FY20 Results and Strategy Overview

Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS VALUATION OVERVIEW IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) Change q-o-q 848 68 -1.3% 837 -25.9% -44.6% +20.7% (79) 12.2x 572 (230) (35) 13.2x Enterprise value 30-Sep-201 HTMC disposal Increase in EV Enterprise value 31-Dec-20 Net debt inc. Lease liabilities Minority interest Equity value 31-Dec-20 30-Sep-201 31-Dec-20² 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 Enterprise value 836.9 848.0 (11.1) LTM EBITDA 63.62 69.3 (5.7) Implied EV/EBITDA multiple 13.2x 12.2x +1.0x Net debt incl. lease liabilities (230.1) (310.6) (80.5) Equity value 606.8 537.0 69.8 Equity value of GCAP's share 571.7 473.5 98.2 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. 2) LTM EBITDA at 31-Dec-20 is presented excluding HTMC. GEORGIA CAPITAL Agu. Sap. Oct. Nov. Dec. пле 士 90317 SLP aVF 48

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