P&C Insurance and Beverages Business Financial Overview

Capital allocations How we evaluate investment performance ROIC, MOIC and IRR combination is the key decision making matrix MOIC and IRR at GCAP level Money multiples. We want to know achievable money multiples with all acquisitions and analyze them in combination with the expected IRR. MOIC and IRR combination. Targeting to have a combination of high MOIC and high IRR. Realised and unrealised MOICs are equally important for us. GEORGIA CAPITAL ROIC for financing projects and reinvestment at portfolio companies' level ROIC. We measure our expected return on the total invested capital at each portfolio company level. Different yields will be appropriate for different industries, US$ dollar and Lari businesses Page 19

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