Investor Presentaiton

AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES STRONG PERFORMANCE OF RENEWABLE ENERGY, REVENUE UP 88.0% Y-O-Y IN 4Q20 AND UP 163.4% IN FY20 GEORGIA CAPITAL EDUCATION REVENUE UP 5.3% Y-O-Y IN 4Q20 AND UP 131.5% IN FY20 GEL MILLION CHANGE (Y-O-Y) CHANGE (Y-O-Y) NMF NMF +65.4% +88.0% +163.4% NMF NMF +9.1% +5.3% +131.5% 42.6 16.0 12.2 6.6 7.7 16.2 1Q20 2Q20 3Q20 4Q20 FY19 FY20 Renewable energy GEL MILLION 11.1 8.7 7.7 6.2 3.2 1Q20 2Q20 3Q20 4Q20 FY19 FY20 KEY DRIVERS Resilient 2020 results despite the COVID-19, primarily reflecting strong momentum from acquisitions completed at the end of 2019 and energy price increases. Electricity sales price (USD) increase led to a 12.5% y-o-y like-for-like growth in FY20 revenues (excluding business interruption insurance reimbursement). KEY DRIVERS 5.6% y-o-y increase in FY20 average tuition fee per learner. Cash collection rates remained strong, largely at 2019 levels. 25.8 ■Education 33

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