Expected Q4 2009 Financial Performance

. Enhancing governance: moving to classical two-tier board structure Bank of Georgia is introducing a classical two-tier board structure Management board will be led by the CEO Supervisory Board will be comprised of only non-executive directors, including the Chairman This move is aimed to further enhance Bank of Georgia's governance bringing it even closer to best market practice Current CEO/Executive Chairman management structure has served well when we were building the bank's internal structures New governance structure will be more effective now that the management team reporting to Irakli Gilauri is complete Current governance structure Supervisory Board 5 non-executive SB members 2 executive SB members • ⚫ Nick Enukidze, Chairman (oversaw IR, M&A, • Funding, Ukraine, Investment banking) ⚫ Irakli Gilauri, CEO (oversaw day-to-day management of the group) . New governance structure Supervisory Board . 7 non-executive SB members Nick Enukidze will be nominated for election as non- executive Chairman following 2010 AGM ⚫ His executive responsibilities will be redistributed to Irakli Gilauri and the management board Irakli Gilauri will resign from SB at 2010 AGM Management Board ⚫ Led by Irakli Gilauri, CEO . Includes 8 deputy CEOs (from only 3 deputy CEOs in 2008) Loka BANK OF GEORGIA www.bog.ge/ir Page 24 Management Board • Led by Irakli Gilauri, CEO Includes 8 deputy CEOs January 2010 Page 24

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