#1GEORGIA CAPITAL INVESTOR PRESENTATION 2Q22 & 1H22 results#2CONTENTS 01 10 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q22 & 1H22 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 2#3GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 30-JUN-22 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Management¹ 9.2% Norway 2.0% France 2.1% UAE 4.7% South Africa 6.7% Other 13.3% Luxembourg 8.0% Rank Shareholder name Ownership 1. Gemsstock Ltd 10.18% 2. Allan Gray Ltd 6.54% UK² 2 3. Coeli Frontier Markets AB 4.38% 31.6% 4. Lazard Asset Management LLC 4.14% 5. M&G Investment Management Ltd 3.79% 6. BlackRock Investment Management (UK) 3.40% 7. RWC 3.11% 8. Firebird Management LLC 2.68% 9. GLG Partners LP 2.64% USA³ 10. Van Eck Associates Corporation 2.21% 22.5% Total 43.07% NUMBER OF OUTSTANDING SHARES – 44,249,747 Georgia Capital PLC | 1. Management shares include both vested and unvested awarded shares. 2. UK also includes Channel Islands. 3. USA also includes Cayman Islands. GEORGIA CAPITAL 3#4OUR PORTFOLIO OVERVIEW AS AT 30-JUN-22 LISTED AND OBSERVABLE PORTFOLIO Value: GEL 609m PRIVATE PORTFOLIO Value: GEL 2,097m 23% of the total portfolio value 77% of the total portfolio value BANK OF GEORGIA Value: GEL 456m Ownership: 19.9%¹ WATER UTILITY Value: GEL 153m Ownership: 20% LARGE PORTFOLIO COMPANIES NON-CYCLICAL BUSINESSES, CLOSE TO GEL 300 MLN+ VALUE RETAIL (PHARMACY) Value: GEL 671m Ownership: 77%² HOSPITALS Value: GEL 478m Ownership: 100% INVESTMENT STAGE PORTFOLIO COMPANIES NON-CYCLICAL BUSINESSES, WITH POTENTIAL TO BECOME GEL 300 MLN+ IN VALUE RENEWABLE ENERGY EDUCATION 金 INSURANCE (P&C AND MEDICAL) Value: GEL 240m Ownership: 100% & CLINICS AND DIAGNOSTICS Value: GEL 172m Ownership: 100% Value: GEL 152m Ownership: 70-90% Value: GEL 120m Ownership: 100% OTHER BUSINESSES Value: GEL 264m LIMITED POTENTIAL TO BECOME GEL 300 MLN+ IN VALUE Georgia Capital PLC | 1. Following BoG's share buybacks, GCAP's holding in the Bank increased to 20.0% as of 11-Aug-22 from 19.9% as of 30-Jun-22. 2. In October 2021, GHG signed a share purchase agreement to acquire the remaining minority interest in its retail (pharmacy) business by 2027. The buyout will be executed in six annual tranches at a 5.25x EV/EBITDA multiple. For details, please see page 12 of our Annual Report 2021. 3. GCAP's has a put option on the remaining 20% equity interest in the water utility business, which becomes exercisable in 2025-2026. GEORGIA CAPITAL#5STRONG NAV PER SHARE GROWTH NAV PER SHARE (GEL) +12% CAGR 48.1 46.8 44.3 GEORGIA CAPITAL RUSSIA-UKRAINE WAR 63.0 -16.4% 52.7 STRONG NAV PER SHARE GROWTH WITH 12% CAGR OVER THE LAST 3 YEARS THE OUTLOOK IS EVEN STRONGER ON THE BACK OF THE MEGA GROWTH OPPORTUNITIES ACROSS OUR PORTFOLIO 31/Dec/18 31/Dec/19 31/Dec/20 31/Dec/21 30/Jun/22 5#6CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q22 & 1H22 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 6#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 2Q22 & 1H22 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 8#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 GROW BUSINESSES TO EQUITY VALUE OF GEL 300 MLN+ 12#13OUR INVESTMENT STRATEGY (CONT'D) IRR & MOIC¹ IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW OPPORTUNITIES KEY INVESTMENT METRICS AT GCAP LEVEL IRR MOIC GEORGIA CAPITAL ROIC IS AT THE CORE OF OUR DECISION MAKING WHEN OUR PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES 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 e.g. hospital (HTMC) sale transaction, improving healthcare services business ROIC by 90bps on a proforma basis GCAP ROLE VIS-À-VIS PORTFOLIO COMPANIES • Approval of all capital allocation decisions: equity, debt, profit reinvestment, divestment etc. . Strategy setting, business plan approval and monitoring • Human capital (CEO & CFO) allocation & KPI setting 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 2Q22 & 1H22 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 14#15NET CAPITAL COMMITMENT (NCC) OVERVIEW NCC REPRESENTS AN AGGREGATED VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS AT THE GCAP HOLDCO LEVEL US$ million Cash and liquid funds Loans issued¹ Accrued dividend income Gross debt Net debt (1) Guarantees issued (2) Guarantees issued down by US$ c.7 million since 30-Jun-22, reflecting the expected decrease in GCAP's guarantee on the borrowing of the beer business, as the local lenders have agreed in principle to reduce the guarantee amount. Portfolio value up 11.5% since 30-Jun-22, reflecting subsequent movements in BoG's share price and FX. GEORGIA CAPITAL Pro-forma 31-Mar-22 Change 30-Jun-22 Change 30-Jun-22 231.7 -2.2% 226.5 NMF 226.6 6.8 26.7% 8.7 0.7% 8.7 NMF 7.8 NMF 7.8 (361.8) 1.7% (367.9) NMF (367.9) (123.2) 1.4% (124.9) -0.1% (124.8) (17.4) -10.3% (15.6) -43.6% (8.8) Net debt and guarantees issued (3)=(1)+(2) (140.6) -0.1% (140.5) -4.9% (133.6) Planned investments (4) (54.2) NMF (54.2) NMF (54.2) of which, planned investments in Renewable Energy (30.1) NMF (30.1) NMF (30.1) of which, planned investments in Education (24.1) NMF (24.1) NMF (24.1) Announced Buybacks (5) (5.6) -23.6% (4.3) NMF (4.3) 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) (109.8) -1.2% (108.5) NMF (108.5) Net capital commitment (3)+(7) (250.4) -0.6% (249.0) -2.8% (242.1) Portfolio value NCC ratio 887.2 4.1% 923.7 11.5% 1,030.1 28.2% -1.2 ppts 27.0% -3.5 ppts 23.5% Georgia Capital PLC | 1. 31-Mar-22 balance reflects the retrospective conversion of the loans issued to our real estate and beverages businesses into equity. 15#16NCC DEVELOPMENT OVERVIEW OUR TARGET IS TO BRING DOWN THE NCC RATIO BELOW 15% BY DEC-2025 NCC/ Total portfolio value ("NCC ratio")¹ 42.5% 39.8% 31.9% US$ MILLION 28.2% 27.0% 23.5% GEORGIA CAPITAL OVER THE CYCLE TARGET 15.0% 385.8 365.9 345.7 50.0 50.0 50.0 45.6 48.0 75.6 250.4 249.0 290.2 242.1 267.9 50.0 50.0 50.0 220.2 59.8 58.5 58.5 ~1402 140.6 140.5 133.6 31-Dec-19 31-Dec-20 31-Dec-21 31-Mar-22 30-Jun-22 Pro-forma 30-Jun-22 I Net debt and guarantees issued | Planned investments and announced buybacks Contingency/liquidity buffer Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our real estate and beverages businesses into equity. 2. Assuming the application of the 15% NCC ratio target to the total portfolio value as at 30 June 2022. 16#17360-DEGREE FRAMEWORK GCAP SHARE PRICE IS AT THE CORE OF OUR INVESTMENT DECISION MAKING opportunity Buyback Investment opportunity 360° ANALYSIS NEW NCC RATIO NAVIGATION TOOL 15% 40% GEORGIA CAPITAL MEANINGFUL BUYBACKS & INVESTMENTS TACTICAL BUYBACKS & INVESTMENTS CASH PRESERVATION STRATEGY 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 CAPITAL ALLOCATIONS 17 7#18DELEVERAGING ACROSS OUR PRIVATE PORTFOLIO AGGREGATED LEVERAGE ACROSS OUR PRIVATE LARGE AND INVESTMENT STAGE PORTFOLIO COMPANIES AT 2.8x AS OF 30-JUN-22 ADJUSTED NET DEBT/EBITDA 31-MAR-22 CHANGE 30-JUN-22 GEORGIA CAPITAL TARGET (OVER THE CYCLE) LARGE PORTFOLIO COMPANIES Retail (pharmacy)¹ 1.7x -0.1x 1.6x Up to 1.5x Hospitals 2.3x +0.2x 2.5x Up to 2.0x Insurance (P&C and Medical) No leverage NMF No leverage No leverage INVESTMENT STAGE PORTFOLIO COMPANIES Renewable Energy 8.3x -0.3x 8.0x Up to 6.0x Education 1.4x -0.4x 1.0x Up to 2.5x Clinics and Diagnostics 2.0x +0.8x 2.8x Up to 2.0x 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. 18#19LEVERAGE 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 2 years. GEL MILLION 5.5x 5.3x 4.6x 3.9x 3.7x 3.7x 3.5x .... 189 1,039 200 1,062 225 1,025 268 998 258 913 255 946 238 927 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Mar-22 Jun-22 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. 19#20AGGREGATED LEVERAGE OVERVIEW ACROSS OUR LARGE AND INVESTMENT STAGE PORTFOLIO COMPANIES GEORGIA CAPITAL ADJUSTED¹ NET DEBT/EBITDA DEVELOPMENT OVERVIEW ➤ LTM EBITDA up 21% as at Jun-22 from Dec-19; ➤ Excluding the minority buyout agreement at Retail (pharmacy), adjusted net debt of large and investment stage portfolio companies was down 10% as at Jun-22 from Dec-19. GEL MILLION 3.2x 3.1x 2.8x 2.6x 2.6x 2.6x 2.4x 623 624 603 124 131 89 184 598 186 586 197 516 224 534 235 472 238 499 223 535 Dec-19 Jun-20 Dec-20 Jun-21 Dec-212 Mar-222 Jun-222 LTM EBITDA -Adjusted Net debt/EBITDA Adjusted Net debt 1 I 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. Includes the application of the minority buyout agreement in the retail (pharmacy) business. 20 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 2Q22 & 1H22 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 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 22 22#23UPCOMING SPLIT OF THE CHAIRMAN AND CEO ROLES GEORGIA CAPITAL RATIONALE FOR THE SEPARATION OF THE ROLES The combined Chairman and CEO role served the Company well in the start-up phase of Georgia Capital ➤ As the Company has continued to mature, it has now become clear that the best structure to further institutionalise the Group is to separate the role of Chairman and CEO Separation of the role will improve our governance by adding local knowledge and perspective to the non-executive team and create a better balance between the non-executives and executive management FOLLOWING THE SEPARATION OF THE ROLES: Irakli Gilauri will remain Chairman of the Board and will stay active in key strategic areas ➤ Irakli holds significant stake in GCAP ➤ The Board of Georgia Capital will announce a further update in due course with regard to the appointment of a new CEO 23#24ENVIRONMENTAL, 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 32% OVER 21,000 EMPLOYEES AT THE GROUP LEVEL Female 68% Reputation among talented managers as the "best Group to work for", as 95% of the annual satisfaction survey participants enjoy working at GCAP Q Our businesses owned through GHG, the largest and fully-integrated healthcare provider in the region, 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. 24#25OUR RECENT ESG DEVELOPMENTS KEY ESG ACTIVITIES AT GCAP GEORGIA CAPITAL 01 ALIGNING OUR ESG DISCLOSURES WITH TCFD 02 BECOMING A SIGNATORY OF THE UNITED NATIONS ("UN") GLOBAL COMPACT 03 IMPLEMENTING THE RESPONSIBLE INVESTMENT POLICY 04 ENHANCING OUR ESG DUE DILIGENCE AND REPORTING PROCEDURES 05 GCAP'S FIRST SUSTAINABILITY REPORT ■ GCAP's ESG disclosure in the Annual and Sustainable Reports have been prepared in line with the TCFD recommendations. ■ In February 2022, GCAP became a signatory of the UN Global Compact and officially expressed its commitment to the principals of the United Nations. ■ In February 2022, the Board adopted a Responsible Investment Policy. ■ The Policy is integrated into the investment and portfolio management processes and procedures. ■ Within the scope of the Responsible Investment Policy, tools for monitoring and reporting ESG matters have been developed. CLICK HERE TO READ ■ In 2022, we published our first Sustainability Report. ■ The Sustainability Report aims to provide material and relevant information on the developments in GCAP's environmental, social and CDP DRIVING SUSTAINABLE ECONOMIES To further enhance our ESG transparency, Georgia Capital is committed to disclosing information through the Carbon Disclosure Project (CDP) for the 2021 financial year. governance practices. 