საჯარო სამართლის იურიდიული პირი - საპენსიო სააგენტოს მიერ წარმოდგენილი შესარჩევი კომისიის 2019 წლის 20 მაისის №2 სხდომის ოქმი და შესაბამისი დოკუმენტაცია შესარჩევი კომისიის მიერ შერჩეული კანდიდატების შესახებ

N გ/191 22/05/2019 191-შ-2-201905221438 ირაკლი კობახიძე თავმჯდომარე საქართველოს პარლამენტი ბატონო ირაკლი, მოგახსენებთ, რომ „დაგროვებითი პენსიის შესახებ“ საქართველოს კანონისა და შესარჩევი კომისიის 2019 წლის 21 მარტის N1 სხდომის ოქმით დამტკიცებული „საინვესტიციო საბჭოს წევრობის კანდიდატების შერჩევისა და საქართველოს პარლამენტისათვის წარდგენის პროცედურის“ შესაბამისად, შესარჩევი კომისიის მიერ გამოცხადებულ იქნა კონკურსი და შერჩეულ იქნა საინვესტიციო საბჭოს წევრობის კანდიდატები. ზემოაღნიშნულის გათვალისწინებით, შემდგომი რეაგირების მიზნით, დანართის სახით წარმოგიდგენთ შესარჩევი კომისიის 2019 წლის 20 მაისის N2 სხდომის ოქმს და შესაბამის დოკუმენტაციას შესარჩევი კომიისიის მიერ შერჩეული კანდიდატების შესახებ. დანართი: 49 (ორმოცდაცხრა) ფურცელი პატივისცემით, ლევან სურგულაძე დირექტორი

Dear Selection Committee Members, I hope this finds you well. I would like to express my interest in a position of the Investment Board Member of the Pensions Agency. With around 15 years of experience in finance industry in Georgia and the UK and hands-on knowledge of macro, legal as well as corporate environment I believe I could strongly contribute towards Investment Board’s functions. Since my return to Georgia in 2014, I held management positions within the corporate banking and finance functions of the largest financial intuitions. Lately, as a CFO of Bank of Georgia Group I oversaw liquidity book of c. GEL 4bn+, made all investment and capital allocation decisions and managed reporting, budgeting, investor relations, tax and treasury operations of the bank. I am also well aware of the Georgian Law on Pensions as well as the local regulatory framework as I have been engaged with various entities in Georgia, including Business Association, NBG or ministries working on the Pensions Law and contributed with insights/comments and best practices while the law was being designed. Some of the specific examples of my achievements, relevant to this position, include:         Maximized yield on liquidity and investment book by c. 15% by broadening investment criteria within the existing risk profile of a bank; Utilized derivatives that were not used by the bank for hedging purposes. In the very first year, contribution from such overlays was c. 4% of overall PnL (c. GEL 15m); Improved cost to income by one percentage point (i.e. GEL 10m) within one year period; Redesigned the budgeting process which shortened the budgeting time cycle by c. 20%; Set-up a risk function and separated back and front office operations within the treasury to limit fraud, human error and at the same time avoid conflict of interest amongst investment/liquidity pool managers. Treasury operations delivered around 1/3rd of bank’s PnL in 2018; Led corporate business lines of the largest two banks in Georgia, eventually doubling portfolio within two years of operations. Therefore, have extensive knowledge of investable corporate entities and their operations; Participated and completed the largest publicly listed company de-merger process in Georgia within the 9 month period; Led the first ever Additional Tier 1 issuance from Georgia, completing the project successfully within a record 4 week period from the mandate; I believe I could add significant value to the Investment Board in delivering its objectives across the spectrum of responsibilities that it has, whether designing investment policy, performing monitoring functions of the agency, selection of an asset manager or a custodian to name the few. I have been at the forefront of Global markets, innovation, policy and regulatory framework setting well over a decade now, therefore I am confident that together with the fellow board members I will be able to deliver tangible results as part of the Agency’s Investment Board. I am attaching my resume for your consideration along with other required documents. Should you have any questions please do not hesitate to contact me anytime. Thank you for your consideration, Davit Tsiklauri Mobile: +995 577 049494 Email: dtsiklauri@mba2008@london.edu

