#1GEORGIA CAPITAL INVESTOR PRESENTATION 4Q20 and FY20 results 24 February 2021 銜#2CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 4Q20 & FY20 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 FY20 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 2#3COVID-19 STATISTICS GEORGIA CAPITAL 4-Dec-20 21-Feb-21 GEORGIA'S STATISTICS AS OF: Peak period of the second lockdown % change ECONOMY NEARING FULL REOPENING Now ACTIVE CASES DAILY CASES 27,370 3,257 5,450 258 -88% -95% Restrictions imposed/active at 28 November 2020 Suspension of the municipal and inter-city transportation Status Lifted AVERAGE DAILY TESTS¹ 268,355 TOTAL CASES 13,720 15,741 +15% Remote operation of secondary schools and universities. Suspension of public and private kindergartens. Lifted 2.6% 7-DAY POSITIVE RATE Suspension of non-grocery shops/ shopping mall operations except for online sales Lifted Closing of restaurants and other food facilities, except for takeaway, delivery and drive-in services Lifted² COVID-19 CASES: DYNAMICS IN GEORGIA Suspension of regular flights Lifted 300 Total cases (LHS) - Daily cases (RHS) 6 Thousand 250 200 150 100 50 1 5 4 Country-wide night-time curfew from 21:00 to 05:00 Closing of gyms and swimming pools; suspension of activities of sport, art and cultural clubs. 3 Hotels, ski lifts and trails shut down in winter resorts. To be lifted in the coming days To be lifted in the coming days To be lifted in the coming days 2 01-Sep-20 01-Oct-20 01-Nov-20 01-Dec-20 01-Jan-21 01-Feb-21 Georgia Capital PLC | Source: NCDC, Geostat, Ourworldindata.org, Worldometers, data at 21:00 p.m. GMT on 21-Feb-20. 1) Daily average of the last 7 days from the respective date. 2) Currently services are provided only in outside seating area. 3#4Jan-20 Feb-20 Mar-20 Georgia Capital PLC | Source: Geostat, NBG. Apr-20 Jun-20 15% Full lockdown 13.3% 5% -7.5% 8.6% -5% -0.9% -13.7% -2.2% -15% -28.5% -15.3% -13.4% -25% -17.7% -23.4% -35% -31.3% -45% Exports, y/y -Imports, y/y May-20 Jun-20 Jul-20 Aug-20 Jul-20 O-Remittances, y/y Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 MACROECONOMIC FAST INDICATORS IN 2020 RECORD HIGH REMITTANCES AND DIVERSIFYING EXPORT MARKETS SUPPORTING RECOVERY GEORGIA CAPITAL REAL GDP GROWTH RECOVERY DYNAMICS Partial lockdown Full lockdown Partial lockdown Full lockdown 30% 20% 10% 0% 8.6% 9.5% -10% -20% -30% -40% -50% 15% 28.7% 25.8% 22.1% 5% 17.8% 18.6% 15.9% 12.5% 5.1% 2.2% -5% Jan-20 Feb-20 Mar-20 -9.0% -42.3% Apr-20 May-20 -2:7% -15% -9.6% -0.7% -5.5% -5.3% -3.9% -7.7% -7.7% -7.9% 13.5% 16.6% -25% Jul-20 -Real GDP, y/y Aug-20 Sep-20 VAT Turnover, y/y Oct-20 Sep-20 -35% Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Partial lockdown Oct-20 Nov-20 Dec-20 ECONOMY WAS SUPPORTED BY $ UNPRECEDENTED STIMULUS AROUND THE GLOBE STRONG INTERNATIONAL SUPPORT SIZEABLE FISCAL PACK SOUND MONETARY POLICY FRAMEWORK RECORD HIGH REMITTANCES DIVERSIFYING EXPORT MARKETS Nov-20 Dec-20#5GOVERNMENT MEASURES GEORGIA CAPITAL ACCUMULATED BUFFERS AND INTERNATIONAL SUPPORT HAVE ALLOWED THE GOVERNMENT TO LAUNCH SIZEABLE MEASURES US$ 3 billion funding facility US$ 3 billion (predominantly loans) from international Economic Plan Budget - GEL 3.5 billion (1st stage) Budget - GEL 1.1 billion (2nd stage) US$1.5 billion intended for the private sector US$1.5 billion for the public sector Social aid MM GEL 1.03 billion Social aid * GEL 545 million Economic donors (incl. US$ 450m from IMF): Monetary policy Easing non-price credit conditions (LTV, PTI, etc.); Intervening in the FX market (US$ 953 million sold in March-January, including US$873 million in 2020); Monetary policy rate reduced to 8.0%; Introducing US$ 400 million currency swap facility for the financial sector to provide GEL liquidity; Reduced capital conservation buffer (2.5% of Risk Weighted Assets) and 2/3 of currency induced credit risk buffer total of GEL 1.6 billion; Temporary liquidity instrument to support credit to SMEs; Moratorium announced on new regulatory activity. support and business aid GEL 2.1 billion Anti-pandemic measures + GEL 0.35 billion Economic support and business aid GEL 515 million tourism, Support measures - - - for Sectoral special support packages agriculture and real estate sectors; Subsidies for utility bills, basic product prices and construction materials; Loan restructuring for all businesses; VAT returns and long-term funds for banks; Extra funding to support business, including a credit guarantee scheme (GEL 2bln); Tax deferrals for car importers; Social aid programs to address job losses; Pension indexation from Jan- 21; GEL 200 transfers to families for every child under 18; Extended into 2021: - Utility bills; Income tax exemption; Unemployment and social aid; Deferred 2020 income tax waived and 2021 property tax exempted for tourism; New support package for restaurants. PRUDENT PRE-CRISIS FISCAL PRACTICE ENSURED A STRONG POSITION TO BORROW TO FIGHT THE PANDEMIC, WITH MOF EXPECTING PUBLIC DEBT TO RISE TO AROUND 60% OF GDP BY THE END OF 2020 (41% AT THE END OF 2019) 5#61Q18 2Q18 3Q18 4Q18 1Q19 Georgia Capital PLC | Source: National Statistics Office of Georgia, Revenue Service, Galt & Taggart. 21.7% 19.7% 18.4% 18.3% 18.6% +0.2 pp 20.4% 18.3% 18.3% 17.3% 17.0% 16.8% 16.6% THE LABOR MARKET DYNAMICS AFTER FALLING IN 3Q20, THE UNEMPLOYMENT RATE INCREASED AGAIN IN 4Q20 ON THE BACK OF RESTRICTIONS +3.8 pp GEORGIA CAPITAL THE NUMBER OF HIRED EMPLOYEES AND SALARIES DECREASED AGAIN BY THE END OF THE YEAR DUE TO THE LOCKDOWN I Number of hired employees, % y/y --Wages received by hired employees, % y/y Jan-20 Feb-20 Mar-20 Apr-20 -12.9% -8.2% May-20 Jun-20 Jul-20 Aug-20 Sep-20 21.7% 14.1% 11.9% Oct-20 3.0% 1.4% 0.4% Nov-20 60 Dec-20 -6.1% 8.2% 7.9% 1.3%#70 500 Jan-05 Jul-05 Jan-06 1,000 90-Inf 1,500 Jan-07 Jul-07 Jan-08 80-In Georgia Capital PLC | Source: NBG. Jan-09 2,000 60-In Jan-10 2,500 Jul-10 Jan-11 Jul-11 Jan-12 3,000 EXCHANGE RATE PERFORMANCE OFFICIAL RESERVE ASSETS REACHED HISTORIC HIGH OF US$ 4.1 BILLION BY THE END OF JANUARY 2021 Net Foreign Assets, US$ mln 4,000 Official Reserve Assets, US$ mln 3,500 Official reserve assets increased by 11.5% y-o-y to US$ 3.9b in Dec-20 and by 17.8% y-o-y to US$ 4.1b in Jan-21 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 4,000 130 3,500 125 3,000 120 2,500 115 110 2,000 105 1,500 100 1,000 95 500 90 85 0 Jan-03 M Jun-03 Nov-03 Apr-04 Sep-04 Feb-05 Jul-05 Dec-05 May-06 Oct-06 Mar-07 Aug-07 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12 Aug-12 GEORGIA CAPITAL THE REAL EFFECTIVE EXCHANGE RATE HAS DEVIATED FROM THE LONG-TERM TREND FOR ALREADY TWO YEARS REER (Jan 2003=100) Linear (REER (Jan 2003 = 100)) Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-18 Nov-18 Apr-19 Sep-19 Feb-20 Jul-20 Dec-20 7#8CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 4Q20 & FY20 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 FY20 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 8#9GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 31-DEC-20 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY Switzerland 1.8% Lithuania 2.1% Other 22.6% Management ¹ 6.5% 1 Finland 2.0% 0 Luxembourg 8.1% USA 3 25.8% GCAP TOP 10 SHAREHOLDERS GEORGIA CAPITAL Rank Shareholder name Ownership 1 Eaton Vance 5.95% 2 M&G Investment Management Ltd 5.77% 3 Schroder Investment Management Ltd 3.95% 4 RWC 3.15% UK 2 5 Coeli Frontier Markets AB 2.72% 31.1% 6 Aberdeen Standard Investments 2.65% 7 Dunross & Co AB (incl. UBS) 2.57% 8 Firebird Management LLC 2.51% 9 Vanshap Capital LLC 2.48% 10 Consilium Investment Management LLC 2.27% Total 34.02% NUMBER OF OUTSTANDING SHARES 45,977,247 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. 39,384,712 (2,650,375) (1,926,538) 11,169,448 Number of shares Shares cancelled Unawarded shares, Shares issued* issued in May 2018 Number of shares. management trust outstanding * 11.2 million CGEO shares were issued as part of GHG transaction (3.4 million shares in Dec-19 and 7.7 million shares in 3Q20) 9#10OUR PORTFOLIO OVERVIEW LISTED ASSETS LISTED ASSETS ӨӨ LARGE PORTFOLIO COMPANIES ° Bank of Georgia (BOG) • Healthcare Services (GHG) • • Retail (pharmacy) (GHG) • Water Utility VALUE AT 31-DEC-20: SHARE IN TOTAL PORTFOLIO VALUE: GEL 532m 18.3% ° Insurance (P&C and medical (GHG)) NON-CYCLICAL BUSINESSES ■ CLOSE TO GEL 0.5BLN+ VALUE GEL 1,858m 63.9% PRIVATE ASSETS GEORGIA CAPITAL K INVESTMENT STAGE PORTFOLIO COMPANIES Renewable Energy • Education NON-CYCLICAL BUSINESSES ■ WITH POTENTIAL TO BECOME GEL 0.5BLN IN VALUE GEL 303m 10.4% 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 215m 7.4% 10#11OUR 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 K Education ✓ ✓ 11#12PORTFOLIO HIGHLIGHTS | 31 DECEMBER 2020 Gross investment of GEL 1.5b Net investment of GEL 570m Listed assets Large portfolio companies Portfolio fair value of GEL 2.9b Investment stage portfolio companies Original 129 investment 390 215 10 145 56 56 MOIC¹ 7.4 3.4 2.6 23.9 1.5 1.6 GEL million 532 BOG -292 1,189 471 255 198 118 -36 GHG2 Water Utility P&C Insurance 210 140 93 56 Renewable Energy Education GEORGIA CAPITAL LSE Market value at 31-Dec-20 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. 12#13CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 4Q20 & FY20 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 FY20 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 13#14CORE 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 14 74#15CAPITAL 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 15#16CAPITAL 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. recent 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 16#17ENHANCEMENT OF OUR STRATEGY AS ANNOUNCED ON 2020 INVESTOR DAY GEORGIA CAPITAL 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 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 17#18ENHANCED 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 MONETISE GEORGIA CAPITAL B GROW BUSINESSES TO EQUITY VALUE OF GEL 0.5BLN+ 18#19NEW PRIORITY #1 ANNOUNCED ON 2020 INVESTOR DAY: REALIZING VALUE OF ONE LARGE INVESTMENT 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 III GEORGIA CAPITAL Realizing value of one large investment Reduce NAV discount Therefore, we will be targeting to complete a trade sale of one of our large businesses 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 NEW TARGET 19#20NEW 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 GEORGIA CAPITAL "OTHER" PORTFOLIO EXPECTED TO BE DIVESTED IN THE NEXT 2-3 YEARS 20 20#21RENEWABLE ENERGY AND EDUCATION - OUR KEY INVESTMENT AREAS IN THE MEDIUM TERM GEORGIA CAPITAL 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 YEARS of which, c. US$ 10mln in 2021 RENEWABLE ENERGY EDUCATION Limiting expansion through greenfield developments and focus on buying cash generating assets at attractive multiples 21 24#22INVESTING 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 | 31-Dec-20 GEL million 145 70 210 (5) TOTAL NET INVESTMENT OF c. US$ 36MLN IDENTIFIED FROM GCAP OVER THE NEXT 3 YEARS ■ 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+ 20.5% 91MW 20%+ 263MW GEL 45mln GEL 122mln² GEORGIA CAPITAL GCAP Equity invested Value creation Dividends Equity value 31-Dec-20 RANGE FOR PEER TRADING MULTIPLES³ 11x-21x LTM EV/EBITDA Georgia Capital PLC | 1. Region covers countries in central Europe and Asia. 2. Run-rate EBITDA assuming 3.2 GEL/USD exchange rate. 3. Our valuation peer group multiples as of 31-Dec-20. 