Investor Presentaiton

5% 0% BUDGET EXPENDITURES INVESTING IN INFRASTRUCTURE AND SPENDING LOW ON SOCIAL Expenditures (current + capital), GEL mn Source: MoF 20,000 50% 100% 80.0% 81.7% 76.0% 72.5% 73.4% 78.1% 80.0% 74.2% 73.1% 72.2% 75.2% 76.0% 15,000 32.3% 34.8% 33.3% 40% 80% 29.4% 29.4% 27.6% 28.4% 28.6% 29.4% 28.2% 27.7% 29.4% 30% 60% 10,000 5,000 20% 40% 24.0% 27.5% 26.6% 20.0% 18.3% 21.9% 20.0% 25.8% 26.9% 27.8% 24.8% 24.0% 10% 20% о 0% 0% Expenditures (current + capital) as % of GDP GOVERNMENT SOCIAL EXPENDITURE AS % OF GDP Source: IMF 25% 2019 2020 2021F 20% 17.4% 14.6% 15% 10.4% 10% 8.0% Armenia Georgia Russia Bulgaria Poland 19.4% EXPENDITURE BREAKDOWN: CURRENT VS. CAPITAL Source: MoF Current expenditures 10% 2019 2020E 2021F 8% 6% 2% do olo olo olo glo 4% 0% Russia GOVERNMENT CAPITAL EXPENDITURE AS % OF GDP 2.9% 3.4% 4.4% Armenia Poland Bulgaria Capital expenditures and net lending 4.9% Georgia Source: IMF 8.1% 48

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