FY20 Results and Strategy Overview

GEL MILLION AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE LARGE PORTFOLIO COMPANIES (CONT'D) REVENUE OF WATER UTILITY DOWN 28.2% Y-O-Y IN 4Q20, DOWN 20.1% IN FY20 GEORGIA CAPITAL TOTAL GROSS PREMIUMS WRITTEN OF P&C AND MEDICAL INSURANCE UP 5.0% Y-O-Y IN 4Q20, DOWN 3.6% IN FY20 CHANGE (Y-O-Y) -6.1% -28.4% -14.9% -28.2% -20.1% 163 20 +9% CHANGE (Y-O-Y) 178 -20.8% +9.6% +2.9% +5.0% -3.6% 183 131 -70% 6 38 31 32 30 1 2 2 1 -13% 30 28 36 31 143 125 1Q20 2Q20 3Q20 4Q20 FY19 FY20 Water supply revenue Energy revenue - Total revenue FY20 normalised revenue 1 KEY DRIVERS FY20 revenues down 20.1% y-o-y, reflecting COVID-19 related decrease in water consumption levels in corporate clients and low water inflows at Zhinvali reservoir. New water tariffs set at the end of 2020, translating into a 38% increase in allowed revenues from water sales for the 2021-2023 regulatory period. Georgia Capital PLC | 1. Normalised for a) abnormally low generation levels in 2020 in Zhinvali reservoir and b) low volume sales due to COVID-19 (reimbursed under the tariff-setting methodology). GEL MILLION 176 -15.1% 81 69 52 48 37 39 12 31 14 20 36 26 25 +5.6% 25 102 108 1Q20 2Q20 3Q20 4Q20 FY19 FY20 ■ P&C ■Medical - Insurance total KEY DRIVERS Overall, COVID-19 impact was largely well-contained further supported by decreased loss ratio reflecting lower claims during the lockdowns. The COVID-19 had negative impact on P&C's compulsory border third-party liability insurance line (MTPL). 32

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