Max India Limited Investor Presentation

November 2018

www.maxindia.com

Max Group Vision“To be the most admired corporate for service excellence”

Sevabhav

Excellence

Credibility

• Positive social impact

• Helpfulness

• Culture of Service

• Mindfulness

• Expertise

• Dependability

• Entrepreneurship

• Business performance

• Transparency

• Integrity

• Respect

• Governance

1

2Note: USD rate considered at 64

Evolution of Max Group—Strong history of entrepreneurship and nurturing successful businesses

Health & AlliedBusiness

Life InsuranceBusiness*

Max Group – Corporate Structure

3

Max Group ‐ Sponsors

Manufacturing & Other businesses

Holding

 Co

mpa

nies

Ope

ratin

g Co

mpa

nies

70.75%50%

51%

100%

51%

Group CSR Arm

30.3% 41.0% 47.2%

Sponsors stake in Max Group holding companies 

100%

100%

100%

4

Rahul Khosla• Group President• Chairman, Max India Limited• Executive President, Max Financial Services• Chairman, Max Healthcare Institute Ltd

Mohit Talwar• Managing Director, Max India Limited• Managing Director, Max Financial Services• Vice-Chairman, Max Ventures and Industries Ltd• Chairman, Max Specialty Films

Rajit Mehta• MD & CEO, Max Healthcare

Tara Singh Vachani• MD & CEO, Antara Senior Living• Director in Max India & Max Healthcare

Ramneek Jain• CEO, Max Specialty Films

Mohini Daljeet Singh• Chief Executive, Max India Foundation

Rajesh Sud• Executive Vice Chairman & MD, Max Life Insurance

(upto December 31, 2018)• Chairman, Max Bupa Health Insurance Co Ltd &

Max Skill First (upto March 31, 2019)

Ashish Mehrotra• MD & CEO, Max Bupa Health Insurance

Sahil Vachani• MD & CEO, Max Ventures and Industries Limited• Director in Max Financial & Max Life Insurance

Rajender Sud• CEO, Max Skill First Limited

Prashant Tripathy (with effect from Jan 1, 2019)• MD & CEO, Max Life Insurance

Max Group – Senior Management

Max Group Overview

USD 3 billion+… 10 Mn Customers… 25,000 Employees… ~80,000 Agents…

3,000 Doctors…

Strong growth trajectory even in challenging times; a resilient & diversified business model

Steady revenue growth and cost rationalization leads to strong financial performance

Well established board governance….internationally acclaimed domain experts inducted

Diversified ownership…..marquee investor base

Superior brand recall with a proven track record of service excellence

Strong history of entrepreneurship and nurturing successful business partnerships

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3

4

5

6

7

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Max Group : Continues to grow from strength to strength

6

Group EBITDA (USD Mn)

81  95  110  127  129

FY'13 FY'14 FY'15 FY'16 FY'17

Group Revenue  (USD Mn)

1,639  1,915  2,190  2,584  2,945 

FY'14 FY'15 FY'16 FY'17 FY'18

Max India: High pedigree investor base

Number of outstanding shares* :  26.84 Cr.

Promoters41.0%

IFC3.1%

FII/ FPI23.6%

Mutual Funds18.7%

Others13.6%

 0.0%

 0.0%

 0.0%

 0.0%

Shareholding Patternas on Sep 30, 2018

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Ward Ferry

International Finance Corporation

Target Asset management

New York Life Insurance

Nomura Singapore

Doric Capital

Comgest

TVF Fund

Government of Singapore

Reliance Mutual Fund

L&T Mutual Fund

HDFC Standard Life Insurance

UTI Mutual Fund

Shareholding concentrated with Marquee Investors

* Max Group Sponsors hold warrants convertible into 4% equity stake, post conversion Sponsor’s stake will increase form 41% to 45%, on fully‐diluted equity base will increase to 28.7 Cr shares post conversion

www.maxhealthcare.in www.maxindia.com

MAX INDIA LIMITED

MAX HEALTHCARE

8

Sources: India Brand Equity Foundation – Healthcare report, July 2017, BofA Merrill Lynch Global Research

60 79 160280

2010 2012 2017 2020 2025 2025

Indian healthcare sector *Estimated size, Bn USD

Demand drivers for growth

* Includes hospitals, pharmaceuticals & medical technology / other companies

~500 mn

additional middle class by 2025

~45%

Insurance penetration by 2020

~134 mn

population > 60 years by 2020

~$8 bn

medical tourism market size by 2020

~320 mn

at risk of dying due to NCDs by 2020

~2 mn

beds required by 2025

CAGR 15.0%

CAGR 16.5%

Business As Usual Aspirational

320-340450-470

Indian healthcare industry is expected to reach ~$470 billion fuelled by multiple demand drivers

9

Sources: BofA Merrill Lynch Global Research, IBEF Mar'15

Private players have established a dominating presence in tertiary / quaternary care

70% 63% 60% 78% 80%

30% 37% 40% 22% 20%

Market Share Beds Inpatients Outpatients Doctors

Private sector Public sector

70%

20%

10%

Hospitals

Pharmaceuticals

Medical technology / Others

Indian healthcare sector*

Market share %

Market size of private hospitals is expected to reach ~$ 120 bn by 2020

2236

81

120

2009 2012 2015 2020

Private sector hospitalsEstimated size, Bn USD

CAGR ~24%

CAGR ~20%

* Includes hospitals, pharmaceuticals & medical technology / other companies

Hospitals constitute ~70% of Indian healthcare market with increasinglydominant role of private sector

