Slide 1

Health Insurance System In GeorgiaTeona TeteloshviliAldagi BCIJune 2013

1EXECUTIVE SUMMARY2

ALDAGI BCI - INSURANCE MARKET LEADER INSURANCE MARKET IN GEORGIAGEORGIAN ECONOMY TODAY1234FEDERAL/STATE HEALTH INSURANCE PROGRAMS

5FEDERAL/STATE HEALTH INSURANCE PROGRAMSAND THEIR INFLUENCE ON INSURANCE COMPANYBUSINESS6FUTURE OF THE HEALTH INSURANCE IN GEORGIAGEORGIAN ECONOMY TODAY*Source: IMF, World Economic Outlook (2012 April data)Geogia Key Economic Data2005200620072008200920102011ENominal GDP (GEL mln)11,62113,79016,99419,07517,98620,73424,229Real GDP Growth (y-o-y; %)9.6%9.4%12.3%2.3%-3.8%6.3%7.0%GDP per Capita (US$)1,4841,7632,3152,9212,4552,6233,215CPI (e-o-p; %)6.2%8.8%11.0%5.5%3.0%11.2%2.0%Net FDI (US$ mln)5421,1861,6751,523658815984Current Account Deficit as % of GDP-11.1%-15.1%-19.8%-22.8%-10.7%-10.3%-11.7%

2012 Estimated Real GDP Growth Rate for the Selected Countries *3344INSURANCE MARKET IN GEORGIADENSITY & PENETRATIONNascent state of Georgian insurance sector translates into extremely low insurance penetration and density levels

Market research reports reveal that majority of population does not have adequate perception of property & personal risks, thus is reluctant to pay money for risk minimization

EXCLUDING GOVERNMENTAL PROJECTS IN GEORGIA :DENSITY USD 22.4 PENETRATION0.9%

INSURANCE COMPANIES BY GPW, 9 MONTHS 2012

INSURANCE MARKET IN GEORGIAIN GEORGIA14 INSURANCE COMPANIES ON THE MARKET

5 LARGEST INSURANCE COMPANIES HOLD MORE THAN 79% OF THE MARKETSOURCE: NBG National Bank of GeorgiaY-o-Y GROWTH74.9%INSURANCE MARKET (9 months)GROSS WRITTEN PREMIUMAMOUNTS IN '000 GEL

30%

55PREMIUMS BY YEAR & MARKET SHARE OF INSURANCE COMPANIES

GEORGIAN INSURANCE MARKET

SOURCE: NBG National Bank of Georgia

Y-o-Y +3%Y-o-Y +106.9%

66BY PRODUCT ANALYSES77HEALTH CARE MARKET IN GEORGIATOTAL HEALTH CARE EXPENDITURESCIS COUNTRIES COMPARISON Y2009

Per capita expenditure on health (US$) Total expenditure on health as % of GDP Government expenditure on health as % of total Health expenditureArmenia133447Azerbaijan 140427Belarus302775GEORGIA191818Kazakhstan253466Kyrgyzstan46754Moldova 1271051Russia493564Tajikistan29522Turkmenistan 139352Ukraine210758Uzbekistan41546SOURCE: WHO. World Health Statistics 2010Georgia has one of the highest rate of Health Care expenditure as % of GDP,among other low income countriesOn the other hand, the share of Governmental expenditure in total Health Care sector is the lowest in Georgia among European countriesEU-12 AVERAGE1379772CIS AVERAGE175648EU15 AVERAGE4134978ALDAGI BCI THE LEADER ON THE INSURANCE MARKETBRIEF INFO ABOUT ALDAGI BCIFIRST INSURANCE COMPANY ON THE MARKET SINCE 1990UNDISPUTED LEADER ON THE MARKET* By Revenue 32% Market ShareBy U/W Profit 45% Market ShareBy ASSETS 37% Market Share

* Figures for 9 months of 2012

WIDEST DISTRIBUTION CHANNELVENTURE OF 6 INSURANCE COMPANIES200420052006200720082009201020112012ACQUISITION OF BCI BY BANK OF GEORGIAACQUISITION OF EUROPACE BY BCIACQUISITION OF SALBI BY ALDAGIACQUISITION OF ALDAGI BY BCIACQUISITION OF BLOCK GEORGIA ASSETSACQUISITION OF INSURANCE COMP. PARTNERACQUISITION OF INSURANCE COMPANY IMEDI L

ALDAGI BCI ENTERS INTO HEALTH CARE BUSINESSABCI - MEMBER OF BANK OF GEORGIA GROUPALDAGI BCI KEY DATES88INTEGRATED BUSINESS MODELINSURANCEHEALTHCAREMarket leading life and non-life insurance provider. 9 months of 2012 market shares of 30% Gross Premiums Written; 32% by RevenueMore than 607,000 corporate & retail clients; Widest distribution channel99% of brand recognition Largest insurer of property & casualty riskLargest Banc assurance network in the countryCapable management team with strong acquisition & integration track recordThe first managed healthcare provider since 2006The largest managed chain of clinicsA chain of 26 hospitals with a concentration in Western Georgia, covering approximately 40% of Georgias population40% of ABCI claims expense become revenue of its own healthcare businessGross Profit Margin 40.6%EBITDA Margin 22.4%

99ALDAGI BCI THE LEADER ON THE INSURANCE MARKET

ALDAGI BCI BUSINESS DEVELOPMENT DYNAMICS10ALDAGI BCI TRENDS BY LINESGROSS WRITTEN PREMIUMAMOUNTS IN '000 GEL (1.62 GEL ~ 1 USD)(3 Quarters of 2012 and 2011)

SOURCE: NBG National Bank of Georgia

ALDAGI BCI THE LEADER ON THE INSURANCE MARKETALDAGI BCI IN HEALTHCARE INDUSTRYABCI ENTERED INTO HEALTH CARE BUSINESS IN 2006

