Georgia Capital - Financial Overview and Investment Opportunities

Private early stage portfolio Beverages business overview Investment rationale ☐ ☐ Market opportunity GEORGIA CAPITAL Low consumption per capita compared to peers Beer consumption in Peer Countries 2017 (1/capita) 2.5 1Q18: 0.5 Gel billion 2.0 High growth sector, which has doubled during the last 5 years to GEL 1.9 billion market Peer Average 160 140 137 85 litre 1.5 120 95 96 98 92 Beer consumption per capita at one of the lowest levels in the wider region at 27 liters per capita Georgia's favorable trade regimes (free trade agreements with EU and China) provide potential for export growth 40 100 80 60 2200 Czech republic Austria Source: Statista Vineyard hectares Germany Poalnd Lithuania Ireland Estonia Romania 79 76 77 71 1.0 27 0.5 Slovenia Georgia 0.0 2011 2012 2013 2014 2015 2016 2017 Beverage Market GEL billions Beverages revenue Value creation potential Best-in-class distribution network platform 10-year exclusivity from Heineken to produce and sell beer in Georgia, Armenia and Azerbaijan Grow vineyard base to 1,000 hectares, from current 436 hectares, over the next three years Value realization outlook - Trade sale either of the whole business or in parts 436 86 1H17 1H18 30.5 17.6 436 30.5 +350 ha y-o-y +73.3% y-o-y 1H17 1H18 Page 28

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