Fiscal and Loan Portfolio Analysis

Net remittances Net remittances, 2004-2009 US$ mln 1000 900 800 5.4% 700 4.9% 600 4.2% 500 400 300- 420.5 200- 315.4 100 212.7 0 2004A 2005A 2006A Net remittances (LHS) Net remittances by countries, 2009 7.4% 8% Germany, 1.1%- 7.2% 6.7% 7% Kazakhstan, 0.9%- Israel, 1.1% 6% UK, 0.7%- 5% Turkey, 2.7%- 4% 917.9 828.9 755.4 3% Ukraine, 6.9% 2% 1% Spain, 2.7% 0% 2007A 2008A 2009F Greece, 7.7% Net remittances as % of GDP (RHS) Cumulative net remittances, 2004-2009 Other countries, 13.4% Russia, 54.5% USA, 8.5% Cumulative net remittances by countries, 2004-2009 Germany, 0.7%- Kazakhstan, 1.0%- Country US$ '000s % of total Russia 1,015,697 60.3% Israel, 0.9%- USA 126,199 7.5% UK, 0.7%- Other countries, 11.7 Greece 104,117 6.2% Turkey, 2.2%- Spain 39,469 2.3% Ukraine 109,517 6.5% Ukraine, 6.5% Turkey 36,513 2.2% UK 11,872 0.7% Spain, 2.3% Israel 15,761 0.9% Kazakhstan 16,306 1.0% Greece, 6.2% Germany 12,601 0.7% Other countries 196,299 11.7% Total USA, 7.5% 1,684,352 100.0% Source: National Bank of Georgia Labkon BANK OF GEORGIA www.bog.ge/ir Russia, 60.3% March 2010 Page 14

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