Management Target for 2010 Summary

Public debt Georgia's economy is quite unleveraged compared to other emerging market economies Georgia's public debt is 35.6% of GDP in 2009 down from 56% in 2003 Paris club rescheduling in 2001 and 2004 The external debt is all multilateral or bilateral and significant share is highly concessional This explains why the government debt service burden is low Eurobonds debut issuance of US$500 mln in April 2008, maturity date 2013 Breakdown of public debt US$ billion 5.0 60.0% 4.5 4.0- 52.7% 40.4% 3.5 3.0 32.6% 2.5 50.0% 1.0 40.0% 0.97 41.1% 30.0% 0.83 0.85 0.85 2.0 0.89 26.3% 28.7% 3.38 20.0% 1.5- 2.48 1.0 1.86 1.73 1.7 1.79 10.0% 0.5 0.0 2004A 2005A External public debt 2006A 2007A Internal public debt 2008A 0.0% 2009 A External public debt service US$ mln 200 8.8% 180 10 140 160 120 100 880 7.3% 7.1% 60 110.6 103.8 40 20 0 2004A 152.2 2005 A 2006A Total public debt as % of GDP Source: "The Georgian Economy Overview", Government of Georgia Presentation, Public debt as % of GDP, 2009 Russia Turkey 10.0% 9.0% Bulgaria 8.0% Ukraine 7.0% Lithuania 5.5% 6.0% Slovak Republic 5.0% Georgia 173.3 4.0% Poland 3.4% 2.9% 3.0% Latvia 102.1 118.7 2.0% Kazakhstan 1.0% Hungary 0.0% Estonia 2007A 2008A 2009F Czech Republic 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Source: World Bank, International Monetary Fund External debt service External debt service as % of budget revenue Source: "The Georgian Economy Overview", Government of Georgia Presentation, June 2009. Labkon BANK OF GEORGIA www.bog.ge/ir May 2010 Page 17

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