Renewable Energy Business Overview

Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW INVESTMENT RATIONALE Regulated monopoly in Tbilisi and surrounding districts with high entry barriers. ■ Stable regulatory environment with attractive return on investment. ■Full asset ownership of water and wastewater network and self-sufficient in terms of electricity usage. ■ Diversified cash flow streams from water and electricity sales, the latter being USD denominated and creating natural FX hedge. ■ Stable cash collection rates. ■ Growing electricity market as supply lags behind the increasing demand, creating opportunities. Ownership of the second largest hydro with the reservoir in Georgia, facilitating full-year deals with the direct customers on electricity market. VALUE CREATION POTENTIAL ■ EU harmonization reforms in progress in utilities sector, expected to drive water tariffs up, as demonstrated in the current regulatory period. ■ Bullet repayment structure, coupled with decreased capital expenditures, leading to strong cash-flow generation and strengthened liquidity position. " Ongoing reforms in electricity market positively affecting electricity sales price. ■ Stable dividend distribution capacity. OWNERSHIP ■ Water Utility is 100% owned by Georgia Capital. MEDIUM TERM STRATEGIC PRIORITIES Robust profitability with 60%-65% EBITDA margin ROIC enhancement to 13%-15% in GEL Strong cash flow generation and managed leverage - operating cash flow over debt service c.4.0x REGULATORY ENIVORNMENT TARIFF DERIVATION FORMULA Existing assets + New CAPEX Net book value WACC Return on assets Depreciation GEORGIA CAPITAL Total operating expenses Time value correction¹ Allowed revenue WATER TARIFF GROWTH IN 3-YEAR REGULATORY PERIODS GEL per m3 of water sold -0.4% + 47.8% 6.50 Georgia Capital PLC 1. The COVID-19 related unearned revenue from water sales during 2020 was reimbursed through time value correction in the tariff calculation methodology for 2021-2023 regulatory period. 4.42 2017 0.27 4.40 +23.9% 0.33 2018-2020 + 52.0% ■Legal entities Residential customers 0.50 2021-2023 65

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