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NEWSLETTER

January– March 2017

EUGBC Quarterly newsletter January – March 2017 1

CONTENT

EUGBC Events EUGBC participated in the summary meeting held by EBRD 2

EUGBC members met Ambassador of Romania to Georgia 3

The 2nd meeting of the EU-Georgia Civil Society Platform, held in Brussels 3

Site Visit to Hôtels & Préférence Hualing Tbilisi 4

Designated Ambassador of Georgia to Denmark met EUGBC members 6

Meeting with the delegation of senior officials from the EU Headquarters 6

EUGBC Board Members meeting 7

EUGBC Annual Members’ Meeting 8 EUGBC member’s news

Batumi High Maritime Engineering School ANRI became our corporate member 9

We happily announce that our new Core Member is Cleaning service company “Kharizma” 11

AVIATOR – Georgian Airline Company 12

Universe Business Group brings latest underground communications methods in Georgia 13

Dow Joins IQ-CHem, the Sixth International Projects Contest in Russia 14

GSG – Freight Forwarding 17

American Medical Centers Georgia has new location in Batumi 18

Hotels & Preference Hualing Tbilisi Brings high level services in Georgia 19

PASHA BANK supports and organizes several important projects in Georgia 22

BP continues to support Paralympic movement in Georgia 27

ORIFLAME - 50TH ANNIVERSARY 30

KPMG in Georgia Celebrates KPMG’s 30th Anniversary 35

KPMG participated in the forum named THE GEORGIAN ECONOMY -PROSPECTS AND CHALLENGES 36

KPMG in Georgia has organized a Seminar on Compliance in Financial Sector 37


EUGBC participated in the summary meeting held by EBRD

EBRD summed up the first-

year results of an initiative to

assist small and medium

enterprises fully enjoy benefits

of the DCFTA. EUGBC Project

Director, Giorgi Kacharava

participated in the

meeting.100 small and

medium sized companies

increased their turnover,

generated additional jobs and

boosted their investment

opportunities, through EBRD

advisory services in

organizational management,

food safety, financial

management and many other

issues.Funded with the

support from the European

Union’s EU4Business initiative,

this 4 year programme helps

to bring industry expertise and

necessary know- how to local

private sector and to attract

investments for successfully

developing and growing

businesses in Georgia.


EUGBC members met Ambassador of Romania to Georgia

On February 23, 2017 EUGBC members met H.E. Radu Liviu HORUMBĂ, Ambassador Extraordinary and Plenipotentiary of Romania to Georgia. During the meeting were discussed present trade and economic relations between the two countries, as well as the ways for further development of business ties. Ambassador underlined importance of enhancing of Georgia’s role as a transport corridor between Europe and Asia. Attendees also talked about Georgia’s investment attractiveness, as well as potential in terms of development of tourism sector and increasing the number of tourists’ flows from Romania.

The 2nd meeting of the EU-Georgia Civil Society Platform, held in Brussels

On February 16th EUGBC Projects Director, Giorgi Kacharava took part at the 2nd meeting of

the EU-Georgia Civil Society Platform (CSP), held in Brussels. During the meeting were discussed implementation process of EU-Georgia Association Agreement, as well as issues

related to equality of opportunity and treatment of men and women in labour market.


Site Visit to Hôtels & Préférence Hualing Tbilisi

On February 14, 2017 EU-Georgia Business Council organized Site Visit to Hotels & Preference Hualing Tbilisi. Event was attended by representatives of diplomatic corps,

EUGBC members and journalists. The visit started with a short tour in the Hotel, as well as, in recreational Area of the hotel. After a short tour all guests gathered in Ballroom followed by

the presentation of Hotels & Preference Brand, Hualing Group projects together with Hualing Kutaisi Free Industrial Zone.


Hotels & Preference Hualing Tbilisi is a 5 star Business Category Hotel with French touch located on the shorelines of the famous Tbilisi Sea. With a very welcoming interior, the Hotel offers 246 guestrooms and suites that provide comfortable and elegant stay. The Hotel’s 10th

floor comprises high category rooms. For privileged guests, the hotel offers Club Lounge “Club Preference”.


Designated Ambassador of Georgia to Denmark met EUGBC members

On 2nd of February, 2017 EUGBC

hosted Mr. Gigi Gigiadze, Designated Ambassador of Georgia to Denmark.

During the meeting Mr. Gigiadze discussed with the representatives of EUGBC member companies different

ways of possible cooperation between Danish and Georgian companies. As he stressed out, Denmark has remarkable

experience in various fields, such as renewable energy, agriculture, meat

production, supporting start-ups, shipbuilding, bio and organic

production etc.

Both sides agreed that the Georgian side need to make more active steps to encourage trade relations between the two countries. As Designated Ambassador to Denmark admitted, Georgia has huge perspective to advertise not only its industrial potential, but also its culture, history and

heritage in Denmark and other Scandinavian countries.

