Investor Presentaiton

GEL millions GEL millions GGU - water utility and energy business performance highlights EBITDA Margin 50% EBITDA 53% 45% 19 14 3 15 1 2 16 13 13 1Q17 4Q17 1Q18 EBITDA Utility EBITDA Energy Capex evolution 2017-2021E 501 429 275 213 465 114 81 119 138 66 109 23 2017 2018E 2019E 2020E Maintenance capex ■Development capex Utility 1Capex figures are presented including VAT Strong performance Capex GEL millions 29* 2 Revenue composition 36* 32* 4 3 33 30 27 1Q17 4Q17 1Q18 "Includes eliminations ■Revenue Utility Revenue Energy 402 2018E Capex breakdown New customer connections, 2% Facilities and equipment, 8% Existing HPPS, Other, 4% 3% Metering, 4% New HPPS, 47% 5 22 2021E Development capex Energy Water and wastewater network, 33% Page 42 GEORGIA CAPITAL

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