ million REMITTANCES KEEP PACE WHILE TOURISM REVENUES HAVE BEGUN RECOVERY Tourism revenues to GDP Sources: NBG, Geostat Tourism revenues rebounded to 50% of 2019 level in July-September 2021, as recovery has begun 18.3% 18.8% 4000 20% 16.6% 3500 13.9% 3000 12.9% 2500 9.9% 10.1% 8.6% 2000 1500 1000 500 0 6.2% 5.4% 6.2% 3.4% 3.7% 5% Tourism Revenues, $ mn Tourism Revenues, % of GDP 1H21 Remittances at record high levels Source: NBG Remittance inflows continued growing at record levels, with 9M21 growth totaling 27.8% Y-o-Y million $ 225 208 202 205 210 194 205 188 188 ། 185 161 165 150 145 125 105 85 65 45 Jan Feb Mar 2018 Apr 2019 May Jun 2020 Jul Aug Sep Oct Nov Dec 2021 GEORGIA CAPITAL International visitors (by country) Sources: GNTA Number of travelers from Saudi Arabia, Ukraine, USA and EU have been recovering fastest 139% 15% International visitors in 9M21 (% of 2019 level) ■International visitors in September 2021 (% of 2019 level) 81% 10% 65% 70% 43% 37% 43% 36% 33% 26% 25% 29% 22% 12% 11% 14% 9% 10% 5% 6% 0% Saudi Ukraine Arabia USA EU Turkey Israel Russia Armenia Iran Azerbaijan Number of Tourists (overnight visitors) Source: GNTA The number of tourists grew by 13.7% Y-o-Y in 9M21, despite the number of total visitors falling by 18.5% 800 700 600 500 400 247 300 214 210 200 133 97 76 100 29 36 51 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 2019 2020 2021 85#8614 12 10 8 6 4 2 0 APPROPRIATE MONETARY POLICY STANCE ENSURING MACROECONOMIC STABILITY Monetary policy rate Sources: NBG NBG further increased the monetary policy rate to 10% in August, as inflation is expected to remain elevated throughout 2021 and the beginning of 2020 Sources: NBG Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 0 1,000 May-05 Dec-05 90-րո 4,000 10.00 2,000 Feb-07 Sep-07 3,000 Nonperforming loans to total gross loans, latest 2021 Sources: IMF Hungary Georgia 0.8% 2.2% Foreign exchange market interventions, $US million Sources: NBG NBG has sold $1.2 billion since March 2020 up to October 2021 on the foreign exchange market US$ Sales Net interventions US$ Purchase 873 Latvia Poland Turkey Romania Belarus Bulgaria Armenia Croatia 3.2% 3.5% 3.6% 3.8% 5.0% 5.4% 6.6% 7.1% Moldova 7.5% 287 300 113 287 280 100 -130 -198 2 -52 -200 -278 -130 -198 873 333 333 Russia 8.1% Kazakhstan 8.4% 86 2014 2015 2016 2017 2018 2019 2020 2021* Apr-08 Nov-08 Jun-09 International Reserves International reserves grew by 4.8% Y-o-Y to reach US$ 4 billion by the end of October 2021, rising as a result of SDR allocation in August after a temporary fall due to closing of NBG swaps Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 Feb-14 Sep-14 Apr-15 Nov-15 Jun-16 Jan-17 Aug-17 Mar-18 Oct-18 May-19 Dec-19 Jul-20 Feb-21 Sep-21 GEORGIA CAPITAL#8748% 38% 28% 18% 8% -2% GEL Loans, y/y FX Loans, y/y (w/o exchange rate effect) FLOATING 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 Dollarization ratios Source: NBG Both deposit and loan dollarization have fallen since May-June 2021, in parallel with GEL appreciation Dec-16 Mar-17 Jun-17 USD/BYR Exchange rate indices (1 January=100) Sources: NBG Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 USD/GEL