1Q20 Results Discussion

500 0 2010 2,000 1,500 1,000 6.9% 7.5% 6.2% 5.9% 2011 Diversified sources of capital Strong foreign investor interest Sources: GeoStat 2,500 2012 2013 FDI, US$ mln, LHS 2014 2015 10.4% 2016 FDI as % of GDP 2017 m $ 185 Remittances Source: NBG Remittances fell by 9% in March 2020 and are expected to fall further as the global recession accelerates in 2Q20 165 137 145 126 126 125 105 85 65 45 Jan Feb Mar Apr 2017 May Jun Jul Aug Sep Oct Nov Dec 2018 2019 ―2020 0 100 Jan-16 Mar-16 May-16 2018 2019 Sources: GNTA, NBG 25% Visitors and tourism revenues Tourism revenues fell by 70% in March, while 1Q20 was down by 26% 9.4 20% 3600 8.7 7.9 3100 11.6% 12.1% 10.9% 15% 2600 5.7 5.9 6.3 6.7 4.7 7.2% 7.1% 10% 2100 3.1 1600 5% 1100 600 0% 100 2011 I Tourism inflows, US$ mn, LHS Number of foreign visitors, mln, RHS Merchandise exports 500 400 300 200 Source: Georstat Goods exports fell by 21.5% in March 2020, by 5.6% in 1Q20 whi Jul-16 Sep-16 Sep-16 Nov-16 Nov-16 Jan-17 /L-uer Mar-17 Mar-17 May-17 May-17 Jul-17 Exports, US$ mn, LHS Jul-17 Sep-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 10 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 % change y/y, exports, RHS Page 69 Nov-19 Jan-20 Mar-20 -40% 2018 2019 60% 40% 20% 0% -20% 3M2019 10.0 8.0 6.0 4.0 1.6 1.3 2.0 0.0 3M2020 GEORGIA CAPITAL

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