Bank of Georgia Financial Overview

Robust economic growth persisted in 1H23, contributing to an improved outlook for the entire year Real GDP y-o-y growth 2011-2022 average 2021 2022 1H23 2023F 2024F 4.7% 10.5% 10.1% 7.6% 6.8% 5.0% 18.0% 10.6% 14.6% 11.6% 11.0% 10.5% 9.7% 9.3% 2.6% 8.8% 8.3% 7.2% Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Source: GeoStat, Galt & Taggart Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 7.3% 7.5% 7.7% 8.4% Feb-23 5.8% 7.0% Mar-23 Apr-23 May-23 Jun-23 Key drivers of growth in 1H23: Resilient inflows from exports and tourism: Export of goods increased 14.8% y-o-y (+19.3% in 1H23) Tourism revenues up 34.8% y-o-y (+57.9% in 1H23) Strong investment spending and recovery in consumption on the back of lower inflation Increased activity in the construction, information and communication, and trade sectors Growth outlook: Real GDP growth is expected at 6.8% in 2023 driven by strong external earnings and increased investment expenditure Geopolitical instability in the region and tight global financial conditions pose downside risks to the outlook 5

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