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PASHA Bank Georgia to Expand Lending in 2015 The FINANCIAL

ASHA Bank Georgia plans to hit a number of operating mile-stones and targets related to the institutional development, staffing, IT systems implementation during 2015. The bank

targets to expand lending going forward. Just in two years after entering Gerogian market PASHA Bank Georgia significantly popular for other banks when selecting a partner for syndicated deals. Continued on p. 3

Net Profit of Georgian Commercial Banks to Decrease in 2015 The FINANCIAL

PASHA Bank Georgia Targets Sustainable Growth in 2015 The FINANCIAL

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negative trade balance, starting local production remains the key issue for the country in a short as well as long term perspective. In addition, further development of the country remains dependent on external factors, mostly the crisis in Ukraine. Continued on p. 8

Development Company m2: “There is no Reason for Pessimism”

banking services PASHA Bank is a Baku-based financial institution operating in Azerbaijan, Georgia and Turkey – providing full range of corporate and investment banking services to large and medium-sized enterprises. PASHA Bank represents a regional financial institution, which is a part of PASHA Holding - a diversified investment group with interest in banking, insurance, property development, construction, tourism and other sectors. As of December 2014 its Total Assets are approximately AZN 3 billion. PASHA Bank has been operating in Georgia since 2013. As of December 2014 the Bank’s Total Assets exceeded GEL 155 million.

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evelopment company m2 will start the construction of two new apartment projects in 2015. The devaluation of the Georgian Lari has decreased consumer demand for real estate in Georgia.

15 Rustaveli ave. Tbilisi, 0108, Georgia (032) 2 265 000 | pashabank.ge

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CURRENCIES Apr 11 1 USD 2.2432 1 EUR 2.4390 100 RUB4.1769 1 TRY 0.8671

Apr 4 2.2574 2.4576 3.9571 0.8704

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Losing our religion? Two thirds of people still claim to be religious See on p. 2

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The Complexities Facing the Competition Authority By FLORIAN BIERMANN and LEVAN PAVLENISHVILI SET

conomists disagree whether it was a good decision to reestablish the Georgian competition authority. When some years ago it was removed, the underlying logic was that a non-existing authority cannot be corrupt, and, more importantly, cannot harm the economy through misguided decisions. Assuming that corruption will not be a problem for the competition authority, neither now nor in the future, regulating markets is still a highly delicate issue which yields many possibilities to go wrong.

WHAT IS THE RELEVANT MARKET? One of the central issues that have to be answered in most antitrust case is the identification of the relevant market. When charged with the accusation of having a dominant position in a market, say, more than 70% market share, the accused company usually argues that in the relevant market, its share is much lower. What is meant by that? Well, in the market for, say, Toyota jeeps, Toyota has a market share of 100%. So, obviously the market for Toyota Jeeps cannot be the relevant market if one wants to argue that Toyota has a dominant position. One may therefore look at the market for jeeps, where Toyota will have a much lower share. Going further, one might look at the market for cars in general, where Toyota has an even lower share. And perhaps, one could even look at the market for transportation, including not just cars but various means of transportation, where the kilometers contributed by Toyota vehicles will be very small. As one can see, whether Toyota has undue market power depends on which market one considers relevant for Toyota jeeps. The common way to identify the relevant market is to look at crossprice elasticities. This cross-price elasticity says how much the price change for one product influences the demand for another product. For example, if the price for Toyota jeeps goes up, it might be that the demand for, say, Subaru jeeps will increase. This would be the case if from the points of view of the customers the two kinds of jeeps are substitutes to each other. If this effect is above a certain threshold, one may argue that Toyota jeeps and Subaru jeeps are sold in the same market, and define the relevant market to include all goods with mutual cross-price elasticities above the threshold. In antitrust cases, armies of economists are employed both by com-

panies and competition authorities to underpin their respective views of what the relevant market is. As a case study, let us look at very relevant (and hotly debated) market, namely the fuel retail market. The advantage of this market for our analysis is that the world market prices of oil and fuel are known, and as all fuel sold in Georgia is imported, the markup of the Georgian retailers can be easily calculated. Moreover, the issue of the relevant market is not that relevant here, as fuel is a more or less homogeneous good for which few alternatives exist. For commodities which are actually produced and not just bought abroad, estimating the markup is more difficult, as one has to know the production cost. Eliciting collusion should be easier in this market than it is in others.

IS FUEL IN GEORGIA TOO EXPENSIVE? Petrol and Diesel prices have always been a hot topic of discussion within the Georgian society, and the intensity has increased further when international oil prices have decreased to the lowest point of the decade. Many people ask whether fuel importers

pass on the lower world market prices to the Georgian customers. Fuel is paid in dollars, and while dollar prices for fuel were declining, the price of dollars in terms of lari soared. Both effects partly set off each other (see Figure 1), and with the lari depreciating, it would already be a de facto price reduction if fuel retail prices denoted in lari would remain the same. In August 2014, the weighted average import cost of one liter of “regular petrol” (octane <95) was $0.79, and with an average exchange rate in that month of 1.73 lari per dollar the weighted average import cost per liter of fuel was 1.37 lari. Adding 0.15 lari import tariff we get to 1.52 lari. The value added tax (VAT) of 18% based on an average retail price of this kind of petrol of 2.1 lari is 0.32 lari per liter. Adding up everything, the import and tax costs in the price are 1.83 lari per liter and the price markup of the retailers, including operational costs, transportation within Georgia, and profit, is 0.28 lari. It is very difficult to say whether or not 0.28 lari is a competitive markup or not. Not only are operational costs and transportation data of private businesses not publicly available, but also the competitive profit depends on the particular risks associated with

retailing fuel in Georgia, which is somewhat a matter of opinion. As the markup as such is not indicative of a lack of competition, alternatively one could consider whether price reductions in international markets are timely transmitted to the Georgian customers. Fuel retailers might be quick to pass on price increases to local buyers but take more time to transmit price reductions, which they could only do if they have market power. Yet also this analysis does not yield a conclusive answer. Figure 2 shows the percentage changes of import prices, i.e. the prices that have to be paid for petrol “at the border” of Georgia, and compares it to the retail prices inside the country. Both prices are denoted in lari, so there is no exchange rate effect here. While from summer 2014 onwards the import prices decline strongly, this price movement is transmitted to the domestic market in a delayed and less pronounced manner. However, in the last years one can also find situations where increases in border pcrices are not transmitted immediately and are similarly smoothened down, e.g. during the three Continued on p. 12

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FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 13 APRIL, 2015

Best Georgian Banks

PASHA Bank Georgia to Expand Lending in 2015 The FINANCIAL

ASHA Bank Georgia plans to hit a number of operating mile-stones and targets related to the institutional development, staffing, IT systems implementation during 2015. The bank targets to expand lending going forward. Just in two years after entering Gerogian market PASHA Bank Georgia significantly popular for other banks when selecting a partner for syndicated deals. “The main reason other Banks find it comfortable to cooperate with PASHA Bank for syndicated deals is probably the fact that we are a corporate bank and we do not have retail operations as such. Therefore we do not compete with other banks for retail customers and this makes it easier for them to team up with us, rather than with other banks, with whom they compete on daily basis,” said Goga Japaridze, Commercial Director at PASHA Bank Georgia. “The other reason is that we have a formidable capital base in Georgia of GEL 103 mln. which allows us to issue sizable loans. This naturally makes us a large player for the local market,” said Japaridze.

PASHA BANK IS A BAKU-BASED FINANCIAL INSTITUTION OPERATING IN AZERBAIJAN, GEORGIA AND TURKEY – PROVIDING FULL RANGE OF HIGH-QUALITY CORPORATE AND INVESTMENT BANKING SERVICES TO LARGE AND MEDIUM-SIZED ENTERPRISES. WE TREAT CLIENTS AND PARTNERS WITH HOSPITALITY AND DOUBLE ATTENTION FOCUSING ON THE MUTUAL PROSPERITY. WE PUT THE INTEREST OF OUR CLIENTS AT THE CORNERSTONE OF OUR CORPORATE STRATEGY, LOOKING TO ACHIEVE NEW HEIGHTS, TOGETHER AND CONTRIBUTE TO THE SUSTAINABLE GROWTH OF EACH AND EVERY CLIENT.

GOGA JAPARIDZE, Commercial Director at PASHA Bank Georgia

CHANGES TO THE COMPOSITION OF BOARD OF DIRECTORS – COMMERCIAL DIRECTOR, GOGA JAPARIDZE, JOINING THE BOARD OF DIRECTORS EFFECTIVE MARCH 1ST. Q. What are the competitive advantages of PASHA Bank that you offer to your customers? A. As you probably know, we are a corporate bank – we do not do retail banking at this stage of our development. To some extent this is much appealing to certain audiences; we pay great deal of attention to every single client, which may or may not

have been possible if we were actively engaged in retail banking as well, which requires a lot of resources and time. We have access to our parent bank’s balance sheet, which is very significant, scale wise to our local market. In a rare case when PASHA Bank Georgia cannot finance a very large deal on our own, we can always call upon our parent

and fund the deals through Azerbaijan. This gives us an opportunity to take part in much larger transactions than it would have been possible if we were relying on our local capital base only. Another differentiator and strength of PASHA Bank is that we operate regionally. In addition to Georgia and Azerbaijan, PASHA Bank has recently launched a fully owned subsidiary in Turkey. Q. PASHA Bank is becoming a number-one choice for other banks when selecting a partner for syndicated deals. What is the reason for this? A. The main reason other Banks find it comfortable to cooperate with PASHA Bank for syndicated deals is probably the fact that we are a corporate bank and we do not have retail operations as such. Therefore we do not compete with other banks for retail customers and this makes it easier for them to team up with us, rather than with other banks, with whom they compete on daily basis. The other reason is that we have a formidable capital base in Georgia of GEL 103 mln. which allows us to issue sizable loans. This naturally makes us a large player for the local market.

Another advantage of ours, at least the way we perceive it, is that we have cut back on red tape to the greatest extent possible. We are actually able to react to proposals coming our way from other banks in a swift and efficient manner. Being able to offer an immediate collaboration often is of a critical importance when it comes to being selected a partner for a syndicated deal. Q. What are your plans for 2015? A. The key objective for 2015 would be turning profit, as we are still in red. Being a start-up this is very normal, as we have to incur certain ongoing costs related to the institutional development. But our portfolio size and operations have not yet reached sufficient scale to cover those costs. We hope that break-even moment will come somewhere in the middle of year 2015 and we will turn profit by the end of the year. This is task number one for our team. To do that, though, we need to hit a number of operating mile-stones and targets related to the institutional development, staffing, IT systems implementation and so forth. We will continue working on diversifying our customer base across various sectors - our product offerings are

also increasing in terms of currency, tenor and product features. Q. During 2014 PASHA Bank sponsored a range of events in Georgia. Is this tendency going to continue in future? A. Throughout 2014 we have been sponsoring such events as Business Brilliance Awards organized in Tbilisi by London based Global Event and Training Group (BOC), Caspian Energy Forum, Trade Finance Seminar, Tbilisi International Film Festival and many more. Due to its daily activities and efforts in marketing communications PASHA Bank is gaining a growing recognition. We’ve been awarded “Bank of the Year” by the President of Georgia, Mr. Giorgi Margvelashvili in November 2014, at Caspian Energy Forum. Considering its recent marketing activities PASHA Bank Georgia won the nomination of “New-comer in Georgian Marketing” by EGO MAG. It is nominated for being “The Fastest Growing Corporate Bank in Georgia” by GLOBAL BANKING & FINANCE REVIEW, UK. We strongly believe that the positive tendency of raising awareness and recognition of the brand will continue throughout the following years.

1 1

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Trade and Services

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3,090

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HEADLINE NEWS & ANALYSIS

FINANCIAL

13 APRIL, 2015 | FINCHANNEL.COM

Best Georgian Banks

PASHA Bank Georgia Targets Sustainable Growth in 2015 rate banking service. Are there any expectations for you to start serving retail segment as well? A. As for the retail banking, we are not planning to enter retail for the current strategic period which encompasses next three years. Q. What are your plans for developing bond market in Georgia? A. PASHA Bank in Azerbaijan is one of the leading banks in terms of handling bond originations. We are looking at ways to transfer our parent’s expertise to Georgia and try to duplicate our success in Azerbaijan in our local market as well. At the same time we should keep in mind that the market realities in Georgia and Azerbaijan are quite different. Interest rates on corporate loans in Georgia are lower than those in Azerbaijan, which somewhat limits the appeal of bond financing to the largest corporates. But there are many other reasons apart from cost of funding that might induce a corporate to issue a bond. We already have certain indications of interest, hopefully midyear we will know more about the market

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PASHA BANK IN GEORGIA IS WHOLLY OWNED BY PASHA BANK OJSC, A LEADING CORPORATE BANK IN AZERBAIJAN, THAT IS A PART OF PASHA GROUP, A MAJOR INVESTMENT HOLDING GROUP IN AZERBAIJAN, WHICH ALSO INCLUDES SIGNIFICANT ASSETS IN THE FIELDS OF INSURANCE, PROPERTY DEVELOPMENT, CONSTRUCTION MATERIAL PRODUCTION, TOURISM AND OTHERS.

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SHAHIN MAMMADOV, CEO at PASHA Bank Georgia

gian customers? A. Turkey is Georgia’s largest trading partner. Basically all local companies that do business with Turkey now have the opportunity to deal with a single financial institution in both countries. Like Georgia, Azerbaijan has a very significant trade turnover with Turkey. Any company from our region now is able to access financial services at a single institution, regardless of which country it is physically based in. Q. Are there any new businesses lines that PASHA Bank is planning to launch in the nearest future? A. Natural extension of our current core competence of large-scale corporate banking is entering into SME segment. We are presently researching this opportunity. We want to make sure that as an institution we are ready to cover the SME sector, which is several times larger, by number of entities, than large corporate segment. This is something we are looking at and most likely we will decide upon our next steps closer to the end of the year. Q. At present PASHA Bank offers solely corpo-

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high-end Key Man Insurance product aimed at top executives who play a crucial role in the day to day management of their respective organizations. PASHA Holding is represented in hospitality sector by PASHA Travel, a company with the leading position in the Azerbaijani market. Over the course of the last several years PASHA Travel has developed a network of global alliances allowing the company to put together variety of travel packages for budget travelers and premium customers alike. PASHA Travel succeeded in building a strong reputation of a reliable outsource partner for corporate sponsored business trips. PASHA Holding is the owner of PASHA Construction, one of the largest businesses of its kind in Azerbaijan. As of the end of 2014 its completed project portfolio exceeds 1,000,000m2 worth of projects, with further 756,000m2 currently under construction. These developments include retail, residential, office space, hotels and large mixed use properties. The list of the successfully completed projects includes but is not limited to – Four Seasons Hotel, Absheron JW Marriott Hotel, Port Baku Towers, Nizami Residence and others. Q. How long has PASHA Bank been operating in Georgia and how would you estimate this period? A. PASHA Bank has been operating in Georgia for two years already. First year we were mainly focused on administrative issues while 2014 was a formative year in many other

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Q. PASHA Bank is a Baku-based regional financial institution, a part of investment group - PASHA Holding. Can you tell us shortly about the group? PASHA Holding is a diversified investment vehicle with interest in banking, insurance, property development, construction, tourism and other sectors. As of December 2014 its Total Assets are approximately AZN 3 billion. I will try to provide you with brief information about the companies of PASHA Holding: PASHA Bank was incorporated in 2007 and it focuses on delivering best in class banking services to the rapidly growing corporate sector of Azerbaijan. The bank is rated B+ by Fitch Ratings and bb- by S&P. It has been actively providing capital raising services and was named Azerbaijan’s Best Investment Bank by Emeafinance (2012) as well as International Finance Magazine (2013, 2014). Kapital Bank is also a member of PASHA Holding. It was formed as a result of a merger of three major State owned banks – Agro-Investment Bank, Industrial-Investment Bank and Savings Bank in 2000. Kapital Bank boasts the most extensive branch network in Azerbaijan and is rated B+ by Fitch Ratings and B1 by Moody’s. PASHA Holding owns two companies in insurance sector: PASHA Insurance and PASHA Life. PASHA Insurance offers more than 30 types of products to corporate and retail customers, while PASHA Life is mainly focused on retail services. Along with standard insurance products it has developed a

Ja nu ar y Fe br ua ry

ASHA Bank Georgia has identified its market niche and finalized localization of brand platform. All in all, for the two years of its operation in Georgia the bank positioned itself for sustainable growth for 2015. With PASHA Bank now already in Turkey, the bank believes, that its operation in the region will become more efficient from 2015. “PASHA Bank has been operating in Georgia for two years already. First year we were mainly focused on administrative issues while 2014 was a formative year in many other respects. We completed staffing of the front-office by the mid of the year. For the first time we became able to cover the entire target segment of ours, which is made up of large and mediumsized enterprises. Apart from that we also increased our portfolio almost ten-fold compared to January 2014. While the growth is rather aggressive, the base from where we started was fairly small, which accounts for the unusually rapid growth,” said Shahin Mammadov, CEO at PASHA Bank Georgia.

respects. We completed staffing of the front-office by the mid of the year. For the first time we became able to cover the entire target segment of ours, which is made up of large and mediumsized enterprises. Apart from that we also increased our portfolio almost ten-fold compared to January 2014. While the growth is rather aggressive, the base from where we started was fairly small, which accounts for the unusually rapid growth. We entered a number of syndicated deals with Georgian banks: considering their scale and other characteristics, some of them were unprecedented even in the original Azerbaijani market of PASHA Bank. We have identified our market niche and have finalized localization of brand platform. All in all, for the two years of our operation in Georgia we have positioned ourselves for sustainable growth for 2015. With PASHA Bank now already in Turkey, we believe, that our operation in the region will become more efficient from 2015. Q. You mentioned the news regarding PASHA Bank entering Turkish market. Can you tell us what this means to Geor-

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The FINANCIAL

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Best Georgian Banks

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Best Georgian Banks

Development Company m2: “There is no Reason for Pessimism” The FINANCIAL By MADONA GASANOVA

evelopment company m2 will start the construction of two new apartment projects in 2015. The devaluation of the Georgian Lari has decreased consumer demand for real estate in Georgia. However, the stable growth of the Georgian economy encourages the management of m2 to launch new projects. Meanwhile, having an effective system of governance remains the main challenge in the Georgian development business. m2 has been successfully cooperating with various international finance institutions. As Irakli Burdiladze, Chairman of the Supervisory Board of m2, said, the attitude of foreign investors towards Georgia has not changed against the background of instability in the region. “m2 is cooperating with international finance institutions that are oriented on economic development. They are not afraid of issuing funding despite varying stages of economic cycles,” Burdiladze said. “m2 is quite optimistic about the future. The economy of Georgia continues to grow. According to the preliminary data of the Statistics Center of Georgia, in February the real GDP growth rate was 4.9% more than the data from the same period of the previous year. It is quite a good result. As for the average real GDP growth for 2 months (January-February), the rate was 2.7%. In March, inflation was a modest 1.2% in comparison with the previous month, and 2.6% in comparison with March of the previous year. So there is no reason for pessimism,” Burdiladze told The FINANCIAL.

