1Q20 Results Discussion

Private early stage portfolio Wine business overview (cont'd) Valuation highlights | 31 March 2020 Financial metrics (GEL millions) GEORGIA CAPITAL 2015 2016 2017 2018 2019 1Q19 1Q20 Change GEL millions, unless otherwise noted 31-Mar-20 31-Dec-19 Change Wine Revenue 18 18 20 29 42 i 7.9 6.9 -12.5% GCAP ownership 87% 87% NMF LTM EBITDA 10.81 9.5 12.9% Gross profit margin Wine EBITDA 52% 53% 49% 45% 48% 46.1% 37.8% -8.2ppts 2 3 5 7 9 1.2 0.3 -71.3% Multiple applied 8.3 10.0 -17.0% Cash flow from operations 2.6 1.8 1.5 0.1 2.8 1.5 2.6 70.0% Enterprise value 81 95 -6.3% Selected operating metrics (in '000) Net debt (35) (31) 13.3% ('000) 1Q19 1Q20 Change Alaverdi at acquisition price 16 16 NMF Wine sales bottles 1,165 960 -17.6% Equity fair value 56 72 -11.7% Of which, export sales 971 824 -15.1% LTM ROIC² 2.8% 6.2% -2.4ppts Export share (%) 83.3% 85.9% +2.6 ppts Valuation peer group Average price per bottle US$ 2.69 2.71 0.6% Vina San Pedro Company Purcari Wineries Vina Concha Y Toro Bodegas Esmeralda Country Moldova Romania Chile Ticker Wine CONCHA Stock Exchange Bucharest Sant Comerc Chile Argentina VSPT ESME Sant Comerc Buenos Aires (1) FY19 EBITDA adjusted for FX. (2) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund. Page 52

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