Investor Presentaiton

Externally valued¹ P&C INSURANCE BUSINESS L VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 IMPLIED LTM P/E (GEL MILLION) MULTIPLE DEVELOPMENT Change q-o-q NMF NMF NMF +0.85% 11 205 206 12.0x 11.4x (5) (5) Equity value 31-Mar-21 Operating performance Multiple change and FX Dividends Equity value 30-Jun-21 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ LTM Net income² 17.2 17.9 (0.7) 17.1 0.1 Implied P/E multiple 12.0x 11.4x 0.6x 11.6x 0.4x Equity value 206.4 204.6 1.8 197.8 8.6 LTM ROAE² 24.0% 25.5% -1.5ppts 24.9% -0.9ppts Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 2Q21, our private large portfolio companies were valued externally as of 30-Jun-21 by a third-party independent valuation firm. 2. Adjusted for non-recurring items. GEORGIA CAPITAL D 田 63

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