Hello recruiter, The following application has been submitted from execappointments.com Job title: Investment Board Member Job link: https://www.exec-appointments.com/job/1521473/investmentboard-member/ Recruiter: Georgia Pension Agency Application date: 10/04/2019 CV file: CV English 190407.docx Other information: Covering Message : Helsinki, April 8th 2019 To: The Selection Committee for Members of the Investment Board of the Pension Agency of Georgia I am applying for membership in the Investment Board. I find great interest in helping to build up the investment policy, operations and risk management for the important new organization. In my opinion, the early stages of setting up new operations are crucially important for the longterm success of a new pension plan. I believe that experiences from other government pensions funds can be of substantial benefit in this stage. I have extensive experience in designing and overseeing investment activities in various organizations, particularly in the public sphere. At present, I am the Chief Executive Officer of The State Pension Fund of Finland, which is a fund of 19.5 billion euros. From 2002 to 2010 I was Deputy CEO, responsible for investments and finance, of Finland’s Local Government Pensions Institution (Keva) which is presently Finland’s biggest pension fund. Apart from full-time jobs, I have been the chair or a member of investment committees of a number of institutions. At present, these include Aalto University, Foundation of Finnish Municipalities, Finnish Swedish Cultural Fund, Finnish National Gallery and Finnish National Theatre. Earlier in my career, I have had responsible roles in respect of government finances more generally in the Ministry of Finance where I have held, inter alia, the positions of Director General for Budget and Under-Secretary of Public Finance. Close international co-operation has been one part of my professional activities since early 1990’s when I started participating in various committees and working groups of the OECD and European Union. In my present role, international co-operation is a daily element. My doctoral thesis “Tax Incentives in Developing Countries and International Taxation” was published in 1991. I will be glad to provide further information and documents if needed and to share my thoughts in a possible interview or separately. Yours, Timo Viherkenttä Doctor of Laws, University of Helsinki CEO, The State Pension Fund of Finland

CV 10.4.2019 Timo Viherkenttä Doctor of Laws, University of Helsinki Chief Executive Officer, The State Pension Fund of Finland tel. +358 40 5225 806 timo.viherkentta@ver.fi timo.viherkentta@gmail.com Born 1958 Master of Laws 1983 Licentiate of Laws 1986 Doctor of Laws 1991 Jobs history1 University of Helsinki - Various full-time teaching and research positions 1983 – 1991 (Visiting scholar at Harvard Law School 1989) - Acting professor of tax law 1992 – 1993 Ministry of Finance - Various positions 1987, 1988 – 1989, 1990 – 2002, 2015, including Director for international tax affairs, Director for business taxation, Director general for budget and Permanent under-secretary Local Government Pensions Institution (Keva) - Deputy CEO 2002 – 2010 Supreme Administrative Court - Justice 2010 – 2015 The State Pension Fund of Finland - CEO 2015 – 1 Denoted years refer to beginning and end, not necessarily entire years. Selected activities and positions of trust2 University of Helsinki: Docent of Tax Law 1992 – International Fiscal Association Finnish branch: Board member 1997 – 1999, 2012 – 2014 The State Nuclear Waste Management Fund: Vice chairman of the board 1998 - 2002 Alko-Yhtiöt LLC: Board member 1998 – 1999 Kapiteeli LLC: Chairman of the Board 2001 – 2002 Municipality Finance plc: Board member 2003 - 2005, vice chair 2005 – 2007 Finnish National Theatre LLC: Board member 2003 – 2015 Juho Vainio Foundation: Board member 2004 – 2013, vice chair 2014 – Finnish Cultural Foundation: Board member 2005 – 2009, vice chair 2009 – 2012, chairman 2012 – 2014, chairman of finance committee 2011 – 2014 European Pension Fund Investment Forum, Nordic section advisory board member 2008 – 2010, 2016 Finnish National Gallery: Chairman of the Board 2014 – 2015 Verotus Journal: member of Editorial board 2014 Institutum Romanum Finlandiae Foundation: Supervisory Board vice chair 2016–, chair 2019 -, Board member 2019 – Investment committee memberships /advisor positions (apart from Board memberships): - Finnish – Swedish Cultural Fund 2010 Finnish National Gallery 2015 – Finnish National Theatre LLC 2015 – Finnish Academy of Science and Letters 2015 - 2018 Foundation of Finnish Municipalities 2017 – Aalto University 2018 - 2 Denoted years refer to beginning and end, not necessarily entire years. Publications: Books Tax Incentives in Developing Countries and International Taxation, 1991. Uusi kiinteistövero (The New Property Tax), 1st ed. 1992, 2nd ed. 1993. Articles Several dozens of articles primarily on taxation in Finnish and foreign legal and economic journals and antologies