Mar-19 Jun-19 170 160 150 140 130 120 110 100 90 03-Jan-20 28-Jan-20 22-Feb-20 18-Mar-20 12-Apr-20 07-May-20 01-Jun-20 21-Jul-20 26-Jun-20 15-Aug-20 09-Sep-20 04-Oct-20 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 USD/UAH - USD/TRY USD/RUB سلم 155 145 29-Oct-20 23-Nov-20 18-Dec-20 12-Jan-21 06-Feb-21 03-Mar-21 28-Mar-21 135 125 115 11-Jun-21 22-Apr-21 17-May-21 06-Jul-21 31-Jul-21 25-Aug-21 19-Sep-21 14-Oct-21 105 95 08-Nov-21 85 May-03 90 85 80 75 70 60 50 565544 40 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Loan dollarization Deposit dollarization Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 Apr-21 Sep-21 Real (REER) and nominal (NEER) effective exchange rates REER and NEER have been appreciating since May Source: NBG REER (Jan 2003=100) NEER (Jan 2003=100) Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 Apr-21 Sep-21 155 145 135 125 115 105 ཤྰཐྭཧཤྩ ༄ ཤྩ ཤྩ。 95 85 87 90 80 75 70 28565544 60 50 40 GEORGIA CAPITAL#88REVENUES AND EXPENDITURES ON TRACK TO MEET ANNUAL PLAN TAX REVENUES INCREASED BY 17.8% Y-O-Y IN 9M21, WITH VAT REVENUES GROWING BY 25.7% AND INCOME TAX REVENUES GROWING BY 13.4% GEORGIA CAPITAL TOTAL EXPENSES (CURRENT + CAPITAL) GREW BY 13.9% Y-O-Y IN 9M21, WITH CAPITAL EXPENDITURES RISING BY 10.5% Y-O-Y 1,400 1,200 Consolidated Budget Tax Revenues (2020 vs 2021) 2,500 2020 2021 1,208 1,124 1,146 1,165 1,186 2,000 1,000 932 921 923 901 800 600 400 200 Consolidated Budget Total Expenses (2020 vs 2021) 2020 2021 1,768 1,595 1,634 1,500 1,443 1,422 1,331 1,372 1,242 1,000 500 1,688 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. 88#89-10% -12% 2014 20% 30% 2010 2011 2012 Overall Balance (IMF Modified), % of GDP 2013 2014 2015 2016 2017 2018 2019 2020 Source: MOF 0% -2% -4% -2.8% -2.7% -2.3% -2.0% -3.0% -2.7% -6% -8% 2015 2016 2017 2018 2019 2020 DEBT AND FISCAL DEFICIT ON COURSE FOR CONSOLIDATION Public debt Breakdown of public debt Source: MOF, as of 30 June 2021 GEORGIA CAPITAL Sources: MOF Public debt is expected to fall to 52% of GDP, with a consolidation plan in place for the medium run External public debt to GDP, % Total public debt to GDP, % 60% 60% .52.2% 48.5% 50% 50% Multilateral 42.2% 58% 40% 34.8% 40% Domestic 20% External 80% -9.3% 2021F -6.7% 2022F 2023F 2024F 2025F 2021F 2022F 2023F 2024F 2025F 20% 30% -3.0% -2.7% -2.5% 30% 26.2% 24.7% 22.6% -4.4% 21.3% 21.4% 22.0% 22.0% 21.6% 21.3% 20% Current vs Capital Expenditure, % of GDP Source: MOF Expenditures to decelerate in the medium run, although capital expenditures set to remain elevated in 2021-2022 ....Current Expenditures **** Capital Expenditures (Acquisition of Non-financial Assets) 7.9% 8.6% 7.9% 8.2% 10% 5.7% 6.4% 6.6% 6.4% 6.5% 0% 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F 89 Bilateral 17% Eurobond 5%#90CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 3Q21 & 9M21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 9M21 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements ➤ Portfolio companies overview GEORGIA CAPITAL 90#91VALUATION PEER GROUP HEALTHCARE SERVICES • Med Life S.A. | Romania • EMC Instytut Medyczny SA | Poland • Netcare Limited | South Africa MD Medical Group Investments