25 25#26INCREASEAD 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 Direct SDG Business Supportive / Indirect SDG Impact Impact ஈக்கள் SSS Retail (Pharmacy) 3,8, 12 5,11 Hospitals 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 Insurance 3,8,9 1,10 Renewable Energy 7,9, 13 8,11 11 SUSTAINABLE CITIES AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION 13 CLIMATE ACTION 14 LIFE BELOW WATER 15 LIFE ON LAND Education 4 3, 11, 16 AND PRODUCTION AND STRONG INSTITUTIONS QO 16 PEACE, JUSTICE 17 Clinics & २० & 3,8,9 5,11 Diagnostics Auto Services 9,11,13 15 PARTNERSHIPS FOR THE GOALS SUSTAINABLE DEVELOPMENT GOALS Water Utility 6, 7, 11 12, 13, 14 III Banking 1,8, 11 5 26#27IMPACT INVESTING: OUR SUCCESS STORY IN THE WATER UTILITY BUSINESS ENVIRONMENTAL KEY ESG DEVELOPMENTS GEORGIA CAPITAL ENVIRONMENTAL & SOCIAL IMPACT . Implementation of the Environmental and Social Management System ("ESMS") Increased avoidance of greenhouse gas emissions Efficient usage of water and electricity resources Sustainable water and waste management Rehabilitation of Gardabani WWTP PROVIDING 24-HOUR WATER AND WASTEWATER SUPPLY SERVICES TO C.1.4 MILLION RESIDENTS AND C.38,000 LEGAL ENTITIES SOCIAL Ensuring access to clean water and sanitation Increasing environmental awareness and education Health & Safety and technical training programs Corporate Social Responsibility ("CSR") Projects 4 CONNECTION OF NEW CUSTOMERS REDUCTION OF THE SELF- PRODUCED ELECTRICITY CONSUMPTION 135,000+ over 2014-2021 c.45% Over 2015-2021 Compliance with IFC standards Three-tier management structure • GOVERNANCE Annual E&S report disclosures Incorporating environmental and social ("E&S") matters into the decision-making process AVOIDED GHG EMISSIONS TOTAL GHG EMISSIONS REDUCTION c.120,0001 Tonnes CO2e Annually 70% in 2021 compared to 2016 Georgia Capital PLC | 1. At GGU level. 27#28CONTENTS 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 2Q22 & 1H22 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 28#29E DELEVERAGING GCAP HOLDCO BY BRINGING DOWN THE NCC RATIO BELOW 15% REDUCE AND MAINTAIN PORTFOLIO COMPANIES' LEVERAGE TO RESPECTIVE TARGETED LEVELS ESG EXECUTE THE SEPARATION OF THE CHAIRMAN AND CEO ROLE AND ENSURE A SMOOTH TRANSITION SET MEASURABLE ESG TARGETS AT BOTH GCAP HOLDCO AND PORTFOLIO COMPANY LEVELS OUR STRATEGIC PRIORITIES CONTINUED PROGRESS ON THE DIVESTMENT OF "OTHER" PORTFOLIO COMPANIES 29 29#30OUR 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 30#31CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q22 & 1H22 PERFORMANCE OVERVIEW Georgia Capital results overview Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 31#32NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW DESPITE THE NEGATIVE IMPACT OF THE ONGOING RUSSIA-UKRAINE WAR, NAV PER SHARE STILL REMAINS SIGNIFICANTLY ABOVE PRE-COVID-19 LEVELS GEL % Change 9-0-9 +4.9% +19.5% +27.2% -2.7% +16.4% +9.7% +5.5% COVID-19 IMPACT 46.84 -35.6% 31.67 30.18 37.84 +17.5% GEORGIA CAPITAL RUSSIA-UKRAINE WAR -16.5% +4.4% +0.2% 63.03 59.77 54.48 55.02 52.62 52.71 48.12 46.80 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 11-Aug-22 32#33NAV PER SHARE (GEL) MOVEMENT IN 2Q22 NAV PER SHARE (GEL) UP 0.2% IN 2Q22 NAV per share (GBP) up 14.4% in 2022, reflecting a 14.2% appreciation of GEL against GBP ■ As of 11-Aug-22, NAV per share (GEL) up 4.6% and up 30.0% in GBP terms from 31- Mar-22, reflecting BoG's share price and FX movements 52.62 In GBP: 12.92 NAV per share 31-Mar-21 GEORGIA CAPITAL -4.9% +3.5% +0.8% +1.5% -0.4% -0.2% +0.2% +4.4% +4.6% PRIVATE PORTFOLIO +14.4% Operating performance Multiple and Listed & obeservable Buybacks FX change portfolio Operating expenses Liquidity manag. /FX/Other 52.71 In GBP: 14.78 +13.7% 55.02 In GBP: 16.80 NAV per share 30-Jun-22 Change in BoG's share price and FX NAV per share 11-Aug-22 33#34NAV PER SHARE (GEL) MOVEMENT IN 1H22 GEORGIA CAPITAL NAV PER SHARE (GEL) DOWN 16.4% IN 1H22 -5.6% -4.0% -6.6% +3.0% -0.7% -2.5% -16.4% +4.4% -12.7% 63.03 ■ The decrease in NAV per share (GEL) reflects the impact of adverse market movements on portfolio valuations: GEL 276.2 million value reduction in private portfolio assets (-9.6 ppts impact); GEL 202.7 million value reduction in BoG stake value, as share price decreased by 21.7% (-7.0 ppts impact). ■ NAV per share (GBP) down 2.1% in 1H22, reflecting a 17.0% appreciation of GEL against GBP In GBP: 15.10 PRIVATE PORTFOLIO -2.1% 52.71 In GBP: 14.78 +13.7% NAV per share 31-Dec-21 Operating performance and Greenfields Multiple and FX change Listed & observable portfolio companies Buybacks Operating expenses Liquidity manag./ FX/Other NAV per share 30-Jun-22 55.02 In GBP: 16.80 BGEO share price and FX impact NAV per share 11-Aug-22 34#35PORTFOLIO VALUE DEVELOPMENT IN 2Q22 PORTFOLIO VALUE UP 3.7% TO GEL 2.7 BILLION IN 2Q22 ■ GEL 142.6 million loans issued predominantly to our beverages and real estate businesses were converted into equity in 2022, due to the adverse financial impact of the Russia-Ukraine war on these businesses. GEL MILLION -0.2% 2,609 19 (23) (21) LISTED AND OBSERVABLE PORTFOLIO COMPANIES Portfolio value 31-Mar-22 Value creation in listed & observable Accrued dividend income from BoG portfolio -1.6% (3) +5.5% GEORGIA CAPITAL 143 2,705 (17) PRIVATE PORTFOLIO COMPANIES Value change in large portfolio companies Value change in investment stage portfolio companies Value change in other portfolio companies Conversion of loans issued into equity Portfolio value 30-Jun-22 35#36PORTFOLIO VALUE DEVELOPMENT IN 1H22 PORTFOLIO VALUE DOWN 25.2% IN 1H22, REFLECTING THE SALE OF THE WATER UTILITY BUSINESS FOR CASH AND UNREALISED LOSSES FROM PORTFOLIO VALUATIONS GEL MILLION 3,616 -6.9% 3,059 (558) (189) (23) (163) Portfolio value Sale of an 80% 31-Dec-21 equity interest in Water Utility LISTED AND OBSERVABLE PORTFOLIO COMPANIES Portfolio value after the disposal of Water Utility Value creation in listed & observable portolio Accrued dividend income from BoG -9.3% +4.7% (17) GEORGIA CAPITAL 143 2,705 (104) PRIVATE PORTFOLIO COMPANIES Value change in large portfolio companies Value change in investment stage portfolio companies Value change in other portfolio companies Conversion of loans issued into equity Portfolio value 30-Jun-22 36#37NCC RATIO DEVELOPMENT OVERVIEW ■ NCC RATIO DOWN BY 1.2 PPTS TO 27.0% IN 2Q22 NCC AND NCC RATIO DEVELOPMENT OVERVIEW¹ 385.8 365.9 345.7 Pro-forma NCC ratio down to 23.5%, reflecting the anticipated decrease in the guarantees issued as well as the movements in BoG share price and FX. 42.5% 39.8% 31-Dec-19 INCC ratio 31-Dec-20 Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our real estate and beverages businesses into equity. 2. Assuming the application of the 15% NCC ratio target to the total portfolio value as at 30 June 2022. 250.4 249.0 242.1 GEORGIA CAPITAL 31.9% 28.2% 27.0% ~1402 23.5% 31-Dec-21 31-Mar-22 -Net Capital Commitment (US$ million) 30-Jun-22 Pro-forma 30-Jun-22 15.0% OVER THE CYCLE TARGET 37#38PROGRESS ON THE CURRENT SHARE BUYBACK AND CANCELLATION PROGRAMME 2.8 MILLION SHARES (c.6% OF ISSUED CAPITAL) HAVE BEEN REPURCHASED UNDER THE CURRENT US$ 25 MILLION SHARE BUYBACK AND CANCELLATION PROGRAMME AS OF 11-AUG-22 ➤In 1H22, 477,098 shares with the value of US$ 4.0 million were repurchased for the management trust. DEVELOPMENT OF SHARE BUYBACK AND CANCELLATION PROGRAMME 0.9 0.8 GEORGIA CAPITAL TOTAL 2.8 0.5 0.4 7.4 0.3 MILLION SHARES 6.3 4.0 3.0 TOTAL 22.7 2.0 US$ MILLION WE ARE EXTENDING THE SHARE BUYBACK AND CANCELLATION PROGRAMME UNTIL NEW 31 DECEMBER 2022 3Q21 4Q21 IValue of shares (US$ million) 1Q22 Number of shares (million) 2Q22 3Q22 AS OF 11-AUG-22 NUMBER OF ISSUED SHARES DEVELOPMENT OVERVIEW (MILLION) GHG share exchange facility -4.1% 47.9 47.1 45.4 45.1 39.4 40.2 38.1 29-May-18 (Demerger) Dec-18 Dec-19 Dec-20 Dec-21 Jun-22 11-Aug-22 38#39LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) +2.7x +1.1% 232 GEORGIA CAPITAL GCAPS LIQUIDITY UP BY 2.7X IN 1H22, REFLECTING THE CASH RECEIPT FROM THE WATER UTILITY BUSINESS SALE 234 ONGOING STRONG LIQUIDITY AT THE GCAP LEVEL AND ROBUST CAPITAL MANAGEMENT FRAMEWORK LED TO AN UPGRADE IN OUR CORPORATE CREDIT RATINGS IN 1H22 95 104 MOODY'S 8 137 88 123 B1 up from B2 74 54 45 33 5 41 49 43 2019 2020 2021 1Q22 2Q22 ■Cash Dividend receivable¹ Marketable securities Georgia Capital PLC | 1. GEL 22.8 (US$ 7.8) million represents an accrued dividend income from BoG as of 30-Jun-22. S&P B+ up from B 39#40DIVIDEND INCOME OUTLOOK DIVIDEND INCOME FROM PORTFOLIO COMPANIES (GEL MILLION) 20191 44.0 2020 29.9 2021 59.9 28.9 72.9 14.5 74.4 +2.1% 2022 11.6 22.82 GEL 55-66 MLN DIVIDEND INCOME OUTLOOK ■Dividend income from private companies Dividend income from listed companies Georgia Capital PLC | 1. Cash dividends only, i.e. excluding a GEL 49.3 million non-cash dividends from the housing business 2. GEL 22.8 million represents an accrued dividend income from BoG as of 30-Jun-22. ROBUST DIVIDEND INCOME OUTLOOK IN 2022 INCLUDES PRIVATE PORTFOLIO COMPANIES AND BOG GEORGIA CAPITAL 90-100 GEL MILLION IN 2022 GEL 55.6-65.6 MILLION DIVIDEND INCOME REMAINING IN 2H22 40 40#41ALIGNING OUR OPEX RATIO WITH NAV GEORGIA CAPITAL TARGETED AT MAXIMUM c.2% OF MCAP PLATFORM COSTS CURRENT TARGET Management fee expense ratio: 2019 1.8%; 2020 - 1.8%; 2021 - 1.7%. TARGETED AT MAXIMUM 0.75% OF NAV TARGET FROM 2024 41 11#42CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q22 & 1H22 PERFORMANCE OVERVIEW Georgia Capital results overview Aggregated portfolio results and valuations overview PORTFOLIO OVERVIEW 04 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 42#43AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED QUARTERLY REVENUE UP 4.6% Y-O-Y IN 2Q22 AND UP 48.6% FROM 2Q20 1H22 aggregated revenue up 9.3% y-o-y and up 36.0% from 1H20 GEL MILLION 64 29 762 317 224 2Q20 GEORGIA CAPITAL +36.0% +9.3% 905 +48.6% +4.6% 828 198 150 666 85 79 115 470 450 56 86 122 45 42 319 307 495 2Q21 Other portfolio companies Investment stage portfolio companies I Large portfolio companies 2Q22 1H20 599 622 1H21 1H22 Other portfolio companies I Investment stage portfolio companies I Large portfolio companies Georgia Capital PLC | General note: Revenues from the water utility business, Medical Centre University Clinic (HTMC) and BK construction are excluded for the presentation purposes. Aggregated numbers are presented like-for-like basis. 43#44AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO AGGREGATED EBITDA DOWN 20.0% Y-O-Y IN 2Q22 AND DOWN 12.1% Y-O-Y IN 1H22 ◉ ☐ KEY DRIVERS 2Q22 EBITDA of Retail (Pharmacy) down 11.4% y-o-y (up 15.7% y-o-y in 1H22), mainly reflecting the recalibration of product prices due to FX movements and the termination of low- profit generating contracts in the wholesale business line. Aggregated EBITDA of hospitals and clinics & diagnostics businesses down 39.9% y-o-y in 2022 (down 27.9% y-o-y in 1H22), resulting from the expected transition to the post- pandemic environment. Aggregated EBITDA of other businesses down 23.1% y-o-y in 2022 (down 42.1% in 1H22), reflecting the impact of the Russia-Ukraine war on the real estate and beverages businesses. GEL MILLION +35.8% -20.0% 90 +30.0% -12.1% 133 20 20 117 11 22 32 30 3 78 23 13 63 46 10 21 17 5 13 44 28 35 64 81 75 2Q20 2Q21 2Q22 1H20 1H21 1H22 Other portfolio companies ■Investment stage portfolio companies Large portfolio companies Other portfolio companies Investment stage portfolio companies ■Large portfolio companies Georgia Capital PLC | General note: EBITDA from the water utility business, Medical Centre University Clinic (HTMC) and BK construction are excluded for the presentation purposes. Aggregated numbers are presented like-for-like basis. GEORGIA CAPITAL 44#45AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO ORGANIC TRANSITION TO REVENUE GROWTH STRATEGY FROM PREVIOUSLY ADOPTED CASH PRESERVATION STRATEGY TOTAL AGGREGATED NET OPERATING CASH FLOW (GEL MILLION) TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) -39.2% -44.1% 149 +12.2% 31-Dec-20 31-Dec-21 GEORGIA CAPITAL -22.0% 337 -17.0% 317 -9.2% -5.6% 85 83 31-Mar-22 278 74 57 52 2Q20 2Q21 2Q22 1H20 1H21 1H22 Georgia Capital PLC | General note: Like-for-line numbers; excluding the performance of the water utility business. 