Investor Presentation

ALDAGI ! POTENTIAL CONCERNS 1 2 RESPONSE TO MARKET TRENDS ALDAGI RESPONSE Market Leadership in healthcare may not leave room for growth Extended governmental spending will increase spending per capita in regions, where Aldagi is major supplier of medical services. No presence in key medical district – TBILISI, leaves huge room for expansion through M&A 3 Prospects for P&C insurance market growth seems to be ambiguous Insurance penetration is one of the lowest in Georgia, compared to that in developed countries • Many product lines not yet presented on the market Insurance Penetration UK 11.3% US 8.2% . Planned introduction of compulsory MTPL will boost both mandatory and voluntary market (Introduction of MTPL in Armenia increased GPW/GDP by 270% in two years EU-27 Germany 7.7% 6.7% Israel 4.8% Czech Rep. 3.7% Poland 2.7% GEORGIA 2.0% Universal healthcare may cannibalize private health insurance market As universal cover is limited it leaves considerable room for private insurance supplementary products 4 Economic environment depends on political stability • Source: Sigma 3/2013 - World insurance in 2012 Profound economic reforms secured prominent results for the Georgia Economy Smooth transition of government 21 24

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