1Q20 Results Discussion

0 Diversified foreign trade Goods' Trade Deficit Source: GeoStat In March 2020, the trade deficit fell by 7.3%, as exports were cut by 21.5% and imports contracted by 13.5% on the back of the pandemic -100 -200 -300 -400 -500 -600 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Trade Deficit, US$ mn, LHS Electricity generation and trade, GWH Source: ESCO 1400 1200 1000 800 59% 600 45% 400 200 0 Jan-17 Feb-17 Mar-17 Apr-17 May-17 73% 88% 99% 99% Jun-17 Jul-17 Aug-17 Sep-17 Jun-18 Jul-18 Sep-18 Oct-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 % change y/y, trade deficit, RHS 63% 99% 68% 67% 64% 78% 96% 91% 70% 86% Mar-20 Oil imports Source: GeoStat GEORGIA CAPITAL 1200 Oil imports, US$ mn Oil imports, % change, y/y 90% 1000 50% 40% 800 30% 600 20% 400 10% 0% 200 -10% 0 -20% -200 Мюнции 70% 50% 30% 10% -10% -30% -30% -400 -600 -50% TPPS HPPS WPPS Imports Exports Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019M3 2020M3 Domestic Supply 93% 99% 99% 84% 80% 74% 63% 71% 59% 54% 55% 83% 99% 99% 99% May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 86% 74% 73% 46% 54% 55% 52% 81% Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Page 71

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