Investor Presentaiton

Georgian electricity market overview Electricity supply and consumption, 2017 GWh 1,500 1,000 500 Source: ESCO GWh 23,000 18,000 Actual and forecasted consumption GEORGIA CAPITAL Consumption, 5% 6.1 TWh 2030 2029 2028 2027 2026 2025 2024 2023 Consumption, +5% 2022 2021 2020 2019 2018 2017 2016 Generation, forecast 2015 13,000 CAGR: 5.4% 8,000 3,000 Jan. Feb. Mar Apr May Jun Jul Aug Sep Oct Nov Dec Generation, renewables Net imports Generation, TPPS Internal consumption 2014 2013 2012 2011 2010 2009 Generation, actual Electricity deficit during Sep-Apr 8-month PPA policy in place 18.8% of total consumption produced by gas-fired TPPS, 12.6% - imported (2017 data) Distribution of windfarms annual generation¹ 8% growth of internal consumption in 2017 (10% and 14% growth in Jul & Aug) Consumption growth forecasted at minimum 5% CAGR in coming 15 years Anticipated deficit of 6.1TWh by 2030 Import-export dynamics GWh 1,600 1,200 9% 9% 8% 8% 9% 7% 7% 7% 9% 10% 9% 9% 800 484 450 400 % of annual output, WPPS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1,497 793 699 660 686 559 545 479 2013 2014 2015 2016 2017 Import Export Compared to HPPS, wind power plants (WPPS) have more even distribution throughout the year, adding more portion of output to domestic supply deficit Merchant risk is c. 30% in May-Aug, as opposed to 48% on average in run-of-river HPPS Note 1: Based on preliminary measurement of GGU windfarm locations Import's share in domestic consumption has tripled in 2017 compared to 2016, as the yoy growth in consumption was entirely supplied for by imports Page 43

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