33 Argyll Road London W8 7DA 020-7937 6234 Selection Committee The Pension Agency Tbilisi, Georgia April 4, 2019 I submit herewith my application to be considered for appointment to the Investment Board of the Pension Agency. My 37-year career in Investment Banking has given me extensive experience in the global financial markets, culminating in the position of Vice Chairman, Investment Banking at J. P. Morgan. As Head of Trading and Head of Syndicate at a variety of investment banks, I have decades of experience in market and credit risk management and risk policy, also being responsible for drafting and implementing the Underwriting Commitments Committee policy at J. P. Morgan. Since leaving J. P. Morgan I continue to act as Advisor to the Minister of Finance in Iceland on a range of issues including the structure of the banking system, their new sovereign wealth fund (National Fund of Iceland) and their investments in various State enterprises. I also sit on the Boards of a number of UKbased charities and act as Chairman of the Investment Committees of two of these, overseeing the management of endowment funds and grant-supporting funds in a mixture of bonds, equities and alternatives. I am attaching a copy of my CV and my highest university degree certificate and a provisional list of referees and look forward to hearing from you. Michael Ridley Provisional Referees: Henrik Normann President/CEO Nordic Investment Bank Helsinki henrik.normann@nib.int Guðmundur Arnason Permanent Secretary Ministry of Finance Republic of Iceland Reykjavik gudmundur.arnason@fjr.is Philip Bennett Formerly First Vice President European Bank for Reconstruction and Development London bennett.philip.d@gmail.com

Dear Sir, This application is submitted for the vacancy announced for Investment Board Members of the Pension Agency of Georgia. Please find attached: - a Cover Letter - a CV - Professional References enclosed to the Cover Letter - Diplomas (MSc Accounting in Finance and BBA in Financial Management) After enquiry, the corresponding transcripts are not anymore available at the educational institutions in question. They can however verify the authenticity of the degrees and a list of courses completed can be provided if required. Thank you for your consideration, Kind Regards, JFP Jean-Frédéric Paulsen M: (+995) 59 99 72 776 (Georgia) E: jean-frederic@paulsen.ge Skype ID: jean-frederic.paulsen CONFIDENTIALITY. This email and any attachments are confidential and may also be privileged. If received in error, please do not disclose the contents to anyone, but notify the sender by return email and delete this email and any attachments from your system.

Olivier Rousseau olivierjpnrousseau@yahoo.fr www.linkedin.com/in/olivier-rousseau-52aa1918 French citizen, 60 11, rue de Solferino 75007 Paris – France Co-CEO of the €34.5bn French Pension Reserve Fund (FRR), head of asset management and chair of the Asset manager selection committee. 21 years of dealing room and management experience in financial markets (Paris, London, Tokyo, Singapore and Hong-Kong, Sydney) and 12 years with the French civil service (7 years at the French Treasury in Paris and 5 years in Stockholm as economic and financial counselor for the Nordic region). Ecole Nationale d’Administration graduate (ENA), master’s degrees and economics and in law, BA degree in political sciences. Current role (since November 2011): The French Pension Reserve Fund, Paris - Executive director (co-CEO) in charge of investment policies, asset allocation and asset manager selection. The FRR holds a diversified portfolio across asset classes totalling €34.3bn and managed by some 60 external asset managers selected through public procurement procedures. IPE awards 2018 Best sovereign reserve fund, Best climate risk management and Best passive management. IPE awards 2017 Best pension fund in France and Best passive management. IPE Awards 2016 Best smart beta and Best specialist investment managers. IPE awards 2015 Best sovereign reserve fund and Best portfolio construction. IPE awards 2014 Best pension fund in France. Asset Owner Disclosure Project AAA rated and 2nd/100 in the ranking of the most involved pension funds. Agefi Global Invest 2018 Most sustainable pension fund. Liability driven investment model since 2011. Hedging portfolio comprising of French OATs and € and $ denominated investment grade credit. Performance portfolio based on broad international diversification in equities (equity benchmark Eurozone 43%, rest of the developed world 43%, emerging markets 14%), emerging market debt, € and $ denominated high yield bonds, private debt. Strategic asset allocation revised every year using state of the art risk-based methodologies (meanvariance, static portfolio Monte Carlo simulations, dynamic portfolio Monte Carlo simulations, Student distributions, regime switching log-normal distributions, Nelson-Siegel modelling of sovereign yield curves and mean-reverting Vasicek model for credit spreads, modelling of credit default occurrences, deterministic methods via stress tests). Comprehensive studies conducted to increase portfolio diversification: hedge funds, long/short risk premia, cat bonds and insurance linked securities, illiquid asset classes (private debt, private equity, infrastructure, real estate). Extensive use of alternative beta strategies in equities. Pioneering approach in portfolio decarbonisation. After much effort, permission obtained in July 2015 from the French government to invest €2Bln in unlisted assets for the financing of the French economy. Interne 2006 - 2011 - The French embassy in Sweden, Stockholm Regional economic and financial counselor for the Nordic region, including direct coverage of the Icelandic crisis. 