10

At current level of public sector spending the scenario is not likely to change

1.15% 1.40% 1.30% 1.20%2.50%

FY14 FY15 FY16 FY17 FY20-22

Source: LiveMint research, World Bank database, Hindustan Times

5%+ WHO guidelines

India- public spend on Healthcare% of GDP

~8% USA

8-10% Developed countries

3.5-4% BRICS- excluding India

Hence, Government will keep shifting the burden of public health provision towards private sector

11

The surge of VC/ PE investments in recent years has eased funding constraints on growthAnnual VC/ PE investment’s in India’s Healthcare ($ Million)

Recent examples

Source: Crisil research, company websites and presentations, secondary sources

No. of deals 35 29 65 60 54

580 4951,262 1,359

9001,584

1,111

20162013 2015201420122010 2011

~3x

50 86

TARGET INVESTOR AMOUNT DATE

$221 mn Jan ‘16

May ‘16

Dec ‘16

$68 mn

$63.5 mn

TARGET INVESTOR AMOUNT DATE

Jul ‘17

Aug ‘17

$43 mn

$171 mn

Competition is intensifying with scale‐up of well funded incumbents &availability of capital for new players

$200 mn Jul ‘17

12

Jul ‘18$571 mn

MHC vision

KEY ENABLERS WHERE DO WE WANT TO BEWHAT WILL WE BE KNOWN FOR

• Strong talent pool of clinicians, nurses and healthcare leaders

• Technology and analytics enabled clinical outcomes and customer experience

• Integrated care

• Clinical excellence

• Transparency

• Speed

• Tech enabled continued care

• #1 in selected specialties in chosen geographies

• Focus on Tertiary and Quaternary care

• Physical infrastructure in North India; however serving more than 300 towns in India and 30+ countries

To deliver international class healthcare with a total service focus, by creating an institution committed to the highest standards of medical & service excellence, patient care, scientific knowledge, research and medical education

13

MHC is a dominant player in North India

410

519Saket Noida*

Gurgaon

Vaishali

Shalimar Bagh

Max Smart72

OUTSIDE NCRNCR

Patparganj

250

Mohali

Bathinda

Dehradun

186

172

293 224

280Pitampura*

Panchsheel* Lajpat Nagar*

* Standalone Speciality Clinics with Outpatient and Day care facility

Greater Noida

61

14

~2500 available beds across the network

MHC has invested in state of the art equipment to achieve clinical excellence (1/2)

Advanced robotics provides high precision, and minimum invasive surgery across multiple specialities such as Oncology, Neurology

High dose radiation with extreme precision (~ 0.5 mm accuracy)

Advanced image guided surgery -provides real-time views and automated

image processing

Provides precise correlation and facilitates proper treatment for Oncology, surgical

planning and radiation therapy

Rob

otic

sB

rain

sui

te

Nov

alis

LIN

AC

PET-

CT

15

MHC has invested in state of the art equipment to achieve clinical excellence (2/2)

Robotic radio-surgery (non-invasive) system for both cancerous & non-cancerous systems

Designed for revolutionary single incision laproscopic surgery through catheter-based,

flexible instruments

Economical digital storage and convenient access to medical images from multiple modalities

Cyb

erK

nife

*

Picture Archiving & Communication System - PACS

SPID

ER

* planned16

MHC has a robust service excellence & quality framework which has resulted in enhanced customer experience

• “Sevabhav” trainings and Reward & Recognition platform has led to positive shift in mindset

• Structural Interventions through Six Sigma and other methodologies has resulted into business impact of over USD 18 Mn

57% 69% 73% 80%

FY`15 FY`16 FY`17 FY`18

Top 2 Box Rating*

* MHC is the only healthcare company who has deployed a third party (IMRB) to conduct Satisfaction survey 17

MHC strong Governance Model helps us bring alignment and improve accountability  

Executive Committee

Unit Heads

Unit Management Committee (MANCO)

Group Medical Advisory Council

(GMAC)

Hospital Medical Executive Council

(HMEC)

Doctor’s council

Managerial Clinical

Administration

Nomination & remuneration Audit

Investment & performance

review

Medical excellence & compliance

Service excellence

Scientific projects & technology

Corporate social

responsibility

Board & 7 committees

Governance

18

MHC has a proven record of building an institution

NABL/ NABH

accredited

ISO 9001:2000

& ISO 14001: 2004

certified

DL Shah National

Award on ‘Economics of Quality’

FICCI Excellence Awards -

Operational Excellence

Leadership positions in NatHealthand CII -

healthcare

First MHC hospital started in

2002

MHC is one of the top 3 healthcare chains in India

Strengthened capabilities to provide comprehensive tertiary & quaternary care

Network of highly qualified doctors, nurses and medical personnel

Organic growth through expansion of hospital network

JV with Life Healthcare, South Africa, extending expertise and global reach

BusinessWorld

Healthcare Award in Patient

Experience & Safety

Max Saket received JCI accreditation – highest standards of clinical governance and compliance

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MHC won 32 awards across multiple impact categories from various prestigious institutions in FY17 and FY18

Clinical Safety (7) Operational Excellence (9)

Service Quality (10) Others (6)

•Best customer service in Healthcare

•Bronze award for ‘Life savers’ project (Max Bike responder) at ‘American Society for Quality’

•BPM Asia Star 2017 by CII Institute of Quality

•Best use of six sigma in Healthcare

•Best green hospital (reducing carbon foot print of tertiary care hospital)

•Best patient safety initiative (prevention of patient fall)

•Best quality initiative (BCMA medication process improvement )

•Times Healthcare Achievers Award

•ET Best Healthcare brand

•Excellence in training and development

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FY18 has been a year of reset caused by various regulatory interventions and other headwinds (1/3)

