Investor Presentaiton

Azerbaijan CAPITAL AND PRODUCTIVITY - 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 44 Source: Geostat, Galt &Taggart Total factor productivity 1.8% Source: Geostat, Galt &Taggart 10% 8% 6% Capital stock 2.0% 4% 2% 0% -2% 2004-2007 Labor force 0.1% REAL GDP GROWTH PROJECTIONS, 2022 2.3% 2.8% Russia 2008-2009 2010-2015 TFP Labor force Capital stock 2016-2020 REAL GDP GROWTH: GEORGIA, MIDDLE EAST AND CENTRAL ASIA, EMERGING & DEVELOPING EU Source: IMF 5.8% 12% 3.3% 3.6% 3.8% 4.1% 4.2% 4.5% 4.5% 4.6% 4.8% 5.2% 5.2% 5.4% 10% Georgia Middle East & Central Asia 8% 6% 4% 2% 0% -2% Emerging & Developing EU -4% Turkey Ukraine Kazakhstan Lithuania Estonia Armenia Czech Rep. Poland Romania Latvia Moldova Uzbekistan Georgia -6% -8% 2014 2015 2016 2017 2018 2019 2020 2021E 2022F 2023F Source: IMF, Geostat 2024F 2025F 2026F

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