Investor Presentaiton

Public debt: No burden to Public Finances Georgia's economy is quite unleveraged compared to other emerging market economies Georgia's public debt is 40.8% of GDP in 2009 down from 58.0% in 2003 The external debt is all multilateral or bilateral and significant share is highly concessional This explains why the government debt service burden is low Eurobonds debut issuance of US$500 mln in April 2008, maturity date 2013 Breakdown of public debt US$ billion 6.0 4.0 60.0% 46.1% 5.0 52.5% 50.0% 1.03 40.3% 32.8% 1.00 40.8% 40.0% 0.97 3.0 26.4% 30.0% 0.83 28.5% 0.85 0.89 0.85 4.15 2.0 20.0% 3.38 2.68 1.86 10.0% 1.73 1.70 1.79 10 1.0 External public debt service US$ mln 180 8.8% 160 140 120 100 60 80 60 40 40 20 7.3% 7.1% 110.6 103.8 0 2004A 2005A 152.2 0.0 0.0% 2004A 2005A 2006A 2007A 2008A 2009 A 2010F External public debt Internal public debt Total public debt as % of GDP Source: "The Georgian Economy Overview", Government of Georgia Presentation, Public debt as % of GDP, 2009 Russia Turkey 10% 9% Bulgaria 8% Ukraine 7% Lithuania 6% 5.20% Slovak Republic 4.4% 5% 169.3 Georgia 4% 136.7 Poland 3.4% 118.7 3% 102.1 Latvia 2.9% 2% Kazakhstan Hungary 2006A 2007 A 2008A 2009A 1% 0% 2010F External debt service External debt service as % of budget revenue Source: "The Georgian Economy Overview", Government of Georgia Presentation, June 2009. Labkon BANK OF GEORGIA www.bog.ge/ir Estonia Czech Republic 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Source: World Bank, International Monetary Fund November 2010 Page 42

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