Till 2010 Operated with 5 small outpatient Clinics

IN 2010 Invested 15 mln USD in Building 5 small sized and 1 middle sized hospitals

In YE 2011 acquired Hospital Assets -11 Operating hospitals - from the largest health care Company IN 2012 By Acquisition of Imedi L, ABCI added to its hospital Chain 6 New Hospitals and 4 Under construction

AS A RESULTABCI HEALTH CARE CHAIN IS THE LARGEST IN THE COUNTRY

26 HOSPITALS

1,120 BEDS

80% OF THE MARKET SHARE IN WESTERN GEORGIA

COVERED POPULATION 1,800,000

11* includes 4 small outpatient clinics11ALDAGI BCI THE LEADER ON THE INSURANCE MARKETFEDERAL/STATE HEALTH INSURANCE PROGRAMS1212HISTORYIn 1992 year free of charge healthcare system was abolished and till 1995 year was only out of pocket payment, what caused increase of morbidity, mortalityIn 1995 year Insurance Fund was created. From Insurance Fund was covering only:

Socially Dangerous Diseases tuberculosis, HIV etc.Children from 0 till 1 years of agePregnancy MonitoringUrgent hospitalization and treatment of Veterans and Socially Unprotected PeopleBUT, funds were insufficient and recourses were enough only for 20% of medical cases

WAS:State was in the role of InsurerAny Insurance company has right to take part in this projectBeneficiaries were granted with Insurance Vouchers and they have ability to choose in which Insurance Company they want to be InsuredNumber of Insured In 2007 year - 196 000

1313NOW:State is in the role of InsurerAny Insurance Company has right to take part in this tender and choose region where he wants to operateCountry was divided into 26 conditional regions and Beneficiaries were obligated to choose concrete Insurance Company which won tender in concrete region Number of Insured 806 066

In 2007 State Insurance Pilot program was launched which covered only People Under the Poverty Line. This program is operating till now but with some corrections.FEDERAL/STATE HEALTH INSURANCE PROGRAMSHISTORYTeachers State ProgramTbilisi City hall ProgramVulnerable Children ProgramRefugees State programCheap Insurance

1414From 2007 simultaneously with State Insurance for People Under the Poverty Line were launched other projects, where State was in the role of Insurer also.Also, for people who were not eligible for above mentioned programs, State has special programs, which covered Oncology diseases, Infectious Diseases and etc. In 2008 nongovernmental Health Insurance Mediation Institute was launched. Role of this institute was to help beneficiaries arrange relation with Insurance CompaniesFEDERAL/STATE HEALTH INSURANCE PROGRAMSHISTORY

State is in the role of Insurer alsoIn the range of this program were Insured: Children from 0 till 6 year of age and pension age people - Women from 60 years of age and Men from 65 years of ageAny Insurance Company has right to take part in this tender and choose region where he wants to operateCountry was divided into 26 conditional regions and Beneficiaries were obligated to choose concrete Insurance Company which won tender in concrete regionNumber of Insured: Children 251 600, Pension age 546 996

1515After this project was launched all other programs were cancelled, except Tbilisi City Hall program and Under the Poverty line program FEDERAL/STATE HEALTH INSURANCE PROGRAMSHISTORYIn September, 2012 State launched second global program for Children and pension age adults.Urgent Ambulatory FullyUrgent Hospital Service Fully Planned hospital service, Oncology and CardiologyPlanned Ambulatory service with very limited list of servicesMedicines with very limited list Delivery (only for Under the Poverty Line Program)

1616FEDERAL/STATE HEALTH INSURANCE PROGRAMSCoverageBoth State insurance Programs Cover the same list of Services

In the range of this program were Insured people who where not eligible for other State Projects and who do not have private Insurance policy.Beneficiaries should apply service centers and take policy

Insurance Companies are not involved in this project, State has direct calculation with Hospitals. Insurance companies are only obliged to send monthly renewed policyholders data base.

General Health Insurance Program covers only Urgent Ambulatory and Hospital Services

1717FEDERAL/STATE HEALTH INSURANCE PROGRAMSGENERAL HEALTH INSURANCE PROGRAMIn March, 2013 State launched third global Project General Health Insurance Program.

SHOCK caused by Significant Increase of health insured numberNecessity of new service centers and units what caused increase of administration costsExpansion of Providers networkObligation of involvement In healthcare systemNo impact on Insurance Company Corporate and Retail Business business

1818Already ready for Increased number of Health Insured NumberNO Necessity of new service centers and units Already Expanded Providers networkAlready involved In healthcare systemInsignificant impact on Insurance Company Corporate and Retail Business business

FEDERAL/STATE HEALTH INSURANCE PROGRAMSINFLUENCE ON INSURANCE COMPANYUnder the Poverty Line Program Children and Pension Age Adults Program

Does not decrease number of insured because it covered only people who where not eligible for other State Program and who do not have private Insurance policy.Insurance Company itself is not involved in this program, but this program increase revenue of our second business, healthcare system Does not decrease number of insured because it covered only Urgent Ambulatory and Hospital Services

1919FEDERAL/STATE HEALTH INSURANCE PROGRAMSINFLUENCE ON INSURANCE COMPANYGeneral Health Insurance Program

2020FEDERAL/STATE HEALTH INSURANCE PROGRAMSState Insurance Policyholders Number and Total Number of Policyholders in Georgia As we see, in Georgia we do not have Mandatory Health Insurance, we have only Federal/State programs covering definite groups of people. As we know changes are planned, but it is not yet known what projects will be launched. Insurance Companies will be involved or not in this projects. Existed programs will continue or not

2121FUTURE OF THE HEALTH INSURANCE IN GEORGIABUTAs the leading company of the Georgias Insurance market, Aldagi BCI is ready for challenges and we are sure , we will deal with them and adapt quickly.

