Georgia Capital Portfolio Overview

Diversified resilient economy Gross domestic product Source: Geostat US$ billion 20 12.6% 15 10 10 5.8% 9.6% 9.4% 0 Diversified nominal GDP structure, 1Q19 16% Source: Geostat Other Hotels and restaurants. Education 5% Trade 3% 6% 17% 12% Financial intermediation 7.2% 5% 6.2% 6.4% 4.6% 4.8% 4.7% 8% 3.4% 2.9% 2.8% 4% Healthcare 7% Industry 17% 0% Real Estate 7% -4% Agriculture 6% Public administration Construction Transport and communications 11% 8% 8% 4% V 3.7% GEORGIA CAPITAL I Nominal GDP, US$ bln LHS -Real GDP growth rate, y/y One of the Fastest Developing Economies in the Region Source: IMF Comparative real GDP growth rates, % (2007-2018 average) Source: Geostat Monthly Economic Activity Estimate, y-o-y growth 4.9 4.5 3.6 3.7 3.8 Economic activity increased by 4.9% y-o-y in 1H19¹ 7.5 3.0 3.1 6.5 6.7 1.5 Ukraine -0.3 Latvia Estonia Russian Federation Czech Republic Lithuania 2.4 5.7 2.0 1.7 2.0 5.2 5.3 5.3 5.55.6 6.0 5.6 5.6 5.0 Belarus Romania Armenia Moldova Poland Georgia Turkey Jan-16- Feb-16 Mar-16 Apr-16 May-16 Jun-16 4.3 3.4 2.9 2.9 2.6 2.1 2.1 2.0 2.1 1.5.3 0.8 0.3 4.4 4.6 4.7 4.3 4.4 4.6 4.6 4.7 5.1 5.0 3.8 4.0 3.7 3.5 2.2 2.0 1 preliminary data Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Page 53

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