Investment and Growth Strategy

Externally valued¹ 29 CLINICS & DIAGNOSTICS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +0.5% +5.9% -4.6% -2.4% 181 180 IMPLIED LTM EV/EBITDA DEVELOPMENT² (incl. IFRS 16) 21.0x 16.5x 110 (68) (3) Enterprise value 31-Dec-22 Net decrease in EV Enterprise value 31-Mar-23 Net debt inc. Lease liabilities Minority interest Equity value 31-Mar-23 VALUATION HIGHLIGHTS¹ 31-Dec-22 NET DEBT TO EBITDA GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change 7.4x Enterprise value 180.8 179.9 0.9 5.3x LTM EBITDA 8.6 10.9 (2.3) Implied EV/EBITDA multiple 21.0x 16.5x 4.5x Net debt incl. lease liabilities (67.5) (63.8) (3.7) Equity value of GCAP's share 109.5 112.2 (2.7) 31-Mar-23 < 2.0x 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 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 forward-looking implied valuation multiple is estimated at 9.8x. GEORGIA CAPITAL 73

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