Investor Presentaiton

Externally valued¹ P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q +6.6% IMPLIED LTM P/E MULTIPLE DEVELOPMENT 26 286 268 13.0x (6) (2) 11.8x Equity value 30-Sep-23 Operating performance Multiple change Dividends paid Equity value 31-Dec-23 VALUATION HIGHLIGHTS¹ Y-O-Y PROGRESS GEL million, unless noted otherwise 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change LTM net income² 22.0 22.7 (0.7) 21.5 0.5 Implied P/E multiple² 13.0x 11.8x 1.2x 10.6x 2.4x Equity value 285.6 267.8 17.8 228.0 57.6 LTM ROAE3 24.4% 24.5% (0.1 ppts) 29.7% (5.3 ppts) 30-Sep-23 31-Dec-23 NET DEBT TO EBITDA No No No Leverage Leverage Leverage 30-Sep-23 31-Dec-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. LTM net income and respective implied multiple are on a pre-tax basis, as per the business valuation, incorporating the impact of adoption of Estonian Taxation Model. 3. Calculated based on average equity, adjusted for preferred shares. GEORGIA CAPITAL 58

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