Investor Presentaiton

Demonstrated fiscal discipline and low public debt Fiscal deficit as % of GDP Breakdown of public debt Affordable public debt stock and very low interest rate on external public debt (US$mln) 2004 2005 2006 2007 2008 2009 2010 2011E 2012F 0% -1% -0.3% -2%- -3% -2.6% -4% -3.4% -3.6% -3.5% -5% -4.8% -6% -7% -6.5% -6.7% -8% -9% -10% -9.2% Source: Ministry of Finance of Georgia Public debt as % of GDP Domestic 1,122 21% Multilateral 57% External 4,201 79% Bilaterai 12% Eurobond 10% Source: Ministry of Finance of Georgia Government external debt service Portfolio Weighted Average Interest Rate as of 31 December 2011 2.0% 60% 52% US$ mln 50% 600 8% 7.1% 6.5% 40% 41% 37% 500 37% 35% 40% 5.4% 6% 33% 400 4.3% 4.7% 29% 3.7% 3.8% 26% 259 30% 35% 34% 300 256 4% 32% 2.7% 29% 20% 27% 28% 200 3.3% 2.9% 140 150 140 24% 66 59 21% 100 59 91 103 116 2% 17% 10% 0 0% 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012F 2013 2014 2018 2019 2020 Total public debt as % of GDP External public debt as % of GDP Other Loans Sources: Ministry of Finance of Georgia, Geostat BANK OF GEORGIA www.bogh.co.uk www.bankofgeorgia.ge/ir Gov't External Debt Service as % of Budget Revenues Source: Ministry of Finance of Georgia IMF (Budget Support) Gov't External Debt Service as % of Exports May 2012 Page 36

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