Renewable Energy Business Overview

GEL million INVESTING IN EDUCATION INDUSTRY INVESTMENT RATIONALE ■ Asset light industry ■ High quality revenue with high margins ■ High trading multiples Highly fragmented K-12 private school market with strong growth potential CURRENT INVESTMENT OVERVIEW | 30-Sep-21 TOTAL NET INVESTMENT OF c. US$ 14MLN IDENTIFIED FROM GCAP OVER THE NEXT 5 YEARS BY 2025³ - Scaling up to capacity of 21,000 learners through expansion plans in existing schools and M&As by 2025. ■ Strong organic growth at existing schools is expected to drive solid growth in Run-rate EBITDA, on top of expansion plans and M&As. By 2025, average investment and EBITDA per learner are expected to decrease, as 80% of M&A capacity will be concentrated in affordable sector. 69 Of which: Premium: 41 ➤Mid-level: 14 GCAP equity invested Affordable: 14 58 EDUCATION BUSINESS SNAPSHOT NOW BY 2025 127 MOIC (Multiple of Invested Capital) 1.8x 2.0x+ IRR 38.6% 25%+ Existing capacity (# of learners) 5,060 21,000 of which, existing schools of which, M&A 5,060 7,200 13,800 Value creation Equity value 30-Sep-21 EBITDA GEL 9.5mln² GEL 50mln+ RANGE FOR PEER TRADING MULTIPLES1 7x-23x LTM EV/EBITDA Georgia Capital PLC | 1. Our valuation peer group multiples as of 30-Sep-21. 2. EBITDA for 2020-2021 academic year 3. Announced in November 2020. GEORGIA CAPITAL 24

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