Plc | Cyprus ӨӨ • • MLP Saglik Hizmetleri A.S. | Turkey • • Life Healthcare Group Holdings Limited | South Africa • • • • · Mediclinic International plc | South Africa EDUCATION SISB Public Company Limited | Thailand Curro Holdings Limited | South Africa Overseas Education Limited | Singapore Cairo For Investment & Real Estate Development (CIRA) | Egypt • • • RETAIL (PHARMACY) NEUCA S.A. | Poland • MEDICAL INSURANCE Powszechny Zaklad Ubezpieczen SA | Poland GEORGIA CAPITAL • Sopharma Trading AD | Bulgaria • SALUS, Ljubljana, d. d. | Slovenia . Great Tree Pharmacy Co., Ltd. | Taiwan • Dis-Chem Pharmacies Limited | South Africa Clicks Group Limited | South Africa S.C. Ropharma S.A. | Romania • European Reliance General Insurance Company S.A. | Greece • UNIQA Insurance Group AG | Austria Ageas SA/NV | Belgium è P&C INSURANCE Dhipaya Insurance | Thailand Zavarovalnica Triglav | Slovenia Pozavarovalnica Sava | Slovenia • Aksigorta | Turkey • Anadolu Sigorta | Turkey • Bao Minh Insurance | Vietnam • Turkiye Sigorta | Turkey • WATER UTILITY Aguas Andinas | Chile • EASTW | Thailand • Tallinna vesi | Estonia RENEWABLE ENERGY Falck Renewables | Italy • Terna Energy | Greece • Azure Power Global | India BCPG Public Company Limited | Thailand 91#92PRIVATE PORTFOLIO COMPANIES' DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 SEPTEMBER 2021 (GEL MILLION) 2021 2022 2023 2024+ Total Large portfolio companies 50.1 192.7 30.4 566.0 839.2 Healthcare Services 43.3 187.5 30.1 80.2 341.1 Retail (Pharmacy) 6.8 5.0 11.8 Water Utility 0.2 0.3 485.8 486.3 Insurance Investment stage portfolio companies 1.0 4.0 4.2 311.7 320.9 Renewable Energy 0.1 298.6 298.7 Education 1.0 4.0 4.1 13.1 22.2 Other businesses 129.6 Total 180.7 227.0 423.7 43.0 77.6 1,110.2 232.5 632.1 1,792.2 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. Since June 2021, we successfully completed the sale of selected commercial real estate assets for US$ 45 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. Gross debt of other businesses includes: Georgia Capital PLC | General note: Gross debt maturity profile comprises outstanding principal payments. GEORGIA CAPITAL 92 22#93MULTIPLE OF INVESTED CAPITAL (MOIC) | 30-SEP-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 Private large portfolio companies 129 287 134 642 8.2x 3.3x 129 287 134 642 8.2x 3.3x 618 131 177 2,245 4.1x 0.5x GHG1 390 131 29 Water Utility 217 97 P&C Insurance 11 51 Private investment stage portfolio companies 218 19 Renewable Energy 149 22522 1,409 4.0x 0.4x 620 3.3x 0.4x 216 25.1x 4.8x 337 1.6x 0.1x 19 209 1.5x 0.1x Education 69 127 1.8x Other Total 589 - 260 246 0.9x 0.4x 1,554 418 590 3,469 2.9x 0.6x Georgia Capital PLC | 1. GHG comprises three businesses: Healthcare Services, Retail (pharmacy) and Medical Insurance. GEORGIA CAPITAL 93#94Georgia 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 94#95Irakli 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. 