Bgeo Group PLC 1q16 Results Presentation 46

Capturing Growth Opportunities
Investor Presentation: 1Q16 Results
www.bgeo.com
May 2016
Disclaimer
Forward Looking Statements

This presentation contains forward-looking statements that are based on current beliefs or expectations, as well as assumptions about future
events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forwardlooking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or
other words similar meaning. Undue reliance should not be placed on any such statement because, by their very nature, they are subject to
known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and BGEO Group plc and
its subsidiaries (the "BGEO Group")s plans and objectives, to differ materially from those expressed or implied in the forward-looking
statements.
There are various factors which could cause actual results to differ materially from those expressed or implied in forward-looking
statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are
changes in the global, political, economic, legal, business and social environment. The forward-looking statements in this presentation
speak only as of the date of this presentation. The BGEO Group undertakes no obligation to revise or update any forward-looking statement
contained within this presentation, regardless of whether those statements are affected as a result of new information , future events or
otherwise.
www.bgeo.com
May 2016
page 2
Contents
BGEO Group PLC | Overview

Results Discussion | BGEO Group PLC
Results Discussion | Banking Business

Results Discussion | Investment Business
Georgian Macro Overview
Appendices
www.bgeo.com
May 2016
page 3
BGEO Group structure

Investors
Regular dividends
Capital Returns
Cash buffer
Investment Business
Banking Business
GGU
BGEO
Group
Water utility and hydro
Retail
Banking
Corporate
Banking
Aldagi
(P&C
Insurance)
www.bgeo.com
May 2016
Investment
Management
BNB
(Bank in
Belarus)
M2
GHG
(Healthcare)
GRE
(Renewable
Energy)
GGU
(Real
Estate)
(Utilities)
Teliani
Valley
(Wine &
Beer)
page 4
BGEO Shareholder structure and share price

BGEO shareholder structure
BGEO top shareholders
As of 31 March 2016
As of 31 March 2016
3%
Unvested and unawarded shares for

management and employees
Vested shares held by management
and employees
UK/Ireland
2%
16%
9%
38%
Rank
US/Canada
Shareholder name
Ownership %
Schroders Investment Management
9.63
Harding Loevner Management LP
9.19
Westwood International Advisors
4.25
Artemis Investment Management
3.56
Firebird Management LLC
2.85
Scandinavia
32%
Others
BGEO has been included in the

FTSE 250 and
FTSE All-share Index Funds
since 18 June 2012
X62 growth in market capitalisation2
BGEO share price performance
26
24
22
20
18
16
14
12
10
8
Average daily trading volume
Market Capitalisation
1,600
9,500,000
US$
8,000,000
6,000,000
5,300,000
5,000,000
4,000,000
4,000,000
2,000,000
2,000,000 950,000
-
BGEO LN
www.bgeo.com
May 2016
US$ millions
10,000,000
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
GBP
Up 193% since
premium listing1
1,385
1,400
1,200
1,000
800
600
400
200
21
30-Sep-04 20-May-16
GDR
1Share
price change calculated from the last price of BGEO LI on 27 February 2012 to the price of BGEO LN on 10th May 2016
capitalisation for BGEO Group PLC, the Banks holding company, as of 10th May 2016, GBP/USD exchange rate of 1.4455
2 Market
page 5
4x20 strategy
We are a Georgia Focused Banking Group with an Investment Arm
Banking Business
1
ROE
c.20%
Retail loan
book growth
Investment Business
ROAE of 21.2% in 1Q16

RB ROAE of 24.3%
CIB ROAE of 17.6%
121% IRR from GHG IPO
3
Min. IRR
of 20%
4
9.9% y-o-y growth in 1Q16
c.20%
Profit up to
20%
65% IRR from m2 Real

Estate projects
Profit of GEL 17.4mln or

20.0% in 1Q16 of BGEO
Group Profit
Ongoing Dividends
Ordinary dividends: linked to recurring profit from banking business
Aiming 25-40% dividend payout ratio
Dividend growth CAGR10-15 of 51.6%
At the 2016 AGM (on 26-May 2016), the board intends to recommend
an annual dividend of GEL 2.40 per share payable in British Pound
Sterling at the prevailing rate, a 14% y-o-y increase
www.bgeo.com
May 2016
Capital Return: Aiming for at least 3 capital returns within 5 years (20152019 period)
Aiming for Capital Return to represent at least 50% of regular dividend paid
from banking business within the same period
Completed share buy-back of GEL 25.8mln in 2015-2016
In 1Q16, instructed the administrators of the Group Employee Benefits Trust to
purchase shares in the market totaling approximately US$ 10mln, of which US$
7.6mln is to be repurchased as of the end of April, 2016
page 6
Solid regular dividend payout from banking business
Payout
ratio
10%
15%
30%
36%
33%
34%
2010
2011
2012
2013
2014
2015
CAGR10-15
+51.6%
2.5
2.0
GEL
Dividend
per share
2.00
2.10
2013
2014
2.40
1.50
1.5
1.0
0.5
0.70
0.30
0.0
2010
www.bgeo.com
May 2016
2011
2012
2015E
page 7
3 forms of Capital Returns
3 forms of Capital Retuns

Capital
Return
forms
Capital
Return
timeline
Cash Dividends
Stock dividends
Strategy
Announced
www.bgeo.com
May 2016
2014
3 capital returns
during 2015-2019
5 years
2019
Share buy-back
3 capital returns
during 2020-2024
5 years
2024
page 8
BGEO Robust corporate governance compliant with UK Corporate Governance Code

Board of Directors of BGEO Group PLC
8 non-executive Supervisory Board members; 8 Independent members, including the Chairman and Vice Chairman
Neil Janin, Chairman of the Supervisory Board, Independent
Director.
experience: formerly director at McKinsey & Company in Paris;
formerly co-chairman of the commission of the French Institute of
Directors (IFA); formerly Chase Manhattan Bank (now JP
Morgan Chase) in New York and Paris; Procter & Gamble in
Toronto
Irakli Gilauri, BGEO Group PLC and JSC BGEO Group CEO
experience: formerly EBRD banker; MS in banking from CASS
Business School, London; BBS from University of Limerick,
Ireland
David Morrison, Chairman of the Audit Committee, Vice

Chairman of the Supervisory Board, Independent Director
experience: senior partner at Sullivan & Cromwell LLP prior to
retirement
Al Breach, Chairman of the Remuneration Committee,

Independent Director
experience: Head of Research, Strategist & Economist at UBS:
Russia and CIS economist at Goldman Sachs
Hanna Loikkanen, Independent Director

experience: Currently advisor to East Capital Private Equity
AB; previously: Senior executive at East Capital, FIM Group
Russia, Nordea Finance, SEB
Kaha Kiknavelidze, Independent Director

experience: currently managing partner of Rioni Capital,
London based investment fund; previously Executive Director of
Oil and Gas research team for UBS
Tamaz Georgadze, Independent Director

experience: Partner at McKinsey & Company in Berlin,
Founded SavingGlobal GmbH, aide to President of Georgia
Bozidar Djelic, Independent Director

experience: EBRDs Transition to Transition senior advisory
group, Deputy Prime Minister of Serbia, Governor of World
Bank Group and Deputy Governor of EBRD, Director at Credit
Agricole
Kim Bradley, Chairman of Risk Committee, Independent

Director
experience: Goldman Sachs AM, SeniorExecutive at GE Capital,
President of Societa Gestione Crediti, Board Chairman at Archon
Capital Deutschland
www.bgeo.com
May 2016
page 9
BGEO Management Structure
10 10
Senior Executive Compensation Policy applies to top executives and envisages long-term deferred and discretionary awards of securities and no cash bonuses to be paid to such executives
BGEO Group PLC
JSC Bank of Georgia

Murtaz Kikoria, CEO of Bank of Georgia. With the Group
since 2008. Previously CEO of Groups healthcare business;
c.20 years banking experience including various senior positions
at Bank of Georgia Group, Senior Banker at EBRD and Head of
Banking Supervision at the National Bank of Georgia
Irakli Gilauri, Group CEO. With the Group since

2004. Formerly EBRD banker; MS in banking
from CASS Business School, London; BBS from
University of Limerick, Ireland
Avto Namicheishvili, Group Legal Counsel. With

the Group since 2007. Previously partner at
Begiashvili &Co, law firm in Georgia; LLM from
CEU, Hungary
Levan Kulijanishvili, Deputy CEO and CFO at BOG, Group

CFO. With the Group since 1997. Formerly Head of Security
and Internal Audit at Bank of Georgia; Holds MBA from
Grenoble School of Business, in Grenoble, France
Ekaterina Shavgulidze Head of Investor Relations and

Funding at BGEO Group. With the Group since 2011.
Previously Supervisory Board Member and Chief Executive
Officer of healthcare services business. Before joining the
Group she was an Associate Finance Director at
AstraZeneca, UK . Holds MBA from Wharton Business School
Georgia Healthcare Group

Nikoloz Gamkrelidze, CEO, Georgia Healthcare Group. With
the Group since 2005. Previously Group CFO, CEO of Aldagi
BCI and JSC My Family Clinic; World Bank Health
Development Project; Masters degree in International Health
Management from Imperial College London, Tanaka Business
School
m2 Real Estate
Irakli Burdiladze, CEO, m2 Real Estate. With the Group
since 2006. Previously CFO at GMT Group, Georgian real
estate developer; Masters degree from Johns Hopkins
University
Teliani Valley
Shota Kobelia, CEO of Teliani Valley. With the Group since
2009. Previously Chief Commercial Officer in Pernod Ricard
Georgia; Masters degree in international sales marketing
from Bordeaux Business School, France.
www.bgeo.com
May 2016
page 10
JSC Bank of Georgia Management Structure
11 11
Senior Executive Compensation Policy applies to top executives and envisages long-term deferred and discretionary awards of securities and no cash bonuses to be paid to such executives
Murtaz Kikoria, CEO of Bank of Georgia. With the Group

since 2008. Previously CEO of Groups healthcare business;
c.20 years banking experience including various senior positions
at Bank of Georgia Group, Senior Banker at EBRD and Head of
Banking Supervision at the National Bank of Georgia
George Chiladze, Deputy CEO, Chief Risk Officer. With the

Group since 2008. Formerly Deputy CEO in Finance, Deputy
CEO at Partnership Fund, Programme trading desk at Bear
Stearns NY, Ph.D. in physics from John Hopkins University in
Baltimore
Levan Kulijanishvili, Deputy CEO, CFO. With the Group

since 1997. 15 year of experience at BOG. Formerly Head of
Security and Internal Audit at Bank of Georgia; Holds MBA
from Grenoble School of Business, in Grenoble, France
Tornike Gogichaishvili, Deputy CEO, Chief Operating Officer.

With the Group since 2006. Previously CEO of Aldagi and CFO
of BG Bank, Ukraine; Prior to joining the bank, CFO of UEDC
PA consulting; Holds Executive Diploma from Said Business
School, Oxford
Mikheil Gomarteli, Deputy CEO, Retail Banking. With the

Group since 1997. 15 years work experience at BOG, including
co-head of retail banking, head of business development and
head of strategy and planning; Undergraduate degree in
economics from Tbilisi State University
Alexander Katsman, Deputy CEO, HRM and Branding. With

the Group since 2010. Previously Head of Branding
Department at the Bank. Before joining the bank he was a
partner at Sarke, the largest communications group in
Georgia. Holds EMBA from the Berlin School of Creative
Leadership
Archil Gachechiladze, Deputy CEO, Corporate Investment

Banking. With the Group since 2009. Formerly BGEO Group
CFO, Deputy CEO of TBC Bank, Georgia; Lehman Brothers
Private Equity, London; MBA from Cornell University
www.bgeo.com
May 2016
page 11
Contents


Appendices
www.bgeo.com
May 2016
page 12
BGEO P&L results highlights

Quarterly P&L
INCOME STATEMENT
GEL thousands unless otherwise noted
Net banking interest income

Net fee and commission income
Net banking foreign currency gain
Net other banking income
Gross insurance profit
Gross healthcare profit
Gross real estate profit
Gross other investment profit
Revenue
Operating expenses
Operating income before cost of credit risk / EBITDA
Profit (loss) from associates
Depreciation and amortization of investment business
Net foreign currency gain (loss) from investment
business
Interest income from investment business
Interest expense from investment business
Operating income before cost of credit risk
Cost of credit risk
Profit
Earnings per share (basic and diluted)
www.bgeo.com
May 2016
1Q16
BGEO Consolidated
1Q15
Change
4Q15
Y-O-Y
Change
Q-O-Q
1Q16
Banking Business*
1Q15
Change
4Q15
Y-O-Y
Change
Q-O-Q
1Q16
Investment Business*
1Q15
Change
4Q15
Y-O-Y
Change
Q-O-Q
128,852
27,814
17,390
2,867
6,416
26,291
6,024
3,606
219,260
(83,288)
135,972
1,866
(4,910)
120,989
26,854
18,962
1,790
7,574
16,877
1,209
1,398
195,653
(76,058)
119,595
(1,310)
(2,688)
6.5%
3.6%
-8.3%
60.2%
-15.3%
55.8%
398.3%
157.9%
12.1%
9.5%
13.7%
NMF
82.7%
131,434
31,639
19,525
9,318
6,733
23,845
12,769
11,271
246,534
(84,262)
162,272
1,938
(4,731)
-2.0%
-12.1%
-10.9%
-69.2%
-4.7%
10.3%
-52.8%
-68.0%
-11.1%
-1.2%
-16.2%
-3.7%
3.8%
130,219
28,015
17,390
3,168
5,343
184,135
(69,863)
114,272
-
123,058
28,090
18,962
2,095
5,306
177,511
(65,277)
112,234
-
5.8%
-0.3%
-8.3%
51.2%
0.7%
3.7%
7.0%
1.8%
-
134,217
32,266
19,525
9,699
5,441
201,148
(71,172)
129,976
-
-3.0%
-13.2%
-10.9%
-67.3%
-1.8%
-8.5%
-1.8%
-12.1%
-
1,723
26,291
6,024
3,675
37,713
(14,456)
23,257
1,866
(4,910)
2,691
16,877
1,209
1,543
22,320
(11,654)
10,666
(1,310)
(2,688)
-36.0%
55.8%
398.3%
138.2%
69.0%
24.0%
118.0%
NMF
82.7%
2,126
23,845
12,769
11,157
49,897
(14,580)
35,317
1,938
(4,731)
-19.0%
10.3%
-52.8%
-67.1%
-24.4%
-0.9%
-34.1%
-3.7%
3.8%
(766)
956
(1,382)
131,736
(36,143)
87,047
3,690
617
(2,463)
117,441
(41,841)
62,339
NMF
54.9%
-43.9%
12.2%
-13.6%
39.6%
(3,416)
602
(3,166)
153,499
(36,022)
95,672
-77.6%
58.8%
-56.3%
-14.2%
0.3%
-9.0%
(35,012)
69,663
(40,771)
58,810
-14.1%
18.5%
(35,230)
80,591
-0.6%
-13.6%
(766)
964
(2,947)
17,464
(1,131)
17,384
3,690
818
(5,969)
5,207
(1,070)
3,529
NMF
17.8%
-50.6%
235.4%
5.7%
392.6%
(3,416)
957
(6,542)
23,523
(792)
15,081
-77.6%
0.7%
-55.0%
-25.8%
42.8%
15.3%
2.10
1.63
28.8%
2.42
-13.2%
* Note: Banking Business and Investment Business financials do not include interbusiness eliminations. Detailed financials, including
interbusiness eliminations are provided in annexes.
page 13
BGEO Balance sheet highlights

Balance Sheet
BALANCE SHEET
Mar-16
GEL thousands unless otherwise noted
Liquid assets
Loans to customers and finance
lease receivables
Total assets
Client deposits and notes
Amounts due to credit institutions
Debt securities issued
Total liabilities
Total equity
BGEO Consolidated
Mar-15 Change
Y-O-Y
21.5%
Banking Business*
Mar-15 Change
Y-O-Y
Dec-15
Change
Q-O-Q
Mar-16
3,068,166
-3.9%
2,876,357
2,402,308
Dec-15
Change
Q-O-Q
Mar-16
Investment Business*
Mar-15
Change
Dec-15
Y-O-Y
19.7%
3,006,991
-4.3%
337,602
199,209
69.5%
307,459
Change
Q-O-Q
2,948,699
2,427,226
9.8%
5,359,718
5,156,386
3.9%
5,322,117
0.7%
5,394,565
5,248,559
2.8%
5,366,764
0.5%
0.0%
0.0%
10,077,589
4,698,558
1,719,920
1,033,758
7,926,740
2,150,849
9,030,053
4,099,029
1,780,636
1,026,689
7,329,905
1,700,148
11.6%
14.6%
-3.4%
0.7%
8.1%
26.5%
10,115,739
4,751,387
1,789,062
1,039,804
8,042,101
2,073,638
-0.4%
-1.1%
-3.9%
-0.6%
-1.4%
3.7%
9,030,055
4,962,432
1,630,299
957,474
7,751,805
1,278,250
8,447,951
4,271,854
1,694,668
962,587
7,163,763
1,284,188
6.9%
16.2%
-3.8%
-0.5%
8.2%
-0.5%
9,171,437
4,993,681
1,692,557
961,944
7,856,146
1,315,291
-1.5%
-0.6%
-3.7%
-0.5%
-1.3%
-2.8%
1,353,961
124,468
81,116
481,362
872,599
864,053
181,773
66,964
448,093
415,960
56.7%
0.0%
-31.5%
21.1%
7.4%
109.8%
1,247,960
144,534
84,474
489,613
758,347
8.5%
0.0%
-13.9%
-4.0%
-1.7%
15.1%
Key Ratios
Banking Business Ratios
ROAE
ROAA
Net Interest Margin
Loan Yield
Liquid assets yield
Cost of Funds
Cost of Client Deposits and Notes
Cost of Amounts Due to Credit Institutions
Cost of Debt Securities Issued
Cost / Income
NPLs To Gross Loans To Clients
NPL Coverage Ratio
NPL Coverage Ratio, Adjusted for discounted value of collateral
Cost of Risk
Tier I capital adequacy ratio (New NBG, Basel 2/3)
Total capital adequacy ratio (New NBG, Basel 2/3)
www.bgeo.com
May 2016
1Q16
1Q15
4Q15
21.2%
3.0%
7.5%
14.4%
3.1%
5.0%
4.3%
6.0%
7.2%
37.9%
4.5%
86.0%
122.6%
2.3%
10.1%
15.8%
19.1%
3.0%
7.8%
14.6%
3.2%
5.0%
4.4%
5.2%
7.1%
36.8%
3.5%
73.2%
112.2%
3.1%
9.8%
12.9%
25.1%
3.5%
7.6%
14.8%
3.3%
5.1%
4.4%
5.9%
6.8%
35.4%
4.3%
83.4%
120.6%
2.4%
10.9%
16.7%
page 14
BGEO Capital allocation, 1Q 2016 | (Book value and GHG at market value)
Data as of 31 Mar, 2016
unless otherwise stated
GEL 2,254mln (
Banking Business
Unallocated Cash
Investment Business
35%
At a glance
9%
56%
ROAE
GEL 1,255mln
24.3%
17.6%
22.9%
32.9%
GEL 778mln
GEL 221mln
-216.8%
Of which GEL 92.9mln is

expected to be paid as
regular dividends for
2015
602.4*
596.2
Capital
allocation
Amount (GEL, mln)
554.6
220.7
111.4
62.9
RB
CIB
BNB
39.4
P&C
55.3
11.2
1.6
Other BB
GHG
m2
GGU
Teliani
Valley
(2.4)
Other IB
BGEO unallocated
* BGEO Group share in GHG market value as of 20 May 2016
www.bgeo.com
May 2016
page 15
BGEO Capital allocation, 1Q 2016 | (Book)

