#1GEORGIA CAPITAL INVESTOR PRESENTATION 4Q23 & FY23 RESULTS#2CONTENTS 01 10 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 000) 80 00000 00 88 00% අ 000 აზი 2#3GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 31-DEC-23 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Management 14.4%³ Norway 2.1% UAE 5.0% South Africa 7.0% Other 7.3% Luxembourg 7.8% Rank Shareholder name Ownership 3 1. Management & Management Trust 14.35% 1 2. Gemsstock Ltd 10.94% UK 27.4% 3. Allan Gray Ltd 6.88% 4. Lazard Asset Management LLC 5.60% 5. Coeli Frontier Markets AB 4.94% 6. Schroder Investment Management Ltd 3.71% 7. Eaton Vance 3.50% 8. Firebird Management LLC 2.79% 9. RWC 2.53% 2 10. Motley Fool Asset Management 2.38% USA 29.0% Total 57.62% NUMBER OF ISSUED SHARES - 43.2 MILLION Georgia Capital PLC | 1. UK also includes Channel Islands. 2. USA also includes Cayman Islands. 3. Management shares include shares directly held by the management (4.7%), shares held by the trust (4.7%) and unvested shares for the management (4.9%). 4. Other includes: Georgia - 3.2%; Other (inc. below threshold) - 4.1%. GEORGIA CAPITAL 3#4KEY FIGURES AT A GLANCE M NAV HIGHLIGHTS AT 31-DEC-231 Portfolio value 3,672 GEL million US$ 1,365 million Net debt 297 GEL million US$ 110 million NAV 3,379 GEL million US$ 1,256 million GEORGIA CAPITAL PORTFOLIO VALUE BREAKDOWN AT 31-DEC-23 38% ■Listed & Observable O 62% ■ Private NAV per share 82.94 GEL US$ 30.84 STARTING FROM 2024, PLATFORM COSTS ARE TARGETED AT MAXIMUM 0.75% OF NAV Georgia Capital PLC | 1. Values are converted in US$ via 31-Dec-23 official exchange rate (2.6894), published by the National Bank of Georgia (NBG). 4#5OUR PORTFOLIO OVERVIEW AS AT 31-DEC-23 LISTED AND OBSERVABLE PORTFOLIO Value: GEL 1,385m 38% of the total portfolio value EI BANK OF GEORGIA Value: GEL 1,226m (33.4%) WATER UTILITY PRIVATE PORTFOLIO Value: GEL 2,287m 62% of the total portfolio value LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) Value: GEL 714m (19.4%) HOSPITALS 金 INSURANCE (P&C AND MEDICAL) Value: GEL 344m (9.4%) Value: GEL 378m (10.3%) INVESTMENT STAGE PORTFOLIO COMPANIES RENEWABLE ENERGY EDUCATION GEORGIA CAPITAL CLINICS AND DIAGNOSTICS OTHER BUSINESSES (1) Auto Service; (2) Beverages; (3) Housing Development; (4) Hospitality Value: GEL 284m (7.7%) Value: GEL 159m (4.3%) Value: GEL 267m (7.3%) Value: GEL 189m (5.2%) Value: GEL 111m (3.0%) 5#6CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 000) 80 00000 00 00% 88 000 6 000#7OUR STRATEGY 01 INVESTING IN CAPITAL- LIGHT OPPORTUNITIES ONLY 02 OUR ROBUST CAPITAL MANAGEMENT FRAMEWORK 03 ESG AT THE CORE OF OUR STRATEGY ESG 7#8CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 ☐ Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 000) 80 00000 00 00% 88 000 8 000#9THE CAPITAL-LIGHT INVESTMENT STRATEGY GEORGIA CAPITAL STRONG VALUE CREATION POTENTIAL WITHOUT SIGNIFICANT CAPITAL COMMITMENTS GCAP INVESTS IN GEORGIA IN SECTORS NOT REQUIRING INTENSIVE CAPITAL COMMITMENTS OUR BREAD AND BUTTER STRONG TRACK RECORD IN TAPPING BIG OPPORTUNITIES WITH SMALL INVESTMENTS BY CONSOLIDATING FRAGMENTED INDUSTRIES, ESPECIALLY IN SERVICE-ORIENTED SECTORS ee Pharmacies Up Clinics Hospitals Insurance in progress Diagnostics in progress Private Schools in progress Manage third-party money and/or establish partnerships in capital heavy industries 9#10MAPPING EXISTING PORTFOLIO TO THE REGIONAL GROWTH OPPORTUNITIES LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES 29 Hospitals Retail (Pharmacy) Insurance (P&C and medical) Renewable Energy Education Clinics and diagnostics LARGE CAPITAL-LIGHT ✓ ☑ ✓ ✓ CURRENT REGIONAL LONG-TERM REGIONAL EXPANSION POTENTIAL EXPANSION POTENTIAL No No ✓ Yes Yes Х ✓ No No No No No Yes No Yes GEORGIA CAPITAL 10#11LARGE AND CAPITAL-LIGHT PORTFOLIO COMPANIES ARE ELIGIBLE FOR THE REGIONAL EXPANSION LARGE BUSINESSES Hospitals Insurance (P&C and medical) CURRENT REGIONAL EXPANSION POTENTIAL CAPITAL-LIGHT BUSINESSES Retail (Pharmacy) & Education Clinics and diagnostics LONG-TERM REGIONAL EXPANSION POTENTIAL GEORGIA CAPITAL TO FOLLOW THEIR NATURAL GROWTH PATH, GCAP ENABLES ITS LARGE, CAPITAL-LIGHT PORTFOLIO COMPANIES TO EXPLORE REGIONAL GROWTH OPPORTUNITIES 11#12OUR INVESTMENT STRATEGY GCAP INVESTS IN CAPITAL-LIGHT, LARGE OPPORTUNITIES, WHICH HAVE A POTENTIAL TO BECOME GEL 300 MLN+ IN EQUITY VALUE OVER 3-5 YEARS THE CYCLE OF GCAP'S STRATEGY Invest Grow Monetise Our key strategic principle is to develop or buy capital-light businesses at affordable prices. GCAP helps the portfolio companies institutionalise their management, enhance their governance and grow them into mature businesses that can further develop largely on their own, either with continued oversight or independently. As investments mature, GCAP intends to realise proceeds through exits at attractive prices. INVEST IN CAPITAL-LIGHT LARGE OPPORTUNITIES IN GEORGIA GEORGIA CAPITAL MONETISE घ GROW BUSINESSES TO EQUITY VALUE OF GEL 300 MLN+ 12#13OUR INVESTMENT STRATEGY (CONT'D) GEORGIA CAPITAL IRR & MOIC¹ IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW OPPORTUNITIES ROIC IS AT THE CORE OF OUR DECISION MAKING WHEN OUR PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES KEY INVESTMENT METRICS AT GCAP LEVEL W IRR KEY METRIC FOR REINVESTMENT DECISION MAKING AT PORTFOLIO COMPANIES' LEVEL ROIC ROIC should exceed WACC for all new investments Portfolio companies to continue divestment of low ROIC and/or non-core assets & businesses to enhance ROIC MOIC Georgia Capital PLC | 1. Multiple of Capital Invested (MOIC). 13#14CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Poo 000) 80 00000 00 00% 88 080 000 14 ක#15NET CAPITAL COMMITMENT (NCC) OVERVIEW GEORGIA CAPITAL NCC RATIO IMPROVED BY 0.3 PPTS Q-O-Q AND 5.5 PPTS Y-O-Y TO 15.6% AS AT 31-DEC-23 Cash and liquid funds balance up by 7.1%, reflecting the net impact of robust dividend inflows and share buybacks during the quarter. Portfolio value up by 5.1% in 4Q23, resulting from the strong value creation across our portfolio companies. US$ Million Cash and liquid funds Loans issued Gross debt Net debt (1) Guarantees issued (2) Net debt and guarantees issued (3)=(1)+(2) Planned investments (4) 31-Dec-22 Change (y-o-y) 30-Sep-23 Change (q-o-q) 31-Dec-23 152.4 -73.7% 37.5 7.1% 40.1 9.9 -65.5% 3.3 3.0% 3.4 (303.3) -49.3% (150.6) 2.2% (153.9) (141.0) -21.7% (109.8) 0.5% (110.4) (6.8) NMF NMF (147.8) -25.3% (109.8) 0.5% (110.4) (52.3) -11.1% (47.3) -1.7% (46.5) of which, planned investments in Renewable Energy (30.1) -3.9% (29.1) -0.6% (28.9) of which, planned investments in Education (22.3) -20.7% (18.3) -3.3% (17.7) Announced Buybacks (5) NMF NMF (6.7) Contingency/liquidity buffer (6) (50.0) NMF (50.0) NMF (50.0) Total planned investments, announced buybacks and contingency/liquidity buffer (7)=(4)+(5)+(6) (102.3) 0.9% (97.3) 6.1% (103.3) Net capital commitment (3)+(7) (250.1) -14.6% (207.2) 3.1% (213.6) Portfolio value¹ NCC ratio 1,183.8 15.3% 1,299.0 5.1% 1,365.3 21.1% -5.5 ppts 15.9% -0.3 ppts 15.6% Georgia Capital PLC | 1. Portfolio value as at 31-Dec-22 includes US$ 10 million shareholder loan provided to Renewable Energy, which was converted into equity in 4Q22. 15#16NCC RATIO DEVELOPMENT OVERVIEW NCC REPRESENTS AN AGGREGATED VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS AT THE GCAP HOLDCO LEVEL NCC AND NCC RATIO DEVELOPMENT OVERVIEW¹ 385.8 365.9 345.7 42.5% We are targeting to reduce the balance of "net debt and guarantees issued" close to zero over the short to medium term 39.8% 31.9% GEORGIA CAPITAL 250.1 213.6 ~204.82 -5.5 ppts 21.1% 15.6% 15.0% 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 INCC ratio -Net Capital Commitment (US$ million) Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our other businesses into equity. 2. Assuming the application of the 15% NCC ratio target to the total portfolio value as at 31 December 2023. OVER THE CYCLE TARGET 16#17360-DEGREE FRAMEWORK GCAP SHARE PRICE IS AT THE CORE OF OUR INVESTMENT DECISION MAKING NCC RATIO NAVIGATION TOOL opportunity Buyback Investment opportunity 360° ANALYSIS Sale 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% 40% GEORGIA CAPITAL MEANINGFUL BUYBACKS & INVESTMENTS TACTICAL BUYBACKS & INVESTMENTS CASH PRESERVATION STRATEGY CAPITAL ALLOCATIONS 17 7#18DELEVERAGING ACROSS OUR PRIVATE PORTFOLIO AGGREGATED LEVERAGE ACROSS OUR PRIVATE LARGE AND INVESTMENT STAGE PORTFOLIO COMPANIES AT 3.1x AS OF 31-DEC-23 ADJUSTED NET DEBT/EBITDA 30-SEP-23 CHANGE 31-DEC-23 GEORGIA CAPITAL TARGET (OVER THE CYCLE) LARGE PORTFOLIO COMPANIES Retail (pharmacy)¹ 2.3x -0.1x 2.2x Up to 1.5x Hospitals² 4.4x +0.9x 5.3x3 Up to 2.5x Insurance (P&C and Medical) No leverage NMF No leverage No leverage INVESTMENT STAGE PORTFOLIO COMPANIES Renewable Energy4 7.0x -0.2x 6.8x Up to 6.0x Education 1.3x +0.1x 1.4x Up to 2.5x Clinics and Diagnostics² 4.5x5 -0.9x 3.6x5 Up to 2.5x Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects; Net debt/EBITDA is adjusted for capital commitments. 1. Includes the application of the minority buyout agreement. 2. Restructuring of the healthcare businesses are applied retrospectively. 3. EBITDA excludes the performance of the divested regional hospital, while net debt takes into account the cash proceeds from the transaction. 4. Renewable energy ratio is calculated in US$. 5. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt as of 30-Sep-23 includes the receivable of US$ 6.2 million incurred from the sales transaction. 18#19< LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES GEORGIA CAPITAL TOTAL NET DEBT/EBITDA DEVELOPMENT OVERVIEW Despite headwinds from COVID-19, leverage profile across our private portfolio companies improved over the last 4 years. LTM EBITDA up 29.5% as at Dec-23 from Dec-19. GEL MILLION 5.5x 5.3x 4.6x 3.9x 3.7x 3.7x 3.5x 3.5x 3.4x 3.3x 3.3x 3.2x 3.0x 189,03 200,062 225,025 268 998 258913 255 946 238 927 244814 245 803 242 723 248 787 248 845 245849 Mar-22 Jun-22 Sep-221 Dec-22 Mar-23 Jun-23 Sep-232 Dec-233 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Total LTM EBITDA Total Net debt - Total Net debt/EBITDA Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects. Net debt Includes the application of the minority buyout agreement in the retail (pharmacy) business and assumes the conversion of the loans issued to our real estate and beverages businesses into equity. 1. Renewable energy business net debt, excluding US$ 10 million quasi equity. 2. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt includes the receivable of US$ 6.2 million incurred from the sales transaction. 3. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23 and GEL 2.1 million FY23 EBITDA of recently divested Batumi hospital. The net debt takes into account the cash proceeds from this transaction. 19#20AGGREGATED LEVERAGE OVERVIEW ACROSS OUR LARGE AND INVESTMENT STAGE PORTFOLIO COMPANIES GEORGIA CAPITAL ADJUSTED¹ NET DEBT/EBITDA DEVELOPMENT OVERVIEW 3.1x 3.1x 3.2x 3.1x 2.8x 2.6x 2.6x 2.6x 2.5x 2.6x 2.7x 2.8x 2.4x 184 186 197 224 Dec-19 Jun-20 Dec-20 Jun-21 89 124 131 92 93 92 8 9 235472 238499 223535 218460 206435 203447 209584 208 631 199 615 Dec-21 Mar-22 Jun-22 Sep-222 Dec-22 Mar-23 Jun-23 Sep-233 Dec-234 LTM EBITDA Adjusted Net debt¹ Adjusted Net debt/EBITDA Minority buyout agreement at Retail (Pharmacy) Georgia Capital PLC | General note: Figures for Hospitals, Retail (Pharmacy), Clinics and Diagnostics are given excluding IFRS 16 effects. 1. Adjusted for capital commitments. 2. Renewable energy business net debt, excluding US$ 10 million quasi equity. 3. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt includes the receivable of US$ 6.2 million incurred from the sales transaction. 4. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23 and GEL 2.1 million FY23 EBITDA of recently divested Batumi hospital. The net debt takes into account the cash proceeds from this transaction. 