Investor Presentaiton

Private large portfolio companies EXTERNALLY VALUED MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) Change q-o-q +12.9% NMF +45.8% 5 40 45 45 20 65 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 10.1x 8.0x Enterprise value 30-Sep-201 Increase in EV Enterprise value 31-Dec-20 Excess cash Equity value 31-Dec-20 30-Sep-201 31-Dec-20 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 30-Sep-201 Change Valuation method combination of income approach (DCF) and market approaches NMF LTM Net income 6.4 5.6 0.8 Implied P/E multiple 10.1x 8.0x +2.1x Equity value 64.9 44.5 20.4 LTM ROAE 21.5% 20.5% +1.0ppts Georgia Capital PLC | 1) GHG's businesses were valued first time in line with other private portfolio companies in 3Q20 following the minority buyout and delisting of GHG, Valuation was performed as of 30-Jun-20. GEORGIA CAPITAL 51

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