GEL 1,934mln
Banking Business
At a glance
65%
ROAE
17.6%
22.9%
32.9%
11%
24%
GEL 1,255mln
24.3%
Unallocated Cash
Investment Business
GEL 459mln
GEL 221mln
-216.8%
Of which GEL
92.9mln is expected
to be paid as regular
dividends for 2015
596.2
554.6
GEL 602.4mln
Market value*
Amount (GEL, mln)
Capital
allocation
283.5
220.7
111.4
62.9
55.3
39.4
11.2
1.6
RB
CIB
BNB
P&C
Other BB
(2.4)
GHG
m2
GGU
Teliani
Valley
Other IB
BGEO unallocated
* BGEO Group share in GHG market value as of 20 May 2016
www.bgeo.com
May 2016
page 16
BGEO Profit contribution, 1Q 2016

GEL 87.0mln
Banking Business
At a glance
Investment Business
20.0%
80.0%
y-o-y
change
GEL 69.7mln
15.8%
31.2%
27.7%
-29.3%
GEL 17.4mln
3.0%
97.0%
NMF
NMF
-76.4%
NMF
37.8
25.5
Amount (GEL, mln)
Profit
breakdown
by
businesses
11.9
5.4
4.3
1.9
(1.0)
RB
www.bgeo.com
May 2016
3.1
CIB
BNB
P&C
Other BB
GHG
m2
GGU
(0.5)
(1.4)
Teliani
Valley
Other IB
page 17
BGEO Sound revenue growth, with positive operating leverage

Revenues, full year 2015
BGEO
BGEO
+39.6%
+35.3%
213.1
33.5
1,000.0
800.0
751.3
538.2
(11.9)
2014
Banking Business
(200.0)
Investment
Business
195.7
200.0
100.0
0.0
(18.1)
2015
257.0
250.0
+20.7%
+22.4%
42.1
50.1
8.7
314.7
(4.2)
1Q15
y-o-y change
150.0
267.9
217.8
50.0
(2.9)
2014
80.0
Banking Business
Investment
Business
+7.0%
Banking Business
Investment business
Banking business
Eliminations
www.bgeo.com
May 2016
(2.6)
1Q16
+24.0%
+9.5%
Investment
Business
(4.0)
2015
76.1
4.6
2.8
83.3
14.5
11.7
50.9
200.0
184.1
177.5
Operating expenses | quarterly
GEL millions
GEL millions
300.0
(50.0)
37.7
100.0
350.0
219.3
Investment business
Banking business
Eliminations
400.0
100.0
15.4
22.3
-50.0
BGEO
+23.0%
6.6
+12.1%
50.0
Operating expenses, full year 2015

y-o-y change
+69.0%
150.0
Investment business
Banking business
Eliminations
BGEO
+3.7%
250.0
861.6
94.9
400.0
200.0
y-o-y change
128.4
621.2
600.0
+38.7%
GEL millions
y-o-y change
GEL millions
Revenues | quarterly
60.0
40.0
69.9
65.3
20.0
0.0
(0.9)
1Q15
Banking Business Investment Business
(1.0)
1Q16
-20.0
Investment business
Banking business
Eliminations
page 18
BGEO Balance Sheet, 31 March 2016

BGEO
Banking Business
10,000
8,000
Assets
6,000
Gel
Millions
4,000
10,077.6
9,030.1
1,354.0
864.1
9,030.1
8,448.0
13.4%
89.6%
2,000
0
-2,000
(282.0)
(306.4)
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
31-Mar-15
31-Mar-16
Banking Business assets
Investment Business assets
Eliminations
Liabilities
Gel
Millions
7,000
7,926.7
481.4
6.1%
-2,000
6,000
5,000
59.7%
7,163.8
2,402.3
31.9%
97.8%
2,000
www.bgeo.com
May 2016
33.7%
7,163.8
234.7
962.6
1,694.7
150
487.5
66.3%
95.1
31.5%
31-Mar-16
GHG
M2 Real Estate
300
200.0
261.8
190.5
9.5
5.0%
250
150.0
200
162.0
96.5
61.9%
50.7%
100.0
100
4,962.4
64.0%
50.0
50
99.9
38.1%
0
31-Mar-15
39.0%
Other assets
Investment properties
Inventories
PPE
Other assets
1,630.3 21.0%
117.7
31-Mar-16
7,751.8
2.6%
201.6
957.5 12.4%
29.5%
89.0
100
50
100
150
4,271.9
250
200
1,000
(306.4)
(282.0)
31-Mar-15
31-Mar-16
Investment Business liabilities
Eliminations
248.2
400
31-Mar-16
301.9
300
500
200
2,876.4
3,000
7,751.8
350
300
4,000
2,000
0
5,394.6
5,248.6
735.7
700
600
+8.2%
8,000
6,000
4,000
797.1
800
8.4%
Banking Business
10,000
448.1
759.1
Liquid assets
Net loans
Other assets
+8.1%
7,329.9
9,030.1
8,448.0
31-Mar-15
BGEO
8,000
M2 Real Estate
+6.9%
+11.6%
12,000
GHG
31-Mar-16
Other liabilities
Amounts due from credit institutions
Client Deposits and Notes
84.5
44.4%
0.0
31-Mar-16
Borrowed funds
Other liabilities
31-Mar-16
Other liabilities
Accruals and deferred income
Borrowed funds
* Note: Borrowed Funds include - Amounts due to credit institutions and debt securities issued
page 19
Contents


Appendices
www.bgeo.com
May 2016
page 20
BOG The leading bank in Georgia
Leading market position: No. 1 bank in Georgia by assets

(33.5%), loans (32.3%), client deposits (33.2%) and equity (29.8%)1
Underpenetrated market with stable growth perspectives: Real

GDP average growth rate of 5.1 % for 2005-2015. 2.8% Real GDP
growth in 2015 from Geostat . Loans/GDP grew from 9% to 50% in
the period of 2003-2015, still below regional average; Deposits/GDP
grew from 8% to 40% over the period
Balance Sheet
Banking Business
Strong brand name recognition and retail banking franchise:

Offers the broadest range of financial products to the retail market
through a network of 266 branches, 753 ATMs, 2,627 Express Pay
Terminals and c.2.0 million customers as of 31 March 2016
The only Georgian company with credit ratings from all three
global rating agencies: S&P: BB-, Moody's: B1/Ba3 (foreign
and local currency), Fitch Ratings: BB-; outlooks are Stable
High standards of transparency and governance: The only entity

from Georgia to be listed on the premium segment of the Main
Market of the London Stock Exchange (LSE:BGEO) since February
2012. LSE listed through GDRs since 2006
GEL million
CAGR 2012-2015: +19.8%
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
7,044
6,185
5,333
3,007
2,876
1,904
1,875
1,596
Total assets
31-Dec-12
Sustainable growth combined with strong capital, liquidity and

robust profitability
www.bgeo.com
May 2016
1
2
+13.4%
Liquid assets
5,367
5,395
4,441
3,567
3,127
4,994
4,962
3,482
3,141
2,724
Net loans to customers
31-Dec-13
1,315
1,231
1,064
1,278
903
Client deposits
31-Dec-14
Total equity
31-Dec-15
1Q16
Income Statement
Banking Business
Change y-o-y: +39.6%
GEL million
Only private entity to issue Eurobonds from the Caucasus:

c.US$400 million Eurobonds outstanding including US$150 raised
through a tap issue in November 2013. The bonds are currently
trading at a yield of c.3.8%2
+22.4%
+19.7%
9,171
9,030
250
700
600
488
+18.5%
+3.7%
+24.4%
751
800
+23.5%
200
538
500
178 183
190
201
184
150
400
300
193221
274
200
100
59 61
73 81 70
50
100
0
Revenue
2013
Profit
2014
2015
Market data based on standalone accounts as published by the National Bank of Georgia (NBG) as of 31 March 2016 www.nbg.gov.ge
as of 24 May 2016 source: bloomberg.com
Revenue
1Q15
2Q15
Profit
3Q15
4Q15
1Q16
page 21
Targets & priorities Banking Business
ROAE
2 Retail Banking
Growth
3-year Targets
FY 2015
1Q16
20%+
21.7%
21.2%
35.3%
9.9%
20%+
19.0% on constant currency basis
Grow Retail share

in loan book
65%
55.0%
56.5%
Increase Product
to Client Ratio
3.0
1.9
2.0
De-concentrate CIB
Loan Book
Top 10 borrowers 10%
Top 10 borrowers 12.7%
Top 10 borrowers 12.1%
NIM
7.25% - 7.75%
7.7%
7.5%
Cost / Income
c. 35%
35.7%
37.9%
Cost of Risk
1.5 - 2%
2.7 %
2.3%
www.bgeo.com
May 2016
page 22
BOG Leading the competition across the board

Peer groups market share in total assets
40%
35%
#1
33.5%
33.8% 33.4%
32.6%
30%
BOG
26.7%
24.5% 25.7%
23.7%
25%
Peer groups market share in gross loans

35%
28.7%
28.0%
25.2%
25.3%
30%
25%
19.3% 17.8%
17.9% 17.5%
20%
#1
32.2%
32.5% 32.0%32.3%
BOG
19.1%
17.7%
16.9%
16.6%
20%
15%
15%
10%
10%
7.8%
4.9%
6.1% 6.5%6.7% 7.7% 6.3% 6.2%
4.8% 4.8%5.3%
5.8%
6.0% 4.8%
5.1% 4.7%
5%
6.7%
5.7%
5.8% 5.6%
5%
7.0% 7.6%
7.6%
6.7%
5.8%
4.8%4.8%
6.2% 4.4% 4.4% 4.8%
5.1%
0%
0%
BOG
TBC
PCB
2013
BR
2014
LB
2015
VTB
PCB
2013
BR
2014
LB
2015
VTB
Q1 2016
#1
1Q16
30%
Foreign
banks,
32.0%
Foreign
banks,
27.3%
33.2%
33.0%
30.4%
28.8% 29.0%
28.6%
27.8% 27.3%
BOG
25%
20%
15%
Local
banks,
68.0%
Local
banks,
72.7%
Others
Peer groups market share in client deposits

35%
No state
ownership of
commercial
banks since
1994
TBC
Q1 2016
Foreign banks market share by assets

2006
BOG
Others
10%
5%
5.8%
5.1% 4.6%
4.4%
5.3%
5.3% 5.1% 5.2%
PCB
BR
12.0%
11.8%
8.6%
8.6%
15.2% 15.9%
15.0%
12.6%
6.1% 5.4%
5.4% 4.7%
0%
BOG
TBC
2013
www.bgeo.com
May 2016
2014
Note:
All data based on standalone accounts as reported to the National Bank of Georgia and as published by the
National Bank of Georgia www.nbg.gov.ge
LB
2015
VTB
Others
Q1 2016
page 23
Banking Business Diversified asset structure

Liquid assets | 31 March 2016
Total asset structure | 31 March 2016

Banking Business
Banking Business
Total: GEL 9.0bln
Total: GEL 2.9bln

Other liquid
assets
2.7%
Other
assets
8.4%
Government
bonds, treasury
bills, NBG
CDs
26.0%
Liquid assets
31.9%
Loans to
customers,
net
59.7%
Cash and
equivalents
46.2%
Amounts due
from credit
institutions
25.0%
Loans breakdown | 31 March 2016

Banking Business
Total Loans
breakdown by segments
Total: GEL 5.6bln
21.7% of total
clients
Retail loans,
GEL 3,203.1
mln, 57.1 %
www.bgeo.com
May 2016
Corporate Banking Loans

breakdown by sectors
Total: GEL 2.2bln
Retail Banking Loans

breakdown by product
Total: GEL 2.9bln
Corporate
loans, GEL
2,408.0mln,
42.9%
Automobile
loans
0.9%
Pawn loans
2.2%
Credit cards and

overdrafts
9.8%
30.7%
of total clients
POS loans
3.7%
Mortgage loans
30.2%
General
consumer loans
21.6%
Micro- and
agro-financing
loans and SME
loans
31.6%
Health and
Mining and social work
quarrying
2.6%
4.8%
Other
Financial
8.2%
intermediation
2.6%
Construction
7.6%
Electricity, gas
and water supply
2.9%
Transport &
Communication
1.0% of total
5.5%
clients
0.7% of total
clients
*Retail loans include loans of Retail Banking segment, BNB retail loans, Investment Management and Affordable Housing
Mortgages, Corporate loans include Corporate Banking Segment and BNB Corporate loans
Hospitality
5.8%
Service
8.4%
Manufacturing
26.9%
Trade
15.0%
Real estate
9.8%
page 24
Banking Business US$ loan portfolio breakdown

Highlights
43.6% of Retail Banking Loans were denominated in USD loans with non-USD income*
We offered re-profiling in Feb-2015. Since, 1,071 loans (out of 18,964) were re-profiled, with total value of US$34.1mln
For RB: Loans 15 days past due were 1.1% at 31 March 2016, compared to 1.0% a year ago and 0.9% as of 31 December 2015
33.4% of Corporate Banking Loans denominated in USD loans with non-USD income
Retail Banking and Wealth Management | 31 Mar 2016
Corporate Banking | 31 Mar 2016

Banking Business
3,500
3,000
3,039
92
GEL millions
Other
2,500
GEL
1,311
2,000
USD
1,500
1,000
1,637
500
0
100
90
80
70
60
50
40
30
20
10
0
Loan portfolio
Amounts in GEL millions

GEL and other currency loans*
USD loans with USD income
USD loans with non-USD income
Total
59
0.4
GEL millions
Banking Business
1.95%
0.40%
44
3.36%
140
132
2,000
158
233
120
16
Other1,500
GEL
USD 1,000
100
6.03%
20
10.31%
80
1,805
60
40
500
0.91%
Provision amount
% of total
RB loan
portfolio
46.1%
10.2%
43.6%
100.0%
2,197
96
8.68%
20
15
RB Loan
portfolio
1,402
311
1,326
3,039
2,500
0
Loan portfolio
LLR rate
Mortgages
71
154
665
890
Consumer
loans*
1,021
41
166
1,228
SME &
Micro
310
116
496
922
5.31%
Amounts in GEL millions

GEL and other currency loans*
USD loans with USD income
USD loans with non-USD income
Total
Provision amount
CB Loan
portfolio
392
1,072
734
2,197
LLR rate
% of total
CB loan
portfolio
17.8%
48.8%
33.4%
100.0%
Note: standalone BOG figures from management accounts
* includes credit cards
www.bgeo.com
May 2016
*Re-profiling implies effectively increasing the tenor of the loan so that monthly payment in Lari stays at the same level it
was prior to the recent devaluation of the Lari. When re-profiling, we do not change the interest rate of the loan. We
offered reprofiling in Feb 2015
page 25
Banking Business Resilient loan portfolio quality

NPLs
Banking Business
7.7%
7.9%
7.6%
241.1
252.0
200
144.9
153.6
3.9%
4.5%
4.3%
3.4%
7%
6%
200
4%
2%
1%
0%
2013
2014
NPLs
NPLs to gross loans
Net Interest Margin
2015
252.0
250
3%
50
300
8%
5%
150
100
Banking Business
7.5%
9%
250
GEL thousand
NPL composition
Q1 2016
GEL thousand
300
241.1
7.9
153.6
12.0
120.9
122.7
16.1
18.9
2013
2014
144.9
150
GEL thousand
161.4
165.1
45.0
49.7
2015
Q1 2016
50
NPL coverage ratio

Banking Business
4.5%
250
4.3%
3.6%
201.1
120.0
82.8%
83.4%
86.0%
2015
Q1 2016
4%
3.4%
3.3%
5%
5%
3.9%
3.9%
4%
67.5%
3%
2.3%
100
37.2
NPLs RB & WM
NPLs CB
NPLs Other
Banking Business
150
34.7
100
Loan loss reserve
200
(1/2)
216.6
103.8
3%
2%
2%
50
1%
1%
0%
2013
2014
Loan loss reserves (LLR)
NPLs to gross loans
LLR as % of gross loans
www.bgeo.com
May 2016
2015
Q1 2016
2013
*Retail loans include loans of Retail Banking segment, BNB retail loans, Investment Management and Affordable Housing
Mortgages, Corporate loans include Corporate Banking Segment and BNB Corporate loans
2014
page 26
Banking Business Resilient loan portfolio quality

Cost of Credit risk | quarterly
Cost of Credit risk | full-year 2015

Banking Business
(2/2)
Banking Business
160.0
151.5
140.0
17.9
120.0
100.0
80.0
60.9
60.0
133.6
55.7
43.0
40.0
45
40.8
40.8
40
35
5.6
11.9
25
35.2
35.0
4Q15
1Q16
8.2
20
10
35.2
28.8
20.7
0.0
0
2012
2013
2014
2015
1Q15
2Q15
Devaluation effect
Like-for-like
Privatbank
Devaluation effect
Like-for-like
Cost of Risk | full-year 2015

Banking Business
3.0%
2.7%
2.5%
0.3%
Cost of Risk | quarterly
3%
2.7
0.9%
1.3%
1.2%
-10bps
3.1
2.0%
1.3%
3Q15
Banking Business
+150 bps
1.5%
34.8
6.0
30
15
+139.7%
y-o-y
20.0
-0.6%
50
GEL millions
GEL millions
+171.9%
2%
0.6%
1%
1.6%
0.4%
2.5%
2.4%
2.3%
4Q15
1Q16
0.4%
2.4%
1.0%
+120 bps
y-o-y
0.5%
0.0%
2.3%
2.1%
2Q15
3Q15
0%
2012
2013
Devaluation effect
Like-for-like
www.bgeo.com
May 2016
2014
2015
1Q15
Devaluation effect
Like-for-like
Privatbank
page 27
Banking Business Strong liquidity

Liquid assets to total liabilities
NBG liquidity ratio
Banking Business
9,000
32.3%
8,000
GEL millions
7,000
7,856
7,752
30%
5,094
25%
5,000
20%
4,000
3,000
3,007
1,904
2,876
1,875
15%
2,000
10%
1,000
5%
0%
2013
2014
2015
Liquid assets
Total liabilities
Liquid assets to total liabilities
5,000
4,000
3,415
Banking Business
47.3%
4,871
4,831
30%
2,286
2,251
1,562
1,000
50%
40%
3,558
3,000
2,000
46.2%
35.0%
20%
1,245
789
537
837
10%
178
Q1 2016
Net loans to customer funds
2013
2014
Liquid assets (NBG)
Excess liquidity
NBG min requirement
2015
0%
Q1 2016
Liabilities (NBG)
Liquid assets / liabilities 30%
Net loans to customer funds & DFI

Banking Business
140%
120%
45.7%
6,000
40%
35%
5,813
6,000
Banking Business
37.1%
Bank Standalone, GEL millions
38.3%
37.4%
(1/2)
120%
127.5%
113.6%
107.5%
108.7%
100%
108.6%
96.8%
90.8%
91.6%
2015
Q1 2016
100%
80%
80%
60%
60%
40%
40%
2013
2014
www.bgeo.com
May 2016
2015
Q1 2016
2013
2014
page 28
Banking Business Strong liquidity

Foreign currency VAR analysis*
Liquidity coverage ratio & net stable funding ratio

JSC Bank of Georgia standalone
(2/2)

60
250%
218.0%
219.4%
50
199.5%
200%
41.6
150%
115.8%
111.9%
104.5%
GEL million
163.8%
111.3%
100%
40
36.7
29.4
20
29.9
26.1
25.2
30
14.3
16.3
12.4
8.9
50%
35.6
7.5
6.1
10
0
0%
2013
2014
2015
Q1 2016
Liquidity coverage ratio

Monthly VaR GEL (Average)
Net stable funding ratio
Cumulative maturity gap, 31 March 2016
Open currency position

Banking Business
1,106,607
1,200,000
25%
974,223
20%
14.6%
GEL thousands
800,000
15%
12.8%
600,000
9.5%
10%
10.4%
5%
200,000
-3.5%
-3.7%
0%
0
-200,000
On Demand 0-3 Months 3-6 Months 6-12 Months
-400,000
(266,190)
1-3 Years
(283,922)
>3 Years
-5%
-10%
Maturity gap
Maturity gap, as % of total assets
www.bgeo.com
May 2016
2014
-11,394
-12,578
2015
Q1 2016
0%
-1%
-20,000
720,717
*Daily VaR time series averaged for each respective month
GEL thousands
787,742
2013
0
1,000,000
400,000
VaR Limit
-40,000
-34,716
-1.3%
-1.4%
-2%
-3%
-2.6%
-60,000
-4%
-5%
-80,000
-100,000
-6%
-7%
-129,074
-8%
-120,000
-9.3%
-140,000
-9%
-10%
FC net position, on and off balance, total
As % of NBG total regulatory capital (old)
page 29
Banking Business Funding structure is well established

