1Q23 Performance Overview

REAL GDP UP BY 7.2% IN 1Q23 PRELIMINARY ECONOMIC GROWTH STANDING AT 7.2% Y-O-Y IN 1Q23, FOLLOWING UP ON TWO YEARS OF DOUBLE-DIGIT EXPANSION (10.5% AND 10.1% IN 2021-2022 RESPECTIVELY) 50% 45% GEORGIA CAPITAL ECONOMIC GROWTH REMAINS STRONG 40% 30% 20% 10% 4% 0% -10% -20% -5% -12% 26% 19% 18.0% 14.6% 12% 10% 10% 10.6% 11.6% 10% 7% 7% 7.2% 9.7% 10.5% 8.8% 8.3% 9.3% 11.0% Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 2.6% Apr-22 May-22 Jun-22 Jul-22 Nov-22 Dec-22 NOMINAL GDP IS EXPECTED TO CONTINUE ACCELERATING BOTH IN GEL AND USD TERMS 8.4% 5.8% 7.3% Jan-23 Feb-23 Mar-23 I Nominal GDP, USD bn (LHS) OGDP Per Capita, GEL (RHS) --GDP Per Capita, USD (RHS) Strong external demand supplemented by the migration effect, as remittance inflows grew by 130% y-o-y in 1Q23, largely on the back of a surge in inflows from Russia, while merchandise exports increased by 25% y-o-y, and tourism revenues reached 138% of 2019 levels in 1Q23; Continued credit expansion (up 13.8% y-o-y in March w/o the exchange rate effect) both in retail and business sectors as well as both in GEL and foreign currency, despite the tight monetary stance and rising FX interest rates, aiding economic activity; I Nominal GDP, GEL bn (LHS) 90 80 70 60 50 40 30 20 10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F* Georgia Capital PLC | Source: Geostat, Georgia Capital estimates (*) 25 Current expenditures growing by 10.6% y-o-y and capital expenditures rising by 14% y-o-y in 1Q23, facilitated by a 12.4% y-o-y growth in fiscal revenues; 20 15 Strong business sentiment supporting spending and investment decisions; 10 5 ➤ As a result of the improved macroeconomic environment, Fitch Ratings revised Georgia's sovereign credit rating outlook to positive from stable in January 2023. 75 75

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