IRAKLI BURDILADZE, Chairman of the Supervisory Board of m2 Q. The company has four projects currently under construction. Give us your evaluation of the sales dynamics - have they been impacted by the devaluation of the national currency? A. GEL devaluation certainly affected the sales rate to some extent. The volatility of the national currency is directly related to the time of deliberation before purchasing an apartment. This time has increased and our potential customers are spending more time on decisionmaking. What is more concerning is the segment which plans to buy an apartment with a mortgage loan denominated in a foreign currency while the family’s income is in the local currency. It is important that all the projects of m2 are fully funded. This means that completing them does not depend on the pace of sales. Accordingly, our company has not faced any problems in this regard. As I already mentioned, we are optimistic about the economic situation and plan to launch two new projects this year. Q. In 2012-2013 there was another boom in the construction business of Georgia. Are there any signs of seeing another wave of uncompleted constructions? A. I can only tell from our company’s example, that if a developer has a well-established system of corporate governance, especially in terms of risk management, then uncompleted construction is unlikely. For example, m2 does not begin construction until it mobilizes the full funding for the project. We manage it with our own capital, credit resources and a sufficient number of

potential customers. This is a guarantee that regardless of the economic cycle, the project’s completion will not be endangered. Q. Do you think that developers meeting their responsibilities should be regulated, and if so, then how? A. Our approach to this issue is quite simple. Strong competition and the market itself is the best regulator. The emergence of any other additional regulatory institutions is not considered justified. Q. What is your view regarding the quality control of construction in Georgia? A. Any respectful developer should have a serious attitude towards quality control. Otherwise they will be unable to withstand the competition. m2 pays special attention to the quality control of construction. The company spends a lot of money in this direction, from laboratory testing of the reinforcement and concrete to the monitoring of any kind of work. m2 has quality standards for each project based on international practice. We have a high-level professional team on each construction. They are monitoring the progress of the construction and its compliance with our standards. Q. What will be the impact of the GEL devaluation on the construction business? A. As mentioned above, the currency slump has prolonged the final decision-making of many potential customers. From our viewpoint I will say that it has had no impact on prices. Q. What has changed since Bank of Georgia separated its non-core assets? A. m2 has always been separated

from banking activities. So, it will be given a legal form that has been previously in practice. Q. Your career is linked to the banking sector. What were the main challenges that you faced in the construction business and which abilities helped you to succeed? A. My career is connected to the banking sector. However, I moved here from real estate development. So, the sector was not unfamiliar to me. The main challenge was restoring the previous confidence in developers that had been lost. We are proud to state that with the high professionalism of our team and meeting our promises, the newly established m2 has successfully managed it. My banking career helped me to establish an effective system of corporate governance and especially risk management. It is important that m2 attracts finances from such diversified sources as international finance institutions and corporate bonds. Q. Qualified staff is a big problem for the construction business. How can you evaluate the education level of local universities and how responsive are they to your demands? A. This is a really big problem. However, it is nice to see that the young generation is eager to learn as much as possible. One of the policies of m2 is frequent training of its employees. Currently, we have brought in a German specialist to the project management direction. He is now sharing his rich experience with our employees. Q. The Georgian construction business is not sufficiently addressing office space. Are

you planning to enter this direction? A. The main focus of m2 is residential apartments. However I do not exclude implementing projects in the direction of office space as well. Q. Tell us about your plans. Which new projects are you going to launch? A. m2 is going to establish two new projects. m2 has two lines of projects: apartments for the middle-class segment of the population; and the ‘Optima’ line - more affordable, with optimal planning. So, the two new projects will be started in both directions. Both of the projects will be located in the Saburtalo district. Q. What are the main challenges for the construction business at the moment? A. Establishing an effective system of corporate governance by developers is the main challenge in the construction business. It should be based on strict discipline and accountability towards shareholders and clients. This is one of the cornerstones of success.

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Best Georgian Banks

Building Green Business in Georgia

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uring the pilot phase, United Nations Industrial Development Organization (UNIDO) found that levels of awareness and implementation of green industry are rather low in Georgian enterprises. Many enterprises are unaware of the operational and opportunity costs they incur with their use of materials, chemicals, water and energy and to their discharges of effluent, waste and emissions. “Over the past decade few enterprises have undertaken cleaner production or related resource efficiency measures under different international projects, yet their results and experiences have remained somewhat isolated and not yet been replicated at a larger scale”, said René VAN BERKEL, Unit Chief, Industrial Resource Efficiency, UNIDO in interview with The FINANCIAL. “Most Georgian manufacturers, in particular small and medium enterprises, are preoccupied with day to day challenges of serving customers, delivering sought after goods and services, and securing supplies, including labor, in often uncertain or even volatile national and international markets”. “This situation is not unique to Georgia yet reflects to a certain extent day to day realities of small and medium enterprises in the region and indeed globally. This short

GREEN INDUSTRY AIMS TO TURN PRESENT CONCERNS REGARDING USE OF NATURAL RESOURCES, POLLUTION OF ENVIRONMENT AND CHANGES IN CLIMATE, INTO BUSINESS OPPORTUNITIES. ITS TWO PRONGED AIMS ARE TO ACHIEVE ON ONGOING BASIS IMPROVEMENTS IN RESOURCE EFFICIENCY AND POLLUTION INTENSITY OF EXISTING INDUSTRIES IN ANY SECTOR (OR ‘GREENING OF (EXISTING) INDUSTRIES’) AS WELL AS TO SUPPORT NEW INDUSTRIES THAT PROVIDE ENVIRONMENTAL GOODS AND SERVICES (E.G. RENEWABLE ENERGY, RESOURCE RECOVERY, ETC., OR THE ‘CREATION OF NEW GREEN INDUSTRIES’). IN GEORGIA, THE UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION (UNIDO) HAS WORKED EXCLUSIVELY TOWARDS THE GREENING OF INDUSTRIES THROUGH THE APPLICATION OF RESOURCE EFFICIENT AND CLEANER PRODUCTION (RECP) WITHIN THE FRAMEWORK OF THE EUROPEAN UNION’S PARTNERSHIP FOR ENVIRONMENT AND GROWTH THAT SUPPORTS GEORGIA AND OTHER COUNTRIES OF THE EASTERN PARTNERSHIP (ARMENIA, AZERBAIJAN, BELARUS, MOLDOVA AND UKRAINE) TO TRANSITION TOWARDS A GREEN ECONOMY.

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term mindset stands in way of taking longer term strategic perspectives on business opportunities, including those arising from the green agenda. Moreover, specifically for the environment, many manufacturers are not fully aware of their impact on environment and resource use, which stands in way of adopting a more proactive and preventive approach”. Q. How green oriented Innovations can influence local community? Green Innovations can depending on situation have multiple positive impacts on local community. New green enterprises will create jobs and incomes, which can be taken up by locals. Moreover, where hazardous substances and processes are eliminated for environmental reasons, workers, communities and consumers stand to benefit from reduced or eliminated exposure and risks. Finally, innovative green products can enhance customer satisfaction and well-being. Q. What is the impact of green growth on countries’ economy? There are multiple impacts from green growth and their net impact on country economy is generally positive, yet fluctuates on country by country basis. Reduced use of energy and other natural resources reduces costs and dependency on their imports and hence balance of trade. Higher competitiveness of industries, as a result of industrial resource efficiency, and better environmental performance of products, would

allow enterprises to compete better in international markets, and indeed benefit from Deep and Comprehensive Free Trade Agreement with the European Union. Q. What are the responsibilities of large companies towards population in terms of green business promotion? Large companies are generally perceived to be better placed to take lead in greening of production and consumption, as they have or could more easily acquire the necessary skills, technologies, processes and funds to innovate and invest in green industry projects. Q. How beneficial might be transforming from regular company into green industry? Companies adopting resource efficient and cleaner production practices stand to gain from reducing their operational costs, through savings on materials, energy and water bills, and reducing their impact on environment. The scale of possible benefits fluctuates between enterprises. As a rule of thumb most enterprises are able to save in range of 10% on the costs of energy, materials and water, with relatively low cost investments that have short paybacks not exceeding about 1.5 yr. Significantly bigger environment and cost savings are often possible with investments in technology, that though would generally also be competitive. Continued on p. 12

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Best Georgian Banks

Net Profit of Georgian Commercial Banks to Decrease in 2015 The FINANCIAL

By MADONA GASANOVA

eorgian commercial banks will face a reduction of profit due to squeezed economic activity in the country. Interest rates on loans are expected to increase and deposit rates to slump in 2015. With a record high negative trade balance, starting local production remains the key issue for the country in a short as well as long term perspective. In addition, further development of the country remains dependent on external factors, mostly the crisis in Ukraine. “The profit of the banking sector will be reduced in 2015. They will not manage to reach the same level as they did in 2014. From a macro perspective, economic growth of the country will be reduced from 5 to 2%. So, the banking sector will not stand separately from this aspect. The slowdown of the economy squeezes any business. It is a natural process. Banks and crediting always follow business dynamics. The increase of business activity results in a growth of lending and its decrease results in a reduction. In general, long-term loans grow during a crisis. This happens at the expense of the refinancing of short-term loans. The loan portfolio’s growth will be much less in 2015 than last year. Therefore, the earnings of the sector will be reduced,” Giorgi Tsutskiridze, Executive Director at the Association of Banks of Georgia (ABG), told The FINANCIAL. According to Tsutskiridze, further increase of the refinancing rate will result in the growth of interest rates on loans. “When economic activity is reduced, the rate on deposits falls. The rate on deposits increases when banks are under open competition. They try to attract more and more resources for issuing loans,” he said. The negative trade balance of Georgia is 54%. While 20-25% is considered to be the norm. “This means that the pressure on a foreign currency is constantly high. Georgians fail to satisfy its basic requirements. This is what should be solved,” Tsutskiridze said. “Currently, the existing negative trade balance is a result of our wrong economic policy of the last decade. Local production has been decreasing from year to year. Finally, we have become totally dependent on import. Georgia is a country that imports every type of product. It is not normal. Perhaps the GDP has been previously growing from year to year, but in a general economic context it was not effective. We cannot name any successful country which has such a high rate of negative trade balance. The success of any country nowadays is laid on production. This is a measure of a country’s economic success. Production brings additional value, creates jobs and increases consumer demand. Absence of local production is a result of the high level of unemployment in Georgia. The official statistics are coloured. Reality is even harder,” he explained.

GIORGI TSUTSKIRIDZE, Executive Director at the Association of Banks of Georgia (ABG)

Q. Dollarization has always been a big problem for Georgia. Since the recent devaluation of the national currency, do you expect this process to worsen? A. The de-dollarization policy of NBG over the years has brought its results. In past years, about 7-8 years ago, the dollarization rate was 83%. Last year the figure was reduced to 68%. Stopping the dollarization process in such a weak economy as Georgia’s, is impossible. The only thing we can do, is lower the ceiling. The recent events have shaken the existing trust towards the national currency. Accordingly I am expecting the dollarization rate to rise even more. During fluctuations confidence in more stable assets grows. The sad reality is that the dollar is more of a stable asset. This demonstrates the weakness of our economy. Q. Do you think that in the event of having a different economic policy Georgia would avoid external shocks more easily? A. The steps and di-

rections taken by the Government are absolutely right. There were some wrong steps, concerning regulations. They have been reflected in the tourism sector and investment climate. There was a miscalculation. Regulations exist in even the most liberal of countries. Even in terms of land purchase. A conservative approach exists in every country. However, the main thing is that when you are having liberal rules you should not close the doors immediately. Implementing visa regulation is one of the EU’s demands. It protects countries from the entrance of illegal migrants from third countries. However, while implementing it, considering our reality was necessary. Georgia is an open country. So, the message that we delivered to foreigners was that the country had started closing its doors to foreign tourists and investors. It was a big macro risk of the country. Officials should have issued information that they were planning such regulations. Accordingly, the results would not have been so dramatic.

In this case investors would have had time to decide whether to leave the country or continue their operations. A change in legislation should not have the quality of surprise. Q. Since the devaluation of the Georgian Lari we have been hearing accusations from the representatives of the monetary and fiscal policy made against one another. Which body has made the largest share of mistakes in this process? A. The economic success of the country does not lie on either the central bank or any individual governmental body. Economic policy is one whole. So, accusing one side of this whole is incorrect. Each has their share of the fault. The open intervention of NBG in currency change processes is the toughest monetary instrument. Any developed country applies this method only in extreme circumstances. In general more soft instruments are implemented, like an increase of the refinancing rate and repo rate. Although, due to

the lack of development of the stock market in Georgia, the repo rate decrease was insignificant. Spending reserves during global shocks is unjustified. We might spend all the reserves like many countries have, and receive no result. We are facing a shock not lasting a day or a week. The final result would be empty reserves and no solution to the problems. NBG made some interventions but the volume was absorbed by importers in a few days. So, I absolutely welcome the decision of no intervention. Our goal should be minimization of the impact of global shocks, not avoiding them. Q. NBG has recommended that commercial banks restructure loans for borrowers. The prolongation of loans with an additional interest rate has been the only step made by them. How loyal were the banks to their customers, which are facing over 30% of an increase in debt responsibilities? A. There are four approved methods of restructuring that commercial banks apply during the deterioration of economic conditions. They concern individual as well as corporate loans. In general, banks offer prolongation of terms for individuals. The corporate segment can use the revision of the payment schedule. The third method is revision of interest rates to change fixing rate in variable. The fourth method is converting a loan from a foreign currency into the national one. So, the approach of Georgian commercial banks is well-approved and I consider it to be a step of solidarity. Q. We have heard a lot of criticism of consumers - that they fail to manage risks while borrowing in a foreign currency. Meanwhile, we all know that the banks themselves deny the option of lending in the national currency. What are your thoughts on this? A. Commercial banks have no access to longterm resources denominated in the national currency. The current accounts of citizens are mostly denominated in the national currency while termed deposits are in foreign ones. So, banks find it risky to issue long-term loans in the national currency. They secure their risks by preferring to lend in a foreign currency. Q. What is you

evaluation of the development of the Georgian economy? A. Georgia is part of a global policy. This is unavoidable. There are some signs of the global policy developing in a negative way, but in the event of these being resolved, the situation will develop in a good way. We are witnessing attempts to restore fundamentalism. On the other hand, there is Russia with its greatpower hysteria. Hopefully Russia will come out of this hysteria. Restoration of relations between the U.S. and Iran is quite positive. This is a big leverage that the West can use against fundamentalism. Stabilization of U.S.-Iran relations will result in benefits for Georgia. The oil resources of Iran will enable a new economic trend to be reached. It will further reduce oil prices and decrease the product cost. Currently, energy cost makes up a large amount of total product cost. In this context Georgia has a chance to better overcome the current slowdown and move to a new stage of development. Lifting sanctions from Iran will bring great benefits to Georgia. Iran is our neighbour in the region. So, the volume of investments will increase significantly. Our main task is to avoid political cataclysms. Resumption of armed conflict in Ukraine will be the worst global cataclysm. It will lead to further sanctions over Russia. Accordingly we will get more of a reduction in remittances to Georgia. A negative impact on the investment environment will also follow. If we exclude this possible negative scenario we will have quite positive results. Over a USD billion will be attracted for energy projects alone. There are also other projects that will attract an additional volume of investments. All of this will correct the currency imbalance. The deficit of USD, which causes the fluctuation, will stabilize. Investments are a direct factor in economic growth. So, in the event of this positive scenario Georgia will manage to have 8-10% growth next year.

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Best Georgian Banks

Overdue Loans on the Rise in Georgia

Liberty Banks has the Best Offer for Georgian Depositors The FINANCIAL By MADONA GASANOVA

The FINANCIAL By MADONA GASANOVA

he volume of overdue loans of commercial banks totalled GEL 305,646,000 as of 1 March, 2015. The number has grown from the GEL 294,768,000 from February 2015, showing a 14% increase. The credit portfolio of Georgian banks has made up GEL 13,902,215,000 as of March of the current year. The number is only 4% more than in the previous month. Short term loans make up over GEL 3 billion of the total credit portfolio issued by commercial banks, as of 1 March. Meanwhile, longterm loans amount to more than GEL 10 billion. Shortterm credit holders have found it easier to meet their loan responsibilities. Accordingly, the volume of overdue loans amounted to GEL 174,318,000 in March, down from the GEL 176,282,000 from the previous month. As for long-term overdue loans, the volume has increased from GEL 118,487,000 to GEL 131,328,000 for February and March, respectively. Georgian commercial banks have issued more than GEL 5 billion of loans as of 1 March, denominated in the national currency. Over GEL 9 billion is made up by loans in a foreign currency. GEL 146,325,000 is the figure of overdue loans out of the total credit portfolio given out in the national currency. GEL 159,321000 is made up by overdue loans denominated in a foreign currency. While the financial resources of commercial banks remain highly dollarized, the recent dramatic devaluation of the national currency put big pressure on those in the population that have income in GEL and debt in a foreign currency. Due to reducing remittances, tourism and export, in 2015 the Georgian Lari reached a record low against the USD; the lowest for the last decade. Over 25% devaluation of the national currency has been a clear signal for experts that the volume of the overdue loans portfolio would increase. Meanwhile, representatives of commercial banks say that they are not facing an increase in overdue loans. In February, the President

of National Bank of Georgia, Giorgi Kadagidze, asked commercial banks to introduce plans to bring relief to individuals who have taken out loans in the US dollar and earn an income in the Georgian Lari. Since then some of the banks have introduced restructuring that includes the duration of the loans, with extra interest rates. “The devaluation of the Georgian Lari towards the USD that started from November 2014 and reached its peak in February did not increase the overdue portfolio. In addition, as of January 2015, the overdue loan portfolio has slumped by 0.2% in comparison with the same period last year,” said Irakli Gilauri, CEO at Bank of Georgia, one of the leading Georgian banks. Over 75% of the loan portfolio of ProCredit Bank Georgia is issued in a foreign currency. Meanwhile, Asmus Rotne, General Director at ProCredit Bank Georgia, in February told The FINANCIAL that no customer had appealed to the Bank asking for the restructuring of a loan. Rotne was optimistic that the overdue loan portfolio would not increase further as a result of the significant devaluation of the Georgian Lari towards the USD. As Rotne said, a conservative approach to lending is the main reason why the Bank’s customers will not face difficulties due to the recent dramatic devaluation of the Georgian Lari. Lado Gurgenidze, Executive Chairman at Liberty Bank, said that restructuring has not been part of the agenda of the Bank. In his words, 96% of the Bank’s loans are given out in the national currency and so, accordingly, currency fluctuation has not damaged their clients. “The absolute majority of our loans, 96%, is issued in Georgian Lari. So, it fortunately does not concern us. Loans in EUR and USD are almost never issued,” said Gurgenidze. Tamar Jugheli, Research Director at PMCG Research Center, does not expect that appreciation of the USD towards the GEL will result in a decreased demand for loans in a foreign currency. “One thing for sure is that the appreciation of the USD increases the value of credit for borrowers. According to market prin-

ciples, the increase of a product’s cost results in a decrease of demand. According to this logic, the demand for credits denominated in USD may decrease and this will be reflected in the volume of credits in a foreign currency. However, predicting prices - whether the volume will decrease and if so, by how many percentages - is difficult. It depends on other economic factors developing in the country,” Jugheli told The FINANCIAL. “If that happens, then the issuance of loans in a foreign currency may be replaced with loans in the national currency. However, this will only happen in the event that commercial banks manage to attract appropriate resources in GEL and if the interest rates on loans in the national currency will be advisable. In 2014, the average annual interest rate on loans denominated in GEL was 18.2%, while in the same period the rate of loans denominated in a foreign currency was 11.9%,” said Jugheli. “Sharp devaluation of the GEL towards the USD will firstly have a negative impact on borrowers who have a line of credit in a foreign currency and income in the national currency. It could lead to an increase in the volume of overdue loans. That will in turn increase the losses of commercial banks. If it will be compounded by a reduction of the volume of loans, it will have an additional negative impact on commercial banks. This will become clearer in time,” said Jugheli. According to NBG, market interest rates on loans have been characterized by a growing trend in 2015. Whereas in December 2014, the annual interest rate on loans was 17.5% on GEL denominated loans, in February 2015 the figure reached 18.5%. As for loans in a foreign currency, the interest rate stood at 10.5% in December 2014; in the two months following it reached 10.8%.

