Investor Presentaiton

Fiscal indicators: The worst seems past Overall fiscal balance of the state budget GEL mln 0 0% 2006 2007 2008 2009 2010F 2011F -200 -1% (468.9) -400 (815.7) -2% (935.7) -600 -3% (1,258.6) (1,390.1) -4.5% -800 -4% -3.4% (1,720.5) -1,000 -5% -4.8% -1,200 -6% -1,400 -7% -6.6% -7.3% -1,600 -8% -1,800 -9% -2,000 -9.4% -10% Overall fiscal balance Fiscal revenue performance GEL mln 700.0 600.0 500.0 400.0 300.0 200.0 100.0 Overall fiscal balance as % of GDP 0.0 January February March April May ■2007 June July August September October November December 2008 2009 2010 Source: National Bank of Georgia, National Statistics Office of Georgia Labkon BANK OF GEORGIA www.bog.ge/ir November 2010 Page 43

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