Investor Presentaiton

PORTFOLIO VALUE AS OF 30-SEP-21 83% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 % SHARE IN TOTAL PORTFOLIO VALUE: 18% MULTIPLE: BGEO PRICE ON LSE GBP 15.54 21% 18% 18% 10% 7% 18% 246 642 337 PORTFOLIO BREAKDOWN GEL 3,469 MILLION 65% 2,245 Listed ■Large Investment stage Other GEL MILLION 8% 6% 4% 7% 10.5X LTM EV/EBITDA² 9.0X LTM EV/EBITDA³ 9.2X LTM EV/EBITDA² 12.0X 12.3X LTM P/E4 10.3X EV/EBITDA5 12.5X LTM EV/EBITDA 724 642 620 618 00 284 246 209 127 BOG Healthcare Services 6 Water Utility 7 Retail (Pharmacy) Insurance 6 (P&C & Medical) 6 Renewable Energy Education Other 7 EXTERNALLY VALUED¹ (ON A SEMI-ANNUAL BASIS) LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES GEORGIA CAPITAL Georgia Capital PLC 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by incorporating 3Q21 results, in line with "IPEV" guidelines and methodology deployed in 1H21 by an independent valuation company 2. LTM EV/EBITDA multiples for Healthcare services and Retail (pharmacy) are presented including IFRS 16 as of 30-Sep-21. 3. LTM Adjusted EBITDA as at 30-Sep-21 combines Water Utility's actual performance in 9M21 and the retrospective application of new tariffs on the 4Q20 numbers. 4. LTM P/E multiple of 12.0x for P&C Insurance and 12.3x for medical insurance as at 30-Sep-21. 5. 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 10.3x for Hydrolea HPPs and Qartli WPP. 6. Healthcare Services, Retail (pharmacy), and Medical Insurance are owned through GHG. 7. Water Utility & Renewable Energy are owned through GGU. 47

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