THANK YOU FOR YOUR ATTENTIONTIME FOR QUESTIONS & ANSWERS

Chart155172630

REVENUEBUDGETEDNUMBER OF CLINICSACTUALAUDITEDAUDITEDAUDITEDAUDITEDABCI PERFORMANCE IN HEALTH CAREAMOUNTS IN '000 GEL

Sheet1COUNTRYInsurance density(GPW per capita in USD) in 2011Total premium volume in millions of USD in 2011Insurance penetration: premiums as a % of GDP in 2011GDPpopulationGEORGIA44319553Turkey0.013India59273112GEORGIA0.014Turkey1361204677Latvia0.017China163245162Lithuania0.017Lithuania168160514Russia0.024Latvia1828764Estonia0.027C&E EUROPE26319107C&E EUROPE0.027Russia303China0.03ASIA31443257Brazil0.032Estonia357Poland0.037Brazil39878287Czech Rep.0.039Poland500India0.041Czech Rep.832ASIA0.058EUROPE1886221858Germany0.068Germany246710051Italy0.07Italy253072628EUROPE0.071197000000US38461970.2272839015US0.0811437044469200France40411650866France0.09544.0794773114UK45351298139UK0.118

Sheet1

PENETRATION (GPW/GDP) Y2011

Y2012 2Q_PRODUCTS

INSURANCE DENSITY (GPW PER CAPITA) Y2011

Swiss Re 2012 6 ( )# 2012 20111 16933201.04369430.07239087537453581.054528811.27182087642 1898467.562014780.00811611041390300.458371450.3655088373 1644241.868728340.00702927391684244.01572964-0.02375080254 () 153249336.3932720.6551539528120000242.3837570.27707522385 ( )17489553.47740770.074769329315090173.05370440.15900284356 2201947.581995850.00941351332137562.268669280.03012090657 00008 ( )3316637.49510.01417890752085377.265333590.59042565119 1886224.480.00806377011078660.716669760.748672637110 ( )139489.72970.0005963305112464.6127360.240298848711 000012 1865055.283754080.007973271393973.119552130.337942071913 24809443.15834080.106062480525180751.5729935-0.014745724114 726032.067110.0031038489716425.0693990.013409633615 3064724.590501520.01310195845507066.45002735-0.443492353316 320075.850.0013683515880846.68-0.636627057517 4369042.33180.01867802773477597.610286780.25633923818 0000233913472.913421188189266.331759

Swiss Re

2012 2Qmln USD2009GPWInsurance DensityInsurance PenetrationGEORGIA47.23450134140.0192389575Africa49000490.033India60000540.052Turkey78.85927016630.0129833597China1630001210.034Mexico170001580.02Brazil490002520.031C&E EUROPE850002630.027Russia400002810.025Arab Emirates500011120.025Italy16900027290.078Germany23800028780.07Hong Kong2300033040.11US114000037100.08Japan50600039790.099France28300042690.103UK30900045790.129Insurance PenetrationGEORGIA0.0192389575Turkey0.0129833597Mexico0.02Russia0.025United Arab Emirates0.025Central And Eastern Europe0.027Brazil0.031Africa0.033China0.034India0.052Germany0.07Italy0.078US0.08Japan0.099France0.103Hong Kong0.11UK0.129DensityInsurance Penetration1GEORGIA47.2Lithuania0.0165968727GEORGIA EXC.22.13India54Latvia0.01701782824China121GEORGIA0.0195Lithuania168Russia0.0256Latvia182Estonia0.02650010837Brazil252C&E EUROPE0.0278C&E EUROPE263Brazil0.0319Russia281China0.03410Estonia357Poland0.038315343311Poland403Czech Rep.0.038786599412Czech Rep.649India0.05213Italy2729Germany0.0714Germany2878Italy0.07815US3710US0.0816France4269France0.10317UK4579UK0.12918EUROSDENSITYPremium Per CapitaPenetrationCZCzech Republic6490.0387865994499.42572741190.0387865994EEEstonia3570.0265001083274.28998505230.0265001083LVLatvia1820.0170178282139.6895787140.0170178282LTLithuania1680.0165968727129.18660287080.0165968727PLPoland4030.0383153433310.22721309750.0383153433Turkey1030.012983359778.85927016630.0129833597EURO1.3

