Portfolio Overview & Capital Allocation

Private large portfolio companies EXTERNALLY VALUED P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) Change q-o-q NMF NMF NMF +40.8% 141 6 Equity value 30-Sep-20 56 198 (5) IMPLIED LTM P/E MULTIPLE DEVELOPMENT 11.6x 8.3x Operating performance Multiple change and FX Dividends Equity value 31-Dec-20 30-Sep-20 31-Dec-20 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 30-Sep-20 Change 31-Dec-19 Change DCF & Valuation method Multiples² NMF Multiples² NMF Multiples1 LTM Net income³ 17.1 16.9 0.2 18.3 (1.2) Implied P/E multiple 11.6x 8.3x +3.3x 9.0x +2.6x Equity value 197.8 140.5 57.3 164.9 32.9 LTM ROAE 24.8% 25.4% -0.6ppts 30.4% -5.6ppts Georgia Capital PLC | 1) P&C Insurance business was valued externally for the first time in 4Q20. The valuation method used was combination of income approach (DCF) and market approaches. 2) P&C Insurance was valued internally in 3Q20 and FY19. The valuation method used was market approach (multiples), cross checked with income approach (DCF). 3) Adjusted for non-recurring items. GEORGIA CAPITAL D 田 44 57

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