Investor Presentaiton

Revenues to expenditures Revenues and expenditures dynamics Expenditure as % of GDP GEL mln % 8,000 125% 6,876 123% 45% 7,000 120% 39% 37% 5,866 6,000 5,264 5,407 5,613 35% 5,399 34% 33% 115% 35% 31% 30% 29% 5,000 110% 26% 109% 4,000 25% 105% 3,000 100% 15% 2,000 97% 1,000 95% 5% 0 90% 2009 Revenues 2010 2011 -5% 2005 2006 2007 2008 2009 2010 2011E 2012F 2013F Current Expenditures Source: Ministry of Finance Capital vs. current expenditures Current revenue to Expenditure ratio Sources: Ministry of Finance, NBG 100% 86.9% 77.9% 74.4% 77.9% 74.9% 80% 60% 40% 20% 0% 13.1% 2003 22.1% 25.6% 22.1% 25.1% 2005 2007 2009 2011 Current Expenditures Capital Expenditures Source: Ministry of Finance BANK OF GEORGIA www.bogh.co.uk www.bankofgeorgia.ge/ir May 2012 Page 37

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