Georgia Capital Portfolio Overview

0 -100 -200 -300 -400 -500 -600 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Diversified foreign trade Goods' Trade Deficit Source: GeoStat Based on the preliminary data in the first seven months of 2019 trade deficit narrowed by 14% y-o-y to US$ (2.9) billion from US$ (3.3) billion, further decreasing FX pressure. Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Trade Deficit, US$ mln, LHS Electricity generation and trade, GWH Source: ESCO 1400 1200 1000 800 59% 600 45% 400 200 0 Jan-17 Feb-17 Mar-17 Apr-17 May-17 73% 88% 99% 99% Jun-17 Jul-17 Aug-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 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 % change y/y, trade deficit, RHS 63% 99% 68% 67% 91% 70% 86% Oil imports Source: GeoStat 1200 50% 1000 40% 800 30% 600 20% 400 10% 200 0% 0 -10% -200 -20% -400 -30% -600 2001 TPPS HPPS WPPS Imports Exports Domestic Supply Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 2002 2003 2004 2005 2006 2007 2008 Oil imports, US$ mln, 2009 2010 2011 2012 2013 64% 78% 96% 93% 99% 99% 84% 80% 74% 63% 71% 59% 54% 55% 83% 99% 99% 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 Page 59 Oil imports, % chage, y/y GEORGIA CAPITAL 90% 70% 50% 30% 10% -10% -30% -50%

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