Renewable Energy Business Overview

-10% -12% 2014 20% 30% 2010 2011 2012 Overall Balance (IMF Modified), % of GDP 2013 2014 2015 2016 2017 2018 2019 2020 Source: MOF 0% -2% -4% -2.8% -2.7% -2.3% -2.0% -3.0% -2.7% -6% -8% 2015 2016 2017 2018 2019 2020 DEBT AND FISCAL DEFICIT ON COURSE FOR CONSOLIDATION Public debt Breakdown of public debt Source: MOF, as of 30 June 2021 GEORGIA CAPITAL Sources: MOF Public debt is expected to fall to 52% of GDP, with a consolidation plan in place for the medium run External public debt to GDP, % Total public debt to GDP, % 60% 60% .52.2% 48.5% 50% 50% Multilateral 42.2% 58% 40% 34.8% 40% Domestic 20% External 80% -9.3% 2021F -6.7% 2022F 2023F 2024F 2025F 2021F 2022F 2023F 2024F 2025F 20% 30% -3.0% -2.7% -2.5% 30% 26.2% 24.7% 22.6% -4.4% 21.3% 21.4% 22.0% 22.0% 21.6% 21.3% 20% Current vs Capital Expenditure, % of GDP Source: MOF Expenditures to decelerate in the medium run, although capital expenditures set to remain elevated in 2021-2022 ....Current Expenditures **** Capital Expenditures (Acquisition of Non-financial Assets) 7.9% 8.6% 7.9% 8.2% 10% 5.7% 6.4% 6.6% 6.4% 6.5% 0% 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F 89 Bilateral 17% Eurobond 5%

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