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Georgia Healthcare Group A Unique Investment Story Investor Presentation March 2015 DISCLAIMER This presentation contains forward-looking statements that are based on current beliefs or expectations, as well as assumptions about future events.

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2 A Unique Investment Story Supported by Compelling Themes GHG’s(1) market leading position, a unique business model with significant growth potential and highly experienced management team make it a credible investment opportunity 1 Market and Quality Leader  Largest market share: 22.5% market share in healthcare services by number of beds, with over 37.0% share in West Georgia(1);  Largest market share: 22.0% market share in healthcare services Unique “geographic cluster” footprint for hospital services; 37.0% by number of beds, with over 38.0% share in West Georgia; (2) market share in health insurance(2) Unique “geographic cluster” footprint for hospital services; 36.7%  Widest population coverage: Network of 38 high quality hospitals market share in health insurance(3) and ambulatory clinics(3), with modern equipment, providing coverage to over 2/3 of Georgia's 4.5 mln(4) population and ambulatory clinics(4) with modern equipment, providing  Institutionalizing the industry: Strong corporate governance, coverage to over 2/3 of Georgia's 4.5mln population(5) standardized processes, on-going EQS implementation(5), world  Institutionalizing the industry: Strong corporate governance, renowned partners, own personnel training centre standardized processes, on-going EQS implementation,(6) world renowned partners, own personnel training centre  Widest population coverage: Network of 39 high quality hospitals Significant Growth Opportunities 2  Attractive macro:(7) Georgia – one of the fastest growing countries in Eastern Europe, open and easy(8) emerging market to do business, with real GDP growing at a CAGR of 5.9% between 2004-13  Favourable healthcare environment: Supportive government policy aimed at increasing accessibility and quality of healthcare services in Georgia  Further expansion: Opportunities to increase penetration in Tbilisi (largest market), where GHG is scaling up its presence through acquisition and development of hospitals and ambulatory clinics  Non-organic growth opportunity:
 Potential for further consolidation in a highly fragmented Georgian healthcare sector 3 Integrated Synergistic Business Model Strong Management with Proven Track Record 4  “Patient capture” model – Cost advantage through vertical integration – Referral system & cluster model: – Strong presence across patient treatment pathways from local doctors (GPs) to specialised hospitals / centres – Synergies with insurance: – Insurance activities bolster hospital patient referrals Sources:  Valuable international healthcare experience  In-depth knowledge of the local market  Strong business management team and corporate governance, exceptional in Georgia’s healthcare sector  Successful M&A track record – acquired and integrated over 20 companies in the past decade, including over 25 healthcare facilities between 2011-14(4)  Strong and supportive shareholder: Currently, GHG is a 100% subsidiary of Bank of Georgia Holdings PLC, only entity from Georgia listed on the premium segment of the main market of the London Stock Exchange (LSE:BGEO), part of FTSE 250 index (1) (2) (3) (4) (5) (6) (7) (8) Georgia Healthcare Group to be established in Georgia and the UK Market share by number of beds.
Source: National Center for Decease Control, data as of December 2012, updated by company to include changes before 31 December 2014 Market share by gross revenue; Insurance State Supervision Service Agency of Georgia as of 30 September 2014 GHG internal reporting Geostat.ge, data as of 1 January 2014.
Coverage refers to geographic areas served by GHG facilities EQS are Evex Quality Standards developed at Evex for internal control and quality management (benchmark mainly based on JCI and EU standards) to analyse and improve clinical outcomes of hospital operations Euromonitor, World Bank’s 2012 “Ease of Doing Business Report”, other public information.

Ranked #15 (of 189 countries) in World Bank’s 2015 “Ease of Doing Business Report”, ahead of all its neighbouring countries and several EU countries.
3 1 CLEAR MARKET LEADER (1/3) GHG is the largest, integrated healthcare and health insurance provider in Georgia and is growing COMPANY OVERVIEW REVENUES Largest healthcare service provider in Georgia (JSC Evex Medical Corporation) GEL mln(6) – – – – 22.0% market share(1), more than 4x the size of the nearest competitor Over 2/3 of population covered(2) Operating 33 hospitals and 6 ambulatory clinics(3) 2,140 beds(3) Leading health insurance business (JSC Insurance Company Imedi L) – – 36.7% market share(4), 75% larger by revenue than the nearest competitor Insuring 196 thousand people(3) c. 8,011 full time employees, including 2,394 doctors(5) Currently 100% subsidiary of Bank of Georgia Holdings PLC, only entity from Georgia listed on the premium segment of the main market of London Stock Exchange (LSE:BGEO), part of FTSE 250 index 200 180 160 140 120 100 80 60 40 20 - 189.7 157.5 138.5 119.4 67.7 85.2 39.5 16.6 FY2011 FY2012 FY2013 FY 2014 Imedi L Evex GHG Evex revenue growth, y-o-y Note: Evex and Imedi L revenues do not add up to GHG revenues due to intercompany eliminations SETTING NEW STANDARDS IN GEORGIA’S HEALTHCARE In-house training centre for doctors and nurses and utilisation of modern equipment Ability to attract highly experienced physicians Straightforward procedures, efficient claims settlement and flexible premium policy Collaborations with Mayo Clinic, Emory School of Medicine, University Research Corporation (URC), John Snow, Inc. (JSI), Rostropovich - Vishnevskaya Foundation (RVF), Development Credit Authority (DCA), USAID Upholding ethical standards (GOG, WHO, Helsinki Declaration, US Gov.