ith a 12.0% annual interest rate on term deposits in the national currency Georgian Liberty Bank leads the list of banks’ best offers for Georgian depositors. Progress Bank has the next most attractive offer (10.25%) for depositors, followed by Bank of Georgia, VTB Bank, BasisBank and Halyk Bank with 9%. With 6.75% APY Bank Republic and Cartu Bank have the lowest interest rates on term deposits. Georgia has the seventh highest deposit rates worldwide. The total volume of deposits at Georgian commercial banks in the national currency amounted to GEL 4,714,507 thousand as of 1 March, 2015, NBG statistics revealed. The figure was GEL 4,586,207 thousand in the same period of previous month. The amount of deposits in foreign currencies was GEL 8,633,673 thousand as of 1March 2015. It was GEL 8,154,442 thousand for February 2015. Interest rates on deposits have been characterized with a reducing tendency recently. The average interest rate on term deposits in the foreign currency was 6.6% for March 2014, while currently it amounts to 5.5%. As for the interest rate on term deposits in a national currency, savers receive on average 8.8% at the moment, while their benefit was 9.0% in the same period of the previous year. Progress Bank, that has the second best offer for depositors in the national currency, has the most attractive offer in foreign ones. With 6.5% for USD and 6.0% for EUR deposits the Bank has the highName of the Bank Liberty Bank Progress Bank Bank of Georgia VTB Bank Georgia BasisBank Halyk Bank KSB Bank TBC Bank Silk Road Bank (BTA) ProCredit Bank Bank Republic Cartu Bank

est rate. The less attractive offer on USD deposits is delivered by Liberty Bank where the rate amounts to 4.00%. It is followed by Cartu Bank, ProCredit Bank Silk Road Bank (BTA Bank) and Bank Republic offering just 4.75% for savers. With an annual 3% on EUR deposits Liberty Bank leads the list of lowest rates in the European currency. Liberty Bank Georgia offers term deposits with 12% APY in the national currency; Progress Bank – 10.25%; Bank of Georgia - 9%; TBC Bank – 8.50%; BasisBank – 9%; VTB Bank Georgia– 9%; KSB Bank - 9%, Bank of Georgia, BasisBank and Halyk Bank also offer 9%; ProCredit Bank 7.5%; Bank Republic, SocGen Group and Cartu Bank - 6.75%. According to deposits.org, providing the International Deposit Rates Exchange (IDRE) globally, Georgia has the seventh highest deposit rates worldwide. With 29% Belarus leads the list of most attractive deposit interest rates worldwide. It is followed by Argentina, which offers 24.95%. Against the background of ongoing economic recession Ukraine offers 24% for depositors. APY in Iran is 22%; in Mongolia it is 15.1%; Uganda- 13%. Georgia’s neighbour Turkey delivers 9.50% to its depositors. In Russia the rate is 9.20% and in Armenia – 9%. The lowest rate has been shown at Liechtenstein Czech banks, measuring 0.05% and 0.10% respectively. Contrary to its less attractive deposit rate, KSB Bank has the best offer for consumer loans. With an annual 13.5%, the Bank leads the list of the best options for lenders. It is followed by Progress Bank with 14.0%; BasisBank – 14.09%; Halyk Bank - 14.1%; Bank of Georgia – 14.41%; ProCredit Bank – APY in GEL 12.00% 10.25% 9.00% 9.00% 9.00% 9.00% 9.00% 8.50% 7.50% 7.50% 6.75% 6.75%

15%; TBC Bank – 15.1%; VTB Bank Georgia – 15.4%; Bank Republic, SocGen Group – 15.58% and Liberty Bank – 16%. According to NBG, the credit portfolio of Georgian banks has made up GEL 13,902,215,000 as of March of the current year. The number is only 4% more than in the previous month. The volume of overdue loans of commercial banks totalled GEL 305,646,000 as of 1 March, 2015. The number has grown from the GEL 294,768,000 from February 2015, showing a 14% increase. Georgian commercial banks have issued more than GEL 5 billion of loans as of 1 March, denominated in the national currency. Over GEL 9 billion is made up by loans in a foreign currency. GEL 146,325,000 is the figure of overdue loans out of the total credit portfolio given out in the national currency. GEL 159,321000 is made up by overdue loans denominated in a foreign currency. Contrary to deposit interest rates, market interest rates on loans have been characterized by a growing trend in 2015. Whereas in December 2014, the annual interest rate on loans was 17.5% on GEL denominated loans, in February 2015 the figure reached 18.5%. As for loans in a foreign currency, the interest rate stood at 10.5% in December 2014; in the two months following it reached 10.8%.

APY in USD 4.00% 6.50% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 4.75% 4.75% 4.75% 4.75%

APY in EUR 3.00% 6.00% 5.00% 5.00% 4.50% 4.00% 4.50% 4.00% 4.75% 4.00% 4.75% 4.75%

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Best Georgian Banks

Earning Consumer Trust in Big Data: Communities

a European perspective The FINANCIAL

egulatory approaches and attitudes towards data privacy are fundamentally different in the world’s three largest markets, according to a report co-authored by DLA Piper and the Boston Consulting Group. As a result, exploiting personal data may expose businesses to underestimated legal and reputational risks. Data privacy in the US is strongly influenced by sector regulation, such as health, telecommunications or financial services; China’s laws focus on consumer protection and trade secrets; and the EU takes a holistic approach to data privacy. However, while there is a divide in legal approaches across the globe, over 75% of respondents of a recent BCG poll of 10,000 consumers in 20 countries, consider the privacy of personal data is a priority issue - an attitude also shared across all age groups, refuting the conventional wisdom that younger generations are unconcerned with how their personal information is used.

The poll confirmed that trust is the key factor that determines the opportunities companies can reasonably pursue, as consumers become increasingly aware of their personal data in response to media coverage of data breaches and personal data surveillance. The economic impact of consumer trust is considerable, and a business with the ability to build on such confidence can expand the data it can access and use tenfold. Without such confidence, the billions of Euros in future eco-

nomic and social value that big data represents might be lost. The poll also found that while almost 90% of respondents considered financial data and data regarding payment cards private, half of those polled were less sensitive about the privacy of their location, internet usage, email, purchasing history, and use of social networks. Additionally, information such as one’s family name, age, gender, hobbies and brand preferences is not considered private by

the vast majority of respondents. More than half of the respondents surveyed also accepted the use of their personal data by companies, provided that they are confident no harmful consequences will ensue. This sentiment was shared by 66% of French respondents; 57% of German respondents, and 53% of US respondents. Against those shared attitudes come legal approaches to data protection and privacy that are at odds in numerous ways. The US adopts a sector approach with no single privacy regulator. The EU has a transversal approach with a standard set of principles on the processing of personal data across all 28 member states in line with the 1995 Data Protection Directive, which is soon to be revised by the forthcoming EU Data Protection Regulation. The Asia-Pacific region is adopting privacy laws modelled on those in the EU, with countries such as Australia strengthening their laws. Other countries, such as China, have focused on protecting consumer data and do not have broadly applicable laws.

Where Commuting Gets the Boot

The FINANCIAL -- Those who live within walking distance of their workplace have a simple way to improve their wellbeing, their world and their wallet. The comparative benefits of commuting on foot – or bike – instead of by car seem self-evident. But for those who still need convincing the results of an 18year study of 18,000 British commuters, published last September, were irrefutably clear. People who stopped driving and started walking or cycling to work, it said, both improved their physical health and “were under less strain and better able to concentrate.”

RealtyTrac, the nation’s one of the leading sources for comprehensive housing data, has just released a report on American communities where carless commuting is most common. Based on data from the 2012 U.S. Census, it shows the 50 zip codes, of at least 500 residents, where walking is the chosen way to work. The communities on the list include the nation’s Capitol, two military bases and several college towns. The highest-ranking area with the greatest population, at number 14, is University Park, Pennsylvania, home of Penn State University, according to RealtyTrac.

Losing our religion? Two thirds of people still claim to be religious MERAB PACHULIA GORBI

Chart 1:

Religiousness in countries where Eastern Orthodoxy is the largest single religious faith. Figures are given in percentages, answers are based on responses to “I am a religious person.”

GEORGIANS MOST RELIGIOUS AMONG EASTERN ORTHODOX PEERS GORBI is the only member of WIN/Gallup International Association in Georgia. While this certainly provides advantages to my firm, it more importantly exposes readers of The Financial to unique data representing opinions from across planet Earth. This week my fellow Christians and I are celebrating Easter, and I am using this column to focus on religious beliefs globally and specifically in countries where Eastern Orthodoxy is the dominate faith. 63,898 people from 65 countries across the globe were asked the following question: “Irrespective of whether you attend a place of worship or not [what] would you say you are?”

63% OF PEOPLE POLLED SAY THEY ARE RELIGIOUS China is the least religious country with twice the amount of convinced atheists than any other nation (61%) followed by Hong Kong (34%), Japan (31%), Czech Republic (30%), and Spain (20%). Thailand is the most religious country (94%), followed by Armenia (93%), Bangladesh (93%), Georgia (93%), and Morocco (93%). New research this Easter

Source: WIN/Gallup End of Year Survey

shows that worldwide six out of ten (63%) citizens say they are religious, while one in five (22%) say they are not and one in ten (11%) considers themselves as convinced atheists. In Africa and the Middle East more than 8 out of 10 people (86% and 82%, respectively) portray themselves as religious while 7 out of 10 say so in Eastern Europe and America (71% and 66% respectively) and 6 out of 10 (62%) in Asia say they are. Western Europe and Oceania are where opinions are most polarized between those who think of themselves as religious or not with around 4 out of 10 respondents (43% who say they are religious and 37% who say they are not in W. Europe and 44% versus 37% respectively in Oceania)

choosing one of these two options. It is also, in these two regions and in Asia where the largest number of atheists are found - slightly over 1 out of 10 in each region (Western Europe: 14%; Asia 14%; Oceania 12%).

THE MOST RELIGIOUS The research discovered that the most religious regions are Africa and MENA (Middle East and North Africa) where 86% and 82% respectively of the people consider themselves to be religious. Meanwhile the most religious of the countries surveyed is Thailand with 94% saying that they are religious and just 2% describing themselves as either not religious or con-

vinced atheists. Thailand is followed by Armenia (93%), Bangladesh (93%), Georgia (93%), Morocco (93%), Fiji (92%) and South Africa (91%). Just 30% of the citizens of the UK however consider themselves as religious and70% of Russians and 56% of Americans describe themselves in the same way.

LEAST RELIGIOUS Western Europe (51%) and Oceania (49%) are the only regions where approximately half of the population is either not religious or convinced atheists. The least religious country was found to be China where 61% of people claim to be convinced atheists, approximately twice as many as any other country

and 29% say that they are not religious compared to just 7% who are religious. The number of people claiming to be atheists was next highest in Hong Kong and Japan following China with 34% and 31% respectively claiming to be so. The Swedish prove to be the least religious in the Western World with 78% saying they are either not religious or convinced atheists. In Israel, 65% of those asked said that they are either not religious or convinced atheists compared to just 30% who say that they are religious. Meanwhile in the Palestinian Territories (West Bank and Gaza) the population is considerably more religious with 75% saying that they are religious compared to 18% who say that they are not religious.

GLOBAL DEMOGRAPHICS OF RELIGION The relationship between gender, age, income, education and people´s religiosity reveals interesting trends. Younger people (those under 34) tend to be more religious (about 66% as against about 60% for the other age groups). Those without what is considered an education are the most religious (80%) but religious people are a majority in all educational levels. Income appears to exert a greater influence – among those with a medium high and high income, where less than 50% say they are religious, against 70% of those with low, medium low and medium income. Likewise, the number

of convinced atheists is as high as 22% and 25% among people with medium high and high income but only 6% and 5% among people with low and medium low income. Jean-Marc Leger, President of WIN/Gallup International Association, said: “Religion continues to dominate our everyday lives and we see that the total number of people who consider themselves to be religious is actually relatively high. Furthermore, with the trend of an increasingly religious youth globally, we can assume that the number of people who consider themselves religious will only continue to increase.” As for the level of religiousness among Eastern Orthodox countries, Georgia is the clear “leader” with absolute majority of people (93%) saying that “I am a religious person.” This is followed by Macedonia and Romania with 88% and 77% respectively. More than half of the respondents in other “Orthodox” countries also say that they are religious irrespective of what religiousness means to them. Disclaimer: Gallup International Association or its members are not related to Gallup Inc., headquartered in Washington D.C which is no longer a member of Gallup International Association. Gallup International Association does not accept responsibility for opinion polling other than its own. We require that our surveys be credited fully as Gallup International (not Gallup or Gallup Poll). For further details see website: www.wingia.com

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FactCheck

The Complexities Facing the Competition Authority

Zurab Chilingarashvili: Parliamentary Minority MP

Continued from p. 2

“The population of the Javakheti region has had problemss since siince the t he visa regulations were weere imposed.” impo osed.” Tariel KIPSHIDZE ZE FactCheck k

n 4 February 2015, the Parliamentary Minority MP, Zurab Chilingarashvili, stated: “The Javakheti region has been in a difficult situation since the visa regulations were imposed. There are mixed families there. Some have Armenian passports, some have Russian passports and they are, in fact, required to cross the border every three months to get a new residence permit and then come back.” FactCheck took interest in the MP’s statement and verified its accuracy. The new Law of Georgia on the Legal Status of Aliens and Stateless Persons was enacted on 1 September 2014. According to the Law, the period allowing residence in Georgia without a visa was decreased from 360 days to 90 days (with a 180-day interval). According to the new Law, visas are no longer issued by the Public Service Development Agency of the Ministry of Justice of Georgia. Instead, visas are issued by diplomatic representations or consulates of Georgia abroad. A foreigner who wants to travel to Georgia has to address the nearest diplomatic representation or consulate of Georgia if there is no such facility in his home country. The Law also abolished the practice of issuing visas on the state border of Georgia (except in special cases). Further, the changes imposed by the new Law of Georgia on the Legal Status of Aliens and Stateless Persons requires an individual permanently residing on Georgian territory and involved in various types of work-related activities and with a family to undergo the following procedures in order to gain a residence permit: return to the country whose passport he possesses, apply for an ap-

FINANCIAL

propriate pr p pro rro opri prriate pr attee visa at vissa vi a at at a diplomatic dipl representation re rep eep pres reessent re sen eent nttation or consulate n off Georgia o Geo Ge therein andthen await the answer (which could take up to 30 days). In the case when the visa is issued, the individual must then return to Georgia and apply for a residence permit. The aforementioned regulations have complicated the possibilities of entrance and residence for both visitors and foreign citizens residing in Georgia. On 16 November 2014, the Parliament of Georgia made further amendments to the Law of Georgia on the Legal Status of Aliens and Stateless Persons, attempting to alleviate the strict regulations. It was decided that: The Georgian immigration visa can be issued by the Ministry of Foreign Affairs of Georgia to foreigners legally inside Georgia. For this purpose, the foreigner must apply to the Ministry of Foreign Affairs of Georgia not later than 45 days prior to the expiration of his legal basis enabling residence in Georgia. A temporary preferential regime was established for gaining a residence permit for a certain category of foreigners residing in Georgia; namely, foreigners who were issued a residence permit before the enactment of the amendments or those entering Georgia after the enactment are free from the obligation of presenting a document proving the legal basis of their visit to Georgia until 1 March 2015. Foreigners who entered Georgia before 17 March 2014 and resided in Georgia at the moment of the enactment of the amendments are allowed to obtain an immigration visa in Georgia before 1 March 2015 after the expiration of the period of their legal residence except in the cases when they were refused a residence permit. As we can see, the changes provide for the possibility for certain foreigners to obtain their immigration visas at

the Ministry of Foreign Affairs of Georgia and are not required to leave the country. However, these changes were only enacted on 14 November 2014 which means that a large number of foreign nationals were required to leave the country in the period from 1 September 2014 to 14 November 2014. In addition, a part of the amendments listed above was in effect until 1 March 2015 only. In his statement, the MP focuses upon the SamtskheJavakheti region, specifically. There are no separate statistical data about the impact of the aforementioned legislative changes upon this region. In order to obtain more detailed information about this issue, FactCheck interviewed the Representative of the Public Defender of Georgia in Samtskhe-Javakheti, Seda Melkumiani. According to her, a large number of the population of the Akhalkalaki Municipality has Armenian or Russian passports. According to the new regulation, they are required to either leave the country or apply to appropriate structures for a residence permit or citizenship. The problem therein is that these individuals receive ungrounded refusals from the Ministry of Justice of Georgia concerning the permanent residence permit and citizenship in the majority of cases. Various articles published by open media sources also attest to the severity of these problems in the region. For example, on 2 February 2015, the Chairman of the public movement Multinational Georgia, Arnold Stepanian, stated in his interview that after the imposition of the new regulations citizens of Armenia and Russia, residing in Samtskhe-Javakheti, have no legal right to stay in Georgia longer than 90 days. After the expiration of this period, they are forced to leave Georgia and live away from their families in another country for a 90-day period.

CONCLUSION

price increases that occurred between the end of2011 and the beginning of 2013. Apparently, fuel retailers smoothen external price changes in both directions. Hence, this data does not suggest that there is collusion going on, though of course, in a more serious analysis one would apply sophisticated econometric techniques to find out whether price increases and price declines are transmitted equally quickly.

CONCLUSION On the one hand, these matters are so complicated and require so much expertise, and on the other hand wrong decisions can have long-lasting negative effects on the regulated sectors of the economy. Therefore, one might argue that a small country like Georgia should do without its own competition policy, just open its borders for imports and rely on the forces of free markets. If prices were considerably higher in Georgia then in the rest of the world,

wouldn’t new companies enter the Georgian market importing the overpriced commodity? The “small country argument”, however, goes in both directions. Because by international standards, Georgia is such a small market, even if prices are higher here than elsewhere, it would not necessary be profitable to start selling in Georgia. Take the example of salt (a commodity that played a role in the original decision to remove the competition authority). If salt was, say, 10% more expensive in Georgia than elsewhere, and this price difference was caused by a lack of competition among Georgian salt producers and importers, the revenue potential of selling salt in Georgia 10% cheaper may simply be negligible, so that no new salt sellers are attracted to enter the market. As we illustrated, there are huge complexities that have to be tackled if one wants to show that the level of competition in a country is insufficient or that there is outright collusion between sellers. Even the most experienced competition agencies in fully

developed countries, doing this job for many decades, often cannot provide conclusive evidence that companies illegally restrain competition. Expensive court cases, spanning over many years and increasing uncertainty and worsening the investment climate throughout all of this time, are typical results of interventions on part of the competition authorities. Georgia’s new competition authority is well-advised to make decisions whether or not to become active in a highly conservative manner. There is a certain pressure on a newly founded institution to show its visibility by being proactive. Hopefully, the Georgian competition authority will resist this seduction.

Industrial Producer Prices up by 0.5% in Euro Area The FINANCIAL

n February 2015, compared with January 2015, industrial producer prices1 rose by 0.5% in the euro area (EA19) and by 0.6% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In January 20153 prices fell by 1.1% in in the euro area and by 1.3% in the EU28. In February 2015, compared with February 2014, industrial producer prices decreased by 2.8% in the euro area and by 3.4% in the EU28. The 0.5% increase in industrial producer prices in total industry in the euro area in February 2015, compared with January 2015, is due to rises of 2.0% in the energy sector and of 0.1% for both durable and non-durable consumer goods. Prices remained stable

for capital goods, while they fell by 0.2% for intermediate goods. Prices in total industry excluding energy decreased by 0.1%. In the EU28, the 0.6% increase is due to rises of 2.5% in the energy sector and of 0.1% for both durable and non- durable consumer goods. Prices remained stable for capital goods, while they fell by 0.2% for intermediate goods. Prices in total industry excluding energy decreased by 0.1%. The highest increases in industrial producer prices were observed in Greece (+3.5%), the Netherlands (+2.3%) and Denmark (+1.7%), and the largest decreases in Slovakia (-2.2%), Estonia (-1.8%) and Ireland (-0.8%). The 2.8% decrease in industrial producer prices in total industry in the euro area in February 2015, compared with February 2014, is due to falls of 8.1% in the en-

ergy sector, of 1.8% for intermediate goods and of 0.9% for non- durable consumer goods, while prices rose by 0.7% for capital goods and by 1.0% for durable consumer goods. Prices in total industry excluding energy fell by 0.8%. In the EU28, the 3.4% decrease is due to falls of 11.5% in the energy sector, of 1.6% for intermediate goods and of 1.1% for non-durable consumer goods, while prices rose by 0.8% for both capital goods and durable consumer goods. Prices in total industry excluding energy fell by 0.7%. Industrial producer prices fell in all Member States, except in Luxembourg (+0.7%) and in Latvia where prices remained stable. The largest decreases were observed in Lithuania (-9.2%), the Netherlands (-8.3%), the United Kingdom (-8.2%), Belgium (-6.8%), Ireland (-6.0%) and Denmark (-5.8%).

