Investor Presentaiton

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 GCAP fair value Buyback opportunity 360° analysis opportunity Investment Target peer multiple Sale opportunity Market value of our listed portfolio companies Discounts at 26 February 2020 New opportunities ? GEORGIA CAPITAL BOG GHG 42% ? discount ? GEORGIA CAPITAL Page 16

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