Investor Presentaiton

Water utility COVID-19 impact - electricity sales Electricity prices demonstrate resilience towards COVID-19 outbreak 1. Balancing prices showing y-o-y uptrend in 2020 2. Increasing electricity sales price offset by low generation levels USD/MWh 56 50 50 50 43 50 33 51 51 42 48 26 25 49 50 46 46 51 555 50 48 Revenue (GEL'm) 7 GWh 15 5 26 30 35 31 284 233 19 225 180 132 160 110 45 9M20 -134 19M20 normalized -134 January February March April May June July August September 9M18 9M19 -133 -150 -0-2020 prices -2019 prices ■Zhinvali HPP generation Other HPPS generation Own consumption Sold electricity Key Highlights 3. 2.5 Balancing price represents a weighted average price of imported electricity and PPAS 2.0 Despite a 6.5% y-o-y decrease in 9M20 electricity demand, balancing price increased by 7.2% y-o-y during this period 9M20 water inflows to Zhinvali HPP were 37.2% lower than historic average inflows of past 30-year period 1.5 10 1.0 0.5 2020 water inflows to Zhinvali reservoir - the lowest in 30 years 1.5 bn m³ 0.9 bn m³ 0.0 1990 1995 2000 Water inflow, bn m3 2005 Historical average 2010 2015 2020 2020 water inflow

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