#1GEORGIA CAPITAL INVESTOR PRESENTATION 4Q23 & FY23 RESULTS#2Pending#3GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 31-DEC-23 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Management 14.4%³ Norway 2.1% UAE 5.0% South Africa 7.0% Other 7.3% Luxembourg 7.8% Rank Shareholder name Ownership 3 1. Management & Management Trust 14.35% 1 2. Gemsstock Ltd 10.94% UK 27.4% 3. Allan Gray Ltd 6.88% 4. Lazard Asset Management LLC 5.60% 5. Coeli Frontier Markets AB 4.94% 6. Schroder Investment Management Ltd 3.71% 7. Eaton Vance 3.50% 8. Firebird Management LLC 2.79% 9. RWC 2.53% 2 10. Motley Fool Asset Management 2.38% USA 29.0% Total 57.62% NUMBER OF ISSUED SHARES - 43.2 MILLION Georgia Capital PLC | 1. UK also includes Channel Islands. 2. USA also includes Cayman Islands. 3. Management shares include shares directly held by the management (4.7%), shares held by the trust (4.7%) and unvested shares for the management (4.9%). 4. Other includes: Georgia - 3.2%; Other (inc. below threshold) - 4.1%. GEORGIA CAPITAL 3#4Pending#5Pending#6CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 000) 80 00000 00 00% 88 000 6 000#7Pending#8Pending#9THE CAPITAL-LIGHT INVESTMENT STRATEGY GEORGIA CAPITAL STRONG VALUE CREATION POTENTIAL WITHOUT SIGNIFICANT CAPITAL COMMITMENTS GCAP INVESTS IN GEORGIA IN SECTORS NOT REQUIRING INTENSIVE CAPITAL COMMITMENTS OUR BREAD AND BUTTER STRONG TRACK RECORD IN TAPPING BIG OPPORTUNITIES WITH SMALL INVESTMENTS BY CONSOLIDATING FRAGMENTED INDUSTRIES, ESPECIALLY IN SERVICE-ORIENTED SECTORS ee Pharmacies Up Clinics Hospitals Insurance in progress Diagnostics in progress Private Schools in progress Manage third-party money and/or establish partnerships in capital heavy industries 9#10MAPPING EXISTING PORTFOLIO TO THE REGIONAL GROWTH OPPORTUNITIES LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES 29 Hospitals Retail (Pharmacy) Insurance (P&C and medical) Renewable Energy Education Clinics and diagnostics LARGE CAPITAL-LIGHT ✓ ☑ ✓ ✓ CURRENT REGIONAL LONG-TERM REGIONAL EXPANSION POTENTIAL EXPANSION POTENTIAL No No ✓ Yes Yes Х ✓ No No No No No Yes No Yes GEORGIA CAPITAL 10#11LARGE AND CAPITAL-LIGHT PORTFOLIO COMPANIES ARE ELIGIBLE FOR THE REGIONAL EXPANSION LARGE BUSINESSES Hospitals Insurance (P&C and medical) CURRENT REGIONAL EXPANSION POTENTIAL CAPITAL-LIGHT BUSINESSES Retail (Pharmacy) & Education Clinics and diagnostics LONG-TERM REGIONAL EXPANSION POTENTIAL GEORGIA CAPITAL TO FOLLOW THEIR NATURAL GROWTH PATH, GCAP ENABLES ITS LARGE, CAPITAL-LIGHT PORTFOLIO COMPANIES TO EXPLORE REGIONAL GROWTH OPPORTUNITIES 11#12OUR INVESTMENT STRATEGY GCAP INVESTS IN CAPITAL-LIGHT, LARGE OPPORTUNITIES, WHICH HAVE A POTENTIAL TO BECOME GEL 300 MLN+ IN EQUITY VALUE OVER 3-5 YEARS THE CYCLE OF GCAP'S STRATEGY Invest Grow Monetise Our key strategic principle is to develop or buy capital-light businesses at affordable prices. GCAP helps the portfolio companies institutionalise their management, enhance their governance and grow them into mature businesses that can further develop largely on their own, either with continued oversight or independently. As investments mature, GCAP intends to realise proceeds through exits at attractive prices. INVEST IN CAPITAL-LIGHT LARGE OPPORTUNITIES IN GEORGIA GEORGIA CAPITAL MONETISE घ GROW BUSINESSES TO EQUITY VALUE OF GEL 300 MLN+ 12#13OUR INVESTMENT STRATEGY (CONT'D) GEORGIA CAPITAL IRR & MOIC¹ IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW OPPORTUNITIES ROIC IS AT THE CORE OF OUR DECISION MAKING WHEN OUR PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES KEY INVESTMENT METRICS AT GCAP LEVEL W IRR KEY METRIC FOR REINVESTMENT DECISION MAKING AT PORTFOLIO COMPANIES' LEVEL ROIC ROIC should exceed WACC for all new investments Portfolio companies to continue divestment of low ROIC and/or non-core assets & businesses to enhance ROIC MOIC Georgia Capital PLC | 1. Multiple of Capital Invested (MOIC). 13#14CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Poo 000) 80 00000 00 00% 88 080 000 14 ක#15NET CAPITAL COMMITMENT (NCC) OVERVIEW GEORGIA CAPITAL NCC RATIO IMPROVED BY 0.3 PPTS Q-O-Q AND 5.5 PPTS Y-O-Y TO 15.6% AS AT 31-DEC-23 Cash and liquid funds balance up by 7.1%, reflecting the net impact of robust dividend inflows and share buybacks during the quarter. Portfolio value up by 5.1% in 4Q23, resulting from the strong value creation across our portfolio companies. US$ Million Cash and liquid funds Loans issued Gross debt Net debt (1) Guarantees issued (2) Net debt and guarantees issued (3)=(1)+(2) Planned investments (4) 31-Dec-22 Change (y-o-y) 30-Sep-23 Change (q-o-q) 31-Dec-23 152.4 -73.7% 37.5 7.1% 40.1 9.9 -65.5% 3.3 3.0% 3.4 (303.3) -49.3% (150.6) 2.2% (153.9) (141.0) -21.7% (109.8) 0.5% (110.4) (6.8) NMF NMF (147.8) -25.3% (109.8) 0.5% (110.4) (52.3) -11.1% (47.3) -1.7% (46.5) of which, planned investments in Renewable Energy (30.1) -3.9% (29.1) -0.6% (28.9) of which, planned investments in Education (22.3) -20.7% (18.3) -3.3% (17.7) Announced Buybacks (5) NMF NMF (6.7) Contingency/liquidity buffer (6) (50.0) NMF (50.0) NMF (50.0) Total planned investments, announced buybacks and contingency/liquidity buffer (7)=(4)+(5)+(6) (102.3) 0.9% (97.3) 6.1% (103.3) Net capital commitment (3)+(7) (250.1) -14.6% (207.2) 3.1% (213.6) Portfolio value¹ NCC ratio 1,183.8 15.3% 1,299.0 5.1% 1,365.3 21.1% -5.5 ppts 15.9% -0.3 ppts 15.6% Georgia Capital PLC | 1. Portfolio value as at 31-Dec-22 includes US$ 10 million shareholder loan provided to Renewable Energy, which was converted into equity in 4Q22. 