Investor Presentaiton

180 160 140 120 60 40 20 ༔ ༔ ą ཤྐ ཎྜ ¥ བླུ ° 100 80 Sources: NBG ■NBG monthly net interventions US$ mn Bilateral exchange rate indices (Dec2012= 100) Floating exchange rate - policy priority Central Bank's interventions Sources: NBG 250 220 200 150 100 50 0 -50 -100 -80 -150 -200 -120 120 4040 4040 شلش Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 60 27000 ww Mar-15 May-15 Jul-15 Sep-15 Nov-15 T -15 -40 63 -140 NBG purchased $165 million in 1H19, but sold $92.8 million in 2H19 to curb negative expectations 60 100 40 لب 33 40 20 -20 -20-30201825-20 -30 -40 -50 -65 -70 85 Jan-16 Mar-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 لا US$ sale May-19 Jul-19 Sep-19 US$ purchase Real effective exchange rate (REER) Sources: NBG 155 145 135 125 115 105 95 85 Jan-03 Jun-03 Nov-03 Apr-04 Sep-04 Feb-05 Jul-05 Dec-05 May-06 Oct-06 Mar-07 Aug-07 Jan-08 Jun-08 Nov-08 Apr-09 GEORGIA CAPITAL Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-1 Nov-18 Apr-19 Sep-19 .........Linear (REER (Jan 2003=100)) Flexible exchange rate regime plays a role as a shock-absorber 180 75 160 140 70 120 65 100 60 80 60 55 40 50 20 0 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 EUR/GEL RUB/GEL Jul-17 TRY/GEL Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 ⚫USD/GEL Aug-11 REER (Jan 2003=100) Dollarization ratios Source: NBG 80 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Loan dollarization Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Deposit dollarization Page 67 80 75 70 65 60 55 50 85655

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