Investor Presentaiton

HL'000 Beer business GBG & LOCAL MARKET DYNAMICS GBG GROWING AT c.7x HIGHER CAGR IN VOLUME TERMS VS. MARKET FOR 2018-2020 PERIOD GEORGIA CAPITAL GROWING MARKET SHARE DRIVEN BY STRONG LOCAL AND INTERNATIONAL BRAND PORTFOLIO Volume 5.7% CAGR 1,076 1,083 970 Local Market 32.2% CAGR 1.4% 215 239 137 113 115 GBG GEL mln Value 13.9% CAGR 231 210 178 Local Market Premium Upper mainstream Mainstream AMSTEL KRUŠOVICE BIER Heineken KAYAKI 6.1% 3.7% 3.8% 2.5% აისი 22.1% ICY 20.0% 8.8% 7.0% 4.8% 1.9% 38.2% CAGR 0.6% 0.2% 0.8% 0.8% 0.6% 0.6% 14.6% 57 50 Heineken Black Lion Kayaki Amstel Krusovice Kazbegi ICY 30 26 30 Total local market share 2019 2020 GBG 2018 E 2019 E 2020 TH1 2020 TH1 2021 GBG demonstrated strong growth on the market both in volume and value terms increasing its market share from 14% in 2018 to 22% in 2020 One of the key drivers of GBG's growth in value terms is the premiumization strategy and increase in average selling price. Average price grew at 3.9% CAGR '2018-2020 In 2020 new economy (lowest priced) segment was established on Georgian beer market, overtaking c.9% market share. In line with the GBG premiumization strategy, company decided not enter the low gross profit margin economy segment - explaining GBG's relatively low volume growth from 1H 2020 to 1H 2021 MAINTAINING THE PREMIUMIZATION TREND CAGR '18-21 6.2% 5.6 Gross price per Liter, GEL 4.8 2.0 8.9% 10.5% 2.5 2.2 1.9 1.5 6.9% Premium Upper mainstream Mainstream Total 2018 2019 2020 H1 2021 Source: Revenue Services Georgia; Management estimates 98 2.6

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