Investor Presentaiton

Externally valued¹ WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q +4.5% -5.6% +13.0% 45 1,012 1,057 620 (437) IMPLIED LTM EV/EBITDA MULTIPLE DEVELOPMENT 9.3x 9.0x Enterprise value Increase in EV 30-Jun-21 Enterprise value 30-Sep-21 Net debt inc. Lease liabilities 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 1,057.0 1,011.5 45.5 930.9 126.1 LTM EBITDA 117.4² 108.23 9.2 98.74 18.7 Implied EV/EBITDA multiple Net debt 9.0x 9.3x -0.3x 9.4x -0.4x (437.3) (463.3) 26.0 (459.7) 22.4 Equity value 619.7 548.2 71.5 471.1 148.6 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 at the end of 2020, by a third-party independent valuation firm. 2. LTM Adjusted EBITDA as at 30-Sep-21 combines Water Utility's actual performance in 9M21 and the retrospective application of new tariffs on the 4Q20 numbers. 3. LTM adjusted EBITDA as at 30-Jun-20, reflects the retrospective application of new tariffs on 2H20 performance. 4. LTM adjusted EBITDA as at 31-Dec-20, reflects the retrospective application of new tariffs on 2020 performance. GEORGIA CAPITAL 67 67

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