Investor Presentaiton

Beer business GBG WORKING CAPITAL DYNAMICS STABLE AND HEALTHY WC RATIOS NWC as a % of sales 7% +17ppts +3ppts 25% 24% 23% 20% 2018 2019 2020 H1 2020 H1 2021 GEORGIA CAPITAL INVENTORY TURNOVER RATIO MAINTAINED AT 2.0X+ Inventory turnover -0.8x -0.8x 2.8x 2.9x 2.6x 2.1x 2.0x 2018 2019 2020 H1 2020 H1 2021 Inventory turnover decrease in 2018-2020 period can be attributable to new brand additions in GBG portfolio In 1H2021 GBG decided to make raw material purchases in advance to hedge future uncertainties associated with prices and delivery times due to pandemic. This resulted in decline of inventory turnover ratio, however company still managed to maintain a health ratio of 2.0x+ 105

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