Georgia Capital 3Q23 & 9M23 Performance Overview

FREE CASH FLOW DEVELOPMENT SIGNIFICANT INCREASE IN FREE CASH FLOW, REFLECTING ROBUST DIVIDEND INFLOWS, WELL-MANAGED OPERATING EXPENSES, AND REDUCED INTEREST EXPENSE IN LINE WITH OUR DELEVERAGING PROGRESS GCAP's FREE CASH FLOW DEVELOPMENT (US$ MILLION) Free cash flow is determined by subtracting interest and operating expenses from dividend and interest income. 17 14 GEORGIA CAPITAL 31 11 4Q23 Estimate 21 9M23 Actual 11 1 (10) 2018 2019 2020 2021 2022 2023 ➤ The 2023 free cash flow excludes US$ 22 million one-off dividends and US$ 17 million buyback dividend from the participation in BoG's 9M23 buybacks. 35

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