1Q20 Results Discussion

Operating cash flow | Portfolio companies GEORGIA CAPITAL Strong operating cash flow generation - up almost 3x to GEL 92m in 1Q20 from GEL 36m in 1Q19 Late stage: +3.2x Early stage: +3.3x GHG 1Q20 operating cashflow* at GEL 43.2m (up 64.6% y-o-y) with EBITDA to cash conversion ratio of 119% (70% in 1Q19). GEL millions, unless otherwise noted GEL 43.2 GEL 13.6 GEL 7.8 GEL (3.4) +73.3% +75.8% NMF NMF +64.6% +18.1% NMF +6.5% NMF -100.0% 43.2 26.2 23.5 19.9 10.7 9.0 8.5 6.9 (14.8) 2.6 1.1 1.5 0.3 (0.1) (1.5) (6.2) (0.2) (1.9) (0.2) GHG* Water Utility Housing development P&C Insurance Renewable Energy Hospitality & Commercial RE Wine Beer Education Auto Service 1Q20 1Q19 * Excluding IFRS16 ➤ The 18.1% growth in 1Q20 Water Utility operating cash flow, reflecting 100% + EBITDA to cash conversion ratio. ➤ As a result of strong sales, Housing Development operating cash flow rebounded to GEL 10.7m in 1Q20 and is expected to further increase on the back of cost optimisation strategies. ➤ Renewable Energy 1Q20 operating cash flow at GEL 6.9m, reflecting GEL 2.4m from Qartli wind farm and GEL 5m insurance proceeds. ➤ 1Q20 operating cashflow improved significantly in Beverages: o Up 73.3% in the wine business, benefitting from vineyard acquisitions. • Up by GEL 4.7m in the beer business reflecting new brand launches. Page 28

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