Investor Presentaiton

GEL mln Beer business GBG SALES & PROFITABILITY DYNAMICS DOUBLE DIGIT REVENUE GROWTH Net Revenue 25.2% CAGR 43.6 45.9 29.3 21.1 20.8% 25.5 2018 2019 2020 H1 2020 H1 2021 IMPROVED MARGINS DRIVEN BY SCALE UP +52.2ppts +4.1ppts 34% 39% 28% 32% 36% 5% 6% 0.1% -15% -47% EBITDA % Gross Profit % 2018 2019 ■2020 EH1 2020 E H1 2021 POSITIVE EBITDA TREND EBITDA GEL mln GEORGIA CAPITAL 2.4 0.02 1.5 (6.5) (13.8) 2018 2019 2020 H1 2020 H1 2021 ➤ Double digit revenue growth reflecting GBG's premiumization strategy along with increase in sales volume by 1.7x in 2018-2020 period GBG reached positive EBITDA in 2020, driven by scale growth and high margin new product launches ➤ Company also improved profitability ratios through cost optimization and scale growth 104

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