• DPCO: Drug price controls

• Consumables and implants (stents, knee joints, syringes) price control

• Minimum wage revision, Delhi State and other personnel cost impacts (ESIC coverage, bonus notification, etc)

• EWS: Change in compliance norms

• GST: Increase in service tax rate from 15% to 18%

• Change in ECHS norms (Ortho)

• Recent announcement on Margin capping on non-NLEM drugs, consumables and implants (Delhi govt led)

Sustained impact

One time impact• Brand of corporate-led healthcare chains got impacted due to

multiple incidents in the sector during Q3/Q4

• Shalimar Bagh Hospital closure (Dec’17)

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MHC Annual Gross Revenue

Rs. Cr. 278725672181

173914071149

FY17 FY18FY14FY13 FY15 FY16

+22%

MHC Annual EBITDA

Rs. Cr.222

281221

173113

70

FY17 FY18FY14FY13 FY15 FY16

+42%

6.2 8.3 10.2 10.5 11.4 8.5

xx EBITDA Margin

Phase 3 Recalibration driven by regulatory interventions

Phase 2Large inorganic acceleration, but with some margin dilution

Phase 1 Rapid organic expansion and profitability through operating leverage 

FY18 has been a year of reset caused by various regulatory interventions and other headwinds (2/3)

FY16 excludes Rs. 6 Cr. of one time expenses towards the Pushpanjali and Saket City acquisitions; FY15 excludes Rs 3 Cr of one off expenses 22

MHC Annual Gross Revenues by hospital complexes

Rs. Cr.

568 593 666779

954 1067

733672560381309

827

260

FY13 FY16FY15

180016261339

1047

FY17FY14

902

+18%

FY18

MHC Annual EBITDA hospital complexes

Rs. Cr.

81 82 102114 121 122

7590765344

197+15%

212190

FY14

155

FY13

121

40

126

FY18FY16 FY17FY15

16.1 15.1 14.7 14.4 14.3 11.2

Saket Complex East delhi complex

xx EBITDA Margin

14.7 14.3 15.6 15.1 13.3 12.2

Note: Saket Complex includes Saket West Block, Saket East Block (unit of Devki Devi Foundation) and Max Smart (unit of Smart Hospital & Research Centre) hospital; East Delhi Complex includes Max Patparganj (unit of Balaji Medical and Diagnostic Research Centre) and Max Vaishali hospital

Phase 3 Recalibration driven by regulatory interventions

Phase 2Large inorganic acceleration, but with some margin dilution

Phase 1 Rapid organic expansion and profitability through operating leverage

FY18 has been a year of reset caused by various regulatory interventions and other headwinds (3/3)

23

Strong momentum across all volume and value levers in last 5 years 

Maintained healthy occupancy levels despite strong bed addition momentum Steady growth in Revenue per occupied bed

Consistent focus on key tertiary tower specialitiesConsistent improvement in Average Length of Patient Stay

Figures in Rs. Thousands Per OBD

908 1,094 1,235 1,457 1,737

592 651 640

1,679445

FY18

2,330+13%

FY17FY16

2,377

FY13 FY14

1,302394

1,472

FY15

1,6802,049

378

+6%44

3934

FY17FY14

41

FY18FY15FY13 FY16

3733

3.3

FY15

3.1

FY17

3.2

FY18FY16

-2.0%3.5 3.4

FY13 FY14

3.5

Figures in Number of days

NOTE: FY16 and FY17 including Vaishali and Saket City Hospital;Cardiac revenue impacted by stent price capping in FY17 and FY18;Ortho revenue impacted by implant price capping in FY18

FY16

13%

9%10%

11%

55% 54%

14%13%

10%

10%

0%

FY17

12%

8%7%

FY15

56%

13%

4% 10%

12%

7%5%

FY13

6%53%

FY14

14%

10% 10%

8%

11%

51%

10%

FY18

52%7%

14% 2%

10%6%

15%

12%

2%3%3% 3% 2% 2%

NeuroRenal Ortho LBSCardiacOncoMAMBS

72.171.173.574.369.7 73.1

Avg. unoccupiedbeds

Avg. occupiedbeds

Occupancy (%)

24

Four dimensions to value creation for MHC

Existing network optimizat

ion

Hospital network growth

Alternate models

Key enablers

• Improve specialty mix• Improve channel mix – upcountry / international direct models / PSU closures

• Bring back operational leverage through scale / occupancy growth

• Sustained cost rationalisation initiatives in personnel, material and clinician cost

• Brownfield expansion to 5000+ beds

• Onco daycare• DiabetEase• Immigration Center

• Max Lab• Max@Home• Tele Radiology• Physiotherapy BU

• Differentiated positioning

• Service experience• Patient safety• People• Compliance

25

TRANS-PLANT

Drive increase in share of preferred specialties to improve profitability 

Reduction due to acquisitions with weak starting positions and value erosion in cardiac / ortho specialties due to price controls

Action plan in place to grow focused specialties

Healthcare revenue specialty share Percent

• Build distinguished leadership in all DMGs

• Disproportionately grow the standalone centre model

• Personalized medicineONCOLOGY

• Provide end to end service offering• Launch specialized clinics• Invest in high end Neuro equipment

NEUROSCIENCES

CARDIOSCIENCES

• Build comprehensive transplant center in Saket complex

• Establish KTP and BMT programs in selected locations

• Focus on high-end procedures• Partnerships with renowned global

institutions – people & best practices

44% 48%

56% 52%

1,720 Cr.