Interest Bearing Liability structure | 1Q16
Well diversified international borrowings | 1Q16
Banking Business
Banking Business
Interest Bearing
Liabilities GEL 7.8 bn
Other debt
securities,
GEL 79.6
mln, 4.0%
Debt securities Other liabilities,

issued, GEL 957.5 GEL 201.6 mln,
2.6%
mln, 12.4%
Borrowings, GEL
1,022.0 mln,
13.2%
Current
account &
demand
deposits
49.6%
Client deposits &

notes, GEL
4,962.4 mln,
64.0%
Other amounts due

to credit
institutions, GEL
608.3 mln, 7.8%
Time
deposits
50.4%
Eurobonds,
GEL 877.9
mln, 44.3%
Borrowed funds maturity breakdown*
USD millions
Banking Business
100
90
80
70
60
50
40
30
20
10
0
1.5%
2.4%
1.5%
74.5
59.0
1.7%
0.7% 0.1%
0.1%
0.1%
90.0
Banking Business has a well-balanced funding structure with

64.0% of interest bearing liabilities coming from client deposits
and notes, 11.9% from Developmental Financial Institutions
(DFIs) and 11.3% from Eurobonds, as of 31 March 2016
The Bank has also been able to secure favorable financing from
reputable international commercial sources, as well as DFIs, such
as EBRD, IFC, DEG, Asian Development Bank, etc.
As of 31 March 2016, US$ 103.1 million undrawn facilities from

DFIs with up to seven year maturity
4%
2%
0%
65.0
57.1
-2%
10.0
-4%
26.0
-6%
47.1
3.4
2.5
2.2
2021
2022
-8%
-10%
2016
2017 2018 2019

Senior Loans
Subordinated Loans
% of Total assets
DFIs, GEL
926.2mln,
46.8%
Key takeaways
Excl. c.US$400 mln

Eurobonds maturing
in 2017
2.0%
Others
borrowings,
GEL 95.8
mln, 4.8%
2020
www.bgeo.com
May 2016
2023
2024
2025
* Consolidated, converted at GEL/US$ exchange rate of 2.3679 as of 31 March 2016

** Total Assets as of 31 March 2016
page 30
Banking Business Revenue growth

Revenue growth | full-year 2015
Banking Business
Revenue growth | quarterly

+3.7%
Banking Business
-8.5%
+39.6%
250
751.3
201.1
GEL millions
700
538.2
600
238.4
+31.8%
500
180.9
400
34%
300
+43.5%
200
357.3
100
32%
512.9
GEL millions
800
68%
200
177.5
150
54.4
184.1
66.9
33%
29%
100
134.2
123.1
50
66%
71%
0
2014
2015
Q1 2015
Net interest income

Net non-interest income
Q4 2015
Banking Business
Net non-interest income | quarterly

-1.0%
-19.4
Banking Business
+31.8%
250
238.4
80
19.9
180.9
9.9
150
100
50
52.8
76.9
20.0
16.4
101.8
66.9
70
121.6
60
GEL millions
200
Q1 2016
Net interest income

Net non-interest income
Net non-interest income | full-year 2015
GEL millions
130.2
67%
69%
53.9
31%
50
9.7
2.1
40
19.0
30
5.3
19.5
53.9
3.2
17.4
5.4
20
10
54.4
5.3
28.1
32.3
28.0
Q1 2015
Q4 2015
Q1 2016
0
2014
www.bgeo.com
May 2016
2015


page 31
Banking Business Strong underlying performance

Operating expenses | full-year 2015
Banking Business
Operating expenses | quarterly

Banking Business
+23.0%
+7.0%
-1.8%
267.9
300
150
58.8
GEL millions
80
3.5
34.2
GEL millions
200
217.8
3.2
25.6
250
74.4
100
155.7
130.1
50
69.9
1.2
9.0
0.9
9.1
0.8
8.4
50
17.5
21.7
20.1
38.6
39.3
39.8
Q1 2015
Q4 2015
Q1 2016
40
30
10
0
2014
Salaries and other employee benefits
Banking depreciation and amortisation
2015
Administrative expenses
Other operating expenses
Operating income before cost of credit risk | full-year 2015
Operating income before cost of credit risk | quarterly

Banking Business
Banking Business
600
120
400
130.0
140
483.5
500
114.3
112.2
100
320.4
80
300
GEL millions
GEL millions
71.2
60
20
200
100
0
-100
65.3
70
60
40
20
0
-20
(67.6)
-200
2014
(164.6)
2015
-40
-60
(42.9)
Q1 2015
(37.7)
Q4 2015
Cost of credit risk and net non-recurring itemss
Cost of credit risk and net non-recurring itemss
www.bgeo.com
May 2016
(36.4)
Q1 2016
page 32
Banking Business Focus on efficiency

Cost / Income | full-year 2015
Cost / Income | quarterly
Banking Business
Banking Business
44.0%
50%
42.2%
41.5%
42.0%
40.2%
48%
46%
39.2%
40.0%
44%
41.3%
42%
39.8%
38.4%
38.0%
40.5%
35.4%
35.7%
40%
36.0%
38%
34.8%
35.7%
34.0%
36%
34%
32.0%
32%
30%
30.0%
2012
2013
2014
2015
4Q
2013
Revenue and operating expenses | full-year 2015
1Q
2014
4Q
2014
1Q
2015
2Q
2015
3Q
2015
4Q
2015
1Q
2016
Operating Leverage: - 6.6% q-o-q

- 3.3% y-o-y
250
751.3
800
201.1
700
200
400
267.9
217.8
200
GEL millions
538.2
500
300
3Q
2014
Banking Business
Operating Leverage: +16.6% y-o-y
600
2Q
2014
Revenue and operating expenses | quarterly
Banking Business
GEL millions
37.9%
36.8%
184.1
177.5
150
100
65.3
71.2
69.9
50
100
0
0
2014
Revenue
Operating expenses
www.bgeo.com
May 2016
2015
Q1 2015
Q4 2015
Q1 2016
Revenue
Operating expenses
page 33
Banking Business Growing income notwithstanding the pressure on yields

Loan Yields | full-year 2015
Loan Yields | quarterly
Banking Business
100%
Banking Business
17.2%
20%
100%
16%
80%
14.3%
80%
14.8%
60%
69.1%
74.0%
72.8%
20%
30.9%
26.0%
12%
60%
8%
40%
4%
20%
72.0%
40%
27.2%
28.0%
2014
2015
0%
2013
Net loans, GEL, consolidated
Net loans, FC, consolidated
Currency-blended loan yield
14.6%
14.8%
14.4%
15%
70.0%
72.0%
72.4%
10%
0%
2012
20%
16.2%
5%
30.0%
28.0%
27.6%
0%
0%
Q1 - 2015
Q4 - 2015
Net loans, FC, consolidated
Net loans, GEL, consolidated
Currency-blended loan yield, annualised
Loan Yields, GEL | quarterly
Q1 - 2016
Loan Yields, Foreign currency | quarterly
Banking Business
Banking Business
20%
27%
25%
15%
23.4%
22.5%
23%
11.6%
11.3%
11.0%
Q1 2015
Q4 2015
Q1 2016
21.4%
10%
21%
19%
5%
17%
15%
Q1 2015
www.bgeo.com
May 2016
Q4 2015
Q1 2016
Loan yields excluding provisions
0%
page 34
Banking Business Stable Cost of Funding

Cost of Funds | full-year 2015
Cost of Funds | quarterly

Banking Business
Banking Business
8%
8%
7.1%
7%
7%
5.9%
6%
4.8%
6%
5.1%
5%
5%
4%
4%
3%
3%
2%
2%
1%
1%
0%
5.0%
5.1%
5.0%
Q1 - 2015
Q4 - 2015
Q1 - 2016
0%
2012
2013
2014
2015
Cost of Customer Funds | full-year 2015
Cost of Customer Funds | quarterly

Banking Business
Banking Business
100%
8%
7.1%
80%
100%
4.4%
4.4%
7%
5.5%
6%
4.2%
60%
4.3%
5%
4.3%
80%
60%
5%
4%
72.6%
74.9%
77.6%
3%
4%
40%
20%
68.2%
69.9%
71.2%
74.9%
28.8%
25.1%
3%
40%
2%
2%
30.1%
31.8%
0%
1%
0%
2012
2013
2014
Client deposits and notes, FC, consolidated
Client deposits and notes, GEL, consolidated
Currency-blended cost of client deposits and notes
www.bgeo.com
May 2016
2015
20%
1%
27.4%
25.1%
22.4%
0%
0%
Q1 - 2015
Q4 - 2015
Q1 - 2016
Client deposits, FC, consolidated
Client deposits, GEL, consolidated
Currency-blended cost of client deposits, annualised
page 35
Banking Business Excellent capital adequacy position

Basel I capital adequacy ratios
NBG (Basel 2/3), capital adequacy ratios
JSC Bank of Georgia consolidated
30%
23.0%
25%
18%
27.1%
26.1%
21.2%
26.1%
24.9%
22.1%
15.9%
12%
17.9%
9.8%
15%
10%
16.7%
15.8%
12.9%
14%
20%
15.8%
16%
10.4%
10.9%
10.2%
10.1%
10%
10.5%
8%
8.5%
6%
4%
5%
2%
0%
2012
2013
2014
0%
2015
Q1 2015
Q2 2015
Tier I Capital Adequacy Ratio
Tier I Capital Adequacy Ratio

Total Capital Adequacy Ratio
Total Capital Adequacy Ratio
Risk Weighted Assets NBG (Basel 2/3)

standalone (BIS 2/3)
9,000
8,359
Q3 2015
Q4 2015
Q1 2016
NBG Tier I CAR min requirement
NBG Total CAR min requirement
NBG (Basel 2/3)Tier I Capital and Total Capital

8,351
8,473
8,363
8,354
GEL 000
Mar 2016
Dec 2015 Sep 2015 Jun 2015 Mar 2015 Dec 2014
8,000
Tier I Capital (Core)

Tier 2 Capital
(Supplementary)
7,000
6,000
845.8
914.8
860.2
869.4
727.3
800.5
474.5
479.2
482.1
458.7
252.0
217.1
Total Capital
1,320.3
1,394.0
1,342.3
1,328.1
979.3
1,017.6
Risk weighted assets
8,353.8
8,363.4
8,473.1
8,350.5
7,951.9
7,204.1
Tier 1 Capital ratio
10.1%
10.9%
10.2%
10.4%
9.1%
11.1%
Total Capital ratio
15.8%
16.7%
15.8%
15.9%
12.3%
14.1%
5,000
4,000
3,000
2,000
1,000
0
Q1 2015
Q2 2015
www.bgeo.com
May 2016
Q3 2015
Q4 2015
Q1 2016
reported to NBG are reported in the appendix
page 36
Retail banking Client-Centric, Multi-brand strategy

Client-Centric, Multi-brand strategy
Selected
Operating
Data
(1Q16)
1
Emerging Retail
437,709
clients
Total No of Clients 2,022,202
Brands &
target
segments
Mass Retail and MSME

1,571,209
clients
22%
Mass Affluent
13,284
clients
1%
77%
P/C ratio:
3.4
1.6
7.4
# of branches:
114
144
GEL 15
GEL 268
Product/client ratio
growth to 3.0
Client growth to 40,000
Profit / client:
Strategic
Focus
GEL 22
Double number of
transactions
www.bgeo.com
May 2016
page 37
Retail Banking Financial Data

Balance sheet data
Income statement data
Total Loans
GEL 2,960mln
4%
20%
Net Interest
Income
GEL 83mln
19%
10%
70%
77%
Mass Retail & MSME - GEL 2,281.7mln
Solo - GEL 563.7mln
Express Bank - GEL 114.4mln
Mass Retail & MSME - GEL 59.3mln

Solo - GEL 8.1mln
Total Deposits
GEL 1,902mln
3%
12%
Net Fee &

Commission
Income
GEL 19mln
10%
33%
64%
78%
Mass Retail & MSME - GEL 1,209.1mln
Solo - GEL 629.7mln
www.bgeo.com
May 2016
Mass Retail & MSME - GEL 15.2mln

Solo - GEL 1.6mln
page 38
Retail Banking (RB) No. 1 retail bank in Georgia

Client Data
Portfolio breakdown
RB standalone
RB standalone
Operating Data, GEL mln
Number of total Retail clients, of which:
Number of Solo clients (Premier Banking)
Consumer loans & other outstanding, volume
Consumer loans & other outstanding, number
Mortgage loans outstanding, volume
Mortgage loans outstanding, number
Micro & SME loans outstanding, volume
Micro & SME loans outstanding, number
Credit cards and overdrafts outstanding, volume
Active credit cards and overdrafts outstanding, number
Total credit cards outstanding, number, of which:
American Express cards
Q1 2016
2,022,202
13,284
851.6
621,376
884.0
13,594
921.4
20,655
302.7
438,271
771,721
92,551
% of clients
2015
1,999,869
11,869
835.6
625,458
809.0
12,857
903.9
19,045
305.7
435,010
754,274
100,515
0.7%
30.7%
0.7%
1.0%
21.7%
38.2%
4.6%
RB Loans
2013
1,245,048
6,810
560.2
455,557
441.4
10,212
497.0
13,317
142.4
174,570
117,913
108,608
21.7%
of total
clients
Loans by products
Total: GEL 2.9 bn
General
consumer
loans
21.6%
30.7% of
total
clients
Current
accounts and
demand
deposits
36.6%
Deposits growth:
RB standalone
1.5% growth y-o-y
9.9% growth y-o-y
Deposits by category
Total: GEL 1.9 bn
3,500
2,796
GEL millions
3,000
2,500
2,000
2,901
2,067
1,613
1,500
1,000
500
0
2013
2014
2015
Retail net loans
www.bgeo.com
May 2016
Q1 2016
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
1,880
Micro- and
agro-financing
loans and
SME loans
31.6%
1.0% of
total
clients
RB Deposits
Loans growth:
RB standalone
2014
1,451,777
7,971
691.8
526,683
600.9
11,902
666.0
16,246
135.0
199,543
116,615
110,362
0.7% of
total
clients
Pawn loans Automobile POS loans

3.7%
loans
2.2%
0.9%
Credit cards
and overdrafts
9.8%
Mortgage
loans
30.2%
Time deposits
63.4%
1,902
1,350
1,087
Client
deposits,
GEL
23.5%
2013
2014
2015
Retail client deposits
Q1 2016
Deposits by currency
Total: GEL 1.9 bn
Client
deposits, FC
76.5%
page 39
Retail Banking (RB) Loan book growth

P&L | Retail Banking
RB Consolidated
Income Statement Highlights
1Q16
1Q15
Change
Y-O-Y
4Q15
Change
Q-O-Q
82,832
19,239
3,590
711
106,372
(23,607)
(14,521)
(7,383)
(496)
(46,007)
60,365
(18,184)
(561)
41,620
(3,844)
37,776
75,150
18,566
3,905
963
98,584
(23,596)
(12,240)
(6,831)
(462)
(43,129)
55,455
(16,660)
(449)
38,346
(5,738)
32,608
10.2%
3.6%
-8.1%
-26.2%
7.9%
0.0%
18.6%
8.1%
7.4%
6.7%
8.9%
9.1%
24.9%
8.5%
-33.0%
15.8%
85,318
21,264
3,697
3,950
114,229
(23,613)
(14,445)
(7,259)
(782)
(46,099)
68,130
(15,371)
(2,494)
50,265
(7,608)
42,657
-2.9%
-9.5%
-2.9%
-82.0%
-6.9%
0.0%
0.5%
1.7%
-36.6%
-0.2%
-11.4%
18.3%
-77.5%
-17.2%
-49.5%
-11.4%
GEL thousands, unless otherwise noted

Revenue
Operating expenses
Cost of credit risk
Net non-recurring items
Profit before income tax
Income tax expense
Profit
Loan Yield | Retail Banking
Deposit Cost | Retail Banking
RB standalone
RB standalone
100%
90%
25%
80%
17.4%
17.6%
17.4%
20%
70%
60%
15%
50.5%
54.3%
30%
10%
58.9%
20%
5%
80%
3.8%
49.5%
63.6%
45.7%
43.7%
5%
0%
0%
Net loans, RB, GEL
Net loans, RB, FC
Currency-blended loan yield, RB
www.bgeo.com
May 2016
2015
Q1 2016
4%
3%
67.6%
40%
74.1%
20%
36.4%
10%
2014
3.5%
76.5%
30%
10%
2013
3.9%
60%
50%
56.3%
40%
6%
5.2%
70%
41.1%
50%
100%
90%
19.8%
32.4%
25.9%
23.5%
0%
2%
1%
0%
2013
2014
2015
Client deposits, RB, FC
Client deposits, RB, GEL
Currency-blended cost of client deposits, RB
Q1 2016
page 40
Retail Banking Loan book growth

RB Loan Yield | quarterly
RB Cost of Deposit | quarterly

RB standalone
RB standalone
25.4% 25.4%
23.0%
25.0%
20.0%
5.5%
6.0%
30.0%
5.0%
17.3% 17.9% 17.4%
4.0%
15.0%
4.8%
4.4%
4.4%
3.8%
3.5% 3.5%
3.2% 3.2%
3.0%
11.4% 11.2% 10.9%
10.0%
2.0%
5.0%
1.0%
0.0%
0.0%
Loan Yield
Loan yield, GEL

1Q15
4Q15
Loan yield, FC
Cost of deposits
1Q16
Cost of deposits, GEL

1Q15
4Q15
Cost of deposits, FC
1Q16
RB NIM | quarterly
RB standalone
12.0%
11.0%
10.0%
9.7%
9.6%
9.2%
9.0%
8.0%
7.0%
6.0%
5.0%
1Q15
www.bgeo.com
May 2016
4Q15
1Q16
page 41
Corporate Investment Banking (CIB)

P&L | Corporate Investment Banking
CIB Consolidated
Gel thousands, unless otherwise notes

Revenue
Operating expenses
Cost of credit risk
Income tax expense
Profit
1Q16
1Q15
Change
Y-O-Y
4Q15
Change
Q-O-Q
38,250
7,020
11,368
2,587
59,225
(11,155)
(3,355)
(1,272)
(231)
(16,013)
43,212
(14,138)
(856)
28,218
(2,687)
25,531
39,592
7,342
9,502
1,508
57,944
(10,061)
(2,886)
(1,107)
(246)
(14,300)
43,644
(19,371)
(621)
23,652
(4,194)
19,458
-3.4%
-4.4%
19.6%
71.6%
2.2%
10.9%
16.3%
14.9%
-6.1%
12.0%
-1.0%
-27.0%
37.8%
19.3%
-35.9%
31.2%
39,381
8,781
13,942
4,328
66,432
(9,982)
(4,231)
(1,242)
(242)
(15,697)
50,735
(11,991)
(2,524)
36,220
(5,416)
30,804
-2.9%
-20.1%
-18.5%
-40.2%
-10.8%
11.8%
-20.7%
2.4%
-4.5%
2.0%
-14.8%
17.9%
-66.1%
-22.1%
-50.4%
-17.1%
Loan Yield | Corporate Banking, standalone
Deposit Cost | Corporate Banking, standalone
CB standalone
100%
CB standalone
14%
12.4%
90%
10.6%
10.7%
80%
10.5%
70%
60%
83.2%
86.8%
50%
89.7%
89.4%
12%
10%
70%
8%
60%
6%
30%
4%
10%
2%
16.8%
13.2%
0%
2013
2014
Net loans, CB, GEL
Net loans, CB, FC
Currency-blended loan yield, CB
www.bgeo.com
May 2016
10.3%
2015
10.6%
Q1 2016
4.6%
4.3%
90%
4%
50.9%
4%
2.9%
51.4%
50%
57.9%
57.2%
2%
30%
2%
49.1%
48.6%
42.1%
42.8%
10%
0%
3%
3%
40%
20%
5%
5%
3.4%
80%
40%
20%
100%
1%
1%
0%
0%
2013
2014
2015
Client deposits, CB, FC
Client deposits, CB, GEL
Currency-blended cost of client deposits, CB
Q1 2016
page 42