DHHS/OHRP) On-going Evex Quality Standards („EQS“) implementation, which is developed at Evex for internal control and quality management (benchmark mainly based on JCI and EU standards) to analyse and improve clinical outcomes of hospital operations EBITDA GEL mln(6) Sources: (1) (2) (3) GHG internal reporting: hospital related data as of 31 December 2014; number of insured as of 31 December 2014 Market share by number of companies beds.
Source: NCDC, data as of December 2012, updated by company to include new facilities acquired before 31 December 2014 Source: Geostat.ge, data as of 1 January 2014, coverage refers to geographic areas served by GHG (4) (5) (6) 40 35 30 25 20 15 10 5 - (5) 34.9 27.4 37.8 36.9 26.7% Evex EBITDA margin 22.6 14.0 3.9 3.2 FY2011 FY2012 FY2013 FY 2014 Imedi L Evex GHG Evex EBITDA growth , y-o-y Market share by gross revenue; Insurance State Supervision Service Agency of Georgia as of 30 September 2014 As of 31 December 2014; number of full time employees including Tbilisi ambulatory clinic (Nutsubidze) opened in Q4 2014 GEL to USD exchange rate is 1.8636 as of 31 December 2014.
Source: nbg.gov.ge 4 1 CLEAR MARKET LEADER (2/3) Broad geographic coverage and diversified healthcare services network covering 2/3 of Georgia’s population Extensive Geographic Coverage(1) Geographically Diversified Network Regional market shares(2) Bubble size denotes relative size based on % of population(3) The Capital city Tbilisi Kakheti Imereti Ajara Samegrelo Samtskhe Network of healthcare facilities 2/3 of population covered 2,140 hospital beds 33 hospitals 6 ambulatory clinics operated by GHG Russian Federation 15 15 15 15 15 Tsalenjikha Chkhorotsku 220 15 124 20 Khulo Adigeni 15 Terjola 152 15 25 Akhaltsikhe 50 Georgia 266 60 82 110 60 + + Tbilisi Akhmeta + Telavi Kvareli 70 21 Akhalkalaki 35 25 Ninotsminda Armenia Azerbaijan Black Sea + 70 Poti 70 186 15 Zugdidi Khobi Chakvi + Abasha Kobuleti Martvili Khoni Tskaltubo Tkibuli Kutaisi 45 + 134 Batumi 120 Shuakhevi Keda 19 15 26 Turkey N N + Referral and Specialty Hospitals Community Hospitals Ambulatory Clinics Regions of Presence Sources: (1) (2) (3) GHG internal reporting – data as of 31 December 2014 Market share by number of beds.
Source: NCDC, data as of December 2012, updated by company to include changes before 31 December 2014.
Market shares by beds are as of 31 December 2014 Geostat.ge, data as of 1 January 2014 14.1% 22.8% 1 #1 1 #1 38.8% 1 #1 38.0% 1 #1 Tbilisi Market share up from 1.3% at YE2013 1.9x higher hospitalization rate in Tbilisi vs Georgian average 70% 68.6% 1 #1 51.3% 1 #1 35% 0% 5 1 CLEAR MARKET LEADER (3/3) in a Fragmented Competitive Landscape Leader in Georgia with clear and established #1 market positions in healthcare services and health insurance Healthcare Services (Hospitals) Health Insurance # of Beds (# of Hospitals) Gross premium revenue, GEL mln ) 1 ( s l a t i p s o H n a i g r o e G y e K GPIH-IRAO 484 (18) Gudushauri- Chachava 483 (1) HMTC 450 (1) Aversi 225 (5) 2,140 (39) 22% 1 #1 5% 5% 5% 2% ) 2 ( s r e r u s n I h t l a e H n a i g r o e G y e K 60.2 GPI Holding 34.3 Irao IC 21.7 15.3 Alpha 10.5 Other 22.1 Sources: (1) (2) Market share by number of beds.
Source: NCDC, data as of December 2012, updated by company to include changes before 31 December 2014 Market share by gross revenue; Insurance State Supervision Service Agency of Georgia as of 30 September 2014 1 #1 37% 21% 13% 9% 6% 13% Market share 6 2 SIGNIFICANT GROWTH PROSPECTS Georgia | Rapidly Developing Reform Driven Economy Area: 69,700 km2 Population (2012): 4.5 million people Life expectancy: 77 years Official language: Georgian Literacy: 100% Capital: Tbilisi (Population of 1.2 million people) Currency: Lari (GEL) GDP: 2013 GEL 26.8bn (US$16.1bn) (1) 2014E-2019E Real GDP growth rates: 5.0% (2) Real GDP CAGR 2003-13: 5.8% (3) GDP per capita 2014E (PPP) per IMF: US$7,666 Inflation rate (e-o-p) 2013: 2.4% External public debt to GDP 2013: 27.0% Sovereign ratings: #1 Top Reformer Ease of Doing Business Best Improvement since 2005 Abkhazia Samegrelo-Zemo Svaneti Racha-Lechkhumi and Kvemo Svaneti Mtskheta- Mtianeti Imereti Shida Kartli Samtskhe- Javakheti Kvemo Kartli Guria Adjara Kakheti Tbilisi BB-/B/Stable, affirmed in May 2014 S&P Moody’s Ba3/NP/Positive, affirmed in September 2014 with upgraded outlook Fitch BB-/B/Positive, affirmed in October 2014 with upgraded outlook (1) According to Geostat.