2012 2Q

INSURANCE DENSITY (GPW PER CAPITA) Y2009DENSITY

2011 2Q

PENETRATION (GPW/GDP) Y2009

2011

INSURANCE DENSITY (GPW PER CAPITA) Y2009DENSITY

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20092011 6 * , # : () ( ): : ( ) : ( ) 1 " "1738276.6247391045227.23695415219505.8362420325171.414881566660.2082475521816882.5278985317.70783523719615.40159502274303.533556527162.7354054533359.016326200000008469.3169335900212804.320432112990.24113353961540.48956453002713.47059551190548.883429167983.863429431243.30403231470.170700434608.613585303317.459110890033577360.15180155251812.224821592 "1456048.24475601457074.637887683432424.6901000040671063.98743109245484.647862233812215251.946445106693650.47969505665046.8981901841003783.892776141065.267548525001198850.75511133611.3842370094511.33552709.52578600593683.114839001198003.3233294402626.1161882339053.61248162001183882.486193976.457474988001879227.04561604887.114798740031825004.09393036830912.869595973 " L International"2344555.8290255.9174717.540153570.66020380533.2501000684.90150245.854607.150017778.7815146.6274112.3763306.290000156636.0385089.272643614.06465538.2200163481.960880846.680321372.135958.880028462150759902.334 691199.0601560114040.988828021317977060173.39019880000000000000000000000000022193658.4514040.95 " "166228.613657885057575.87237220640149800.78541277122113.237966391813806775.821506110000710013.695943358568010.95675468860881.26648783446335.674209711500868747.730233586560935.328995502.986669759643694.97215504.2400069008.773554132944989.9460472438325892.38675277252.69538805593688.0786374.2466274.29499734761850.4860083886.038361778627021.82250017869780.57594672348579.318866096 ""37962.91018237.69013989.94675011454693.3370565499.13647115983.7672199894.714121434.00160000002449.0377365545.86940094046.93072733505.04713651610221.1130511629260.914013900383104.055175998.713345570035990.7361260.77790014416089.6007352042989.090595977 ""004774.5015269.310139211.8093416.9612246.6832863.186880.47000000000088292.1326363.4211707327.3711617005.831000741.75204986.03000336585.14308777.730012623726.4211972015.888 ""00157878910641.610242.549204550.76024781.319583.291922.51730.2700009045.368779.320000503276924.484966.552386.2938956.6238127.9000000009346769.6988563.099 ""006723.65053959.2701756299.10332896.06017671.16000000000000021994.7101221501582378.3469884.8700112740.920003896878.2169884.8710 " 159046.10630137079880.6541095893048504.17726027403265630.8290137000000000000000000000000000003553061.76668493011 ""519744.82880533502450974.96401693800.910727280.6103585.260000000000000607.790005880300000003005042.36280533012 ""13285.986269204409344.48478965494672.278582327427417.4916198.7061172610.2003759447345609214.09425773.475172.5855014.886000000000054855.3640352.2252578.54222911.760029791.200069397.309999999940343.5899999999002313667.2414348852611.82058232713 327232.860222648.85073229.1101553730.09047559.0308032.0700000000000000000000000002232432.01014 0013501714700022297612371604900000000000581700550800009854260001064490001461432123715 .. 00146907.690758031702.2999940000000000000000000190052.61744190052.61744380016.4959783605.4343000097340.7127439734.183800846019.816902313392.2355416 000029741585222294.811518353028241214892620418.0610468000000000016149.4604249.8300017695.780000000566193.9415183531609797453581.054528811592557.774841831390300.4583714519502.17858232741684244.01572964162284.340076176120000242.38375762662.707835215090173.05370442131111.525700872137562.26866928420894.735684436002085377.265333591709693.3322371078660.71666976715780.582112464.61273666724.71211959001393973.11955213548217.92764624425180751.572993519746175.4099191716425.069399376833.1477295507066.45002735733180.697520558880846.6803477597.610286782421301.5581096300188189266.33175930706920.6300019: , (01.01.2011 - 30.06.2011) ( )

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20082011 * , # () ( ) ( ) ( ) 1 " "3401514.9194952.41654825505960.7319550585012.999434445407.4718713235250728.8511815301.67095340.63888589325999.1472781004864.7988289138613.89580232000000138565.9756434.5559933900543964.386708174882.124939865950923.58213154603927.3550429504248.190329454257.6718061740533.1044821071056.46495692001330995.672523874239.095426320058052653.85085877561071.799665282 "2217332.8557282323.0514906711072334.8574000801043024.3711000550394.559500000222576086.585195330877.906900003112147925.8839999906481.8464577621789958.12419998205112.79806001847085.71651760088.087820330098537.661653344.339001178309.6225482247.4694159331378.526100014490645.17260004001469154.875474505.483680076002685633.6927122122650.329917240057456762.772007410858671.04484110.17891107293 " L International"5519725.62194905.08377240.690285431.48036189771.8301809317.380298417.6213903.730063033.6328615.3155646.53114784.950000412415.6191837.964915360.05987444.5500507634.990908726.680544280.9688270.410051987003.061619761.984 193443205374015535241536039231933060173.39019880000000000000000000000000041541694.39155355 " "414399.255538430129669.7292992830219257.49284169948348.811174964622039584.399890543773.582073564.957021991592984.77921761156925.722044949109728.307393029003208723.793099592879283.892162397689.607937762031283.983215504.24000201537.619022603131272.11513548846830.118179826755646.522010076278422.04015223645.639075241664.118651842202696.37008614200140965.01336177964266.26612910090032364738.10704038082930.26558146 ""38612.82057299.941058442.772425926.3285817941273.910601262503.7015760674384.418915439654.463744279158.1280540000002449.0377365545.869400198647.67382845125.090927292276835.6142392249860.6966357600172009.9905105645.274272330046985.51103577210.955436550022494715.43668312837856.762220937 ""0016291.55030392.520152895.210243684.8437009.183561643851351.578082.807089602500000046922.0846922.0813158.0413158.04364333.8169430.39322932715387507.314931453.903880114495.6910362.9483621644562317.53000782948.79616120.7547903280017666298.9215832540.11091318 " 506457.8836986290179577.3698630140149166.11821917809367004.477223820000000000000000000000000000010202205.849004609 ""647.15289.727951397.523111.4822299.619411101.56023901.217225.032924.222631.84003681736317125780.34124073.700008875110645.135127.532453.538956.6238127.9000000009759913.1255460.9110 ""1902106.6701592.4701058.0303411398.8102074479.8706531.940000000000000140465.450008807700032400007628950.24011 431773.470323523.230247529.82804691823.19073164.6313012476.1800000000000000000000000005780290.5293012 0011880204740831610561638.13123741937.6700000000000101532.541992139825.730002223766.76000270859.570003444383.4322913 .. 00259532.199266036951.054110000000000000000000879146.066832876648.066832577367.927755122100.43430000194993.22308843392.3936001947990.4710511042140.89473214 000011117.56597.5243820.8903652581969563241116205000000000024869.14245020780.4218074.320022416.0400098774.169232000819447.15332602.8216367002.6443371478470.2480389212980745.7687833716932.52952505.64613036133974.281126285200590583.71409179953.086900003127790952.62278393152277.405430013857333.30881784673436.506398951005155660.139599594704304.279980332679116.477937762270142.6332301978.994336112246.8443933913158.0413158.043114361.38205861209882.2836469639894180.387482328916154.08700091413490.468234848494.5935431647027574.408633841853903.59299547908726.6806099676.592719783978470.2052995400321147047.27594548441800.5879539: , (01.01.2011 - 31.12.2011) ( )

