FY20 Results and Strategy Overview

PRUDENT MONETARY POLICY ENSURES MACRO-FINANCIAL STABILITY International reserves Sources: NBG International reserves reached a record high of $3.9 billion by the end of 2020 as a result of external funding, up 11.5%, providing ample cover 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Jan-05 Jul-05 Jan-06 90-Inf Jan-07 20-In Jan-08 80-in Jan-09 60-Inf Jan-10 10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln Nonperforming loans to total gross loans, latest 2020 Sources: IMF Lithuania Hungary Georgia Latvia Turkey Poland Romania Belarus Armenia Bulgaria Croatia Kazakhstan Moldova Russia GEORGIA CAPITAL Jul-20 4,000 14 3,500 3,000 12 2,500 10 2,000 8 1,500 1,000 6 500 4 0 2 Sources: NBG 0 Turkey 30% 25% 20% 17.00% 15% 10% 5% 0% Kazakhstan 9.00% Georgia End-2018 ■ End-2019 ■ End-2020 Monetary policy rate vs peers Sources Central banks Feb-08 Aug-08 Feb-09 Aug-09 Monetary policy rate Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Belarus Azerbaijan Ukraine Armenia 8.00% 7.75% 6.25% 6.00% 5.25% 4.25% Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 NBG lowered the monetary policy rate to 8% in August, a total cut of 100 bps since January 2020 Aug-19 Feb-20 8.00 Aug-20 Russia 1.0% 1.2% 2.3% 3.5% 3.9% 4.0% 4.1% 4.9% 5.7% 6.3% 7.0% 8.4% 8.6% 9.3% 79 19

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