Investor Presentaiton

200 120 150 100 100 60 60 4040 4040 50 272000 Im تات 40 0 -50 -15 -40 -100 -63 -80 -150 -120 -140 -200 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 130 USD/GEL 125 USD/AMD ⚫USD/RUB 120 115 110 105 100 95 90 T -20 -70 -40 ■NBG monthly net interventions US$ mn Exchange rate indices (1 January=100) Sources: NBG Flexible exchange rate regime plays a role as a shock-absorber USD/TRY USD/UAH 03-Jan-2020 13-Jan-2020 23-Jan-2020 02-Feb-2020 12-Feb-2020 22-Feb-2020 03-Mar-2020 13-Mar-2020 23-Mar-2020 וני וייד י -20-30201825-20 -50 -655 Floating exchange rate - policy policy priority Central Bank's interventions Sources: NBG 250 220 NBG sold $120m in Mar-Apr 2020 on the foreign exchange market and declared an active intervention policy to provide liquidity Real effective exchange rate (REER) Sources: NBG GEORGIA CAPITAL 02-Apr-2020 12-Apr-2020 22-Apr-2020 02-May-2020 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 -30 Jan-20 Mar-20 90 130 125 80 120 70 115 110 60 105 100 50 95 90 40 40 Dec-02 May-03 Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 3320 20 155 145 100 135 T 125 20 I 115 105 95 85 Apr-03 Nov-03 Jun-04 Jan-05 Aug-05 Mar-06 Oct-06 May-07 Dec-07 80-յոր Feb-09 Sep-09 Apr-10 Dollarization ratios Source: NBG REER (Jan 2003 = 100) ...Linear (REER (Jan 2003=100)) Both deposit and loan dollarization jumped in March on the back of the pandemic and GEL depreciation Loan dollarization Deposit dollarization Feb-07 20-Inr Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Page 74 40 50 60 70 Jul-15 Feb-16 II Sep-16 80 Apr-17 Nov-17 Jun-18 Jan-19 Aug-19 Mar-20 90

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