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Investor Presentaiton

80 60 40 20 ANN -20 -40 0 Jan-05 Jul-05 Jan-06 90-յոր Jan-07 20-րո Jan-08 M2 Y/Y % LHS M2 vs. inflation, y-o-y,% Sources: Geostat, NBG Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Inflation Y/Y % RHS INFLATION TO STAY SLIGHTLY ABOVE TARGET Inflation y-o-y vs. inflation target Sources: NBG, GeoStat Inflation was under the 3% target in December-January because of a one-off impact of government-subsidized utilities being subtracted from price changes. We expect inflation to increase up to around 4% on average in 2021 Source: GeoStat 11 9 8 7 9 5 4 2.8 3 2 1 0 -1 -2 -3 Jan-20 Apr-20 Jul-20 Oct-20 16.0 1,600 14.0 12.0 1,400 10.0 8.0 1,200 6.0 4.0 1,000 2.0 800 (2.0) (4.0) 600 (6.0) 400 114 || 14 III 14 IV 14 115 SL II SL III IV 15 116 || 16 9L III IV 16 Jan-21 Jan-16 Mar-16 May-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 81-ΛΟΝ Ξ Price Indices GEORGIA CAPITAL Headline Inflation Average monthly nominal earnings Source: Geostat Monthly Inflation The annual fall in monthly nominal earnings was 0.8% in 3Q20, up from -5.3% in 2Q20 Core Inflation GEL 117 || 17 III 17 IV 17 118 II 18 III 18 IV 18 119 II 19 III 19 IV 19 120 20 20 70 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 -2 0 2 4 6 8
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