Meeting with the delegation of senior officials from the EU Headquarters

On 31 January 2017 EUGBC Secretary general, Zviad Chumburidze and Projects Director, Giorgi Kacharava took part in a consultation meeting with the delegation of senior officials from the EU Headquarters visiting Tbilisi. Mr Christian DANIELSSON, Director-General, Neighbourhood & Enlargement Negotiations (DG NEAR), Mr Mayr HARTING, Managing Director, EEAS, Mr Lawrence MEREDITH, Director, Neighbourhood East (NEAR C) with BSOs and NGOs jointly discussed implementation of EU-Georgia Association Agreement / DCFTA. The meeting was held at the EU Delegation (38 Nino Chkheidze St. Tbilisi).


EUGBC Board Members meeting

Meeting of EU-Georgia Business Council Board Members was held in February, 2017 at EUGBC

office. It was the first board meeting chaired by Chris Schlueter, new Chairman of the Boards of Directors. Following Board Members participated in the meeting: Badri Japaridze – First Vice Chairman, Nick Gvinadze – Director, John Braeckeveldt – Director, David Loladze – Director,

Giorgi Kvitatiani – Kharizma representative. EUGBC Management also took part in the meeting, namely: Zviad Chumburidze, Secretary General; and Giorgi Kacharava, Project

Director. The meeting addressed main issues related to EUGBC activities, visions, plans and logistics.

Board of Directors discussed board meetings cadence and EUGBC action plan for 2017. Board positively accessed increasing EUGBC membership and reaffirmed the importance of directing

Council’s activities in alignment with member interests.


EUGBC Annual Members’ Meeting

“EU-Georgia Business Council” elected Chris Schlueter, BP

Exploration (Caspian Sea) Ltd Georgia Country Manager & Area

Operations Manager as its new chairman of the Board of

Directors at the Annual Members’ Meeting of EUGBC held on

January 24, 2017, at TBC Bank head office. The voting procedure

was followed by a short documentary film on promotion

of Georgian production, as well as presentation of EUGBC’s action plan for the year 2017. The meeting was attended by the

Ambassador of the Italian Republic to Georgia.

.


MEMBERS NEWS

Batumi High Maritime Engineering School ANRI became our corporate member

EUGBC team welcomes its new corporate member – Batumi High

Maritime Engineering School ANRI LLC. Batumi High Maritime Engineering School, or ANRI, LLC (“BHMES ANRI”) consists of the Maritime Training Centre, Maritime College (Maritime High and Vocational Education), and Career Centre. BHMES ANRI specializes in crewing education and seafarer training in accordance with the international STCW Convention and shipping companies’ requirements. We also train specialists working in maritime transport.

We possess ISO 9001:2008 Quality System Certificates and the IQNET international certificate. ANRI is a member of authoritative international and local associations. ANRI employs a number of different simulators, including Navigation Bridge, Shore Based Fire Fighting, ARPA-RADAR, GMDSS, rescue boats, life crafts, Wall Wash Test, a pool for search and rescue trainings, etc. Our training center houses a real Engine Room and a mock ship.


Since 2010 the school has been licensed to conduct High Maritime Education through the following programs: • III stage of Vocational Education Program for Deck Seaman (AB) and Engine Room Seaman (motorman) specialties • High Education Program (Bachelor) in marine sciences: sea navigation and ship engineer specialties • Since 2012 ANRI has been training foreign students through our Professional Educational

Programs, III stage, in the Deck Seaman (A-II/4) and Engine Room Seaman (A-III/4) specialties. A Career Centre has been established to provide seagoing practice for our students.


We happily announce that our new Core Member is cleaning service company “Kharizma”

Cleaning service company “Kharizma” started its operation in 2010. “Kharizma” is distinguished with its high professional team, who guarantees high quality and fast cleaning, despite the level of difficulty. “kharizma” is known with its innovative technology and various services, accordingly the demand on service is increasing. Except Tbilisi, the company can provide its services all over the country, owing to increasing numbers of brunch offices in different regions of Georgia. As it was already mentioned “kharizma’ is distinguished from competitors with various services, with its high pressure and

temperature steam vacuum-generator is possible to clean hot-air oven in process, escalators and blinds. As well as, it’s possible to chemically clean upholstered furniture, to clean and disinfect marble, granite etc. Company identifies that its values is recognized in their success and their slogan is “we justify your trust”. “Kharizma” implemented internationally recognized certificate of ISO 9001. This success means a lot, because it’s a reflection of hard work and continued growth of company’s team. Just now Kharizma has been nominated as branch leader in cleaning by National Business ratings of 2016


Universe Business Group brings latest underground communications

methods in Georgia We are pleased to inform you that the latest underground communications methods ‘Without digging’ were introduced in Georgia, Innovative service belongs to UBG, one of the member companies of “EU-Georgia Business Council”. Old pipes trenchless replacement with new ones might be implemented during underground communications repair works in the city or within the territories the factories. Developed technology gives opportunity to replace steel, cast iron and non-metal pipes (diameter 100 mm to 350 mm) of plastic pipes (diameter 160 mm to 400 mm) using a trenchless method to change. Technology essence lies in the fact that special nozzle-expansion tool is installed on the crack mechanism, which is attached to the entrance well. The car joins the air permeable pipe and cable winch (the “rope thrown over”), which will pass through the pipeline for changing the station. While changing movement of the device in the pipeline, expansion breaks it, rams all the fragments into the ground and injects new pipeline into the formed hole, which increases accordingly into the entrance well.