2004 - 2006 - The European Bank for Reconstruction and Development, London Alternate director for France, member of the resident Board. 2003 - 2004 - The French Treasury, Paris Senior adviser to head of the International department. 2002- 2003 - BNP Paribas, Paris - Corporate equity derivatives (employee shareholding schemes and stock option plans). 2000 - 2002 - BNP Paribas Equities Australia - Sydney (institutional and retail stockbroking and corporate finance activities, 250 staff) - Group managing director (CEO). 1999 - 2000 - BNP Prime Peregrine Group - Singapore and Hong Kong (institutional and retail stockbroking and corporate finance in Hong Kong, Singapore, Thailand, Indonesia and the Philippines, 500 staff) - Chairman of the regional management committee and group risk head. 1997 - 1998 - BNP London - Head of corporate and institutional banking, UK and Nordics. 1994 - 1996 - BNP Paris - Head of debt origination - French issuers. BNP ranked first in 1995 and in 1996 in the public bonds league tables for French borrowers and was one of the two joint books for the hugely successful OAT TEC 10 constant maturity bond issued by the French Treasury in April 1996. 1992 - 1994 - The French Treasury, Paris Head of division - Economic analysis and relations with emerging market countries. 1990 - 1992 - BNP Tokyo - Portfolio manager ($1Bn asset-swap book of Japanese convertible and ex-warrant bonds denominated in various currencies, mostly CHF). 1986 - 1990 - The French Treasury, Paris Deputy head of division - Balance of payments, foreign exchange markets & regulation. Graduate of the Ecole Nationale d’Administration, Paris, 1986 Master’s in Economics, University of Aix-Marseille, 1982 Master’s in Law, University of Aix-Marseille, 1981 Institute of Political Studies diploma (bachelor of arts), University of Aix-Marseille, 1979. French (native), English (fluent), Swedish (full proficiency), Spanish (basic). Advisory board and committee memberships EDHEC Risk Institute International advisory board (since 2012) Institutional Investor European advisory committee (since 2014) European Pension Fund Investment Forum (EPFIF) Nordic advisory committee (since 2014) Official Monetary and Financial Institutions Forum (OMFIF) Advisory board (since 2016) Portfolio Decarbonisation Coalition Steering committee (since 2016) Conexus financial (Top1000funds) International advisory board (since 2017) Tobacco Free Portfolios Global advisory board (since 2017). Interne

Davit Tsiklauri ● Mobile: +995 577 049494 ● dtsiklauri.mba2008@london.edu PROFESSIONAL EXPERIENCE BANK OF GEORGIA GROUP PLC Tbilisi, Georgia CFO Sep 2017 – April 2019 Managed bank’s reporting, budgeting, funding, investor relations, regulatory compliance, treasury, tax and IFRS teams. Was in charge of the bank’s capital allocation, investments and asset-liability management. Led the first ever Additional Tier 1 issuance from the country, as well as the largest demerger of the country (the split of a BGEO Group PLC into two London Stock Exchange listed entities). Oversaw the Group companies on a regular basis and managed liquidity pool of c. GEL 4bn. Supervised Galt & Taggart – the largest brokerage house in Georgia. Hosted quarterly earnings calls and managed adhoc investor requests. Set up an innovations lab within the bank and successfully launched their first project – digital real estate platform fully integrated with the bank. Deputy CEO, Head of Corporate & Investment Bank Jan 2017 – Sep 2017 Managed bank’s corporate and investment banking business line. In charge of client relationships and transaction origination. Member of the credit, risk and asset-liability management committees. Successfully de-concentrated the corporate lending book to a set target within the nine month period. Managed the corporate lending book of c. GEL 2.5bn. TBC BANK GROUP PLC Tbilisi, Georgia Deputy CEO, Head of Corporate Bank Apr 2014 – Nov 2016 Managed bank’s corporate business line. Re-arranged the team structure within three months of joining the bank and doubled the corporate lending book within the two-year period, while maintaining low risk levels. Set-up