Bank of Georgia Financial Overview

Strengthening operating leverage as operating costs grow at half the rate of revenue Operating costs, annual Operating costs, quarterly +13.9% y-0-y +8.9% y-0-y 250.0 195.0 199.8 200.0 11.7 217.6 93 27.3 GEL mln 28.0 I 57.5 57.3 25.4 60.0 50.3 3.0 150.0 61.9 3.6 57.3 61.0 50.0 I 6:1 7.7 6.8 I 40.0 100.0 16.2 15.8 15.6 30.0 50.0 100.5 104.6 119.1 20.0 27.2 30.7 31.2 10.0 2009 ■Salaries and other employee benefits ■Depreciation and amortisation 2010 2011 ■Selling and administrative expenses ■Other operating expenses Net non-operating expenses, operating income before cost of credit, annual Full goodwill Q1 2011 ■Salaries and other employee benefits ■Depreciation and amortisation Q4 2011 Q1 2012 ■Selling and administrative expenses Other operating expenses Net non-operating expenses, operating income before cost of credit, quarterly +52.2% y-0-y GEL mln GEL mln impairment of 223.6 250.0 70.0 61.6 59.5 BG Bank of GEL 68.0 mln Full goodwill 60.0 200.0 146.9 impairment of BNB 50.0 40.3 BNB goodwill impairment 150.0 99.9 of GEL 23.4 mln 40.0 100.0 30.0 20.0 50.0 10.0 (50.0) (100.0) (73.6) 2009 2010 (0.7) (29.3) 2011 (10.0) (0.1) (20.0) Q1 2011 (9.7) Q4 2011 (4.4) Q1 2012 LAUKO 5630 BANK OF GEORGIA ■Net non-operating expenses, including impairements Operating income before cost of credit risk www.bogh.co.uk www.bankofgeorgia.ge/ir ■Net non-operating expenses, including impairements Operating income before cost of credit risk May 2012 Page 12

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