Investor Presentaiton

BANK OF GEORGIA ■2018 2019E 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Turkey Armenia Georgia Belarus Hungary Russia Estonia Lithuania Bulgaria Croatia Poland Expenditures (current + capital), GEL mn Expenditures (current + capital) as % of GDP Government social expenditure as % of GDP ■2020F Source: MoF, Geostat 20,000 100% 40% 32.3% 29.4% 29.4% 27.6% 28.4% 28.6% 29.4% 28.2% 27.7% 28.2% 28.2% 27.9% 80% 15,000 30% 80.0% 81.7% 76.0% 78.1% 80.0% 60% 72.5% 73.4% 10,000 20% 40% 24.0% 27.5% 26.6% 5,000 10% 20.0% 18.3% 21.9% 20.0% 20% 0% 0% Source: IMF ■2018 8% 7% 6% 5% 4% 3% 2% 1% 0% Turkey Croatia Lithuania Russia Armenia Poland Belarus Bulgaria Hungary 47 Estonia Georgia 2019E 2020F INVESTING IN INFRASTRUCTURE AND SPENDING LOW ON SOCIAL Budget expenditures Expenditure breakdown: current vs. capital Source: MoF 2010 2011 2012 2013 2014 2015 -Current Expenditures Capital Expenditures and net lending Government capital expenditure as % of GDP Source: IMF 2016 2017 2018 2019E 2020F 2021F 74.2% 73.1% 74.3% 75.3% 75.3% 25.8% 26.9% 25.7% 24.7% 24.7%

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