1Q20 Results Discussion

-800 Jan-03 Jul-03 Jan-04 Jul-04 3200 2200 1200 Jan-05 Jul-05 Jan-06 90-լոր Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 60-Inr Official Reserve Assets, US$ mln Prudent monetary policy ensures macro-financial stability International reserves Sources: NBG International reserves totaled $3.4b by the end of March Monetary policy rate Sources: NBG Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Net Foreign Assets, US$ mln 1.2% 1.5% 1.9% Nonperforming loans to total gross loans, latest 2020 Sources: IMF Lithuania Hungary Georgia Poland 4.0% Romania 4.6% Belarus 4.6% Latvia 5.0% Turkey 5.0% Armenia Bulgaria Croatia Kazakhstan Russia Moldova 5.4% 7.6% 7.6% 8.6% 9.3% 10.2% -300 -1300 642 O Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 14 3700 12 2700 NBG lowered the monetary policy rate to 8.5% at the end of April, as the demand shock is expected to pull inflation down towards the target in the short to medium term 10 1700 8 700 Dec-10 May-11 Oct-11 Mar-12 Monetary policy rate vs. peers Sources Central banks End-2018 End-2019 Latest-2020 30% 25% 20% 15% 10% 5.00% 5% 0% Armenia Georgia Russia Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-18 Nov-18 Apr-19 Sep-19 Feb-20 8.50% 5.50% 8.75% 9.50% 8.75% 8.00% Turkey Kazakhstan Belarus Ukraine Azerbaijan Page 73 7.25% 8.50 GEORGIA CAPITAL

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