Building Green Business in Georgia

The aforementioned regulations have caused considerable problems for the SamtskheJavakheti region where the majority of the population possesses passports of either Armenia or the Russian Federation. Based upon these facts, FactCheck concludes that Zurab Chilingarashvili’s statement is MOSTLY TRUE.

MOSTLY TRUE

The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations

Continued from p. 7

Q. Who are the main investors in green industry? Who can be in Georgia? UNIDO is only working in Georgia on greening of existing industries, which requires investments by manufacturing industries themselves. Such investments are normally cost-effective and manufacturers therefore can consider different sources of finance, including their retained profits, operational budgets and/ or loans. In selected cases enterprises can make use of preferential loan schemes for

energy and environmental innovations. In Georgia such financial instruments are already available on a smaller scale through amongst others ProCredit Bank and European Bank for Reconstruction and Development. Q. What are the deadlines for green industry transformation? There are as of yet no international firm deadlines for green industry transformation, yet some indicative targets might result later this year with the confirmation of the Sustainable Development Goals at the global level. Yet economic growth needs to be drastically de-

coupled from increased use of natural resources and pollution of the environment, to achieve amongst others zero greenhouse gas emissions by the end of the century, which in turn is necessary to limit global warming to within the internationally agreed limit of 2 degrees. There is paramount evidence that early action to improve resource efficiency is most cost-effective for achieving the long term targets, and taking into consideration that resource efficiency typically pays off, immediate action on resource efficiency is warranted to start green industry transformation.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 13 APRIL, 2015

FactCheck

FedEx to Buy TNT Express for $4.8 Billion Featured

Kakha Kaladze:

The FINANCIAL

edEx Corp. on April 7 said it would buy Dutch parcel-delivery firm TNT Express NV for about EUR4.4 billion ($4.8 billion) to expand in Europe. The deal comes two years after a takeover of TNT by U.S. rival United Parcel Service Inc. for nearly $7 billion fell apart because of antitrust issues, and as the Dutch company struggles to compete with larger rivals, including FedEx. FedEx and TNT said the allcash deal had been approved by the Dutch company’s board and that the EUR8 a share offer price represents a premium of 33% over TNT’s share price on April 2, according to Nasdaq. The companies said the combination would transform FedEx’s European capabilities and accelerate global growth. They also said there was a “high level of deal certainty” and that any antitrust concerns “can be addressed

Deputy Prime Minister of Georgia

adequately in a timely fashion,” without elaborating. European Union competition regulators blocked the proposed merger between UPS and TNT in 2013 saying the transaction would restrict competition in 15 EU countries. Concessions offered by UPS, including asset sales, were deemed inadequate at the time. Ever since the deal with UPS fell apart, TNT has struggled to find a new stand-alone strategy as it was confronted with sluggish growth and operational setbacks. The company in September issued a

profit warning blaming the weak European economy. FedEx Chairman and CEO Frederick Smith said the deal would allow the U.S. company to “quickly broaden our portfolio of international transportation solutions to take advantage of market trends-especially the continuing growth of global e-commerce. TNT Chief Executive Tex Gunning said the Dutch company didn’t solicit the deal but that FedEx’s offer was “good news.” Dutch mail company PostNL NV, which has a 14.7% stake in TNT, said it supports the offer.

The G7 Have Created 4.5 Million Jobs Since Before the Crisis The FINANCIL

ut productivity remains key to escaping the clutches of the financial crisis, says PwC report Almost seven years on from the global financial crisis and a broad based global rebound remains elusive. But one of the most damning and tangible metrics of the crisis – the huge upturn in unemployment in the G7 – is moving decisively in the right direction in most economies. In simple terms, and at an aggregate level, there are more jobs in the G7 and E7 now than there were before the crisis. There are now around 4.5 million more jobs, in net terms, across the G7 than there were at the end of 2007. This figure takes into account the overall number of jobs created and lost during the period. Canada has led the way with the biggest percentage increase in employment, as its economy was the first of the G7 to regain its pre-crisis GDP level. And in absolute terms, Germany and the US have created over 4 million jobs between them. The financial crisis didn’t have the same impact on the labour market in the E7, as around 90 million jobs have been created over the same period. But in the last year the pace of job creation has decelerated in some of these economies. For example, in the past year the economies of Mexico, Turkey and Brazil combined created around 300,000 jobs, compared to around 2.7 million a year on average between 2007 Q4 and 2013 Q4. And when it comes to job creation, a key factor is the type of jobs created. In the US and across Europe the trend

has been rising part-time employment, with part-time job creation outperforming fulltime employment gains in most of the economies in the sample. Only the UK and Germany have posted growth in both full- and part-time employment. And full-time employment has fallen in the other Eurozone economies. Says PwC senior economist Richard Boxshall: “These findings suggest that the next phase of the labour market recovery will be to increase the number of full-time workers, which will support faster economic growth.” But the number of jobs created is only one measure of economic performance. Another important measure is labour productivity. Says Richard Boxshall: “To truly escape the clutches of the financial crisis, now is the time to put productivity growth at the top of the political and business agenda.” The economists used GDP per hour worked to measure productivity in the G7; but used GDP per person employed in the E7, as hourly employment data is not avail-

able for each economy. The analysis shows: Amongst the G7, Canada and Germany have managed to combine high employment growth with a strong increase in labour productivity. This is in contrast to other highperforming economies like the US, where productivity growth has outperformed employment, and the UK where the reverse is true. One way to offset China’s shrinking workforce is to move workers from low-cost manufacturing into higherskilled occupations. PwC’s analysis shows this process is already underway, with productivity in China around 60% higher than in 2008. This implies China has moved up the value chain. Amongst the E7, Mexico and Turkey have witnessed the biggest percentage increase in employment, due to increases in the labour force. In the longterm, these economies will become more reliant on productivity rises to fuel economic growth. The star emerging market performers in terms of combining high employment and productivity growth are India and Indonesia.

“When Abkhazia had problems with electricity, th we were supplying it with hassed electricity purchased usssia.” from Russia.” Nodar CHACHANIDZE FactCheck

n 12 December 2014, the so-called President of Occupied Abkhazia, Raul Khajimba, stated: “Up until now, we do not know whether or not we actually get that 40% of electricity which belongs to us according to the 60/40percentage distribution scheme. We have to know precisely whether or not we are able to function under these conditions. The President, as the head of the executive government, together with the whole executive government itself has to elaborate respective measures to regulate the Inguri HPP ownership issue. Everything which is on the territory of Abkhazia should belong to the people of Abkhazia.” The Minister of Energy and Natural Resources of Georgia, Kakha Kaladze, responded to that statement, saying: “There were cases when we encountered some problems in the distribution of electricity through the Inguri HPP and we had to purchase electricity from the Russian Federation which was very expensive. We supplied Abkhazia with Russian electricity to make sure that Abkhazia was not completely in darkness and, probably, we will do that in the future as well.” FactCheck took interest in Kakha Kaladze’s statement and verified its accuracy. The Inguri HPP is the largest hydro power plant in Georgia. It Import 2013 2014

From Russia 460.547 607.0

was 1961 wa constructed wa con ccons ons nsstru n tru ted between tr truc b and an n 1978. 1978 It represents a complex ple of HPPs which includes the Inguri HPP proper and the Vardnili HPP. The Inguri dam is located in the district of Tsalenjikha in the vicinity of Daba Jvari whilst the power plant is located on the territory of the village of Saiberio which is in the occupied territory. The Inguri HPP’s projected capacity reaches 4.5 billion kWh annually although due to hydrological conditions, its maximum capacity is, in fact, 4 billion kWh annually. The Inguri HPP produces 40%-45% of the total electricity generated in Georgia. Georgia’s total electricity consumption equals 8 billion kWh annually. After the Inguri HPP’s generated electricity is distributed according to the aforementioned 60/40 percentage ratio, the amount of electricity supplied to the rest of Georgia constitutes 25%-30% of its annual electricity consumption. The President of Georgia’s National Academy of Energy, Revaz Arveladze, stated: “The machinery comprising the Inguri HPP is located in the village of Saiberio which is in the occupied territory of Abkhazia. Part of the electricity through the 500 kV electricity cable is being transmitted to Georgia and part of the electricity is given to the occupied territory through a 220 kV electricity cable. Approximately 15 years ago, a verbal agreement was reached to give 40% of the electricity generated by the Inguri HPP to Abkhazia and 60% to Georgia. In fact, Abkhazia From Azerbaijan 23.560 184.2

should not be getting more than 10%. Even though 35% of the machinery running the HPP is located on their side, electricity is being generated by water from the Inguri River which flows on our side.” To obtain further information onthe frequency of the problems at the Inguri HPP, the price of electricity imported from Russia and whether or not that electricity was, in fact, delivered to Abkhazia, FactCheck addressed the Ministry of Energy and Natural Resources of Georgia. According to an official letter sent to us by the Ministry, there is only one case when the Inguri HPP experienced any problems in distributing electricity in the period of 2013 to the present day and, moreover, this was only for a couple of hours. According to the information obtained from the Ministry of Energy and Natural Resources, the following is the amount of electricity imported by the Government of Georgia from Russia and other neighbouring countries: According to the Ministry’s information, all of the transactions related to the purchase of electricity are carried out by the commercial operator of the GeorgianState Electric System. FactCheck addressed the Georgian State Electric System in order to obtain information on electricity prices. According to the reply we received, however, the price of imported electricity is confidential as requested by the contractor companies.

From Armenia 0.001 2.1

In Total (million kwt/h) 484.108 793.3

CONCLUSION Since 2013, there has only been one case when the Inguri HPP experienced problems in distributing electricity. As concerns imported electricity, the bulk of it was imported from Russia both in 2013 and 2014. According to the information of the Ministry of Energy and Natural Resources, electricity purchased from Russia was delivered to the population of Abkhazia in the case of necessity. FactCheck concludes that Kakha Kaladze’s statement is MOSTLY TRUE TRUE.

MOSTLY TRUE

The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations

CMYK

HEADLINE NEWS & ANALYSIS

13 APRIL, 2015 | FINCHANNEL.COM

Best Georgian Banks

Weekly Market Watch ECONOMY Gross international reserves stood at US$ 2.5bn end-March 2015 Gross international reserves stood at US$ 2.5bn (-0.7% m/m) and net foreign assets

FINANCIAL

WEEKLY MARKET WATCH EXCLUSIVELY PROVIDED TO THE FINANCIAL BY GALT & TAGGART

of NBG stood at US$ 2.2bn (-0.4% m/m) as of end-March 2015, according to NBG. The decrease in reserves was attributed to FX interventions as NBG sold US$ 40mn (1.6% of total) on 19 March, 2015. However, gross reserves decreased by just US$ 16.6mn due to a surplus from government FX operations (partly offsetting the decrease due to interventions).

Source: Official data, G&T Research

Source: GeoStat

Source: NBG

Ease of Doing Business # 15 (regional leader) Economic Freedom Index # 22 (mostly free ) Global Competitiveness Index # 69 (improving trend) Source: Rating agencies

Source: World Bank, Heritage Foundaition and World Economic Forum

FIXED INCOME

Source: NBG Note: Index growth means appreciation of exchange rate, decline means depreciation of exchange rate.

EQUITIES Bank of Georgia Holdings (BGEO LN) shares closed at GBP 19.10/share (+5.99% w/w and +3.58% m/m). More than 360k shares traded in the range of GBP 17.98 â&#x20AC;&#x201C; 19.17 /share. Average daily traded volume was 94k in the last 4 weeks, same as in the previous month. FTSE 250 index, of which BOGH is a constituent, has gained 3.51% w/w and 5.63% m/m. The volume of BOGH shares traded was at 1.00% of its capitalization.

Corporate Eurobonds: Bank of Georgia Eurobonds (GEBGG) closed at 5.6% yield, trading at 104.5 (up 0.9% w/w). GOGC Eurobonds (GEOROG) were trading at 101.4 (up 0.1% w/w), yielding 6.1%. Georgian Railway Eurobonds (GRAIL) also traded at a premium at 108.6 (up 0.3% w/w) yielding 6.3%. Georgian Sovereign Eurobonds (GEORG) went up to 111.3 (up 0.5% w/w), closing at 4.7% yield to maturity. Source: Bloomberg

TBC Bank closed the week at US$ 12.25 (+4.26% w/w and

MONEY MARKET Refinancing loans: National Bank of Georgia (NBG) issued 8-day refinancing loans of GEL 700mn (US$ 311mn) with an average yield of 4.50% (unchanged w/w).

Source: Bloomberg

+2.08% m/m). More than 77k GDRs changed hands in the range of US$ 10.95 â&#x20AC;&#x201C; 12.25/GDR. Average daily traded volume was 80k in the

last 4 weeks, less than in the previous month. The price has decreased 5.77% since the start of trading on June 5, 2014.

Certificates of deposit: NBG sold 92-day, GEL 20mn (US$ 8.89mn) certificates of deposit, with an average yield of 5.00% (up by 38bps from previous issue). Ministry of Finance Treasury Notes: 2-year, GEL 20mn (US$ 8.86mn) T-Notes of Ministry of Fi-

nance were sold at the auction held at NBG. The weighted average yield was fixed at 7.559%. The coupon rate was 7.500%. The nearest treasury securities auction is scheduled for April 15, 2015, where GEL 15mn nominal value 5-year T-Notes will be sold.

Source: Bloomberg

Source: NBG

WEEKLY MARKET WATCH EXCLUSIVELY PROVIDED TO THE FINANCIAL BY GALT & TAGGART Investments (or any short-term transactions) in emerging markets involve significant risk and volatility and may not be suitable for everyone. The readers of this document must make their own investment decisions as they believe appropriate based on their specific objectives and financial situation. When doing so, such recipients should be sure to make their own assessment of the risks inherent in emerging market investments, including potential political and economic instability, other political risks including without limitation changes to laws and tariffs, and nationalization of assets, and currency exchange risk.

GALT & TAGGART Address: 79 D. Agmashenebeli Avenue, Tbilisi 0102, Georgia Tel: + (995) 32 2401 111 Email: gt@gt.ge

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 13 APRIL, 2015 TBC BANK TBILISI BRANCHES Tbilisi #9 Service Center in Zahesi (Customs Terminal) 0125, 105 A, Mshvidoba St. Vake Branch #1 0179, 41, Abashidze St. Central Branch 0179, 11, Chavchavadze Ave. Chavchavadze Branch #1 0179, 29/31/33, Chavchavazde Ave Vera Branch 0179, 31, Melikishvili St. Parliament Service Center 0118, 8, Rustaveli Ave Mtatsminda Branch 0105, 1, Rustaveli Ave. Rustaveli Service-Center 0108, Marriot hotel Rustaveli Branch #1 0108, 44, Rustaveli Ave. Mtatsminda Branch #2 0105, 22, Leselidze St. Rustaveli Branch #2 0105, 52, Rustaveli Ave. Avlabari Branch #1 0103, 2, Ketevan Tsamebuli Ave. Varketili Branch #1 Javakheti St. Isani Branch 0120, 67, K. Tsamebuli Ave. Vazha-Pshavela Branch #2 0186, 73, Vazha-Pshavela Ave. Vazha-Pshavela Branch #1 0160, 11, Vazha-Pshavela Ave Saakadze Branch 0160, 6, Shartava St. (Saakadze Sq.) Saburtalo Branch 0160, 12, Al. Kazbegi Ave. Tbilisi Central Service Center 0112, Vagzali Sq. 2 Agmashenebeli Branch #1 0102, 138, Agmashenebeli Ave. Marjanishvili Branch #2 0102, 16, Marjanishvili St. Tamar Mepe Branch 0112, 7, Tamar Mepe Ave. Head Office & Marjanishvili Branch 0102, 7, Marjanishvili St. Tsereteli Branch #2 0119, 73a, Tsereteli Ave. Didube Branch 0119, 117, Tsereteli Ave. Digomi Branch in shop («My House») 0131, Agmashenebeli Alley, 12th km, furniture shop «My House» Digomi Branch in “Goodwill” 0131, 1, Parnavaz Mepe Ave. (Hypermarket Goodwill) Nadzaladevi Branch 0180, 109, Dadiani Ave. Gldani Branch 0172, Mukhiani Settlement, Plot 1/6 Tbilisi Airport Service Center 0158, Tbilisi National Airport

TBILISI ATMS Vazisubani Vazisubani III dstr., II Blk. Sanzona 50, Guramishvili Ave. Nikora Store Vake 11, Chavchavadze Ave. Vake Branch 1, Tamarashvili St. Pharmacy “36.6” 34, Chavchavadze Ave. Trading Center “Pixel” 7, Kipshidze St. 41, Abashidze St. Vake Service Center #1 29, Chavchavazde Ave. TBC Bank Branch 59, Paliashvili St. “Simba” Supermarket 50, Chavchavadze Ave. 15, Phaliashvili St. Aversi Pharmacy Vera 7, Kostava St. 36, Kostava St. Cinema “Amirani” 8/1, Akhvlediani Ave 18, Melikishvili St. 60, Barnovi St. “Fresh Market” 31, Melikishvili St. TBC Bank branch Mtatsminda 13, Rustaveli Ave. Hotel «Tbilisi Marriot» 11, Rkinis Rigi Acura Billiard Room 5, Rustaveli Ave. Rustaveli Cinema 4, Freedom Square 22, Leselidze St. TBC Bank branch 52, Rustaveli Ave. TBC Bank branch 44, Rustaveli Ave. TBC Bank branch 1, Rustaveli Ave. TBC Bank branch Avlabari 84, K. Tsamebuli Ave. 2, K. Tsamebuli Ave. TBC Bank branch Navtlugi 2, Cholokashvili St. “36.6” Pharmacy Varketili 34a, Kakheti Highway 44, Javakheti St. (Varketili Metro) Varketili 3, 4th m/r. Javakheti St. TBC Bank branch Isani-Samgori 39a, Moscow Ave. 169, Khmelnitski St. Supermaket “Isani” subway station 67, K.Tsamebuli Ave. TBC Bank branch Saburtalo 40, Vazha Pshavela Ave. ESM Tbilisi 67, Vazha Pshavela Ave. «Nikora» Shop 68, Kostava St. Public Television Building 22, Bakhtrioni St. 53, Saburtalo St. Nikora store 12, Al. Kazbegi Ave. At Saburtalo Branch 74, Kostava st. Shop “Caesar” Z. Zhvania Sq., 45, Gamsakhurdia Ave. “PSP” Pharmacy 1, Nutsubidze St. 52, Vazha-Pshavela Ave. Mobi Shop Riverside named after H. Aliev At Wissol gas station Turn at 4th Plateau of Nutsubidze 179, Nutsubidze St. “PSP” Pharmacy 26, Kazbegi Ave. Shop “Planeta Z” Vazha-Pshavela V Blk, 4 Bld. 29, Gamsakhurdia Ave. Shop “Okaidi” 6, Shartava St. 4, Gamsakhurdia Ave. 11, Vazha-Pshavela Ave TBC Bank Branch 11, Mitskevichi St. Supermarket 29b, Kazbegi Ave. 73, Vazha-Pshavela Ave. TBC Bank branch 11/5, Dolidze St. Supermartket “Mango” Chugureti 39, Chitaia St. Aversi Pharmacy 7, Marjanishvili St. Marjanishvili branch 19 Tsabadze St. Trade center «Pasazhi» 8, Tsabadze St. Trade center «Kidobani» 4, Khetagurov St.

