Investment and Growth Strategy

PORTFOLIO VALUE AS OF 31-MAR-23 91% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 % SHARE IN TOTAL PORTFOLIO VALUE: 25% 9% 30% 287 985 16% 528 PORTFOLIO BREAKDOWN GEL 3,267 MILLION 1,467 I Listed and observable ■Large GEORGIA CAPITAL 5% 23% 13% 9% 8% 5% 3% 9% GBP 27.50 BGEO PRICE ON LSE OPTION VALUATION² MULTIPLE: 9.3x 12.8x LTM EV/EBITDA³ LTM EV/EBITDA³ 10.4x-8.8x LTM P/E4 12.6x EV/EBITDA5 16.2x LTM EV/EBITDA 21.0x6 EV/EBITDA³ 830 750 GEL MILLION 427 287 290 243 175 155 110 (& 00 Ⅲ BOG Water Utility Retail (Pharmacy) Hospitals Insurance (P&C & Medical) Renewable Energy Education Clinics and diagnostics Other 45% LISTED AND OBSERVABLE LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES Investment stage Georgia Capital PLC | Other 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. The valuation of Water Utility in 1Q23 reflects the application of the put option valuation to GCAP's 20% holding in the business. 3. LTM EV/EBITDA multiples for Retail (Pharmacy), Hospitals and Clinics & Diagnostics are presented including IFRS 16 as of 31-Mar-23. 4. LTM P/E multiple of 10.4x for P&C insurance and LTM P/E multiple of 8.8x (adjusted for the excess cash) for medical insurance business as at 31-Mar-23. 5. Blended multiple for the operational assets of Renewable Energy is 12.6x, while other pipeline projects are stated at cost. 6. Blended multiple for Clinics & Diagnostics is 21.0x. 45

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