Preferred

2,717 Cr.100%

Others

FY15 FY18

14

20

xx CAGR (%)

A

26

Our aspiration is to have a preferred mix of 54.0 – 55.0% in FY22

Drive increase in share of preferred channels to improve profitability 

Reduction in preferred channels due to acquisitions with weak starting positions

Action plan in place to increase the share of preferred channels

Preferred Channels

Non-preferred Channels

Healthcare revenue channel sharePercent

Walk‐in

Inter‐national

• Sustained brand effort / experience delivery on new positioning

• ATL/BTL campaigns for key specialties through digital platforms

• Strengthen ER capabilities

TPA• Seek new engagement models in the

prevention/ wellness space• Assess co-development of product

targeted at new customer segments

• Establish direct presence and digital footprint in select markets

• Expand in attractive new markets• Pilot and scale alternate business

models such as surgeries abroad / O&Ms

MECP

Institutional

• Revamp channel sales through an direct field force; strong focus on salesforceeffectiveness

• Deprioritize; profitability improvement through focus on collections, material cost, and ALOS

18.2% 22.0%

17.9% 18.4%

40.3% 36.0%

14.0% 13.2%

9.7%100.0%

TPA

100.0%

FY18

MECP

Institutional/PSU

International 10.3%

FY15

Walk-In

A

27

Our aspiration is to have a preferred mix of 72.5 – 73.0% in FY22

Rs. 170 Cr. of cost savings achieved in FY16, FY17 and FY18 through structured cost initiatives; Rs. 64 Cr. targeted in FY19

8

21 20

19

2535

12

12

1858

FY18FY17

73

FY16

39

Procurement efficiency

Formulary driven substitutions

Increase in consumables reusability

ALOS and cost/OBD reduction esp. in PSU patients

Organization restructuring at units

Manpower contract rate negotiations

Physician compensation re-modelling

Materials procurement efficiency

Power saving through cheaper procurement, equipment

efficiency improvement and demand management

Collections and deductions managementMaterial Costs Other Indirect CostsPersonnel Costs (Incl. Clinicians)

A

28

Rs. 100 – 150 Cr. cost to be taken out in the next 2-3 years

MHC expansion prioritised in hospitals with demonstrated track record of superior profitability

East Delhi complex: 106Saket complex: 10Gurgaon: 8

Saket complex: 1100*East Delhi complex: 200Mullanpur: 400Gr. Noida: 380

* Includes 200 beds of Saket FAR

B

504

2,080

Current Bed Capacity

FY19

0

FY23 & Beyond

124

FY20 FY21

0

FY22 Total

2,529

5,237

Saketcomplex: 315S.Bagh: 104Mohali: 85

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Expansion prioritized in facilities that have a proven track record of delivering 15-16% EBITDA margin in the past

Max Healthcare Bed Capacity

9.236.0 51.8

61.8

216.4 218.5

275.3

439.2

421.4389.6

14thJune'16

July'16 Aug'16 Sep'16 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

Rev - Actual

Onco Day Care Center: Operationalized in July’16, EBITDAR break even on the 3rd month 

B

• Standalone specialized facility away from the hospital to ensure comfort and care for our patients during chemotherapy sessions

• Helps patients with their treatment and disease by providing a non‐hospital environment and a highly efficient and expert experience

• Key Differentiators: o Strong clinical protocolso Staff specially trained in soft/service skills

o Personalized treatment

21stJune’16   Chemo started

Saket doctors OPD started

7th July:X‐ray started 1st Sept:

Ultra‐sound started

FY’18 EBITDAR margin of 18.7% and EBITDA margin of 9.9%

0.10.40.60.80.9

June'16

Q2'17

H2'17

H1'18

H2'18

Daycare Chair turnover IMRB Scores 

Pan MAX 76%

Oncology 79%

Onco DayCare 91%

Channel Mix (FY’18)

Cash 44%

TPA 20%

Others 36%

Success of this centre has paved the way for opening more such  centres; Work on for the 2ndone in Gurgaon. Noida facility being also transformed to set‐up Once DayCare

Figures in Rs. Lacs

30

Immigration Center: Revenue growth at 53% vs. LYB

17.0

11.1

7.0

FY’18FY’17FY’16

122.3

77.662.0

FY’17 FY’18FY’16

Revenue (Rs. Cr.)

Volume (‘000)

New Center opened

Figures in Rs. Cr.

Success of this centre has paved the way for opening more such centres; Work on for the 2nd one in Mohali

31

Max Lab: MHC has shown consistent growth in the non‐captive business over the last one and half years by leveraging its assets

C

Network Expansion• Network of 580+ partners• Over 250 active partners in March• Started operations in NCR, Punjab, Faridabad, and 

Uttarakhand• Added 2 HLMs, over 450+ beds

Technology• CRM platform for Sales Team for Team monitoring, Lead 

creation, Partner management• Upgrading LIMS for enhanced service delivery – project 

implementation underway• Max Lab website under development

Operations• Sales team expanded to 21 from 8 (Mar)• Successful launch of  Matrika, Monga HLM• Serviced over 100,000 orders in 9 months

Organization• Team size grew to 175 (35 in Mar17)• Extensive Training sessions for staff / franchisee staff

Building blocks in place to achieve the growth aspiration

2.92.2

7.7

5.4

H2’18H1’17 H2’17 H1’18

+241%

102.9

55.1

21.510.3

H2’17 A H2’18 AH1’18 AH1’17 A

+901%Samples* (‘000)

Revenue (Rs. Cr.)

