Georgia Capital Portfolio Overview

3. Operating 4a. Net interest income expenses Continued strong cash flow generation Stand-alone GCAP cash flow highlights Net cash flow from operations of GEL 17 million in 1H19 GEL millions Dividends Received Interest Received Total Cash Generation GEORGIA CAPITAL Consolidated Group cash flow highlights Net cash flow from operating activities up by 52.9% 1H19 GEL millions 1H18 1H19 Net cash flow from 33 72 109 operating activities 19 52 Net cash flow used in investing activities (508) (195) Interest Paid (25) Net cash flow from financing activities 254 25 GCAP cash operating expenses (10) 17 Cash flow from operations Interest coverage | 1H19 2.1x Cash expense coverage | 1H19 5.3x Page 16

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