Investor Presentaiton

Sovereign Ratings with Stable Outlook and Favourable Macro Fundamentals Key Ratings Highlights General Facts GEORGIA CAPITAL Rating Agency Rating Outlook Affirmed SWEDEN FINLAND NORWAY RUSSIA MOODY'S Ba2 Stable March 2018 Norn sea MAR S&P Global BB- Stable May 2018 Copenhagen Wotric Seu BELARUS Burlin POLAND BELGIUM Fitch Ratings CZECH REP Georgia Кути UKRAINE BB- Positive March 2018 KAZAKHSTAN AUSTRIA HUNGARY FRANCE морбул ROMANIA Belgrade Bay of Bay Georgia is favorably placed among peers BULGARIA Black Seu Rabat MOROCCO SPAIN Lichan Aiglers TUNGIK Тирий Mediterranean Sou Tyrrhenian ONEEL Ankara TURKEY Bishk SINGIANG UYGU UZBEKISTAN Toshkent ADAN TURKMENISTAN Dushanbe Ashgabat SYRIA Baghdad IRAQ AFGHANISTAN IRAN lahabad TIBET Country Country Rating Rating Outlook Armenia B+ Positive Azerbaijan BB+ Stable Belarus B Stable Czech Republic A+ Positive ¡ Georgia BB- Stable Kazakhstan BBB Stable Turkey BB+ Stable Ukraine B- Stable ALGERIA LIBYA EGYPT Riyadh PAKISTAN NEPAL Kathmandu VALITAN INDIA Area: 69,700 sq km Population (2017): 3.7 mln Capital: Tbilisi; Economy Life expectancy: 77 years Official language: Georgian Literacy: 100% Currency (code): Lari (GEL) Nominal GDP (Geostat, preliminary) 2017: GEL 38.0 bln (US$15.2 bln) Real GDP growth rate 2013-2017: 3.4%, 4.6%, 2.9%, 2.8%, 5.0% Real GDP 2007-17 annual average growth rate: 4.5% GDP per capita 2017 (PPP) per IMF: US$ 10,644 Annual inflation (e-o-p) 2017: 6.7% External public debt to GDP 2017: 35.4% Page 60

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