Dow Joins IQ-CHem, the Sixth International Projects Contest in Russia

Dow participates as a member of the jury committee with other leading chemical companies

in Russia. MOSCOW – January 12, 2017 – The Dow Chemical Company (NYSE: DOW) is participating in the sixth International Projects Contest IQ-CHem as a member of the jury

committee together with other leading chemical companies in Russia. The focus of the contest is to find innovative and high-tech projects in the petrochemical industry to help

drive further development and growth. The organizer of IQ-CHem is Sibur, Russia’s largest integrated gas processing and petrochemical company.

Arthur Eritspokhov, regional leader of Dow in Russia and CIS, stated: “Innovations and high-

tech technologies are vital not because it’s a trend, but due to the fact that it improves people’s lives, the environment, industries, and economies in the fast changing world. Dow is a worldwide chemical leader that always strives to find the best solutions for our customers

to address society’s greatest needs. The petrochemical industry in Russia needs modernization and development and I believe IQ-CHem is an excellent opportunity for start-

ups which desire to realize their projects and change the industry for the better. I am confident that Dow and other partners will benefit from their participation in IQ-CHem as

the idea of the contest is very promising.”

The jury of the contest will include more than 30 international experts representing foreign companies, scientific institutions, and investors. The best startups will be offered an

opportunity to cooperate with global chemical leaders and receive monetary prizes. The total prize fund amounts to USD $55,000. Applicants should submit their projects at www.iq-

chem.com by March 1, 2017. Winners will be announced on June 6, 2017 at Startup Village 2017, a major start-up conference in Moscow.

Dr. Joost Waeterloos, scouting & exploration network, Ventures & Business Development of


Dow in Europe, Middle East, Africa and India, said: “Being a diversified and innovative chemical company, Dow delivers a broad range of technology-based products and solutions

for high growth sectors. However, all that wouldn’t be possible without the key element – Human Element. These are the people who drive innovations and realize their great ideas,

making our lives more comfortable, safe and sustainable. Participation in IQ-CHem will enable talented participants to unlock their potential and build courageous collaborations,

creating unique projects essential to petrochemical industry and, as a result, to humanity as a whole.”

IQ-CHem is an international contest among start-ups in chemical and new materials sciences.

More than 1,000 projects have been submitted by aspirants within the five-year history of the contest.

This year IQ-CHem acquired a new format attracting chemical corporations and venture funds seeking opportunities of cooperation with promising startups.

“The petrochemicals industry can and must rely on the potential of open innovations to

facilitate further inventions and implementation of new solutions in all major application areas, from construction and medicine to packaging and 3D printing. Thanks to the

participation of international partners, IQ-CHem is now the largest global project within the industry which attracts innovative solutions and provides for their implementation into

practice,” said Vasily Nomokonov, executive director of SIBUR.

About Dow

Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from material, polymer, chemical and biological science to help address many of the world's

most challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity. Dow's integrated, market-driven,

industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 180 countries and in high-growth sectors such as packaging, electronics, water, coatings and agriculture. In 2015, Dow had annual sales of nearly $49

billion and employed approximately 49,000 people worldwide. The Company's more than 6,000 product families are manufactured at 179 sites in 35 countries across the globe. On June 1, 2016, Dow became the 100 percent owner of Dow Corning Corporation’s silicones

business, a global company with sales of greater than $4.5 billion in 2015, 25 manufacturing


sites in 9 countries and approximately 10,000 employees worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.

About Dow in Russia and CIS

Dow in Russia and the CIS, supported by its experience, size and global presence, is

passionately committed to further develop close partnership with local companies to strengthen the business, while accelerating the growth of the chemical industry in the region

and increasing its competitiveness in an international context. In addition to its representation offices in Moscow (Russia), Kiev (Ukraine) and Astana (Kazakhstan), the

Company has two manufacturing facilities in Ramenskoye (Moscow Region) for the production of additives for paints and coatings, and in Vladimir where the Dow Izolan joint

venture company inaugurated in 2009 its state-of-the-art manufacturing plant for the production of polyurethane systems. Dow is a Worldwide Partner and the Official Chemistry

Company of the Olympic Games. As the Official Carbon Partner of Sochi 2014 and a key supplier of multiple technologies that helped to enable the Games, Dow played a key role in

the organization of the first Olympic Winter Games in Russian history. Sochi 2014 opened up tremendous business opportunities for Dow, our customers and partners, and provided an international stage to showcase the broad range of the Company’s higher-performing and

more sustainable innovations for the field-of-play and our daily lives. More information about Dow Russia can be found at www.dow.ru.

