Investor Presentaiton

COVID-19 impact - IMF forecasts Gross Domestic Product Source: IMF US$ b Consumer Price Inflation GEORGIA CAPITAL Source: IMF 7% 20 16% 6.0% 6% 15 12% 5% 10 4.8% 4.8% 5.1% 8% 4.0% 3.0% 4.0% 2.9% 4% 4.9% 4.7% 3.6% 5 4% 3% 0 2.6% 2.1% 0% 2% -5 -4% 1% -4.0% -10 -8% 2015 2016 2017 2018 2019* 0% 2020F 2021F 2015 2016 2017 2018 2019 2020F 2021F GDP USD -Real GDP, Y-o-Y growth Current Account Balance Source: IMF Fiscal Deficit (GFSM 1986, IMF Modified) Source: IMF 0% -2% -2 -4% -6% -8% -5.1% -6.8% -8.1% -2 -2.3 -2.7 -2.7 -2.9 -4 % -6 -7.5% -4.8 -10% -8 -12% -11.3% -11.8% -8.5 -14% -12.5% -10 2015 2016 2017 2018 2019 2020F 2021F 2015 2016 2017 2018 2019 2020F 2021F Page 64

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