Portfolio Overview & Capital Allocation

Georgia Armenia Source: IMF, WEO (October 2020) Latvia Moldova Turkey Source: Geostat Real GDP fell by 5.8% in 9M20. According to rapid estimates, the full year recession was -6.1%, with 4Q fall of -6.5% due to the 2nd lockdown 15,112 16,489 17,189 17,625 14,948 16,249 15,142 17,597 17,422 12,706 11,617 7.4% 6.4% 4.4% 4.8% 4.8% 5.1% 5.1% 3.6% 3.0% 2.9% Nominal GDP, USD mn 2014 2015 2016 Medium-term growth to remain high Comparative real GDP growth rates, % (2021-2025 average) | IMF 2017 ECONOMY HIT HARD, BUT EXPECTED TO BOUNCE BACK FAST Gross domestic product Diversified nominal GDP structure, 9M20 2018 Real GDP, YoY % 5.5 4.5 4.3 4.1 3.9 3.9 3.8 3.6 3.5 3.5 3.1 2.2 1.7 1.4 Romania Czech Republic Poland Estonia Ukraine Lithuania Russian Federation Azerbaijan Belarus Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Source: Geostat 2019 9M2019 9M2020 -5.8% Source: Geostat Financial and insurance activities 5% Transportation and storage 6% Other 7% Accommodation and food service activities Healthcare 5% 3% Information and communication 3% Industry 15% Education 5% Public administration and defence 8% Construction 8% Agriculture 9% Monthly Economic Activity Estimate, y-o-y growth Economic activity slowed down again since September due to the 2nd lockdown 4.4 5.5 5.6 6.5 7.5 4.0 4.6 5.6 6.7 2.0 | 2.2 5.6 3.5 4.6 6.0 5.1 4.7 5.0 6.1 5.8 5.2 5.7 6.4 5.1 3.8 2.2 Oct-18 Nov-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 Mar-20 Apr-20 May-20 -0.7 -2.7 -3.9 -5.5-5.3 -7.7 -7.7 -13.5 -16.6 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 71 -7.9 Real estate 12% Trade 14% GEORGIA CAPITAL

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