Georgia Capital PLC Investment Overview

Growth-oriented government reforms (2018-2020) 1 Structural Reforms 2 Promoting Transit & Tourism Hub GEORGIA CAPITAL Small government concept Optimization of government units and decrease bureaucracy expenses to get small, efficient and flexible government ■ Rail " Compensation of employees as a % of GDP will decrease and remain close to 3.9% of GDP ■ 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 Developing 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 Regulatory actions to support responsible lending B Decrease household over indebtedness ■ Association Agreement Agenda 3 Roads 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 Maritime Anaklia deep water Black Sea port - Strategic location Capable of accommodating Panamax type cargo vessels High capacity - up to 100 million tons turnover annually Up to USD 2.5 billion for the project completion; 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 64

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