#1BANK OF GEORGIA GROUP PLC INVESTOR PRESENTATION 1Q22 Performance 11 May 2022 www.bankofgeorgiagroup.com#2Disclaimer - forward looking statements This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Bank of Georgia Group PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, certain of which are beyond our control, include, among other things: macro risk, including domestic instability; regional instability risk; credit risk; liquidity and funding risk; capital risk; market risk; regulatory and legal risk; financial crime risk; information security and data protection risks; operational risk; human capital risk; COVID-19 pandemic risk; model risk; climate change risk; and other key factors that could adversely affect our business and financial performance, as indicated elsewhere in this document and in past and future filings and reports of the Group, including the 'Principal risks and uncertainties' included in Bank of Georgia Group PLC's Annual Report and Accounts 2021. No part of this document constitutes, or shall be taken to constitute, an invitation or inducement to invest in Bank of Georgia Group PLC or any other entity within the Group, and must not be relied upon in any way in connection with any investment decision. Bank of Georgia Group PLC and other entities within the Group undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this document should be construed as a profit forecast. 2#3Contents MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 1022 RESULTS APPENDICES 3#4Source: GeoStat Mar-21 4.0% Apr-21 May-21 Jun-21 Jul-21 Aug-21 25.8% 18.7% Solid economic growth in 1Q22 Real GDP y-o-y growth: preliminary estimate Real GDP 2Q21 3Q21 4Q21 2021 1Q22 44.8% y-o-y growth 28.9% 9.1% 8.8% 10.4% 14.4% 9.9% 10.3% Sep-21 Oct-21 6.9% 6.9% Nov-21 Dec-21 12.0% 9.6% Jan-22 Feb-22 18.0% 14.6% 10.6% B Mar-22 Real GDP increased by 14.4% y-o-y in 1Q22 Key drivers: B Steady recovery in tourism revenues, resilient inflows from exports and remittances Robust domestic demand driven by healthy credit growth and government spending Significant reduction in COVID-19 cases and removal of restrictions In 1Q22: Exports of goods up 43.3% y-o-y - Remittances - up 9.2% y-o-y Tourism revenues at 68.1% of 2019 levels#5Imports of goods Exports of goods Source: GeoStat, NBG 5.5% 3.3% Manageable impact of regional instability Dependence on Russia and Ukraine in 2021, as % of GDP 2.4% 2.2% 0.8% 0.3% Tourism revenues Russia Remittances FDI Imports of goods Exports of goods 1.6% 0.9% Tourism revenues Ukraine 0.5% 0.1% Remittances FDI Despite considerable dependence on Russian and Ukrainian markets, Georgia's external flows remain strong amid ongoing military conflict in Ukraine Imports and exports have been redirected to alternative markets thanks to trade diversification (EU, Turkey, China, among others) Loss of remittances from Russia and Ukraine have been compensated by stronger inflows from EU countries and the US Arrival of migrants from Russia and Ukraine have resulted in increased tourism revenues from these countries 5#6Reasonably optimistic economic outlook Georgia's economic growth forecast 7.4% 6.4% 10.4% 4.8% 4.8% 5.0% 4.4% 4.5% 3.6% 3.0% 2.9% -6.8% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022F Source: GeoStat, Galt & Taggart Galt & Taggart forecasts a 4.5% real GDP growth in 2022, a 0.5ppt downward revision from pre-war projection Downside risks are high given elevated uncertainties, but Georgia is expected to be resilient in the face of ongoing regional tensions 6#7Inflation remains elevated, reflecting mostly global commodity price pressures Monetary policy tightened further to curb inflation expectations 16% Annual CPI inflation Monetary policy rate 16% Annual 14% 5-yr. avg. Feb-22 Mar-22 14% Headline CPI 6.1% 13.7% 11.8% Core CPI 4.3% 5.1% 5.3% 12% 12% 10% 8% 6% 0% olo olo old glo ov 4% -2% Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Source: GeoStat, NBG Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 10% 8% 6% 4% 2% 0% -2% Annual CPI inflation in Georgia was 11.8% in March 2022, with a 2.5% increase in the price level month- on-month Currently, inflation is mainly driven by commodity price rally coupled with a pass-through effect of GEL depreciation in the wake of the Russia-Ukraine war To curb inflation expectations, the NBG increased the refinancing rate further by 0.5 ppt to 11.0% in March 2022 Given the tight monetary policy and transitory nature of current price pressures, inflation is expected to decelerate gradually throughout 2022, but likely to remain above target, at around 9.0%, on average 7#8Jan-14 80 80 Aug-14 90 Mar-15 100 Oct-15 Source: Bloomberg, NBG Note: +/- means appreciation/depreciation May-16 110 Dec-16 GEL real effective exchange rate 120 REER (Jan 2014 = 100) Jul-17 Feb-18 GEL supported by resilient FX flows and tight monetary policy Currency movements vs. US$, Jan 2022 - Apr 2022 AMD RUB GEL AZN KZT MDL EUR UAH TRY Sep-18 Apr-19 Nov-19 7.1% 4.8% 1.3% 0.1% -1.7% -3.5% -7.3% -9.8% -10.4% 2Q21 3Q21 4Q21 1Q22 GEL vs. US$, change during the reporting period 8.0% 1.2% 0.8% -0.1% 120 REER 3-year moving average 110 100 20 90 Jun-20 Jan-21 Aug-21 Mar-22 80 80 GEL regained its value against Dollar after a short-lived depreciation at the onset of the Russia-Ukraine war Tight monetary policy coupled with resilient external inflows contributed positively to local currency stability 8#975% 70% 65% 60% 55% 50% 45% Banking system dollarisation down, low NPLs Loan and deposit dollarisation Jan-14 Aug-14 Mar-15 Oct-15 May-16 Source: NBG Dec-16 Bank loan dollarisation Jul-17 Feb-18 Sep-18 Jun-20 75% Non-performing bank loans to total gross loans (2019-2020 average) Lithuania 1.0% Czech Rep. 1.8% 70% Estonia 1.8% Georgia 2.1% 65% Hungary 2.7% Poland 3.7% 60% 60.2% Romania 4.0% 50% 50.6% Jan-21 Aug-21 Mar-22 Latvia 55% Turkey Belarus Armenia Bulgaria 45% Bosnia & Herz. Croatia 4.0% 4.5% 4.7% 6.0% 6.2% 6.8% 7.1% Moldova Russia 7.9% 8.5% Bank deposit dollarisation Source: IMF#10Contents MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 1022 RESULTS APPENDICES 10 10#11Bank of Georgia Group at a glance BANK OF GEORGIA GROUP PLC RETAIL BANKING Mass Retail Premium Banking MSME Leader in payments and financial mobile app ☐ 54% of total POS payment transactions executed in BOG POS terminals c.11.4 mln transactions executed in mobile app per month in 1Q22, up 61% y-o-y 97% of transactions of individuals executed through digital channels Strongest retail banking franchise 41% market share in deposits of individuals* 39% market share in loans to individuals* Most trusted bank and top of mind bank in Georgia** NPS of 54% in March 2022*** CORPORATE AND INVESTMENT BANKING Robust profitability Delivering ROAE of 20%+ sustainably *Based on data published by the National Bank of Georgia as at 31 March 2022. ** Based on autumn 2021 external research by IPM Georgia.. ***Based on 1Q22 external research by IPM Georgia. 