Renewable Energy Business Overview

GEL millions Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) PERFORMANCE HIGHLIGHTS RENEWABLE ENERGY PROJECTS OVERVIEW | 30 September 2021 GEORGIA CAPITAL Generation (GWh) 55.8 52.4 12.6 11.4 23.2 19.1 81.5 93.8 39.0 55.8 69.8 62.3 Commissioned projects Installed capacity (MWs) Actual/ Target capacity factor commissioning (P50) Gross PPA expiration PPA tariff, Us¢/KWh -4.8% -8.9% -18.4% +11.2% +45.3% -6.2%, Mestiachala HPPS 50.0 1H19 14.1 Hydrolea HPPS 20.4 2H19 7.8 7.5 13.2 12.1 10.9 Qartli Wind Farm 20.7 2H19 40.2% 65-70% 47.3% 1H34 5.5 1H22-2H28 5.5-5.6 2H29 6.5 4.7 3.9 8.0 5.5 Pipeline projects Zoti HPP 46.0 TBD 43.0% TDB 5.1 1.7 1.6 Darchi HPP 17.5 1H23 55%-60% 1H33 5.5 Tbilisi Wind Farm 54.0 TBD 37%-40% TBD TBD Mestiachala HPPS Hydrolea HPPS Qartli WPP 3Q21 revenue Mestiachala HPPS Hydrolea HPPS Qartli WPP 9M20 revenue 9M21 revenue Kaspi Wind Farm 54.0 TBD 37%-40% TBD TBD Total 262.6 3Q20 revenue Note 1: 2021 revenue of Hydrolea HPPs excludes business interruption (BI) accrual (GEL 0.6m in 3Q21 and 9M21) Note 2: Mestiachala HPPS - Mestiachala HPPs were flooded and taken offline in late July 2019. Following the rehabilitation, 30 MW generation unit was recommissioned in December 2019, while the restoration process is on-going on the 20MW HPP. FINANCIAL HIGHLIGHTS Note 1: In case of Qartli Wind Farm and Hydrolea HPPs, commissioning date shows the acquisition date of the power plants by Georgia Capital. Note 2: PPA terms for Tbilisi and Kaspi WPPs are under the discussion with the Government of Georgia. EBITDA (GEL million) Change (y-o-y) EBITDA margin Change (y-o-y) 3Q21 10.8 -19.1% 9M21 3Q21 9M21 25.7 -6.5% Cash flow from operations (GEL million) Change (y-o-y) 10.4 20.4 -8.0% -29.8% 80.4% 75.8% Average market sales price (Us¢/kWh) 4.1 3.5 -3.4ppts -3.Oppts Change (y-o-y) +3.2% -7.4% Dividend payment (GEL million) 5.0 14.5 69 69 Change (y-o-y) NMF NMF

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