Georgia Capital PLC Investment Overview

Low public debt Public debt as % of GDP is capped at 60% Sources: MOF External public debt to GDP, % 70% 60% 50% 40% 30% 20% 10% 0% 2006 2007 Breakdown of public debt Source: MOF, as of December 2018 70% Total public debt to GDP, % 60% 50% 40% Multilateral 59% Domestic 30% 19% External 81% 20% 10% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F Bilateral 14% Eurobond 7% GEORGIA CAPITAL Modified Fiscal deficit, % of GDP (IMF programme) Current vs Capital Expenditure Source: MOF Source: MOF consolidated budget expenditure + increase in nonfinancial asset is -1 capped at 30% of GDP 100% 100% -1.2 78.5% 80.5% 75.6% 74.3% 75.5% 76.2% 76.0% -1.4 80% 80% -1.6 -1.8 60% 60% -2 40% 24.4% 25.7% 24.5% 23.8% 24.0% 40% 21.5% -2.2 19.5% -2.5 -2.4 -2.6 20% 20% -2.7 -2.7 -2.6 -2.8 -2.9 -2.9 0% 0% -2.8 -3.0 2015 2016 2017 2018 2019F 2020F 2021F -3 % 2015 2016 2017 2018E 2019F 2020F 2021F 2022F Capital Expenditures and net lending Current Expenditures Page 63

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