P&C Insurance and Beverages Business Financial Overview

Private early stage portfolio Beer business overview Investment rationale Georgia falls behind beer consumption per capita against EU 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 One of the strongest brand equity across Georgian beer market Strong export market for carbonated soft drinks (CSD) Growing market Export value of US$ 26.5mln (41.8mln litres) in 2018. GEORGIA CAPITAL 50%+ CAGR in 2015-2018 years; greater organic demand from CIS countries. Export to more than 25 countries 。 Recently more countries have been importing Georgian CSD, showing its growing popularity. Annual beer consumption (liter per capita) in 2019² Per capita beer consumption implies room for growth Georgia falls behind beer consumption per capita against EU 66 99 12% 83 84 49 49 34 35 8 5 15 Azerbaijan Armenia Turkey China Georgia Ukraine Russia USA EU Source: TBC Capital (1) Management estimate at the end of 2019. (2) Georgia 2019, other countries 2016. 20% 9% Domestic market share¹ | 31-Dec-19 27% 32% Improved product mix allowed the business to increase beer market share from 14% to 20% in 2019 ■ Efes Georgia ■Zedazeni GBG ■Castel ■ Other Page 46

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