FY20 Results and Strategy Overview

Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) FY20 PERFORMANCE RENEWABLE ENERGY PROJECTS OVERVIEW | 31 DECEMBER 2020 EBITDA margin 79.4% 70.6% 78.1% GEORGIA CAPITAL Commissioned projects Installed capacity (MWs) Actual/ Target commissioning Gross capacity factor PPA expiration PPA tariff, Us¢/KWh 90.8 90.5 GEL thousands 4,251 Mestiachala HPPS Hydrolea HPPS 50.0 1H19 39.8% 1H34 5.5 20.4 2H19 59.1% 1H22-2H28 5.5-5.6 Qartli Wind Farm 20.7 2H19 47.2% 2H29 6.5 47.9 18,549 Pipeline projects 12,560 Zoti HPP 46.0 2H23 43.0% 2H38 5.1 7,149 Darchi HPP 17.5 1H23 55%-60% 1H33 5.5 Tbilisi Wind Farm 54.0 2H23 Hydrolea HPPS Revenue Qartli WPP -Generation (Gwh) Kaspi Wind Farm Total Mestiachala HPPS Bl reimbursement Note 1: Mestiachala HPPS - The first phase (30MW) was launched on 8 April 2019, followed by the second phase (20MW) on 4 June 2019. 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. 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. 54.0 2H23 37%-40% 37%-40% 2H38 N/A1 2H38 N/A¹ 262.6 FY20 FINANCIAL HIGHLIGHTS GEL 32.0m +2.4xy-o-y EBITDA 75.2% -5.0ppts y-o-y GEL 40.2 NMF 3.8 USC/Kwh GEL 4.9m +34.5% y-o-y Dividend payment EBITDA margin Cash flow from operations Average market sales price 62

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