Investor Presentaiton

OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES (CONT'D) GEORGIA CAPITAL EDUCATION KEY DRIVERS A 9.5% y-o-y increase in the number of academic days in 2Q21, reflecting the modification of the academic calendar. An 18.4% y-o-y growth in average tuition revenue per learner in 1H21 and a 1.4 ppts y-o-y improvement of the capacity utilization as of 30-Jun- 21. The total number of learners up by 1.6% y-o-y as of 30-Jun-21. GEL MILLION 6.3 +40.6% REVENUE DEVELOPMENT 8.8 14.0 +16.4% 16.2 2.1 +73.8% 3.7 EBITDA DEVELOPMENT 5.1 +26.0% 2Q20 2Q21 1H20 1H21 2Q20 2Q21 1H20 1H21 6.5 40 40

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