Investor Presentation

June 2010
Executive Summary

Liberty Investments is an investment company founded in August 2009 by Dinu Patriciu

and Lado Gurgenidze

Objective: Invest in selected undervalued financial services companies, typically obscure due to
their small size, or operating in emerging/frontier markets
Acquisition of 91% of Liberty Bank was completed within one month from incorporation,
in September 2009
Exit/Liquidity Event: Raise additional capital from institutional and HNW investors and list the Company on the
London Stock Exchange within three years from inception
Liberty Bank is listed on the GSE (ticker code: BANK; Bloomberg ticker code: BANK.GG)

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Investment Thesis Summary

We invest in financial institutions in selected emerging/frontier markets

A geographic and sector matrix approach
Geographic focus
Smaller frontier markets (with GDP of less than US$100 bn) have largely
been overlooked or de-emphasised since 2008 by multinational banks, and
this trend will likely continue for the next few years
We focus on countries with good governance, low levels of corruption,
sound macroeconomic policies and outlook, low taxes/small fiscal footprint,
transparency and stability of the legal framework and low banking
assets/GDP ratios
Sector focus
The banking sector in selected emerging/frontier markets
Very selectively - private banking, wealth management and trust &
corporate services providers serving clients in EMEA
Opportunistic – but highly disciplined – investments in other segments of
the financial services sector

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Investment Thesis Summary cont’d

The banking sector is a priority

Banks are among the earliest and biggest beneficiaries of economic reforms
in emerging/frontier markets
The banks we invest in have to have a reasonable chance of attaining a top
five position in their home market, or already are among the top five – this
gives the banks a natural “entitlement” to a share of local deposits, as well as
defendable earning power
We will seek to attain majority control or a meaningful minority stake in such
banks, because we are confident that we can add value by leveraging Lado
Gurgenidze’s experience in building in 2004-2007 a similar institution from
very humble beginnings (and creating about US$1 billion shareholder value in
the process) and help the investee banks with product innovation, delivery
channel modernisation, HR, risk management and IR to rapidly scale up the
footprint and gain market share, ensuring profitable organic growth
No more than 1-2 investments a year, to give us the time to provide sufficient
attention to each investee company, initiate a transformation, build or enhance
the local team, etc

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Making A Difference

How do we intend to make a difference? We believe we can contribute in the following ways:
Strategic re-engineering. Small financial services companies, whether public or private, typically lack the resources
to embark upon business models which require aggressive scale. As such, they often engage in “strategic self-
censorship” and pursue less ambitious strategies, thus leaving much low-hanging fruit untouched. We think we can
add a much-needed fresh look and genuinely international dimension to our investee companies’ strategic thinking
Scaling up the business. Even with resources available, the objective of scaling up the business over a 2-3 year
timeframe typically entails a set of operational challenges. This is particularly true for the financial services industry,
and more so now than before the crisis. Having led one of the most successful (and rapid) independent scaling-up
efforts in universal banking in CEE, we believe we can meaningfully contribute in helping the incumbent
management teams to scale up their business 3x-5x in the medium term – in their traditional markets and beyond
Innovation. In some cases, we may bring to bear our experience in designing innovative products and, in particular,
innovative approaches to developing alternative distribution and service delivery channels. This experience would
be applicable primarily – but not exclusively – in the frontier markets
Synergistic growth. Where appropriate, we will seek to convince the investee banks to systemically realign their
businesses with one another to take full advantage of cross-referral and other revenue opportunities. Such
realignments may or may not result in cross-shareholding or mergers, although we will pursue such opportunities
when appropriate
Access to funding. Some of the prospective investee companies may benefit from our experience in raising equity
and debt capital, and from our wide-ranging relationships with the buy-side (especially with the GEM-and-EMEA-
focused hedge funds and real-money accounts)
Corporate governance. In almost all cases we will actively seek board representation. Occasionally, we will resort to
shareholder activism if we are convinced that our efforts in this direction will help extract value and set the
companies on the right path. And in case of companies with attractive “platform” characteristics or in
demonstrable need of a turnaround, we will seek voting and managerial control

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Top-Down Approach/Macro Screening Of Suitable Frontier Markets