15#16Pending#17Pending#18DELEVERAGING ACROSS OUR PRIVATE PORTFOLIO AGGREGATED LEVERAGE ACROSS OUR PRIVATE LARGE AND INVESTMENT STAGE PORTFOLIO COMPANIES AT 3.1x AS OF 31-DEC-23 ADJUSTED NET DEBT/EBITDA 30-SEP-23 CHANGE 31-DEC-23 GEORGIA CAPITAL TARGET (OVER THE CYCLE) LARGE PORTFOLIO COMPANIES Retail (pharmacy)¹ 2.3x -0.1x 2.2x Up to 1.5x Hospitals² 4.4x +0.9x 5.3x3 Up to 2.5x Insurance (P&C and Medical) No leverage NMF No leverage No leverage INVESTMENT STAGE PORTFOLIO COMPANIES Renewable Energy4 7.0x -0.2x 6.8x Up to 6.0x Education 1.3x +0.1x 1.4x Up to 2.5x Clinics and Diagnostics² 4.5x5 -0.9x 3.6x5 Up to 2.5x Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects; Net debt/EBITDA is adjusted for capital commitments. 1. Includes the application of the minority buyout agreement. 2. Restructuring of the healthcare businesses are applied retrospectively. 3. EBITDA excludes the performance of the divested regional hospital, while net debt takes into account the cash proceeds from the transaction. 4. Renewable energy ratio is calculated in US$. 5. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt as of 30-Sep-23 includes the receivable of US$ 6.2 million incurred from the sales transaction. 18#19Pending#20Pending#21CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Poo 000) 80 00000 00 88 000 080 21#22CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance 02 Access to management 03 Access to capital THREE FUNDAMENTAL ENABLERS GEORGIA CAPITAL S STRONG CORPORATE GOVERNANCE ACCESS TO MANAGEMENT ACCESS TO CAPITAL 222 22#23Pending#24Pending#25INCREASEAD FOCUS ON IMPACT INVESTING COMMITTING TO UN'S PRINCIPLES AND MAPPING OUR BUSINESSES TO THEIR SUSTAINABLE DEVELOPMENT GOALS ("SDGS") GEORGIA CAPITAL 1 NO POVERTY 2 ZERO HUNGER 3 GOOD HEALTH AND WELL-BEING 4 QUALITY EDUCATION 5 GENDER EQUALITY Business SSS Direct SDG Impact Supportive / Indirect SDG Impact GCAP HoldCo 8, 10, 13 5 Retail (Pharmacy) 3,8,12 5,11 6 CLEAN WATER AND SANITATION 7 AFFORDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 10 REDUCED INEQUALITIES Hospitals 3,8, 12 5,11 = II) Insurance 3,8,9 1,10 Renewable Energy 7,9, 13 8, 11 11 AND COMMUNITIES SUSTAINABLE CITIES 12 RESPONSIBLE CONSUMPTION 13 CLIMATE ACTION 14 LIFE BELOW WATER 15 LIFE ON LAND AND PRODUCTION Education AND STRONG INSTITUTIONS QO 16 PEACE, JUSTICE 17 & Clinics & Diagnostics Auto Services 3,8,9 9,11,13 3, 11, 16 5,11 15 PARTNERSHIPS FOR THE GOALS SUSTAINABLE DEVELOPMENT GOALS Water Utility 6, 7, 11 12, 13, 14 III Banking 1,8,11 5 25#26CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy ■ Our strategic priorities 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Poo 000) 80 00000 00 00% 88 080 000 26 ක#27Pending#28Pending#29Pending#30Pending#31Pending#32PROPOSED ACQUISITION OF AMERIABANK CJSC BY BANK OF GEORGIA GROUP PLC KEY TERMS TRANSACTION PRICE 303.6 VALUATION HIGHLIGHTS NET ASSET VALUE 0.65x GEORGIA CAPITAL P/E 2.6x US$ MILLION AS AT 31 OCTOBER 2023 AS AT 2023 ma 3860m ON 19-FEB-24, BANK OF GEORGIA GROUP PLC (THE "BANK") ANNOUNCED THAT IT HAS REACHED AN AGREEMENT FOR THE PROPOSED ACQUISITION OF 100% OF AMERIABANK CJSC A LEADING UNIVERSAL BANK IN ARMENIA AMERIABANK AT A GLANCE 20%, #1 LOANS MARKET SHARE, DEC-23 309 GEL MILLION NET INCOME, FY23 24.9% ROAE, FY23 The transaction is subject to shareholder and regulatory approvals and is expected to close in 1Q24. The transaction price will be fully financed by the Bank's surplus capital with no dilution for the Bank's shareholders. The acquisition is expected to be EPS and ROAE accretive and represents a significant catalyst for the Bank and its shareholders. The Bank intends to keep the targeted pay-out ratio unchanged in the range of 30-50% of annual profits, potentially enabling increased capital distributions for its shareholders. Following the transaction, the Bank will continue to maintain capital ratios comfortably above the minimum requirements. Further information about the Transaction can be found on the Bank's website. 32#33Pending#34Pending#35PORTFOLIO VALUE DEVELOPMENT IN 4Q23 PORTFOLIO VALUE UP 5.5% TO GEL 3.7 BILLION IN 4Q23 PRIVATE PORTFOLIO VALUE CREATION IN 4Q23 PRIVATE PORTFOLIO VALUE CREATION GEL million Insurance (P&C & Medical) Retail (Pharmacy) Education Clinics & Diagnostics Renewable Energy Other businesses Hospitals Total 42.4 34.4 16.6 12.3 5.2 (13.4) (35.6) 61.8 GEL MILLION 134 3,479 GEORGIA CAPITAL 39 33 3,672 (13) LISTED AND OBSERVABLE PORTFOLIO VALUE UP BY 10.7% PRIVATE PORTFOLIO VALUE UP BY 2.7% Portfolio value BOG Water Utility 30-Sep-23 Large portfolio companies Investment stage portfolio Other portfolio companies Portfolio value 31-Dec-23 35#36LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) 300 GEORGIA CAPITAL 300 365 365 300 150 150 Cash receipt from the water utility business sale Cancellation of US$ 65 million GCAP Eurobond 234 Redemption of GCAP Eurobonds *LIQUIDITY UP BY 7.1% Q-O-Q IN 4Q23, REFLECTING THE NET EFFECT OF DIVIDEND INFLOWS AND SHARE BUYBACKS DURING THE QUARTER **LIQUIDITY DOWN BY 73.7% Y-O-Y, MAINLY REFLECTING THE REDEMPTION OF GCAP'S EUROBONDS IN 2023, WHICH WAS PARTIALLY FINANCED BY GCAP'S EXISTING LIQUID FUNDS BALANCE 88 152 +7.1% ... 