1Q23 Performance Overview

Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +9.3% +13.0% +10.4% 37 40 3 40 40 17 57 Enterprise value 31-Dec-22 Increase in EV Enterprise value 31-Mar-23 Excess cash Equity value 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change LTM Net income³ 4.6 3.5 1.1 Implied P/E multiple² 8.8x 10.6x (1.8x) Equity value LTM ROAE² 57.3 51.9 5.4 13.0% 10.2% 2.8ppts IMPLIED LTM P/E MULTIPLE DEVELOPMENT² 10.6x 31-Dec-22 NET DEBT TO EBITDA 8.8x 31-Mar-23 No No No Leverage Leverage Leverage 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 the excess cash. 3. Adjusted for non-recurring items. GEORGIA CAPITAL 89

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