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Number of learners 9.2 +3.9% y-o-y Learner to teacher ratio GEL 9,530 +5.6% y-o-y Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) FY20 Operating highlights 89.5% -2.4ppts y-o-y Capacity utilization 2,516 -2.6% y-o-y PRIVATE K-12 MARKET IN GEORGIA Market growing at c.2x nominal GDP growth rate Private K-12 learners in Georgia Private K-12 market size in Georgia 8% CAGR '20-25 63.2 60.8 61.9 51.6 53.9 55.4 56.1 57.6 16% CAGR '13-19 3.6 3.7 3.7 3.2 11% 10% 10% 10% 2.9 10% 10% 10% 2.7 280 9% 2.6 275 257 2.0 217 192 177 158 115 Revenue per learner FY20 Financial highlights GEL 8.3m +14.9% y-o-y EBITDA 32.4% +2.8ppts y-o-y EBITDA MARGIN GEL 7.9m -17.9% y-o-y Cash flow from operations GEL 18.5m Net debt +26.4% y-o-y Austria UK Germany 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 I Number of private learners % of total number of learners Total revenue, GELmln Revenue per learner, GEL '000 Lower average annual spending per K-12 learner in Georgia indicating room for further growth Source: G&T, GCAP estimates 2015 2016 2017 4.5% 4.4% 13.9 3.9% 3.7% 10.9 3.1% 11.0 3.3% 3.3% 3.2% 3.0% 3.0% 3.1% 3.9% 4.0% 3.6% 3.1% 2.9% 3.0% 2.9% 9.9 9.3 9.0 8.5 2.6% 2.4% 8.4 8.2 2.7% 2.2% • 6.8 6.7 6.7 6.7 7.1 5.9 5.3 5.0 3.7 3.0 3.0 1.5 0.7 France New... Italy Portugal Slovenia Spain Czech Latvia Total spending per learner Slovakia Poland Total Estonia di Hungary as Lithuania Total spending as % of GDP Chile T Turkey Mexico Colombia Indonesia Georgia 2018 2019 2020 Georgia has lower spending on education compared to other countries: Total spending per learner is USD 650 vs. USD 9,000 OECD average Total spending as % of GDP stands at 2.2% versus 3.1% OECD average 62 Source: OECD, Ministry of Finance of Georgia GEORGIA CAPITAL

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