Investor Presentaiton

Transaction Terms TRANSACTION CONSIDERATION MIX FIXED EXCHANGE RATIO ■ First Bancshares, Inc. ("FBMS") will acquire 100% of Southwest Georgia Financial Corporation's ("SGB") outstanding common stock ☐ 100% stock 1.00 shares of FBMS common stock per share IMPLIED PER SHARE CONSIDERATION (1)(2) ■ $34.50 total consideration per share of SGB common stock (1) IMPLIED AGGREGATE CONSIDERATION IMPLIED METRICS $87.9 million at announcement (1)(2) ■ Price to tangible common equity of 182% (3) ■ Price to LTM core earnings of 18.7x PRO FORMA OWNERSHIP ■ Premium to core deposits (4) of 9.0% FBMS: 88.1% / SGB: 11.9% APPROVALS & CLOSE ■ SGB shareholder approval Customary regulatory approvals Expected closing in the 2nd quarter of 2020 (1) Based upon FBMS closing price of $34.50 as of 12/17/2019 (2) Based upon 2,548,510 outstanding shares of SGB common stock as of 12/18/2019 (3) Based upon SGB tangible common equity of $48.4 million as of 9/30/2019 (4) Core deposits defined as total deposits less time deposits > $250k Source: S&P Global Market Intelligence ST TheFirst BANCSHARES, INC. 5

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