Bank of Georgia Financial Analysis

2003 2004 0.0 1.5 2.0 DIVERSIFIED SOURCES OF CAPITAL Strong foreign investor interest 1.0 9.6% 7.1% 8.4% 0.5 2003 2007 2008 2009 FDI, US$ bn 2010 2011 Remittances - steady source of external funding 2012 2013 2014 2015 2016 2017 9M18 Tourist arrivals and revenues on the rise Source: Geostat Source: NBG, Geostat 25% 3.5 25% 19.7% 3.0 17.9% 20% 20% 17.2% 2.5 14.7% 15.1% 13.4% 12.3% 15% 15% 11.8% 12.6% 2.0 10.7% 0.8% 7.3% 11.0% 8.3% 8.9% 1.5 6.2% 6.5% 10% 10.9% 6.6% 10% 5.7% 7.8% 1.0 3.7% 3.4% 3.8% 4.0% 3.8% 3.5%* 4.4% 6.3% 5% 5% 0.5 0% 0.0 0% FDI as % of GDP Source: NBG, Geostat 9.7% 1.6 8.5% 9.0% 8.8% 9.2% 9.1% 7% 8.7% 10% 8.4% 1.4 7.8% 7.8% 7.7% 8.0% 1.6 6% 7.1% 1.5 1.4 1.2 6.3% 1.3 1.4 8% 1.3 1.0 4.9% 5.1% 1.2 1.1 1.1 0.8 1.0 0.9 0.8 0.6 6% 4% 0.4 0.6 2% 0.2 0.4 0.2 0.3 0.0 do olo olo olo o 5% 4% 0% BANK OF GEORGIA 2005 2006 2007 2008 2009 Remittances, US$ bn 2010 2011 2012 2013 2014 2015 2016 2017 2018 Remittances as % of GDP 3% 1.7% 1.8% 2% 1% 0% 2003 2003 2004 2005 2006 Tourism revenues, US$ mn Public external borrowing for capex, % of GDP Source: MOF, Geostat 1.1% 1.3% 1.0% 2007 2008 2009 2010 6.1% 5.6% 5.6% 4.4% Tourism revenues as % of GDP 2.6% 2.2% 3.4% 3.3% 3.2% 3.3% ill 3.5% 2011 2012 2013 2016 2017 2018 45

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