Investor Presentaiton

Wine business TELIANI VALLEY WORKING CAPITAL DYNAMICS EFFECTIVE WORKING CAPITAL MANAGEMENT NWC as a % of sales -4ppts -21ppts 87% 84% 78% 74% 63% 2018 2019 2020 H1 2020 H1 2021 IMPROVING INVENTORY TURNOVER Inventory turnover +0.3x 1.1x 0.9x 0.8x 0.8x +0.2x 1.1x 2018 2019 2020 H1 2020 H1 2021 Effective WC management on the back of increased bargaining power due to larger scale and stable customer base ➤ Inventory turnover improvement driven by effective inventory levels control and Just- In-Time stock management system through partnerships with 3rd party suppliers GEORGIA CAPITAL 90 90

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