Investor Presentaiton

PORTFOLIO VALUE AS OF 31-DEC-20 % SHARE IN TOTAL PORTFOLIO VALUE: 18% MULTIPLE: 82% OF OUR PORTFOLIO IS VALUED EXTERNALLY BGEO PRICE ON LSE 11% 7% 18% 215 532 303 PORTFOLIO BREAKDOWN GEL 2,908 MILLION 1,858 Listed ■Large Georgia Capital PLC 64% Investment stage ■Other GEL MILLION 20% 19% 16% 9% 8% 3% 7% 13.2X LTM EV/EBITDA1 9.1X LTM EV/EBITDA1 9.4X LTM EV/EBITDA4 - 11.6X 10.1X LTM P/E² 9.7X EV/EBITDA³ 12.5X LTM EV/EBITDA 572 553 532 471 263 210 93 215 00 BOG Healthcare Services5 Retail (Pharmacy)5 Water Utility 6 Insurance (P&C & Medical)5 Renewable Energy 6 Education Other Externally valued INVESTMENT STAGE LARGE PORTFOLIO COMPANIES PORTFOLIO COMPANIES GEORGIA CAPITAL 1) LTM EV/EBITDA multiples for Healthcare services and Retail (pharmacy) are presented including IFRS 16 as of 31-Dec-20. 2) LTM P/E multiple of 11.6x for P&C Insurance at 31-Dec-20 and 10.1x for medical insurance at 31-Dec-20. 3) Hydrolea HPPs and Qartli wind farm were valued using run-rate/ actual LTM EBITDA earnings and related EV/EBITDA multiple, while Mestiachala HPPs and other pipeline projects are stated at cost. Blended multiple is 9.7x for Hydrolea HPPs and Qartli WPP. 4)) LTM EBITDA (used in valuation) for Water Utility reflects new tariffs, announced in 2020. If normalised for a) abnormally low generation levels in 2020 in Zhinvali reservoir and b) low volume sales due to COVID-19 (reimbursed under the tariff-setting methodology), the multiple would be 8.5x. 5) Healthcare Services, Retail (pharmacy), and Medical Insurance are owned through GHG. 6) Water Utility & Renewable Energy are owned through GGU. 37

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