Investment and Growth Strategy

RECENT DEVELOPMENTS KEY ACTIVITIES IN 1Q23 01 ROBUST OPERATIONAL AND FINANCIAL PERFORMANCE IN 1Q23 02 TRANSFER TO LSE STANDARD LISTING 03 SALE OF HOSPITALITY BUSINESS ASSETS 04 EXPANSION OF THE EDUCATION BUSINESS 05 SHARE BUYBACKS GEORGIA CAPITAL NAV per share (GEL) up 3.3% (up 6.4% in GBP terms), reflecting strong value creation across our portfolio companies. NCC ratio down by 1.4 ppts to 19.7%, resulting from the continued growth in the portfolio value and decrease in the guarantees issued. Successful completion of the transfer to LSE Standard Listing, which is anticipated to: • Provide flexibility to dispose the assets; Simplify the procedures to execute meaningful buybacks; ■ Reduce costs. Sale of two operational hotels and a vacant land plot in Tbilisi for a total consideration of US$ 28 million. ➤Net debt of the hospitality business down to US$ 11.1 million at 31-Mar-23. ➤ Aggregated net debt to EBITDA of our private businesses down to 3.0x at 31-Mar-23 from 3.3x at 31-Dec-22. ➤In April 2023, the business signed an SPA to sell another under-construction hotel for US$ 8.4 million. The transaction is expected to close by the end of 2Q23. ➤In 1Q23, GCAP expanded its K-12 education business through two investment projects: (1) Acquisition of a new campus in the affordable segment, leading to the expansion of the total built capacity from 5,670 learners to 6,870 learners. (2) Acquisition of a land plot adjacent to the operational campuses of our premium and international schools, increasing the total secured pipeline capacity for 2025 by 350 learners, from 2,410 learners to 2,760 learners. • Launch of the US$ 10 million share buyback and cancellation programme in April 2023. • 665,921 shares (1.5% of issued capital) repurchased to date under the buyback programme as of 5-May-23. 31

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