Investment and Growth Strategy

NCC RATIO DEVELOPMENT OVERVIEW NCC RATIO DOWN BY 1.4 PPTS TO 19.7% IN 1Q23 NCC AND NCC RATIO DEVELOPMENT OVERVIEW¹ 385.8 365.9 345.7 Subsequent to 1Q23, we have received an additional GEL 26.3 million from participating in the BoG's buybacks with 295,000 BoG shares sold. This coupled with GCAP's share buybacks and movements in BoG's share price and foreign exchange rates, led to a further reduction in the NCC ratio to 19.1%. In light of a worldwide rising interest rate environment, we are targeting to reduce the balance of "net debt and guarantees issued" close to zero over the short to medium term 42.5% 39.8% 31-Dec-19 31-Dec-20 NCC ratio 31.9% 31-Dec-21 250.1 251.2 254.4 GEORGIA CAPITAL ~191.42 21.1% 19.7% 19.1% 15.0% 31-Dec-22 -Net Capital Commitment (US$ million) Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our real estate and beverages businesses into equity. 2. Assuming the application of the 15% NCC ratio target to the total portfolio value as at 31 March 2023. 31-Mar-23 Pro-forma 31-Mar-23 OVER THE CYCLE TARGET 17

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