Bank of Georgia Financial Analysis

70% 60% 50% 40% 30% 20% 10% 0% 2003 2004 2005 2006 2007 2008 2009 BANK OF GEORGIA Total public debt to GDP, % 2010 2011 LOW PUBLIC DEBT Fiscal deficit 4% 2.0% 2% 3.1% 2.2% 0% 0.4% -2% -1.2% -4% -6% -8% -10% 2003 2004 2005 2006 2007 2008 2009 2010 -1.7% -2.3% -2.8% -3.0% -2.5% -2.9% 2.1% -2.1% -2.7% -2.9% -2.6% 5.6% -6.9% 2011 Fiscal deficit / surplus (IMF program definition) Note: Deficit calculated as net lending / borrowing minus budget lending 2012 2013 2014 2015 2016 2017 Public debt as % of GDP Public debt/GDP capped at 60% 2012 2013 2014 2015 2016 2017 2018 External public debt to GDP, % 2019F º 2020F Source: MOF, Geostat 2018E 140% 70% 120% 60% 100% 50% 80% 40% 60% 30% 40% 20% 20% 10% 0% 0% Russia Breakdown of public debt Source: Ministry of Finance of Georgia Source: Ministry of Finance of Georgia, as of Dec-2018 2019F 2020F Kazakhstan Uzbekistan Turkey Moldova Czech rep. Latvia Lithuania Romania Domestic 21% Multilateral 56% External 79% Bilateral 13% Eurobond 8% Gross government debt/GDP, 2018E 44.8% Georgia Slovakia Poland Armenia Belarus Slovenia Ukraine Hungary Montenegro Croatia Canada Spain Singapore 42 42 Italy Source: IMF, MOF, Geostat External public debt portfolio weighted average interest rate 2.27% Contractual maturity 22 years

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