Renewable Energy Business Overview

Private investment stage portfolio companies INTERNALY VALUED RENEWABLE ENERGY BUSINESS OVERVIEW INVESTMENT RATIONALE ■ Growth in electricity consumption has been 6.5x more in TWhs than growth in electricity supply during last 10 years. ■ Underutilized energy resources resulting in high availability of economically feasible projects. Cheap to develop - up to US$ 1.5 million for 1MW hydro and up to US$ 1.4 million for wind development on average, with 1.5x higher capacity factors compared to Europe. Fully dollarized business, as both PPAs and market sales are set in US dollars. VALUE CREATION POTENTIAL Opportunity to establish a renewable energy platform with up to 265MW operating capacity over the medium term and capitalize on favorable electricity market conditions. Diversified portfolio of hydro and wind power plants with c. 40% capacity factors, all benefiting from long-term fixed price PPAs formed with the Government-backed entity. Availability of competitive funding from international capital markets for pipeline projects. High margins and EBITDA to cash-conversion rate, dollar-linked cash flows. Stable dividend provider capacity in the medium term. OWNERSHIP Renewable Energy is 100% owned by Georgia Capital. GEORGIA CAPITAL MARKET OPPORTUNITY ELECTRICITY SUPPLY AND CONSUMPTION (TWH) Deficit (4 months) Deficit (6 months) 1.5 1.0 0.5 0.0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Electricity deficit during July- April. 11.5% of total consumption produced by gas-fired TPPS, 15.9% imported. 9m21 electricity consumption up by 5.0% and 12.3% from 2019 and 2020 respectively. Hydro & Wind Import 2021 consumption TPP 2020 consumption 2019 consumption ELECTRICITY IMPORT AND EXPORT DYNAMICS (USD million) LOW BASE AND HIGH CDD1 POINT TOWARDS 5X INCREASE IN AC PENETRATION BY 2030 40.0 -10.0 600 -32 99% -60.0 400 86% 60% 50% 200 33% 35% 13% 0 ➤ Air conditioners are the most electricity-intensive conventional domestic devices and increasing penetration of ACs quickly eats away the surplus -110.0 -160.0 -74 -82 -90 -104 -115 -110 -119 -125 -146 -168 Greece Korea Canada France Spain Italy Georgia electricity on the market in the summer months -210.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 I Mean CDD AC penetration Georgia Capital PLC 1. cooling degree day Source: Worldbank, Geostat, EurekAlert and etc. I Electricity exports Electricity imports Gas imports for TPPS Deficit 2020 electricity trade deficit stood at USD 146 million. Consumption growth forecasted at minimum 4.0% CAGR in coming 10 years. Anticipated deficit of at least 6.1 TWh by 2030. 68

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