OPEX Ratio Alignment & Portfolio Valuation Overview

2014 2015 -2.3% -2.0% -2.7% וויייייי -6.3% -9.3% Source: MoF 0% -2% -4% -2.8% -2.7% -3.0% -6% -8% -10% -12% Georgia Capital PLC | Source: Ministry of Finance 2016 2017 2018 FISCAL DEFICIT TO FALL TO 3.5% IN 2022 ON THE BACK OF EXCEPTIONAL REVENUE PERFORMANCE AND MODERATING EXPENSES PUBLIC DEBT Sources: MoF 60% 50% 40% 30% 20% 2010 ▬▬External public debt to GDP, % -Total public debt to GDP, % 59.9% 2011 2012 2013 2014 2015 2016 2017 2018 49.4% 47.5% 41.4% 39.8% 28.0% OVERALL BALANCE (IMF MODIFIED), % OF GDP 2025F 2026F GEORGIA CAPITAL FISCAL SUPPORT HAS BEGUN MODERATING Fiscal support moderated in 2022, with current expenditures growing by 9% y-o-y and capital expenditures expanding by 4% y- o-y in 1H22, as opposed to 19% and 28% y-o-y respectively in 1H21; ➤ As a result of double-digit economic growth, tax revenues grew by 34% y-o-y in 1H22, facilitating a 34% growth in overall fiscal revenues (consolidated budget); The overall fiscal deficit fell by 94% y-o-y in 1H22, on the back of a slowdown in expenditures and exceptional revenue performance, while the operating balance improved from GEL -290 mln in 1H21 to GEL 1.4 bln in 1H22; The government committed to reducing the fiscal deficit to 3.6% of GDP in 2022, with the deficit set to fall under 3% from next year. 2022F 2023F 2026F 2025F -3.6% 2026F -2.8% -2.3% -2.3% -2.2% 81

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