30-Jun-22 263 45 45#46PORTFOLIO VALUATION OVERVIEW NEW STARTING FROM 1H22, c.90% OF THE TOTAL PORTFOLIO IS VALUED EXTERNALLY The valuation of our large and investment stage portfolio companies is performed by an independent valuation firm on a semi-annual basis. Valuation of each portfolio company is audited by independent auditors on an annual basis. PORTFOLIO COMPANY FY21 1H22 % SHARE IN TOTAL PORTFOLIO AT 30-JUN-22 Listed and Observable portfolio companies III BOG Public Markets Public Markets 17% Water Utility Transaction Price Option Valuation 6% Private Large portfolio companies 51% Retail (pharmacy) Hospitals External External External External In P&C Insurance External External Medical Insurance External External Private Investment stage portfolio companies 16% Renewable Energy Internal External Education Internal External Clinics and Diagnostics External External Private other portfolio companies Internal Internal 10% Total portfolio 100% GEORGIA CAPITAL c.90% 46 46#47PORTFOLIO VALUE AS OF 30-JUN-22 90% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 % SHARE IN TOTAL PORTFOLIO VALUE: 17% 10% GEORGIA CAPITAL 6% 25% 18% 9% 6% 6% 4% 10% GBP 13.06 BGEO PRICE ON LSE OPTION VALUATION² MULTIPLE: 8.3x 10.5x LTM EV/EBITDA³ LTM EV/EBITDA³ 11.0x 14.5x LTM P/E4 11.1x EV/EBITDA5 15.3x LTM EV/EBITDA 9.8x6 EV/EBITDA³ 671 23% 264 609 478 16% 444 GEL MILLION 456 264 240 172 PORTFOLIO BREAKDOWN GEL 2,705 MILLION 152 153 120 & 00 BOG Water Utility Retail (Pharmacy) Hospitals Insurance (P&C & Medical) Renewable Energy Education Clinics and diagnostics Other 1,389 51% 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 2Q22, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. The valuation of Water Utility in 2Q22 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 30-Jun-22. 4. LTM P/E multiple of 11.0x for P&C Insurance and 14.5x for Medical Insurance as at 30-Jun-22. 5. Blended multiple for the operational assets of Renewable Energy is 11.1x, while other pipeline projects are stated at cost. 6. Blended multiple for Clinics & Diagnostics is 9.8x. 47#48PORTFOLIO HIGHLIGHTS | 30 JUNE 2022 GEL million Gross investment of GEL 1.7b Net investment of GEL 85m Listed and Observable assets GEORGIA CAPITAL Portfolio fair value of GEL 2.7b Private portfolio companies Original investment 129 220 390 11 150 71 MOIC¹ 7.1 3.6 3.8 23.4 1.3 2.1 456 (329) 1,309 230 200 153 172 121 152 71 (57) (425) BOG Water Utility LSE Market value at 30-Jun-22 GHG2 P&C Insurance Renewable Energy Education Fair value Net cash investment Georgia Capital PLC | 1. Multiple of Invested Capital is calculated as follows: i) the numerator is the cash and non-cash inflows from dividends and sell-downs plus fair value of investment at reporting date ii) the denominator is the gross investment amount. 2. GHG includes: Retail (pharmacy), Hospitals, Clinics & Diagnostics and Medical Insurance businesses. 48#49CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q22 & 1H22 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 49 49#50Listed Portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ GEORGIA CAPITAL • • • 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. Market opportunity Banking sector assets, loans and deposits CAGR 23.3% High standards of transparency and governance. Leading market position¹ in Georgia by assets (37.6%), loans (36.2%), client deposits (37.5%) and equity (32.7%) as at 30 June 2022. Growing market: The banking sector's assets growth rate at 23.3% (CAGR over 2003-1H22). Strongest retail banking franchise: 42.4% market share in deposits of individuals, 39.0% market share in loans to individuals, as at 30-Jun-22. Leader in payments and financial mobile app: 52.3% of total POS payments transactions are executed in BOG POS terminals, number of monthly active digital users increased from 729k to 959k y-o-y in 2Q22. 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 19.9%² 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% 70 60 50 40 30 64.2 60.6 56.9 47.2 43.0 43.7 39.7 38.2 34.6 31.9 30.1 25.2 26.6 37.2 38.3 34.6 22.3 20.6 17.3 18.9 14.4 12.7 16.0 26.2 13.0 7.2 10 0.8 1.3 1.7 0.9 2.5 1.7 4.2 2.7 8.9 8.3 6.0 10.6 23.0 4.6 5.2 6.3 7.7 8.7 10.5 19.8 17.0 14.3 0.7 1.0 1.3 2.1 3.2 0 5.5 6.7 7.6 9.7 11.6 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Assets, GEL bln Deposits, GEL bln 20 Source: NBG 2014 2015 2016 2017 2018 2019 2020 2021 2022 Loans, GEL bln Robust capital management track record Maintain regular progressive semi-annual dividend payouts: aiming 30-50% dividend/share buyback payout ratio. Total dividend of GEL 3.81 per ordinary share paid in respect of the Group's 2021 earnings (dividend payout ratio of 25%). On 30 June 2022, the Bank also announced the commencement of the GEL 72.7 million share buyback and cancellation programme. Considering the Group's strong performance during the first half of 2022, the Board has decided to declare an interim dividend of GEL 1.85 per ordinary share in respect of the period ended 30 June 2022, payable to ordinary shareholders on 20 October 2022. In addition, after the completion of the current GEL 72.7 million share buyback and cancellation programme, the Board will extend the programme by a further GEL 40 million. Georgia Capital PLC | 1. Market data based on standalone accounts as published by the NBG www.nbg.gov.ge 2. Following BoG's share buybacks, GCAP's holding in the Bank increased to 20.0% as of 11-Aug-22 from 19.9% as of 30-Jun-22. 50 50#51Listed Portfolio BANK OF GEORGIA BANK OF GEORGIA OVERVIEW http://bankofgeorgiagroup.com/ Stock price performance 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 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 Nov/19 Dec/19 Jan/20 Feb/20 Mar/20 Apr/20 May/20 Jun/20 Jul/20 Aug/20 Sep/20 Oct/20 Nov/20 Selected operating metrics 30-Jun-21 GBP 13.06 as of 30-Jun-22 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 Mar/22 Apr/22 May/22 Jun/22 30-Jun-22 Change Active customers ('000) 1,362 1,563 +14.7% 2Q21 2Q22 Change Number of transactions in mBank and iBank ('000) 26,327 41,329 57.0% Profits & ROAE Loan book growth ROAE 21.9% 22.2% 25.2% 26.4% 26.1% 13.0% 25.8% 25.6% 31.8% 24.5% 727 20.8% GEL million 500 370 379 274 296 341 295 516 21.4% 15.9% 27.0% Financial metrics (GEL million) 2015 2016 2017 2018 2019 2020 2021 2Q21 2Q22 Change y-o-y NIM 7.7% 7.4% 7.3% 6.5% 5.6% 4.6% 4.9% 4.7% 5.3% +0.6 ppts NPL coverage 83.4% 86.7% 92.7% 90.5% 80.9% 76.3% 95.5% 73.1% 89.6% +16.5 ppts Loan 5,367 6,682 7,741 portfolio Cost/income² 35.5% 37.7% 37.7% 36.7% 37.8% 39.7% 37.2% 36.4% 32.5% GEL 16.1 billion gross loan portfolio breakdown* | 30 June 2022 9,398 11,931 14,192 16,169 14,789 16,300 +10.2% -3.9 ppts 2015 2016 2017 2018 2019 2020 2021 1H21 1H22 2015 2016 2017 2018 2019 2020 2021 1H22 Corporate loans, GEL 4,920 million, 30.6% Retail loans, GEL 11,171 million, 69.4% * Bank of Georgia Standalone. Dividend record (GEL million) Payout 30% ratio: 36% 33% Total dividend paid for the year Dividend yield Share buyback 34% 18.9% 4.2% 4.0% 13.9% 3.1% 3.1% 3.2% 2.4% 2.7% 10.2% GEORGIA CAPITAL 32% 30% 30% 35% GEL 72.7m 6.7% Georgia Capital PLC | 1. 2019 ROAE is adjusted for termination costs of former CEO and executive management, while 2018 ROAE is adjusted for demerger related expenses, one-off impact of re-measurement of deferred tax balance and termination costs of the former CEO. 2. 2019 cost/income ratio adjusted for GEL 12.4 million one-off employee costs (gross of income tax) related to termination benefits of the former executive management. 3. Dividend yield for 2013-2021 is calculated based on the closing price of shares immediately prior to ex- dividend date. 4. The interim dividend of GEL 1.48 million for 2021 was paid on 5 November 2021 and final dividend of GEL 2.33 million was paid on 14 July 2022 to shareholders. This made a total dividend paid in respect of the Bank's 2021 earnings of GEL 3.81 per share. 1844 122 124 98 72 80 102 51 2013 2014 2015 2016 2017 2018 2019 2020 2021 51#52Private large portfolio companies EXTERNALLY VALUED 366 Pharmacies in total 358 8 RETAIL (PHARMACY) BUSINESS OVERVIEW in Georgia in Armenia THE BODY SHOP 7 The Body Shop stores Affleton 1 Optics Alain Afflelou - Key focus areas in medium and long-term Expending retail footprint in Georgia > c.400 pharmacies in 5 years International expansion (Armenia & Azerbaijan) > Adding new GPC stores in Armenia (currently 8) GEORGIA CAPITAL Country's largest retailer in terms of both, revenue and number of bills issued GHG in pharma Market share by revenue, 20201 615 35% > Entering Azerbaijan market Increase sales from E-commerce > Increase local sales from e-commerce (currently GEL 9.3 million) > Launch e-commerce in Armenia & Azerbaijan Supporting the core > > Expanding the mix of synergetic products and services Add international franchises on different beauty and other retail products PSP Aversi 336 Other 302 500 29% 19% 17% Our retail pharmacy operates under two pharmacy brands, each with a distinct positioning: > GPC for the high-end customer segment > Pharmadepot for the mass retail segment Georgia Capital PLC | 1. GHG internal reporting Next 5-year targets ☐ Double digit revenue & EBITDA CAGR 9%+ EBITDA margin 52 22#53Private large portfolio companies EXTERNALLY VALUED GEORGIA CAPITAL RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D) REVENUE AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Margin enhancement and strong growth in para-pharmacy sales: Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 34.9% as of 1H22 (34.3% as of 1H21). Gross profit margin (%) 24.5% 25.5% 25.5% 25.4% 26.0% 25.1% 29.0% 24.2% 29.4% Number of bills issued, million 25.3 27.1 28.8 Same store growth (%) 7.9% 8.5% 27.6 29.0 7.2 7.4 13.7 15.0 9.0% 6.1% 10.6% 26.3% -1.6% 8.6% 5.0% 782.4 GEL million 679.4 614.7 +4.9% 518.6 450.3 -3.5% 390.9 372.8 199.0 192.1 GEL million 18.9 18.5 18.7 18.8 18.9 16.8 14.3 13.3 13.4 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 III CASH FLOW HIGHLIGHTS Number of pharmacies countrywide 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 270 296 309 344 358 2Q22 1H22 EBITDA¹ NET DEBT & NET DEBT TO LTM EBITDA1 Operating Operating leverage¹(%) cash flow¹ GEL 18.4m GEL 35.2m Change y-o-y 14.5% NMF 7.8% EBITDA margin¹ (%) 8.6% 10.1% 4.1% -1.4% -6.7% 2.6% -15.6% -6.0% -6.8% 10.6% 10.4% 9.7% 10.1% 9.3% 8.9% 9.8% EBITDA to cash 103.1% 91.5% conversion¹ Change y-o-y 23.3ppts 50.7ppts GEL million +15.7% 76.2 70.4 -11.4% 65.3 52.2 38.9 GEL million Free cash flow¹ GEL (17.8)m GEL (19.7)m 38.5 33.2 20.1 17.8 2.0 1.6 1.6 1.0 132.3 0.6 77.7 83.1 0.2 0.5 64.8 43.4 39.3 14.3 Change y-o-y NMF NMF Georgia Capital PLC | 1. Excluding IFRS16 impact 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 2017 2018 2019 2020 2021 1H22 1H22 Adjusted for minority 53 buyout#54" ◉ RETAIL (PHARMACY) BUSINESS OPERATING PERFORMANCE OVERVIEW RETAIL (PHARMACY) REVENUE DEVELOPMENT +22.6% +4.9% EBITDA¹ DEVELOPMENT GEORGIA CAPITAL KEY DRIVERS 2022 and 1H22 revenues of Retail (Pharmacy) reflect the recalibration of product prices due to GEL's appreciation against foreign currencies and the termination of low-profit generating contracts in the wholesale business line. EBITDA was further impacted by inflation and increased operating expenses in line with the continuing expansion of the retail (pharmacy) business (added 33 pharmacies over the last 12 months). In 2022, the business paid GEL 31.2 million to complete the buyout of the 10% minority stake (valued at GEL 41.2 million, of which GEL 10.0 million was paid in 1Q22). GEL MILLION +33.6% 391 373 -3.5% 319 199 192 144 +18.7% -11.4% +14.4% +15.7% 38 34 33 20 18 15 2Q20 2Q21 2Q22 1H20 1H21 1H22 2Q20 2Q21 2Q22 1H20 1H21 1H22 KEY OPERATING HIGHLIGHTS 2Q21 VS. 2Q22 Change y-o-y Same store revenue growth 26.3% -1.6% NMF 8.6% Number of bills issued (mln) 7.2 7.4 +3.0% 13.7 Average bill size 18.5 18.7 +0.9% 18.8 1H21 VS. 11H22 Change y-o-y 5.0% -3.6ppts 15.0 +9.5% 18.9 +0.8% Georgia Capital PLC | 1. Excluding IFRS 16. 