The Millennium Challenge Country Eligibility Criteria (http://www.mcc.gov/mcc/countries/index.shtml)

Indicator Category Source

Civil Liberties Ruling Justly Freedom House
Eligible Countries Political Rights Ruling Justly Freedom House
Albania
Armenia Voice and Accountability Ruling Justly World Bank Institute
Benin
Burkina Faso
Government Effectiveness Ruling Justly World Bank Institute
Cape Verde Rule of Law Ruling Justly World Bank Institute
Colombia
El Salvador Control of Corruption Ruling Justly World Bank Institute
Georgia
Ghana Immunization Rates Investing in People World Health Organization
Guyana
Honduras
Public Expenditure on Health Investing in People World Health Organization
Indonesia
Girls' Primary Education Completion Rate Investing in People UNESCO
Jordan
Kenya Public Expenditure on Primary Education Investing in People UNESCO and national sources
Kyrgyz Republic
Lesotho Business Start Up Economic Freedom IFC
Liberia
Madagascar
Inflation Economic Freedom IMF WEO
Malawi Trade Policy Economic Freedom Heritage Foundation
Mali
Moldova Regulatory Quality Economic Freedom World Bank Institute
Mongolia
Morocco Fiscal Policy Economic Freedom National sources, cross-checked with IMF WEO
Mozambique
Namibia
Natural Resource Management Investing in People CIESIN/Yale
Nicaragua
Niger
Land Rights and Access Economic Freedom IFAD / IFC
Paraguay
Source: Millennium Challenge Corporation
Peru
Philippines
Rwanda
São Tomé
and Principe The countries where we are currently invested are shown in red font. The countries in which we have looked at specific opportunities in 2009-2010 are shown in italics.
Senegal
Tanzania
Timor-Leste
Uganda
Ukraine
Vanuatu
Zambia
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Top-Down Approach/Screening For Economic Liberty

The World Bank Doing Business Rankings (www.doingbusiness.org)

2010 2010 2010 2010 2010
Economy Economy Economy Economy Economy
Rank Rank Rank Rank Rank
1 Singapore 42 Slovak Republic 83 Dominica 124 Paraguay 165 Togo
2 New Zealand 43 Armenia 84 El Salvador 125 Nigeria 166 Mauritania
3 Hong Kong, China 44 Bulgaria 85 Pakistan 126 Bhutan 167 Lao PDR
4 United States 45 Botswana 86 Dominican Republic 127 Micronesia, Fed. Sts. 168 Côte d'Ivoire
5 United Kingdom 46 Taiwan, China 87 Maldives 128 Morocco 169 Angola
6 Denmark 47 Hungary 88 Serbia 129 Brazil 170 Equatorial Guinea
Selection criteria 7
8
Ireland
Canada
48
49
Portugal
Chile
89
90
China
Zambia
130
131
Lesotho
Tanzania
171
172
Cameroon
Benin
9 Australia 50 Antigua and Barbuda 91 Grenada 132 Malawi 173 Guinea
Starting a business 10 Norway 51 Mexico 92 Ghana 133 India 174 Niger
11 Georgia 52 Tonga 93 Vietnam 134 Madagascar 175 Eritrea
Dealing with construction 12 Thailand 53 Slovenia 94 Moldova 135 Mozambique 176 Burundi
permits 13 Saudi Arabia 54 Fiji 95 Kenya 136 Algeria 177 Venezuela, R.B.
Employing workers 14 Iceland 55 Romania 96 Brunei 137 Iran, Islamic Rep. 178 Chad
15 Japan 56 Peru 97 Palau 138 Ecuador 179 Congo, Rep.
Registering property 16 Finland 57 Samoa 98 Marshall Islands 139 West Bank and Gaza 180 Sao Tomao and Principe
Getting credit 17 Mauritius 58 Belarus 99 Yemen, Rep. 140 Gambia, the 181 Guinea-Bissau
18 Sweden 59 Vanuatu 100 Jordan 141 Honduras 182 Congo, Dem. Rep.
Protecting investors 19 Korea, Rep. 60 Mongolia 101 Guyana 142 Ukraine 183 Central African Republic
Paying taxes 20 Bahrain 61 Kuwait 102 Papua New Guinea 143 Syrian Arab Republic
21 Switzerland 62 Spain 103 Croatia 144 Philippines
Trading across borders 22 Belgium 63 Kazakhstan 104 Solomon Islands 145 Cambodia
Enforcing contracts 23 Malaysia 64 Luxembourg 105 Sri Lanka 146 Cape Verde
24 Estonia 65 Oman 106 Egypt, Arab Rep. 147 Burkina Faso
Closing a business 25 Germany 66 Namibia 107 Ethiopia 148 Sierra Leone
26 Lithuania 67 Rwanda 108 Lebanon 149 Liberia
27 Latvia 68 Bahamas, the 109 Greece 150 Uzbekistan
28 Austria 69 Tunisia 110 Guatemala 151 Haiti
29 Israel 70 St. Vincent and the Grenadines 111 Seychelles 152 Tajikistan
30 Netherlands 71 Montenegro 112 Uganda 153 Iraq
31 France 72 Poland 113 Kosovo 154 Sudan
32 Macedonia, FYR 73 Turkey 114 Uruguay 155 Suriname
33 United Arab Emirates 74 Czech Republic 115 Swaziland 156 Mali
34 South Africa 75 Jamaica 116 Bosnia and Herzegovina 157 Senegal
35 Puerto Rico 76 St. Kitts and Nevis 117 Nicaragua 158 Gabon
36 St. Lucia 77 Panama 118 Argentina 159 Zimbabwe
37 Colombia 78 Italy 119 Bangladesh 160 Afghanistan
38 Azerbaijan 79 Kiribati 120 Russian Federation 161 Bolivia
39 Qatar 80 Belize 121 Costa Rica 162 Comoros
40 Cyprus 81 Trinidad and Tobago 122 Indonesia 163 Djibouti
41 Kyrgyz Republic 82 Albania 123 Nepal 164 Timor-Leste