* Pathology samples from Max@Home are also included32

Max@Home: With Rs. 1.5 – 2 Cr. of investment till date, business stands at ~Rs. 28 Cr. revenue in FY18

C

Home Sample Collection• 24*7 coverage• 16% revenue contribution through out‐of‐hospital channels in Q4

• 19% repeat business in Q4

Medicine home delivery• 20% increase in volumes from 5636 (Q3) to 6762 (Q4)• Increased repeat business from 12% (Q3) to 16% (Q4)

Critical care nursing• Critical care nursing service launched; Over 14 patients served in Q4

New territory‐Mohali• Nursing and GDA launched in addition to sample collection and pharmacy delivery

Max@home B2C platform• ~450 tech features ; ~30 processes; 5 service line journeys• Wireframes for ~20 roles across portal, mobile app & tablet

Revenue (Rs. Cr.) 

New services

Existing services

0.26

3.88

6%

94% 7.14

20.41 74%

26%

2.74

2.75

50%

50%

Volumes (‘000)

Steady state EBITDA margin ~25%

27.6

9.610.4

+165%

FY 18FY 17FY 16

41.938.531.3

19.613.2

Q3’18 AQ2’18 AQ4’17 A Q4’18 A

+218%

Q1’18 A

33

Teleradiology and Physiotherapy BU: Launching 2 new businesses in FY19 with high market potential

C

Tele Radiology Physiotherapy BU

Market potential

MHC’s plan

• International (US & western Europe): Rapidly growing market at ~18‐20% CAGR (FY11‐16) driven by digitally enhanced healthcare infrastructure and integration of teleradiology; market size of USD ~1.2 bn in FY18

• International (developing – Africa): Lack of radiologists; project growth in FY18‐22 at 15‐20%

• Domestic:Market growing at ~10‐12% CAGR (FY11‐16) driven by widening network of high‐speed broadband services, shortage of radiologists in tier‐2 cities , etc.

• Pilots underway in both domestic and international markets

• 5 clients – 4 domestic, 1 international –signed within  6 months of operations

• Indian Rehab market is projected to grow at a CAGR of 15% from FY15‐FY20 to reach a market size of USD ~1.0 bn in FY20

• Growth factors include rising elderly population (estimated to reach 323 mn by 2050), chronic illnesses & increase in awareness

• 70%  of market is currently out‐of‐hospital (which includes services @home and clinics), while hospitals focus primarily on their in‐patients

• Create a Physiotherapy BU platform in FY19:

o In house and integrate to ensure best practices and standardization of service delivery 

o Create well defined care plan owned by physiotherapist that is additionally signed off by the treating clinician

o Offer niche services such as Speech Therapy, Sports physiotherapy, Mental Health etc.

34

www.maxbupa.com www.maxindia.com

MAX INDIA LIMITED

MAX BUPA HEALTH INSURANCE LIMITED

35

A symbiotic partnership in health insurance

Helping people live longer, healthier, happier lives+

Wha

t we do

Highlights

Domestic Health Insurance

Global Health Insurance

Dental and Travel insurance Advice Primary Care

Clinics

Dental clinics Aged Care

► Leading international healthcare group present across 190+ nations, provides personal and company health insurance, runs care homes for the elderly and hospitals in addition to a range of health services

► Founded in 1947 in the UK, Bupa employs over 86,000 people across UK, Australia, Spain, Hong Kong, Poland, New Zealand, Chile, Brazil, Thailand, Saudi Arabia, India and the US

► Revenues of over £11 billion, over 70% coming from health insurance covering over 16.5 million customers

► Diversified group with interests in insurance, healthcare, manufacturing, real estate, learning and senior living

► Founded in 1985 with an entry in the bulk pharma business, Max has evolved into one of the leading health services organizations in India

► Over INR 191 billion in revenues, serving over 10 million customer with 25,000 employees and 3,000 doctors.

Max Bupa is a 51:49 joint venture between Max Group and Bupa

In the business of Life

36

Our Vision and Mission

37

Vision Mission

To be the most admired Health insurance company in

India

To help customers live healthier, more successful

lives

Caring Respectful Ethical Accountable Trustworthy Enabling

Health insurance retail landscape

Source: KPMG

Rising affluence and urbanization

Ageing population

Increasing medical cost & high OOP

Internet penetration and E‐commerce growth

158

630

FY'18 FY'25

22%

Retail Health Insurance – Market Size

(GWP INR Billion)

Rise in chronic disease incidence

Factors driving growth

16%+ affluent household by 2025, doubling current level of 8% 48 cities expected to have >40% affluent household vs. 0 cities currently

India expected to have over 350 M people > 50 years by 2030 Increasing demand expected by this segment along with evolution of product suite

Rapidly growing incidence of cancer, cardio-vascular diseases (CV) and diabetesCancer, CV and diabetes form ~28% of health expenditure which is expected to grow further

Over 20% annual healthcare inflation coupled with high out-of-pocket expenses (62%) expected to drive demand further

650 M mobile internet users by FY20, ~1.7x from current ~390 M 400-450 M digitally influenced shoppers by 2025 expected to drive break-out digital channel growth

The retail health insurance market is expected to reach INR 630 billion by 2025 growing at a CAGR of 22%

38

Industry landscape

Segment‐wise GWP (INR Cr)

Industry growth during FTY Aug’18* SAHI growth during FTY Aug’18* MBHI growthH1 FY’19

24%

Overall sales growth

• Among all players, Private GIs registered highest growth as compared to SAHIs and Public GIs (@ 46%, 39% and 2%)

• SAHI growth has been higher than overall health industry. PA has grown at a faster rate than health insurance for SAHIs (70% vs 38%) 

• MBHI, PA business increased by over 3 times (Y‐o‐Y basis)

1,9502,629

430

662

B2C

3

FTY Aug’18

2B2G

FTY Aug’17

B2B

2,383

3,293

38%

5,479 6,526

7,563

1,106

FTY Aug’18FTY Aug’17

B2C

B2G

B2B

14,148

16,8331,082

19%

39

18,388

* Industry numbers are excluding PA revenue; The HI market including PA is worth Rs 19,131 Cr and has grown by 20% over last year; SAHIs contribution (including PA) is to the tune of Rs 3,561 Cr and have grown by 39% over same period last year