20#21CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy Our strategic priorities 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Poo 000) 80 00000 00 88 000 080 21#22CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance 02 Access to management 03 Access to capital THREE FUNDAMENTAL ENABLERS GEORGIA CAPITAL S STRONG CORPORATE GOVERNANCE ACCESS TO MANAGEMENT ACCESS TO CAPITAL 222 22#23ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRINCIPLES LIE AT THE HEART OF OUR BUSINESS OUR PORTFOLIO IS CONCENTRATED ACROSS STRUCTURALLY IMPORTANT INDUSTRIES IN GEORGIA, CONNECTING US TO THE COUNTRY'S SUSTAINABLE DEVELOPMENT GEORGIA CAPITAL WE INVEST IN INDUSTRIES WHICH HAVE POSITIVE IMPACT ON PEOPLE AND PLANET LARGEST EMPLOYER IN THE GEORGIAN PRIVATE SECTOR Male 26% OVER 19,500 EMPLOYEES AT THE GROUP LEVEL Female 74% Q Our healthcare businesses, contribute to the development of the Georgian healthcare system and society as a whole. Our Education business makes a significant contribution to the country's education system and society by developing the younger generation. Through its green projects, our renewable energy business supports climate change mitigation, natural resources conservation and pollution prevention. Our Auto Service business is directly engaged in the reduction of greenhouse gas emissions and road traffic accidents in Georgia. 23#24GEORGIA CAPITAL ESG AT THE CORE OF OUR STRATEGY 01 DELIVERED ON THE STRATEGIC PRIORITY RECENT KEY ESG DEVELOPMENTS 02 COMMITTED TO THE NET-ZERO INITIATIVE 03 ISSUED FIRST EVER SUSTAINABILITY-LINKED BONDS IN THE REGION 04 ENHANCED ESG EXPERTISE WITH UN GLOBAL COMPACT'S GUIDANCE ■ Georgia Capital delivered on its strategic priority of setting measurable ESG targets and established the ESG action plan. ■ The process considered a comprehensive analysis of the relevant ESG frameworks and guidelines, as well as determining the materiality of ESG matters across the business operations. ■In 2022, Georgia Capital committed to the Net-Zero Initiative and expressed its willingness to reach Net-Zero across Scope 1 and 2 emissions at both GCAP HoldCo and portfolio company levels by 2050. ■ In 2023, Georgia Capital issued US$ 150 million sustainability- linked bonds ("SLB") and established a SLB Framework, under which GCAP intends to decrease its GHG emissions by 20% by 2027. ■ Through this target, GCAP will further support climate change mitigation, natural resources conservation and pollution prevention, thereby contributing to the transition towards a more sustainable and lower carbon economy in Georgia. ■GCAP joined the UN Global Compact SDG accelerator and climate ambition programmes. Under the programme, GCAP enhanced its technical knowledge of SDGs and GHG reduction strategies, engaged in discussions with global experts and peer entities, and successfully shared its experience with the portfolio companies. 224#25INCREASEAD FOCUS ON IMPACT INVESTING COMMITTING TO UN'S PRINCIPLES AND MAPPING OUR BUSINESSES TO THEIR SUSTAINABLE DEVELOPMENT GOALS ("SDGS") GEORGIA CAPITAL 1 NO POVERTY 2 ZERO HUNGER 3 GOOD HEALTH AND WELL-BEING 4 QUALITY EDUCATION 5 GENDER EQUALITY Business SSS Direct SDG Impact Supportive / Indirect SDG Impact GCAP HoldCo 8, 10, 13 5 Retail (Pharmacy) 3,8,12 5,11 6 CLEAN WATER AND SANITATION 7 AFFORDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 10 REDUCED INEQUALITIES Hospitals 3,8, 12 5,11 = II) Insurance 3,8,9 1,10 Renewable Energy 7,9, 13 8, 11 11 AND COMMUNITIES SUSTAINABLE CITIES 12 RESPONSIBLE CONSUMPTION 13 CLIMATE ACTION 14 LIFE BELOW WATER 15 LIFE ON LAND AND PRODUCTION Education AND STRONG INSTITUTIONS QO 16 PEACE, JUSTICE 17 & Clinics & Diagnostics Auto Services 3,8,9 9,11,13 3, 11, 16 5,11 15 PARTNERSHIPS FOR THE GOALS SUSTAINABLE DEVELOPMENT GOALS Water Utility 6, 7, 11 12, 13, 14 III Banking 1,8,11 5 25#26CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY Investing in capital-light opportunities only Our capital management framework ESG at the core of our strategy ■ Our strategic priorities 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Poo 000) 80 00000 00 00% 88 080 000 26 ක#2717 ESG DELEVERAGING GCAP HOLDCO BY BRINGING DOWN THE NCC RATIO BELOW 15% REDUCE AND MAINTAIN PORTFOLIO COMPANIES' LEVERAGE TO RESPECTIVE TARGETED LEVELS ACHIEVE ESG TARGETS AT BOTH GCAP HOLDCO AND PORTFOLIO COMPANY LEVELS OUR STRATEGIC PRIORITIES CONTINUED PROGRESS ON THE DIVESTMENT OF "OTHER" PORTFOLIO COMPANIES 27 27#28OUR LONG-TERM ASPIRATION GEORGIA CAPITAL 8 ACHIEVEMENT OF OUR STRATEGIC PRIORITIES WILL ENABLE GCAP TO GRADUALLY TRANSFORM INTO A SUSTAINABLE PERMANENT CAPITAL VEHICLE (PCV) Significantly reduced leverage at the GCAP HoldCo level Capacity to redeploy our existing capital without the need for new equity share issuance/raise Consistent NAV per share growth on the back of resilient, capital-light investments Opportunity to return a significant portion of GCAP's cash inflows to our shareholders 28#29CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 04 4Q23 & FY23 PERFORMANCE OVERVIEW Key developments Georgia Capital results overview Aggregated portfolio results and valuations overview PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Pop 000) 80 00000 00 00% 88 000 080 ක 29 29#30KEY DEVELOPMENTS IN 4Q23 1 NAV per share (GEL) up 7.7% q-o-q to GEL 82.94 (GBP 24.23), reflecting strong value creation across our portfolio companies. NAV per share (GEL) was up 26.5% y-o-y in FY23 2 NCC ratio improved by 0.3 ppts q-o-q to 15.6% as at 31-Dec-23 (a 5.5 ppts improvement y-o-y), despite the launch of the US$ 15 million share buyback programme in 4Q23 3 GEL 34.2 million dividend income from the portfolio companies in 4Q23, driving FY23 total dividend income to GEL 235.9 million (of which, recurring dividend income of GEL 179.8 million) 4 c.665,000 shares (US$ 8.3 million in value) repurchased in 4Q23 5 Sale of one of the regional and community hospitals for a total consideration of GEL 34.6 million at 15.2x EV/EBITDA multiple, representing a 43% premium to its pre-disposal valuation 6 Acquisition of GEL 73 million portfolio of medical insurance contracts together with the strong brand name "Ardi" for a total cash outflow of GEL 27 million, doubling our presence in the medical insurance business 30#312023 LOOKBACK GEORGIA CAPITAL 01 TRANSFER TO LSE STANDARD LISTING Following the approval of 99.99% of the voting shareholders, in April 2023, GCAP completed the transfer to the LSE standard listing. The transfer: ■ Provides flexibility to dispose assets; Simplifies the procedures to execute meaningful buybacks; Reduces costs. 02 ISSUANCE OF US$ 150 MILLION SUSTAINABILITY- LINKED BOND In August 2023, GCAP successfully issued a US$ 150 million sustainability- linked bond on the Georgian market. This issuance, together with GCAP's existing liquid funds, was utilised to fully redeem our US$ 300 million Eurobond. 03 SHARE BUYBACK PROGRAMMES Since Jan-23, c.2.1 million shares (US$ 24.8 million in value) have been bought back and cancelled under GCAP's US$ 25 million buyback programme. In total, 7.9 million shares (US$ 86 million in value) have been repurchased and cancelled since demerger in 2018, representing c.16.5%1 of the issued share capital at its peak. 04 BUYOUT OF THE MINORITY SHAREHOLDERS IN RETAIL (PHARMACY) In 2Q23, our retail (pharmacy) business completed the buyout of the minority shareholders to increase GCAP's stake to 97.6% (from the previous 77.0%). The buyout was executed at previously disclosed/agreed valuation multiples. 05 SALE OF HOSPITALITY BUSINESS ASSETS Our hospitality business successfully completed the sale of two operational hotels, two under-construction properties, and a vacant land plot for a total consideration of US$ 38.6 million. The proceeds from these sales were utilised for deleveraging the hospitality business's balance sheet. 06 EXPANSION OF THE EDUCATION BUSINESS In 2023, the total learner capacity of the education business increased by 1,600 learners to 7,270 learners, reflecting: a) the launch of a new campus in the mid-scale segment category; and b) the acquisition of the new campus in the affordable segment category. Georgia Capital PLC | 1. Determined by taking into account the peak number of 47.9 million shares issued as of 31-Dec-20. 31#32PROPOSED ACQUISITION OF AMERIABANK CJSC BY BANK OF GEORGIA GROUP PLC KEY TERMS TRANSACTION PRICE 303.6 VALUATION HIGHLIGHTS NET ASSET VALUE 0.65x GEORGIA CAPITAL P/E 2.6x US$ MILLION AS AT 31 OCTOBER 2023 AS AT 2023 ma 3860m ON 19-FEB-24, BANK OF GEORGIA GROUP PLC (THE "BANK") ANNOUNCED THAT IT HAS REACHED AN AGREEMENT FOR THE PROPOSED ACQUISITION OF 100% OF AMERIABANK CJSC A LEADING UNIVERSAL BANK IN ARMENIA AMERIABANK AT A GLANCE 20%, #1 LOANS MARKET SHARE, DEC-23 309 GEL MILLION NET INCOME, FY23 24.9% ROAE, FY23 The transaction is subject to shareholder and regulatory approvals and is expected to close in 1Q24. The transaction price will be fully financed by the Bank's surplus capital with no dilution for the Bank's shareholders. The acquisition is expected to be EPS and ROAE accretive and represents a significant catalyst for the Bank and its shareholders. The Bank intends to keep the targeted pay-out ratio unchanged in the range of 30-50% of annual profits, potentially enabling increased capital distributions for its shareholders. Following the transaction, the Bank will continue to maintain capital ratios comfortably above the minimum requirements. Further information about the Transaction can be found on the Bank's website. 32#33CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 Key developments Georgia Capital results overview Aggregated portfolio results and valuations overview PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Pop 000) 80 00000 00 00% 88 අ 000 აზი 33#34NAV PER SHARE (GEL) MOVEMENT IN 4Q23 NAV PER SHARE (GEL) UP 7.7% Q-O-Q TO 82.94 ■ NAV per share (GEL) performance in 4Q23 mainly reflects the strong value creation across our portfolio companies, supported by the accretive impact of share buybacks. ■ In GBP terms, the NAV per share growth in 4Q23 was 3.4%, driven by GEL's slight depreciation against GBP during the quarter. 76.99 In GBP: 23.44 GEORGIA CAPITAL +5.1% +1.9% +0.9% -0.3% +0.1% +7.7% +3.4% 82.94 In GBP: 24.23 NAV per share 30-Sep-23 Listed & observable portfolio Private portfolio Buybacks Operating expenses Liquidity manag. NAV /FX/Other per 31-Dec-23 share 34#35PORTFOLIO VALUE DEVELOPMENT IN 4Q23 PORTFOLIO VALUE UP 5.5% TO GEL 3.7 BILLION IN 4Q23 PRIVATE PORTFOLIO VALUE CREATION IN 4Q23 PRIVATE PORTFOLIO VALUE CREATION GEL million Insurance (P&C & Medical) Retail (Pharmacy) Education Clinics & Diagnostics Renewable Energy Other businesses Hospitals Total 42.4 34.4 16.6 12.3 5.2 (13.4) (35.6) 61.8 GEL MILLION 134 3,479 GEORGIA CAPITAL 39 33 3,672 (13) LISTED AND OBSERVABLE PORTFOLIO VALUE UP BY 10.7% PRIVATE PORTFOLIO VALUE UP BY 2.7% Portfolio value BOG Water Utility 30-Sep-23 Large portfolio companies Investment stage portfolio Other portfolio companies Portfolio value 31-Dec-23 35#36LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) 300 GEORGIA CAPITAL 300 365 365 300 150 150 Cash receipt from the water utility business sale Cancellation of US$ 65 million GCAP Eurobond 234 Redemption of GCAP Eurobonds *LIQUIDITY UP BY 7.1% Q-O-Q IN 4Q23, REFLECTING THE NET EFFECT OF DIVIDEND INFLOWS AND SHARE BUYBACKS DURING THE QUARTER **LIQUIDITY DOWN BY 73.7% Y-O-Y, MAINLY REFLECTING THE REDEMPTION OF GCAP'S EUROBONDS IN 2023, WHICH WAS PARTIALLY FINANCED BY GCAP'S EXISTING LIQUID FUNDS BALANCE 88 152 +7.1% ... 