Investor Presentaiton

STRONG UNDERLYING PERFORMANCE Operating expenses* | quarterly Banking Business GEL millions +20.5% +12.6% 121.5 107.9 140 120 100.9 1.1 0.8 1.2 23.8 100 11.4 21.3 80 30.0 26.3 35.1 60 40 58.3 59.5 61.5 20 О Operating expenses* | full year Banking Business GEL millions 450 378.5 4.0 360 45.4 270 113.3 180 215.8 90 4Q18 3Q19 4Q19 2018 Other operating expenses Administrative expenses ■Depreciation, amortisation and impairment ■Salaries and other employee benefits Other operating expenses Administrative expenses Operating income before cost of risk* | quarterly Banking Business GEL millions 200 172.5 150 100 50 177.2 -50 4Q18 (43.0) 3Q19 (20.2) 4Q19 (15.8) Cost of risk and net non-recurring items Operating income before cost of risk BANK OF GEORGIA 187.9 +10.9% 419.9 4.2 78.1 106.2 231.4 2019 Depreciation, amortisation and impairment ■Salaries and other employee benefits Operating income before cost of risk* | full year Banking Business GEL millions 800 600 400 200 652.9 2018 2019 -200 (118.3) (182.9) Cost of risk and net non-recurring items Operating income before cost of risk * Operating expenses, operating income before cost of risk and net non-recurring items are adjusted for one-off costs. Please see details on one- offs on pages 66-67 for all the periods presented. 691.1 12 12

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