Humana Pharmacy 16, Marjanishvili St. TBC Bank branch 4, Chubinashvili St. Aversi Pharmacy Didube 73a, Tsereteli Ave. At #2 Didube Branch 114, A. Tsereteli Ave. «Coca-Cola» 117, Tsereteli Ave. At Didube Branch 82, Tamar Mepe Ave. “MedService” Pharmacy 1, Tsereteli Ave. Trading Center “Panda” 7, Tamar Mepe Ave. TBC Bank branch 138, Agmashenebeli Ave. TBC Bank branch 12, Kereselidze St. “Megaline” Trading Center Digomi Digomi District 3/2 Digomi District II BLK. Building 7 Digomi District, 3rd blk. D. Agmashenebeli Alley “Lukoil” Gas station Didi Digomi Entrance of Didi Digomi Trade center GOODWILL 12th Km, Agmashenebeli Alley. Shop “Chemi Sakhli” Nadzaladevi 106, Ts. Dadiani Ave. Nadzaledevi Branch 321, Ts. Dadiani Ave. Aversi Pharmacy 144, Ts. Dadiani Ave. Supermarket Temka Temka, 10th Block, BLD. 2. Gldani Gldani District 1st blk. Supermarket “Bingo” Akhmeteli Metro Trading Center “Mariami” Mukhiani Settlement, Plot 1/6 TBC Bank branch Mukhiani Mukhiani III MKR, Dumbadze Ave., BLK.5a Mukhiani II M/R, Noneshvili St., BLk. 5 “Red A” Pharmacy Avchala 3, Sarajishvili St. “Alfa Express” Ortachala 39, V. Gorgasali St. 28, Gorgasali St. Airport Tbilisi International Airport

CONSTANTA BANK BRANCHES AND ATMS Tbilisi Sadguri Branch 137, Tsinamdzgvrishvili Street Varketili Branch 20, Vazisubani turn Isani Branch 84/86, Ketevan Tsamebuli Avenue Gldani Branch The right side of the Akhmeteli Subway Didube Branch 117, Tsereteli Ave Lilo Branch 2, Chirankhuli Str. Saburtalo branch 28, Vaja-Pshavela Str. Baratashvili Branch 2, Baratashvili Str.

BANK OF GEORGIA TBILISI Mtatsminda-Krtsanisi 3 Pushkin Str. 4 Leselidze Str. 38 Tabukashvili Str. 7 Pushkin Str. 1 Vekua Str. 3 Pushkin Str. Vake-Saburtalo 24 Kostava Str. 29 Vazha-Pshavela Ave. 7 Kipshidze Str. 14 Gamsakhurdia Ave. 22 Bakhtrioni Str. 72/12 I.Abashidze Str. 70 Kostava Str. Sheraton Metheki Palace 10 Melikishvili Ave. 62 Chavchavadze Ave. Mtatsminda-Krtsanisi 8 Rustaveli Ave. (Parliament) 38 Tabukashvili Str. 19 Rustaveli Ave. 4 Freedom Square (Courtyard Marriott) Metro Station “Tavisuplebis Moedani” Metro Station “Rustaveli” 3 Vekua Str. (Populi City) 37 Gorgasali Str. Ortachala Radisson SAS Iveria Hotel Isani-Samgori 10 Ketevan Tsamebuli Ave. 80 Ketevan Tsamebuli Ave. 7 Kalaubani Str. Airport Metro Station “Avlabari” Metro Station “300 Aragveli” Metro Station “Samgori 1” Metro Station “Samgori 2” Metro Station “Varketili” Metro Station “Isani” Temqa Block 10, Bulding 25 44 Moskovi Ave. Vazis ubani block 4 (“Populi”) Vake-Saburtalo 41 Vazha-Pshavela Ave. 23 Chavchavadze Ave. 70 Kostava Str. 16 Gamsakhurdia Ave. 7 Petritsi Str. Melikishvili Str. 10 Gldani-Nadzaladevi 39 Tsotne Dadiani Str. 5 Tornike Eristavi Str. (“Electroplast”) Shopping Mall “Mariami”, Gldani Metro Station “Akhmeteli” Metro Station “Grmagele” Metro Station “Nadzaladevi” Metro Station “Sarajishvili” Metro Station “Guramishvili” Mukhiani, Block 4, Bulding 4 34 Tsotne Dadiani Str., Bulding 8 Metro Station “Elektrodepo” Vake-Saburtalo 1a Bulachauri Str. Metro Station “Politeknikuri Instituti 1” Metro Station “Politeknikuri Instituti 2” Metro Station “Vazha-Pshavela” Metro Station “Sameditsino Instituti 1” Metro Station “Sameditsino Instituti 2” Didube-Chugureti 99 Tsereteli Ave. 18 Tamar mefis Ave. 60 Tsereteli Ave. 83/23 Davit Agmashenebeli Ave. 142 Davit Agmashenebeli Ave. 19 Tsabadze Str. (“Pasazhi”) 12 Kereselidze Str. 1st turn (“Megaline”) 137 Tsinamdzgvrishvili Str. 127 Davit Agmashenebeli Ave. Metro Station “Vagzlis Moedani” Metro Station “Vagzlis Moedani 3” Metro Station “Tsereteli” Metro Station “Didube” Metro Station “Marjanishvili”

3 Vagzali Str. Gldani-Nadzaladevi Gladni 1 Vekua Str., Block “a” 38 Guramishvili Ave.

ATM’S TBILISI Vake 8 Mtskheta Street 12 eristavi street 72/12 Abashidze Street 48 Chavchavadze Avenue 22/23 Chavchavadze Avenue 22/23 Chavchavadze Avenue 62 Chavchavadze Avenue 50 Chavchavadze Avenue 52 Chavchavadze Avenue 22 Chavchavadze Avenue 78 Chavchavadze Avenue 7 Kipshidze Street 9a nafareuli street 13 Kipshidze Street 2 Berdzenishvili Street 41 abashidze street 81/9 Abashidze Street 3 Tamarashvili Street Tamarashvili Street 16 Phaliashvili Street Tskneti 3 Rustaveli Street 2 Rustaveli Street Saburtalo 67 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 2 Vazha-Pshavela Avenue 27b Vazha-pshavela avenue 27a Vazha-Pshavela Avenue 17 Vazha-Pshavela Avenue 27 Vazha-Pshavela Avenue 72 Vazha-Pshavela Avenue Vazha-Pshavela Avenue, II Block 35/37 Shartava Street 7 Shartava Street 21 Dolidze Street vakhushti bridge Saakadze square Samedicino Vazha-Pshavela Politeqnikuri 1 Politeknikuri 2 17a Saburtalo Street 37 Saburtalo Street 70 Kostava Street 70 Kostava Street 26 maisi street 1 26 May square Kostava Street 44 Khazbegi Avenue 10 Khazbegi Avenue 13 Khazbegi Avenue 14 Khazbegi Avenue 12 Khazbegi Avenue bagteriofagi 8 a mitschkevichi street 19 Gamrekeli Street 23 kandelakis street 43 Gamsakhurdia Avenue. gagarini 16 Gamsakhurdia Avenue 2 Gamsakhurdia Avenue 14 Gamsakhurdia Avenue 1a Bulachauri Street 3 mk.2 kv. Nucubidze 175 Nutsubidze Street 221 Nutsubidze Street 25 nutsubidze street Nutsubidze plato III mr. II kv 1 Sandro Euli Street 13 Bakhtrioni Street 22 Bakhtrioni Street 6 Phanaskerteli Street 16 Chikovani Street 25 Kavtaradze Street 4 Gabashvili Street 5 Jikia Street Mtatsminda 2 Freedom Square mtawminda square 3 Pushkin Street 3 Pushkin Street 3/1 Pushkin Street 3 Pushkin Street Tavisuplebis Moedani 7 Pushkin Street 4 Freedom Square 12 Chanturia Street Rustaveli 16 Rustaveli Avenue 8 Rustaveli Avenue 19 Rustaveli Avenue 37 Rustaveli Avenue 2 Leonidze Street 22 Leselidze Street 4, Leselidze Street 38 Tabukashvili Street 2 Baratashvili Street 7 Ingorokva Street GTC 8 Erekle II Street 13 Savteli Streer 20 Akhvlediani street 1 Vekua Street 40 Khetagurovi street rose squire rose squire Vera 28 petriashvili street 25 Kostava Street 24 Kostava Street 44 Kostava Street 1 Khorava Street 10 Kekelidze Street 8 Kuchishvili Street 50 Gogebashvili Street 13 Melikishvili Street 10 Melikishvili Street 10 Melikishvili Street Gldani-Nadzaledevi 2 gudamakhari street Gldani V m/r Block14 Gldani III m/r 2 Khizanishvili Street 2 Dadiani Street 7 Dadiani street 34 Dadiani Street 151 Dadani Street 21 Sarajishvili Street Sarajishvili Grmagele Guramishvili 38 Guramishvili Avenue 33a GuramiSvili avenue 84 Guramishvili Avenue 7 Guramishvili Avenue 84 Guramishvili Avenue Peikrebi street Mukhiani, IV m/r, 4 block Dumbadze str IV m/r, Block 5 Nadzaladevi Nadzaladevi metro Square 15 Khizanishvili Street 31 Khizanishvili Street metro axmetelis mimdebare. mariami metro axmetelis mimdebared 1 Vekua Street 1 Vekua Street Akhmeteli Temka 10 Kv, Block 25 Temka samshobiaro saxli # 5 mimd 34 Khosharauli Street Didube-Chugureti 8 tsabadze street 17 Uznadze Street 1 Tsereteli avenue 60 Tsereteli Avenue 55 Tsereteli Avenue 95 Tsereteli Avenue 110 Tsereteli Avenue 99 Tsereteli Avenue 118 Tsereteli Avenue 118 Agmashenebeli Avenue 127 Agmashenebeli Avenue 80 Agmashenebeli Avenue 96 Agmashenebeli Avenue 1 Agmashenebeli Avenue 89/24 Agmashenebeli Avenue

Data Source: National Statistics Office of

Best Georgian Banks 86/90 Agmashenebeli Avenue 15 Tamar Mepe Avenue 10 Tamar Mepe Avenue 20 General Kvinetadze Street 5 marjanishvili street Marjanishvili 83/23 Agmashenebeli street 1 Chitaia Street 19 Tsabadze Street, pasage 2 Chkheidze Street Tbilisi central Tsereteli Vagzlis moedani 2 Vagzlis Moedani 1 Vagzlis Moedani 2 19 Agladze Street 2 Vagzlis Moedani 95 Tsinamdzgvrishvili Street 137 Tsinamdzgvrishvili Street Mtkvari Left Riverside (mushtaedi) 1 chaladze street Digomi 8 chachava street Military Base (vashlijvari) Digomi II kv. 5 Block Digomi Block V, I a Building 11 George Balanchini Street Agmashenebeli alley II km Agmashenebeli alley 9 km. Agmashenebeli alley Didi Digomi way. Digomi village way (vashlijvari) 8 Petritsi Street 7 Petritsi Street 10/12 Godziashvili Street Vashlijvari Agmashenebeli alley 13 km 6 gelovani avenue 5 Lubliana Street Isani-Samgori Isani Samgori 1 Samgori 2 Varketili Varketili 3, IVm/r, near by 410 Building 1 Khomleli street 64 Javakheti street Vazisubani IV m/r I block, petefi str. Vazisubani IV m/r I block 2 Landia street 300 Aragveli Kakheti Highway 21km 60 Kakheti Highway Military Base (alekseevka) Military Base (alekseevka) AIR 3a Khomleti Street 10 Ketevan Tsamebuli Avenue 80 Ketevan Tsamebuli Avenue 51a Ketevan Tsamebuli Avenue 4 Kiziki Street Airport Airport Airport Military Base (vaziani2) 7 Kalaubani Street 7 Kalaubani Street 14 Kalaubani Street 39 Moscow Avenue 17 chichinadze street 44 Moscow Avenue 10 Telavi Street Avlabari Avlabari Metro Square 8/10 Chekhov Street 23 Shuamta Street 155 bogdan khmelnitski street 6/4 Naftlukhi Street Atskuri, isnis metros mimdebare Kairo & Javakheti Street 64 Melaani Street 1 Abdushelishvili street 122 Kakheti Highway market lilo 113 gakhokidze street 38 Kakheti Highway Krtsanisi 41 Gorgasali Street 39 Gorgasali Street Military Base (krtsanisi)2 Military Base (krtsanisi) 16 Gorgasali Street 16 Gorgasali Street 6 Gorgasali Street 77 Gorgasali Street 117 Gorgasali Street 37 Gorgasali Street 19/2 Rustavi Highway 7 a krtsanisi street 10 Gulua Street Kodjori military base Mtskheta 23 arsukidze street Bebriscixis mimdebared 12 samxedro street

BANK REPUBLIC TBILISI BRANCHES AND SERVICE CENTERS Head Office and Central Branch 2 Gr. Abashidze St. Tel: (995 32) 292.55.55 Fax: (995 32) 292.55.44 Vake 13 Chavchavadze Ave. (24 hour) 33a Paliashvili St. Freedom Square 2, Leonidze St. Airport International Airport (24 hour) 24 hours, except Christmas and Easter Didube 10 Building, Tsereteli Ave. Sadguri 10, Tamar Mephe Ave. Sadguri Near the Railway Station Sanzona 34 Guramishvili Ave. Nadzaladevi 34 Dadiani Ave. Saburtalo 28 Pekini Ave. 71 Vazha-Pshavela Ave. 47 A. Kazbegi Ave. Isani 6/2 Navtlughi St. Gldani 20 Khizanishvili St. Mukhiani 8b Block, IVa micro district Iashvili Clinic 2/6 Lubliana St. Police Office 8 Gulua St. Dighomi 1b Block, 1 micro district, Dighomi Building of City Court of Tbilisi David Aghmashenebeli Alley VI km. Ortachala 37 Gorgasali St. Varketili Aerodrome Settlement. St N 29-31

32 Br/Zubalashvili St. 20 Rustaveli St. 10 Pushkini St. 8 Erekle II 2, Leonidze St. 4 – 9aprili St. 24 Gorgasali St. Ministry of Justice 24 Gorgasali St. General Office of Public Prosecutor 37 Gorgasali St. 8 Gulua St. Saburtalo 75 Kostava Ave. 16 Kazbegi Ave. 47 Kazbegi Ave. 2 Gamsakhurdia Ave. 23-25 Gamsakhurdia Ave. 28 Gamsakhurdia Ave. 45 Gamsakhurdia Ave. 6 Shartava St. 19 Nutsubidze St. 179 Nutsubidze St. 5 Sandro Euli St. Nutsubidze Plato 3rd , 5 Dzotsenidze St. 13 Bakhtrioni St. 11 Dolidze St. Building 4/5 34 Vaja Pshavela Ave. Vaja Pshavela Ave. 48 Vaja Pshavela Ave. 71 Vaja Pshavela Ave. 72 Vaja Pshavela Ave. Building 1, Block of flats 7, Vaja Pshavela Ave. Kavtaradze St. Digomi 1st Block, 1 Micro District, Dighomi Masivi 9 Mikeladze St. 3rd Block, Dighomi Masivi Aghmashenebeli alley 6 th km. Aghmashenebeli alley 2/6 Lubliana St. 5 Lubliana St. 13 Petritse St. Didi Digomi Didube-Chugureti 1 Khetagurovi St. 2 Tsereteli Ave. Tsereteli Ave. Building 10 67 a Tsereteli Ave. 144 Tsereteli Ave. 10 Tamar Mephe Ave. Near Railway Station 44 Aghmashenebeli Ave. 4 Chubinashvili St. 19 Vakhtang Bagrationi Ave. 19 Tsabadze St. Isani-Samgori International Airport of Tbilisi, „Sakaeronavigatsia“ International Airport of Tbilisi, Airport Service Center Kakheti highway 112 Kakheti highway 6/2 Navtlughi St. 23 “Ghvinis Aghmarti” Varketili Subway Territory 7 Varketili, Kaloubnis St. 9 Tsinandali St. 91 Ketevan Tsamebuli Ave. Opposite side 2 Ketevan Tsamebuli square 44 Moscow Ave. Vazisubani III Mik. II Block #15 Gldani-Nadzaladevi 34 Dadiani St. 39 Dadiani St. 263 Dadiani St. 20 Khizanishvili St. Mukhiani 2nd , Block #5 (Noneshvili St.) Mukhiani, Building 8, 4a m/d Temka District, Building 10, 2 m/d, Block of flats: 25 34 Guramishvili Ave. 36 Guramishvili Ave. Subway Sadguri, Akhmeteli Theatre Territory

VTB BANK Tbilisi 37, Uznadze Str. 14, Chanturia Str. 5, Jikia Str. 3, Gotua Str. 6, Gorgasali Str. 16/18, Rustaveli Ave. 54, Chavchavadze Ave. 10, Chavchavadze Ave. 21, Vazha Pshavela Ave. I tr. 33, Kostava Ave. 16/18, Tamar Mepe Ave. 4, Leselidze Str. 15, Tamar Mepe Ave. 76, Tsereteli Ave. 3, Vani Ave. 147, D. Aghmashebeli Ave. 5, Khizanishvili Str. 12, Ketevan Tsamebuli Ave. 20, Telavi Str. 42, Al. Kazbegi Ave. 8, Tsabadze Str. 6/2, Navtlughi Str. 9, Tsinandali Str. 48a, Bogdan Khmelnitsky Str. 19, Gamrekeli Str. 143, Tsereteli Ave. 78, Nutsubidze Str. Aghmashenebeli Alley 60, Barnov Str.

KSB BANK TBILISI BRANCHES Vake (09.30-21.00) 43, Chavchavadze ave. Avlabari 3, Ketevan Tsamebuli str. Vera 8/2, Melikishvili str. Didube 60, Tsereteli ave. Agmashenebeli 147, Agmashenebeli ave. Varketili 7, Kaloubani str. Krtsanisi 37, Gorgasali str. Pekini (09.30-20.30) 24a, Pekini ave. Didi Digomi 8, Ioane Petritse str. Gldani 15, Khizanishvili str. Freedom sq. branch (24 hour) 4, Freedom sq. Service centre - Gudushauri hospital (24 hour) 18/20, Lubliana str.

