1Q20 Results Discussion

Capital allocations 360-degree analysis - a strong foundation for value creation Buying assets at attractive prices is a key part of our investment philosophy Targeting to buy assets at a higher discount to their listed peers than GCAP's fair value discount Discounts at 31 March 2020 GCAP fair value Buyback opportunity 360° analysis opportunity Investment Target peer multiple New opportunities ? Sale opportunity Market value of our listed portfolio companies GEORGIA CAPITAL BOG GHG 43% ? discount ? GEORGIA CAPITAL Page 20

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