Source: World Bank

The countries where we are currently invested are shown in red font. The countries in which we have looked at specific opportunities in 2009-2010 are shown in italics.

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Top-Down Approach/2010 Index Of Economic Freedom

The Index Of Economic Freedom World Rankings (http://www.heritage.org/index/ranking.aspx)

World Freedom Change From Previous World
Rank Country Score Year Rank Country Freedom Score Change From Previous Year
1 Hong Kong 89.7 (0.3) 41 Mexico 68.3 2.5
2 Singapore 86.1 (1.0) 42 Kuwait 67.7 2.1
3 Australia 82.6 - 43 Oman 67.7 0.7
4 New Zealand 82.1 0.1 44 Israel 67.7 0.1
5 Ireland 81.3 (0.9) 45 Peru 67.6 3.0
10 components of 6 Switzerland 81.1 1.7 46 United Arab Emirates 67.3 2.6
7 Canada 80.4 (0.1) 47 The Bahamas 67.3 -3.0
economic freedom 8 United States 78.0 (2.7) 48 Malta 67.2 1.1
9 Denmark 77.9 (1.7) 49 Saint Vincent and the Grenadines 66.9 2.6
Business Freedom 10 Chile 77.2 (1.1) 50 Latvia 66.2 -0.4
11 United Kingdom 76.5 (2.5) 51 Hungary 66.1 -0.7
Trade Freedom
12 Mauritius 76.3 2.0 52 Jordan 66.1 0.7
Fiscal Freedom 13 Bahrain 76.3 1.5 53 Albania 66.0 2.3
Government Size 14 Luxembourg 75.4 0.2 54 Costa Rica 65.9 -0.5
Monetary Freedom 15 The Netherlands 75.0 -2.0 55 Trinidad and Tobago 65.7 -2.3
Investment Freedom 16 Estonia 74.7 -1.7 56 Macedonia 65.7 4.5
17 Finland 73.8 -0.7 57 Jamaica 65.5 0.3
Financial Freedom 18 Iceland 73.7 -2.2 58 Colombia 65.5 3.2
Property Rights 19 Japan 72.9 0.1 59 Malaysia 64.8 0.2
Freedom from Corruption 20 Macau 72.5 0.5 60 Panama 64.8 0.1
Labor Freedom 21 Sweden 72.4 1.9 61 Slovenia 64.7 1.8
22 Austria 71.6 0.4 62 Portugal 64.4 (0.5)
23 Germany 71.1 0.6 63 Romania 64.2 1.0
24 Cyprus 70.9 0.1 64 France 64.2 0.9
25 Saint Lucia 70.5 1.7 65 Saudi Arabia 64.1 (0.2)
26 Georgia 70.4 0.6 66 Thailand 64.1 1.1
27 Taiwan 70.4 0.9 67 Turkey 63.8 2.2
28 Botswana 70.3 0.6 68 Montenegro 63.6 5.4
29 Lithuania 70.3 0.3 69 Madagascar 63.2 1.0
30 Belgium 70.1 -2 70 Dominica 63.2 0.6
31 South Korea 69.9 1.8 71 Poland 63.2 2.9
32 El Salvador 69.9 0.1 72 South Africa 62.8 (1.0)
33 Uruguay 69.8 0.7 75 Bulgaria 62.3 (2.3)
34 Czech Republic 69.8 0.4 76 Uganda 62.2 (1.3)
35 Slovakia 69.7 0.3 77 Namibia 62.2 (0.2)
36 Spain 69.6 -0.5 78 Cape Verde 61.8 0.5
37 Norway 69.4 -0.8 79 Belize 61.5 (1.5)
38 Armenia 69.2 -0.7 80 Kyrgyz Republic 61.3 (0.5)
39 Qatar 69.0 3.2 81 Paraguay 61.3 0.3
40 Barbados 68.3 -3.2 82 Kazakhstan 61.0 0.9