(2) Sources: Ministry of Finance of Georgia, Geostat, IMF, Government of Georgia Presentation (Georgia.gov.ge) IMF World Economic database (October 2014).

(3) EIU as at February 2015.
7 2 SIGNIFICANT GROWTH PROSPECTS Georgia | Strong Economic Performance Georgian Economy Grew Faster than DM and Most of EM Countries… Real GDP CAGR 2005-14 …Fueled by Liberal Reforms… …Which Removed Excessive Administrative Burden from Business #1 Georgia is the top improver on the World Bank’s Ease of Doing Business report since 2005, rising from 113th in 2005 to 15th in 2014  Georgia has implemented one of the most radical market and government reforms and programme of economic liberalisation in the former Soviet Union states  Massive privatisation lead to reduction of the public sector and its influence on the country’s economy  Significant improvement in the business environment resulted in annual net FDI inflow at average rate of 10% of GDP since 2005         Significant reduction of bureaucracy Overall, c.70% of business-related licenses and c.90% of permits were abolished One-stop shops for all business-related administrative procedures commenced operations Taxation was simplified with the total number of taxes reduced from 21 to 6   Main import tariffs and fees were substantially abolished Prudent Fiscal Policy “Economic Liberty Act” as of January 2014 Monetary Policy Aims to Maintain Price Stability Monetary policy aims to maintain price stability with medium-term inflation target defined at 3%         Consolidated budget spending capped at 30% of GDP Consolidated budget deficit capped at 3% of GDP Guideline to keep the budget debt below 60% of GDP Y - o - Y % , h t w o r G I P C Any new national tax or increase of upper rates of existing taxes must be approved by referendum, except for temporary measures Sources: Broker research, EIU Estimates as at February 2015, FactSet as at 26 February 2015.
8 8.3% 9.2% 9.2% 10.0% 1.7% 7.1% 8.6% (0.9%)(0.5%)3.3% 2005200620072008200920102011201220132014E1.0%1.4%2.8%3.1%3.1%3.5%3.8%3.9%4.9%5.3%7.1%UKUSSouth AfricaThailandRussiaUAETurkeyPolandMalaysiaGeorgiaIndia 2 SIGNIFICANT GROWTH PROSPECTS Top Improver on World Bank’s Ease of Doing Business Report Ease of Doing Business | 2015 (WB-IFC Doing Business Report) Economic Freedom Index | 2015 (Heritage Foundation) 6 7 8 15 17 Norway USA UK GEORGIA Estonia Montenegro Bulgaria Armenia Romania Turkey Belarus Russia Kazakhstan Azerbaijan Serbia Ukraine 36 38 45 48 55 57 62 77 80 91 96 12 8 13 22 USA Estonia UK GEORGIA Hungary Latvia Romania Bulgaria France Turkey Italy Azerbaijan Russia Ukraine 37 54 57 55 73 70 80 85 Global Corruption Barometer | TI 2013 143 162 1% 3% 4% 5% 6% 7% 7% 8% Denmark Norway GEORGIA UK Estonia US Romania Bulgaria Czech Republic Armenia Latvia Turkey Greece Serbia Lithuania Kazakhstan Ukraine 15% 18% 19% 21% 22% 26% 26% 32% 37% GEORGIA - No 1 Reformer 2005-2012 (WB-IFC Doing Business Report) Sources: Transparency International, Heritage Foundation, World Bank 9 2 SIGNIFICANT GROWTH PROSPECTS Georgia | Positive Economic Outlook Gross domestic product Clear Strategy to Achieve Long Term Growth 20 15 10 5 0 -5 12.6% 11.1% 5.1 4.0 9.4% 9.6% 5.9% 10.2 7.8 6.4 12.8 10.8 2.6% 6.2% 11.6 14.4 7.2% 15.8 16.1 16.5 6.4% 4.7% 3.3% -3.7% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E Nominal GDP (US$bn) Real GDP growth, y/y (%) 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% Sources: Geostat, IMF GDP composition, FY 2013 Hotels and restaurants 2% Other 10% Financial intermediation 3% Communication 3% Electricity, gas and water supply 3% Education 5% Health and social work 6% Real estate 6% Wholesale and retail trade 17% Manufacturing 11% Public administartion 10% Construction 7% Transport 8% Agriculture, hunting and forestry and fishing 9% Sources: Geostat, Ministry of Finance, National Bank of Georgia Research.
