1Q20 Results Discussion

Current account deficit down to historic lows Current account balance (% of nominal GDP) Sources: NBG 20% Double digit shrinking in the trade deficit helped current account balance (CAB) to improve to a historic low of 5.1% in 2019, providing a strong position to withstand the pandemic, with IMF expecting CAB to widen to around 11% of GDP in 2020 Exports and Re-exports, US$ billion Source: NBG 12.0 Service exports ■Goods exports, geo-originated Goods, net Current transfers, net FDI and capital goods import Source: GeoStat 20.0% I Services, net Current account ■Re-exports 10.0 1.0 20% 0.8 10% 8.0 10% ◊ 1.1 0.9 0.5 0% 0.9 0% 6.0 0.4 0.3 3.6 3.9 -10% 0.7 3.1 -10% -5.6% -20% -9.8% -12.2% -11.4% -10.2% -8.1% -6.8% -5.1% 4.0 0.3 0.5 0.2 3.1 3.1 2.6 2.5 0.2 -11.8% -12.5% -20% -30% 2.0 -30% 0.0 0.0 0.0 0.0 0.1 0.1 0.2 2.5 2.5 1.8 2.1 1.9 1.6 1.4 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 0.0 0.7 0.9 1.1 1.3 1.3 1.6 2.0 2.6 3.0 3.0 3.1 3.3 4.0 4.5 4.6 I Investment income, net FDI 2000 2001 2002 2003 2004 2005 2006 2007 15.0% 11.7% 11.1% 10.3% 10.3% 8.7% 8.5% 10.0% 6.9% 7.5% 7.2% 8.1% 7.9% 5.7% 6.2% 5.9% 6.5% 7.2% 7.6% 7.2% 7.8% 7.1% 5.0% 2008 2009 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FDI, % of GDP Capital Goods Import, % of GDP 2010 2011 2012 2013 2014 2015 2016 2017 Page 68 2018 2019 GEORGIA CAPITAL

View entire presentation