Journey since inception

GWP, Rs cr

Cha

nnel

Serv

ice

mod

el

• B2C• Entered B2B

business in FY’12

• Agency• Direct channels• TPD

• In-house claims processing

• Entered B2G - First RSBY scheme won

• Launched ‘Walk for Health’, annual brand property

• First Banca partnership (Deutsche bank)

• Rationalized TPD2

• Reached ~3,100 network providers

• 30-min claims settlement (92% cases)

• Launched three more Banca partnerships

• Prioritized B2C

xx% Y-o-y growth

CAGR

• CRM launched

• Walk for Health went national touching 33 MM lives

• Launched 4 partners (Sarv UP, Muthoot, Coverfox, Bank Bazaar)

Segm

ent

• Launched Bank of Baroda serving more than 5,400 branches

• Standing Instructions for auto renewal

• First ‘embedded’ product launched at Federal bank

FY10-12

FY12-13

FY13-14

FY15-16

FY16-17

FY14-15207

309

373

476

66%

53%

18%

28%

594

125

FY17-18

25%

75527%

FY18-19*

404

• Industry first digitally enabled product ‘GoActive’ launched on 13th Feb’18

• Commenced business with South Indian bank

• Launched India’s first “Any time health” machine

• Launched Point of care desks for customer delight

40

• Commenced business with HDFC bank and Karur Vysya Bank

* For H1 FY’19

• LaunchedCustomer mobile application

Healthy growth with consistent improvement in combined ratio

Max Bupa’s focus has been on the B2C segment since inception

While it is harder to build a B2C book (linear customer acquisition vs. lumpy demand of B2B or B2G), Max Bupa has grown at 27%, faster than market (market growth ~23% for FY’18)

B2C focus driven operating model choices and some execution challenges have resulted in higher upfront opex spend

Com

bine

d R

atio

* (%

)G

ross

writ

ten

prem

ium

(Rs

cr)

* Combined ratio = Claim ratio (Net claim incurred / Net Earned premium) + Opex ratio (Opex / GWP) + Commission ratio (Net commissions / GWP)

151% 142%127% 118% 116% 109%

2012‐13 2013‐14 2014‐15 2015‐16 2016‐17 2017‐18

162 245354

466

736584

18

7

4

2012‐13

20738

4

2015‐16

4766

2017‐18

+30%75514

2013‐14

30956

4

2014‐15

37318

2016‐17

5946

B2C B2B B2G

Combined ratio for FY 17-18 basis IRDAI definition is 104% 41

Max Bupa todayIn a large, fast growing market Max Bupa delivers 2.8m customers, a vast

distribution network and leading brand

1,900 employees30 branches

9 banca partners with 13,400 branches

accessing 101mn customers

13,900 agents

98% B2C business

4,064 providers in network

62mn* lives touched through Walk for

Health(2017-2018)

1st of its kind, Digitally enabled

wellness product -GoActive

~2.8m total customers

GWP Rs. 404 cr (H1 FY’19)

24% Growth(H1 FY’19)**

Focus on B2C segment from inception

Investments in direct channels to support the “pull” model; Premium infrastructure (office locations and size) in line with overall positioning

Launched first to industry innovations – Any Time Health Machine; Complete digitally enabled wellness ecosystem; Highest Sum Insured options; No age restriction for enrolment; No claim loading; Guaranteed renewability; No 2 year waiting period

Max Bupa is the only insurance company with an annual brand property - Walk for Health initiative

Customer service is a key focus area –~78% of customers rate claims experience with Max Bupa as very good or excellent

*Duplicate reach across mediums**Growth over same period last year 42

Comprehensive product suite

Key features include hospitalization costs including:

► State of art coverage -Cashless international coverage (market first)

► Lowest (2 years) pre-existing disease waiting period

► Out Patient benefits

► AYUSH benefits

► Maternity & New Born benefits

► Coverage from Day 1 for accidents

► Waiver of 24 months waiting period for specific conditions below 45 yrs

► Loyalty benefit at renewal

Our flagship indemnity product with the most

comprehensive coverage

Heartbeat

Key features include hospitalization costs including:

► No limit on room rent and pre and post hospitalization expenses

► Added protection with Unique Refill benefit

► All day care procedures covered

► Unmatched renewal benefits− No Claim Bonus (No reduction

in case of claims)− Health check ups to help keep

track of the health condition► AYUSH in-patient treatment

► Super top up

An indemnity product withrefill benefit, alternative

treatments & Extended Family First proposition

Health Companion

Accident Care:

► Accidental death benefit

► Accidental Permanent Total Disability

► Accidental Permanent Partial Disability benefit

Critical Illness:

► Covers 20 critical illnesses

► 2 options: Lump sum & Lump sum + staggered pay-out for 5 years

Hospital Cash:

► Daily cash benefit & double cash benefit for ICU

A fixed benefit product with unique 3-in-1 combination of

personal accident, critical illness & hospital cash

Health Assurance

43

Comprehensive product suite

Group Health Insurance includes:

► Group cover for hospitalization benefit

Group Personal Accident:

► Accidental Death , Permanent Total & Partial Disability

Loan linked group critical illness

► Loan linked cover for 25 critical illnesses

► Single pay up to 5 years

Group medical cover

► Customizable product for employer employee groups –B2B

A group product with customized propositions by

selecting from over 35 product features and

parameters

Group Platform

44

Key features includes:

► Lifetime discount of 10% of premium if purchased at or before 35 years age

► Upto 10 OPD consultations included in the cover

► Health coach option to enable customers remain fit and healthy

► Second medical opinion

► I-protect option to increase SI by 10% every year

► Annual health check-up/diagnostics of customers choice

A digitally enabled, new agecustomer centric product offering that will serve the

everyday health needs of the customer

GoActive

Distribution architecture

Largest distribution channel for the company Spanning 29 branches across 19 cities Over 36% contribution in overall revenue Frontline sales force of ~450 Agency Managers ~13,900 agents One of the most productive agency force amongst SAHIs (Standalone Health Insurers)

9 Banca partnerships (2 foreign banks, 6 Indian banks and 1 rural bank), the highest numbers amongst SAHIs• Network of 13,400 bank branches across the country• ~750 FOS (Including NBFC)

3 NBFC tie-ups (Capital First, Muthoot, Bajaj Finserv) Brokers (Bajaj Capital, NJ Brokers, Shriram) Rural business (RSBY)

One of the largest captive tele-sales unit Capacity of ~130 out-bound tele-callers State-of-the-art technology infrastructure (Dialer / CRM) with secure environment Online sales through MBHI website & web aggregators (6 partners, including Policy

Bazaar – a leading industry player)

Dedicated sales-force ~70 full-time employees to address high-net worth individuals’ needs Spread across top 4 metros

Agency

Banca & Alliances

Digital

Direct sales

45Internal

46

51%

23%

23%

2%

49%

27%

22%2%

46%

29%

22%

3%

Banca & Alliances

Agency

Others

Digital & DST

Channel wise Performance (FY16 to FY18)

2016 2018

H1 2019

Channel mixKey highlights for channels over the last two years Agency channel grew by 23% over two year period despite

headwinds on account of price revision of Heartbeat and Health Companion; Agency OTC app launched to enhance digital sales

Increasing share of Banca & Alliances in the channel mix while registering a 37% growth over two years; MBHI has engaged in partnerships in last 3 years - Bank of Baroda, South Indian Bank, HDFC Bank and Sarv UP

DST & Digital channel grew by 20%. Digital has been the focus area of MBHI and has seen a growth of over 22% between 2016 and 2018. DST repurposed running at a combined ratio of 100%, heading towards profitability.

Persistency grew by over 4% from FY’16 to FY’18 despite price increase across portfolio re-confirming customer confidence in the brand, products and services

Launched GoActive – a digitally enabled, new age customer centric product with an integrated wellness system

Sharper Upsell strategy – More targeted approach by including ‘preferred product category’ based approach

Initiatives taken to control high risk flowso Closure of variants of HB silver and HC (9% of the portfolio)

for new saleso Cap on portabilityo Pin Code restrictionso Revision of stance on non disclosure

High focus on innovation in product and services

Others include B2B, B2GInternal

Innovations at Max Bupa

47

Digital innovations in H1 FY’19

48

Insta Insure

Infinity

Customer App Industry first digital ecosystem

Web & Mobile application

New platform for GHI

Internal

Strategic priorities – strengthening the foundation

Remarkable customer

experience

ProfitableGrowth

Portfolio Management - Renewals

Build Digital

People First

Customer Centric

Profitable Growth

1 2

3

4

5

A

B

C

D Digitally enable end to end customer journey

Build a Customer centric, Compliant & Cost conscious Culture

Broad base the franchise with partnerships & alliances

Provider of choice in the Affluent segment in urban India

49

Key Initiatives for FY19

50

External recognition

51

DisclaimerThis presentation has been prepared by Max India Limited (the “Company”). No representation or warranty, express or implied, is made andno reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in the presentation. Thepast performance is not indicative of future results. Neither the Company nor any of its affiliates, advisers or representatives accepts liabilitywhatsoever for any loss howsoever arising from any information presented or contained in the presentation. The information presented orcontained in these materials is subject to change without notice and its accuracy is not guaranteed.

The presentation may also contain statements that are forward looking. These statements are based on current expectations andassumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We donot undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of futureperformance.

This presentation does not constitute a prospectus or offering memorandum or an offer to acquire any securities and is not intended toprovide the basis for evaluation of the securities. Neither this presentation nor any other documentation or information (or any part thereof)delivered or supplied under or in relation to the securities shall be deemed to constitute an offer of or an invitation.

No person is authorised to give any information or to make any representation not contained in and not consistent with this presentationand, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Companyany of its affiliates, advisers or representatives.

The Company’s Securities have not been and are not intended to be registered under the United States Securities Act of 1993, as amended(the “Securities Act”), or any State Securities Law and unless so registered may not be offered or sold within the United States or to, or forthe benefit of, U.S. Persons (as defined in Regulations S under the Securities Act) except pursuant to an exemption from, or in a transactionnot subject to, the registration requirements of the Securities Act and the applicable State Securities Laws.

This presentation is highly confidential, and is solely for your information and may not be copied, reproduced or distributed to any otherperson in any manner. Unauthorized copying, reproduction, or distribution of any of the presentation into the U.S. or to any “U.S. persons”(as defined in Regulation S under the Securities Act) or other third parties ( including journalists) could prejudice, any potential futureoffering of shares by the Company. You agree to keep the contents of this presentation and these materials confidential.

52

ANNEXURES

53

Mr. Rahul Khosla (Chairman)President – Max Group Seasoned business leader with over 30 years of deep global experience in Banking and Financial markets.

Mr. Mohit TalwarManaging Director at Max India Ltd. & Max Financial Services Ltd., Over 30 years of experience in Corporate Finance and Investment Banking.