Liberal Reforms and Prudent Policy Liberty Act, which became effective in January 2014 seeks to ensure a credible fiscal and monetary framework: Government expenditure/GDP capped at 30% Budget deficit/GDP capped at 3% Government debt/GDP capped at 60% Regional Logistics and Tourism Hub Proceeds from foreign tourism estimated at US$1,720m in 2013 up 22% y- o-y, 5.4m visitors in 201, (up 22%) ; 4.2m visitors in 9M ‘14 (up 2%) Regional energy transit corridor with approx.
1.6% of world’s oil production and diversified gas supply passing through the country Strong FDI Strong FDI inflows diversified across different sectors (US$942m in 2013) Net remittances of US$1.3bn in 2013 (up 8%); US$955m in 9M’14 FDI averaged 10% of GDP in 2003-2013 Support from International Community Georgia and the EU signed an Association Agreement in June 2014 and Georgia’s parliament ratified the agreement in July 2014.
The deal includes a DCFTA, which is the major vehicle for Georgia’s economic integration with the EU Discussions commenced with the USA to drive inward investments and exports Strong political support from NATO, EU, US, UN and member of WTO since 2000 Substantial support from DFIs, the US and EU Diversified trade structure across countries and products Limited dependence on Russia which accounts for c.10% of exports and c.7% of imports Cheap Electricity Only 18% of hydropower capacity utilized; 40 hydropower stations are being built/developed Net electricity exporter from 2007-2011 (net importer in 2012 and 2013 due to low precipitation) Significantly boosted transmission capacity in recent years 10 2 SIGNIFICANT GROWTH PROSPECTS Growth Oriented Reforms Healthcare sector supported by strong GDP growth and high relative expenditure on healthcare High relative expenditure on healthcare(1) Health expenditure % of GDP 20 15 10 5 0 But 38% is pharmaceuticals 100% funded privately 16-17% in Europe With demand driven by an ageing population in increasing need of healthcare(2) Population split by regions Population split by age group Imereti 15% Tbilisi 28% Adjara 9% Samegrelo 8% Other 26% Kakheti 9% Samtskhe 5% Age 65+ 14% Age 0-14 17% Age 45-64 26% Age 15-24 14% Age 25-44 29% Healthcare spending grew at 15.9% CAGR between 2001 - 2011(3) 3,300 In USD mln 10.3% 10.2% 11.5% 2,800 2,300 1,800 1,300 800 300 (200) -0.5% International Aid State Private Total Healthcare Expenditure Share in GDP Sources: (1) World Bank | 2012; MOH, HSPA 2013 (2) (3) (4) World Bank | 2012 Geostat.ge, data as of 1 January 2014 moh.gov.ge, NHA 2013, WHO, 2013 High
 private spending share of 79%(3) …Low per capita expenditure on health(4) 3% 18% 79% Private State International Aid current prices, USD 10,000 8,000 6,000 4,000 2,000 0 USD 328 in Georgia 11 2 SIGNIFICANT GROWTH PROSPECTS Favorable Government Healthcare Policy (1/2) Expanding health insurance coverage and creating opportunities for private participation (via top-ups) has been the key impact of the Universal Health Care reform Before 2014 Healthcare reform After 2014 Patients Coverage of healthcare expenses: Out of pocket State Private insurance = 0.5 million patients 2mln people (c. 45% of population) without healthcare coverage 4mln people receive basic coverage of healthcare needs from state ` • • 2mln people (c. 45% of population) covered by state funded insurance program (since 2007), managed by private insurance companies who received insurance premium from state Provider choice: limited for patients with private insurance companies using preferred list of providers to manage patient flow • 0.5mln privately insured people Sources: (1) World Bank – UNICO Studies Series No.
16, Georgia’s Medical Insurance Program (2) (3) GHG internal reporting IMF Georgia: IMF Country Report No.
13/264 • with substantial co-payments from patients newly covered by state • Any private or public licensed hospital in Georgia is eligible to participate • Reform consolidates administration of all government funded healthcare programmes under state • • and patient has free choice of provider 0.5mln privately insured people continue to hold their policies 12 2 SIGNIFICANT GROWTH PROSPECTS Favorable Government Healthcare Policy(2/2) Infrastructure renewed, although significant opportunity remains to improve service quality Bed capacity close to levels in the United States and Europe …(1) Number of beds 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Specialty beds Soviet-era New beds 2,689 3,480 6,247 Target Market* Private new beds 60% Optimising bed capacity over the years (Total number of beds) Cold war legacy 43,200 Public soviet- era beds 13% Public new beds 3% 31,700 21,300 Private soviet- era beds 23% 1990 1995 2000 2006 2010 2014 16,500 12,100 12,416 Capacity-wise Georgia stands alongside US, UK and Turkey(2) Beds per 1,000 people 15 10 - Note: (*) Target market bed capacity = Total market bed capacity of 12,416 beds - 2,689 specialty beds at penitentiary, TB and psychiatric clinics However, physician overcapacity yet to be addressed(2) 1:1.6 Nurse to Doctor ratio (3) Number of physicians per 1,000 people 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0. With significant room for optimization in terms of service quality, as indicated by: under 5 mortality rate…(2) Under 5 mortality per 1,000 live births … and life expectancy at birth(2) Total (years) 40 30 20 10 0 K U A S U n a p a J e c n a r F y n a
30 20 10 90 80 70 60 GHG internal reporting, Market share by bed capacity.
