Investor Presentaiton

Private large portfolio companies EXTERNALLY VALUED WATER UTILITY BUSINESS OVERVIEW (CONT'D) GEORGIA CAPITAL OPERATING HIGHLIGHTS REVENUE HIGHLIGHTS Total 119 127 135 149 163 131 30 54 61 92 Energy 2Q21 1H21 EBITDA 2015-2019: +54% Electricity sales (KWh million) 70.4 Change (y-o-y) +330.8% 74.4 +148.2% Average electricity sales price (tetri/kWh) 10.0 10.0 GEL million 20 9 10 9 10 6 + 51.3% + 82.0% 9 2 GEL million 62 95 83 73 69 62 + 90.0% 63 + 152.7% 56 140 143 110 117 125 125 36 30 Change (y-o-y) -20.1% -22.0% 2 83 58 14 45 28 Self-produced electricity consumption 46.4 89.1 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 Change (y-o-y) +5.4% +3.7% Water supply revenue ■Energy revenue Electricity generation (KWh million) 116.8 163.5 OPERATING AND INVESTING CASH FLOW SELF-PRODUCED ELECTRICITY CONSUMPTION Change (y-o-y) +93.5% +41.1% FCF 17 (2) (58) (66) 17 4 (14) (0.2) (8) (1) 125 105 2015-2020: -45.2% Water Utility 2Q21 1H21 Water sales (million m³) 36.3 71.0 Change (y-o-y) -10.5% -13.1% GEL million 52 62 35 76 59 60 47 5256 3432 New Connections 1,766 975 Change (y-o-y) +23.9% +74.7% 2015 2016 2017 2018 2019 2020 + 5.4% + 3.7% 319 256 239 14 19 19 26 17 2827 193 174 175 86 89 (1) 44 46 2015 2016 2017 2018 2019 2020 2Q20 2Q21 1H20 1H21 2Q20 2Q21 1H20 1H21 Cash-flow used in investing activities1 Cash-flow from operating activities 2 Georgia Capital PLC 1. Cash flow used in investing activities includes Capital expenditures. 2. Cash flow used in operating activities includes Maintenance capex. 65

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