Investor Presentaiton

Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q20 (GEL MILLION) Change q-o-q LTM EV/EBITDA DEVELOPMENT +19.2% +0.7% +27.5 +15.7 +15.3% 12.5x 17 19 119 100 (14) 93 (29) 12.5x Enterprise Increase in EV value Enterprise value 31-Dec-20 Investment at cost Net debt Minority interest 2 Equity value 31-Dec-20 30-Sep-20 31-Dec-20 30-Sep-20 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 31-Dec-20 Valuation method Multiples³ 30-Sep-20 Multiples³ Change 31-Dec-19 Change NMF Cost³ NMF Enterprise value 119.1 99.9 19.2 NMF NMF EBITDA 9.51 8.0 1.5 NMF NMF Selected EV/EBITDA multiple 12.5x 12.5x NMF NMF NMF Net debt (13.7) (10.8) 3.0 NMF NMF Equity value 105.3 89.1 16.2 NMF NMF Investments at cost 16.8 16.7 0.1 56.4 (39.5) Total equity value 93.0 80.7 12.4 56.4 36.7 Georgia Capital PLC 1) GEL 9.5 million LTM EBITDA was used for valuation purposes due to functional currency adjustment in premium schools. 2) GCAP has different ownership stakes across schools (70-90%). 3) Education was valued internally. The valuation method used was market approach (multiples) cross checked with income approach (DCF) in 2020 and cost in 2019. GEORGIA CAPITAL 63

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