74 Dec-19 54 38 Dec-20 Dec-21 Jun-22 Dec-22 Sep-23 40 Dec-23 36 I I 1 I I I I#37DIVIDEND INCOME OUTLOOK CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEORGIA CAPITAL GEL 236 MILLION DIVIDEND INCOME IN FY23 DIVIDENDS INCOME RECURRING ONE-OFF TOTAL +2.5x (GEL million) BOG 124.5 29.4 153.9 236 Of which, cash dividends 80.5 80.5 GEL MILLION Of which, buyback dividends 44.0 29.4 73.4 73 73 Retail (Pharmacy) 24.2 26.7 50.9 Insurance business 19.9 19.9 Of which, P&C Insurance 14.9 14.9 Of which, Medical Insurance 5.0 5.0 81 94 Hospitals business 6.0 6.0 73 74 Renewable Energy 5.2 5.2 41 TOTAL 179.8 56.1 235.9 15 29 30 82 82 60 53 44 30 2019 2020 2021 2022 2023 Dividend income from listed companies Dividend income from private companies Buyback dividend IN ADDITION TO THE RECURRING DIVIDENDS, GCAP RECEIVED A ONE-OFF NON- RECURRING INFLOW OF GEL 56.1 MILLION IN FY23: 1) GEL 29.4 million from the participation in BOG's 2022 share buybacks; 2) One-off additional dividend of GEL 26.7 from the retail (pharmacy) business, following the minority buyout. RECURRING DIVIDEND INCOME IN 2023 180 GEL MILLION UP 92% Y-O-Y SOLID DIVIDEND INCOME OUTLOOK IN 2024 180-190 GEL MILLION 37#38CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW ■ Key developments Georgia Capital results overview Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Pop 000) 80 00000 00 00% 88 აზი 000 38 ක#39AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED REVENUE UP 7.9% AND 9.1% Y-O-Y IN 4Q23 AND FY23, RESPECTIVELY GEL MILLION 1,901 +9.1% 2,074 +7.9% 573 484 542 502 155 141 140 134 44 35 334 4Q22 Other portfolio companies Investment stage portfolio companies ■Large portfolio companies 357 4Q23 Georgia Capital PLC | General note: Revenue from the water utility business is excluded for the presentation purposes. Aggregated numbers are presented like-for-like basis. 1,275 FY22 Other portfolio companies I Investment stage portfolio companies I Large portfolio companies 1,346 FY23 GEORGIA CAPITAL 39#40AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED EBITDA DOWN 6.1% Y-O-Y IN 4Q23 AND UP 1.8% Y-O-Y IN FY23 4Q23 and FY23 performance reflects a number of regulatory changes, particularly within the healthcare sector, which in the short-term have slowed the previously projected pace of post-COVID recovery. GEL MILLION -6.1% 58 54 10 15 43 4Q22 243 35 +1.8% 248 44 52 55 32 157 4Q23 Other portfolio companies Investment stage portfolio companies ■Large portfolio companies Georgia Capital PLC | General note: EBITDA from the water utility business is excluded for the presentation purposes. Aggregated numbers are presented like-for-like basis. FY22 149 FY23 Other portfolio companies Investment stage portfolio companies I Large portfolio companies GEORGIA CAPITAL 40 40#41AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO TOTAL AGGREGATED NET OPERATING CASH FLOW (GEL MILLION) 53 5 -33.2% 35 4Q22 4Q23 -34.3% 206 135 TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) 31-Dec-22 -11.5% 310 +4.9% 30-Sep-23 262 31-Dec-23 275 FY22 FY23 The decrease in aggregated operating cash flows reflects the temporary influence of various external factors (including regulatory changes) affecting operations in certain business segments. Georgia Capital PLC | General note: Like-for-like numbers; excluding the performance of the water utility business. GEORGIA CAPITAL 41 41#42PORTFOLIO VALUE AS OF 31-DEC-23 92% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 % SHARE IN TOTAL PORTFOLIO VALUE: 33% GBP 39.75 15% 8% 38% GEORGIA CAPITAL BGEO PRICE ON LSE 4% OPTION VALUATION² 19% 10% 9% 7% 5% 3% 8% MULTIPLE: 9.7x LTM EV/EBITDA³ 13.0x-11.0x LTM P/E4 13.8x LTM EV/EBITDA³ 12.6x EV/EBITDA5 16.7x LTM EV/EBITDA6 11.7x EV/EBITDA³ 1,226 284 1,385 567 GEL MILLION 714 378 344 284 PORTFOLIO 267 189 BREAKDOWN 159 GEL 3,672 MILLION Q 111 & 00 Ⅲ BOG Water Utility Retail (Pharmacy) Insurance (P&C & Medical) Hospitals Renewable Energy Education Clinics and diagnostics Other 1,436 39% LISTED AND OBSERVABLE LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES Listed and observable Investment stage ■Large Other Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. The valuation of Water Utility in 4Q23 reflects the application of the put option valuation to GCAP's 20% holding in the business. 3. LTM EV/EBITDA multiples for Retail (Pharmacy), Hospitals and Clinics & Diagnostics are presented including IFRS 16 as of 31-Dec-23. 4. LTM P/E multiple of 13.0x for P&C insurance and LTM P/E multiple of 11.0x for medical insurance business as at 31-Dec-23. 5. Blended multiple for the operational assets of Renewable Energy is 12.6x, while other pipeline projects are stated at cost. 6. The forward-looking implied valuation multiple is estimated at 10.5x for the 2024-2025 academic year. 42#43CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Poo 000) 80 00000 00 00% 88 අ 000 080 43#44Listed Portfolio BANK OF GEORGIA Market opportunity Banking sector assets, loans and deposits GEORGIA CAPITAL BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ INVESTMENT RATIONALE • The first entity from Georgia to be listed on the premium segment of the Main Market of the London Stock Exchange (LSE: BGEO) since February 2012. ° • • High standards of transparency and governance. Leading market position¹ in Georgia by assets (37.8%), loans (36.8%), client deposits (39.0%) and equity (36.2%) as at 31 December 2023. Growing market: The banking sector's assets growth rate at 22.7% (CAGR over 2003-2023). Strongest retail banking franchise: 45.3% market share in deposits of individuals, 39.5% market share in individual loans, as of 31-Dec-23. Sustainable growth combined with strong capital, liquidity and robust profitability, with ROAE above 20%. VALUE CREATION POTENTIAL • Loan book y-o-y growth c.10%. Regular progressive semi-annual capital distribution with 30-50% dividend/share buyback payout ratio. 20%+ ROAE. OWNERSHIP Georgia Capital owns 19.71% of Bank of Georgia Group PLC. As long as Georgia Capital's stake in BoG is greater than 9.9%, it will exercise its voting rights in Bank of Georgia Group in accordance with the votes cast by all other shareholders on all shareholder votes at any general meeting. Banking business key medium-term targets ROAE 20%+ LOAN BOOK GROWTH C.10% CAGR 22.7% 80.0 70.0 60.6 56.9 53.7 47.2 39.7 43.0 44.7 38.2 34.6 31.9 50.6 30.1 25.2 26.6 44.3 20.6 22.3 0.8 1.3 0.7 1.7.0.92.5.3 1.7 4.22.77.2 8.9 2.1 .6 3.2 6.08.3 10.6 5.2 3.6 4.0 5.5 6.7 12.7 14.4 17.3 18.9 16.0 34.6 37.2 6.3 7.7 10.5 8.7 13.0 26.2 23.0 7.6 9. 11.6 14.3 17.0 19.8 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: NBG Assets, GEL bln Deposits, GEL bln Loans, GEL bln Robust capital management track record Maintain regular progressive semi-annual dividend payouts: aiming 30%-50% dividend/share buyback payout ratio. In FY23, GCAP received GEL 124.5 million recurring and GEL 29.4 million non-recurring² dividends from BoG, out of which GEL 80.5 million was cash dividends and GEL 73.4 million was buyback dividends from participation in the Bank's buyback programme, corresponding to c. 775,000 shares sold. Georgia Capital PLC | 1. Market data based on standalone accounts as published by the NBG www.nbg.gov.ge. 2. A one-off dividend of GEL 29.4 million from BoG, represents the participation in the Bank's 2022 buybacks in FY23. 44 44#452015 2016 40.0 Listed Portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Stock price performance 35.0 30.0 25.0 20.0 15.0 10.0 5.0 May/18 Jun/18 Jul/18 Aug/18 Sep/18 Oct/18 Nov/18 Dec/18 Jan/19 Feb/19 Mar/19 Apr/19 May/19 Jun/19 Jul/19 Aug/19 Sep/19 Oct/19 Now/19 61/AON Dec/19 Jan/20 Feb/20 Mar/20 Apr/20 May/20 Jun/20 Jul/20 Aug/20 Sep/20 Selected operating metrics 31-Dec-22 GBP 39.8 as of 31-Dec-23 Oct/20 Nov/20 Dec/20 Jan/21 Feb/21 Mar/21 Apr/21 May/21 Jun/21 Jul/21 Aug/21 Sep/21 Oct/21 Nov/21 Dec/21 Jan/22 Feb/22 Apr/22 Apr/22 May/22 Jun/22 Jul/22 Aug/22 Sep/22 Oct/22 Nov/22 Dec/22 Jan/23 Feb/23 Mar/23 Apr/23 May/23 Jun/23 Jul/23 Aug/23 Sep/23 Oct/23 NIM NPL coverage Loan portfolio Cost/income2,3 Financial metrics (GEL million) 2015 2016 2017 2018 2019 2020 2021 2022 2023 7.7% 7.4% 7.3% 6.5% 5.6% 4.6% 4.9% 5.4% 6.5% 83.4% 86.7% 92.7% 90.5% 80.9% 76.3% 95.5% 66.4% 69.2% Change y-o-y +1.1 ppts +2.8 ppts 5,367 6,682 7,741 9,398 11,931 14,192 16,169 16,862 20,233 +20.0% 35.5% 37.7% 37.7% 36.7% 37.8% 39.7% 37.2% 32.0% 29.8% -2.2 ppts GEL 19.8 billion gross loan portfolio breakdown* | 31 December 2023 Corporate loans, GEL 6,546 million, 33% 31-Dec-23 Change Number of monthly active customers (retail) ('000) 1,632 1,809 +10.8% Retail loans, GEL 8,653 million, 44% 4Q22 4Q23 Change Number of transactions in mBank, iBank and sCoolApp (million) 52 74 43.9% SME loans, GEL 4,612 million, 23% * Bank of Georgia Standalone. Profits & ROAE Loan book growth Dividend record (GEL million) Loan book growth (nominal) Loan book growth (constant currency basis) ROAE¹ 21.9% 22.2% 25.2% 26.4% 26.1% 13.0% 25.8% 32.4%2 29.9%5 Payout ratio4: 36% 33% 34% 32% 30% 30% 27.0% 24.5% 5 20.9% 21.4% 1,375 18.9% 19.8% 20.0% 17.4% Share buyback GEL million 1,132 16.1% 22.0% 19.0% 13.9% 12.9% 19.6% Total dividend paid for the year 10.2% 15.9% 727 514 370 379 274 296 295 4.3% 1.5% 2017 2018 2019 2020 2021 2022 2023 3. 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 4. For the purpose of total payout ratio calculation, total buyback amount is divided by outstanding shares before the beginning of the respective programme. 5. Adjusted for a one-off GEL 21.1 million other income related to the settlement of an outstanding legacy claim. 2015 2016 2017 2018 2019 2020 2021 2022 2023 Georgia Capital PLC | 1. 2019 ROAE and profit are adjusted for termination costs of the 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. 2.2022 Adjusted for a one-off GEL 391.1m of other income due to the settlement of an outstanding legacy claim, and a one-off GEL 79.3m tax expense due to an amendment to the current corporate taxation model in Georgia. 35% 37% 37% This includes a final dividend of GEL 4.94 535 514 per share, to be recommended for shareholders' approval. 257 188 162 72 80 98 102 122 124 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 73 347 352 184 45 45 GEORGIA CAPITAL#46Option valuation WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW (GEL MILLION) 697.0 GCAP and the majority shareholder have put and call options for the minority 20% equity interest in the water utility business GCAP'S PUT OPTION 8.25x MAJORITY SHAREHOLDER'S CALL OPTION 8.90x EV/EBITDA 15.6 155.0 4.0 159.0 (557.6) Exercisable in 2025-2026. Equity value 31-Dec-21 Sale of 80% equity interest Put option valuation in 2022 Equity value of as of 31-Dec-22 Put option valuation in 2023 Equity value of as of 31-Dec-23 EV/EBITDA Exercisable on the date of expiry of the put option in 2026 and expiring six months thereafter. In 2022, GCAP completed the sale of 80% interest in Water Utility business for total consideration of US$ 180 million, translating into MOIC of 2.7x in US$ (3.6x MOIC in GEL) and IRR of 20% in US$ (27% IRR in GEL). In 2022, remaining 20% equity interest in business was valued with the application of put option valuation and positive developments in the normalised¹ LTM EBITDA, leading to GEL 15.6 million value creation in the business. In FY23, the fair value of GCAP's 20% holding in the water utility business, increased by GEL 4.0 million to GEL 159.0 million. ➤ In December 2023, revised tariffs were approved for the 2024-2026 regulatory period. These tariffs had previously been factored into the valuation assessment of the water utility business, which remained unchanged in 4Q23. Georgia Capital PLC | 1. Normalised for the items as set out in the terms of the disposal. GEORGIA CAPITAL 446#47Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW THE BODY SHOP 14 carter's® 4 412 Affeln 3 Pharmacies in total The Body Shop stores Optics - Alain Afflelou Children's apparel - Carter's > 8 2 4 in Armenia in Georgia in Armenia in Azerbaijan 397 in Georgia 15 Triumph 2 Women's apparel - Triumph Country's largest retailer in terms of both, revenue and number of bills issued Market share by revenue, 20221 > > > GEORGIA CAPITAL Key focus areas in medium and long-term Expending retail footprint in Georgia Continued growth of para-pharmacy share in total revenues, which carry considerably higher profit margins and are not subject to state regulation International expansion Explore international investment opportunities within the region Increase sales from E-commerce Operate e-commerce in Armenia and Azerbaijan Supporting the core Expand highly synergetic product and service mix