Investor Presentaiton

-10% 2010 2011 -5% -5.3% 2012 2013 2014 2015 0% Fiscal balance as % of GDP -2.0% -1.7% 2016 2017 Fiscal consolidation on the back of strong economic growth -1.9% -2.4% -2.7% -2.3% 2018 -2.6% -2.8% -2.1% -2.5% 2,000 -3.0% 1,800 1,600 1,400 1,200 -6.1% 1,000 800 600 400 200 -9.3% Source: MOF Note: Estimates as of 2024 budget law. Deficit calculated as net lending / borrowing minus budget lending. 2019 2020 2021 2022 2023E Source: MOF Consolidated budget tax revenues, GEL m 2021 2022 2023 +13.5% y-o-y growth in 2023 (+29.9% in 2022) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 57 40

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