Renewable Energy Business Overview

Externally valued¹ HEALTHCARE SERVICES BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q +4.5% +2.1% NMF +5.6% 43 1,007 964 724 (246) (37) IMPLIED LTM EV/EBITDA² DEVELOPMENT (incl. IFRS 16) 10.6x 10.5x Enterprise value 30-Jun-21 Increase in EV Enterprise value 30-Sep-21 Net debt inc. Lease liabilities Minority interest Equity value 30-Sep-21 30-Jun-21 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ Enterprise value 1,007.1 964.0 43.1 836.9 170.2 LTM EBITDA² 95.9 90.7 5.2 63.6 32.3 Implied EV/EBITDA multiple 10.5× 10.6x -0.1x 13.2x -2.7x Net debt incl. lease liabilities Equity value (245.6) (240.6) (5.0) (230.1) (15.5) 761.6 723.4 38.2 606.8 154.8 Equity value of GCAP's share 724.0 685.8 38.2 571.7 152.3 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 a third-party independent valuation firm. 2. LTM EBITDAS are presented excluding HTMC. GEORGIA CAPITAL Agu. Sap. Oct. Nov. Dec. LVL 416 пле 士 SLP aVF 55

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