GEO - GEO Group Needs A Strategic Reset

• We believe GEO needs to immediately pivot its strategy to deal with the realities of the current political climate to protect shareholder value.
• We urge GEO to begin negotiations with the US Bureau of Prisons (BOP) and United States Marshals Service (USMS) to sell or lease Company-owned facilities to these government entities.
• We have identified 30 facilities that GEO should immediately seek to sell. These facilities encompass 24k beds and we believe GEO could monetize these assets for $1.9 – 2 billion.
• We believe the intrinsic value of the GEO equity is $14-15 per share, but it will require the Company to pivot its strategy.

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