3Q20 Financial Performance

Jan-14 Apr-14 Aug-14 Nov-14 FX RESERVES FLOATING EXCHANGE RATE - POLICY PRIORITY 5.0 1.42 1.30 1.36 1.6 1.31 1.25 1.23 1.24 1.26 1.16 1.29 1.4 130 4.0 1.03 1.2 120 3.8 3.0 3.5 1.0 110 3.3 2.8 2.9 2.8 3.0 0.8 100 2.0 2.7 2.8 2.5 0.6 90 2.3 3 0.4 1.0 0.2 70 0.0 0.0 2015 Official FX reserves, US$ bn ―― M2 multiplier M2 AND ANNUAL INFLATION 40% 30% 20% 10% 0% -10% Mar-15 Jun-15 Oct-15 Jan-16 -M2, % change, y/y (LHS) May-16 Aug-16 Dec-16 Mar-17 Jul-17 Oct-17 Feb-18 May-18 May-18 Sep-18 81-das Dec-18 Apr-19 Apr-17 Jul-19 Nov-19 Feb-20 Jun-20 Annual inflation, eop (RHS) Sep-20 Source: NBG Jan-14 Apr-14 Aug-14 NOCENT Nov-14 Mar-15 Jun-15 Source: NBG M2 AND USD/GEL 8% 40% 6% 30% 4% 20% 2% 10% 0% 0% appreciation -2% -10% Jan-14 Apr-14 Aug-14 Nov-14 Mar-15 Jun-15 Oct-15 Oct-15 Jan-16 May-16 Aug-16 Dec-16 -M2, % change, y/y (LHS) Mar-17 Jul-17 NOMINAL AND REAL EFFECTIVE EXCHANGE RATE (JAN2014=100) Sep-15 Seper Jan-16 Apr-16 Nominal effective exchange rate GEL/USD, % change, y/y (RHS) Oct-17 Feb-18 May-18 Sep-18 Dec-18 Apr-19 Jul-19 Nov-19 Feb-20 꾸 Jun-20 Sep-20 Aug-16 Nov-16 Mar-17 Jun-1 Oct-17 Jan-18 May-18 Aug-18 Dec-18 Mar-19 Oct-19 Real effective exchange rate Source: NBG 130 120 -0.4% y/y 110 90 -0.7% y/y 8៩៩៩៩ 100 Feb-20 May-20 Sep-20 depreciation Source: NBG 40% 30% 20% 10% 0% -10% 62

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