FY20 Results and Strategy Overview

2020 LOOKBACK STRONG PROGRESS AGAINST STRATEGIC PRIORITIES SEVERAL KEY ACTIVITIES IN 2020 GEORGIA CAPITAL 01 02 03 NEW WATER SUPPLY TARRIFS GHG SHARE EXCHANGE FACILITY STRATEGY ENHANCEMENT 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. ◉ GCAP will focus on large opportunities in Georgia, which have a potential to become GEL 0.5bln+ in equity value. ■ 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 26

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