Georgia Capital Portfolio Overview

Private early stage portfolio Renewable energy business overview Key highlights | 30 June 2019 GEORGIA CAPITAL Investment rationale " GEL millions, unless otherwise noted 30-Jun-19 31-Dec-18 Change Underdeveloped energy market with potential for significant growth - Low per capita power usage Cheap to develop - up to US$1.5min for 1MW hydro and up to US$1.4mln for wind development Cost 63 61 2.5% Value creation potential Opportunity to establish a renewable energy platform with 380MW operating capacity over the medium-term Energy consumption has grown at 5.7% CAGR in last 10 years and is expected to further grow at least by CAGR 5% over the next 10-15 years Stabile dividend provider capacity in the medium-term GCAP ownership 65% 65% NMF Market opportunity GWh 23,000 18,000 Renewable energy projects overview | 30 June 2019 13,000 CAGR: 5.7% Target Target Project MWs commissioning² ROIC³ Generation capacity (GWh)¹ 8,000 Current stage 3,000 Mestiachala HPPS 50 1H19 12.1% 171 Operational Zoti HPPS 46 2H21 12.1% 170 Development Generation, actual Bakhvi 2 HPP 36 1H22 11.1% 127 Feasibility Racha HPPS 38 1H23 11.7% 165 Feasibility Wind Tbilisi 57 2H21 12.6% 172 Development Annual Wind Kaspi 54 2H21 14.3% 211 Development Wind (other) 99 1H23 12.4% 341 Feasibility Development Capex 2015 NMF 2016 NMF Total 380 1,357 (1) Generation capacity refers to target net annual generation. (2) Target commissioning dates are indicative and subject to regulatory procedures. 20+ (3) (4) Target return on invested capital is calculated based on average stabilized EBITDA divided by total invested capital. The first phase (30MW) was launched on 8 April 2019, followed by the second phase (20MW) on 4 June 2019. Revenue EBITDA Generation (Kwh '000) 2030 2029 2028 2027 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Mestiachala 1H19 performance4 GEL thousands, unless otherwise noted Consumption, 5% 6.6 TWh Generation, forecast Financial metrics (GEL millions) Consumption, +5% Semiannually 2017 77 2018 68 1H18 20.6 1H19 Change 21.8 5.8% 1H19 2,395 1,826 28,143 Page 40

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