Investment and Growth Strategy

Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +3.9% -0.9% +8.0% 16 434 418 243 (191) Enterprise value 31-Dec-22 Net increase in EV Enterprise value 31-Mar-23 Net debt Equity value 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change Enterprise value 434.2 417.9 16.3 EBITDA³ 30.9 32.9 (2.0) Implied EV/EBITDA multiple 12.6x 11.4x 1.2x Investments at cost (EV)2 46.4 40.7 5.7 Net debt (191.1) (192.9) 1.8 Equity value 243.0 225.0 18.0 EQUITY FAIR VALUE COMPOSITION AT 31-MAR-23 (GEL MILLION) GEORGIA CAPITAL 51 Total value 243 192 ■Operational assets Pipeline projects NET DEBT TO EBITDA 6.4x4 6.8x4 <6.0x 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. Investments at cost include the pipeline projects. 3. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 4. Ratio is calculated in US$ terms. 86

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