in new format GPC drugstore GCAP Retail (Pharmacy) PSP Aversi Other 405,000 789,893 32% 28% 683,795 23% 576,097 16% Our retail pharmacy operates under two pharmacy brands, each with a distinct positioning: > GPC for the high-end customer segment > Pharmadepot for the mass retail segment Georgia Capital PLC | 1. Internal Reporting. Ⓒ Next 5-year targets ■ Double digit revenue & EBITDA CAGR 9%+ EBITDA margin 47#48Private large portfolio companies EXTERNALLY VALUED GEORGIA CAPITAL REVENUE Gross profit margin (%) RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D) AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Number of bills issued, million 24.5% 25.5% 25.5% 25.4% 26.0% 29.3% 29.7% 28.7% 28.3% 25.3 Margin enhancement and strong growth in para- pharmacy sales: Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 40.0% as of 4Q23 (38.6% as of 4Q22). +4.3% 27.1 28.8 27.6 Same store growth (%) 29.0 31.0 31.3 8.5 8.2 823.7 7.9% 8.5% 9.0% 6.1% 10.6% -0.8% 0.4% -8.7% -1.0% 782.4 789.9 679.4 614.7 +4.5% +10.1% GEL million 518.6 +6.9% 450.3 GEL 223.5 209.2 20.6 18.9 16.8 19.0 19.8 18.7 14.3 13.3 13.4 2017 2018 2019 2020 2021 2022 2023 4Q22 4Q23 CASH FLOW 4Q23 FY23 HIGHLIGHTS¹ Operating Number of pharmacies countrywide 296 344 EBITDA¹ 397 2017 2018 2019 2020 2021 2022 2023 4Q22 4Q23 NET DEBT & NET DEBT TO LTM EBITDA1 GEL 34.2m GEL 52.4m cash flow Operating leverage¹(%) Change y-o-y 51.2% -32.1% 8.6% NMF 7.8% 4.1% -1.4% -6.7% -7.8% -2.6% -5.6% -13.9% EBITDA margin¹ (%) 10.1% 10.6% 10.4% 9.7% 9.7% 9.4% 9.8% 7.2% 165.3 EBITDA to cash conversion 213.6% 67.7% Change y-o-y 102.7 ppts Free cash flow GEL 20.6m -32.5 ppts GEL (56.1)m GEL million +0.5% 70.4 76.2 76.9 77.3 65.3 -21.5% 52.2 38.9 20.4 16.0 Change y-o-y 9.0% NMF GEL million 83.1 77.7 64.8 2.1 2.0 39.3 1.6 33.4 14.3 1.0 0.6 0.4 0.2 2017 2018 2019 2020 2021 2022 2023 4Q22 4Q23 2017 2018 2019 2020 2021 2022 2023 48 Georgia Capital PLC | 1. Excluding IFRS16 impact.#49RETAIL (PHARMACY) BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT RETAIL (PHARMACY) KEY DRIVERS The y-o-y increase in revenues reflects: О Increased sales of higher-margin para-pharmacy products О the expansion of the pharmacy chain and the gradual increase in customer traffic at recently launched stores. Gross profit margin down 0.4 ppts y-o-y to 28.3% in 4Q23 (up 0.4 ppts y-o-y to 29.7% in FY23). The expansion also led to an increase in operating expenses (up 19.4% y-o-y in 4Q23) due to increased rent and salary costs, translating into a 21.5% decrease in 4Q23 EBITDA (excl. IFRS 16). The business added 40 pharmacies and 11 franchise stores over the last 12 months. GEL MILLION +6.9% 209 224 KEY OPERATING HIGHLIGHTS Georgia Capital PLC | 1. Excluding IFRS 16. +4.3% 824 790 -21.5% EBITDA¹ DEVELOPMENT GEORGIA CAPITAL +0.5% 77 77 20 16 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 4Q22 VS. ■4Q23 # of pharmacies & franchise stores 384 Same store revenue growth Change y-o-y 435 +51 384 -8.7% # of bills issued (mln) 8.5 -1.0% +7.7 ppts 8.2 -3.8% -0.8% 31.0 Average bill size 18.7 20.6 +10.1% 19.0 FY22 VS. ■FY23 Change y-o-y 435 +51 0.4% +1.2 ppts 31.3 +0.8% 19.8 +4.5% 49#50Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q +3.7% +1.0% -4.6% +5.1% 1,006 38 1,044 714 (322) (8) Enterprise value 30-Sep-23 Net change in EV Enterprise value 31-Dec-23 Net debt inc. financial leases Minority interest Equity value 31-Dec-23 VALUATION HIGHLIGHTS1 Y-O-Y PROGRESS GEL million, unless noted otherwise 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change Enterprise value 1,043.8 1,006.3 37.5 957.7 86.1 LTM EBITDA 107.6 110.8 (3.2) 105.5 2.1 Implied EV/EBITDA multiple Net debt inc. lease liabilities Equity value of GCAP's share 9.7x 9.1x 0.6x 9.1x 0.6x (322.2) (319.1) (3.1) (145.9) (176.3) 714.0 679.2 34.8 724.5 (10.5) IMPLIED LTM EV/EBITDA DEVELOPMENT 9.7x 9.1x 30-Sep-23 31-Dec-23 ADJUSTED NET DEBT TO EBITDA² (excl. IFRS 16) 2.3x 2.2x <1.5x 30-Sep-23 31-Dec-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. Figures take into account the application of the minority buyout agreement. GEORGIA CAPITAL 50 50#51Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW State healthcare spending, GEL millions GEORGIA CAPITAL Market share by number of beds, GEL millions GCAP Hospitals 13% 11% State 2,225 839 10% 10% 10% Aversi 813 9% 9% 9% 9% 800 964 946 980 Geo Hospitals Ghudushauri-Chachava Ingorokva & Tbilisi Medical Institute 779 ■497 681 710 760 829 1,680 574 841 917 883 ■ 308 Gormedi 286 Archimede 1221 281 343 305 329 349 2015 2016 2017 2018 2019 2020 2021 2022 2023B PSP 1222 Vivo Group 1193 Healthcare spending as a % of total state spending Other Source: based on internal estimates. State Healthcare Spending - Other State Healthcare Spending - UHC ➤ Country's expenditure on healthcare as a % of GDP reached 4.0%. Government spending on healthcare accounts to c. 10% of total budget in 2023 14% 5% 5% 5% 3% 2% 2% 1% 1% 1% 9,620 60% ➤ The largest healthcare service provider in Georgia: 14% market share by number of hospital beds. ➤ Covering three-quarters of Georgia's population. Next 5-year targets Key focus areas in medium and long-term 1 Adding new services and strategic projects 2 Quality projects 3 Improved key operational data 4 Digitalisation of clinical processes Elective care services, outpatient services, oncology centre, transplantology centre, clinical trials Nursing reform/Quality education programmes Automatisation of clinical processes/Digitalisation of clinical KPIs/Use of statistical methods Inpatient/Outpatient/Clinical/Employee and customer satisfaction EBITDA CAGR 10%+ EBITDA TO OPERATING CASH c.85%+ ROIC: c.13%+ 51#52Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW (CONT'D) CASH FLOW HIGHLIGHTS1 4Q23 FY23 Operating cash flow GEL (3.7)m GEL 10.6m Average length of stay Change y-o-y NMF -66.5% EBITDA to cash conversion -46.8% 23.0% Change y-o-y NMF -32.9 ppts Free cash flow GEL (17.2)m GEL (35.1)m Change y-o-y NMF NMF 7 Number of large and specialty hospitals 27 Number of regional and community hospitals 51 Emergency cars In Tbilisi and regions GEL million BED OCCUPANCY RATE - LARGE AND SPECIALTY HOSPITALS 5.1 55.5% -2.0ppts 4.9 5.0 55.8% 53.5% 2022 2023 NET REVENUE Gross profit margin (%) 36.0% 32.8% 38.7% 28.9% 313.4 +0.1% 313.7 78.7 -1.4% 77.6 2022 2023 4Q22 4Q23 Georgia Capital PLC | 1.Excluding IFRS 16 impact. GEL million -1.2ppts 4.7 54.6% 4Q22 4Q23 EBITDA² EBITDA margin (%)¹ 17.8% 14.5% 19.4% 9.9% -18.7% -49.0% 56.8 46.1 15.5 7.9 2022 2023 4Q22 4Q23 GEORGIA CAPITAL 62 52#53HOSPITALS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT1 HOSPITALS KEY DRIVERS To address the oversupply of beds and enhance the quality of the healthcare industry in Georgia, the government introduced new facility regulation rules, in 2023. This regulation establishes upgraded standards for healthcare facilities and imposes limitations on space allotted per hospital bed. To meet the new standards, the business initiated renovation projects during which certain sections of the business facilities were temporarily closed for services and unable to accept patients, thereby affecting the revenue and EBITDA. GEL MILLION 4Q22 -1.4% ■Large and specialty hospitals Regional and community hospitals KEY OPERATING HIGHLIGHTS +0.2% 315 315 116 111 EBITDA² DEVELOPMENT 57 GEORGIA CAPITAL -18.7% 46 46 21 12 -49.0% 79 78 15 30 26 8 6 49 52 199 205 36 34 9 7 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 ■Large and specialty hospitals Regional and community hospitals Change y-o-y 4Q22 Bed occupancy rate VS. ■ 4Q23 FY22 VS. ■ FY23 Large and specialty hospitals 55.8% Regional hospitals 52.2% 54.6% 50.3% -1.2 ppts 55.5% -1.9 ppts 46.4% Number of admissions Large and specialty hospitals Regional and community hospitals 238.6 138.3 165.5 +19.7% 614.7 209.6 -12.2% 1,025.5 Georgia Capital PLC | General comment: The 2023 numbers, as well as the comparative 2022 figures, take into account the performance of the community clinics, which were previously presented as part of the clinics and diagnostics business. 1. Total revenue excludes eliminations between the large and specialty and regional and community hospitals. 2. Excluding IFRS 16. Change y-o-y 53.5% -2.0 ppts 49.4% +3.0 ppts 599.9 -2.4% 868.2 -15.3% 53#54Externally valued¹ HOSPITALS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW (GEL MILLION) 619 (241) 344 (33) Enterprise value 31-Dec-23 Net debt inc. Lease liabilities Minority interest Equity value 31-Dec-23 13.8x IMPLIED LTM EV/EBITDA OF THE HOSPITALS BUSINESS VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA³ (excl. IFRS 16) GEL million, unless noted otherwise 31-Dec-232 30-Sep-232 31-Dec-222 5.3x4 4.4x Enterprise value 618.9 645.4 653.3 <2.5x LTM EBITDA 44.8 51.7 53.6 Implied EV/EBITDA multiple 13.8x 12.5x 12.2x Net debt incl. lease liabilities (241.1) (231.0) (188.1) Equity value of GCAP's share 344.4 381.9 433.2 30-Sep-23 31-Dec-23 TARGET COM GEORGIA CAPITAL 300 Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. The 31-Dec-23 numbers include the performance of the community clinics, which were previously presented as part of the clinics and diagnostics business. Comparative figures for 30-Sep-23 and 31-Dec-22 have not been restated retrospectively. 3. 31-Dec-23 and 30-Sep-23 figures reflect the performance of the community clinics. 4. LTM EBITDA as at 31-Dec-23 excludes the performance of the recently divested regional hospital, while the net debt takes into account the cash proceeds from this transaction. 54#55Private large portfolio companies EXTERNALLY VALUED ins P&C INSURANCE BUSINESS OVERVIEW INVESTMENT RATIONALE • Significantly underpenetrated insurance market in Georgia (0.7% penetration in property and casualty insurance market). • Market leader with a powerful distribution network of point of sale and sales agents. MARKET SHARE 9M23 (GROSS PREMIUMS WRITTEN) GEORGIA CAPITAL MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹ (GEL MILLION) VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. • Local MTPL expected to kick in and provide access to untapped retail CASCO insurance market with only 5% existing penetration. • Increasing footprint in untapped MSME sector, where Aldagi's gross revenues have grown by 55% y-o-y in 4Q23 (from GEL 1 million to GEL 1.5 million) and by 61% y-o-y in FY23 (from GEL 3.5 million to GEL 5.6 million). . ⚫ Digitalisation. Undisputed leader in providing insurance solutions to corporate clients. Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY VIG 502 442 18% 22% 30% 370 380 438 384 308 228 0% 4% 5% %8 11% 202 195 29% 28% 29% 29% 30% 36% 38% 39% 27% 27% 138 70 77 88 90 105 110 127 105 129 Other Hualing New Vision Irao Unison GPIH TBC Insurance Aldagi 2015 2022 9M22 9M23 2016 2017 2018 2019 2020 2021 Market Aldagi Source: Insurance State Supervision Services of Georgia 10.5% MARKET PL & COMBINED RATIO | 9M23 8.7% 6,364 6.9% OWNERSHIP 4,781 5.5% 5.9% 3,578 4.7% P&C Insurance is 100% owned through Aldagi. 2,756 2,881 2.2% 1,396 2.2% UK France Note: Penetration and density are stated including healthcare insurance (as of latest available data). Source: Swiss Re Institute Georgia Capital PLC | 1. Calculated in line with the market approach. Switzerland I Insurance Density USD Belgium Germany Slovenia 409 281 Poland Bulgaria Turkey Insurance Penetration Russia Georgia 1.5% 0.9% 1.3% 154 85 134 Georgia P&C Penetration 0.7% Density $49 Total Market Profit * GEL 59.0 mln 16.6 99% 13.3 94% 97% 92% 87% 79% 90% 66% 6.3 Market CR 92% 4.4 1.7 1.3 4.0 40 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 Distribution Mix (GPW %) | FY23 COMBINED RATIO Partnerships with Financial Institutions 31% MTPL Channel 3% +10.3ppts +10.7ppts 89.5% 89.0% 82.1% 81.5% 73.9% 77.5% 80.8% 79.2% 72.6% 75.2% 75.4% 78.3% 35.6% 42.8% 35.4% 40.0% 38.2% 41.6% 44.0% 53.8% 49.8% 48.4% 47.3% 47.5% Direct Sales & Brokers 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% 37.6% 32.4% 66% 2014 2015 2016 2017 2018 2019 2020 2021 34.1% 35.8% 34.5% 38.5% -2.2% -0.1% -3.7% 0.7% 2022 2023 4Q22 4Q23 Expense Ratio ■Loss Ratio Finance ratio •Combined Ratio Operating Metrics 4Q23 FY23 PROFIT & DIVIDEND PAYOUT RATIO¹ Number of policies written 25,985 114,378 (corporate) 28% 37% 37% 38% 34% 30% 25% 25% 30% 24% 30% 29% Change (y-o-y) 36.8% 34.2% CAGR 11% -11.0% Number of policies written 57,183 210,984 21 (retail) 18 18 18 19 16 14 Change (y-o-y) 33.5% 27.3% 7 Number of claims reported 5,024 25,920 11 64% 17 88% +0.6% 82% 68% 71% 61% 55% 6 6 51% Change (y-o-y) 29.4% 56.9% 2014 2015 2016 2017 2018 Profit Georgia Capital PLC | 1. Calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares where applicable. 