#1BANK OF GEORGIA GROUP PLC INVESTOR PRESENTATION 3Q21 and 9M21 Financial Results 11 November 2021 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: macroeconomic risk, including currency fluctuations and depreciation of the Lari; regional and domestic instability; loan portfolio quality risk; regulatory risk; liquidity risk; capital risk; financial crime risk; cyber-security, information security and data privacy risk; operational risk; COVID-19 pandemic impact risk; climate change risk; and other key factors that indicated could adversely affect our business and financial performance, which are contained elsewhere in this presentation and in our 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 2020 and in 2Q21 and 1H21 results announcement. No part of this presentation 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 presentation should be construed as a profit forecast. 2#3CONTENTS COVID-19 PANDEMIC AND MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 3Q21 AND 9M21 RESULTS GEORGIAN MACRO OVERVIEW APPENDICES 3#4800 700 600 500 400 300 200 100 COVID-19 STATISTICS IN GEORGIA COVID-19 STATISTICS IN GEORGIA 766,818 Confirmed cases 700,568 Recovered 55,562 Active cases 2,018,336 Total administered vaccine doses Source: www.stopcov.ge, NCDC at 16:00, 10 November 2021 COVID-19 STATISTICS IN GEORGIA, 000' PERSONS Source: NCDC at 16:00, 10 November 2021 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Total cases (LHS) Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Total recoveries (LHS) Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Daily new cases (RHS) о 7 2,500 6 2,000 5 1,500 + 3 2 4 1,000 500 C O CUMULATIVE VACCINATIONS, 000' doses 2,500 2,000 1,500 37.2% of Georgia's adult population has received at least one dose of a COVID-19 vaccine, while 33.5% of adult population is fully vaccinated. 1,000 500 29-Mar-21 7-Apr-21 16-Apr-21 25-Apr-21 4-May-21 13-May-21 22-May-21 31-May-21 -Jun-21 18-Jun-21 27-Jun-21 6-Jul-21 COVID-19 ACTIVE CASES PER 100,000 PERSONS Source: Johns Hopkins, Worldometers at 16:00, 10 November 2021 6 7 11 68 174 204 289 309 377 525 Saudi Arabia Uzbekistan India Israel Kazakhstan Belarus Iran Azerbaijan Germany Turkey 069 Russia Poland Armenia Source: NCDC, ourworldindata 10 November 2021 2-Aug-21 11-Aug-21 20-Aug-21 29-Aug-21 -Sep-21 16-Sep-21 25-Sep-21 4-Oct-21 13-Oct-21 22-Oct-21 31-Oct-21 9-Nov-21 805 1,039 1,159 1,491 Ukraine Georgia Estonia 2,107 4#5SOLID ECONOMIC GROWTH IN 9M21 REAL GDP GROWTH IN 2021 EXCEEDING 2019 LEVEL Real GDP growth in 9M21: 11.3% y-o-y 4.8% compared to 9M19 Source: Geostat 70% 60% 44.8% 50% 40% 30% 20% 4.0% 10% -3.0% 0% -7.0% 1.2% -10% -5.1% -11.5% -20% -30% Jan Feb Mar Apr May Jun Jul Aug Sep 25.8% 20.8% 18.7% 8.8% 9.9% 10.3% 9.5% 6.9% 6.1% 3.8% 4.5% Real GDP growth, 2021 vs. 2020 Real GDP growth, 2021 vs. 2019 GDP contracted by 6.2% in 2020 and by 4.5% in 1Q21, mainly due to COVID-19 pandemic-related mobility restrictions With restrictions gradually eased, recovery has gained impressive momentum since 2Q21, with real GDP up 29.9% y-o-y in 2Q21 and up 9.0% y-o-y in 3Q21 Overall, real GDP growth during the first nine months of 2021 was 11.3% y-o-y, exceeding the 9M19 pre-pandemic level by 4.8% Robust growth in remittances and exports, and a faster than expected rebound in tourism, along with fiscal stimulus and accelerated banking sector lending, have supported the recovery In the first nine months of 2021: Exports were up 24.0% y-o-y and up 9.0% compared to the first nine months of 2019 Remittances were up 27.8% y-o-y and up 35.7% compared to the first nine months of 2019 Tourism revenues accounted for c.34% of 2019 levels, with tourism arrivals accelerating since April 2021 5#6TRACKING GEORGIA'S ECONOMIC RECOVERY EXPORTS, REMITTANCES, IMPORTS AND TOURISM REVENUES SHOWING STRONG REBOUND 6 Source: Geostat, NBG, GNTA Remmitances Exports Imports Trade deficit Tourism revenues in 2021 as a % of 2019 level 145.4% 150% 150% 120% 90% 69.8% 120% 90% 58.1% 60% 49.5% 42.4% 41.5% 40.6% 29.4% 28.6% 34.9% --> 39.9% 40.1% 45.4% 45.0% 47.9% 45.7% 50.7% 51.9% 50.8% 60% 40.7% 41.8% 37.1% 36.0 30.5% 30.6% 31.8% 48.2% 27.2% 27.3% 30% 36.0% 19.3% 21.4% 14.6% 22.3% 21.2% 23.4% 30% 15.5% 16.9% 19.8% 18.7% 28.8% 19.2% 17.5% 10.4% 11.2% 8.8% 13.0% 9.4% 10.7% 12.8% * 15.1% 6.6% 6.2%-> 6.3% 8.1% 12.1% 1.9% -0. -3.4% 0% -12.9% 8.6% 6.1% -6.2% -2.5% 0% -10.6% -0.2% -5.1% 0.9% 6.0% 1.5% -1.5% -8.0% -2.9% -3.0% -5.2% -16.2% -9.4% -12.1% -13.9% -30% -30% -19.1% -60% -60% Jan Mar May Jul Sep Jan Mar May Jul Sep Jan Mar May Jul Sep Jan Mar May Jul Sep Jan Mar May Jul Sep % change, 2021 vs. 2020 --% change, 2021 vs. 2019#7-8% -6% -2% 0% 10% 12% GEORGIA'S ECONOMIC OUTLOOK IN 2021 GEORGIA'S ECONOMIC GROWTH FORECAST 7.4% 8% 6.4% 6.2% 6% 4% 2.4% 2% -4% -3.7% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 4.8% 4.8% 5.0% 4.4% 3.6% 3.0% 2.9% 2018 2019 2020 -6.2% 2021F 2022F Source: Geostat, Galt & Taggart 5.0% 10.5% Our brokerage and investment arm, Galt & Taggart has revised 2021 real GDP growth forecast up to 10.5% from the previous forecast of 9.5% The government and international financial institutions have also revised Georgia's 2021 economic growth forecast up, taking into account better than expected recovery dynamics Downside risks to growth are less probable now as no full-scale lockdown is anticipated and possible post-election political instability is unlikely to weigh on growth 7#8CONTENTS COVID-19 PANDEMIC AND MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 3Q21 AND 9M21 RESULTS GEORGIAN MACRO OVERVIEW APPENDICES 8#9BANK OF GEORGIA GROUP AT A GLANCE BANK OF GEORGIA GROUP PLC RETAIL BANKING Mass Retail SOLO MSME CORPORATE AND INVESTMENT BANKING Leader in payments and financial mobile app 51% of total POS payments transactions are executed in BOG POS terminals c.9.7mln transactions executed in mobile app per month, increased by 69% y-o-y More than 96% of daily transactions of individuals executed through digital channels Strongest retail banking franchise ☐ 40% 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 47% in September 2021 Sustainable high profitability ☐ ROAE of 20%+ over the last four years (pre-COVID-19) ROAE of 20%+ for the sixth consecutive quarter during the pandemic * Based on Spring 2021 external research by IPM Georgia **Based on Autumn 2021 external research by IPM Georgia#10STRATEGIC FOCUS BANK OF THE FUTURE DATA-DRIVEN ORGANISATION CUSTOMER SATISFACTION Mobile app Payments Loyalty STRONG FRANCHISE PROFITABILITY EMPLOYEE EMPOWERMENT 10 10#11GEORGIA'S MOST POPULAR FINANCIAL MOBILE APP MBANK/IBANK STATISTICS* Number of active users THOUSANDS ** +16.4% +4.5% 831 787 795 760 714 Number of transactions MILLIONS +65.0% 9:41 Operations +14.6% Categories 30.2 26.3 20.6 22.2 Payments Transfer to Own Accounts 18.3 Payments 29.1 25.3 19.5 21.2 17.2 1.1 1.1 T 0.9 1.0 1.0 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 3Q20 4Q20 1Q21 2Q21 3Q21 iBank mBank Daily active 41.2% users/monthly active users NEXT STEP: BUILDING THE SUPER APP * Information on this slide depicts the usage of internet and mobile banking platforms by individual customers ** Active user - at least one login in the past three months 9:41 Search Total Available Amount 4,652.230 Visa Gold 2,744.00 0000 PLUS Point 8,744 Deposits and Liabilities Lubines 9.744.00€ VISA M 26,744 Deposts 7,060.000 11 c.9.7min Transactions per month 88.7% Customer Satisfaction Score ANDROID APP ON Google play 4.8 Download on the App Store 4.8#12STRONG TRANSACTIONS OFFLOADING TO DIGITAL CHANNELS* 12 NUMBER OF TRANSACTIONS MILLIONS Share of 93.5% 93.5% 94.2% 96.0% 95.1% 96.1% 95.9% 96.2% 96.5% digital transactions +18.8% " 61.7 57.7 2.2 52.5 51.9 51.9 48.8 48.3 2.2 9.7 46.8 3.4 2.5 2.0 9.1 3.2 2.0 8.7 2.7 8.5 8.2 35.8 7.3 8.1 19.6 7.4 20.1 32% 6.1 21.0 22.5 40% 16.8 35% 35% 26.6 55% 27.4 52% 49% 22.9 39% 13.8 43% 18.3 20.6 40% 22.2 46% 26.3 46% 30.2 49% 10.822% 12.8 24% 13.6 29% 14.3 40% 35% 3Q19 4Q19 1Q20 liBank/mBank 2Q20 3Q20 4Q20 1Q21 Express Pay terminals ATMs Branches Other Strong presence in Georgia via our self-service Express Pay terminals 2Q21 Continuous migration of customers activity to mBank/iBank from Express Pay terminals - 27% of customers activity migrated to mBank/iBank during the past two years More than 96% of daily transactions executed through digital channels Information on this slide depicts the usage of channels by individual customers 3Q21 ** Includes representative offices of Wealth Management business, which was reclassified from Corporate and Investment Banking to Retail Banking segment in 3Q21 *** Active user - at least one login in the past three months 3,130 Express pay terminals flat y-o-y -0.4% 9-0-9 212 Branches** +0.5% y-o-y +0.5% q-0-9 831k mBank/iBank active users*** +16.4% y-o-y +4.5% 9-0-9 985 ATMs +4.0% y-o-y +1.3% q-o-q#13SIGNIFICANT UPSIDE IN PRODUCT OFFLOADING TO DIGITAL CHANNELS HAVING ACHIEVED HIGH TRANSACTIONS OFFLOADING RATE TO DIGITAL CHANNELS, OUR AIM NOW IS TO INCREASE PRODUCT OFFLOADING RATE PRODUCT OFFLOADING* THOUSANDS 13 110 100 COVID-19 pandemic impact 90 80 70 60 50 40 30 20 10 105.7 70% 60% 50% 40% 30% 20% Continuously developing our digital products and refining end-to-end digital journeys. Our digital channels' functionalities are updated every two to three weeks Digital consumer lending process improvements launched at the end of June 2021 ■ Further improvements planned in deposit activation process in digital channels by the end of 2021 10% 0% 31% Product offloading rate Sep-21 c.36% Planned product offloading rate by Jun-22 Jan-20 11 1 1 1 1 1 1 1 1 I Numbers of activated products Total offloading, % * Mainly comprises cards, deposits and loans offloading through digital channels#14REMITTANCES AND POTENTIAL IN GEORGIAN EMIGRANTS MARKET POTENTIAL c.1.3 mln NUMBER OF RECEIVED REMITTANCES AT BOG THROUGH DIGITAL CHANNELS THOUSANDS 46% 300 42% 44% 50% Georgians living abroad in need of New functionality 250 38% daily banking services in Georgia added in mBank and iBank 35% 32% 200 US$ 1.9 bln Transferred in 2020 +8.8% y-o-y c.350 k Customers with high potential for loans and deposits* 150 40% 30% 20% 100 11% 10% 50 3% 0% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Received remittances - Digital offloading rate BOG MARKET SHARE IN TOTAL REMITTANCE INFLOWS** We expect to gain 35%-40% of the potential market share in the medium-term 32% COVID-19 pandemic impact 35% 35% 35% 32% 32% 31% 27% * More than three transfers in the last 12 months 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 ** Based on the National Bank of Georgia and Bank of Georgia data 14#15PAYMENTS AS A DAILY TOUCHPOINT WITH CUSTOMERS NUMBER OF PAYMENTS VOLUME OF PAYMENTS TRANSACTIONS TRANSACTIONS AT BOG TERMINALS AT BOG TERMINALS MILLIONS GEL MILLIONS +45.4% +44.8% +54.7% 105 +14.9% 2,985 73 42 1,929 36 29 +70.2% +25.8% 1,270 1,010 746 9M20 9M21 3Q20 2Q21 3Q21 9M20 9M21 3Q20 2Q21 3Q21 51% Share by number of POS payments transactions in BOG's POS terminals | 9M21* +2ppts YoY 49% 15 35k Multifunctional POS terminals +39.2% y-o-y 1.4mln Mass Retail, SOLO and Share by volume of POS payments transactions in BOG's POS terminals | 9M21* WM active customers** +3.6% y-o-y +1ppts YoY * Based on the National Bank of Georgia and Bank of Georgia data ** Active individual customer - an individual, who has used the Bank's any channel at least once, or has performed at least one debit transaction, or has been a payroll customer, or has had at least one active credit product, or has had any type of deposit with above certain threshold balance during last three months#16LOYALTY PROGRAMME - ONE OF THE STRENGTHS OF BANK OF GEORGIA GEL 1min+ +40.7% y-o-y 130k+ +8.2% y-o-y worth of loyalty points exchange operations per month 9M21 loyalty points exchange operations per month 9M21 ADVANCED ANALYTICS for partner merchants PERSONALISED CAMPAIGNS * Members with at least one active product 1.4min+ +2.5% y-o-y active Loyalty programme members* Sep-21 TRANSACTIONS AND SPEND PER CUSTOMER PER MONTH INCREASING 759 686 619 605 573 489 489 20 20 22 199 24 22 17 17 1Q20 2Q20 3Q20 Spend volume per customer (GEL) 4Q20 1Q21 2Q21 3Q21 Number of transactions per customer 16#17FULL DIGITAL EXPERIENCE TO OUR BUSINESS CUSTOMERS BUSINESS MBANK/IBANK STATISTICS* Number of active users ** THOUSANDS +32.0% +8.7% Number of transactions MILLIONS +34.6% +14.4% 3.0 2.6 21 2.1 45 41 2.5 38 2.2 36 34 924k 3Q20 4Q20 1Q21 2Q21 3Q21 3Q20 4Q20 1Q21 2Q21 3Q21 Transactions offloading rate 1111 Transactions per month 96.1% 96.5% 96.7% 96.7% 97.1% 1,124,147,437,000 New financial mobile application launched 73.3% 236994.000 0000 In 1921 3Q20 4Q20 1Q21 2Q21 3Q21 KYALATE OB P905.025920 01.08 * Information on this slide depicts the usage of internet and mobile banking platforms by legal entities **Active user - at least one login in the past three months 17 Customer Satisfaction Score#18CUSTOMER SATISFACTION Engaging with customers proactively and responding in real time FOCUS ON INCREASING CUSTOMER SATISFACTION BY: MEDALLIA salesforce 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 experiences NPS* 49% 46% 47% 42% 43% 39% 38% 37% 34% 33% 33% 27% COVID-19 pandemic impact 18 Mar-17 Oct-17 May-18 Sep-18 Jun-19 Nov-19 Feb-20 Aug-20 Dec-20 Mar-21 Jun-21** Sep-21. *Based on external research conducted by IPM Georgia ** NPS of all major banks has fallen due to the recent raise in the NBG's Monetary Policy Rate#19EMPLOYEE EMPOWERMENT Re-design of employee experiences New talent development strategy Employees feel more engaged and enabled 71% 2020 Based on KORN FERRY survey 73% High-Performing Organisations Benchmark 73% 2021 67% Banking Industry Benchmark 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 19#20INCREASING FOCUS ON ESG GOING FORWARD WE FOCUS ON THE FOLLOWING FIVE SDGs: NO POVERTY 4 QUALITY EDUCATION 5 GENDER EQUALITY 8 DECENT WORK AND ECONOMIC GROWTH 13 CLIMATE ACTION ர்க்க்கர் KEY DEVELOPMENTS IN 2021 Joined the UN Global Compact UN GLOBA COMPACT We believe in success that is shared. We are committed to rigorously managing risks and creating opportunities that fulfil the needs of our customers, employees, and communities, and help people achieve more of their potential Completed the materiality assessment process to get a multi-stakeholder perspective on ESG issues. The outcomes of the process will be reflected in the Annual Report 2021 Began the journey to better understand climate-related risks and opportunities relevant to our business, develop climate action strategy, and implement the TCFD recommendations 20#21HIGH ESG SCORES FROM INDEPENDENT RATING AGENCIES * ISS▷ ENVIRONMENT MSCI ** SOCIAL 2 GOVERNANCE 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 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. Scores are as of November 2021 ** MSCI score is as of August 2021 21#22DATA-DRIVEN ORGANISATION 122 63% Data models running online, covering different business processes Automation rate for retail lending process in 9M21 36% Contribution in sales process, powered by data-driven models in 9M21 22 22 KEY DATA-RELATED INITIATIVES IMPLEMENTED DURING 9M21 Implementation of non-financial recommender engine Data and Al trainings for middle management Predicting and improving NPS with data-driven models Improvement of natural language understanding capabilities Improvement of customer churn analytics 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#23CONTENTS COVID-19 PANDEMIC AND MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 3Q21 AND 9M21 RESULTS GEORGIAN MACRO OVERVIEW APPENDICES 23 23#24TRACK RECORD OF DELIVERING STRONG RESULTS 24 24 Medium-term loan book growth target revised from c.15% to c.10% Nominal Constant currency basis 25.2% 26.4% 26.1% 25.7% 27.0% 21.4% ROAE 20%+ III 2017 2018* 2019** 2020 9M21 13.0% Loan book growth YoY 17.4% 18.9% 17.7% c.10% 22.0% 19.0% 15.9% 10.2% 14.3% 2017 2018 2019 2020 9M21 ROBUST CAPITAL MANAGEMENT TRACK RECORD • Maintain regular progressive semi-annual dividend payouts: aiming 30-50% dividend/share buyback payout ratio Given higher levels of lending growth in the near term, the Board currently expects the payout ratio to be approximately 35-40% over the next two years GEL 648mln+ cash dividend paid during 2013-2019 An interim dividend of GEL 1.48 per ordinary share was paid on 5 November 2021 Adjusted for GEL 30.3mln demerger related costs, GEL 8.0mln demerger related corporate income tax gain, 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 is calculated based on the closing price of shares immediately prior to ex-dividend date REGULAR DIVIDENDS GEL MILLIONS PAYOUT 30% 36% 33% RATIO: 34% 32% 30% 30% 4.0% 4.2% 3.1% 3.1% 3.2% 2.4% 2.7% Interim dividend 122 124 98 102 72 80 70 51 2013 2014 2015 2016 2017 2018 Total dividend paid during the year 2019 2020 2021 Dividend yield***#253Q21 RESULTS HIGHLIGHTS Resilient loan portfolio Outstanding profitability Strong interest and F&C income generation quality and high cost efficiencies ROAE Operating income 3Q21 25.7% 3Q21 +25.8% y-o-y +3.8% q-o-q Cost of credit risk 3Q21 GEL 348mln 0.2% Net profit 3Q21 GEL 185mln +24.9% y-o-y -8.3% q-o-q +37.2% y-o-y +9.2% 9-o-q Net F&C income 3Q21 Cost to income 3Q21 GEL 62mln 36.8% * Growth on a constant currency basis was 17.7% y-o-y and 6.5% q-o-q ** Growth on a constant currency basis was 5.9% y-o-y and a decline of 3.6% q-o-q Strong portfolio growth Loan growth 30 Sep 2021 GEL 15.6bln +14.3% y-o-y* +5.3% q-o-q* Strong capital and liquidity positions CET 1 capital 30 Sep 2021 12.8% Minimum requirement 11.0% 25 Deposits growth 30 Sep 2021 GEL 13.3bln +2.5% y-o-y ** -4.5% q-o-q ** Liquidity coverage 30 Sep 2021 112.7% Minimum requirement 100%#26STRONG PROFITABILITY NOTWITHSTANDING THE PANDEMIC OUTSTANDING QUARTERLY PERFORMANCE Bank of Georgia's performance has been very strong in 3Q21: Strong balance sheet growth with better than expected levels of lending in consumer, micro and SME portfolios Strong operating income performance. Net interest income up 6.6% q-o-q, coupled with strong net fee and commission income generation, up 9.2% q-o-q, on the back of a strong performance in the payments and settlement operations Net interest margin of 5.0%, up 30 basis points q-o-q in 3Q21 Costs well-managed, with 36.8% cost to income ratio, while continuing to invest in IT-related resources, digitalisation and marketing Lending portfolio performing extremely well. Annualised cost of credit risk ratio was 0.2% in 3Q21. The non-performing loans ratio improved to 2.6% from 3.5% in 2Q21 TRACK RECORD OF STRONG PROFITABILITY 26.0% 21.8% 21.3% 21.5% 20% 26 26 29.4% 25.7% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Robust capital adequacy ratios, comfortably above the increased minimum regulatory requirements. We do not utilise capital buffers previously released by the NBG -18.6% Superior levels of profitability. Despite a still challenging operating environment, delivering ROAE of 25.7% in 3Q21, the sixth consecutive quarter of delivering profitability above 20% during the pandemic#27STRONG UNDERLYING PERFORMANCE OPERATING INCOME GEL MILLIONS +24.8% +25.8% +3.8% 348 NET NON-INTEREST INCOME GEL MILLIONS +41.0% 303 +44.3% -2.1% 335 986 60 276 105 30% 791 31% 1 107 32% 303 215 72 26% 23 75 107 75 105 215 27% 9 27 73 72 33 33 8 22 576 73% 684 69% 228 68% 243 70% 19 204 74% 168 119 57 42 62 46 9M20 9M21 3Q20 2Q21 3Q21 9M20 9M21 3Q20 2Q21 Net non-interest income Net interest income Net other income Net foreign currency gains Net fee and commission income Strong net interest income and net fee and commission income generation driving robust top-line performance 3Q21 27#28NET INTEREST MARGIN NET INTEREST MARGIN 4.8% 4.8% 4.7% LOAN YIELD, COST OF FUNDS, COST OF DEPOSITS 10.6% 10.4% 10.7% 10.4% 10.4% 10.4% 10.6% 5.0% 4.7% 4.5% 4.4% 4.8% 4.6% 3.8% 3.8% 3.8% 3.5% 3.6% 4.7% 4.6% 4.5% 4.5% 4.7% 3.5% 3.6% 28 28 3Q20 4Q20 1Q21 2Q21 3Q21 Cost of client deposits and notes 9M20 9M21 3Q20 4Q20 1Q21 2Q21 3Q21 9M20 9M21 Loan yield Cost of funds NIM UP IN 3Q21 DUE TO Successful deployment of excess liquidity during the second and third quarters of 2021 on the back of a rebound in economic activity in 2021 NIM OUTLOOK Broadly stable margin going forward#29FOCUS ON EFFICIENCY AND STRINGENT COST CONTROL COST TO INCOME RATIO OPERATING EXPENSES 39.7% GEL MILLIONS 37.1% +13.8% 36.2% 36.4% 36.8% 9M20 9M21 3Q20 2Q21 3Q21 Continued investment in IT-related resources, digitalisation and marketing, in line with strategic priorities, whilst maintaining focus on efficiency and cost control Cost optimisation measures initiated in 2Q20, the impact of which has been reflected in subsequent quarters c.35% Medium-term guidance 357 2 +24.7% +5.1% ཚོལ སུ 314 68 128 122 1 103 1 86 23 1 22 74 19 32 30 24 201 175 69 72 58 9M20 9M21 3Q20 2Q21 3Q21 Other operating expenses Administrative expenses Depreciation, amortisation and impairment Salaries and other employee benefits 29#30RESILIENT LOAN PORTFOLIO QUALITY COST OF CREDIT RISK RATIO ECL provision created for the full economic cycle in 1Q20 proved to be sufficient LOAN PORTFOLIO QUALITY