3Q23 & 9M23 Performance Overview

Externally valued¹ P&C INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q -3.3% 277 (49) IMPLIED LTM P/E MULTIPLE DEVELOPMENT 39 268 11.8x 10.1x Equity value 30-Jun-23 Operating performance Multiple change Equity value 30-Sep-23 30-Jun-23 30-Sep-23 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change No No No Leverage Leverage Leverage LTM net income² 22.7 27.5 (4.8) 21.5 1.2 Implied P/E multiple² 11.8x 10.1x 1.7x 10.6x 1.2x Equity value 267.8 277.0 (9.1) 228.0 39.8 LTM ROAE3 24.5% 30.3% (9.4ppts) 29.7% (20.3ppts) 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. 30-Jun-23 and 30-Sep-23 LTM Net incomes and respective implied multiples are on a pre- tax basis, due to the business valuation as of 30-Jun-23 and 30-Sep-23, incorporating impact of the forthcoming adoption of the Estonian Taxation Model. 3. Calculated based on average equity, adjusted for preferred shares. GEORGIA CAPITAL 19 61

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