95#96CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 3Q21 & 9M21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 9M21 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements Portfolio companies overview GEORGIA CAPITAL 96#97NAV STATEMENT | 3Q21 GEORGIA CAPITAL GEL thousands unless otherwise noted 30-Jun-21 1.Value Creation 2a. Investments 3.Operating 2b. Buybacks 2c. Dividends Expenses 4. Liquidity Management/ FX / Other 30-Sep-21 Change % Listed Portfolio Companies BOG 575,394 66,246 641,640 11.5% Listed Portfolio Value 575,394 66,246 641,640 11.5% Listed Portfolio value change % 11.5% 0.0% 0.0% 0.0% 0.0% 0.0% 11.5% Private Portfolio Companies Large portfolio companies 2,084,776 185,259 (25,000) 249 2,245,284 7.7% Healthcare Services Pharmacy and Distribution Water Utility P&C Insurance P&C Insurance Healthcare Insurance Investment stage companies Renewable energy Education 685,821 49,693 (11,545) 723,969 5.6% 580,402 48,684 (11,460) 617,626 6.4% 548,230 71,260 249 619,739 13.0% 270,323 15,622 (1,995) 283,950 5.0% 206,351 10,084 216,435 4.9% 63,972 5,538 (1,995) 67,515 5.5% 344,768 (9,595) 6,177 (5,000) 249 336,599 -2.4% 221,109 (8,000) 776 (5,000) 249 209,134 -5.4% 123,659 (1,595) 5,401 127,465 3.1% Others 242,388 2,721 365 498 245,972 1.5% Private Portfolio Value 2,671,932 178,385 6,542 (30,000) Private Portfolio value change % 6.7% 0.2% 0.0% -1.1% 0.0% 996 0.0% 2,827,855 5.8% 5.8% Total Portfolio Value 3,247,326 244,631 6,542 (30,000) Total Portfolio value change % 7.5% 0.2% 0.0% -0.9% 0.0% 996 0.0% 3,469,495 6.8% 6.8% Net Debt (714,065) (6,542) (9,335) 30,000 (5,097) (7,082) (712,121) -0.3% of which, Cash and liquid funds 283,897 (6,542) (9,335) 30,000 (5,097) (36,735) 256,188 -9.8% of which, Loans issued of which, Gross Debt 158,191 551 158,742 0.3% (1,156,153) 29,102 (1,127,051) -2.5% Net other assets/ (liabilities) 4,275 (3,791) Share based compensation (3,791) 4,986 3,791 5,470 28.0% 0.0% Net Asset Value 2,537,536 244,631 (9,335) (8,888) (1,100) 2,762,844 8.9% NAV change % 9.6% 0.0% -0.4% 0.0% -0.4% 0.0% 8.9% Shares outstanding 46,575,944 (354,000) 46,221,944 -0.8% Net Asset Value per share 54.48 5.25 0.00 0.22 0.00 (0.19) 0.00 59.77 9.7% NAV per share change % 9.6% 0.0% 0.4% 0.0% -0.3% 0.0% 9.7% 97#98NAV STATEMENT | 9M21 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-Sep-21 Change % Listed Portfolio Companies BOG' 531,558 110,082 641,640 20.7% Listed Portfolio Value 531,558 Listed Portfolio value change % 110,082 20.7% 641,640 20.7% 0.0% Private Portfolio Companies Large portfolio companies 1,858,237 415,349 Healthcare Services Retail (Pharmacy) Water Utility Insurance 571,656 163,858 552,745 76,341 471,148 147,357 262,688 27,793 P&C Insurance 197,806 23,165 Healthcare Insurance 64,882 4,628 Investment stage companies 302,964 30,715 16,515 Renewable energy 209,902 9,103 Education 93,062 21,612 3,724 12,791 0.0% 0.0% (29,959) (11,545) (11,460) (6,954) (4,959) (1,995) (14,471) (14,471) 0.0% 0.0% 20.7% 1,657 2,245,284 20.8% 723,969 26.6% 617,626 11.7% 1,234 619,739 31.5% 423 283,950 8.1% 423 216,435 9.4% 67,515 4.1% 876 336,599 11.1% 876 209,134 -0.4% 127,465 37.0% Others 214,929 28,934 615 1,494 245,972 14.4% Private Portfolio Value 2,376,130 474,998 17,130 (44,430) 4,027 2,827,855 19.0% Private Portfolio value change % 20.0% 0.7% 0.0% -1.9% 0.0% 0.2% 19.0% Total Portfolio Value 2,907,688 585,080 17,130 (44,430) Total