FY20 Results and Strategy Overview

Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) FY20 Operating highlights 89.5% -2.4ppts y-o-y Capacity utilization 2,516 -2.6% y-o-y Number of learners 9.2 +3.9% y-o-y Learner to teacher ratio GEL 9,530 +5.6% y-o-y Private K-12 learners in Georgia PRIVATE K-12 MARKET IN GEORGIA Market growing at c.2x nominal GDP growth rate GEORGIA CAPITAL Private K-12 market size in Georgia 8% CAGR '20-25 63.2 60.8 61.9 53.9 55.4 56.1 57.6 51.6 11% 16% CAGR '13-19 4.6 3.6 3.7 3.7 10% 10% 10% 10% 10% 10% 3.2 9% 2.9 2.6 2.7 400 2.0 lllll ...... 280 275 257 217 192 177 158 115 Revenue per learner FY20 Financial highlights GEL 8.3m +14.9% y-o-y EBITDA 32.4% +2.8ppts y-o-y EBITDA MARGIN GEL 7.9m -17.9% y-o-y Cash flow from operations GEL 18.5m Net debt +26.4% y-o-y 2013 2014 2015 2016 2017 I Number of private learners 3.1% 13.9 Austria UK 4.4% 11.0 10.9 3.0% 3.7% 9.9 9.3 9.0 3.0% 2018 2019 % of total number of learners 2020 2013 2014 2015 2016 2017 2018 2019 2020E 2025E Total revenue, GELmln Revenue per learner, GEL '000 Lower average annual spending per K-12 learner in Georgia indicating room for further growth Source: G&T, GCAP estimates 4.5% 3.9% 3.3% 3.3% 3.2% 3.1% 2.9% 3.0% 2.9% 2.6% 8.5 8.4 8.2 6.8 6.7 7.1 6.7 6.7 3.6% Mmmmmm...... Germany France New... Italy Portugal Slovenia Spain Czech Latvia Total spending per learner Slovakia Poland Total Estonia di Hungary 5.9 as Lithuania Total spending as % of GDP 2.4% 5.3 Chile 4.0% 3.9% 3.1% 2.7% 2.2% • 5.0 3.7 3.0 3.0 1.5 0.7 T 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 65 Source: OECD, Ministry of Finance of Georgia

View entire presentation