Investor Presentaiton

CURRENT ACCOUNT BALANCE ADJUSTING AFTER RECORD LOWS Current account balance (% of nominal GDP) Sources: NBG Exports and Re-exports, US$ billion Goods, net Current transfers, net GEORGIA CAPITAL 30% 20% The CAB was -12% in 9M20, with goods trade adjustment and record high money transfers mitigating evaporating service exports 30% Source: NBG Service exports ■Goods exports, geo-originated Re-exports 20% 10% 1.0 0.8 10% 0% 0% 1.1 0.9 0.5 0.7 -10% -5.6% -3.1% -10% 0.9 -5.0% 0.4 0.3 3.9 3.6 -9.8% -20% -12.2% -11.4% -10.2% -8.1% -6.8% 0.7 -11.8% -12.5% -12.0% 3.1 -20% 2.9 0.8 3.1 3.1 2.5 -30% 0.5 2.6 0.3 -30% 0.2 0.2 2.5 2.5 -40% -40% 0.2 0.1 2010 1.9 2011 2012 2013 2014 2015 2016 0.1 2.1 2017 2018 2019 9M19 9M20 0.0 1.8 1.6 0.0 0.0 0.0 4.0 4.5 4.6 2.4 1.3 1.4 0.6 0.7 1.0 2.6 3.0 3.0 3.1 3.3 3.6 0.5 0.6 0.7 0.9 1.6 1.1 1.3 1.3 2.0 1.3 FDI and capital goods import Source: GeoStat Services, net Current account 10.3% 8.1% 7.5% 6.9% 7.2% 7.2% 6.2% 6.5% 5.7% 5.9% Investment income, net FDI, inflows 2000 2001 2002 2003 2004 2005 2006 2016 2017 2018 11.7% 11.1% 10.3% 8.7% 7.9% 8.5% 7.6% 7.8% 7.2% 7.1% 7.4% 8.0% 6.8% 6.2% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M19 9M20 IFDI, % of GDP Capital Goods Import, % of GDP 71 2019 9M19 9M20

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