Investor Presentaiton

Private early stage portfolio Beer business overview (cont'd) Key highlights | 31 December 2019 Financial metrics (GEL millions) GEORGIA CAPITAL Annually 31-Dec-19 31-Dec-18 Change GEL millions, unless otherwise noted 2017 2018 2019 2H18 Semi-annually 1H19 GCAP ownership 87% 80% +7ppts Beer Revenue Beer EBITDA 18 29 44 16 18 2H19 25 (6) (14) (6) (6) (6) 0 LTM Revenue² 47 28 67.9% Selected operating metrics (in '000) Multiple applied 2.2 2.2 NMF 2018 2019 Change Enterprise Value 104 61 70.7% Beer sales liters ('000) 13,808 21,831 58.1% Lemonade sales liters ('000) 2,174 3,282 51.0% Net debt (86) (64) 34.8% Key highlights Black Lion at acquisition price 7 NMF Equity fair value LTM ROIC1 Valuation peer group 15 4 NMF ➤ Strong beer sales volumes in 3Q19, driving market share growth from 14% in 2018 to 20% in 2019 ➤ Beer business EBITDA at break-even level in 2H19 -15.5% -22.0% +6.5ppt Focused on launching new brands within the first five months of 2019 Apr-19: Acquisition of Georgia's oldest beer brand - Kazbegi; also launched Kazbegi lemonade Company Anadolu Efes Grupa Zywiec Turk Tuborg Cerveceria San Juan Country Ticker Stock exchange Turkey AEFES Istanbul Poland ZWC Warsaw KRUSOVICE May-19: Krusovice full scale launch Turkey TBORG Istanbul the Peru SNJUANC1 Lima პაიასი May-19: Local light beer launch Jun-19: Heineken brand Amstel launch AMSTEL (1) (2) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund. Normalised for annualization of revenues from newly launched brands. LTM revenue is stated excluding Black Lion in 2018, as Black Lion was valued at cost as of 31 December 2018. Heineken Jul-19: Heineken launch, exclusive Heineken producer in Georgia Page 47

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