Investor Presentaiton

Private large portfolio companies EXTERNALLY VALUED ӨӨ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) IMPLIED LTM EV/EBITDA DEVELOPMENT Change q-o-q (incl. IFRS 16) +8.7% -14.1% +6.9% +16.4% 9.1x 67 836 8.7x 769 (130) 553 (153) Increase in EV Enterprise value 31-Dec-20 Net debt inc. lease liabilities Minority interest Equity value 31-Dec-20 30-Sep-201 31-Dec-20 Enterprise value 30-Sep-201 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 30-Sep-201 Change Valuation method combination of income approach (DCF) and market approaches NMF Enterprise value 835.9 769.0 66.9 LTM EBITDA 92.4 88.1 4.2 Implied EV/EBITDA multiple 9.1x 8.7x +0.3x Net debt inc. lease liabilities (130.2) (151.6) (21.4) Equity value 705.7 617.4 88.3 Equity value of GCAP's share 552.7 475.0 77.7 Georgia Capital PLC | 1) GHG's businesses were valued first time in line with other private portfolio companies in 3Q20 following the minority buyout and delisting of GHG, valuation was performed as of 30-Jun-20. GEORGIA CAPITAL 48

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