Portfolio breakdown, 31 March 2016
Highlights
CB standalone
Loans by sectors
No.1 corporate bank in Georgia

Integrated client coverage in key sectors
c.5,000 clients served by dedicated relationship bankers
Mining and Health and

quarrying social work
2.6%
4.8%
Financial
intermediation
2.6%
Construction
7.6%
Electricity, gas
and water
supply
2.9%
Transport &
Communicatio
n
5.5%
Hospitality
5.8%
Other
8.2%
Manufacturing
26.9%
Top 10 CB borrowers
represent 30% of total
CB loan book
Trade
15.0%
Top 20 CB borrowers
represent 44% of total
CB loan book
Real estate
9.8%
Service
8.4%
Loans & Deposits

Deposits by category
CB standalone
2,500
GEL millions
2,161
2,000
1,500
2,130
1,221
CB standalone
2,065
1,848
1,819
Time
Deposits,
22.7%
1,186
1,000
FC,
57.2%
500
0
2013
2014
Corporate net loans
Corporate client deposits
www.bgeo.com
May 2016
CIB standalone
1,821
2015
Q1 2016
GEL,
42.8%
Current
Accounts &
Demand
Deposits,
77.3%
Time
GEL,
Deposits, 27.8%
41.8%
FC,
72.2%
Current
Account
s&
Demand
Deposits
58.2%
page 43

CIB Loan Yield | quarterly
CIB Cost of Deposit | quarterly
CIB standalone
CIB standalone
13.1%
14.0%
12.0%
11.8%
13.3%
12.6%
10.9%
10.3%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
10.6% 10.6% 10.2%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Loan Yield
Loan yield, GEL

1Q15
4Q15
Loan yield, FC
7.5%
3.9%
4.6% 4.5%
Cost of deposits
8.0%
3.9%
3.9%
Cost of deposits, GEL
3.3% 3.1%
Cost of deposits, FC
1Q16
1Q15
4Q15
1Q16
CIB NIM | quarterly

CIB standalone
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.2%
3.8%
3.7%
4Q15
1Q16
4.0%
3.0%
2.0%
1.0%
0.0%
1Q15
www.bgeo.com
May 2016
page 44
Investment Management unrivalled platform for profitable growth

1
Research
Wealth Management
Strong international presence: Israel
Sector, macro and fixed income

coverage
International distribution
(since 2008), UK (2010), Hungary (2012) and Turkey

(2013). Planned expansion - Cyprus, Singapore, USA.
AUM of GEL 1,343 million, up 11% yo-y
Diversified funding sources:
Georgia 44%
Israel 12%
UK 4%
Germany 3%
Other 35%
Investment
Management
Brokerage
Corporate Advisory
Wide product coverage
Bond placement In March 2016, G&T
successfully placed a USD 5mn 2-year bond of a nonBGEO Group affiliated company, Nikora
Corporate advisory platform

Exclusive partner of SAXO Bank
via While Label structure, that provides highly adaptive
trading platform with professional tools, insights and
world-class execution
www.bgeo.com
May 2016
Team with sector expertise and international

M&A experience
Proven track record of more than 15 completed

transactions over the past 8 years with an
accumulated transaction value of more than GEL
200 million
page 45
Contents


Georgia Healthcare Group

Appendices
www.bgeo.com
May 2016
page 46
GHG Income Statement Highlights

P&L | GHG
Income Statement
GEL thousands; unless otherwise
noted
Revenue, gross
Corrections & rebates
Revenue, net
Cost of services
Gross profit
Total operating expenses
Other operating income
EBITDA
EBITDA margin
Depreciation and amortisation
Net interest (expense) / income
Net (losses) / gains from foreign
currencies
Net non-recurring (expense) / income
Profit before income tax expense
Income tax (expense) / benefit
Profit for the period
Attributable to:
- shareholders of the Company
- non-controlling interests
Healthcare services
Chang,
4Q15
Y-o-Y
1Q16
1Q15
55,481
(1,086)
54,395
(30,007)
24,388
(8,857)
1,008
16,539
9.0%
-62.2%
10.4%
10.0%
10.9%
6.8%
-76.1%
7.8%
12,936
12,936
(11,953)
983
(1,660)
(21)
(699)
12,992
12,992
(10,837)
2,155
(1,760)
47
442
-0.4%
-0.4%
10.3%
-54.4%
-5.7%
NMF
NMF
94.9%
-44.5%
29.8%
(4,046)
(5,535)
5.3%
-59.2%
-5.4%
(204)
603
3.4%
(136)
(28)
2,907
(211)
6,107
(491)
5,616
NMF
NMF
110.7%
45.0%
116.4%
(1,586)
484
5,856
(206)
5,650
-74.1%
306.3%
119.7%
245.1%
115.1%
151
(149)
19
(130)
5,073
543
98.1%
287.1%
4,421
1,229
127.3%
71.0%
(130)
-
1Q15
60,451
(410)
60,041
(32,998)
27,043
(9,456)
241
17,828
42,745
(957)
41,788
(24,273)
17,515
(7,923)
78
9,670
41.4%
-57.2%
43.7%
35.9%
54.4%
19.3%
209.0%
84.4%
29.5%
(4,261)
(2,259)
22.6%
(2,186)
(4,073)
(411)
1,968
12,865
(712)
12,153
10,051
2,102
www.bgeo.com
May 2016
Medical insurance
Change,
4Q15
Y-o-Y
Change,
Q-o-Q
1Q16
Change,
Q-o-Q
1Q16
1Q15
14,532
14,532
(12,917)
1,615
(1,627)
(5)
(17)
-11.0%
-11.0%
-7.5%
-39.1%
2.0%
320.0%
NMF
71,682
(410)
71,272
(43,257)
28,015
(11,105)
220
17,129
53,875
(957)
52,918
(33,339)
19,579
(9,592)
125
10,112
50.0%
NMF
-0.1%
(249)
158
-18.0%
282.4%
23.9%
(4,465)
(1,656)
497
775
(116)
659
-69.6%
NMF
NMF
NMF
(6)
(676)
(790)
192
(598)
NMF
NMF
-81.1%
-90.1%
-78.3%
659
-
NMF
-
(598)
-
-78.3%
-
Total GHG
Change,
Y-o-Y
4Q15
Change,
Q-o-Q
33.1%
-57.2%
34.7%
29.7%
43.1%
15.8%
76.0%
69.4%
68,720
(1,086)
67,634
(41,618)
26,016
(10,480)
986
16,522
4.3%
-62.2%
5.4%
3.9%
7.7%
6.0%
-77.7%
3.7%
18.8%
(2,322)
(4,101)
92.3%
-59.6%
24.0%
(4,295)
(5,377)
4.0%
-69.2%
(260)
1,968
12,716
(693)
12,023
3,404
(211)
6,882
(607)
6,275
NMF
NMF
84.8%
14.2%
91.6%
(1,592)
(192)
5,066
(14)
5,052
-83.7%
NMF
151.0%
NMF
138.0%
9,921
2,102
5,732
543
73.1%
287.1%
3,823
1,229
159.5%
71.0%
Sources: GHG internal reporting, financials are for 1Q16

Note: healthcare services business and medical insurance business financials do not include inter business eliminations. Detailed financials, including
inter business eliminations, are provided in annexes
Georgia healthcare market & GHG market share evolvement

Pharmaceuticals
Maintain dominant market share in

hospitals by capacity and revenue
GHG Replicating hospital consolidation

experience in outpatient segment, with a
first mover advantage
Redistribution of funds expected

from pharmaceuticals to
ambulatory services
GEL 0.9bln(1)
GEL 1.3bln(1)
1%
Market share by revenue
Share in total
Healthcare spending
Long-term
target
39.6
43.2
47.2
15.0%
10.0%
5.0%
2018F
2017F
2016F
2014
2015E
2013
2012
2011
2010
2009
2008
0.0%
Low utilisation (50-60%)

Low equipment penetration
Fragmented market
System inefficiency (low nurse-to-doctor ratio)
Low outpatient encounters

Fragmented market
New prescription policy
GHG: accelerated revenue market share growth

on the back of well-invested asset base
GHG: replicating hospital cluster model and

consolidation experience in ambulatory sector
Spending on pharma Georgias 38% vs 16-17%

in Europe; decreasing trend in comparable
countries
new prescription policy introduced in 2014

ambulatory market consolidation
Weakening of existing pharma-duopoly
(1) Frost & Sullivan analysis, 2015
www.bgeo.com
May 2016
25.0%
20.0%
7.8%
33.2
36.2
7.6%
7.0%
29.2 30.7
6.4%
6.1%
5.5%
5.3%
5.3%
4.8%
5.1%
19.1 18.0 20.7
26.8
24.3 26.2
7.3%
CAGR'03-14: 11.8%
'15-20: 9%
2018F
2017F
2016F
2015E
2014
2008
2018F
2017F
2016F
2015E
2014
2013
2012
2011
2010
2009
500
2008
500
2013
1,000
2012
811 858
1,500
50.0
1,448 45.0
40.0
1,250
1,079
35.0
930
30.0
802
25.0
695
592
20.0
473
376
15.0
272
241
10.0
5.0
-
CAGR'03-14: 17.9%
'14-18: 16%
2011
674 643 714
941
1,647
1,489
1,341
1,203
1,075
GDP nominal, GEL bln
Ambulatories, GEL mln
2010
1,000
2,000
2009
1,500
medium term target
1Q16
Hospitals, GEL mln

CAGR'03-14: 13.7%
'14-18: 11%
25.0%
38.4%
Bed market share
2,000
Growth
drivers
Market share by sales
Long-term
target
1Q16
33.0%
1Q16
Market
Market share by revenue
26.7%
>15.0%
15.0%
17.0%
33.0%
18%
2020F
Revenue
GEL 1.2bln(1)
Capacity
GHG
Market
shares
Ambulatories
2019F
GHG
strategy
Hospitals
Sources: GHG internal reporting; Frost & Sullivan analysis, 2015; NHA, Ministry of Labor, Health and Social Affairs of Georgia; NCDC; OECD, World Health
Organisation and World Bank, 2013 data
page 48
GHG - Long-term, High-growth Story

Medium-term Target
(5-10 Year Horizon)
2015-2018
Georgia 2014 or most recent year(1)
Spending
per capita (US$)
Price inflation
(heart surgery, US$)
GHG Revenue
per bed (US$)
Georgia medium-term(1)
6,500 (GHG)
Nurse to doctor
ratio
Pharmaceuticals
share in total
healthcare spending
1,076
9,000
25,000
280k
99k
32,000 (GHG)
Significant expansion
of capacity by 2025
Outpatient
Encounters per capita
EM 2014 or most recent year (2)
502
217 (Georgia)
Long-term Target
(Beyond 10 Year Horizon)
Substantial room to
grow beyond 2025
8.9
5.4
3.5 (Georgia)
4:1 (Georgia,
1:1.3 (Georgia)
WHO
recommendation)
3.4:1
38.4% (Georgia)
25%
15.4%
www.bgeo.com
May 2016
Sources:
(1)
Bed utilisation for referral hospitals; World Bank; GHG internal reporting; Management Estimates; Ministry of Finance of Georgia; Frost & Sullivan 2015;
NCDC healthcare statistical yearbook 2014

(2)
WHO: Average of countries: Chile, Costa Rica, Czech Republic, Estonia, Croatia, Hungary, Lithuania, Latvia, Poland, Russian Federation, Slovak Republic;
BAML Global Hospital Benchmark, August 2014
page 49
Contents


m2 Real Estate

Appendices
www.bgeo.com
May 2016
page 50
m2 - Income statement Highlights
P&L | m2
m2 Consolidated
Gel thousands, unless otherwise
Real estate revenue
Cost of real estate
Revenue
Operating expenses
EBITDA
Net foreign currency loss from investment business
Net operating income before non-recurring items
Income tax (expense) benefit
Profit
www.bgeo.com
May 2016
1Q16
1Q15
Change
Y-O-Y
4Q15
Change
Q-O-Q
28,592
(22,740)
5,852
1,816
7,668
(320)
(1,135)
(1,455)
6,213
(53)
386
(125)
6,421
(23)
6,398
(960)
5,438
3,938
(2,865)
1,073
219
1,292
(321)
(1,041)
(1,362)
(70)
(42)
(371)
171
(1,011)
(1,323)
(73)
(1,396)
209
(1,187)
626.1%
NMF
445.4%
NMF
493.5%
-0.3%
9.0%
6.8%
NMF
26.2%
NMF
-100.0%
-87.6%
NMF
-68.5%
NMF
NMF
NMF
47,465
(34,869)
12,596
7,277
19,873
(356)
(1,515)
(1,871)
18,002
(55)
(836)
(173)
16,938
(7)
16,931
(2,604)
14,327
-39.8%
-34.8%
-53.5%
-75.0%
-61.4%
-10.1%
-25.1%
-22.2%
-65.5%
-3.6%
NMF
-27.7%
-62.1%
NMF
-62.2%
-63.1%
-62.0%
page 51
At a glance Major player on Georgian real estate market

1
Residential Developments
Affordable housing
Market: US$ 1.2bln1
Key
Segments
& market
size
m2
Asset base
(as of
1Q16)
US$ 55 million
Commercial space (offices, industrial

properties, high street retail)
Hotels
Market: US$ 2.5bln2
Market: US$ 1.9bln3
m2
As a residential real estate developer,

targets
mass market customers by introducing high quality
and comfortable living standards in Georgia and
making them affordable.
Includes:
1. Inventory of
residential real estate
2. Land bank
Yielding Business
As a property manager,
makes opportunistic
investments and manages a well diversified portfolio
of yielding assets, primarily consisting of high street
real estate assets, and also including industrial and
office space real estate assets.
Includes:
1. High street retail
2. Industrial properties:
warehouses and logistics
centers
3. Offices
US$ 17 million
As a hotel developer and operator, m2 targets 3-star,

mixed use hotels (residential combined with hotel
development). m2 finances equity needs of the hotel
from the profits and land value unlocked through
sale of the apartments in the same development.
Includes:
1. Hotels (mixed use)
2. Land bank
US$ 2 million
Dollar denominated, inflation hedged cash flow stream
Track
record
-
Delivering average 65% IRR on residential

projects
Started operations in 2010 and since:
- Completed 6 projects 1,669 apartments,
87% sold with US$ 123.4mln sales value, land
value unlocked US$ 16.4mln
- Ongoing 2 projects 838 apartments, 29%
sold with US$ 20.0mln sales value, land value
to be unlocked US$ 8.9mln
All completed projects were on budget and on
schedule
Land bank of value US$ 43.4mln, with c.5200
apartments
www.bgeo.com
May 2016
Generated annual yield of 9.7% in 2015 on

portfolio rented out. Rent earning assets are with
capital appreciation upside.
m2 has developed its current yielding portfolio
through:
- m2 retains commercial space (ground floor) at
its own residential developments. This
constitutes up to 25% of total yielding portfolio
- Acquired opportunistically the commercial
space. This constitutes over 75% of total
yielding portfolio
1 US$ value of annual transaction in the capital city in 2014 (NPRG, Colliers Company own data)
2 trade volume in Georgia in 2015
3 gross tourism inflows in 2015
m2 attained exclusive development agreement

with Wyndham to develop Wyndhams 3-star
brand Ramada Encore exclusively in Georgia.
Plan is to build at least 3 hotels within next 7
years with minimum 370 rooms in total.
3 projects in the pipeline:
1) 2 hotels in Tbilisi land acquired, project
design stage
2) 1 hotel in Kutaisi searching for property
Unmatched track record

1
Start date:
Project timeline
All projects were completed on budget and on schedule

3 4
SEP2010
123 apartments
APR2012
525 apartments
DEC2013
221 apartments
295 apartments
SEP2014
JUL2014
270 apartments 238 apartments
JUL2015
819 apartments
DEC2015
19 apartments
2,507 apartments in total: 1,669 apartments completed with 86% sales and 838 apartments under construction with 38% pre-sales
Project highlights
Chubinishvili street
123 apartments
IRR: 47%
Equity multiple: x1.8
Apartments sold: 123/123, 100%
Pre-sales1 was: 92%
Start date: Sep2010
Completion: Aug2012
Sales: US$ 9.9mln
Land value unlocked: US$ 0.9mln
5
Tamarashvili Street II
270 apartments
IRR: 71%
Pre-sales: 71%
Start date: Jul2014
Completion: May2016
Sales: US$ 18.0mln
www.bgeo.com
May 2016
Tamarashvili street
522 apartments
IRR: 46%
Pre-sales was: 94%
Start date: May2012
Completion: Jun2014
Sales: US$ 48.0mln
6
Completed projects
On-going projects
Moscow avenue
238 apartments
IRR: 31%
Pre-sales: 61%
Start date: Sep2014
Completion: May2016
Sales: US$ 6.9mln
Nutsubidze street
221apartments
IRR: 58%
Pre-sales: 89%
Start date: Dec2013
Completion: Sep2015
Sales: US$ 16.2mln
7
Kartozia Street
819 apartments
IRR: 31%
Pre-sales: 231/819, 28%
Pre-sales: US$ 16.4mln
Start date: Nov2015
Completion expected: Sep2018
Construction progress: 10% completed
Land value to be unlocked: US$ 5.8mln
Note 1: Pre-sales is defined as sales before project completion

Note 2: Off-plan sales is defined as sales before commencement
of construction phase
Off-plan sales: 173/819, 21%

Off-plan sales: $11.7mln
Kazbegi Street
295 apartments
IRR: 165%
Pre-sales: 90%
Start date: Dec2013
Completion: Mar2016
Sales: US$ 24.4mln
8
Skyline
19 apartments
IRR: 329%
Pre-sales: 9/19, 47%
Pre-sales: US$ 3.7mln
Start date: Dec2015
Completion expected: Dec2016
Construction progress: 5% completed
Land value to be unlocked: US$ 3.1mln
Pre-sales: 58/819, 7%
Pre-sales: $4.7mln
m2 Real Estate Strategy: accelerating growth
GOAL
Accelerate growth, building on existing track record, to develop m2 into a sizable

player on Georgian real estate market
Residential Developments
Liquidating all land-plots by
developing housing. Start development
of third party lands.
Growth
highlights
Currently, own land bank of US$
43.4mln*, with capacity of c.5200
apartments (in addition to 2,510
apartments in existing 8 projects, both
completed and on-going)
*Excludes hotel lands
www.bgeo.com
May 2016
Commercial space
Grow portfolio of yielding assets by
retaining investment property from own
residential developments, and acquiring
opportunistically and/or developing high
street retail, commercial and office space,
with capital gain upside and c.10-12%
annual yield.
Investment policy:
Good location
Good tenant
Good lease terms
10-12% yield range
Hotels
Develop 3 hotels (3-star, select service
mixed-use hotels) in next 7 years in
Tbilisi and Kutaisi with minimum roomcount of 370 in total, catering to budget
travelers
Ramada Encore exclusivity for 7 years

Investment per room US$ 70k
Occupancy rate 74% (after 3rd year
stabilised)
ADR US$ 110 (Tbilisi)
US$ 105 (Kutaisi)
Strong existing pipeline US$ 422.1mln total investment

Start date:
Project timeline
Accelerating the growth

1
APR2016
544 apartments
MAY2016
(2) 62 apartments
(1) 152 rooms
353 apartments
AUG2016
127 rooms
34 apartments
DEC2016
127 rooms
JAN2017
1,097 apartments
320 sqm commercial space
JAN2019
1,746 apartments
3,703 sqm commercial space
APR2021
1,400 apartments
39,514 sqm commercial space
1
Existing land bank of US$ 45.6mln value, with c.5200 apartments
Project highlights
Kavtaradze street
(economy/low cost development)
544 apartments
IRR: 26%, expected
Expected sales: US$ 26.0 mln
Start: Apr-16
Completion: Mar-18
Total completion cost: US$ 23.1mln
Land value: US$ 2.6mln
3
Ramada Encore (Kutaisi 3-star hotel)

Hotel: 127 rooms, 6000 sqm (gross)
Start: Dec16; Completion: Sep18
Profit stabilized year: US$ 1.2mln
ADR (stabilized year): US$ 105
www.bgeo.com
May 2016
50 Chavchavadze avenue
(upscale development)
62 apartments
IRR: 99%, expected
Start: May-16
Completion: Sep-17
Land value: US$ 3.3 mln
Ramada Encore (Kazbegi 15mixed-use)

