Investor Presentaiton

INVESTING IN RENEWABLE ENERGY INDUSTRY INVESTMENT RATIONALE High margins, dollar linked cash flows Growing market, with 35% of demand satisfied through imports and TPPS High capacity factors Low penetration of air conditioners and high Cooling Degree Day (CDD) CURRENT INVESTMENT OVERVIEW | 31-Dec-20 GEL million 145 70 210 (5) TOTAL NET INVESTMENT OF c. US$ 36MLN IDENTIFIED FROM GCAP OVER THE NEXT 3 YEARS ■ Over the next 3 years we will be launching pipeline projects: wind farms in Tbilisi and Kaspi, Zoti HPP and Darchi HPP. RENEWABLE ENERGY SNAPSHOT MOIC (Multiple of Invested Capital) IRR Installed capacity Run-rate EBITDA NOW IN 3-5 YEARS 1.5x 2.0x+ 20.5% 91MW 20%+ 263MW GEL 45mln GEL 122mln² GEORGIA CAPITAL GCAP Equity invested Value creation Dividends Equity value 31-Dec-20 RANGE FOR PEER TRADING MULTIPLES³ 11x-21x LTM EV/EBITDA Georgia Capital PLC | 1. Region covers countries in central Europe and Asia. 2. Run-rate EBITDA assuming 3.2 GEL/USD exchange rate. 3. Our valuation peer group multiples as of 31-Dec-20. 4. Source: Capital IQ. RECENT NOTABLE TRANSACTION FROM GEORGIA - TEPCO & DARIALI ENERGY In April 2020, Renewable Energy arm of Tokyo Electric Power Company Holdings, Japanese Electric Utilities company, acquired 31.4% of 108MW Dariali HPP. REGIONAL¹ TRANSACTION HIGHLIGHTS IN THE SECTOR4 167 transactions over the last 3 years ■ Of which, 32 transactions have less than US$ 100mln size 22 22

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