74 Dec-19 54 38 Dec-20 Dec-21 Jun-22 Dec-22 Sep-23 40 Dec-23 36 I I 1 I I I I#37DIVIDEND INCOME OUTLOOK CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEORGIA CAPITAL GEL 236 MILLION DIVIDEND INCOME IN FY23 DIVIDENDS INCOME RECURRING ONE-OFF TOTAL +2.5x (GEL million) BOG 124.5 29.4 153.9 236 Of which, cash dividends 80.5 80.5 GEL MILLION Of which, buyback dividends 44.0 29.4 73.4 73 73 Retail (Pharmacy) 24.2 26.7 50.9 Insurance business 19.9 19.9 Of which, P&C Insurance 14.9 14.9 Of which, Medical Insurance 5.0 5.0 81 94 Hospitals business 6.0 6.0 73 74 Renewable Energy 5.2 5.2 41 TOTAL 179.8 56.1 235.9 15 29 30 82 82 60 53 44 30 2019 2020 2021 2022 2023 Dividend income from listed companies Dividend income from private companies Buyback dividend IN ADDITION TO THE RECURRING DIVIDENDS, GCAP RECEIVED A ONE-OFF NON- RECURRING INFLOW OF GEL 56.1 MILLION IN FY23: 1) GEL 29.4 million from the participation in BOG's 2022 share buybacks; 2) One-off additional dividend of GEL 26.7 from the retail (pharmacy) business, following the minority buyout. RECURRING DIVIDEND INCOME IN 2023 180 GEL MILLION UP 92% Y-O-Y SOLID DIVIDEND INCOME OUTLOOK IN 2024 180-190 GEL MILLION 37#38Pending#39Pending#40Pending#41Pending#42Pending#43CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Poo 000) 80 00000 00 00% 88 අ 000 080 43#44Listed Portfolio BANK OF GEORGIA Market opportunity Banking sector assets, loans and deposits GEORGIA CAPITAL BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ INVESTMENT RATIONALE • The first entity from Georgia to be listed on the premium segment of the Main Market of the London Stock Exchange (LSE: BGEO) since February 2012. ° • • High standards of transparency and governance. Leading market position¹ in Georgia by assets (37.8%), loans (37.0%), client deposits (40.1%) and equity (36.2%) as at 31 December 2023. Growing market: The banking sector's assets growth rate at 22.7% (CAGR over 2003-2023). Strongest retail banking franchise: 45.5% market share in deposits of individuals, 39.6% market share in individual loans, as of 30-Sep-23. Sustainable growth combined with strong capital, liquidity and robust profitability, with ROAE above 20%. VALUE CREATION POTENTIAL • Loan book y-o-y growth c.10%. Regular progressive semi-annual capital distribution with 30-50% dividend/share buyback payout ratio. 20%+ ROAE. OWNERSHIP Georgia Capital owns 19.71% 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% CAGR 22.7% 80.0 70.0 60.6 56.9 53.7 47.2 39.7 43.0 44.7 38.2 34.6 31.9 50.6 30.1 25.2 26.6 44.3 20.6 22.3 0.8 1.3 0.7 1.7.0.92.5.3 1.7 4.22.77.2 8.9 2.1 .6 3.2 6.08.3 10.6 5.2 3.6 4.0 5.5 6.7 12.7 14.4 17.3 18.9 16.0 34.6 37.2 6.3 7.7 10.5 8.7 13.0 26.2 23.0 7.6 9. 11.6 14.3 17.0 19.8 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: NBG Assets, GEL bln Deposits, GEL bln Loans, GEL bln Robust capital management track record Maintain regular progressive semi-annual dividend payouts: aiming 30%-50% dividend/share buyback payout ratio. In FY23, GCAP received GEL 124.5 million recurring and GEL 29.4 million non-recurring² dividends from BoG, out of which GEL 80.5 million was cash dividends and GEL 73.4 million was buyback dividends from participation in the Bank's buyback programme, corresponding to c. 775,000 shares sold. Georgia Capital PLC | 1. Market data based on standalone accounts as published by the NBG www.nbg.gov.ge. 2. A one-off dividend of GEL 29.4 million from BoG, represents the participation in the Bank's 2022 buybacks in FY23. 44 44#45Pending#46Option valuation WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW (GEL MILLION) 697.0 GCAP and the majority shareholder have put and call options for the minority 20% equity interest in the water utility business GCAP'S PUT OPTION 8.25x MAJORITY SHAREHOLDER'S CALL OPTION 8.90x EV/EBITDA 15.6 155.0 4.0 159.0 (557.6) Exercisable in 2025-2026. Equity value 31-Dec-21 Sale of 80% equity interest Put option valuation in 2022 Equity value of as of 31-Dec-22 Put option valuation in 2023 Equity value of as of 31-Dec-23 EV/EBITDA Exercisable on the date of expiry of the put option in 2026 and expiring six months thereafter. In 2022, GCAP completed the sale of 80% interest in Water Utility business for total consideration of US$ 180 million, translating into MOIC of 2.7x in US$ (3.6x MOIC in GEL) and IRR of 20% in US$ (27% IRR in GEL). In 2022, remaining 20% equity interest in business was valued with the application of put option valuation and positive developments in the normalised¹ LTM EBITDA, leading to GEL 15.6 million value creation in the business. In FY23, the fair value of GCAP's 20% holding in the water utility business, increased by GEL 4.0 million to GEL 159.0 million. ➤ In December 2023, revised tariffs were approved for the 2024-2026 regulatory period. These tariffs had previously been factored into the valuation assessment of the water utility business, which remained unchanged in 4Q23. Georgia Capital PLC | 1. Normalised for the items as set out in the terms of the disposal. GEORGIA CAPITAL 446#47Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW THE BODY SHOP 14 carter's® 4 412 Affeln 3 Pharmacies in total The Body Shop stores Optics - Alain Afflelou Children's apparel - Carter's > 8 2 4 in Armenia in Georgia in Armenia in Azerbaijan 397 in Georgia 15 Triumph 2 Women's apparel - Triumph Country's largest retailer in terms of both, revenue and number of bills issued Market share by revenue, 20221 > > > GEORGIA CAPITAL Key focus areas in medium and long-term Expending retail footprint in Georgia Continued growth of para-pharmacy share in total revenues, which carry considerably higher profit margins and are not subject to state regulation International expansion Explore international investment opportunities within the region Increase sales from E-commerce