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20072010 * , # : () ( ): : ( ) : ( ) ( . (5), (7), (8), (10), (12)- ): ( . (6), (9), (11) ): 1 " L International"2699511.8191398.97369515.270525612.46066643566.6502300963.120325989.3819476.750068711.1937572.51623880.59416147.260000417882.48140620.934608972.541666780.8400482800.53018011.790608471.72165918.660079693889.522637915.922 "2320929.046921631739679.22443556822362.6376617780947685.705956175183522.10111300534405831.462248458740.798630125211802999.628298615271.6244579761546960.20954738123531.324492675002354427.610408072342790.383814120000001123229.1617182496706.8317830017644959.448882234528559.2629723500686648.81182076354953.788372881003426097.682400712563537.152615111176067083307.405863413007292.49268683 " "2887199.1658481477375.369942338583.435760526884.3403682684006.0155546635529775.420743101899.73883896498805.38760387224084.055148901665.6766673457052.129200980043217.74467638469.529716900201403.9239942820.754599400827908.097557197966.170225634051009.50264243116917.11555396415444.43332715.150861160357.93974518995.18166500861201.126695657706.20852790054243456.19229096850007.419833334 ""3961001559890278780.56276230900650224406457807398466.45216893.405003611716705102114697127890.578358.72308831778.510334364.84161747.955616301995.0516027434.2731083176770.66131560.7924451169884.111025973.8846128700838207.5658606.1033734620045234194.1818380060.13722775 " "525038.7729504420109909.1467998940232126.73407695652247.946404519424665655.998651425792.7841476356962122.231815991481061.115907995111291.03938246669276.991469011003511347.560329113181855.444886921420345.505813771322069.32084281000068984.82620447038.799747213555691.916644967452809.305329594253266.269150685223733.1705311117564.06137416372389.38391089300151081.4475147.85345131180033684425.50319386303422.116628896 791487019016.917115.21176580029614184029281740652.8823920000000000000000000000000030918004.957768.097 ""008167.41062210.64719.878555409.53760173134.42035499.8500051402.4244964.914578.4912761.2500004630.52058074.764797.55637405618801.42890742.9500281278.8337831.260014869562.2976991817.788 ""3333.932510.92143071512060.1511111.6410627306.22052818.3841200.333733.543392.4164888.254073.4900130141.75128598.5600007591311360.8642602.6335564.11000000000011014227.8288527.329 " 208630.896712330108896.256438356094630.747945205507913366.63728744000000000000000000000000000008325524.53838333010 ""27447.9285933003024699.232241379412349.595549568959936.585265753441955.95268602741196901.8537766882431.393598241351352.48833969945947.457837785141005.051624693101706.11443728500000045782.37892839565.0731824884193.66590980483988.93335751296750.0179760.6240869771617584.186381371539667.3442630500150732.367223100772849.490813187722610.746132327005489235.231873873642214.2351312611 ""48934916562.162853.5502561.452032.541757602.080698859.23524144.42257174.135383.500000000000016576.7514385.9300463787.8900000003438764.08562508.552512 0000101.6302255017295.350207.630000000000013739026116958200281848539939400244470002902646.6140897613 00005532304812989120600536.53367551167958958000000000044885.63141096328.53425800301800081210.80002057218.4939792414 .. 00219752.0438983362.206271639439640.1378182370.6235466154000000000000000000144556.8409144556.8409400558.3299312.370000202901.651479521.36745001007408.994016329123.40816825515 0000563000013473109869000000000006431207366700061219100010700000911100016 15856025855047096049538700000000000000000000000000000584194010008393.54102573427526.644377562207029.8827994133542.01182120833017069.14143035381290.689304827245796218.860307268864.71521490127130498.76605763297719.885851763522576.95722188605670.62459995264888.254073.496065223.525413175662357.768417942199157.335813771884273.39084281375076.802918160744.55086988835972.17590980483988.9333575123072599.56547921149311.1714428235148135.15545127545312.57212731252413.67915068787321.48383614284271.12293493634680.1885616418011.7907258447.24130894960879.3515501211760361457159.74322153857557.4721762: , (01.01.2010 - 31.12.2010) ( )