NPL coverage 92.7% 90.5% 80.9% 76.3% 90.9% NPL coverage adjusted for collateral value Entering the COVID-19 environment with a de-risked banking sector 2.2% 1.6% 0.9% 1.8% I 2.4% 130.6% 129.9% 3.8% 3.3% 139.6% 128.8% 140.9% 3.7% 2.6% 2.1% 546 414 301 318 253 0.1% 2017 2018 2019 2020 9M20 9M21 Dec-17 Dec-18 Dec-19 Dec-20 Sep-21 INPLS, GEL millions NPLs to gross loans 30#31STRONG LOAN AND DEPOSIT PORTFOLIO GROWTH LOAN PORTFOLIO GEL MILLIONS DEPOSIT PORTFOLIO GEL MILLIONS +14.2% +9.8% +14.3% +17.7% 15,579 14,192 13,627 -5.0% -1.6% +2.5% +5.9% 14,020 12,985 13,313 11,931 10,077 9,398 8,611 59% 55% 8,389 8,259 61% 8,134 8,50061% 63% 6,985 59% 8,228 8,334 63% 5,800 62% 6,986 69% 5,488 67% 4,946 41% 5,80441% 6,969 45% 5,36939% 5,521 39% 3,598 38% 4,757 4,979 37% 2,646 33% 3,09031% 37% Dec-18 Dec-19 Dec-20 Net loans, GEL Sep-20 Net loans, FC Sep-21 Dec-18 Dec-19 Dec-20 Sep-20 Sep-21 Client deposits and notes, FC Client deposits and notes, GEL Growth on a constant currency basis 31#32WELL-DIVERSIFIED LOAN BOOK LOAN PORTFOLIO BREAKDOWN | SEP-21 Gross Loans by segment Bank of Georgia standalone Total: GEL 15.2bln CIB loans, GEL 5,173 mln, 34.0% Retail loans, GEL 10,021 mln, 66.0% Retail Banking Gross Loans by product Total: GEL 10.Obln Corporate and Investment Banking Gross Loans by sectors Total: GEL 5.2bln Credit cards. and overdrafts 2.0% General consumer Other 2.7% Mortgage loans 22.1% Mining & quarrying 2.9% Financial intermediation Health & social work 2.3% Other Manufacturing 15.8% 19.7% loans 38.4% Micro and SME loans 34.8% 2.9% Electricity, gas &. water supply 8.4% Construction 1.5% Trade 9.1% Transport & Communication- Hospitality 14.6% Service 4.4% Real estate 15.9% Starting from 3Q21, Wealth Management business has been reclassified from Corporate and Investment Banking to Retail Banking segment 2.5% 32#33LOAN PORTFOLIO BREAKDOWN RETAIL BANKING | SEP-21 JSC Bank of Georgia standalone GEL MILLIONS CORPORATE AND INVESTMENT BANKING | SEP-21 JSC Bank of Georgia standalone GEL MILLIONS 2.3% 10,021 230 2.8% 2.3% 5,173 117 1.6% 1,098 18 6,013 166 4,075 99 2.4% 1.6% 4,008 65 Loan portfolio Allowance for ECL ECL rate FC GEL Loan portfolio Allowance for ECL ■FC GEL ECL rate RB Loan % of total RB Consumer % of total CIB Mortgages SME & Micro CIB portfolio Amounts in GEL millions GEL loans* FC loans not exposed to FC risk FC loans exposed to FC risk Total portfolio 6,013 654 3,354 10,021 loan portfolio loans* loan portfolio 60.0% 6.5% 33.5% 1,912 491 1,447 2,337 1,764 1,098 21.2% 104 59 2,098 40.6% 249 1,659 1,977 38.2% 100.0% 3,850 2,689 3,482 5,173 100.0% *Includes credit cards ** Starting from 3Q21, Wealth Management business has been reclassified from Corporate and Investment Banking to Retail Banking segment 33#34STRONG COMPETITIVE POSITION MARKET SHARE-GROSS LOANS MARKET SHARE-CUSTOMER DEPOSITS 38.8% 39.5% 39.0% 38.4% 41.2% 39.0% 38.9% 40.1% 33.5% 34.9% 34.9% 36.0% 36.3% 37.2% 33.9% 36.1% Dec-18 Dec-19 BOG Dec-20 Sep-21 Dec-18 Dec-19 BOG Dec-20 Peer bank Sep-21 Peer bank MARKET SHARE-LOANS TO INDIVIDUALS MARKET SHARE-DEPOSITS OF INDIVIDUALS 40.0% 41.2% 40.0% 39.4% 40.3% 40.3% 40.2% 39.0% 37.5% 38.8% 37.7% 38.2% 36.9% 37.9% 39.5% 40.0% Dec-18 Dec-19 Dec-20 Sep-21 BOG Peer bank Dec-18 Dec-19 Dec-20 Sep-21 BOG Peer bank Top two banks hold more than 70% of market share Bank of Georgia focuses on profitability, while maintaining solid market share Market share in deposits of and loans to individuals underlines the strength of Bank of Georgia's franchise Market data based on standalone accounts as published by the National Bank of Georgia 34#35STRONG LIQUIDITY AND FUNDING POSITIONS LIQUIDITY COVERAGE AND NET STABLE FUNDING RATIOS JSC Bank of Georgia standalone (Basel III liquidity) 136.7% 138.6% 137.5% 133.6% 132.5% 120.1% Dec-18 Dec-19 Dec-20 NET LOANS TO CUSTOMER FUNDS AND DFIs 118.4% 117.0% 129.7% 115.5% 112.7% 103.2% 101.2% 102.1% 99.6% 89.4% Sep-21 ■Liquidiy coverage ratio ■Net stable funding ratio Dec-18 Dec-19 Dec-20 Sep-21 Net loans to customer funds Net loans to customer funds and DFIs Excess liquidity maintained for risk mitigation purposes, on the back of the COVID-19 crisis, successfully deployed during the second and third quarters of 2021 Strong support from International Financial Institutions 35#36WELL-ESTABLISHED FUNDING STRUCTURE | SEP-21 INTEREST BEARING LIABILITIES Interest Bearing Liabilities GEL 18.9bln WELL DIVERSIFIED INTERNATIONAL BORROWINGS Debt European Investment Bank Borrowings securities European Bank femtion and Devement Other debt 287mln, 7.7% Others securities, GEL borrowings, GEL 234mln, 6.3% 11.5% issued 8.1% Other amounts owed to Cl 9.9% Client deposits & notes 70.5% Current accounts & demand deposits, 49.2% Time deposits, 50.8% IFC EFSE Black Sea Trade & Development EUROPEAN FUND FOR SOUTHEAST EUROPE Eurobonds, GEL 1,250mln, 33.7% DFIs, GEL 1,941min, 52.3% FMO Finance for Development BORROWED FUNDS MATURITY BREAKDOWN* US$ MILLIONS 462 0.3% 1.3% 6.5% 1.9% 2.1% 0.4% 0.2% 339 1.0% 0.1% 136 0.0% 70 90 123 13 147 19 71 66 30 6 T 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 I Senior Loans Subordinated Loans Eurobonds % of Total assets * converted at GEL/US$ exchange rate of 3.1228 at 30 September 2021 Bank STRONG SUPPORT FROM IFIS ■ C.GEL 251 million undrawn long-term facilities attracted from DFIs at 30 September 2021 with up to five years of maturity Strong long-term funding pipeline to secure resources needed for the next 12 months Liquidity management: US$27.8 million Eurobonds due 2023 repurchased since July 2020 36#37STRONG CAPITAL ADEQUACY POSITION 37 NBG'S COVID-19 RESPONSE AND CURRENT UPDATE Release of capital buffers: In April 2020, as part of its updated supervisory plan as a response to the COVID-19 pandemic, the NBG released Pillar 2 and conservation buffers, which reduced the minimum regulatory capital requirements at the time Capital distribution: During the period that banks partially or fully utilised the reduced buffers, banks have not been able to make any form of capital distribution General COVID-19-related loan loss provision: The Bank recorded c.GEL 400 million general provision (c.3.3% of the Bank's lending portfolio) under the Bank's local regulatory accounting basis in March 2020, reflecting the NBG's expectations of estimated credit losses on the Bank's lending book for the full economic cycle Subsequently, the NBG has announced a released capital buffers rebuild plan and has updated the timeline for the phase-in of additional Basel III capital requirements for the banking sector Rebuild of capital buffers: As a result of robust operating performance and strong internal capital generation, the Bank has confirmed to the NBG that since May 2021, it no longer utilises, or expects to utilise, any of the Pillar 2 or conservation buffers that were waived last year. Consequently, there is no longer any regulatory restriction for Bank of Georgia on making any capital distributions Dividends: 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 CAPITAL ADEQUACY RATIOS 18.1% 18.6% 19.1% 19.2% 17.4% 17.3% 17.6% 15.3% 14.4% 14.6% 13.6% 13.3% 11.5% 10.6% 12.0% 9.9% 9.9% 12.0% 12.4% 10.4% 12.8% 12.5% 11.2% 8.3% Dec-19 Mar-20 Mar-21 Jun-20 Sep-20 Dec-20 Jun-21 ■CET1 Capital Adequacy Ratio ■Tier I Capital Adequacy Ratio Total Capital Adequacy Ratio Sep-21 MINIMUM REGULATORY REQUIREMENTS 17.7% 17.1% 17.3% 13.3% 13.3% 13.3% 13.8% 13.8% 13.4% 13.2% 12.2% 11.1% 11.0% 10.1% 6.9% 8.7% 8.7% 8.7% 6.9% 6.9% 9.8% 9.2% 7.4% 7.8% Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 ■CET1 Capital Adequacy Ratio Total Capital Adequacy Ratio Tier I Capital Adequacy Ratio#38CAPITAL RATIOS EVOLUTION AND UPDATE ON MINIMUM CAPITAL REQUIREMENTS CAPITAL RATIOS EVOLUTION DURING 9M21 Capital ratios 9M21 profit Business growth GEL appreciation Dividend DEC-20 Tier 2 facility impact Capital ratios SEP-21 Potential impact of 10% GEL devaluation CET1 capital adequacy ratio 10.4% 4.0% -1.6% Tier I capital adequacy ratio 12.4% 4.0% -1.8% 0.4% 0.4% Total capital adequacy ratio 17.6% 4.0% -2.1% 0.3% -0.4% -0.4% -0.4% 12.8% -0.8% 14.6% -0.7% -0.2% 19.2% -0.5% EXPECTED MINIMUM CAPITAL REQUIREMENTS FOR 2021-2023 Bank of Georgia's ongoing minimum capital adequacy ratios reflecting the full phase-in of Basel III capital requirements, which remain subject to ongoing annual regulatory reviews, are currently expected to be as follows: DEC-21 DEC-22 DEC-23 CET1 capital requirement 11.5% 11.9% 12.2% Tier I capital requirement 13.7% 14.2% 14.6% Total capital requirement 17.8% 17.8% 17.8% 38#39STRONG CAPITAL ADEQUACY POSITION BOG EQUITY VS. CET1 REG. CAPITAL | SEP-21 GEL MILLIONS % of RWAs 12.8% 1.5% 0.7% 1.5% RISK WEIGHTED ASSETS GEL MILLIONS 259 2,855 265 120 16,040 16,516 16,599 15,162 2,211 2.2% +13.8% +3.9% 17,248 NBG CET1 capital Loan IP provisioning provisioning deductions* methodology methodology Other BOG equity (IFRS) Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 difference difference * Revaluation reserve, investments in non-financial subsidiaries and intangible assets Existing additional capital buffers (within c.2.2% of risk-weighted assets) reflecting the differences in the provisioning methodology between the NBG and IFRS 9 The NBG plans to transition to IFRS-based financial reporting during 2022 39#40CONTENTS COVID-19 PANDEMIC AND MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 3Q21 AND 9M21 RESULTS GEORGIAN MACRO OVERVIEW APPENDICES 40#41GEORGIA AT A GLANCE GENERAL FACTS ■ ■ Area: 69,700 sq. km Population (2019): 3.7 million Life expectancy: 74 years Official language: Georgian Literacy: 100% Capital: Tbilisi Currency (code): Lari (GEL) ECONOMY Nominal GDP (Geostat) 2020: GEL 49.4bln (US$ 15.9bln) Hamburg Herdam Dusseldorf GERMANY Frankfurt Penza POLAND BELARUS POrel Leipzig UKRAINE CZECH REP SLOVAKIA Munich Turin LIECHTENSTEIN WICZERLAND MONA Milan Genog G TIA HERZEG MARNO nice SAN CAN AUSTRIA MOLDOVA HUNGARY SLOVENIA ROMANIA BOSNIA YUGOSLAVIA ALANIA MACEDONIA Nop ICALY Salon Polermo KAZA Elista Astro Мајкор Nafak Grozny BULGARIA Black Sea Macha GEORGIA ARMENIA AZERBAUA TURKEY AZER SOVEREIGN CREDIT RATINGS 41 Real GDP growth rate 2016-2020: 2.9%, 4.8%, 4.8%, 5.0%, -6.2% Real GDP 2011-2019 annual average growth rate: 4.9% GDP per capita 2020 (PPP): US$ 14,849 Agency Rating Outlook Affirmed MOODY'S Ba2 Stable September 2021 Annual inflation (EOP) 2020: 2.4% External public debt to GDP 2020: 47.5% Fitch Ratings BB Stable August 2021 S&P Global BB Negative February 2021#42GEORGIA'S KEY ECONOMIC DRIVERS Top performer globally in WB Doing Business