Shareholders of GMP Capital Inc. Announce Opposition to RGMP Transaction and Support for New Board at GMP

• Owners of 16.9% of GMP's common shares
• Further Validates Unfairness of RGMP Transaction and Necessity for New Board Leadership at GMP

TORONTO , Sept. 21, 2020 /CNW/ - Shareholders of GMP Capital Inc. ("GMP") (TSX: GMP) who are former employees or principals of GMP or GMP FirstEnergy (or their respective predecessors), including those whose names are listed below, and who in aggregate own 12,770,615 common shares of GMP, or 16.9% of GMP's outstanding shares (the "GMP Shareholders"), today announced that they will all be voting against the RGMP Transaction, and will vote for the election of the five new director nominees (the "Shareholder Nominees") proposed for election by Kevin Sullivan , at GMP's October 6, 2020 shareholders meeting (the "Meeting"). The 12,770,615 common shares of GMP owned by the GMP Shareholders are exclusive of GMP common shares owned by Mr. Sullivan.

As former employees or principals, the GMP Shareholders are deeply knowledgeable about GMP and Richardson GMP Limited ("RGMP") and the respective value and future prospects of each company. Their only interest in the matters before the Meeting is as common shareholders of GMP.

The GMP Shareholders have grave concerns about the current governance of GMP and believe that their interests as shareholders of GMP have been disregarded by the existing GMP board in favour of the interests of the Richardson family. Having carefully reviewed and considered the positions of both the incumbent directors of GMP and Mr. Sullivan, the GMP Shareholders have unanimously concluded to vote against the RGMP Transaction and for the election of the Shareholder Nominees as directors of GMP, for the following reasons:

• the RGMP Transaction is not fair to GMP's shareholders and significantly undervalues GMP to the detriment of its shareholders;
  
  
• GMP's existing board has failed in its duties to protect GMP's shareholders and chosen to advance the interests of Richardson Financial Group Limited over the interests of GMP's other shareholders;
  
  
• GMP's existing board has no vision or plan to create shareholder value at GMP;
  
  
• GMP's existing board has now acquiesced to two different versions of a transaction that unfairly benefits Richardson Financial Group Limited at the expense of GMP's other shareholders and has lost the trust and confidence of GMP's shareholders;
  
  
• the Shareholder Nominees have the skills, experience and credibility to create value for all shareholders of GMP; and
  
  
• the Shareholder Nominees have a solid plan and will do what is right and in the best interests of GMP and all its shareholders, not just Richardson Financial Group Limited.

The names of those GMP Shareholders who have consented to have their names released in opposition to the RGMP Transaction and in support of the Shareholder Nominees are listed below.

We the undersigned are all independent shareholders of GMP. We unanimously oppose the terms of the unfair RGMP Transaction. We unanimously support the election of the Shareholder Nominees as directors of GMP. We urge all shareholders of GMP to do the same.

SOURCE James W. Davidson