54 55#55Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q22 +1.7% +19.1% -22.4% +2.1% (GEL MILLION) Change q-o-q 900 15 915 (159) 671 (85) Enterprise value 31-Mar-22 Net increase in EV Enterprise value 30-Jun-22 Net debt inc. financial leases Minority interest Equity value 30-Jun-22 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 30-Jun-22 31-Mar-22 Change 31-Dec-21 Change Enterprise value 915.3 900.2 15.1 952.3 (37.0) LTM EBITDA 109.7 111.4 (1.7) 102.9 6.8 Implied EV/EBITDA multiple Net debt inc. lease liabilities Equity value of GCAP's share 8.3x 8.1x 0.2x 9.3x (1.0x) (159.5) (133.9) 671.0 657.1 (25.6) 13.9 (118.4) (41.1) 710.4 (39.4) IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) 8.1x 31-Mar-22 8.3x 30-Jun-22 ADJUSTED NET DEBT TO EBITDA² 1.7x 1.6x < 1.5x 31-Mar-22 30-Jun-22 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, Retail (Pharmacy) was valued externally by a third-party independent valuation firm. 2. Included the application of the minority buyout agreement. GEORGIA CAPITAL 55 55#56Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW State healthcare spending, GEL millions Market share by number of beds¹ GEORGIA CAPITAL 13% 11% GHG 2,524 18% 10% 9% 9% 9% 9% Aversi 714 10% 5% 2,480 1,805 800 1,863 • Since 2020 Government spending increased to manage the COVID 19 in the country Vienna Insurance Group 615 4% - Ghudushauri-Chachava 485 3% 1,025 1,014 1,089 1,178 820 964 855 681 710 760 829 1,680 Country's expenditure on healthcare - 3.7% of GDP in 2020 (from 2.4% in 2019) Inova 209 2% PSP 145 574 1,043 1% 841 281 343 305 329 349 2015 2016 2017 2018 2019 2020 2021E 2022B • Government spending on healthcare accounts c.13% of total budget in 2021 Other 9,468 67% State Healthcare Spending - UHC State Healthcare Spending - Other The largest healthcare service provider in Georgia: c.18% market share by number of hospital beds. Covering 3/4 of Georgia's population. Next 5-year targets Healthcare spending as a % of total state spending Key focus areas in medium and long-term 1 Adding new services and strategic projects 2 Quality projects 3 Improved key operational data 4 Digitalisation of clinical processes Ambulance, oncology centre, transplantology center, radiology hub, medical tourism clinical trials, post COVID programmes Nursing reform/CRM development/Quality education programmes Automatisation of clinical processes in hospitals/Digitalisation of clinical KPIs/Use of statistical methods Inpatient/Outpatient/Clinical/Employee and customer satisfaction EBITDA CAGR 10%+ EBITDA TO OPERATING CASH C.85%+ (51.2% in 1H22) ROIC: C.13%+ (9.2% in 2021) Georgia Capital PLC | 1. Source: NCDC, data as of December 2018, excluding specialty beds. 56#57Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW (CONT'D) Bed occupancy rate CASH FLOW HIGHLIGHTS¹ 2Q22 1H22 Average length of stay 5.4 5.2 5.6 5.7 5.4 5.1 5.6 5.4 Operating cash flow GEL 4.0m GEL 14.6m -8.3ppts -2.1ppts Change y-o-y -72.9% -22.3% EBITDA to cash conversion 29.9% 51.2% 65.3% 66.2% 54.7% 56.4% 53.1% 62.0% 57.9% 59.9% Change y-o-y -43.7ppts +3.0ppts Free cash flow GEL 5.6m GEL 14.2m -31.3% NMF Change y-o-y 16 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 GROSS REVENUE EBITDA1 Number of referral hospitals Gross profit margin (%) EBITDA margin (%) 1 41% 42% 38% 38% 40% 36% 41% 36% 26% 26% 22% 23% 25% 18% 25% 19% 2,524 Number of referral hospital beds KGEL 118.8 Revenue per referral bed 72 Emergency cars In Tbilisi and regions GEL million -10.1% -0.7% 268.3 248.5 322.4 232.3 153.1 152.0 81.9 73.6 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1.Excluding IFRS 16 impact. GEL million GEORGIA CAPITAL -33.3% -26.8% 70.0 74.2 65.6 50.7 39.0 28.5 20.2 13.5 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 57#58" HOSPITALS BUSINESS OPERATING PERFORMANCE OVERVIEW HOSPITALS KEY DRIVERS 2022 and 1H22 performance of the business reflects the suspension of COVID contracts by the Government in 1Q22 and the subsequent restructuring of the cost base of COVID facilities. The growth is expected to rebound over the next few quarters as the business completes the transition. In April 2022, the hospitals business sold 100% equity interest in Traumatology Hospital, for US$ 2.9 million. The divestment improves the hospitals business' ROIC by 20 bps. GEL MILLION REVENUE DEVELOPMENT +55.9% -10.6% 107 81 72 +40.3% -1.4% 152 150 +118.6% EBITDA¹ DEVELOPMENT -33.3% GEORGIA CAPITAL +51.1% -26.8% 39 29 47 19 20 13 6 2Q20 2Q21 2Q22 1H20 1H21 1H22 2Q20 2Q21 2Q22 1H20 1H21 1H22 KEY OPERATING HIGHLIGHTS Number of admissions ('000) Revenue per bed2 2Q21 VS. ▪ 2Q22 314.9 301.7 Change y-o-y -4.2% 1H21 VS. ■ 1H22 Change y-o-y 550.0 616.4 +12.1% 126.2 116.6 -7.6% 117.9 118.8 +0.7% Bed occupancy rate (%) 66.2% 57.9% -8.3ppts 62.0% 59.9% -2.1ppts 58 Georgia Capital PLC | General note: All figures are presented excluding Medical Centre University Clinic (HTMC). 1. Excluding IFRS 16. 2. Annualized numbers.#59Externally valued¹ HOSPITALS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q22 (GEL MILLION) Change q-o-q -7.7% -3.5% -12.7% -8.8% 736 679 (57) 478 (169) (32) Enterprise value 31-Mar-22 Net decrease in EV Enterprise value 30-Jun-22 Net debt inc. Lease liabilities Minority interest Equity value 30-Jun-22 IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) 10.3x 10.5x 31-Mar-22 30-Jun-22 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Jun-22 31-Mar-22 Change 31-Dec-21 Change Enterprise value 678.7 735.6 (56.9) 791.5 (112.8) 2.5x 2.3x <2.0x LTM EBITDA 64.9 71.5 (6.6) 75.1 (10.2) Implied EV/EBITDA multiple 10.5× 10.3x 0.2x 10.5× Net debt incl. lease liabilities Equity value of GCAP's share (168.6) (174.7) 478.0 524.3 6.1 (46.3) (178.4) 9.8 573.8 (95.8) 31-Mar-22 30-Jun-22 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, Hospitals Business was valued externally by a third-party independent valuation firm. COM GEORGIA CAPITAL 59#60Private large portfolio companies EXTERNALLY VALUED ins P&C INSURANCE BUSINESS OVERVIEW INVESTMENT RATIONALE Significantly underpenetrated insurance market in Georgia (0.8% penetration in property and casualty insurance market). • Market leader with a powerful distribution network of point of sale and sales agents. MARKET SHARE 1Q22 (GROSS PREMIUMS WRITTEN) VIG³ GEORGIA CAPITAL MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹ (GEL MILLION) 442 370 380 308 21% 24% 20% 13% VALUE CREATION POTENTIAL • Compulsory border MTPL effective from 1 March 2018. 4% 5% 5% %8 • 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 37% y-o-y in 2Q22 (from GEL 0.61 million to GEL 0.83 million) and by 45% y-o-y in 1H22 (from GEL 1.1 million to GEL 1.5 million). Digitalisation. Undisputed leader in providing insurance solutions to corporate clients. Other New Vision PSP Irao Unison GPIH TBC Aldagi Insurance Source: Insurance State Supervision Service of Georgia INSURANCE PENETRATION & DENSITY Source: Insurance State Supervision Service of Georgia MARKET PL & COMBINED RATIO | 1Q22 Georgia P&C Penetration 0.8% Density $38 Total Market Profit* * GEL 6.4 m 228 202 195 29% 28% 29% 29% 99 36% 38% 39% 112 127 110 26% 90 105 20% 70 77 88 26 23 2015 2016 2017 2018 2019 Market 2020 Aldagi 2021 1Q21 1Q22 OWNERSHIP P&C Insurance is 100% owned through Aldagi. Georgia Capital PLC | 1. Calculated in line with the market approach. UK France Switzerland Insurance Density USD Belgium Germany Note: Penetration and density are stated including healthcare insurance (as of latest available data). Source: Swiss Re Institute 11.1% 9.5% 6,610 7.1% 5,273 6.5% 5.8% 4,140 5.0% 4.0 3,313 3,032 2.5% 2.4% 1,047 451 280 Slovenia Poland Bulgaria Turkey Russia Insurance Penetration Georgia 119% 102% 97% 100% 96% 106% 82% 70% 1.3% 1.3% 1.3% 2.6 124 160 64 0.5 0.3 0.2 0.7 Market CR 99% (1.1) (0.9) 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 60#61Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW Distribution Mix (GPW %) | 1H22 COMBINED RATIO Partnerships with Financial Institutions 30% MTPL Channel 3% 77.5% 73.9% 75.2% 75.4% 72.6% -0.6ppts -1.1ppts 82.1% 81.5% 80.8% 80.2% 79.6% 82.0% 80.9% Direct Sales & Brokers 41.6% 44.0% 35.6% 42.8% 35.4% 40.0% 38.2% 48.4% 49.4% 67% -------- 46.0% 49.5% 47.3% Operating Metrics 2Q22 1H22 Number of policies written 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% 37.6% 32.4% 30.8% 33.6% 32.5% 33.6% 2014 2015 2016 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 Expense Ratio ■Loss Ratio -Combined Ratio 16,209 (corporate) 39,128 PROFIT & DIVIDEND PAYOUT RATIO Change (y-o-y) 12.9% -10.2% Number of policies written (retail) ROAE 28% 37% 37% 48,420 83,609 38% 34% 30% 25% 25% 23% 28% 23% 26% Change (y-o-y) 30.1% 9.8% CAGR 14% Number of claims reported 5,227 8,828 Change (y-o-y) 4.0% -1.8% Renewal rate (corporate) 60.6% 64.9% (GEL million) 18 18 18 16 17 +6.5% 14 +17.8% 11 88% 7 64% 68% 61% 51% 55% 8.4 8.9 4.2 4.9 Change (y-o-y) -25.1ppts -20.3ppts Renewal rate (retail) Change (y-o-y) 71.9% +0.3ppts 71.2% -1.9ppts 2014 2015 2016 2017 2018¹ 2019 Profit 2020 20211 2Q21 2Q22 Dividend Payout Ratio 1H21 1H22 Georgia Capital PLC | General note: ROAE is calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares. 1. Adjusted for non-recurring items. GEORGIA CAPITAL 61#62INSURANCE BUSINESS OPERATING PERFORMANCE OVERVIEW EARNED PREMIUMS NET 69 69 +17.7% +9.1% 81 75 35 55 35 35 NET INCOME DEVELOPMENT -30.8% GEORGIA CAPITAL -15.5% -6.5% 10.8 +9.0% 9.7 9.1 6.8 2.6 1.4 46 0.2 4.7 39 35 2.0 4.3 24 (0.2) 21 0.2 4.9 4.2 4.9 8.2 8.3 8.9 2Q20 2Q21 2Q22 1H20 1H21 1H22 2Q20 P&C Medical - Total ■ P&C 2Q21 ■Medical 2Q22 1H20 1H21 1H22 - Total ■ " " INSURANCE KEY DRIVERS P&C Insurance Increase in earned premiums net in 2022 and 1H22 is driven by the growth in the credit life and agricultural insurance lines. The combined ratio decreased by 0.6 and 1.1 ppts y-o-y in 2022 and 1H22, respectively, reflecting robust revenue growth and reduction in COVID-19-related credit life insurance claims. The business paid GEL 7.5 million dividends in 1H22. Medical Insurance The performance in 2022 and 1H22 reflects c.5% increase in the price of insurance policies and related decrease in the number of insured clients. GEL MILLION +25.6% 39 +9.3% 22 42 34 18 18 16 17 21 KEY OPERATING HIGHLIGHTS Medical Insurance 2Q21 VS. ■ 2Q22 Combined ratio Number of individuals insured 101.9% 167,967 Change y-o-y 106.7% +4.8ppts 159,766 -4.9% 1H21 VS. ■1H22 Change y-o-y 99.0% 167,967 103.8% +4.8ppts 159,766 -4.9% P&C Insurance Combined ratio 80.2% Number of policies written 51,570 79.6% -0.6ppts 64,629 +25.3% 82.0% 119,735 80.9% -1.1ppts 122,737 +2.5% 62 62#63Externally valued¹ P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q22 (GEL MILLION) Change q-o-q +8.2% 7 15 200 185 (7) Equity value 31-Mar-22 Operating performance Multiple change Dividends paid Equity value 30-Jun-22 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 11.0x 10.6x 31-Mar-22 30-Jun-22 VALUATION HIGHLIGHTS¹ NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Jun-22 31-Mar-22 Change 31-Dec-21 Change No No No Leverage Leverage Leverage LTM Net income² 18.2 17.4 0.8 17.6 0.6 Implied P/E multiple 11.0x 10.6x 0.4x 12.0x (1.0x) Equity value 199.8 184.6 15.2 211.5 (11.7) LTM ROAE3 25.8% 24.5% +1.3 ppts 24.7% +1.1 ppts 31-Mar-22 30-Jun-22 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, P&C Insurance was valued externally by a third-party independent valuation firm. 2. Adjusted for non-recurring items. 3. Calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares. GEORGIA CAPITAL 63#64Private investment stage portfolio companies EXTERNALLY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW GEORGIA CAPITAL INVESTMENT RATIONALE ■ Growth in electricity consumption has been ~6.5x more in TWhs than growth in electricity supply during last 10 years. ■Favorable supply-demand dynamics pushing the power prices up Georgia is on track to the harmonization of current energy market structure with EU directives leading to liquid, competitive and transparent market Cheap to develop - up to US$ 1.5 million for 1MW hydro and up to US$ 1.4 million for wind development on average, with 1.5x higher capacity factors compared to Europe. Fully dollarized business, as both PPAs and market sales are set in US dollars. VALUE CREATION POTENTIAL Opportunity to establish a renewable energy platform with up to ~240MW 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 long-term fixed price PPAs formed with the Government-backed entity. Availability of competitive funding from international capital markets for pipeline projects. High margins and dollar-linked cash flows. ■ Stable dividend provider capacity in the medium term. OWNERSHIP ■ Renewable Energy is 100% owned by Georgia Capital. MARKET OPPORTUNITY ELECTRICITY SUPPLY AND CONSUMPTION (TWH) Deficit (4 months) Deficit (6 months) 1.5 TWh TWh 1.0 07 0.5 0.0 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 2 1 0.6 0 -4 -5 NTOT 2345 Hydro and wind 2021 consumption TPP 2019 consumption Import ELECTRICITY IMPORT AND EXPORT DYNAMICS (TWh) -4.0 Electricity deficit during July-April. ■ 16.2% of total consumption produced by gas-fired TPPS, 13.7% - imported. ■ 2021 electricity consumption up by 7.6% and 13.1% from 2019 and 2020 respectively ■More than 1/3 of consumed electricity was either import or generated by gas-fired TPPS ■In 1H22 weighted average ESCO balancing price reached 57.2 US$/MWh, up by ~23% y-o-y ■ In 1H22 electricity consumption reached 7.3 TWh, up by 10% y-o-y 2021 net electricity deficit stood at 4.0 TWh, whereas in 2010, electricity surplus was at 0.6 TWh Consumption growth forecasted at minimum 4.5% CAGR in coming 10 years 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Electricity exports Electricity imports TPP generation Deficit 64#65Private investment stage portfolio companies EXTERNALLY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) PERFORMANCE HIGHLIGHTS RENEWABLE ENERGY PROJECTS OVERVIEW | 30 JUNE 2022 GEORGIA CAPITAL Generation, 33.8 40.1 34.3 33.8 20.5 GWh 23.5 88.6 97.4 35.4 41.4 47.5 44.4 39.6 43.2 122.5 129.1 Commissioned Installed capacity projects (MWs) Gross capacity factor (P50) PPA expiration PPA tariff, US$/KWh Generation in deficit months Mestiachala HPP 30.0 40% 1H34 5.5 72% 4.3 4.2 6.4 6.2 Hydrolea HPPS 20.4 70% 1H22-2H28 5.5-5.6 79% Qartli Wind Farm 20.7 47% 2H29 6.5 85% Total operating 71.1 Pipeline projects 2.8 2.6 Zoti HPP 46.0 43% TBD 5.1 68% 2.3 1.4 1.3 1.5 1.5 1.3 1.3 1.9 Darchi HPP 18.0 55%-60% 1H34 5.66 76% 1.5 1.4 Tbilisi Wind Farm 54.0 37%-40% TBD TBD 82% Kaspi Wind Farm 54.0 37%-40% TBD TBD 84% Total pipeline 172.0 Mestiachala HPP Hydrolea HPPS Qartli WPP Total Mestiachala HPP Hydrolea HPPS Qartli WPP Total Total 243.1 2Q22 2Q21 1H22 1H21 Note 1: Mestiachala HPP was commissioned in 1H19; Qartli Wind Farm and Hydrolea HPPs were acquired in 2H19 by Georgia Capital; Target commissioning date of Darchi HPP is 1H24 Note 2: PPA terms for Tbilisi and Kaspi WPPs are under the discussion with the Government of Georgia. FINANCIAL HIGHLIGHTS EBITDA (US$ million) 2Q22 3.5 1H22 2Q22 1H22 4.7 Cash flow from operations (GEL million) 7.8 11.3 Change (y-o-y) +4.4% +5.6% Change (y-o-y) -6.2% +12.6% EBITDA (GEL million) 10.5 14.2 Average sales price in (US$/MWh) 48.7 52.1 Change (y-o-y) -5.9% -4.3% Change (y-o-y) +12.6% +9.2% EBITDA margin 82.0% 73.9% Dividend payment (GEL million) 2.1 4.2 65 Change (y-o-y) +1.6ppts +1.2 ppts Change (y-o-y) -56.6% -55.4%#66■ RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY KEY DRIVERS 2022 and 1H22 performance mainly reflects GEL's appreciation against US$ and decrease in electricity generation, the latter resulting from the better environmental conditions in the comparable 2021 periods. In US$ terms, revenue and EBITDA were up 2.3% and 4.4% y-o-y in 2022, reflecting a 12.6% y-o-y increase in average electricity selling prices. The business paid GEL 4.2 million dividends in 1H22. GEL MILLION REVENUE DEVELOPMENT 12 2 +4.8% 14 9 -7.6% 4 8 6 UT 5 2Q20 2Q21 +1.9% -5.8% 20 19 19 3 6 +38.7% 13 +10.2% 4 8 7 2Q22 ■PPA ■Non-PPA ■BI Reimbursement 12 15 -22.9% 11 EBITDA DEVELOPMENT -5.9% 10 10 11 11 +1.0% GEORGIA CAPITAL -4.3% 15 14 14 1H20 1H21 1H22 2Q20 2Q21 2Q22 1H20 1H21 1H22 - Total revenue KEY OPERATING HIGHLIGHTS 2Q21 VS. ■ 2Q22 Change y-o-y 1H21 VS. ■1H22 Change y-o-y Electricity 97.4 88.6 -9.1% 129.1 122.5 -5.1% generation (GWh) Average sales price (US$/MWh) 43.3 48.7 +12.6% 47.7 52.1 9.2% 99 66#67Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q22 (GEL MILLION) Change q-o-q 427 -1.5% -5.6% +5.1% 421 (6) 172 (249) Enterprise value 31-Mar-22 Net decrease in EV Enterprise value 30-Jun-22 Net debt Equity value 30-Jun-22 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 30-Jun-22 31-Mar-22 Change 31-Dec-21 Change Enterprise value 421.0 427.3 (6.3) 428.2 (7.2) EBITDA³ 34.0 35.3 (1.3) 34.9 (0.9) Implied EV/EBITDA multiple 11.1x 10.9x 0.2x 11.1x Investments at cost (EV) 2 42.4 42.2 0.2 42.0 0.4 Net debt (248.8) (263.5) 14.7 (255.0) 6.2 Equity value 172.2 163.9 8.3 173.3 (1.1) EQUITY FAIR VALUE COMPOSITION AT 30-JUN-22 (GEL MILLION) GEORGIA CAPITAL 42 Total value 172 130 ■Operational assets Pipeline projects NET DEBT TO EBITDA 8.3x 8.0x <6.0x 31-Mar-22 30-Jun-22 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, Renewable Energy was valued externally for the first time by a third-party independent valuation firm. 2. Investments at cost as of 30-Jun-22 include the pipeline projects. 3. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 26129 40 67#68Private investment stage portfolio companies EXTERNALLY VALUED EDUCATION BUSINES OVERVIEW 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. TARGETING FOR 2025... EBITDA margin 40%+ ...THROUGH REMAINING GCAP NEW EQUITY INVESTMENT 24 BUILT LEARNER CAPACITY 22 EBITDA GEORGIA CAPITAL 50 USD million thousand GEL million " Positive ESG impact. Currently: GEL 135mln TOTAL REMAINING INVESTMENT, in USDm 60 VALUE CREATION POTENTIAL Scaling up to capacity of 22,000 learners through expansion plans in existing schools, greenfield projects and M&As by 2025. 2 Equity Value GEL 0.5bln Debt 18 TOTAL BUILT LEARNER CAPACITY, in thousands Currently operational 21.9 TOTAL EBITDA, in GELM 50 5.1 Equity Reinvestment 42 campuses Currently operational campuses 21 15 Secured pipeline projects 3.0 GCAP new equity Strong organic growth at existing investment 24 24 M&A 13.8 schools is expected to drive solid Currently: 35%+ Minority equity investment growth in run-rate EBITDA, on top of expansion plans, greenfield projects and M&As by 2025. Out of 22k capacity: 14.9k Affordable; 4.6k Midscale; 1.9k Premium; 0.6k International As of 2021-22 academic year Organic growth Secured pipeline projects 12 9 9 M&A 20 ROIC 20 3 20%+ ■ Eventual growth of potential EBITDA with GEL 40m 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. Currently: 20%+ Ramp-up of 4 new capacity 3-5 years • With new equity investment of USD 24m GCAP can expand to 22k learner capacity and generate GEL 50m EBITDA by 2025 through: (1) currently operational campuses (2) secured pipeline projects and (3) M&A Out of USD 24m new equity investment, USD 21m is attributable to M&A and USD 3m is attributable to investments in secured pipeline projects with operational schools In addition to USD 24m new equity investment by GCAP, growth will be financed through, reinvestments, debt, and equity contribution by minorities - total remaining investment for Education business is USD 60m 68#69Private investment stage portfolio companies EXTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL Operating highlights As of 30-Jun-22 PRIVATE K-12 MARKET IN GEORGIA Capacity utilization, Excluding expansion² 96.5% Number of learners in private K-12 market Turnover of private K-12 market COVID impact Change (y-o-y) +5.3 ppts 3.4% CAGR '13-19 COVID impact -2.0% -2.6% 0.5% 5.0% 4.2% CAGR Capacity utilization for 23.0% newly added capacity 9.3% 9.7% 10.0% 9.9% 10.4% 10.1% 10.7% 10.2% 9.7% 4.1 11.4% 3.6 3.7 3.8 3.2 Change (q-o-q) -0.1 ppts 2.9 2.6 2.7 71.2 Number of learners 3,230 51.6 53.9 55.4 56.1 57.6 60.8 63.2 61.9 2.0 60.3 Change (y-o-y) +26.0% 280 281 295 257 217 177 192 158 115 Learner to teacher ratio 8.0 2013 Change (y-o-y) -16.1% 2014 2015 2016 2017 2018 2019 Number of private learners, '000 2020 2021 2025E 2013 2014 2015 2016 2017 2018 2019 2020 2021E % in total number of learners Total revenue, GELmln Revenue per learner 1, GEL '000 Financial highlights 2Q22 1H22 Total spending on K-12 education, 2018 Source: Ministry of Education of Georgia, G&T, GCAP estimates EBITDA GEL 4.5m GEL 8.8m 4.4% 3.7% 3.9% 3.1% 3.0% 3.0% 3.3% 3.1% 3.3% 2.6% 2.9% 3.2% 3.0% 2.9% 3.1% 2.4% 2.0% Change (y-o-y) EBITDA margin 39.4% +19.7% 39.7% +35.5% Change (y-o-y) Cash flow from operations Change (y-o-y) -3.0 ppts -0.2 ppts USD '000 GEL 8.8m GEL 10.5m 13.9 11.0 10.9 9.9 9.0 8.5 8.4 8.2 7.1 6.8 6.7 6.7 6.7 5.9 5.3 3.7 0.6 Net debt Change (y-o-y) +47.1% +38.8% Austria UK GEL 11.8m GEL 11.8m Germany France -19.8% -19.8% Italy Portugal Slovenia Spain Total spending per learner Czech Latvia Slovakia Poland Estonia Hungary Lithuania Turkey Georgia, 2021 Total spending as % of GDP Demand on private education is trending globally, growth attributable to regions with lower spending on Education Source: OECD, Ministry of Finance of Georgia Georgia Capital PLC | 1. Excluding kindergarten learners. 2. The expansion includes the addition of 2,250 learners' capacity in 3Q21, through the following investments: (1) the acquisition of an 81% equity interest in Georgian-Austrian School Pesvebi (1,200 learner capacity), (2) the launch of a new (second) campus under the existing affordable brand - Green School (600 learner capacity) and (3) the expansion of Green School's existing campus (450 learner capacity). 69#70EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EDUCATION KEY DRIVERS 2Q22 and 1H22 revenue and EBITDA growth reflects higher total enrolments, increase in average fee per learner and shift in academic days. Capacity utilisation, excluding the capacity expansion' in the affordable segment, was up by 5.3 ppts y-o-y to 96.5% in 1H22. Utilisation of the newly added capacity of 2,250 learners in 3Q21, was 23.0% as of 30-Jun-22. GEL MILLION +81.3% 28.9% 11 6 9 14 14 +58.8% +36.4% 16 22 22 2 EBITDA DEVELOPMENT +108.1% +19.9% 5 GEORGIA CAPITAL +70.8% +35.7% 6 9 2Q20 2Q21 2Q22 1H20 1H21 1H22 2Q20 2Q21 2Q22 1H20 1H21 1H22 KEY OPERATING HIGHLIGHTS 2Q21 VS. ■ 2Q22 Number of learners Capacity utilisation¹ (excluding expansion) 2,564 Change y-o-y 3,230 +26.0% 1H21 1H22 VS. Change y-o-y 2,564 3,230 +26.0% 91.2% 96.5% +5.3ppts 91.2% 96.5% +5.3ppts Georgia Capital PLC | 1. The expansion includes the addition of 2,250 learners' capacity in 3Q21, through the following investments: (1) the acquisition of an 81% equity interest in Georgian-Austrian School Pesvebi (1,200 learner capacity), (2) the launch of a new (second) campus under the existing affordable brand - Green School (600 learner capacity) and (3) the expansion of Green School's existing campus (450 learner capacity). 70 70#71Externally valued¹ EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q22 (GEL MILLION) Change q-o-q +25.5% -27.8% +12.7% +25.8% +12.1% LTM EV/EBITDA DEVELOPMENT GEORGIA CAPITAL 15.3x 26 12.0x 37 183 (9) 152 146 (48) Enterprise Net increase value 31-Mar-22 in EV Enterprise value 30-Jun-22 Investment Net debt at cost Minority interest² Equity value 30-Jun-22 31-Mar-22 30-Jun-22 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Jun-22 31-Mar-22 Change 31-Dec-21 Change Enterprise value 182.7 145.6 37.1 139.9 42.8 EBITDA³ 11.9 12.1 (0.2) 11.2 0.7 Implied EV/EBITDA multiple 15.3x 12.0x 3.3x 12.5x 2.8x 1.4x Net debt (8.9) (7.9) (1.0) (8.4) (0.5) 1.0x Investments at cost 25.7 35.7 (10.0) 34.9 (9.2) Total equity value of GCAP's share 151.8 135.4 16.4 129.8 22.0 <2.5x 31-Mar-22 30-Jun-22 TARGET Georgia Capital PLC | 1.The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, Education was valued externally for the first time by a third-party independent valuation firm. 2. GCAP has different ownership stakes across schools (70-90%). 