Investor Presentaiton

Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW ӨӨ VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q +5.4% -1.4% +1.5% +8.4% 45 878 833 Enterprise value 31-Mar-21 (139) 580 (159) IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) 9.5x 9.3x Increase in EV Enterprise value 30-Jun-21 Net debt inc. financial leases Minority interest Equity value 30-Jun-21 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted 30-Jun-21 31-Mar-21 Change 31-Dec-20 Change otherwise Valuation method Combination of income approach (DCF) and market approaches¹ Enterprise value 878.0 832.9 45.1 835.9 42.1 LTM EBITDA 94.4 87.7 6.7 92.4 2.0 Implied EV/EBITDA multiple 9.3x 9.5x -0.2x 9.1x 0.3x Net debt inc. lease liabilities (138.9) (140.9) 2.0 (130.2) (8.7) Equity value 739.1 692.0 47.1 705.7 33.4 Equity value of GCAP's share 580.4 535.6 44.8 552.7 27.7 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. GEORGIA CAPITAL 57

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