Investor Presentaiton

Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW (CONT'D) FY20 OPERATING HIGHLIGHTS REVENUE HIGHLIGHTS EBITDA GEORGIA CAPITAL Energy Total 123 119 127 135 149 53.4 million KWh 13.0 Tetri/KWh 163 131 20 44 32 9 10 -69.9% y-o-y 15.1% y-o-y Electricity sales Average electricity sales price 175.2 GWh +0.7% y-o-y Self-produced electricity consumption Water Utility 169.5 million m³ 3,473 -7.0% y-o-y Water sales -36.1% y-o-y 228.6 GWh GEL million 6 10 6 -28.2% 9 -35.0% y-o-y Electricity generation 140 143 117 110 117 125 125 27 6 1 12 39 31 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 2014 2015 2016 2017 2018 2019 2020 4Q19 4Q20 GEL million 2014-2019: +72% 95 83 73 69 62 55 -55.5% 63 Water supply revenue Energy revenue OPERATING AND INVESTING CASH FLOW) FCF 7 17 (2) (58) (66) 17 4 5 5 New Connections 125 105 SELF-PRODUCED ELECTRICITY CONSUMPTION 2014-2020: -43.3% GEL 15m -31.8% y-o-y FY20 FINANCIAL HIGHLIGHTS GEL million 76 59 60 55 48 52 47 35 34 32 5256 20 15 1722 Dividend Payment 2014 2015 2016 2017 2018 2019 Cash-flow used in investing activities 2020 4Q19 4Q20 ■Cash-flow from operating activities Georgia Capital PLC 1. Cash flow used in investing activities includes Capital expenditures. 2. Cash flow used in operating activities included Maintenance capex. kWh million 309 319 256 239 - 1.1% 193 174 175 2014 2015 2016 2017 2 41 41 2018 2019 2020 4Q19 4Q20 56

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