Georgia Capital Portfolio Overview

40 20 0 -20 -40 Mar-00 60 80 Jul-11 Nov-11 Mar-12 Jul-12 Inflation targeting since 2009 Inflation y-o-y vs. inflation target Sources: NBG, GeoStat Nov-12 Mar-13 Inflation target is 3% from 2018 Jul-13 Nov-13 Mar-14 Jul-14 M2 vs. inflation, y-o-y,% Sources: Geostat, NBG Oct-00 May-01 Dec-01 Jul-02 Feb-03 Sep-03 Apr-04 Nov-04 Jun-05 -ΛΟΝ Mar-15 15.0 13.0 Inflation y-o-y 10 Source: GeoStat GEORGIA CAPITAL 10 11.0 8 9.0 9 7.0 4.6 4 5.0 3.0 2 1.0 0 -1.0 -2 -3.0 Jul-09 Feb-10 Jul-15 Nov-15 Mar-16 Sep-10 Apr-11 Jul-16 Nov-11 Nov-16 Jun-12 Jan-13 Mar-17 Aug-13 Mar-14 Jul-17 Nov-17 Oct-14 May-15 Dec-15 Mar-18 Jul-18 Jul-16 Feb-17 Sep-17 Apr-18 Nov-18 Jun-19 Nov-18 Mar-19 Jul-19 Jan-06 Aug-06 Mar-07 Oct-07 May-08 Dec-08 M2 Y/Y % LHS Inflation Y/Y % RHS 0 Source: Geostat 16 1300 14 1200 12 10 1100 8 1000 6 900 4 800 700 -2 600 500 400 Monthly Inflation Headline Inflation Core (non-food, non-energy) Inflation Average monthly nominal earnings Monthly nominal earnings increased on average 7.7% y-o-y in 2010-2018 2010 I 2010_III 2011_I 2011 III 2012_1 2012 III 2013 I 2013_III 2014_1 2014 III 2015_I 2015_III 2016 I 2016 III 2017_1 2018 I 2017 III 2018 III 2019_1 GEL 1,093 Page 55 0 -2 2 8 6 4

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