Source: Heritage Foundation

The countries where we are currently invested are shown in red font. The countries in which we have looked at specific opportunities in 2009-2010 are shown in italics.

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Selected Target Markets – The Macro Screen Overlap

Countries with GDP Mongolia

per capita of less Timor-Leste Benin

than US$10,000 Nicaragua
Indonesia
ranked among top Morocco Guyana
Moldova Honduras
80 in the three Senegal
Niger Zambia
indices used for the Paraguay Ukraine Mali Mozambique
macro screen
Kenya
Albania
Liberia Malawi
Egypt Rwanda South Africa Jordan
Madagascar
Azerbaijan Philippines Peru Colombia
Vanuatu Georgia Cape Verde
Ethiopia
Swaziland Armenia El Salvador
Lesotho
Tonga Samoa Burkina Uganda
Faso Tanzania
Bangladesh Ghana
Fiji Belize Namibia
World Bank Bhutan Index Of Economic Freedom
Nepal Tunisia Kyrgyzstan
Doing Business Kiribati
Maldives Zambia Botswana Romania
Solomon Islands Montenegro Jamaica
Latvia Bahrain
Vietnam Sri Lanka
Estonia
Gambia Thailand
Guatemala Haiti Macedonia
Algeria Ecuador Sudan Lithuania
Papua New Guinea Ecuador Madagascar
Honduras Surinam
Sierra Leone Zimbabwe Paraguay
Tajikistan Iraq

The countries where we are currently invested are shown in red font. The countries in which we have looked at specific opportunities in 2009-2010 are shown in italics.

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Current Group Structure

US$15,000,000 Established in September 2009

Acquisition of a 91.218%
equity interest in

100%

September 2009 Established in September 2009

77.3%

Mandatory Tender Offer For The

Minority Interest In

100% 100%
Corporate Broker In progress Established in October 2009
Subject to regulatory approval
November 2009