2019 2020 2021 Dividend Payout Ratio 2022 2023 4Q22 4Q23 ROAE GEORGIA CAPITAL 56#57■ INSURANCE BUSINESS OPERATING PERFORMANCE OVERVIEW INSURANCE REVENUE +21.4% 208 NET INCOME DEVELOPMENT GEORGIA CAPITAL +3.1% INSURANCE KEY DRIVERS P&C Insurance The increase in insurance revenue is mainly driven by the growth in the motor and credit life insurance lines. The combined ratio was up by 10.7 ppts y-o-y in 4Q23, mostly reflecting: о a 2.3 ppts y-o-y increase in the loss ratio, mainly due to the increased and cargo 172 91 26 25 3 7 GEL MILLION 75 +22.5% +3.7% 56 46 8 8 21 117 19 97 25 2 2 21 25 31 6 6 property insurance claims, a 4.0 ppts increase expense ratio driven by increased salary expenses in line with business growth, and 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 P&C Medical - Total P&C Medical - Total О a 4.4 ppts y-o-y increase in FX ratio, reflecting the impact of FX movements on the business operations. Medical Insurance " The increase in insurance revenue is attributable to the increase in the price of insurance policies and the number of insured clients primarily in the corporate client segment. KEY OPERATING HIGHLIGHTS P&C Insurance 4Q22 VS. ■ 4Q23 Gross premium written (MGEL) Combined ratio Number of policies written 34.1 78.3% 61,817 45.2 89.0% 83,168 Change y-o-y +32.7% FY22 VS. ■ FY23 +10.7 ppts 139.1 79.2% 174.9 Change y-o-y +25.8% 89.5% +10.3 ppts +34.5% 251,009 325,362 +29.6% Medical Insurance Gross premium written (MGEL) Combined ratio Number of individuals insured 16.9 95.1% 163,721 17.5 92.6% 169,106 +3.6% 80.1 -2.5 ppts +3.3% 99.5% 163,721 93.4 +16.6% 94.8% -4.7 ppts 169,106 +3.3% 57#58Externally valued¹ P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q +6.6% IMPLIED LTM P/E MULTIPLE DEVELOPMENT 26 286 268 13.0x (6) (2) 11.8x Equity value 30-Sep-23 Operating performance Multiple change Dividends paid Equity value 31-Dec-23 VALUATION HIGHLIGHTS¹ Y-O-Y PROGRESS GEL million, unless noted otherwise 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change LTM net income² 22.0 22.7 (0.7) 21.5 0.5 Implied P/E multiple² 13.0x 11.8x 1.2x 10.6x 2.4x Equity value 285.6 267.8 17.8 228.0 57.6 LTM ROAE3 24.4% 24.5% (0.1 ppts) 29.7% (5.3 ppts) 30-Sep-23 31-Dec-23 NET DEBT TO EBITDA No No No Leverage Leverage Leverage 30-Sep-23 31-Dec-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. LTM net income and respective implied multiple are on a pre-tax basis, as per the business valuation, incorporating the impact of adoption of Estonian Taxation Model. 3. Calculated based on average equity, adjusted for preferred shares. GEORGIA CAPITAL 58#59Private investment stage portfolio companies EXTERNALLY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW INVESTMENT RATIONALE ■ Growth in electricity consumption has been ~3.0x more in TWhs than growth in electricity supply since 2010, resulting in increased deficit. ■Favorable supply-demand dynamics pushing the power prices up. Georgia is on track to the harmonization of the current energy market structure with EU directives leading to a liquid, competitive and transparent market. ■ Natural cash flow hedge with fully dollarised revenues. VALUE CREATION POTENTIAL Opportunity to establish a renewable energy platform with up to ~270MW operating capacity over the medium term and capitalize on favorable electricity market conditions. ■ Diversified portfolio of hydro and wind power plants with c.40%+ capacity factors, benefiting from favorable mix of merchant sales and government PPAs, providing high visibility and significant upsides. High margins and dollar-linked cash flows. Availability of competitive green funding from local and international capital markets for pipeline projects. ■ Stable dividend provider capacity in the medium term. OWNERSHIP ■ Renewable Energy is 100% owned by Georgia Capital. TWh TWh ELECTRICITY CONSUMPTION GEORGIA CAPITAL 20.0 16.0 12.0 9.3 9.4 4.1% average consumption growth rate 12.6 12.8 11.9 11.0 9.7 10.2 10.4 13.8 14.2 13.1 12.2 8.4 8.0 4.0 0.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Electricity consumption ELECTRICITY IMPORT AND EXPORT DYNAMICS (TWh) 22.7% of total consumption produced by gas-fired thermal power plants (TPPs), 5.2% - imported. 2023 electricity consumption decreased by 7.8% compared to 2022 27.9% of consumed electricity was either imported or generated by gas-fired TPPs. ■In 2023 weighted average ESCO balancing price reached 53.0 US$/MWh, down by 4.6% y-o-y. 2.0 0.6 0.0 -2.0 -4.0 -6.0 (2.8) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Electricity exports Electricity imports Generation of TPPS Deficit ■ 2023 net electricity deficit stood at 2.8 TWh, whereas in 2010, electricity surplus was at 0.6 TWh 59#60Private investment stage portfolio companies EXTERNALLY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) PERFORMANCE HIGHLIGHTS RENEWABLE ENERGY PROJECTS OVERVIEW | 31 DECEMBER 2023 Generation, 8.7 10.5 22.3 13.9 19.8 22.8 50.8 47.1 99.7 104.4 68.3 76.6 86.0 87.3 254.0 268.3 GWh 2,978 2,843 14,583 14,449 GEORGIA CAPITAL Commissioned projects Installed capacity (MWs) Gross capacity factor (P50) PPA expiration PPA tariff, US$/KWh Generation in deficit months Mestiachala HPP 30.0 40% 1H34 5.5 72% Hydrolea HPPS 20.4 70% 2H28 5.6 79% 5,592 5,676 Qartli Wind Farm 20.7 47% 2H29 3,824 55 6.5 85% 3,366 Total operating 71.1 1,214 1,284 1,483 5,491 Ladd 785 575 480 5,083 Mestiachala Hydrolea Qartli WPP 4Q23 4Q22 FINANCIAL HIGHLIGHTS Total Mestiachala Hydrolea Qartli WPP Total FY23 FY22 Note 1: Mestiachala HPP was commissioned in 1H19; Qartli Wind Farm and Hydrolea HPPs were acquired in 2H19 by GCAP. Note 2: PPA terms for Tbilisi and Kaspi WPPs are under the discussion with the Government of Georgia. Note 3: Only one out of three Hydrolea HPPs has an active PPA contract. 4Q23 FY23 EBITDA (US$ million) 2.0 10.4 Cash flow from operations (US$ million) 4Q23 3.0 FY23 9.9 -8.1% -12.9% Change (y-o-y) 6.6% -7.1% Change (y-o-y) EBITDA margin, % 68.2% 71.8% Average sales price in (US$/MWh) 58.7 56.8 Change (y-o-y) 1.2 ppts -4.8 ppts Change (y-o-y) -2.7% +4.6% 2.0 Dividend payment (US$ million) Change (y-o-y) NMF -28.6% 60 60#61RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY REVENUE DEVELOPMENT -0.9% 15 +5.3% 14 9 -4.8% 6 EBITDA DEVELOPMENT +6.6% 11 GEORGIA CAPITAL -7.1% 10 10 3 2 9 2 2 9 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 ■PPA Non-PPA - Total revenue KEY DRIVERS A y-o-y increase in the 4Q23 revenue and EBITDA reflect the net impact of: o a 7.8% y-o-y increase in electricity generation in 4Q23, mainly driven by the resumption of operations of two power-generating units of Hydrolea HPPS, which were taken offline during the November 2022 - June 2023 period; o a 2.7% y-o-y decrease in the average electricity selling price in 4Q23. Subsequent to 4Q23, the business repurchased and cancelled US$ 5.1 million of its outstanding US$ 80.0 million green bonds. Consequently, the gross debt balance of Renewable Energy now stands at US$ 74.9 million. US$ MILLION +4.7% 3 3 KEY OPERATING HIGHLIGHTS Electricity generation (GWh) Average sales price (US$/MWh) 47.1 60.3 4Q22 VS. ■ 4Q23 Change y-o-y FY22 VS. FY23 50.8 +7.8% 268.3 58.7 -2.7% 54.4 Change y-o-y 254.0 -5.3% 56.8 +4.6% 61#62Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (US$ MILLION) Change q-o-q 169 +0.3% -1.6% +1.8% 170 99 (71) EQUITY FAIR VALUE COMPOSITION AT 31-DEC-23 (US$ MILLION) GEORGIA CAPITAL 21 Total value US$ 99 78 Enterprise value 30-Sep-23 Net change in EV Enterprise value 31-Dec-23 Net debt Equity value 31-Dec-23 Operational assets Pipeline projects VALUATION HIGHLIGHTS1 Y-O-Y PROGRESS NET DEBT TO EBITDA US$ million, unless noted otherwise Enterprise value 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change 169.6 169.1 0.5 154.7 14.9 EBITDA² 12.0 12.0 12.2 7.0x4 6.8x4 < 6.0x (0.2) Implied EV/EBITDA multiple Investments at cost (EV) 3 12.6x 12.5x 0.1x 11.4x 1.2x 19.5 19.3 0.2 15.1 4.4 Net debt (70.5) (71.7) 1.2 (71.4) 0.9 Equity value 99.1 97.4 1.7 83.3 15.8 30-Sep-23 31-Dec-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at cost included the pipeline projects. 4. Ratio is calculated in US$ terms. 26129 62 62#63GEORGIA CAPITAL Private investment stage portfolio companies EXTERNALLY VALUED " EDUCATION BUSINESS OVERVIEW CURRENT OPERATIONAL METRICS AND TARGETS FOR 2025 Currently 14 Targets for 2025 50 INDUSTRY INVESTMENT RATIONALE ◉ ◉ Highly fragmented general education market with consolidation opportunity. Market with strong growth potential. Low dependency on the Government. High resilience to crisis. High quality and predictable revenue. Strong profitability. CAPEX efficient business. Positive ESG impact. VALUE CREATION POTENTIAL ■ - Scaling up to capacity of 22,000 learners through expansion plans in existing schools, greenfield projects and M&As by 2025. Strong organic growth at existing schools is expected to drive solid growth in run-rate EBITDA, on top of expansion plans, greenfield projects and M&As by 2025. Eventual growth of potential EBITDA will be fulfilled through building out eventual learner capacity, reaching run-rate utilization and sustaining revenue per learner growth. Stable dividend provider capacity in the medium terms. OWNERSHIP · Majority stakes (70%-90%) across different schools. EBITDA (GEL million) EBITDA margin Equity value ROIC Built learner capacity Ramp-up of new capacity 3-5 years 26% 40%+ GEL 189 million GEL 500 million 15%+ 20%+ 7,270 22,000 Remaining GCAP New Equity Investment US$ 18 million WITH NEW EQUITY INVESTMENT OF US$ 18 MILLION GCAP CAN EXPAND TO 22K LEARNER CAPACITY AND GENERATE GEL 50 MILLION EBITDA BY 2025 THROUGH: (1) CURRENTLY OPERATIONAL CAMPUSES, (2) SECURED PIPELINE PROJECTS AND (3) M&A Georgia Capital PLC | 1. Target EBITDA breakdown is presented based on the calculations at the end of 2021-2022 academic year. 63 63#64Private investment stage portfolio companies EXTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL Operating highlights As of 31-Dec-23 PRIVATE K-12 MARKET IN GEORGIA Number of learners in private K-12 market Turnover of private K-12 market Capacity utilization, 80.2% 12% CAGR 14-19 Change (y-o-y) +6.8 ppts 10.4% 10.7% 10.5% 10.0% 9.9% 10.1% 10.2% 10.0% 9.7% 9.7% Number of learners 5,827 10% CAGR 20-23 4.5 4.7 4.2 3.6 3.7 3.8 3.2 2.9 2.6 2.7 Change (y-o-y) +40.0% Learner to teacher 7.9x 53.9 55.4 56.1 57.6 60.8 63.2 61.9 60.3 63.5 66.4 158 177 192 217 257 280 281 298 343 375 ratio 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E Change (y-o-y) -0.8x I Number of private learners, '000 % of total number of learners I Total revenue, GEL mln Revenue per learner, GEL '000 Source: Ministry of Education of Georgia, G&T, GCAP estimates Financial 4Q23 FY23 Total spending on K-12 education, latest highlights EBITDA GEL 6.4m GEL 14.4m 3.6% 3.9% 4.4% 4.3% 3.5% 3.7% 4.2% 4.4% 3.8% 3.7% 4.1% 3.6% 3.7% 3.3% 3.6% 2.9% Change (y-o-y) 26.9% 6.0% 2.1% EBITDA margin 33.1% 26.0% Change (y-o-y) -3.8 ppts -6.0 ppts US$ '000 Cash flow from GEL (0.1)m GEL 17.4m operations 14.8 13.4 12.5 11.3 10.5 10.2 9.9 9.7 9.4 9.2 8.6 7.9 7.6 7.5 7.0 4.5 0.8 Change (y-o-y) NMF +5.5% Net debt GEL 20.2m GEL 20.2m Austria Germany UK France Change (y-o-y) +26.1% +26.1% Italy Portugal Slovenia Czech Spain Total spending per learner Estonia Poland Hungary Slovakia Lithuania Latvia Turkey Georgia, Demand on private education is trending globally, growth attributable to regions with lower spending on Education Source: OECD, Ministry of Finance of Georgia 2022 Total spending as % of GDP Georgia Capital PLC | 1. Excluding kindergarten learners. 