Georgia Capital Portfolio Overview

Listed investments Healthcare and pharmacy business (GHG) overview http://ghg.com.ge/ GEORGIA HEALTHCARE GROUP GEORGIA CAPITAL Investment rationale " Very low base: healthcare services spending per capita only US$ 324 Growing market: healthcare spending growth estimated at 8% CAGR 2019-2021 Value creation potential " High-growth potential driven by opportunity to develop medical tourism and Polyclinics (outpatient clinics) Only integrated player in the region with significant cost advantage in scale and synergies Well positioned to take advantage of the expected long term macroeconomic and structural growth drivers Financial metrics (GEL millions) 2,000 1,000 Total Market CAGR 2011-2018 of 14% Market opportunity Total healthcare market (including healthcare services and pharmacy) GEL million 6,000 5,000 4,000 3,000 Total Market CAGR 2019- 2021 of 8% 4,765 4,397 4,062 3,760 3,062 3,218 3,488 2,464 1,552 1,716 2,034 Annual Semiannual 2011 2012 2013 2014 2015 2016 2017 Source: Frost & Sullivan analysis 2017 2018E 2019F 2020F 2021F 2015 2016 2017 2018 Revenue Gross EBITDA, excl. IFRS 16 Profit before tax, excl. IFRS 16 246 426 748 850 419.5 56 78 108 132 24 40 46 54 62.6 28.5 1H18 1H19 Change 472.9 12.7% 74.8 19.4% Stock price performance Hospitals EBITDA margin, excl. IFRS 16 27.9% 30.4% 27.6% 26.3% Pharmacy and distribution EBITDA margin, excl. IFRS 16 Operating cash flow N/A 45 4.3%1 8.6% 42 58 10.1% 100 31.6 11.0% 450 26.1% 25.5% -0.6ppt 9.7% 10.5% +0.8ppt 44.2 55.2 24.7% 300 GBP 1.70 400 350 IPO price GBP 2.27 as of 14-Aug-2019 250 Selected operating metrics 200 150 100 Number of hospitals Number of beds Number of clinics Number of pharmacies Bed occupancy rate, referral hospitals² EBITDA to cash conversion ratio 1H18 1H19 18 18 3,320 3,320 35 34 259 279 63.1% 65.6% 70.6% 73.8% Nov-15 Jan-16- Mar-16 May-16 Jul-16- Sep-16- Nov-16- Jan-17- Mar-17 May-17 Jul-17 Sep-17- Nov-17- Jan-18- Mar-18 May-18 Jul-18 Sep-18 Nov-18- Jan-19- Return on invested capital 1H18 1H19 ROIC 10.4% 12.2% ROIC adjusted³ 13.7% 14.4% 1 FY16 includes only May-Dec GPC's results. 2 Adjusted to exclude the Tbilisi Referral Hospital and Regional Hospital; the calculation also excludes emergency beds. 3 Return on invested capital is adjusted to exclude newly launched hospitals and polyclinics that are in roll-out phase. Mar-19- May-19- Jul-19 Page 35

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