Investment and Growth Strategy

Externally valued¹ P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +1.9% 9 232 228 (5) Equity value 31-Dec-22 Operating performance Multiple change Equity value 31-Mar-23 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 10.6x 10.4x 31-Dec-22 31-Mar-23 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change No No No Leverage Leverage Leverage LTM Net income² 22.3 21.5 0.8 Implied P/E multiple 10.4x 10.6x (0.2x) Equity value LTM ROAE3 232.3 228.0 4.3 30.0% 29.6% +0.4ppts 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. Adjusted for non-recurring items. 3. Calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares. GEORGIA CAPITAL 61 19

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