GEL 18.7 million

Capital Increase

Corporate Broker

February 2010

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Liberty Bank At A Glance

As of 31 May 2010
Leading Retail Footprint A Turnaround in Progress
Shares outstanding* 3,060,446,927 A new experienced team running the bank since October 2009, comprising Lado Gurgenidze and 20
The leading bank by number of clients, serving approximately 1.2 million individuals and over 20,000 experienced professionals
Shares owned by Liberty legal entities
Capital 2,409,047,026 Risk controls & procedures have been established
The largest retail network comprising 179 branches and sales outlets 1,350 mobile sales force ALCO has been established
% owned by Liberty Capital 78.7% Sixth largest bank by total assets, with a 4.8% market share* Aggressive credit risk management efforts are underway
Treasury shares 9.1% Exclusive provider of state pension services Adequate provisioning of legacy exposures – provisions of GEL 5.6 mln and write-offs of GEL 8.5 mln
ESOP 5.7% Sole provider of welfare payment services made since the acquisition
Providing payroll services to approximately 100,000 individuals employed at over 2,900 organisations Corporate Banking and Private Banking have been enhanced and re-launched and integrated client
Free Float* 6.4%
Robust in-house card processing platform, servicing 1.2 mln cards, with estimated capacity of over 5 coverage introduced
Exchange GSE mln cards RB product lineup redesign underway
Ticker Code BANK Branch footprint normalisation effort underway
Share price GEL 0.034 Consolidated Total Assets, Net Loans and Client Deposits grew 11.3%, 20.4% and 14.4% q-o-q,
MCap** GEL 94.7 mln respectively, in Q1 2010
*As of 31 May 2010 Standalone Total Assets, Net Loans and Client Deposits grew 30.6%, 39.9% and 49.9% , respectively,
* including treasury shares Source: the National Bank of Georgia
YTD 2010 (May)
** net of treasury shares

GEL/US$ Exchange Rate (e-o-p) of 1.7847 as at 31

May 2010
Key Figures* Investment Highlights
GSE+OTC Trading Volume GEL Shares
July '09 200 6,250
GEL mln, unless otherwise noted * Mar ‘10 Dec ‘09 Sep ‘09 YE 2008 YE 2007 A 91.218% equity interest purchase in September 2009 for GEL 25 mln (US$15 mln) by Liberty
August '09 98,014 1,444,852
Consolidated Capital, a wholly-owned subsidiary of Liberty Investments Holding B.V.
September '09 300,796 3,077,545
Dinu Patriciu (one of the most accomplished entrepreneurs and investors in CEE) and Lado
October '09 128,119 1,605,407 Total Assets 362 325 281 318 283
Gurgenidze (Georgia’s most successful banker, who led the Bank of Georgia turnaround in 2004-
November '09 242,089 3,910,182 Net Loans, of which 101 84 78 109 114 2007) are the ultimate beneficial shareholders
December '09 244,261 3,748,464
Retail loans 66 56 46 81 75 Regulatory waiver (applicable to CAR and other prudential ratios) of GEL 108 mln through
January '10 1,519,989 35,608,902
Corporate loans 33 27 32 28 39 September 2012
February ‘10 24,406,336 1,450,727,143
Capital increase of GEL 18.7 mln effected in February 2010, of which GEL 17.2 mln was invested
March ‘10 592,548 26,830,620 Private Banking loans 1.2 0.7 0.4 N/A N/A
by Liberty Capital
April ’10 989,269 43,034,141 Total Liabilities 333 315 263 303 222 Tax loss carryforward of GEL 49 mln
May ‘10 120,560 3,493,095
Account Balances, of which 271 254 202 199 204 Significant untapped lending potential, given the low loan book penetration rate amont retail
June '10 422,899 12,264,678
Retail client account balances 91 77 80 114 107 clients, Net Loans/Total Deposits ratio of 37.5% and Liquidity ratio of 34.6% as at 31 March 2010
Total 29,065,080 1,585,751,279
Corporate client account balances 124 111 63 68 94 Net Loans/Assets Ratio of 28.1% as at 31 March 2010
Profitable from Q1 2010
Source: The Georgian Stock Exchange Private Banking client account balances 16 15 13 N/A N/A
Growing much faster than the banking sector
Shareholders’ Equity 29 11 17 15 59
GEL mln, unless otherwise noted * Q1 ‘10 Q4 ‘09 Q3 ‘09 2008 2007 Total Assets Growth May '10-September ’09
Liberty Bank (Standalone) 52.1%
Consolidated
The Georgian Banking Sector 11.8%
Revenue 12 11 NMF 55 49
Net Loan Book Growth May '10-September ‘09
Net Income/(Loss) 0.1 (3) NMF (46) 3 Liberty Bank (Standalone) 50.9%
GEL/US$ Exchange Rate, e-o-p 1.75 1.69 1.68 1.67 1.59 The Georgian Banking Sector 8.4%

