Investor Presentaiton

Moderate current account deficits • Cyprus presents small to moderate current account deficits, within sustainable levels. • Companies statistically registered as Special Purpose Entities (SPEs) in Cyprus, have strong balance sheets relative to the size of the economy but minor real economic activity in the domestic economy. Exclusion of SPES provides a more accurate picture of the external position. Current account balance (% of GDP) 4 2 0 -2 -4 -6 -4,5% -2,7% -3,3% -8 -7,0% -10 2014 2015 2016 2017 2018 2019-q1 Current Account Current Account excl. SPES Main trade partners (% of GDP) 1 Russia UK 10% 5% 0% -5% -10% -15% ■Goods balance Trade balance, EUR mn Greece Germany China Tourism Shipping Financial Services IT & Telecom. Energy products Food & Beverages Vehicles Textiles & Footwear Machinery Services balance - Trade Balance -1.000 -600 -200 200 600 1.000 1.400 1.800 Source: Central Bank of Cyprus, Cyprus Statistical Service, Eurostat Notes: (1) Based on 2017 figures 9

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