Portfolio Overview & Capital Allocation

GEORGIA CAPITAL US$ million TOURISM SECTOR Tourism revenues to GDP Sources: NBG, Geostat 0 Croatia Montenegro Cyprus 5 4.1 4 3.3 3.3 2.8 3 2.4 2.1 2 1 Arrivals to country's population, 2018 Source: WDI I Tourism Revenues, $ mn Tourism Revenues, % of GDP 9M19 9M20 Greece Estonia Slovenia Albania Hungary 1.9 1.8 1.3 1.3 10 1.0 Bulgaria Georgia Latvia Lithuania Czech Republic 1.0 1.0 10 Armenia Turkey Poland 0.6 0.6 0.5 63 0.3 0.3 4000 3500 25% 20.3% 18.3% 18.8% 1200 1075 20% 3000 16.6% 1000 876 13.9% 811 803 781 2500 12.9% 763 749 15% 740 725 721 717 800 2000 9.9% 10.1% 589 547 547 543 8.6% 600 502 10% 1500 6.2% 5.4% 4.3% 400 1000 5% 200 500 0 0% 0 Spending per arrival, 2018 Source: WDI Azerbaijan Cyprus Turkey Poland Czech Republic Ukraine Azerbaijan 800 700 600 500 364 400 258 300 200 144 27 100 Number of Tourists (overnight visitors) Source: GNTA The number of tourists fell by 79% in 2020, including a 92% fall since April Slovenia Armenia Georgia Croatia Estonia Greece 432 Montenegro Bulgaria Hungary Latvia 161 Lithuania Albania Ukraine 27 27 29 37 35 42 42 44 40 40 43 43 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 2019 2020 76

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