Portfolio value change % 20.1% 0.6% 0.0% Net Debt (697,999) of which, Cash and liquid funds 175,289 (17,130) (17,130) (12,534) (12,534) -1.5% 44,430 0.0% (15,934) 44,430 (15,934) of which, Loans issued 108,983 4,027 0.1% (12,954) 82,067 49,759 3,469,495 19.3% 19.3% (712,121) 2.0% 256,188 46.2% 158,742 45.7% of which, Gross Debt (982,271) (144,780) (1,127,051) 14.7% Net other assets/ (liabilities) 2,603 (11,050) 13,917 5,470 NMF Share based compensation (11,050) 11,050 0.0% Net Asset Value 2,212,292 585,080 (12,534) (26,984) 4,990 2,762,844 24.9% NAV change % Shares outstanding 26.4% 0.0% -0.6% 0.0% -1.2% 0.2% 24.9% Net Asset Value per share NAV per share change % 45,977,247 48.12 (473,162) 717,859 46,221,944 12.72 (0.00) 0.22 (0.00) (0.59) (0.70) 26.4% 0.0% 0.5% 0.0% -1.2% -1.4% 59.77 24.2% 0.5% 24.2% Georgia Capital PLC | 1. Number of shares owned in BoG was 9,784,716 as of 30 September 2021. 98#99VALUE CREATION IN PRIVATE PORTFOLIO | 3Q21 GEORGIA CAPITAL Portfolio Businesses Operating Performance Greenfields Multiple Change and FX GEL thousands (1) (2) (3) Value Creation in 3Q21 (1)+(2)+(3) BOG 66,246 Total Listed Portfolio Companies 66,246 Large Portfolio Companies 236,931 (51,672) 185,259 Healthcare Services 60,576 (10,883) 49,693 Retail (Pharmacy) 57,187 (8,503) 48,684 Water Utility 103,546 (32,286) 71,260 Insurance (P&C & Medical) 15,622 15,622 Investment Stage Portfolio Companies (7,686) 1,578 (3,487) (9,595) Renewable Energy (6,708) 1,578 (2,870) (8,000) Education (978) (617) (1,595) Other Portfolio Companies 7,112 (365) (4,026) 2,721 Total Private Portfolio Companies 236,357 1,213 (59,185) 178,385 Total Portfolio 236,357 1,213 (59,185) 244,631 244.6 GEL MILLION TOTAL VALUE CREATION IN 3Q21 99 99#100VALUE CREATION IN PRIVATE PORTFOLIO | 9M21 GEORGIA CAPITAL Portfolio Businesses GEL thousands Operating Performance Greenfields (1) (2) and FX (3) Multiple Change Value Creation in 9M21 (1)+(2)+(3) BOG 110,082 Total Listed Portfolio Companies 110,082 Large Portfolio Companies 562,739 (147,390) 415,349 Healthcare Services 329,222 (165,364) 163,858 Retail (Pharmacy) 58,719 17,622 76,341 Water Utility 167,957 (20,600) 147,357 Insurance (P&C & Medical) 6,841 20,952 27,793 Investment Stage Portfolio Companies 22,477 2,593 5,645 30,715 Renewable Energy 6,893 1,578 632 9,103 Education 15,584 1,015 5,013 21,612 Other Portfolio Companies 43,261 (615) (13,712) 28,934 Total Private Portfolio Companies 628,477 1,978 (155,457) 474,998 Total Portfolio 628,477 1,978 (155,457) 585,080 585.1 GEL MILLION TOTAL VALUE CREATION IN 9M21 10 0#101GEORGIA CAPITAL 3Q21 & 9M21 PERFORMANCE OVERVIEW Income statement GEL '000, unless otherwise noted 3Q21 Dividend income 30,000 3Q20 9,972 Change 9M21 9M20 Change NMF 44,430 14,899 NMF Interest income 6,267 4,834 29.6% 16,884 16,650 1.4% Realised/unrealised (loss)/ gain on liquid funds (547) 475 NMF 967 (4,103) NMF Interest expense (19,519) (15,762) 23.8% (57,039) (45,941) 24.2% Gross operating (loss)/income 16,201 (481) NMF 5,242 (18,495) NMF Operating expenses (8,888) (8,448) 5.2% (26,984) (23,027) 17.2% GCAP net operating (loss)/income 7,313 (8,929) NMF (21,742) (41,522) -47.6% Fair value changes of