Investor Presentaiton

Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q IMPLIED LTM P/E MULTIPLE DEVELOPMENT -7.1% -9.2% -6.7% 12.3x 9.8x 20 64 48 44 (4) Enterprise value Decrease in EV 31-Mar-21 Enterprise value 30-Jun-21 Excess cash Equity value 30-Jun-21 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change Combination of income approach (DCF) and market approaches¹ Valuation method LTM Net income 5.2 7.0 (1.8) 6.4 (1.2) Implied P/E multiple 12.3x 9.8x 2.5x 10.1x 2.2x Equity value 64.0 68.5 (4.5) 64.9 (0.9) LTM ROAE2 18.6% 25.1% -6.5ppts 24.2% -5.6ppts Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. Our private large portfolio companies were valued externally as of 30-Jun-21 by a third-party independent valuation firm. 2. Adjusted for non-recurring items. GEORGIA CAPITAL 60

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