1Q20 Results Discussion

CGEO:LN performance GEORGIA CAPITAL LSE premium listed, with more than 90% institutional shareholder base GCAP shareholders allocation by geography Number of outstanding shares as at 31-Mar-20 39,384,712 (2,650,375) 30.1% 28.2% USA 3,435,438 (2,483,719) 37,686,056 As of 18 May 2020 Average daily trading volume - GBP 0.9 million ■ UK/Ireland ■Luxembourg ■Scandinavia Number of shares Shares cancelled Unawarded shares, Shares issued* issued in May 2018 management trust Number of shares outstanding Market Capitalization - GBP 169 million 7.1% Management* * In December 2019 GCAP issued 3.4 million new shares for acquisition of 13.6% equity stake in GHG 4.1% 22.1% other 8.4% Includes both vested and unvested awarded shares GCAP top shareholders | 31-Mar-2020 Rank Shareholder name Ownership 1 Historical GCAP share price M&G Investment Management Ltd 7.49% GBP 14.0 12.0 10.0 8.0 6.0 4.0 2.0 2345 Schroder Investment Management Ltd 4.34% LGM Investments Ltd 3.39% Vanguard Group Inc 3.19% Norges Bank Investment Management 3.15% 6 Consilium Investment Management LLC 2.99% 7 Dunross & Co AB 2.75% 8 Van Eck Global 2.71% 9 Firebird Management LLC 2.35% May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Dec-19 Feb-20 May-20 10 T Rowe Price 2.05% CGEO will be included in MSCI Global Micro Cap index from 29-May-20 Total 34.41% Page 10

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