PitchSend

Investor Presentaiton

Jan-14 80 80 Aug-14 90 Mar-15 100 Oct-15 Source: Bloomberg, NBG Note: +/- means appreciation/depreciation May-16 110 Dec-16 GEL real effective exchange rate 120 REER (Jan 2014 = 100) Jul-17 Feb-18 GEL supported by resilient FX flows and tight monetary policy Currency movements vs. US$, Jan 2022 - Apr 2022 AMD RUB GEL AZN KZT MDL EUR UAH TRY Sep-18 Apr-19 Nov-19 7.1% 4.8% 1.3% 0.1% -1.7% -3.5% -7.3% -9.8% -10.4% 2Q21 3Q21 4Q21 1Q22 GEL vs. US$, change during the reporting period 8.0% 1.2% 0.8% -0.1% 120 REER 3-year moving average 110 100 20 90 Jun-20 Jan-21 Aug-21 Mar-22 80 80 GEL regained its value against Dollar after a short-lived depreciation at the onset of the Russia-Ukraine war Tight monetary policy coupled with resilient external inflows contributed positively to local currency stability 8

View entire presentation