Renewable Energy Business Overview

Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW ӨӨ VALUE DEVELOPMENT OVERVIEW | 3Q21 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) Change q-o-q 38 +4.4% 916 -2.9% +3.3% +6.4% (incl. IFRS 16) 878 9.3x (135) 618 (163) 9.2x Enterprise value 30-Jun-21 Increase in EV Enterprise value 30-Sep-21 Net debt inc. financial leases Minority interest Equity value 30-Sep-21 30-Jun-21 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches1 Enterprise value 916.4 878.0 38.4 835.9 80.5 LTM EBITDA 99.6 94.4 5.2 92.4 7.2 Implied EV/EBITDA multiple 9.2x 9.3x -0.1x 9.1x 0.1x Net debt inc. lease liabilities Equity value (134.9) (138.9) 4.0 (130.2) (4.7) 781.6 739.1 42.5 705.7 75.9 Equity value of GCAP's share 617.6 580.4 37.2 552.7 64.9 Georgia Capital PLC || 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by incorporating 3Q21 results, in line with IPEV guidelines and methodology deployed in 1H21, by a third-party independent valuation firm. GEORGIA CAPITAL 58

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