Investor Presentaiton

Beer business GBG INCOME STATEMENT INCOME STATEMENT CAGR GEL thousands; unless otherwise noted 1H20 1H21 Change FY18 FY19 FY20 '18-20 Revenue 21,103 25,486 20.8% 29,308 43,628 45,947 25.2% of which, revenue from local sales 19,855 21,756 9.6% 29,308 41,769 42,947 21.1% of which, revenue from exports 1,248 3,730 NMF 1,859 3,000 NMF COGS (14,423) (16,207) 12.4% (19,221) (31,424) (28,247) 21.2% Gross Profit 6,680 9,279 38.9% 10,087 12,204 17,700 32.5% Gross Profit Margin 31.7% 36.4% 4.8 ppts 34.4% 28.0% 38.5% 4.1 ppts Salaries and other employee benefits (3,880) (4,563) 17.6% (8,811) (9,589) (8,563) 1.4% Sales and marketing expenses (668) (651) -2.5% (5,837) (3,134) (1,251) 53.7% General and administrative expenses (1,222) (1,182) -3.3% (4,808) (4,609) (3,167) 18.8% Distribution expenses (747) (715) -4.3% (2,753) (1,914) (1,522) 25.6% Other operating expenses (144) (691) NMF (1,632) 592 (795) 30.2% EBITDA 19 1,477 NMF (13,754) (6,450) 2,402 NMF EBITDA margin 0.1% 5.8% 5.7 ppts -46.9% -14.8% 5.2% 52.2 ppts Depreciation and amortization (4,572) (3,777) -17.4% (9,719) (11,185) (8,552) 6.2% Net interest income/expense (4,626) (5,337) 15.4% (4,212) (8,815) (9,756) 52.2% Net foreign currency gain (loss) (5,033) 7,704 NMF 300 (3,480) (17,704) NMF Net non-recurring items NMF (1,090) (25,307) NMF Net profit/(loss) before income tax (14,212) 67 NMF (28,475) (55,237) (33,610) -8.6% Net profit/(loss) (14,212) 67 NMF (28,475) (55,237) (33,610) -8.6% GEORGIA CAPITAL 106

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