Georgia Capital Portfolio Overview

GCAP cash flow statement (management accounts) | 1H19 GEORGIA CAPITAL Cash flow statement GEL thousands unless otherwise noted Dividends received Interest received 1H19 1H18 Change 32,951 10,000 NMF 19,110 10,426 83.3% Interest paid (24,694) (21,785) 13.4% Cash inflow from Operations before operating expenses 27,367 (1,359) NMF GCAP operating expenses (9,820) (2,787) NMF Cash inflow from operations 17,547 (4,147) NMF Capital allocations (43,152) (38,729) 11.4% Loans (Issued)/Repaid of which, Loans to portfolio companies of which, Loans to third parties Cash outflow on buybacks of which, Management Trust 90,788 90,788 (249,635) NMF (127,720) NMF (121,915) NMF (61,322) (49,580) 22.8% (3,444) (26,478) -87.0% of which, Buyback programme (57,878) (23,102) NMF Cash outflow/inflow from financing activities 467,434 NMF Proceeds from debt securities issued 715,729 NMF Repayment of borrowings from former Parent company (248,295) NMF Demerger related outflows (587) (24,245) -97.6% FX effect & Fair valuation 21,035 (13,642) NMF Net cash flow 24,309 87,456 -72.2% Beginning cash and liquid funds Ending cash and liquid funds 299,650 264,546 13.3% 323,959 352,002 -8.0% Page 67

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