1Q20 Results Discussion

-2% Low public debt Public debt Sources: MOF Breakdown of public debt Source: MOF, as of 31 March 2020 70% Low public debt ensures a strong position to borrow to fight the pandemic, with IMF expecting public debt to rise to around 60% 50% 40% 50% 30% 30% 20% Domestic 20% External 80% 10% -10% 10% 2010 2013 2014 2015 2016 2017 2018 2019 0% Source: MOF 0% External public debt to GDP, % Overall Balance, % of GDP (GFSM 2001) Total public debt to GDP, % -0.8% -0.7% -1.0% -1% -1.3% -3.0 -3% -4% % 2014 2015 2016 2017 2018 Multilateral 57% Bilateral 15% Eurobond 7% Current vs Capital Expenditure, % of GDP Source: MOF Capital expenditures reached record highs in 2019 and will prove key in the fiscal stimulus 30% 25% 20% 25.1% 22.7% 23.9% 23.5% 24.8% 25.5% 24.1% 23.7% 21.5% 21.7% 15% -2.7% 10% 5% 7.3% 7.1% 6.2% 6.6% 5.5% 4.0% 0% 2010 2011 2012 2013 4.4% 3.5% 2014 2015 3.9% 2016 2017 4.4% 2018 2019 2019 Current Expenditures Capital Expenditures (Acquisition of Non-financial Assets) Page 75 GEORGIA CAPITAL

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