Georgia Capital - Financial Overview and Investment Opportunities

Private early stage portfolio Renewable energy business overview Investment rationale 23,000 Underdeveloped energy market with potential for significant 18,000 growth Low per capita power usage Cheap to develop - up to US$1.5mln for 1MW hydro and up to US$1.3mln for wind development 13,000 CAGR: 5.4% 8,000 Target ROICS ranging from 12.5% to 15% from wind power plants and HPPS 3,000 GWh Market opportunity Consumption, 5% GEORGIA CAPITAL 6.1 TWh 2030 2029 2028 2027 2020 2019 2018 2017 2016 2015 2014 Generation, forecast 2013 2012 2011 2010 2009 I Generation, actual Dividends: 11 200 Consumption, +5% Projected EBITDA through 2022 (GEL m) 2026 2025 2024 2023 2022 2021 29 CAGR 2017-2022E+116% 77% 150 GEL millions 100 70% 50 75% 150 70% 81 42 15 65% 2019E 2020E 2021E 2022E EBITDA EBITDA margin 81% 80% 80% 30 85% Value creation potential Opportunity to establish a renewable energy platform with 500MW operating capacity over the medium-term¹ Energy consumption is expected to grow at CAGR 5%, translating into doubling of the consumption over the next 10 years ■ Stabile dividend provider capacity Value realisation outlook - IPO together with the water utility business (1) 500MW target includes existing energy assets of water utility business Page 26

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