Georgia Capital Shareholder and Market Opportunity Overview

-8% -10% -6% 0% 60% 55% 50% 45% 40% 35% 30% 25% 20% Public debt increased to 59.9% of GDP, with a consolidation plan in place for the medium run PUBLIC DEBT TO DECREASE THROUGHOUT THE MEDIUM RUN Public debt Sources: MOF Breakdown of public debt Source: MOF, as of 31 December 2020 External public debt to GDP, % 2018 Overall Balance (IMF Modified), % of GDP Source: MOF -2% -2.0% -2.3% -2.8% -2.7% -2.7% -3.0% -4% -9.3% 2021F -7.6% 2022F 2019 2020 2021F 2022F 2023F 2024F Total public debt to GDP, % 65% 60% 55% 50% Multilateral 45% 55% 40% 35% Domestic 21% External 79% 30% 25% 20% Bilateral 18% Eurobond 6% Current vs Capital Expenditure, % of GDP Source: MOF Current expenditures jumped due to the pandemic-related expenses, while capital expenditures remained very high 30% 27.1% 25.1% 23.2% 22.6% 22.8% 22.2% 25% 21.3% 21.0% -2.6% 20% -3.1% 15% -4.4% 7.9% 7.7% 7.9% 7.0% 10% 6.4% 6.3% 6.5% 5.7% 5% 0% 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2023F 2024F ...Current Expenditures Capital Expenditures (Acquisition of Non-financial Assets) 80 GEORGIA CAPITAL

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