Performance and Capital Position Overview

Macroeconomic Overview – Improving fiscal conditions Total Government revenue vs expenditure (% of GDP) Prudent fiscal policy delivers strong results (% of GDP) 108% 109% ■Total revenue ■Total expenditure 103% 99% 95% 79% 66% 56% 42,5% 42,2% 41,9% 41,4% 39,8% 40,0% 39,5% 39,0% 39,0% 39,2% 39,1% 38,8% 37,5% 36,8% 36,5% 36,1% 2010 2011 2012 2013 2014 2015 2016F 2017F Government budget and primary balance and public debt as % of GDP Actual fiscal balance & current forecast Original Programme fiscal target 3.000 2.500 -0,2% 0,0% 0,1% 2.000 -4,8% -4,9% -5,7% -5,8% -5,9% -5,8% -7,5% 1.500 -2,7% 1.000 2010 2011 2012 2013 2014 2015 2016F 500 0 3% 3% 3% 3% 1% 0% 0% 0% -2% -3% -3% -4% -5% -6% -5% -6% 2010 2011 2012 2013 2014 2015 2016F 2017F Government budget balance (% of GDP) Government primary balance (% of GDP) Gross public debt (% of GDP) Maturity profile of Cyprus Government Debt (€ mn) Other Loans ■Domestic Bonds/T-bills IMF-ESM loans EMTN Securities 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 SOURCES: Statistical Service of Republic of Cyprus, European Commission, Bloomberg, IMF and company reports, Eurostat, Calculations by BOC Economic Research 2032 2033 2034 2035+ Bank of Cyprus 27 KYRPI

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