Investor Presentaiton

Renewable energy business financial highlights Income statement Statement of cash flow GEORGIA CAPITAL Balance sheet GEL thousands, unless otherwise noted FY19 FY18 Change GEL thousands, unless otherwise noted FY19 FY18 Change GEL thousands, unless otherwise noted Dec-19 Dec-18 Change Revenue from electricity sales 6,124 NMF Other revenue 10,047 Cash receipt from customers NMF Cash paid to suppliers 6,478 NMF Total current assets 89,065 11,895 NMF Total Revenue 16,171 NMF Cash paid to employees Salaries and benefits (582) (302) 91.9% Interest received (645) 244 (2,384) (630) NMF (209) 143 Property, plant and equipment 340,035 114,645 NMF NMF 70.6% Other non-current assets 12,384 42,764 -71.0% Electricity and transmission costs (108) NMF Taxes paid (909) NMF Total non-current assets Total assets 352,419 157,409 NMF Other operating expenses (2,391) (467) NMF Cash flow from operating activities Total Operating Expenses (3,081) (769) NMF Purchase of PPE and intangible assets EBITDA 13,090 (769) NMF VAT return EBIT 9,726 (1,121) NMF Loans issued Net interest expense (7,594) 129 NMF Acquisition of subsidiaries 2,784 (696) (32,908) (68,258) 3,521 5,963 (124) (88,015) NMF -51.8% -41.0% NMF NMF Total current liabilities Long term borrowings Other non-current liabilities Total non-current liabilities Total liabilities 441,484 169,304 31,562 NMF 6,658 NMF 258,250 66,458 NMF 2,175 2,029 7.2% 260,425 68,487 NMF 291,987 75,145 NMF Non-recurring expenses (807) 577 NMF Total cash flow used in investing activities (117,526) (62,295) 88.7% Total equity attributable to shareholders of the Group 113,000 61,203 84.6% Foreign exchange (losses) gains 2,305 (401) NMF Proceeds from borrowings 171,767 55,495 NMF Non-controlling interest Profit before income tax 3,630 (816) NMF Repayment of borrowings (74,382) NMF Total equity 36,497 32,956 149,497 94,159 10.7% 58.8% Net Profit 3,630 (816) NMF Interest paid (3,646) NMF Total liabilities and equity 441,484 169,304 NMF Attributable to: Capital increase 46,466 7,733 NMF - shareholders of the Group 2,815 (530) NMF Total cash flow used in financing activities 140,205 63,228 NMF - non-controlling interests 815 (286) NMF Exchange (losses)/gains on cash equivalents Total cash inflow/(outflow) 1,403 26,866 (147) NMF 90 NMF Cash, beginning balance 8,388 8,298 1.1% Cash, ending balance 35,254 8,388 NMF Page 90

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