OPEX Ratio Alignment & Portfolio Valuation Overview

Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS OVERVIEW Distribution Mix (GPW %) | 1H22 COMBINED RATIO Partnerships with Financial Institutions 30% MTPL Channel 3% 77.5% 73.9% 75.2% 75.4% 72.6% -0.6ppts -1.1ppts 82.1% 81.5% 80.8% 80.2% 79.6% 82.0% 80.9% Direct Sales & Brokers 41.6% 44.0% 35.6% 42.8% 35.4% 40.0% 38.2% 48.4% 49.4% 67% -------- 46.0% 49.5% 47.3% Operating Metrics 2Q22 1H22 Number of policies written 38.3% 34.7% 37.2% 35.2% 37.3% 40.6% 37.6% 32.4% 30.8% 33.6% 32.5% 33.6% 2014 2015 2016 2017 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 Expense Ratio ■Loss Ratio -Combined Ratio 16,209 (corporate) 39,128 PROFIT & DIVIDEND PAYOUT RATIO Change (y-o-y) 12.9% -10.2% Number of policies written (retail) ROAE 28% 37% 37% 48,420 83,609 38% 34% 30% 25% 25% 23% 28% 23% 26% Change (y-o-y) 30.1% 9.8% CAGR 14% Number of claims reported 5,227 8,828 Change (y-o-y) 4.0% -1.8% Renewal rate (corporate) 60.6% 64.9% (GEL million) 18 18 18 16 17 +6.5% 14 +17.8% 11 88% 7 64% 68% 61% 51% 55% 8.4 8.9 4.2 4.9 Change (y-o-y) -25.1ppts -20.3ppts Renewal rate (retail) Change (y-o-y) 71.9% +0.3ppts 71.2% -1.9ppts 2014 2015 2016 2017 2018¹ 2019 Profit 2020 20211 2Q21 2Q22 Dividend Payout Ratio 1H21 1H22 Georgia Capital PLC | General note: ROAE is calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares. 1. Adjusted for non-recurring items. GEORGIA CAPITAL 61

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