Renewable Energy Business Overview

OUTLOOK FOR OUR PRIVATE PORTFOLIO IN LINE WITH ENHANCED STRATEGY New Strategic Priority #1 New Strategic Priority #2 ӨӨ R LARGE PORTFOLIO COMPANIES Exit from one large investment over the next 18-24 months (from November 2020) 64.7% OF TOTAL PORTFOLIO VALUE AT 30-SEP-21 K INVESTMENT STAGE PORTFOLIO COMPANIES Total identified investment of US$ 50mln from GCAP in the next 3-5 years of which, c. US$ 10mln in 2021 9.7% OF TOTAL PORTFOLIO VALUE AT 30-SEP-21 SMALL COMPANIES ("OTHER ASSETS") Divestment over the next 2-3 years 7.1% OF TOTAL PORTFOLIO VALUE AT 30-SEP-21 WE BELIEVE REALIZING VALUE OF ONE LARGE INVESTMENT WILL HELP TO VALIDATE OUR PORTFOLIO VALUE AND TO REDUCE NAV DISCOUNT GCAP WILL COMPLETE THE FULL CYCLE OF ITS STRATEGY (INVEST, GROW, MONETISE), FOLLOWING THE SALE OF A LARGE PORTFOLIO COMPANY GRADUALLY MOVING TO REINVESTMENT PHASE, GIVEN THE STRONG CASH FLOW GENERATION AT OUR INVESTMENT STAGE PORTFOLIO " LIMITING EXPANSION THROUGH GREENFIELD DEVELOPMENTS AND FOCUS ON BUYING CASH GENERATING ASSETS AT ATTRACTIVE MULTIPLES OTHER PORTFOLIO INCLUDES SMALL COMPANIES WITH LIMITED POTENTIAL TO ACHIEVE GEL 0.5 BILLION EQUITY VALUE GEORGIA CAPITAL 25

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