Start: May-16; Completion: Nov-17
Residential: 353 apartments
IRR: 45%
Start: May-16; Completion: Nov-17
Dighomi development
m2 owns 13 hectare of land in close proximity to the city center. Plan is
to develop a modern neighborhood with c.4,200 apartments, 30,000
sqm of retail, 20,000 sqm of offices, primary school, kindergarten,
outpatient clinic, park and plaza. The project will be a novel
development combining multi-family real estate for all types of
customers: micro lofts for millennials, townhouses with private patios
for larger families, high rise apartment blocks and small size units to
meet the budget constraints of the clients. Retail will host hypermarket
and plaza level shops, cafes and restaurants. Almost 4 hectares will be
dedicated to park and greenery to provide the residents and the guests
of the neighborhood with relaxing atmosphere.
Residential development
Hotel development
Ramada Encore (Meliqishvilimixed-use)

Start: Aug-16; Completion: Feb-18
Residential: 34 apartments
IRR: 329%
Start: Aug-16; Completion: Feb-18
Project highlights
Expected sales, US$ mln
Start date
Completion date
Total completion cost, US$ mln
Land value, US$ mln
Number of apartments
Commercial space
Equity multiple
Total
387.8
Jan-17
Apr-24
324.9
27.0
4,243
54,421
1
59.9
Jan-17
Mar-20
71.5
6.0
1,097
400
1.9
Dighomi development (Residential & Commercial space). Numbers designate project phases.
2
119.8
Jan-19
Jan-22
99.0
9.6
1,746
4,629
3
208.1
Apr-21
Apr-24
154.4
11.4
1,400
49,392
m2 Real Estate Hotel strategy
3-star hotel opportunity in Tbilisi

Develop 3 hotels in next 7 years in
Tbilisi catering to budget travelers
Limited supply last
Visitors in Georgia
25% CAGR03-15
Branded hotel opening in Tbilisi in 2012

5,898
5,516
5,392
6,000
5,000
Distribution of rooms in Tbilisi

by accommodation type, 2011
4,428
Internationally
branded hotels
26%
4,000
Wyndham Ramada Anchor exclusivity for 7 years

Equity investment US$ 7 million
1,000
313 368
560
Other
accommodation
units (local)
74%
1,500
1,290
1,052
763
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
0
2004
Number of rooms 370

Investment per room US$ 70k
Occupancy rate 65% (3rd year stabilised)
ADR US$ 100
2,032
2,000
2003
2,822
3,000
Foreign visitors (thousand persons)
ROE 20%
Source: Galt & Taggart Research
www.bgeo.com
May 2016
page 56
Contents


Renewable Energy Opportunity

Appendices
www.bgeo.com
May 2016
page 57
Renewable Energy opportunity

1
Underpenetrated
industry
Only 20-25% of Georgias hydro resources utilised
Cheap to develop
US$ 1.5mln for 1MW development in Georgia
Strategic
partnership
Strategic partnership with industry specialists RP Global (Austria)
Small investment
to date
Only US 1mln invested during first 1.5 years of due-diligence and

planning
Opportunities
5 BGEO planned
investment in
ongoing projects
www.bgeo.com
May 2016
BGEO investment US$ 28mln

Total investment US$ 43mln (partnership: 65% BGEO 35% RP Global)
Expected IRR 25%+
page 58
Renewable Energy 5 year roadmap
Goal
Establish renewable energy platform,

targeting 100MW+ in 4 medium size hydro power plants by 2019
Development
2 ongoing projects 105MW, 4 HPPs
Pipeline
Projects
Mestiachala
1&2
Zoti
1&2
Estimated Capacity 100 MW
50MW
55MW
Estimated Project Timeline2
2017-2018
2017-2019
Note: Project timeline includes only construction period. In general

construction period is preceded by a 1-2 year pre-construction period. On
average 5% of total project cost is spent during this period on due diligence
www.bgeo.com
May 2016
page 59
Goal
Establish renewable energy platform,

targeting 100MW+ in 4 medium size hydro power plants by 2019
Financing
BGEO contribution US$ 28mln over next 4 years
(estimated total equity US$ 43mln)
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
Pipeline
Staged investments
Small
investment
until now
4 years
14.8
0.6
2015
2.8
2016
6.9
2017
3.0
2018
2019
BGEO investment
www.bgeo.com
May 2016
page 60
Goal
Expected IRR 25%+
Math
Total
BGEO share
EBITDA (run rate)
US$ 15.9mln
US$ 10.3mln
Equity contribution
US$ 43mln
US$ 28mln
Sale in parts
Scale up (2nd stage) and public listing or strategic

sale
Exit opportunities
www.bgeo.com
May 2016
page 61
Contents


GGU Georgian Global Utilities

Appendices
www.bgeo.com
May 2016
page 62
GGU Overview
Business overview
Two core activities:
1. Water utility Provides water to 1.4mln people (1/3
of Georgia)
2. Generation of electric power Owns and operates

3 HPPs with total installed capacity of 143MW.
Generated power is primarily used by GGUs
water business. The excess amount of generated
power is sold to the third party clients every year
Highlights
We acquired 25% of shareholding, December
2014
We had an option to acquire an additional
24.9% share in GGU. We did not exercise this
option
Going forward reduce water delivery losses to
40%, from current 50%
Period
GGU
EBITDA
Profit contribution
to BGEO
Gel mln, unless otherwise noted
www.bgeo.com
May 2016
2014
51.6
2015
63.2
4.1
1Q16
16.0
1.9
page 63
GGU EBITDA dynamics

GGU EBITDA
CAGR14-18
+10.6%
90
GEL millions
80
66.5
70
60
77.3
69.1
63.2
51.6
50
40
30
20
10
0
2014
2015E
2016F
2017F
2018F
EBITDA growth drivers

Cost saving from reduction in water delivery losses to 40%, from current 50%
Double effect from water delivery loss reduction selling freed-up energy
www.bgeo.com
May 2016
page 64
Contents


Teliani Valley

Appendices
www.bgeo.com
May 2016
page 65
Teliani Valley Business overview

Goal
Become leading beverages producer and distributor in Caucasus
Strong existing franchise

Leading wine producer
With wide
distribution platform
Teliani
Business
New business line

Launch beer production
Russian Federation
Black
Sea
Poti
Batumi
Turkey
3 million bottles sold annually
4,400 sales points
US$ 8mln revenue in 2015
Exporting to 26 countries,
including all FSU, Poland,
Sweden, Finland, USA, Canada,
Brazil, China, Thailand, Singapore
US$ 1.7mln EBITDA in 2015

60% of sales from export
www.bgeo.com
May 2016
Georgia
Caspian
Sea
Tbilisi
Rustavi
Armenia
Azerbaijan
Baku
Launch beer production facility in

Georgia
10 year exclusivity with Heineken

to sell in Georgia, Armenia and
Azerbaijan (17mln population)
page 66
Teliani Valley Exclusive Heineken producer in Caucasus
Exclusive Heineken producer in Caucasus

Strong management with
proven track record
Highly concentrated market
Domestic market segmentation (Q3

2015)
Investment
Rationale
EBITDA
6%
12%
3.1
2.5
1.7
2.0
1.7
1.5
0.9
0.2
0.9
31%
0.3
-0.9
2009
Beer Consumption in Peer Countries 2014

(l/capita)
Net Income
3.4
1.3
Low consumption per capita

compared to peers
51%
Effes Georgia
Zedazeni
Argo
Other
160
140
120
100
80
60
40
20
0
Peer
Average 71
-0.7
2010
2011
www.bgeo.com
May 2016
2012
2013
2014
2015
page 67
Teliani Valley Exclusive Heineken producer in Caucasus
Exclusive Heineken producer in Caucasus

EBITDA projection
Investment
Exit options
EBITDA Evolution, USDmn (20172022)
Financials
Total investment USD 40.6mln, of

which USD 15.3mln is equity
BGEO to invest USD 9.8mln in total,
amounting to 64% of shares of Teliani
12.0
10.0
8.0
6.0
30.0%
24.1% 24.2%
22.4% 23.1%
20.6%
2.9
3.0
2.8
15.6%
2.6
2.5
4.0
2.0
0.0
2.4
5.4
6.6
7.7
7.9
3.6
1.1
25.0%
20.0%
Trade sale
15.0%
10.0%
5.0%
0.0%
2017E 2018E 2019E 2020E 2021E 2022E

Teliani Valley EBITDA
Global Beer Georgia EBITDA
EBITDA margin
www.bgeo.com
May 2016
page 68
Contents
Bank of Georgia Holdings PLC | Overview

Results Discussion | Bank of Georgia Holdings PLC

Appendices
www.bgeo.com
May 2016
page 69
Georgia at a glance
General Facts
Area: 69,700 sq km
Population (2012): 4.5 mln
Life expectancy: 77 years
Official language: Georgian
Literacy: 100%
Capital: Tbilisi
Currency (code): Lari (GEL)
Economy
Nominal GDP (Geostat) 2015: GEL 31.7 bn (US$14.0 bn)

Real GDP growth rate 2011-2015: 7.2%, 6.4%, 3.3%, 4.6%, 2.8%
Real GDP average 10 year growth rate: 5.1%
GDP per capita 2015 (PPP) per IMF: US$ 9,629
Annual inflation (e-o-p) 2015: 4.9%
External public debt to GDP 2015: 32.6%
Sovereign ratings:
S&P
BB-/B/Stable, affirmed in November 2015
Moodys Ba3/NP/Stable, affirmed in March 2016
Fitch
BB-/B/Stable, affirmed in October 2015
www.bgeo.com
May 2016
page 70
Georgias key economic drivers

Liberal economic policy
Regional logistics and

tourism hub
Top performer globally in WB Doing Business over the past 12 years

Liberty Act (effective January 2014) ensures a credible fiscal and monetary framework:
Public expenditure/GDP capped at 30%; Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%
Business friendly environment and low tax regime (attested by favourable international rankings)
A natural transport and logistics hub, connecting land-locked energy rich countries in the east and European markets in the west
Access to a market of 900mn customers without customs duties: Free trade agreements with EU, CIS and Turkey and GSP with USA, Canada, Japan, Norway and
Switzerland, negotiations ongoing on Georgia-China free trade agreement

Tourism revenues on the rise: tourism inflows stood at 13.9% of GDP in 2015 and arrivals reached 5.9mln visitors in 2015 (up 6.9% y-o-y)
Regional energy transit corridor accounting for 1.6% of the worlds oil and gas transit volumes
Strong FDI
Support from international

community
Electricity transit hub

potential
An influx of foreign investors on the back of the economic reforms have boosted productivity and accelerated growth
FDI at US$1,351mln (9.7% of GDP) in 2015 (down 23.2% y-o-y)
FDI averaged 10% of GDP in 2006-2015
Productivity gains accounted for 66% of the annual average 5.6% growth over 1999-2012, according to the World Bank
Georgia and the EU signed an Association Agreement and DCFTA in June 2014
Progress in achieving visa-free travel to the EU is another major success in Georgian foreign policy. Georgian passport holders are expected to start free entrance to the
EU countries from 2H16

Discussions commenced with the USA to drive inward investments and exports
Strong political support from NATO, EU, US, UN and member of WTO since 2000; Substantial support from DFIs, the US and EU
Developed, stable and competitively priced energy sector

Only 20% of hydropower capacity utilized; 88 hydropower plants are in various stages of construction or development
Georgia imports natural gas mainly from Azerbaijan
Significantly boosted transmission capacity in recent years, a new 400 kV line to Turkey built, other transmission lines to Armenia and Russia upgraded
Additional 5,000 MW transmission capacity development in the pipeline, facilitating cross-border electricity trade and energy swaps to Eastern Europe
Georgia underscored its commitment to European values by securing a democratic transfer of political power in successive parliamentary, presidential, and local
elections and by signing an Association Agreement and free trade agreement with the EU
Political environment
stabilised
New constitution amendments passed in 2013 to enhance governing responsibility of Parliament and reduce the powers of the Presidency
Continued economic relationship with Russia, although economic dependence is relatively low
Russia began issuing visas to Georgians in March 2009; Georgia abolished visa requirements for Russians -The Russian side recently announced to ease visa
procedures for Georgians citizens effective December 23, 2015

Direct flights between the two countries resumed in January 2010
Member of WTO since 2000, allowed Russias access to WTO; In 2013 trade restored with Russia
In 2015, Russia and Ukraine together accounted for 10.1% of Georgias exports and 14.0% of imports; just 4.1% of cumulative FDI over 2004-2015
www.bgeo.com
May 2016
page 71
Growth oriented reforms

Ease of Doing Business | 2016 (WB-IFC Doing Business
Report)
6
7
8
9
UK
USA
Sweden
Norway
Estonia
GEORGIA
Armenia
Czech Rep.
Romania
Kazakhstan
Montenegro
Turkey
Serbia
Azerbaijan
Ukraine
Economic Freedom Index | 2016 (Heritage Foundation)

Estonia
WB named Georgia top performer globally in

doing business over the past 12 years
11
23
36
Hungary
24
35
36
37
58
Bulgaria
60
Romania
61
France
41
75
Turkey
46
79
Italy
Azerbaijan
55
59
86
91
Russia
63
153
Ukraine
162
83
Global Corruption Barometer | TI 2013

Denmark
Norway
GEORGIA
UK
Estonia
US
Romania
Bulgaria
Czech Republic
Armenia
Latvia
Turkey
Greece
Serbia
Lithuania
Kazakhstan
Ukraine
10
USA
Georgia
Latvia
16
UK
1%
3%
4%
5%
6%
7%
7%
8%
Business Bribery Risk, 2014 | Trace International
% admitting having paid a bribe last year
15%
18%
19%
21%
22%
26%
26%
32%
37%
www.bgeo.com
May 2016
Sources: Transparency International, Heritage Foundation, World Bank
Germany
USA
Georgia
Norway
Netherlands
UK
Estonia
Poland
Czech Rep.
Serbia
Turkey
Montenegro
Romania
Armenia
Russia
Azerbaijan
9
10
11
12
13
19
22
31
52
67
70
73
83
87
134
140
page 72
Government 4-pillar of reform initiatives

Structural Reforms
Promoting Transit Hub
Tax Reform
Corporate income tax reform

Enhancing easiness of tax compliance
Capital Market Reform
Boosting stock exchange activities

Developing of local bond market
Rail
Pension Reform
Introduction of private pension system
Air
Introduction of transparent and efficient PPP

framework
Public Investment
Management Framework
Improved efficiency of state projects
Deposit Insurance
Boosting private savings

Enhancing trust to financial system
Accounting Reform
Increased transparency and financial accountability

Enhanced protection of shareholder rights
PPP Reform
Roads
Plan to finish all spinal projects by 2020 EastWest Highway, other supporting infrastructure
Baku Tbilisi Kars new railroad line

Railway modernization project
Tbilisi International Airport
2nd runway to be constructed
International Cargo terminal
Anaklia deep water Black Sea port
Strategic location
Capable of accommodating Panamax

type cargo vessels
High capacity up to 100mln tons

turnover annually
Up to USD 1bln for first phase (out of

9) in Georgia
Maritime
Association Agreement
Agenda
Promoting Open Governance

Improvement of public
services offered to the
private sector
Creation of Front Office

Application of Single Window Principle
Involvement of the
private sector in
legislative process
Strict monitoring of
implementation of
government decisions
www.bgeo.com
May 2016
Education Reform
General Education
Reform
Maximising quality of teaching in secondary

schools
Discussion of draft legislation at an early stage
Fundamental Reform
of Higher Education
Based on the comprehensive research of the labor

market needs
Creation of a special unit for monitoring purposes
Improvement of
Vocational Education
Increase involvement of the private sector in the

professional education
page 73
Diversified resilient economy

Gross domestic product
20
15
11.1%
10
5
4.0
14.4
12.6% 12.8
10.8
9.6% 9.4% 10.2

7.8
5.8% 6.4
5.1
20%
15.8 16.1 16.5

14.0
11.6
6.2%
7.2%
3.4%
4.6%
2.8%
Hotels &
restaurants 2.5%
15%
10%
6.4%
2.4%
Nominal GDP structure, 2015
5%
Trade 16.6%
Other
11.0%
Financial interm.
3.7%
Maufacturing
16.5%
Healthcare 6.0%
0%
-3.7%
Real Estate 6.6%
Transport &
commun. 10.7%
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
-5%
2003
-5
Construction
8.0%
Nimonal GDP, US$ bn

Real GDP growth, y/y %
Source: Geostat
Comparative real GDP growth rates, % (2006-2015 average)

6%
5.1%
5%
3.6%
4%
2.5%
3%
1.8%
1.9%
2.6%
3.8%
GDP per capita

10,000
7,287
7,000
1.9%
6,000
5,000
0%
4,000
5,788
www.bgeo.com
May 2016
Georgia
Poland
Turkey
Moldova
Romania
Lithuania
Russia
Czech Republic
Estonia
Latvia
Sources: IMF, Geostat
2,000
6,135 6,030
6,571
4,943
4,329
3,431
3,779
3,711
3,159
2,479
3,000
-0.8%
-2%
9,630
8,006
8,000
2.7%
1%
Ukraine
9,209
8,526
9,000
3.8%
2%
-1%
Public
administration
9.3%
Agriculture 9.2%
Source: Geostat
924 1,202
1,522
4,428
4,131 4,267
3,789
2,694 2,951
1,863
1,000
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Nominal GDP per capita, US$
GDP per capita, PPP
Sources: IMF
page 74
Productivity gains have been the main engine of growth since 2004
Overall contribution of capital, labour, and Total Factor
Productivity (TFP) to growth, 1999-2012
Contributions of capital, labour, and TFP to growth during

periods
10%
Capital stock
1.60%
8%
6%
TFP growth
3.65%
4%
6.32%
3.86%
3.65%
2%
0%
1.48%
2.25%
1999-2003
2004-2007
-2%
0.67%
-2.02%
1.56%
2008-2009
2010-2012
-4%
Labor force
0.32%
Capital stock
Labor force
TFP growth
Source: Georgia Rising (2013), WB
Source: Georgia Rising (2013), WB
Real GDP growth projection, 2016-2017
60%
50%
40%
30.0%
14.4%
12.7%
5.7%
30%
12.5%
4.9%
20%
10%
-3.0%
0%
-13.6%
-10%
4Q15
3Q15
2Q15
1Q15
4Q14
3Q14
-20%
2Q14
600
580
560
540
520
500
480
460
440
420
1Q14
Belarus
Russia
Azerbaijan
Bulgaria
Czech Rep.
2017F
Moldova
Armenia
Kyrgyz Rep.
Estonia
Lithuania
Slovak Rep.
Macedonia
Romania
Latvia
Georgia
2016F
Kazakhstan
5%
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
Employed persons in business sector
Employment in business sector, '000

Pers. income tax revenues, % change y/y
Sources: IMF, WEO April 2016
www.bgeo.com
May 2016
Source: GeoStat, MOF
page 75
Further job creation is achievable

Unemployment rate down 2.2ppts y/y to 12.4% in 2014
Average monthly wages and income per household

500
6%
1,200
4%
1,100
2%
100
0
0%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2004
1,000
200
2014
Employment (thousands)
Unemployment rate
2014
8%
1,300
2013
1,400
300
2012
10%
2011
12%
1,500
2010
1,600
400
2009
14%
2008
16%
1,700
2007
1,800
2006
18%
2005
1,900
Wages, US$
Total income, US$
Sources: GeoStat
Sources: GeoStat
Share of services in total employment has increased
Hired workers account for c.39.7% in total employment

800
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
700
600
500
400
300
200
100
2003
2004
2005
2006
2007
Services
Agriculture
Industry
Source: GeoStat
Note: services include construction
www.bgeo.com
May 2016
2008
2009
2010
2011
2012
2013
2014
0
2006
2007
2008
Public sector
Non-public sector
2009
2010
2011
2012
2013
2014
Sources: GeoStat
page 76
Demonstrated fiscal discipline and low public debt

