Portfolio Valuation and Ameriabank Acquisition Update

EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT ☐ о EDUCATION KEY DRIVERS The increase in revenue was driven by: The organic growth through strong intakes and a ramp-up of the utilization; and expansion of the business. Operating expenses were up by 50.0% y-o-y in 4Q23, mainly reflecting inflation and increased salary expenses in line with the expansion. The business grew by 1,665 learners (up by 40.0% y-o-y to 5,827 learners as of 31-Dec- 23). GEL MILLION +41.5% 19 14 43 33 +30.3% 55 +26.9% 6 5 EBITDA DEVELOPMENT +6.0% 14 14 4Q22 4Q23 FY22 FY23 4Q22 4Q23 FY22 FY23 KEY OPERATING HIGHLIGHTS GEORGIA CAPITAL 4Q22 VS. ■ 4Q23 Change y-o-y FY22 VS. ■ FY23 Change y-o-y Capacity 5,670 7,270 +28.2% 5,670 7,270 +28.2% Number of learners Capacity utilisation 4,162 5,827 +40.0% 4,162 5,827 +40.0% 73.4% 80.2% +6.8ppts 73.4% 80.2% +6.8ppts 65

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