Investor Presentaiton

Growth oriented reforms Ease of Doing Business | 2016 (WB-IFC Doing Business Report) Economic Freedom Index | 2015 (Heritage Foundation) UK 6 USA 7 Sweden 8 Norway 9 Estonia 16 GEORGIA Armenia Czech Rep. Romania Kazakhstan Montenegro Turkey Serbia Azerbaijan Ukraine USA 12 Estonia UK 8 13 GEORGIA 22 22 Hungary 24 24 35 36 37 Latvia Romania Bulgaria France 41 46 Turkey Italy 55 59 Azerbaijan 63 Russia 83 Ukraine Global Corruption Barometer | TI 2013 % admitting having paid a bribe last year 54 54 37 57 55 73 70 80 85 143 162 Business Bribery Risk, 2014 | Trace International Denmark Norway 1% 3% GEORGIA 4% UK 5% Estonia 6% US 7% Romania Bulgaria Czech Republic 7% 8% 15% Armenia Latvia Turkey Greece 18% 19% 21% 22% Serbia Lithuania Kazakhstan Ukraine 26% 26% Montenegro Romania Armenia 32% Russia 37% Azerbaijan Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 Sources: Transparency International, Heritage Foundation, World Bank Germany USA 9 10 Georgia 11 Norway 12 Netherlands 13 UK 19 Estonia 22 Poland 31 Czech Rep. 52 Serbia 67 Turkey 70 73 83 87 134 140 page 51

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