Investor Presentaiton

Externally valued¹ WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q +6.7% -5.6% +20.0% 64 1,012 948 548 (464) IMPLIED LTM EV/EBITDA MULTIPLE DEVELOPMENT 9.6x 9.3x Enterprise value 31-Mar-21 30-Jun-21 Increase in EV 31-Mar-21 Enterprise value 30-Jun-21 Net debt inc. Lease liabilities Equity value 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches1 Enterprise value 1,011.5 947.7 63.8 930.9 80.6 LTM EBITDA 108.2² 98.73 9.5 98.74 9.5 Implied EV/EBITDA multiple 9.3x 9.6x -0.3x 9.4x -0.1x Net debt (463.3) (490.8) 27.5 Equity value 548.2 456.9 91.3 (459.7) 471.1 (3.6) 77.1 Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. Our private large portfolio companies were valued externally as of 30-Jun-21 by a third-party independent valuation firm. 2. LTM Adjusted EBITDA as at 30-Jun-21 combines Water Utility's actual performance in 1H21 and the retrospective application of new tariffs on the 2H20 numbers. 3. 31-Dec-20 LTM adjusted EBITDA was used for the valuation purposes in 1Q21, as the impact of new tariffs was already embedded in the year-end 2020 assessment. 4. LTM adjusted EBITDA as at 31-Dec-20, reflects the retrospective application of new tariffs on 2020 performance. GEORGIA CAPITAL 66 99

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