About SIBUR

SIBUR is Russia's largest integrated gas processing and petrochemicals company. We are

building a strong, internationally competitive and resilient business with unique advantages and opportunities for profitable growth. As of 31 December 2015, SIBUR operated 26

production sites, had over 27,000 employees and served more than 1,400 large customers in the energy, automotive, construction, fast moving consumer goods (FMCG), chemical, and

other industries in approximately 70 countries.


Address: 114 Gorgiladze Street. 24/7 Hotline: +995 32 250 00 77

American Medical Centers Georgia is pleased to announce its new location in

Batumi. AMC Batumi, our fifth clinic in the region, is a 24-7 concierge driven

clinic facility, offering family practice, pediatrics, gynecology, and emergency or

acute care to the entire community. The clinic offers over a dozen specialists

that are available in-clinic or by house-call. Additionally, we are able to work

with most international (and increasingly national) insurance groups on a direct

billing basis, making the visit to the doctor hopefully a bit easier for the patient!


Hotels & Preference Hualing Tbilisi is glad to inform, that from April, the Hotel will start to operate the only Sports Bar among International Hotels in Tbilisi - “Legends”. With an outstanding interior, the bar will offer “GAME TIME” food, alcoholic and non-alcoholic drinks while cheering on your favorite games. Here Sport Enthusiasts will be pampered with billiard, table football and darts! At the end of the busy working week the Sports Bar will offer chill out LIVE bands for the guest’s relaxation. Also, the visitors will be pampered with special offers and different programs, for more variety. The grand opening of the Sports Bar is planned at the end of April.


As a Business Category Hotel, Hotels & Preference Hualing Tbilisi offers newly launched “Business Lunch Menu”, for those, who are looking for a superb taste and

service.

The 15 GEL menu is available in 3 different restaurants: Unique Chinese Restaurant


“ENSEMBLE”, Western Restaurant “BE CHIC” and Sports Bar “LEGENDS”. Also, during 3 upcoming months – April, May and June these three outstanding F&B outlets offers special promotion.


PASHA Bank to partner the international business forum by BIA

On March 20th BIA Forum ‘Georgian Economy - Prospects and Challenges' took place in Radisson Blu Iveria hotel. PASHA Bank was the partner of the event. This forum brought together more

than 300 top executives from business community, the representatives of local government and international organizations. The forum aimed at facilitating a communication platform between foreign investors and local companies and opened opportunities for both local and international

businesses. Shop Fest and B2B meetings were held in parallel with the forum. Shop Fest gave a good opportunity to participant companies to showcase their products/services, attract new

connections and make deals with event-exclusive terms and prices. B2B meetings brought together the representatives of local businesses and potential foreign investors. Here the interested parties presented their business initiatives in order to attract

financing, search for new export channels and set new business contacts. The welcome speech was delivered by Mr. Dimitri Kumsishvili, Vice Prime Minister of Georgia.

Mr. Shahin Mammadov CEO and Chairman of the board of Directors at PASHA Bank spoke about the Georgian corporate market from the viewpoint of commercial banks.

Among the speakers were:


- Mr. Giorgi Cherkezishvili, Deputy Minister of Economy and Sustainable Development of Georgia

- Mr. Zurab Alavidze, Minister of Regional Development and Infrastructure of Georgia - Mr. Bruno Balvanera, Director for Caucasus, Moldova and Belarus, EBRD

- Ms. Mercy Tembon, Regional Director for the South Caucasus, World Bank International speakers covered the topics concerning credit ratings, venture capital funds and

real estate markets.

PASHA Bank partners the largest HR event in Caucasus - HR Reborn

On March 1-2 Technopark hosted the largest HR event in the region – HR Reborn. The event was organized by HR hub, which unites about 400 HR professional from private and public sectors.

PASHA Bank was a partner of the event together with Geocell, Imedi L and Georgia’s Innovation and Technology Agency.

A two-day event mostly attracted HR managers, marketers and other professionals interested in this field. The training covered such topic as employee attraction and retention via social media at the lowest possible cost; new approaches to the employee motivation and teambuilding. The coaches of HR Reborn were Chris Perks and Pete Jenkins. Chris Perks is an international speaker, trainer and consultant whose digital approaches are applied by such brands as Google, Nestle,

L’Oréal, Pepsi, Carlsberg.

““PASHA Bank has been providing corporate and investment banking services to large and medium-sized enterprises in Georgia since 2013. From the very first day the Bank supports

projects aimed at professional education and development. HR Reborn is of them and we hope that the attendees will benefit from the knowledge and experience received here in the most

positive way,” - said Anano Korkia, Head of PR and Marketing Department at PASHA Bank.

“HR Reborn is an innovative project that is highly anticipated in the region. The training will be attended by HR managers and other professionals from neighboring countries. This of course

reflects positively upon our country’s image. We highly appreciate PASHA Bank’s active support and involvement in the project from the earliest stage,” – said Ana Davarashvili, founder at HR

Hub.