11#12Track record of strong performance ROAE 20%+ 26.4% 26.1% 13.0% 30.7% 25.8% 2018* 2019** 2020 2021 1Q22 CAPITAL DISTRIBUTION 12 27.0% 21.4% 19.8% 18.9% 19.0% Loan book YoY growth 22.0% c.10% 19.0% 10.2% 11.6% 13.9% 2018 2019 2020 2021 1Q22 -Nominal On a constant currency basis REGULAR DIVIDENDS GEL MILLIONS Maintain regular progressive semi-annual dividend payouts: aiming at a 30-50% dividend/share buyback payout ratio PAYOUT RATIO: 30% 36% 33% 34% 32% 30% 30% 25% 7.6% Interim dividend of GEL 1.48 per ordinary share paid on 5 November 2021 At the 2022 Annual General Meeting, the Board intends to recommend a final dividend for 2021 of GEL 2.33 per share payable in Pounds Sterling at the prevailing rate Adjusted for GEL 30.3mln demerger-related costs, a GEL 8.0min demerger-related corporate income tax gain, a GEL 30.3mln one-off impact of re-measurement of deferred tax balances and GEL 3.9min (net of income tax) termination costs of the former CEO Adjusted for GEL 14.2mln (net of income tax) termination costs of the former CEO and executive management Dividend yield for 2013-2019 and for interim dividend for 2021 is calculated based on the closing price of shares immediately prior to ex-dividend date. Final dividend yield is calculated based on the closing price of shares on 10 May 2022 Final dividend 4.0% 4.2% 3.1% 3.1% 3.2% 2.7% 2.4% Interim dividend 122 124 72 80 98 102 110 51 72 2013 2014 2015 2016 2017 2018 2019 Total dividend paid during the year 2020 2021 2022 Dividend yield***#13Strategic focus DATA-DRIVEN ORGANISATION Mobile app CUSTOMER Payments SATISFACTION Loyalty STRONG FRANCHISE PROFITABILITY EMPLOYEE EMPOWERMENT 13#14Fulfilling the needs of customers digitally and increasing engagement MBANK/IBANK STATISTICS* Number of monthly active users** THOUSANDS +22.7% +4.6% Number of transactions MILLIONS +59.1% 9:41 Search Total Available Amount 4,652.23 9:41 Visa Gold -0.4% Operations 727 729 766 58.8% 853 61.2% 892 62.4% HITT 11 56.4% 56.0% Mar-21 Jun-21 Sep-21 Categories 35.4 35.3 30.2 Payments 26.3 Transfer to Own Accounts 22.2 Payments 65.600 34.3 34.2 29.1 25.3 21.2 0.9 1.0 1.0 1.1 1.0 Dec-21 Mar-22 1Q21 2Q21 3Q21 4Q21 1Q22 iBank mBank Number of monthly active digital users Share in monthly active customers (individuals) 2,744.00 0000 VISA PLUS Points 8,744 Mit Points 26,744 Deposits and Liabilities 9,744,000 Deposts 7,060.00€ 14 11.4mln Transactions per month 87% Customer Satisfaction Score Google play 4.8 Download on the App Store 4.8 NEXT STEP: 44.6% users/monthly Daily active ANDROID APP ON BUILDING A SUPER APP Mar-22 active users * Information on this slide depicts the use of mobile and internet banking platforms by individuals. ** Monthly active user - at least one login within the past month.#15Increasing share of mBank/iBank transactions* NUMBER OF TRANSACTIONS MILLIONS Offloading rate 95.9% 96.2% 96.5% 96.0% +36.0% 69.6 2.8 61.7 57.7 10.2 2.2 2.2 9.7 48.3 9.1 2.0 -5.6% 96.6% 65.7 2.2 9.0 21.1 30.3% 19.1 29.0% 7.3 19.6 31.7% 20.1 34.7% 16.8 34.7% 35.4 50.9% 35.3 53.7% 30.2 48.9% 26.3 45.6% 45.9% 22.2 3,122 Express Pay terminals -0.1% y-o-y -0.4% 9-0-9 211 Branches** Flat y-o-y Flat q-o-q 892k mBank/iBank MAU*** +22.7% y-o-y +4.6% 9-0-9 1Q21 2Q21 3Q21 4Q21 iBank/mBank Express Pay terminals ATMs Branches Other Information on this slide depicts the use of channels by individuals. 1Q22 ** Includes representative offices of the Wealth Management business, which was reclassified from Corporate and Investment Banking to Retail Banking in 3Q21. ***Monthly active user - at least one login within the past month. 990 ATMs +2.8% y-o-y +0.1% q-o-q 15#161Q21 PRODUCT OFFLOADING* THOUSANDS Good progress in product offloading to digital channels 70% 367 374 400 350 60% 299 300 50% 213 250 40% 35.0% 200 156 30% 29.1% 28.4% 150 20% <-19.3% -21.7% 100 10% 50 0% 2Q21 Number of products activated digitally * Mainly comprises card, deposit, and loan activations in digital channels. 3Q21 4Q21 1Q22 Continuously developing our digital products and refining end-to-end digital journeys. The functionalities of our digital channels are updated every two to three weeks Redesigned deposit activation flow launched at the end of 2021 Offers Hub added to our mobile app at the end of 2021, with personalised offers driven by our recommendation engine Insurance marketplace launched in the first quarter of 2022 Offloading rate 35% Product offloading rate in 1Q22 c.36% Planned product offloading rate by the end of June 2022 16#17Full digital experience for our business customers BUSINESS MBANK/IBANK STATISTICS* Number of monthly active users** THOUSANDS +33.2% +3.5% 41 43 39 36 32 Number of transactions MILLIONS +56.6% -9.0% 3.6 3.0 2.6 2.1 Transactions offloading rate 17 97.7% 97.4% 3.3 97.1% 96.7% 96.7% 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 979k R a = Transactions per month 1,124,147,437,08 € marka 226,994.00 0000 77% 8,794.97 00 HEST Customer Satisfaction Score 99905,025.92€ © STATE 9.50108$ * Information on this slide depicts the use of internet and mobile banking platforms by legal entities. **Monthly active user - at least one login within the past month. Financial mobile application launched in 1Q21 111k Transactions per month 80% Customer Satisfaction Score#18Payments - our daily touch point with customers NUMBER OF PAYMENT TRANSACTIONS IN BOG TERMINALS VOLUME OF PAYMENT TRANSACTIONS IN BOG TERMINALS MILLIONS +63.9% +0.9% 45 45 42 36 27 GEL MILLIONS +85.1% -5.9% 1,386 1,305 1,270 1,010 705 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 54% 52% Share by number of POS payment transactions in BOG's POS terminals | 1Q22* +3ppts YoY * Based on the National Bank of Georgia and Bank of Georgia data. Share by volume of POS payment transactions in BOG's POS terminals | 1Q22* +3ppts YoY 39k Multifunctional POS terminals +30.1% y-o-y +1.5% y-o-y 18#19Loyalty programme - one of the strengths of Bank of Georgia GEL 1.5mln +71.1% y-o-y +5.0% 9-o-q 217k +66.7% y-o-y +32.6% 9-0-9 Average monthly value of loyalty points exchange operations Average monthly loyalty points exchange operations in 1Q22 in 1Q22 ADVANCED ANALYTICS for partner merchants PERSONALISED CAMPAIGNS * Members with at least one active product. 1.5mln +6.0% y-o-y active Loyalty programme members* Mar-22 AVERAGE MONTHLY TRANSACTIONS AND SPEND PER CUSTOMER 830 759 718 686 619 605 573 489 489 222 24 24 21 20 20 19 17 17 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Spend value per customer (GEL) 3Q21 4Q21 1Q22 Number of transactions per customer 19#20Customer satisfaction FOCUS ON INCREASING CUSTOMER SATISFACTION BY: Engaging with customers proactively and responding in real time Anticipating customer needs, wants, and future behavior Harnessing strong human relationships with data analytics for dynamic customer insights Investing in technology to deliver seamless customer experience NPS* MEDALLIA 49% 47% 46% 42% 43% 39% 38% 37% 34% 33% 33% salesforce 27% COVID-19 pandemic impact 55% 54% Mar-17 Oct-17 May-18 Sep-18 Jun-19 Nov-19 Feb-20 Aug-20 Dec-20 Mar-21 Jun-21** Sep-21 Dec-21 Mar-22 *Based on external research by IPM Georgia. ** NPS of all major banks decreased due to monetary policy rate hike. 20#21Employee empowerment Re-design of employee experience New talent development strategy Employees feel more engaged and enabled 73% High-Performing Organisations Benchmark 71% 2020 73% 2021 67% Banking Industry Benchmark Based on the KORN FERRY survey High-trust environment Values-based organisation ENPS 73% High-Performing 58% 60% 61% Organisations Benchmark 46% 69% 2020 74% 2021 68% Banking Industry Benchmark Nov-19 Nov-20 Apr-21 Nov-21 21 21#22Data-driven organisation >100 Data models, covering different business processes 85% Automation rate in the retail lending process in 1Q22 22 22 38% Contribution to sales, powered by data- driven models in 1Q22 DATA IN BANKING Use of data analytics to cover core banking processes with impact on decision making, automation, sales, customer satisfaction, efficiency DATA BEYOND BANKING Use of data analytics for data monetisation and to create additional value for customers, the Bank, and the ecosystem#23Importance to stakeholders Focusing on ESG: managing risks and creating sustainable opportunities MATERIALITY MATRIX Environmental Social ⚫ Governance Climate, environmental and social management of loan portfolio ❤ Board independence and diversity • Risk management • Human capital development • Information security and privacy Financial crime Customer protection Ethical business Diversity, inclusion, and equality. Own carbon footprint ⚫ Biodiversity ⚫ Green products ⚫ • Responsible supply chain Anti-competitive