over the past 12 years Liberal economic policy Liberty Act ensures a credible fiscal and monetary framework " Fiscal deficit/GDP capped at 3%; Government debt/GDP capped at 60% Regional logistics and tourism hub Strong FDI 42 Business friendly environment and low tax regime (attested by favourable international rankings) A natural transport and logistics hub, connecting land-locked energy rich countries in the east and European markets in the west " Access to a market of 2.8bn customers without customs duties: Free trade agreements with EU, China, CIS, Turkey, Hong Kong and with EFTA countries. The GSP with USA, Canada and Japan Tourism halted in 2020 due to pandemic, recovery ongoing from April 2021 Regional energy transit corridor accounting for 1.6% of the world's oil and gas transit volumes An influx of foreign investors on the back of the economic reforms " FDI stood at US$ 572mln (3.6% of GDP) in 2020 FDI averaged 8.4% of GDP in 2011-2020 Georgia and the EU signed an Association Agreement and DCFTA in June 2014 " Visa-free travel to the EU - another major success in Georgian foreign policy. Georgians were granted free entrance to the EU countries from 28 March 2017 Discussions commenced with the USA to drive inward investments and exports Strong political support from NATO, EU, US, UN and member of WTO since 2000; Substantial support from DFIs Support from international community " Electricity transit hub potential Political environment Developed, stable and competitively priced energy sector Only 25% of hydropower capacity utilized; 150 renewable (HPPS/WPPS/SPPs) energypower plants are in various stages of construction or development Georgia imports natural gas mainly from Azerbaijan Significantly boosted transmission capacity with 400 kV line to Turkey and 500 kV line to Azerbaijan built, other transmission lines to Armenia and Russia upgraded Additional 2,000 MW transmission capacity development in the pipeline, facilitating cross-border electricity trade and energy swaps to Eastern Europe Georgia underscored its commitment to European values by securing a democratic transfer of political power in successive parliamentary, presidential, and local elections and by signing an Association Agreement and free trade agreement with the EU Constitution amendments passed in 2013 to enhance governing responsibility of Parliament and reduce the powers of the Presidency Member of WTO since 2000, allowed Russia's access to WTO; In 2013 trade restored with Russia Despite resumed economic ties, exposure to Russia remains moderate. In 2020, Russia accounted for 13.2% of Georgia's exports and 11.1% of imports; just 3.9% of cumulative FDI over 2003-1H21#43GROWTH ORIENTED REFORMS EASE OF DOING BUSINESS | 2020 New Zealand 1 Singapore Denmark USA Georgia UK Norway Lithuania Estonia Latvia Germany Kazakhstan Russia Turkey Azerbaijan Poland Czech Rep. Armenia Ukraine 6189 11 18 ECONOMIC FREEDOM INDEX | 2021 18121620 Source: Heritage Foundation Top 7 in Europe region out of 46 countries Source: WB-IFC Doing Business Report UK Estonia Georgia #1 in Europe and Central Asia Region Lithuania USA Czech Rep. 19 22 25 28 33 34 40 41 47 64 GLOBAL CORRUPTION BAROMETER | 2017 Source: Transparency International Germany Georgia Poland Czech Rep. Slovakia Latvia Montenegro Bulgaria Turkey Lithuania Armenia Bosnia & Herz. Romania Kazakhstan Russia Ukraine Azerbaijan Moldova Latvia Armenia Kazakhstan Bulgaria Azerbaijan Poland Romania Hungary France Italy Turkey Russia Ukraine 27 30 32 34 35 38 41 43 55 64 68 76 92 127 BUSINESS BRIBERY RISK | 2020 Source: Trace International 3% 7% 7% % admitting having paid a bribe last year Norway Sweden UK Estonia 2 9 13 9% Singapore 33 15 12% USA 23 15% 16% Georgia is on a par with EU member states France 24 Lithuania 17% Georgia 28 Latvia 18% 34 24% Czech rep. 38 Poland 41 24% 27% 29% 29% 34% 38% 38% 42% Armenia Bulgaria Ukraine Turkey Kazakhstan Russia Azerbaijan Uzbekistan 43 69 98 114 12327 136 150 43#44Ukraine 2.1% 1.6% 0.5% -10 ៤៩ ù ០ ៣៩ ៤ 8 ថ -15 DIVERSIFIED ECONOMY GROSS DOMESTIC PRODUCT Nominal GDP, US$ bn Real GDP growth, % COMPARATIVE REAL GDP GROWTH RATES, % (2010-2019 AVERAGE) Source: IMF, Geostat 5.9% 4.9% 4.5% 4.5% 3.6% 3.6% 3.7% 3.1% 2.4% 2.4% 2.6% Azerbaijan Russia Bulgaria Czech Rep. Latvia Source: Geostat Source: Geostat Real GDP increased by 11.3% y-o-y in 9M21 Entertainment Other 12.1% 15% 3.0% Trade 14.5% 12% 7.4% 6.4% 9% Accomm. & food service 4.4% 4.8% 4.8% 5.0% 3.6% 3.0% 2.9% 6% 3% 0% 3.1% Healthcare 4.6% Education Real estate 11.7% -3% 4.6% -6% Financial & -6.2% -9% insurance Manufacturing 10.8% 4.9% Transport & storage 5.9% Public admin. 7.4% Agriculture 8.4% Construction 8.9% Romania Lithuania Poland Estonia Moldova Armenia Georgia Turkey GDP PER CAPITA DIVERSIFIED NOMINAL GDP STRUCTURE | 2020 Source: IMF, Geostat 15,608 10,610 11,583 12,100 12,855 13,596 14,582 14,849 9,799 8,322 7,542 3,233 4,023 4,422 4,624 4,739 4,013 4,062 4,359 4,722 4,696 4,275 Nominal GDP per capita, US$ ■GDP per capita, PPP 44#45Total factor productivity 1.8% CAPITAL AND PRODUCTIVITY HAVE BEEN THE MAIN ENGINES OF GROWTH SINCE 2004 OVERALL CONTRIBUTION OF CAPITAL, LABOR, AND TOTAL FACTOR PRODUCTIVITY (TFP) TO GROWTH, 2010-2020 CONTRIBUTIONS OF CAPITAL, LABOR, AND TFP TO GROWTH DURING PERIODS 45 Source: Geostat, Galt &Taggart REAL GDP GROWTH PROJECTION, 2021 3.0% 3.3% 3.5% 3.8% 4.5% 4.5% 4.5% 4.7% 4.7% Azerbaijan Kazakhstan Ukraine Czech Rep. Latvia Moldova Bulgaria Lithuania Russia Poland Armenia Romania Georgia Estonia Labor force 0.1% Source: Geostat, Galt &Taggart 10% 8% 6% Capital stock 2.0% 4% 2% 0% -2% 2004-2007 2008-2009 Source: IMF, WEO, Oct-21 10% 8.5% 9.0% 7.7% 8% Georgia 7.0% Middle East & Central Asia 6.5% 6% 5.1% 4% 2% 0% -2% Emerging & Developing EU -4% -6% Turkey -8% 2010 TFP Labor force Capital stock 2010-2015 REAL GDP GROWTH: GEORGIA, MIDDLE EAST AND CENTRAL ASIA, EMERGING & DEVELOPING EU 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F 2026F Source: IMF, WEO, Oct-21 2016-2020#46FURTHER JOB CREATION IS ACHIEVABLE EMPLOYED AND UNEMPLOYMENT RATE HIRED AND SELF-EMPLOYED, 000' PERSONS Source: Geostat Source: Geostat 1,400 27.2% 27.2% 26.7% 26.4% Note: Labor force statistics presented according to the updated ILO's new standards 1,200 30% 23.0% 21.9% 21.7% 21.6% 1,000 25% 1,300 19.2% 17.6% 18.5% 800 20% 1,200 15% 600 1,255 1,308 1,295 1,287 1,296 1,296 1,100 1,168 1,183 1,212 1,198 1,242 10% 400 5% 200 1,000 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Employed, 000' persons Unemployment rate, % EMPLOYMENT BY SECTOR, 000' PERSONS Source: Geostat 2010 2011 2012 2013 2014 2015 2016 Self-employed, 000' persons 2017 2018 2019 Hired, 000' persons 2020 845 396 EMPLOYMENT: PUBLIC AND PRIVETE SECTORS, 000' PERSONS Source: Geostat 153.8 153.9 147.0 141.3 289.5 253.9 247.4 246.3 569 582 585 604 598 551 408 443 472 487 537 843.6 888.5 901.4 854.3 302 281 287 252 259 287 272 284 300 300 295 2017 2018 2019 2020 2010 ■Services (incl. construction) Agriculture Industry 2011 2012 2013 2014 Public sector (hired workers) 2015 2016 2017 2018 2019 2020 Non-public sector (hired workers) 46#4770% 60% 50% 40% 30% 20% 10% -10% -12% 2010 2011 2012 PUBLIC DEBT FISCAL DEFICIT Source: MOF, Geostat, forecasts as of 2nd draft of 2022 budget 0% -2.0% -1.9% -2.4% -2.7% -2.1% -2.7% -2.5% -2% -2.9% -1.7% -2.6% -2.8% -2.3% -4.4% -4% -6% -6.7% -5.3% -8% 2013 2018 2019 -9.3% Note: Deficit calculated as net lending / borrowing minus budget lending PUBLIC DEBT AS % OF GDP Source: MOF, Geostat, forecasts as of 2nd draft of 2022 budget Total public debt to GDP, % 2016 2017 2020 2021F 2022F 2023F 2024F 2025F 70% 180% Public debt/GDP capped at 60% 52.5% 60% 150% 48.5% 120% 42.5% 50% 90% 34.9% 40% 60% 30% 30% 20% 0% 10% External public debt to GDP, % 2018 2019 2020 2021F 2022F 2023F 2024F do 2025F Multilateral 59% Domestic 19% External 81% BREAKDOWN OF THE PUBLIC DEBT Source: MoF, as of 31 August 2021 Bilateral 17% Eurobond 5% GROSS GOVERNMENT DEBT/GDP | 2021E Russia Kazakhstan Turkey Moldova Uzbekistan Belarus Czech rep. Lithuania Latvia Romania 52.5% Georgia Ukraine Poland Slovakia Armenia Hungary Slovenia Croatia Spain Canada Montenegro Singapore Italy External public debt portfolio weighted average interest rate 0.98% Contractual maturity 20.6 years Source: IMF, MoF 47#48INVESTING IN INFRASTRUCTURE AND SPENDING LOW ON SOCIAL BUDGET EXPENDITURES Source: MOF, Geostat, forecasts as of 2nd draft of 2022 budget EXPENDITURE BREAKDOWN: CURRENT VS. CAPITAL Source: MOF, forecasts as of 2nd draft of 2022 budget 100% 25,000 50% 80.0% 81.7% 76.0% 78.1% 80.0% 72.5% 73.4% 74.2% 73.1% 72.2% 75.2% 76.0% 73.0% 20,000 32.3% 34.8% 40% 80% 29.4% 27.6% 15,000 29.4% 28.4% 28.6% 29.4% 28.2% 27.7% 32.4% 29.4% 30.9% 60% 30% 10,000 20% 40% 24.0% 27.5% 26.6% 20.0% 18.3% 21.9% 20.0% 25.8% 26.9% 27.8% 24.8% 24.0% 27.0% 5,000 10% 20% 0% 0% Expenditures (current + capital), GEL mn Expenditures (current + capital) as % of GDP GOVERNMENT SOCIAL EXPENDITURE AS % OF GDP Source: IMF, MOF Current expenditures Capital expenditures and net lending GOVERNMENT CAPITAL EXPENDITURE AS % OF GDP 25% 2019 2020 2021F 10% 2019 2020E ■2021F 19.4% 7.9% 20% 17.4% 17.6% 14.6% 14.8% 15.7% 16.5% 8% 6.5% 15% 6% 10.1% 4.4% 4.6% 4.9% 3.7% 10% 8.0% 3.4% 4% 2.9% 3.0% 5% 2% 0% 0% Latvia Poland Source: IMF, MOF 48#49DIVERSIFIED FOREIGN TRADE IMPORTS OF GOODS AND SERVICES Source: NBG BOP statistics 49 EXPORTS OF GOODS AND SERVICES Source: NBG - BOP statistics 10 20 12 11.1 10.8 12 10.1 9.3 9.2 8.7 8.5 9.4 9.5 2.2 2.4 9.0 10 8.9 1.7 7.6 8.0 8 00 7.5 1.4 1.6 2.0 6.2 1.0 1.7 1.4 0.8 1.7 8 7.2 7.0 6.1 1.3 0.5 1.2 6.1 6.0 1.1 0.9 a 5.3 6 5.2 0.4 0.3 3.6 3.9 5.9 1.1 0.9 3.1 1.0 1.0 4.0 0.7 4 7.7 7.7 8.3 8.6 8.7 3.1 3.1 2.6 2.5 6.3 6.7 7.0 6.8 7.4 7.5 4 0.5 2.5 2.5 3.3 1.9 5.1 2 4.3 2 1.6 2.0 2.6 3.0 3.0 3.1 3.3 4.0 4.5 4.6 1.6 O 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ■Goods imports, US$ bn ■Services imports, US$ bn ■Services exports, US$ bn Goods exports, Geo-originated, US$ bn Re-exports, US$ bn IMPORTS BY COUNTRY, 9M21 EXPORTS BY COUNTRY, 9M21 OIL IMPORTS Source: Geostat Source: Geostat Source: Geostat Oil imports were up 57.2% y/y in 9M21 1,000 Other 19.4% EU 23.1% Ukraine 4.5% Uzbekistan 2.0% Other China 12.4% 16.0% 800 Kazakhstan 2.0% 600 EU 400 Armenia 4.7% Azerbaija USA 4.0% Armenia 14.9% 200 سلا о Turkey 17.7% 5.7% -200 n Russia -400 100% 80% 60% 40% 20% 0% -20% -40% 5.5% 14.3% USA 6.3% China 8.5% Russia 10.2% Ukraine 7.2% Turkey 7.8% Azerbaijan 13.4% I Oil imports, US$ mn Oil imports, % change, y/y#50DIVERSIFIED