GGF ESTABLISHES PARTNERSHIP WITH TBC BANK IN GEORGIA WITH A USD 15 MILLION SUBORDINATED LOAN FACILITY

Funding to boost energy-efficiency (EE) and renewable energy (RE) investments in Georgia

Luxembourg and Tbilisi, 7 December 2015 – The Green for Growth Fund, Southeast Europe (GGF) signed a USD 15 million subordinated loan facility with JSC TBC Bank (TBC) in Georgia. The funding provided by the GGF will strengthen TBC’s capitalization and support further growth of the Bank’s EE and RE lending activities.

TBC is Georgia’s second largest bank and leading provider of RE financing. TBC Bank, the GGF’s second partner financial institution in Georgia, began working with the GGF Technical Assistance Facility (GGF TAF) as early as 2013 to develop and implement a strategy for EE financing solutions tailored to corporate and retail customers. The GGF TAF will continue to support TBC Bank in promoting EE investments in the Georgian market.

“As TBC Bank enjoys a strong market position, this partnership is an important step forward in promoting EE and RE investments in Georgia," said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe. "We are very pleased to partner with TBC Bank to finance and foster investments in sustainable energy development."

Vakhtang Butskhrikidze, TBC Bank CEO, commented: “I am pleased to announce the completion of this transaction. This facility will further strengthen TBC Bank’s tier two capital and help to enhance our position in the market by expanding lending activities throughout the entire country. I would like to thank our new partner GGF for their collaboration and excellent work and I look forward to many more years of successful partnership.”

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ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE (GGF)

The Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering the use of renewable energy sources in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia, and Turkey as well as in the nearby European Eastern Neighbourhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households seeking to finance energy efficiency projects. The GGF also invests directly in small to medium-scale renewable energy projects. To maximize the impact of the Fund’s investment activities, the GGF’s Technical Assistance Facility offers capacity building support to local financial institutions and partners. The GGF was initiated as a public-private partnership in December 2009 by the KfW Development Bank (KfW) and the European Investment Bank (EIB) with the financial support of the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the European Bank for Reconstruction and Development (EBRD). Its growing base of committed investors comprises donor agencies, international financial institutions and institutional private investors, such as the International Finance Corporation (IFC), the Netherlands Development Finance Company (FMO) and the Development Bank of Austria (OeEB). The GGF, registered under Luxembourg law as a SICAV (variable capital investment company), is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg, in concert with the fund advisor, Finance in Motion GmbH, Frankfurt/Main, Germany, and the technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany.

* This designation is without prejudice to positions on status, and is in line with UNSC 1244 and the ICJ Opinion on the Kosovo Declaration of independence.

About TBC

JSC TBC Bank (TBCB: LI) is a leading universal bank in Georgia, offering a broad range of products and services through its extensively developed retail, corporate, SME and micro banking business lines. TBC Bank has been listed on the Main Market of the London Stock Exchange since June 2014. As at 30 September 2015, TBC's loan book comprised retail, corporate, SME and micro portfolios with 42%, 34%, 13% and 11%, respectively, of the total loan portfolio. TBC Bank is the market leader in Georgia in retail deposits with a 35% market share. In terms of total assets and total loans TBC retains a leading position with market shares of 27% and 28% respectively as at 30 September 2015. TBC Bank is assigned BB- (Long-Term IDR) / B (Short-Term IDR) rating from Fitch and B1 (Fgn Curr) / Ba3 (Dom Curr) from Moody's."

Media contact GGF

Xenia Tendyck
Phone: +49 (0)69/271 035-320
E-mail: press@ggf.lu

Media contact PI

Tamar Kirvalidze
Director for External Relations & Media Communications
Phone: +(995 32) 2 27 27 27 (*1012)
Fax: +(995 32) 2 77 27 74
Mobile: +(995 577) 40 37 34
E-mail: TKirvalidze@tbcbank.com.ge

Ketevan Magalashvili
Head of Public Relations
Phone: +995 2 27 27 27
E-mail: kmagalashvili@tbcbank.com.ge

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