Business Café meets up for the 8th time


On February 22nd 8th meeting of Business Café took place at Holiday Inn Tbilisi. The get together was moderated by the businessman and entrepreneur - Guga Tsanava. The topic of the meeting was “Stanford Model of Management”. Business Café is a project initiated by consulting company “Insource”. Throughout 2015 and 2016 the project was exclusively supported by PASHA Bank. PASHA Bank is a Baku-based financial institution operating in Azerbaijan, Georgia and Turkey, providing corporate and investment banking services to large and medium-sized enterprises. Top managers of large enterprises regularly attend the Business Café meetings to network, exchange the ideas on recent trends in various industries and the economy as a whole. Interesting discussion topics, high caliber of speakers and interactive event format all contribute to the rising popularity of the Project. It is not unusual for the Business Cafe meeting to run well over the allotted time frame as participants tend to take keen interest in the presentations followed by lively Q&A sessions. Beginning from the first meeting of the year two new sponsors will support the initiative - ACT and Orient Logic. “We are glad to extend our partnership with Insource for the third year running. In 2017 PASHA Bank will remain the General Sponsor of Business Café. We are most happy to welcome the new partners of the project and hope that our cooperation will have the most positive impact on further development and success of the Business Cafe. The year’s first meeting was quite dynamic and informative, the positive feedback we receive and growing number of people


wishing to attend the meetings clearly indicates that the project is truly successful and anticipated,” - said Anano Korkia, Head of PR and Marketing Department at PASHA Bank. Among the speakers and presented topics of the previous Business Café meetings were: - Lado Gurgenidze, former Prime Minister of Georgia, an executive chairman of the supervisory board of Liberty Bank with the topic “Thoughts about management and leadership” - Giorgi Kadagidze, former president of National Bank of Georgia, with the topic “Innovation management” - Alexander Jejelava, Minister of Education of Georgia - „Organizational corporate culture“ - David Gogichaishvili, general manager of Night Show Studio - „Management of human resources” - Andro Dgebuadze, business advisor – ”Management 3.0 or MBA books in mirror” - Papuna Toliashvili, founder and managing partner of Synergy Group - „Circular Organizational Structures“ - Tinatin Rukhadze, Co-founder and General Director at research and consulting company ACT- “Who is the leader of the future?”

“PASHA Bank” started operating in Georgia in 2013 as a result of direct investment of PASHA Holding. The bank offers corporate and investment services to large and

medium-sized enterprises in Azerbaijan, Georgia and Turkey. Supporting the BIA Forum has a double reason for us: we share our successful experience with the

attendees and establish new connections with the potential customers.

“We think that this event will have positive impact on the economic development of the country,”- said Shahin Mammadov, CEO and Chairman of Board of Directors at

PASHA Bank.


PASHA Bank sponsors hackathon “Smart City” as a supporter of Green Contest

On January 28-29 Caucasus University hosted hackathon “Smart City” where student teams competed in generation of

innovative solutions for making our capital city a better place in regards with parking, ecology, queues and other

related issues.

The teams were evaluated by the following criteria: whether the innovation is applicable in real life; and its originality.

The winner in the contest of Green Project was granted a prize from PASHA Bank. In December 2016 the Bank

promised to dedicate its CSR activities to environmental projects throughout 2017. The Bank already planted 2017

Georgian Pine trees for rehabilitation of the damaged forest near Borjomi.

“We consider that it is important to involve young generation in ecological issues and to hear their initiatives on how

to care about the environment in a better and more effective way. This hackathon actually generates innovative ideas

which we need so much. In 2017 we plan to get involved in several Green Projects and sponsorship of this contest is

one of the steps we gladly took in this direction. We are even thinking that there is a chance for us to participate in

realization of one of the ideas brought up at the hackathon,” commented Anano Korkia, the Head of Public Relations

and Marketing Department at PASHA Bank.

The hackathon is being held with the grant of Georgian Innovations and Technology Agency. The organizer is startup

accelerator “C10” at Caucasus University. Co-organizer of the hackathon is Management Company for startup

accelerators “Blender”. Sponsor of the hackathon as a supporter of the Green Project is PASHA Bank.


