Investor Presentaiton

Private late stage portfolio Water utility business overview (cont'd) Valuation highlights | 31 March 2020 Financial metrics (GEL millions) GEORGIA CAPITAL 2015 2016 2017 2018 2019 1Q19 1Q20 Change 31-Mar-20 31-Dec-19 GEL millions, unless otherwise noted Change Total revenue 119 127 135 149 163 33.2 31.2 -6.1% LTM EBITDA 951 95 NMF Of which, utility revenue 105 109 119 132 133 1 28.9 29.0 0.4% Of which, energy revenue 9 10 10 9 201 2.4 0.5 -80.7% Multiple applied 8.5 8.8 -3.4% Enterprise value 808 837 -3.4% Of which, other revenue Cash flow from operations FCF 5 8 6 8 101 2.0 1.7 -12.5% 52 54 70 82 99 1 19.9 17 (2) Net debt (376) (58) (66) 17 5.6 23.5 5.8 18.1% 3.6% (353) 6.6% Equity fair value 432 484 -10.7% Selected operating metrics millions except # of connections 1Q19 1Q20 Change LTM ROIC² 11.8% 12.5% -0.7ppts Water Utility Water sales (m³) 42.0 41.2 -1.8% Valuation peer group Self-produced electricity consumption (kwh) 41.7 41.9 0.5% New connections 1,140 867 -23.9% Company Aguas Andinas Country Chile EASTW³ Tallinna Vesi Thailand Estonia Ticker AGUAS-A EASTW TVEAT Stock Exchange Sant Comerc Energy Electricity generation (kwh) 63.2 55.5 -12.1% Thailand Tallinn Energy sales (kwh) 21.5 13.7 -36.5% Electricity purchases (kwh) 9.3 9.2 -1.1% Performance track record GEL millions EBITDA 2014-2019 +72.0% 95 83 55 62 69 73 -10.9% CAPEX 49 54 35 17 15 171 137 2014 2015 2016 2017 2018 2019 1Q19 1Q20 (1) FY19 EBITDA used for valuation at 31-Mar-20. (2) (3) ROIC is calculated as EBITDA less depreciation, divided by aggregate amount of total equity and borrowed funds. Eastern Water Resources Dev. & Man. 99 +11.8% 17 19 Self-produced electricity consumption 2014-2019 -43.6% 309 319 256 239 193 174 +0.5% 42 42 2014 2015 2016 2017 2018 2019 1Q19 1Q20 2014 2015 2016 2017 2018 2019 1Q19 1Q20 Page 42

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