Georgia Capital Portfolio Overview

GEORGIA CAPITAL Private early stage portfolio Beverages - beer business overview Investment rationale Beer consumption per capita at one of the lowest levels in the wider region at 27.5 liters per capita 50% CAGR growth in soft drinks export over the last 3 years Georgia's favorable trade regimes (free trade agreements with EU and China) provide potential for export growth for beverages Value creation potential " Best-in-class distribution network platform 10-year exclusivity from Heineken to produce and sell beer in Georgia, Armenia and Azerbaijan Financial metrics (GEL millions) Key highlights | 30 June 2019 30-Jun-19 31-Dec-18 Change GCAP ownership 86% 80% +0.6ppt LTM Revenue 29 28 2.6% Multiple applied 2.1 2.2 -3.0% Enterprise Value 61 61 -0.5% Net debt Annually Semiannually (89) (64) 39.4% 2017 2018 1H18 Beer Revenue 18 29 13.3 1H19 18.2 Change 37.7% Kazbegi/Black lion 10 7 NMF Equity fair value 10 10 4 NMF Beer EBITDA (6) (14) (7.6) (6.5) 14.8% LTM ROIC1 -22.0% -0.7ppt Selected operating metrics (in '000) 1H18 1H19 Change Beer sales liters ('000) 7,608 9,607 26.3% Beer business reached a significant milestone and successfully launched five new brands, including Amstel and Heineken In March 2019 the beer business acquired the fifth largest Georgian beverages brand, Kazbegi, with 5% market share Germany Per cap beer consumption implies room for growth Beer consumption per capita, L; 2017 Austria Romania Spain Bulgaria -21.3% Market opportunity 109 105 92 79 79 71 67 53 51 49 42 34 32 28 27 Hungary Serbia Switzerland Russia Portugal Ukraine Greece France Georgia falls behind beer consumption per capital against top 15 European wine producing countries Georgia Italy (1) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund. Source: Euromonitor Page 43

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