June ’10 Mar ‘10 Dec ‘09 Sep ‘09 YE 2008 YE 2007 Client Deposits Growth May '10-September ‘09
Liberty Bank (Standalone) 95.2%
Number of debit cards outstanding 1,202,647 1,189,421 885,938 N/A N/A N/A The Georgian Banking Sector 20.1%
Number of ATMs 171 137 136 134 135 N/A
Number of employees , of which 3,765 3,857 3,804 3,700 3,880 4,121
Full-time employees 1,860 1,946 1,890 1,790 1,907 2,162
Number of POS terminals 533 491 510 503 548 N/A
*Not audited or reviewed (except for 2007 and 2008 figures), IFRS-based. Audited IFRS results may vary significantly from these preliminary figures

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About Dinu Patriciu

Dinu Patriciu is a Romanian citizen who began his career as an architect. Over the last twenty years he has been at the forefront of regional
business and political life, becoming one of the leading advocates of free market principles and classical liberal values in Romania and South
Eastern Europe.

Between 1990 and 1998 Dinu was the President of ALPHA Construction and Real Estate Investments SA, the first private company founded in
Romania after the collapse of Communism. During this period, he acquired land and developed over 40,000 square meters of high-end
commercial and residential properties in Bucharest.

In 1998 he led an investor buyout of the Romanian company Rompetrol SA, served on the Supervisory Board of the new company from its
establishment, and took over as full time CEO in 2001. Dinu led Rompetrol from a state-owned Romanian oil services company into one of the
top 25 oil operators in the European Union through a program of strategic acquisitions and organic growth. He took control of Rompetrol in
1998 when it was a money-losing asset that had been declared unsalvageable by the World Bank. After several acquisitions in Romania,
Rompetrol embarked on an international expansion program in the Balkan region and beyond, including Moldova, Georgia, and Ukraine, and in
2005 acquired Dyneff Group SA, the largest independent distributor of oil products in France. In August 2007, Dinu Patriciu sold 75% of
Rompetrol to Kazakhstan’s KazMunayGas (KMG). In June 2009, Dinu Patriciu sold his remaining 25% equity stake to KMG while remaining a
Member of the Board of The Rompetrol Group.

Over the past year, Dinu has focused his attention on the European commercial real estate market with the purchases of AIM-listed Fabian
Romania, which owns GBP 138 million of Romanian assets, and 73.6% of LSE-listed Rutley European Property Limited. Dinu is also Chairman of
the Board of Adevarul Holding, a media group (since 2006), and President of the Dinu Patriciu Foundation, which provides educational
scholarships for promising Romanian students. Forbes ranks Dinu Patriciu the richest man in Romania and the 397th richest person in the world
with assets of US$1.8 billion.

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About Lado Gurgenidze

Lado Gurgenidze is a career banker who after a decade spent at several investment banks in Eastern Europe and London returned to his native Georgia in 2004 and
spearheaded, as Executive Chairman and CEO, a turnaround of Bank of Georgia (LSE: BGEO). During Lado’s three-year tenure, the bank’s total assets and net
income grew 760% and 1,563%, respectively. As its market share grew from 18% to 34%, Bank of Georgia became the leading universal bank in Georgia and the
region with market capitalisation exceeding US$900 million at the time of Lado’s departure (up from US$30 million at the time of his arrival). Prior to taking the
helm at Bank of Georgia, Lado served as Head of Europe at Putnam Lovell (now part of Jefferies) and as Head of Technology Corporate Finance and Head of M&A,
Emerging Europe at ABN Amro advising such clients as SWIFT, Reuters, Moneyline Telerate, Wirtualna Polska, Marconi, Andrew Corporation, Merloni
Elettrodomestici, News Corp, Global One, Golden Telecom, UPC and Philips.

In 2007-2008, Lado served as Prime Minister of Georgia, leading the Georgian economy through the final stage of free-market reforms, including tax cuts, financial
Current Commitments services sector reform as well as aggressive privatisation and liberalisation policies. In the aftermath of the August 2008 conflict with Russia, Lado was instrumental
in stabilising the Georgian economy and its financial sector, as well as securing a US$750 million IMF stand-by arrangement and a $4.5 billion multi-donor aid
Liberty Capital package.

