Georgia Capital Investor Day

We expect Georgia to obtain investment grade rating in 2024 Current grade GEORGIA CAPITAL Rating Agency Rating Outlook Affirmed/upgraded MOODY'S Ba2 Stable September 2018 S&P Global BB- Positive Fitch Ratings BB Stable April 2019 February 2019 Major targets Current actions ■ FTAs; Pension reform; External imbalances Banking sector risk- dollarization Capital market developments; Increasing FX reserves; ■ Structural reforms enhancing long-run growth; ■ De-dollarization program; Macro-prudential measures; Improving financial literacy; Responsible lending; Expected investment grade rating in 2024 19

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