Investor Presentaiton

Externally valued¹ HOSPITALS BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q 653 10 10 +1.5% +8.3% 0.0% -1.4% 663 427 (204) (32) Enterprise value 31-Dec-22 Net increase in EV Enterprise value 31-Mar-23 Net debt inc. Lease liabilities Minority interest Equity value 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change Enterprise value 662.8 653.3 9.5 LTM EBITDA 51.9 53.6 (1.7) Implied EV/EBITDA multiple 12.8x 12.2x 0.6x Net debt incl. lease liabilities (203.7) (188.1) (15.6) Equity value of GCAP's share 427.1 433.2 (6.1) IMPLIED LTM EV/EBITDA DEVELOPMENT (incl. IFRS 16) 12.8x 12.2x 31-Dec-22 31-Mar-23 NET DEBT TO EBITDA 3.8x 3.4x <2.0x 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. GEORGIA CAPITAL COM 300 57 44

View entire presentation