64#65EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT ☐ о EDUCATION KEY DRIVERS The increase in revenue was driven by: The organic growth through strong intakes and a ramp-up of the utilization; and expansion of the business. Operating expenses were up by 50.0% y-o-y in 4Q23, mainly reflecting inflation and increased salary expenses in line with the expansion. The business grew by 1,665 learners (up by 40.0% y-o-y to 5,827 learners as of 31-Dec- 23). GEL MILLION +41.5% 19 14 43 33 +30.3% 55 +26.9% 6 5 EBITDA DEVELOPMENT +6.0% 14 14 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 KEY OPERATING HIGHLIGHTS GEORGIA CAPITAL 4Q22 VS. ■ 4Q23 Change y-o-y FY22 VS. ■ FY23 Change y-o-y Capacity 5,670 7,270 +28.2% 5,670 7,270 +28.2% Number of learners Capacity utilisation 4,162 5,827 +40.0% 4,162 5,827 +40.0% 73.4% 80.2% +6.8ppts 73.4% 80.2% +6.8ppts 65#66Externally valued¹ EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q +11.4% +6.8% +27.6% +6.9% +10.8% 31 24 229 205 (17) 189 (54) LTM EV/EBITDA DEVELOPMENT4 GEORGIA CAPITAL 16.5x 16.7x Enterprise value Net change in EV 30-Sep-23 Enterprise value 31-Dec-23 Investment at cost Net debt Minority interest² Equity value 31-Dec-23 30-Sep-23 31-Dec-23 Y-O-Y PROGRESS NET DEBT TO EBITDA VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change Enterprise value 228.8 205.3 23.5 218.3 10.5 LTM EBITDA³ 13.7 12.4 1.3 12.9 0.8 Implied EV/EBITDA multiple Net debt 16.7x 16.5x 0.2x 16.9x (0.2x) 1.3x 1.4x (16.5) (12.9) (3.6) (16.3) (0.2) Investments at cost 30.5 28.6 1.9 16.3 14.2 Total equity value of GCAP's share 189.2 170.9 18.3 164.2 25.0 30-Sep-23 31-Dec-23 <2.5x TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. GCAP has different ownership stakes across schools (70-90%). 3. The LTM EBITDAS used in the valuation assessment of the education business incorporate the functional currency adjustment at certain schools. The LTM EBITDA calculations do not factor the performance of a recently launched schools, which are added to the equity value of the business at cost. Consequently, the EBITDA figures presented on slide 35 may differ from those used in the business valuations. 4. The forward-looking implied valuation multiple is estimated at 10.5x for the 2024-2025 academic year. 66 99#67Private investment stage portfolio companies EXTERNALLY VALUED & CLINICS & DIAGNOSTICS BUSINESS OVERVIEW GEORGIA CAPITAL HIGH GROWTH PROSPECTS IN THE CLINICS BUSINESS Outpatient visits per capita, Georgia Outpatient encounters per capita Government Expenses on Primary Care VS GDP 2.4 2.1 1.8 1.9 1.9 4.4 3.6 3.5 3.6 3.7 3.2 3.3 3.1 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: NCDC statistical yearbook 2021 MEDIUM TERM OBJECTIVES 7.8 5.8 15% 5.7 3.7 4.0 3.5 1.6 Source: WHO 2021 Clinics Diagnostics › Adding new services > Expansion of retail > Geographic expansion > Developing distance > channels › Adding customer base Attracting B2B clients > Digitalisation Combined financial targets for Clinics and Diagnostics for the next 5-years (2021-2026) 10% 7.6% 6.8% 5% 3.8% 8.2% 12.2% 7.6% 6.8% 0% MDA RUS KAZ TJK ARM UZB GEO Source: WHO 2020 DOUBLE DIGIT REVENUE CAGR EBITDA C.GEL 30+ MILLION 67#68GEL million Private investment stage portfolio companies EXTERNALLY VALUED & CLINICS & DIAGNOSTICS BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL DIAGNOSTICS (4Q23) CLINICS (4Q23) 19 Outpatient diagnostic and treatment services in Tbilisi and major regional cities Market share by number of registered patients* Clinics 632,200 GCAP Clinics Geo Hospitals 319,000 11% c.636,000 c.301,000 Medcapital 136,000 Registered patient in Georgia Registered patient in Tbilisi Medison 91,000 c.201,000 3.3 22% Number of patients served Average number of tests per patient c.661,000 GEL 7.4 5% Number of tests performed Average revenue per test (excluding COVID-19) 3% 1,659,000 59% 19% Retail portion in total revenue Other *As of 30-Sep-23. NET REVENUE, CLINICS EBITDA, CLINICS (excl. IFRS 16) Gross profit margin (%) EBITDA margin (%, excl. IFRS 16) 46.0% 49.7% 41.4% 50.8% 12.0% 23.7% 3.4% 18.7% 3.2% 41.1 +19.5% 49.2 +31.3% 13.7 GEL million 4.9 +136.6% 11.7 NMF EBITDA, DIAGNOSTICS (excl. IFRS 16) EBITDA margin (%, excl. IFRS 16) 12.3% 23.8% 3.3% 6.5% NMF 7.2% 10.4 2.6 1.8 0.4 0.2 2022 2023 4Q22 4Q23 2022 2023 4Q22 4Q23 7.3 NMF +78.1% 1.2 0.7 (0.3) 2019 2020 2021 2022 2023 4Q22 0.4 4023 68#69CLINICS & DIAGNOSTICS BUSINESS OPERATING PERFORMANCE OVERVIEW & CLINICS & DIAGNOSTICS REVENUE DEVELOPMENT¹ +9.7% ☐ KEY DRIVERS The growth in revenue and EBITDA reflects the increased demand for non-COVID services and the expansion of the business. GEL MILLION 62 20 20 68 18 +27.0% 49 49 41 19 15 5 14 10 4Q22 4Q23 ■Clinics Diagnostics - Total KEY OPERATING HIGHLIGHTS EBITDA² DEVELOPMENT NMF GEORGIA CAPITAL +129.9% 13 6 3 0.1 FY22 FY23 4Q22 4Q23 FY22 FY23 4Q22 VS. ■ 4Q23 Change y-o-y FY22 VS. ■ FY23 Change y-o-y Clinics Number of admissions ('000) Number of registered patients ('000) Diagnostics 447.1 449.4 +0.5% 1,707.5 1,640.0 -4.0% 615.7 635.8 +3.3% 615.7 635.8 +3.3% Number of patients served ('000) Number of total tests performed ('000) 218.2 627.0 201.3 -7.8% 980.7 660.6 +5.4% 2,426.4 778.7 -20.6% 2,470.5 +1.8% Georgia Capital PLC General comment: The 2023 numbers, as well as the comparative 2022 figures, exclude the performance of the community clinics, which are now presented as part of the hospitals business. 1. Total revenue excludes eliminations between the clinics and diagnostics business lines. 2. Excluding IFRS 16. 69 69#70Externally valued¹ 29 CLINICS & DIAGNOSTICS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW (GEL MILLION) 172 111 (58) (3) Enterprise value 31-Dec-23 Net debt inc. Lease liabilities Minority interest Equity value 31-Dec-23 11.7x IMPLIED LTM EV/EBITDA VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA³ (excl. IFRS 16) GEL million, unless noted otherwise 31-Dec-232 30-Sep-232 31-Dec-222 4.5x4 Enterprise value 171.8 176.9 179.9 3.6x4 LTM EBITDA 14.7 13.8 10.9 <2.5x Implied EV/EBITDA multiple 11.7x 12.8x 16.5x Net debt incl. lease liabilities (58.5) (77.3) (63.8) Equity value of GCAP's share 110.8 96.1 112.2 30-Sep-23 31-Dec-23 TARGET GEORGIA CAPITAL Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm 2. 31-Dec-23 numbers exclude the performance of the community clinics, which are now presented as part of the hospitals business. Comparative figures for 30-Sep-23 and 31-Dec- 22 have not been restated retrospectively. 3. 31-Dec-23 and 30-Sep-23 figures exclude the performance of the community clinics. 4. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt as of 30-Sep-23 includes the receivable of US$ 6.2 million incurred from the sales transaction. 770#71CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 00 Poo 000) 80 00000 00 00% 88 අ 000 აზი 71#72REAL GDP UP BY 7.5% IN 2023, WHILE INFLATION HAS FALLEN BELOW THE TARGET PRELIMINARY ECONOMIC GROWTH STANDS AT 7.5% Y-O-Y IN 2023, FOLLOWING TWO YEARS OF DOUBLE-DIGIT EXPANSION (10.6% AND 11.0% IN 2021-2022, RESPECTIVELY) GEORGIA CAPITAL ANNUAL INFLATION STANDING BELOW THE 3% TARGET SINCE APRIL 2023, WITH JANUARY 2024 INFLATION REPORTED AT 0.0% Y-O-Y 7.9% 6.6% 5.1% 6.1% 5.2% 5.4% 4.1% 3.4% 3.4% 10.6% 11.0% 7.5% 14% 12% 10% -6.3% 8% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F NOMINAL GDP IN US DOLLARS SURGES TO US$ 31 BILLION, NEARLY DOUBLING OVER A THREE-YEAR SPAN 9,000 Nominal GDP, USD bn, RHS I Nominal GDP, GEL bn, RHS 8,000 GDP Per Capita, USD, LHS 2006 7,000 6,000 6% 90 8,170 80 4% 80 4.0% 70 73 3.1% 60 2% 60 5,000 32 4,000 28 29 26 22 15 17 18 18 3,000 כון 61 50 50 45 41 3 37 4,301 35 50 0% 40 -0.5% 30 -2% 31 20 25 2013 2014 2015 15 16 18 18 16 19 10 2017 2018 2019 2020 2021 2022 2023F 2010 2011 2012 2013 2014 2015 2016 Georgia Capital PLC | Source: Geostat, IMF, WEO (October 2023) 6.0% 5.2% 4.9% 2.6% 2.1% 9.6% 11.9% 2.5% 2016 2017 2018 2019 2020 2021 2022 2023 Headline Inflation - Target 72#73USD BLN EXTERNAL INFLOWS* EXCLUDING RUSSIA CONTINUE TO INCREASE *External inflows include merchandise exports, remittances and tourism inflows. Georgia Capital PLC | Source: Geostat, NBG 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 I Inflows from Others Inflows from Russia Inflows from Others, YoY % (RHS) 4,500 80% 3.6 - USD/GEL 4,000 3.4 60% 3,500 3.2 40% Z3,000 3.0 Σ 2,500 20% 2.8 2,000 2.6 0% 1,500 2.4 -20% 1,000 2.2 500 -40% 2.0 0 -60% 1.8 208 IMPROVED EXTERNAL POSITION TOTAL FX INFLOWS INCREASED BY 6.4% Y-O-Y AND AMOUNTED US$ 14.3 BLN IN 2023 GEORGIA CAPITAL CURRENT ACCOUNT DEFICIT HAS NARROWED SIGNIFICANTLY AS FDI CONTINUES TO FULLY FINANCE THE DEFICIT 61 16 Export of goods Money Transfers Tourism revenues ⚫ Total FX Inflows Goods, net Services, net 14.3 13.5 28% Current transfers, net - Current account Investment income, net FDI, inflows 14 12 10 20 4.1 18% 3.5 10.1% 6.2% 8.8 8% 8.2 7.8 6.8 4.1 4.4 3.3 5.8 1.2 -2% 5.2 5.4 3.2 10 6 2.7 2.3 -12% -5.5% 1.7 4 1.9 2.1 1.6 1.9 -8.0% -6.7% -5.8% -4.5% -3.2% -2.6% -10.3% -9.6% 1.4 1.1 1.2 5.6 6.1 P-11.9% 11.2% -10.0% -11.6%-12.2% -12.4% 2 3.4 3.8 4.2 -22% 3.3 2.2 2.1 2.7 0 -32% 2015 2016 2017 2018 2019 2020 2021 2022 2023 9M22 9M23 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 APPRECIATING SINCE MID-2021, BRIEFLY INTERRUPTED AFTER THE WAR, GEL HAS NOW STRENGTHENED TO ABOVE PRE-PANDEMIC LEVELS AGAINST US$ Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 2.77 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 75 73 3.46 3.40 2.64#74(800) US$ MLN (400) (009) 1Q17 (200) 600 400 200 -4 0 May-16 Jul-16 Sep-16 Nov-16 (90)(40) (50)(53)(95) (30) (186) Georgia Capital PLC | Source: NBG, Geostat, MOF 4 8 12 16 APPROPRIATE MACRO POLICY STANCE INFLATION Y-O-Y VS. INFLATION TARGET GENERAL GOVERNMENT DEBT (% OF GDP) Headline Inflation Core Inflation - Target Monetary Policy Rate --General Government Debt, External (% of GDP) Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 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 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 NET NBG INTERVENTIONS ON THE FX MARKET AND OFFICIAL RESERVE ASSETS I Net Interventions (LHS) Reserve Assets (RHS) FISCAL DEFICIT*, % OF GDP 430 265 164 73 100121 93 94 20 4 26 3.0 (58) (232) 2.0 (301) (332) (461) 1.0 10 (598) 0.0 00 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 US$ BLN 60% 9.0 50% 40% 1.4 0.0 30% 20% 0% 6.0 5.0 -2% 5.0 111 -4% -2.8% -2.7% 4.0 -10% -12% 2014 * IMF modified -6% -8% 2015 2016 2017 2018 2019 2010 2011 2012 -3.0% -2.7% -2.3% -2.1% 2020 -9.3% 2021 2022 2023F -6.1% 2013 2024F 2014 2025F 2015 2016 2017 -3.0% -2.8% 2026F 2027F 74 2018 2019 2020 General Government Debt, Total (% of GDP) 60.2% 47.6% 41.8% 39.5% 37.1% 32.0% 29.6% 2021 2022 2023F 2024F 2025F 2026F 2027F -2.5% -2.3% -2.2% -2.2% 23.4% GEORGIA CAPITAL#75Feb-13 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Georgia Capital PLC | Source: Geostat, State Treasury US$ MLN 0 UNLOCKING NEW LONG-TERM OPPORTUNITIES: GEORGIA'S EU CANDIDACY AND THE RISING SIGNIFICANCE OF THE MIDDLE CORRIDOR RE-EXPORT INCREASED BY 75% Y-O-Y IN 2023 AND BY 196% COMPARED TO 2021, PRIMARILY DUE TO THE INCREASED RE-EXPORT OF MOTOR CARS KEY MILESTONES IN EU-GEORGIA RELATIONS Motor cars Cigars and cigarettes Medicaments Spirituous beverages Other December 2023 350 European Council grants candidate status 294 296 300 278 276 285 258 250 197 209199 200 189 158 200217 March 2022 Georgia applies for EU membership 150 100 50 133 88 58 68 10093 106 103 93 105 100105 82 94 Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 2021 2022 2023 July 2016 Association Agreement and DCFTA enter into force REVENUES FROM ROAD USAGE CHARGE (RUC) INCREASED BY 42% Y-O-Y AND BY 174% COMPARED TO 2021 June 2014 Signature of the Association Agreement and Deep and Comprehensive Free Trade Area (DCFTA) 60 Numebr of freight vehicles, Thousand (LHS) Revenue from Road Usage Charge, MLN GEL (RHS) 18 15.4 15.3 16 50 14 40 30 Number of