1Q20 Results Discussion

Acquisitions in 2019 | private portfolio GEORGIA CAPITAL February 2019 Kempinski Hotel Buyout of the remaining 40% equity stake for US$ 5.2m March 2019 Kazbegi brand acquisition . Georgia's oldest beer brand- Kazbegi. • Total cash consideration of US$ 3.65m May 2019 Redberry • The leading Georgian digital marketing agency • US$ 0.4m cash consideration to acquire 60% equity stake US$ 2.8m new capital injected for digital start-up development July 2019 Buckswood International • The leading school in the mid-level segment . . Purchase of 80% equity stake • Valued at 6.4x EV/EBITDA 2020 Targeted capacity of c. 2,980 learners by 2021 (Current 760 learners) Capital allocation from GCAP of GEL 24m² August 2019 Alaverdi winery Purchase of 100% equity stake ⚫ 244 hectares of vineyards and 135 hectares of free land in the Kakheti region ⚫ The acquisition tripled the Wine Business's production capacity Capital allocation from GCAP of GEL 16m • November 2019 Qartli wind farm Purchase of 100% equity stake Valued at 7.2x EV/EBITDA 2020 • 21MW installed capacity • US$ 14.4m cash consideration . Capital allocation from GCAP of GEL 13m February March April May June July August October November December April 2019 Amboli • Second largest player in Georgian auto service industry • GEL 3.4m cash consideration to acquire 80% equity stake • Valued at 0.7x EV/Sales 2018 • Additional Equity capital injection of GEL 1.6m June 2019 British-Georgian Academy • The leading school in the premium segment • Purchase of 70% equity stake Valued at 6.4x EV/EBITDA 2020 Targeted capacity of c. 3,200 learners by 2021 (Current 800 learners) Capital allocation from GCAP of GEL 75m² July 2019 Green School • The leading player in affordable segment Purchase of 80-901% equity stake Valued at 5.6x EV/EBITDA³ Targeted capacity of c. 5,000 learners by 2024 (Current 1,250 learners) Capital allocation from GCAP of GEL 21m² October 2019 Hydrolea ⚫ Purchase of 100% equity stake ⚫ Three operating HPPs with 21MW installed capacity ⚫ Greenfield HPP project with 19MW targeted capacity Capital allocation from GCAP of GEL 30m December 2019 Four famous Georgian restaurants • Our hospitality business partnered (50% ownership) with the famous Georgian chef, Tekuna Gachechiladze, owner of four leading Georgian restaurants • Total consideration of GEL 1.3m (1) 80% equity stake in the current campus and 90% equity stake in three new schools that will be developed under green school brand. (2) Includes actual and projected future capital allocations. (3) An additional earn-out may apply subject to EBITDA target within the next three academic years. The cumulative EV paid will not exceed 5.6x EV/EBITDA of the respective year (including performance-related deferred consideration). Page 81

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