Georgia Capital - Financial Overview and Investment Opportunities

GEORGIA CAPITAL Pipeline Further value creation opportunity – education business ■ Industry investment rationale LARGE AND GROWING MARKET Growing private school market Government expected to double spending over the next 5 years - Government spending on education as GDP % (2016) 6543 Market opportunity 23.6 25.0 22.1 8.0 7.1 6.9 6.6 6.4 7.0 6.1 5.9 20.0 5.6 5.5 5.4 5.0 4.9 6.0 4.9 4.7 4.7 4.5 4.2 3.8 3.7 15.0 5.0 4.0 10.0 3.0 ☐ Low base - 3.8% of GDP, compared to 5.4% of peers (2016 data) 5.0 2.0 1.0 0.0 0.0 Government incentivized to support private schools development EFFICIENCY UPSIDE Iceland Denmark Source: Eurostat, World bank Sweden Belgium Finland Estonia Switzerland Latvia France Poland Hungary Austria EU UK Czech Germany Georgia Romania Secondary private school enrollment % (2016) 14.8 14.7 12.1 11.0 10.4 10.1 EU Hungary Source: World bank Finland Denmark Switzerland Poland Austria Georgia 2.4 1.1 =1 Bulgaria Romania " Inefficient government spending ■ ■ Fragmented - 2,321 schools in total, only 10% is private and also private market itself is fragmented Undersupplied private school market 83% of teachers teach only 1 subject - 56% for peers ACCESS IS HIGH, BUT QUALITY IS POOR Medium term demand outlook for private high schools currently- 10% private 10% Private ☐ Compulsory education lasts 9 years from age 6 to 14 years, literacy level - 99.8% Low supply of quality educators Poor international pupils assessment results - 60th among 72 countries HIGH TRADING MULTIPLES Due to its high quality revenue and high demand for good quality affordable education schools are trading at a very high multiples even amongst the service industry State 90% in 5-years - 20% private 20% We aim to introduce a chain of affordable high schools to capitalise on scale advantage in Georgia 80% We expect to deploy GEL 140 million equity capital and by 2025 we are aiming to reach 30,000 pupils Page 29

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