Fiscal and Loan Portfolio Analysis

Summary * Operating environment in Georgia is improving and 2010 looks promising for Bank of Georgia: NPLs stabilized - 0.1% q-o-q decrease in Q4 2009 * Consumer confidence and economic activity is increasing with a 16% increase in client deposits in Q3 2009 and 8% q-o-q increase in client deposits in Q4 2009 National Bank of Georgia has highest FX reserves in Georgia's history – US$2+ bn, a 56% increase in FX reserves YTD A 12% y-o-y growth of VAT, a highly correlated measure to GDP, in January, suggests a healthy economic growth trend, that may result in higher than estimated 2% growth of 2010 GDP We came out strong from the downturn and are well positioned to take advantage of our high liquidity and strong capital to achieve growth at the right price.... *.....by implementing our strategy to become more efficient, deposit funded lending machine Lobko BANK OF GEORGIA www.bog.ge/ir Page 35 March 2010 Page 35

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