Fiscal deficit as % of GDP
Fiscal
deficit/GDP
capped at 3%
0%
-0.3%
-2.6%
-4%
-3.4%
-6%
-3.6%
-6.5%
-8%
-3.7%
Domestic
21%
External
79%
(Contractual maturity
23 years)
-6.7%
Bilateral
13%
Eurobond
9%
2016F
2015
2014
2013
2012
2011
2010
2009
2007
2006
2005
External public debt

portfolio
weighted average
interest rate 1.9%
Multilateral
56%
-3.0%
-9.2%
2004
-10%
-2.8% -2.6% -3.0%
-4.8%
2008
-2%
Breakdown of public debt
Fiscal deficit as % of GDP

Source: Ministry of Finance of Georgia
Source: Ministry of Finance of Georgia, as of end-2015
Public debt as % of GDP
Gross government debt/GDP, 2015
20%
40%
10%
10%
20%
0%
0%
41.2%
Sources: Ministry of Finance of Georgia, Geostat
www.bgeo.com
May 2016
Italy
USA
Belgium
UK
Canada
Croatia
Austria
Ukraine
Slovenia
Hungary
Germany
Netherlands
Montenegro
Belarus
Finland
Slovakia
Armenia
Denmark
Switzerland
Georgia
Lithuania
Romania
Bosnia & Herz.
External public debt to GDP, %
Czech Rep.
0%
Turkey
2008
2007
2006
2005
2004
2003
Total public debt to GDP, %
2017F
20%
2016F
60%
2015
30%
2014
80%
30%
2013
40%
2012
100%
40%
2011
120%
50%
50%
2010
140%
60%
2009
70%
60%
Macedonia
Public
debt/GDP
capped at
60%
70%
Source: IMF
page 77
Investing in infrastructure and spending low on social

Revenues and expenditures
Current and capital expenditure
12,000
70%
10,000
60%
50%
8,000
30%
30.2%
30.5%
30.0%
40%
0%
2011
2012
2013
2014
2015
25.0%
24.0%
81.6%
83.2%
17.7%
16.4%
18.4%
16.8%
20%
2016F
0%
2009
Total Budget Receipts, GEL mn

Expenditures (Capital + Current), GEL mn
2016F
2010
21.9%
83.6%
2015
2009
22.1%
82.3%
20%
10%
76.0%
2014
29.3%
75.0%
2013
30.6%
78.1%
2012
30.7%
2,000
77.9%
2011
33.9%
60%
2010
37.2%
Capital Expenditures
80%
40%
6,000
4,000
Current Expenditures
100%
Expenditures (capital + current) as % of GDP

Source: Ministry of Finance, GeoStat
Sources: Ministry of Finance
Government social expenditure as % of GDP
Government capital expenditure as % of GDP
20
18
16
14
12
10
8
6
4
2
0
www.bgeo.com
May 2016
Georgia
Bulgaria
Hungary
Albania
Belarus
Armenia
Estonia
Russia
Macedonia
Poland
Serbia
Lithuania
Latvia
Bos and Herz
2013
2014F
2015F
Turkey
Romania
Croatia
Croatia
Poland
Bulgaria
Bos and Herz
Russia
Hungary
Lithuania
Macedonia
2013
2014F
2015F
Source: IMF
Serbia
Albania
Romania
Belarus
Estonia
Latvia
Georgia
Armenia
Turkey
9
8
7
6
5
4
3
2
1
0
Source: IMF
page 78
Fiscal Performance
Consolidated budget tax revenues
Consolidated budget - expenditures and privatization
GEL mln
1000
900
800
700
600
500
400
300
200
100
0
100%
+11.5%
82.2%
80%
53.7%
60%
+8.2%
40%
-1.1%
+14.1%
20%
7.3%
12.7%
0%
-3.1%
-20%
-12.8%
-40%
Jan
Feb Mar
2014
2015
2016
Source: Ministry of Finance
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Current spending, % change Capital spending, % change Privatization, % change y/y

y/y
y/y
Dec
1Q15
1Q16
Sources: Ministry of Finance
Consolidated budget balance
State budget - revenues above plan in 1Q16
350
2,378
2,500
287.8
300
1,990
2,267
2,050
2,000
250
200
190.7
150
1,500
168.0
160.8
1,000
102.7
100
67.4
500
50
0
0
Operating Balance, GEL mn
1Q14
1Q15
1Q16
Overall Balance, GEL mn
Total inflows, GEL mn
Total outflows, GEL mn
1Q16 plan
1Q16 actual
www.bgeo.com
May 2016
page 79
Diversified foreign trade

Imports of goods and services
Exports of goods and services
12
8.0
10.0
10
8.0
7.5
8
5.9
6
4
1.8
0.4
1.4
2.5
0.5
2.0
4.4
0.7
3.3
0.6
1.2
6.1
5.2
0.9
9.3
1.4
1.6
4.3
1.7
1.3
7.7
7.7
8.3
5.2
5.0
0.7
2005
2006
2007
2008
2009
5.0
2010
2011
2012
2013
2014
2.0
1.3
1.0
0.0
0.7
0.5
2003
2015
Goods imports, US$ bln
1.6
0.1
1.0
2.2
0.1
1.3
0.2
1.4
3.7
0.3
3.2
0.2
1.8
1.6
2.0
2009
2010
2011
0.9
1.1
2004
2005
2006
2007
2008
Source: NBG BOP statistics
3.1
3.1
2.6
2.6
3.0
3.0
3.2
2012
2013
2014
2015
Source:, NBG BOP statistics
Exports, 2015
Imports, 2015
Other 13%
Oil imports
1Q16 imports US$93.2mln, down 28.1% y-o-y
Other 18%
EU 33%
EU 29%
UAE 3%
USA 3%
1,200
Canada
3%
900
Uzbekista
n 4%
300
100%
911 951 954 918
762
600
336
443
556
555
697
657
25%
Turkey
17%
Russia 8%
Russia 7%
Armenia
8%
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
Turkey
9%
-50%
2005
China 6%
Azerbaijan
7%
-25%
-600
2004
Azerbaijan
11%
0%
-300
2003
USA 5%
75%
50%
105 186
Ukraine
6%
China 7%
6.2
0.4
2.5
1.3
0.7
0.9
1.9
1.6
0.6
1.1
2.5
2.1
1.3
7.0
0.9
0.5
3.2
0.2
7.2
Serveces exports, US$ bln

Goods exports, Geo-originated, US$ bln
Re-exports, US$ bln
Services imports, US$ bln
Japan 3%
2.5
3.0
0.0
2004
4.0
7.4
0
2003
6.0
6.0
4.0
1.1
6.7
6.2
4.9
7.0
9.0
1.7
1.0
3.6
2.6
9.1
Oil imports, US$ mn

Oil imports, % change, y/y
Sources: GeoStat
Sources: Geostat
www.bgeo.com
May 2016
page 80
Diversified sources of capital inflow

Strong foreign investor interest
Tourist arrivals and revenues on the rise
US$1.35 bln in 2015, down 23.2%

2.5
19.8%
2.0
15.3%
12.2%
1.5
7.7%
6.1% 7.0%
5.8% 5.8%
7.0%
6,000
20%
5,000
15%
4,000
10%
1,000
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
4,000
763
313 368 56073
146
29
17
1,000
0
Foreign visitors (thousand persons, LHS)
FDI as a % of GDP
Net tourist revenue (US$ mn, RHS)
Sources: Georgian National Tourism Agency, National Bank of Georgia
Donor funding for public infrastructure projects
US$237.1 mln in 1Q16, down 4.9%
www.bgeo.com
May 2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
Source: National Bank of Georgia
Net remittances as % of GDP
252
200
100
0
92
54
382
3
72
13
77
32
63
92
49
57
89
79
94
Investment projects, credits, US$ mn
302
273
287
256
283
2016F
2005
Net remittances, US$ mn
259
159
87
2015
315
182
2014
213
2004
420
148
2013
767
755
400
300
121
2012
909
124
400
2011
949
918
600
1,263
500
2010
4.2%
1,322
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
2009
1,168
5.4%
1,226
6.5%
2008
4.9%
8.2%
8.2% 8.1%
7.7%
7.6%
2007
7.4% 7.2% 7.1%
1,200
600
2003
1,400
200
1,155
Remittances - steady source of external funding
800
208
741
460
294
243
1,426 1,489 1,606 2,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Sources: Geostat
1,000
3,000
2,032
1,500
1,052 1,290
2006
2004
0%
2003
0.0
6,000
5,000
2,822
3,000
5%
5,898
4,428
2,000
0.5
FDI, US$ bn
5,392 5,516
2005
8.5%
10.6% 9.7%
9.7%
25%
2004
1.0
1.1mln visitors in 1Q16, up 15.0%
Investment projects, grants, US$ mn
Source: Ministry of Finance of Georgia
page 81
Current account deficit supported by FDI

Current account balance (% of nominal GDP)
Tourism revenues on the rise
30%
16%
15%
20%
9%
8%
Current transfers - steady source

of external funding
8%
11%
10%
6%
6%
6.2%
2009
2010
-10.5%
-10.3%
3.9%
5.1%
2011
2012
2013
-12.8%
-11.7%
8.1%
8.7%
2014
2015
-10.6%
-11.8%
0%
2003
2004
-10%
2006
2007
2008
-5.8%
-7.0%
-9.7%
-20%
2005
-11.1%
-15.1%
-19.8%
Trade deficit driven by FDI
-30%
-22.0%
-40%
Goods, net
Services, net
Income, net
Transfers, net
CA deficit
net FDI
Sources: Geostat, NBG
FDI and capital goods import
Building international reserves
19.8%
3.5
3.0
0.5
0.1 0.1 0.1 0.2 0.2 0.2
0.4 0.5
2015
2014
0.0
2013
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
0%
0.9
1.0
2012
8.4%
2.5
1.5
2008
7.7%
2007
5.9% 6.0%
5.2% 5.6% 5.8%
6.9%
1.4
1.5
2006
2%
7.4% 8.3%
2.7
2.3
2.0
2005
7.9% 8.2% 7.9%
6%
4%
6.1%
9.7%
7.7% 5.8% 5.8%
2004
8%
7.0%
2003
7.0%
2002
10%
10.6%
9.7%
8.5%
2.1
2001
12%
2.5
2000
14%
2.8 2.9 2.8
2011
12.2%
US$ bln
2010
16%
2009
15.3%
1998
18%
1999
20%
FDI to GDP, %
Capital goods imports to GDP, %
Source: Geostat, NBG
www.bgeo.com
May 2016
Source: NBG
page 82
Jan-11
Source: IMF
Note: Jan2005=100
www.bgeo.com
May 2016
Jun-13
Core (non-food, non-energy)

Headline Inflation
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
4.1%
Mar-16
Dec-15
Aug-15
May-15
Feb-15
Nov-14
Jul-14
Apr-14
Jan-14
Sep-13
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
-3%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
-3%
Sources: Geostat
250
230
210
190
170
150
130
110
90
70
50
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Total
Non-energy
Energy
Mar-13
Dec-12
Aug-12
May-12
Feb-12
Oct-11
Jul-11
Apr-11
Inflation target - 5% for 2016 and 4% for 2017

Annual inflation
Monthly inflation rate
2.0%
2.0%
1.5%
1.5%
1.0%
1.0%
0.5%
0.5%
0.0%
0.0%
-0.5%
-0.3% -0.5%
-1.0%
-1.0%
-1.5%
-1.5%
Sources: Geostat
World commodity prices indices

Average inflation rate
10%
8%
6%
4.8%
4%
2%
0%
-2%
Source: GeoStat
page 83
International reserves-sufficient to finance more than 3 months of imports

Central Banks interventions
International reserves
250 220
200
US$
150
100
50
0
-50
-100
-80
-150
NBG is net buyer of US$ 15

mln YTD
sale
120
40 40
Gross International Reserves, US$ bn

Net Foreign Assets, US$ bn
US$ purchase
-15 -20
-40
-120
Sources: NBG
Note: May 2016 data provided as of 5 May 2016
Monetary policy rate
Dollarization
80%
80%
75%
75%
70%
70%
65%
65%
60%
60%
55%
55%
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jan-16
Mar-16
Nov-15
Jul-15
Sep-15
May-15
Jan-15
Mar-15
Nov-14
Jul-14
Sep-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
May-13
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Jan-13
60
27 20 20 20
NBG monthly net interventions US$ mn
Sources: NBG
Mar-13
40 40
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jan-16
Mar-16
Nov-15
Jul-15
Mar-15
Jan-14
Sep-15
0.0
May-15
0.0
Jan-15
0.5
Nov-14
1.0
0.5
Jul-14
1.5
1.0
Sep-14
1.5
May-14
2.0
Mar-14
2.0
Nov-13
2.5
Jul-13
2.5
Sep-13
3.0
May-13
3.0
Jan-13
3.5
Mar-13
3.5
Deposit dollarization
Loan dollarization
Source: NBG
Source: NBG
24.9%
www.bgeo.com
May 2016
page 84
Floating exchange rate - a policy policy

Real effective exchange rate (REER)
FX reserves
US$ 2.5 bln reserves as of March 2016
US$ bln
90
85
85
Jan-03
Jul-03
Feb-04
Aug-04
Mar-05
Sep-05
Apr-06
Nov-06
May-07
Dec-07
Jun-08
Jan-09
Jul-09
Feb-10
Sep-10
Mar-11
Oct-11
Apr-12
Nov-12
May-13
Dec-13
Jul-14
Jan-15
Aug-15
Feb-16
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
FX Reserves
M2 multiplier
Sources: NBG
95
90
Sources: NBG
M2 and annual inflation
0%
-10%
-20%
Jan-03
Jul-03
Feb-04
Aug-04
Mar-05
Sep-05
Apr-06
Nov-06
May-07
Dec-07
Jun-08
Jan-09
Jul-09
Feb-10
Sep-10
Mar-11
Oct-11
Apr-12
Nov-12
May-13
Dec-13
Jul-14
Jan-15
Aug-15
Feb-16
-30%
M2, % change, y/y (LHS)

Annual inflation, eop (RHS)
Source: NBG
0%
-10%
-20%
-30%
Lari appreciation
-40%
Sep-05
10%
Apr-06
Nov-06
20%
10%
Mar-05
30%
30%
20%
Feb-04
40%
40%
Lari deppriciation
Aug-04
50%
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
-70%
Jul-03
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
60%
Jan-03
70%
M2 and USD/GEL
Feb-16
0.0
100
95
Aug-15
0.9
105
100
Jul-14
Jan-15
0.5
110
105
Dec-13
0.4
115
110
Nov-12
0.2
1.5
120
115
May-13
0.5
1.4
2.5
125
120
Oct-11
1.0
2.7
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
Apr-12
2.1
1.5
2.3
2.8
1.3
Mar-11
2.0
2.9
1.3
Jul-09
2.8
1.4
Feb-10
Sep-10
1.2
1.3
Jan-09
0.9
1.2
1.3
Jun-08
2.5
1.2
1.1
1.4
130
125
Dec-07
3.0
1.3
135
130
May-07
3.5
135
M2 % change, y/y (LHS)

USD/GEL % change, y/y (RHS)
Source: NBG
www.bgeo.com
May 2016
page 85
Growing and well capitalised banking sector

Summary
Prudent regulation ensuring financial stability

High level of liquidity requirements from NBG at 30% of liabilities, resulting in banking sector liquid assets to client
deposits of 41% as of Dec 2015
Resilient banking sector

Demonstrated strong resilience towards both domestic and external shocks without single bank going bankrupt
No nationalization of the banks and no government ownership since 1994
Very low leverage with retail loans at 25% of GDP and total loans at 50% of GDP as of 2015 resulting in low
number of defaults during the global crisis
Source: National Bank of Georgia, Geostat
Banking sector assets, loans and deposits
NPLs, 2015
27.7% CAGR
Turkey
Georgia
Austria
Belgium
Denmark
Latvia
Belarus
Slovakia
Czech Rep.
Lithuania
Kosovo
Russia
Malta
Armenia
Macedonia
Slovenia
Kazakhstan
Hungary
Romania
Bos. & Herz.
Moldova
Croatia
Ukraine
30
25.2
25
20.6
20
17.3
14.4
15
12.7
10.6
8.9
10
5
7.2
1.30.8 1.70.9
0.7
1.0
2.5
1.7
1.3
4.2
2.7
2.1
4.6
3.2
6.0
3.6
8.3
5.2
4.0
6.35.5
7.7
6.7
8.6
7.6
10.5
9.7
13.0
11.6
16.0
14.3
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Assets
Loans
Deposits
Source: NBG
2.7
3.3
3.5
4.0
4.4
4.6
5.1
5.3
5.6
6.7
7.1
7.4
8.6
9.1
11.0
11.5
12.4
12.7
13.9
14.1
14.4
17.1
24.3
Source: WB
www.bgeo.com
May 2016
Source: National Bank of Georgia
page 86
Underpenetrated retail banking sector provides room for further growth

Corporate loans to GDP
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Households loans to GDP

45%
40%
22%
8%
9%
6%
7%
2003
2004
6%
6%
6%
8%
6%
10% 10%
25%
20%
22% 23%
17% 17% 17% 17% 18% 18% 20%
10% 13%
2005
2006
2007
2008
2009
35%
30%
14%
15% 15%
2010
2011
2012
2013
2014
15%
5%
0%
2015
9%
18% 21%
13% 11% 11% 13% 14%
2007
2008
10%
3%
3%
4%
6%
2003
2004
2005
2006
2009
2010
2011
2012
2013
2014
25%
2015
External corporate indebtedness to GDP

Corporate loans to GDP
Source: NBG,GeoStat
Source: NBG,GeoStat
Georgian banks better placed due to sound financials
Banking Sector loans to GDP
Country
Fitch
Rating Outlook
Sector Outlook
Armenia
Negative
Negative
Azerbaijan
Stable
Negative
Belarus
Stable
Negative
20%
Georgia
BB
Stable
Stable
10%
10%
Kazakhstan
Stable
Negative
0%
0%
Russia
BB
Negative
Negative
Ukraine
CCC
None
Negative
Uzbekistan
Stable
Stable
20%
Loans to GDP, 2014

Loans to GDP, 2015
Source: IMF
Turkey
30%
Bulgaria
40%
30%
Czech Rep
40%
Georgia
50%
Ukraine
50%
Armenia
60%
Azerbaijan
70%
60%
Kazakhstan
70%
Moldova
80%
Belarus
80%
Source: Fitch
www.bgeo.com
May 2016
page 87
Flexible FX regime shielded reserves and supported to macro stability

Currency weakening vs US$
Georgia used less reserves to support GEL
20%
15%
29.2%
0%
-10%
-20%
-10.4%
-15.3%
10%
-40%
12%
5%
-50%
0%
0%
-70%
-5%
-80%
15.5%
LHS: Weakening against USD

RHS: Annual inflation, 2016 latest
Source: IMF
Note: Feb-2016 vs Aug-2014; Armenias reserves exclude a US$ 500mn Eurobond issued in March 2015
Source: Bloomberg, National Statistics Offices

Note: US$ per unit of national currency, period 1-Aug-2014 19-Apr-2016
Monetary policy rates
Inflation remains modest in Georgia

End-2014
End-2015
-37.2%
-75.7%
Armenia Georgia
Turkey
Moldova
Russia Kazakhstan Belarus Azerbaijan Ukraine
USD/AMD USD/GEL USD/TYR USD/MDL USD/RUB USD/KZT USD/BYR USD/AZN USD/UAH
40%
-34.6%
Reserve loss, %
Georgia
-12%
-18.2%
-32.6%
-60%
45%
-15.9%
-30%
Azerbaijan
25%
Moldova
24%
51.5%
Belarus
22.8%
24.6%
48.7%
Turkey
36%
47.9%
Ukraine
48%
46.1%
Armenia
45.7%
Russia
60%
30%
Latest-2016
35%
25%
30%
20%
End-2014
End-2015
Latest-2016
25%
15%
20%
15%
10%
10%
5%
5%
0%
Belarus
Ukraine
Moldova
Kazakhstan
Russia
Armenia
Georgia
Turkey
Ukraine
Kazakhstan
Belarus
Azerbaijan
Moldova
Turkey
Russia
Georgia
Armenia
Source: Central banks
Azerbaijan
0%
-5%
Source: Central banks
www.bgeo.com
May 2016
page 88
Recent trends - Tourism on the rise, exports/remittances bottoming out