behaviour. ⚫ Financial inclusion and empowerment Climate ● resilience Sustainable • Human rights • Product innovation finance Local communities Energy efficiency. Air quality⚫ Health and safety ●Waste ● Water Importance to our business • Regulatory and legal compliance • Customer experience In 2021 we consulted with stakeholders and completed ESG materiality assessment, enabling us to define the Group's material topics (shaded on the matrix) We have grouped material ESG topics into four key areas: employee empowerment, financial inclusion, communities, and risk management & governance, with metrics and KPIs defined for each area We published our first TCFD-aligned climate disclosures in the Group's Annual Report and Accounts 2021, with information on preliminary climate-related risk assessments; we will be building on and enhancing our existing capabilities to implement effective climate risk and opportunity management processes going forward Bank of Georgia established an Environmental and Social Impact Committee, comprising Management Board and senior managers across the Bank, to oversee the implementation of policies and processes related to ESG management of the Bank's lending portfolio. The Committee will be reporting to the full Board semi-annually 23 23#24ESG scores from independent rating agencies ISS▷ ENVIRONMENT 3 SOCIAL 2 GOVERNANCE 3 MSCI ** Bank of Georgia falls into the highest scoring range relative to global peers CCC B BB BBB A AA AAA LAGGARD AVERAGE FTSE4GOOD Index INCLUDED IN THE GLOBAL RESPONSIBLE INVESTMENT INDEX FTSE4GOOD SINCE 2017 LEADER 24 24 ISS uses 1-10 scale. 1 indicates lower governance risk, while 10 indicates higher governance risk versus its index or region. 1 indicates higher E&S disclosure, while 10 indicates lower E&S disclosure. Governance scores is as of 14 March 2022; E&S scores are as of 10 June 2021. MSCI score is as of 3 May 2022.#25Contents MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 1Q22 RESULTS APPENDICES 25 25#261Q22 financial highlights 26 Outstanding profitability Strong top-line Resilient loan portfolio quality and focus on cost control Operating income ROAE Cost of credit risk GEL 396mln 0.8% 30.7% +30.3% y-o-y +4.4% 9-0-9 Solid portfolio growth Loan growth 31 Mar 2022 GEL 16.3bln * +11.6% y-o-y +0.7% q-o-q* Robust capital base and liquidity positions CET 1 capital 31 Mar 2022 13.7% Minimum requirement 11.8% Net profit GEL 241mln +73.2% y-o-y +19.9% q-o-q Share of non- interest income 31.4% Cost to income 35.0% Deposit growth 31 Mar 2022 GEL 14.5bln +3.7% y-o-y +3.4% q-0-9 ** ** Liquidity coverage 31 Mar 2022 116.2% Minimum requirement 100% * Growth on a constant currency basis was 19.0% y-o-y and 1.0% q-o-q. ** Growth on a constant currency basis was 10.6% y-o-y and 3.6% q-o-q.#27Robust underlying performance OPERATING INCOME +30.3% +4.4% 27 All currency data are in GEL mln unless otherwise stated NET NON-INTEREST INCOME +36.1% +13.9% 396 379 124 1 348 335 107 105 109 304 124 31% 11 109 29% 91 9 27 105 30% 64 107 32% 91 30% 23 33 34 22 22 19 69% 270 71% 271 68% 212 228 243 70% 70% 57 62 64 64 59 49 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 Net non-interest income Net interest income 2Q21 3Q21 4Q21 1Q22 ■Net foreign currency gains Net other income Net fee and commission income Strong net interest income and net fee and commission income generation coupled with higher net foreign currency gains driving strong y-o-y growth in the first quarter of 2022#28Investing in strategic areas and focusing on efficiency OPERATING EXPENSES +28.9% COST TO INCOME RATIO -8.2% 151 128 122 107 1 1 22 22 23 30 2-22 1 138 36.8% 36.4% 2 35.4% 25 25 44 34 24 81 69 72 78 60 1Q21 2Q21 3Q21 Other operating expenses Administrative expenses 4Q21 1Q22 Depreciation, amortisation and impairment Salaries and other employee benefits 28 All currency data are in GEL mln unless otherwise stated 39.8% 35.0% 1Q21 2Q21 3Q21 4Q21 1Q22 Operating expenses up y-o-y in the first quarter of 2022, driven primarily by strong business growth and our investments in the Group's technological capabilities, digital programmes and marketing. We maintain our key focus on efficiency, with cost to income ratio improving to 35% in 1Q22. c.35% Medium-term guidance#29Solid loan and deposit portfolio growth LOAN PORTFOLIO +11.6% +19.0% +0.7% +1.0% 15,579 16,169 16,289 14,601 14,789 DEPOSIT PORTFOLIO 29 All currency data are in GEL mln unless otherwise stated +3.7% +10.6% +3.4% +3.6% 14,517 14,003 13,944 14,038 13,313 8,820 8,715 54% 8,571 8,351 56% 8,611 55% 55% 8,848 8,190 8,612 8,765 60% 59% 8,334 63% 61% 59% 63% 6,030 41% 6,438 44% 6,969 45% 7,349 45% 7,574 46% 5,156 37% 5,755 41% 4,979 37% 5,426 39% 5,752 40% Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 ■Net loans, GEL Net loans, FC ■Client deposits and notes, GEL Client deposits and notes, FC Growth on a constant currency basis#30Focusing on profitability, while maintaining strong competitive positions MARKET SHARE - GROSS LOANS MARKET SHARE - CUSTOMER DEPOSITS 39.5% 39.0% 38.8% 38.9% 39.0% 38.9% 40.4% 40.3% 34.9% 34.9% 35.7% 36.0% 36.3% 37.2% 36.4% 37.8% Dec-19 Dec-20 BOG Dec-21 Mar-22 Dec-19 Dec-20 Dec-21 Mar-22 Peer bank BOG Peer bank MARKET SHARE - LOANS TO INDIVIDUALS MARKET SHARE - DEPOSITS OF INDIVIDUALS 40.0% 40.3% 40.3% 40.3% 41.2% 39.4% 39.0% 39.1% 39.5% 38.8% 37.9% 40.3% 39.6% 37.7% 38.6% 38.6% Dec-19 Dec-20 Dec-21 Mar-22 Dec-19 Dec-20 Dec-21 Mar-22 -BOG Peer bank BOG Peer bank Market data based on standalone accounts as published by the National Bank of Georgia 30#31Net interest margin – broadly stable going forward NET INTEREST MARGIN 5.3% 5.3% 5.0% 4.7% 4.5% LOAN YIELD, COST OF FUNDS, COST OF DEPOSITS 10.4% 10.4% 10.6% 11.0% 11.1% 5.0% 4.5% 4.5% 4.7% 4.8% 3.8% 3.5% 3.6% 3.5% 3.7% 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 Loan yield Cost of funds The y-o-y increase in NIM driven primarily by higher loan yield coupled with the successful deployment of some excess liquidity. 4Q21 1Q22 Cost of client deposits and notes. 31#32Resilient loan portfolio COST OF CREDIT RISK RATIO 0.8% 0.2% 32 All currency data are in GEL mln unless otherwise stated LOAN PORTFOLIO QUALITY 0.8% NPL coverage 77.5% 73.1% 1Q21 2Q21 3Q21 4Q21 1Q22 -0.2% -0.6% Cost of credit risk in the first quarter of 2022 reflected higher ECL provisions posted in the Retail Banking segment as well as higher ECL provisions for the Group's operations in Belarus. These were partially offset by strong recoveries in Corporate and Investment Banking segment. 90.9% 95.5% 97.3% NPL coverage adjusted for collateral value 127.8% 122.2% 140.9% 147.7% 153.0% 3.6% 3.5% 2.6% 535 525 2.4% 2.5% 414 424 395 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 INPLS, GEL millions NPLs to gross loans#33Strong bottom-line growth and robust profitability PROFIT +73.2% +19.9% ROAE 21.5% 241 202 201 185 139 33 All currency data are in GEL mln unless otherwise stated 30.7% 29.4% 25.7% 26.4% 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22#34Strong capital position, with ratios comfortably above minimum requirements Capital adequacy ratios 18.6% 19.1% Minimum requirements 19.7% 19.2% 19.3% 15.0% 15.4% 14.4% 14.6% 13.3% 12.5% 12.8% 13.2% 13.7% 11.2% Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 CET1 capital adequacy ratio Tier I capital adequacy ratio Total capital adequacy ratio 17.7% 17.7% 17.3% 17.6% 13.8% 14.1% 13.4% 13.2% 13.6% 11.1% 11.5% 11.8% 11.0% 9.8% 7.8% Mar-21 Jun-21 CET 1 minimum requirement Sep-21 Total capital minimum requirement Dec-21 Tier 1 minimum requirement Mar-22 34 In April 2020, as part of its updated supervisory plan in response to the COVID-19 pandemic, the NBG released Pillar 2 and conservation buffers, reducing the minimum regulatory capital requirements at the time. Subsequently, the NBG announced a released capital buffers rebuild plan and updated the timeline for the phase-in of additional Basel IIl capital requirements for the banking sector. In May 2021, the Bank confirmed to the NBG that since May 2021 it no longer used or expected to use any of the Pillar 2 or conservation buffers that had been waived in 2020. As a result, the Bank no longer faces any regulatory restriction on making any capital distributions. Capital distribution: In August 2021, the Group declared an interim dividend of GEL 1.48 per ordinary share for the period ended 30 June 2021, paid to shareholders on 5 November 2021. The Board intends to recommended a final dividend for 2021 of 2.33 GEL per ordinary payable in Pounds Sterling at the prevailing rate. This will make a total dividend paid in respect of the Group's 2021 earnings of GEL 3.81 per share.