TBC Capital, boutique research and brokerage house, which successfully acquired several fixed income mandates from foreign & domestic issuers. Managed the lending book of c. GEL 2bn. DEUTSCHE BANK London, UK Vice President, Capital Markets & Treasury Solutions Jan 2011 – Apr 2014 Led origination, structuring and execution of public/private and liability management transactions. Advised clients on cost-effective vanilla, structured or synthetic financing opportunities and risk hedging tools. Assessed and matched various structured products to clients’ needs. Associate, Debt Capital Markets Jul 2008 – Dec 2010 Responsible for origination of public trades within core and niche currency markets. Primary coverage groups: FIG/Insurance and Sovereigns, Supranationals and Agencies. Advised clients on effective fund-raising options across different markets and provided interest rate/FX hedging tools on the back of new funding initiatives. TBC BANK Tbilisi, Georgia Head, Investor Relations Sep 2005 – Sep 2006 Manager, Investor Relations Jan 2004 – Sep 2005 Developed, coordinated and managed relations with partner international financial institutions, multinational corporate clients, investors and creditors, and certain Georgian government agencies. KELLOG, BROWN & ROOT, INC. Tbilisi, Georgia Operations Officer Oct 2003 – Jan 2004 Supervised and coordinated the logistic support for select US and Georgian armed forces units as part of Georgian Train and Equip Program (GTEP). Responsibilities included inventory and order management, replenishment/distribution and transport coordination, maintenance and development of operational documentation databases. Lead the effort to improve on-time delivery to a sustained 96% level, up from 81% average. EDUCATION London Business School, London, UK MBA, 2008 Georgian Technical University, Tbilisi, Georgia MSc 2005, Concentration: Telecomm Engineering BSc 2003, Concentration: Telecomm Engineering PRIOR BOARD MEMBERSHIPS  Belarusky Narodny Bank (“BNB”) – Supervisory Board Member  Georgian Stock Exchange – Supervisory Board Member SKILLS       Proven ability to develop new relationships with senior executives Extensive experience working with product management to create client oriented solutions Extensive experience with identifying investable projects, due diligence, new operations set-up, team formation and budget control Strong knowledge of Capital Markets (ECM, DCM) Strong negotiation skills / understanding of business aspects of legal contracts Languages: English, Georgian, Russian

MICHAEL RIDLEY 33 Argyll Road London, W8 7DA Home: +44-20-7937 6234 Mobile: +44-7785 307208 michael@ridley.eu michael.ridley@pedmoreadvisors.com CURRENT Managing Partner Pedmore Advisors Limited London, U.K. Current assignments: Advisor to the Minister and Ministry of Finance and Economic Affairs, Republic of Iceland Advisor to Standard Profil A. S., a major international OEM automotive component manufacturer with operations in Germany, Bulgaria, Turkey, Spain, China, Mexico and Morocco. Non-Executive Director Standard Profil plc Additionally: Director of two family investment companies PREVIOUS EMPLOYMENT J. P. Morgan Securities plc London, U.K. May 2012 to November 2015 Vice Chairman, Investment Banking Senior client development and advisory on a global basis, with particular emphasis on the Public Sector, financial institutions and priority growth areas in Latin America, Asia and the Middle East Co-Chairman of Debt Underwriting Commitments Committee (for underwriting and disclosure policy and deal vetting) EMEA Executive Committee 2006 to 2009 Director of J. P. Morgan Europe Ltd, Dec 2001 to Feb 2005 Senior Business Sponsor, Womens’ Interactive Network May 2002 to May 2012 Global Head of Fixed Income Syndicate Responsible for all primary market debt underwriting from Sovereign debt to High Yield and Emerging Markets, ABS and Structured Credit Global sovereign advisory Sept 2000 to May 2002 Co-Head of European Debt Capital Markets (JPMorgan) Feb 1998 to Sept 2000 Global Head of Fixed Income Syndicate (Chase Manhattan) Market Infrastructure UK FSA Panel on Post-Trade Transparency Regular speaker at private sessions of IMF, OECD, World Bank, EU and ECB from 2000 to present. Salomon Brothers International Limited London, U.K. May 1992 to Feb 1998 Managing Director, Fixed Income Syndicate and Head of European High Yield Debt (final position) Westpac Banking Corporation London, U.K. Feb 1985 to May 1992 Head of European Fixed Income Trading, Syndicate and Capital Markets (final position) Republic National Bank of Dallas Dallas and Houston, Texas and London, U.K. July 1978 to Feb 1985 Vice President, International Banking (final position) Joined as graduate trainee PROFESSIONAL ASSOCIATIONS International Capital Market