SOURCES OF CAPITAL FOREIGN DIRECT INVESTMENTS FDI down 10.9% y/y to US$ 366.4mn in 1H21 2.5 2.0 1.5 7.1% 7.5% 6.4% 6.0% 1.0 0.5 0.0 FDI, US$ bn 12.2% 10.4% 11.6% 10.9% 50 Source: Geostat 4.0 18% 15% 3.2 TOURISM REVENUES Tourism revenues up 73.4% y/y to US$ 866mn in 9M21, accounting for c. 34% of 9M19 level Source: NBG, Geostat 24% 16.6% 18.3% 18.7% 20% 13.9% 12% 12.5% 16% 2.4 7.5% 7.6% 10.0% 10.1% 9% 8.6% 12% 1.6 6.3% 5.4% 3.6% 6% 8% 3.4% 0.8 3% 4% 0.0 0% 0% FDI as % of GDP Tourism revenues, US$ bn REMITTANCES - STEADY SOURCE OF EXTERNAL FUNDING Source: NBG, Geostat GDP 7% Remittances up by 27.8% y/y to US$ 1.7bn in 9M21 11.9% 5.8% 2.1 12% 6% 5.4% 9.9% 1.8 8.6% 8.4% 8.6% 8.1% 8.2% 8.5% 9.0% 10% 5% 1.5 7.2% 7.6% 1.9 1.7 1.6 8% 4% 1.2 1.5 1.4 1.3 1.4 1.3 6% 3% 0.9 1.2 1.1 1.1 0.6 4% 2% 0.3 2% 1% 0.0 0% 0% Remittances, US$ bn Remittances as % of GDP 2019 2020 Tourism revenues as % of GDP PUBLIC EXTERNAL BORROWING FOR CAPEX, % OF Source: MOF, Geostat 3.3% 3.2% 3.1% 3.0% 3.1% 2.5% 2.0% 2018 2019 2.8%#51CURRENT ACCOUNT DEFICIT FDI AND CAPITAL GOODS IMPORT CURRENT ACCOUNT BALANCE (% OF GDP) Source: NBG, Geostat 30% Goods, net Services, net Income, net Transfers, net CA deficit net FDI 20% 10.5% 6.0% 6.5% 10% 4.6% 5.3% 8.1% 9.5% 8.2% 5.6% 6.0% 3.5% 3.9% 2.4% 0% -10% -5.6% -9.8% -20% -12.2% -11.4% -10.2% -8.0% -6.8% -5.5% -9.2% -11.8% -12.5% -12.4% -11.3% -30% -40% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H20 1H21 14% 12% 12.2% 11.6% 10.9% 10.4% 10% 7.1% 7.5% 8.1% 8.5% 8.0% 8% 6.5% 6.9% 7.2% 8.8% 6% 7.2% 7.9% 7.8% 7.5% 7.6% 7.2% 6.4% 6.0% 4% 5.7% 2% 0% FDI to GDP, % 2014 2015 2016 2017 2018 2019 Capital goods imports to GDP, % Source: Geostat BUILDING INTERNATIONAL RESERVES, US$ BN Source: NBG 3.9 4.1 3.5 3.3 2.8 2.9 2.8 2.7 3.0 2.8 2.1 2.3 2.5 1.4 1.5 3.6% 4.5% 51#52140 120 100 80 60 40 20 ○ 14% 12% 10% 8% 6% 4% 2% 0% -2% Jan-14 May-14 INFLATION TARGETING SINCE 2009 ANNUAL INFLATION Inflation acceleration reflects utility price increases, higher world commodity and transportation prices, along with pent-up demand Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 Headline inflation WORLD COMMODITY PRICES Energy Non-energy Jun-18 Oct-18 Feb-19 Jan-14 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Core inflation Source: World Bank Note: Jan2014=100 140 MONTHLY INFLATION Source: Geostat 12.8% 14% 5% 12% 4% 10% 3% 8% 6.2% 2% 6% 4% 1% 2% 0% 0% -1% мам -2% -2% Source: Geostat 5% 4% 3% 1.3% 2% M 1% 0% -1% -2% 120 × ៩ ៦ 8 8 ៩ ៩ ៩ 100 6% 4% 2% 0% -2% 10% 8% Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 AVERAGE INFLATION May-17 Sep-17 Jan-18 r f f f f f f f Jun-18 Jun-18 Oct-18 Oct-18 Feb-19 Feb-19 Jun-19 Jun-19 Oct-19 Oct-19 Feb-20 Feb-20 Jun-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 -2% 10% 7.9% 8% 6% 4% 2% 0% Source: Geostat Oct-20 Feb-21 Jun-21 Oct-21 52#5311% 10% 9% 8% 7% 6% 5% Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 INTERNATIONAL RESERVES INTERNATIONAL RESERVES AT ADECUATE LEVEL International reserves at US$ 4.1bn in 9M21, up 8.3% y/y Jan-14 May-14 Sep-14 Jan-15 May-15 May-15 Sep-15 Jan-16 Jan-16 May-16 Sep-16 Gross international reserves, US$ mn Jan-1/ May-17 May-1/ Sep-17 Sep-17 Jan-18 Jan-18 May-18 Sen-18 Sep-18 Jan-19 Jan-19 May-19 May-19 Sep-19 Sep-19 Jan-20 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 MONETARY POLICY RATE NBG increased policy rate by 200bps to 10.0% in 2021 (+50bps in March, +100bps in April and +50bps in August) Apr-17 Jul-17 Oct-17 Jan-18 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Source: NBG 11% 75% 10.0% 10% 70% 9% 65% 8% 60% 7% 55% 6% 50% 5% 45% Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-14 Source: NBG 100 CENTRAL BANK'S INTERVENTIONS NBG sold $916.1mn in 2020 200 (of which US$ 42.9mn out of FX market) 174 120 40 50 20 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 09.09 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 80 50 Jan-21 Feb-21 LOAN AND DEPOSIT DOLLARISATION Apr-14 Aug-14 Dec-14 Mar-15 Jul-15 Nov-15 Mar-16 Jun-16 Loan dollarization Oct-16 Feb-17 May-17 Sep-17 Jan-18 May-18 Aug-18 Dec-18 40 40 Source: NBG NBG sold $350.9mn in 10M21 (of which US$ 18.Omn out of FX market) 83 60 30 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Source: NBG 75% 70% 60.7% 65% 60% 55% 50% Apr-19 Jul-19 Nov-19 Mar-20 Jul-20 Oct-20 Feb-21 Jun-21 Sep-21 Deposit dollarization 51.4% 45% 53#5460% 50% 40% 30% 20% 10% 0% -10% Jan-14 Apr-14 Aug-14 Dec-14 Mar-15 Jul-15 Nov-15 Mar-16 FX RESERVES FLOATING EXCHANGE RATE - POLICY PRIORITY Source: NBG 5.0 1.42 1.30 1.36 1.44 1.6 1.31 1.25 1.23 1.24 1.27 1.16 1.29 1.4 4.0 1.03 1.2 4.1 3.9 3.0 3.5 1.0 3.3 2.8 2.9 2.8 3.0 0.8 2.0 2.7 2.8 2.5 0.6 2.3 0.4 1.0 0.2 0.0 0.0 M2 AND ANNUAL INFLATION Jun-16 Oct-16 Feb-17 M2, % change, y/y (LHS) ✓ May-17 Sep-17 Official FX reserves, US$ bn M2 multiplier Jan-18 May-18 Aug-18 Dec-18 Apr-19 Jul-19 Nov-19 Mar-20 Annual inflation, eop (RHS) Jul-20 Oct-20 Feb-21 Jun-21 Sep-21 Source: NBG 40% 15% 30% 10% 20% 5% 10% 0% 0% -5% -10% Jan-14 Apr-14 Aug-14 d 8 ៖ ៩ ៩ ៩ ៩ 100 120 Nov-14 Mar-15 Jun-15 Oct-15 Jan-16 NOMINAL AND REAL EFFECTIVE EXCHANGE RATE (JAN2014-100) Source: NBG May-16 Aug-16 Nominal effective exchange rate M2 AND USD/GEL GEL depreciation M2, % change, y/y (LHS) GEL/USD, % change, y/y (RHS) Dec-16 Apr-17 Jul-17 GEL appreciation Nov-17 Feb-18 Jun-18 Sep-18 Nov-19 Mar-20 Jul-20 Oct-20 Feb-21 Jun-21 Sep-21 Jan-19 Apr-19 Aug-19 Dec-19 130 120 +2.6% y/ 110 100 90 +7.3% y/y 80 70 Mar-20 Jul-20 Oct-20 Feb-21 Real effective exchange rate May-21 Sep-21 Source: NBG 40% 30% 20% 10% 0% -10% 54#55GROWING AND WELL-CAPITALISED BANKING SECTOR SUMMARY Prudent regulation and oversight ensuring financial stability Strong resilience towards both domestic and external shocks without single bank going bankrupt No nationalisation of banks and no government ownership since 1994 Source: National Bank of Georgia, Geostat BANKING SECTOR LOANS TO GDP, 2020 Czech Rep. Bosnia & Herz. Russia Croatia Estonia Slovakia Armenia Israel Brazil Turkey Georgia Greece Malta Austria Portugal Source: World Bank, NBG 53.6% 54.6% 60.0% 61.1% 64.0% 67.6% 69.0% 69.4% 70.2% 70.9% 77.4% 81.8% 83.6% 93.9% 100.0% BANKING SECTOR ASSETS, LOANS AND DEPOSITS 2003 。៩៩ ៩៦៦ 8 30 20 60 24.7% CAGR Assets, GEL bn ■Loans, GEL bn Deposits, GEL bn Source: NBG 56.9 38.2 34.6 0.8% NON-PERFORMING LOANS, LATEST 2021 Hungary Georgia Source: IMF 2.2% Czech Rep. Latvia Poland Turkey 2.9% 3.2% 3.5% 3.6% Romania 3.8% Belarus Bulgaria Bosnia & Herz. Armenia 5.0% 5.4% 5.7% 6.6% Croatia 6.9% Russia 8.1% 55#56CREDIT GROWTH DYNAMICS BANKING SECTOR CORPORATE & RETAIL LOANS TO GDP MORTGAGE LOANS Source: NBG, Geostat Source: NBG 8,624 8,810 70% 119,300 127,200 ■Retail loans to GDP 106,370 7,048 60% Corporate loans to GDP 92,980 28,400 39% 6,031 29,600 37% 50% 4,720 31,720 33% 5,035 33% 35,990 40% 27% 30% 4,453 23% 30% 20% 4,604 98,800 17% 89,700 11% 12% 13% 74,650 20% 10% 17% 17% 18% 19% 24% 26% 25% 27% 21% 31% 38% 35% 3,589 4,090 56,990 2,595 1,427 0% 2018 2019 2020 9M21 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 9M21 FX-denominated mortgage loans, GEL mn ■GEL-denominated mortgage loans, GEL mn 2018 2019 Number of mortgage loans in FX Number of mortgage loans in GEL 2020 9M21 REAL ESTATE PRICE INDEX 180 160 140 120 80 60 ៖ ៖ ៖ ៖ 8 8 8 9 100 1Q08 2Q08 3Q08 80077 1Q09 2Q09 3Q09 Inflation adjusted real estate price index (2010=100, GEL) Real wage index (2010=100, GEL) 60077 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 SLOL 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Source: NBG, Geostat 3Q21 56#5715% 10% 7.4% 5% 0% Russia Azerbaijan 25% 20% End-2020 ■Sep-21 Armenia 8.5% Kazakhstan GEORGIA VS REGION: FX, INFLATION, POLICY RATE INFLATION: GEORGIA AND PEERS Source: Statistic Offices 12.3% 10.2% 11.0% 8.9% 8.9% Belarus Ukraine Georgia Turkey Euro Azerbaijan Armenia 3.8% 0.2% 0.1% -1.5% Moldova CURRENCY VS. US$ Source: Bloomberg Note: +/-appreciation/depreciation period 1 January,2020 - 31 October 2021 Georgia Ukraine -10.3% -10.5% -11.7% -13.7% Kazakhstan 20% End-2020 Oct-21 19.6% 15% 0% 10% 5% Azerbaijan Armenia 7.00% 7.25% 7.50% Russia Russia Belarus -14.9% -61.4% Turkey MONETARY POLICY RATE: GEORGIA AND PEERS Source: Central Banks Ukraine Belarus 8.50% Kazakhstan 9.25% 9.75% 10.00% Georgia Turkey 16.00% 57#5825% 21.7% 20% 15% 10% 5% 0% 1Q18 2Q18 3Q18 4Q18 1Q19 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 UNEMPLOYMENT RATE 18.4% 18.3% 18.6% 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Source: Geostat 22.1% 40% 21.9% 19.7% 18.3% 20.4% 35% 17.3% 16.8% 16.6% 18.3% 17.0% 30% 25% 20% 15% 10% 5% 0% 1Q16 2Q21 RECENT TREND - REAL GDP AND ITS COMPONENTS REAL GDP GROWTH BY QUARTER, % CHANGE YOY CONTRIBUTION TO REAL GDP GROWTH Source: Geostat Source: Geostat, Galt & Taggart 29.9% 30% 40% 35% 25% 30% Consumption Net export Investment Real GDP growth 20% 25% 15% 20% 6.8% 15% 10% 4.5% 4.4% 7.2% 6.0% 5.2% 5.4% 4.6% 5% 2.2% 2.3% 9.0% 10% 5% 0% 3.4% 4.5% 1.8% 4.1% 3.6% 3.2% 4.8% -5.6% -4.5% 0% -5% -5% -10% -15% -13.2% -6.8% -10% -15% -20% -20% 3Q21 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 SAVINGS AND INVESTMENTS TO GDP Source: Geostat ■Savings Investments 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4Q20 1Q21 2Q21 58#59600 400 200 0 -200 -400 -600 -800 Jan-19 Feb-19 Mar-19 400 300 200 100 о -100 -200 -300 Jan-19 Feb-19 Mar-19 Apr-19 FOREIGN TRADE EXPORTS UP 24.0% Y-o-Y IN 9M21 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-1 Dec-19 Feb-20 Mar-20 May- Jun-20 Exports, US$ mn % change y/y TRADE DEFICIT UP 19.9% Y-0-Y IN 9M21 Trade deficit, US$ mn Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 S Feb- Mar-20 Apr-20 Jun-20 Jul-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 % change y/y Aug-1 Sep-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Source: Geostat 80% 1,000 60% 800 600 40% 12.8%20% 400 200 0% о -20% -200 -40% -400 -60% -600 Aug-21 Sep-21 Jan-19 Feb-19 Source: Geostat 60% 31.8% 40% 20% 0% -20% -40% -60% T-shirts -80% 1.6% Fertilizers Sep-21 IMPORTS UP 21.6% YoY IN 9M21 Imports, US$ mn EXPORTS BY COMMODITY, 9M21 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Copper 19.2% Other 37.6% 2.2% Nuts 2.3% Pharm. 