Investor Presentaiton

PORTFOLIO VALUE AS OF 30-JUN-21 82% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 % SHARE IN TOTAL PORTFOLIO VALUE: 18% MULTIPLE: BGEO PRICE ON LSE GBP 13.44 21% 11% 7% 18% 242 575 345 PORTFOLIO BREAKDOWN GEL 3,247 MILLION 64% 2,085 Listed ■Large Investment stage Other Georgia Capital PLC GEL MILLION 18% 17% 8% 7% 4% 7% 10.6X 9.3X LTM EV/EBITDA² LTM EV/EBITDA² 9.3X LTM EV/EBITDA³ - 12.0X 12.3X LTM P/E4 10.3X EV/EBITDA5 12.5X LTM EV/EBITDA 686 575 580 548 270 242 221 124 00 BOG Healthcare Retail Services 6 (Pharmacy)6 Water Utility 7 Insurance (P&C & Medical)6 Renewable Education Energy7 Other EXTERNALLY VALUED1 LARGE PORTFOLIO COMPANIES INVESTMENT STAGE PORTFOLIO COMPANIES GEORGIA CAPITAL 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 EV/EBITDA multiples for Healthcare services and Retail (pharmacy) are presented including IFRS 16 as of 30-Jun-21. 3. 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. 4. LTM P/E multiple of 12.0x for P&C Insurance and 12.3x for medical insurance as at 30-Jun-21. 5. Hydrolea HPPs and Qartli wind farm were valued using run-rate/ actual LTM EBITDA earnings and related EV/EBITDA multiple, while Mestiachala HPPs and other pipeline projects are stated at cost. Blended multiple is 10.3x for Hydrolea HPPs and Qartli WPP. 6. Healthcare Services, Retail (pharmacy), and Medical Insurance are owned through GHG. 7. Water Utility & Renewable Energy are owned through GGU. 46

View entire presentation