NCDC, data as of December 2012, updated by company to include changes before 31 December 2014; NCDC, 2013 on 2011 and 2012 data Source:: (1) (2) World Bank | 2012, 2013 Geostat.ge | 2013 (3) 13 3 INTEGRATED SYNERGISTIC BUSINESS MODEL (1/2) Well established hospital network allows a seamless patient treatment pathway from local doctors to multi-profile or specialised hospitals whilst the insurance business plays a feeder role in originating and directing patients Three key pillars of business model GHG operates a highly integrated patient capture business model 14 19 referral & specialty hospitals provide secondary and tertiary level healthcare services operating 1,679 beds Referral & Specialty Hospitals community hospitals provide primary out- and inpatient healthcare services Community Hospitals operating 461 beds 6 ambulatory clinics provide primary outpatient healthcare services Ambulatory Clinics 2/3 of Georgia's 4.5mln(1) population covered Patients 18.5 mln GEL Evex revenue driven by health insurance division FY 2014(2) Sources: (1) (2) Geostat.ge, data as of 1 January 2014 GHG internal reporting.
Note: revenues do not add up due to intercompany eliminations 14 14 14 3 INTEGRATED SYNERGISTIC BUSINESS MODEL (2/2) Improving margins with the increasing scale of business (1) Revenue growth & profitability Revenue growth, annual GEL mln 200 180 160 140 120 100 80 60 40 20 - 16.6 39.5 67.7 119.4 157.5 138.5 85.2 EBITDA growth, annual 189.7 GEL mln 40 35 30 25 20 15 10 5 - (5) 22.6 14.0 3.9 3.2 34.9 37.8 36.9 27.4 26.7% Evex EBITDA margin Investing in growth Total assets GEL mln 450 CAGR 55.5% 2011-2014 400 350 300 250 200 150 100 50 - 109 47 18 44 258 116 33 109 276 102 45 129 410 132 69 209 FY2011 FY2012 FY2013 FY 2014 FY2011 FY2012 FY2013 FY 2014 FY2011 FY2012 FY2013 FY2014 Imedi L Evex GHG Evex revenue growth, y-o-y x% Imedi L Evex GHG Evex EBITDA growth, y-o-y x% Land & buildings Equipment Other Note: Evex and Imedi L revenues do not add up to GHG revenues due to intercompany eliminations Capturing growth driven by the recent healthcare reform Healthcare service revenue by sources, FY 2014 Healthcare service revenue, quarterly Health insurance revenue by sources, FY 2014 GEL mln +62.5% y-o-y GEL mln 100 80 60 40 20 - 85.2 19.8 46.8 18.6 FY2013 138.5 80.8 25.2 32.5 FY2014 (1) Note: all amounts are for GHG, unless otherwise indicated, Source: GHG internal reporting Out of pocket Insurance State 60 50 40 30 20 10 - 22.4 +79.7% +13.7% 40.3 35.4 Q4 2013 Q3 2014 Q4 2014 Total healthcare services revenue GEL mln 103.2 -32.2% y-o-y 80 70 60 50 40 30 20 10 - 62.7 70.0 27.9 40.5 42.1 FY2013 FY2014 PHI SIP Loyal private health insurance customers as demonstrated by the resilient PHI revenue, which remained stable even after introduction of UHC 15 15 4 Robust Corporate Governance Board of directors Management 8 non-executive supervisory board members; 7 independent members, including the Chairman and Vice Chairman Irakli Gilauri | Chairman of the supervisory board | Experience: currently BGH CEO; formerly EBRD banker; MS in banking from CASS Business
 School, London; BBS from University of Limerick, Ireland David Morrison | Vice Chairman of the supervisory board, Independent Director | Experience: senior partner at Sullivan & Cromwell LLP prior to retirement; currently also BGH board member Neil Janin | Independent Director | Experience: formerly was director at McKinsey & Company in Paris and held previous roles as Co-Chairman of the commission of the French Institute of Directors (IFA); Chase Manhattan Bank (now JP Morgan Chase) in New York and Paris; and Procter & Gamble in Toronto; currently also BGH Chairman Allan Hirst | Independent Director | Experience: Held various senior roles over his 25 year career at Citibank, including CEO of Citibank Russia; former BGH board member for seven years Ingeborg Oie | Independent Director | Experience: Currently a VP of investor relations at Smith & Nephew plc, formerly senior research analyst covering medical technology and healthcare Services sector at Jefferies; analyst in the medtech research team at Goldman Sachs.
Tim Elsigood | Independent Director | Experience: Former VP for Business Development at Capio AB and CEO of Capio UK.

Extensive international healthcare management experience including time in Greece, Romania,Ukraine and Russia.
