Retail Banking Financial Update

FOCUS ON EFFICIENCY AND STRINGENT COST CONTROL COST TO INCOME RATIO I 39.3% 39.6% 39.7% 37.1% 37.8% OPERATING EXPENSES GEL MILLIONS -2.2% +3.0% 433 420 5 4 78 83 +15.8% 106 106 122 103 119 1 4Q19 3Q20 4Q20 2019* 2020 1 2 24 21 231 240 19 35 32 24 62 58 64 c.35% Medium-term guidance 4Q19 3Q20 4Q20 2019* 2020 Other operating expenses Administrative expenses ■Depreciation, amortisation and impairment Salaries and other employee benefits * 2019 results are adjusted for termination costs of former executive management. See details on one-off costs on page 84 34

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