Investor Presentaiton

Investing in strategic areas and focusing on efficiency OPERATING EXPENSES +28.9% COST TO INCOME RATIO -8.2% 151 128 122 107 1 1 22 22 23 30 2-22 1 138 36.8% 36.4% 2 35.4% 25 25 44 34 24 81 69 72 78 60 1Q21 2Q21 3Q21 Other operating expenses Administrative expenses 4Q21 1Q22 Depreciation, amortisation and impairment Salaries and other employee benefits 28 All currency data are in GEL mln unless otherwise stated 39.8% 35.0% 1Q21 2Q21 3Q21 4Q21 1Q22 Operating expenses up y-o-y in the first quarter of 2022, driven primarily by strong business growth and our investments in the Group's technological capabilities, digital programmes and marketing. We maintain our key focus on efficiency, with cost to income ratio improving to 35% in 1Q22. c.35% Medium-term guidance

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