Investor Presentaiton

OPERATING PERFORMANCE DEVELOPMENT ACROSS PRIVATE INVESTMENT STAGE PORTFOLIO COMPANIES (CONT'D) GEORGIA CAPITAL EDUCATION KEY DRIVERS Revenue up by 6.5% y-o-y in 3Q21, reflecting a 15.2% y-o-y growth in average tuition revenue per learner in 9M21 and growth in the number of learners by 20.5% y-o-y EBITDA down by 28.2% and up by 25.4% y-o-y in 3Q21 and 9M21, respectively, reflecting the decreased number of academic days as the schools modified the academic calendar Capacity up 80.1% to 5,060 as at 30- Sep-21 from 30-Jun-21, reflecting the expansion of the education business in the affordable segment GEL MILLION REVENUE DEVELOPMENT +6.5% 3 3 17 +14.5% 20 -28.2% EBITDA DEVELOPMENT (1) (1) 4 +25.4% 5 UT 3Q20 3Q21 9M20 9M21 3Q20 3Q21 9M20 9M21 222 42

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