Q3 2009 Results Overview

• . Strategy from 2004 to 2008 Growth! Growth! Growth! -Universal banking model focusing on market share growth in Georgia Particular emphasis on high margin retail banking business and number of retail customers driven by novel product offerings Investing in consumer driven non-core businesses to benefit from the growth of Georgia's economy ⚫ Expand in CIS banking markets through acquisitions in order to create new "pockets" of growth What was done . Market share in total assets in Georgia grew from 17% to 33% - achieving 721% balance sheet growth over 4 years Number of retail current accounts grew from c.50,000 to over 895,000 and share of retail portfolio in total loan book increased from 38% to 53% • Acquired banks in Ukraine and Belarus Invested in two most rapidly growing sectors through Liberty Consumer, an investment company focusing on consumer segment and SB Real Estate – real estate investment company Shortfalls Ukraine ⚫ Investing in non-core assets: profit contribution marginal for BoG, not worth of management time and conflict of interest with the Bank's core banking activity ⚫ Having realized our shortfalls, we have adapted our strategy and further enhanced management team Lobko BANK OF GEORGIA. www.bog.ge/ir Page 34 January 2010 Page 34

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