Lado put Georgia on the global institutional investor map, leading the first-ever international equity and debt capital markets issues by Bank of Georgia and the
Georgian government as well as the country’s first-ever domestic IPOs. He is responsible for bringing in approximately US$1 billion of portfolio investments and
close to US$500 million of FDI. Lado is the only person to have been awarded St George’s Victory Order (in 2008) and the Presidential Order of Excellence (in 2010)
– the two highest civilian honours in Georgia.

Since he stepped down as Prime Minister, Lado has been a frequent public speaker on issues of economic liberty and free-market reforms in developing countries
and co-chairs the Emory Center for Alternative Investments. In October 2009, he was invited to join, as Chairman, the supervisory board of Bank of Kigali, the
largest bank in Rwanda.

Past Engagements In September 2009, Lado established, together with Dinu Patriciu, Liberty Investments, an investment company focusing on financial services institutions in frontier
markets with low corruption, low taxes and open economies. In the same month, Liberty Investments announced the acquisition of a controlling equity interest in
Liberty Bank, which has the largest client base in Georgia, serving some 1.2 million clients through 179 branches. By June 2010, the first phase of the turnaround
has been completed, with the rebranded bank returning to profitability and growing much faster than the Georgian banking sector.
Lado is married with four sons. He is a Georgian and British citizen and received his MBA from Goizueta Business School of Emory University in 1993, following
undergraduate studies at Middlebury College and Tbilisi State University. In 2006 Lado hosted the licensed Georgian version of The Apprentice TV show.

UK FSA individual reference number VXG01025 (currently inactive)

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 Case Study
Transformation of JSC Bank of Georgia Under Lado Gurgenidze’s Leadership

Executive Chairman, CEO of JSC Bank of Georgia (“BoG”) October 2004-November 2007
Transformed BoG from an obscure, loss-making local commercial bank with US$25 mln MCap (GSE), 18% market share and narrow business model into the undisputed
domestic leader universal bank with US$900 mln Mcap (LSE at the time of his departure, 91% free float, 85% institutionally owned), 33% market share, emerging
international footprint and US$47 mln net income (2007)
The first Georgian company to list on the LSE – US$160 mln IPO in November 2006, 100+ bids
The first Georgian entity to issue Eurobonds – US$200 mln 9% 2012 issued in February 2007, 100+ bids
Assembled a team of experienced professionals, including alumni of ABN Amro, Credit Suisse, UBS, Merrill Lynch, Nomura, Deutsche Bank, Morgan Stanley, Raiffeisen,
UniCredit, JP Morgan, IFC, EBRD, Ernst & Young, Deloitte, PwC etc
Acquired and developed Galt & Taggart Securities into the undisputed domestic leader (60%+ market share) with significant institutional client base and high
profitability (9M 2007 net income US$6.6 mln, 21.9% of the group net income for the period, US$189 mln client assets as at 30 September 2007)
Developed organically the market-leading wealth management business (1,000+ local and international clients, US$50.5 mln client assets as at 30 September 2007)
Developed organically the country’s sole asset management business (Galt & Taggart Asset Management, US$65 mln AUM as at 30 September 2007)
Built, through three acquisitions, an insurance market leader with c. 25% market share
Built a leading card processing centre serving 1 mln cards

US$ mln, unless otherwise noted 30 September ‘04 30 September ‘07 Growth

Share price, US$ 2.2* 35* 1,468%

MCap 29 937 3,087%
Assets 152 1,448 854%
Market share, % 18.2% 34%
Net Loan book 86 779 806%
NPLs, % of Loan book 7.5% 1.3%
Deposits 96 684 609%
Equity 26 280 961%
Book value per share, US$ 3 10 233%
Revenue , YTD 16 90 461%
Net income, YTD 2** 30 1,779%
ROAA 1.2% 3.5%
ROAE 5.7% 16.2%
Cost/Income ratio 65% 53%
Employees, FTE 944 3,992 323%
Branches 50 109 118%
ATMs 16 185 1,056%
Accounts, ‘000 206 659 220%
Cards, ‘000 30 520 1,633%
GEL/US$ (e-o-p) 1.84 1.66

