Renewable Energy Business Overview

GEORGIA CAPITAL 3Q21 & 9M21 PERFORMANCE OVERVIEW Income statement GEL '000, unless otherwise noted 3Q21 Dividend income 30,000 3Q20 9,972 Change 9M21 9M20 Change NMF 44,430 14,899 NMF Interest income 6,267 4,834 29.6% 16,884 16,650 1.4% Realised/unrealised (loss)/ gain on liquid funds (547) 475 NMF 967 (4,103) NMF Interest expense (19,519) (15,762) 23.8% (57,039) (45,941) 24.2% Gross operating (loss)/income 16,201 (481) NMF 5,242 (18,495) NMF Operating expenses (8,888) (8,448) 5.2% (26,984) (23,027) 17.2% GCAP net operating (loss)/income 7,313 (8,929) NMF (21,742) (41,522) -47.6% Fair value changes of portfolio companies Listed portfolio companies 66,246 (135,237) NMF 110,082 (432,982) NMF Of which, Georgia Healthcare Group PLC (100,935) NMF (195,347) NMF Of which, Bank of Georgia Group PLC 66,246 (34,302) NMF 110,082 (237,635) NMF Private portfolio companies 148,385 577,362 -74.3% 430,568 387,442 11.1% Large Portfolio Companies Of which, Retail (pharmacy) 160,259 588,020 -72.7% 385,390 522,404 -26.2% Of which, Healthcare Services 38,148 295,641 -87.1% 152,313 295,641 -48.5% 37,224 296,577 -87.4% 64,881 296,577 -78.1% Of which, Water Utility 71,260 (27,117) NMF 147,357 (73,181) NMF Of which, Insurance (P&C and Medical) 13,627 22,919 -40.5% 20,839 3,367 NMF Investment Stage Portfolio Companies (14,595) 16,256 NMF 16,244 73,323 -77.8% Of which, Renewable energy (13,000) 16,338 NMF (5,368) 49,058 NMF Of which, Education Other businesses (1,595) (82) NMF 21,612 24,265 -10.9% 2,721 (26,914) NMF 28,934 (208,285) NMF Total investment return 214,631 442,125 -51.5% 540,650 (45,540) NMF (Loss)/Income before foreign exchange 221,944 433,196 -48.8% 518,908 movements and non-recurring expenses (87,062) NMF Net foreign currency loss Non-recurring expenses 7,935 (27) (35,164) Net Income/(loss) (adjusted IFRS) 229,852 (151) 398,032 NMF NMF -42.3% 34,484 (76,526) NMF (245) 553,147 (3,222) -92.4% (166,810) NMF GEORGIA CAPITAL 101

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