Investor Presentaiton

m² financial highlights Cash Flow Change Change GEL thousands, unless otherwise noted Cash flows from operating activities Proceeds from apartments sales Cash outflows for development of apartments Net proceeds from yielding assets 1Q18 1Q17 4Q17 y-o-y q-o-q 21,489 (24,165) 850 27,740 (22,362) 856 (22.5%) 33,042 (35.0%) 8.1% (18,399) 31.3% (0.7%) 851 (0.1%) Cash paid for operating expenses (4,560) (1,725) NMF (2,131) 114.0% Interest paid (43) (1,587) (97.3%) (5,030) (99.1%) Income tax paid (3,854) (100.0%) (890) (100.0%) Net cash flows from/(used in) operating activities (6,429) (932) NMF 7,444 (186.4%) Cash flows from investing activities Purchase of investment properties Capital expenditure on investment property Purchase of property, plant and equipment Acquisition of subsidiaries Net cash flows used in investing activities (4,295) NMF NMF (1,788) (673) NMF (3,281) (45.5%) (8,568) (2,389) NMF (6,519) 31.4% 0% (10,562) (100.0%) (14,651) (3,062) NMF (20,362) (28.0%) Cash flows from financing activities Repayment of debt securities issued (34,099) (100.0%) 0.0% Contributions under share-based payment plan Proceeds from borrowings Repayment of borrowings 98,745 (56) 0.0% NMF (4,998) 12,696 (100.0%) NMF Net cash flows from/(used in) financing activities 98,689 (1,166) (35,265) (95.2%) NMF (15,633) (99.6%) (7,935) NMF Effect of exchange rate changes (4,444) (5,136) (13.5%) 4,234 NMF Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period* Cash and cash equivalents at the end of the period* 73,165 (44,395) 34,865 93,210 108,030 48,815 NMF (62.6%) 121.3% (16,619) 51,484 34,865 NMF (32.3%) NMF * The balances include cash and cash equivalents and amounts due from credit institutions GEORGIA CAPITAL Page 29

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