ATM’S TBILISI

Gldani - branch 15, Khizanishvili str. Freedom sq. - branch 4, Freedom sq. Publich Television 68, Kostava ave. Public Service Hall 2, Sanapiro str. Mtatsminda-Krtsanisi, Revenue Service 16, Gorgasali str. Mtatsminda-Krtsanisi, Revenue Service 4, General Gulua str. Georgian railway 15, Tamar Mepe ave. Trade center Panda 1, Tsereteli Ave. Agmashenebeli Avenue 96, Agmashenebeli ave. Old Tbilisi 5, Virsaladze str. Church store 67, Vazha-Pshavela ave. Book store 14, Vazha-Pshavela ave. Dighomi district 2nd block, building 6a. Airport customs clearance zone Old airport Lilo customs clearance zone Martkopi,Gardabani Region

LIBERTY BANK BRANCHES IN TBILISI Vake-Saburtalo Central Branch 74, I. Chavchavadze Ave. Central Branch’s s/c #1 2, Sanapiro St. Didi Dighomi s/c #1 9, I. Petritsi St. Pavilion #1 10-12, Vazha-Pshavla Ave. Pavilion #2 Kostava St. (Near Sports Palace) Pavilion #4 33-35, I. Tchavtchavadze St. (Near Hospital 9) Pavilion #9 48-66, Vazha-Pshavela Ave. Pavilion 13 13 Km. Aghmashenebeli Highway Saburtalo s/c #1 34, Pekini St. Saburtalo s/c #2 7, Shartava St. Saburtalo s/c #7 2g, B. Zhgenti St. (Nutsubidze District) Saburtalo s/c #8 6, Budapeshti St. Saburtalo s/c #9 5, Kavtaradze St. Saburtalo s/c #11 10 Km. Aghmashenebeli Highway Sopeli Dighomi s/c #1 Village Dighomi, B. 7b Saburtalo s/c #15 2, Gamsakhurdia St. s/c #332 70, Tchavtchavadze Ave. Saburtalo s/c #13 3, Micro-District Nutsubidze Saburtalo s/c #14 46, Dolidze St. / 41, Balanchivadze St. Tskneti s/c #1 3a, Rustaveli St. Vake-Saburtalo Branch 2, Marijani St. Vake s/c #2 1, Mosashvili St. Vake s/c #3 84, Tchavtchavadze Ave. (National Agency Bureau) Vake s/c #4 38, Paliashvili St. Vake s/c #12 14, Kipshidze St. Mtatsminda-Krtsanisi Krtsanisi s/c #1 10, Kikodze St. Krtsanisi s/c #2 2a, Sanapiro St. Mtatsminda-Krtsanisi Branch 37, Gorgasali St. Mtatsminda s/c #1 24, Kostava St. Mtatsminda s/c #4 3, Kostava St. Turn 2 Ponitchala s/c #1 19, Rustavi Road, B. 4 Ponitchala s/c #2 3, Micro-District Ponichala, B. 2 Didube-Chughureti Chughureti s/c #2 153, Aghmashenebeli Ave. Chughureti s/c #3 3, Abashidze St. Chughureti s/c #4 21, Chitaia St. Digomi s/c #2 7, Robakidze St. Didube Branch 126, Tsereteli Ave. Didube s/c #1 60, Tsereteli Ave. Pavilion #5 A. Tsereteli St. (near Tsereteli Underground) Pavilion #10 Dighomi (Near Mayakovsky Monument) Pavilion #15 Didube (near the railway square) Gldani-Nadzaladevi Avtchala s/c #1 1, Libani St. Avtchala s/c #2 7, Libani St. Avtchala s/c #3 5, Sarajishvili Ave. Gldani Branch 3, Block Gldani Gldani s/c #2 Mukhiani (Near Akhmeteli Subway Station) Gldani s/c #4 3, Block Gldani, B. 86 Gldani s/c #5 7, Micro-District Gldani (Prison Gldani) Gldani s/c #6 2, Botchorishvili St. Gldani s/c #7 6, Micro-District Gldani, 11 Tiulenevi St. Gldani s/c #9 8, Micro-District Gldani, B. 23 Gldani s/c #10 2, Micro-District Gldani, B. 24b Gldanula s/c #1 Gldani Khevi (Ravine), Near B. 6a Gldani s/c #11 18, Gombori St. Lotkini s/c #1 164, Tseronisi St. Mukhiani s/c #2 2, Micro-District Mukhiani, B. 5 Mukhiani s/c #3 3, Micro-District Mukhiani, B. 5 Nadzaladevi Branch 36, Guramishvili Ave. Nadzaladevi s/c #1 34, Dadiani St. Nadzaladevi s/c #3 261, Dadiani St. Nadzaladevi s/c #4 12a, Guramishvili Ave. Nadzaladevi s/c #6 30, Guramishvili Ave. B. 1 Temka s/c #1 11, Micro-District Temka, Block 1 Temka s/c #2 3, Micro-District Temka, Block 3, Near B. 41 Zahesi s/c #1 1a, Tchitchinadze St. Isani-Samgori Afrika s/c #1 27, Tchitchinadze St. Afrika s/c #2 17, Tchitchinadze St. Isani-Samgori Branch Kakheti Alley 2 Isani s/c #1 51/2, Ketevan Tsamebuli Ave. Isani s/c #4 22, Metekhi St. Isani s/c #6 30 Km. Kakheti Highway Isani s/c #7 Moscow Ave, Block 2, B. 1 Isani s/c #9 90, Ketevan Tsamebuli Ave. Lilo s/c #1 Lilo Settlement, Block 2, B. 8 Pavilion #6 4, Abzianidze St., Orkhevi Settlement (Near Customs Department) Pavilion #8 10 b, Airport Settlement Pavilion #11 103, Kvareli St.(Metromsheni Settlement) Pavilion #12 10, Akhalubani St. Ponitchala s/c #3 Rustavi highway, KM 30 Samgori s/c #1 37, Moskovi Ave. Samgori s/c #2 36a, Trialeti St. Samgori s/c #4 151, Bogdan Khmelnitski St. Varketili s/c #1 Javakheti St. Second BlindAlley (Near Varketili Subway Station) Varketili s/c #2 3, Micro-District Varketili, B. 310 Varketili s/c #3 Varketili Block 10, B. g Varketili s/c #5 Tbilisi International Airport Varketili s/c #6 3, Micro-District Varketili Varketili s/c #7 12, Shuamta St. Varketili s/c #9 1, Micro-district varketili 3, Near B. 25 Varketili s/c #10 Kaloubani St. 9 Vazisubani s/c #1 4 Micro-District Vazisubani 1B,Shandor Petofi St. Vazisubani s/c #2 2, Micro-District Vazisubani (Super Market “Smart”) Vazisubani s/c #3 1, Shandor Petofi St Didgori Didgori s/c #1 97, Block Tabakhmela, plot 516

Vake – branch 43, Chavchavadze ave. Vake - Fashion house 24, Chavchavadze ave. Avlabari - branch 3, Ketevan Tsamebuli str. Vera - branch 8/2, Melikishvili str. Didube - branch ATM 60, Tsereteli ave. Agmashenebeli Avenue - branch Tbilisi 147, Agmashenebeli ave. Vake Varketili - branch 2 Gr.Abashidze St. 7, Kaloubani str. 13 Chavchavadze Ave. Krtsanisi - branch 33 A Paliashvili St. 37, Gorgasali str. 1 Chavchavadze Ave. Pekini - branch 49b Chavchavadze Ave. 24a, Pekini ave. 50 Chavchavadze Ave. Didi Digomi - branch ATM’S IN 2 Mosashvili St. 8, Ioane Petritse str. Mrgvali Bagi Agmashenebeli Alley - Prosecutor TBILISI Georgia. tangerines was about 7 Kibshidze St. The total volume of 12 exported km, Agmashenebeli Alley Aleksidze St. Mtatsminda Gudushauri Hospital 35,000 tons in 2013, though only about 22,500 tons in1,2014. Agmashenebeli Alley, KM 11. 18/20, Lubliana str. 27 Kostava St.

10a, Akhmeteli St. 13, Bakhtrioni St. 6, Budapeshti St. Zhvania Square 2, Gamsakhurdia Avenue 2/4, Godziashvili St. Block 3, Didi Dighomi Building 11, Dolidze St. 1, Vazha-Pshavela Avenue 10-12, Vazha-Pshavela Avenue 27, Vazha-Pshavela Avenue (near subway station “Sameditsino”) 76b, Vazha-Pshavela Avenue Block 2, Vazha-Pshavela Avenue (near Vazha-Pshavela monument) 46-48, Vazha-Pshavela Avenue (near metro station “Delisi”) 55, Vazha-Pshavela Avenue Block 7, Vazha-Pshavela Avenue Vashlijvari highway 10a, Tamarashvili St. 15a, Tamarashvili St. Kostava St. (near the Sports Palace) 24, Kostava St. 64, Kostava St. Marshal Gelovani Avenue 10, Mitskevitchi St. Nodar Bokhua St. 183, Nutsubidze St. (II-IV plateau turn) III m/d, Nutsubidze plateau 14, Gamsakhurdia St. 15, Gamsakhurdia Avenue 34, G a m s a k h u r d i a ave. 9, I. Petritsi St. 28, Saburtalo St. 2, University St. 36, Phaliashvili St. 5, Kavtaradze St. 21, Kavtaradze St. 2, Kazbegi Avenue 15, Kazbegi Avenue. Kazbegi Avenue (near the school #60) 26, Kazbegi Avenue (Vake-Saburtalo crossroads) 7, Shartava St. Block 1, IV m/d, shandor Petofi St. 10, Tchavtchavadze St. 34, Tchavtchavadze St. 74, Tchavtchavadze Avenue Tchavtchavadze Avenue (near to Hospital No. 9) 84, Tchavtchavadze Avenue (Legal expertise) Tchavtchavadze Avenue (near to school #55) Didube-Chugureti 96, Aghmashenebeli Avenue 153, Aghmashenebeli Avenue 10th km, Aghmashenebeli Alley 1, Beliashvili St. Dighomi, near to Mayakovsky monument Tevdore Mghvdeli St. (near to the Railway Station) 27, KingTamarAvenue 7, Robakidze St. 8, Tsabadze St. 2, Tsereteli Avenue Tsereteli Avenue (nearto subway station “Tsereteli”) 126, Tsereteli Avenue 143, Tsereteli Avenue 144, Tsereteli Avenue 69, Tsereteli Avenue (corner of Vani St.) 7-7a-7b, Tsereteli Avenue 60, Tsereteli Avenue 5/12, Ketevan Tsamebuli Avenue 39, Chitaia St. 17, Tc hitchinadze St. Gldani-Nadzaladevi 2, Botchorishvili St. Gldani, M/D 3. Gldani, M/D 3, Building 86, Near to building 22, Gldani M/D 6 Gldani, M/D 7 (Gldani prison # 8) 12a, Guramishvili Avenue 36, Guramishvili Avenue Guramishvili Avenue (near the subway station “Grmagele”) Guramishvili Avenue (near the subway station “Sarajishvili”) 34, Dadiani St. 34, Dadiani St. 261, Dadiani St. Building 2, 2nd m/d, Dadiani St. 22, Dumbadze St. (Mukhiani settlement) 1a, Chichinadze St., ZAHESI, near the building 41, block 3, 3rd m/d, Temka near maternity house No. 5, block 1, 11th m/d, Temka Kakheti 2nd turn 1, Liban St. Mukhiani turn near the subway station “Akhmeteli” 1, Sarajishvili St. 8, Kerchi St. 146, Tseronisi St. 4, Khetagurov St. 6, Khizanishvili St. Isani-Samgori 1, Abdushelishvili St. Airport settlement 10, Akhalubani St. 151, Bohdan Khmelnytsky St. 6, Gulia St. Building C, block 10, 3rd massif, Varketili Building 310, 3rd m/d, Varketili 3 Tbilisi International Airport Kakheti highway KM 38. 112, Kakheti highway 37, Moscow Avenue 8, Navtlughi St. Orkhevi settlement (near to Customs Department) Saknavti settlement (Kakheti highway) Building 8, block 2, Saksopmankana settlement 103, Kvareli St. (Metromsheni settlement) 22, Javakheti St. Javakheti St. Second turn Mtatsminda-Krtsanisi 23, A. Tchavtchavadze St. 37, Vakhtang Gorgasali St. 93, Vakhtang Gorgasali St. 155, Vakhtang Gorgasali St. 48, Zubalashvili St. 1, Leonidze St. 10, Leonidze St. 22, Metekhi St. 9, Pushkini St. 3, Rustaveli Avenue 2a, Sanapiro St. 10, Kikodze St. 5, Chachava St. 37/4, Tsintsadze St. Ponitchala Rustavi highway, KM 30 Building 2, 3rd m/d, Ponichala settlement Old Tbilisi 12, Kaloubani St. Didgori Plot 516, block 97, village Shindisi, Didgori

ATM’S IN REGIONS Abasha 6, Jorjikia St. Adigeni 24, Tornike Eristavi St. Ambrolauri 18, Agmashenebeli St. Settlement Anaklia Aspindza 31, Vardzia St. Akhalkalaki 82, KingTamar Avenue 11, Charenta St. 71, Tavisupleba St. Akhaltsikhe 1, Tamarashvili St. 98, Rustaveli St. 11, KingTamar St. 2, Shalva Akhaltsikheli St. 1, Kharischirashvili St.

6, Iadze St. Akhmeta 2, Kazgebi St. Batumi 63, Gorgiladze St. 2, Sulkhan-Saba St. 46-48, Vazha-Pshavela Avenue Khimshiashvili St. 11, Tbel Abuseridze St. 80, Javakhishvili St. 11, Pirosmani St. 10-12, Chavchavadze St. 20a, Agmashenebeli Avenue 9, King Parnavaz St. 62-64-66, King parnavaz St. 36, Gorgiladze St. 20, Khimshiashvili St. 102, Melikishvili St. 11/5, KingTamar settlement 75, Chavchavadze St. 16, Tavdadebuli St. 23, Mayakovski St. Baghdati 12, Tsereteli St. Bolnisi Settlement Kazreti 106, Sulkhan-Saba St. 107, Sulkhan-Saba St. Borjomi 7, Meskhishvili St. 147, Rustaveli St. 6, Tavisupleba St. Gardabani 71, David Agmashenebeli St. 89, David Agmashenebeli St. Gori 16, Stalini St. 40, Sukhiahsvili St. 56, Chavchavadze St. 26, Stalini St. 5, Guramishvili St. 43, Ertoba St. 39, Stalini St. Gudauri Hotel “Marco Polo” Gurjaani 10, Noneshvili St. KingTamar St. Village Shashiani Dedoplistskaro 1, Alazani St. 23, Rustaveli St. Dmanisi 41, St. Nino Street (Municipality) 29, Street St. Nino blind alley Dusheti 21, Dadiani St. 27, Rustaveli St. Vani 3, Solomon II St. Zestaponi 61, Agmashenebeli Avenue 11, Tsereteli St. Village Shorapani Zugdidi 45, Gamsakhurdia St. 90, Rustaveli St. 73, Sokhumi St. 7, Paris Commune St. 32, Gamsakhurdia St. 15, Tsotne Dadiani St. Tetritskaro 12, Kingtamar Avenue Telavi 43, Alazani Avenue 95, Alazani Avenue 16, Erekle the Second St. 3, Erekle the Second Square 12, Erekle the Second St. Terjola 2, Chanturidze St. Tianeti 11, Rustaveli St. Kaspi 88, Stalini St. 11, Rustaveli St. 18, Kostava St. Koda, village house Lagodekhi 23, Kiziki St. Lanchkhuti 10, Ninoshvili St. 24 Kingtamar St., Settlement Lentekhi Village house in settlement Manglisi Village Nigoeti Marneuli 1, Rustaveli St. 72, Rustaveli St. 73, Rustaveli St. Martvili 14, Tavisupleba St. Mestia 52, Kingtamar St. 1, Seti St. Mtskheta Building of regional governor ’s office 17, Kostava St. (near to the Svetitskhoveli Cathedral) 11a, Samkhedro St. Mtskheta highway 73a, Agmashenebeli St. 65, Mamulashvili St. Village Tserovani Ninotsminda 22, Tavisupleba square Ozurgeti 5, Gabriel the episcope St. Village Ozurgeti Tavisupleba Square Oni 16, Rustaveli St. Rustavi 21, Kostava St., near to the Municipality 14, Kostrava St. Megobroba Avenue 3, Megobroba Avenue 11, Megobroba Avenue 21st km, Red Bridge Highway 5, Tashkent St. Village Sartichala Sagarejo 2, Agmashenebeli Avenue Samtredia 11, Stalini St. Sachkhere 92, Kostava St. 17, Gomarteli St. Senaki 14, St. Nino St. 20, Ninoshvili St. Signagi 2, Rustaveli St. 2, Dadiani St. 18, Gelati St. Poti 12, D. Agmashenebeli St. 146, Chavchavadze St. 57, Agmashenebeli St. Village Poka Kareli 3, Ninoshvili St. 1, Mgaloblishvili St. Settlement Ruisi Keda 11, Tbel Abuseridze St. 1, M. Kostava St. Kobuleti 153, Agmashenebeli St. 4, Memed Abashidze St. 141, Agmashenebeli St. 478, Agmashenebeli St. 79, Kingtamar St., Village Chakvi

PASHA BANK +995 322 265 000 15, Rustaveli Avenue, Tbilisi, 0108 , Georgia office@pashabank.ge www.pashabank.ge

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Best Georgian Banks

BANK OF GEORGIA PASHA BANK GEORGIA

Leading market position: No. 1 bank in Georgia by assets (35.5%), loans (34.9%), client deposits (31.5%) and equity (35.9)1 Strong brand name recognition and retail banking franchise: Offers the broadest range of financial products to the retail market through a branch network of 219 branches, 523 ATMs and 2,239 Express Pay Terminals to c.1.5 million customers as of 31 December 2014 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 Only private entity to issue Eurobonds from the Caucasus: 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.8.2%

Sustainable growth combined with strong capital, liquidity and robust profitability Market data based on standalone accounts as published by the National Bank of Georgia (NBG) as of 31 December 2014 www.nbg.gov. ge (2014 BOG figures include Privatbank) Bank of Georgia Group reported full-year profit for 2014 of GEL 240.8 million (US$129.2 million/GBP 83.2 million) and record earnings per share of GEL 6.72 (US$3.61 per share/GBP 2.32 per share). The Group also reported Q4 2014 profit of GEL 66.5 million (US$35.7 million/GBP 23.0 million), or GEL 1.82 per share (US$0.98 per share/GBP 0.63 per share). Unless otherwise mentioned, comparisons are with full-year 2013. The 2014 results are based on IFRS, are unaudited and derived from management accounts. Strong 4th quarter 2014 performance Q4 2014 Net Interest Margin (NIM) of 7.6%, compared to 7.4% in Q3 2014 and 8.0% in Q4 2013 Q4 2014 revenue of GEL 168.7 million, up 17.5% y-o-y and 8.6% q-o-q Q4 2014 Cost of Client Deposits stood at 4.2% down from 4.8% in Q4 2013, flat q-o-q Q4 2014 Loan Yields stood at 14.1% in Q4 2014, down from 14.3% in Q3 2014 and down from 15.8% in Q4 2013 Q4 2014 Cost to Income ratio stood at 41.3% compared to 41.9% in Q4 2013 and 42.5% in Q3 2014 Positive q-o-q and y-o-y operating leverage at 2.9 percentage points (ppts) and 1.6 ppts, respectively, in Q4 2014 Profit increased to GEL 66.5 million in Q4 2014, up 19.5% y-o-y and up 6.7% q-o-q Q4 2014 Earnings Per Share (EPS)1 increased 18.4% y-o-y and 7.5% q-o-q to GEL 1.87 Net loan book increased 13.9% q-o-q; client deposits increased 8.3% q-o-q Return on Average Assets (ROAA), of 3.7% in Q4 2014 (Q3 2014: 3.7%; Q4 2013:3.6%) Return on Average Equity (ROAE)1, of 19.5% in Q4 2014 (Q3 2014: 19.2%; Q4 2013: 18.6%) Excellent customer lending growth supports record annual profits Net Interest Margin (NIM) of 7.4%, compared to 7.8% in 2013 Revenue increased 11.3% y-o-y to GEL 605.6 million in 2014 Cost to Income ratio stood at 42.8% in 2014 compared to 41.2% in 2013 Profit for 2014 increased to GEL 240.8 million, up 15.0% y-o-y EPS1,2 increased 15.5% to GEL 6.85 in 2014 compared to GEL 5.93 in 2013 ROAA2 of 3.6% in 2014, flat y-o-y ROAE1,2 of 19.0% in 2014, up from 18.6% in 2013 Balance sheet strength supported by solid capital and liquidity positions and declining Cost of Funding

o o

Net loan book increased 23.8% y-o-y, while client deposits increased 6.6% y-o-y Cost of Client Deposits decreased to a record low of 4.3% in 2014 from 5.6% in 2013. Loan Yields also declined to 14.4% from 16.3% in 2013 Cost of credit risk reduced in 2014 to GEL 59.0 million from GEL 61.8 million in 2013. This translated into a Cost of Risk ratio of 1.2% in 2014 compared to 1.4% in 2013 NPLs to Gross Loans to Clients ratio as a result declined from 4.0% as of 31 December 2013 to 3.4% as of 31 December 2014. High liquidity continues to be maintained. Liquidity ratio, per National Bank of Georgia (NBG) requirements, stood at 35.0%, compared to the regulatory minimum requirement of 30.0%. 25.0% of total assets made up of cash and cash equivalents, amounts due from credit institutions, the NBG CDs, Georgian government treasury bills and bonds and other high quality liquid assets as of 31 December 2014

Adjusted for results of placing of ordinary shares on 4 December 2014 2 Before one-off impairment of BG Bank in Ukraine in Q2 2014

o o o o

As of 31 December 2014, Net Loans to Customer Funds and DFI ratio stood at 110.6% (30 September 2014: 103.9%; 31 December 2013: 96.2%) BIS Tier I capital adequacy ratio1 stood at 22.1% (2013: 23.0%) NBG (Basel 2/3)1 Tier I Capital Adequacy ratio stood at 11.1% as of 31 December 2014, (30 September 2014: 11.2%) Book value per share increased 18.9% yo-y to GEL 41.45 (US$22.24/GBP 14.33) Balance sheet leverage stood at 3.7 times as of 31 December 2014 (31 December 2013: 4.3 times)

