Bank of Georgia Financial Analysis

DELIVERING ON GROUP STRATEGY SUCCESSFUL TRACK RECORD OF DELIVERING STRONG RESULTS BANKING BUSINESS KEY TARGETS 1 26.1% 2 25.2% Loan book 24.5% 21.4% 15.9% ROAE 20%+ 21.9% 22.2% growth 15%-20% 20.8% 2015 2016 2017 2018* 2015 2016 2017 2018 3 Robust Capital Management Track Record Regular Dividends Capital position: We aim to maintain +200bps buffer over minimum regulatory requirement Payout 30% 36% 33% 34% 32% 30% 30% ratio: 4.0% 4.4% 3.1% 3.1% 3.2% 2.4% 2.7% Maintain regular dividend payouts: Aiming 25-40% dividend payout ratio GEL 500mln+ cash dividend paid since 2013, with payout ratio above 30% over past 6 years Management trust buybacks: GEL 52.Omln share buy-backs in 2018 GEL millions 122 98 102 72 80 51 2013 2014 2015 2016 Total dividend paid during the year 2017 2018 2019 Dividend yield** BANK OF GEORGIA * 2018 results adjusted for GEL 30.3mln demerger related costs, GEL 8.0mln demerger related corporate income tax gain, and GEL 30.3mln one-off impact of re-measurement of deferred tax balances ** Dividend yield for 2013-2018 years is calculated based on the closing price of the shares immediately prior to ex-dividend date. Dividend yield for 2019 is calculated based on the closing price of the shares on 18 February 2019 LO 5

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