Investor Presentaiton

Water utility COVID-19 impact - water sales Water sales affected by COVID-19, though unearned revenues to be reimbursed through tariff in the next regulatory period 1. Quarterly revenues from water sales - total 21 March COVID-19 lockdown 22 May 2. Quarterly revenues from water sales - commercial customers COVID-19 lockdown 21 March 22 May GEL millions 30.7 27.7 35.7 -0.4% -21.9% -6.8% 1Q20 2Q20 3Q20 I Revenue from water sales -o-y-o-y change COVID-19 impact highlights 1. 10.0% y-o-y decrease in water revenues in 9M20, was primarily driven by a drop in demand from commercial customers due to reduced economic activities during the COVID-19 outbreak 2. Water sales to residential customers remain broadly stable GEL millions 19.3 16.2 0.5% O 1Q20 -32.8% 2Q20 I Water sales from commercial customers --y-o-y change 23.7 -9.3% O 3Q20 3. Rebound in water sales from May-20 gradually normalising at prior year levels 4. Cash collections remain strong at 95%+ for both commercial and residential customers, further supported by the Government's subsidy of water utility bills during the lockdown 7

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