4. Source: Capital IQ. RECENT 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. REGIONAL¹ TRANSACTION HIGHLIGHTS IN THE SECTOR4 167 transactions over the last 3 years ■ Of which, 32 transactions have less than US$ 100mln size 22 22#23INVESTING 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 | 31-Dec-20 TOTAL NET INVESTMENT OF c. US$ 14MLN IDENTIFIED FROM GCAP OVER THE NEXT 5 YEARS BY 2025 - 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. GEL million 56 GCAP equity invested 37 93 EDUCATION BUSINESS SNAPSHOT NOW BY 2025 MOIC (Multiple of Invested Capital) 1.6x 2.0x+ IRR 42.7% 25%+ Of which: Premium: 40 ➤Mid-level: 11 ➤ Affordable: 5 Existing capacity (# of learners) 2,810 21,000 of which, existing schools 2,810 6,000 of which, M&A 15,000 Value creation Equity value 31-Dec-20 EBITDA GEL 10mln² GEL 50mln+ RANGE FOR PEER TRADING MULTIPLES¹ 7x-22x LTM EV/EBITDA Georgia Capital PLC | 1. Our valuation peer group multiples as of 31-Dec-20. 2. EBITDA GEL 10min is an estimate for 2020-21 academic year. GEORGIA CAPITAL 23#24OUTLOOK FOR OUR PRIVATE PORTFOLIO IN LINE WITH ENHANCED STRATEGY New Strategic Priority #1 New Strategic Priority #2 ӨӨ LARGE PORTFOLIO COMPANIES Exit from one large investment over the next 18-24 months 63.9% OF TOTAL PORTFOLIO VALUE AT 31-Dec-20 K INVESTMENT STAGE PORTFOLIO COMPANIES Total identified investment of US$ 50mln from GCAP in the next 3-5 years of which, c. US$ 10mln in 2021 10.4% OF TOTAL PORTFOLIO VALUE AT 31-DEC-20 SMALL COMPANIES ("OTHER ASSETS") Divestment over the next 2-3 years 7.4% OF TOTAL PORTFOLIO VALUE AT 31-DEC-20 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 24#25CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 4Q20 & FY20 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 FY20 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 25 25#262020 LOOKBACK STRONG PROGRESS AGAINST STRATEGIC PRIORITIES SEVERAL KEY ACTIVITIES IN 2020 GEORGIA CAPITAL 01 02 03 NEW WATER SUPPLY TARRIFS GHG SHARE EXCHANGE FACILITY STRATEGY ENHANCEMENT Creating a larger combined entity with enhanced share liquidity and better access to capital. Further strengthening our portfolio with three strong free cash flow generative businesses. ◉ GCAP will focus on large opportunities in Georgia, which have a potential to become GEL 0.5bln+ in equity value. ■ The WSS tariffs in Tbilisi have increased compared to the previous regulatory period of 2018-2020. ■ The tariff increase translates into a 38% growth in allowed water revenues in the three- year regulatory period. ☐ 04 FIRST-EVER GREEN BONDS FROM GEORGIA On 30 July 2020, GGU issued US$ 250 million 7.75% 5-year green notes. ■ A landmark transaction demonstrating our superior access to capital even in COVID-19 times. ☐ 05 MINORITY BUYOUT IN RENEWABLE ENERGY Georgia Capital PLC completed the buyout of the 34.4% minority shareholder in the high-margin renewable energy business, increasing our share in its growing dollar linked cash flows. ◉ DIVESTMENT OF HTMC In August 2020, GHG sold a 40% equity interest in HTMC at 13.5 LTM EV/EBITDA (our valuation multiple is 13.2 for the healthcare services business at YE20). ■ The sale is in line with the Group's strategy to divest low-return generating assets, improving healthcare services business ROIC by 90bps on a proforma basis. ☐ 26 26#27GEL NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW NAV PER SHARE UP 27.2% TO GEL 48.12 IN 4Q20 AND UP 2.7% IN FY20 % Change q-0-9 -35.6% 46.84 31-Dec-19 +4.9% +19.5% +2.7% RETURNING TO THE PRE-PANDEMIC LEVEL Total NAV per share 37.84 31.67 30.18 CONTROLLABLE (PRIVATE) NAV PER SHARE UP 54% TO GEL 39.32 IN FY20 GEORGIA CAPITAL % Change q-o-q -25.0% +27.2% 48.12 GEL -0.5% +54.4% 25.47 19.11 19.01 +69.3% +22.1% 39.32 32.19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Dec-19 31-Mar-20 ■Controllable (Private) NAV per share 30-Jun-20 30-Sep-20 31-Dec-20 % share of controllable (private) NAV per share up from 54% at 31-Dec-19 to 82% at 31-Dec-20 Controllable (private) NAV per share adjusted for GHG transfer¹ was up 25.9% to GEL 33.15 in 4Q20 (up 30.2% in FY20) Georgia Capital PLC | 1. Excludes transfer of GHG value from listed to private assets based on GHG's value as of 4-Aug-20. 27#28NAV PER SHARE (GEL) MOVEMENT IN 4Q20 GEORGIA CAPITAL NAV PER SHARE CHANGE % 9.9% 18.9% 1.2% -0.5% -0.5% -1.8% 27.2% 27.2% NAV PER SHARE GROWTH • 27.2% growth in 4Q20 NAV per share (GEL) on the back of strong value creation across our resilient private portfolio and a 36.6% increase in BOG share price during the quarter 7.15 0.45 48.12 (0.19) (0.20) (0.68) 3.75 37.84 Externally valued NAV per share 30-Sep-20 BOG Large portfolio companies Investment stage portfolio companies Other portfolio Operating expenses companies Liquidity manag. / FX/ Other NAV per share 31-Dec-20 28 20#29NAV PER SHARE (GEL) MOVEMENT IN FY20 GEORGIA CAPITAL NAV PER SHARE CHANGE % -3.8% 13.6% 13.7% 5.6% -12.4% 0.1% -1.8% -12.3% 2.7% 2.7% NAV PER SHARE GROWTH 2.64 6.40 6.39 46.84 • 7.7 million CGEO shares were issued (1.77) as part of GHG Externally valued transaction 0.06 (5.80) (0.86) 48.12 (5.78) NAV per share 31-Dec-19 BOG GHG transaction impact Large portfolio companies1 Investment stage portfolio Other portfolio companies Buyback Operating expenses Liquidity manag./FX/ Other NAV per share 31-Dec-20 companies Georgia Capital PLC | 1. Subsequent revaluation of GHG businesses in 4Q20 is included in "large portfolio companies". 29 29#30AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED REVENUE UP 5.1% Y-O-Y IN 4Q20 AND UP 6.4% IN FY20 CHANGE (Y-O-Y) +20.7% GEL MILLION -3.0% +4.7% I FULL LOCKDOWN Effective from 21 March through 22 May +5.1% +6.4% 1,625 1,527 PARTIAL LOCKDOWN Effective from 28 November. Gradually! 321 281 lifting restriction from the beginning of February 68 27 464 393 414 354 93 65 91 T 72 16 14 19 18 T T T 314 263 304 354 1,219 1,235 1Q20 2Q20 3Q20 4Q20 FY19 FY20 ■Large portfolio companies Investment stage portfolio companies Other portfolio companies Total revenue Georgia Capital PLC | Revenues from Medical Centre University Clinic (HTMC) are excluded for the presentation purposes. GEORGIA CAPITAL 30 30#31AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES REBOUNDING NET REVENUES IN HEALTHCARE SERVICES FOLLOWING THE END OF FULL LOCKDOWN IN MAY-20 ӨӨ GEORGIA CAPITAL RESILIENT PERFORMANCE OF RETAIL (PHARMACY), REVENUE UP 16.4% Y-O-Y IN 4Q20 AND UP 10.5% IN FY20 GEL MILLION CHANGE (Y-O-Y) -2.1% -24.3% +3.3% +13.3% 22 72 1Q20 71 56 84 -4 -2.5% 291 283 2Q20 3Q20 4Q20 FY19 FY20 Healthcare Services 1 GEL MILLION CHANGE (Y-O-Y) +20.1% -3.7% +8.7% +16.4% 10.5% 679 615 ..|| 201 175 160 144 1Q20 ■Retail (Pharmacy) KEY DRIVERS KEY DRIVERS Since September 2020, healthcare services business has mobilized c. 1300 beds for the COVID-19 patients. The number of admissions at clinics was up by 9.3% y-o-y in 4Q20. Occupancy rate was up by 3.6 ppts in 4Q20 y-o-y in hospitals. Georgia Capital PLC | 1. Revenues from Medical Centre University Clinic (HTMC) are excluded for the presentation purposes. 2Q20 3Q20 4Q20 FY19 FY20 Same-store growth rate was 9.2% y-o-y in 4Q20 (6.1% in FY20). Average bill size up 23.2% y-o-y to GEL 18.6 in 4Q20 (up 17.9% in FY20). 31#32GEL MILLION AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) REVENUE OF WATER UTILITY DOWN 28.2% Y-O-Y IN 4Q20, DOWN 20.1% IN FY20 GEORGIA CAPITAL TOTAL GROSS PREMIUMS WRITTEN OF P&C AND MEDICAL INSURANCE UP 5.0% Y-O-Y IN 4Q20, DOWN 3.6% IN FY20 CHANGE (Y-O-Y) -6.1% -28.4% -14.9% -28.2% -20.1% 163 20 +9% CHANGE (Y-O-Y) 178 -20.8% +9.6% +2.9% +5.0% -3.6% 183 131 -70% 6 38 31 32 30 1 2 2 1 -13% 30 28 36 31 143 125 1Q20 2Q20 3Q20 4Q20 FY19 FY20 Water supply revenue Energy revenue - Total revenue FY20 normalised revenue 1 KEY DRIVERS FY20 revenues down 20.1% y-o-y, reflecting COVID-19 related decrease in water consumption levels in corporate clients and low water inflows at Zhinvali reservoir. New water tariffs set at the end of 2020, translating into a 38% increase in allowed revenues from water sales for the 2021-2023 regulatory period. Georgia Capital PLC | 1. Normalised for a) abnormally low generation levels in 2020 in Zhinvali reservoir and b) low volume sales due to COVID-19 (reimbursed under the tariff-setting methodology). GEL MILLION 176 -15.1% 81 69 52 48 37 39 12 31 14 20 36 26 25 +5.6% 25 102 108 1Q20 2Q20 3Q20 4Q20 FY19 FY20 ■ P&C ■Medical - Insurance total KEY DRIVERS Overall, COVID-19 impact was largely well-contained further supported by decreased loss ratio reflecting lower claims during the lockdowns. The COVID-19 had negative impact on P&C's compulsory border third-party liability insurance line (MTPL). 32#33AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES STRONG PERFORMANCE OF RENEWABLE ENERGY, REVENUE UP 88.0% Y-O-Y IN 4Q20 AND UP 163.4% IN FY20 GEORGIA CAPITAL EDUCATION REVENUE UP 5.3% Y-O-Y IN 4Q20 AND UP 131.5% IN FY20 GEL MILLION CHANGE (Y-O-Y) CHANGE (Y-O-Y) NMF NMF +65.4% +88.0% +163.4% NMF NMF +9.1% +5.3% +131.5% 42.6 16.0 12.2 6.6 7.7 16.2 1Q20 2Q20 3Q20 4Q20 FY19 FY20 Renewable energy GEL MILLION 11.1 8.7 7.7 6.2 3.2 1Q20 2Q20 3Q20 4Q20 FY19 FY20 KEY DRIVERS Resilient 2020 results despite the COVID-19, primarily reflecting strong momentum from acquisitions completed at the end of 2019 and energy price increases. Electricity sales price (USD) increase led to a 12.5% y-o-y like-for-like growth in FY20 revenues (excluding business interruption insurance reimbursement). KEY DRIVERS 5.6% y-o-y increase in FY20 average tuition fee per learner. Cash collection rates remained strong, largely at 2019 levels. 25.8 ■Education 33#34AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO IN 4Q20 AND FY20 GEORGIA CAPITAL AGGREGATED EBITDA UP 1.0% Y-O-Y IN 4Q20 AND UP 4.1% IN FY20 CHANGE (Y-O-Y) +16.4% -2.9% +4.5% +1.0% GEL MILLION 61 8 162 87 13 82 138 13 12 280 +4.1% 292 5 32 17 41 53 44 62 60 60 259 219 1Q20 2Q20 3Q20 4Q20 FY19 FY20 ■Large portfolio companies Investment stage portfolio companies Other portfolio companies - Total 34#35GEORGIA CAPITAL AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO IN 2020 AGGREGATED NET OPERATING CASH FLOW UP 63% Y-O-Y IN FY20 TO GEL 376 MILLION TOTAL AGGREGATED NET OPERATING CASH FLOW (GEL MILLION) TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) 230 +63% 376 31-Dec-19 183 30-Jun-20 31-Dec-20 +114% +39% 282 GCAP LIQUIDITY REMAINED HIGH AT 31-DEC-20 284 MILLIO GEL FY19 FY20 392 35#36GEORGIA CAPITAL LEVERAGE & LIQUIDITY PROFILE LTV RATIO1 IS BELOW THE TARGETED THRESHOLD OF <30% 44.1% 41.9% Pre-COVID average: 22% 30% 27.9% 25.8% 20.0% 19.2% 17.6% US$ 87 MILLION LIQUID FUNDS AS OF 31-DEC-20 GEORGIA CAPITAL ■Cash 33.5% 33 TOTAL 28.9% Marketable securities 87 49 US$ MILLION Loans issued LTV Ratio LTV Ratio Target Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 5 SOLID DIVIDEND INCOME OUTLOOK FROM PRIVATE PORTFOLIO COMPANIES Georgia Capital PLC | 1. LTV Ratio - Loan to value ratio: net debt divided by the portfolio value. 60-70 GEL MILLION In 2021 36#37CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 4Q20 & FY20 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 FY20 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 37#38PORTFOLIO VALUE DEVELOPMENT IN 4Q20 PORTFOLIO VALUE UP 21% TO GEL 2.9 BILLION IN 4Q20 % SHARE OF LISTED ASSETS 15% GEL MILLION 312 172 2,411 Externally valued 18% 21 21 2,908 (8) Portfolio value BOG 30-Sep-20 Large portfolio companies Investment stage portfolio companies Other portfolio companies Portfolio value 31-Dec-20 GEORGIA CAPITAL 38#39PORTFOLIO VALUE DEVELOPMENT IN FY20 PORTFOLIO VALUE UP 29% TO GEL 2.9 BILLION IN FY20 % SHARE OF LISTED ASSETS 46% GEL MILLION 2,253 (66) 140 216 563 Externally valued 18% 2,908 (198) Portfolio value 31-Dec-19 BOG GHG share exchange facility and revaluation impact Large portfolio companies Investment stage portfolio companies Other portfolio companies Portfolio value 31-Dec-20 Georgia Capital PLC | 1. Subsequent revaluation of GHG businesses in 4Q20 is included in "large portfolio companies". GEORGIA CAPITAL 39#40PORTFOLIO VALUE AS OF 31-DEC-20 82% OF OUR PORTFOLIO IS VALUED EXTERNALLY 11% 7% 18% 215 532 303 PORTFOLIO BREAKDOWN GEL 2,908 MILLION 1,858 Listed ■Large Georgia Capital PLC 64% Investment stage ■Other % SHARE IN TOTAL PORTFOLIO VALUE: GEL MILLION 18% 20% 19% 16% 9% 8% 3% 7% MULTIPLE: BGEO PRICE ON LSE 13.2X 9.1X LTM EV/EBITDA1 LTM EV/EBITDA1 9.4X LTM EV/EBITDA4 - 11.6X 10.1X LTM P/E² 9.7X EV/EBITDA³ 12.5X LTM EV/EBITDA 572 553 532 471 00 263 210 93 215 BOG Healthcare Services 5 Retail (Pharmacy) 5 Water Utility 6 Insurance (P&C & Medical)5 Renewable Energy 6 Education Other Externally valued INVESTMENT STAGE LARGE PORTFOLIO COMPANIES PORTFOLIO COMPANIES GEORGIA CAPITAL 1) LTM EV/EBITDA multiples for Healthcare services and Retail (pharmacy) are presented including IFRS 16 as of 31-Dec-20. 