Georgia Capital Portfolio Overview

Pipeline Education - Fragmented education market offers attractive opportunity for a scaled player Industry investment rationale ➤ Highly fragmented private school market ➤ Large and growing market Efficiency upside Medium term demand outlook for private high schools GEORGIA CAPITAL currently- 10% private Private 10% in 5-years - 20% private 20% High trading multiples ➤ Low base - 3.5% of GDP, compared to 5.4% of peers* Source: World bank, Eurostat State 90% 80% Currently c.650,000 learners across Georgia Diversified business model with strategy 1-2-3 Strong platform to facilitate growth and scale to become the leading integrated education player with up to 30,000 learners by 2025 Annual tuition fee: 3,500 GEL 15,000+ 1 Premium learners BGA Annual tuition fee: 7,000 learners GEL 5,000 15,000 Two partners 2 Mid-level Annual tuition fee: 16,500 learners Below GEL 5,000 3 Affordable Three partners ➤ Partnership model, with 70-90% majority stakes ➤ Education business holding company won't exist ➤ GCAP involvement will be limited to: strategy setting, hiring financial director, oversight of CAPEX spending GEL 70 million+ EBITDA by 2025 GEL 185 million gross capital allocation from GCAP through 2025 Page 46

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