freight vehicles paying (RUC) amounted 520k in 2023, up by 78K compared to 2022 (up by 188k compared to 2021) 12 May 2009 43.8 10 20 10 0 86420 Georgia joins the Eastern Partnership, aimed at strengthening relations between the EU and six Eastern European partners (Armenia, Azerbaijan, Belarus, Georgia, Moldova, Ukraine) June 2004 Georgia becomes part of the European Neighborhood Policy, aiming to strengthen relations between the EU and its neighbors Feb-18 Jul-18 Dec-18 May-19 Oct-19 Mar-20 Aug-20 Jan-21 Jun-21 Nov-21 Apr-22 Sep-22 Feb-23 Jul-23 Dec-23 March 2017 Visa-free travel between Georgia and the 26 Schengen Area countries comes into effect 75 GEORGIA CAPITAL#76MACROECONOMIC WRAP-UP STRONG GDP PERFORMACE BELOW-TARGET INFLATION ROBUST EXTERNAL BALANCE SHEET GEL/US$ ABOVE THE PRE-PANDEMIC LEVELS SOUND MACROECONOMIC FRAMEWORK EU CANDIDACY & MIDDLE CORRIDOR: OPPORTUNITIES FOR GEORGIA 76#77CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 ☐ APPENDICES Board of directors and management team " Portfolio companies overview Georgia Capital financial statements 00 Pop 000) 80 00000 00 00% 88 000 අ 77#78OUR ROBUST CORPORATE GOVERNANCE FRAMEWORK BOARD OF DIRECTORS COMPOSITION IRAKLI GILAURI, CHAIRMAN & CEO Experience: Formerly BGEO Group CEO; more than 20 years of experience in the banking, investment and finance. BMS in banking from CASS Business School, London; BBS from University of Limerick, Ireland MASSIMO GESUA'SIVE SALVADORI INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Currently an analyst at Lancaster asset management, formerly with McKinsey & Company for over 9 years GEORGIA CAPITAL DAVID MORRISON SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly Director at Sullivan & Cromwell with a track record of over 28 years, Founding CEO of the Caucasus Nature Fund (CNF) NEIL JANIN INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly Chair and Non-Executive Director of BGEO Group, Non- Executive Director of GHG, Director of McKinsey & Company for over 27 years. MARIA CHATTI-GAUTIER INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Over 25 years of experience in private equity in prominent financial institutions. Currently Senior Advisor of Trail Management 4 OUT OF 5 MEMBERS ARE INDEPENDENT 78#79GCAP'S HIGHLY EXPERIENCED MANAGEMENT TEAM IRAKLI GILAURI, CHAIRMAN & CEO Irakli Gilauri formerly served as the CEO of BGEO Group from 2011 to May 2018. He joined as CFO of Bank of Georgia in 2004 and was appointed as Chairman of the Bank in September 2015, having previously served as CEO of the Bank since May 2006. Prior, he was an EBRD (European Bank for Reconstruction and Development) banker. Mr Gilauri has up to 20 years of experience in banking, investment and finance. Over the last decade, Irakli's leadership has been instrumental in creating major players in a number of Georgian industries, including banking, healthcare, utilities and energy, real estate, insurance and wine. Holds an MSc in banking from Cass Business School and a certificate in winemaking from the University of California, Davis. GEORGIA CAPITAL GIORGI KETILADZE, MANAGING DIRECTOR, HEAD OF INVESTMENTS Formerly Investment Officer at BGEO Group. Joined BGEO in 2017. Previously, worked at Deutsche Bank in Corporate Finance department and at KPMG consulting in Germany. Giorgi holds a master's degree from London Business School. AVTO NAMICHEISHVILI, DEPUTY CEO In addition to his Deputy CEO role at Georgia Capital, Avto also serves as a chairman of the Group's renewable energy, beverages, housing development and hospitality businesses. Formerly he was BGEO Group General Counsel. He was General Counsel of the Bank of Georgia from 2007 to 2018 and has played a key role in all of the Group's equity and debt raises on the capital markets, and over 25 mergers and acquisitions. Prior, he was a Partner at a leading Georgian law firm. Holds LLM in an international business law from Central European University, Hungary. NINO VAKHVAKHISHVILI, CHIEF ECONOMIST Joined Georgia Capital in 2018. Nino is an IMF's Short-term Expert and a visiting lecturer at the University of Georgia. Before joining the company, she spent over five years at the National Bank of Georgia. Holds a master's degree in economics from ISET. IRAKLI GOGIA, PORTFOLIO MANAGER CEO at the hospitals business and a chairman of the Group's retail (pharmacy) and clinics and diagnostics businesses. Formerly Deputy CEO, Finance at GHG. Prior to that Irakli was a deputy chairman of the supervisory board of Evex Medical Corporation and Insurance Company Imedi L. He has ten years of experience in the financial industry. Previously, served as CFO of Insurance Company Aldagi and Liberty Consumer, prior to which he was a senior auditor at Ernst & Young and Deloitte. Holds a Bachelor of Business Administration degree from the European School of Management in Tbilisi. LEVAN DADIANI, GENERAL COUNSEL Formerly Senior Group Lawyer at BGEO Group. Joined BGEO in 2012. Levan has an extensive experience in commercial law, equity investments, corporate and project financing and energy projects. Previously, he was a Partner at a leading Georgian law firm. Holds an LLM degree in International Business Law from University of Texas at Austin, USA. GIORGI ALPAIDZE, DEPUTY CEO, CHIEF FINANCIAL OFFICER Formerly BGEO Group CFO. Joined BGEO as Head of Group's Finance, Funding and Investor Relations in 2016. He has extensive international experience in banking, accounting and finance. Previously, he was a senior manager in Ernst & Young LLP's Greater New York City's assurance practice. Holds a BBA from the European School of Management in Georgia. US Certified Public Accountant. EKA DUCHIDZE, EXECUTIVE DIRECTOR Formerly served as CEO of Amber Group, a hospitality business of Georgia Capital. Previously, she was a corporate secretary and investor relations coordinator at BGEO Group. Joined Bank of Georgia as Corporate Secretary in 2005. During the past years, she has carried out a number of crucial roles, including Executive Assistant to CEO and Head of Internal Branding. Recently, Eka oversaw the development of SOLO Banking and SOLO Lifestyle at Bank of Georgia. Prior, she served for eight years at the World Bank Group of which for two years she was at the World Bank HQ in Washington DC as a Programme Assistant in the OPIC Department. IA GABUNIA, CHIEF STRATEGY OFFICER Formerly Investment Director at Georgia Capital. Joined BGEO as an Investment Director in 2017. la has over ten years of experience in banking and investment management. Prior to joining BGEO la served as Head of Corporate Banking at Bank Republic, Société Générale Group. Previously, she held numerous executive positions in leading Georgian companies. la holds a BSc degree from London School of Economics and Political Science, UK. 79#80CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 ◉ ■ APPENDICES Board of directors and management team Portfolio companies overview Georgia Capital financial statements 00 Pop 000) 80 00000 00 00% 88 000 080 80#81RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY GEL MILLION REVENUE DEVELOPMENT 3.2% 22 42 -9.8% 38 16 -4.0% 16 EBITDA DEVELOPMENT 32 GEORGIA CAPITAL -15.3% 27 227 8 8 00 -13.5% 4.7% T 7 7 26 22 5 5 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 ■PPA ■Non-PPA - Total revenue KEY OPERATING HIGHLIGHTS Electricity 47.1 generation (GWh) Average sales price (US$/MWh) 60.3 4Q22 VS. ■ 4Q23 Change y-o-y FY22 VS. FY23 50.8 +7.8% 268.3 58.7 -2.7% 54.3 Change y-o-y 254.0 -5.3% 56.8 +4.6% 81#82Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q 453 +0.8% -1.2% +2.2% 3 456 267 (190) Enterprise value 30-Sep-23 Net change in EV Enterprise value 31-Dec-23 Net debt Equity value 31-Dec-23 VALUATION HIGHLIGHTS1 EQUITY FAIR VALUE COMPOSITION AT 31-DEC-23 (GEL MILLION) GEORGIA CAPITAL 56 Total value 267 211 ■Operational assets Pipeline projects NET DEBT TO EBITDA GEL million, unless noted otherwise Enterprise value 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change 456.2 452.8 3.4 417.9 38.3 7.0x4 6.8x4 <6.0x EBITDA² 32.2 32.0 0.2 32.9 (0.7) Implied EV/EBITDA multiple 12.6x 12.5x 0.1x 11.4x 1.2x Investments at cost (EV) 3 52.5 51.6 0.9 40.7 11.8 Net debt (189.6) (192.0) 2.4 (192.9) 3.3 Equity value 266.6 260.8 5.8 225.0 41.6 30-Sep-23 31-Dec-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at cost included the pipeline projects. 4. Ratio is calculated in US$ terms. 82#83Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW Largest medical insurer in the country with 19%¹ market share Offering a variety of medical insurance products, with a wide distribution network to the Georgian population Market share by net premium revenue¹ GCAP medical insurance Vienna Insurance Group Ardi PSP IC Group 5 Alpha 6 Other 18 Georgia Capital PLC | 1. ISSSG as of 30-Sep-23. 50 57 97 40 19% 33% c.169,000 17% Number of insured clients 6% 2% 2% 65 21% GEORGIA CAPITAL BUSINESSES MAJOR GROWTH DRIVERS Increase market share by growing the book ■ Increase "managed flow" through customer-centric process ■ Enhance gross profit through distribution of non-PMI² products to the book - developing "fee business" ⑥Medium to long-term targets ■ Combined ratio <97% 83#84Thousands Private large portfolio companies EXTERNALLY VALUED + MEDICAL INSURANCE BUSINESS OVERVIEW (CONT'D) NUMBER OF INSURED & RENEWAL RATE 81.8% 83.9% 76.9% 77.5% 78.0% 77.4% 77.3% 74.3% 73.4% 73.4% 69.7% +3.3% +3.3% 234 211 155 157 236 174 165 164 169 164 169 COMBINED RATIO GEL million REVENUE (NET INSURANCE PREMIUMS EARNED) +22.0% 91.3 75.4 72.4 74.9 69.5 61.5 58.6 53.7 55.1 GEORGIA CAPITAL +17.5% 2015 2016 2017 2018 2019 2020 2021 2022 2023 4Q22 4Q23 2015 2016 2017 2018 2019 2020 2021 2022 2023 4Q22 4Q23 -4.7 ppts -2.5 ppts 104.7% 102.5% 96.7% 94.1% 96.1% 97.4% 99.5% 94.8% 95.1% 92.6% 90.6% 84.1% 78.7% 84.2% 77.3% 81.4% 79.3% 81.0% 73.0% 78.2% 77.7% 73.9% GEL million 24.8 21.1 NET PROFIT +91.8% 6.5 +12.6% 6.4 4.4 2.9 1.8 3.8 3.4 2.2 1.9 (2.6) 8.0% 20.6% 18.3% 16.8% 14.7% 17.6% 18.1% 18.5% 16.6% 2015 2016 2017 2018 2019 2020 2021 2022 2023 4Q22 17.4% 18.7% 4Q23 (4.9) 84 2015 2016 2017 2018 2019 2020 2021 2022 2023 4Q22 4Q23 Georgia Capital PLC | General note: 4Q22 and FY22 results have been retrospectively adjusted for IFRS 17 impact.#85Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q +22.9% +32.1% +24.7% 19 92 14 73 59 59 Enterprise value 30-Sep-23 Change in EV Enterprise value 31-Dec-23 Excess cash Equity value 31-Dec-23 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 9.3x 30-Sep-23 11.0x 31-Dec-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change NET DEBT TO EBITDA (excl. IFRS 16) No Leverage No Leverage No Leverage LTM Net income² 8.4 8.0 0.4 3.5 4.9 Implied P/E multiple² 11.0x 9.3x 1.7x 15.0x (4.0x) Equity value 92.3 74.0 18.3 51.9 40.4 LTM ROAE 17.2% 16.7% 0.5 ppts 10.2% 7.0 ppts 30-Sep-23 31-Dec-23 TARGET Georgia Capital PLC | 1. 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. 30-Sep-23 and 31-Dec-23 LTM Net incomes and respective implied multiples are on a pre-tax basis, due to the business valuation as of 30-Sep-23 and 31-Dec-23, incorporating impact of the adoption of the Estonian Taxation Model. GEORGIA CAPITAL 85#86CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q23 & FY23 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 " APPENDICES Board of directors and management team Portfolio companies overview Georgia Capital financial statements 00 Pop 000) 80 00000 00 00% 88 080 000 86 ක#87PRIVATE PORTFOLIO COMPANIES' DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 31 DECEMBER 2023 (GEL MILLION) 2024 2025 2026 2027-2036 Total Large portfolio companies 332.9 55.0 53.9 46.4 488.2 Retail (pharmacy)1 168.8 27.2 27.2 13.6 236.8 Hospitals 164.1 27.8 26.7 32.8 251.4 Investment stage portfolio companies 35.6 12.5 8.0 219.0 275.1 Renewable Energy 0.6 201.4 202.0 Education 5.2 3.1 3.4 15.7 27.4 Clinics and Diagnostics 30.4 8.8 4.6 1.9 45.7 Other businesses² 170.8 25.2 43.8 47.6 287.4 Total 539.3 92.7 105.7 313.0 1,050.7 1. Includes GEL c.40 million debt for financing the minority shareholder buyout in FY23. 