Remittances down from Russia and Greece
Tourist arrivals growing robustly

1.0
30%
0.8
23%
0.5
15%
0.3
80%
120
60%
80
40%
8%
40
20%
0.0
0%
0%
-0.3
-8%
-40
-20%
-0.5
-15%
-80
-40%
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
160
International arrivals, mn
% change, y/y
Inflow, US$ mn
% change, y/y
Source: NBG
Source: GNTA
Exports suffered mainly due to lower re-exports
Trade deficit down as consumer goods imports fell
300
40%
40%
200
27%
30%
29%
100
13%
0%
20%
20%
10% 8%
6%
10%
2%
13%
19% 20%
14%
10%12%
9% 9%
2%
0%
0%
-13%
-200
-27%
-40%
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
-300
Exports, US$ mn
% change y/y, exports
Source: GeoStat
www.bgeo.com
May 2016
-10%
-10%
-20%
-18%
-30%
-27%
-40%
-6%
-14%
-16% -14%
-19%
-25% -26%
-35%
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
-100
Source: GeoStat
Note: Excluding one-offs
page 89
Contents


Appendices
www.bgeo.com
May 2016
Analyst Coverage
Express Banking
Solo Banking
Financial Statements
page 90
Analyst coverage BGEO Group PLC
Consensus Target Price: GBP 23.4

16.Feb.2016
16.Feb.2016
16.Feb.2016
25.Feb.2015
16.Feb.2016
17.Dec.2015
www.bgeo.com
May 2016
14.Apr.2016
GBP 22.25
GBP 18.00
GBP 24.00
GBP 21.50
05.Feb.2016
GBP 26.69
GBP 23.50
22.Feb.2016
GBP 22.66
GBP 26.00
16.Feb.2016
GBP 25.60
GBP 26.19
21.Dec.2015
GBP 26.80
page 91
Express | emerging retail banking How Express works

1
1,304,734 Express Cards

for Transport payments
114 Express Branches
Opening accounts and deposits

Issuing loans and credit cards
Credit card and loan repayments
Cash deposit into accounts
Money transfers
Utility and other payments
Acts as payments card in metro, buses

and mini-buses
8,175 POS Terminals

at 3,356 Merchants
2,627 Express Pay Terminals
Credit card repayments

Loan repayments
Cash deposit into accounts
Loan activation
Utility and other payments
Mobile top-ups
MetroMoney top-ups
www.bgeo.com
May 2016
Payments via cards and Express points

P2P transactions between merchant and
supplier
Credit limit with 0% interest rate
page 92
Express Banking Capturing Emerging Mass Market Customers

28,822
Express Pay terminals
25,928
x2
19,041
7,363
Express branches
5,621
49%
4,949
4,676
ATMs
3,806
47%
No. of transitions 000s
3,172
6,008
POS terminals
1Q16
4,210
1Q15
x2
3,058
1Q14
7,148
Express cards
5,269
x2
3,625
1,273
Internet banking
1,051
28%
994
488
Mobile banking
x3
324
176
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
4,319,801
Tellers
4,210,509
+9%
3,956,472
www.bgeo.com
May 2016
page 93
Solo a fundamentally different approach to premium banking

Through the recently launched Solo, we target to attract new clients (currently 13,284) to significantly
increase market share in premium banking from c.13% at the beginning of 2015
SOLO Lounges
New Solo offers:
Tailor made
banking solutions
New financial
products such as
bonds
Concierge-style
environment
Access to exclusive
products and
events
Lifestyle
opportunities
3x higher new
clients
attracted per
banker ratio,
compared to
same period
last year
www.bgeo.com
May 2016
page 94
GHG roadmap - Creating single largest healthcare player

Milestone
Decision to
invest
Istitutionalising the business
Year
2011
EV/EBITDA
Investment per bed
BGH Investment
GEL mln
State infrastructure reform starts
Facilities & beds
145
530
Started investing in hospitals
2012
Merged with Block Georgia (non-cash)
3.1x, GEL 74k
Imedi L acquisition
4.9x , GEL 47k
9.6
22.9
8
11
206
425
60
82.4
4
1
1
578
152
60
27.5
1
1
3
450
80
46
2,686
Investment to support organic growth
2013
GEL 56k
State Universal Healthcare Program starts

Acquired Caraps
6.0x, GEL 142k
32.5
2014
Expanding into Tbilisi
Accelerate
growth
Acquired Avante
Acquired Sunstone
Acquired Traumatology
3.7x, GEL 73k

GEL 99k
3.9x, GEL 134k
Acquired Block minority
2015
Acquired HTMC
Acquired Deka
6.4x, GEL 206k

GEL 183k
Launched ambulatory expansion strategy

IPO-ed
110.0
Total (as of March 2016)
www.bgeo.com
May 2016
142.5
page 95
BoG Group achieved 121% IRR at GHG IPO
2011-2015
2015
invested
valued
IPO
Investment
Valued
(GEL mln)
(GEL mln)
142
553
Achieved 3.9x money at IPO
www.bgeo.com
May 2016
page 96
Income Statement Quarterly

Quarterly P&L
Income Statement quarterly
1Q16

Banking interest income
Banking interest expense
Fee and commission income
Fee and commission expense
Net insurance premiums earned
Net insurance claims incurred
Healthcare revenue
Cost of healthcare services
Gross healthcare profit
Real estate revenue
Cost of real estate
Revenue
Operating expenses
Operating income before cost of credit risk / EBITDA
Profit from associates
Net foreign currency loss from investment business
Impairment charge on loans to customers
Impairment charge on finance lease receivables
Impairment charge on other assets and provisions
Cost of credit risk
Net operating income before non-recurring items
Income tax expense
Profit
Attributable to:
shareholders of the Group
non-controlling interests
Earnings per share (basic & diluted)
224,810
(95,958)
128,852
38,149
(10,335)
27,814
17,390
2,867
21,824
(15,408)
6,416
58,348
(32,057)
26,291
28,764
(22,740)
6,024
3,606
219,260
(47,413)
(25,062)
(9,138)
(1,675)
(83,288)
135,972
1,866
(4,910)
(766)
956
(1,382)
131,736
(32,218)
(513)
(3,412)
(36,143)
95,593
1,366
96,959
(9,912)
87,047
BGEO Consolidated
1Q15 Change
4Q15
Y-O-Y
%
199,698
12.6%
228,212
(78,709)
21.9%
(96,778)
120,989
6.5%
131,434
35,991
6.0%
42,110
(9,137)
13.1%
(10,471)
26,854
3.6%
31,639
18,962
-8.3%
19,525
1,790
60.2%
9,318
21,709
0.5%
24,476
(14,135)
9.0%
(17,743)
7,574
-15.3%
6,733
40,017
45.8%
53,089
(23,140)
38.5%
(29,244)
16,877
55.8%
23,845
4,074
606.0%
47,638
(2,865)
NMF
(34,869)
1,209
398.3%
12,769
1,398
157.9%
11,271
195,653
12.1%
246,534
(45,742)
3.7%
(47,158)
(21,056)
19.0%
(26,716)
(8,373)
9.1%
(8,982)
(887)
88.8%
(1,406)
(76,058)
9.5%
(84,262)
119,595
13.7%
162,272
(1,310)
NMF
1,938
(2,688)
82.7%
(4,731)
3,690
NMF
(3,416)
617
54.9%
602
(2,463)
-43.9%
(3,166)
117,441
12.2%
153,499
(38,928)
-17.2%
(33,929)
(119)
NMF
(215)
(2,794)
22.1%
(1,878)
(41,841)
-13.6%
(36,022)
75,600
26.4%
117,477
(2,447)
NMF
(6,227)
73,153
32.5%
111,250
(10,814)
-8.3%
(15,578)
62,339
39.6%
95,672
Change
Q-O-Q
%
-1.5%
-0.8%
-2.0%
-9.4%
-1.3%
-12.1%
-10.9%
-69.2%
-10.8%
-13.2%
-4.7%
9.9%
9.6%
10.3%
-39.6%
-34.8%
-52.8%
-68.0%
-11.1%
0.5%
-6.2%
1.7%
19.1%
-1.2%
-16.2%
-3.7%
3.8%
-77.6%
58.8%
-56.3%
-14.2%
-5.0%
138.6%
81.7%
0.3%
-18.6%
NMF
-12.8%
-36.4%
-9.0%
80,836
6,211
62,640
(301)
29.0%
NMF
92,287
3,385
-12.4%
83.5%
2.10
1.63
28.8%
2.42
-13.2%
www.bgeo.com
May 2016
1Q16
226,217
(95,998)
130,219
38,484
(10,469)
28,015
17,390
3,168
9,550
(4,207)
5,343
184,135
(39,806)
(20,058)
(9,138)
(861)
(69,863)
114,272
114,272
(32,218)
(513)
(2,281)
(35,012)
79,260
(1,419)
77,841
(8,178)
69,663
68,620
1,043
Banking Business
1Q15 Change
4Q15
Y-O-Y
%
202,353
11.8% 230,833
(79,295)
21.1% (96,616)
123,058
5.8% 134,217
37,343
42,856
3.1%
(9,253)
13.1% (10,590)
28,090
32,266
-0.3%
18,962
19,525
-8.3%
2,095
9,699
51.2%
9,242
10,810
3.3%
(3,936)
(5,369)
6.9%
5,306
5,441
0.7%
177,511
3.7% 201,148
(38,606)
3.1% (39,304)
(17,506)
14.6% (21,657)
(8,373)
(8,982)
9.1%
(792)
(1,229)
8.7%
(65,277)
7.0% (71,172)
112,234
1.8% 129,976
112,234
1.8% 129,976
(38,928)
-17.2% (33,929)
(119)
(215)
NMF
(1,724)
(1,086)
32.3%
(40,771) -14.1% (35,230)
71,463
94,746
10.9%
(2,167)
(2,502)
-34.5%
69,296
92,244
12.3%
(10,486)
-22.0% (11,653)
58,810
80,591
18.5%
58,247
563
17.8%
85.3%
79,425
1,166
Change
Q-O-Q
%
-2.0%
-0.6%
-3.0%
-10.2%
-1.1%
-13.2%
-10.9%
-67.3%
-11.7%
-21.6%
-1.8%
-8.5%
1.3%
-7.4%
1.7%
-29.9%
-1.8%
-12.1%
-12.1%
-5.0%
138.6%
110.0%
-0.6%
-16.3%
-43.3%
-15.6%
-29.8%
-13.6%
1Q16
12,924
(11,201)
1,723
58,348
(32,057)
26,291
28,764
(22,740)
6,024
3,675
37,713
(8,250)
(5,392)
(814)
(14,456)
23,257
1,866
(4,910)
(766)
964
(2,947)
17,464
(1,131)
(1,131)
16,333
2,785
19,118
(1,734)
17,384
-13.6%
-10.5%
12,216
5,168
Investment Business
1Q15 Change
4Q15
Y-O-Y
%
12,890
0.3%
14,500
(10,199)
9.8%
(12,374)
2,691
-36.0%
2,126
40,017
45.8%
53,089
(23,140)
38.5%
(29,244)
16,877
55.8%
23,845
4,074
606.0%
47,638
(2,865)
NMF
(34,869)
1,209
398.3%
12,769
1,543
138.2%
11,157
22,320
69.0%
49,897
(7,531)
9.5%
(8,487)
(4,028)
33.9%
(5,916)
(95)
NMF
(177)
(11,654)
24.0%
(14,580)
10,666
118.0%
35,317
(1,310)
NMF
1,938
(2,688)
82.7%
(4,731)
3,690
NMF
(3,416)
818
17.8%
957
(5,969)
-50.6%
(6,542)
5,207
235.4%
23,523
(1,070)
5.7%
(792)
(1,070)
5.7%
(792)
4,137
294.8%
22,731
(280)
NMF
(3,725)
3,857
395.7%
19,006
(328)
NMF
(3,925)
3,529
392.6%
15,081
4,393
(864)
178.1%
NMF
12,862
2,219
1Q16
Eliminations
1Q15
Change
Q-O-Q
%
-10.9%
-9.5%
-19.0%
9.9%
9.6%
10.3%
-39.6%
-34.8%
-52.8%
-67.1%
-24.4%
-2.8%
-8.9%
NMF
-0.9%
-34.1%
-3.7%
3.8%
-77.6%
0.7%
-55.0%
-25.8%
42.8%
42.8%
-28.1%
NMF
0.6%
-55.8%
15.3%
4Q15
(1,407)
40
(1,367)
(335)
134
(201)
(301)
(650)
(650)
(69)
(2,588)
643
388
1,031
(1,557)
(8)
1,565
-
(2,655)
586
(2,069)
(1,352)
116
(1,236)
(305)
(423)
(423)
(145)
(4,178)
395
478
873
(3,305)
(201)
3,506
-
(2,621)
(162)
(2,783)
(746)
119
(627)
(381)
(834)
(834)
114
(4,511)
633
857
1,490
(3,021)
(355)
3,376
-
-5.0%
132.9%
page 97
Balance Sheet 31 March 2016

Balance sheet as of 31 March 2016
BALANCE SHEET
Mar-16
BGEO Consolidated
Mar-15 Change
Dec-15
Y-O-Y
Cash and cash equivalents
Change
Q-O-Q
Mar-16
Banking Business
Mar-15 Change
Dec-15
Y-O-Y
Change
Q-O-Q
Mar-16
Investment Business
Mar-15
Change
Dec-15
Y-O-Y
Change
Q-O-Q
Mar-16
Eliminations
Mar-15
Dec-15
(107,412) (236,101)
1,359,219
1,000,713
35.8%
1,432,934
-5.1%
1,330,094
997,547
33.3%
1,378,459
-3.5%
288,512
110,578
160.9%
290,576
-0.7%
(259,387)
764,435
545,714
40.1%
731,365
4.5%
720,442
523,663
37.6%
721,802
-0.2%
47,936
87,478
-45.2%
15,730
204.7%
(3,943)
(65,427)
(6,167)
Investment securities
825,045
880,799
-6.3%
903,867
-8.7%
825,821
881,098
-6.3%
906,730
-8.9%
1,154
1,153
0.1%
1,153
0.1%
(1,930)
(1,452)
(4,016)
5,359,718
84,715
54,879
67,633
5,156,386
73,315
58,816
42,748
3.9%
15.5%
-6.7%
58.2%
5,322,117
87,972
39,226
58,328
0.7%
-3.7%
39.9%
16.0%
5,394,565
5,144
16,567
24,649
5,248,559
13,063
22,337
24,969
2.8%
-60.6%
-25.8%
-1.3%
5,366,764
10,376
19,829
21,033
0.5%
-50.4%
-16.5%
17.2%
81,955
39,347
42,984
64,947
37,205
17,779
26.2%
5.8%
141.8%
82,354
20,929
37,295
-0.5%
88.0%
15.3%
(34,847)
(2,384)
(1,035)
-
(92,173)
(4,695)
(726)
-
(44,647)
(4,758)
(1,532)
-
Inventories
125,466
113,322
10.7%
127,027
-1.2%
9,686
7,697
25.8%
9,439
2.6%
115,780
105,625
9.6%
117,588
-1.5%
Investment property
254,224
194,623
30.6%
246,398
3.2%
134,310
128,376
4.6%
135,453
-0.8%
119,914
66,247
81.0%
110,945
8.1%
Property and equipment

Goodwill
Intangible assets
Income tax assets
835,651
73,192
43,074
36,712
618,474
51,745
33,443
24,943
35.1%
41.4%
28.8%
47.2%
794,682
72,984
40,516
21,550
5.2%
0.3%
6.3%
70.4%
333,243
49,592
37,609
27,321
334,516
39,781
31,761
17,602
-0.4%
24.7%
18.4%
55.2%
337,064
49,592
35,162
16,003
-1.1%
0.0%
7.0%
70.7%
502,408
23,600
5,465
9,391
283,958
11,964
1,682
7,341
76.9%
97.3%
224.9%
27.9%
457,618
23,392
5,354
5,547
9.8%
0.9%
2.1%
69.3%
(10,066)
(6,437)
Loans to customers and finance lease

receivables
Accounts receivable and other loans
Insurance premiums receivable
Prepayments
Other assets
193,626
235,012
-17.6%
236,773
-18.2%
121,012
176,982
-31.6%
163,731
-26.1%
75,515
68,096
10.9%
79,479
-5.0%
(2,901)
10,077,589
4,698,558
1,719,920
9,030,053
4,099,029
1,780,636
11.6%
14.6%
-3.4%
10,115,739
4,751,387
1,789,062
-0.4%
-1.1%
-3.9%
9,030,055
4,962,432
1,630,299
8,447,951
4,271,854
1,694,668
6.9%
16.2%
-3.8%
9,171,437
4,993,681
1,692,557
-1.5%
-0.6%
-3.7%
1,353,961
124,468
864,053
181,773
56.7%
-31.5%
1,247,960
144,534
8.5%
-13.9%
(306,427)
(263,874)
(34,847)
1,033,758
1,026,689
0.7%
1,039,804
-0.6%
957,474
962,587
-0.5%
961,944
-0.5%
81,116
66,964
21.1%
84,474
-4.0%
(4,832)
Accruals and deferred income

Insurance contracts liabilities
Income tax liabilities
Other liabilities
Total liabilities
Share capital
142,766
71,565
128,667
131,506
7,926,740
1,154
124,344
70,156
96,761
132,290
7,329,905
1,154
14.8%
2.0%
33.0%
-0.6%
8.1%
0.0%
146,852
55,845
124,395
134,756
8,042,101
1,154
-2.8%
28.1%
3.4%
-2.4%
-1.4%
0.0%
25,685
34,630
93,765
47,520
7,751,805
1,154
20,949
34,685
79,343
99,677
7,163,763
1,154
22.6%
-0.2%
18.2%
-52.3%
8.2%
0.0%
20,364
34,547
89,980
63,073
7,856,146
1,154
26.1%
0.2%
4.2%
-24.7%
-1.3%
0.0%
117,081
36,935
34,902
86,860
481,362
-
103,395
35,471
17,418
43,072
448,093
-
13.2%
4.1%
100.4%
101.7%
7.4%
-
126,488
21,298
34,415
78,404
489,613
-
-7.4%
73.4%
1.4%
10.8%
-1.7%
-
(2,874)
(306,427)
-
Additional paid-in capital

Treasury shares
Other reserves
Retained earnings
240,962
(29)
42,101
1,650,094
252,568
(34)
(30,568)
1,420,513
-4.6%
-14.7%
NMF
16.2%
240,593
(44)
32,844
1,577,050
0.2%
-34.1%
28.2%
4.6%
101,467
(29)
(55,166)
1,212,492
94,886
(34)
(20,977)
1,189,365
6.9%
-14.7%
163.0%
1.9%
101,793
(44)
(63,958)
1,257,415
-0.3%
-34.1%
-13.7%
-3.6%
139,495
97,267
437,602
157,682
(9,591)
231,148
-11.5%
NMF
89.3%
138,800
96,802
319,635
0.5%
0.5%
36.9%
Total equity attributable to shareholders of

the Group
1,934,282
1,643,633
17.7%
1,851,597
4.5%
1,259,918
1,264,394
-0.4%
1,296,360
-2.8%
674,364
379,239
77.8%
555,237
21.5%
216,567
2,150,849
10,077,589
56,515
1,700,148
9,030,053
283.2%
26.5%
11.6%
222,041
2,073,638
10,115,739
-2.5%
3.7%
-0.4%
18,332
1,278,250
9,030,055
19,794
1,284,188
8,447,951
-7.4%
-0.5%
6.9%
18,931
1,315,291
9,171,437
-3.2%
-2.8%
-1.5%
198,235
872,599
1,353,961
36,721
415,960
864,053
439.8%
109.8%
56.7%
203,110
758,347
1,247,960
-2.4%
15.1%
8.5%
(306,427)
50.29
42.71
17.7%
48.75
3.2%
Total assets
Non-controlling interests
Total equity
Total liabilities and equity
Book value per share
www.bgeo.com
May 2016
(281,951) (303,658)
(172,825) (242,294)
(95,805) (48,029)
(2,862)
(6,614)
(10,459)
(6,721)
(281,951) (303,658)
-
(281,951) (303,658)
page 98
GHG - 1Q16 Financial Results