2.4% Mineral waters 3.5% Cars 11.3% Ferro-alloys 10.6% Wine Spirits 5.6% 3.5% % change y/y Source: Geostat Source: Geostat 75% 60% 45% 23.4% 30% 15% 0% -15% -30% -45% 59#60BENEFITS FROM DIVERSIFIED ECONOMIC LINKAGES AND CLOSER TIES WITH EU EXPORTS, TOURISM, REMITTANCES AND FDI BY COUNTRY IN 9M21, AS of % OF TOTAL Other countries 34.5% Armenia 4.0% EU 23.4% Ukraine 6.6% Turkey 8.5% Azerbaijan 8.2% ECONOMIC LINKAGES BREAKDOWN IN 9M21, SHARE IN EACH CATEGORY Exports Tourism FDI Remittances EU 14.9% 14.5% 26.2% 42.1% Russia 14.3% 12.7% 10.5% 17.6% Turkey 7.8% 16.4% 13.8% 4.7% Azerbaijan 13.4% 2.9% -1.7% 3.8% Russia 14.8% Ukraine 7.2% 11.8% 1.0% 4.1% Armenia 5.7% 6.1% 1.6% 0.5% Other countries 36.5% 35.7% 48.5% 27.2% Source: Geostat, NBG, GNTA, Galt & Taggart Source: Geostat, NBG, GNTA, Galt & Taggart Note: FDI is for 1H21. Negative investment means a sale of shares or distributed profit 60#61CONTENTS COVID-19 PANDEMIC AND MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 3Q21 AND 9M21 RESULTS GEORGIAN MACRO OVERVIEW APPENDICES | SEGMENT RESULTS 61#62RETAIL BANKING HIGHLIGHTS 1 2 BANK OF GEORGIA SOLO Mass Affluent 4 BANK OF GEORGIA BUSINESS Segments Active clients** Mass Retail MSME 1,401k (SOLO & WM*) 68k 61k Loans GEL 3,414 min GEL 2,930 min GEL 3,678 min Deposits GEL3,686 mln GEL 4,441 mln GEL 1,049 min 9M21 profit GEL 85 min GEL 90 min GEL 89 min Branches 195 16 1 At 30 September 2021 for JSC Bank of Georgia standalone Starting from 3Q21, Wealth Management business has been reclassified from Corporate and Investment Banking to Retail Banking segment, particularly, SOLO - premium business banking. The comparative periods have been restated accordingly ** Active individual customer an individual, who has used the Bank's any channel at least once, or has performed at least one debit transaction, or has been a payroll customer, or has had at least one active credit product, or has had any type of deposit with above certain threshold balance during last three months. Active business customer - a legal entity, who had at least one active credit product, or has performed at least one debit transaction, or has had any type of deposit with above certain threshold balance (varying for micro, SME, or corporate clients) during last three months 62#63RETAIL BANKING HIGHLIGHTS INCOME STATEMENT HIGHLIGHTS Change Change Change GEL thousands unless otherwise noted 3Q21 3Q20 2Q21 9M21 9M20 y-o-y q-o-q y-o-y Net interest income Net fee and commission income. Net foreign currency gain Net other income 147,155 133,402 10.3% 138,879 6.0% 421,363 366,739 14.9% 46,685 34,973 33.5% 44,504 4.9% 128,813 86,997 48.1% 18,805 14,847 26.7% 10,504 79.0% 40,905 45,620 -10.3% 3,477 4,736 -26.6% 9,792 -64.5% 22,341 10,766 107.5% Operating income 216,122 187,958 15.0% 203,679 6.1% 613,422 510,122 20.3% Salaries and other employee benefits (52,888) (42,697) 23.9% (50,424) 4.9% (145,179) (128,881) 12.6% Administrative expenses (25,846) (18,468) 40.0% (23,585) 9.6% (68,173) (56,807) 20.0% Depreciation, amortisation and impairment (19,925) (15,972) 24.7% (19,371) 2.9% (58,505) (52,029) 12.4% Other operating expenses (435) (552) -21.2% (400) 8.7% (1,516) (1,773) -14.5% Operating expenses (99,094) (77,689) 27.6% (93,780) 5.7% (273,373) (239,490) 14.1% Profit/(loss) from associate 223 Operating income before cost of risk 117,251 Cost of risk (10,587) 214 110,483 (16,061) 4.2% 6.1% (4,299) NMF (3,909) 628 NMF 105,600 11.0% 336,140 271,260 23.9% -34.1% (10,433) 1.5% (52,348) (164,115) -68.1% Net operating income before non-recurring items 106,664 94,422 13.0% 95,167 12.1% 283,792 107,145 NMF Net non-recurring items (338) 219 NMF 211 NMF 30 (40,046) NMF Profit before income tax expense 106,326 94,641 12.3% Income tax expense (10,375) (8,016) 29.4% Profit 95,951 86,625 10.8% 95,378 (8,682) 86,696 11.5% 19.5% 10.7% 283,822 (25,060) 258,762 67,099 NMF (798) NMF 66,301 NMF RB LOANS AND LOAN YIELD RB CLIENT DEPOSITS AND COST OF DEPOSITS 15.0% 12.8% 11.4% 11.2% 2.9% 2.9% 2.6% 2.6% 50.7% 44.1% 45.1% 40.3% 49.3% 2018 75.3% 72.9% 73.1% 71.6% 59.7% 24.7% 27.1% 26.9% 28.4% 2018 2019 2020 Client deposits, GEL 9M21 55.9% 54.9% 2019 2020 9M21 Net loans, FC Net loans, GEL Currency-blended loan yield Client deposits, FC Currency-blended cost of deposits Starting from 3Q21, Wealth Management business has been reclassified from Corporate and Investment Banking to Retail Banking segment. The comparative periods have been restated accordingly 63#64RETAIL BANKING LOANS AND DEPOSITS MARKET SHARE-LOANS TO INDIVIDUALS* 38.8% 37.5% 37.7% MARKET SHARE - DEPOSITS OF INDIVIDUALS* 39.0% 40.3% 36.9% 40.3% 40.0% Dec-18 Dec-19 Dec-20 Sep-21 Dec-18 Dec-19 Dec-20 Sep-21 RETAIL BANKING LOANS GEL MILLIONS 8,768 7,488 6,323 +11.7% RETAIL BANKING DEPOSITS GEL MILLIONS 9,791 Dec-18 Dec-19 Dec-20 Sep-21 8,608 7,117 5,607 +6.6% 9,175 Dec-18 Dec-19 Dec-20 Sep-21 * Market shares by loans and deposits of individuals based on standalone accounts of the banks published by the National Bank of Georgia 64#65RETAIL BANKING LOAN YIELD, COST OF DEPOSITS AND NIM RETAIL BANKING LOAN YIELD I QUARTERLY RETAIL BANKING LOAN YIELD I NINE MONTHS 15.8% 15.2% 15.3% 11.6% 11.1% 11.4% 15.5% 15.2% 11.5% 11.2% 6.7% 5.9% 5.7% Loan Yield ■3Q20 Loan yield, GEL ■2Q21 Loan yield, FC 3Q21 6.7% 5.9% Loan Yield Loan yield, GEL 9M20 9M21 Loan yield, FC 65 RETAIL BANKING COST OF DEPOSITS I QUARTERLY RETAIL BANKING COST OF DEPOSITS I NINE MONTHS 6.4% 5.9% 6.3% 3.1% 2.6% 2.5% 1.9% 1.4% 1.1% 6.2% 6.0% 2.9% 2.6% 1.8% 1.3% Cost of deposits Cost of deposits, GEL Cost of deposits, FC Cost of deposits Cost of deposits, GEL Cost of deposits, FC 19M20 9M21 ■3Q20 2Q21 ■3Q21 RETAIL BANKING NIM I QUARTERLY 4.4% 4.1% 4.2% RETAIL BANKING NIMI NINE MONTHS 4.2% 4.2% 3Q20 2Q21 3Q21 9M20 9M21#66RETAIL BANKING LOAN PORTFOLIO COMPOSITION RETAIL BANKING CLIENT DATA Operating Data, GEL mln Number of total active clients, of which:* Number of active Solo and WM clients Consumer and other loans, volume Consumer and other loans, number Mortgage loans, volume Mortgage loans, number Micro & SME loans, volume Micro & SME loans, number Credit cards and overdrafts, volume Credit cards and overdrafts, number Credit cards, number, of which: MORTGAGE LOANS DOLLARISATION Sep-21 1,530,270 68,466 2,485 540,664 Dec-20 1,485,559 60,578 1,945 431,987 Dec-19 1,439,229 23% 56,021 1,777 472,851 26% 42% 46% 50% 3,850 3,745 3,052 57,698 52,697 46,937 77% 74% 3,482 3,126 2,523 58% 54% 50% 78,427 75,723 81,739 198 199 299,400 303,408 183,773 264,311 108,077 97,318 246 395,135 395,536 99,307 Dec-17 Dec-18 Dec-19 Dec-20 Sep-21 ■Mortgage loans, FC Mortgage loans, GEL American Express cards RETAIL BANKING PORTFOLIO I SEP-21 Gross Loans by products Total: GEL 10.Obln Credit. cards and Other General 2.7% overdrafts 2.0% consumer Mortgage loans loans 22.1% 38.4% Micro and SME loans 34.8% Deposits by currency Total: GEL 9.2bln Client Deposits, GEL 28.4% Client Deposits, FC 71.6% Deposits by category Total: GEL 9.2bln Current accounts & demand Time deposits deposits 57.5% 42.5% 66 * Active individual customer - an individual, who has used the Bank's any channel at least once, or has performed at least one debit transaction, or has been a payroll customer, or has had at least one active credit product, or has had any type of deposit with above certain threshold balance during last three months. Active business customer - a legal entity, who has had at least one active credit product, or has performed at least one debit transaction, or has had any type of deposit with above certain threshold balance (varying for micro, SME, or corporate clients) during last three months#67DIVERSIFIED RETAIL PORTFOLIOS AND INCOME STREAMS BALANCE SHEET | SEP-21 JSC Bank of Georgia Standalone INCOME STATEMENT | SEP-21 JSC Bank of Georgia Standalone Total Loans GEL 10,021min Mass Retail 34% (GEL 3,414mln) 37% Solo and WM 33% 39% ■Solo and WM Mass Retail (GEL 167mln) Net Interest Income GEL 421mln (GEL 2,930min) MSME 29% (GEL 3,678min) 28% (GEL 116 mln) MSME (GEL 138mln) 48% 12% 40% Mass Retail (GEL 3,686mln) ■Solo and WM (GEL 4,441min) MSME (GEL 1,049mln) Total Deposits GEL 9,175mln 14% 20% 66% ■Mass Retail (GEL 71mln) Solo and WM (GEL 22mln) MSME (GEL 15mln) Net Fee & Commission Income GEL 108mln 67#68WEALTH MANAGEMENT WEALTH MANAGEMENT . STRONG REGIONAL PRESENCE Israel (2008), UK (2010), Turkey (2013) LONDON TBILISI ISTANBUL TEL AVIV BANK OF GEORGIA WEALTH AUM - GEL 1,522 million, down 10.3% y-o-y, flat q-o-q Diversified funding base: 1,447 from 79 Active customers* countries Active customer - an individual, who has used the Bank's any channel at least once, or has performed at least one debit transaction, or has been a payroll customer, or has had at least one active credit product, or has had any type of deposit with above certain threshold balance during last three months DIVERSIFIED CUSTOMER BASE ACROSS MULTIPLE GEOGRAPHIES Other 16% Israel Georgia 36% 10% UK 2% Europe 20% CIS 16% Addressable market to drive growth covers multiple geographies GROWTH IN AUM GEL MILLIONS -10.3% flat 1,697 1,612 1,659 1,522 1,522 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 68#69CIB HIGHLIGHTS INCOME STATEMENT HIGHLIGHTS Change Change Change GEL thousands unless otherwise noted Net interest income 3Q21 3Q20 2Q21 9M21 9M20 y-o-y q-o-q y-o-y 86,825 61,889 40.3% 79,612 9.1% 235,087 181,937 29.2% Net fee and commission income Net foreign currency gain Net other income 14,237 9,271 53.6% 11,041 28.9% 34,694 26,980 28.6% 11,248 4,374 157.2% 8,549 31.6% 23,831 22,725 4.9% 4,982 3,304 50.8% 17,848 -72.1% 37,602 12,596 NMF Operating income 117,292 78,838 48.8% 117,050 0.2% 331,214 244,238 35.6% Salaries and other employee benefits (13,053) (10,818) 20.7% (12,304) 6.1% (38,450) (31,759) 21.1% Administrative expenses (3,948) (4,124) -4.3% (4,348) -9.2% (11,385) (11,194) 1.7% Depreciation, amortisation and impairment (2,296) (2,084) 10.2% (1,746) 31.5% (6,239) (6,433) -3.0% Other operating expenses (136) (193) -29.5% (194) -29.9% (548) (596) -8.1% Operating expenses (19,433) (17,219) 12.9% (18,592) 4.5% (56,622) (49,982) 13.3% Operating income before cost of risk 97,859 61,619 58.8% 98,458 -0.6% 274,592 194,256 41.4% Cost of risk (1,437) 6,568 NMF 23,405 Net operating income before non-recurring items Net non-recurring items 96,422 68,187 41.4% 121,863 (3) (1) NMF Profit before income tax expense 96,419 68,186 41.4% Income tax expense (9,781) (7,111) 37.5% Profit 86,638 61,075 41.9% (1) 121,862 (10,750) 111,112 NMF -20.9% NMF -20.9% -9.0% -22.0% 9,933 (91,652) NMF 284,525 102,604 NMF (77) (1,288) -94.0% 284,448 101,316 NMF (27,226) (8,727) NMF 257,222 92,589 NMF CIB LOAN PORTFOLIO AND LOAN YIELD CIB CLIENT DEPOSITS AND COST OF DEPOSITS 4.9% 5.4% 10.3% 8.6% 9.2% 8.6% 4.5% 3.4% 42.1% 33.4% 35.6% 50.0% 82.0% 80.9% 79.6% 78.6% 57.9% 66.6% 64.4% 50.0% 18.0% 19.1% 2018 2019 20.4% 2020 21.4% 9M21 2018 2019 Net loans, FC 2020 Client deposits, GEL 9M21 Net loans, GEL