Investor Presentaiton

Internally valued EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q21 (GEL MILLION) Change q-o-q +16.9% LTM EV/EBITDA DEVELOPMENT +14.7% -18.1% +21.3% +19.8% 12.5x 28 21 144 123 (12) 124 (36) 12.5x Enterprise Increase in EV value 31-Mar-21 Enterprise value 30-Jun-21 Investment at cost Net debt Minority interest 2 Equity value 30-Jun-21 31-Mar-21 30-Jun-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Jun-21 31-Mar-21 Valuation method Change Multiples³ 31-Dec-20 Change Enterprise value 143.8 123.0 EBITDA1 11.5 9.8 20.8 1.7 119.0 24.8 9.5 2.0 Selected EV/EBITDA multiple 12.5x 12.5x - 12.5x - Net debt (11.5) (14.1) 2.6 (13.7) 2.2 Equity value 132.3 109.0 23.3 105.3 27.0 Investments at cost 27.8 24.2 3.6 16.8 11.0 Total equity value of GCAP's share 123.7 103.2 20.5 93.0 30.7 Georgia Capital PLC 1. LTM EBITDAs used for valuation purposes includes functional currency adjustment in schools, where applicable. 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). GEORGIA CAPITAL 72 2

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