Investor Presentaiton

Total factor productivity 1.8% CAPITAL AND PRODUCTIVITY HAVE BEEN THE MAIN ENGINES OF GROWTH SINCE 2004 OVERALL CONTRIBUTION OF CAPITAL, LABOR, AND TOTAL FACTOR PRODUCTIVITY (TFP) TO GROWTH, 2010-2020 CONTRIBUTIONS OF CAPITAL, LABOR, AND TFP TO GROWTH DURING PERIODS 45 Source: Geostat, Galt &Taggart REAL GDP GROWTH PROJECTION, 2021 3.0% 3.3% 3.5% 3.8% 4.5% 4.5% 4.5% 4.7% 4.7% Azerbaijan Kazakhstan Ukraine Czech Rep. Latvia Moldova Bulgaria Lithuania Russia Poland Armenia Romania Georgia Estonia Labor force 0.1% Source: Geostat, Galt &Taggart 10% 8% 6% Capital stock 2.0% 4% 2% 0% -2% 2004-2007 2008-2009 Source: IMF, WEO, Oct-21 10% 8.5% 9.0% 7.7% 8% Georgia 7.0% Middle East & Central Asia 6.5% 6% 5.1% 4% 2% 0% -2% Emerging & Developing EU -4% -6% Turkey -8% 2010 TFP Labor force Capital stock 2010-2015 REAL GDP GROWTH: GEORGIA, MIDDLE EAST AND CENTRAL ASIA, EMERGING & DEVELOPING EU 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F 2026F Source: IMF, WEO, Oct-21 2016-2020

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