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SUMMARY2009 # () 1 "3431697.79000028973517.7653062561666381.8199998569460.464659221435244465.46990682450168.7843563612285770.5172254.9612863461383757.0500000145412.438032104400373925.22326491.251842329001301105.1595702.46767464188627729.839999983125079.40278951001569439.86253778.23646314002754226.331471455.561212090068638499.02990698983321.3336222 " L International"1336631.11209638.63681508.63050409107.393630532453616.540303480.0114152.96001518148.291314412.859198.220335040.2392265.663675761.821257177.1700331107.440952.480664128.96161868.790061718681.123412569.063 " "3809984.5969021803978.77137785613997.2563008651276.774965305644453103.30581110156.67143816556713.35441735-54439.9308154355992037.9844909477495.01377669020011978.51674610.72205353353.35299551.6168704271255107.07987985452.67023934353743460.79821023095438.37971328421039.00668324086.74492226963617.190374455202.0705610400949838.109181659916.837184880063124230.55094536712726.342283744 ""9837.849565.5110824.799513.439116507.43041560.0240726.263913.873827.430024939.223789.880057261.221310.0354749.5551292.542975026348.75009438.326418.0600009358782.22192791.895 ""00101323064945210257440512986000000020050619538231.2009387349753257.652057900270807101144.010016856688862632.8620578996 ""1548210329335033524187127668296707210463019285719826100001828621757422594689593311748391.103410690650.35518717129014691335116201312776.53001241214888344.560056018831.103413640918.4451877 .. 00107277.643063323.0500000000000016242.934872.88123399.8123400.0213600.362040.050000273498.6234185677.8100534019.35646319313.818 " "48700.190306208.95171566.67204990342484483.531196585.72994603.83317047.2139292.6245295.39004682782.434303967.450073994.4529285.9650652.66371179.41328030.07325542.11962263.22889229.2400221019.82108083.1611343280051892031.777757782.243184239 ""117577.1706005.621816.3610402364.12198595759840365716.019670.533141.3300000033226646890.0122165.65001332159166492.5400160000012676438.432758192.8910 ""11847038992.3825582.832132891.9669672.541107079.79775365.5197456.6870305.94004980033200.0100114183.491210.49875434.71687116.990068100.72000153578.34111481.53004649364.981863935.8411 0012572.436376.0100344401.92181283.5623255.9411944.67000000149.81000000000306753.78306753.7800687133.88506358.0212 " 497796.970438783.17011494727.0612005400000000000000000000000012431307.212005413 1313050001499171.9600000000000000000000000001630476.96014 000000000000000000102883470.710022235158100000002326399280.719550198.666902282996700.676684114313210.68936071338915.59167443247255530.2057176635953.7157944627536401.95441741902583.570470915394421.68449095369836.171808795006661573.65676006472.16389233545413.572275293.6168704272414889.249879516299.09791398529618711.291610219435201.8276898963709.43668824930.6449222619348007.4303743836546.2690820810390.86418.066836664.9625813994726.039531300360449123.60071247139877.4463349: , (01.01.2009 - 31.12.2009) ( )

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Sheet22008 wels sadazRvevo kompaniebis mier "pirdapiri dazRvevis" saqmianobiT moziduli sadazRvevo premia da gadazRvevis premiis odenoba#sadazRvevo kompaniis dasaxelebasicocxlis dazRvevaubeduri SemTxvevis dazRvevasamedicino (janmrTelobis) dazRvevasaxmeleTo satransporto saSualebebis dazRvevasaxmeleTo transportis gamoyenebasTan dakavSirebuli pasuxismgeblobis dazRvevasarkinigzo satransporto saSualebaTa dazRvevasaaviacio riskebis dazRvevasazRvao riskebis dazRvevatvirTebis dazRvevaqonebis dazRvevadazRveva safinanso danakargebisganvaldebulebaTa Sesrulebis dazRvevasakredito valdebulebaTa dazRvevasamoqalaqo pasuxismgeblobis dazRvevaiuridiuli xarjebis dazRvevasulmoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premiamoziduli premiagadazRvevis premia1ss sadazRvevo kompania "aldagi-bisiai"4035123.91346267.221886717.10290628100929.05203765824061250.32185251598675.5738896213825906.23566225080720.783277751325680.2438956119634.566928687001823658.231607233.6488456178.7515601714763.107382555875408414110.179159464077396.44211515002008757.990581650003384036.77011271864828.660195090062536182.831552916384785.9472842ss saerTaSoriso sadazRvevo kompania imedi-L International"5713650.433258210489.682784488635.41677000112446.0827930007172.2454483352559806.0610480286916.09746000484478.39801354071.35402800460334.76484244633.537785420713.04738807956516.9417179900482912.032278000561855.19555129179.7063540046466473.69204411715672.305453993ss "ji pi ai holdingi"2231420.1692889.05240955542457.67999999837865.989431408230808028.62999940867.15963191156791989.642510200.43873379855747.36000001251156.59434741370022172.86647.346795201836.1899282.594745903403906.42112117.7934682843548142.553158130.77991294559320.66333162.006787077507542.7000531020.56292101.9802361330047003585.2799997334421.736499424Sps dazRvevis kompania "qarTu"0012929.122511198.078259116967058705.1351061.91627402.2266528.821002270020841001161845486678628.926866442.0937057000012796.028701.5200009426312.4253219639.42915575ss "saxalxo dazRveva"52222.94052407.6915571.4422310959.75861186159252.3485273.8433317.4822856.690012923.812199.270028845.116721.89398202.34171697.5958745.6901036899.1400014178.700024157954.971185506.726Sps sadazRvevo kompania "vesti"00851840261017900032741700000008310042712402600615088929482910063757448000928844829567977Sps dazRvevis saerTaSoriso kompania "irao"002012170177180400197620912841198970000559701867011230531085864280024138802123474661162667126103945630628681545915005086334119780037498553148501978Sps sadazRvevo kompania "AIG - Europe SA" (saqarTvelos filiali)005242617107.5700000000000000252365252364.7434121.99287640000257923.38209144.8600596836.37507381.179Sps sadazRvevo kompania "ai si jgufi"7710138490.563140414165200.720674108.88307575.2754144.0617618.1001057975.85590414.3900107538.8169344.53448504.11413069.1594645.1359470.5117444540353400339011.97224176.540018254836.092116606.4810Sps sadazRvevo kompania "tao"61763140412378.0981179.28363732702.036335020908893.042799998532185.8435924246.0042361.870560000001206.91783.6928121543662.8400645436.155347945155152.0296403340000002437840.24648296749366.55942233511Sps sadazRvevo kompania "partniori"0019179.1613218.35467473.7446806.09610789.04421886.5640776.0328633.070082311.2866007.6600163719.18127438.4172035934.021764243.2918737.517388.4137383.92000623629.64600712.07004199933.513086333.90712ss "standart dazRveva saqarTvelo"0000000000000000000000000000000013ss "arqimedes global jorjia"506987.14040780509231471.5476269600000000000000000000000010146263.68762696jami12601938.5132582263686.955193553889826.83017628240919.846139067161229444.9836273318565.8235215327565659.36951029001745.651803543134616.50135561248789.712836101003562190.358012676084.6696631381067.931186706.59474593284832.292224551152247.8602482833067993.173347522534220.8674518791673.97448240.90678707715207133.93820765052892.0296403312796.028701.526284046.21566273736601.8167852200272013220.09537951869404.2548154SeniSvna:moziduli premia moicavs sadazRvevo premias, romelic miekuTvneba saangariSo periodSi (01.01.08 - 31.12.08) ZalaSi Sesul sadazRvevo xelSekrulebebs (mravalwliani xelSekrulebebis CaTvliT), miuxedavad imisa gadaxdili aris mzRvevelisaTvis premia Tu ara

