Investor Presentaiton

Banking Business | Keeping Keeping a tight grip on costs Operating expenses | nine-month Banking Business Operating expenses | quarterly Banking Business GEL millions 250 +24.1% 196.7 200 158.5 2.4 25.2 2.3 150 18.9 52.7 42.0 100 50 95.3 0 116.4 9M 2014 Salaries and other employee benefits ■Banking depreciation and amortisation 9M 2015 Administrative expenses Other operating expenses GEL millions +20.9% +1.4% 65.2 66.2 70 54.7 0.9 0.6 60 0.6 8.3 8.5 50 6.4 17.9 17.3 40 14.1 30 20 38.1 39.8 33.6 10 0 Q3 2014 Q2 2015 Q3 2015 ■Salaries and other employee benefits ■Banking depreciation and amortisation ■Administrative expenses Other operating expenses Operating income before cost of credit risk | nine-month Banking Business Operating income before cost of credit risk | quarterly Banking Business GEL millions 400 300 225.6 200 100 -100 -200 0 (51.3) 9M 2014 (126.8) 9M 2015 Cost of credit risk and net non-recurring items Operating income before cost of credit risk Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 353.5 GEL millions 140 120 100 1282848 81.6 80 60 40 20 0 -20 (15.6) -40 -60 Q3 2014 (44.2) Q2 2015 123.9 117.4 Cost of credit risk and net non-recurring itemss ■Operating income before cost of credit risk (39.7) Q3 2015 page 27

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