2) LTM P/E multiple of 11.6x for P&C Insurance at 31-Dec-20 and 10.1x for medical insurance at 31-Dec-20. 3) 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 9.7x for Hydrolea HPPs and Qartli WPP. 4)) LTM EBITDA (used in valuation) for Water Utility reflects new tariffs, announced in 2020. If normalised for a) abnormally low generation levels in 2020 in Zhinvali reservoir and b) low volume sales due to COVID-19 (reimbursed under the tariff-setting methodology), the multiple would be 8.5x. 5) Healthcare Services, Retail (pharmacy), and Medical Insurance are owned through GHG. 6) Water Utility & Renewable Energy are owned through GGU. 40#41Listed portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Market opportunity 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. Banking sector assets, loans and deposits CAGR 24.7% High standards of transparency and governance. Leading market position¹ in Georgia by assets (35.6%), loans (34.9%), client deposits (38.9%) and equity (32.0%) as of 31 December 2020. Growing market: the banking sector's assets growth rate at 24.7%. Strongest retail 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 15%-20% Maintenance of dividend pay-out ratio within 25-40% 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. 15% 60 GEORGIA CAPITAL 56.9 50 47.2 39.7 38.2 40 34.6 31.9 30.1 30 25.2 26.6 34.6 22.3 20.6 18.9 20 17.3 16.0 26.2 12.7 14.4 13.0 23.0 10.6 10.5 19.8 8.9 7.2 8.3 10 0.8 1.3 0.7 1.7 0.9 2.5 1.7 4.2 2.7 1.0 6.0 4.6 5.2 6.3 8.7 7.7 17.0 14.3 11.6 1.3 2.1 3.2 3.6 4.0 5.5 6.7 7.6 9.7 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Assets, GEL bln Deposits, GEL bln 2013 2014 2015 2016 2017 2018 2019 2020 Loans, GEL bln Source: NBG Robust capital management track record Capital position: aiming to maintain +200bps buffer for CET1 and Tier 1 capital ratios over minimum regulatory requirement during the medium term Regular dividends: Aiming 25-40% dividend payout ratio. Resuming dividend payout depends on new capital requirements schedule to be released by the NBG Cash dividend paid GEL 648mln+ during 2013-2019, within the targeted payout range Georgia Capital PLC | 1. Market data based on standalone accounts as published by the National Bank of Georgia (NBG) www.nbg.gov.ge 41#4225.00 20.00 15.00 10.00 5.00 Listed portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Stock price performance May-18 Jun-18 Jul-18 Aug-18 Aug-16 Sep-18 91-das Retail clients ('000) Oct-18 Nov-18 Dec-18 % share of digital transactions in total transactions Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Aug-19 Sep-19 Oct-19 Nov-19 Financial metrics (GEL million) GBP 12.20 2015 2016 2017 2018 2019 2020 as of 31-Dec-20 NIM 7.7% 7.4% 7.3% 6.5% 5.6% 4.6% NPL coverage 83.4% 86.7% 92.7% 90.5% 80.9% 76.3% Loan portfolio 5,367 6,682 7,741 9,398 11,931 14,192 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 -20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Cost/income² 35.5% 37.7% 37.7% 36.7% 37.8% 39.7% Selected operating metrics 31-Dec-19 Profits & ROAE 31-Dec-20 Change 2,540 2,616 3.0% 4Q19 4Q20 Change 93.5% 96.1% 2.6ppts ROAE¹ 21.9% 22.2% 25.2% 26.4% 26.1% 13.0% 24.5% 500 20.8% GEL million 370 379 296 274 295 Loan book growth 15.9% 21.4% GEL 13.8 billion gross loan portfolio breakdown* | 31 December 2020 27.0% Corporate loans, GEL 4,803 million, 34.8% 18.9% Retail loans, GEL 8,982 million, 65.2% * Bank of Georgia Standalone. GEORGIA CAPITAL Dividend record³ (GEL million) Payout 10% ratio: 15% 30% 36% 33% 34% 32% 30% 30% Total dividend paid for the year Dividend per share 1.6 Dividend per share CAGR (GEL) - 34.3% 2.44 2.55 2.08 1.92 1.68 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 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. 42 1.2 122 124 0.56 98 102 72 80 0.24 51 24#43GEL million Private large portfolio companies EXTERNALLY VALUED GEORGIAN HEALTHCARE MARKET OVERVIEW GROWTH IN HEALTHCARE SERVICES MARKET EXPECTED TO CONTINUE GEORGIA CAPITAL STATE HEALTHCARE BUDGET IS INCREASING FOR THE LAST SEVERAL YEARS 12% The country's expenditure on healthcare - c. 8% of GDP; 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 Total Market CAGR 2011-2019 of 13% 4,397 10% 10% 9% 9% 9% 9% 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 1,716 1,504 7% 1,552 543 1,311 1,404 GEL million 800 802 829 681 710 760 574 438 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% 865 725 281 343 305 329 349 2015 2016 2017 2018 2019 2020 B 2021B 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020F 2021F I State Healthcare Spending - UHC Pharma Hospitals Polyclinics State Healthcare Spending - Other 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$ c. 40% of the total healthcare expenditure is financed by the State; Government expenditure on healthcare as a % of GDP reached c. 3% from 1.6% in 2013; Government spending on healthcare accounts for c. 9% of the total budget; In 2020 increase in Other State Healthcare Spending is due to the evolved COVID-19 pandemic. 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 43#44Private 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 (+ Pharmacy 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. Retail Medical Insurance Compromises of three businesses: Healthcare Services, Retail (pharmacy) and Medical Insurance | Market leader in each operating segment Advanced technology and IT infrastructure solidified Group's further growth opportunities on integrated level VALUE CREATION POTENTIAL • • • The single largest integrated company in the Georgian healthcare ecosystem, with a cost advantage due to the scale of operations. High-growth potential driven by opportunity to develop medical tourism, pick-up in polyclinics - outpatient market, the provision of beauty, dental, aesthetics and laboratory diagnostics. Well positioned to take advantage of the expected long-term macroeconomic and structural growth drivers. ROIC enhancement and substantially increased free cash flow generation following the completion of a significant three-year investment programme in 2018. GHG Group's medium to long term strategic targets Boosted operational Organic growth + New projects in pipeline Significantly improved cash flow Gradually approaching c.15%-17% Double digit revenue CAGR next 5 years Mid-teen EBITDA CAGR next 5 years + ROIC Disciplined capital allocation strategy OWNERSHIP Georgia Capital owns 100% in GHG at 31 December 2020. Our holding in GHG increased from 70.6% at 31 December 2019 following the completion of a recommended shar exchange offer. Further details of the transaction are available at the following link: Offer for GHG | Georgia Capital 44#45Private large portfolio companies EXTERNALLY VALUED GHG'S TRACK RECORD OF DELIVERING STRONG RESULTS REVENUE, GROSS (GEL MILLION) 426.4 246.0 CAGR 31.7% 747.8 975.4 920.3 849.9 EBITDA1 (GEL MILLION) CAGR 20.0% +14.6% 285.8 132.3 145.2 139.4 249.3 108.1 78.0 56.1 OPERATING CASH FLOW1 (GEL MILLION) GEORGIA CAPITAL EBITDA to cash conversion ratio²: 81% 54% 54% 75% 84% 112% 168% 68% CAGR 28.1% -57.3% +5.9% 156.5 121.2 99.6 58.2 40.8 43.2 45.4 42.4 68.6 29.3 2015 2016 2017 2018 2019 2020 4Q19 4Q20 2015 2016 2017 2018 2019 2020 4Q19 4Q20 CAPEX (GEL MILLION) Peak Capex stage Phase out from 2015 2016 2017 2018 2019 2020 4Q19 4Q20 ROIC (%) Pursuing value creation and delivering strong operational performance Start of the Capex programme Capex programme 111.0 9.4 89.3 71.2 9.6 -7.1% 17.1% 14.4% 15% 12.7% 13.1% 10.8% 11.0% 9.6% 10% 63.7 40.7 79.7 7.2 101.6 11.1 39.7 30.3 4.2 36.5 64.0 52.6 11.9 10.0 10.7 9.9 5% 2.3 3.1 27.8 20.3 8.4 6.8 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 0% 2016 2017 2018 2019 2020 4Q19 4Q20 Development Capex I Maintenance Capex Total 45 Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1. Excluding IFRS16 impact#46Private 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 GEORGIA CAPITAL Market share by number of beds¹ Referral hospitals MAJOR GROWTH DRIVERS Clinics & Polyclinics Diagnostics 18% GHG Hospitals 2,596 > 2% GHG Clinics 353 Organic growth of matured hospitals in line with the market > Increase number of registered > Building an effective logistics customers system for Group's healthcare facilities 5% > Aversi 714 Growth in launched two flagship hospitals > Increasing Group referrals > Develop retail network > Vienna Insurance... 4% 615 > Ghudushauri-Chachava 3% Supporting growth pillars, such as medical tourism and clinical trials Adding new services, such as dental and aesthetic 485 > Digitalisation Attracting B2B clients Digital Channels > Inova 209 2% Forming joint ventures in synergetic businesses PSP 145 1% > Digitalisation Other 9,468 65% FY20 Revenue breakdown by segments 16% 79% FY20 Revenue breakdown by payment sources 6% Out of pocket 28% UHC Hospitals Other Clinics 66% Diagnostics In clinics segment revenue from out of pocket payments represents 33% of total Georgia Capital PLC | 1. NCDC 2018, updated by GHG to include the changes before 31 December 2020; 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 46 46#4717 Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW (CONT'D) HOSPITALS Bed occupancy rate CLINICS Number of referral hospitals Average length of 4.9 5.2 5.5 stay 19 15 5.4 5.2 5.6 5.2 6.4 Number of community clinics -3.3ppts +3.6ppts 2,596 80% 63.0% 353 Number of referral hospital beds 61.6% 59.3% 60.1% 54.7% 56.4% 56.5% 60% 53.1% KGEL 89.5 Number of community clinics beds 40% Revenue per referral bed 20% 2015 2016 2017 2018 2019 2020 4Q19 4Q20 FY20 CASH FLOW HIGHLIGHTS GEL 81.0m +35.7% y-o-y Operating cash flow¹ 130.9% +51.1ppts y-o-y EBITDA to cash conversion¹ GEL 83.5m +258.6% y-o-y Free cash flow¹ GROSS REVENUE² EBITDA1 GEORGIA CAPITAL Number of polyclinics 518,000 Number of registered patients Gross profit margin (%) 43% 46% 42% 42% 43% 39% 43% 37% EBITDA margin (%)¹ 27% 30% 26% 25% 26% 22% 28% 24% CAGR 7.9% 305.6 350 293.0 300 2.9 285.8 GEL million 5.1 265.4 38.3 246.1 14.5 +13.4% 44.4 250 46.7 200 -17.2% 195.0 -1.6% 74.9 85.0 268.3 150 7.8 248.5 232.3 1.7 100 74.3 70.1 76.0 74.7 13.6 53.5 61.8 11.9 21.0 20.7 66.1 63.1 50 2015 2016 2017 2018 2019 2020 4Q19 4Q20 0 2015 2016 2017 2018 2019 2020 4Q19 4Q20 ■Hospitals Clinics Diagnostics 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. 47#48Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS VALUATION OVERVIEW IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) Change q-o-q 848 68 -1.3% 837 -25.9% -44.6% +20.7% (79) 12.2x 572 (230) (35) 13.2x Enterprise value 30-Sep-201 HTMC disposal Increase in EV Enterprise value 31-Dec-20 Net debt inc. Lease liabilities Minority interest Equity value 31-Dec-20 30-Sep-201 31-Dec-20² VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 30-Sep-201 Change Valuation method combination of income approach (DCF) and market approaches NMF Enterprise value 836.9 848.0 (11.1) LTM EBITDA 63.62 69.3 (5.7) Implied EV/EBITDA multiple 13.2x 12.2x +1.0x Net debt incl. lease liabilities (230.1) (310.6) (80.5) Equity value 606.8 537.0 69.8 Equity value of GCAP's share 571.7 473.5 98.2 Georgia Capital PLC | 1) GHG's businesses were valued first time in line with other private portfolio companies in 3Q20 following the minority buyout and delisting of GHG. Valuation was performed as of 30-Jun-20. 