Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698058649563.pdf (Georgia)
Medical insurance business overview and strategy Speaker: Givi Giorgadze, COO GHG Investor Day Tbilisi, Georgia | June 2019 ghg.com.ge Medical Insurance | Overview Medical Insurance | Transformation Medical Insurance | Strategy going forward Q&A Contents 2 Medical insurance business overview Medical Insurance share in the Group’s revenue– GEL 17.5 million in 1Q19 Contribution to the Group’s other segments Medical Insurance share in the Group’s gross profit– GEL 1.8 million in 1Q19 7% Highlights Loss ratio (%) Net income (GEL, millions) Combined ratio excluding IFRS 16 (%) (1) Including customer co-payments 2% GEL 7.7 million contribution to the Group’s 1Q19 revenue(1) GEL 2.5 million contribution to the Group’s 1Q19 gross profit c.230,000 insured clients 1Q19 85.3% 0.5 97.9% 3 GHG medical insurance business – How it works Patient pathway Managed flow Family doctor Providers GHG Hospitals & Clinics GHG Pharmacy and distribution Other providers Free flow Non providers 4 Monetising the Group synergies Managed flow vs free flow GHG vs providers *By number of claims excluding dental 120% *By number of claims excluding dental 120% 100% 80% 60% 40% 20% 0% 24% 76% 25% 75% 27% 73% 22% 78% 100% 80% 60% 40% 20% 0% 2017 2018 Free flow Managed flow 2017 2018 GHG providers Other providers 85% / 15% (in 5 years) FY18 revenue to GHG other segments 23.3(1) million FY18 Gross profit to GHG other segments 7.3 million (1) Including customer co-payments 5 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Market
 share by revenue – GHG vs VIG Market share by number of insured – GHG vs VIG PMI market development 35.3% 36.3% 37.1% 27.9% 27.9% 25.8% 31.1% 31.5% 39.2% 33.3% 33.9% 29.2% 22.5% 19.7% 41.6% 21.5% 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2016 2017 GHG 2018 1Q19 2016 2017 2018 1Q19 VIG GHG VIG 2016-19E PMI market CAGR 8% Medical insurance market competition Loss ratio dynamics (Gross premium revenue FY18, GEL million)(1) 38 % Vienna Insurance Group GHG in medical insurance Ardi PSP 21
 14 IC Group 4 Aversi 7 53 c.33% as of now Other 28 (1) ISSSG as of 31 December 2018 73 36% 27% 11% 7% 2% 3% 14% 110.0% 90.0% 70.0% 50.0% GHG VIG Rest of the market FY16 84.1% 76.8% 99.0% FY17 84.2% 79.8% 103.8% FY18 77.3% 83.2% 93.7% 6 Medical Insurance | Overview Medical Insurance | Transformation Medical Insurance | Strategy going forward Q&A Contents 7 2016 2017 2018 2019 Loss c.5 million • Exit from the largest loss- making contract • Initiation of OpEx reduction activities worth c.1 million p.a • Changes to the UHC with estimated effect on claims worth c.(3) million p.a.
• Cancellation largest re-pricing loss- and of making contracts worth c.2 million p.a.

• The largest PMI contract worth million c.16 acquired; • Introduction of compulsory “boarder” MTPL insurance with c. 1 million p.a.
effect Profit c.3 million Since 2016 • Two largest PMI contracts in the Country worth c.31 million acquired 8 Turnaround in numbers GEL thousands, unless otherwise noted Revenue, net Net insurance claims Cost of services Gross profit / Underwriting result Gross margin EBITDA(1) Profit for the period(1) 2016 2017 61,494 (51,701) (55,772) 5,722 9.3% (2,029) (4,927) 53,710 (45,209) (48,583) 5,127 9.5% (436) (2,602) Change; Y-o-Y 2016-2017 -12.7% -12.6% -12.9% -10.4% 0.2% NMF NMF Loss Ratio Combined ratio(1) 84.1% 104.7% 84.2% 102.5% 2018 55,112 (42,584) (45,427) 9,685 17.6% 4,051 2,949 77.3% 94.0% Change; Y-o-Y 2017-2018 2.6% -5.8% -6.5% 88.9% 8.1% NMF NMF 1Q19 17,493 (14,914) (15,683) 1,810 NMF 562 478 85.3% 97.9% (1) Excluding IFRS 16 9 Medical Insurance | Overview Medical Insurance | Transformation Medical Insurance | Strategy going forward Q&A Contents 10 GHG Medical Insurance GHG Hospitals GHG Clinics Value for a customer GHG Pharmacy and distribution GHG Diagnostics Customer centricity Effortless process by removal of bureaucracy through digital optimisation Service quality control initiatives Develop a digital communication strategy with aim to continue to promote health, prevent disease and provide patient-centred care that meets insureds' needs 11 GEL thousands, unless otherwise noted Total non-PMI gross profit: Non-PMI to total gross profit 2018 2,070 21% 2017 Change, Y-o-Y 1,553 33% Fee business model Fees from other non-PMI product distribution Fees from motor CASCO distribution 230K customers Fees
 from motor TPL distribution Enhance gross profit through implementation of fee business 12 Next 5-year strategic focus Increase market share by growing the book to 300,000 insureds Increase contribution to the Group segments through customer- centric process Enhance gross profit through introduction of “fee business” Insurance gross profit from c.GEL 10 million Insurance gross profit to GHG’s segments from c.GEL 7 million To GEL 36 million (Total gross profit contribution to GHG) 13 Questions?
GHG Investor Day Tbilisi, Georgia | June 2019 ghg.com.ge Disclaimer This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development.
Although Georgia Healthcare Group PLC believes that the expectations and opinions reflected in such forward- looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct.

By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements.
Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, certain of which are beyond our control, include, among other things: business integration risk; compliance risk; recruitment and retention of skilled medical practitioners risk: clinical risk; concentration of revenue and the Universal Healthcare Programme; currency and macroeconomic; information technology and operational risk; regional tensions and political risk; and other key factors that we have indicated could adversely affect our business and financial performance, which are contained elsewhere in this document and in our past and future filings and reports, including the “Principal Risks and Uncertainties” included in Georgia Healthcare Group PLC's Annual Report and Accounts 2018.
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Georgia Healthcare Group PLC undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
Nothing in this document should be construed as a profit forecast 15