#35Evolution of capital ratios and update on minimum capital requirements EVOLUTION OF CAPITAL RATIOS DURING 1Q22 Capital 1Q22 ratios profit Business Currency growth impact Dec-21 Capital ratios Mar-22 Potential impact of a 10% GEL devaluation CET1 capital adequacy ratio 13.2% 0.9% -0.4% 0.0% 13.7% -0.9% Tier I capital adequacy ratio 15.0% 0.9% -0.5% 0.0% 15.4% -0.9% Total capital adequacy ratio 19.3% 0.9% -0.5% 0.0% 19.7% -0.8% EXPECTED MINIMUM CAPITAL REQUIREMENTS FOR 2022-2023 Bank of Georgia's minimum capital requirements, reflecting the full loading of Basel III capital requirements, to be completed in 2023, which remain subject to ongoing annual regulatory reviews, are currently expected to be as follows: Dec-22 Dec-23 CET1 capital requirement 11.8% 12.1% Tier I capital requirement 14.1% 14.5% Total capital requirement 17.6% 17.6% 35#36Strong capital adequacy position % of RWAs 36 All currency data are in GEL mln unless otherwise stated BOG EQUITY VS. CET1 REG. CAPITAL | MAR-22 RISK-WEIGHTED ASSETS +11.2% 13.7% 1.4% 0.7% 1.7% 17.5% +2.2% 313 3,212 16,516 16,599 17,248 17,978 18,372 2,515 260 124 2.1% NBG CET1 capital Loan IP Other provisioning provisioning deductions* methodology methodology difference difference BOG equity (IFRS) Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 * Revaluation reserve, investments in non-financial subsidiaries and intangible assets Existing additional capital buffer (c.2.1% of risk-weighted assets) reflects the differences in the provisioning methodology of IFRS 9 and the NBG The NBG is currently transitioning to IFRS-based financial reporting#37Strong liquidity and funding positions LIQUIDITY COVERAGE AND NET STABLE FUNDING RATIOS JSC Bank of Georgia standalone (Basel III liquidity) 149.3% 140.1% 136.8% 124.5% NET LOANS TO CUSTOMER FUNDS AND DFIs 117.0% 132.5% 129.7% 130.7% 115.2% 112.2% 124.0% 106.1% 116.2% 104.3% 112.7% 102.1% 100.0% 97.9% 93.2% 90.0% Mar-21 Jun-21 Sep-21 Liquidiy coverage ratio Dec-21 Mar-22 Mar-21 Jun-21 ■Net stable funding ratio Sep-21 Dec-21 Net loans to customer funds Net loans to customer funds and DFIs Mar-22 37#38Diversified funding structure INTEREST-BEARING LIABILITIES 19,696 8.4% 19,875 18,685 18,888 7.6% 8.1% 8.1% 20,610 6.9% 11.9% 13.7% 12.6% 12.6% 11.5% 70.4% 71.1% 70.5% 70.6% 74.6% 6.8% Mar-21 4.7% Jun-21 9.9% Sep-21 9.1% Dec-21 10.8% Mar-21 Due to credit institutions Client deposits and notes Borrowings ■Debt securities issued * Converted at GEL/US$ exchange rate of 3.1013 at 31 March 2022 STRONG SUPPORT FROM IFIS c.GEL 822 million undrawn long-term facilities attracted from DFIs as at 31 March 2022 Strong long-term funding pipeline to secure resources needed for the next 12 months Liquidity management: US$77.5 million Eurobonds due 2023 repurchased BORROWED FUNDS MATURITY PROFILE (US$, million)* 469.2 185.1 161.9 119.4 284.1 103.5 70 35.3 91.9 12.1 6.1 147.0 2022 2023 2024 2025 2026 2027 2028 2029 Bonds Senior loans Subordinated loans 38#39Contents MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 1022 RESULTS APPENDICES: ADDITIONAL INFORMATION AND SEGMENT RESULTS 39#40Well-diversified loan book GROSS LOAN PORTFOLIO BREAKDOWN | MAR-22 Breakdown by segment Bank of Georgia standalone Total: GEL 15,952 31.1%, 4,959 68.9%, 10,993 40 All currency data are in GEL mln unless otherwise stated RB loan portfolio breakdown by product Bank of Georgia standalone Total: GEL 10,993 1.9% 2.7% CB loan portfolio breakdown by sector* Bank of Georgia standalone Total: GEL 4,959 24.4% 36.5% 34.6% ■Retail Banking Corporate Banking ■Mortgage loans Micro and SME loans General consumer loans Credit cards and overdrafts ■ Other 17.8%, Manufacturing 23.5%, Other 6.6%, Electricity, gas and water supply 16.2%, Hospitality 11.9%, Agriculture, hunting and forestry 8.6%, Trade 15.6%, Real estate Top 10 CB borrowers - 21.6% of CB gross loan book Top 20 CB borrowers - 33.9% of CB gross loan book * Sectors that represent more than 1% of CB gross loan portfolio: services, construction, mining & quarrying, transport & communication, financial intermediation, health & social work. Starting from 3Q21, Wealth Management business has been reclassified from Corporate and Investment Banking to Retail Banking.#41Borrowers and FX risk % is given for Bank of Georgia standalone gross loan portfolios Retail Banking Mortgages FC loans exposed to FX risk (% of segment portfolio) 32.9% FC loans with no or minimal exposure to FX risk (% of segment portfolio) 6.2% 13.2% 4.5% Consumer loans* 2.8% 1.1% MSME 17.0% 0.6% Corporate Banking 37.1% 41.4% Total 34.2% 17.1% *Includes credit cards. Starting from 3Q21, Wealth Management business has been reclassified from Corporate and Investment Banking to Retail Banking. 41#42Retail Banking highlights As at 31 March 2022 for JSC Bank of Georgia standalone 2 BANK OF GEORGIA Mass Retail Active customers** 1,356 k Share of digital MAU 61% Gross loans Deposits SOLO Premium Banking (SOLO & WM*) 73k 3 42 All currency data are in GEL mln unless otherwise stated BANK OF GEORGIA BUSINESS MSME 62k 88% 64% 3,677 3,108 4,208 3,758 4,917 1,182 * Starting from 3Q21, Wealth Management has been reclassified from Corporate and Investment Banking to Retail Banking, under Premium Banking. The comparative periods have been restated accordingly. ** Active individual customer - an individual who used the Bank's any channel at least once, or performed at least one debit transaction, or was a payroll customer, or had at least one active credit product, or had any type of deposit with a balance above a certain threshold during the past month. Active business customer - a legal entity that had at least one active credit product, or used Business mBank or iBank, or performed at least one debit transaction, or had any type of deposit with a balance above a certain threshold (varying for micro, SME, or corporate clients) within the past month.#43- Retail Banking – loan and deposit portfolio Net loans +18.3% +24.2% Deposits +9.8% +18.4% +3.8% +3.1% +3.3% +4.0% 9,558 9,858 10,350 9,791 10,740 8,978 9,175 8,768 9,080 9,265 3,944 40% 4,148 40% 4,249 40% 4,076 45% 3,865 42% 6,639 74% 6,337 72% 6,568 72% 6,653 70% 6,911 70% 5,004 55% 5,400 58% 5,847 60% 6,201 60% 6,491 60% 2,339 26% 2,431 28% 2,608 28% 2,905 30% 2,947 30% Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 ■Net loans, GEL Net loans, FC Client deposits and notes, FC ■Client deposits and notes, GEL Growth on a constant currency basis Strong growth of local currency denominated loan book in the first quarter of 2022 (up 29.7% y-o-y and up 4.7% q-o-q). Consumer loan portfolio is now almost completely de-dollarised. The share of retail mortgage loans in local currency was 51.6% at 31 March 2022, compared with 46.3% at 31 March 2021 and 50.5% at 31 December 2021. The share of time deposits at 31 March 2022 was 53.8% (59.8% at 31 March 2021 and 57.2% at 31 December 2021). Starting from 3Q21, the Wealth Management business has been reclassified from Corporate and Investment Banking to Retail Banking. The comparative periods have been restated accordingly. 