Association Member of the Board, 1999 to 2005 Council of Arbitrators, 2003 to present London Investment Banking Association Chairman’s Committee (Board), 2004 to 2009 VOLUNTARY Save the Children UK Vice President, 2009 to present EVERY ONE Campaign Board, 2005 to 2010 Handel House Museum Deputy Chairman and Trustee, 2014 to present Chairman of Investment and Finance Committee Royal United Services Institute for Defence and Security Studies Member of Advisory Board, 2016 to present Prism the Gift Fund Trustee and Chairman of the Investment Committee, 2016 to present PLAN International Acted as informal advisor to the CEO, 2000 to 2005 Ronald Ross Primary School Governor, 1986 to 1989 Lord Mayor’s Appeal Committee 2013 (for Lord Mayor Alderman Sir Roger Gifford) EDUCATION Trinity College, University of Oxford 1974 to 1978 MA degree in Literae Humaniores Stirling Boyd Prize for “Services to the Life of the College” Captain and President of Trinity College Boat Club Oxford University Boat Club Lightweight 1977 winning crew Bristol Grammar School, Clifton, Bristol 1967 to 1973 A-Levels: Latin, Greek, Mathematics

JEAN-FRÉDÉRIC PAULSEN, FCMA, CGMA 37 Viktor Jorbenadze Street Tbilisi, 0103, Georgia +995 599 97 27 76 jean-frederic@paulsen.ge jean-frederic.paulsen@moesd.gov.ge CURRENT Senior Advisor to the Minister Ministry of Economy and Sustainable Development of Georgia September 2017 to date (full-time employment, 4 consecutive Ministers) Assignments include: - Pension Agency risk framework: implementing best practice, stakeholder coordination Strategic and operational leadership in select priority ministerial projects (e.g. Olympics) State-owned enterprises financial monitoring and investments supervision (e.g. GSE) State-owned enterprises PSND risk analysis, consolidated long-term liabilities forecasting Ministry Lead Negotiator on numerous successful major state contract negotiations Recruitment Lead for key senior positions at the Ministry and subordinated agencies Chairman of the Governing Board International School of Economics at Tbilisi State University (ISET) May 2015 to date (Acting President, September 2018 to February 2019) Achievements include: - Implementing a new governance structure, strategic KPI framework & remuneration plan Developing the Policy Institute (ISET-PI) into Georgia’s leading economic policy think-tank PREVIOUS ENGAGEMENTS Georgian public sector conflict-of-interest regulation requires renouncing all commercial activities TPFF Asset Management U.K. 2012 to 2017 Supervisory Council Member 500+ million USD portfolio assets* under management (*2017) Actively managed investment fund (active and passive investments) Diversified portfolio across industries; mature & emerging markets Responsibilities include: -Investment and risk policy development to achieve financial goals -Direct oversight over all subsidiary activity, incl. passive investments -Exercising full management of performance, asset balance, and risk -Improving investment returns & balanced overall fund risk profile -Approval of all strategic transactions: asset investments & disposals -Approval of individual & consolidated fund accounts (legal, audit) Wellington LLC Georgia 2014 to 2017 Mars Inc. Germany 2012 to 2013 U.K. 2010 to 2012 Managing Director, Single Shareholder Multisectoral investment management and entrepreneurship Sectors include: agroindustry, manufacturing, real estate, IT 12m+ GEL revenue*, 20%+ EBITDA*, 100+ employees* (*2019E) FRIXX™ reaching 25% snack market-share organically on own-funds Entire financing & investment planning, execution and monitoring European Finance Leader (EU Segment CFO) Segment Leadership CFO (500m EUR unit, 25 markets, 5 factories) Responsible for all financials (strategic cost structure management, innovations and capex investment decisions, change management) Finance Operations Manager Managed entire financial operations department of 300m EUR unit Coca-Cola Enterprises France 2008 to 2009 Innovation Business Analyst Financial management of all innovation investment projects Techtronic Industries Ltd. Hong Kong 2007 Assistant to Director of Business Planning Designed global supply-chain financial performance reporting Crédit Suisse Switzerland 2006 Summer Internship – Derivatives Market Research for new financial derivatives for DACH region EXTRA-CURRICULAR Board Memberships: (select examples) Investment Advisory Board Member, Investment Trust Good Morning A/S (leading digital marketing agency) Nordic Pharma Group Holding (former Amring Pharma) International Education Centre Alumni Association LEPL Switzerland Norway Switzerland Georgia (2014 to 2017) (2014 to 2017) (2015 to 2017) (2018 to date) Mountaineering: ● First French and first Swedish national to complete the “Volcanic 7 Summit” challenge Successfully leading expeditions to the highest volcanoes of all seven continents (2005 to 2014) ACADEMIA Guest Lecturer, Entrepreneurship Fellow Member (highest rank) MSc, Accounting and Finance BBA, Financial Management London Business School, U.K. (2017 to date) Chartered Institute of Management Accountants, U.K. London School of Economics and Political Science, U.K. European Business School Paris, France

