Georgia Capital Portfolio Overview

Diversified foreign trade Imports of Goods, contribution to growth I Investment goods Consumer goods Source: NBG 40% 30% 20% 10% 0% -10% -20% -30% -40% Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Importing countries, 1H19 Sources: GeoStat Armenia 3% Ukraine 4% United States 5% Azerbaijan 7% Other Foreign Demand, 1H19 Source:, Geostat 6% 6% 21% Intermediate goods Import growth, y/y, % 40% 30% 20% 10% 0% 12% -10% -20% -30% 15% -40% Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 18% EU countries 26% Turkey 17% China 10% Russia 10% Machinery and transport equipment ■Crude materials, except fuels Manufactured goods 17% Exporting countries, 1H19 Sources: GeoStat 20% ■Beverages and tobacco Chemicals and related products Food and live animals Commodities Mineral fuels, lubricants and related materials Animal and vegetable oils United States 4% Other 23% EU countries 24% Ukraine 7% Armenia 8% Turkey Azerbaijan 12% 7% Russia 15% Page 60 GEORGIA CAPITAL

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