Mike Anderson | Independent Director | Experience: Currently a Medical Director at Chelsea and Westminster hospital, and an Honorary Clinical Senior Lecturer of Imperial College of Science, Technology and Medicine and a member of the British Society of Gastroenterology and British Association for the Study of the Liver Jacques Richier | Independent Director |Exerience: Currently Chairman and CEO of Allianz France; formerly CEO and Chairman at Swiss Life France Nikoloz Gamkrelidze | Director, CEO at GHG | Experience: previously BGH Group CFO, CEO of Aldagi BCI and JSC My Family Clinic; World Bank Health Development Project; Masters degree in International Health Management from Imperial College London, Tanaka Business School s r e b m e m H G B - n o N Nikoloz Gamkrelidze | Director, CEO at GHG | Experience: previously BGH Group CFO, CEO of Aldagi BCI and JSC My Family Clinic; World Bank Health Development Project; Masters degree in International Health Management from Imperial College London, Tanaka Business School David Vakhtangishvili | Deputy CEO, Finance; formerly CFO of JSC Bank of Georgia, 9 years experience at Andersen and Ernst &Young Giorgi Mindiashvili | Deputy CEO, Commercial; formerly CFO of JSC Insurance Company Aldagi, formerly supervisory board member of JSC My Family Clinic Nutsa Koguashvili | CEO, Imedi L; 11 years of experience in insurance, formerly deputy CEO (retail & marketing) at JSC Insurance Company Aldagi Irakli Gogia | Deputy CEO, Operations; formerly Deputy CEO at JSC Insurance Company Aldagi, CFO at Liberty Consumer, 4 years of experience at Ernst & Young and Deloitte & Touche Nino Kortua | Head of legal; 14 years experience in insurance field, formerly head of Aldagi Legal Department Manana Khurtsilava | Head of internal audit; various managerial positions within BGH Group Ekaterina (Eka) Shavgulidze | In charge of investor relations at GHG, supervisory board member at JSC Evex Medical Corporation and JSC Imedi L; formerly CEO of JSC My Family Clinic (currently Evex), associate
 finance director at AstraZeneca UK; MBA from Wharton School 16 Successful Track Record of Delivering Profitable Growth GHG is 100% owned subsidiary of Bank of Georgia Holding PLC Bank of Georgia Holdings PLC (BGH) (LSE: BGEO) a UK- incorporated holding company of JSC Bank of Georgia As of 31 Dec 2014, BGH’s shareholder structure was as follows: Share price performance 4.0% 1.7% 7.1% 7.7% Unvested and unawarded shares for management and employees Vested shares held by management and employees 12.3% 25.3% UK/Ireland US/Canada Luxembourg Scandinavia Others 42.0% BGH has been included in the FTSE 250 and FTSE All-share Index Funds since 18 June 2012 Up 170% since premium listing** GBP 26 24 22 20 18 16 14 12 10 8 2 1 - n a J 2 1 - b e F 2 1 - r a M 2 1 - r p A 2 1 - y a M 2 1 - n u J 2 1 - l u J 2 1 - g u A 2 1 - p e S 2 1 - t c O 2 1 - v o N 2 1 - c e D 3 1 - n a J 3 1 - b e F 3 1 - r a M 3 1 - r p A 3 1 - y a M 3 1 - n u J 3 1 - l u J 3 1 - g u A 3 1 - p e S 3 1 - t c O 3 1 - v o N 3 1 - c e D 4 1 - n a J 4 1 - b e F 4 1 - r a M 4 1 - r p A 4 1 - y a M 4 1 - n u J 4 1 - l u J 4 1 - g u A 4 1 - p e S 4 1 - t c O 4 1 - v o N 4 1 - c e D 5 1 - n a J 5 1 - b e F BGEO LN GDR Average daily trading volume x62.8 growth in market capitalisation $ S U 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 9,500,000 5,300,000 2,000,000 950,000 Average daily trading volume 2011 2012 2013 2014 Market capitalisation2 1,318 21 30-Sep-04 31-Dec-14 – – *Mostly non-emerging market shareholders since premium listing; management estimates **Share price change calculated from the last price of BGEO LI on 27 February 2012 to the price of BGEO LN on 10 February2014 17 4 Highly Experienced Management with Proven Track Record (1/2) Led by a highly experienced management team, GHG has successfully acquired and integrated more than 20 companies in the hospital and insurance sectors over the past decade Growth in # of Clinics(1) Total Growth(2) Of which via Acquisitions 14 10 19 12 10 4 1 29 32
 7 6 39 5 6 2009 2010 2011 2012 2013 2014 Overview of Key Historical Milestones(1) Growth in # of Beds(1) Total Growth(2) Of which via Acquisitions 580 530 316 220 288 60 811 790 2,140 1,329 1,041 725 145 2010 2011 2012 2013 2014 45 2009  Acquisition of BCI, one of the leading insurance companies in Georgia  Build on the strategy of an integrated business model for the Bank of Georgia  Acquisition of Insurance Company Selbi  Acquisition of Aldagi, then the leading insurance company in Georgia  Investment in building 5 community hospitals and 1 referral hospital  Acquisition of 11 new hospitals in West Georgia (Block)  Acquisition of Imedi L, one of the leading insurance companies in Georgia (addition of 10 new hospitals)  Launch of 6 new hospitals  Acquisition of Avante Hospital Management Group that owns four hospitals, with a total of 578 beds, located in Tbilisi and Batumi.
