Fiscal and Loan Portfolio Analysis

Fiscal indicators: The worst seems past Overall fiscal balance of the state budget, 2004-2009F GEL mln 0.0 2006 2007 2008 2009F 0.0% 2010F 2011F -468.9 -400.0 -815.7 -2.0% -935.7 -1,258.6 -1,390.1 -4.5% -800.0 -3.4% -4.8% -4.0% -1,720.5 -1,200.0 -1,600.0 -2,000.0 -6.6% -9.4% -7.3% Overall fiscal balance Overall fiscal balance as % of GDP Overall fiscal balance of the state budget, 2004-2009F GEL mln 700.0 600.0 500.0 400.0 300.0 200.0 100.0 305.5 303.5 266.4 263.2 319.6 266.0 379.5 499.5 573.2 308.4 0.0 January February March April May June ■2007 2008 2009 Lobko BANK OF GEORGIA www.bog.ge/ir -6.0% -8.0% -10.0% July August September October November December March 2010 Page 16

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