2) LTM EBITDA at 31-Dec-20 is presented excluding HTMC. GEORGIA CAPITAL Agu. Sap. Oct. Nov. Dec. пле 士 90317 SLP aVF 48#49Private large portfolio companies EXTERNALLY VALUED e RETAIL (PHARMACY) BUSINESS OVERVIEW Country's largest retailer in terms of both, revenue and number of bills issued BUSINESSES MAJOR GROWTH DRIVERS GHG in pharma PSP Market share by revenue, 20181 Aversi 305 Other 338 519 32% 460 28% 19% 21% Operates under two pharmacy brands, each with a distinct positioning: > GPC for the high-end customer segment > Pharmadepot for the mass retail segment 309 Pharmacies countrywide 309 32 23 9 Shopping Areas 206 115 124 57 38 91 103 67 35 24 3 Clinic Residential area High street Total GPC Pharmadepot > 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 Georgia Capital PLC | 1. Total market size 2018 - Frost & Sullivan analysis, revenue distribution between competitors represents managements estimates. Medium to long-term targets ☐ Double digit revenue CAGR Π 9%+ EBITDA margin 49#50Private 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 186.3 million in 2020 (up 29.7% y-o-y), with 31.4% gross profit margin. Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 34.7% in 2020 (31.0% in 2019). FY20 CASH FLOW HIGHLIGHTS GEORGIA CAPITAL REVENUE Gross profit margin (%) 24.5% 25.5% 25.5% 25.4% 26.0% 24.2% AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Number of bills issued, million 25.3 27.1 28.8 27.6 +10.5% Same store growth (%) NMF 9% 9% 6% 800 679.4 614.7 GEL million 600 518.6 184.7 450.3 176.9 +16.4% 134.5 400 113.9 GEL 16.8 14.3 13.3 13.4 201.0 494.7 172.7 200 437.8 336.4 384.1 58.7 49.7 123.0 142.3 0 2017 2018 2019 2020 4Q19 4Q20 ■Retail Distribution Number of pharmacies countrywide 255 270 296 309 EBITDA¹ 2017 2018 2019 CUSTOMER INTERACTIONS PER MONTH GEL 66.1m +24.4% y-o-y Operating leverage¹(%) Operating cash flow¹ NMF 7.8% 4.1% -1.4% 4.1% -1.9% c.0.8mln EBITDA margin¹ (%) 93.9% 8.6% 10.1% 10.6% 10.4% 11.1% 10.1% Loyal customers +12.5ppts y-o-y EBITDA to cash conversion¹ GEL 60.8m +27.7% y-o-y Free cash flow¹ Georgia Capital PLC | 1. Excluding IFRS16 impact GEL million 150 100 +7.8% 70.4 65.3 52.2 38.9 50 +6.0% 19.2 20.3 million 20 10 2020 2.1 2.3 2.4 2.3 0 0 2017 2018 2019 2020 4Q19 4Q20 2017 2018 2019 2020 50#51Private large portfolio companies EXTERNALLY VALUED ӨӨ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) IMPLIED LTM EV/EBITDA DEVELOPMENT Change q-o-q (incl. IFRS 16) +8.7% -14.1% +6.9% +16.4% 9.1x 67 836 769 8.7x (130) 553 (153) Increase in EV Enterprise value 31-Dec-20 Net debt inc. lease liabilities Minority interest Equity value 31-Dec-20 30-Sep-201 31-Dec-20 Enterprise value 30-Sep-201 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 30-Sep-201 Change Valuation method combination of income approach (DCF) and market approaches NMF Enterprise value 835.9 769.0 66.9 LTM EBITDA 92.4 88.1 4.2 Implied EV/EBITDA multiple 9.1x 8.7x +0.3x Net debt inc. lease liabilities (130.2) (151.6) (21.4) Equity value 705.7 617.4 88.3 Equity value of GCAP's share 552.7 475.0 77.7 Georgia Capital PLC | 1) GHG's businesses were valued first time in line with other private portfolio companies in 3Q20 following the minority buyout and delisting of GHG, valuation was performed as of 30-Jun-20. GEORGIA CAPITAL 51#52Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW Largest medical insurer in the country with 25.5%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 12 IC Group 6 Aversi 3 Other 23 47 25% 61 34% 13% c.174,000 Number of insured clients 6% 4% 2% 30 16% Georgia Capital PLC | 1. ISSSG as of 30 September 2020. 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% 52 52#53Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW (CONT'D) Thousands NUMBER OF INSURED & RENEWAL RATE Retention rate within the Group (%) 19.2% 23.3% 34.7% 39.4% 37.4% 37.3% 75.1% 76.9% 77.5% 73.4% 73.4% 400 69.7% 300 234 236 211 174 200 155 157 100 0 2015 2016 2017 Number of Insured, thousands 2018 20191 20201 Renewal Rate COMBINED RATIO -5.5ppts -11.0ppts 104.7% 102.5% 96.7% 94.0% 96.1% 99.6% 90.6% 88.6% 84.1% 84.2% 78.7% 77.3% 81.4% 73.0% 84.6% 70.5% 18.0% 20.6% 18.3% 16.8% 14.7% 17.6% 15.0% 18.1% 2015 2016 2017 2018 2019 2020 4Q19 4Q20 ■Expense ratio Loss ratio - Combined ratio Georgia Capital PLC | 1. Adjusted for HTMC. GEL million GEL million 90 90 60 60 30 REVENUE (NET INSURANCE PREMIUMS EARNED) -7.8% 75.4 69.5 61.5 58.6 53.7 55.1 -7.8% GEORGIA CAPITAL 19.6 18.0 0 2015 2016 2017 2018 2019 2020 4Q19 4Q20 1.8 NET PROFIT +45.9% 6.4 4.4 Up 3.7x 2.9 2.3 0.6 2015 2016 2017 2018 2019 2020 4Q19 4Q20 (2.6) (4.9) 53 ம்#54Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) Change q-o-q +12.9% NMF +45.8% 5 40 45 45 20 65 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 10.1x 8.0x Enterprise value 30-Sep-201 Increase in EV Enterprise value 31-Dec-20 Excess cash Equity value 31-Dec-20 30-Sep-201 31-Dec-20 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 30-Sep-201 Change Valuation method combination of income approach (DCF) and market approaches NMF LTM Net income 6.4 5.6 0.8 Implied P/E multiple 10.1x 8.0x +2.1x Equity value 64.9 44.5 20.4 LTM ROAE 21.5% 20.5% +1.0ppts Georgia Capital PLC | 1) GHG's businesses were valued first time in line with other private portfolio companies in 3Q20 following the minority buyout and delisting of GHG, Valuation was performed as of 30-Jun-20. GEORGIA CAPITAL 54#55Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW INVESTMENT RATIONALE Significantly underpenetrated insurance market in Georgia (0.8% penetration in property and casualty insurance market). • Market leader with a powerful distribution network of point of sale and sales agents. MARKET SHARE 9M20 (gross written premiums) VIG 28% GEORGIA CAPITAL MARKET & ALDAGI REVENUE (GEL million) YTD Sep-20: Market revenue GEL 273mln Aldagi share 28%, CAGR 2010-2019 Market 14% Aldagi - 15% 286 345 16% 20% 14% 10.3% VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. Local MTPL expected to kick in and provide access to untapped retail CASCO insurance market with only 4% existing penetration. Increasing footprint in untapped MSME sector, where Aldagi's gross revenues have grown by 52% in 2020 (from GEL 0.9 million to GEL 1.4 million). Digitalisation. Undisputed leader in providing insurance solutions to corporate clients. 4% 4% 6% %8 29% 32 42 46 52 67 71 86 90 99 29 Other Ardi IC Group Irao Unison GPIH TBC Insurance Aldagi 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Market Aldagi Market share Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY 227 202 179 115 122 142 106 100 38% 37% 37% 35% 38% 37% 32% 32% 27% 8.4% 9.2% OWNERSHIP 6,835 6.0% 6.3% P&C Insurance is 100% owned through Aldagi. 4,362 3,719 2,750 2,934 UK Switzerland France Belgium I Insurance Density USD1 (1) Penetration and density are stated including healthcare insurance (as of latest available data). Germany Slovenia Poland Bulgaria Turkey Russia Insurance Penetration? Source: Swiss Re Institute Georgia Georgia P&C Penetration 0.8% Density $36 Source: Insurance State Supervision Service of Georgia MARKET PL & COMBINED RATIO | 9M20 Total Market Profit* GEL 38.4 m 12.0 98% 95% 86% 83% 95% 98% 5.1% 82% 8.7 2.7% 2.4% 1,354 1.5% 1.4% 1.3% 418 236 Market CR 92% 16% 5.2 3.6 3.1 2.7 1.6 1.5 131 157 60 Aldagi TBC GPIH Imedi_L Unisoni Kamara PSP Other * Market data is based on net profits reported to regulatory body and does not represent IFRS amounts, except for Aldagi and TBC 55#56Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW FY20 Financial Highlights COMBINED RATIO GEORGIA CAPITAL -7.8ppts 87.7% 81.5% 79.9% -0.6ppts 82.1% 77.5% 73.9% 75.2% 75.4% 72.6% GEL 102.2m GEL 17.9m +4.0% y-o-y -8.3% y-o-y 45.5% 41.6% 44.0% 41.5% Earned premiums gross Cash flow from operations 35.6% 42.8% 35.4% 40.0% 38.2% FY20 Operating Metrics 14,148 82,285 -9.9% y-o-y -22.3% y-o-y Number of policies written (corporate) 120,629 +4.0% y-o-y Number of policies written (retail) Number of claims reported 80.1% -3.7 ppts y-o-y Renewal rate (corporate) Georgia Capital PLC | 1. Adjusted for non-recurring items. 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% 37.6% 42.3% 38.5% 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 •Combined Raio Expense Ratio ■Loss Ratio PROFIT & DIVIDEND PAYOUT RATIO (GEL million) ROAE 28% 37% 37% 38% 34% 30% 25% 30% 2B% CAGR 15% 18 18 16 64% 11 14 61% 68% 55% 7 51% 17 +2.6% 5 5 2020 4Q19 4Q20 56 2014 2015 2016 2017 20181 2019 Profit Dividend Payout Ratio#57Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 IMPLIED LTM P/E (GEL MILLION) MULTIPLE DEVELOPMENT Change q-o-q NMF NMF NMF +40.8% 141 6 Equity value 30-Sep-20 56 198 (5) 11.6x 8.3x Operating performance Multiple change and FX Dividends Equity value 31-Dec-20 30-Sep-20 31-Dec-20 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 30-Sep-20 Change 31-Dec-19 Change Valuation method DCF & Multiples¹ Multiples² NMF Multiples² NMF LTM Net income³ 17.1 16.9 0.2 18.3 (1.2) Implied P/E multiple 11.6x 8.3x +3.3x 9.0x +2.6x Equity value 197.8 140.5 LTM ROAE 24.8% 25.4% 57.3 -0.6ppts 164.9 32.9 30.4% -5.6ppts GEORGIA CAPITAL D 田 Georgia Capital PLC | 1) P&C Insurance business was valued externally for the first time in 4Q20. The valuation method used was combination of income approach (DCF) and market approaches. 2) P&C Insurance was valued internally in 3Q20 and FY19. The valuation method used was market approach (multiples), cross checked with income approach (DCF). 3) Adjusted for non-recurring items. 57#58Private 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 AVERAGE WATER TARIFF GROWTH IN 3-YEAR REGULATORY PERIODS GEL per m3 of water sold -0.4% + 47.8% 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% Allowed revenue 6.50 + 52.0% 0.33 0.50 2018-2020 2021-2023 ■Legal entities Residential customers 58#59Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW (CONT'D) FY20 OPERATING HIGHLIGHTS REVENUE HIGHLIGHTS EBITDA GEORGIA CAPITAL Energy Total 123 119 127 135 149 163 131 44 32 53.4 million KWh 13.0 Tetri/KWh 20 9 10 -69.9% y-o-y 15.1% y-o-y Electricity sales Average electricity sales price 175.2 GWh +0.7% y-o-y Self-produced electricity consumption Water Utility 165.9 million m³ 3,473 -7.0% y-o-y Water sales -36.1% y-o-y 228.6 GWh GEL million 6 10 6 -28.2% 9 -35.0% y-o-y Electricity generation 140 143 117 110 117 125 125 27 6 1 12 39 31 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 GEL million 2014-2019: +72% 95 83 73 69 62 55 -55.5% 63 Water supply revenue Energy revenue OPERATING AND INVESTING CASH FLOW) FCF 7 17 (2) (58) New Connections (66) 125 17 4 5 5 105 SELF-PRODUCED ELECTRICITY CONSUMPTION 2014-2020: -43.3% GEL 15m -31.8% y-o-y FY20 FINANCIAL HIGHLIGHTS Dividend Payment GEL million 76 55 48 59 60 52 47 5256 35 34 32 20 15 22 17 Cash-flow used in investing activities Cash-flow from operating activities Georgia Capital PLC 1. Cash flow used in investing activities includes Capital expenditures. 