BGEO Group Financial Update

Competition GHG ambulatory clinics GHG | Replicating hospital consolidation experience in outpatient segment 40 Key takeaways: Ambulatory Competition • GHG has less than 1% market share in ambulatories, targeting 17% (long-term) • The rest of the market similarly fragmented, with no single player having more than 1% market share and comparable access to capital and management Potential to grow ambulatory revenue from Imedi L - out of GEL c.16mln Imedi L spending on ambulatories (2015E), only 34% is spent at GHG ambulatory clinics due to limited footprint in ambulatory segment Clinic facade Reception/registration WE W ปีง Doctor's office Clinic facade Reception/registration Doctor's office Holding company of BANK OF GEORGIA BGEO www.bgeo.com GROUP November 2015 Sources: GHG internal reporting; Frost & Sullivan analysis, 2015, company photos page 43

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