Investor Presentaiton

Private large portfolio companies EXTERNALLY VALUED GHG'S TRACK RECORD OF DELIVERING STRONG RESULTS REVENUE, GROSS (GEL MILLION) 426.4 246.0 CAGR 31.7% 747.8 975.4 920.3 849.9 EBITDA1 (GEL MILLION) CAGR 20.0% +14.6% 285.8 132.3 145.2 139.4 249.3 108.1 78.0 56.1 OPERATING CASH FLOW1 (GEL MILLION) GEORGIA CAPITAL EBITDA to cash conversion ratio²: 81% 54% 54% 75% 84% 112% 168% 68% CAGR 28.1% -57.3% +5.9% 156.5 121.2 99.6 58.2 40.8 43.2 45.4 42.4 68.6 29.3 2015 2016 2017 2018 2019 2020 4Q19 4Q20 2015 2016 2017 2018 2019 2020 4Q19 4Q20 CAPEX (GEL MILLION) Peak Capex stage Phase out from 2015 2016 2017 2018 2019 2020 4Q19 4Q20 ROIC (%) Pursuing value creation and delivering strong operational performance Start of the Capex programme Capex programme 111.0 9.4 89.3 71.2 9.6 -7.1% 17.1% 14.4% 15% 12.7% 13.1% 10.8% 11.0% 9.6% 10% 63.7 40.7 79.7 7.2 101.6 11.1 39.7 30.3 4.2 36.5 64.0 52.6 11.9 10.0 10.7 9.9 5% 2.3 3.1 27.8 20.3 8.4 6.8 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 0% 2016 2017 2018 2019 2020 4Q19 Development Capex I Maintenance Capex 4Q20 Total 42 Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1. Excluding IFRS16 impact

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