Investor Presentaiton

Diversified foreign trade Contribution to import growth Source: NBG 30% 20% 10% 0% M -10% -20% -30% Jan-16 Feb-16 Mar-16 Apr-16 May-1 Jun-16 Jul-16 Aug-16 Investment goods. Imports, 2017 Sources: GeoStat Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Intermediate goods. Consumer goods Dec-17 Jan-18 Feb-18 Foreign Demand, 2017 Source:, Geostat 30% 20% 10% 0% 11% -10% 3% -20% 4% 0% 12% 26% Food and beverages ■Industrial supplies Fuels and lubricants ■Capital goods Transport equipment -30% Import growth, y/y, % Exports, 2017 Sources: GeoStat 44% Oil imports Sources: GeoStat Other 1,200 Other USA 3.5% Iran 2.8% 16.8% 900 16.6% EU 28.5% EU 23.7% 600 Armenia USA 300 3.8% 4.5% 0 Ukraine 5.6% Ukraine 4.6% -300 Russia 14.5% -600 Azerbaijan China Turkey 16.9% China 7.6% 7.1% 8.5% Russia Armenia 7.7% Turkey Azerbaijan 9.5% 7.9% 10.0% Consumer goods ■Other I Oil imports, US$ mn Oil imports, % change, y/y 100% 75% 50% 25% 0% -25% -50% Page 68 GEORGIA CAPITAL

View entire presentation