Resilient growth momentum maintained across all major business lines: o Retail Banking continues to deliver strong franchise growth, supported by the Express Banking strategy, adding 2,239 Express Pay Terminals and 721,909 Express Cards since the launch of the Express Banking service in 2012. Retail Banking’s net loan book grew 28.1% y-o-y and stood at GEL 2,067.0 million, while client deposits increased 24.2% y-o-y to GEL 1,349.6 million o The Bank’s acquisition of JSC Privatbank has enhanced its position in the significantly more profitable retail franchise. The acquisition was finalised in January 2015 and increased the Bank’s market share in retail loans by 4.9% and in retail deposits by 2.6% (market shares as of 31 December 2014) o Corporate Banking’s net loan book growth rate picked up in the second half of the year, with the net loan book increasing by 18.8% y-o-y to GEL 2,160.8 million as of 31 December 2014. Corporate Banking Cost of Deposits decreased significantly from 4.6% in 2013 to a record low 2.9% in 2014. Pressure on Corporate Banking NIM continued, driving it down by 50 bps y-o-y to 4.5% o Investment Management’s Assets Under Management (AUM2) increased 21.4% y-o-y to GEL 1,027.1 million. Since the launch of the Certificate of Deposit (CD) programme in January 2013, the volume of CDs issued reached GEL 460.6 million, as of 31 December 2014. Net fee and commission income for Investment Management increased substantially to GEL 8.8 million in 2014 up from GEL 1.2 million in 2013 Capital Adequacy ratios (neither Basel 1, nor Old NBG, nor New Basel 2/3), in their Capital part, do not include proceeds from the recently raised new equity of US$ 111.9 million on the free market by BGH. Capital adequacy ratios are calculated for the banking group, at JSC Bank of Georgia level and the recently raised new equity has not been invested in JSC Bank of Georgia. 2 Wealth Management client deposits, Galt &Taggart client assets, Aldagi Pension Fund and Wealth Management client assets at Bank of Georgia Custody

January, 2015

Gross Loan Portfolio (GEL Mln.) 60.0

55.3 49.4

50.0

46.1 38.9

40.0

32.5

40.3

34.3

30.0

20.0

10.0

4.8

5.5

7.8

8.9

7.2

Interest Income (GEL)

600,000

522,432 500,000

456,219 418,673

400,000

350,763 352,855

300,000

377,863

262,840

200,000 100,000

52,004 49,163

63,799

82,436

88,100

Number of Borrowers 18

17 16

12 10

8 6

7 6

4 2 0

Number of Borrowers per Industry 10 9 8 7 6 5 4 3 2 1 0

Trade and Service Financial Institution Oil and Gas Telecommunication Other Sectors

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FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 13 APRIL, 2015

TBC BANK

Best Georgian Banks

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Thousands of Georgian Lari)

The first Georgian Financial Innovation Forum will take place on the 15th & 16th of April 2015 in the magnificent Marriott Tbilisi. The Forum is organized by Hansa Fincon, an international consulting company. Coorganizer is the Georgian Society of Investment Professionals.

http://georgia.fi-forum.com/index.html Registration for Georgian Professionals is available through Georgian Society of Investment Professionals at +995 (598) 686 444 or by email to: info@gsip.ge Thanks to extensive reforms of Georgia’s financial system in the last years, Tbilisi has become the major financial center of the Caucasus. It is now more efficient and progressive than those in other neighboring post-Soviet states. Forum participants: GSIP, Regional Development Agency, Georgian Society of Investment Professionals, CFS Investment Bank,BLC Law Firm, Georgian National Investment Agency eMoney Georgia, Peritus Group LLC, Georgian-Ukraine Business Club,Grant Thornton Akhvlediani, Poti FREE INDUSTRIAL ZONE, BDO, Farmer’s House, JSC Liberty Bank, MFO “Swiss-Credit”,EuroCredit,Bank of Georgia,TBC Broker LLC,PKF Georgia, GEC Corp.ICR, Petrocas Energy Group,LEPL National Agency of State Property, JSC Partnership Fund, Young Entrepreneurs Association, Julius Baer Bank Switzerland ,GN Treuhand Lichtenstein, GN Finance Lichtenstein, Altuscitadel Cyprus, Henley & Partners Switzerland AG, Fidux UK, Morgan Capital Advisors UK, CIM Banque Switzerland Delegates are executives representing banks, investment and asset management firms, family offices, and international companies operating in Georgia, HNWIs, law and audit firms, advisers and consultants.

FORUM TOPICS Structuring investments into and from Georgia Georgian Regulatory framework International Integration of the Georgian financial market Brokerage Services and White label solutions International tax planning and Tax Solutions for HNWI’s Asset management for the Georgian market Private Equity Investments and Structuring Trusts Tbilisi International Financial Center IT integration in banks and Asset Management companies And many more More information is available from Georgian Society of Investment Professionals +995 (598) 686 444 and Hansa Fincon +3727121916 Information requests: aksana@hansafincon.com

TBC BANK CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of 31 December 2014 (Thousands of Georgian Lari)

NEW! Free delivery of Château Mukhrani Wines Now you can buy Château Mukhrani wines on internet. Use the wine delivery application on our Facebook page or visit www.chateaumukhrani.com choose your favorite wines and get them delivered within 24 hours. Château Mukhrani - The Finest Wine of Georgia *Free delivery in Tbilisi for a minimum of 6 bottles. Payment on delivery.

Château Mukhrani Wine Studio 6 Samghebro Str., Meidan Square, Tbilisi, Georgia Tel.: +995 322 14 91 51

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HEADLINE NEWS & ANALYSIS

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Best Georgian Banks Georgian Real Estate Management The Green Building, 6 Marjanishvili Street, 0102 Tbilisi

15 Lubliana Str.

Tel: 251 00 01 Fax: 253 00 44 info@zarapxana.ge www.zarapxana.ge

37 Chavchavadze Ave. Tel.: 291 30 26; 291 30 76

Tel: 243 30 77, Fax: 243 30 79 www.firstbrokerage.ge E-mail: info@firstbrokerage.ge

1 Brother Kakabadze Str. Tel: 292 29 45; Fax: 292 29 46; tk@mcdonalds.ge

Tel: +995 322 380802 info@lucapolare.com www.lucapolare.com LucaPolareOriginal

La Brioche Addr: Batumi, Georgia, Parnavaz Mepe №25

Tel.: 260 15 36 info@piazza.ge, www.piazza.ge

Fragola 3 Tabidze Str. 2 Kazbegi Ave. Tel: 570 10 33 19

fragola.cafemail@gmail.com 4 Freedom Square, Tel: +995 32 254 70 30 Fax: +995 32 254 70 40 tbilisi@citadines.com

13, Rustaveli Avenue.; Tel.: 2 779 200 www.TbilisiMarriott.com tbilisi.marriott@marriotthotels.com

4, Freedom Square, Tel: 2 779 100 www.CourtyardTbilisi.com courtyard.tbilisi@marriotthotels.com

Because life is about living

45a M.Kostava St., 0179 Tbilisi, Georgia; 16 Meskheti str.Borjomi Tel:(+995 32) 2 292292 E-mail: borjomi@rixos.com www.Borjomi.rixos.com

Radisson Blu Iveria Hotel Rose Revolution Square 1 Tel.: 240 22 00; Fax: 240 22 01 info.tbilisi@radissonblu.com radissonblu.com/hotel-tbilisi

Betsy’s Hotel 32-34 Makashvili Street, 0108, Tbilisi, Georgia

Tel.: 293 14 04, Fax: 299 93 11 info@betsyshotel.com www.betsyshotel.com

GEORGIA PALACE HOTEL

275 Agmashenebeli Ave., Kobuleti, Georgia Tel: 2242400 Fax: 2242403

Tel.: (+995 32) 219 11 11 www.hotelcoste.ge

Tel: +995 422 229000 E-maill: info.batumi@ sheraton.com www.sheraton.com/batumi

Radisson Blu Hotel Batumi 1, Ninoshvili str., Batumi Tel/Fax: 422255555 info.batumi@radissonblu.com radissonblu.com/hotel-batumi

26 May Square Tel: 2300099 E-mail: info@hi-tbilisi.com www.hi-tbilisi.com

Divan Suites Batumi Address: Jordania/Z. Gamsakhurdia Str. 8/15 (422)255 522 bulents@divan.com.tr

6 Kavsadze Str. Tel: 2 25 15 45 2 55 44 55 www.lottravel.ge

E-mail: info@gph.ge, www.gph.ge

13 Shavteli Str. Tel: 2439494 info@ambasadori.ge www.ambasadori.ge

Hotel “O. Galogre” 8, Vakhtang Gorgasali Str. Batumi, Georgia Tel: +995 422 27 48 45 info@hotelgalogre.com www.hotelgalogre.com

Tel: 31 99 99 hotel@tifilis.ge addr: #9 Grishashvili Str.

Best Western Tbilisi № 1 Kheivani street 12/13; Tbilisi, Georgia Phone: (+995 32) 2 24 23 21; Phone: (+995 32) 2 24 23 22 E-mail: reservation@cronpalace.ge

Addr: 11, Apakidze str. Tel.: 2 300 777

4 Freedom Square Tel: 2988 988, Fax: 2988 910 E-mail:gmt@gmt.ge, www.gmt.ge

LE MARAIS 5 Chavchavadze Ave. The tickets are available at tbilisi international airport freedom square 4 courtyard marriott hotel, 1st floor

Tel: 2400 400; 2400 040

32 Abashidze Str. Tel: 222 40 83

Tel.: 222 44 17 577 22 99 22 plasticsurgerygeo.com

For advertising please contact: Address: 1/3 Melashvili Street 6000 Batumi,Georgia | +995 422 225790 www.batumiworldpalace.com info@batumiworldpalace.com

577 741 700 marketing@finchannel.com

BUSINESSTRAVELCOM HOTEL AND AIRTICKET BOOKING: 2 999 662 | SKY.GE

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Best Georgian Banks

PROCREDIT BANK

KSB BANK

INTERNATIONAL FINANCIAL REPORTING STANDARDS CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of 31 December 2013 (Thousands of Georgian Lari)

31 December 2014 Consolidated Statement of Financial Position - Unaudited in ‘000 GEL 31 December 31 December 2014 2013 Assets Cash and cash equivalents Financial assets at fair value through profit or loss

174,975

198,711

10,063

234

57,993 740,270 1,255 1,996

44,988 692,888 1,743 1,264 2,868

Property and equipment

77,844

84,681

Other assets

13,728

15,404

Total assets

1,078,124

1,042,795

2,005

156

598,277 264,974

569,166 256,709

Subordinated debt

52,938

66,308

Current tax liability

889

Other liabilities Other provisions

3,436 462

2,031 731

Deferred tax liability

2,882

2,445

926,019

897,413

83,000

Investment securities available-for-sale Due from banks Loans and advances to customers Current tax asset Investment properties Intangible assets

Liabilities Due to banks Financial liabilities at fair value through profit or loss Customer accounts Other borrowed funds

Total liabilities

Share premium

30,803

Retained earnings

38,302

31,579

152,105

145,382

1,078,124

1,042,795

Total equity

Total equity and liabilities

Consolidated Statement of Profit or Loss and Other Comprehensive Income - Unaudited in ‘000 GEL 2014

2013

109,013

114,197

(36,629)

(44,305)

Net interest income

72,384

69,892

Provision for loan impairment

(9,815)

(6,057)

Net interest income after provision for loan impairment

62,569

63,835

11,512 (3,941) 1,263 4,759 (24,112) (26,030) 2,888 (908)

11,850 (4,308) 7,655 (1,510) (28,412) (27,188) 1,243 (354)

Profit before income tax

28,000

22,811

Income tax expense

(4,277)

(3,257)

Profit and other comprehensive income for the year

23,723

19,554

Interest income Interest expense

Fee and commission income Fee and commission expenses Net gain from trading in foreign currency Net foreign exchange translation gain/ (loss) Personnel expenses Other administrative expenses Other operating income Other operating expenses

5 6 7 8 9 10 8 11 12 13

14 15 11 12 13 16

2012

47,167 28,673 252,888 40,191 13,695 20,374 6,462 – 209 – 6,716 5,765 422,140

64,784 24,542 204,007 18,017 10,516 20,374 7,284 3,135 209 361 1,624 5,765 360,618

20,683 296,478 605 2,837 80 8,737 329,420

84 264,956 − 1,168 729 8,336 275,273

99,516 (6,796) 92,720 422,140

99,516 (14,171) 85,345 360,618

VTB BANK CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of 31 December 2014 (Thousands of Georgian Lari)

Equity Share capital

Notes 2013 Assets Cash and cash equivalents Mandatory reserve deposit with the National Bank of Georgia Loans to customers Investment securities held to maturity Premises and equipment Goodwill Other intangible assets Investment property Current income tax asset Deferred Tax Assets Other financial assets Other assets Total assets Liabilities Amounts due to credit institutions Amounts due to customers Deferred tax liability Other financial liabilities Other liabilities Subordinated debts Total liabilities Equity Share capital Accumulated losses Total equity Total liabilities and equity

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 13 APRIL, 2015 APRIL 13 2015

Tel: 2 999 662 SPECIAL OFFER FROM BUSINESSTRAVELCOM TO

EGYPT!!! SHARM EL SHEIKH 7NIGHTS/8 DAYS 3* hotels from 430 USD per person 4* hotels from 530 USD per person 5* hotels from 600 USD per person Price includes: AIR TICKETS ROUND TRIP (TBILISI- SHARM EL SHEIKH - TBILISI) TRANSFER, INSURANCE, HOTELS (ALL INCLUSIVE)

Tbilisi From

Day

Almaty

Depart

Arrive

1.2.4.6.7 01:05;13:25;22:20 06:40,19:00;03:50+1

Flight# 4L303

Amsterdam

1.3.6

05;10,07:00

07:55;09:40

A9 651

Athens

1,4

05:15,

07:15

A9 693

Baku

DAILY

02:20,11:10;13:40

04:30;13:20;15:50

J2 224/226

Batumi

DAILY

09:30

10:05

A9 505

Dubai

2.5.6.7

05:30; 07:30

08:55; 10:55

4L301

Doha

DAILY

20:00;14:30

14:30;18:30

QR 254/252

18:10

A9 621

Frankfurt

2.6

15:50

Istanbul

DAILY

04:15;08:25; 11:20

Istanbul

DAILY

04:40; 05:30

05:45; 09:25;12:50 TK 1387/1383 06:00; 06:50

PC 463/451

Istanbul

05:45

07:10

KK 381

Kiev

DAILY

06:50,16:40,19:20

08:20,18:05,20:45

PS 728

Kharkov

11:25

12:40

Z6 708

Minsk

DAILY

03:50

06:00

B2 1736

Munich

DAILY

04:01

06:00

LH 3215

Paris

2.5

16:15

19:15

A9 627

Prague

2.6

04:30

06:20

OK 935

Rome

2,4,5,7

05:00

07:15

AZ 551

Riga

1.3.4.6

05:45

08:25

BT 725

Tel-Aviv

DAILY

07:25,18:30

09:10,20:15

A9 695

Tel-Aviv

1.4.5

01:05,02:35;07:10

02:55,04:25,09:00

IZ418

Vienna

4.7

08:15

09:45

A9 681

Urumqi

2.4.6

22:40

07:30+1

CZ 6040

Warsaw

DAILY

04:45

06:25

LO 724

Days=( 1-Monday, 2-Tuesday, 3-Wedsday, 4-Thursday, 5-Friday, 6-Saturday, 7-Sunday. )

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Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band “Weekend” SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band “Wheels”, DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi Restaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 -Live Band Restaurant “Bermukha” Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00:Dato Archvadze’s quartet “Taoba”: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Café “Kala” 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Rezo Kiknadze - saxophonist Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Furious 7» 3D; «Last Knights»; «Line of Credit»; «B/W»; «Hot Tub Time Machine 2»; «Insurgent» 3D; «Home» 3D; «3+3»; «Cinderella»; «Naughty Kids 2» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Furious 7» 3D; «Last Knights»; «Line of Credit»; «B/W»; «Home» 3D; «Cinderella» (Ticket Price: 7,50 - 12,50 GEL)

APRIL 15, 2015

Cinema

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - «Uncle Nodar’s Band» SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «The Jumping General»

Cinema

APRIL 14, 2015

Theatre Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Blues Factor» SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 -Live Band Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 -Maia Kankava Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

Cinema

Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The ART Director: Temur Chkheidze Cast: Zura Kipshidze, Mikheil Gomiashvili, Aleko Makharoblishvili Duration: 105 minutes Date: April 15 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Love-letters Director: Temur Chkheidze Cast: Nani Chikvinidze, Gia Burjanadze Duration: 120 minutes Date: April 15 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Drunk Cherry Autor and Director: Levan Tsuladze, Alexander Eloshvili Cast: Eka Chkheidze, Malkhaz Abuladze, Manana Kozakova, Barbare Dvalishvili, Dato Khurtsilava, Keti Tskhakaia, Onise Oniani Date: April 15 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Jeans Generation Director: Davit Doiashvili Cast: Marina Janashia, Nana Darchiashvili, Goga Chkheidze, Dima Merabishvili, Merab Kolbaia, Lela Metreveli, Jaba Kiladze, Mariam Nadiradze, Apolon Kublashvili, Sandro Margalitashvili Duration: 165 minutes Date: April 15 Time: 19:00 Price: 6, 12, 14 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 A Midsummer Night’s Dream Director: Rusudan Bolkvadze Tbilisi Academy of Arts play Duration: 90 minutes Date: April 15 Time: 20:00 Price: 10 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Emily’s Adventures Director: Levan Koblianidze Cast: Khatia Melkadze, Nino Shushiashvili, Shalva Antelava, Maka Bardavelidze, Tsotne Saghinadze, Vasil Amurvelashvili, Sophia Achuashvili, Irine Kukuladze Duration: 60 minutes Date: April 15 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL Requiem Directed by Lili Burbutashvili Cast: Nino Archaia, Vano Dugladze, Giorgi Katchakhidze, Ioseb Molodinashvili, Paata Kikvadze, Lasha Grdzelidze, Tsotne Saghinadze, Nugzar Kurashvili, Vasil Amurvelashvili Duration: 120 minutes Date: April 15 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL 1945 Director: Nikoloz Sabashvili Cast: Levan Katsiashvili, Giorgi Jikuridze, Luka Kachibaia, Ana Sanaia Duration: 45 minutes Date: April 15 Hall: Experimental Stage Time: 20:00 Price: 10 GEL

Gallery

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 As You Like It Director: Levan Tsuladze Cast: Manana Kozakova, Nato Kakhidze, Ketevan Shatirishvili, Ketevan Tskhakaia, Nata Murvanidze, Tamar Bukhnikashvili, Nikoloz Tavadze, Malkhaz Abuladze, Beso Baratashvili, Davit Khurtsilava, Nika Kuchava, Zurab Berikashvili, Roland Okropiridze, Onise Oniani Duration: 120 minutes Date: April 14 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Exit the King Tbilisi Municipal Theatre «Globe» Directed by Sandro Mrevlishvili Cast: Tornike Beltadze, Keti Luarsabishvili, Nato Pilia, Sopo Medzmariashvili, Beka Kamkhadze, Mariam Arghutashvili, Elene Kasradze, Guga Berekashvili Date: April 14 Hall: Small Stage Time: 20:00 Price: 10 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 So what if wet lilac is wet Director: Gogi Todadze Cast: Giorgi Bakhutashvili, Otar Lortkipanidze, Nikoloz Paikridze, Medea Jibladze, Tamar Tavkhelidze, Tamar Aznarashvili, Mariam Karkashadze, David Kolelishvili Date: April 14 Time: 19:00 Price: 6, 9, 11 GEL Georgian State Pantomime Theatre 37 Rustaveli Ave. Tel: 299-63-14 Terenti Graneli - The Coriander Thrown to the Moon Director: Amiran Shalikashvili Duration: 60 minutes Date: April 14 Time: 19:00 Price: 10 GEL

