1Q20 Results Discussion

NAV per share (GBP) movement in 1Q20 GBP unless otherwise noted NAV per share down 40.5% to GBP 7.41 in 1Q20 NAV per share change % -21.0% -7.8% -1.0% -0.5% -10.2% -40.5% GBP 12.46 (2.62) (0.97) (0.12) (0.06) (1.28) GBP 7.41 NAV per share Value creation on listed 31-Dec-19 assets Value creation on private portfolio Buybacks Operating expenses Liquidity management & FX & Other NAV per share 31-Mar-20 GEORGIA CAPITAL Page 31

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