Georgia Capital Portfolio Overview

Pipeline Recent acquisitions - education business Premium Mid-level British-Georgian Academy 2 Buckswood Affordable 3 Green School GEORGIA CAPITAL Transaction Purchase of 70% equity stake. Purchase of 80% equity stake. Purchase of 80% - 90%¹ equity stake. highlights ➤ Valued at 6.4x EV/EBITDA 2020. Valued at 6.4x EV/EBITDA 2020. Valued at 5.6x EV/EBITDA. Three high quality school partnerships across premium, mid-level and affordable education segments, providing a clear pathway to approximately 11,750 learners and to more than 50% of our targeted GEL 70 million EBITDA by 2025 School Segment Deal close date Total capital allocation from GCAP² Debt/Equity GCAP ownership Current capacity of learners Targeted capacity of learners Targeted cost per learner BGA Buckswood Green School Premium Mid-level Affordable 24 July 2019 29 July 2019 GEL 75 million GEL 17 million 25% 70% 750 3,350 35,000 - 40,000 40% 80% 730 2,700 13,000 - 16,000 Total GEL 21 million OGEL 113 million 50% 80% - 90%¹ 1,050 5,700 6,500 - 8,500 2,530 11,750 (1) (2) 80% equity stake in the current campus and 90% equity stake in three new schools that will be developed under green school brand. Includes actual and projected future capital allocations. Page 47

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