Investor Presentaiton

Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW (CONT'D) FY20 OPERATING HIGHLIGHTS REVENUE HIGHLIGHTS EBITDA GEORGIA CAPITAL Energy Total 123 119 127 135 149 163 131 44 32 53.4 million KWh 13.0 Tetri/KWh 20 9 10 -69.9% y-o-y 15.1% y-o-y Electricity sales Average electricity sales price 175.2 GWh +0.7% y-o-y Self-produced electricity consumption Water Utility 165.9 million m³ 3,473 -7.0% y-o-y Water sales -36.1% y-o-y 228.6 GWh GEL million 6 10 6 -28.2% 9 -35.0% y-o-y Electricity generation 140 143 117 110 117 125 125 27 6 1 12 39 31 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 GEL million 2014-2019: +72% 95 83 73 69 62 55 -55.5% 63 Water supply revenue Energy revenue OPERATING AND INVESTING CASH FLOW) FCF 7 17 (2) (58) New Connections (66) 125 17 4 5 5 105 SELF-PRODUCED ELECTRICITY CONSUMPTION 2014-2020: -43.3% GEL 15m -31.8% y-o-y FY20 FINANCIAL HIGHLIGHTS Dividend Payment GEL million 76 55 48 59 60 52 47 5256 35 34 32 20 15 22 17 Cash-flow used in investing activities Cash-flow from operating activities Georgia Capital PLC 1. Cash flow used in investing activities includes Capital expenditures. 2. Cash flow used in operating activities included Maintenance capex. kWh million 309 319 256 239 - 1.1% 193 174 175 41 41 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 2 59

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