Renewable Energy Business Overview

Internally valued RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q 507 -3.7% -2.3% -5.4% 488 (19) 209 (279) Enterprise value Decrease in EV 30-Jun-21 Enterprise value 30-Sep-21 Net debt Equity value 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Multiples² Enterprise value 488.3 506.9 (18.6) 489.3 (1.0) EBITDA1 25.9 27.2 (1.2) 27.3 (1.4) Selected EV/EBITDA multiple 10.3x 10.3x 0.0x 9.7x 0.6x Investments at cost (EV)³ 219.7 226.7 (7.0) 224.6 (4.9) Net debt (279.2) (285.8) 6.6 (279.4) 0.2 Equity value 209.1 221.1 (12.0) 209.9 (0.8) EQUITY FAIR VALUE COMPOSITION AT 30-SEP-21 GEORGIA CAPITAL (GEL MILLION) 44 Total value 209 165 ■Operational assets Pipeline projects Georgia Capital PLC | 1. Run-rate and LTM EBITDA was used for the calculation purposes for different assets. 2. Renewable Energy was valued internally. The valuation method used was market approach (multiples) cross checked with income approach (DCF). 3. Investments at cost include: Mestiachala and pipeline projects. eblegy 70

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