2. Cash flow used in operating activities included Maintenance capex. kWh million 309 319 256 239 - 1.1% 193 174 175 41 41 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 2 59#60Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 EBITDA AND EV/EBITDA MULTIPLE HIGHLIGHTS (GEL MILLION) Change q-o-q 85 +10.0% 931 +14.3% +6.0% EBITDA (GEL million) 471 98.71 9.4x 109.92 8.5x 846 (460) Tariff adjusted implied EV/EBITDA multiple (used Normalised 2020 EBITDA 2 Enterprise value 30-Sep-20 Increase in EV Enterprise value 31-Dec-20 Lease liabilities Equity value 31-Dec-20 in valuation)1 VALUATION HIGHLIGHTS GEL million, unless noted 31-Dec-20 otherwise 30-Sep-20 Change 31-Dec-19 Change Valuation method DCF & Multiples³ Multiples4 NMF Multiples4 Enterprise value 930.9 846.1 84.8 836.8 NMF 94.1 LTM EBITDA 98.71 84.65 14.1 95.1 3.9 Implied EV/EBITDA multiple 9.4x 10.0x -0.6x 8.8x +0.6x Net debt Equity value (459.7) 471.1 (433.8) 25.9 (352.8) 106.9 412.3 58.8 484.0 (12.8) Georgia Capital PLC | 1) 31-Dec-20 LMT EBITDA reflects new tariffs, announced in 2020. Tariff adjusted EBITDA was used in valuation. 2) Normalised for a) abnormally low generation levels in 2020 in Zhinvali reservoir and b) low volume sales due to COVID-19 (reimbursed under the tariff-setting methodology). 3) Water utility business was valued externally for the first time in 4Q20. The valuation method used was combination of income approach (DCF) and market approaches. 4) Water Utility was valued internally in 3Q20 and FY19. The valuation method used was market approach (multiples), cross checked with income approach (DCF). 5) LTM 30-Jun-20 EBITDA was used for the valuation purposes. GEORGIA CAPITAL 60 60#61Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW INVESTMENT RATIONALE Electricity demand has been outpacing the supply by 5.1% over the last decade. MARKET OPPORTUNITY ELECTRICITY SUPPLY AND CONSUMPTION (TWH), 2020 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 is US dollars. Deficit (4 months) 1.5 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. 1.0 Deficit (6 months) ■ Diversified portfolio of hydro and wind power plants with c. 40% capacity factors, all benefiting from long-term fixed price PPAs formed with the Government-backed entity. Availability of competitive funding from international capital markets for pipeline projects. High margins and EBITDA to cash-conversion rate, dollar linked cash flows. 0.5 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ■ Stable dividend provider capacity in the medium term. OWNERSHIP Following the buyout of the 34.4% minority shareholder in February 2020, Renewable energy is 100% owned by Georgia Capital. Hydro and wind TPPS Imports Consumption GEORGIA CAPITAL Electricity deficit during July-April. ■ 22% of total consumption produced by gas-fired TPPS, 13%-imported. ELECTRICITY IMPORT AND EXPORT DYNAMICS (USD million) LOW BASE AND HIGH CDD1 POINT TOWARDS 5X INCREASE IN AC PENETRATION BY 2030 40.0 23.5 20.0 475 196 56 252 248 18 493 8.2 0.0 86% ➤ Air conditioners are the most electricity-intensive conventional domestic devices and increasing -20.0 0.5 -14.0 -16.3 -17.8 -21.6 -40.0 -44.5 60% 50% penetration of ACs quickly -55.9 -60.0 -58.7 33% 35% eats away the surplus -70.5 Korea Canada France Spain Italy 14% Netherlands Georgia 13% electricity on the market in the summer months -80.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ■AC penetration Georgia Capital PLC 1. cooling degree day ● Mean CDD Source: Worldbank, Geostat, EurekAlert and etc. Electricity exports Electricity imports Deficit ■ 2020 electricity trade deficit stood at 58.7 million USD. Consumption growth forecasted at minimum 4.0% CAGR in coming 10 years. Anticipated deficit of at least 6.1 TWh by 2030. 61#62Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) FY20 PERFORMANCE RENEWABLE ENERGY PROJECTS OVERVIEW | 31 DECEMBER 2020 EBITDA margin 79.4% 70.6% 78.1% GEORGIA CAPITAL Commissioned projects Installed capacity (MWs) Actual/ Target commissioning Gross capacity factor PPA expiration PPA tariff, Us¢/KWh 90.8 90.5 GEL thousands 4,251 Mestiachala HPPS Hydrolea HPPS 50.0 1H19 39.8% 1H34 5.5 20.4 2H19 59.1% 1H22-2H28 5.5-5.6 Qartli Wind Farm 20.7 2H19 47.2% 2H29 6.5 47.9 18,549 Pipeline projects 12,560 Zoti HPP 46.0 2H23 43.0% 2H38 5.1 7,149 Darchi HPP 17.5 1H23 55%-60% 1H33 5.5 Tbilisi Wind Farm 54.0 2H23 Hydrolea HPPS Revenue Qartli WPP -Generation (Gwh) Kaspi Wind Farm Total Mestiachala HPPS Bl reimbursement Note 1: Mestiachala HPPS - The first phase (30MW) was launched on 8 April 2019, followed by the second phase (20MW) on 4 June 2019. 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. Note 1: In case of Qartli Wind Farm and Hydrolea HPPs, commissioning date shows the acquisition date of the power plants by Georgia Capital. Note 2: PPA terms for Tbilisi and Kaspi WPPs are under the discussion with the Government of Georgia. 54.0 2H23 37%-40% 37%-40% 2H38 N/A1 2H38 N/A¹ 262.6 FY20 FINANCIAL HIGHLIGHTS GEL 32.0m +2.4xy-o-y EBITDA 75.2% -5.0ppts y-o-y GEL 40.2 NMF 3.8 USC/Kwh GEL 4.9m +34.5% y-o-y Dividend payment EBITDA margin Cash flow from operations Average market sales price 62#63Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) Change q-o-q +2.4% NMF +4.2% 478 11 489 210 (279) Enterprise value Increase in EV 30-Sep-20 Enterprise value 31-Dec-20 Net debt Equity value 31-Dec-20 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 30-Sep-20 Change 31-Dec-19 Change Valuation method Multiples² Multiples² NMF Cost² NMF Enterprise value 489 478 11 NMF NMF EBITDA1 27.3 26.5 0.8 NMF NMF Selected EV/EBITDA multiple 9.7x 9.7x NMF NMF NMF Investments at cost (EV) 224.63 221.6 3.0 NMF NMF Net debt (279.4) Equity value 209.9 (277.2) 201.5 2.2 NMF NMF 8.4 106.7 NMF EQUITY FAIR VALUE COMPOSITION AT 31-DEC-20 (GEL MILLION) 41 Total value 210 169 ■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) in 2020 and cost in 2019. 3) Investments at cost at 31-Dec-20 include: Mestiachala and pipeline projects. GEORGIA CAPITAL eslagv 63#64Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINES OVERVIEW GEORGIA CAPITAL INDUSTRY INVESTMENT RATIONALE Highly fragmented general education market with consolidation opportunity. Market with strong growth potential. High quality revenue with high margins. Strong and predictable cash flow streams. High trading multiples. Asset light strategy. VALUE CREATION POTENTIAL " Scaling up to capacity of 21,000 learners through expansion plans in existing schools and M&As by 2025. Strong organic growth at existing schools is expected to drive solid growth in run-rate EBITDA, on top of expansion plans and M&As. Stable dividend provider capacity in the medium terms. OWNERSHIP STRONG PLATFORM TO FACILITATE GROWTH AND SCALE TO BECOME THE LEADING EDUCATION PLAYER WITH c. 21,000 LEARNERS BY 2025 TARGETING FOR 2025... .THROUGH Expansion plans with existing partner schools By 2025 NOW 2,810 90% Equity value GEL 0.5b Capacity (# of learners) Utilization on operational campuses EBITDA EBITDA margin GCAP new equity investment ROIC USD 17.5mln² 20%+ 40%+ Maintain ROIC 20%+ Majority stakes (70%-90%) across different schools. Ramp-up for new capacity (reaching 80%+ utilization) 3-5 years Investment per learner capacity in affordable segment M&A 80% affordable GEL 10mln1 6,000 85% GEL 32mln USD 2.6mln 20%+ GEL 7,000 & 20% midscale By 2025 15,000 80%-85% GEL 18mln USD 11.4mln 20%+ GEL 6,200 GEL 7,200 REMAINING GCAP NEW EQUITY 14 INVESTMENT USD million TOTAL EBITDA BY 2025 50+ GEL million BY 2025 CAPACITY BY 2025 21K learners Of which, 6,000 (existing schools) Of which, 15,000 (M&As) ➤ With new equity investment of USD 2.6mln, GCAP can expand to 6,000 learner capacity and generate GEL 32mln EBITDA by 2025 on secured real estate locations with existing partner schools ➤ USD 2.6mln new equity investment for expansion plans with existing partner schools is net of education business reinvestment of USD 5.6mln and net of in-kind contribution of USD 5.5mln (assets already on GCAP Balance Sheet) ➤ USD 11.4mln new equity investment for M&A pipeline is net of education business reinvestment of USD 15.2mln Georgia Capital PLC 1. EBITDA GEL 10mln is an estimate for 2020-21 academic year 2. Investment is calculated at 3.2 USD/GEL exchange rate. 64#65Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) FY20 Operating highlights 89.5% -2.4ppts y-o-y Capacity utilization 2,516 -2.6% y-o-y Number of learners 9.2 +3.9% y-o-y Learner to teacher ratio GEL 9,530 +5.6% y-o-y Private K-12 learners in Georgia PRIVATE K-12 MARKET IN GEORGIA Market growing at c.2x nominal GDP growth rate GEORGIA CAPITAL Private K-12 market size in Georgia 8% CAGR '20-25 63.2 60.8 61.9 53.9 55.4 56.1 57.6 51.6 11% 16% CAGR '13-19 4.6 3.6 3.7 3.7 10% 10% 10% 10% 10% 10% 3.2 9% 2.9 2.6 2.7 400 2.0 lllll ...... 280 275 257 217 192 177 158 115 Revenue per learner FY20 Financial highlights GEL 8.3m +14.9% y-o-y EBITDA 32.4% +2.8ppts y-o-y EBITDA MARGIN GEL 7.9m -17.9% y-o-y Cash flow from operations GEL 18.5m Net debt +26.4% y-o-y 2013 2014 2015 2016 2017 I Number of private learners 3.1% 13.9 Austria UK 4.4% 11.0 10.9 3.0% 3.7% 9.9 9.3 9.0 3.0% 2018 2019 % of total number of learners 2020 2013 2014 2015 2016 2017 2018 2019 2020E 2025E Total revenue, GELmln Revenue per learner, GEL '000 Lower average annual spending per K-12 learner in Georgia indicating room for further growth Source: G&T, GCAP estimates 4.5% 3.9% 3.3% 3.3% 3.2% 3.1% 2.9% 3.0% 2.9% 2.6% 8.5 8.4 8.2 6.8 6.7 7.1 6.7 6.7 3.6% Mmmmmm...... Germany France New... Italy Portugal Slovenia Spain Czech Latvia Total spending per learner Slovakia Poland Total Estonia di Hungary 5.9 as Lithuania Total spending as % of GDP 2.4% 5.3 Chile 4.0% 3.9% 3.1% 2.7% 2.2% • 5.0 3.7 3.0 3.0 1.5 0.7 T 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 65 Source: OECD, Ministry of Finance of Georgia#66Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) Change q-o-q LTM EV/EBITDA DEVELOPMENT +19.2% +0.7% +27.5 +15.7 +15.3% 12.5x 17 19 119 100 (14) 93 (29) 12.5x Enterprise Increase in EV value Enterprise value 31-Dec-20 Investment at cost Net debt Minority interest 2 Equity value 31-Dec-20 30-Sep-20 31-Dec-20 30-Sep-20 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 30-Sep-20 Change 31-Dec-19 Change Valuation method Multiples³ Multiples³ NMF Cost³ NMF Enterprise value 119.1 99.9 19.2 NMF NMF EBITDA 9.51 8.0 1.5 NMF NMF Selected EV/EBITDA multiple 12.5x 12.5x NMF NMF NMF Net debt (13.7) (10.8) 3.0 NMF NMF Equity value 105.3 89.1 16.2 NMF NMF Investments at cost 16.8 16.7 0.1 56.4 (39.5) Total equity value 93.0 80.7 12.4 56.4 36.7 Georgia Capital PLC 1) GEL 9.5 million LTM EBITDA was used for valuation purposes due to functional currency adjustment in premium schools. 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) in 2020 and cost in 2019. GEORGIA CAPITAL 66#67CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 4Q20 & FY20 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 FY20 GEORGIAN MACRO OVERVIEW 07 APPENDICES GEORGIA CAPITAL 67#68SOVEREIGN RATINGS WITH FAVOURABLE MACRO FUNDAMENTALS GEORGIA CAPITAL Key Ratings Highlights Rating Agency Rating Outlook Affirmed MOODY'S Ba2 Stable August 2020 S&P Global BB Stable August 2020 Fitch Ratings BB Negative August 2020 Georgia is favorably placed among peers Aw Fitch Rating JAMANIA LABYA Outlook Stable Area: 69,700 sq. km Country Country Rating Armenia B+ Azerbaijan BB+ Negative Belarus B Negative Czech Republic AA- Stable Georgia BB Negative Kazakhstan BBB Stable Turkey BB- Negative Ukraine B Stable General Facts TURKEY Georgia KAZAKHSTAN Festiva Population (2019): 3.7 million Capital: Tbilisi; Economy Life expectancy: 73.5 years Official language: Georgian Literacy: 100% Currency (code): Lari (GEL) Nominal GDP (Geostat) 2019: GEL 50 billion (US$17.7 billion) Real GDP growth rate 2020 (snap estimate): -6.1% Real GDP 2010-2019 annual average growth rate: 4.8% GDP per capita 2019 (PPP, international dollar) IMF: 12,227 Annual inflation 2020: 5.2% External public debt to GDP 2020 (expected): 47.7% RUSSIA 68#69GEORGIA'S KEY ECONOMIC DRIVERS GEORGIA CAPITAL Top performer globally in WB Doing Business over the past 12 years Liberal economic policy Regional logistics and tourism hub Liberty Act (effective January 2014) ensures a credible fiscal framework; Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%. Following the emergency clause activation after the COVID-19 shock, the fiscal framework will return within the rule bounds in three years, as specified in the Liberty Act; Business friendly environment and low tax regime (attested by favourable international rankings); A natural transport and logistics hub, connecting land-locked energy rich countries in the east and European markets in the west Access to a market of 2.8 billion customers without customs duties: Free trade agreements with EU, China, Hong Kong, CIS and Turkey and GSP with USA, Canada, Japan, Norway and Switzerland; FTA with Israel and India under consideration. Tourism inflows fell sharply to US$ 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 " FDI stood at US$ 1.3 billion (7.2% of GDP) in 2019. ◉ FDI averaged 8.5% of GDP in 2010-2019. Support from international community Electricity transit hub potential Political environment stabilised 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. 