Investor Presentaiton

。៩ ៦៩ ៖ ៩ ៩ 40 20 60 80 INFLATION TARGETING SINCE 2009 ANNUAL INFLATION MONTHLY INFLATION Source: Geostat 12% higher world commodity prices, along with strong Inflation acceleration reflects utility price increases, 11.9% 5% 12% 10% 10% 4% demand 8% 6.3% 8% 3% 6% 6% 2% 4% 4% 1% 2% 2% 0% 0% 0% -2% -2% -1% Jan-14 May-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 -2% Headline inflation Core (non-food, non-energy, non-tobacco) Jan-14 May-14 Aug-14 Dec-14 Apr-15 Apr-15 Aug-15 Aug-15 Dec-15 Apr-16 Energy Non-energy 100 WORLD COMMODITY PRICES Source: World Bank Note: Jan2014=100 Jan-14 Apr-14 Aug-14 Dec-14 Apr-15 Jul-15 Nov-15 Mar-16 Jul-16 Oct-16 Feb-17 Jun-17 Sep-17 Jan-18 May-18 Sep-18 Dec-18 Apr-19 Aug-19 Dec-19 Mar-20 Jul-20 Nov-20 Mar-21 Jun-21 2800220 8% 6% 4% 2% 0% -2% Jan-14 AVERAGE INFLATION Source: Geostat 5% 4% 1.3% 3% Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 May-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Source: Geostat 5.8% do do ove dve glo o -2% 2% 1% 0% -1% -2% 52

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