Income Statement
Healthcare services
Income Statement
GEL thousands; unless otherwise noted
Revenue, gross
Corrections & rebates
Revenue, net
Cost of services
Cost of salaries and other employee benefits
Cost of materials and supplies
Cost of medical service providers
Cost of utilities and other
Net insurance claims incurred
Gross profit
General and administrative expenses
Impairment of healthcare services, insurance
premiums and other receivables
Other operating income
EBITDA
Change,
Y-o-Y
41.4%
-57.2%
43.7%
35.9%
30.9%
48.3%
-8.5%
43.7%
54.4%
15.1%
39.7%
Medical insurance
4Q15
Change,
Q-o-Q
9.0%
-62.2%
10.4%
10.0%
8.2%
8.4%
-27.9%
40.1%
10.9%
-1.0%
11.9%
1Q16
1Q15
12,936
12,936
(11,953)
(11,953)
983
(819)
(719)
Eliminations
12,992
12,992
(10,837)
(10,837)
2,155
(1,036)
(621)
Change,
Y-o-Y
-0.4%
-0.4%
10.3%
10.3%
-54.4%
-20.9%
15.8%
14,532
14,532
(12,917)
(12,917)
1,615
(636)
(839)
1Q16
1Q15
4Q15
1Q16
1Q15
(1,705)
(1,705)
1,694
565
275
12
92
750
(11)
11
-
(1,862)
(1,862)
1,771
675
290
21
100
685
(91)
91
-
(1,293)
(1,293)
1,306
449
240
13
60
544
13
4
-
71,682
(410)
71,272
(43,257)
(19,187)
(9,338)
(416)
(3,113)
(11,203)
28,015
(6,923)
(3,202)
53,875
(957)
52,918
(33,339)
(14,417)
(6,192)
(447)
(2,131)
(10,152)
19,579
(6,259)
(2,399)
Change,
Y-o-Y
33.1%
-57.2%
34.7%
29.7%
33.1%
50.8%
-6.9%
46.1%
10.4%
43.1%
10.6%
33.5%
68,720
(1,086)
67,634
(41,618)
(17,807)
(8,631)
(580)
(2,227)
(12,373)
26,016
(6,810)
(3,058)
1Q15
60,451
(410)
60,041
(32,998)
(19,752)
(9,613)
(428)
(3,205)
27,043
(6,115)
(2,483)
42,745
(957)
41,788
(24,273)
(15,092)
(6,482)
(468)
(2,231)
17,515
(5,314)
(1,778)
(858)
(831)
3.2%
(460)
86.5%
(122)
(103)
18.4%
(152)
-19.7%
(980)
(934)
4.9%
(612)
60.1%
241
17,828
78
9,670
209.0%
84.4%
1,008
16,539
-76.1%
7.8%
(21)
(699)
47
442
NMF
NMF
(5)
(17)
320.0%
NMF
(17)
-
220
17,129
125
10,112
76.0%
69.4%
986
16,522
-77.7%
3.7%
29.8%
-0.1%
4Q15
Change,
Q-o-Q
4.3%
-62.2%
5.4%
3.9%
7.7%
8.2%
-28.3%
39.8%
-9.5%
7.7%
1.7%
4.7%
1Q16
55,481
(1,086)
54,395
(30,007)
(18,256)
(8,871)
(593)
(2,287)
24,388
(6,178)
(2,219)
4Q15
Total
Change,
Q-o-Q
-11.0%
-11.0%
-7.5%
-7.5%
-39.1%
28.8%
-14.3%
EBITDA margin
29.5%
22.6%
-5.4%
3.4%
23.9%
18.8%
Depreciation and amortisation

Net interest (expense) / income
Net (losses) / gains from foreign currencies
Net non-recurring (expense) / income
Profit before income tax expense
Income tax (expense) / benefit
Profit for the period
(4,261)
(2,259)
(411)
1,968
12,865
(712)
12,153
(2,186)
(4,073)
2,907
(211)
6,107
(491)
5,616
94.9%
-44.5%
NMF
NMF
110.7%
45.0%
116.4%
(4,046)
(5,535)
(1,586)
484
5,856
(206)
5,650
5.3%
-59.2%
-74.1%
306.3%
119.7%
245.1%
115.1%
(204)
603
151
(149)
19
(130)
(136)
(28)
497
775
(116)
659
50.0%
NMF
-69.6%
NMF
NMF
NMF
(249)
158
(6)
(676)
(790)
192
(598)
-18.0%
282.4%
NMF
NMF
-81.1%
-90.1%
-78.3%
(4,465)
(1,656)
(260)
1,968
12,716
(693)
12,023
(2,322)
(4,101)
3,404
(211)
6,882
(607)
6,275
92.3%
-59.6%
NMF
NMF
84.8%
14.2%
91.6%
(4,295)
(5,377)
(1,592)
(192)
5,066
(14)
5,052
24.0%
4.0%
-69.2%
-83.7%
NMF
151.0%
NMF
138.0%
10,051
2,102
5,073
543
98.1%
287.1%
4,421
1,229
127.3%
71.0%
(130)
-
659
-
NMF
-
(598)
-
-78.3%
-
9,921
2,102
5,732
543
73.1%
287.1%
3,823
1,229
159.5%
71.0%
Attributable to:
- shareholders of the Company
- non-controlling interests
www.bgeo.com
May 2016
Sources: GHG internal reporting, financials are for 1Q16
BNB 1Q16 financial information

Belarusky Narodny Bank (BNB)
Income Statement
1Q16
1Q15
7,903
1,862
2,481
167
12,413
(4,490)
7,923
(2,516)
(3)
5,404
(1,144)
4,260
7,429
2,217
5,017
97
14,760
(4,254)
10,506
(4,645)
(1,098)
4,763
(1,427)
3,336
Change
Y-O-Y
%
6.4%
-16.0%
-50.5%
72.2%
-15.9%
5.5%
-24.6%
-45.8%
-99.7%
13.5%
-19.8%
27.7%
GEL thousands, unless otherwise stated

Revenue
Operating expenses
Cost of credit risk
Profit
Statement of Financial Position
4Q15
Change
Q-O-Q
%
4.1%
-12.7%
23.4%
-90.6%
-8.1%
-26.0%
6.5%
-67.1%
NMF
79.7%
NMF
-11.4%
7,590
2,133
2,011
1,776
13,510
(6,068)
7,442
(7,651)
3,217
3,008
1,801
4,809
Mar-16
Mar-15
Change
%
Dec-15
Change
%
93,904
64,043
46.6%
109,758
-14.4%
3,986
3,575
11.5%
3,906
2.0%
319,740
297,803
7.4%
320,114
-0.1%
49,825
467,455
68,017
433,438
-26.7%
7.8%
41,705
475,483
19.5%
-1.7%
230,848
233,658
-1.2%
277,642
-16.9%
139,801
110,730
26.3%
115,643
20.9%
15,906
Other liabilities
Total liabilities
Total equity attributable to shareholders of the Group
5,409
391,964
62,908
7,816
352,204
67,452
-30.8%
11.3%
-6.7%
4,685
397,970
64,505
15.5%
-1.5%
-2.5%
Non-controlling interests
Total equity
Total liabilities and equity
12,583
75,491
467,455
13,782
81,234
433,438
-8.7%
-7.1%
7.8%
13,008
77,513
475,483
-3.3%
-2.6%
-1.7%
Cash and cash equivalents

Loans to customers and finance lease receivables
Other assets
Total assets
www.bgeo.com
May 2016
page 100
P&C Insurance (Aldagi) 1Q16 financial information

P&C Insurance (Aldagi)
Income statement

Net banking foreign currency gain (loss)
Revenue
Operating expenses
Cost of credit risk
Profit
www.bgeo.com
May 2016
1Q16
1Q15
Change
Y-O-Y
%
4Q15
Change
Q-O-Q
%
725
100
(47)
131
5,665
6,574
(2,767)
3,807
(173)
3,634
(545)
3,089
546
71
528
297
5,607
7,049
(2,970)
4,079
(95)
3,984
388
4,372
32.8%
40.8%
NMF
-55.9%
1.0%
-6.7%
-6.8%
-6.7%
82.1%
-8.8%
NMF
-29.3%
590
87
(126)
351
5,423
6,325
(2,746)
3,579
(244)
(701)
2,634
(467)
2,167
22.9%
14.9%
-62.7%
-62.7%
4.5%
3.9%
0.8%
6.4%
-29.1%
-100.0%
38.0%
16.7%
42.5%
page 101
Key ratios and operating data

Banking Business Key ratios
Profitability
ROAA, Annualised
ROAE, Annualised
RB ROAE
CIB ROAE
Net Interest Margin, Annualised
RB NIM
CIB NIM
Loan Yield, Annualised
RB Loan Yield
CIB Loan Yield
Liquid assets yield, Annualised
Cost of Funds, Annualised
Cost of Client Deposits and Notes, annualised
RB Cost of Client Deposits and Notes
CIB Cost of Client Deposits and Notes
Cost of Amounts Due to Credit Institutions, annualised
Cost of Debt Securities Issued
Operating Leverage, Y-O-Y
Operating Leverage, Q-O-Q
Efficiency
Cost / Income
RB Cost / Income
CIB Cost / Income
Liquidity
NBG Liquidity Ratio
Liquid Assets To Total Liabilities
Net Loans To Client Deposits and Notes
Net Loans To Client Deposits and Notes + DFIs
Leverage (Times)
Asset Quality:
NPLs (in GEL)
NPLs To Gross Loans To Clients
NPL Coverage Ratio
NPL Coverage Ratio, Adjusted for discounted value of collateral
Cost of Risk, Annualised
RB Cost of Risk
CIB Cost of Risk
Capital Adequacy:
New NBG (Basel 2/3) Tier I Capital Adequacy Ratio
New NBG (Basel 2/3) Total Capital Adequacy Ratio
Old NBG Tier I Capital Adequacy Ratio
Old NBG Total Capital Adequacy Ratio
Selected Operating Data:
Total Assets Per FTE, BOG Standalone
Number Of Active Branches, Of Which:
- Express Branches (including Metro)
- Bank of Georgia Branches
- Solo Lounges
Number Of ATMs
Number Of Cards Outstanding, Of Which:
- Debit cards
- Credit cards
Number Of POS Terminals
www.bgeo.com
May 2016
1Q16
1Q15
4Q15
3.0%
21.2%
24.3%
17.6%
7.5%
9.2%
3.7%
14.4%
17.4%
10.3%
3.1%
5.0%
4.3%
3.5%
4.5%
6.0%
7.2%
-3.3%
-6.6%
3.0%
19.1%
21.7%
15.1%
7.8%
9.7%
4.2%
14.6%
17.3%
11.8%
3.2%
5.0%
4.4%
4.4%
3.9%
5.2%
7.1%
17.1%
5.0%
3.5%
25.1%
27.9%
21.3%
7.6%
9.6%
3.8%
14.8%
17.9%
12.6%
3.3%
5.1%
4.4%
3.5%
4.6%
5.9%
6.8%
10.4%
-1.7%
37.9%
43.3%
27.0%
36.8%
43.7%
24.7%
35.4%
40.4%
23.6%
47.3%
37.1%
108.7%
91.6%
6.1
34.7%
33.5%
122.9%
105.2%
5.6
46.2%
38.3%
107.5%
90.8%
6.0
251,959
4.5%
86.0%
122.6%
2.3%
2.5%
2.1%
187,129
3.5%
73.2%
112.2%
3.1%
2.4%
3.4%
241,142
4.3%
83.4%
120.6%
2.4%
2.1%
1.8%
10.1%
15.8%
10.7%
16.3%
9.8%
12.9%
14.2%
12.9%
10.9%
16.7%
9.3%
16.9%
1,972
266
114
144
8
753
1,943,175
1,171,454
771,721
8,175
2,224
219
84
135
554
1,204,662
1,088,878
115,784
6,537
2,028
266
114
144
8
746
1,958,377
1,204,103
754,274
8,102
Selected Operating Data:

Total Assets Per FTE, BOG Standalone
Number Of Active Branches, Of Which:
- Express Branches (including Metro)
- Bank of Georgia Branches
- Solo Lounges
Number Of ATMs
Number Of Cards Outstanding, Of Which:
- Debit cards
- Credit cards
Number Of POS Terminals
1Q16
1,972
266
114
144
8
753
1,943,175
1,171,454
771,721
8,175
Group Employee Data

Full Time Employees, Group, Of Which:
- Full Time Employees, BOG Standalone
- Full Time Employees, Georgia Healthcare Group
- Full Time Employees, m2
- Full Time Employees, Aldagi
- Full Time Employees, BNB
- Full Time Employees, Other
1Q16
16,086
4,580
9,675
59
259
562
951
Shares Outstanding
Ordinary Shares Outstanding
Treasury Shares Outstanding
Risk Weighted Assets breakdown
1Q15
2,224
219
84
135
554
1,204,662
1,088,878
115,784
6,537
1Q15
14,737
3,799
8,177
57
262
480
1,962
4Q15
2,028
266
114
144
8
746
1,958,377
1,204,103
754,274
8,102
4Q15
15,955
4,523
9,649
58
251
540
934
1Q16
1Q15
4Q15
38,523,409
976,911
38,479,900
1,020,420
37,978,568
1,521,752
Risk Weighted Assets
Change
GEL thousands
31-Mar-16
31-Dec-15
31-Mar-15
Credit risk weighting
5,843,131
5,938,257
5,517,105
5.9%
FX induced credit risk (market risk)
1,711,883
1,800,287
1,810,010
-5.4%
-4.9%
739,547
624,825
624,825
18.4%
18.4%
8,294,561
8,363,369
7,951,940
4.3%
-0.8%
Operational risk weighting

Total RWA under NBG Basel 2/3
Y-O-Y, %
Q-O-Q, %
-1.6%
page 102
Notes to key ratios

1 Return on average total assets (ROAA) equals Profit for the period divided by monthly average total assets for the same period;
2 Return on average total equity (ROAE) equals Profit for the period attributable to shareholders of BGEO divided by monthly average equity attributable to shareholders of
BGEO for the same period;
3 Net Interest Margin equals Net Banking Interest Income of the period divided by monthly Average Interest Earning Assets Excluding Cash for the same period; Interest
Earning Assets Excluding Cash comprise: Amounts Due From Credit Institutions, Investment Securities (but excluding corporate shares) and net Loans To Customers And
Finance Lease Receivables;
4 Loan Yield equals Banking Interest Income From Loans To Customers And Finance Lease Receivables divided by monthly Average Gross Loans To Customers And
Finance Lease Receivables;
5 Cost of Funds equals banking interest expense of the period divided by monthly average interest bearing liabilities; interest bearing liabilities include: amounts due to
credit institutions, client deposits and notes and debt securities issued;
6 Operating Leverage equals percentage change in revenue less percentage change in operating expenses;
7 Cost / Income Ratio equals operating expenses divided by revenue;
8 Daily average liquid assets (as defined by NBG) during the month divided by daily average liabilities (as defined by NBG) during the month;
9 Liquid assets include: cash and cash equivalents, amounts due from credit institutions and investment securities;
10 Leverage (Times) equals total liabilities divided by total equity;
11 NPL Coverage Ratio equals allowance for impairment of loans and finance lease receivables divided by NPLs;
12 NPL Coverage Ratio adjusted for discounted value of collateral equals allowance for impairment of loans and finance lease receivables divided by NPLs (discounted
value of collateral is added back to allowance for impairment)
13 Cost of Risk equals impairment charge for loans to customers and finance lease receivables for the period divided by monthly average gross loans to customers and
finance lease receivables over the same period;
14 New NBG (Basel 2/3) Tier I Capital Adequacy ratio equals Tier I Capital divided by total risk weighted assets, both calculated in accordance with the requirements the
National Bank of Georgia instructions;
15 New NBG (Basel 2/3) Total Capital Adequacy ratio equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the
National Bank of Georgia instructions;
16 Old NBG Tier I Capital Adequacy ratio equals Tier I Capital divided by total risk weighted assets, both calculated in accordance with the requirements the National Bank
of Georgia instructions;
17 Old NBG Total Capital Adequacy ratio equals total capital divided by total risk weighted Assets, both calculated in accordance with the requirements of the National
Bank of Georgia instructions;
18 NMF Not meaningful
19 Constant currency basis changes assuming constant exchange rate
www.bgeo.com
May 2016
page 103
BGEO Group Company information

Registered Address
84 Brook Street
London W1K 5EH
United Kingdom
www.bgeo.com
Registered under number 7811410 in England and Wales
Incorporation date: 14 October 2011
Stock Listing
London Stock Exchange PLCs Main Market for listed securities
Ticker: BGEO.LN
Contact Information
BGEO Group Investor Relations
Telephone: +44 (0) 20 3178 4052
E-mail: ir@bog.ge
www.bgeo.com
Auditors
Ernst & Young LLP
1 More London Place
London SE1 2AF
United Kingdom
Registrar
Computershare Investor Services PLC
The Pavilions
Bridgewater Road
Bristol BS13 8AE
United Kingdom
Please note that Investor Centre is a free, secure online service run by our Registrar, Computershare, giving you convenient
access to information on your shareholdings.
Investor Centre Web Address - www.investorcentre.co.uk
Investor Centre Shareholder Helpline - +44 (0)370 873 5866
Share price information
BGEO Group shareholders can access both the latest and historical prices via our website, www.bgeo.com
www.bgeo.com
May 2016
page 104

Bgeo Group PLC 1q16 Results Presentation 46

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Bgeo Group PLC 1q16 Results Presentation 46

Încărcat de

Drepturi de autor:

Formate disponibile

Capturing Growth Opportunities

Investor Presentation: 1Q16 Results

Forward Looking Statements

BGEO Group PLC | Overview

Results Discussion | Banking Business

BGEO Group structure

Water utility and hydro

BGEO Shareholder structure and share price

BGEO top shareholders

Unvested and unawarded shares for

Schroders Investment Management

Harding Loevner Management LP

Westwood International Advisors

Artemis Investment Management

Firebird Management LLC

BGEO has been included in the

X62 growth in market capitalisation2

BGEO share price performance

Average daily trading volume

ROAE of 21.2% in 1Q16

121% IRR from GHG IPO

65% IRR from m2 Real

Profit of GEL 17.4mln or

Solid regular dividend payout from banking business

3 forms of Capital Returns

3 forms of Capital Retuns

BGEO Robust corporate governance compliant with UK Corporate Governance Code

David Morrison, Chairman of the Audit Committee, Vice

Al Breach, Chairman of the Remuneration Committee,

Hanna Loikkanen, Independent Director

Kaha Kiknavelidze, Independent Director

Tamaz Georgadze, Independent Director

Bozidar Djelic, Independent Director

Kim Bradley, Chairman of Risk Committee, Independent

BGEO Management Structure

BGEO Group PLC

JSC Bank of Georgia

Irakli Gilauri, Group CEO. With the Group since

Avto Namicheishvili, Group Legal Counsel. With

Levan Kulijanishvili, Deputy CEO and CFO at BOG, Group

Ekaterina Shavgulidze Head of Investor Relations and

Georgia Healthcare Group

JSC Bank of Georgia Management Structure

Murtaz Kikoria, CEO of Bank of Georgia. With the Group

George Chiladze, Deputy CEO, Chief Risk Officer. With the

Levan Kulijanishvili, Deputy CEO, CFO. With the Group

Tornike Gogichaishvili, Deputy CEO, Chief Operating Officer.

Mikheil Gomarteli, Deputy CEO, Retail Banking. With the

Alexander Katsman, Deputy CEO, HRM and Branding. With

Archil Gachechiladze, Deputy CEO, Corporate Investment

BGEO Group PLC | Overview

Results Discussion | Banking Business

BGEO P&L results highlights

Net banking interest income

BGEO Balance sheet highlights

GEL thousands unless otherwise noted

Of which GEL 92.9mln is

Amount (GEL, mln)

* BGEO Group share in GHG market value as of 20 May 2016

BGEO Capital allocation, 1Q 2016 | (Book)

Amount (GEL, mln)

* BGEO Group share in GHG market value as of 20 May 2016

BGEO Profit contribution, 1Q 2016