69#70INSTITUTIONAL ORIENTED REFORMS Ease of Doing Business | 2020 (WB Doing Business Report) New Zealand Singapore Economic Freedom Index | 2020 (Heritage Foundation) US 6 Georgia 7 Norway 9 Lithuania Estonia Kazakhstan Russia Azerbaijan Poland Czech rep. Armenia Turkey Romania 11 18 25 28 34 40 41 41 47 55 Bulgaria 61 Ukraine 64 Ireland 6 UK 7 Georgia Lithuania 12 16 Up by four places compared to 2018 Czech Republic Germany Latvia Armenia Bulgaria Azerbaijan Turkey 23 27 32 34 36 44 71 Russia GEORGIA CAPITAL 94 Corruption Perception Index | 2020 (TI) Lithuania Latvia Poland Georgia Czech Republic 23322 35 42 45 45 49 Italy 52 Slovakia 60 Armenia 60 Belarus 888 63 Romania Bulgaria Turkey Kazakhstan Moldova Ukraine Azerbaijan Russia Uzbekistan 669 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 86 94 115 117 129 129 146 Uzbekistan Ukraine Moldova Turkey 98 106 114 Kazakhstan Belarus Russia Azerbaijan 123 125 127 136 150 Sources: Transparency International, Heritage Foundation, World Bank, Trace International. Partnership New Zealand Sweden 1 3 Georgia 5 Norway 7 Australia France 13 Russia 14 Bulgaria 16 UK 19 Germany 20 Romania 25 Ukraine 26 Poland 32 Czech Republic Kazakhstan 34 37 Turkey 46 Azerbaijan 81 70#71Georgia Armenia Source: IMF, WEO (October 2020) Latvia Moldova Turkey Source: Geostat Nominal GDP, USD mn 2014 2015 2016 Medium-term growth to remain high Comparative real GDP growth rates, % (2021-2025 average) | IMF 2017 Real GDP fell by 5.8% in 9M20. According to rapid estimates, the full year recession was -6.1%, with 4Q fall of -6.5% due to the 2nd lockdown Real GDP, YoY % 5.5 4.5 4.3 4.1 3.9 3.9 3.8 3.6 3.5 3.5 3.1 2.2 1.7 1.4 Romania Czech Republic Poland Estonia Ukraine Lithuania Russian Federation Azerbaijan Belarus 2018 ECONOMY HIT HARD, BUT EXPECTED TO BOUNCE BACK FAST Gross domestic product Diversified nominal GDP structure, 9M20 2019 Accommodation and food service activities Healthcare 5% 3% Information and communication 3% Industry 15% 15,112 16,489 17,189 17,625 14,948 16,249 15,142 17,597 17,422 Education 5% 12,706 11,617 7.4% 6.4% 4.4% 4.8% 4.8% 5.1% 5.1% 3.6% 3.0% Financial and insurance activities 5% 2.9% Jan-18 Feb-18 Mar-18 Apr-18 Source: Geostat May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 9M2019 9M2020 -5.8% Source: Geostat Transportation and storage 6% Other 7% Public administration and defence 8% Construction 8% Agriculture 9% Monthly Economic Activity Estimate, y-o-y growth Economic activity slowed down again since September due to the 2nd lockdown 4.4 5.5 5.6 6.5 7.5 4.0 4.6 5.6 6.7 2.0 2.2 5.6 3.5 4.6 6.0 5.1 4.7 5.0 6.1 5.8 5.2 5.7 6.4 5.1 3.8 2.2 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 -0.7 -2.7 -3.9 -5.5-5.3 -7.7 -7.7 -7.9 -13.5 -16.6 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 71 Real estate 12% Trade 14% GEORGIA CAPITAL#72500 2000 Sources: GeoStat 1000 2010 1150 2011 1300 2012 SIGNS OF RECOVERY IN THE LABOUR MARKET New unemployment rate (updated methodology) equal to 20.4% in 4Q20, up by 3.8 pp y-o-y Sources: GeoStat 1450 27.2 27.2 UNDP Human Development Index Sources: UNDP 30 26.7 1 26.4 23.0 25 21.9 21.7 21.6 0.8 20.4 19.2 17.6 18.3 18.3 17.0 20 0.6 15 0.4 10 10 0.2 Employed Unemployment % Average monthly nominal earnings in business sector 2018 2019 1 20 II 20 III 20 2000 IV 20 5 0 0 2000 2001 2002 2003 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 1,405 1500 1,242 1,107 1,144 1,024 1,106 1,150 1,187 1,319 0 1,241 1,316 1,306 1500 1,604 1,625 1,655 1,627 1,629 1,676 1,654 1,641 1,605 1,573 1,227 1,545 1,515 1,529 1,152 1,176 1,506 367 436 442 442 430 374 359 354 309 277 283 277 260 308 1000 1000 446 434 417 392 398 455 452 445 453 371 398 423 449 392 500 2009 2010 2011 2012 -----------Ɛ LOZ 710 724 759 739 795 855 854 869 903 898 891 840 845 805 0 0 17 || 17 III 17 IV 17 118 II 18 III 18 IV 18 19 II 19 III 19 IV 19 | 20 II 20 III 20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 120 II 20 III 20 IV 20 Construction Trade Real estate Accommodation and food service Education Total Hired Self-employed Unemployed Not-identified worker Labor force decomposition Sources: GeoStat Number of hired workers fell by 40,000 q-o-q and by 75,000 YoY in 4Q20, while the number of unemployed increased by 48,000 q-o-q and by 53,000 y-o-y, on the back of restrictions 72 2014 2015 2016 LO 2018 2019 GEORGIA CAPITAL#7380 60 40 20 ANN -20 -40 0 INFLATION TO STAY SLIGHTLY ABOVE TARGET Inflation y-o-y vs. inflation target Sources: NBG, GeoStat Inflation was under the 3% target in December-January because of a one-off impact of government-subsidized utilities being subtracted from price changes. We expect inflation to increase up to around 4% on average in 2021 Source: GeoStat 11 9 8 7 9 5 4 2.8 3 2 1 0 -1 -2 -3 Jan-05 Jul-05 Jan-06 90-յոր Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 M2 vs. inflation, y-o-y,% Sources: Geostat, NBG Jan-13 Jul-13 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jan-14 Apr-18 Jul-14 Jan-15 Jul-18 Jul-15 Oct-18 Jan-16 Jan-19 Jul-16 Jan-17 Jul-17 Jan-18 Apr-19 Jul-19 Oct-19 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-20 Apr-20 Jul-20 Oct-20 M2 Y/Y % LHS Inflation Y/Y % RHS 16.0 1,600 14.0 12.0 1,400 10.0 8.0 1,200 6.0 4.0 1,000 2.0 800 (2.0) (4.0) 600 (6.0) 400 114 || 14 III 14 IV 14 115 SL II SL III IV 15 Jan-21 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Price Indices GEORGIA CAPITAL Mar-18 May-18 Jul-18 Sep-18 81-ΛΟΝ Ξ Headline Inflation Average monthly nominal earnings Source: Geostat Monthly Inflation The annual fall in monthly nominal earnings was 0.8% in 3Q20, up from -5.3% in 2Q20 Core Inflation GEL 116 || 16 9L III IV 16 117 || 17 III 17 IV 17 118 || 18 III 18 IV 18 119 II 19 III 19 IV 19 120 20 20 73 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 -2 0 2 4 9 8#74CURRENT ACCOUNT BALANCE ADJUSTING AFTER RECORD LOWS Current account balance (% of nominal GDP) Sources: NBG Exports and Re-exports, US$ billion GEORGIA CAPITAL 30% The CAB was -12% in 9M20, with goods trade adjustment and record high money transfers mitigating evaporating service exports 30% Source: NBG Service exports ■Goods exports, geo-originated Re-exports 20% 20% 1.0 0.8 10% 10% 0% 0% 1.1 0.9 0.5 0.7 -10% -5.6% -3.1% -10% 0.9 0.4 0.3 3.9 -5.0% 3.6 -9.8% -20% -12.2% -11.4% -10.2% -8.1% -6.8% 0.7 -11.8% -12.0% -12.5% 3.1 -20% 2.9 0.8 3.1 3.1 2.5 -30% 0.5 2.6 0.3 -30% 0.2 0.2 2.5 2.5 -40% 0.2 0.1 -40% 1.9 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M19 9M20 0.0 0.0 0.0 0.0 0.6 0.7 Goods, net Current transfers, net FDI and capital goods import Source: GeoStat Services, net Current account Investment income, net FDI, inflows 2000 2001 2002 2003 2004 E 0.1 2.1 1.8 1.6 4.5 4.6 2.4 4.0 1.3 1.4 1.0 2.6 3.0 3.0 3.1 3.3 3.6 0.5 0.6 0.7 0.9 1.1 1.3 1.3 1.6 2.0 1.3 2005 2006 2010 2016 2017 2018 2019 9M19 9M20 10.3% 8.1% 7.5% 6.9% 7.2% 7.2% 6.2% 6.5% 5.7% 5.9% 11.7% 11.1% 10.3% 8.7% 8.5% 7.9% 7.6% 7.8% 7.2% 7.1% 7.4% 8.0% 6.8% 6.2% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M19 9M20 IFDI, % of GDP Capital Goods Import, % of GDP 74#7545 2012 RECORD HIGH REMITTANCES MITIGATING DECREASED TOURISM REVENUES Foreign investor interest remains resilient Sources: GeoStat 2013 FDI, US$ mn Remittances at record levels Source: NBG 2014 2015 2016 FDI, % of GDP 2017 2018 2019 2,000 25% 1,800 3600 8.7 1,600 20% 7.9 3100 6.7 1,400 6.3 2600 5.7 5.9 1,200 1,000 10.3% 11.1% 11.7% 15% 10.3% 4.7 2100 800 6.9% 7.5% 7.2% 7.1% 7.4% 10% 1600 3.1 6.2% 5.9% 6.2% 600 1100 400 5% 600 200 0 0% 100 ☐ 9M19 9M20 Remittance inflows have reached record high levels after bouncing back in June, with average annual growth in 2H20 equaling 20.2% million $ 225 205 185 165 137 132 145 126 126 125 105 85 450 400 200 350 193 184 182 300 189 169 170 250 m 200 150 100 50 0 65 79 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 2019 2020 Jan-17 Mar-17 May-17 2011 2012 Visitors and tourism revenues Sources: GNTA, NBG Tourism revenues fell by 83% in 2020, as borders remain closed, including a 96% fall in Apr-Dec 2013 Tourism Revenues, $ mn Merchandise exports Source: Georstat Goods exports fell by 12% y-o-y in 2020 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Exports, US$ mn, LHS Nov-18 Jan-19 2014 Mar-19 May-19 Jul-19 % change y/y, exports, RHS Sep-19 Nov-19 Jan-20 Mar-20 쫑 May-20 Jul-20 Sep-20 2015 Nov-20 75 2016 2017 International Traveler Trips, mn 2018 40% W 20% 0% -40% -20% 2019 60% 2020 1.7 9.4 Millions 10 1 F98765432-0 GEORGIA CAPITAL#760 US$ million TOURISM SECTOR Tourism revenues to GDP Sources: NBG, Geostat Spending per arrival, 2018 Source: WDI 4000 3500 25% 20.3% 18.3% 18.8% 1200 1075 20% 3000 16.6% 1000 876 13.9% 811 803 781 2500 12.9% 763 749 15% 740 725 721 717 800 2000 9.9% 10.1% 589 8.6% 600 10% 1500 6.2% 5.4% 4.3% 400 1000 5% 200 500 0 0% 0 I Tourism Revenues, $ mn Tourism Revenues, % of GDP Arrivals to country's population, 2018 Source: WDI 5 4.1 4 3.3 3.3 2.8 3 2 1 2.4 2.1 1.9 1.8 Croatia Montenegro Cyprus Greece 1.0 Estonia Slovenia Albania Hungary Bulgaria Georgia 1.3 Latvia 13 1.3 10 1.0 Lithuania Czech Republic 1.0 10 0.6 0.6 0.5 Armenia Turkey Poland Ukraine 9M19 9M20 GEORGIA CAPITAL 432 161 Azerbaijan Cyprus Turkey Poland Czech Republic 800 700 600 500 364 400 258 300 200 144 27 100 Number of Tourists (overnight visitors) Source: GNTA The number of tourists fell by 79% in 2020, including a 92% fall since April Slovenia Armenia Georgia Croatia Estonia Greece 547 547 543 Montenegro 502 Bulgaria Hungary Latvia Lithuania Albania Ukraine 63 0.3 0.3 Azerbaijan 27 27 29 37 35 42 42 44 40 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 2019 2020 43 43 76#77DIVERSIFIED FOREIGN TRADE Goods' Trade Deficit Source: GeoStat In 2020, the trade deficit fell by 18.5%, as exports were cut by 12% and imports contracted by 15.9% on the back of the pandemic 0 -100 -200 -300 -400 -500 009- -700 Jan-17 May-17 Mar-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 Trade Deficit, US$ mn, LHS Electricity generation and trade, GWH Source: ESCO Jan-17 Feb-17 1400 1200 1000 800 59% 600 400 200 0 45% 73% 88% Hi 99% 99% 99% Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 May-19 Jul-19 % change y/y, trade deficit, RHS Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Oil imports Source: GeoStat 1,200 50% 1,000 40% 30% 800 20% 10% 600 0% -10% 400 -20% 200 -30% -40% -50% (200) (400) (600) WPPS TPPS HPPS Imports Exports Domestic Supply 63% 68% 67% 64% 78% 93% 99% 99% 91% 96% 84% 70% 86% Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 80% 74% 59% 63% 71% 54% 55% Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 83% 99% 99% 99% 86% 74% 73% Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 2008 Oil