Investment Goldman . . C Management ols Iranian Economy Hit Hard by Sanctions Dikisten 1. Iran Annualized Real GDP Growth and Inflation’ 2. Iranian Rial (Mid) to USD — Unofficial Market Rate 200,000 15 =umReal GDP Growth CPI % YoY (Right) 60 o 51 180,000 | i IRR Weaker 10 o 40 160,000 ¢ ¢ 140,000 5 20 o 120,000 as ¢ ao) N oe 100,000 5 0 , + 0 £ US enrounces 2 xs JCPOA withdrawal a 80,000 \ 5 -20 60,000 6.0 77 40,000 10 40 20,000 0 T T T “15 “60 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 2012-2013, 2014-2015 2016 = 2017S 2018) 2019E " The IMF forecasts that Iranian real GDP growth in 2019 will be the weakest since 2012 at -6%, even as annualized inflation is running at around 50%. « The Iranian rial is trading near its all-time low against the US dollar, according to unofficial market rates. Since the end of 2017 the rial has depreciated by roughly -70%, compared to a -45% peak devaluation for the Turkish lira in 2018. (1) 2019 inflation as of April 2019. 10 Source: Investment Strategy Group, IMF, Statistical Center of Iran, Haver, Bonbast, Bloomberg. HOUSE_OVERSIGHT_026954