Renewable Energy Business Overview

Externally valued¹ P&C INSURANCE BUSINESS L VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q 206 NMF +4.9% 10 216 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 12.0x 12.0x Equity value 30-Jun-21 Operating performance 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 LTM Net income² 18.0 17.2 0.8 17.1 0.9 Implied P/E multiple 12.0x 12.0x 11.6x 0.4x Equity value 216.4 206.4 LTM ROAE² 24.3% 24.0% 10.0 +0.3ppts 197.8 18.6 24.9% -0.6ppts 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. Adjusted for non-recurring items. GEORGIA CAPITAL D 田 64

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