Portfolio Overview & Capital Allocation

Oil imports, % change, y/y GEORGIA CAPITAL 90% 70% 50% 30% 0 -100 -200 -300 -400 -500 -600 -700 0 Jan-17 Feb-17 Mar-17 Apr-17 73% 88% 99% 99% May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 1400 1200 1000 800 59% 600 45% 400 200 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 63% 99% 68% 67% 64% 78% 93% 99% 99% 91% 96% 84% 70% 86% Trade Deficit, US$ mn, LHS Electricity generation and trade, GWH Source: ESCO Jan-17 May-17 Mar-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 % change y/y, trade deficit, RHS Sep-19 Nov-19 Jan-20 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 80% 74% 59% 63% 71% 54% 55% Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 83% 99% 99% 99% 86% 74% 73% WPPS TPPS HPPS Imports Exports Domestic Supply Mar-20 DIVERSIFIED FOREIGN TRADE Goods' Trade Deficit Source: GeoStat In 2020, the trade deficit fell by 18.5%, as exports were cut by 12% and imports contracted by 15.9% on the back of the pandemic May-20 Jul-20 Sep-20 Nov-20 1,200 50% 1,000 40% 30% 800 20% 10% 600 0% -10% 400 -20% 200 -30% -40% -50% (200) (400) (600) Source: GeoStat Oil imports Oil imports, US$ mn 2008 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 46% 54% 55% 52% 81% Feb-20 83% Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 56% 60% 98% 99% 95% 90% 72% Oct-20 Nov-20 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -50% -30% 10% -10% 77

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