43#44Retail Banking - loan yield, cost of deposits, NIM Loan yield Cost of client deposits and notes 15.2% 15.2% 15.3% 15.6% 15.9% 6.3% 5.9% 5.9% 11.1% 11.1% 11.4% 11.7% 11.9% 7.2% 6.8% 6.1% 5.9% 5.7% 5.8% 5.8% 2.7% 2.6% 2.5% 2.5% 2.6% 1.6% 1.4% 1.1% 0.8% 0.6% 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 Loan yield Loan yield (GEL) Loan yield (FC) Cost of deposits Cost of deposits (GEL) Cost of deposits (FC) NIM 4.7% 4.4% 4.2% 4.1% 4.1% 1Q21 2Q21 3Q21 4Q21 1Q22 44#45Corporate and Investment Banking – loan and deposit portfolio - Net loans +2.6% +12.8% -5.0% -4.5% Deposits -8.0% -4.8% +4.5% +4.6% 5,056 5,101 4,752 4,560 4,722 4,784 4,847 3,976 79% 3,987 78% 3,792 78% 3,743 79% 3,789 79% 4,195 4,015 3,831 1,396 29% 1,724 38% 1,272 30% 1,456 36% 1,363 36% 3,356 71% 2,836 62% 2,922 70% 2,468 64% 2,559 64% 980 21% 995 21% 1,080 21% 1,114 22% 1,054 22% Mar-21 Jun-21 Sep-21 Net loans, GEL Dec-21 Net loans, FC Mar-22 Mar-21 Jun-21 Sep-21 ■Client deposits and notes, GEL Dec-21 Mar-22 Client deposits and notes, FC Growth on a constant currency basis Starting from 3Q21, the Wealth Management business has been reclassified from Corporate and Investment Banking to Retail Banking. The comparative periods have been restated accordingly. 45#46Corporate and Investment Banking – loan yield, cost of deposits, NIM Loan yield - - Cost of client deposits and notes 14.7% 14.1% 9.4% 14.3% 13.3% 12.2% 8.1% 8.1% 8.4% 7.4% 9.2% 6.3% 8.6% 8.5% 8.7% 9.1% 5.6% 5.6% 5.6% 5.0% 7.6% 7.3% 7.2% 7.8% 7.6% 0.8% 0.6% 0.4% 0.3% 0.0% 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 Loan yield Loan yield (GEL) Loan yield (FC) Cost of deposits Cost of deposits (GEL). Cost of deposits (FC) NIM 5.8% 5.5% 5.4% 4.9% 4.3% 1Q21 2Q21 3Q21 4Q21 1Q22 46#47Digital Area ecosystem overview 1Q22 ■ Extra.ge mobile app (IOS & Android) redesign launched B2C merchant dashboard - phase I Optimo.ge launched HORECA functionality launched distributors' dashboard integration with GLOVO, WooCommerce COMING SOON - 2022 Extra.ge launch B2C merchant dashboard launch product/merchant review and ratings launch loyalty programme Optimo.ge integration with Wolt Delivery & B2C platform launch Optimo PAY launch Optimo Lite version implement online B2B merchant catalogue Area.ge Area.ge launched new landing page with enhanced search functionality partnership with banks on mortgage offerings INVESTED US$ 9.1 MLN SINCE 2018 implement real estate broker and developer's page implement mortgage origination product updates ■ Izibox.ge launch brand new logistics/sorting software PLAN TO INVEST US$ 3-8 MLN 2022-2023 47#48Contents MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 1022 RESULTS APPENDICES: MACROECONOMIC OVERVIEW 48#49-15 -10 -5 2011 о 5 2012 Source: GeoStat 10 20 25 Diversified and resilient economy Gross domestic product 15 7.4% 6.4% 2013 2014 Nominal GDP, US$ bln 15% Nominal GDP by sector, 2021 Other 12% 10.7% 10.4% Accom. & food service 3.3% Trade 16.6% 9% Entertainment 4.0% 4.8% 4.8% 5.0% 6% 4.4% 3.6% 3.0% 2.9% Education 4.2% 3% Healthcare 4.8% 2015 2016 2017 2018 2019 2020 2021 0% -3% Financial & insurance 5.2% Transport & storage 6.2% -6% Public admin. Construction -6.8% 6.5% -9% Agriculture 7.0% 8.0% Source: GeoStat Real estate 10.2% Manufacturing 13.4% 49#500.0% One of the fastest growing economies in the region Comparative real GDP growth rates, 2011-2021 average 1.2% 1.7% 1.7% 1.8% Source: IMF Ukraine 즉 Azerbaijan Russia Bulgaria Czech Rep. Latvia Poland Romania 12% 10% 5.7% 6% 4.2% 4.5% 3.8% 3.6% 3.6% 4% 3.3% 3.4% 2.8% 2% Lithuania Estonia Armenia Moldova Georgia Turkey 8% Real GDP growth projections 0% -2% Georgia -4% Middle East & Central Asia -6% Emerging & Developing Europe -8% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: IMF World Economic Outlook, April 2022 2021 2022F 2023F 2024F 2025F 2026F 2027F 2% 0% -2% -4% -6% -8% 4% 6% 8% 12% 10% 50#51Unemployment reduced as economic activity picked up Employed and unemployment rate 1,400 27.2% 26.7% 26.4% 1,200 1,000 800 600 400 200 1,183 1,212 1,198 Structure of employment Employed, 000' persons 30% 11.4% 23.0% 21.9% 21.7% 21.6% 19.2% 18.5% 17.6% 1,255 1,308 1,295 21.9% 22.1% 19.5% 19.0% 1,287 1,296 1,296 1,242 1,130 1,215 1,281 1,244 25% 31.9% 19.8% Industry 20% 15% ■Agriculture ■Self- employed 10% Hired 68.8% 68.1% ■Services (incl. construction) 5% 0% 2011 2013 2015 2017 2019 1Q21 3Q21 Source: GeoStat 2020 Source: GeoStat 2020 51#520 150 100 50 Jan-21 Source: GeoStat, NBG, GNTA Feb-21 Mar-21 Apr-21 200 250 500 400 300 200 100 о -100 Apr-21 Jan-21 Feb-21 Mar-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 411.4 External inflows remain strong despite ongoing war in Ukraine Exports of goods I Goods exports, US$ mln--% change y-o-y Imports of goods I Goods imports, US$ mln --% change y-o-y Remittances Remittances inflow, US$ mln--% change y-o-y May-21 Jun-21 Jul-21 Aug-21 O Sep-21 O Oct-21 O Nov-21 C Dec-21 Jan-22 Feb-22 Mar-22 193.1 Feb-22 Mar-22 O 20.3% 20% 0% -20% 300 150% 250 200 100% 150 100 50% 50 2.6% 0% O Jan-21 Feb-21 Mar-21 Apr-21 May-21 100% 1,200 80% 1,000 800 60% -200 -400 Jan-21 009 400 200 0 O Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Tourism inflows International visitor trips, 000' persons --Tourism revenues, % of 2019 level Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 0% 188 4 Dec-21 Jan-22 80% 71.3% 60% 40% 20% Feb-22 Mar-22 894.0 40% 20% Q15.3% 0% -20% 60% 52#53Considerable but manageable exposure to Russian and Ukrainian markets Exports of goods, tourism revenues, remittances and FDI by country in 2021, % of total Other countries 31.0% Armenia 3.4% Ukraine 6.4% Source: GeoStat, NBG Turkey 6.8% Azerbaijan 7.3% 53 Breakdown of external earnings from Russia and Ukraine in 2021, as % of GDP 8% 7% Total dependence at 6.6% of GDP Exports of goods ■Tourism revenues Remittances ■ FDI EU & UK 31.3% 6% 0.3% 2.2% 5% Total dependence 4% at 3.1% of GDP 0.8% 3% 0.1% 0.5% 2% 0.9% 3.3% Russia 13.7% 1% 1.6% 0% Russia Ukraine Source: GeoStat, NBG#542010 2011 -5.3% Fiscal consolidation high on the agenda Fiscal deficit as % of GDP Public debt as % of GDP -Total public debt to GDP, % External public debt to GDP, % 70% 70% -2.0% -1.9% -2.1% -2.4% -1.7% -2.7% -2.7%-2.5% Public debt/GDP capped at 60% -3.0% 60% 60% -2.3% -2.6% -2.8% -4.4% -9.3% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022F 2023F Source: MOF, GeoStat, forecasts as of 2022 budget law Note: Deficit calculated as net lending / borrowing minus budget lending -6.1% 2024F 2025F 10% 20% 2010 30% 2011 40% 2012 50% 2013 2014 2015 2016 2017 2018 2019 2020 Source: MOF, GeoStat, forecasts as of 2022 budget law 49.5% 47.7% 50% 39.8% 40% 33.9% 2021 2022F 2023F 2024F 2025F 10% 20% 30% 54#551 Jan-14 Aug-14 Mar-15 Source: NBG, BOG 2 Oct-15 3 May-16 International reserves International reserves remain at adequate level Gross international reserves, US$ bln сл Reserve adequacy, 3 months of goods and services imports line 5 5 International reserves remain adequate - sufficient to cover over 3 months of goods and services imports for most of the time 4 4 Dec-16 Jul-17 Feb-18 Sep-18 Apr-19 Nov-19 Jun-20 Jan-21 Aug-21 Mar-22 о 1 2 Central bank's interventions, net sales in US$ mln NBG's net FX sales stood at $354.9min in 2021 and at $26.5mln in 1Q22 Jan-20 0.0 88 Feb-20 0.0 Mar-20 Apr-20 May-20 100.0 24.8 40.5 55.7 Jun-20 Jul-20 Aug-20 60.0 60.0 145.0 Sep-20 204.6 7-120 175.8 Source: NBG Note: Negative sign means net FX purchase Jan-21 49.8 80.0 40.0 83.7 Feb-21 Mar-21 777777 Apr-21 0.0 May-2 Jun-21 9.3 Jul-21 ■ 3.7 Aug-2 29.8 Sep-21 60.0 Oct-21 12.0 Nov-21 -0.5 Dec-21 I 2.5 Jan-22 -0.7 Feb-22 -11.5 Mar-22 38.7 55#56Growing banking sector 56 25% 20% 15% 10% 5% 0% -5% 25% 