Bank of Georgia Financial Analysis

CORPORATE INVESTMENT BANKING HIGHLIGHTS Income Statement Highlights Market Position* Change GEL thousands unless otherwise noted 4Q18 4Q17 3Q18 y-o-y Change 9-0-9 2018 2017 Net interest income 43,696 42,539 2.7% 42,076 3.9% 165,723 156,171 Net fee and commission income Net foreign currency gain 6,939 5,859 18.4% 7,187 -3.5% 26,680 22,717 Change y-o-y 6.1% 17.4% Market Share by Loans Market Share by Deposits 23,984 15,585 53.9% 13,815 73.6% 54,702 46,276 18.2% Net other income (expense) (3,451) 7,710 NMF 5,276 NMF 6,699 14,256 Revenue 71,168 71,693 -0.7% 68,354 4.1% 253,804 239,420 Salaries and other employee benefits (14,645) (15,271) Administrative expenses (4,921) (5,439) -4.1% (13,827) -9.5% 5.9% (54,792) (54,573) -53.0% 6.0% 0.4% 31.7% 30.5% 32.7% 33.1% 31.2% 30.3% (5,329) -7.7% (17,409) (16,190) 7.5% Depreciation and amortisation (1,122) (1,316) -14.7% (1,245) -9.9% (4,945) (5,134) -3.7% 28.9% 28.8% Other operating expenses Operating expenses (347) (21,035) (228) 52.2% (22,254) -5.5% (431) (20,832) -19.5% (1,175) 1.0% (78,321) (761) (76,658) 54.4% 2.2% Operating income before cost of risk 50,133 49,439 1.4% 47,522 Cost of risk (3,407) (18,788) -81.9% (12,235) 5.5% -72.2% 175,483 (25,888) (47,403) 162,762 7.8% -45.4% Profit before non-recurring items and income 46,726 30,651 52.4% 35,287 32.4% 149,595 115,359 29.7% tax Net non-recurring items (1,711) (134) Profit before income tax Income tax expense Profit 45,015 30,517 NMF 47.5% (775) 120.8% (13,630) (1,882) NMF 34,512 30.4% 135,965 113,477 19.8% (3,401) (2,840) 19.8% (2,434) 39.7% (16,827) (7,584) 121.9% 2015 2016 2017 2018 2015 2016 2017 2018 41,614 27,677 50.4% 32,078 29.7% 119,138 105,893 12.5% Loan Yield Deposit Cost 120% 10.7% 10.4% 10.7% 10.2% 12% 120% 5% 4.1% 3.9% 4.0% 4.1% 100% 100% 4% 9% 80% 80% 63.1% 61.2% 3% 60% 90.0% 83.3% 83.1% 82.3% 6% 72.2% 60% 74.8% 2% 40% 40% 3% 1% 20% 20% 36.9% 38.8% 0% 10.0% 2015 16.7% 16.9% 17.7% 27.8% 25.2% 0% 0% 0% 2016 2017 2018 2015 2016 2017 2018 I Net loans, CIB, FC I Client deposits, CIB, FC Net loans, CIB, GEL I Client deposits, CIB, GEL Currency-blended loan yield, CIB BANK OF GEORGIA * Market shares by Loans and Deposits to Legal Entities Currency-blended cost of client deposits, CIB 30

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