Fiscal and Loan Portfolio Analysis

US$ mln US$ mln Current Account Deficit Exports and Imports* 8,000 7,000 Remittances Exports of goods & services CAGR ('04-09F): 11% Imports of goods & services CAGR ('04-'09F): 15% 7,497.0 5,916.9 955.2 6,000 5,000 4,412.9 755.4 3,691.3 4,000 3,318.1 3,182.4 3,000 2,492.8 2,551.6 420.5 5,122.0 828.9 2,791.5 1,865.3 2,187.5 1,646.9 315.4 2,000 1,288.5 212.7 1,000 165.8 0 2003 2004 2005 2006 2007 2008 2009F *Export and Import of goods and services Source: Central Bank of Georgia Current Account Deficit Donor inflows (DI) Total private capital inflows (TPCI) CAD CAD as % of GDP CAD+TPCI+DI as % of GDP 5,000 10.3% 10.1% 15.0% 7.7% 4,000 5.6% 5.4% 10.0% 3.2% 3,000 1.7% 3,230.3 5.0% 2,000 1,865.1 0.0% 734.8 1,000 479.6 1,506.8 2,283.8 0 351.0 98.3 (389:3) 160.3 -6.9% 176.7 942.0 1,092.6 -5.0% (709.5) -9.6% 261.7 (1,174.6) 276.2 (2,008.7) (2,850.5) (1,649.5) -10.0% -1,000 (383.3) -11.1% -12.8% -15.1% -15.0% -2,000 -20.0% I -3,000 -19.7% -22.3% -4,000 -25.0% 2003 2004 2005 2006 2007 2008 2009F Lobko BANK OF GEORGIA www.bog.ge/ir Donor Inflows include both public and private sectors. Donor inflows in 2009 adjusted according to the banking sector foreign debt outflows Source: Central Bank of Georgia, Minister of Finance of Georgia March 2010 Page 10

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