FY20 Results and Strategy Overview

Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW INVESTMENT RATIONALE Electricity demand has been outpacing the supply by 5.1% over the last decade. MARKET OPPORTUNITY ELECTRICITY SUPPLY AND CONSUMPTION (TWH), 2020 Underutilized energy resources resulting in high availability of economically feasible projects. Cheap to develop - up to US$ 1.5 million for 1MW hydro and up to US$ 1.4 million for wind development on average, with 1.5x higher capacity factors compared to Europe. Fully dollarized business, as both PPAs and market sales are set is US dollars. Deficit (4 months) 1.5 VALUE CREATION POTENTIAL Opportunity to establish a renewable energy platform with up to 265MW operating capacity over the medium term and capitalize on favorable electricity market conditions. 1.0 Deficit (6 months) ■ Diversified portfolio of hydro and wind power plants with c. 40% capacity factors, all benefiting from long-term fixed price PPAs formed with the Government-backed entity. Availability of competitive funding from international capital markets for pipeline projects. High margins and EBITDA to cash-conversion rate, dollar linked cash flows. 0.5 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ■ Stable dividend provider capacity in the medium term. OWNERSHIP Following the buyout of the 34.4% minority shareholder in February 2020, Renewable energy is 100% owned by Georgia Capital. Hydro and wind TPPS Imports Consumption GEORGIA CAPITAL Electricity deficit during July-April. ■ 22% of total consumption produced by gas-fired TPPS, 13%-imported. ELECTRICITY IMPORT AND EXPORT DYNAMICS (USD million) LOW BASE AND HIGH CDD1 POINT TOWARDS 5X INCREASE IN AC PENETRATION BY 2030 40.0 23.5 20.0 475 196 56 252 248 18 493 8.2 0.0 86% ➤ Air conditioners are the most electricity-intensive conventional domestic devices and increasing -20.0 0.5 -14.0 -16.3 -17.8 -21.6 -40.0 -44.5 60% 50% penetration of ACs quickly -55.9 -60.0 -58.7 33% 35% eats away the surplus -70.5 Korea Canada France Spain Italy 14% Netherlands Georgia 13% electricity on the market in the summer months -80.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ■AC penetration Georgia Capital PLC 1. cooling degree day ● Mean CDD Source: Worldbank, Geostat, EurekAlert and etc. Electricity exports Electricity imports Deficit ■ 2020 electricity trade deficit stood at 58.7 million USD. Consumption growth forecasted at minimum 4.0% CAGR in coming 10 years. Anticipated deficit of at least 6.1 TWh by 2030. 61

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