BP the first official partner of the National Georgian Paralympic Committee since 2011 continues to support Paralympic movement in

Georgia

The national flag of Georgia waves high and the Georgian National anthem fills the Paralympic arena to celebrate victory of BP’s Paralympic athlete ambassador Zviad Gogochuri at the Rio 2016 Paralympic games. For Zviad, the first ever Paralympics gold medalist in Blind Judo, it is his dream come true, to go down in the history as the first Georgian Paralympic champion. Rio 2016 Paralympic games was a step forward for Georgia in many ways. For the first time Georgia was represented by the five Paraathletes, two women and three man competing in five Paralympic sports: Zviad Gogochuri in blind judo, Vano Tsiklauri in archery, Akaki Jincharadze in powerlifting, Irma Khetsuriani in wheelchair fencing and Lika Chachibaia in swimming. As the countdown to the Tokyo 2020 Paralympics begins and Paralympic arena gets ready to host the best athletes from all over the world, BP in Georgia extends the official partnership with the Georgian National Paralympic Committee and the Georgian Paralympic athlete ambassadors through to the end of 2020. ‘Great energy and success of our world-class Paralympic athletes is an inspiration for me, my


colleagues at BP and Georgian society. BP is privileged to be the first official partner of the GNPC since the 2011. We are happy our partnership has contributed to the development of the Paralympic movement in the country. We continue our partnership with the Georgian National Paralympic Committee and our athlete ambassadors to build on the success Georgia’s Paralympic team achieved on the international arena at the Paralympic games in Rio.’ Chris told partners from the Paralympic committee, Paralympic athletes and guests gathered at the Parasport Development Center of Tbilisi. BP General Manager in Georgia, Mr. Chris Schlueter and President of the Georgian National Paralympic Committee Mr. Shalva Maisuradze signed the renewed partnership in support of the Georgian National Paralympic committee and BP’s three athlete ambassadors Zviad Gogochuri, winner of the gold medal in Blind Judo at the Rio 2016 Paralympic Games; Nika Tvauri, swimmer and Irma Khetsuriani, wheelchair fencer to help promote Paralympic movement in Georgia and prepare for the major Paralympic event to be hosted by Tokyo in 2020. Minister of Sports and Youth development of Georgia, Tariel Khechikashvili was among the guests and supporters of the Para athletes. - ‘We always welcome initiatives from the business sector in support of the Sports development in Georgia. BP is world known company and its support is essential for the development of the Georgian Para sports’ minister said. At the signing ceremony Shalva Maisuradze, President of the GNPC talked about the importance of the support to the Paralympic


sports in Georgia: ‘For the Georgian Paralympic Committee it is very important to be supported by the strong company like BP in Georgia. BP was the first official partner of GNPC and we are delighted that we continued this partnership until 2020. This will help Paralympic movement develop at a pace in Georgia. BP’s athlete ambassador program is equally important and unprecedented in its right supporting Para athletes. We believe this partnership will serve as a role model and other companies will also express a desire to become a partner of the Georgian Paralympic Committee’ Great energy of our athlete ambassadors helps them and us keep going when others stop. Energy within them helps them and us become the very best we can be. For BP’s Athlete Ambassador Irma Khetsuriani, wheelchair fencer it is her fifth Gold medal in Sabre and bronze medal in Foil at the World Cup event held in Pisa, Italy on 17-19 March, 2017. BP in partnership with GNPC has supported Georgian Paralympic team with the development and preparation for the London 2012 and Rio 2016 Paralympic Games and now for Tokyo 2020. BP is also an international partner of the International Paralympic Committee, the governing body of the Paralympic movement.

A


BEAUTIFUL STORY THAT KEEPS GETTING

BETTER Since 1967, Oriflame has been helping people to look, feel and live better. Join us in celebrating all the incredible

stories along the way.

1967

ORIFLAME STARTED WITH A DREAM. TWO SWEDISH

BROTHERS AND A FRIEND HAD THE CHANCE TO WORK

WHEREVER THEY LIKED - SO THEY DID.

Oriflame started with a dream, when two Swedish brothers

Jonas and Robert af Jochnick and their friend Bengt Hellsten

started working on their plan to give people the opportunity to

benefit from great quality skin care and cosmetics inspired by

the natural and distinctive beauty of Sweden. They wanted to

build their business on helping people run their own businesses

selling Oriflame products through direct selling and inviting

others to do the same.

Today we are a very successful business, operating in more than 60 markets all over the world – helping people to

fulfil their dreams every day.

THE BEGINNING OF ORIFLAME

Jonas and Robert af Jochnick founded Oriflame together with Bengt Hellsten in 1967. They all quit their jobs to

start their own business with the strong vision of creating a company selling natural Swedish cosmetics. On their

first to-do list was to find a company name, create a product line and recruit a sales force.


THE NAME

The name Oriflame was carefully selected. It comes from the French word

‘Oriflamme’, which is a royal banner from medieval France that is carried into

battle, inspiring devotion or courage. It felt like a nice symbol of our business,

and they slightly changed the spelling – to make it sound more international.

FIRST PRODUCT RANGE

The first product range consisted of skin creams, lipstick and mascara – around 20 products. All the skin care

products were based on herb and plant extracts from Swedish nature and they were lightly fragranced to reduce

allergy risks. The founders also insisted on not testing any products on animals – a pioneering thought at the time

as testing on animals was not at all a public concern.

PICK & PACK

In the early days, the kind of facilities we have today for “pick and pack” wouldn’t have been financially feasible.

At one point the “pick and pack” facilities where housed in the cellar of the Hotel Scandinavia, where the table-

tennis room functioned as both warehouse and “pick and pack” area – and of course for a quick recreational

game as time permitted!

