1Q20 Results Discussion

Institutional oriented reforms Ease of Doing Business | 2020 (WB Doing Business Report) New Zealand Singapore US Georgia Economic Freedom Index | 2020 (Heritage Foundation) Ireland 6 GEORGIA CAPITAL Up by four places compared to 2018 Norway Lithuania Estonia Kazakhstan Russia Azerbaijan Poland Czech rep. Armenia Turkey Romania Bulgaria Ukraine 7 9 11 18 25 28 34 40 41 41 47 55 61 64 UK Georgia Lithuania Czech Republic Germany Latvia Armenia Bulgaria Azerbaijan Turkey Russia 12 16 23 27 32 34 36 44 71 94 35 Corruption Perception Index | TI 2019 Lithuania Poland Georgia Czech Republic 41 44 44 Latvia 44 Italy 51 Slovakia 59 Belarus Romania Bulgaria Armenia Turkey Kazakhstan Moldova 66 70 74 77 91 113 120 Ukraine Azerbaijan Russia Uzbekistan 126 126 137 153 Georgia is on par with EU 14 Business Bribery Risk, 2019 | Trace International Estonia Open Budget Index, 2017 | International Budget Partnership New Zealand Lithuania 24 Norway member states Japan Georgia 25 Georgia 5 up from 16th in 2015 27 US Czech Republic 7 34 Latvia 42 Italy 13 Romania 68 Russia 15 Armenia 27 Germany 17 Bulgaria 77 Czech rep. 25 Azerbaijan Belarus Russia Moldova 79 Poland 30 108 Turkey 32 110 Ukraine 117 39 Ukraine Turkey Kazakhstan Uzbekistan 122 Kazakhstan 42 123 India 53 126 Azerbaijan 77 181 Sources: Transparency International, Heritage Foundation, World Bank, Trace International. Page 63

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