Successful Completion of Minimum Shareholdings Sale

18 December 2019 Successful Completion of Minimum Shareholdings Sale o Geo reduces size of its share register by 48.96% through rationalisation of small shareholdings o 498,702 shares bought by the Company now to be cancelled at a cost of $53,710.21 o Ongoing cost and administration benefits Geo Limited (Geo, the Company) has successfully concluded the rationalisation of small holdings on its share register. 507,702 Geo ordinary shares have been sold or repurchased by the Company, representing 0.62 percent of its share register as at 25 November 2019. This has had the effect of reducing Geo's share register by 683 shareholders from 1,395 to 712 (48.96 percent). The sale has enabled shareholders to cost effectively exit their small shareholdings without having to engage and pay for a broker, whose costs would likely be disproportionately high relative to the value of their shareholding. The process will also enable Geo to reduce its share administration costs, many of which are costed on a per shareholder basis. Details of the Sale On 23 August 2019 the Company gave notice to shareholders that at the expiration of three months, being 25 November 2019, the Board would exercise the power of sale of individual holdings of less than $200 of shares ("Sale Shares"). After 25 November 2019 Geo exercised its power of sale of the Sale Shares by offering them for sale both off market and on the NZX trading platform for 10 trading days at minimum price equivalent to the Average Market Price of Geo's shares based on a Relevant Date of 25 November 2019, being 10.77 cents per share. 9,000 Sale Shares were sold on market, and as indicated in the Sale Notice to shareholders, the remaining 498,702 Sale Shares have been repurchased by Geo Limited, at a total cost of $53,710.21. The repurchased shares have been cancelled, resulting in 81,171,095 shares now on issue Small shareholders will receive the proceeds from the sale, less sale expenses of $4.65 per small shareholder. If small shareholders hold less than $4.65 worth of Sale Shares they will not receive any proceeds. Roger Sharp Chair End CA:00346215 For:GEO Type:CORPACT Time:2019-12-18 09:14:14