CONSULTANT SALES FORCE

An important part of the Oriflame foundation was to enable people to build their own business and fulfil their

dreams. For this the founders developed a unique direct selling method where trained consultants were to bring

the products directly to the customer’s homes. The consultants were to join at a low fee with no risk but with a

strong partnership with Oriflame, based on trust, honesty and family values. With this method Oriflame became

an important social function and a community where people could get together and have fun.

1970 / SELLING METHOD

Instead of selling at home parties, Oriflame tried new ways and focused more on

catalogue and one-to-one selling. In August, 1970, Oriflame printed their first

catalogue which was a simple product page created by Robert himself, and was

printed in 1000 copies.

TENDER CARE

Originally launched in the early 70’s as an eye cream, it soon became renowned

for its fantastic soothing and moisturising properties on dry skin anywhere. Soon after, it became the beloved

multi-purpose balm we have today. It’s now Oriflame’s biggest seller, topping well over 40 million units!


1976 - BUSINESS GROWTH

After some financially tough years in the beginning of the seventies, the business grew stronger from around

1976, where Oriflame had a turnover of 10 million USD.

Oriflame kept growing, and in order to gain control over production, quality and deliveries as well as reduce

dependence on suppliers, Jonas and Robert built the first Oriflame factory in Dublin, Ireland. This made it possible

to focus even more on developing formulations with proven effectiveness, building on the company’s heritage of

using natural, safe ingredients.

1980 - SWEDISH DIRECT-SELLING

From the beginning of the eighties, Oriflame introduced the Swedish way of direct selling in other markets. The

method was based on a broader product portfolio and on using the catalogue as an important sales tool.

1982 - LONDON STOCK EXCHANGE

Oriflame entered the stock exchange in London as the first foreign company since World War II.

1990 - A GLOBAL FORCE

By 1990, Oriflame was an established and well-regarded public company with sales of SEK 1.3 billion. During the

1990’s, Oriflame grew explosively.

1995 - A SHIFT IN PRODUCTION

Due to expansion and growth, Oriflame closed the Dublin factory and moved production to Warsaw and Delhi.

1997 - ORIFLAME GOES LIVE

Oriflame launches its first global Oriflame.com page.

1999 - WORLD CHILDHOOD FOUNDATION

World Childhood Foundation was founded by Her Majesty Queen Silvia

and was co-founded by Oriflame.


2000 - A NEW GLOBAL TECHNICAL CENTRE

Our Global Technical Centre opened in this very location in Bray, just

outside Dublin

2004 - STOCKHOLM STOCK EXCHANGE

In March 2004, Oriflame Cosmetics is introduced on the NASDAQ OMX

Nordic Exchange and thus became a publicly traded company.

2006 - ENTERING CHINA

In September 2006, Oriflame finally receives a license to sell in China and

becomes the first European direct sales company with permission to sell

cosmetics there.

2007 - GSO STOCKHOLM OPENS

In 2007, Oriflame consolidates some of their European offices into a

Group Support Office in Stockholm, and achieves a record sales volume

of EURO 1 billion.

2008 - WORLD-CLASS R&D

In 2008 we opened our enhanced state of the art Research and Development function on this site, which included

a dedicated clinical testing suite - Oriderm – where our products can be tested on real people to see real results

2009 - WORLD-CLASS SKIN RESEARCH

Our enhanced Skin Research Institute was officially launched in Stockholm. In Stockholm, our experts work on

skin research projects aimed at generating Oriflame’s next unique

technologies primarily for our high value skin care category. These

projects are at a cellular/biological level, and are longer term (3 to 7

years).