2. Gross debt of other businesses includes a 2-year US$ 35 million bonds issued by the housing development business in Oct-22. 80 87 GEORGIA CAPITAL#88VALUE CREATION IN PRIVATE PORTFOLIO | 4Q23 Portfolio Businesses GEL thousand BOG Water Utility Operating Performance Greenfields / buy-outs/exits and FX Multiple Change Value Creation in 4Q23 (1) (2) (3) (1)+(2)+(3) 161,316 Total Listed and Observable Portfolio Companies 161,316 Large Portfolio Companies (120,402) 161,579 41,177 Retail (pharmacy) (28,857) 63,254 34,397 Hospitals (94,105) 58,516 (35,589) Insurance (P&C & Medical) 2,560 39,809 42,369 Investment Stage Portfolio Companies 35,284 (1,267) 34,017 Renewable energy 4,150 1,029 5,179 Education 9,136 7,448 16,584 Clinics and Diagnostics 21,998 (9,744) 12,254 Other Portfolio Companies 5,565 (18,943) (13,378) Total Private Portfolio Companies (79,553) 141,369 61,816 Total Portfolio (79,553) 141,369 223,132 GEORGIA CAPITAL 223.1 GEL MILLION TOTAL VALUE CREATION IN 4Q23 161.3 GEL MILLION VALUE CREATION IN 4Q23 FROM THE LISTED AND OBSERVABLE PORTFOLIO COMPANIES 61.8 GEL MILLION VALUE CREATION IN 4Q23 FROM THE PRIVATE PORTFOLIO COMPANIES 88#89VALUE CREATION IN PRIVATE PORTFOLIO | FY23 Portfolio Businesses GEL thousand Operating Performance Greenfields / buy-outs/exits and FX Multiple Change Value Creation in FY23 (1) (2) (3) (1)+(2)+(3) 549,255 BOG Water Utility Total Listed and Observable Portfolio Companies 4,000 553,255 Large Portfolio Companies (52,946) 127,732 74,786 Retail (pharmacy) 2,267 37,130 39,397 Hospitals (154,041) 72,515 (81,526) Insurance (P&C & Medical) 98,828 18,087 116,915 Investment Stage Portfolio Companies 54,471 (7,427) 47,044 Renewable energy 6,754 31,930 38,684 Education 15,165 (2,883) 12,282 Clinics and Diagnostics 32,552 (36,474) (3,922) Other Portfolio Companies 86,033 (80,603) 5,430 Total Private Portfolio Companies 87,558 39,702 127,260 Total Portfolio 87,558 39,702 680,515 GEORGIA CAPITAL 680.5 GEL MILLION TOTAL VALUE CREATION IN FY23 553.3 GEL MILLION VALUE CREATION IN FY23 FROM THE LISTED AND OBSERVABLE PORTFOLIO COMPANIES 127.3 GEL MILLION VALUE CREATION IN FY23 FROM THE PRIVATE PORTFOLIO COMPANIES 89#90NAV STATEMENT | 4Q23 2a. GEL thousands unless otherwise noted 30-Sep-23 1.Value Creation Investments and Divestments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 31-Dec-23 Change % Listed and Observable Portfolio Companies BOG Water Utility 1,092,209 161,316 (27,678) 159,000 1,225,847 159,000 12.2% NMF Listed and Observable Portfolio Value 1,251,209 161,316 Listed and Observable Portfolio value change % 12.9% 0.0% 0.0% (27,678) -2.2% 1,384,847 10.7% 0.0% 0.0% 10.7% Private Portfolio Companies Large portfolio companies 1,402,924 41,177 (6,470) Retail (pharmacy) 679,245 34,397 (1,400) 359 1,436,231 2.4% 714,001 5.1% Hospitals Insurance 381,870 (35,589) (1,925) 344,356 -9.8% 341,809 42,369 Of which, P&C Insurance 267,811 24,059 (6,470) (6,470) 166 377,874 10.6% 166 285,566 6.6% Of which, Medical Insurance 73,998 18,310 92,308 24.7% Investment stage companies 527,808 34,017 2,135 2,654 566,614 7.4% Renewable energy 260,810 5,179 500 138 266,627 2.2% Education 170,856 16,584 1,635 151 189,226 10.8% Clinics and Diagnostics 96,142 12,254 2,365 110,761 15.2% Others 297,265 (13,378) 366 284,253 -4.4% Private Portfolio Value 2,227,997 61,816 2,135 (6,470) 1,620 2,287,098 2.7% Private Portfolio value change % 2.8% 0.1% 0.0% -0.3% 0.0% 0.1% 2.7% Total Portfolio Value 3,479,206 223,132 2,135 (34,148) Total Portfolio value change % 6.4% 0.1% Net Debt (294,185) of which, Cash and liquid funds 100,356 (1,464) (1,464) 0.0% (22,196) -1.0% 0.0% 34,148 (5,459) 1,620 0.0% (7,652) 3,671,945 2.5% 5.5% (296,808) 0.9% (22,196) 34,148 (5,459) 2,525 107,910 7.5% of which, Loans issued of which, Gross Debt Net other assets/ (liabilities) Share based compensation Net Asset Value NAV change % Shares outstanding Net Asset Value per share 8,905 307 9,212 3.4% (403,446) (10,484) 2,659 (671) (287) (3,347) 5,021 (413,930) 3,375 2.6% 26.9% (3,347) 3,347 NMF 3,187,680 223,132 7.0% 0.0% 41,401,750 (22,483) -0.7% (665,222) (8,806) (1,011) 3,378,512 6.0% 0.0% -0.3% 0.0% 6.0% 40,736,528 -1.6% 76.99 5.39 0.00 0.71 0.00 (0.21) 0.04 82.94 7.7% NAV per share change % 7.0% 0.0% 0.9% 0.0% -0.3% 0.1% 7.7% Net Asset Value per share (GBP) 23.44 1.61 0.00 0.21 0.00 (0.06) (0.98) 24.23 3.4% NAV per share (GBP) change % 6.9% 0.0% 0.9% 0.0% -0.3% -4.2% 3.4% GEORGIA CAPITAL 90#91NAV STATEMENT | FY23 GEORGIA CAPITAL 2a. GEL thousands unless otherwise noted 31-Dec-22 1.Value Creation Investments and Divestments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 31-Dec-23 Change % Listed and Observable Portfolio Companies BOG Water Utility 830,463 549,255 (153,871) 155,000 Listed and Observable Portfolio Value 985,463 4,000 553,255 1,225,847 159,000 47.6% 2.6% Listed and Observable Portfolio value change % 56.1% 0.0% 0.0% (153,871) -15.6% 1,384,847 40.5% 0.0% 0.0% 40.5% Private Portfolio Companies Large portfolio companies 1,437,610 74,786 (76,825) Retail (pharmacy) 724,517 39,397 Hospitals Insurance 433,193 (81,526) 279,900 116,915 Of which, P&C Insurance 228,045 71,447 Of which, Medical Insurance 51,855 45,468 Investment stage companies 501,407 47,044 18,388 Renewable energy 224,987 38,684 6,218 (50,904) (6,018) (19,903) (14,888) (5,015) (5,187) (5,187) 660 991 (1,293) 1,436,231 -0.1% 714,001 -1.5% 344,356 -20.5% 962 377,874 35.0% 962 285,566 25.2% 92,308 78.0% 4,962 566,614 13.0% 1,925 266,627 18.5% Education 164,242 12,282 12,170 532 189,226 15.2% Clinics and diagnostics 112,178 (3,922) 2,505 110,761 -1.3% Others 274,147 5,430 32 4,644 284,253 3.7% Private Portfolio Value 2,213,164 127,260 Private Portfolio value change % 5.8% 18,420 0.8% (82,012) 10,266 2,287,098 3.3% 0.0% Total Portfolio Value 3,198,627 680,515 Total Portfolio value change % 21.3% Net Debt (380,905) of which, Cash and liquid funds 411,844 18,420 0.6% (20,887) (20,887) 0.0% (76,190) (76,190) -3.7% (235,883) -7.4% 235,883 235,883 0.0% 0.5% 3.3% 0.0% (21,786) 10,266 0.3% (32,923) 3,671,945 14.8% 14.8% (296,808) -22.1% (21,786) (420,954) 107,910 -73.8% of which, Loans issued of which, Gross Debt Net other assets/ (liabilities) Share based compensation Net Asset Value NAV change % Shares outstanding 26,830 (17,618) 9,212 -65.7% (819,579) 405,649 (413,930) -49.5% (331) 2,467 (287) (14,993) 16,519 3,375 NMF (14,993) 14,993 NMF 2,817,391 680,515 24.2% 0.0% (76,477) -2.7% (36,779) (6,138) 3,378,512 19.9% 0.0% -1.3% -0.2% 19.9% 42,973,462 (2,817,070) 580,136 Net Asset Value per share 65.56 15.84 0.00 2.70 0.00 (0.85) (0.30) 40,736,528 82.94 -5.2% 26.5% NAV per share change % 24.2% 0.0% 4.1% 0.0% -1.3% -0.5% 26.5% Net Asset Value per share (GBP) 20.12 4.74 0.00 0.81 0.00 (0.26) (1.18) 24.23 20.4% NAV per share (GBP) change % 23.5% 0.0% 4.0% 0.0% -1.3% -5.9% 20.4% 91 91#92INCOME STATEMENT | 4Q23 & FY23 GEORGIA CAPITAL Income statement GEL '000, unless otherwise noted Dividend income 4Q23 4Q22 Change FY23 FY22 Change 34,148 27,435 24.5% 162,527 93,875 73.1% Buyback dividend Interest income NMF 73,356 NMF 2,345 6,641 -64.7% 16,642 32,955 -49.5% Realised/unrealised gain/(loss) on liquid funds / Gain/(Loss) on GCAP 772 10,437 (1,574) (2,717) -42.1% Eurobond buybacks -92.6% Interest expense (9,026) (15,521) -41.8% (47,808) (69,774) -31.5% Gross operating income 28,239 28,992 -2.6% 203,143 54,339 NMF Operating expenses (8,807) (10,473) -15.9% (36,779) (39,996) -8.0% GCAP net operating income 19,432 18,519 4.9% 166,364 14,343 NMF Fair value changes of portfolio companies Listed and observable portfolio companies 133,638 234,294 -43.0% Bank of Georgia Group PLC 133,638 232,294 -42.5% 399,384 395,384 164,885 NMF 149,277 NMF Water Utility Private portfolio companies Large Portfolio Companies Of which, Retail (pharmacy) Of which, Hospitals 2,000 NMF 4,000 15,608 -74.4% 55,346 67,703 -18.3% 45,248 (224,687) NMF 34,707 73,554 -52.8% (2,039) (115,511) -98.2% 34,397 47,279 -27.2% (11,507) 14,132 NMF (35,589) 966 NMF (87,544) (140,622) -37.7% Of which, Insurance (P&C and Medical) 35,899 25,309 41.8% 97,012 10,979 NMF Investment Stage Portfolio Companies Of which, Renewable energy Of which, Education 34,017 18,325 85.6% 41,857 5,072 NMF 5,179 23,079 -77.6% 33,497 22,846 46.6% 16,584 24 NMF 12,282 28,052 -56.2% Of which, Clinics and Diagnostics 12,254 (4,778) NMF (3,922) (45,826) -91.4% Other businesses (13,378) (24,176) -44.7% 5,430 (114,248) NMF Total investment return 188,984 301,997 -37.4% 444,632 (59,802) NMF Income/(loss) before foreign exchange movements and non- 208,416 320,516 -35.0% 610,996 (45,459) NMF recurring expenses Net foreign currency gain Non-recurring expenses 28 (139) 20,965 -99.9% 6,491 47,550 -86.3% (349) -60.2% (1,898) (627) NMF Net income (adjusted IFRS) 208,305 341,132 -38.9% 615,589 1,464 NMF 92 92#93VALUATION PEER GROUP • RETAIL (PHARMACY) NEUCA S.A. | Poland . • Sopharma Trading AD | Bulgaria • S.C. Ropharma S.A. | Romania • HOSPITALS Medicover AB | Sweden EMC Instytut Medyczny SAEMC SA | Poland Med Life S.A. | Romania Netcare Limited | South Africa • • • P&C INSURANCE Dhipaya Insurance | Thailand Zavarovalnica Triglav | Slovenia Pozavarovalnica Sava | Slovenia • SALUS, Ljubljana, d. d. | Slovenia • Great Tree Pharmacy Co., Ltd. | Taiwan Clicks Group Limited | South Africa • MLP Saglik Hizmetleri A.S. | Turkey • Aksigorta | Turkey • Anadolu Sigorta | Turkey Dis-Chem Pharmacies Limited | South Africa • Life Healthcare Group Holdings Limited | South Africa • Bao Minh Insurance | Vietnam • Turkiye Sigorta | Turkey MEDICAL INSURANCE Powszechny Zaklad Ubezpieczen SA | Poland • • . Allianz SE | Germany . UNIQA Insurance Group AG | Austria • Ageas SA/NV | Belgium • EDUCATION SISB Public Company Limited | Thailand Curro Holdings Limited | South Africa Overseas Education Limited | Singapore Cairo For Investment & Real Estate Development S.A.E | Egypt Cogna Educação S.A. | Brazil • Colegios Peruanos S.A. | Peru • ADVTECH Limited | South Africa • 20 CLINICS AND DIAGNOSTICS EMC Instytut Medyczny SA | Poland • Med Life S.A. | Romania . Medicover AB | Sweden • Fleury S.A. | Brazil *[7:36 PM] Shako Bukia*Extracted from the larger peer group used in the valuation assessments performed by a third-party independent valuation firm.. GEORGIA CAPITAL • Q • • • RENEWABLE ENERGY* BCPG Public Company Limited | Thailand ERG S.p.A | Italy Polenergia S.A. | Poland Terna Energy Societe Anonyme | Greece 93#94FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, certain of which are beyond our control, include, among other things: regional instability; impact of COVID-19; regulatory risk across a wide range of industries; investment risk; liquidity risk; portfolio company strategic and execution risks; currency fluctuations, including depreciation of the Georgian Lari, and macroeconomic risk; and other key factors that could adversely affect our business and financial performance, which are contained elsewhere in this presentation and in our past and future filings and reports and also the 'Principal Risks and Uncertainties' included in 1H23 Results Announcement and in Georgia Capital PLC's Annual Report and Accounts 2022. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this presentation should be construed as a profit forecast. GEORGIA CAPITAL 94#95COMPANY INFORMATION Georgia Capital PLC Registered Address 42 Brook Street London W1K 5DB United Kingdom www.georgiacapital.ge Registered under number 10852406 in England and Wales Stock Listing London Stock Exchange PLC's Main Market for listed securities Ticker: "CGEO.LN" Contact Information Georgia Capital PLC Investor Relations Telephone: +44 (0) 203 178 4052; +995 322 000000 E-mail: [email protected] Auditors PricewaterhouseCoopers LLP ("PwC") Atria One, 144 Morrison Street, Edinburgh EH3 8EX 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) 370 873 5866 Share price information Shareholders can access both the latest and historical prices via the website www.georgiacapital.ge