Investor Presentaiton

Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) PRIVATE K-12 MARKET IN GEORGIA Market growing at c.2x nominal GDP growth rate GEORGIA CAPITAL Operating highlights 1H21 Capacity utilization 91.2% Change (y-o-y) +1.4 ppts Private K-12 learners in Georgia Private K-12 market size in Georgia 8% CAGR '20-25 + Number of learners 2,564 63.2 Change (y-o-y) +40 60.8 16% CAGR '13-19 4.6 61.9 53.9 55.4 56.1 57.6 58.7 3.6 3.7 3.7 51.6 Learner to teacher ratio 9.5 11% 3.2 10% 2.9 10% 10% 10% 10% 2.6 2.7 400 10% 10% 2.0 Change (y-o-y) +7.6% 9% Average tuition revenue per learner¹ 6,127 280 275 257 217 192 177 158 115 Change (y-o-y) +18.4% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2013 2014 2015 2016 2017 2018 2019 2020E 2025E % in total number of learners Total revenue, GELmln Financial highlights 2Q21 1H21 EBITDA Change (y-o-y) 3.7 6.5 EBITDA margin +73.8% +26.0% 13.9 4.4% 4.5% Change (y-o-y) 42.4% 39.9% 13.1% Cash flow from +8.1 ppts 11.0 10.9 3.7% +3.0 ppts 3.0% operations 9.9 9.3 6.0 Change (y-o-y) 7.6 Net debt +18.9% +56.3% Change (y-o-y) 14.7 14.7 -0.8% -0.8% Austria UK Germany France New Zealand Italy Portugal Slovenia Spain Czech Total spending per learner Total spending as % of GDP Georgia Capital PLC | 1. For like-for-like comparison, 1H21 tuition revenue is adjusted for the modification of the academic calendar. Latvia Slovakia Poland Estonia Hungary 3.9% 3.3% 3.3% 3.0% 3.1% 3.2% 3.9% 4.0% 3.6% 3.1% 2.9% 3.0% 2.9% 2.6% 9.0 8.5 2.4% 8.4 8.2 2.7% 2.2% • 6.8 6.7 6.7 6.7 7.1 5.9 5.3 5.0 3.7 3.0 3.0 1.5 0.7 Number of private learners Revenue per leamer, GEL '000 Lower average annual spending per K-12 learner in Georgia indicating room for further growth Source: G&T, GCAP estimates Lithuania Chile Turkey Mexico Colombia Indonesia Georgia Georgia has lower spending on education compared to other countries: Total spending per learner is USD 650 vs. USD 9,000 OECD average Total spending as % of GDP stands at 2.2% versus 3.1% OECD average Source: OECD, Ministry of Finance of Georgia 71

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