Georgia Capital Portfolio Overview

Institutional oriented reforms Ease of Doing Business | 2019 (WB Doing Business Report) New Zealand Singapore Georgia up from 9th in 2018 1 2 6 Norway 7 US 8 Estonia 16 Germany 24 Azerbaijan 25 Kazakhstan Russia Poland Czech rep. Armenia Turkey 28 31 33 35 41 43 Italy 51 Ukraine 71 India 77 Corruption Perception Index | TI 2018 Economic Freedom Index | 2019 (Heritage Foundation) Estonia GEORGIA CAPITAL Top 8 in Europe region out of 44 countries UK USA 12 15 Georgia 16 Latvia 35 Bulgaria 37 Romania Azerbaijan Hungary 42 60 64 Turkey France 68 71 Italy 80 98 Russia Ukraine Business Bribery Risk, 2018 | Trace International Open Budget Index, 2017 | International Budget Partnership 147 Higher index means lower corruption Lithuania 59 Georgia is on a Czech Republic Georgia Latvia Slovakia Romania 59 58 par with EU Sweden Norway New Zealand 2 3 Norway UK 7 Georgia 5 up from 16th in 2015 58 member states Singapore 12 US 50 7 Estonia 15 47 Italy 13 France 21 Montenegro 45 Russia 15 Bulgaria 42 Japan 26 Turkey 41 Georgia 27 Germany 17 Bosnia & Hezegovinia 38 Czech rep. 32 Czech rep. 25 Armenia 35 Poland 36 Poland 30 Moldova Ukraine Kazakhstan Russia 33 Italy 40 Turkey 32 32 Armenia 77 Ukraine 39 31 Azerbaijan 95 Kazakhstan 42 28 Ukraine 105 India 53 Azerbaijan 25 Russia 108 Uzbekistan 23 Kazakhstan Turkey 127 Azerbaijan 77 130 Sources: Transparency International, Heritage Foundation, World Bank, Trace International. Page 52

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