3. Implied EV/EBITDA is calculated based on LTM EBITDA of schools; functional currency adjustment is applied where applicable. 71#72> > > Private large portfolio companies EXTERNALLY VALUED 29 CLINICS & DIAGNOSTICS BUSINESS OVERVIEW Outpatient visits per capita, Georgia HIGH GROWTH PROSPECTS IN THE CLINICS BUSINESS Outpatient encounters per capita Government Expenses on Primary Care VS GDP 3.9 3.9 3.8 3.5 3.3 3.5 2.8 2.5 2.5 2.3 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: NCDC statistical yearbook 2018 Clinics & Polyclinics MEDIUM TERM OBJECTIVES Diagnostics › Adding new services > Expansion of retail > Geographic expansion > Developing distance channels Sustainable growth of clinical & service quality Adding customer base > > Improved logistics > JCI and CAP accreditation Digitalisation 10.00 8.40 7.40 1.5% 1.2% 1.2% 3.20 3.8 4.00 4.10 4.40 1.0% 2.50 South Africa Thailand Georgia Source: Frost and Sullivan Analysis 2017 ՏՈ UAE Malaysia Poland Turkey Russia 0.5% GEORGIA CAPITAL Georgia has the lowest rate of government spendings on primary healthcare 0.7% 0.7% 0.5% 0.5% 0.3% 0.0% MDA RUS KAZ TJK ARM UZB GEO Source: WHO regional office for Europe Attracting B2B clients Combined financial targets for Clinics and Diagnostics for the next 5-years (2021-2026) DOUBLE DIGIT REVENUE CAGR EBITDA C.GEL 35-40 MILLION + 72 22#73GEL million CLINICS Market share by number of registered patients GHG clinics 601,000 Geo Hospitals 319,000 Medcapital 136,000 264,000 Medison 91,000 Private large portfolio companies EXTERNALLY VALUED ✓ CLINICS & DIAGNOSTICS BUSINESS OVERVIEW (CONT'D) 19 Community Clinics Outpatient and basic inpatient services in regional towns and municipalities 21% 17 Polyclinics Outpatient diagnostic and treatment services in Tbilisi and major regional cities GEORGIA CAPITAL DIAGNOSTICS (1H22) Average number of tests per patient 0.6 million 2.3 21% Number of patients served 11% 5% 1.3 million GEL 9.1 3% Number of tests performed Average revenue per test Market share by registered patients 353 Registered patient in Tbilisi Other 601,000 1,675,000 60% 29% Retail portion in total revenue 20% Number of community clinics beds Registered patient in Georgia Average COVID tests portion in retail revenue GROSS REVENUE EBITDA (excl. IFRS 16) EBITDA (excl. IFRS 16) Gross profit margin (%) EBITDA margin (%, excl. IFRS 16) EBITDA margin (%, excl. IFRS 16) 43% 45% 47% 44% 45% 44% 46% 43% 15.4% 19.9% 20.1% 19.9% 21.3% 15.8% 21.1% 17.3% 3.2% 12.3% 23.8% 32.6% -2.9% 26.4% 8.2% 71.0 +8.7% 46.7 44.4 33.3 -8.8% 38.3 21.1 21.6 35.0 32.2 GEL million -10.7% 18.1 16.8 15.3 21.1 14.2 -32.4% 8.9 9.4 5.9 GEL million -72.5% 7.3 37.7 19.6 20.2 23.3 25.1 10.6 9.9 6.8 6.1 3.6 2.4 2.5 1.8 6.2 5.4 12.6 13.9 3.5 1.0 0.2 (0.1) 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 2019 2020 2021 2Q21 2Q22 1H21 1H22 ■Polyclinics Community clinics 73#74CLINICS & DIAGNOSTICS BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT² +88.6% +3.2% EBITDA¹ DEVELOPMENT GEORGIA CAPITAL +101.3% +84.2% 45 47 -31.7% 10 12 -62.1% 13 7 25 24 60 35 19 32 3 11 8 21 3 2 1 17 2 15 9 2Q20 2Q21 2Q22 1H20 1H21 1H22 2Q20 2Q21 2Q22 1H20 1H21 1H22 ■Clinics Diagnostics - Total ■Clinics Diagnostics CLINICS & DIAGNOSTICS KEY DRIVERS ■ Similar to the hospitals business, our clinics business was also impacted by the suspension of COVID contracts by the Government. ◉ Substantially lower COVID cases during the quarter resulted in a significant decrease in diagnostics business revenues and EBITDA. The growth is expected to rebound over the next few quarters as the business completes the transition to the post- pandemic environment. GEL MILLION +74.1% -21.2% KEY OPERATING HIGHLIGHTS Clinics 2Q21 VS. ▪ 2Q22 Change y-o-y 1H21 VS. ■ 1H22 Number of admissions ('000) Number of registered patients ('000) Diagnostics 565.1 568.3 497.5 600.8 -12.0% +5.7% 1,022.3 568.3 1,136.1 600.8 +5.7% Change y-o-y +11.1% Number of patients served ('000) Number of total tests performed ('000) Number of non-COVID tests performed ('000) 281 641 542 211 -24.9% 506 539 -15.9% 1,175 509 -6.2% 1,025 555 +9.7% 1,298 +10.5% Georgia Capital PLC | General note: All figures are presented excluding Medical Centre University Clinic (HTMC). 1. Excluding IFRS 16. 2. Total revenue excludes eliminations between the clinics & diagnostics business lines. 1,111 +8.4% 74 14#75Externally valued¹ 29 CLINICS & DIAGNOSTICS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q22 (GEL MILLION) Change q-o-q -8.4% +23.4% -28.9% -18.9% 206 189 (17) 120 (65) (4) Enterprise value 31-Mar-22 Net decrease in EV Enterprise value 30-Jun-22 Net debt inc. Lease liabilities Minority interest Equity value 30-Jun-22 IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) 9.8x 9.0x 31-Mar-22 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Jun-22 31-Mar-22 Change 31-Dec-21 Change 2.8x Enterprise value 188.8 206.1 (17.3) 211.6 (22.8) 2.0x LTM EBITDA 19.2 22.8 (3.6) 22.3 (3.1) Implied EV/EBITDA multiple 9.8x 9.0x 0.8x 9.5x 0.3x Net debt incl. lease liabilities (64.8) (52.6) (12.2) (48.1) (16.7) Equity value of GCAP's share 120.0 148.0 (28.0) 158.0 (38.0) 30-Jun-22 < 2.0x 31-Mar-22 30-Jun-22 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, Clinics & Diagnostics was valued externally by a third-party independent valuation firm. GEORGIA CAPITAL 75#76CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q22 & 1H22 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 76#77REAL GDP CONTINUING DOUBLE-DIGIT GROWTH IN 2022 REAL GDP UP 10.5% Y-O-Y IN 1H22 50% 40% 30% 20% 10% 4% 0% -10% -20% -5% -12% 45% 26% 19% 18.0% 14.6% 12% 10% 10% 10% 7% 7% NOMINAL GDP IS EXPECTED TO ACCELERATE BOTH IN GEL AND USD TERMS I Nominal GDP, GEL bln, LHS Nominal GDP, US$ bln, LHS 75 70 65 60 55 35 30 SOSOSO425022 Billions 11.6% 7.2% 10.6% 2.6% --GDP per capita, GEL, RHS GDP per capita, USD, RHS 22 15 10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022* Georgia Capital PLC | Source: Geostat, Georgia Capital estimates (*) Thousands 18 16 14 12 10 4 2006 2006+ N 8 2 GEORGIA CAPITAL REAL GDP UP 10.5% Y-O-Y IN 1H22 KEY DRIVERS Strong external demand supplemented by the migration effect, as remittance inflows grew by 65% y-o-y in 1H22 on the back of a surge in inflows from Russia, while merchandise exports increased by 35% y-o-y in 1H22, and tourism revenues reached 79% of 2019 levels in 1H22, including 92% in May-June; Continued credit expansion despite the tight monetary stance (up 18.7% y-o-y in June w/o the exchange rate effect) both in retail and business sectors, aiding economic activity; ➤ Current expenditures growing by 9% y-o-y and capital expenditures expanding by 4% y-o-y in 1H22, facilitated by a 34% growth in fiscal revenues; ➤ Strong consumer and business sentiment supporting spending and investment decisions. 77#7880 00 Jan-21 90 90 100 110 120 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 - GEORGIAN LARI – APPRECIATING SINCE MID-2021 APPRECIATING SINCE MID-2021, BRIEFLY INTERRUPTED AFTER THE RUSSIAN INVASION OF UKRAINE, GEL HAS NOW STRENGTHENED CLOSE TO PRE-PANDEMIC LEVELS AGAINST USD Sources: NBG 3.7 3.5 3.3 3.1 2.9 2.7 2.5 2.3 ん May-19 Aug-19 Nov-19 GEL HAS APPRECIATED AGAINST USD, DESPITE USD STRENGTHENING GLOBALLY Sources: NBG, Bloomberg 130 - DXY - USD/Trading Partner Basket (Jan 2021=100) USD/GEL (Jan 2021=100) Georgia Capital PLC | Source: NBG. Bloomberg 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 Mar-22 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 82.9 117.4 Aug-22 GEORGIA CAPITAL 2.71 GEL APPRECIATION DRIVERS Record high remittance inflows, increasing by 65% y-o-y in 1H22; Continued robust performance in merchandise exports, growing by 35% y-o-y in 1H22; Tourism revenues rebounding to 79% of 2019 level in 1H22 (including 96% in May and 89% in June), reflecting the global resumption of travel as well as the migration effect; Tight monetary policy (cumulative hike of 300 basis points since March 2021 to 11% as of June 2022), supporting stronger GEL and curbing negative expectations; Rebounding economic activity and significant interest rate differential aiding accelerated lending in foreign currency, as FX loans have been steadily increasing since April 2021, both in retail and business sectors. 78#7945 Jan Feb 245 169 183 193 145 345 445 545 Mar Apr May Jun *Net external earnings include merchandise exports and imports, remittance inflows and outflows, and tourism inflows. Georgia Capital PLC | Source: NBG. Geostat 308 506 2019 427 Jul Aug Sep 2021 2022 Oct Nov Dec Jan Feb 450 400 350 300 250 200 150 100 114 105 50 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 302 259 189 174 REMITTANCE INFLOWS HAVE SURGED AT RECORD HIGH LEVELS SINCE APRIL 2022 $ MN - 2020 TOURISM REVENUES HAVE BOUNCED BACK TO ALMOST 2019 LEVELS SINCE MAY $ MN ■Money transfers (Inflows) ■Exports Money transfers (Outflows) Imports Tourism revenues Net External Earnings 75% 3500 60% 1,377 2500 946 45% 962 1500 1,063 1,095 1,261 1,172 749 827 1,068 878 1,127 780 686 898 940 818 500 578 246 566 30% 379 394 428 725 1,241 380 427 451 477 389 380 566 551 499 584 623 644 545 15% 110 -500 (345) (102) 52 (559) (465) (525) (703) (784) (677) (507) (567) (806) (709) 0% -1500 -15% -2500 -30% -3500 -45% -4500 1Q19 2Q19 3Q19 1Q20 4Q19 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 2019 Jun-20 Aug-20 Oct-20 Dec-20 2020 Feb-21 Apr-21 Jun-21 Aug-21 2021 Oct-21 Dec-21 Feb-22 2022 Apr-22 NET EXTERNAL EARNINGS* TURNED POSITIVE IN 2Q22 LARGELY ON THE BACK OF REMITTANCE INFLOWS EXTERNAL EARNINGS (US$ MILLION) GEORGIA CAPITAL TERMS OF TRADE HAVE REACHED 112% ON AVERAGE IN 1H22, COMPARED TO 101% IN 2021 (JAN 2017=100) Jun-22 и 105% Terms of Trade (RHS) Imports, YoY % Exports, YoY % 120% 90% 19 79#80INFLATION TO DECELERATE GRADUALLY IN THE 2ND HALF OF 2022 INFLATION Y-O-Y VS. INFLATION TARGET Sources: NBG, GeoStat 16 Headline Inflation 12 8 ∞ 4 O 0 -4 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-1 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 INFLATION COMPONENTS Source: GeoStat Food and non-alcoholic beverages Transport 16 12 Other Core Inflation Target 11.5 Nov-18 Jan-19 Mar-19 May-19 May-19 Jul-19 Sen-19 Sep-19 Nov-19 Nov-19 Jan-20 Jan-20 Mar-20 May-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 Alcoholic beverages and tobacco Housing and utilities Inflation Jul-22 74 7.1 GEORGIA CAPITAL INFLATION TO DECELERATE BUT REMAIN CLOSE TO DOUBLE DIGITS IN 2022 Annual inflation reached 11.5% in July 2022 (12.9% on average in 7M22) and is expected to decelerate in the 2nd half of the year, partially due to the base effect coming into play from July; Food, oil and utility prices have been the main drivers of rising prices throughout the year; Despite GEL strengthening, imported inflation has so far been the most significant driver of rising prices, with global food and energy prices contributing the most to elevated price pressures; Supply side price pressures are no longer abated by weak domestic demand, as the economic recovery has been rapid; Rising prices have been a widespread occurrence, with prices increasing annually on 85% of products in the consumer basket in July, including by more than 5% y-o-y for 69% of products and by more than 10% y-o-y for 49% of products. 