BGEO Group Financial Update

Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% net FDI to GDP Sources: Geostat, NBG CA deficit to GDP 2007 Currency devaluation by countries* *from 1 January 2014 to 9 November 2015 Source: Bloomberg, http://www.tradingeconomics.com/country-list/inflation-rate Current account deficit supported by FDI Current account deficit and FDI FDI and capital goods import 2008 2009 2010 2011 2012 2013 2014 30% Georgia Turkey Moldova USD/GEL USD/TRY 70% 60% 49.2% 49.8% 45.9% 50% 40% 34.8% 27.3% 29.3% 30% 25.2% 16.2% 20% 10% 0% Armenia USD/AMD Azerbaijan USD/AZN 63.8% 50% ■End-2014 45% 25% 40% 35% 20% 30% 25% 15% 20% 10% 15% 10% 5% 5% 0% 0% Belarus Russia Kazakhstan Ukraine USD/MDL USD/BYR USD/RUB USD/KZT USD/UAH LHS: Devaluation RHS: Inflation Azerbaijan Georgia Source: Central banks Turkey 20% 18% 17.2% 15.1% 16% 14% 12.2% 12% 10.6% 9.6% 10% 8.4% 7.1% 7.0% 7.3% 7.8% 6.7% 8% 6.1% 6% 6.7% 6.9% 6.5% 6.2% 4% 5.3% 5.0% 5.4% 5.8% 6.9% 5.9% 3.9% 2% 3.7% 0% FDI to GDP, % Capital goods imports to GDP, % Sources: Geostat, NBG Monetary policy rates Armenia Russia Kazakhstan Moldova page 59 Latest-2015 Ukraine Belarus

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