Investor Presentaiton

80 60 40 20 -20 -40 NON Jan-05 Jul-05 Jan-06 90-Inf Jan-07 Jul-07 Jan-08 80-1nr Jan-09 60-Inf Jan-10 Jul-10 Jan-11 Jul-11 M2 Y/Y % LHS Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 M2 vs. inflation, y-o-y,% Sources: Geostat, NBG Jan-12 Jul-12 Jan-13 Inflation targeting since 2009 Inflation y-o-y vs. inflation target Sources: NBG, GeoStat Following a temporary supply side shock and inflationary expectations stemming from depreciated NEER, we expect inflation to converge to the 3% target by the end of 2020, with annual expected inflation slightly above 4% Inflation y-o-y 10 Source: GeoStat 8 6 9.0 4 7.0 6.4 2 5.0 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jul-13 Jan-14 Apr-18 Jul-14 Jan-15 Jul-18 Jul-15 Oct-18 Jan-16 Jul-16 Jan-19 Jan-17 Apr-19 Jul-17 Jul-19 Jan-18 Jul-18 Oct-19 Jan-19 Jan-20 Jul-19 Inflation Y/Y % RHS -1.0 -3.0 20 1300 15 1200 1100 10 1000 900. 5 800 700 600 500 -5 400 3.0 1.0 -2 0 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May- Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Monthly Inflation Headline Inflation Average monthly nominal earnings Source: Geostat Core (non-food, non-energy) Inflation Monthly nominal earnings increased on average 7.7% y-o-y in 2010-2018 GEL 2010_I 2010 III 2011 I 2011_III 2012_I 2012 III 2013 I 2013 III 2014_I 2014_III 2015_I 2015 III 2016_I 2016 III 2017 I 2018 I 2017_III 2018 III 2019 I 2019_III Page 60 Mar-18 May-18 1217 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 Core inflation closer to target May-19 Jul-19 Sep-19 Nov-19 Jan-20 6 4 ~O~ 2 0 -2 10 8 GEORGIA CAPITAL

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