Investor Presentaiton

Hospitality & Commercial RE business financial highlights Income statement Statement of cash flow Balance sheet GEL thousands, unless otherwise noted Cash and cash equivalents Prepayments Investment property Land bank Commercial real estate Property and equipment Goodwill GEORGIA CAPITAL Dec-19 Dec-18 Change 19,245 28,615 -32.7% 24,031 15,713 52.9% 401,216 225,343 78.0% 69,693 37,459 86.1% 331,523 187,884 5,919 1,787 76.5% 172 NMF NMF GEL thousands, unless otherwise noted FY19 FY18 Change GEL thousands, unless otherwise noted FY19 FY18 Change Revenue from operating lease 8,903 5,467 62.9% Gross profit from operating leases 6,458 4,588 40.8% Net proceeds from rent generating assets Net proceeds from hospitality services 6,087 5,414 12.4% 1,876 2,295 -18.3% Revenue from hospitality services 7,009 5,151 36.1% Other operating expenses paid (4,707) (2,039) NMF Gross profit from hospitality services 1,827 Other income 1,945 228 -6.1% NMF Net cash flows from operating activities Acquisition of investment property 3,256 5,670 -42.6% (29,197) (53,475) -45.4% Gross Real Estate Profit 8,285 6,761 Revaluation on commercial property¹ 21,676 27,621 Operating expenses (5,216) (3,520) 22.5% -21.5% 48.2% Capital expenditure on investment property VAT return Loans issued (62,200) 5,862 443 (27,525) 8,574 (7,018) NMF -31.6% Other assets NMF Total assets EBITDA 24,745 30,862 -19.8% Acquisition of subsidiaries (15,169) NMF Borrowings Net operating income before non- 15,823 27,056 -41.5% Net cash flows used in investing activities (100,261) (79,444) 26.2% Debt securities issued recurring items Proceeds from preferred stock issued 36,434 32,914 10.7% Other liabilities Net non-recurring items (1,339) Profit before income tax 15,823 25,717 NMF -38.5% Proceeds from debt securities issued 59,964 19,609 NMF Total liabilities Contributions under share-based payment plan (162) (82) Profit 15,823 25,717 -38.5% Proceeds from borrowings 105,289 95,797 97.6% 9.9% Total equity attributable to shareholders of the Group Non-controlling interest Repayment of borrowings (102,010) (19,400) NMF Total equity Net intragroup loans (repaid) / received 3,867 (37,760) NMF Total liabilities and equity Interest paid (15,592) (3,343) NMF Net cash flows from financing activities 87,790 87,735 0.1% Effect of exchange rate changes on cash and cash (156) (151) 3.3% equivalents Total cash inflow/(outflow)² (9,371) 13,810 NMF Cash, beginning balance 28,616 14,806 93.3% (1) Value created on commercial property. (2) Net cash flow includes amounts due from credit institutions. Cash, ending balance 19,245 28,616 -32.7% 10,086 24,990 -59.6% 462,284 294,833 56.8% 110,889 104,557 6.1% 85,519 19,609 NMF 17,379 10,828 60.5% 213,787 134,994 58.4% 247,817 149,078 66.2% 680 10,761 -93.7% 248,497 159,839 55.5% 462,284 294,833 56.8% Page 91

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