19.8% 60% 20% 16.2% 15% 40% 10% Loan book growth: corporate vs. retail (exc. FX effect) Banking sector corporate and retail loans to GDP Corporate loans, % change y-o-y Retail loans, % change y-o-y Corporate loans to GDP Retail loans to GDP 30% 30% 80% 80% Source: NBG Jan-14 Aug-14 Mar-15 Oct-15 May-16 Dec-16 Jul-17 Feb-18 Sep-18 Apr-19 Nov-19 Jun-20 Jan-21 Aug-21 Mar-22 -5% 2010 2011 2012 2013 Source: NBG, GeoStat 2014 0% 17% 17% 18% 19% 21% 24% 26% 25% 27% 33% 33% 27% 30% 23% 20% 17% 5% 11% 12% 13% 20% 0% 39% 37% 36% 60% 40% 2015 2016 20% 38% 31% 35% 33% 2017 2018 2019 2020 2021 1Q22E 0%#57Contents MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 1022 RESULTS APPENDICES: CORPORATE GOVERNANCE 57#58Strong institutional investor base TOP INSTITUTIONAL INVESTORS 31 March 2022 Rank Shareholder name Ownership STRUCTURE BY COUNTRY 31 March 2022 1 JSC Georgia Capital* 19.9% 2 Harding Loevner LP 4.3% 3% 3 Fidelity Investments 3.7% 4 Van Eck Associates Corporation 3.5% 36% 28% 5 M&G Investment Management Ltd 3.4% 6 Dimensional Fund Advisors (DFA) LP 3.4% 2% 4% Unvested and unawarded shares for management and employees ■ Vested shares held by management and employees ■US UK/Ireland Luxembourg Scandinavia 7 Vanguard Group Inc 2.5% 3% 24% 8 GLG Partners LP 2.4% Other** 9 Tiger Management LLC 10 Standard Life Investments 2.1% 2.1% * JSC Georgia Capital will exercise its voting rights at the Group's general meetings in accordance with the votes cast by all other Group shareholders, as long as JSC Georgia Capital's percentage holding in Bank of Georgia Group PLC is greater than 9.9% ** Includes 19.9% shareholding of JSC Georgia Capital 58#59Board of Directors - overseeing sustainable value creation Mel Carvill, Independent Non-Executive Chairman Experience: formerly Chief Risk Officer, Head of Corporate Finance and M&A and of Strategic Planning at the Generali Group; President at PPF Partners; Non-Executive Director at Home Credit N.V., at Aviva Companies and at Sanne Group PLC. Hanna Loikkanen, Senior Independent Non-Executive Director Experience: Non-Executive Director of PJSC Rosbank; Non-Executive Director of Finn Fund, Non-Executive Director of VEF Ltd; formerly: Senior Executive at East Capital, FIM Group Russia, Nordea Finance, SEB. Archil Gachechiladze, Chief Executive Officer Experience: with the Group since 2009; originally joined as Deputy CEO, Corporate Banking and has since held various roles including as CFO; formerly: CEO of Georgian Global Utilities (formerly part of BGEO Group PLC). Over 17 years of experience in the financial services. Al Breach, Independent Non-Executive Director Experience: Executive Director and co-founder of Gemsstock Ltd, co- founder of The Browser and Furka Advisors AG, and advisor to East Capital; formerly: Head of Research, Strategist & Economist at UBS Russia and CIS, economist at Goldman Sachs. Tamaz Georgadze, Independent Non-Executive Director Experience: Executive Director and founder of Raisin GmbH (formerly Saving Global GmbH); formerly: Partner at McKinsey & Company in Berlin; aide to the President of Georgia. Jonathan Muir, Independent Non-Executive Director Experience: CEO of LetterOne Holdings SA and of LetterOne Investment Holdings; formerly: CFO and Vice President of Finance and Control of TNK-BP, Partner at Ernst & Young. 59 Cecil Quillen, Independent Non-Executive Director Experience: Partner at Linklaters LLP and leader of the firm's U.S. securities practice, with nearly 30 years of experience working on a broad spectrum of securities and finance matters. Officer of the Securities Law Committee and International Bar Association. Véronique McCarroll, Independent Non-Executive Director Experience: 30 years of experience in financial services; Currently, Head of Strategy for digital banking across Europe at Orange; formerly: Executive Director at Crédit Agricole CIB, Partner at McKinsey & Company, Oliver Wyman and Andersen/ Ernst & Young. Mariam Megvinetukhutsesi, Independent Non-Executive Director Experience: 20 years of experience in financial services; formerly: Head of Georgia's Investors Council Secretariat, Deputy CEO at TBC Bank, banking appointments at the EBRD.#60Diverse and experienced management team creating opportunities 60 Archil Gachechiladze, Chief Executive Officer With the Group since 2009. Previously, CEO of Georgian Global Utilities. Held various positions with the Group - Deputy CEO, CB; Deputy CEO, IM; CFO of BGEO Group; Deputy CEO, CIB. Over 20 years of experience of senior roles at TBC Bank, Lehman Brothers Private Equity, Salford Equity Partners, KPMG, World Bank, EBRD. Holds MBA with honors from Cornell University. CFA Charterholder. Sulkhan Gvalia, Chief Financial Officer With the Group since 2004. Previously, founder and CEO of E- Space Limited, Tbilisi. Various positions with the Group - Chief Risk Officer and Head of Corporate Banking. Prior to joining the Group, served as Deputy CEO of TbilUniversal Bank. Also, serves as non- executive independent director at Inecobank (Armenia) since 2018. Holds a law degree from Tbilisi State University. Levan Kulijanishvili, Deputy CEO, Operations With the Group since 1997. Joined as a Junior Financial Analyst of the Bank. Held various senior positions - Deputy CEO in charge of finance, Head of Internal Audit, Head of Financial Monitoring, Head of Strategy and Planning, and Head of the Financial Analysis. Holds MBA from Grenoble Graduate School of Business. George Chiladze, Deputy CEO, Chief Risk Officer With the Group since 2008. Joined as a Deputy CEO, finance at Bank. Left in 2011 and rejoined in 2013 as Deputy CEO, CRO. Prior to rejoining, he was Deputy CEO at the Partnership Fund. Prior to returning to Georgia in 2003, he worked at the programme trading desk at Bear Stearns in New York City. Holds PhD in physics from Johns Hopkins University in Baltimore, Maryland. Mikheil Gomarteli, Deputy CEO, Mass Retail With the Group since 1997. Mikheil is a textbook professional growth story made possible in our Group - he developed his way from selling debit cards door-to-door to successfully leading our Retail Banking franchise for over ten years now. Holds an undergraduate degree in Economics from Tbilisi State University. Vakhtang Bobokhidze, Deputy CEO, Information Technology, Data Analytics, Digital Channels With the Group since 2005. Joined as Quality Control Manager. Left the Group in 2010 and rejoined the Group in December 2010. Prior to being appointed as Deputy CEO, served as Head of IT Department since 2016. Holds MBA from Tbilisi State University.#61Diverse and experienced management team creating opportunities 61 Etuna Iremadze, Deputy CEO, Premium Banking With the Group since 2006. Around 20 years of experience in financial services. Previously, Head of Strategic Projects Department in Georgian Global Utilities (formerly part of BGEO Group). Held various positions within the Group - Head of Blue Chip Corporate Banking Unit covering structured lending, M&As, significant buyouts in Georgia, project financing. Holds MBA from Grenoble Graduate School of Business. Zurab Kokosadze, Deputy CEO, Corporate Banking With the Group since 2003. Around 20 years of experience in financial services. Prior to his recent appointment, he served as Head of Corporate Banking under the direct supervision of Deputy CEO, Corporate and Investment Banking. Held various senior positions within the Group Senior Corporate Banker, FMCG Sector Head and Deputy Head of Corporate Banking. Holds MBA from Grenoble Graduate School of Business. Levan Gomshiashvili, Chief Marketing Officer With the Group since 2019. Extensive experience in marketing. Founder of HOLMES&WATSON, a creative agency, where he acted as Account Manager for banking and other sector clients. Founder of Tbilisi