1Q20 Results Discussion

238 203 185 144 170 114 98 86 93 77 47 50 36 2013 2014 2015 2016 2017 2018 2019 Wine exports (Bottles) Source: LEPL Georgian National wine agency; 1Q19 1Q20 Wine exports ($US millions) Private early stage portfolio Wine business overview Investment rationale " Georgia is considered the "cradle of wine" with a rich, 8,000-year history of wine-making and home to over 500 unique grape varieties " Georgia's favorable trade regimes (free trade agreements with EU and China) provide potential for export growth for beverages 20.0 " Growing urbanization and tourism inflows are raising demand for bottled wine locally 16.0 " Strong demand in the Georgia's export markets resulted in a 9% y-o-y increase in volume in 2019, with export bottles sold reaching a 14 year high of 93 million. 12.0 8.5 8.0 Value creation potential Best-in-class distribution network platform Grow vineyard base to 1,000 hectares, from current 704 hectares 4.0 5.1 0.0 Georgian wine exports (Bottles, US$ millions) Export Sales ($US) over past 6 years increased at 8.7% CAGR Wine consumption per capita, liters (2019) Primarily established export markets 47 46 1.7 19 19 Georgia Source: TBC Capital 19.9 China Ukraine 3.5 4.6 3.8 7.0 Japan Kazakhstan Poland Russia USA Czechia Germany UK Georgia Source: TBC Capital Moldova Portugal Target and emerging export markets 26.4 28.0 60% 23.0 47% 11.9 13.6 Source: LEPL Georgian National wine agency Spain 4.6 4.9 5.7 France Russia Argentina Chile 8.0 8.3 8.9 9.3 Ukraine Turkey Vineyard productivity - 2019 (TON/HA) At 5.1 tons per hectare, grapes yield is three times lower compared to other top exporters. However, the yield equals 8.5 tons/ha on average for the large-scale producers -Georgia - Large-scale producers Germany Italy Georgian wine bottle sales by export countries | 1Q20 22% 13% 8% 9% 9% 4% 5% 4% 8% 8% 3% 0% Russia Ukraine Poland Chinal Baltics. Kazakhstan Other Country share in Georgian wine export Country share in our export portfolio Page 51 New Zealand 9.9 10.1 10.1 10. Australia USA China South Africa 16.5 16.9 17.1 13.3 GEORGIA CAPITAL

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