Operate e-commerce in Armenia and Azerbaijan Supporting the core Expand highly synergetic product and service mix in new format GPC drugstore GCAP Retail (Pharmacy) PSP Aversi Other 405,000 789,893 32% 28% 683,795 23% 576,097 16% Our retail pharmacy operates under two pharmacy brands, each with a distinct positioning: > GPC for the high-end customer segment > Pharmadepot for the mass retail segment Georgia Capital PLC | 1. Internal Reporting. Ⓒ Next 5-year targets ■ Double digit revenue & EBITDA CAGR 9%+ EBITDA margin 47#48Pending#49Pending#50Pending#51Pending#52Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW (CONT'D) CASH FLOW HIGHLIGHTS1 4Q23 FY23 Operating cash flow GEL (3.7)m GEL 10.6m Average length of stay Change y-o-y NMF -66.5% EBITDA to cash conversion -46.8% 23.0% Change y-o-y NMF -32.9 ppts Free cash flow GEL (17.2)m GEL (35.1)m Change y-o-y NMF NMF 7 Number of large and specialty hospitals 27 Number of regional and community hospitals 51 Emergency cars In Tbilisi and regions GEL million BED OCCUPANCY RATE - LARGE AND SPECIALTY HOSPITALS 5.1 55.5% -2.0ppts 4.9 5.0 55.8% 53.5% 2022 2023 NET REVENUE Gross profit margin (%) 36.0% 32.8% 38.7% 28.9% 313.4 +0.1% 313.7 78.7 -1.4% 77.6 2022 2023 4Q22 4Q23 Georgia Capital PLC | 1.Excluding IFRS 16 impact. GEL million -1.2ppts 4.7 54.6% 4Q22 4Q23 EBITDA² EBITDA margin (%)¹ 17.8% 14.5% 19.4% 9.9% -18.7% -49.0% 56.8 46.1 15.5 7.9 2022 2023 4Q22 4Q23 GEORGIA CAPITAL 62 52#53HOSPITALS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT1 HOSPITALS KEY DRIVERS To address the oversupply of beds and enhance the quality of the healthcare industry in Georgia, the government introduced new facility regulation rules, in 2023. This regulation establishes upgraded standards for healthcare facilities and imposes limitations on space allotted per hospital bed. To meet the new standards, the business initiated renovation projects during which certain sections of the business facilities were temporarily closed for services and unable to accept patients, thereby affecting the revenue and EBITDA. GEL MILLION 4Q22 -1.4% ■Large and specialty hospitals Regional and community hospitals KEY OPERATING HIGHLIGHTS +0.2% 315 315 116 111 EBITDA² DEVELOPMENT 57 GEORGIA CAPITAL -18.7% 46 46 21 12 -49.0% 79 78 15 30 26 8 6 49 52 199 205 36 34 9 7 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 ■Large and specialty hospitals Regional and community hospitals Change y-o-y 4Q22 Bed occupancy rate VS. ■ 4Q23 FY22 VS. ■ FY23 Large and specialty hospitals 55.8% Regional hospitals 52.2% 54.6% 50.3% -1.2 ppts 55.5% -1.9 ppts 46.4% Number of admissions Large and specialty hospitals Regional and community hospitals 238.6 138.3 165.5 +19.7% 614.7 209.6 -12.2% 1,025.5 Georgia Capital PLC | General comment: The 2023 numbers, as well as the comparative 2022 figures, take into account the performance of the community clinics, which were previously presented as part of the clinics and diagnostics business. 1. Total revenue excludes eliminations between the large and specialty and regional and community hospitals. 2. Excluding IFRS 16. Change y-o-y 53.5% -2.0 ppts 49.4% +3.0 ppts 599.9 -2.4% 868.2 -15.3% 53#54Pending#55Pending#56Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW Distribution Mix (GPW %) | FY23 COMBINED RATIO Partnerships with Financial Institutions 31% MTPL Channel 3% +10.3ppts +10.7ppts 89.5% 89.0% 82.1% 81.5% 73.9% 77.5% 80.8% 79.2% 72.6% 75.2% 75.4% 78.3% 35.6% 42.8% 35.4% 40.0% 38.2% 41.6% 44.0% 53.8% 49.8% 48.4% 47.3% 47.5% Direct Sales & Brokers 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% 37.6% 32.4% 66% 2014 2015 2016 2017 2018 2019 2020 2021 34.1% 35.8% 34.5% 38.5% -2.2% -0.1% -3.7% 0.7% 2022 2023 4Q22 4Q23 Expense Ratio ■Loss Ratio Finance ratio •Combined Ratio Operating Metrics 4Q23 FY23 PROFIT & DIVIDEND PAYOUT RATIO¹ Number of policies written 25,985 114,378 (corporate) 28% 37% 37% 38% 34% 30% 25% 25% 30% 24% 30% 29% Change (y-o-y) 36.8% 34.2% CAGR 11% -11.0% Number of policies written 57,183 210,984 21 (retail) 18 18 18 19 16 14 Change (y-o-y) 33.5% 27.3% 7 Number of claims reported 5,024 25,920 11 64% 17 88% +0.6% 82% 68% 71% 61% 55% 6 6 51% Change (y-o-y) 29.4% 56.9% 2014 2015 2016 2017 2018 Profit Georgia Capital PLC | 1. Calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares where applicable. 2019 2020 2021 Dividend Payout Ratio 2022 2023 4Q22 4Q23 ROAE GEORGIA CAPITAL 56#57Pending#58Externally valued¹ P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q +6.6% IMPLIED LTM P/E MULTIPLE DEVELOPMENT 26 286 268 13.0x (6) (2) 11.8x Equity value 30-Sep-23 Operating performance Multiple change Dividends paid Equity value 31-Dec-23 VALUATION HIGHLIGHTS¹ Y-O-Y PROGRESS GEL million, unless noted otherwise 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change LTM net income² 22.0 22.7 (0.7) 21.5 0.5 Implied P/E multiple² 13.0x 11.8x 1.2x 10.6x 2.4x Equity value 285.6 267.8 17.8 228.0 57.6 LTM ROAE3 24.4% 24.5% (0.1 ppts) 29.7% (5.3 ppts) 30-Sep-23 31-Dec-23 NET DEBT TO EBITDA No No No Leverage Leverage Leverage 30-Sep-23 31-Dec-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. LTM net income and respective implied multiple are on a pre-tax basis, as per the business valuation, incorporating the impact of adoption of Estonian Taxation Model. 