School of Communication, an educational facility with an emphasis on ExEd. Started his career in Georgian Railway, covering advertising and project management. Holds MSc in Management from University of Edinburgh. Ana Kostava, Chief Legal Officer With the Group since 2018. Extensive experience in legal services. Prior to her recent appointment, she served as Chief Legal Officer of the Bank under the direct supervision of the Deputy CEO, Chief Risk Officer since June 2020. Prior to joining the Bank, she held various positions in local and international companies. Ms Kostava is Associate Lecturer at Free University of Tbilisi. Holds LLM from University of Cambridge. Zurab Masurashvili, Head of SME Business Banking With the Group since 2015. Extensive experience in financial services. Previously, Head of Express Business, Head of MSME Business, Head of Retail Business in the Bank. Prior to joining the Group, he held several positions in international organisations - EBRD, the World Bank, GTZ, served as Deputy Chairman of the Board of Directors in Privatbank. Holds a degree in Geology from Georgian Technical University. Andro Ratiani, CEO of Digital Area With the Group since 2018. Extensive experience in the global financial services. Previously, Head of Innovations at Bank of Georgia, Global Head of Product Management at IHS Markit, spent 6 years in UBS AG Investment & Wealth Management Bank in New York, worked in Wells Fargo during acquisition phase of Wachovia Bank. Started his career at the Bank's CIB Department. Holds a Master's degree in technology management from Columbia University. Nutsa Gogilashvili, Head of Customer Experience and HCM With the Group since 2016. Over 10 years of experience in financial services. Previously, Head of Strategic Processes of Corporate and Investment Banking and Head of Customer Experience Management in the Bank. Prior to joining the Group, she held various senior positions in local and international financial institutions. Holds MSc in Finance from Cass Business School in London. David Chkonia, Director of International Business With the Group since 2021. Prior to joining the Group, he held various executive and senior positions in local and international financial institutions, including as Deputy CEO/Chief Risk Officer at TBC Bank, Director at BlackRock in London, Senior Vice President at PIMCO. Mr Chkonia holds a BSc from San Jose State University and an MBA from the Wharton School at the University of University of Pennsylvania.#62Contents MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 1022 RESULTS APPENDICES: FINANCIAL AND OPERATING INFORMATION 62#63Group income statement Change Change GEL thousands, unless otherwise stated Interest income Interest expense Net interest income Fee and commission income Fee and commission expense Net fee and commission income Net foreign currency gain Net other income Operating income Salaries and other employee benefits Administrative expenses Depreciation, amortisation and impairment Other operating expenses Operating expenses 1Q22 1Q21 4Q21 y-o-y 9-0-9 521,294 (249,844) 428,580 21.6% 509,563 2.3% (216,248) 15.5% (239,492) 4.3% 271,450 212,332 27.8% 270,071 0.5% 106,673 76,446 39.5% 113,664 -6.2% (47,841) (27,796) 72.1% (49,564) -3.5% 58,832 48,650 20.9% 64,100 -8.2% 64,484 19,176 236.3% 34,495 86.9% 983 23,482 -95.8% 10,579 -90.7% 395,749 303,640 30.3% 379,245 4.4% (78,329) (60,223) 30.1% (80,501) -2.7% (33,702) (23,563) 43.0% (43,552) -22.6% (24,627) (22,561) 9.2% (25,256) -2.5% (1,697) (1,012) 67.7% (1,463) 16.0% (138,355) (107,359) 28.9% (150,772) -8.2% Profit/(loss) from associates 126 167 -24.6% 128 -1.6% Operating income before cost of risk 257,520 196,448 31.1% 228,601 12.7% Expected credit loss on loans to customers (29,856) (28,236) 5.7% 9,836 NMF Expected credit loss on finance lease receivables (1,284) (931) 37.9% (3,406) -62.3% Other expected credit loss and impairment charge on other assets and provisions 38,707 (14,950) NMF (14,174) NMF Cost of risk 7,567 (44,117) NMF (7,744) NMF Net operating income before non-recurring items 265,087 152,331 Net non-recurring items 48 17 Profit before income tax expense Income tax expense Profit 265,135 (24,563) 152,348 (13,424) 74.0% 182.4% 74.0% 83.0% 220,857 20.0% (62) NMF 220,795 20.1% (20,076) 22.4% 240,572 138,924 73.2% 200,719 19.9% Profit attributable to: - shareholders of the Group - non-controlling interests Earnings per share (basic) Earnings per share (diluted) 239,715 138,214 857 710 73.4% 20.7% 199,889 19.9% 830 3.3% 5.06 2.87 76.3% 4.25 19.1% 5.00 2.87 74.2% 4.12 21.4% 63#64Group balance sheet Change GEL thousands, unless otherwise stated Cash and cash equivalents Mar-22 Mar-21 Dec-21 y-o-y Change 9-0-9 1,632,690 2,361,663 -30.9% 1,520,562 7.4% Amounts due from credit institutions 1,978,568 2,200,803 -10.1% 1,931,390 2.4% Investment securities 3,174,503 2,406,405 31.9% 2,595,664 22.3% Loans to customers and finance lease receivables 16,289,380 14,601,275 11.6% 16,168,973 0.7% Accounts receivable and other loans 3,847 6,051 -36.4% 3,680 4.5% Prepayments 47,277 33,921 39.4% 40,878 15.7% Inventories 10,698 10,775 -0.7% 11,514 -7.1% Right-of-use assets 85,420 81,056 5.4% 80,186 6.5% Investment property 222,931 246,441 -9.5% 226,849 -1.7% Property and equipment Goodwill Intangible assets Income tax assets 384,828 385,352 -0.1% 378,808 1.6% 33,351 33,351 0.0% 33,351 0.0% 145,177 129,044 12.5% 144,251 0.6% 172 3,668 -95.3% 292 -41.1% Other assets 215,125 208,135 3.4% 246,947 -12.9% Assets held for sale 46,262 44,305 4.4% 46,731 -1.0% Total assets 24,270,229 22,752,245 6.7% 23,430,076 3.6% Client deposits and notes 14,517,253 14,003,209 3.7% 14,038,002 3.4% Amounts owed to credit institutions 4,676,861 4,039,250 15.8% 4,318,445 8.3% Debt securities issued 1,415,940 1,653,399 -14.4% 1,518,685 -6.8% Lease liabilities 93,807 97,488 -3.8% 87,662 7.0% Accruals and deferred income 86,154 59,455 44.9% 80,157 7.5% Income tax liabilities 49,887 57,541 -13.3% 110,868 -55.0% Other liabilities 156,488 154,253 1.4% 183,349 -14.7% Total liabilities Share capital Additional paid-in capital 20,996,390 1,618 478,149 20,064,595 4.6% 20,337,168 3.2% 1,618 0.0% 1,618 0.0% 532,787 -10.3% 492,243 -2.9% Treasury shares (58) (34) 70.6% (75) -22.7% Other reserves (38,626) 61,857 NMF (3,223) NMF Retained earnings 2,818,269 2,079,362 35.5% 2,588,463 8.9% Total equity attributable to shareholders of the Group 3,259,352 2,675,590 21.8% 3,079,026 5.9% Non-controlling interests 14,487 12,060 20.1% 13,882 4.4% Total equity 3,273,839 Total liabilities and equity 24,270,229 2,687,650 22,752,245 21.8% 3,092,908 5.8% 6.7% 23,430,076 3.6% Book value per share 68.77 55.59 23.7% 65.65 4.8% 64#65BNB financial highlights INCOME STATEMENT HIGHLIGHTS Change Change 1922 1Q21 4Q21 GEL thousands, unless otherwise stated Net interest income y-o-y 9-0-9 10,325 8,347 23.7% 12,277 -15.9% Net fee and commission income 1,054 1,570 -32.9% 769 37.1% Net foreign currency gain 11,960 3,546 237.3% 3,473 244.4% Net other income (3,225) (237) NMF 930 NMF Operating income 20,114 13,226 52.1% 17,449 15.3% Operating expenses (12,263) (8,342) 47.0% (12,000) 2.2% Operating income before cost of risk 7,851 4,884 60.7% 5,449 44.1% Cost of risk (26,367) (755) NMF (471) NMF Net non-recurring items (21) Profit before income tax expense (18,537) (66) 4,063 -68.2% (50) -58.0% NMF 4,928 NMF Income tax expense Profit (18,537) (726) 3,337 -100.0% (932) -100.0% NMF 3.996 NMF BALANCE SHEET HIGHLIGHTS Mar-22 Mar-21 GEL thousands, unless otherwise stated Change y-o-y Dec-21 Change 9-0-9 Cash and cash equivalents 218,316 192,338 13.5% 186,050 17.3% Amounts due from credit institutions 8,764 66,673 -86.9% 8,719 0.5% Investment securities 50,693 94,952 -46.6% 69,794 -27.4% Loans to customers and finance lease receivables 