Investor Presentaiton

Turkey 18% 2018 ■2019E 13% 8% 3% -2% Armenia Georgia Belarus Hungary Russia Estonia Lithuania Bulgaria Croatia Poland 0% Expenditures (current + capital), GEL mn ―― Expenditures (current + capital) as % of GDP GOVERNMENT SOCIAL EXPENDITURE AS % OF GDP 2019E BUDGET EXPENDITURES Source: MoF, Geostat INVESTING IN INFRASTRUCTURE AND SPENDING LOW ON SOCIAL 56 EXPENDITURE BREAKDOWN: CURRENT VS. CAPITAL Source: MoF 20,000 15,000 50% 100% 38.3% 32.3% 28.9% 76.0% 72.5% 73.4% 80.0% 81.7% 78.1% 80.0% 74.2% 73.1% 72.2% 40% °29.4% 29.4% 27.6%28.4%28.6% 29.4%28.2%27.7% 80% 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% 5,000 10% 20% 0% 0% Source: IMF 8% ■2018 ■2019E 6% 4% 2% Turkey Armenia Croatia Lithuania Russia Poland Bulgaria Estonia Hungary Belarus Georgia 2010 2011 2012 2013 2014 Current Expenditures Capital Expenditures and net lending GOVERNMENT CAPITAL EXPENDITURE AS % OF GDP Source: IMF 2015 2016 2017 2018 2019E

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