1Q20 Results Discussion

Growth-oriented government reforms (2019-2020) 1 Structural Reforms 2 Promoting Transit & Tourism Hub GEORGIA CAPITAL Tax Reform Favorable tax rates for SME development Special tax regimes for regional offices of multinational companies Enhancing easiness of tax compliance Capital Market Reform Boosting stock exchange activities Development of local bond market Pension Reform Introduction of private pension system ■ PPP Reform ■ Introduction of transparent and efficient PPP framework Public Investment Management Framework Improved efficiency of state projects ■ Law of Georgia on Entrepreneurs New law will be drafted reflecting requirements of Association Agreement between EU and Georgia Responsible Lending " Decrease household over indebtedness Regulatory actions to support responsible lending ■ Maximizing Government Effectiveness ■ Modification of government support programs based on performance ■ Association Agreement Agenda 3 Roads ■ Rail Plan to finish all spinal projects by 2020 - East-West Highway, other supporting infrastructure Baku Tbilisi Kars new railroad line Railway modernization and integration in international transport systems " General Education Reform Education Maximising quality of teaching in secondary schools ■ Fundamental Reform of Higher Education Based on the comprehensive research of the labour market needs Improvement of Vocational Education Increase involvement of the private sector in the professional education Page 76

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