1Q20 Results Discussion

0 2.5 10 10 2011 15 15 Diversified resilient economy Gross domestic product Source: Geostat US$ b 20 2014 2015 Growth was robust in 2019, but will be negative in 2020 due to the pandemic, with IMF expecting real GDP to contract by 4% 16% InformationOther 3% Healthcare 9% 4% 12% 7.4% Education 4% 6.4% 4.4% 4.8% 4.8% 5.1% 8% 3.6% 3.0% 2.9% Accommodation 5% 4% 0% Financial activities 5% -4% 2016 2017 I Nominal GDP, US$ b, LHS Real GDP, Y-o-Y growth One of the Fastest Developing Economies in the Region Source: IMF Comparative real GDP growth rates, % (2007-2019 average) 5 Ukraine Latvia Estonia Russian Federation Czech Republic Lithuania Belarus Romania Moldova Poland Armenia Turkey Georgia Azerbaijan 2018 2019* Jan-17 Feb-17 Mar-17 Apr-17 1 preliminary data 2.1 Source: Geostat Diversified nominal GDP structure, 2019 Transportation 7% Public administration 7% Agriculture 7% Monthly Economic Activity Estimate, y-o-y growth Source: Geostat Economic activity increased by 1.5% in 1Q20 5.7 5.2 5.3 5.3 5.0 4.4 4.6 4.3 4.74.4 3.8 3.7 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 5.5 Real estate 12% Construction 9% 7.5 6.5 6.7 5.6 5.6 5.6 6.0 4.04.6 5.1 4.6 4.7 3.5 2.0 2.2 Feb-18 Mar-18 Apr-18 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 Aug-19 6.1 5.0 5.85.25.7 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Page 65 6.4 5.1 3.8 222 2.2 Industry 14% Trade 14% GEORGIA CAPITAL

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