Investor Presentaiton

Demonstrated fiscal discipline and low public debt Fiscal deficit as % of GDP Breakdown of public debt 0% -0.3% -2% -2.6% -3.4% -4% -4.8% -6% -8% Fiscal deficit/GDP capped at 3% -6.5% -6.7% -2.8% -2.6% -3.0% -3.6% -3.0% -10% 2004 2005 2006 2007 2008 -9.2% 2009 2010 2011 2012 2013 2014E 2015F Fiscal Deficit as % of Nominal GDP Source: Ministry of Finance of Georgia Public debt as % of GDP Multilateral 53% Domestic 22% External 78% Source: Ministry of Finance of Georgia, as of end of 2014 Bilateral 13% Eurobond 9% Government external debt service External public debt portfolio weighted average interest rate 1.9% (Contractual maturity 23 years) US$ mln 70% 63% 60% Public debt/GDP capped at 60% 7.4% 500 8.0% 6.7% 450 6.2% 6.1% 7.0% 400 324.1 51% 304.9 6.0% 288.6 350 311.6 50% 45% 42% 40% 41% 5.0% 300 37% 36% 228.5 35% 36% 40% 35% 32% 250 200.9 4.0% 31% 34% 32% 30% 27% 26% 29% 28% 27% 27% 200 3.0% 21% 24% 150 2.0% 20% 17% 100 1.0% 50 10% 0 0.0% 0% 2015 2016 2017 2018 2019 2020 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E Multilateral Bilateral Eurobond 2021 Total public debt as % of GDP External public debt as % of GDP Sources: Ministry of Finance of Georgia, Geostat Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 External debt service as % of budget revenues Note: Debt service payments provided based on stock as of June 2015, budget ratios based on 2016 initial budget draft Source: Ministry of Finance of Georgia page 55

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