3. Calculated based on average equity, adjusted for preferred shares. GEORGIA CAPITAL 58#59Pending#60Pending#61RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY REVENUE DEVELOPMENT -0.9% 15 +5.3% 14 9 -4.8% 6 EBITDA DEVELOPMENT +6.6% 11 GEORGIA CAPITAL -7.1% 10 10 3 2 9 2 2 9 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 ■PPA Non-PPA - Total revenue KEY DRIVERS A y-o-y increase in the 4Q23 revenue and EBITDA reflect the net impact of: o a 7.8% y-o-y increase in electricity generation in 4Q23, mainly driven by the resumption of operations of two power-generating units of Hydrolea HPPS, which were taken offline during the November 2022 - June 2023 period; o a 2.7% y-o-y decrease in the average electricity selling price in 4Q23. Subsequent to 4Q23, the business repurchased and cancelled US$ 5.1 million of its outstanding US$ 80.0 million green bonds. Consequently, the gross debt balance of Renewable Energy now stands at US$ 74.9 million. US$ MILLION +4.7% 3 3 KEY OPERATING HIGHLIGHTS Electricity generation (GWh) Average sales price (US$/MWh) 47.1 60.3 4Q22 VS. ■ 4Q23 Change y-o-y FY22 VS. FY23 50.8 +7.8% 268.3 58.7 -2.7% 54.4 Change y-o-y 254.0 -5.3% 56.8 +4.6% 61#62Pending#63GEORGIA CAPITAL Private investment stage portfolio companies EXTERNALLY VALUED " EDUCATION BUSINESS OVERVIEW CURRENT OPERATIONAL METRICS AND TARGETS FOR 2025 Currently 14 Targets for 2025 50 INDUSTRY INVESTMENT RATIONALE ◉ ◉ Highly fragmented general education market with consolidation opportunity. Market with strong growth potential. Low dependency on the Government. High resilience to crisis. High quality and predictable revenue. Strong profitability. CAPEX efficient business. Positive ESG impact. VALUE CREATION POTENTIAL ■ - Scaling up to capacity of 22,000 learners through expansion plans in existing schools, greenfield projects and M&As by 2025. Strong organic growth at existing schools is expected to drive solid growth in run-rate EBITDA, on top of expansion plans, greenfield projects and M&As by 2025. Eventual growth of potential EBITDA will be fulfilled through building out eventual learner capacity, reaching run-rate utilization and sustaining revenue per learner growth. Stable dividend provider capacity in the medium terms. OWNERSHIP · Majority stakes (70%-90%) across different schools. EBITDA (GEL million) EBITDA margin Equity value ROIC Built learner capacity Ramp-up of new capacity 3-5 years 26% 40%+ GEL 189 million GEL 500 million 15%+ 20%+ 7,270 22,000 Remaining GCAP New Equity Investment US$ 18 million WITH NEW EQUITY INVESTMENT OF US$ 18 MILLION GCAP CAN EXPAND TO 22K LEARNER CAPACITY AND GENERATE GEL 50 MILLION EBITDA BY 2025 THROUGH: (1) CURRENTLY OPERATIONAL CAMPUSES, (2) SECURED PIPELINE PROJECTS AND (3) M&A Georgia Capital PLC | 1. Target EBITDA breakdown is presented based on the calculations at the end of 2021-2022 academic year. 63 63#64Pending#65EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT ☐ о EDUCATION KEY DRIVERS The increase in revenue was driven by: The organic growth through strong intakes and a ramp-up of the utilization; and expansion of the business. Operating expenses were up by 50.0% y-o-y in 4Q23, mainly reflecting inflation and increased salary expenses in line with the expansion. The business grew by 1,665 learners (up by 40.0% y-o-y to 5,827 learners as of 31-Dec- 23). GEL MILLION +41.5% 19 14 43 33 +30.3% 55 +26.9% 6 5 EBITDA DEVELOPMENT +6.0% 14 14 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 KEY OPERATING HIGHLIGHTS GEORGIA CAPITAL 4Q22 VS. ■ 4Q23 Change y-o-y FY22 VS. ■ FY23 Change y-o-y Capacity 5,670 7,270 +28.2% 5,670 7,270 +28.2% Number of learners Capacity utilisation 4,162 5,827 +40.0% 4,162 5,827 +40.0% 73.4% 80.2% +6.8ppts 73.4% 80.2% +6.8ppts 65#66Externally valued¹ EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q +11.4% +6.8% +27.6% +6.9% +10.8% 31 24 229 205 (17) 189 (54) LTM EV/EBITDA DEVELOPMENT4 GEORGIA CAPITAL 16.5x 16.7x Enterprise value Net change in EV 30-Sep-23 Enterprise value 31-Dec-23 Investment at cost Net debt Minority interest² Equity value 31-Dec-23 30-Sep-23 31-Dec-23 Y-O-Y PROGRESS NET DEBT TO EBITDA VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change Enterprise value 228.8 205.3 23.5 218.3 10.5 LTM EBITDA³ 13.7 12.4 1.3 12.9 0.8 Implied EV/EBITDA multiple Net debt 16.7x 16.5x 0.2x 16.9x (0.2x) 1.3x 1.4x (16.5) (12.9) (3.6) (16.3) (0.2) Investments at cost 30.5 28.6 1.9 16.3 14.2 Total equity value of GCAP's share 189.2 170.9 18.3 164.2 25.0 30-Sep-23 31-Dec-23 <2.5x TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. GCAP has different ownership stakes across schools (70-90%). 3. The LTM EBITDAS used in the valuation assessment of the education business incorporate the functional currency adjustment at certain schools. The LTM EBITDA calculations do not factor the performance of a recently launched schools, which are added to the equity value of the business at cost. Consequently, the EBITDA figures presented on slide 35 may differ from those used in the business valuations. 