Portfolio Valuation and Ameriabank Acquisition Update

Private investment stage portfolio companies EXTERNALLY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D) PERFORMANCE HIGHLIGHTS RENEWABLE ENERGY PROJECTS OVERVIEW | 31 DECEMBER 2023 GEORGIA CAPITAL Generation, 8.7 10.5 22.3 13.9 GWh 19.8 22.8 50.8 47.1 99.7 104.4 68.3 76.6 86.0 87.3 254.0 268.3 14,583 14,449 Commissioned projects Installed capacity (MWs) 2,978 2,843 Gross capacity factor (P50) PPA expiration PPA tariff, US$/KWh Generation in deficit months 1,214 785 575 480 Mestiachala HPP 30.0 40% 1H34 5.5 72% 20.4 70% 2H23-2H28 5.5-5.6 79% 1,483 Hydrolea HPPS 1,284 5,491 5,592 5,676 5,083 Qartli Wind Farm 3,824 20.7 47% 3,366 Total operating 71.1 Mestiachala Hydrolea Qartli WPP 4Q23 4Q22 FINANCIAL HIGHLIGHTS Total Mestiachala Hydrolea FY23 Qartli WPP Total FY22 2H29 6.5 85% Note: Mestiachala HPP was commissioned in 1H19; Qartli Wind Farm and Hydrolea HPPS were acquired in 2H19 by GCAP. 4Q23 FY23 4Q23 FY23 EBITDA (US$ million) 2.0 10.4 Change (y-o-y) 6.6% -7.1% Cash flow from operations (US$ million) Change (y-o-y) 3.0 9.9 -8.1% -12.9% EBITDA margin, % 68.2% 71.8% Change (y-o-y) 1.2 ppts -4.8 ppts Average sales price in (US$/MWh) Change (y-o-y) 58.7 56.8 -2.7% +4.6% 2.0 Dividend payment (US$ million) Change (y-o-y) NMF -28.6% 60 60

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