Investor Presentaiton

m² Real Estate | Leading real estate development company (1/2) Outstanding Track Record ■ Core business activities: the company develops, sells and manages residential apartments 2 Completed Projects Total sales US$56.9mln • Number of apartments: 645 . Total Project Cost: US$48.6mln Land value materialized: US$6.3mln • Total net income: US$7mln Revenue Dynamics (GEL' thousand) Fast Growing Company 13,752 10,478 EBITDA Dynamics (GEL' thousand) 73% 63% 51% 8,616 7,600 2,314 4,574 Total sales US$70.6mln, yet to be recognised as revenue 5 On-going Projects • Number of apartments (under construction): 1843 2012 2013 2014 Total Project Cost: US$130 mln Total expected net income: US$21.5 mln • Land value to be materialized: US$15.9mln Note: m² Affordable Housing Business figures only Project Initiation Value Creation 2012 2013 2014 EBITDA EBITDA Margin 2010-2012 - BoG made a cash investment of GEL 5.0m (US$3m) with an idea to develop problem land plots seized after 2008 into an opportunity Testing the market and potential for value creation 2012-2015- After successful completion of two projects and launch of five ongoing projects, M2 has become a leading real estate company with significant potential for growth Value Creation Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 The Group generates an IRR of more than 30%, leveraging on M2's successful track record of completed projects Source: Company information. Conversion form US$ to GEL was done using current exchange rate as at 31 December 2014. page 45

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