1Q20 Results Discussion

Private early stage portfolio Beer business overview (cont'd) Valuation highlights | 31 March 2020 Financial metrics (GEL millions) GEORGIA CAPITAL 2017 2018 2019! 1Q19 1Q20 Change 18 29 44 5.8 7.3 26.7% (6) (14) (6) ¦ (3.1) (1.7) 44.7% (11.4) (13.8) (14) i (6.2) (1.5) 75.2% Selected operating metrics (in '000) 31-Mar-20 31-Dec-19 GEL millions, unless otherwise noted Change Beer Revenue GCAP ownership 87% 87% NMF Beer EBITDA LTM Revenue¹ 47 47 NMF Cash flow from operations Multiple applied 2.2 2.2 NMF Enterprise Value 104 104 NMF Beer sales liters Net debt (91) (86) 5.3% Equity fair value Lemonade sales liters 11 15 -25.9% LTM ROIC² -14.7% -15.5% +0.8ppts Average price per liter US$ Valuation peer group 1Q19 1Q20 Change 2,015 3,747 85.9% 335 688 NMF 1.08 0.82 -23.6% Focused on launching new brands within the first five months of 2019 Company Anadolu Efes Grupa Zywiec Turk Tuborg Cerveceria San Juan Country Ticker Stock exchange Turkey AEFES Poland ZWC Istanbul Warsaw Apr-19: Acquisition of Georgia's oldest beer brand - Kazbegi; also launched Kazbegi lemonade Turkey Peru TBORG SNJUANC1 Istanbul Lima KRUŠOVICE May-19: Krusovice full scale launch May-19: Local light beer launch (1) FY19 revenue, normalised for annualization of revenues from newly launched brands. (2) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund. Jun-19: Heineken brand Amstel launch AMSTEL Jul-19: Heineken launch, exclusive Heineken producer in Georgia Page 54

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