4. The forward-looking implied valuation multiple is estimated at 10.5x for the 2024-2025 academic year. 66 99#67Private investment stage portfolio companies EXTERNALLY VALUED & CLINICS & DIAGNOSTICS BUSINESS OVERVIEW GEORGIA CAPITAL HIGH GROWTH PROSPECTS IN THE CLINICS BUSINESS Outpatient visits per capita, Georgia Outpatient encounters per capita Government Expenses on Primary Care VS GDP 2.4 2.1 1.8 1.9 1.9 4.4 3.6 3.5 3.6 3.7 3.2 3.3 3.1 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: NCDC statistical yearbook 2021 MEDIUM TERM OBJECTIVES 7.8 5.8 15% 5.7 3.7 4.0 3.5 1.6 Source: WHO 2021 Clinics Diagnostics › Adding new services > Expansion of retail > Geographic expansion > Developing distance > channels › Adding customer base Attracting B2B clients > Digitalisation Combined financial targets for Clinics and Diagnostics for the next 5-years (2021-2026) 10% 7.6% 6.8% 5% 3.8% 8.2% 12.2% 7.6% 6.8% 0% MDA RUS KAZ TJK ARM UZB GEO Source: WHO 2020 DOUBLE DIGIT REVENUE CAGR EBITDA C.GEL 30+ MILLION 67#68Pending#69Pending#70Externally valued¹ 29 CLINICS & DIAGNOSTICS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW (GEL MILLION) 172 111 (58) (3) Enterprise value 31-Dec-23 Net debt inc. Lease liabilities Minority interest Equity value 31-Dec-23 11.7x IMPLIED LTM EV/EBITDA VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA³ (excl. IFRS 16) GEL million, unless noted otherwise 31-Dec-232 30-Sep-232 31-Dec-222 4.5x4 Enterprise value 171.8 176.9 179.9 3.6x4 LTM EBITDA 14.7 13.8 10.9 <2.5x Implied EV/EBITDA multiple 11.7x 12.8x 16.5x Net debt incl. lease liabilities (58.5) (77.3) (63.8) Equity value of GCAP's share 110.8 96.1 112.2 30-Sep-23 31-Dec-23 TARGET GEORGIA CAPITAL Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm 2. 31-Dec-23 numbers exclude the performance of the community clinics, which are now presented as part of the hospitals business. Comparative figures for 30-Sep-23 and 31-Dec- 22 have not been restated retrospectively. 3. 31-Dec-23 and 30-Sep-23 figures exclude the performance of the community clinics. 4. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt as of 30-Sep-23 includes the receivable of US$ 6.2 million incurred from the sales transaction. 770#71Pending#72Pending#73Pending#74Pending#75Pending#76MACROECONOMIC WRAP-UP STRONG GDP PERFORMACE BELOW-TARGET INFLATION ROBUST EXTERNAL BALANCE SHEET GEL/US$ ABOVE THE PRE-PANDEMIC LEVELS SOUND MACROECONOMIC FRAMEWORK EU CANDIDACY & MIDDLE CORRIDOR: OPPORTUNITIES FOR GEORGIA 76#77Pending#78OUR ROBUST CORPORATE GOVERNANCE FRAMEWORK BOARD OF DIRECTORS COMPOSITION IRAKLI GILAURI, CHAIRMAN & CEO Experience: Formerly BGEO Group CEO; more than 20 years of experience in the banking, investment and finance. BMS in banking from CASS Business School, London; BBS from University of Limerick, Ireland MASSIMO GESUA'SIVE SALVADORI INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Currently an analyst at Lancaster asset management, formerly with McKinsey & Company for over 9 years GEORGIA CAPITAL DAVID MORRISON SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly Director at Sullivan & Cromwell with a track record of over 28 years, Founding CEO of the Caucasus Nature Fund (CNF) NEIL JANIN INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly Chair and Non-Executive Director of BGEO Group, Non- Executive Director of GHG, Director of McKinsey & Company for over 27 years. MARIA CHATTI-GAUTIER INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Over 25 years of experience in private equity in prominent financial institutions. Currently Senior Advisor of Trail Management 4 OUT OF 5 MEMBERS ARE INDEPENDENT 78#79GCAP'S HIGHLY EXPERIENCED MANAGEMENT TEAM IRAKLI GILAURI, CHAIRMAN & CEO Irakli Gilauri formerly served as the CEO of BGEO Group from 2011 to May 2018. He joined as CFO of Bank of Georgia in 2004 and was appointed as Chairman of the Bank in September 2015, having previously served as CEO of the Bank since May 2006. Prior, he was an EBRD (European Bank for Reconstruction and Development) banker. Mr Gilauri has up to 20 years of experience in banking, investment and finance. Over the last decade, Irakli's leadership has been instrumental in creating major players in a number of Georgian industries, including banking, healthcare, utilities and energy, real estate, insurance and wine. Holds an MSc in banking from Cass Business School and a certificate in winemaking from the University of California, Davis. GEORGIA CAPITAL GIORGI KETILADZE, MANAGING DIRECTOR, HEAD OF INVESTMENTS Formerly Investment Officer at BGEO Group. Joined BGEO in 2017. Previously, worked at Deutsche Bank in Corporate Finance department and at KPMG consulting in Germany. Giorgi holds a master's degree from London Business School. AVTO NAMICHEISHVILI, DEPUTY CEO In addition to his Deputy CEO role at Georgia Capital, Avto also serves as a chairman of the Group's renewable energy, beverages, housing development and hospitality 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. NINO VAKHVAKHISHVILI, CHIEF ECONOMIST Joined Georgia Capital in 2018. Nino is an IMF's Short-term Expert and a 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 GOGIA, PORTFOLIO MANAGER CEO at the hospitals business and a chairman of the Group's retail (pharmacy) and clinics and diagnostics businesses. Formerly Deputy CEO, Finance at GHG. Prior to that Irakli was a deputy chairman of the supervisory board of Evex Medical Corporation and Insurance Company Imedi L. He has ten years of experience in the financial industry. Previously, served as CFO of Insurance Company Aldagi and Liberty Consumer, prior to which he was a senior auditor at Ernst & Young and Deloitte. Holds a Bachelor of Business Administration degree from the European School of Management in Tbilisi. 