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GGU: A privately-owned natural monopoly Current standing Business strategy Medium term goal 1 Utility REVENUE 1Q18: GEL 30.2m EBITDA 1Q18: GEL 12.8m EBITDA 2021: GEL 75mln+ Dividend provider Targeting 2 Energy REVENUE 1Q18: GEL 3.1m EBITDA 1Q18: GEL 1.7m 149.3MW existing capacity EBITDA 2021: GEL 120mln+ Value creation upside Projects going forward and forecasted EBITDA Operational 149.3 MW 2018 201.8 MW 130 MW HPP (Zhinvali) MT target c.500 MW LT target c.1,000 MW 50 MW HPP (Svaneti Hydro) 12.0 MW HPP (Tetrikhevi) Project cost - USD 62m Completion: end of 2018. 4.4 MW HPP (Saguramo) 2.9 MW HPP (Pshavela) 2.5 MW HPP (Bodorna HPP) Project cost USD 3.6m Completion: September, 2018 46 MW HPP (Zoti Hydro) Project cost- USD 58m Completion: end of 2020 200 MW Wind Project cost-USD 240m Completion: end of 2021 c.55 MW renewables pipeline Hydro / Wind/Solar/TPP Additional 500 MW GEL millions IPO in 2020-2021 300 CAGR 17A-21E +29.2% 90% 250 66% 75% 59% 59% 200 55% 197 60% 52% 150 45% 116 122 120 100 87 71 46 47 30% 17 50 15% 62 70 70 75 77 0% 2017A 2018E 2019E 2020E 2021E EBITDA Energy EBITDA Margin EBITDA Utility Cost saving from reduction in electricity own consumption Subsequent savings from freed-up energy Page 45 GEORGIA CAPITAL

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