Investor Presentaiton

Pipeline Acquisitions of majority stakes in three leading schools Premium Mid-level British-Georgian Academy 2 Buckswood Transaction Purchase of 70% equity stake. Purchase of 80% equity stake. highlights ➤ Valued at 6.4x EV / EBITDA 2020. Valued at 6.4x EV/EBITDA 2020. Affordable 3 Green School GEORGIA CAPITAL Purchase of 80% - 90%¹ equity stake. 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 11,180 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 (GEL) BGA Buckswood Green School Premium Mid-level Affordable 23 July 2019 29 July 2019 22 August 2019 OGEL 75 million OGEL 24 million 50% 50% 70% 800 3,200 35,000 - 40,000 80% 760 2,980 13,000 16,000 Total OGEL 21 million GEL 120 million 50% 80% - 90%¹ 1,250 5,000 6,500 - 8,500 2,810 11,180 (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 51

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