Investor Presentaiton

GEL supported by sustained FX inflows and tight monetary policy Currency movements vs. US$, Jan 2022 - Jul 2022 20.7% 18.0% 12.0% 0.1% -7.9% -8.8% -10.1% -25.4% -25.8% RUB AMD GEL AZN MDL KZT EUR UAH TRY GEL real effective exchange rate 120 REER (Jan 2014 = 100) 110 22 100 90 80 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Source: Bloomberg, NBG. Note: +/- means appreciation/depreciation. 120 REER 3-year moving average +2.4% 110 YTD Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Feb-22 Jun-22 100 90 80 GEL continues to appreciate on the back of strong external inflows, tight monetary policy and improved sentiments. As of 31 July 2022, the Georgian currency gained 12.0% against the US Dollar year-to-date Given strong external inflows and tight monetary policy, GEL is expected to remain stable in the medium term 8

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