N ~ NORDIC INVESTMENT BANK P: +358 10 618 001 F: +358 10 618 0725 Fabianinkatu 34, P.O. Box 249 FI-00171 Helsinki, Finland E: info@nib.int www.nib.int HENRIK NORMANN PRESIDENT &CEO 3 April 2019 RE: Jean-Frederic Paulsen To the Members of the Investment Board Selection Committee, Pension Agency of Georgia, My name is Henrik Normann. i am a Danish investment banker that during the past 7 years has been the President &CEO of Nordic Investment Bank. The Bank is owned by the 5 Nordic and 3 Baltic countries and is a AAA rated institution by S&P and Moody"s. The Bank has a balance sheet of over 30 billion EUR and lend long-term money to projects that supports sustainable growth in the region. have known Jean-Frederic Paulsen for the past 8 years, in both a professional and private capacity, after first meeting and exchanging views during an extended expedition voyage through Antarctica. When I first met Jean-Frederic, he was working at Mars Inc. in leading positions within finance based initially in the UK and later on in Germany. In his last position at Mars Inc., Jean-Frederic was responsible for finance on the leadership team managing a 500m$ European segment, covering 25 markets and 5 production facilities. We often shared strategic discussions on key trends shaping the consumer market and the global economic and financial landscape. Jean-Frederic was able to shape and deliver a number of successful initiatives including the implementation of a segment-wide strategic management framework and Europe-wide cost-optimisation together with McKinsey. Jean-Frederic moved to Georgia in late 2013 as an entrepreneur and investor, where he set up and managed numerous successful ventures until his appointment as Senior Advisor to the Minister of Economy and Sustainable Development of Georgia in summer 2017. We have remained in close contact on a regular basis over these years, continuing our exchanges on both the global economic and investment environment. Jean-Frederic displays a stimulating ability to understand and assess the underlying trends shaping society and the economy with along-term perspective. I assess Jean-Frederic as curious by nature; intelligently questioning and challenging our economic and financial zeitgeist. During a recent trip to Georgia, I was pleased to meet Jean-Frederic in his current capacity at the Ministry of Economy. Among the many challenges faced by the Georgian economy we also discussed the low structural savings within the economic structure of the country. We both concur that adefined-contribution pension scheme along the Iines of the Pension Reform introduced in 2018, is a major step forward in developing a more resilient economic system. Jean-Frederic's excitement and enthusiasm for the Pension Reform and Pension Agency is contagious. Jean-Frederic strongly believes in the potential and the future of Georgia and would add value to the Investment Board of the Pension Agency, as an impartial board member with entrepreneurial skills to shape a functioning board and ensure proper procedures are adhered to. Jean-Frederic would be an excellent external communicator, representing the board both within Georgia and to international stakeholders, increasing the confidence and clarity around the Pension Agency as an institution. Jean-Frederic has a keen understanding and interest in matters of governance and control structures. But most important Jean-Frederic is a person of both moral and intellectual integrity who would fit well on the board of a state-based Pension Agency. Throughout my many years of exchanges with Jean-Frederic on our shared passion for investments, how to prioritise and structure them, Jean-Frederic showed a genuine passion and ability for identifying and assessing investment opportunities both as an entrepreneur and as a long-term investor. I hope that Jean-Frederic will be able to apply those valuable skills as a member of the Investment Board of the Pension Agency of Georgia. remain available to provide any further information, Best Regards, Henrik Nor n President &CEO Nordic Investment Bank Chairman of the Board: Investeringsforening Maj Invest (mutual fund app. 3 billion EUR under management) Chairman of the Board: Saga Private Equity (app. 4 billion EUR under management, institutional money)

