FY20 Results and Strategy Overview

-10% -8% -6% 2014 -4% -2% 2015 0% 60% 55% 50% 45% 40% 35% 30% 25% 20% PUBLIC DEBT TO RISE IN THE SHORT RUN Public debt Sources: MOF Public debt is expected to increase to around 60% of GDP, with a consolidation plan in place for the medium run External public debt to GDP, % 2018 Overall Balance (IMF Modified), % of GDP Source: MOF -2.0% -2.3% -2.8% -2.7% -2.7% -3.0% 2016 2017 2018 2019 -9.1% -7.6% 2020F 2021F 2022F 2023F 2019 2020F 2021F 2022F 2023F 2024F Total public debt to GDP, % 2024F Breakdown of public debt Source: MOF, as of 31 October 2020 65% 60% 55% 50% 45% Multilateral 56% 40% 35% Domestic 21% External 79% 30% 25% 20% Current vs Capital Expenditure, % of GDP Source: MOF Capital expenditures reached record highs in 2019 and will prove key in the fiscal stimulus Bilateral 17% Eurobond 6% 30% 26.2% 25.1% 23.2% 22.6% 22.8% 22.2% 25% 21.3% 21.0% -2.6% -3.1% 20% -4.4% 15% 7.9% 8.2% 7.9% 7.0% 10% 6.4% 6.3% 6.5% 5.7% 5% 0% 2017 2018 2019 2020F 2021F 2022F 2023F 2024F ...Current Expenditures Capital Expenditures (Acquisition of Non-financial Assets) 81 GEORGIA CAPITAL

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