Investor Presentaiton

-10% -12% 20% 30% 40% 50% Sources: MOF 60% Public debt is expected to fall to 54% of GDP, with a consolidation plan in place for the medium run --External public debt to GDP, % Total public debt to GDP, % 60% PUBLIC DEBT TO DECREASE THROUGHOUT THE MEDIUM RUN Public debt Breakdown of public debt Overall Balance (IMF Modified), % of GDP Source: MOF 0% -2% -2.3% -2.0% -4% -2.8% -2.7% -3.0% -2.7% -6% -8% 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2018 2019 2020 2021F 2024F 2025F 2022F 2023F 2024F 2025F 20% 30% Source: MOF, as of 31 May 2021 50% Multilateral 58% 40% Domestic 19% External 81% Current vs Capital Expenditure, % of GDP Source: MOF Current expenditures jumped due to the pandemic-related expenses, while capital expenditures remained very high 30% 26.2% 25.2% 22.6% 23.0% 21.3% 21.4% 22.1% 21.6% 21.4% -3.0% -2.7% -2.5% 20% -4.4% -6.9% 7.9% 8.6% 8.1% 7.5% 10% 5.7% 6.4% 6.9% 6.9% 7.0% -9.3% Bilateral 17% Eurobond 5% 0% 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F ...Current Expenditures ** Capital Expenditures (Acquisition of Non-financial Assets) 147 GEORGIA CAPITAL

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