Investor Presentaiton

Low public debt Public debt as % of GDP is capped at 60% 70% 50% 30% 10% -10% -1 -1.4 -1.8 -2.2 Sources: MOF 2010 2011 2012 2013 2014 2015 2016 2017 External public debt to GDP, % Total public debt to GDP, % Modified Fiscal Deficit, % of GDP (IMF programme) Source: MOF -2.6 -3.0 -3 % 2016 -2.7 2017 Breakdown of public debt Source: MOF, as of December 2019 50% 40% 30% 20% Domestic 20% External 80% 10% 0% Source: MOF Current vs Capital Expenditure, % of GDP Multilateral 56% Bilateral 15% Eurobond 7% 30% 24.6% 22.6% 25% 21.3% 21.3% 21.5% 21.6% 21.6% 21.7% 20% 15% -2.3 -2.4 10% 4.8% 5.7% 6.4% 7.1% 6.9% 6.6% 6.4% 6.2% -2.5 -2.6 -2.6 -2.7 5% 0% 2016 2017 2018 2019E 2020F 2021F 2022F 2023F 2018 2019E 2020F 2021F Current Expenditures Capital Expenditures (Acquisition of Non-financial Assets) Page 68 GEORGIA CAPITAL

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