GGU Energy and Water Utilities Investment Overview

- GGU water sales Overview Water is sourced from Zhinvali reservoir (90%) and Mukhrani/Natakhtari (10%) aquifer to feed the cities of Tbilisi, Rustavi and Mtskheta Customer pool includes both legal entities and households: • Legal entities metered clients. Water meters are read on a cyclical basis. Collection rates are close to 100% - Households significant portion of this client base remains non-metered (c. 75%). Non-metered customers are billed based on the number of individuals formally registered by the civil registrar and by application of the relevant tariff fixed per capita per month Water sales split per type of clients 2016 (in %) Legal entities, 72% GGU October 2017 Households, 28% 2011 456, 748 488,750 Number of clients 2011-2016 CAGR 3.5% 502,103 517.260 2012 2013 2014 2015 ■Number of households ■Number of legal entities Collection rates 2011-2016 527,137 99.5% 98.7% 97.4% 97.7% 98.0% 96.9% 91.0% 88.9% 95.0% 94.5% 94.0% 93.4% 2011 2012 2013 2014 2015 2016 Households -Legal entities page 11 2016 543,527

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