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B6A2086420 20 18 16 14 12 10 Turkey Armenia 2013 ■2014F ■2015F Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 2010 Total Budget Receipts, GEL mn Expenditures (Capital + Current), GEL mn Expenditures (capital + current) as % of GDP Source: Ministry of Finance Government social expenditure as % of GDP Georgia Latvia Estonia Belarus Romania Albania Serbia Lithuania Hungary Russia Macedonia Bos and Herz Bulgaria Poland Croatia Investing in infrastructure and spending low on social Revenues and expenditures Current and capital expenditure 12,000 10,000 70% --Current Expenditures -Capital Expenditures 100% 60% 50% 80% 8,000 82.3% 83.6% 82.2% 77.9% 78.1% 40% 75.0% 76.0% 60% 6,000 37.2% 30% 33.9% 4,000 30.7% 30.6% 29.3% 30.2% 29.8% 40% 20% 25.0% 22.1% 24.0% 21.9% 17.7% 16.4% 17.8% 2,000 10% 20% 0 2009 0% 2011 2012 2013 2014 2015F 0% 7 9836543210 Croatia Romania Turkey ■2013 ■2014F ■2015F Source: IMF Latvia Lithuania Serbia Poland Macedonia Russia Estonia Armenia Belarus page 56 2009 Sources: Ministry of Finance 2010 2011 2012 Government capital expenditure as % of GDP Albania Hungary Bulgaria Georgia Bos and Herz 2013 2014 2015F

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