Regulatory announcement for Marathon Asset Manag UK: Form 8.3 – Georgia Capital plc – ABOUT MAG 2020

LONDON–() –

FORM 8.3

DISCLOSURE OF PUBLIC OPENING POSITION / DISCLOSURE OF DISCLOSURE BY

A PERSON WITH INTEREST IN REPRESENTATIVE SECURITIES OF 1% OR MORE

Rule 8.3 of the Acquisition Code (the “Code”)

1 KEY INFORMATION

a) Full name of the publisher:

Marathon Asset Management LLP

(b) Owner or controller of interests and short positions
disclosed, if different from 1 (a):

The nomination of named companies or vehicles is insufficient. For
a relationship of trust, the administrator (s), depositary and beneficiaries must be appointed.

(c) Name of the offerer / offered in relation to whose relevant organization
securities in this form:

Use a separate form for each offerer

Georgia Capital plc

(d) If an exempt fund manager connected to an offeror / offeror,
indicate this and specify the identity of the offerer:
(e) Date of occupied position / negotiation performed:

For disclosure of the opening position, please indicate the
practicable date before disclosure

April 23, 2020

(f) In addition to the company in 1 (c) above, it is the
make disclosures about any other part of the offer?

If it is a cash offer or a possible cash offer, please indicate “N / A”

Not

2) POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or subscription rights to disclose in more than
relevant class of securities of the offeror or offeror appointed in
1 (c), copy table 2 (a) or (b) (as applicable) for each additional class
relevant security

(an) Interest and short positions on the relevant securities
offeror or offerer to which the disclosure refers after the
negotiation (if any)

Relevant security class: Common shares – GB00BF4HYV08

Interests Short positions
Number % Number %
(1) Relevant securities owned and / or controlled: 662,727 1.65 0 0 0 0
(2) Derivatives settled in cash: 0 0 0 0 0 0 0 0
(3) Derivatives settled in shares (including options) and contracts
to buy / sell:
0 0 0 0 0 0 0 0

TOTAL:

662,727 * 1.65 0 0 0 0

* Marathon Asset Management LLP has no discretion
in relation to voting decisions regarding 96,865 shares included
in the above total.

All interests and all short positions must be disclosed.

Details of any outstanding open-ended derivatives positions (including
options) or agreements to buy or sell relevant securities,
must be provided in a supplementary form 8 (open positions).

B) Subscription rights for new securities (including
directors and other employee options)

Relevant security class for which the signature
there is right:
Details, including the nature of the relevant and relevant rights
percentages:

3) BUSINESS (IF ANY) OF THE PERSON WHO MAKES THE DISCLOSURE

Where negotiations took place in more than one class of
securities of the offeror or offered mentioned in 1 (c), copy of table 3 (a),
(b), (c) or (d) (as appropriate) for each additional class of
negotiated security.

The currency of all prices and other monetary values ​​must be
declared.

(an) Purchases and sales

Relevant safety class Buy Sell Number of securities Price per unit

Ordinary actions

Sale

178

4.1850

B) Derivative transactions settled in cash

Relevant safety class Product description

for example. CFD

Nature of the tract

for example. open / close a long / short position, increasing / decreasing
a long / short position

Number of reference titles Price per unit

ç) Derivative transactions settled in shares (including options)

(I) Write, sell, buy or vary

Relevant safety class Product description for example. call option Write, buy, sell, vary etc. Number of securities to which the option refers Exercise price per unit Type

for example. American, European etc.

Expiration date Cash option paid / received per unit

ii) Exercise

Relevant safety class Product description

for example. call option

Exercise / exercised against Number of securities Exercise price per unit

d) Other negotiations (including the signing of new securities)

Relevant safety class Nature of the tract

for example. subscription, conversion

Details Price per unit (if applicable)

4) OTHER INFORMATION

(an) Indemnity and other negotiation agreements

Details of any indemnity or option settlement or any settlement
formal or informal, related to relevant information
securities that may be an incentive to negotiate or abstain from
negotiation carried out by the person who made the disclosure and any
part of the offer or any person acting in conjunction with a
the ofert:

Irrevocable commitments and letters of intent should not be
included. If there are no such agreements, arrangements or
understandings, declare “none”

none

B) Agreements, arrangements or understandings related to
options or derivatives

Details of any agreement, agreement or formal or
informal, between the person who made the disclosure and any other
person related to:

(i) the voting rights of any relevant securities under any
option; or

(ii) the voting rights or future acquisition or disposal of any
relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or
understandings, declare “none”

none

ç) Attachments

Is an additional form 8 (open positions) attached?

NOT

Disclosure date:

April 24, 2020

Contact name:

Mary Davidge

Phone number*:

0207 487 2211

Public disclosures in accordance with Rule 8 of the Code must be made to a
Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation at
regarding the Code’s disclosure requirements at +44 (0) 20 7638 0129.

* If the promoter is a natural person, a telephone number cannot be
need to be included as long as contact information has been provided
the Panel’s Market Surveillance Unit.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

Short name: Marathon Asset Manag

Category code: RET

Sequence number: 697856

Receiving time (UTC offset): 20200424T091155 + 0100

Paula Fonseca