Currency-blended loan yield Client deposits, FC Currency-blended cost of deposits Starting from 3Q21, Wealth Management business has been reclassified from Corporate and Investment Banking to Retail Banking segment. The comparative periods have been restated accordingly 69#70CIB LOAN BOOK AND DEPOSITS MARKET SHARE - LOANS TO LEGAL ENTITIES* MARKET SHARE - DEPOSITS OF LEGAL ENTITIES* 33.0% 32.0% 31.0% 30.3% 30.9% 28.8% Dec-18 Dec-19 Dec-20 Sep-21 CIB LOANS GEL MILLIONS +9.2% 5,056 4,629 3,744 2,562 Dec-18 Dec-19 Dec-20 Sep-21 37.3% 31.5% Dec-18 Dec-19 Dec-20 Sep-21 CIB DEPOSITS GEL MILLIONS 2,420 2,205 Dec-18 -21.6% 4,888 3,831 Dec-19 Dec-20 Sep-21 * Market shares by loans and deposits of legal entities based on standalone accounts of the banks published by the National Bank of Georgia 70#71CIB LOAN BOOK AND DEPOSITS HIGHLIGHTS Leading corporate bank in Georgia Integrated client coverage in key major sectors of the Georgian economy 2,434 active corporate customers* served by dedicated relationship bankers at 30 September 2021 GROSS LOAN BOOK BY SECTOR | SEP-21 Mining & quarrying Health & social work Top 10 CIB borrowers - 26.7% of CIB loan book 2.9% Financial intermediation_ 2.9% Electricity, gas &. water supply 8.4% 2.3% Other Manufacturing 15.8% 19.7% Construction 1.5% Trade 9.1% Hospitality 14.6% Real estate 15.9% Service 4.4% Transport & Communication- 2.5% Top 20 CIB borrowers - 37.1% of CIB loan book DEPOSITS BY CATEGORY | SEP-21 Time deposits, 31.0% Current accounts and demand deposits, 69.0% DEPOSITS BY CURRENCY | SEP-21 * Active business customer - a legal entity, who had at least one active credit product, has performed at least one debit transaction, or had any type of deposit with above certain threshold balance during last three months Client deposits, FC, 35.6% Client deposits, GEL, 64.4% 71#72CIB LOAN YIELD, COST OF DEPOSITS AND NIM CIB LOAN YIELD I QUARTERLY CIB LOAN YIELD I NINE MONTHS 13.0% 13.2% 13.0% 13.3% 14.1% 8.6% 8.5% 8.7% 7.7% 7.3% 7.2% 8.7% 8.6% Loan Yield ■3Q20 Loan yield, GEL ■2Q21 Loan yield, FC 3Q21 CIB COST OF DEPOSITS I QUARTERLY 7.7% 7.4% Loan Yield Loan yield, GEL ■9M20 9M21 Loan yield, FC CIB COST OF DEPOSITS I NINE MONTHS 7.8% 7.4% 8.1% 5.2% 5.0% 5.6% 7.6% 8.0% 5.4% 4.7% 0.8% 0.6% 0.4% 0.6% 0.6% Cost of deposits Cost of deposits, GEL Cost of deposits, FC 3Q20 2Q21 3Q21 Cost of deposits Cost of deposits, GEL Cost of deposits, FC ■9M20 9M21 CIB NIMI QUARTERLY 5.5% 4.9% CIB NIMI NINE MONTHS 4.3% 4.9% 4.2% 3Q20 2Q21 3Q21 9M20 9M21 72#73GALT & TAGGART - BROKERAGE GALT & TAGGART ■ ◉ LARGEST INVESTMENT BANK IN GEORGIA BROKERAGE Leading brokerage house in ☐ the region Exclusive partner of SAXO Bank via white label structure ◉ RESEARCH 73 GALT & TAGGART GALT & TAGGART BROKERAGE-GROSS REVENUES AND NET MARGINS* CREATING OPPORTUNITIES GEL MILLIONS NET 49.9% 54.4% 54.7% 44.5% 54.6% MARGIN 2.0 2.0 1.9 1.7 1.4 1.6 1.5 1.3 1.0 1.0 SAXO BANK 0.4 0.4 0.5 0.6 0.7 3Q20 4Q20 1Q21 2Q21 3Q21 Traditional Brokerage Online Brokerage** Macro, sector, and fixed income coverage Global market coverage DCM/ECM ■ Leading player on the local market • Lead manager of choice for corporates as well as IFIs CORPORATE ADVISORY Track record of more than 30 completed transactions over the past ten years GLOBAL FINANCE Best Investment Bank in Georgia 2015-2020 Gross revenue stands for brokerage revenues before subtracting any brokerage and third-party brokerage fees; net margins are post these fees Offered through the white label solution from SAXO Bank With investment phase behind, Galt & Taggart Brokerage business is now profitable FOCUS ON DIGITALISING BROKERAGE OFFERINGS SIGNIFICANT MILESTONES TOWARDS DIGITALISATION ACHIEVED IN 2020 DIGITAL ERP SYSTEM DASHBOARD TRADER.GE MOBILE APP SOLUTION POWERED BY AI ERP system enhancement to increase operational efficiency Launched Client Dashboard to improve customer experience and transparency Galt & Taggart Trader website enhancement to increase customer engagement Develop mobile app in 2021 Gearing towards fully digital solution powered by Al FOCUSING ON MOBILE AND FULLY DIGITAL SOLUTIONS#74DIGITAL AREA ECOSYSTEM OVERVIEW ON-DEMAND CHILDCARE FULLY AUTOMATED INFLUENCER MARKETING UNIVERSAL MARKETPLACE CHARITY SUPPORT PLATFORM ONLINE PHYSIOTHERAPY ONLINE BRANDING PLATFORM SELF-GUIDED TOURS AND TICKETS MARKETPLACE FOR GROUP TOURS. REAL ESTATE ECOSYSTEM Corebook YOU A TRAVEL ME y nanny 369300 ONLINE CAR RENTALS MARKETPLACEWEGOTRIP Tripcars HOPSITALITY MANAGEMENT SOLUTION INTERNATIONAL VEHICLE AUCTIONS PREDICTIVE ANALYTICS FOR FARMERS LOGISTICS & DELIVERY CAR MAINTENANCE OUTSOURCING MODERN TECHNOLOGIES FOR FARMERS CARDEAL AREA GE LOYALTY extra.ge DIGITAL AREA izi OPTIMO COUPONS AND DISCOUNTS kvalifika Phubber adapter AGROLABS CARU N FINMAP PAVZE ON DEMAND FREIGHT LOGISTICS SIMP LIUM SOFTWARE FOR MODELING URBAN AREAS Quick Cash" S lil KERNEL B2C S SAAS PLATFORM FOR CLIENT AUTHENTICATION FASHION SHOPPING MARKETPLACE GROWTH MANAGEMENT FOR ONLINE SHOPS SIMPLE FINANCIAL TOOLS DIGITAL ADAPTATION PROGRAM FOR BUSINESSES TAB-LESS BROWSER FOR PRODUCTIVITY INTELLIGENT EMPLOYEE REFERRALS AI BASED E-COMMERCE SOLUTION AI DIGITAL LENDING INFRASTRUCTURE NATURAL LANGUAGE TRAINING TOOL MULTICHANNEL CUSTOMER ENGAGEMENT SOFTWARE INNOVATIVE DIGITAL SOLUTION FOR MSME TELECOMMUNICATION SOLUTION FINANCIAL MANAGEMENT TOOL FOR SME E-COMMERCE PAYMENTS 74#75DIGITAL AREA ECOSYSTEM OVERVIEW SINCE JUNE 2019 extra.ge launch of web platform largest e-commerce marketplace launch on IOS and Android apps website redesign optimo.ge launch of merchant services launch of digital transformation for MSMEs adapter.ge launch of web platform " area.ge launch of real estate marketplace mortgage prequalification with Bank of Georgia IZibox - launch of full logistic services ■ Accelerated 28 local and international startups INVESTED US$ 8.4 MLN 2018-9M21 COMING SOON extra.ge mobile app (IOS & Android) redesign top of mind e-commerce platform and best in class customer services in Georgia launch of loyalty programme further enrichment of delivery functionality optimo.ge launch of loyalty programme Launch of Optimo Lite launch of HORECA programme area.ge additional premium services accelerate the uptake of real estate sales management tool with developer companies Continue partnerships with other ecosystem players Digital Area ecosystem data harnessing PLAN TO INVEST US$ 3-10 MLN 2021-2023 75#76CONTENTS COVID-19 PANDEMIC AND MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 3Q21 AND 9M21 RESULTS GEORGIAN MACRO OVERVIEW APPENDICES | CORPORATE GOVERNANCE 76#77STRONG INSTITUTIONAL INVESTORS SUPPORT TOP SHAREHOLDERS Rank Shareholder name BANK OF GEORGIA GROUP PLC As of 30 Sep 2021 Ownership SHAREHOLDER STRUCTURE As of 30 Sep 2021 1 JSC Georgia Capital* 19.90% 2 Fidelity Investments 6.20% 4% 3 Harding Loevner LP 4.47% 4 Van Eck Associates Corporation 3.46% 37% 5 Dimensional Fund Advisors (DFA) LP 3.01% 6 Standard Life Investments 2.52% 3% Vanguard Group Inc 3% 26% Unvested and unawarded shares for management and employees ■Vested shares held by management and employees ■US ■ UK/Ireland ■Luxembourg ■Scandinavia 2.34% 4% 23% 8 Prosperity Capital Management Ltd 2.30% Other** 9 M&G Investment Management Ltd 2.22% 10 Tiger Management Ltd 2.06% * 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 77#78BOARD OF DIRECTORS ROBUST CORPORATE GOVERNANCE BASED ON UK CORPORATE GOVERNANCE CODE Neil Janin, Independent Non-Executive Chairman Experience: formerly Director at McKinsey & Company in Paris; formerly co-chairman of the commission of the French Institute of Directors (IFA); formerly Chase Manhattan Banking New York and Paris. Archil Gachechiladze, Chief Executive Officer Experience: with the Group since 2009; originally joined as Deputy CEO, Corporate Banking; formerly: CEO of Georgian Global Utilities (formerly part of BGEO Group PLC). Over 17 years' experience in the financial services. 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. Al Breach, Independent Non-Executive Director Experience: Director of Gemsstock Ltd, The Browser and Furka Holdings 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 President of Georgia. Jonathan Muir, Independent Non-Executive Director Experience: CEO of Letter One Holdings SA and of LetterOne Investment Holdings; formerly: CFO and Vice President of Finance and Control of TNK-BP, Partner at Ernst & Young. 78 Cecil Quillen, Independent Non-Executive Director Experience: Partner at Linklaters LLP with nearly 30 years of experience in working on a broad spectrum of securities and finance matters. Véronique McCarroll, Independent Non-Executive Director Experience: 30 years' 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' in Financial Services; formerly: Head of Georgia's Investors Council Secretariat, Deputy CEO at TBC Bank, banking appointments at the EBRD.#79HIGHLY EXPERIENCED MANAGEMENT TEAM SENIOR EXECUTIVE COMPENSATION POLICY APPLIES TO TOP EXECUTIVES AND ENVISAGES LONG-TERM DEFERRED AND DISCRETIONARY AWARDS OF SECURITIES AND NO CASH BONUSES TO BE PAID TO SUCH EXECUTIVES 79 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 and MBA from Cornell University. 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 an 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 a 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 an MBA from Tbilisi State University.#80HIGHLY EXPERIENCED MANAGEMENT TEAM 80 Etuna Iremadze, Deputy CEO, Premium Business 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 Group - Head of Blue Chip Corporate Banking Unit covering structured lending, M&As, significant buyouts in Georgia, project financing. Holds an 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 Group Senior Corporate Banker, FMCG Sector Head and Deputy Head of Corporate Banking. Holds an 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, 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 recent appointment 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, held several positions in international organisations - EBRD, the World Bank, GTZ, served as a 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 and 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, held various senior positions in local and international financial institutions. Holds MSc in Finance from Cass Business School in London.