Bank of Georgia Financial Analysis

140 120 80 3 8 88 89 9 100 20 Jan-13 May-13 Jul-13 Oct-13 Jan-14 Apr-14 BANK OF GEORGIA 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% INFLATION TARGETING SINCE 2009 Annual Inflation Jan-13 May-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Headline inflation. Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 World commodity prices Energy Source: Geostat 9% 3.5% 8% 3.0% 7% 2.5% 6% 5% 2.0% 4% 1.5% 1.5% 3% 1.0% 2% 0.5% 1% 0% 0.0% 0.9% -1% -0.5% -2% -1.0% -3% -1.5% Jul-18 Oct-18 Dec-18 -2.0% Core (non-food, non-energy) Non-energy Source: World Bank Note: Jan2010=100 7% 140 6% 5% 120 4% 100 3% 80 2% 60 1% 0% 40 -1% 20 -2% Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Dec-18 Jan-13 May-13 Monthly inflation Source: Geostat 3.5% 3.0% 2.5% 2.0% Мами 1.5% 0.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5% -2.0% Jan-13 May-13 Jul-13 Oct-13 Jan-14 Apr-14 Apr-14 Jul-14 Oct-14 71-458 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Dec-18 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Average inflation Source: Geostat 7% 6% 5% 4% 3% 2.6% 2% 1% 0% -1% Jan-1 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Dec-18 47 -2%

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