Investor Presentaiton

September 2021 16% 14% 12% 10% 8% 6% 4% 2% 0% Prudent monetary policy implemented by independent regulator Medium-term consumer inflation target range: 5%+/-1% Y-o-y inflation as of August 2021: 10.2% Comments After a maintaining the soft monetary policy as a response to Covid-19 recession, in March 2021 the NBU started the cycle of the rate hikes to curb the inflation, raising the key policy rates 4 times during March-Sept 2021 by 2.5 p.p. The NBU also will stop applying its anti-crisis monetary measures such as long-term refinancing tenders and interest rate swap auctions at the start of Q4 2021 to boost the efficiency of the monetary transmission mechanism In Jul-Aug 2021, consumer inflation came out lower than had been projected previously, yet was double digit for the first time since 2018. Inflationary pressures were generated by the rise in prices for certain foods and fuels and sustained consumer demand. Inflation expectations of households are also rising, which may lead to further NBU's policy rate hikes CPI expectations for the following 12 months Consumer price index (CPI) change and key policy rate 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 CPI, y-o-y, % Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Key policy rate, % Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 10.2% Jun-21 NBU's medium-term inflation target range UAH/US$ and UAH/EUR exchange rates dynamics Aug-21 5% Mar-18 May-18 Jul-18 Source NBU Banks Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Businesses Jan-20 Mar-20 May-20 Households Jul-20 Sep-20 38 36 34 10.0% 32 30 6.4% 28 7.2% 6.1% 26 24 22 20 П Nov-20 - Financial analysts Jan-21 Mar-21 May-21 Jul-21 Notes 1 Jan-18 Mar-18 May-18 As of Sept 10, 2021 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 EUR Nov-19 Jan-20 Mar-20 May-20 Jul-20 US$ Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 11 BA 26.9 31.71

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