Portfolio Overview & Capital Allocation

☐ 2020 LOOKBACK STRONG PROGRESS AGAINST STRATEGIC PRIORITIES SEVERAL KEY ACTIVITIES IN 2020 GEORGIA CAPITAL 01 GHG SHARE EXCHANGE FACILITY Creating a larger combined entity with enhanced share liquidity and better access to capital. Further strengthening our portfolio with three strong free cash flow generative businesses. ◉ 02 STRATEGY ENHANCEMENT GCAP will focus on large opportunities in Georgia, which have a potential to become GEL 0.5bln+ in equity value. 03 NEW WATER SUPPLY TARRIFS ■ The WSS tariffs in Tbilisi have increased compared to the previous regulatory period of 2018-2020. ■ The tariff increase translates into a 38% growth in allowed water revenues in the three- year regulatory period. 04 FIRST-EVER GREEN BONDS FROM GEORGIA On 30 July 2020, GGU issued US$ 250 million 7.75% 5-year green notes. ■ A landmark transaction demonstrating our superior access to capital even in COVID-19 times. ☐ 05 MINORITY BUYOUT IN RENEWABLE ENERGY Georgia Capital PLC completed the buyout of the 34.4% minority shareholder in the high-margin renewable energy business, increasing our share in its growing dollar linked cash flows. ◉ DIVESTMENT OF HTMC In August 2020, GHG sold a 40% equity interest in HTMC at 13.5 LTM EV/EBITDA (our valuation multiple is 13.2 for the healthcare services business at YE20). The sale is in line with the Group's strategy to divest low-return generating assets, improving healthcare services business ROIC by 90bps on a proforma basis. 26

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