Georgia Capital Portfolio Overview

2a.Capital allocations Recent acquisitions March 2019 Kazbegi brand acquisition Georgia's oldest beer brand - Kazbegi, brewed since 1881 The fifth largest Georgian beverages brand with 5% market share HO • Total cash consideration of US$ 3.65 million May 2019 Redberry acquisition • The leading Georgian digital marketing agency • US$ 0.4 million cash consideration to acquire 60% equity stake • US$ 2.8 million new capital injected for digital start-up development July 2019 Buckswood International The leading school in the mid-level segment Purchase of 80% equity stake Valued at 6.4x EV/EBITDA 2020 • Aiming to increase the capacity from current 730 learners to approximately 2,200 learners by 2021 • Total capital allocation from GCAP of GEL 17 million² Deal close date - 29 July 2019 Mar-19 Apr-19 May-19 Jun-19 Jul-19 GEORGIA CAPITAL April 2019 Amboli acquisition Second largest player in Georgian auto service industry ⚫ GEL 3.4 million cash consideration to acquire 80% equity stake Valued at 0.7x EV/Sales 2018 Additional Equity capital injection of GEL 1.6 million • Deal close date - 28 June 2019 June 2019 British-Georgian Academy • The leading school in the premium segment • Purchase of 70% equity stake • Valued at 6.4x EV/EBITDA 2020 • Aiming to increase the capacity from current 750 learners to approximately 3,500 learners by 2021 • Total capital allocation from GCAP of GEL 75 million² • Deal close date - 24 July 2019 • July 2019 Green School The leading player in affordable segment • Purchase of 80-901% equity stake • Valued at 5.6x EV/EBITDA³ Aiming to increase the capacity from current 1,250 learners to approximately 5,700 learners by 2024 • Total capital allocation from GCAP of GEL 21 million² • Deal close date - Expected in Aug-Sep 2019 (1) (2) 80% equity stake in the current campus and 90% equity stake in three new schools that will be developed under green school brand. Includes actual and projected future capital allocations. (3) An additional earn-out may apply subject to EBITDA target within the next three academic years. The cumulative EV paid will not exceed 5.6x EV/EBITDA of the respective year (including performance-related deferred consideration). Page 13

View entire presentation