Investor Presentaiton

US$ million 2100 9% 10% Tourism sector on the rise Tourism revenues to GDP Sources: NBG, Geostat 3600 3100 2600 Spending per arrival, 2017 10% 1600 6% 1100 600 100 2011 2012 2013 2014 Source: WDI 20% 20% 25% 1496 1600 18% 17% 1310 13% 14% 20% 1400 1200 15% 1000 10% 800 5% 600 0% 400 2015 2016 2017 2018 9M2018 9M2019 200 0 Tourism revenues, % of GDP Hungary Azerbaijan Cyprus Turkey Slovenia Poland Armenia Tourism inflows, US$ mn, LHS Arrivals to country's population, 2017 Source: WDI 900 4 3.8 3.5 3.1 3.0 3 2.5 2.5 Thousands 700 425 500 328 349 306 2.5 1.7 1.7 1.6 1.3 2 1.0 1.0 0.9 1.5 1 0.5 0 Croatia Cyprus Montenegro Greece Estonia Georgia Albania Slovenia Bulgaria Latvia Czech Republic Lithuania Hungary Armenia Poland Turkey Ukraine Azerbaijan 248 300 0.6 0.5 0.5 0.5 0.3 0.2 100 Jan Feb Mar Apr May 2017 2016 Source: GNTA Number of Tourists (overnight visitors) In 2019, the number of overnight visitors increased by 6.8% y-o-y, including 4.6% growth in 2H19 despite the Russian air travel ban Czech Republic Croatia Greece Estonia Lithuania Montenegro Latvia 857 848 823 771 763 757 714 692 661 629 591 555 527 458 441 Bulgaria Georgia Albania Ukraine GEORGIA CAPITAL 140 754 570 540 439 472 339 312 Jun Jul Oct Aug Sep Nov Dec 2018 2019 Page 63

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