portfolio companies Listed portfolio companies 66,246 (135,237) NMF 110,082 (432,982) NMF Of which, Georgia Healthcare Group PLC (100,935) NMF (195,347) NMF Of which, Bank of Georgia Group PLC 66,246 (34,302) NMF 110,082 (237,635) NMF Private portfolio companies 148,385 577,362 -74.3% 430,568 387,442 11.1% Large Portfolio Companies Of which, Retail (pharmacy) 160,259 588,020 -72.7% 385,390 522,404 -26.2% Of which, Healthcare Services 38,148 295,641 -87.1% 152,313 295,641 -48.5% 37,224 296,577 -87.4% 64,881 296,577 -78.1% Of which, Water Utility 71,260 (27,117) NMF 147,357 (73,181) NMF Of which, Insurance (P&C and Medical) 13,627 22,919 -40.5% 20,839 3,367 NMF Investment Stage Portfolio Companies (14,595) 16,256 NMF 16,244 73,323 -77.8% Of which, Renewable energy (13,000) 16,338 NMF (5,368) 49,058 NMF Of which, Education Other businesses (1,595) (82) NMF 21,612 24,265 -10.9% 2,721 (26,914) NMF 28,934 (208,285) NMF Total investment return 214,631 442,125 -51.5% 540,650 (45,540) NMF (Loss)/Income before foreign exchange 221,944 433,196 -48.8% 518,908 movements and non-recurring expenses (87,062) NMF Net foreign currency loss Non-recurring expenses 7,935 (27) (35,164) Net Income/(loss) (adjusted IFRS) 229,852 (151) 398,032 NMF NMF -42.3% 34,484 (76,526) NMF (245) 553,147 (3,222) -92.4% (166,810) NMF GEORGIA CAPITAL 101#102CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 3Q21 & 9M21 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 9M21 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements ➤ Portfolio companies overview GEORGIA CAPITAL 102#103NUMBER OF SHARES OUTSTANDING DEVELOPMENT OVERVIEW UPDATE ON THE ONGOING US$ 10 MILLION SHARE BUYBACK AND CANCELLATION PROGRAMME Since the announcement of the US$ 10 million share buyback and cancellation programme in August 2021, we repurchased 643,582 shares with a total value of US$ 5.4 million (354,000 shares were repurchased in 3Q21 and 289,582 shares in 4Q21 as of 12 November 2021). NUMBER OF SHARES OUTSTANDING GEORGIA CAPITAL 45.77 45.98 46.28 46.58 46.58 46.46 46.22 45.99 45.93 +21.1% 3Q20: 7.7m shares issued for GHG share exchange -1.1% AUG-21-NOV-21: 643,582 shares were repurchased under the US$ 10 million buyback programme million -9.7% Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 JUN-18-AUG-19: US$ 45 million share buyback programme, under which 2.7 million shares were cancelled DEC-19: 2.7 million shares issued for GHG share exchange 38.68 38.31 38.09 38.05 37.44 37.69 37.81 35.96 34.93 +7.2% Sep-20 Dec-20 Mar-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 # of shares outstanding Nov-21 Jun-18 Sep-18 Dec-18 Mar-19 103#104GEORGIAN 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 104#105FORWARD 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 presentation and in our past and future filings and reports and also the 'Principal Risks and Uncertainties' included in the 1H21 Results Announcement and in Georgia Capital PLC's Annual Report and Accounts 2020. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this presentation should be construed as a profit forecast. GEORGIA CAPITAL 105#106COMPANY 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