Celo Foundation Treasury Policy

Previously Updated: September 14, 2020

To fund operations, including grants and any taxes owed, the Celo Foundation (“Foundation”) may periodically sell the Celo native asset, $CELO (formerly known as Celo Gold), according to this Policy.

The overall incremental additional circulating supply is anticipated to remain in line with previous estimates of liquidity (please see here for details) and this Policy does not anticipate monthly treasury-related sales to exceed 5 million $CELO.

Please see below for guidelines:

1. The Foundation will work with vendors and/or exchanges who have met certain compliance requirements;
2. The Foundation will direct sales through limit orders when possible; Market makers and/or other vendors assisting in sales will be compensated on a fixed percentage basis up to 0.5%, where possible;
3. Details of sales will be made public including in the Foundation Annual Report;
4. Wherever possible, sales of $CELO will be programmatically sold at fixed intervals with an approximate target of 3% of the rolling previous 7-day average trading volume;
5. In any case, sales of $CELO is not intended to exceed 5% of daily volume; and
6. The Foundation does not anticipate any repurchase of $CELO.

This Policy may be revised from time to time.