649,218 705,261 -7.9% 662,297 -2.0% Other assets 44,484 50,418 -11.8% 54,060 -17.7% Total assets 971,475 1,109,642 -12.5% 980,920 -1.0% Client deposits and notes 556,649 587,724 -5.3% 516,634 7.7% Amounts owed to credit institutions 301,572 347,018 -13.1% 309,812 -2.7% Debt securities issued 7,772 20,761 -62.6% 7,327 6.1% Other liabilities Total liabilities Total equity Total liabilities and equity 11,171 17,498 -36.2% 12,490 -10.6% 877,164 973,001 -9.8% 846,263 3.7% 94,311 971,475 136,641 1,109,642 -31.0% 134,657 -30.0% -12.5% 980,920 -1.0% 65#66Key ratios 1Q22 1Q21 4Q21 Profitability ROAA, annualised ROAE, annualised RB ROAE 4.1% 2.5% 3.5% 30.7% 21.5% 26.4% 18.0% 20.9% 19.7% CIB ROAE RB NIM 63.5% 23.9% 39.2% Net interest margin, annualised 5.3% 4.5% 5.3% 4.7% 4.1% 4.4% CIB NIM Loan yield, annualised RB Loan yield CIB Loan yield Liquid assets yield, annualised Cost of funds, annualised Cost of client deposits and notes, annualised 5.4% 4.3% 5.8% 11.1% 10.4% 11.0% 11.9% 11.1% 11.7% 9.1% 8.6% 9.2% 4.3% 3.1% 4.0% 5.0% 4.5% 4.8% 3.7% 3.8% 3.5% RB Cost of client deposits and notes 2.6% 2.7% 2.5% CIB Cost of client deposits and notes 6.3% 5.6% 5.6% Cost of amounts due to credit institutions, annualised 8.2% 6.2% 8.3% Cost of debt securities issued 7.0% 6.9% 6.8% Operating leverage, y-o-y 1.5% 9.3% -0.4% Operating leverage, q-o-q 12.6% 10.9% -8.8% Efficiency Cost income RB Cost/income 35.0% 35.4% 39.8% 41.9% 41.6% 50.2% CIB Cost/income 16.7% 19.2% 17.3% * For a description of Key Ratios, refer to page 71 66#67Key ratios Currency data in GEL thousands, unless otherwise stated 1Q22 1Q21 4Q21 Liquidity NBG liquidity coverage ratio (minimum requirement 100%) Liquid assets to total liabilities 116.2% 149.3% 124.0% 32.3% 34.7% 29.7% Net loans to client deposits and notes 112.2% 104.3% 115.2% Net loans to client deposits and notes + DFIs 97.9% 90.0% 100.0% Leverage (times) 6.4 7.5 6.6 Asset Quality: NPLs (in GEL) 424,405 534,626 394,720 NPLs to gross loans to clients 2.5% 3.6% NPL coverage ratio 97.3% 77.5% 2.4% 95.5% NPL coverage ratio, adjusted for discounted value of collateral 153.0% 127.8% 147.7% Cost of credit risk, annualised 0.8% 0.8% -0.2% RB Cost of credit risk 1.9% 1.4% 0.7% CIB Cost of credit risk -3.3% -0.2% -1.8% Capital Adequacy: NBG (Basel III) CET1 capital adequacy ratio 13.7% 11.2% 13.2% Minimum regulatory requirement 11.8% 7.8% 11.5% NBG (Basel III) Tier I capital adequacy ratio 15.4% 13.3% 15.0% Minimum regulatory requirement 14.1% 19.8% 13.6% NBG (Basel III) Total capital adequacy ratio 19.7% 18.6% 19.3% Minimum regulatory requirement 17.6% 13.8% 17.7% * For a description of Key Ratios, refer to page 71 67#68Key operating data Mar-22 Mar-21 Dec-21 Selected operating data: Total assets per FTE Number of active branches, of which: 3,069 3,054 2,998 211 211 211 - Express branches 106 105 106 - Bank of Georgia branches 94 95 94 - Solo lounges 11 11 11 Number of ATMs 990 963 989 Number of cards outstanding, of which: 2,342,189 2,111,255 2,290,716 - Debit cards 2,173,562 1,877,281 - Credit cards 168,627 233,974 2,114,813 175,903 Number of POS terminals 39,086 30,053 Number of Express Pay terminals 3,122 3,125 38,514 3,134 FX Rates: GEL/US$ exchange rate (period-end) 3.1013 3.4118 3.0976 GEL/GBP exchange rate (period-end) 4.0732 4.6929 4.1737 Full time employees (FTE), of which: 7,908 7,450 7,816 - Full time employees, BOG standalone 6,261 5,889 6,207 - Full time employees, BNB 589 536 547 - Full time employees, other 1,058 1,025 1,062 Shares outstanding Ordinary shares Treasury shares Total shares outstanding 47,396,266 1,773,162 49,169,428 48,130,454 46,900,982 1,038,974 2,268,446 49,169,428 49,169,428 68#69Definitions 69 " Cost of funds Interest expense of the period divided by monthly average interest bearing liabilities; Cost of deposits Interest expense on client deposits and notes of the period divided by monthly average client deposits and notes Cost of credit risk Expected loss on loans to customers and finance lease receivables for the period divided by monthly average gross loans to customers and finance lease receivables over the same period; Cost to income ratio Operating expenses divided by operating income; Interest bearing liabilities Amounts owed to credit institutions, client deposits and notes, and debt securities issued; Interest earning assets (excluding cash) Amounts due from credit institutions, investment securities (but excluding corporate shares) and net loans to customers and finance lease receivables; Leverage (times) Total liabilities divided by total equity; Liquid assets Cash and cash equivalents, amounts due from credit institutions and investment securities; Liquidity coverage ratio (LCR) High quality liquid assets (as defined by the NBG) divided by net cash outflows over the next 30 days (as defined by the NBG); Loan yield Interest income from loans to customers and finance lease receivables divided by monthly average gross loans to customers and finance lease receivables; NBG (Basel III) Common Equity Tier I capital adequacy ratio Common Equity Tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the National Bank of Georgia; NBG (Basel III) Tier I capital adequacy ratio Tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the National Bank of Georgia; NBG (Basel III) Total capital adequacy ratio Total regulatory capital divided by total risk weighted assets, both calculated in accordance with the requirements of the National Bank of Georgia; Net interest margin (NIM) Net interest income of the period divided by monthly average interest earning assets excluding cash for the same period; Net stable funding ratio (NSFR) available amount of stable funding (as defined by the NBG) divided by the required amount of stable funding (as defined by the NBG) Non-performing loans (NPLs) The principal and interest on loans overdue for more than 90 days and any additional potential losses estimated by management; NPL coverage ratio Allowance for expected credit loss of loans and finance lease receivables divided by NPLs; NPL coverage ratio adjusted for discounted value of collateral Allowance for expected credit loss of loans and finance lease receivables divided by NPLs (discounted value of collateral is added back to allowance for expected credit loss); Operating leverage Percentage change in operating income less percentage change in operating expenses; Return on average total assets (ROAA) Profit for the period divided by monthly average total assets for the same period; Return on average total equity (ROAE) Profit for the period attributable to shareholders of the Group divided by monthly average equity attributable to shareholders of the Group for the same period; NMF Not meaningful#70Company information Registered Address 42 Brook Street London W1K 5DB United Kingdom Registered under number 10917019 in England and Wales Secretary Link Company Matters Limited 65 Gresham Street London EC2V 7NQ United Kingdom Stock Listing London Stock Exchange PLC's Main Market for listed securities Ticker: "BGEO.LN" Contact Information Bank of Georgia Group PLC Investor Relations Telephone: +44 (0) 203 178 4052; +995 322 444444 (7515) E-mail: [email protected] www.bankofgeorgiagroup.com Auditors Ernst & Young LLP 25 Churchill Place Canary Wharf London E14 5EY United Kingdom Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS13 8AE United Kingdom Please note that Investor Centre is a free, secure online service run by our Registrar, Computershare, giving you convenient access to information on your shareholdings. Investor Centre Web Address - www.investorcentre.co.uk Investor Centre Shareholder Helpline - +44 (0)370 873 5866 Share price information Shareholders can access both the latest and historical prices via the website, www.bankofgeorgiagroup.com 70