OPEX Ratio Alignment & Portfolio Valuation Overview

Private large portfolio companies EXTERNALLY VALUED HOSPITALS BUSINESS OVERVIEW (CONT'D) Bed occupancy rate CASH FLOW HIGHLIGHTS¹ 2Q22 1H22 Average length of stay 5.4 5.2 5.6 5.7 5.4 5.1 5.6 5.4 Operating cash flow GEL 4.0m GEL 14.6m -8.3ppts -2.1ppts Change y-o-y -72.9% -22.3% EBITDA to cash conversion 29.9% 51.2% 65.3% 66.2% 54.7% 56.4% 53.1% 62.0% 57.9% 59.9% Change y-o-y -43.7ppts +3.0ppts Free cash flow GEL 5.6m GEL 14.2m -31.3% NMF Change y-o-y 16 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 GROSS REVENUE EBITDA1 Number of referral hospitals Gross profit margin (%) EBITDA margin (%) 1 41% 42% 38% 38% 40% 36% 41% 36% 26% 26% 22% 23% 25% 18% 25% 19% 2,524 Number of referral hospital beds KGEL 118.8 Revenue per referral bed 72 Emergency cars In Tbilisi and regions GEL million -10.1% -0.7% 268.3 248.5 322.4 232.3 153.1 152.0 81.9 73.6 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 Georgia Capital PLC | General note: 2019 and 2020 numbers are adjusted to exclude HTMC hospital, sold in August 2020. 1.Excluding IFRS 16 impact. GEL million GEORGIA CAPITAL -33.3% -26.8% 70.0 74.2 65.6 50.7 39.0 28.5 20.2 13.5 2018 2019 2020 2021 2Q21 2Q22 1H21 1H22 57

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