FY20 Results and Strategy Overview

Georgia Armenia Source: IMF, WEO (October 2020) Latvia Moldova Turkey Source: Geostat Nominal GDP, USD mn 2014 2015 2016 Medium-term growth to remain high Comparative real GDP growth rates, % (2021-2025 average) | IMF 2017 Real GDP fell by 5.8% in 9M20. According to rapid estimates, the full year recession was -6.1%, with 4Q fall of -6.5% due to the 2nd lockdown Real GDP, YoY % 5.5 4.5 4.3 4.1 3.9 3.9 3.8 3.6 3.5 3.5 3.1 2.2 1.7 1.4 Romania Czech Republic Poland Estonia Ukraine Lithuania Russian Federation Azerbaijan Belarus 2018 ECONOMY HIT HARD, BUT EXPECTED TO BOUNCE BACK FAST Gross domestic product Diversified nominal GDP structure, 9M20 2019 Accommodation and food service activities Healthcare 5% 3% Information and communication 3% Industry 15% 15,112 16,489 17,189 17,625 14,948 16,249 15,142 17,597 17,422 Education 5% 12,706 11,617 7.4% 6.4% 4.4% 4.8% 4.8% 5.1% 5.1% 3.6% 3.0% Financial and insurance activities 5% 2.9% Jan-18 Feb-18 Mar-18 Apr-18 Source: Geostat May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 9M2019 9M2020 -5.8% Source: Geostat Transportation and storage 6% Other 7% Public administration and defence 8% Construction 8% Agriculture 9% Monthly Economic Activity Estimate, y-o-y growth Economic activity slowed down again since September due to the 2nd lockdown 4.4 5.5 5.6 6.5 7.5 4.0 4.6 5.6 6.7 2.0 2.2 5.6 3.5 4.6 6.0 5.1 4.7 5.0 6.1 5.8 5.2 5.7 6.4 5.1 3.8 2.2 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 -0.7 -2.7 -3.9 -5.5-5.3 -7.7 -7.7 -7.9 -13.5 -16.6 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 71 Real estate 12% Trade 14% GEORGIA CAPITAL

View entire presentation