* 4 October 2004 GSE price of GEL 4.0, converted at GEL/US$ of 1.82; Closing price on the LSE on 16 November 2007 , the day Lado’s resignation was announced
**The new team had to provision heavily immediately upon assuming operational control in October 2004, which resulted in full-year 2004 loss of GEL 9.2 mln

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 Case Study
The Rebranding Transformation of JSC Liberty Bank Under Lado Gurgenidze’s Leadership

Rebranding
Executive Chairman & CEO of JSC Liberty Bank September 2009-present
Turned, in eight short months, a heavily loss-making insolvent bank with Cost-Income ratio exceeding 100% into
a profitable and rapidly modernising institution by Q1 2010, and currently trending to a run-rate monthly pre-
provisioning profit of US$ 1 million
Rebranded the bank
Launched several new products
Started branch network modernisation
New Products Launched
Completed the central branch/headquarters renovation
Launched a GDR programme with BNY Mellon
GEL mln, unless otherwise noted 30 September ‘09 31 May '10 Growth
Share price, GEL 0.0176 0.0340 93%
Liberty Bank Before The Renovation Assets 279 425 52%
Market share by total assets, % 3.5% 4.8%
Net Loan Book 78 118 51%
NPLs, % of Loan Book 17.5% 8.3%
Market share by net loans, % 1.7% 2.4%
Deposits 156 304 95%
Market share by client deposits, % 5.8% 8.1%
2010 Equity 16 35 113%
2007 Book value per share, GEL 0.010 0.013 21%
Liberty Bank After The Renovation Revenue , YTD 31 21 NMF
Net Income, YTD (7) 1 NMF
ROAA -3.4% 0.8% NMF
ROAE -51.2% 10.6% NMF
Cost/Income ratio 100.3% 83.2%
Employees, FTE 1,790 1,854 4%
Branches 177 179 1%
June 2010 ATMs 136 166 22%
Accounts, ‘000* 2,990 2,320 -22%
June 2010
Cards, ‘000 1,176 1,199 2%
GEL/US$ (e-o-p) 1.677 1.785
Note: unaudited, IFRS-based , standalone
* Due to database cleanup and closure of inactive accounts

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Contact Information

Lado Gurgenidze
Chief Executive Officer

+995 99 477 272

lg@libertycapital.ge

Dmitry Kasatkin
Chief Operating Officer

+44 77 860 28 700

dk@libertycapital.ge

Tamuna Gunia
Head of Investor Relations

ir@libertybank.ge

Page 16 June 2010 www.libertycapital.ge

Important Information

This document is intended solely for use on a confidential basis by those persons to whom it has been
transmitted by Liberty Investments Holding B.V. (the “Company”), the Company’s shareholders, or its or their
affiliates or subsidiaries, as the case may be. Intended recipients, by their acceptance and retention of this
document, agree to preserve the confidentiality of its contents. This document is proprietary to the Company
and may not be disclosed to any third party, reproduced, in whole or in part, or used for any purpose other than
that for which it has been submitted without prior written consent of the Company. The information contained
in this document is published for the assistance of the intended recipients, but is not to be relied upon as
authoritative or taken in substitution for the exercise of judgment by any recipient. The Company accepts no
liability whatsoever for any direct or consequential loss arising from any use of this document or its contents.
This document is not, and should not be construed as, an offer to sell or solicitation of an offer to buy any
securities, and should not be used as a basis for investment. The information contained herein is subject to
change at any time and does not constitute investment, tax, legal or other advice or recommendation. The
Company is not authorised in any jurisdiction to give investment advice. The information and opinions contained
in this document have been compiled or arrived at by the Company from sources believed to be reliable and in
good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or
correctness. All opinions, estimates or forward-looking statements contained in this document constitute the
Company’s judgment as of the date hereof based on the prevailing conditions, are subject to change without
notice and should not be interpreted as investment advice. Investing in investment vehicles such as the
Company is always associated with risks. Past performance is not a guide to future performance. The value of
the Company shares and any income generated can go down or up, and investors may not get back the amount
originally invested. Currency fluctuations may affect the value of the shares. There are additional risks and
greater volatility associated with investing in emerging markets and small-cap stocks.

www.libertycapital.ge June 2010

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