imports, US$ mn Oil imports, % change, y/y 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 56% 60% Oct-19 Nov-19 Dec-19 46% 54% 55% 52% 81% 83% Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 98% 99% 95% 90% 72% Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 77 GEORGIA CAPITAL 90% 70% 50% 30% 10% -10% -30% -50%#78DIVERSIFIED FOREIGN TRADE Imports of Goods, contribution to growth Source: NBG All types of goods contributed to shrinking imports in 2020, with consumer goods responsible for over a half of the total cut Intermediate goods Consumer goods Imports y/y Foreign Demand, 2020 Source:, Geostat 1% 3% 1% 5% 8% Investment goods 30% 20% 10% 0% -10% -20% -30% -40% 2016Q1 2016Q2 2016Q3 Import countries, 2020 Sources: GeoStat 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 5% Armenia Azerbaijan 6% Other 15% Ukraine 5% EU countries 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 24% 2020Q4 United States 7% China 9% Russia 11% Turkey 18% 11% 12% 16% Export countries, 2020 Sources: GeoStat Switzerland 3% Armenia 6% Other 17% 27% 16% GEORGIA CAPITAL ■Crude materials, except fuels ■Machinery and transport equipment ■Beverages and tobacco ■Manufactured goods Food and live animals ■Chemicals and related products ■Miscellaneous manufactured articles ■Commodities not classified elsewhere I Animal and vegetable oils, fats and waxes ■Mineral fuels, lubricants EU countries 21% China has become the single largest destination country for Georgian exports in 2020 with a 14.3% share, as opposed to 5.9% in 2019 Turkey 6% Ukraine 7% Azerbaijan Russia 13% 13% China 14% 78#79PRUDENT MONETARY POLICY ENSURES MACRO-FINANCIAL STABILITY International reserves Sources: NBG International reserves reached a record high of $3.9 billion by the end of 2020 as a result of external funding, up 11.5%, providing ample cover 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Jan-05 Jul-05 Jan-06 90-Inf Jan-07 20-In Jan-08 80-in Jan-09 60-Inf Jan-10 10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln Nonperforming loans to total gross loans, latest 2020 Sources: IMF Lithuania Hungary Georgia Latvia Turkey Poland Romania Belarus Armenia Bulgaria Croatia Kazakhstan Moldova Russia GEORGIA CAPITAL Jul-20 4,000 14 3,500 3,000 12 2,500 10 2,000 8 1,500 1,000 6 500 4 0 2 Sources: NBG 0 Turkey 30% 25% 20% 17.00% 15% 10% 5% 0% Kazakhstan 9.00% Georgia End-2018 ■ End-2019 ■ End-2020 Monetary policy rate vs peers Sources Central banks Feb-08 Aug-08 Feb-09 Aug-09 Monetary policy rate Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Belarus Azerbaijan Ukraine Armenia 8.00% 7.75% 6.25% 6.00% 5.25% 4.25% Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 NBG lowered the monetary policy rate to 8% in August, a total cut of 100 bps since January 2020 Aug-19 Feb-20 8.00 Aug-20 Russia 1.0% 1.2% 2.3% 3.5% 3.9% 4.0% 4.1% 4.9% 5.7% 6.3% 7.0% 8.4% 8.6% 9.3% 79 19#8090 03/Jan/20 16/Jan/20 100 29/Jan/20 110 120 11/Feb/20 24/Feb/20 08/Mar/20 21/Mar/20 03/Apr/20- 16/Apr/20 130 140 150 ⚫USD/GEL US$ Purchase US$ sale Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 ■Net Monthly Interventions, $ mn Exchange rate indices (1 January=100) Sources: NBG 29/Apr/20 12/May/20 25/May/20 07/Jun/20 20/Jun/20 03/Jul/20 16/Jul/20 29/Jul/20 11/Aug/20 24/Aug/20 06/Sep/20 19/Sep/20 02/Oct/20 15/Oct/20 USD/TRY USD/RUB May-18 Jul-18 Sep-18 Nov-18 Jan-19 o Mar-19 May-19 Jul-19 FLOATING EXCHANGE RATE - POLICY PRIORITY Central Bank's interventions Sources: NBG 250 200 150 100 50 0 NBG has sold $953 million since March 2020 ($873 million in 2020) on the foreign exchange market and maintains a declaration of active intervention policy to provide liquidity -50 -20 -20 -18 -40 -30 -20 -30 -25 -50 -100 -150 -70 -20 -65 Real effective exchange rate (REER) Sources: NBG 135 200 174 120 100 60 40 20 50 33 20 20 T jilli 130 125 120 80 115 110 105 100 95 90 85 GEORGIA CAPITAL Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 USD/UAH USD/AMD USD/BYR 60 50 45 252525252 40 90 85 80 75 70 65 28/Oct/20 10/Nov/20 23/Nov/20 06/Dec/20 19/Dec/20 01/Jan/21 14/Jan/21 27/Jan/21 09/Feb/21 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 20-յոր Jan-03 Aug-03 Mar-04 Oct-04 May-05 Dec-05 90-inc Feb-07 Sep-07 Apr-08 Nov-08 60-unr Jan-10 Aug-10 Mar-11 Oct-11 Dollarization ratios Source: NBG REER (Jan 2003=100) Linear (REER (Jan 2003 = 100)) Both deposit and loan dollarization jumped in March on the back of the pandemic and GEL depreciation, but have declined since then 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 Loan dollarization Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 80 Deposit dollarization 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 40 ៦ 89 89 3 8 9 8 60 65 70 80 85#81-10% -8% -6% 2014 -4% -2% 2015 0% 60% 55% 50% 45% 40% 35% 30% 25% 20% PUBLIC DEBT TO RISE IN THE SHORT RUN Public debt Sources: MOF Public debt is expected to increase to around 60% of GDP, with a consolidation plan in place for the medium run External public debt to GDP, % 2018 Overall Balance (IMF Modified), % of GDP Source: MOF -2.0% -2.3% -2.8% -2.7% -2.7% -3.0% 2016 2017 2018 2019 -9.1% -7.6% 2020F 2021F 2022F 2023F 2019 2020F 2021F 2022F 2023F 2024F Total public debt to GDP, % 2024F Breakdown of public debt Source: MOF, as of 31 October 2020 65% 60% 55% 50% 45% Multilateral 56% 40% 35% Domestic 21% External 79% 30% 25% 20% Current vs Capital Expenditure, % of GDP Source: MOF Capital expenditures reached record highs in 2019 and will prove key in the fiscal stimulus Bilateral 17% Eurobond 6% 30% 26.2% 25.1% 23.2% 22.6% 22.8% 22.2% 25% 21.3% 21.0% -2.6% -3.1% 20% -4.4% 15% 7.9% 8.2% 7.9% 7.0% 10% 6.4% 6.3% 6.5% 5.7% 5% 0% 2017 2018 2019 2020F 2021F 2022F 2023F 2024F ...Current Expenditures Capital Expenditures (Acquisition of Non-financial Assets) 81 GEORGIA CAPITAL#82CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 4Q20 & FY20 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 FY20 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements ➤ Portfolio companies overview GEORGIA CAPITAL 82#83OTHER BUSINESSES AUTO SERVICE DI BEVERAGES WINE BEER (INCL. DISTRIBUTION) AMBOLI OTHER PORTFOLIO PERFORMANCE HIGHLIGHTS GEORGIA CAPITAL KPI 4Q20 Change y-o-y FY20 Change y-o-y 2021 TARGET Number of bottles 3.2 +45.1% 7.2 +19.4% sold in million 11.0-12.5 Sales in hectoliters 45,316 -9.3% 272,567 +8.5% c. 295,000 Revenue in 9,237 GEL '000 +183.5% 21,412 +321.7%1 c. 35,000 Total cars serviced PTI in '000 63.6 -35.5% 252.0 -26.4% c. 390 HOUSING DEVELOPMENT Sq.m. of apartment sales 20,482 +101.9% 69,035 +153.0% c. 75,000 Georgia Capital PLC | 1. Amboli was acquired at the end of Jun-19. Like-for-like growth was 191.2% in FY20. 83#84VALUATION PEER GROUP HEALTHCARE SERVICES • Med Life S.A. | Romania • EMC Instytut Medyczny SA | Poland • Netcare Limited | South Africa • MD Medical Group Investments Plc | Cyprus Narayana Hrudayalaya Limited | India • MLP Saglik Hizmetleri A.S. | Turkey • • Life Healthcare Group Holdings Limited | South Africa Mediclinic International plc | South Africa • • • · EDUCATION SISB Public Company Limited | Thailand Cogna Educacao | Brazil Curro Holdings Limited | South Africa Overseas Education Limited | Singapore Cairo For Investment & Real Estate Development (CIRA) | Egypt ӨӨ • RETAIL (PHARMACY) NEUCA S.A. | Poland • Sopharma Trading AD | Bulgaria • SALUS, Ljubljana, d. d. | Slovenia • • • MEDICAL INSURANCE Powszechny Zaklad Ubezpieczen SA | Poland GEORGIA CAPITAL • European Reliance General Insurance Company S.A. | Greece • UNIQA Insurance Group AG | Austria Great Tree Pharmacy Co., Ltd. | Taiwan Dis-Chem Pharmacies Limited | South Africa Ageas SA/NV | Belgium • Clicks Group Limited | South Africa • S.C. Ropharma S.A. | Romania • • • • . [73 P&C INSURANCE Dhipaya Insurance | Thailand Zavarovalnica Triglav | Slovenia Pozavarovalnica Sava | Slovenia Aksigorta | Turkey Anadolu Sigorta | Turkey Bao Minh Insurance | Vietnam • T I • Turkiye Sigorta | Turkey New • 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 84#85PRIVATE PORTFOLIO COMPANIES' DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 31 DECEMBER 2020 (GEL MILLION) 2021 2022 2023 2024+ Total Large portfolio companies 110.3 184.5 36.3 593.7 924.8 Healthcare Services 101.5 184.5 36.3 82.4 404.7 Retail (Pharmacy) 8.8 8.8 Water Utility (Green bonds) 511.3 511.3 Insurance Investment stage portfolio companies 3.5 3.7 3.8 318.3 329.3 Renewable Energy (Green bonds) 308.0 308.0 Education 3.5 3.7 3.8 10.3 21.3 Other businesses 170.1 243.7 50.2 208.1 672.1 Total 283.9 431.9 90.3 1,120.1 1,926.2 Gross debt of other businesses includes: 1. A 3-year US$ 30 million bonds issued on the local market in 2019 with a 7.5% annual coupon rate, maturing in Dec-21. Bonds are backed by commercial real estate. 2. A 3-year US$ 35 million bonds issued on the local market in Oct-19 with a 7.5% annual coupon rate, maturing in Oct-22. Georgia Capital PLC | General note: Gross debt maturity profile comprises outstanding principal payments. GEORGIA CAPITAL 85#86MULTIPLE OF INVESTED CAPITAL (MOIC) | 31-DEC-2020 GEL million Gross Investment Sell down Dividends Fair Value MOIC Realized MOIC (1) (2) (3) (4) (2+3+4)/(1) (2+3)/(1) Listed Investments Bank of Georgia Group PLC 129 287 134 532 7.4x 3.3x 129 287 134 532 7.4x 3.3x Private large portfolio companies 615 131 147 1,858 3.5x 0.5x GHG1 390 131 Water Utility 215 P&C Insurance 10 Private investment stage portfolio companies 201 I Renewable Energy 145 41455 1,189 3.4x 0.3x 97 471 2.6x 0.5x 46 198 23.9x 4.5x 303 1.5x 210 1.5x Education 56 93 1.6x Other Total 589 260 215 0.8x 0.4x 1,534 418 546 2,908 2.5x 0.6x Georgia Capital PLC | 1. GHG comprises three businesses: Healthcare Services, Retail (pharmacy) and Medical Insurance. GEORGIA CAPITAL 86#87Georgia 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 15 years. Jyrki Talvitie, Independent Non-Executive Director Experience: 28 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 87#88Irakli 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 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 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 10 years of experience in banking and investment management. Prior to joining BGEO la served as Head of Corporate Banking at Bank Republic, Societe Generale Group. Previously she held numerous executive positions in the leading Georgian companies, among which are an Investment Executive at Liberty Capital (the holding company of Liberty Bank) and a Head of Investor Relations at Galt & Taggart Asset Management. la holds a BSc degree from London School of Economics and Political Science, UK. Listed Private Portfolio 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, energy projects, etc. Previously, he was a Partner at a leading Georgian law firm. Holds an LL.M. 