Portfolio and Acquisitions Summary 2019

Diversified foreign trade Goods' Trade Deficit Source: GeoStat In 2019, the trade deficit narrowed by 8.5% y-o-y to US$ 5.3 billion from US$ 5.8 billion, further decreasing FX pressure 0 -100 -200 -300 -400 -500 -600 Oil imports Source: GeoStat Oil imports, US$ mn Oil imports, % change, y/y 90% 70% 50% Лющий muman LLIU 1200 50% 1000 40% 800 30% 600 20% 10% 400 0% 200 0 -200 -400 -600 -10% -20% -30% 30% 10% -10% -30% -50% Trade Deficit, US$ mn, LHS Electricity generation and trade, GWH Source: ESCO % change y/y, trade deficit, RHS 1400 1200 1000 800 600 59% 45% 400 200 0 Jan-17 Feb-17 Mar-17 Apr-17 73% 88% 99% 99% 99% May-17 Jun-17 Jul-17 Aug-17 Sep-17 2001 TPPS HPPS WPPS ⚫Imports Exports 63% 68% 91% 67% 64% 78% 93% 99% 99% 70% 96% 86% 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 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 84% 80% 74% 63% 71% 59% 54% 55% 83% 99% 99% 99% 86% Domestic Supply Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Page 64 Dec-19 54% 55% 74% 73% GEORGIA CAPITAL

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