Bank of Georgia Financial Overview

Summary Operating environment in Georgia is improving and 2010 looks promising for Bank of Georgia: Consumer confidence and economic activity is increasing with a 11.5% q-o-q and 40.3% y-o-y increase in client deposits in Q3 2010; GDP real growth rate: 8.4% y-o-y Q2 2010; 6.0% 2010F; growth mainly driven by donor money inflows, export growth and credit growth in nine months 2010; VAT collection up by 20%+ y-o-y in recent months, YTD 2010 trade turnover up by 16.9% y-o-y, NBG reserves still on high level at around USD 2 bln, exceeding M2 by 1.5 times Positive operating leverage achieved of 2.6% y-o-y and positive consecutive q-o-q normalized operating leverage of 3.7% driven by: Second consecutive decrease of cost of funds, 8.6% in Q1 2010, 8.4% in Q2 2010, 7.9% in Q3 2010, as a result of deposit rate cuts Solid growth of higher yielding retail loan book up 21.3% YTD Increase of Net Interest Income as lending activity picked up Record high: Revenue of GEL 91.2 mln, up 10.5% q-o-q, up 15.0% y-o-y Normalized net operating income of GEL 40.1 mln, up 15.6% q-o-q, up 16.9% y-o-y Gross loans up 3.1% q-o-q, up 23.1% y-o-y Client deposits up 11.5% q-o-q, up 40.3% y-o-y As of 31 July 2010, the outstanding Eurobonds maturing in February 2012 amounted at US$149 million, out of original US$ 200 million, in August 2010 the Bank has signed agreements for US$ 50 million 5-year credit facilities with EBRD, US$ 50 million 7-year Financing Package agreement signed with EFSE in November 2010 YTD loan book growth funded through deposit inflows locally and internationally. WM Representative Office opened in London Outlook for Q4 2010 • Growth expected to continue in Q4 • Higher yielding retail loan book expected to grow faster in 2nd half of the year Confident to deliver previously announced management target of net profit GEL 72 mln for 2010 with 10% upside risk 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 Lak BANK OF GEORGIA www.bog.ge/ir November 2010 Page 38

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