OPEX Ratio Alignment & Portfolio Valuation Overview

PORTFOLIO 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

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