Renewable Energy Business Overview

OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) 0 WATER UTILITY REVENUE DEVELOPMENT +27.6% +54.0% 152 14 EBITDA DEVELOPMENT KEY DRIVERS Water supply revenue up 54.9% y-o- y, reflecting revised water utility tariffs¹ effective from January 2021, and increased water consumption levels by corporate clients (up 5.5% y-o-y) Improved water inflows in Zhinvali reservoir led to 29.0% y-o-y growth in 3Q21 electricity generation, translating into 108.9% increase in revenues from electricity sales GEL MILLION 45 38 6 2 +34.6% 119 15 +58.2% 99 99 60 60 5 2.9x +47.5% +94.6% 68 40 50 50 +42.6% +91.9% 27 22 +46.9% 21 21 38 36 55 105 94 138 3Q19 3Q20 3Q21 9M19 9M20 9M21 3Q19 3Q20 3Q21 9M19 9M20 9M21 Water supply revenue Energy revenue - Total revenue Georgia Capital PLC | 1. The tariff increase translates into an annual growth of 38% in allowed water revenue for the entire water utility business (c.38% for Georgian Water and Power LLC (GWP)) in the three-year regulatory period effective from 1 January 2021. 39 GEORGIA CAPITAL 97 46

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