1Q20 Results Discussion

Private early stage portfolio Education business overview cont'd Industry investment rationale Highly fragmented private school market ➤ Large and growing market ➤ Efficiency upside ➤ High trading multiples ➤ Low base-3.8% of GDP, compared to EU average of 4.6% * 2017 data: World bank, Eurostat Financial metrics (GEL millions) Medium term demand outlook for private high schools currently- 10% private Private 10% in 5-years - 20% private 20% State 90% 80% Currently c.570,000 learners across Georgia GEORGIA CAPITAL GEL millions, unless otherwise noted 1Q19 1Q20 Change Revenue 5.9 7.7 31.5% EBITDA 2.4 3.0 26.0% EBITDA margin 41% 40% -1ppts Cash flow from operations 0.3 (0.2) NMF Net debt 11.2 19.7 76.6% Operating metrics Premium Mid-level Affordable 1Q19 1Q20 Change 1Q19 1Q20 Change 1Q19 1Q20 Change Capacity utilization 91% 95% 3.7ppts 87% 90% 3.0ppts 82% 90% 8.5ppts Number of learners 731 761 4.1% 627 685 9.3% 1,021 1,127 10.4% Learner to teacher ratio 9.4 9.1 -3.3% 10.3 10.2 -0.5% 8.4 8.4 -0.3% Revenue per learner (GEL) 17,847 22,511 26.1% 6,082 6,686 9.9% 3,217 3,213 -0.1% Page 56

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