Georgia Capital Portfolio Overview

1100 600 100 Tourism sector on the rise US$ million Tourism revenues to GDP Sources: NBG, Geostat 3600 3100 2600 2100 1600 6% 9% 11% 11% Spending per arrival, 2017 2011 2012 2013 2014 2015 2016 2017 2018 Source: WDI 1496 25% 1600 20% 1310 1400 18% 20% 1200 15% 14% 1000 15% 800 10% 600 400 5% 200 0% 0 Hungary Azerbaijan Cyprus Turkey Slovenia Poland Armenia Tourism inflows, US$ mln, LHS Arrivals to country's population, 2017 Source: WDI Tourism revenues, % of GDP 800 4 3.8 3.5 3.1 3.0 Thousands 700 472 600 425 3 2.5 2.5 500 349 328 400 306 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 0.2 200 100 Jan Feb Mar Apr May Jun 2016 2015 Number of Tourists (overnight visitors) Source: GNTA In seven months of 2019 number of overnight visitors increased by 8% y-o-y Czech Republic Croatia Greece Estonia Lithuania Montenegro Latvia Bulgaria 857 848 823 771 763 757 714 692 661 629 591 555 527 458 441 Georgia Albania Ukraine GEORGIA CAPITAL 140 570, Jul Aug Sep Oct Nov Dec 2019 2017 2018 Page 58

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