8 4 0 -4 > > 2020 VIII IX Georgia Capital PLC | Source: Geostat X IIX ㄡ IX I II IV Λ 2021 VIII IX IX X IIX ㄡˋ I || III ΛΙ 2022 > W 80#812014 2015 -2.3% -2.0% -2.7% וויייייי -6.3% -9.3% Source: MoF 0% -2% -4% -2.8% -2.7% -3.0% -6% -8% -10% -12% Georgia Capital PLC | Source: Ministry of Finance 2016 2017 2018 FISCAL DEFICIT TO FALL TO 3.5% IN 2022 ON THE BACK OF EXCEPTIONAL REVENUE PERFORMANCE AND MODERATING EXPENSES PUBLIC DEBT Sources: MoF 60% 50% 40% 30% 20% 2010 ▬▬External public debt to GDP, % -Total public debt to GDP, % 59.9% 2011 2012 2013 2014 2015 2016 2017 2018 49.4% 47.5% 41.4% 39.8% 28.0% OVERALL BALANCE (IMF MODIFIED), % OF GDP 2025F 2026F GEORGIA CAPITAL FISCAL SUPPORT HAS BEGUN MODERATING Fiscal support moderated in 2022, with current expenditures growing by 9% y-o-y and capital expenditures expanding by 4% y- o-y in 1H22, as opposed to 19% and 28% y-o-y respectively in 1H21; ➤ As a result of double-digit economic growth, tax revenues grew by 34% y-o-y in 1H22, facilitating a 34% growth in overall fiscal revenues (consolidated budget); The overall fiscal deficit fell by 94% y-o-y in 1H22, on the back of a slowdown in expenditures and exceptional revenue performance, while the operating balance improved from GEL -290 mln in 1H21 to GEL 1.4 bln in 1H22; The government committed to reducing the fiscal deficit to 3.6% of GDP in 2022, with the deficit set to fall under 3% from next year. 2022F 2023F 2026F 2025F -3.6% 2026F -2.8% -2.3% -2.3% -2.2% 81#82CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q22 & 1H22 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES GEORGIA CAPITAL 82 22#83OUR ROBUST CORPORATE GOVERNANCE FRAMEWORK BOARD OF DIRECTORS COMPOSITION GEORGIA CAPITAL IRAKLI GILAURI, CHAIRMAN & CEO Experience: Formerly BGEO Group CEO; Up to 20 years of experience in the banking, investment and finance. BMS in banking from CASS Business School, London; BBS from University of Limerick, Ireland JYRKI TALVITIE, INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: 30 years of experience in the banking, including Sberbank, VTB, East Capital and Bank of New York in both buy and sell-side transactions 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 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) KIM BRADLEY, INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Formerly AM at Goldman Sachs, Senior Executive at GE Capital, President of Societa Gestione Crediti, Board Chairman at Archon Capital Deutschland MASSIMO GESUA'SIVE SALVADORI, INDEPENDENT NON-EXECUTIVE DIRECTOR Experience: Currently an analyst at Brook asset management, formerly with McKinsey & Company for over 9 years 5 OUT OF 6 MEMBERS ARE INDEPENDENT 83#84Georgia Capital's highly experienced management team Georgia Capital Management Georgia Capital GEORGIA CAPITAL 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. Avto Namicheishvili, Deputy CEO In addition to his deputy CEO role at JSC Georgia Capital, Avto also serves as a chairman of the Group's water utility, renewable energy, beverages, housing development and hospitality & commercial real estate businesses. Formerly he was BGEO Group General Counsel. He was General Counsel of the Bank of Georgia from 2007 to 2018 and has played a key role in all of the Group's equity and debt raises on the capital markets, and over 25 mergers and acquisitions. Prior, he was a Partner at a leading Georgian law firm. Holds LLM in an international business law from Central European University, Hungary. Giorgi Alpaidze, Chief Financial Officer Formerly BGEO Group CFO. Joined BGEO as Head of Group's Finance, Funding and Investor Relations in 2016. He has extensive international experience in banking, accounting and finance. Previously, he was a senior manager in Ernst & Young LLP's Greater New York City's assurance practice. Holds a BBA from the European School of Management in Georgia. US Certified Public Accountant. la Gabunia, Chief 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. Georgia Capital Listed Private Giorgi Ketiladze, Managing Director, 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. Nino Vakhvakhishvili, Chief Economist Joined Georgia Capital in 2018. Nino is an IMF's Short-term Expert and visiting lecturer at the University of Georgia. Before joining the company, she spent over five years at the National Bank of Georgia. Holds a master's degree in economics from ISET. Levan Dadiani, General Counsel Formerly Senior Group Lawyer at BGEO Group. Joined BGEO in 2012. Levan has an extensive experience in commercial law, equity investments, corporate and project financing and energy projects. Previously, he was a Partner at a leading Georgian law firm. Holds an LLM degree in International Business Law from University of Texas at Austin, USA. Archil Gachechiladze, CEO, Bank of Georgia Previously CEO at GGU, the Group's water utility and renewable energy businesses. Prior to that Archil was a Deputy CEO in charge of corporate banking at Bank of Georgia. He launched the Bank's industry and macro research, brokerage, and advisory businesses, as well as leading investments in GGU and launched Hydro Investments. Previously, he was an Associate at Lehman Brothers Private Equity in London, and worked at Salford Equity Partners, EBRD, KPMG, Barents, and the World Bank. Holds an MBA with distinction from Cornell University and is a CFA charterholder. Irakli Gogia, CEO at Retail (pharmacy), Hospitals, Medical Insurance and Clinics & Diagnostics Businesses Formerly Deputy CEO, Finance of 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. Giorgi Baratashvili, CEO at P&C Insurance Business Joined as the Head of Corporate Clients Division of Aldagi, the holding company of the Group's P&C insurance business, in 2004. Before taking the leadership of our P&C insurance business in 2014, he served as Deputy CEO of Aldagi in charge of strategic management for corporate sales and corporate account management. Holds a Masters Diploma in International Law. 84#85Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS OVERVIEW Largest medical insurer in the country with 23%¹ market share Offering a variety of medical insurance products, with a wide distribution network to the Georgian population Market share by gross premium revenue¹ Revenue, GEL millions GHG in medical insurance Vienna Insurance Group Ardi PSP 14 IC Group 6 Aversi 3 Other 28 Georgia Capital PLC | 1. ISSSG as of 31 December 2021. 47 58 59 23% 35% 14% 7% 3% 2% 16% 48 c.160,000 Number of insured clients BUSINESSES MAJOR GROWTH DRIVERS GEORGIA CAPITAL Growing the number of insured clients Enhancing gross profit through the introduction of "fee business" (such as motor Casco distribution, motor Third Party Liability distribution) Increasing retention rates within the Group Medium to long-term targets Increase contribution to the Group segments ■ Combined ratio <97% 85 55#86Private large portfolio companies EXTERNALLY VALUED + MEDICAL INSURANCE BUSINESS OVERVIEW (CONT'D) NUMBER OF INSURED & RENEWAL RATE Retention rate within the Group1 (%) 19.2% 23.3% 34.7% 39.4% 37.4% 37.3% 36.3% 36.5% 38.9% 36.2% 37.5% Thousands 76.9% 77.5% 78.0% 76.9% 74.3% 73.4% 73.4% 74.1% 69.7% 70.5% 70.5% -4.9% -4.9% 234 211 155 157 236 174 165 168 160 168 160 GEL million REVENUE (NET INSURANCE PREMIUMS EARNED) 75.4 69.5 72.4 58.6 61.5 +0.5% 53.7 55.1 2015 2016 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 2015 2016 COMBINED RATIO 96.7% 104.7% 102.5% 94.0% 96.1% 90.6% 97.4% 101.9% 106.7% 99.0% 103.8% +4.5ppts +4.6ppts 84.1% 78.7% 84.2% 77.3% 79.3% 84.0% 87.5% 81.0% 84.8% 81.4% 73.0% +0.8% 35.2 35.5 17.9 18.0 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 NET PROFIT 6.4 4.4 2.9 1.8 3.8 -84.3% 0.2 1.4 0.2 (2.6) 18.0% 20.6% 18.3% 16.8% 2015 2016 2017 2018 14.7% 2019 17.6% 18.1% 17.9% 19.2% 18.0% 19.0% (4.9) 2020 2021 2Q21 2Q22 1H21 1H22 2015 2016 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 Georgia Capital PLC | 1. 2019 and 2020 numbers are adjusted to exclude HTMC hospital. (0.2) GEORGIA CAPITAL 86 98#87Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q22 (GEL MILLION) Change q-o-q -7.9% -12.4% -9.4% 30 28 (2) IMPLIED LTM P/E MULTIPLE DEVELOPMENT 14.0x 14.5x 12 40 Enterprise value 31-Mar-22 Decrease in EV Enterprise value 30-Jun-22 Excess cash Equity value 30-Jun-22 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 30-Jun-22 31-Mar-22 Change 31-Dec-21 Change LTM Net income² 2.8 3.2 (0.4) 3.8 (1.0) Implied P/E multiple 14.5x 14.0x 0.5x 15.0x (0.5x) Equity value 40.3 44.5 (4.2) 56.6 (16.3) LTM ROAE² 8.5% 9.9% -1.4ppts 12.3% -3.8ppts Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, Medical Insurance was valued externally by a third-party independent valuation firm. 2. Adjusted for non-recurring items. 31-Mar-22 NET DEBT TO EBITDA 30-Jun-22 No No No Leverage Leverage Leverage 31-Mar-22 30-Jun-22 TARGET GEORGIA CAPITAL 87#88DETAILED NAV PER SHARE (GEL) MOVEMENT IN 2Q22 NAV PER SHARE (GEL) UP 0.2% IN 2Q22 52.62 In GBP: 12.92 -4.9% 0.0% 3.0% 0.5% 0.2% 0.6% 1.5% -0.4% -0.2% 0.2% -1.4% (2.60) GEORGIA CAPITAL 0.78 1.59 0.27 0.11 0.30 52.71 (0.23) (0.11) PRIVATE PORTFOLIO LISTED AND OBSERVABLE +14.4% PORTFOLIO NAV per share 31-Mar-22 Operating performance Greenfields Multiple change FX change BOG Water Utility Buybacks Operating expenses Liquidity manag./ FX/ Other In GBP: 14.78 NAV per share 30-Jun-22 88#89DETAILED NAV PER SHARE (GEL) MOVEMENT IN 1H22 NAV PER SHARE (GEL) DOWN 16.4% IN 1H22 GEORGIA CAPITAL -5.6% 0.0% -4.4% 0.4% -7.0% 0.4% 3.0% -0.7% -2.5% -16.4% -9.6% 63.03 0.24 (3.53) (0.00) (2.75) In GBP: 15.10 NAV per share 31-Dec-21 Operating performance PRIVATE PORTFOLIO 1.90 0.29 52.71 (0.43) (4.43) (1.60) LISTED AND OBSERVABLE PORTFOLIO -2.1% Greenfields Multiple change FX change BOG Water Utility Buybacks Operating expenses Liquidity manag./ FX/ Other In GBP: 14.78 NAV per share 30-Jun-22 89#90PRIVATE PORTFOLIO COMPANIES' DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 JUNE 2022 (GEL MILLION) 2022 2023 2024 2025+ Total Large portfolio companies 107.2 68.6 80.5 37.0 293.3 Retail (pharmacy) Hospitals 12.0 10.3 25.7 48.0 107.2 56.6 70.2 11.3 245.3 Medical Insurance Investment stage portfolio companies 4.6 20.8 15.2 306.6 347.1 Renewable Energy Education Clinics and Diagnostics Other businesses Total 0.1 273.0 273.1 2.0 4.6 4.6 14.8 25.9 2.6 16.2 10.5 18.8 48.1 163.9 66.2 58.7 103.1 391.9 275.7 155.6 154.4 446.7 1,032.3 Gross debt of other businesses includes a 3-year US$ 35 million bonds issued on the local market in Oct-19 with a 7.5% annual coupon rate, maturing in Oct-22. GEORGIA CAPITAL 90 90#91NAV STATEMENT SNAPSHOT IN 2Q22 GEORGIA CAPITAL GEL '000, UNLESS OTHERWISE NOTED 31-Mar-22 30-Jun-22 Change % GEORGIA CAPITAL 2022 RESULTS Total Listed and Observable Portfolio Companies Value 612,871 608,719 -0.7% Large Portfolio Companies 1,410,482 1,389,193 -1.5% Investment Stage Portfolio Companies 447,247 443,967 -0.7% Other Portfolio Companies 138,026 263,534 90.9% 5.1% Private portfolio value increase 3.7% Total portfolio value increase Net Debt Total Private Portfolio Value 1,995,755 2,096,694 5.1% Total Portfolio Value 2,608,626 2,705,413 3.7% (239,385) (365,914) 52.9% Net Asset Value 2,371,047 2,332,561 -1.6% -1.6% 0.2% Shares outstanding 45,063,039 44,249,747 -1.8% NAV decrease NAV per share (GEL) increase Net Asset Value per share, GEL 52.62 52.71 0.2% 91#92NAV STATEMENT SNAPSHOT IN 1H22 GEORGIA CAPITAL GEL '000, UNLESS OTHERWISE NOTED 31-Dec-21 30-Jun-22 Change % GEORGIA CAPITAL 1H22 RESULTS Total Listed and Observable Portfolio 681,186 608,719 -10.6% Companies Value Large Portfolio Companies 2,249,260 1,389,193 -38.2% Investment Stage Portfolio Companies 461,140 443,967 -3.7% Other Portfolio Companies 224,645 263,534 17.3% -28.6% Private portfolio value decrease -25.2% Total portfolio value decrease Net Debt Total Private Portfolio Value 2,935,045 2,096,694 -28.6% Total Portfolio Value 3,616,231 2,705,413 -25.2% (711,074) (365,914) -48.5% Net Asset Value 2,883,622 2,332,561 -19.1% -19.1% NAV decrease -16.4% Shares outstanding 45,752,362 44,249,747 -3.3% NAV per share (GEL) decrease Net Asset Value per share, GEL 63.03 52.71 -16.4% 92#93VALUE CREATION IN PRIVATE PORTFOLIO | 2Q22 Portfolio Businesses Operating Performance Greenfields / buy-outs/exits and FX Multiple Change Value Creation in 2Q22 GEL thousand (1) (2) (3) BOG (1)+(2)+(3) 5,038 Water Utility 13,608 Total Listed and Observable Portfolio Companies 18,646 Large Portfolio Companies (71,281) 57,259 (14,022) Retail (pharmacy) (18,667) 32,615 13,948 Hospitals (62,339) 16,089 (46,250) Insurance (P&C & Medical) 9,725 8,555 18,280 Investment Stage Portfolio Companies (15,032) 13,550 (1,482) Renewable energy 11,625 (1,521) 10,104 Education 12,058 4,327 16,385 Clinics and Diagnostics (38,715) 10,744 (27,971) Other Portfolio Companies (30,809) 13,221 (17,588) Total Private Portfolio Companies (117,122) 84,030 (33,092) Total Portfolio (117,122) 84,030 (14,446) GEORGIA CAPITAL (14.4) GEL MILLION TOTAL NEGATIVE VALUE CREATION IN 2022 18.6 GEL MILLION VALUE CREATION IN 2Q22 FROM THE LISTED AND OBSERVABLE PORTFOLIO COMPANIES (33.1) GEL MILLION VALUE REDUCTION IN 2Q22 FROM THE PRIVATE PORTFOLIO COMPANIES 93#94VALUE CREATION IN PRIVATE PORTFOLIO | 1H22 Portfolio Businesses Operating Performance Greenfields / buy-outs/exits Multiple Change Value Creation in and FX 1H22 GEL thousand BOG Water Utility Total Listed and Observable Portfolio Companies (1) (2) (1)+(2)+(3) (202,669) 13,608 (189,061) Large Portfolio Companies (45,048) (111,506) (156,554) Retail (pharmacy) 50,859 (90,217) (39,358) Hospitals (93,993) (1,776) (95,769) Insurance (P&C & Medical) (1,914) (19,513) (21,427) Investment Stage Portfolio Companies (2,159) (12,811) (14,970) Renewable energy 8,739 (6,492) 2,247 Education 27,074 (6,333) 20,741 Clinics and Diagnostics (37,972) 14 (37,958) Other Portfolio Companies (114,144) (13) 9,476 (104,681) Total Private Portfolio Companies (161,351) (13) (114,841) (276,205) Total Portfolio (161,351) (13) (114,841) (465,266) GEORGIA CAPITAL (465.3) GEL MILLION TOTAL NEGATIVE VALUE CREATION IN 1H22 (189.1) GEL MILLION VALUE REDUCTION IN 1H22 FROM THE LISTED AND OBSERVABLE PORTFOLIO COMPANIES (276.2) GEL MILLION VALUE REDUCTION IN 1H22 FROM THE PRIVATE PORTFOLIO COMPANIES 94#95NAV STATEMENT | 2Q22 GEORGIA CAPITAL GEL thousand unless otherwise noted 31-Mar-22 1.Value Creation 2a. Investments 2b. Buybacks 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 30-Jun-22 Change % Listed and Observable Portfolio Companies Bank of Georgia (BOG) 473,479 5,038 (22,798) 455,719 -3.8% Water Utility 139,392 13,608 153,000 9.8% Total Listed and Observable Portfolio Value 612,871 18,646 Listed and Observable Portfolio value change % 3.0% 0.0% 0.0% (22,798) -3.7% 608,719 -0.7% 0.0% 0.0% -0.7% Private Portfolio Companies Large portfolio companies 1,410,482 (14,022) (7,374) 107 1,389,193 -1.5% Retail (pharmacy) Hospitals Insurance (P&C and Medical) Of which, P&C Insurance Of which, Medical Insurance Investment stage companies Renewable Energy Education Clinics and diagnostics 657,079 13,948 671,027 2.1% 524,296 (46,250) 478,046 -8.8% 229,107 18,280 184,629 22,448 44,478 (4,168) 447,247 (1,482) 163,862 10,104 (7,374) (7,374) (2,054) (2,054) 107 240,120 4.8% 107 199,810 8.2% 40,310 -9.4% 256 443,967 -0.7% 256 172,168 5.1% 135,368 16,385 151,753 12.1% 148,017 (27,971) 120,046 -18.9% Others 138,026 (17,588) 142,584 512 263,534 90.9% Private Portfolio Value 1,995,755 (33,092) Private Portfolio value change % -1.7% Total Portfolio Value 2,608,626 (14,446) Total Portfolio value change % -0.6% Net Debt (239,385) 142,584 7.1% 142,584 5.5% (136,577) (9,428) 875 2,096,694 5.1% 0.0% of which, Cash and liquid funds 718,525 0.0% (27,488) (27,488) -0.5% (32,226) -1.2% 0.0% 0.0% 5.1% 0.0% 875 0.0% 2,705,413 3.7% 3.7% 32,226 (5,734) 11,044 (365,914) 52.9% 9,428 (5,734) (31,364) 663,367 -7.7% of which, Loans issued 164,049 (136,577) (2,098) 25,374 -84.5% of which, Accrued dividend income 22,798 22,798 0.0% of which, Gross Debt (1,121,959) 44,506 (1,077,453) -4.0% Net other assets/ (liabilities) 1,806 (6,007) (4,661) Share based compensation Net Asset Value NAV change % Shares outstanding Net Asset Value per share NAV per share change % (4,661) 1,924 4,661 (6,938) NMF 0.0% 2,371,047 (14,446) -0.6% 0.0% 45,063,039 52.62 (27,488) -1.2% (1,174,323) (10,395) 13,843 2,332,561 -1.6% 0.0% -0.4% 0.6% -1.6% 361,031 44,249,747 -1.8% (0.32) (0.00) 0.78 (0.00) (0.23) (0.12) 52.71 0.2% -0.6% 0.0% 1.5% 0.0% -0.4% -0.2% 0.2% Georgia Capital PLC | 1. Number of shares owned in BoG was 9,784,716 as of 30 June 2022. 95#96NAV STATEMENT | 1H22 GEORGIA CAPITAL GEL thousand unless otherwise noted Listed and Observable Portfolio Companies Bank of Georgia (BOG) Water Utility 31-Dec-21 1.Value Creation 2a. 2b. Buybacks Investments 2c. Dividends 3.Operating Expenses 4. Liquidity Management/ FX / Other 30-Jun-22 Change % 681,186 Total Listed and Observable Portfolio Value 681,186 Listed and Observable Portfolio value change % (202,669) 13,608 (189,061) -27.8% (22,798) 455,719 -33.1% 139,392 139,392 20.5% 153,000 0.0% 0.0% (22,798) -3.3% 608,719 -10.6% 0.0% 0.0% -10.6% Private Portfolio Companies Large portfolio companies 2,249,260 (156,554) (696,960) (7,374) 821 1,389,193 -38.2% Retail (pharmacy) Hospitals Water Utility Insurance (P&C and Medical) Of which, P&C Insurance Of which, Medical Insurance Investment stage companies Renewable Energy 710,385 573,815 (39,358) (95,769) 671,027 -5.5% 478,046 -16.7% 696,960 (696,960) -100.0% 268,100 (21,427) (7,374) 821 240,120 -10.4% 211,505 (5,142) (7,374) 821 199,810 -5.5% 56,595 (16,285) 40,310 -28.8% 461,140 (14,970) 1,559 (4,249) 487 443,967 -3.7% 173,288 2,247 395 (4,249) 487 172,168 -0.6% Education 129,848 20,741 1,164 151,753 16.9% Clinics and diagnostics 158,004 (37,958) 120,046 -24.0% Others 224,645 (104,681) Private Portfolio Value 2,935,045 Private Portfolio value change % Total Portfolio Value 3,616,231 (276,205) -9.4% (465,266) Total Portfolio value change % -12.9% Net Debt (711,074) of which, Cash and liquid funds 272,317 of which, Loans issued 154,214 142,597 (552,804) -18.8% (413,412) -11.4% 419,419 555,996 (136,577) 973 263,534 17.3% (11,623) 2,281 2,096,694 -28.6% 0.0% 0.0% (53,540) -0.4% (34,421) -1.0% 34,421 0.0% 0.1% -28.6% 2,281 2,705,413 -25.2% 0.0% (53,540) 11,623 (10,951) (10,951) 0.1% (44,189) (112,078) -25.2% (365,914) -48.5% 663,367 143.6% 7,737 25,374 -83.5% of which, Accrued dividend income 22,798 22,798 0.0% of which, Gross Debt (1,137,605) 60,152 Net other assets/ (liabilities) (21,535) (6,007) (8,749) 29,353 (1,077,453) (6,938) -5.3% -67.8% Share based compensation (8,749) 8,749 0.0% Net Asset Value NAV change % Shares outstanding Net Asset Value per share 2,883,622 (465,266) -16.1% 0.0% 45,752,362 63.03 (53,540) -1.9% (2,166,578) (19,700) 0.0% -0.7% (12,555) -0.4% 663,963 (10.17) (0.00) 1.90 (0.00) (0.43) (1.61) -16.1% 0.0% 3.0% 0.0% -0.7% -2.5% 2,332,561 -19.1% 44,249,747 52.71 -16.4% -19.1% -3.3% -16.4% NAV per share change % Georgia Capital PLC | 1. Number of shares owned in BoG was 9,784,716 as of 30 June 2022. 96 96#97INCOME STATEMENT | 2Q22 & 1H22 Income statement GEL '000, unless otherwise noted 2Q22 2Q21 Change 1H22 1H21 Change Dividend income 32,226 9,691 NMF 34,421 14,430 NMF Interest income 9,364 6,120 53.0% 18,150 10,617 71.0% Realised/unrealised (loss)/ gain on liquid funds (1,197) 1,687 NMF (11,435) 1,516 NMF Interest expense (17,826) (20,302) -12.2% (37,679) (37,520) 0.4% Gross operating income/(loss) 22,567 (2,804) NMF 3,457 (10,957) NMF Operating expenses GCAP net operating income/(loss) (10,395) (9,225) 12.7% (19,700) (18,096) 8.9% 12,172 (12,029) NMF (16,243) (29,053) -44.1% Fair value changes of portfolio companies Listed and observable portfolio companies (4,152) 70,288 NMF (211,859) 43,836 NMF Bank of Georgia Group PLC Water Utility (17,760) 70,288 NMF (225,467) 43,836 NMF 13,608 NMF 13,608 NMF Private portfolio companies Large Portfolio Companies Of which, Retail (pharmacy) Of which, Hospitals (42,520) 251,933 NMF (287,828) 282,183 NMF (21,396) 197,356 NMF (163,928) 201,855 NMF 13,948 44,816 -68.9% (39,358) 27,657 NMF (46,250) 64,276 NMF (95,769) 90,889 NMF Of which, Water Utility 91,100 NMF 76,097 NMF Of which, Insurance (P&C and Medical) 10,906 (2,836) NMF (28,801) 7,212 NMF Investment Stage Portfolio Companies (3,536) 48,976 NMF (19,219) 54,115 NMF Of which, Renewable energy 8,050 13,072 -38.4% (2,002) 7,632 NMF Of which, Education 16,385 19,443 -15.7% 20,741 23,207 -10.6% Of which, Clinics and Diagnostics (27,971) 16,461 NMF (37,958) 23,276 NMF Other businesses (17,588) 5,601 NMF (104,681) 26,213 NMF Total investment return (46,672) 322,221 NMF (499,687) 326,019 NMF (Loss)/income before foreign exchange movements (34,500) 310,192 NMF (515,930) 296,966 NMF and non-recurring expenses Net foreign currency loss 18,172 Non-recurring expenses Net (loss)/income (adjusted IFRS) (104) (16,432) 57,988 (41) 368,139 -68.7% NMF NMF 14,448 (196) (501,678) 26,547 -45.6% (218) -10.1% 323,295 NMF GEORGIA CAPITAL 97#98MULTIPLE OF INVESTED CAPITAL (MOIC) | 30-JUNE-2022 GEL million Gross Investment Sell down Dividends Fair Value MOIC Realized MOIC (1) (2) (3) (4) (2+3+4)/(1) (2+3)/(1) Listed and Observable Investments 349 835 268 609 4.9x 3.2x Bank of Georgia Group PLC 129 287 171 456 7.1x 3.5x Water Utility 220 548 97 153 3.6x 2.9x Private large and investment stage portfolio companies 622 131 126 1,833 3.4x 0.4x GHG¹ 390 131 29 1,309 3.8x 0.4x P&C Insurance 11 68 200 23.4x 6.0x Renewable Energy 150 29 172 1.3x 0.2x Education 71 - 152 2.1x 0.0x Other Total 734 261 264 0.7x 0.3x 1,707 966 655 2,705 2.5x 1.0x Georgia Capital PLC | 1. GHG comprises three businesses: Retail (pharmacy), Hospitals, Clinics & Diagnostics and Medical Insurance. GEORGIA CAPITAL 98#99VALUATION PEER GROUP RETAIL (PHARMACY) NEUCA S.A. | Poland • Sopharma Trading AD | Bulgaria S.C. Ropharma S.A. | Romania • • . SALUS, Ljubljana, d. d. | Slovenia • • Great Tree Pharmacy Co., Ltd. | Taiwan Dis-Chem Pharmacies Limited | South Africa Clicks Group Limited | South Africa • HOSPITALS Medicover AB (publ) | Sweden EMC Instytut Medyczny SAEMC SA | Poland • Med Life S.A. | Romania • Netcare Limited | South Africa Mediclinic International plc | South Africa MLP Saglik Hizmetleri A.S. | Turkey Life Healthcare Group Holdings Limited | South Africa • MEDICAL INSURANCE Powszechny Zaklad Ubezpieczen SA | Poland • • • European Reliance General Insurance Company S.A. | Greece • • • 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 • • & GEORGIA CAPITAL In . • • P&C INSURANCE Dhipaya Insurance | Thailand Zavarovalnica Triglav | Slovenia Pozavarovalnica Sava | Slovenia • Aksigorta | Turkey • Anadolu Sigorta | Turkey • • Bao Minh Insurance | Vietnam Turkiye Sigorta | Turkey CLINICS AND DIAGNOSTICS RENEWABLE ENERGY* EMC Instytut Medyczny SA | Poland Medicover AB (publ) | Sweden Med Life S.A. | Romania Mediclinic International plc | South Africa • • BCPG Public Company Limited | Thailand ERG S.p.A | Italy Polenergia S.A. | Poland. • Terna Energy Societe Anonyme | Greece • Development S.A.E | Egypt • Cogna Educação S.A. | Brazil • Medicover AB | Sweden • Colegios Peruanos S.A. | Peru • Fleury S.A. | Brazil • Educational Holding Group K.S.C.P | Kuwait • Instituto Hermes Pardini S.A. | Brazil ADVTECH Limited | South Africa *This list of the renewable energy business peers is extracted from the larger peer group used in valuations by Kroll. 99 99#100FORWARD 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 the 1H22 Results Announcement and Georgia Capital PLC's Annual Report and Accounts 2021. 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 100#101COMPANY 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