Georgia Capital Investor Day

1300 1200 1100 1000 900 800 700 600 105 125 145 REER (Jan 2003=100) Georgian lari remains stable compared to other regional currencies Floating exchange rate - policy priority REER vs NEER NEER (Jan 2003=100) Linear (REER (Jan 2003=100)) Long term productivity +3% y/y 85 85 Jan-03 Feb-04 Mar-05 Apr-06 May-07 Jun-08 Jul-09 Aug-10 Sep-11 Oct-12 Nov-13 Dec-14 Jan-16 Feb-17 Mar-18 Apr-19 Bloomberg Dollar Spot Index vs GEL/USD index +Dec-04 GEORGIA CAPITAL Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Bloomberg Dollar Index, LHS (2004=1000) Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 GEL/USD index (2004=1000) Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 1300 1200 1100 1000 900 800 700 600 Data sources: NBG, Bloomberg 12 105 125 145

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