2017

50TH ANNIVERSARY JUBILEE CONFERENCE

In 2017, Oriflame will celebrate its 50th Anniversary. On this

significant milestone, we will celebrate much more than just

50 years as a company. We will celebrate 50 years of

Togetherness, Spirit and Passion… 50 years of beauty and

innovation…50 years of enriching lives and fulfilling dreams. And

we will celebrate all this together at the 50th Anniversary Jubilee

Conference

THE GLOBAL 50TH ANNIVERSARY CRUISE

The celebration continues! The Global 50th

Anniversary Cruise will be an extraordinary conference

– the biggest and the most spectacular Oriflame

conference ever arranged. Two “top of the line” cruise

ships – exclusively for Oriflame – will sail together in

the Mediterranean, passing through 2 continents, 3

countries and 4 cities. On top of it all, we will mark the

historical 50th anniversary event in Athens, Greece

where we will celebrate our valued partnership with

our Oriflame Leaders

LET’S MAKE HISTORY TOGETHER


KPMG in Georgia Celebrates KPMG’s 30th Anniversary On 29th March, at Rooms Hotel, Tbilisi, Georgia, KPMG in Georgia celebrated KPMG’s 30th Anniversary. KPMG clients, representatives of the local business sector, government, embassies, and international organizations operating in the Georgian market, celebrated together with KPMG. In 1987 KMG and Peat Marwick joined forces in the first mega-merger of large accounting firms and formed a firm called KPMG, a global network of professional services firms providing Audit, Tax and Advisory services and now operating in 152 countries with 189,000 people working in member firms around the world. In 2001, KPMG opened its first representative office and since 2006, KPMG operates a full service office in Tbilisi, Georgia. Currently, KPMG in Georgia employees 79 specialists, the majority of the employees are citizens of Georgia. Being the last one from big four entering the Georgian market, KPMG in Georgia has strived to have a big focus on quality and has grown significantly in the last few years. Andrew Coxshall, Managing Partner for KPMG Georgia, gave a speech thanking the attendees for their support and explained that the growth and high levels of quality were driven by the extraordinary people working in KPMG. Andrew went on to talk about how KPMG’s Purpose is to Inspire confidence, by serving the needs of the local business community by providing high quality Audit work and through the integrity of our Tax advice. Andrew also highlighted the role that KPMG Georgia was playing to build public trust in the profession and in our business through work with professional bodies, business associations, regulators and other stakeholders and as evidenced by KPMG’s commitment to our communities. Andrew talked about his pride both of KPMG and of Georgia and highlighted the developments in Georgia including economic reforms, democracy, rule of law, civil society engagement and congratulated Georgia on EU visa liberalization. Andrew noted that Georgia was constantly moving forward and how important it was to empower our people and stakeholders to effect change for the good of all in Georgian society. Andrew concluded his speech by highlighting the dramatic changes taking place in the world and the importance of being about to have solid values to better cope with difficult times and stressed that KPMG is underpinned by our values.

Forum: THE GEORGIAN ECONOMY -PROSPECTS AND CHALLENGES


Key speaker Kakha Rukhadze

On 20th of March KPMG Georgia participated in the economic forum organized by JSC Business Information

Agency (BIA) and Alliance Group Holding.

The forum - 'Georgian Economy - Prospects and Challenges' aimed to review the Georgian financial markets,

investments, challenges and opportunities, as well as monitor trends and developments in all major industrial

sectors. The event covered actions aimed at improving the venture capital market and facilitating access to

financial resources for local companies, as well as informing governmental bodies about crucial business issues,

attracting funds and significant investments.

This one-day event brought together over 400 leaders in politics, business, and international organizations. It

created a platform for communication between foreign investors and local companies and offered opportunities

to network and discusses Georgia's economic issues.

Partner of KPMG Georgia, Kakha Rukhadze was invited as one of the key speakers at the forum, on the Tax panel

session; Kakha spoke about the achievements Georgia made in recent years towards improving the tax

environment, opportunities it has to become the preferable jurisdiction for holding companies and the

difficulties and challenges inherent to recent tax in VAT and Corporate income tax.

Participation in this kind of events helps KPMG to strengthen its position to demonstrate that we are valued by

investors and respected in our profession in Georgia.


KPMG in Georgia has organized a Seminar on Compliance in Financial Sector

On Monday, February 27, KPMG in Georgia has organized a Seminar on Compliance in Financial Sector.

Around 30 representatives, Compliance officers and AML Specialists from the largest Georgian Banks, like

TBC Bank, Bank of Georgia, as well as professionals from other representatives of the Georgian Financial

Services Sector have attended the Seminar.

Seminar was led by Farrukh Abdullakhanov, Director, Forensic, in KPMG Russia and CIS. He introduced the

participants to current issues and challenges in the area of compliance. Topics discussed included Financial

Crime; Trends in Global Banks; Fraud prevention initiatives in the Financial Services Sector, AML/CFT;

Developments in FATCA and CRS. The topic proved to be very interesting among the participants and

caused many discussions.

KPMG in Georgia works in collaboration with the Georgian revenue service and the

hospitality sector to improve understanding of important VAT changes

On February 14, KPMG in Georgia organized a VAT workshop for hotels in Georgia hosted by Kakha

Rukhadze, head of Tax &Legal of KPMG in Georgia. The workshop was attended by the delegation from the

Revenue Service of Georgia headed by Giorgi Tabuashvili, Head of Revenue Service of Georgia and key

representatives of all major hotels in Georgia.

The main goal of the workshop was to discuss recent changes made in the Tax legislation with respect to

taxation of advance payments. Officials from the Revenue Service made a brief introduction about the

newly introduced requirements and reasoning behind them. Hotel representatives had a chance to address

some topical issues they face with respect to newly -adopted changes in VAT taxation. The interactive

format of the meeting allowed participants to discuss respective implications directly with the top officials.

The Head of the Revenue service promised the hospitality sector representatives to issue tax manuals and

if necessary initiate changes in tax legislation considering the results of the discussion. This event continues

the support to the Georgian Government to assist them where appropriate to enhance KPMG’s reputation

with the Government.

The event received very positive feedback and enabled KPMG once again to demonstrate its leadership in

the hospitality sector

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