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. GIORGI ALPAIDZE, DEPUTY CEO, 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. EKA DUCHIDZE, EXECUTIVE DIRECTOR Formerly served as CEO of Amber Group, a hospitality business of Georgia Capital. Previously, she was a corporate secretary and investor relations coordinator at BGEO Group. Joined Bank of Georgia as Corporate Secretary in 2005. During the past years, she has carried out a number of crucial roles, including Executive Assistant to CEO and Head of Internal Branding. Recently, Eka oversaw the development of SOLO Banking and SOLO Lifestyle at Bank of Georgia. Prior, she served for eight years at the World Bank Group of which for two years she was at the World Bank HQ in Washington DC as a Programme Assistant in the OPIC Department. IA GABUNIA, CHIEF STRATEGY OFFICER Formerly Investment Director at Georgia Capital. Joined BGEO as an Investment Director in 2017. la has over ten years of experience in banking and investment management. Prior to joining BGEO la served as Head of Corporate Banking at Bank Republic, Société Générale Group. Previously, she held numerous executive positions in leading Georgian companies. la holds a BSc degree from London School of Economics and Political Science, UK. 79#80Pending#81RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY GEL MILLION REVENUE DEVELOPMENT 3.2% 22 42 -9.8% 38 16 -4.0% 16 EBITDA DEVELOPMENT 32 GEORGIA CAPITAL -15.3% 27 227 8 8 00 -13.5% 4.7% T 7 7 26 22 5 5 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 ■PPA ■Non-PPA - Total revenue KEY OPERATING HIGHLIGHTS Electricity 47.1 generation (GWh) Average sales price (US$/MWh) 60.3 4Q22 VS. ■ 4Q23 Change y-o-y FY22 VS. FY23 50.8 +7.8% 268.3 58.7 -2.7% 54.3 Change y-o-y 254.0 -5.3% 56.8 +4.6% 81#82Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q 453 +0.8% -1.2% +2.2% 3 456 267 (190) Enterprise value 30-Sep-23 Net change in EV Enterprise value 31-Dec-23 Net debt Equity value 31-Dec-23 VALUATION HIGHLIGHTS1 EQUITY FAIR VALUE COMPOSITION AT 31-DEC-23 (GEL MILLION) GEORGIA CAPITAL 56 Total value 267 211 ■Operational assets Pipeline projects NET DEBT TO EBITDA GEL million, unless noted otherwise Enterprise value 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change 456.2 452.8 3.4 417.9 38.3 7.0x4 6.8x4 <6.0x EBITDA² 32.2 32.0 0.2 32.9 (0.7) Implied EV/EBITDA multiple 12.6x 12.5x 0.1x 11.4x 1.2x Investments at cost (EV) 3 52.5 51.6 0.9 40.7 11.8 Net debt (189.6) (192.0) 2.4 (192.9) 3.3 Equity value 266.6 260.8 5.8 225.0 41.6 30-Sep-23 31-Dec-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at cost included the pipeline projects. 4. Ratio is calculated in US$ terms. 82#83Pending#84Pending#85Pending#86Pending#87Pending#88Pending#89Pending#90NAV STATEMENT | 4Q23 2a. GEL thousands unless otherwise noted 30-Sep-23 1.Value Creation Investments and Divestments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 31-Dec-23 Change % Listed and Observable Portfolio Companies BOG Water Utility 1,092,209 161,316 (27,678) 159,000 1,225,847 159,000 12.2% NMF Listed and Observable Portfolio Value 1,251,209 161,316 Listed and Observable Portfolio value change % 12.9% 0.0% 0.0% (27,678) -2.2% 1,384,847 10.7% 0.0% 0.0% 10.7% Private Portfolio Companies Large portfolio companies 1,402,924 41,177 (6,470) Retail (pharmacy) 679,245 34,397 (1,400) 359 1,436,231 2.4% 714,001 5.1% Hospitals Insurance 381,870 (35,589) (1,925) 344,356 -9.8% 341,809 42,369 Of which, P&C Insurance 267,811 24,059 (6,470) (6,470) 166 377,874 10.6% 166 285,566 6.6% Of which, Medical Insurance 73,998 18,310 92,308 24.7% Investment stage companies 527,808 34,017 2,135 2,654 566,614 7.4% Renewable energy 260,810 5,179 500 138 266,627 2.2% Education 170,856 16,584 1,635 151 189,226 10.8% Clinics and Diagnostics 96,142 12,254 2,365 110,761 15.2% Others 297,265 (13,378) 366 284,253 -4.4% Private Portfolio Value 2,227,997 61,816 2,135 (6,470) 1,620 2,287,098 2.7% Private Portfolio value change % 2.8% 0.1% 0.0% -0.3% 0.0% 0.1% 2.7% Total Portfolio Value 3,479,206 223,132 2,135 (34,148) Total Portfolio value change % 6.4% 0.1% Net Debt (294,185) of which, Cash and liquid funds 100,356 (1,464) (1,464) 0.0% (22,196) -1.0% 0.0% 34,148 (5,459) 1,620 0.0% (7,652) 3,671,945 2.5% 5.5% (296,808) 0.9% (22,196) 34,148 (5,459) 2,525 107,910 7.5% of which, Loans issued of which, Gross Debt Net other assets/ (liabilities) Share based compensation Net Asset Value NAV change % Shares outstanding Net Asset Value per share 8,905 307 9,212 3.4% (403,446) (10,484) 2,659 (671) (287) (3,347) 5,021 (413,930) 3,375 2.6% 26.9% (3,347) 3,347 NMF 3,187,680 223,132 7.0% 0.0% 41,401,750 (22,483) -0.7% (665,222) (8,806) (1,011) 3,378,512 6.0% 0.0% -0.3% 0.0% 6.0% 40,736,528 -1.6% 76.99 5.39 0.00 0.71 0.00 (0.21) 0.04 82.94 7.7% NAV per share change % 7.0% 0.0% 0.9% 0.0% -0.3% 0.1% 7.7% Net Asset Value per share (GBP) 23.44 1.61 0.00 0.21 0.00 (0.06) (0.98) 24.23 3.4% NAV per share (GBP) change % 6.9% 0.0% 0.9% 0.0% -0.3% -4.2% 3.4% GEORGIA CAPITAL 90#91NAV STATEMENT | FY23 GEORGIA CAPITAL 2a. GEL thousands unless otherwise noted 31-Dec-22 1.Value Creation Investments and Divestments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 31-Dec-23 Change % Listed and Observable Portfolio Companies BOG Water Utility 830,463 549,255 (153,871) 155,000 Listed and Observable Portfolio Value 985,463 4,000 553,255 1,225,847 159,000 47.6% 2.6% Listed and Observable Portfolio value change % 56.1% 0.0% 0.0% (153,871) -15.6% 1,384,847 40.5% 0.0% 0.0% 40.5% Private Portfolio Companies Large portfolio companies 1,437,610 74,786 (76,825) Retail (pharmacy) 724,517 39,397 Hospitals Insurance 433,193 (81,526) 279,900 116,915 Of which, P&C Insurance 228,045 71,447 Of which, Medical Insurance 51,855 45,468 Investment stage companies 501,407 47,044 18,388 Renewable energy 224,987 38,684 6,218 (50,904) (6,018) (19,903) (14,888) (5,015) (5,187) (5,187) 660 991 (1,293) 