Renewable Energy Business Overview

INFLATION TO DECELERATE FROM THE 2ND HALF OF 2022 14 Inflation Y-o-Y vs. inflation target Sources: NBG, GeoStat Inflation has picked up pace since May 2021 and reached 12.8% in October mostly on the back of supply side pressures such as global food and commodity prices. Core inflation has stabilized, pointing to gradual easing of underlying price pressures. We expect inflation to decelerate from the 2nd half of 2022 Headline Inflation Target Core Inflation Inflation components Source: GeoStat GEORGIA CAPITAL All major components contributed to increasing inflation in the past few months - the rising contribution of transport reflects high oil prices, while food inflation has accelerated due to global trends, and prices on utilities have risen since the new gas tariff in Tbilisi was approved in June 2021 14 14 12.8 Food and non-alcoholic beverages Alcoholic beverages and tobacco 12 10 8 6 4 2 0 -2 Transport 12 12 12 Other 10 10 8 8 6.3 6 6 4 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 4 2 2 0 0 2 -2 -4 I III VI VII VIII IX 2019 Λ Χ IIX TIX IX או III IV ΙΛ Λ 2020 I Housing and utilities Inflation VIII IX IX XII VI VII VIII 2021 X XI 81

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