Investor Presentaiton

35% 30% 25% 20% 15% 10% 5% 0% -5% Jan-14 Apr-14 Jul-14 Nov-14 Feb-15 Jun-15 Sep-15 Dec-15 Apr-16 Jul-16 Nov-16 BANK OF GEORGIA -M2, % change, y/y (LHS) Source: NBG 130 5.0 1.42 1.6 1.36 1.30 1.31 1.25 1.23 1.24 1.29 1.4 1.16 4.0 1.03 1.2 1.0 3.0 3.3 3.5 3.0 0.8 2.8 2.9 2.8 2.7 2.8 28 120 110 100 2.0 2.5 0.6 2.3 0.4 0.0 00 90 1.0 90 0.2 80 0.0 Feb-17 Jun-17 FLOATING EXCHANGE RATE - POLICY PRIORITY FX reserves Nominal and Real effective exchange rate (Jan2014-100) Official FX reserves, US$ bn --M2 multiplier M2 and annual inflation Sep-17 Dec-17 Apr-18 Jul-18 Nov-18 Feb-19 Annual inflation, eop (RHS) 2018 2019 Source: NBG 8% 35% 7% 30% 6% 25% 5% 20% 4% 15% 3% 2% 10% 1% 5% 0% 0% -1% -5% May-19 Sep-19 Dec-19 appreciation Jan-14 Apr-14 Jul-14 Nov-14 Feb-15 Jun-15 Sep-15 Dec-15 M2, % change, y/y (LHS) Apr-16 Jul-16 Nov-16 Jan-14 Apr-14 Jul-14 Nov-14 Feb-15 Jun-15 Sep-15 Dec-15 Nominal effective exchange rate Feb-17 Jun-17 Sep-17 Dec-17 Apr-18 Apr-16 Jul-16 Nov-16 Feb-17 Jun-17 Sep-17 Dec-17 Apr-18 Jul-18 Nov-18 Feb-19 M2 and USD/GEL Real effective exchange rate Source: NBG 40% depreciation 30% 20% 10% 0% Jul-18 Nov-18 Feb-19 May-19 GEL/USD, % change (RHS) Sep-19 Dec-19 53 53 -10% Source: NBG 130 120 -7.9% y/y 110 -5.3% y/y 100 May-19 Sep-19 Dec-19 80 06

View entire presentation