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Investor Presentaiton

Private investment stage portfolio companies INTERNALLY VALUED EDUCATION BUSINESS OVERVIEW (CONT'D) PRIVATE K-12 MARKET IN GEORGIA Market growing at 1.6x nominal GDP growth rate GEORGIA CAPITAL Operating highlights 9M21 Capacity utilization 62.3% Change (y-o-y) -30.8 ppts Private K-12 learners in Georgia Private K-12 market size in Georgia Number of learners 3,150 8.2% CAGR '20-25 63.2 Change (y-o-y) +536 60.8 61.9 51.6 53.9 55.4 56.1 57.6 60.1 13.1% CAGR '13-20 4.6 3.9 3.6 3.7 3.6 11% Learner to teacher ratio 8.9 10% 3.2 10% 10% 10% 10% 10% 2.6 2.7 2.9 403 9% 10% 2.0 Change (y-o-y) -7.0% Average tuition revenue per learner¹ 7,237 280 272 281 257 60.1 192 177 158 115 Change (y-o-y) +15.2% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2025E Number of private learners % in total number of learners Total revenue, GELmln Revenue per learner, GEL '000 Financial highlights 3Q21 9M21 EBITDA Change (y-o-y) (1.3) 5.2 EBITDA margin Change (y-o-y) -28.2% -38.6% +25.4% 13.9 4.4% 4.5% 26.5% 13.1% 11.0 10.9 3.7% Cash flow from -6.5 ppts +2.3 ppts 3.0% 9.9 9.3 operations 3.7 11.2 Change (y-o-y) +13.1% Net debt +39.0% 15.0 Change (y-o-y) 15.0 -0.5% -0.5% Austria UK Germany France New Zealand Italy Portugal Slovenia Spain Czech Total spending per learner Total spending as % of GDP Georgia Capital PLC | 1. For like-for-like comparison, 9M21 tuition revenue is adjusted for the modification of the academic calendar. Latvia Slovakia Poland 3.9% 3.3% 3.3% 3.2% 3.0% 3.1% 3.9% 4.0% 3.6% 3.1% 2.9% 3.0% 2.9% 2.6% 9.0 8.5 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 Lower average annual spending per K-12 learner in Georgia indicating room for further growth Source: G&T, GCAP estimates Estonia Hungary Lithuania Chile Turkey Mexico Colombia Indonesia Georgia 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 Source: OECD, Ministry of Finance of Georgia 72
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