Investor Presentaiton

Externally valued¹ EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (GEL MILLION) Change q-o-q +1.3% +58.4% +9.7% -0.3% +6.6% 264 218 3 221 (18) 175 (54) LTM EV/EBITDA DEVELOPMENT 16.9x 16.2x Enterprise value 31-Dec-22 Net increase Enterprise in EV value 31-Mar-23 Investment at cost Net debt Minority interest² Equity value 31-Mar-23 31-Dec-22 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise Enterprise value EBITDA³ Implied EV/EBITDA multiple Net debt Investments at cost Total equity value of GCAP's share NET DEBT TO EBITDA 31-Mar-23 31-Dec-22 Change 221.1 218.3 2.8 13.7 12.9 0.8 16.2x 16.9x (0.7x) 1.2x 1.2x (17.9) (16.3) (1.6) 25.9 16.3 9.6 175.1 164.2 10.8 31-Dec-22 31-Mar-23 <2.5x TARGET Georgia Capital PLC | 1 The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. GCAP has different ownership stakes across schools (70-90%). 3. Implied EV/EBITDA is calculated based on LTM EBITDA of schools; functional currency adjustment is applied where applicable. 4. Increase in investment at cost reflects value of the recently acquired school in the affordable segment. GEORGIA CAPITAL 69

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