Retail Banking Financial Update

-2% Turkey 3% Armenia Georgia 8% Belarus 18% 2018 13% ■2019E BUDGET EXPENDITURES Expenditures (current + capital), GEL mn Expenditures (current + capital) as % of GDP GOVERNMENT SOCIAL EXPENDITURE AS % OF GDP Source: IMF Lithuania Bulgaria Croatia Poland 2019 2020F 2021F INVESTING IN INFRASTRUCTURE AND SPENDING LOW ON SOCIAL 49 Source: MoF, 2021 budget Source: MoF, 2021 budget 20,000 50% 100% 76.0% 80.0% 81.7% 78.1% 80.0% 34.4% 72.5% 73.4% 74.2% 73.1% 72.2% 75.8% 75.6% 32.3% 33.0% 40% 80% 15,000 29.4% 29.4% 27.6% 28.4% 28.6%* 29.4% 28.2%27.7% 29.4% 30% 60% 10,000 20% 40% 24.0% 27.5% 26.6% 20.0% 18.3% 21.9% 20.0% 25.8% 26.9% 27.8% 24.2% 24.4% 5,000 10% 20% о 0% 0% 0% Turkey 4% 2% Armenia Croatia Lithuania 8% ■2018 6% Russia Poland Bulgaria 2019E 2010 2011 2012 2013 EXPENDITURE BREAKDOWN: CURRENT VS. CAPITAL Current expenditures ―― Capital expenditures and net lending GOVERNMENT CAPITAL EXPENDITURE AS % OF GDP Source: IMF Estonia Hungary Belarus Georgia 2018 2019 2020F 2021F

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