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HEALTH CAREsadazRvevo bazris struqtura dazRvevis saxeobebis mixedviT 2007 wlis monacemebiT#dazRvevis saxeobamoziduli premiawili bazarzeanazRaurebuli zaraliwili bazarze1samedicino dazRveva450757510.3793085833254349710.64122175992qonebis dazRveva20823216.710.175225584831080240.07835403543saxmeleTo satransporto saSualebaTa dazRveva17272104.10.145343276475261910.18973709224finansuri riskebis dazRveva112752400.094880178712294650.03099510955sicocxlis dazRveva48941280.04118366796208260.01565117346samoqalaqo pasuxismgeblobis dazRveva46142320.0388283674482010.01129925547sahaero satransporto saSualebaTa dazRveva31670760.0266506732332600.00083849268tvirTebis dazRveva2909114.680.02447995082706760.00682380739ubeduri SemTxvevisagan da avadmyofobisagan dazRveva2701974.940.02273688773253660.008202555410profesiuli pasuxismgeblobis dazRveva19110490.0160813136125660.000316791911avtomototransportis mflobelTa samoqalaqo pasuxismgeblobis nebayoflobiTi dazRveva1909463.270.01606796984906450.012369278912sawyalosno satransporto saSualebaTa dazRveva10179040.0085655750013avtomototransportis mflobelTa samoqalaqo pasuxismgeblobis savaldebulo dazRveva7784180.0065503208161930.000408229414gadamzidvelis samoqalaqo pasuxismgeblobis dazRveva4869510.0040976511500350.0037824186sul118836622.71396664191

INSURANCEINSURANCE MARKETGPW2007118836622.72008272013220.0953792009360449123.6007122010361457159.7432212011321147047.2759452010 2 Q222660749.9794342011 2 Q188189266.3317592012 2Q233913472.913420.2429692589Q2 2011Q2 2012HEALTH & LIFE130528367.912387173725246.867710.3309386277PROPERTY & CASUALTY57660898.419371860188226.04570990.0438308749P&C60188.2260457099HEALTH & LIFE173725.24686771Y2012 HY RESULTSMARKETABCITRAVEL & PA3542.70943074313542709.430743123074544.47410109LIFE16933.201043694316933201.04369437453581.05452881HEALTH153249.336393272153249336.393272120000242.383757173725.24686771173725246.86771130528367.912387CARGO1865.05528375411865055.283754081393973.11955213MTPL2201.94758199582201947.581995852137562.26866928MARINE & AVIATION5342.35170485342351.70483276502.59473935LIABILITIES8479.87483941158479874.8394115210581935.8097131CASCO17489.553477407717489553.477407715090173.0537044PROPERTY24809.443158340824809443.158340825180751.572993560188.226045709960188226.045709957660898.4193718233913472.913419188189266.331759# () ( ) ( ) ( ) 2 "2217332.8557282323.0514906711072334.8574000801043024.3711000550394.559500000222576086.585195330877.906900003112147925.8839999906481.8464577621789958.12419998205112.79806001847085.71651760088.087820330098537.661653344.339001178309.6225482247.4694159331378.526100014490645.17260004001469154.875474505.483680076002685633.6927122122650.329917240057456762.772007410858671.04484113 " L International"5519725.62194905.08377240.690285431.48036189771.8301809317.380298417.6213903.730063033.6328615.3155646.53114784.950000412415.6191837.964915360.05987444.5500507634.990908726.680544280.9688270.410051987003.061619761.9816367002.6443371478470.2480389212980745.7687833716932.52952505.64613036133974.281126285200590583.71409179953.086900003127790952.62278393152277.405430013857333.30881784673436.506398951005155660.139599594704304.279980332679116.477937762270142.6332301978.994336112246.8443933913158.0413158.043114361.38205861209882.2836469639894180.387482328916154.08700091413490.468234848494.5935431647027574.408633841853903.59299547908726.6806099676.592719783978470.2052995400321147047.27594548441800.5879539ABCIIMEDIMAREKTABCI+IMEDICARGO1178309.6225412415.63114361.38205861590.72522250.5107709181MTPL1789958.12419998298417.623857333.308817842088.37574420.5414040159MARINE & AVIATION1945623.3781218680.168149913.651873352164.30353810.2655615299TRAVEL & PA2115359.22850012662672.175933251.414913742778.03139850010.4682140035LIABILITIES4154788.5677121960642.6315449468.14958766115.4311977120.3958344157LIFE2217332.85575519725.6216367002.64433717737.05847570.472722993CASCO12147925.88399991809317.3827790952.622783913957.24326399990.5022225561PROPERTY9331378.526100014915360.0539894180.387482314246.73857610.3571132039HEALTH22576086.585195336189771.83200590583.71409158765.85841519530.2929641927TOTAL57456762.772007451987003.06321147047.275945109443.7658320070.340790198

