Georgia Capital Portfolio Overview

Sovereign ratings with stable outlook and favourable macro fundamentals Key Ratings Highlights Rating Agency Rating Outlook Affirmed MOODY'S Ba2 Stable September 2018 S&P Global BB- Positive April 2019 Fitch Ratings BB Stable February 2019 Georgia is favorably placed among peers NORWAY SWEDEN FINLAND No sea Copenhador Wetric Sen LITHUANIA (RELAND London BLANDS Amterdam Berlin POLAND BELOIDS Parks GERMANY Bay, of day SAIN Fitch Rating Country Country Rating Rabat MOROCCO Outlook Armenia B+ Positive Azerbaijan BB+ Stable Belarus B Stable Czech Republic AA- Stable Georgia BB Stable Kazakhstan BBB Stable Turkey BB- Negative Ukraine B- Stable FRANCE ALGERIA BELARUS CZECH REPUB ADI HUNGARY V Zagreb ROMANIA ITALY FULANIA rhenia Mediterranean Sea General Facts Georgia Kyiv UKRAINE LIBYA EGYP KAZAKHSTAN Actans GEORGIA CAPITAL RUSSIA INDIANG UYU Bioce Seu UZBEKISTAN Toshkent KYRGYZSTAN Ankara Yerevan VerRADAL TURKEY TURKMENISTAN Ashgabat Dushane, TAKISTAN Baghdad IRAQ IRAN Riyadh AFGHANISTAN PAKISTAN Islamabad INDIA Area: 69,700 sq km Population (2018): 3.7 million Capital: Tbilisi; Economy Life expectancy: 73.5 years Official language: Georgian Literacy: 100% Currency (code): Lari (GEL) Nominal GDP (Geostat) 2018: GEL 41.1 billion (US$16.2 billion) Real GDP growth rate 2014-2018: 4.6%, 2.9%, 2.8%, 4.8%, 4.7% Real GDP 2007-2018 annual average growth rate: 4.5% GDP per capita 2018 (PPP, international dollar) IMF: 11,485 Annual inflation (end of period) 2018: 1.5% External public debt to GDP 2018: 34.3% DINGHA Page 50

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