Separate Statement of Cash Flows For the year ended 31 December 2018 (thousands of Georgian Lari) Notes 2018 2017 Net cash flows used in operating activities Fees and commissions paid (145) – Salaries and other employee benefits paid (1,296) – General and administrative expenses paid (5,277) – Cash flows used in operating activities before changes in operating assets and liabilities (6,718) – Net cash flows used in operating activities (6,718) – Net cash flows from investing activities Dividends received 131,913 – Net cash flows from investing activities 131,913 – Net cash used in financing activities Demerger-related transaction costs (7,046) – Dividends paid (116,780) – Net cash flows used in financing activities (123,826) – Effect of exchange rates changes on cash and cash equivalents 379 – Net increase in cash and cash equivalents 1,748 – Cash and cash equivalents, beginning of the year – – Cash and cash equivalents, end of the year 1,748 – The accompanying Notes on pages 177 to 283 are an integral part of these financial statements. 176 Annual Report 2018Bank of Georgia Group PLC