OPEX Ratio Alignment & Portfolio Valuation Overview

LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) +2.7x +1.1% 232 GEORGIA CAPITAL GCAPS LIQUIDITY UP BY 2.7X IN 1H22, REFLECTING THE CASH RECEIPT FROM THE WATER UTILITY BUSINESS SALE 234 ONGOING STRONG LIQUIDITY AT THE GCAP LEVEL AND ROBUST CAPITAL MANAGEMENT FRAMEWORK LED TO AN UPGRADE IN OUR CORPORATE CREDIT RATINGS IN 1H22 95 104 MOODY'S 8 137 88 123 B1 up from B2 74 54 45 33 5 41 49 43 2019 2020 2021 1Q22 2Q22 ■Cash Dividend receivable¹ Marketable securities Georgia Capital PLC | 1. GEL 22.8 (US$ 7.8) million represents an accrued dividend income from BoG as of 30-Jun-22. S&P B+ up from B 39

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