Investor Presentaiton

Feb-14 Jul-14 Dec-14 May-15 Oct-15 Source: GeoStat, NBG. Mar-16 Monetary policy remains tight to curb inflation pressures 16% Monetary policy rate 16% Annual CPI inflation 14% Inflation is high, largely driven by global commodity price pressures 14% 5-year Annual May-22 Jun-22 average 12% Headline CPI 6.4% 13.3% 12.8% 12% Core CPI 4.4% 5.9% 5.8% 10% 10% 8% 6% 4% 2% 0% -2% 8% 6% 4% 2% 0% -2% Aug-16 Jan-17 Jun-17 Nov-17 Apr-18 Sep-18 Feb-19 Jul-19 Dec-19 May-20 Oct-20 Mar-21 Aug-21 Jan-22 Jun-22 Although current inflation is mainly driven by globally elevated food and energy prices, demand-side price pressures have also intensified. To curb inflation expectations, the NBG maintains tight monetary policy with the refinancing rate at 11% since March 2022 Inflation is expected to moderate in the second half of 2022 7

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