Georgia Capital Portfolio Overview

1H19 private portfolio performance highlights Water Utility Late stage Housing Development +6.7% -37.4% P&C Insurance 74.5 69.8 +8.4% +46.2% +15.4% 62.7 44.7 NMF +54.3% 40.4 39.2 36.3 37.2 30.6 -7.8% 31.4 flat 14.7 8.8 8.3 8.3 9.5 (2.1) (18.1)(16.7) 1 Revenue EBITDA 1H18 1H19 Operating cash flow Revenue EBITDA 1H18 1H19 Operating cash flow Earned premiums, net Net income 1H18 1H19 Operating cash flow Early stage Renewable Energy Hospitality & Commercial RE Wine Beer +37.7% 3.9x +75.0% 5.4x NMF -79.8% +87.2% +14.8% -19.9% NMF +14.9% 18.2 13.3 15.12 17.3 2.4 9.9 (0.4) 1.5 9.5 (0.4) (0.6) 3.8 1.9 1.6 0.3 1.6 3.0 1.6 1.8 (7.6) (6.5) Revenue EBITDA Operating 1H18 1H19 cash flow Revenue NOI² Revenue 1H18 1H19 Operating cash flow Revenue EBITDA 1H18 1H19 Operating cash flow EBITDA 1H18 1H19 (7.3) (8.8) Operating cash flow (1) Adjusted for non-recurring items. (2) Net operating income. (3) Includes revaluation gain recorded on Kempinski hotel. GEORGIA CAPITAL Page 21

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