Jean-Frédéric Paulsen, FCMA, CGMA Investment Board Selection Committee Ms. Natia Turnava, Mr. Ivane Machavariani, Mr. Davit Sergeenko Mr. Zurab Chiaberashvili, Mr. Zurab Lalazashvili Mr. Irakli Kovzanadze, Mr. Akaki Zoidze Pension Agency of Georgia SelectionCommittee@pensions.ge Dear Members of the Investment Board Selection Committee, Most pension schemes in the world face the challenge of mistrust from the wider public. This is particularly the case in Georgia where the collapse of many pension schemes has affected the public’s perception of pension funds. Pension scheme participants want their pension to be safe and reliable, and the Investment Board will need to work hard to strike a balance between assets & liabilities, improving the general understanding of how long-term savings work and ensuring that consumers’ fears are understood. I believe that my reputation and proven track record in Georgia can positively influence pension reform and public support of the agency. I strongly believe in the proposed reform and the longstanding economic benefits associated with it. I am equipped to contribute to the Investment Board based on the below skills and experience: - Strong accounting, finance and investment credentials (education & experience) o MSc Accounting and Finance, London School of Economics o Fellow (highest rank), Chartered Institute of Management Accountants (UK) o Supervisory Council Member (5-year tenure), TPFF asset management (500m$ AUM) o Proven success in elaboration and monitoring of investment policy o Successful multisectoral entrepreneur and investment management in Georgia - Recognised commitment to Georgia o Georgian citizen with 6-year to date continuous residence in Georgia o Full-time Senior Advisor to four consecutive Ministers of Economy of Georgia - Independent senior Board leadership experience o Chairman of the Board, International School of Economics at Tbilisi State University o Past successful multisectoral corporate board membership (IT, Pharma, FMCG) I look forward to a personal meeting to discuss how I can best contribute to the success of the pension agency and its investment strategy. Thank you for your time and consideration. Jean-Frédéric Paulsen Professional references enclosed: Henrik Normann: President & CEO, Nordic Investment Bank; Chair, Saga Private Equity Paul Wachtel: Professor of Economics, New York University (NYU) Stern School of Business Andrew Penney: Managing Director, Sequent (formerly Rothschild Trust, Rothschild & Co) Roy Southworth: Georgia Country Director (2003-2009), World Bank; Chair, Europe Foundation Helene Ploix: Investment Committee (15 years), UN Pension Fund; Chair, Genesis Emerging Markets

Olivier Rousseau olivierjpnrousseau@yahoo.fr www.linkedin.com/in/olivier-rousseau-52aa1918 www.fondsdereserve.fr 29 March 2019 11, rue de Solferino 75007 Paris – France Attention: The Selection Committee for the Investment Board, Pension Agency of Georgia Dear members of the Selection Committee, This is my application letter for a position at the Investment Board of the Pension Agency of Georgia. I was appointed on the management board of the French Pension Reserve Fund (FRR) by presidential decree in November 2011 (renewed in February 2018). In this capacity I have been running FRR’s activities, jointly with my other full-time colleague. Reflecting my financial markets experience my main areas of focus are investment policies, strategic and tactical asset allocation, asset manager selection, risk control and performance attribution. FRR currently has assets of €34.3 billion. My experience includes 11 years with BNP Paribas in capital markets activities and corporate and institutional banking and 2 years serving on the resident Board of directors of the EBRD. I also spent 7 years at the French Treasury in Paris and 5 years at the French embassy in Stockholm, which gave me a deep understanding of economic and financial policy formulation. In my current capacity at FRR I have been associated with the French technical assistance mission to the Pension Agency of Georgia. I view the building up of the funded pension system of Georgia as a very positive enterprise and my recent discussions with the involved parties in Tbilisi have reinforced my wish to contribute further. It would be a privilege and an honour to be appointed on the Investment Board of the Pension Agency of Georgia and you can be assured of my very strong motivation, including being ready to commit time well in excess of requirements. I am ready to provide you with references. Yours truly, Olivier Rousseau Attachements: Curriculum vitae Copy of my degrees (Graduate of the Ecole Nationale d’Administration, Paris, 1986 Master’s in Economics, University of Aix-Marseille, 1982 Master’s in Law, University of Aix-Marseille, 1981 Institute of Political Studies BA diploma, University of Aix-Marseille, 1979). Interne