Investor Presentaiton

Inflation remains elevated, reflecting mostly global commodity price pressures Monetary policy tightened further to curb inflation expectations 16% Annual CPI inflation Monetary policy rate 16% Annual 14% 5-yr. avg. Feb-22 Mar-22 14% Headline CPI 6.1% 13.7% 11.8% Core CPI 4.3% 5.1% 5.3% 12% 12% 10% 8% 6% 0% olo olo old glo ov 4% -2% Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Source: GeoStat, NBG Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 10% 8% 6% 4% 2% 0% -2% Annual CPI inflation in Georgia was 11.8% in March 2022, with a 2.5% increase in the price level month- on-month Currently, inflation is mainly driven by commodity price rally coupled with a pass-through effect of GEL depreciation in the wake of the Russia-Ukraine war To curb inflation expectations, the NBG increased the refinancing rate further by 0.5 ppt to 11.0% in March 2022 Given the tight monetary policy and transitory nature of current price pressures, inflation is expected to decelerate gradually throughout 2022, but likely to remain above target, at around 9.0%, on average 7

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