Investor Presentaiton

60% 50% 40% 30% 20% 10% 0% -10% FX RESERVES FLOATING EXCHANGE RATE - POLICY PRIORITY Source: NBG 5.0 1.42 1.30 1.36 1.25 1.31 1.35 1.6 130 1.23 1.24 1.27 1.16 1.29 1.4 4.0 120 1.03 1.2 3.0 3.9 3.9 110 3.5 1.0 3.3 2.8 2.9 2.8 3.0 0.8 100 2.0 2.7 2.8 2.5 2.3 0.6 90 1.0 0.4 80 0.2 0.0 0.0 70 Official FX reserves, US$ bn M2 multiplier M2 AND ANNUAL INFLATION -M2, % change, y/y (LHS) Jun-16 Oct-16 Feb-17 Sep-17 Jan-18 May-18 Dec-18 Apr-19 Nov-19 Mar-20 Annual inflation, eop (RHS) NOMINAL AND REAL EFFECTIVE EXCHANGE RATE (JAN2014-100) Source: NBG Jan-14 Apr-14 Z Jul-14 Nominal effective exchange rate Nov-14 Feb-15 Jun-15 Sep-15 Jan-16 Apr-16 Aug-16 Nov-16 Mar-17 Jun-17 Source: NBG M2 AND USD/GEL 40% 12% 10% 30% 8% 20% 6% 4% 10% 2% 0% 0% -2% -10% Jun-21 M2, % change, y/y (LHS) Sep-17 Jan-18 Apr-18 Aug-18 Nov-18 Mar-19 Jun-19 Oct-19 130 120 -1.2% y/y 110 100 90 +1.9% y/y 80 70 Jan-20 Apr-20 Aug-20 Nov-20 Mar-21 Jun-21 Real effective exchange rate Source: NBG Ая Apr-19 Jul-19 Nov-19 Mar-20 Jul-20 Oct-20 Feb-21 Jun-21 GEL/USD, % change, y/y (RHS) 40% 30% 20% 10% 0% -10% 54

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