Investor Presentaiton

US$ million TOURISM SECTOR Tourism revenues to GDP Sources: NBG, Geostat 4000 3500 3000 2500 2000 1500 1000 500 0 18.3% 18.8% 16.6% 13.9% 12.9% 9.9% 10.1% 8.6% 6.2% 5.4% I Tourism Revenues, $ mn Arrivals to country's population, 2019 Source: WDI 16 14.8 14 12 10 8 6 4 420 Tourism Revenues, % of GDP 1.3 Croatia Hungary Estonia Montenegro 6.3 4.6 4.0 3.4 3.2 Cyprus Greece Poland Slovenia 25 2.3 2.3 2.2 2.1 Albania Georgia Bulgaria Italy 1.8 1.6 Belarus Armenia Spending per arrival, 2019 Source: WDI 2020 1Q20 1Q21 800 700 600 500 400 300 22 0.2 200 133 76 97 100 29 36 51 Armenia Turkey Cyprus Russia Slovenia Greece Azerbaijan Number of Tourists (overnight visitors) Source: GNTA The number of tourists fell by 50% in 1H21, although it grew by 272% in 2Q21 20% 18% 900 820 818 788 16% 800 724 689 676 14% 11.3% 700 632 12% 544 600 508 10% 460 500 384 384 379 8% 400 3.4% 6% 300 200 189 178 166 1.6% 4% 200 109 2% 100 0% 0 GEORGIA CAPITAL Italy Montenegro Georgia Bulgaria Albania Estonia Croatia Ukraine Poland Hungary Belarus 2018 2019 2020 2021 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0.6 0.6 0.3 0.3 Turkey Azerbaijan Ukraine Russia 142

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