1Q20 Results Discussion

Private early stage portfolio Renewable energy business overview Investment rationale Growing electricity market as supply lags behind the increasing demand, creating opportunities. ■ Underutilized energy resources - availability of economically feasible hydro and wind projects. ■ Cheap to develop - up to US$1.5m for 1MW hydro and up to US$1.4m for wind development on average with 1.5x higher capacity factors compared to Europe over the last decade. Value creation potential " о Opportunity to establish a renewable energy platform with up to 440 MW operating capacity over the medium-term, targeting to capture approximately one third of deregulated electricity market. Energy consumption is expected to grow at least by CAGR 5% over the next 10-15 years on the back of following key drivers: Tourism and GDP growth with pronounced growth in electricity-heavy sectors. о Increasing penetration of domestic appliances, with accelerating imports of electricity-intensive conventional domestic devices. о Increasing number of installed residential and industrial air conditioning systems on the back of decreasing unit prices, expected to result in at least 5x growth in penetration level over the next decade. Stable dividend provider capacity in the medium term. Actual and forecasted consumption Energy consumption has grown at 5.3% CAGR in last 10 years and is expected to further grow at least by CAGR 5% over the next 15 years Electricity supply and consumption, 2019 GEORGIA CAPITAL 1,500 Deficit (4 months) 1,000 500 Deficit (6 months) 0 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Source: ESCO Hydros&Wind TPPS Imports Consumption Electricity deficit during July-April ■ 22% of total consumption produced by gas- fired TPPS, 13% - imported Low base and high CDD¹ point towards 5x increase in AC penetration by 2030 Air conditioners are the most electricity-intensive conventional domestic devices and increasing penetration of ACs quickly eats away the surplus electricity on the market in the summer months GWh 23,000 18,000 13,000 Consumption CAGR 2009-2019: 5.3% Consumption CAGR 2019-2030: 5% 8,000 3,000 2009 2011 2013 2015 Forecasted generation Hydros & Wind Actual generation Hydros & Wind 2017 2019 2021 2023 2025 2027 Forecasted consumption Actual consumption 2029 Growth of internal consumption: 7.7% in 2017, 6.1% in 2018 and 1.5% in 2019 Anticipated deficit of at least 6.4 TWh by 2030 1,457 299 418 107 223 362 6.4 TWh 88% 47% 36% 33% 31% 10% Cyprus Croatia Bulgaria AC penetration (2018) Italy Spain Georgia Mean CDD Source: World Bank's World Development indicators; Geostat, Galt&Taggart, Eurostat (1) cooling degree day Page 47

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