Investor Presentaiton

OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) 0 WATER UTILITY REVENUE DEVELOPMENT +23.4% +51.3% 92 9 EBITDA DEVELOPMENT KEY DRIVERS 2Q21 water supply revenue up 63.7% y-o-y, reflecting 24.6% y-o-y increase in water consumption levels by corporate clients and revised water utility tariffs¹ effective from January 2021. Electricity sales up 4.5x y-o-y in 2Q21 supported by strong water inflows into the Zhinvali reservoir (up by 40.7% y-o-y). GEL MILLION 41 +30.3% 6 30 2 +82.0% 54 9 75 8 61 2 3.8x +55.4% 23 14 +152.7% 40 40 36 +39.3% 30 GEORGIA CAPITAL +90.0% 56 +42.1% 35 28 45 66 58 83 2Q19 2Q20 2Q21 1H19 1H20 1H21 2Q19 2Q20 2Q21 1H19 1H20 1H21 Water supply revenue Energy revenue Total revenue Georgia Capital PLC | 1. The tariff increase translates into an annual growth of 38% in allowed water revenue for the entire water utility business (c.38% for Georgian Water and Power LLC (GWP)) in the three-year regulatory period effective from 1 January 2021. 37

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