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Investor Presentaiton

Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jan-14 May-14 Sep-14 Jan-15 May-15 INTERNATIONAL RESERVES INTERNATIONAL RESERVES AT ADEQUATE LEVEL Source: NBG 4.0 International reserves at US$ 4.1bn in Jan-22 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 MONETARY POLICY RATE Gross international reserves, US$ mn Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Jan-21 May-21 Sep-21 Jan-22 Source: NBG 11% NBG increased policy rate by 250bps to 10.5% in 2021 (+50bps in March, +100bps in April, +50bps in August and 10.5% 11% 75% 10% +50bps in December) 10% 70% 9% 65% 9% 8% 7% 8% 60% 7% 55% %9 6% 50% 5% 5% 45% Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Jan-14 CENTRAL BANK'S INTERVENTIONS NBG sold $916.1mn in 2020 (of which US$ 42.9mn out 200 of FX auction) 174 100 50 40 20 09.09 Jan-20 Feb-20 Mar-20 Apr-20 Apr-20 May-20 May-20 Jun-20 Jun-20 Jul-20 Aug-20 Sep-20 Sep-20 Oct-20 OZ-120 Nov-20 OZ-ARN Dec-20 Dec-20 120 80 50 40 40 Jan-21 IZ-Upc Feb-21 8 Mar-21 LOAN AND DEPOSIT DOLLARISATION Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Nov-15 Mar-16 Jul-16 Loan dollarization Nov-16 Mar-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Jan-19 May-19 Sep-19 83 Source: NBG NBG sold $354.9mn in 2021 (of which US$ 22.Omn out of FX auction) 60 30 Apr-21 Apr-21 May-21 May-21 Jun-21 Jul-21 301-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Source: NBG 75% 70% 65% 60.0% 60% 55% 50% Jan-20 May-20 Sep-20 Dec-20 Apr-21 Deposit dollarization 50.6% 45% Aug-21 Dec-21 52
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