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8% 7% 6% 5% 4.5% 4% 3% 3.4% 2% 1.8% 1% 1Q16 2.2% 1Q17 4.5% 6.8% 4.4% Economy resilient to Russia's flight ban RECENT TREND - REAL GDP AND ITS COMPONENTS Real GDP growth by quarter, % change y/y Contribution to real GDP growth Savings and investment to GDP 40% ■Savings Investments 35% 30% 25% 20% 15% 10% 5% 0% 1Q16 2Q16 3Q16 BANK OF GEORGIA 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Source: Geostat 12% ■Investment 7.2% 6.0% 5.8% 5.0% Net export 9% 6% 5.3% 3% 4.6% 4.1% 3.6% 3.2% 0% -3% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 -6% 1Q16 2Q16 3Q16 4Q16 ■Consumption 1Q17 2Q17 3Q17 4Q17 Real GDP growth by month, % change y/y Source: Geostat 7.5% 8% 7% 6.5% 6% 5.5% 5.6% 4.6% 5% 5.6% 4% 4.4% 4.0% 3% 2% 6.7% 5.6% 6.0% 5.0% 4.6% 5.1% ww 2.0% 2.2% 3.5% 4.7% 1% 0% 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 Jul-19 Aug-19 Sep-19 Source: Geostat, Galt & Taggart Consumption driving growth 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Source: Geostat 6.1% 5.8% 5.7% 5.2% 3.8% Oct-19 Nov-19 Dec-19 57 57 6.4%

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