 Reorganisation of Aldagi into a pure-play healthcare business (GHG, comprising of Evex and Imedi L) and P&C insurance business (Aldagi)  Acquisition of 60 bed hospital in Tbilisi with particular expertise in traumatology  Launch of a new ambulatory clinic in Tbilisi 2004 2005 2006 2008 2010 2011 2012 2013 2014  Acquisition of Europace, a leading Georgian insurance company, becoming the second largest insurer in Georgia as a result of this transaction  Entrance into healthcare services business by opening an ambulatory clinic in Tbilisi  Acquisition of a multi profile hospital in Kutaisi, West Georgia  Acquisition of Partner, the 12th largest insurer in Georgia with a 1.3% market share by revenue in the non-life market  Launch of 4 new hospitals and 1 ambulatory clinic  Acquisition of a 60-bed high-end, multi-specialty hospital in Tbilisi (Caraps)  Buy-out of a 49% minority shareholder of healthcare subsidiary My Family Clinic, making MFC a wholly owned subsidiary  Acquisition of Sunstone Medical LLC, a company that owns hospital in East Tbilisi and has estimated capacity of 300 beds Sources: (1) (2) GHG internal reporting Figures do not add to total number of beds (2,140) and total number of clinics (39) shown on other slides, as some of the clinics were consolidated or divested 18 4 Highly Experienced Management with Proven Track Record (2/2) Recent M&A Recent acquisitions Coverage in Tbilisi, the capital city Caraps is a 60 bed hospital specialising in plastic surgery.
Acquisition rationale: reaching new customer base in healthcare through Caraps high-end customer segment.

Avante includes 4 mono profile hospitals, operating 578 beds, that serve as a main referral for mother and child care services.

Acquisition rationale: Increase market share and bed capacity by acquiring the largest service providers for mother and child care in the country, employing the best qualified medical staff for these services.
Avante* Caraps 458 60 Traumatology 60 A A GEL 4.8 mln is quarterly run rate EBITDA for new acquisitions Sunstone 152 Sunstone is a long-established general hospital in Tbilisi, rented out by previous owners and largely underutilised for several years.
A Ambulatory clinic * Avante operates 458 beds in Tbilisi and 120 beds in Batumi out of total 578 beds as of the date of this presentation Acquisition rationale: Attractive location and an opportunity to develop hospital with over 300 bed capacity in an untapped region, covering sizable new market with 300k population in East Tbilisi.

Traumatology is a 60 bed long established hospital, providing a wide-range of in-patient and out-patient services with particular expertise in traumatology.
Acquisition rationale: Increasing market share and bed capacity in Tbilisi Block Georgia: a buy-out of a 49% minority shareholder of healthcare subsidiary JSC My Family Clinic (predecessor to Evex).

Transaction rationale: buy-out gave GHG flexibility in executing growth strategy and an opportunity to expand regional footprint through investments into development projects via My Family Clinic (MFC).
Sources: (1) GHG internal reporting, financials are FY 2014 19 FOCUSED GROWTH STRATEGY GHG’s strategy is simple: doubling 2015 revenue by 2018 Hospitals To achieve 1/3 market share, currently 22.0%(1) – room to grow in Tbilisi, where GHG’s current market share is only 14.1%(1) Ambulatories Aggressive launch of outpatient clinics – 20-30 ambulatory clinics, within 2-3 years, in highly fragmented and under-penetrated outpatient segment Medical equipment pick-ups To invest in medical equipment, utilizing existing service gaps Sources: (1) (2) Market share by number of beds.
Source: National Center for Decease Control, data as of December 2012, updated by company to include changes before 31 December 2014 Market share by gross revenue; Insurance State Supervision Service Agency of Georgia as of 30 September 2014 20 20 20 1.

Georgia’s disease profile 2.

Georgia’s Infrastructure reform 3.
