Shareholders

JSC Nenskra Hydro is a special purpose vehicle (the “SPV”) established in Georgia for the sole purpose of constructing the 280 MW JSC Nenskra Hydro (the “Project”). At financial close the SPV will be majority owned by Korea Water Resources Corporation (“K-water”), a State-owned company registered in South Korea, with a participation of 10% by Partnership Fund (“PF”), a state-owned company registered in Georgia. The one of Multilateral Development Bank is also considering 5% equity participation. K-water may also consider other investors which will be communicated to the prospective Lenders in due course. K-water is referred to as the “Sponsors”.

- K-water: K-water has been a national leader in the economic development and living standard improvement through efficient water resources management since its foundation in 1967. In total K-water operates 10 hydro power schemes with total installed capacity above 1,250 MW and produces more than 60% of total hydro generation in South Korea. http://english.kwater.or.kr/eng/main.do

- Partnership Fund : PF is a Georgian state-owned investment fund established in 2011. PF was created on the basis of consolidating the ownership of the largest Georgian state owned enterprises operating in transportation, energy and infrastructure sectors. Georgian Railway and Georgian Oil and Gas Corporation (“GOGC”) are the main source of financing for PF’s investment activity. The number of PF’s projects already implemented or under implementation in various sectors have a total value of over USD 1 billion. http://www.fund.ge/eng/annual_reports