1Q20 Results Discussion

Our investment philosophy We will pick well, we will manage very well and sell extremely well GEORGIA CAPITAL 2nd exit 1st exit: cash-out ■ Trade sale, IPO, Fund Entry point Cash inflows through leveraging up and/or dividend payouts Using scale to access to debt capital markets Low acquisition multiples 360-degree analysis Exit options set prior to making investment Entering a new industry with a small ticket size Cash generation at both GCAP and portfolio company level is a key success factor Page 19

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