Investor Presentaiton

Private early stage portfolio Wine business overview (cont'd) Key highlights | 31 December 2019 Financial metrics (GEL millions) GEORGIA CAPITAL 2015 2016 2017 2018 2019 Change GEL millions, unless otherwise noted 31-Dec-19 31-Dec-18 Change Wine Revenue 18 18 20 29 42 GCAP ownership 87% 80% +7ppts Gross profit margin 52% 53% 49% 45% 48% 43.6% -3.2ppts LTM EBITDA² 9.5 5.0 89.1% Wine EBITDA 2 3 5 7 9 +22.1% Multiple applied 10.0 9.1 9.9% Operating cashflow 2.6 1.8 1.5 0.1 2.8 NMF Enterprise value 95 46 46 NMF Net debt (31) (7) NMF ➤ FY19 operating cash flow at GEL 2.8 million (GEL 0.1 million in FY18), benefiting from decreased reliance on grape purchases Kindzmarauli at acquisition price 26 NMF Selected operating metrics (in '000) Alaverdi at acquisition price 16 NMF 2018 2019 Change Equity fair value 72 57 26.9% Wine sales bottles 4,346 5,865 35.0% LTM ROIC1 6.2% 12.1% -5.9ppt Valuation peer group Company Purcari Wineries Country Moldova Romania Vina Concha Y Toro Vina San Pedro Bodegas Esmeralda Chile Ticker Wine CONCHA Stock Exchange Of which, export sales Export share (%) 3,101 4,544 46.5% 71.4% 77.5% +6.1ppt Bucharest Chile Argentina VSPT Sant Comerc Sant Comerc In August 2019 the wine business acquired 100% stake in Alaverdi, adding 244 hectares of vineyards and tripling its production capacity ESME Buenos Aires (1) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund. (2) LTM EBITDA includes distribution business. LTM EBITDA is stated excluding Kindzmarauli and Alaverdi, valued at acquisition price in 2018 and 2019, respectively. Page 45

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