BGEO Group Financial Update

25% 20% 15% 10% 5% 0% GHG | LONG-TERM HIGH-GROWTH PROSPECTS/Comps (2/4) Government spending on healthcare is only 6.7% of state budget and 2% of GDP General government expenditure on health as % of total government Government expenditure on health as % of GDP (1) expenditure (1) 10% 9% 8% 7% 6.7% lal 6% 5% 4% 3% 2% 1% 0% 2.0% باشل USA UK France Germany Japan Russia Turkey Estonia Poland Bulgaria Thailand Malaysia Georgia UAE Government finances only c.20% of total healthcare costs General government expenditure on health as % of total expenditure on health (1) With c.20% of government tax revenues spent on capex Total government budget, breakdown by operating and capital expenditures (2) GELM 10,000.0 90% 80% 9,000.0 70% 8,000.0 60% 7,000.0 50% 6,000.0 40% 5,000.0 30% 22% 4,000.0 20% 3,000.0 1,977 10% 2,000.0 1,446 0% 1,000.0 0.0 13% 22% 22% Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 Sources: (1) World Health Organisation and World Bank, 2013 data (2) Ministry of Finance of Georgia S.Africa Saudi 2003 2004 2005 2006 2007 2008 2009 5,719 3,947 2,993 26%. 22% 22% 22% 22% 25% 24% 2010 Capital Expenditures Current Expenditures Capital Expenditure as % of total expenditure 2011 2012 2013 2014 2015E 7,9947,861 7,462 6,920 6,685 7,023 9,335 100.0% 8,813 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 18% 16% 19% 30.0% 20.0% 10.0% 0.0% page 76

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