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 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 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 the Master Diploma in International Law. 88#89CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 4Q20 & FY20 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 FY20 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements Portfolio companies overview GEORGIA CAPITAL 89#90NAV STATEMENT | 4Q20 GEL thousands unless otherwise noted 30-Sep-20 1.Value Creation 2a. Investments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 31-Dec-20 Change % Share in total portfolio (%) Listed Portfolio Companies Bank of Georgia (BOG)1 360,100 Total Listed Portfolio Value 360,100 Listed Portfolio value change % 171,458 171,458 47.6% 531,558 47.6% 18.3% 531,558 47.6% 18.3% 0.0% 0.0% 0.0% 0.0% 0.0% 47.6% Private Portfolio Companies Large Portfolio Companies (14,972) GEORGIA CAPITAL 1,545,818 327,170 221 1,858,237 20.2% 63.9% Healthcare Services Retail (Pharmacy) Water Utility Insurance (P&C and Medical) Of which, P&C Insurance 473,500 98,156 571,656 20.7% 19.7% 475,000 77,745 552,745 16.4% 19.0% 412,313 68,614 185,005 82,655 140,505 62,273 (10,000) (4,972) (4,972) 221 471,148 14.3% 16.2% 262,688 42.0% 9.0% 197,806 40.8% 6.8% Of which, Medical Insurance 44,500 20,382 64,882 45.8% 2.2% Investment Stage Portfolio Companies 282,175 20,481 88 220 302,964 7.4% 10.4% Renewable energy 201,497 8,185 220 209,902 4.2% 7.2% Education 80,678 12,296 88 93,062 15.3% 3.2% Other Portfolio Companies 223,178 (8,980) 290 441 214,929 -3.7% 7.4% Total Private Portfolio Value 2,051,171 338,671 378 (14,972) 882 2,376,130 15.8% 81.7% Private Portfolio value change % 16.5% 0.0% 0.0% -0.7% 0.0% 0.0% 15.8% Total Portfolio Value (1) 2,411,271 510,129 378 (14,972) Total Portfolio value change % 21.2% 0.0% 0.0% -0.6% 0.0% 882 0.0% 2,907,688 20.6% 20.6% 100.0% Net Debt (2) (677,865) (378) of which, Cash and liquid funds 163,733 (378) 14,972 14,972 (5,902) (28,826) (697,999) 3.0% (5,902) of which, Loans issued 103,373 2,864 5,610 175,289 7.1% 108,983 5.4% of which, Gross Debt (944,971) (37,300) (982,271) 3.9% Net other assets/ (liabilities) (3) (1,240) Of which, share-based compensation (3,207) (3,207) 7,050 2,603 NMF 3,207 0.0% Net Asset Value (1)+(2)+(3) 1,732,166 NAV change % 510,129 29.5% (9,109) 0.0% 0.0% 0.0% -0.5% (20,894) -1.2% 2,212,292 27.7% 27.7% Shares outstanding 45,772,547 Net Asset Value per share, GEL 37.84 11.15 0.00 0.00 0.00 (0.20) NAV per share, GEL change % 29.5% 0.0% 0.0% 0.0% -0.5% 204,700 (0.68) -1.8% 45,977,247 48.12 27.2% 0.4% 27.2% Georgia Capital PLC | 1) Number of shares owned in BoG was 9,784,716 as of 31 December 2020. 90 90#91NAV STATEMENT | FY20 GEL '000, unless otherwise noted Listed Portfolio Companies Georgia Healthcare Group (GHG) Bank of Georgia (BOG)1 Total Listed Portfolio Value 31-Dec-19 1. Value creation 2a. Investment 2b. Buyback 2c. Dividend 2d. GHG delisting 3.Operating expenses 4. Liquidity/ FX/Other 31-Dec-20 Change % 430,079 (195,347) 138,265 (372,997) 597,735 (66,177) 531,558 -100.0% -11.1% 1,027,814 (261,524) 138,265 Listed Portfolio value change % -25.4% 13.5% 0.0% 0.0% (372,997) -36.3% 0.0% 0.0% 531,558 -48.3% -48.3% Private Portfolio Companies Large Portfolio Companies Healthcare Services 648,893 859,545 (24,943) 393,797 372,997 177,859 1,745 1,858,237 NMF 571,656 0.0% Retail (Pharmacy) Water Utility Insurance (P&C and Medical) Of which, P&C Insurance 374,322 178,423 552,745 0.0% 483,970 433 (15,000) 1,745 471,148 -2.6% 164,923 90,993 (9,943) 16,715 262,688 59.3% 164,923 42,826 (9,943) 197,806 19.9% Of which, Medical Insurance 48,167 16,715 64,882 0.0% Investment Stage Portfolio Companies 163,150 98,730 44,501 (4,927) 1,510 302,964 85.7% Renewable Energy 106,800 62,169 44,350 (4,927) 1,510 209,902 96.5% Education 56,350 36,561 151 93,062 65.1% Other Portfolio Companies 413,226 (217,266) 11,899 7,070 214,929 -48.0% Total Private Portfolio Value 1,225,269 Private Portfolio value change % 741,009 60.5% 56,400 4.6% 0.0% (29,870) -2.4% 372,997 30.4% 0.0% 10,325 0.8% 2,376,130 93.9% 93.9% Total Portfolio Value (1) 2,253,083 Total Portfolio value change % 479,485 21.3% 194,665 (29,870) 8.6% 0.0% -1.3% 0.0% 0.0% 10,325 0.5% 2,907,688 29.1% 29.1% Net Debt (2) (493,565) of which, Cash and liquid funds 211,889 (57,684) (57,684) (6,033) (6,033) 29,870 29,870 (19,455) (19,455) of which, Loans issued 151,884 of which, Gross Debt (857,338) Net other assets/ (liabilities) (3) (5,650) 1,284 of which, share-based compensation (12,681) (12,681) (151,132) 16,702 (42,901) (124,933) 19,650 12,681 (697,999) 41.4% 175,289 -17.3% 108,983 -28.2% (982,271) 14.6% 2,603 NMF 0.0% Net Asset Value (1)+(2)+(3) 1,753,868 NAV change % Shares outstanding 479,485 27.3% 138,265 7.9% (6,033) -0.3% 0.0% 0.0% (32,136) -1.8% (121,157) -6.9% 2,212,292 26.1% 26.1% Net Asset Value per share, GEL NAV per share, GEL change % 37,441,971 46.84 12.81 27.3% 7,734,010 (4.96) (173,076) 0.06 0.00 0.00 (0.86) -10.6% 0.1% 0.0% 0.0% -1.8% 974,342 (5.78) -12.3% 45,977,247 22.8% 48.12 2.7% 2.7% Georgia Capital PLC | 1) Number of shares owned in BOG was 9,784,716 as of 31 December 2020. GEORGIA CAPITAL 91#92VALUE CREATION IN PRIVATE PORTFOLIO | 4Q20 & FY20 GEORGIA CAPITAL VALUE CREATION IN 4Q20 VALUE CREATION IN FY20 Portfolio Businesses Operating Performance Greenfields Multiple Change and FX Value Creation in 4Q20 Portfolio Businesses GEL thousands Operating Performance (1) Greenfields (2) Multiple Change and FX (3) Value Creation in FY20 (1)+(2)+(3) GEL thousands (1) (2) (3) (1)+(2)+(3) BOG (66,177) BOG 171,458 GHG (as listed) (195,347) Total Listed Portfolio Companies 171,458 Total Listed Portfolio Companies (261,524) Large Portfolio Companies 234,485 92,685 327,170 Large Portfolio Companies 89,997 620,003 149,545 859,545 Healthcare Services 40,279 57,877 98,156 Healthcare Services 40,279 295,641 57,877 393,797 Retail (Pharmacy) 53,276 24,469 77,745 Retail (Pharmacy) 53,276 296,577 24,469 374,322 Water Utility 126,107 (57,493) 68,614 Water Utility (7,153) 7,586 433 Insurance (P&C & Medical) 14,823 67,832 82,655 Insurance (P&C & Medical) 3,595 27,785 59,613 90,993 Investment Stage Portfolio Investment Stage Portfolio 24,688 (4,207) 20,481 35,292 57,067 6,371 98,730 Companies Companies Renewable Energy 11,713 (3,528) 8,185 Renewable Energy 22,399 32,720 7,050 62,169 Education 12,975 (679) Education 12,893 24,347 (679) 36,561 12,296 Other Portfolio Companies (15,749) 584 6,185 (8,980) Other Portfolio Companies (187,419) (1,001) (28,846) (217,266) Total Private Portfolio Companies 243,424 584 94,663 338,671 Total Private Portfolio Companies (62,130) 676,069 127,070 741,009 Total Portfolio 243,424 584 94,663 510,129 Total Portfolio (62,130) 676,069 127,070 479,485 92 22#93GEORGIA CAPITAL 4Q20 & FY20 PERFORMANCE OVERVIEW GEORGIA CAPITAL Income statement GEL '000, unless otherwise noted 4Q20 4Q19 Change FY20 FY19 Change Dividend income Interest income 14,972 35,943 -58.3% 29,870 122,219 -75.6% 4,307 7,647 -43.7% 20,957 39,044 -46.3% Realised/unrealised (loss)/ gain on liquid funds 1,119 3,596 -68.9% (2,984) 9,547 NMF Interest expense (16,537) (14,610) 13.2% (62,478) (55,071) 13.4% Gross operating (loss)/income 3,861 32,576 -88.1% (14,635) 115,739 NMF Operating expenses (9,109) (9,032) 0.9% (32,136) (34,391) -6.6% GCAP net operating (loss)/income (5,248) 23,544 NMF (46,771) 81,348 NMF Fair value changes of portfolio companies Listed portfolio companies 171,458 (105,463) NMF (261,524) (62,869) NMF Of which, Georgia Healthcare Group PLC (228,422) NMF (195,347) (203,109) -3.8% Of which, Bank of Georgia Group PLC 171,458 122,959 39.4% (66,177) 140,240 NMF Private portfolio companies 323,699 (5,412) NMF 711,139 75,021 NMF Large Portfolio Companies 312,198 (4,555) NMF 834,602 87,352 NMF Of which, Healthcare Services 98,156 NMF 393,797 NMF Of which, Retail (pharmacy) 77,745 NMF 374,322 NMF Of which, Water Utility 58,614 (9,649) NMF (14,567) 52,953 NMF Of which, Insurance (P&C and Medical) 77,683 5,094 NMF 81,050 34,399 NMF Investment Stage Portfolio Companies 20,481 NMF 93,803 NMF Of which, Renewable energy 8,185 NMF 57,242 NMF Of which, Education 12,296 NMF 36,561 NMF Other businesses (8,980) (857) NMF (217,266) (12,331) NMF Total investment return 495,157 (110,875) NMF 449,615 12,152 NMF (Loss)/Income before foreign exchange 489,909 movements and non-recurring expenses (87,331) NMF 402,844 93,500 NMF Net foreign currency loss Non-recurring expenses (14,421) (166) 18,280 (982) NMF -83.1% (90,943) (3,389) (20,967) NMF (982) NMF Net Income/(loss) (adjusted IFRS) 475,322 (70,033) NMF 308,512 71,551 NMF 93#94• NUMBER OF SHARES OUTSTANDING DEVELOPMENT HISTORY US$45 million share buyback programme, commenced in Jun-18, was completed in Aug-19 In 3Q20, 7.7m shares were issued for GHG share exchange In Jun-Aug 2019, 2.7m shares were cancelled In Dec-19, 3.4m shares were issued for GHG share exchange +21.1% 3.3 million shares were bought 38.68 38.31 38.09 38.05 back, of which 2.7 million 37.81 shares were cancelled 35.96 +7.2% 37.44 37.69 34.93 From 1 August 2019 through 1st quarter of 2020, CGEO shares of up to US$ 20 million were repurchased for the management trust million Decrease by 9.7% over the period 45.77 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 # of shares outstanding GEORGIA CAPITAL 45.98 94#95CONTENTS 01 COVID-19 UPDATE | GEORGIA 02 GEORGIA CAPITAL AT A GLANCE 03 STRATEGY AND CAPITAL ALLOCATIONS 04 4Q20 & FY20 RESULTS OVERVIEW 05 PORTFOLIO OVERVIEW 06 FY20 GEORGIAN MACRO OVERVIEW 07 APPENDICES Georgia Capital results discussion Georgia Capital financial statements ➤ Portfolio companies overview GEORGIA CAPITAL 95#96GEORGIAN 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 96#97P&C INSURANCE BUSINESS | SEGMENT RESULTS IN FY20 Well-diversified business model Other (6) GEORGIA CAPITAL Credit life (4) Liability(5) GEL 36mln GEL 31mln GEL 36mln 28% 35% Key Segments Market size (3Q20) (1) Aldagi market share (1) Motor(2) Property (3) GEL 107mln GEL 63mln # of Clients 23% Corporate -1,344 Retail 28,951 36% Corporate - 1,018 Retail 11,638 Retail 3 channels Financials FY20 Net profit Underwriting Earned profit, net premiums, net Earned premiums, gross սլա սլա GEL 72.1 GEL 102.2 GEL 31.2 mln GEL 17.0 սլա Loss ratio: 44.0% Combined ratio: 81.5% 2014-2020 CAGR 10% GEL 32.3mln 2014-2020 CAGR 10% Corporate 1,070 Retail - 778 2014-2020 10% CAGR 6% 2014-2020 CAGR 25% 2014-2020 2014-2020 0% 7% CAGR 19% CAGR 19% 41% 46% 54% 59% 100% 90% GEL 28.3mln 2014-2020 CAGR 13% 41% 23% 59% 93% GEL 13.8mln GEL 15.9mln GEL 11.9mln 2014-2020 CAGR 27% 0% 2014-2020 CAGR 14% 2014-2020 CAGR 16% 159 46% 54% 22% Corporate - 809 Retail 16,245 (1) Sources: Insurance State Supervision Service of Georgia. Market shares by earned premium gross. (2) Motor own damage, motor third party liability insurance. (3) Contractor's all risks insurance (CAR), Commercial property, Household Property, Machinery breakdowns insurance. (4) Loan-linked life insurance. (5) Financial risk, employer's liability, professional indemnity, General third party liability insurance (GTPL), Freight Forwarders' liability (FFL), Household GTPL, Product liability insurance. (6) Cargo, Contractor's Plant And Machinery insurance (CPM), Livestock, Bankers blanket bond insurance (BBB), Directors and officers liability Insurance (D&O), Agro insurance. 77% 100% 85% GEL 32.1mln GEL 11.7mln GEL 13.7mln GEL 7.1mln GEL 7.5mln 2014-2020 CAGR 6% 2014-2020 CAGR 13% 25% 2014-2020 CAGR 0% 0% 2014-2020 CAGR 14% 9% 2014-2020 CAGR 22% 43% 39% 57% 61% 75% 100% 91% GEL 8.7mln 2014-2020 CAGR 4% GEL9.3mln 34% 2014-2020 CAGR 17% 26% GEL 2.5mln GEL 5.4mln GEL 5.3mln 2014-2020 CAGR -3% 2014-2020 CAGR 18% 8 2014-2020 CAGR 30% 38% 100% 66% 62% 74% GEL 2.3mln GEL 6.3mln GEL 1.4mln Corporate - 62% Retail - 59% Corporate-99% Corporate - 4% Retail - 0% Retail - 83% 92% GEL 3.6mln GEL 3.4mln Corporate - 0% Retail -53% Corporate Retail Corporate -54% Retail - 93% Retail - 97% Retail - 47% Corporate-52% Retail - 77% Corporate - 2% Retail - 2% Corporate -56% Retail - 70% 97#98FORWARD 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, which could 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 indicated could adversely affect our business and financial performance, which are contained in our past and future filings and reports and also the 'Principal Risks and Uncertainties' and Emerging Risks included in the 1H20 Results Announcement and Georgia Capital PLC's Annual Report and Accounts 2019. 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 98#99COMPANY INFORMATION Georgia Capital PLC Registered Address 84 Brook Street London W1K 5EH 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