1Q20 Results Discussion

Capital allocations Buybacks US$45 million share buyback programme, commenced in Jun-18, was completed in Aug-19 GEORGIA CAPITAL US$ 45 million 3,336,843 GBP 10.45 Programme amount Shares bought back Average price of shares bought back On 1 August 2019 we announced market purchase of CGEO shares of up to US$ 20 million for the management trust Shares of US$ 19.1 million were purchased as of 18 May 2020. Page 21

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