#81CONTENTS COVID-19 PANDEMIC AND MACROECONOMIC HIGHLIGHTS GROUP OVERVIEW AND STRATEGY 3Q21 AND 9M21 RESULTS GEORGIAN MACRO OVERVIEW APPENDICES | FINANCIAL AND OPERATING INFORMATION 81#82GROUP INCOME STATEMENT 82 Change Change Change GEL thousands, unless otherwise noted 3Q21 3Q20 2Q21 9M21 9M20 y-o-y 9-0-9 y-o-y 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 466,265 (222,976) 243,289 105,992 407,666 (203,636) 14.4% 446,636 4.4% 1,341,482 1,175,029 14.2% 204,030 9.5% (218,387) 19.2% 228,249 2.1% (657,613) (598,982) 9.8% 6.6% 683,869 576,047 18.7% 71,793 47.6% 94,727 11.9% 277,165 197,076 40.6% (43,516) (26,261) 65.7% (37,521) 16.0% (108,833) (78,531) 38.6% 62,476 45,532 37.2% 57,206 9.2% 168,332 118,545 42.0% 33,346 19,179 73.9% 22,082 51.0% 74,604 72,583 2.8% 8,706 7,750 12.3% 27,438 -68.3% 59,627 23,457 154.2% 347,817 276,491 25.8% 334,975 3.8% 986,432 790,632 24.8% (71,551) (58,171) 23.0% (68,812) 4.0% (200,586) (175,365) 14.4% (32,342) (24,443) 32.3% (30,068) 7.6% (85,973) (73,914) 16.3% (23,448) (19,125) 22.6% (22,354) 4.9% (68,363) (61,654) 10.9% (661) (128,002) Profit (Loss) from associates 223 Operating income before cost of risk 220,038 (873) (102,612) 214 174,093 -24.3% (584) 13.2% (2,257) (2,845) -20.7% 24.7% 4.2% 26.4% (121,818) 5.1% (357,179) (313,778) 13.8% (4,299) NMF (3,909) 628 NMF 208,858 5.4% 625,344 477,482 31.0% Expected credit loss on loans to customers (8,192) (5,836) 40.4% 25,140 NMF (11,288) (222,404) -94.9% Expected credit loss on finance lease receivables 70 (2,371) Other expected credit loss and impairment charge on other assets and provisions (5,462) (2,735) Cost of risk (13,584) (10,942) Net operating income before non-recurring items 206,454 Net non-recurring items (479) 163,151 254 Profit before income tax expense 205,975 Income tax expense Profit (20,671) 185,304 163,405 (15,051) 148,354 NMF 99.7% 24.1% 26.5% NMF (67) 26.1% 222,824 37.3% (20,654) 24.9% 202,170 (683) NMF (1,543) (7,644) -79.8% (10,424) 14,033 222,891 -47.6% (30,838) (32,518) -5.2% NMF -7.4% (43,669) 581,675 (262,566) -83.4% 214,916 NMF NMF (528) (41,332) -98.7% -7.6% 581,147 173,584 NMF 0.1% (54,749) (10,491) NMF -8.3% 526,398 163,093 NMF Profit attributable to: - shareholders of the Group - non-controlling interests Earnings per share (basic) Earnings per share (diluted) 184,462 842 147,704 650 24.9% 29.5% 201,239 -8.3% 523,915 162,363 NMF 931 -9.6% 2,483 730 NMF 3.90 3.11 25.4% 4.21 -7.4% 10.98 3.41 NMF 3.80 3.11 22.2% 4.19 -9.3% 10.79 3.41 NMF#83GROUP BALANCE SHEET Change Change GEL thousands, unless otherwise noted Sep-21 Sep-20 Jun-21 y-o-y 9-0-9 Cash and cash equivalents 1,274,079 2,154,224 -40.9% Amounts due from credit institutions 1,904,747 1,980,195 -3.8% 1,719,058 2,035,487 -25.9% -6.4% Investment securities 2,282,983 2,205,244 3.5% 2,149,725 6.2% Loans to customers and finance lease receivables 15,579,496 13,627,144 14.3% 14,789,371 5.3% Accounts receivable and other loans 2,591 4,935 -47.5% 2,475 4.7% Prepayments 44,540 32,021 39.1% 33,903 31.4% Inventories Right-of-use assets Investment property Property and equipment Goodwill Intangible assets 11,418 11,406 0.1% 10,476 9.0% 79,174 85,859 -7.8% 81,865 -3.3% 232,446 221,517 4.9% 235,649 -1.4% 377,287 390,401 -3.4% 387,014 -2.5% 33,351 33,351 0.0% 33,351 0.0% 140,386 117,941 19.0% 138,341 1.5% Income tax assets 479 40,484 -98.8% 190 152.1% Other assets 192,810 216,159 -10.8% 189,311 1.8% Assets held for sale 54,765 46,072 18.9% 45,294 20.9% Total assets 22,210,552 21,166,953 4.9% 21,851,510 1.6% Client deposits and notes 13,312,965 12,985,039 2.5% 13,944,383 -4.5% Amounts owed to credit institutions 4,037,523 3,757,646 7.4% 3,224,577 25.2% Debt securities issued 1,537,593 1,628,188 -5.6% 1,515,511 1.5% Lease liabilities 87,099 98,522 -11.6% 91,670 -5.0% Accruals and deferred income 66,449 43,474 52.8% 54,626 21.6% Income tax liabilities Other liabilities 92,784 168,385 70,854 31.0% 74,704 24.2% 212,093 -20.6% 132,678 26.9% Total liabilities Share capital Additional paid-in capital 19,302,798 1,618 496,708 18,795,816 2.7% 19,038,149 1.4% 1,618 0.0% 1,618 0.0% 513,407 -3.3% 511,273 -2.8% Treasury shares (66) (54) 22.2% (52) 26.9% Other reserves 6,139 38,201 -83.9% 11,975 -48.7% Retained earnings 2,390,255 1,807,432 32.2% 2,275,882 5.0% Total equity attributable to shareholders of the Group 2,894,654 2,360,604 22.6% 2,800,696 3.4% Non-controlling interests 13,100 10,533 24.4% 12,665 3.4% Total equity 2,907,754 2,371,137 22.6% 2,813,361 3.4% Total liabilities and equity 22,210,552 21,166,953 4.9% 21,851,510 1.6% Book value per share 61.37 49.67 23.6% 58.86 4.3% 83#84BNB FINANCIAL HIGHLIGHTS INCOME STATEMENT HIGHLIGHTS Change Change Change 3Q21 3Q20 2Q21 9M21 9M20 GEL thousands, unless otherwise noted y-o-y 9-0-9 y-o-y Net interest income 9,300 8,735 6.5% 9,752 -4.6% 27,399 27,361 0.1% Net fee and commission income 1,515 1,220 24.2% 1,622 -6.6% 4,707 4,410 6.7% Net foreign currency gain/(loss) 3,293 (42) NMF 3,029 8.7% 9,868 4,238 132.8% Net other income/ (expense) Operating income 496 (110) NMF 53 NMF 313 573 -45.4% 14,604 9,803 49.0% 14,456 1.0% 42,287 36,582 15.6% Operating expenses (9,676) (7,812) 23.9% (9,656) 0.2% (27,675) (24,616) 12.4% Operating income before cost of risk 4,928 1,991 147.5% 4,800 2.7% 14,612 11,966 22.1% Cost of risk (1,560) (1,449) 7.7% 1,061 NMF (1,254) (6,799) -81.6% Net non-recurring items (138) 36 NMF (277) -50.2% (481) 2 NMF Profit before income tax 3,230 578 NMF 5,584 -42.2% 12,877 5,169 149.1% Income tax (expense) / benefit (515) 76 NMF (1,222) -57.9% (2,463) (966) 155.0% Profit 2,715 654 NMF 4,362 -37.8% 10,414 4,203 147.8% BALANCE SHEET HIGHLIGHTS Change Change Sep-21 Sep-20 Jun-21 GEL thousands, unless otherwise noted y-o-y 9-0-9 Cash and cash equivalents 146,716 155,782 -5.8% 122,271 20.0% Amounts due from credit institutions 9,245 14,614 -36.7% 56,967 -83.8% Investment securities 85,399 74,936 14.0% 95,899 -10.9% Loans to customers and finance lease receivables 657,568 702,231 -6.4% 657,473 0.0% Other assets 51,087 47,394 7.8% 45,624 12.0% Total assets 950,015 994,957 -4.5% 978,234 -2.9% Client deposits and notes 465,203 596,360 -22.0% 493,355 -5.7% Amounts owed to credit institutions 326,715 209,535 55.9% 329,063 -0.7% Debt securities issued 7,195 49,214 -85.4% 6,583 9.3% Other liabilities Total liabilities Total equity Total liabilities and equity 12,944 22,188 -41.7% 15,696 -17.5% 812,057 877,297 -7.4% 844,697 -3.9% 137,958 117,660 17.3% 133,537 3.3% 950,015 994,957 -4.5% 978,234 -2.9% 84#85KEY RATIOS 3Q21 3Q20 2Q21 9M21 9M20 Profitability ROAA, annualised ROAE, annualised RB ROAE CIB ROAE Net interest margin, annualised RB NIM CIB NIM Loan yield, annualised RB Loan yield CIB Loan yield Liquid assets yield, annualised Cost of funds, annualised 3.3% 3.0% 3.6% 3.2% 1.1% 25.7% 26.0% 29.4% 25.7% 9.9% 23.4% 26.2% 22.1% 22.2% 7.0% 31.4% 28.9% 42.6% 32.8% 15.3% 5.0% 4.8% 4.7% 4.8% 4.7% 4.2% 4.4% 4.1% 4.2% 4.2% 5.5% 4.2% 4.9% 4.9% 4.3% 10.6% 10.7% 10.4% 10.4% 10.6% 11.4% 11.6% 11.1% 11.2% 11.5% 8.7% 8.6% 8.5% 8.6% 8.7% 3.6% 3.3% 3.3% 3.4% 3.5% 4.7% 4.7% 4.5% 4.6% 4.8% Cost of client deposits and notes, annualised 3.6% 3.8% 3.5% 3.6% 3.5% RB Cost of client deposits and notes 2.5% 3.1% 2.6% 2.6% 2.9% CIB Cost of client deposits and notes 5.6% 5.2% 5.0% 5.4% 4.7% Cost of amounts due to credit institutions, annualised 8.0% 6.9% 6.9% 7.0% 7.3% Cost of debt securities issued 6.8% 7.0% 7.0% 6.9% 7.5% Operating leverage, y-o-y 1.1% 1.9% 23.9% 10.9% -6.4% Operating leverage, q-o-q Efficiency Cost income RB Cost/income CIB Cost/income -1.2% 17.8% -3.1% 0.0% 0.0% 36.8% 37.1% 36.4% 36.2% 39.7% 45.9% 41.3% 46.0% 44.6% 46.9% 16.6% 21.8% 15.9% 17.1% 20.5% * For the description of Key Ratios, refer to page 88 85#86KEY RATIOS 3Q21 3Q20 2Q21 9M21 9M20 Liquidity NBG liquidity coverage ratio (minimum requirement 100%) 112.7% 147.0% 124.5% 112.7% 147.0% Liquid assets to total liabilities 28.3% 33.7% 31.0% 28.3% 33.7% Net loans to client deposits and notes 117.0% 104.9% 106.1% 117.0% 104.9% Net loans to client deposits and notes + DFIs 102.1% 92.1% 93.2% 102.1% 92.1% Leverage (times) 6.6 7.9 6.8 6.6 7.9 Asset Quality: NPLs (in GEL) 413,626 530,631 524,964 413,626 NPLs to gross loans to clients 2.6% 3.8% 3.5% 2.6% 530,631 3.8% NPL coverage ratio 90.9% 76.8% 73.1% 90.9% 76.8% NPL coverage ratio, adjusted for discounted value of collateral 140.9% 131.4% 122.2% 140.9% 131.4% Cost of credit risk, annualised 0.2% 0.2% -0.6% 0.1% 2.4% RB Cost of credit risk 0.4% 0.7% 0.3% 0.7% 2.7% CIB Cost of credit risk -0.3% -0.8% -2.4% -1.0% 1.9% Capital Adequacy: NBG (Basel III) CET1 capital adequacy ratio 12.8% 9.9% 12.5% 12.8% 9.9% Minimum regulatory requirement 11.0% 6.9% 11.1% 11.0% 6.9% NBG (Basel III) Tier I capital adequacy ratio 14.6% 12.0% 14.4% 14.6% 12.0% Minimum regulatory requirement 13.2% 8.7% 13.4% 13.2% 8.7% NBG (Basel III) Total capital adequacy ratio 19.2% 17.3% 19.1% 19.2% 17.3% Minimum regulatory requirement 17.3% 13.3% 17.7% 17.3% 13.3% * For the description of Key Ratios, refer to page 88 86#87KEY OPERATING DATA Sep-21 Sep-20 Jun-21 Selected operating data: Total assets per FTE 2,886 2,976 2,863 Number of active branches, of which: 212 211 211 - Express branches 107 105 105 - Bank of Georgia branches 94 95 95 - Solo lounges 11 17 17 Number of ATMs 985 947 972 Number of cards outstanding, of which: 2,078,033 2,184,591 2,079,786 - Debit cards 1,894,260 1,879,970 1,889,213 - Credit cards 183,773 304,621 190,573 Number of POS terminals Number of Express Pay terminals FX Rates: 35,793 25,706 33,772 3,130 3,130 3,141 GEL/US$ exchange rate (period-end) 3.1228 3.2878 GEL/GBP exchange rate (period-end) 4.2198 4.2255 3.1603 4.3754 Full time employees (FTE), of which: 7,695 7,112 7,633 - Full time employees, BOG standalone 6,108 5,598 6,050 - Full time employees, BNB 542 538 543 - Full time employees, other 1,045 976 1,040 Shares outstanding Ordinary shares Treasury shares Total shares outstanding 47,168,814 2,000,614 47,528,417 49,169,428 1,641,011 49,169,428 47,578,565 1,590,863 49,169,428 87#88KEY RATIO DEFINITIONS Cost of funds Interest expense of the period divided by monthly average interest bearing liabilities; 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 NBG) divided by net cash outflows over the next 30 days (as defined by 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 instructions; 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 instructions; 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 instructions; 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 NBG) divided by the required amount of stable funding (as defined by 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 88#89COMPANY 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 (9282) 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 89