GHG FY 2014 financial results Annexes 21 Georgia’s Disease Profile Top 10 prevalent diseases rate per 100,000 population, Georgia, 2013 NCDs are estimated to account for 91% of all deaths % share in total deaths, all ages, Georgia 2013 Acute upper respiratory infections Hypertensive diseases Endocrine, nutritional and metabolic diseases Diseases of genitourinary system Diseases of the eye and adnexa Diseases of the nervous system 4% 5% 6% 21% 8% 8% 11% 15% Diseases of the muscular & skeletal system Infectious and parasitic diseases 11% 11% Ischemic heart diseases Diabetes mellitus 1% 2% 2% 3% 4% 3% 4% 5% 16% Diseases of the circulatory system Neoplasms Injury Diseases of the digestive system Diseases of the respiratory system Endocrine, nutritional and metabolic diseases Diseases of the nervous system 60% Certain infectious and parasitic diseases Diseases of the genitourinary system Other reasons (total of 10, none more than 0.9%) (1) Source: NCDC Healthcare statistical yearbook 2013 22 Before GHG healthcare facilities After Healthcare Infrastructure Reform (1/2) Note: pictures are from GHG healthcare facilities 23 Healthcare Infrastructure Reform (2/2) GHG healthcare facilities Note: pictures are from GHG healthcare facilities 24 GHG | FY 2014 Financial Results (1/2) Income Statement GEL thousands, unless otherwise noted Revenue COGS, insurance claims expense Gross profit Selling, general and administrative Other operating income EBITDA Depreciation Net interest income (expense) (Losses) gains on currency exchange Net non-recurring items Profit before income tax Income tax expense Profit Attributable to: - shareholders of the Company - minority interest 31 Dec 2014 31 Dec 2013 Change, Y-o-Y Year ended G H G x e v E 189,707 (122,391) 67,316 (30,590) 1,092 37,818 (7,631) (12,807) (2,493) 128 15,015 (1,280) 13,735 138,473 (78,891) 59,582 (23,776) 1,106 36,912 (6,998) (13,139) (2,819) 314 14,270 (1,143) 13,127 0 L i d e m I 70,010 (61,965) 8,045 (7,125) (14) 906 (633) 332 326 (186) 745 (137) 608 s n o i t a n m i i
 l E (18,776) 18,465 (311) 311 - - - - - - - - - G H G x e v E 157,474 (105,118) 52,356 (20,712) 3,225 34,869 (5,878) (9,681) (3,715) 126 15,721 (2,136) 13,585 85,213 (48,810) 36,403 (12,220) 3,236 27,419 (5,195) (12,404) (4,157) 115 5,778 (455) 5,323 L i d e m I 103,220 (87,040) 16,180 (8,719) (5) 7,456 (683) 2,723 442 11 9,949 (1,681) 8,268 s n o i t a n m i i l E (30,959) 30,732 (227) 227 (6) (6) - - - - (6) - (6) G H G x e v E 20.5% 16.4% 28.6% 47.7% -66.1% 8.5% 29.8% 32.3% -32.9% 1.6% -4.5% -40.1% 1.1% 62.5% 61.6% 63.7% 94.6% -65.8% 34.6% 34.7% 5.9% -32.2% 173.0% 147.0% 151.2% 146.6% L i d e m I -32.2% -28.8% -50.3% -18.3% 180.0% -87.8% -7.3% -87.8% -26.2% -1790.9% -92.5% -91.9% -92.6% 10,415 3,320 9,807 3,320 608 - - - 9,632 3,953 1,370 3,953 8,268 - (6) - 615.8% -16.0% -92.6% - 8.1% -16.0% Selected Balance Sheet items GEL thousands, unless otherwise noted Total assets, of which: Premises and equipment, net Total liabilities, of which: Borrowed funds Total shareholders' equity, of which: Sources: (1) GHG internal reporting, financials are FY 2014 Year ended Year ended 31 Dec 2013 31 Dec 2014 Change YTD 410,157 261,739 237,564 162,435 172,593 276,332 172,584 176,183 105,074 100,149 48.4% 51.7% 34.8% 54.6% 72.3% 25 GHG | FY 2014 Financial Results (2/2) Revenue by business lines Revenue from healthcare services by payment sources GEL thousands, unless otherwise noted 31 Dec 2014 31 Dec 2013 Year ended Change, Y-o-Y GEL thousands, unless otherwise noted 31 Dec 2014 31 Dec 2013 Year ended Change Y-o-Y Healthcare Business revenue Revenue from healthcare services rendered, of which: Referral and specialty hospitals Community hospitals Ambulatory clinics Ambulance and rural primary care Revenue from health insurance, of which: Government funded health insurance products Private health insurance products Intercompany eliminations 189,707 138,473 117,354 13,518 4,739 2,862 70,010 27,910 42,100 (18,776) 157,474 85,213 57,180 11,788 4,687 11,558 103,221 62,714 40,507
 (30,959) 20.5% 62.5% 105.2% 14.7% 1.1% -75.2% -32.2% -55.5% 3.9% -39.4% Private insurance companies, of which: Imedi L health insurance 25,177 46,768 -46.2% 18,465 30,732 -39.9% Government-funded healthcare programmes 80,820 19,809 308.0% Out-of-pocket payments by patients Total 32,476 18,636 74.3% 138,473 85,213 62.5% COGS and claims expenses SG&A expenses GEL thousands, unless otherwise noted 31 Dec 2014 31 Dec 2013 Year ended Gross profit Healthcare Business COGS and claims expense COGS for healthcare services rendered, of which: Direct salary Materials, including medicines and medical disposables Utilities and other expenses Health insurance claims expense Intercompany eliminations 67,316 122,391 78,891 54,059 18,139 6,693 61,965 (18,465) 52,356 105,118 48,810 32,497 11,121 5,192 87,040 (30,732) Change Y-o-Y 28.6% 16.4% 61.6% 66.4% 63.1% 28.9% -28.8% -39.9% GEL thousands, unless otherwise noted 31 Dec 2014 31 Dec 2013 Y-o-Y Year ended Change Healthcare Business SG&A expenses, of which: Salaries and other employee benefits Rent Impairment Charge Marketing and advertising Stationery and office supplies Communications Other 30,590 18,875 1,275 2,851 1,021 1,854 912 3,802 20,712 13,847 1,222 1,337 161 1,240 597 2,308 47.7% 36.3% 4.3% 113.2% 534.2% 49.5% 52.8% 64.7% Sources: (1) GHG internal reporting, financials are FY 2014 26