OPEX Ratio Alignment & Portfolio Valuation Overview

45 Jan Feb 245 169 183 193 145 345 445 545 Mar Apr May Jun *Net external earnings include merchandise exports and imports, remittance inflows and outflows, and tourism inflows. Georgia Capital PLC | Source: NBG. Geostat 308 506 2019 427 Jul Aug Sep 2021 2022 Oct Nov Dec Jan Feb 450 400 350 300 250 200 150 100 114 105 50 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 302 259 189 174 REMITTANCE INFLOWS HAVE SURGED AT RECORD HIGH LEVELS SINCE APRIL 2022 $ MN - 2020 TOURISM REVENUES HAVE BOUNCED BACK TO ALMOST 2019 LEVELS SINCE MAY $ MN ■Money transfers (Inflows) ■Exports Money transfers (Outflows) Imports Tourism revenues Net External Earnings 75% 3500 60% 1,377 2500 946 45% 962 1500 1,063 1,095 1,261 1,172 749 827 1,068 878 1,127 780 686 898 940 818 500 578 246 566 30% 379 394 428 725 1,241 380 427 451 477 389 380 566 551 499 584 623 644 545 15% 110 -500 (345) (102) 52 (559) (465) (525) (703) (784) (677) (507) (567) (806) (709) 0% -1500 -15% -2500 -30% -3500 -45% -4500 1Q19 2Q19 3Q19 1Q20 4Q19 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 2019 Jun-20 Aug-20 Oct-20 Dec-20 2020 Feb-21 Apr-21 Jun-21 Aug-21 2021 Oct-21 Dec-21 Feb-22 2022 Apr-22 NET EXTERNAL EARNINGS* TURNED POSITIVE IN 2Q22 LARGELY ON THE BACK OF REMITTANCE INFLOWS EXTERNAL EARNINGS (US$ MILLION) GEORGIA CAPITAL TERMS OF TRADE HAVE REACHED 112% ON AVERAGE IN 1H22, COMPARED TO 101% IN 2021 (JAN 2017=100) Jun-22 и 105% Terms of Trade (RHS) Imports, YoY % Exports, YoY % 120% 90% 19 79

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