Investor Presentaiton

0% -2% -0.3% -1.8% -4% -6% -8% -10% 2003 2004 2005 Sources: MOF 70% 60% 50% 40% 30% 20% 10% 0% 2003 Low public debt Public debt as % of GDP is capped at 60% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018F ――Total public debt to GDP, % --External public debt to GDP, % Fiscal deficit Source: MOF Note: Deficit calculated based on IMF's GFSM-1986 methodology -2.6% -3.4% -4.8% -6.5% 2006 2007 Fiscal deficit (GFS 1986) 2008 -9.2% 2009 N 2010 -6.7% 2011 2012 2013 2014 2015 2016 2017 2018F Breakdown of public debt Source: MOF, as of 31 December 2017 70% 60% 50% 40% 30% Multilateral 57% 20% Domestic 21% External 79% 10% 0% Source: MOF Current vs Capital Expenditure 100% 80% 79.8% 79.9% 81.6% 78.0% 79.9% -2.8% -2.6% 60% 75.9% 72.4% 73.3% 74.1% 74.7% -3.2% -3.3% -3.6% -3.7% -4.1% -3.9% 40% 27.6% 26.7% 25.9% 24.1% 25.3% 20.2% 20.1% 22.0% 18.4% 20.1% 20% 90 0% ―― Current Expenditures -- Capital Expenditures and net lending Bilateral 13% Eurobond 8% Page 71 GEORGIA CAPITAL

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