Renewable Energy Business Overview

OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES RENEWABLE ENERGY KEY DRIVERS ■ Electricity generation levels down 9.5% y-o-y in 3Q21, reflecting: a) lower generation levels at Qartli Wind Farm in 3Q21, compared to the extraordinarily high generation levels in 3Q20 b) lower generation levels at Mestiachala and Hydrolea HPPs due to the unfavourable hydrological conditions during the quarter. Revenue down 15.7% y-o-y in 3Q21, reflecting, lower electricity generation levels and impact of Bl reimbursements for 2020 revenues of the 20MW Mestiachala HPP unit. Excluding the impact of BI reimbursement, 3Q21 revenue was down 9.8% y-o-y GEL MILLION REVENUE DEVELOPMENT -2.8% 35 4 -15.7% 10 16 2 13 1 60 6 +18.7% 34 12 +4.5% 8 7 21 22 EBITDA DEVELOPMENT -19.1% 13 11 GEORGIA CAPITAL -6.5% 28 26 3Q20 3Q21 9M20 9M21 3Q20 3Q21 9M20 9M21 ■PPA Non-PPA BI Reimbursement - - Total revenue 41 25

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