1,436,231 -0.1% 714,001 -1.5% 344,356 -20.5% 962 377,874 35.0% 962 285,566 25.2% 92,308 78.0% 4,962 566,614 13.0% 1,925 266,627 18.5% Education 164,242 12,282 12,170 532 189,226 15.2% Clinics and diagnostics 112,178 (3,922) 2,505 110,761 -1.3% Others 274,147 5,430 32 4,644 284,253 3.7% Private Portfolio Value 2,213,164 127,260 Private Portfolio value change % 5.8% 18,420 0.8% (82,012) 10,266 2,287,098 3.3% 0.0% Total Portfolio Value 3,198,627 680,515 Total Portfolio value change % 21.3% Net Debt (380,905) of which, Cash and liquid funds 411,844 18,420 0.6% (20,887) (20,887) 0.0% (76,190) (76,190) -3.7% (235,883) -7.4% 235,883 235,883 0.0% 0.5% 3.3% 0.0% (21,786) 10,266 0.3% (32,923) 3,671,945 14.8% 14.8% (296,808) -22.1% (21,786) (420,954) 107,910 -73.8% of which, Loans issued of which, Gross Debt Net other assets/ (liabilities) Share based compensation Net Asset Value NAV change % Shares outstanding 26,830 (17,618) 9,212 -65.7% (819,579) 405,649 (413,930) -49.5% (331) 2,467 (287) (14,993) 16,519 3,375 NMF (14,993) 14,993 NMF 2,817,391 680,515 24.2% 0.0% (76,477) -2.7% (36,779) (6,138) 3,378,512 19.9% 0.0% -1.3% -0.2% 19.9% 42,973,462 (2,817,070) 580,136 Net Asset Value per share 65.56 15.84 0.00 2.70 0.00 (0.85) (0.30) 40,736,528 82.94 -5.2% 26.5% NAV per share change % 24.2% 0.0% 4.1% 0.0% -1.3% -0.5% 26.5% Net Asset Value per share (GBP) 20.12 4.74 0.00 0.81 0.00 (0.26) (1.18) 24.23 20.4% NAV per share (GBP) change % 23.5% 0.0% 4.0% 0.0% -1.3% -5.9% 20.4% 91 91#92INCOME STATEMENT | 4Q23 & FY23 GEORGIA CAPITAL Income statement GEL '000, unless otherwise noted Dividend income 4Q23 4Q22 Change FY23 FY22 Change 34,148 27,435 24.5% 162,527 93,875 73.1% Buyback dividend Interest income NMF 73,356 NMF 2,345 6,641 -64.7% 16,642 32,955 -49.5% Realised/unrealised gain/(loss) on liquid funds / Gain/(Loss) on GCAP 772 10,437 (1,574) (2,717) -42.1% Eurobond buybacks -92.6% Interest expense (9,026) (15,521) -41.8% (47,808) (69,774) -31.5% Gross operating income 28,239 28,992 -2.6% 203,143 54,339 NMF Operating expenses (8,807) (10,473) -15.9% (36,779) (39,996) -8.0% GCAP net operating income 19,432 18,519 4.9% 166,364 14,343 NMF Fair value changes of portfolio companies Listed and observable portfolio companies 133,638 234,294 -43.0% Bank of Georgia Group PLC 133,638 232,294 -42.5% 399,384 395,384 164,885 NMF 149,277 NMF Water Utility Private portfolio companies Large Portfolio Companies Of which, Retail (pharmacy) Of which, Hospitals 2,000 NMF 4,000 15,608 -74.4% 55,346 67,703 -18.3% 45,248 (224,687) NMF 34,707 73,554 -52.8% (2,039) (115,511) -98.2% 34,397 47,279 -27.2% (11,507) 14,132 NMF (35,589) 966 NMF (87,544) (140,622) -37.7% Of which, Insurance (P&C and Medical) 35,899 25,309 41.8% 97,012 10,979 NMF Investment Stage Portfolio Companies Of which, Renewable energy Of which, Education 34,017 18,325 85.6% 41,857 5,072 NMF 5,179 23,079 -77.6% 33,497 22,846 46.6% 16,584 24 NMF 12,282 28,052 -56.2% Of which, Clinics and Diagnostics 12,254 (4,778) NMF (3,922) (45,826) -91.4% Other businesses (13,378) (24,176) -44.7% 5,430 (114,248) NMF Total investment return 188,984 301,997 -37.4% 444,632 (59,802) NMF Income/(loss) before foreign exchange movements and non- 208,416 320,516 -35.0% 610,996 (45,459) NMF recurring expenses Net foreign currency gain Non-recurring expenses 28 (139) 20,965 -99.9% 6,491 47,550 -86.3% (349) -60.2% (1,898) (627) NMF Net income (adjusted IFRS) 208,305 341,132 -38.9% 615,589 1,464 NMF 92 92#93VALUATION PEER GROUP • RETAIL (PHARMACY) NEUCA S.A. | Poland . • Sopharma Trading AD | Bulgaria • S.C. Ropharma S.A. | Romania • HOSPITALS Medicover AB | Sweden EMC Instytut Medyczny SAEMC SA | Poland Med Life S.A. | Romania Netcare Limited | South Africa • • • P&C INSURANCE Dhipaya Insurance | Thailand Zavarovalnica Triglav | Slovenia Pozavarovalnica Sava | Slovenia • SALUS, Ljubljana, d. d. | Slovenia • Great Tree Pharmacy Co., Ltd. | Taiwan Clicks Group Limited | South Africa • MLP Saglik Hizmetleri A.S. | Turkey • Aksigorta | Turkey • Anadolu Sigorta | Turkey Dis-Chem Pharmacies Limited | South Africa • Life Healthcare Group Holdings Limited | South Africa • Bao Minh Insurance | Vietnam • Turkiye Sigorta | Turkey MEDICAL INSURANCE Powszechny Zaklad Ubezpieczen SA | Poland • • . Allianz SE | Germany . UNIQA Insurance Group AG | Austria • Ageas SA/NV | Belgium • • EDUCATION SISB Public Company Limited | Thailand Curro Holdings Limited | South Africa Overseas Education Limited | Singapore Cairo For Investment & Real Estate Development S.A.E | Egypt Cogna Educação S.A. | Brazil Colegios Peruanos S.A. | Peru • ADVTECH Limited | South Africa • 20 CLINICS AND DIAGNOSTICS EMC Instytut Medyczny SA | Poland • Med Life S.A. | Romania . Medicover AB | Sweden • Fleury S.A. | Brazil *[7:36 PM] Shako Bukia*Extracted from the larger peer group used in the valuation assessments performed by a third-party independent valuation firm.. GEORGIA CAPITAL • Q • • • RENEWABLE ENERGY* BCPG Public Company Limited | Thailand ERG S.p.A | Italy Polenergia S.A. | Poland Terna Energy Societe Anonyme | Greece 93#94FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, certain of which are beyond our control, include, among other things: regional instability; impact of COVID-19; 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 1H23 Results Announcement and in Georgia Capital PLC's Annual Report and Accounts 2022. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this presentation should be construed as a profit forecast. GEORGIA CAPITAL 94#95Pending