Gallery

The exhibition «Tbilisi Self-Government in 1875-1917». Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - April 15 The exhibition «Old Tbilisi. Paintings of City Life. MARGINALIA» by tree painter: Karpet Grigoryants, Vano Khojabekov and Vagarshak Elibekian. Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - April 27 The exhibition Synthetical Art - Artist’s Book «Vepkhistqaosani» Simon Janashia State Museum 3, Rustaveli Ave. Tel: 299-80-22 Museum is working every day except Monday. From 10:00 till 18:00 till - April 15 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - April 15

APRIL 16, 2015

Best Georgian Banks 2 «Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Furious 7» 3D; «Last Knights»; «Line of Credit»; «B/W»; «Hot Tub Time Machine 2»; «Insurgent» 3D; «Home» 3D; «3+3»; «Cinderella»; «Naughty Kids 2» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Furious 7» 3D; «Last Knights»; «Line of Credit»; «B/W»; «Home» 3D; «Cinderella» (Ticket Price: 7,50 - 12,50 GEL)

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Host and Guest Director: Valerian Gorgoshadze Cast: Bacho Chachibaia, Manana Abramishvili, Ia Sukhitashvili, Levan Khurtsia, Gela Lezhava Duration: 135 minutes Date: April 16 Hall: Small Stage Time: 19:00 Price: 8, 10 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Il Decameron Director: Levan Tsuladze Cast: Malkhaz Abuladze, Beso Baratashvili, Irma Berianidze, Zura Berikashvili, Tamar Bukhnikashvili, Nino Gachechiladze, Baia Dvalishvili, Manana Kozakova, Nika Kuchava, Marlen Egutia Duration: 140 minutes Date: April 16 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Exit the King Tbilisi Municipal Theatre «Globe» Directed by Sandro Mrevlishvili Cast: Tornike Beltadze, Keti Luarsabishvili, Nato Pilia, Sopo Medzmariashvili, Beka Kamkhadze, Mariam Arghutashvili, Elene Kasradze, Guga Berekashvili Date: April 16 Hall: Small Stage Time: 20:00 Price: 10 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 It’s not the time of Shakespeare - Premiere Director: Ioane Khutsishvili Cast: Tamuna Nikoladze, Giorgi Zanguri, Tinatin Kordzadze, Giorgi Kajaia, Maiko Khornauli Date: April 16 Time: 19:00 Price: 6, 10, 12 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Hellados Youth Art Centre «Art Hall» Director: Goga Pipinashvili Cast: Nana Shonia, Temur Gvalia Date: April 16 Time: 20:00 Price: 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 This is Menagerie! - Premiere Directed by Beka Kavtaradze Cast: Aleksandre Begalishvili, Giorgi Kvelashvili Duration: 120 minutes Date: April 16 Time: 19:00 Price: 8, 10 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Mother Director: Giorgi Savaneli Cast: Mzia Taliashvili, Mamuka Mazavrishvili, Beknu Kapianidze, Sophia Sebiskveradze, Giorgi Tskhadadze, Gigi Migriauli Duration: 70 minutes Date: April 16 Time: 19:00 Price: 7, 10 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Royal Cow Director: Guram Bregadze Cast: Nino Kikatheishvili, Edmond Gabedava, Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Ana Lezhava Duration: 90 minutes Date: April 16 Hall: Small Stage Time: 12:00 15:00 Price: 7, 10 GEL 1945 Director: Nikoloz Sabashvili Cast: Levan Katsiashvili, Giorgi Jikuridze, Luka Kachibaia, Ana Sanaia Duration: 45 minutes Date: April 16 Hall: Experimental Stage Time: 20:00 Price: 10 GEL

Gallery

The exhibition «Old Tbilisi. Paintings of City Life. MARGINALIA» by tree painter: Karpet Grigoryants, Vano Khojabekov and Vagarshak Elibekian. Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - April 27

APRIL 17, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - «Uncle Nodar’s Band» Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Maka Durglishvili; DJ Paata MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Baratashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

Cinema

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Pix» SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Band’a’roll», DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Guliko Chanturia Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Good Company»

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Old Jokers Director: Gocha Kapanadze Cast: Kakhi Kavsadze, Darejan Kharshiladze, Zaza Lebanidze, Jemal Ghaghanidze, Manana Gamcemlidze, Marina Janashia, Marina Kakhiani Duration: 140 minutes Date: April 17 Hall: Small Stage Time: 19:00 Price: 10, 15, 20 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Gronholm Method Director: Temur Chkheidze Cast: Eka Chkheidze, Nika Tavadze, Apolon Kublashvili, Aleko Makharoblishvili Duration: 150 minutes Date: April 17 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 House in Clouds Director: Mamuka Tkemaladze Cast: Vano Iantbelidze, Gia Abesalashvili Date: April 17 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Doubt Director: Guram Vashakidze Cast: Nani Chikvinidze, Zviad Skhirtladze, Nino Tsuladze,

Nino Dumbadze Date: April 17 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 It’s not the time of Shakespeare - Premiere Director: Ioane Khutsishvili Cast: Tamuna Nikoladze, Giorgi Zanguri, Tinatin Kordzadze, Giorgi Kajaia, Maiko Khornauli Date: April 17 Time: 19:00 Price: 6, 10, 12 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 The Man and the Woman Director: Nana Kvaskhvadze Cast: Guram Laliashvili, Ilia Cheishvili, Tamri Bziava, Gagi Shengelia, Nutsa Mchedlishvili, Nini Kvaskhvadze Duration: 60 minutes Date: April 17 Hall: Small Stage Time: 20:00 Price: 7 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 This is Menagerie! - Premiere Directed by Beka Kavtaradze Cast: Aleksandre Begalishvili, Giorgi Kvelashvili Duration: 120 minutes Date: April 17 Time: 19:00 Price: 8, 10 GEL Kakha Bakuradzes Movement Theatre 182, Aghmashenebeli Ave. Tel: 599 01 55 67 INTRO Directed by Kakha Bakuradze Cast: Eka Tsilosani, Anna Tsintsadse, Jacob Gogotishvili, Alexander Jagashvili, Lasha Robakidze, Kakha Arevadze, Salome Kavtaradze, Ucha Mjavia, George Gogava, Amiran Qachibaia, Shalva Gogoladze, George Gongadze Duration: 80 minutes Date: April 17 Time: 20:00 Price: 7 - 15 GEL Georgian State Pantomime Theatre 37 Rustaveli Ave. Tel: 299-63-14 Saint George Director: Amiran Shalikashvili Duration: 70 minutes Date: April 17 Time: 19:00 Price: 10 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Snow White and the Seven Dwarfs Director: Dimitri Khvtisiashvili Cast: Nino Lezhava, Tamar Lortkipanidze, Nino Shushiashvili, Tamara Chanuyvadze, Kakha Gabelaia, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Gaga Shishinashvili Duration: 120 minutes Date: April 17 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The Royal Cow Director: Guram Bregadze Cast: Nino Kikatheishvili, Edmond Gabedava, Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Ana Lezhava Duration: 90 minutes Date: April 17 Hall: Small Stage Time: 12:00 15:00 Price: 7, 10 GEL Romeo & Juliet Director: Levan Tsuladze Cast: Vameh Jangidze, David Khakhidze, Kote Tolordava, Nino Papiashvili, Kakha Gabelaia, Vano Dugladze, Beso Megrelishvili, Mariam Chukhrukidze, Kakha Tcholadze, Nikoloz Nanitashvili Duration: 160 minutes Date: April 17 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

182, Aghmashenebeli Ave. Tel: 599 01 55 67 Abracadabra Director: Ioseb Bakuradze Cast: Irakli Saralidze, Salome Kavtaradze, Ucha Mjavia, Ioseb Bakuradze Duration: 60 minutes Date: April 18 Time: 20:00 Price: 7 - 15 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 God of Carnage Director: David Chabashvili Cast: Giorgi Bakhutashvili, Nata Berezhiani, Giorgi Bochorishvili, Maya Khornauli Duration: Black Comedy in 1 Act Date: April 18 Time: 20:00 Price: 10 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 The wolves and sheep Director: Ma Chjen Khun Cast: K. Badalov, M. Jibrailova, A. Kazakov, G. Kashkovskaya, A. Kolubkov, P. Kutepova Duration: 210 minutes Date: April 18 Time: 19:00 Price: 10 - 30 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 2+2=2 Director: Rodrigo Fisher (Brazil) Cast: Andria Gvelesiani, Sofia Sebiskveradze, Gigi Migriauli, Giorgi Tskhadadze Duration: 60 minutes Date: April 18 Time: 19:00 Price: 7, 10 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Royal Cow Director: Guram Bregadze Cast: Nino Kikatheishvili, Edmond Gabedava, Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Ana Lezhava Duration: 90 minutes Date: April 18 Hall: Small Stage Time: 12:00 Price: 7, 10 GEL Khutkunchula Director: Dimitri Khvtisiashvili Cast: Tamar Mamulashvili, David Khakhidze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Maia Khornauli, Nino Andriadze, Zurab Avsajanishvili, Mamuka Bogveradze Duration: 100 minutes Date: April 18 Hall: Big Stage Time: 13:00 Price: 7, 10 GEL The Princess, Frog, Hansel and Gretel Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: April 18 Hall: Big Stage Time: 16:00 Price: 7, 10 GEL Kukaracha Director: Shalva Gatserelia Cast: Tamar Mamulashvili, Nino Lezhava, Kote Tolordava, Nino Archaia, Berta Khapava, Badri Gvazava, Nino Lortkifanidze, Nikoloz Kvantaliani, Vahtang Chachanidze Duration: 110 minutes Date: April 18 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

Gallery

APRIL 19, 2015 APRIL 18, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Good Company» Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Veriko Turashvili & Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Nata Kurdovanidze; DJ Vako MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Keti Paresashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

Cinema

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Good Company» Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Maka Durglishvili; Karaoke, DJ Vako Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

Cinema

Circus Tbilisi Circus 1, The Heroes Square Tel: 298 30 35 13:00 - New Circus show «On the Risk Edge» (Ticket Price - 10, 15, 20, 25 GEL)

Circus Tbilisi Circus 1, The Heroes Square Tel: 298 30 35 13:00, 17:00 - New Circus show «On the Risk Edge» (Ticket Price - 10, 15, 20, 25 GEL)

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 What a wonderful day... (Shadow Theatre) Writer, director: Gela Kandelaki Cast: Vadim Shubitidze, Elene Murjikneli, Paata Shengelia, Anzhela Abshilava, Giorgi Chanturia, Elene Zurabashvili Duration: 80 minutes Date: April 18 Hall: Small Stage Time: 19:00 Price: 6, 8 GEL Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Maria Callas - Master Class Director: Robert Sturua Cast: Lela Alibegashvili, David Darchia, Lela Akhalaia, Archil Gogitidze, Kate Svanidze, David Uplisashvili Duration: 75 minutes Date: April 18 Hall: Big Stage Time: 19:00 Price: 10, 12, 15, 20 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Blind Visible (Molly Sweeney) Director: Temur Chkheidze Cast: Nani Chikvinadze, Goga Pipinashvili, Aleko Makharoblishvili Duration: 130 minutes Date: April 18 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Women Director: Tsitsino Kobiashvili Cast: Nino Zautashvili, Nino Dumbadze, Keti Chkheidze, Keti Gegeshidze, Irma Berianidze, Eka Mjavanadze, Zaza Goguadze, Temo Kiladze Duration: 130 minutes Date: April 18 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Meet You in Paradise Director: Sandro Eloshvili Cast: Zurab Berikashvili, Nino Gachechiladze, Guram Jashi, David Khurtsilava, Nodar Doghonadze Duration: 90 minutes Date: April 18 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Father Director: Kadri Ozjan Cast: Kakha Mikiashvili, Jaba Kiladze, Mamuka Mumladze, Vano Kurasbediani, Keta Lortkipanidze Date: April 18 Time: 19:00 Price: 6, 9 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Our Small City Director: Mikheil Tumanishvili Cast: Gia Abesalashvili, Mzia Arabuli, Koko Roiniishvili, Zurab Kipshidze, Natalia Shengelaia, Nino Chkheidze, Nika Tserediani, Nineli Chankvetadze, Darejan Khachidze Duration: 170 minutes Date: April 18 Time: 20:00 Price: 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 This is Menagerie! - Premiere Directed by Beka Kavtaradze Cast: Aleksandre Begalishvili, Giorgi Kvelashvili Duration: 120 minutes Date: April 18 Time: 19:00 Price: 8, 10 GEL Kakha Bakuradzes Movement Theatre

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Maria Callas - Master Class Director: Robert Sturua Cast: Lela Alibegashvili, David Darchia, Lela Akhalaia, Archil Gogitidze, Kate Svanidze, David Uplisashvili Duration: 75 minutes Date: April 19 Hall: Big Stage Time: 19:00 Price: 10, 12, 15, 20 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Men Director: Tsitsino Kobiashvili Cast: Dimitri Tatishvili, Temo Kiladze, Zaza Goguadze, Zura Berikashvili, Onise Oniani, Vasiko Odishvili, Lela Meburishvili, Ana Sanaia Date: April 19 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Tamed Falcon Director: Peter Chargeishvili Cast: Valeri Korshia, Zaza Iakashvili, Giorgi Korganashvili, Lile Pilpani, Natia Nikolaishvili, Giorgi Tatishvili, Tengiz Papidze Date: April 19 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Borders Director and Choreographer: Giorgi Osepashvili Cast: Ketevan Kitiashvili, Beka Goderdzishvili, Giorgi Osepashvili Duration: 140 minutes Date: April 19 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Richard III Director: Avto Varsimashvili Cast: Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Tamuna Nikoladze, Mariam Jologua, Tiko Kordzadze, Apolon Kublashvili, Goga Barbakadze Date: April 19 Time: 19:00 Price: 6, 13, 15 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Our Small City Director: Mikheil Tumanishvili Cast: Gia Abesalashvili, Mzia Arabuli, Koko Roiniishvili, Zurab Kipshidze, Natalia Shengelaia, Nino Chkheidze, Nika Tserediani, Nineli Chankvetadze, Darejan Khachidze, Darejan Jojua, Beka Jumutia Duration: 170 minutes Date: April 19 Time: 20:00 Price: 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 This is Menagerie! - Premiere Directed by Beka Kavtaradze Cast: Aleksandre Begalishvili, Giorgi Kvelashvili Duration: 120 minutes Date: April 19 Time: 19:00 Price: 8, 10 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Imeretian Requiem Director: Irakli Gogia Cast: Tatuli Edisherashvili, Tamar Bezhuashvili, Mzia Taliashvili, Mamuka Mazavrishvili, Vazha Tsitsiloshvili, Giorgi Gasviani, Neli Badalashvili, Lika Kutateladze, Vasil Shakhashvili Duration: 85 minutes Date: April 19 Time: 19:00 Price: 7, 10 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 The wolves and sheep Director: Ma Chjen Khun Cast: K. Badalov, M. Jibrailova, A. Kazakov, G. Kashkovskaya, A. Kolubkov, P. Kutepova Duration: 210 minutes Date: April 19 Time: 19:00 Price: 10 - 30 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 Antigone Director: Gaga Goshadze Cast: Tamta Navrozashvili, Gia Roinishvili, Giorgi Chumburidze, Maka Dzagania, Tamar Makashvili, David Velijanashvili, Andria Vachridze Duration: Tragedy in 1 Act Date: April 19 Time: 20:00 Price: 10 GEL G. Mikeladze State Professional Puppet Theatre 2 Turtle Lake Str.; Culture Centre Muza; Phone: 568145199 The Three Little Pigs Director: Shota Tsutskiridze, Maia Lortkipanidze Cast: Tamta Bakradze, Malkhaz Gabunia, Irine Kukuladze, Rati Nivadze, Maia Malkhazishvili, Manana Tsiklauri, Giorgi Medzmariashvili, Natia Khmiadashvili Duration: 60 minutes Date: April 19 Time: 12:00 Price: 5 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Princess, Frog, Hansel and Gretel Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: April 19 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The Little Red Riding Hood Director: Otar Bagaturia Cast: Nino Archaia, Khatia Melkadze, Ana Mghebrishvili, Zurab Avsajanishvili, Ana Zambakhidze, Lika Shukakidze, Sophia Akhuashvili, Dimitri Tarbaia, Tekla Javakhadze, Ketevan Shervashidze, Keso Maisashvili Duration: 90 minutes Date: April 19 Hall: Big Stage Time: 13:00 Price: 7, 10 GEL Natsarkekia Director: Dimitri Khvtisiashvili Cast: Khatia Melkadze, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Paata Mkheidze, Vakhtang Nozadze, Nino Lortkifanidze, Paata Kikvadze, Kakha Tcholadze Duration: 90 minutes Date: April 19 Hall: Small Stage Time: 16:00 Price: 7, 10 GEL Irine’s Happiness Director: Dimitri Khvtisiashvili Cast: Vameh Jangidze, David Khakhidze, Kote Tolordava, Levan Katsiashvili, Vakhtang Nozadze, Ioseb Molodinashvili, Nino Lortkifanidze, Pavle Nozadze, Paata Kikvadze Duration: 90 minutes Date: April 19 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

Gallery

For more information, please, visit the following website: www.info-tbilisi.com E-mail: afisha@info-tbilisi.com

CMYK

Best Georgian Banks

HEADLINE NEWS & ANALYSIS

FINANCIAL

13 APRIL, 2015 | FINCHANNEL.COM

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FINANCIAL HEADLINE NEWS & ANALYSIS

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Best Georgian Banks TSISKVILI

LITERATURULI CAFÉ

Red Café Bistro & Cafe

4, Besiki Str. 22, Abashidze Str. Tel: 222 02 76

Tel: 2 519 966

# 71 Vazhaphavela Ave. Tel: 2201 211 info@redcafe.ge

Beliashvili Str. Tel: 253 07 97

Belle Ville

PREGO

PICASSO

84, Barnovi Str. Tel: 225 22 58

French - European barrestaurant Pleasant and cozy atmosphere High quality service, live music every day

15, Erekle II. Tel: 293 14 11 25, Tarkhnishvili Str. Tel: 225 25 16

4, Vashlovani Str. Tel: 298 90 86

26, l.Kiacheli Str. Tel: 293 65 53

4 4/2

DISCOVERY

Espresso Bar “RESPUBLIKA”

37, Kostava Str. Tel: 298 37 67

2, MarjaniSvili Str. Tel: 2 999 723

Book Corner

13b, Tarkhnishvili Str. Tel: 223 24 30 contact@bookcorner.ge

Entree 13 Taktakishvili Str. 20 Rustaveli Ave. 19 Petriashvili Str. 7 Pekini Str. 78 Chavchavadze Ave. (Bagebi) 86 Aghmashenebeli ave.

16, Marjanishvili Str. Tel: 555 003151 www.facebook.com/RespublikaEspressoBar

VERA STEAKHOUSE

40, Chavchavadze Ave. Tel: 229 42 30

SIANG-GAN

Tel.: 599 21 53 83

CAFE CINEMA

Addr: 3 Vekua Street. (Trade Center GTC) Tel.: 2 93 61 38

41, Gamsakhurdia Str. Tel: 237 96 88

ENGLISH TEE HOUSE

5, Marjanishvili Str. Tel: 294 16 20 32, Paliashvili Str. Tel: 222 11 09

Literary cafe “MONSIEUR JORDAN” V. Gorgasali st.,17 Tel.: 275-02-07

Prospero’s Books

34, Rustaveli Ave. Tel: (+995 32) 2923 592

For advertising please contact: 577 741 700 marketing@finchannel.com

BUSINESSTRAVELCOM HOTEL AND AIRTICKET BOOKING: 2 999 662 | SKY.GE

CMYK

Best Georgian Banks

HEADLINE NEWS & ANALYSIS

FINANCIAL

13 APRIL, 2015 | FINCHANNEL.COM

Advertiser: The FINANCIAL. Contact FINANCIAL Ad Dep at marketing@finchannel.com