Investor Presentaiton

Previous Projection Current Projection Actual INFLATION PROJECTION (CBA, Sept. 2021) MONETARY POLICY IS COMMITTED TO PRICE STABILITY CBA'S COMMITTED TIGHTENING OF MONETARY CONDITIONS SINCE DEC 2020 IS EFFECTIVE IN TERMS OF CONTROLLING THE OUTPACING DEMAND AND CONTAINING THE INFLATION IN FULFILLMENT OF INFLATION TARGET IN THE MEDIUM RUN 2017/01 2018/01 2017/04 2017/03 2017/02 2018/02 2018/04 2018/03 2019/01 2019/02 2019/03 2019/04 2020/01 2020/02 2020/03 CENTRAL BANK LIQUIDTY TRANSACTIONS (BLN DRAMS) 2020/04 2021/01 2021/02 2021/03 2021/04 2022/01 2022/02 2022/03 2022/04 2023/01 2023/02 2023/03 2023/04 2024/01 2024/02 6420 4 -2 A 4.0 2.0 0.0 -2.0 INFLATION COMPONENTS 10.0 12 Non-food products\ Services Non-seasonal food 10 8.0 Seasonal food 12-month inflation Core inflation 8 6.0 MARKET INTEREST RATES (%) Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 8.50 8.00 7.50 7.00 6.50 6.00 5.50 5.00 4.50 4.00 500000 400000 300000 200000 100000 0 -100000 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 New 10 Nov-19 Dec-19 Jan-20 Jan-20 Feb-20 Feb-20 Mar-20 Apr-20 May 20 May-20 Reverse repo Deposit auction Structural repo (91 days) FX provision swap Net liquidity oz-up OC-M Jul-20 FX attraction swap Aug-20 Aug-20 Sep-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Repo (up to 7 days) Source: CBA Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 CB refin. rate CB repo rate Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Interbank repo rate TB rate (3 months) Jun-21 Jul-21 Aug-21 Sep-21 31 Deposit Lombard repo

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