Investor Presentaiton

Private large portfolio companies EXTERNALLY VALUED GEORGIA CAPITAL GHG AT A GLANCE A well diversified business model with cost and synergy advantages Georgia Healthcare Group - The only fully integrated healthcare provider in the region with solidified digital channels Community Healthcare Services Clinics & Polyclinics Referral Hospitals Healthcare Services 闰 Diagnostics (+ Retail Pharmacy Medical Insurance Extensive geographic coverage - diversified healthcare services and pharmacy network covering 3/4 of Georgia's population INVESTMENT RATIONALE • • Very low base: healthcare services spending per capita only US$ 308 (EU average is US$ 3,211). Growing market: healthcare spending growth estimated at 8% 2020-2021. Compromises of three businesses: Healthcare Services, Retail (pharmacy) and Medical Insurance | Market leader in each operating segment Advanced technology and IT infrastructure solidified Group's further growth opportunities on integrated level VALUE CREATION POTENTIAL • • • The single largest integrated company in the Georgian healthcare ecosystem, with a cost advantage due to the scale of operations. High-growth potential driven by opportunity to develop medical tourism, pick-up in polyclinics - outpatient market, the provision of beauty, dental, aesthetics and laboratory diagnostics. Well positioned to take advantage of the expected long-term macroeconomic and structural growth drivers. ROIC enhancement and substantially increased free cash flow generation following the completion of a significant three-year investment programme in 2018. GHG Group's medium to long term strategic targets Boosted operational Significantly improved cash flow Organic growth + New projects in pipeline Double digit revenue CAGR next 5 years Mid-teen EBITDA CAGR next 5 years + Gradually approaching c.15%-17% ROIC Disciplined capital allocation strategy OWNERSHIP Georgia Capital owns 100% in GHG at 30 September 2021. Our holding in GHG increased from 70.6% at 31 December 2019 following the completion of a recommended share exchange offer. Further details of the transaction are available at the following link: Offer for GHG | Georgia Capital 51

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