BGEO Group Financial Update

6% 5% 4% 3% 2% 1% 0% -1% -2% -3% Georgia TFP growth 3.65%. Productivity gains have been the main engine of growth since 2004 Overall contributions of capital, labour, and Total Factor Productivity (TFP) to growth, 1999-2012 Contributions of capital, labour, and TFP to growth during periods Source: Georgia Rising (2013), WB 10% Capital stock 1.60% 8% 6% 6.32% 3.86% 4% 3.65% 2% 2.25% 1.48% 1.56% 0% 0.67% -2.02% -2% Labor force 0.32% -4% 1999-2003 2004-2007 2008-2009 2010-2012 ■Capital stock ■Labor force ■TFP growth Real GDP growth projection, 2016-2017 Employed persons in business sector, '000 Sources: IMF, WEO October 2015 580 2016F ■2017F 570 560 550 540 530 520 510 Kyrgyz Rep. Kazakhstan Latvia Slovak Rep. Romania Macedonia Lithuania Moldova Estonia Azerbaijan Armenia Czech Rep. Bulgaria Russia Belarus 500 490 480 Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 Source: GeoStat 1Q14 2Q14 Source: Georgia Rising (2013), WB 3Q14 4Q14 1Q15 2Q15 page 53

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