BGEO Group Financial Update

Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 Source: NBG 5% 0% Azerbaijan 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 -13 May-13 Gross International Reserves, US$ bn Net Foreign Assets, US$ bn 10% Georgia 15% Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sen-14 Sep-14 FX Reserves Foreign reserves at adequate level Reserves sufficient to finance more than 3 months of merchandise and services imports NBG intervened moderately at the beginning of 2015 Monetary policy rates 25% ■ End-2014 ■Latest-2015 20% Turkey Source: Central banks Note: Latest data as of 9 November 2015 Armenia Nov-14 15 Jan-15 Mar-15 May-15 Jul-15 Sep-15 250 220 3.5 200 3.0 150 2.5 100 2.0 50 1.5 0 1.0 -50 0.5 -100 0.0 -80 -150 Policy rate lower in Georgia vs peers 30% Russia Kazakhstan Moldova Ukraine Belarus Jan-14 Feb-14 Mar-14 Apr-14 May-14 May-14 Jun-14 +1-mc +I-unc ■NBG monthly net interventions US$... page 66 Source: NBG Aug-14 1-any Sep-14 Sep-14 40 40 120 US$ sale 40 40 27 20 Oct-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Api-15 May-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 US$ purchase Oct-15

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