1Q20 Results Discussion

Diversified foreign trade Imports of Goods, contribution to growth Source: NBG 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Investment goods I Intermediate goods 2015Q1 2015Q2 2015Q3 ww 2015Q4 Import countries, 1Q20 Sources: GeoStat 2016Q1 2016Q2 2016Q3 201604 2017Q1 2017Q2 2017Q3 Consumer goods Imports y/y 2017Q4 2018Q1 2018Q2 201803 2018Q4 2019Q1 201902 2019Q3 2019Q4 2020Q1 Other 15% Ukraine 4% EU countries 24% Armenia 4% United States 6% China 9% Azerbaijan 9% Russia 11% Turkey 18% Foreign Demand, 1Q20 Source:, Geostat 9% 13% GEORGIA CAPITAL Crude materials, except fuels Machinery and transport equipment 8% 26% Beverages and tobacco Manufactured goods. 22% 14% Export countries, 1Q20 Sources: GeoStat United States 2% Other 29% EU countries 21% Armenia 6% Russia Ukraine 7% Turkey 7% 12% Azerbaijan 16% Food and live animals Chemicals and related products ■Miscellaneous manufactured articles ■Commodities not classified elsewhere Animal and vegetable oils Mineral fuels, lubricants Page 72

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