INSURANCE

TOTAL INSURANCE MARKETGROSS WRITTEN PREMIUMAMOUNTS IN '000 GEL (1.62 GEL ~ 1 USD)

CONSOLIDATED

Y-o-Y GROWTH24.3%%INSURANCE MARKET HYGROSS WRITTEN PREMIUMAMOUNTS IN '000 GEL (1.62 GEL ~ 1 USD)

Sheet13

P&CHealth & LifeHealth & LifeP&CY-o-Y +33.1%Y-o-Y +4.4%HEALTH & LIFEPROPERTY & CASUALTYINSURANCE MARKET HYGROSS WRITTEN PREMIUMAMOUNTS IN '000 GEL (1.62 GEL ~ 1 USD)

Sheet3

PRODUCT DIVERSIFICATION BY GPWHEALTH & LIFE | Y2012 HY RESULTSAMOUNTS IN 000 GEL

PRODUCT DIVERSIFICATION BY GPWP&C | Y2012 HY RESULTSAMOUNTS IN 000 GEL

SHARES BY GPWHY 2012

M/SHARE - 29.3%M/SHARE - 35.7%M/SHARE - 50.2%M/SHARE - 47.3%M/SHARE - 39.6%M/SHARE - 46.8%M/SHARE - 26.6%M/SHARE - 54.1%M/SHARE - 51.1%ABCI & IMEDI GPW BY LINESYE 2011 | 000' GEL

ALDAGI BCI52667805.41054610.2251593495IMEDI L25170618.440.1076065356GPI H40466332.94959150.1729970166IRAO21288933.57828160.0910120025PSP21238400.71671950.0907959702IC GROUP17723568.84465750.0757697649OTHER55357812.97362340.2366593608233913472.91342

ABCI + IMEDI 33.3 %INSURANCE COMPANIES BY GPWHY 2012

INCOME STATEMENT - HEALTH CAREIn thousand GELFY2010 (AUDITEDFY 2011 (Audited)FY 2012 ForecastedY-o-Y Growthrevenue, gross80060800601029140.2854609043COGS00-13128*Net Revenue8006080060897860.1214838871Net insurance claims expenses-44728-44728-575180.2859506349Net commission expense00-5032*Net underwriting profit/Gross profit353313533127236-0.2291189041Net income from pension benefit plan0069*Total recurring operating costs-17246-17246-15362-0.109242723EBITDA180861808611943-0.3396549818Net profit for the period58215821106240.8251159595TOTAL ASSETS7200783752109522114327TOTAL LIABILITIES54714617638051676740TOTAL EQUITY17293219892900637587ROAA0.0550.0640.0730.077ROAE0.2720.2560.2750.258Operating Leverage3.1220.0670.1870.129U/W Margin0.2990.360.4020.432Net Profit Margin0.0650.0820.1080.105Loss Ratio, Net0.6340.5690.5290.509Combined Ratio0.9370.8730.860.853

INCOME STATEMENT - INSURANCE GROUP STAND ALONEIn thousand GELFY2010 (AUDITEDFY 2011 (Audited)FY 2012 ForecastedY-o-Y GrowthInsurance premium revenue, gross80060800601029140.2854609043Insurance premiums revenue ceded to reinsurers00-13128*Net Revenue8006080060897860.1214838871Net insurance claims expenses-44728-44728-575180.2859506349Net commission expense00-5032*Net underwriting profit/Gross profit353313533127236-0.2291189041Net income from pension benefit plan0069*Total recurring operating costs-17246-17246-15362-0.109242723EBITDA180861808611943-0.3396549818Net profit for the period58215821106240.8251159595TOTAL ASSETS7200783752109522114327TOTAL LIABILITIES54714617638051676740TOTAL EQUITY17293219892900637587ROAA0.0550.0640.0730.077ROAE0.2720.2560.2750.258Operating Leverage3.1220.0670.1870.129U/W Margin0.2990.360.4020.432Net Profit Margin0.0650.0820.1080.105Loss Ratio, Net0.6340.5690.5290.509Combined Ratio0.9370.8730.860.853

Consolidated FiguresYE2009 (ACTUAL)YE2010 (ACTUAL)YE2011 AUDITEDYE2012 (FORECAST )YE2013 (FORECAST )GEL 000Insurance premium written gross6273462086709498634398541Insurance premium revenue, gross6469961181647288162092442Net insurance premiums revenue5037850051534916918378356Net insurance claims expense-31918-28469-28292-35195-38463Net underwriting profit1504018040215152991636401Total operating costs-11259-12755-12828-16183-18076Non recurring gain13520000NET PROFIT421850227017858110074TOTAL ASSETS7200783752109522114327120324TOTAL LIABILITIES5471461763805167674072663TOTAL EQUITY1729321989290063758747661ROAA0.0550.0640.0730.0770.086ROAE0.2720.2560.2750.2580.236Operating Leverage3.1220.0670.1870.1290.1U/W Margin0.2990.360.4020.4320.465Net Profit Margin0.0650.0820.1080.1050.109Loss Ratio, Net0.6340.5690.5290.5090.491Combined Ratio0.9370.8730.860.8530.849

Source: Swiss Re Sigma2009201020112012200962150005REVENUE FROM HEALTHCARE BUSINESS15000000200000003000000080000000201072040005Number of Hospitals/Clinics61217322011125500001720128060000026201311054200030

ABCI REVENUE FROM HEALTH CAREAMOUNTS IN '000 GEL (1.62 GEL ~ 1 USD)

REVENUEFORECASTNUMBER OF CLINICSESTIMATEABCI PERFORMANCE IN HEALTH CAREAMOUNTS IN '000 GEL