Investor Presentaiton

3700 3200 2700 2200 1700 1200 700 200 -300 -800 Jan-05 May-05 Sep-05 90-uer May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Sep-10 Jan-11 Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln Nonperforming loans to total gross loans, latest 2019 Sources: IMF 1.6% Georgia Poland Romania Armenia Bulgaria Kazakhstan Moldova 1.9% 2.2% 4.0% 4.1% 4.6% 5.0% 5.4% 5.7% 7.6% 7.6% 8.6% 10.0% 10.2% May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 112223334445556669998 May-18 Sep-18 Jan-19 May-19 Sep-19 Prudent monetary policy ensures macro-financial stability International reserves Sources: NBG Monetary policy rate GEORGIA CAPITAL NBG gradually increased its refinancing rate by 250 basis points up to 9%, aiming to alleviate inflationary pressures due to the NEER depreciation and negative expectations 30% 25% 20% 15% 10% 5.50% 5% 0% Armenia Georgia Russia Sources: NBG 3700 3200 14 2700 12 2200 10 1700 1200 700 200 -300 2086420 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Monetary policy rate remains low vs. peers Sources Central banks End-2017 End-2018 End-2019 9.00% 6.25% 12.00% 9.25% 9.00% Turkey Kazakhstan Belarus Ukraine Azerbaijan Page 66 Sep-11 Jan-12 May-12 Sep-12 Jan-13 3.50% 7.50% May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 9.00

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