Dr. Omkar GoswamiEconomist and Leading Academic Serves on Board of many Indian MNCs including Dr Reddy’s, Infosys, IDFC, Crompton Greaves, Cairn India Ltd. etc

Mr. Kummamuri Murthy NarasimhaIndependent Director; Leading Finance professional associated with the development of Cost & Management Information Systems for over 150 firms

Mr. Rajit MehtaManaging Director & CEO- Max HealthcareOver 20 years of experience in financial services.Previously Chief Operating Officer at Max Life Insurance.

Dr. Ajit SinghPartner at Artiman Ventures, focusing on early-stage technology & life science investmentsPhD in Computer Science from Columbia University

Dr. Pradeep Kumar Chowbey, PadmashriDirector of Max Institute of Minimal Access, Metabolic and Bariatric Surgery. More than 35 yrs of experience in Lap Surgery

Ms. Roshini BakshiManaging Director, Everstone Capital Asia (Singapore) Extensive global management experience; Bachelors in Economics from St Stephen’s College, Delhi and MBA from IIM Ahmedabad.

MHC ‐ Board of Directors

Mr. Adam PyleNon Executive Director and Group Executive, Strategy and Investor relations, Life Healthcare Group. Commerce and Law graduate and currently responsible at LHC for driving the international strategy..Mr. Pieter Van Der WesthuizenNon Executive Director and Chief Financial Officer, Life Healthcare. Part of the LHC group for last 17 years and has fulfilled various financial roles

54

Ms. Tara Singh VachaniChief Executive Officer and Managing Director of Antara Senior LivingA natural leader, she represents the dynamic new cadre of young women entrepreneurs in India

Dr. Shrey Balaguru VirannaNon Executive Director and Group CEO at Life Healthcare Group. Dr. Shrey is a medical doctor by training and has extensive experience in the heathcareindustry

Mr. Rajit MehtaManaging Director & CEO- Max HealthcareOver 20 years of experience in financial services.Previously Chief Operating Officer at Max Life Insurance.

Mr. Yogesh SareenSenior Director & Chief Financial OfficerOver 20 years of experience in across all facets of finance; previously CFO of Fortis Healthcare.

Mr. Rohit KapoorSenior Director & Chief Growth Officer 18 years of diverse experience across industry and management consulting with McKinsey & Company

Mrs. Swati RustagiSenior Vice President & Chief People OfficerOver 17 years of experience in HR across FMCG, Financial Services and Health Care sectors. Previously global head of HR at Glenmark Pharmaceuticals

Mr. Anil Vinayak Director & Zonal Head – NCR 1Over 23 years of experience in Business Management and Sales & Marketing; previously with Amex

Mr. Anas WajidDirector - Sales & MarketingMore than 17 years of experience in diverse fields such as advertising, retail , healthcare and media. Previously Head, Sales and Marketing at Fortis Healthcare

Dr. Sandeep BuddhirajaDirector - Clinical Directorate & Institute of Internal Med.Over 23 years of experience in the field of Internal Medicine

Mrs. Vinita BhasinDirector - Service Excellence & Customer OperationsMore than 19 years of in-depth experience across the Financial Services sector; previously with Max Life Insurance

Mr. Sumit PuriDirector- IT & Chief Information OfficerOver 21 years of experience in varied industries such as Health/ Life Insurance, IT/ITES, and Consulting; previously CIO of Prudential Life Assurance

MHC – Management Team

55

Mr. Atulya SharmaDirector- Legal, Compliance and Regulatory AffairsOver 26 years of diverse experience in Manufacturing, Investment Banking, PE & Infrastructure. Previously General Counsel of Deutsche Bank AG, Group General Counsel of IDFC

Key Physicians

Dr. Harit ChaturvediChairman – Cancer Care, Director & Chief Consultant -Surgical OncologyOver 25 years of experience in Surgical Oncology.

Dr. Sandeep BuddhirajaDirector - Clinical Directorate & Institute of Internal Med.Over 23 years of experience in the field of Internal Medicine

Strong consultant bench strength of 350+ across specialities :

Cardiac – 100+

Oncology – 50+

Orthopaedics – 50+

Neurosciences – 50+

Renal – 50+

MAMBS – 25+

Dr. Anurag KrishnaDirector- Paediatrics & Paediatrics SurgeryOver 20 years of experience in Paediatric surgery -complex congenital malformations

Dr. A.K. SinghDirector – Max Institute of Neurosciences, DehradunRenowned Neurosurgeon having 40 years experienceRecipient of the BC Roy award

Dr. Pradeep Kumar Chowbey, PadmashriDirector of Max Institute of Minimal Access, Metabolic and Bariatric Surgery.More than 35 yrs of experience in Lap Surgery, completed 70K+ major Lap procedures

Dr. K. K. TalwarChairman - Cardiology, Max Healthcare Clinical experience of more than 39 yearsFormer Head, Department of Cardiology, AIIMS

Dr. Anant KumarChairman – Urology,Renal Transplant, Robotics(Max Saket Complex) and Uro-Oncology Max Saket2200 Kidney Transplantations in the last 25 years and over 1500 lap donors nephrectomy

Dr. Subhash GuptaChairman - Liver Transplant & Biliary Sciences2,200+ liver transplant surgeries & over 30 year experience in Liver TransplantsRecipient of the BC Roy award

56

MHC Network* – Performance Dashboard (Q2 & H1FY19)

*The above results are for MHC Network of hospitals and includes results for Max Super Specialty Hospital, Saket, unit of Devki Devi Foundation, Max Super Speciality Hospital, Patparganj, unit of Balaji Medical and Diagnostic Research Centre ; Saket City Hospital unit of  GujarmalModi Hospital & Research Centre &  Max Multi Speciality Hospital Greater Noida unit of Four Season Foundation^ on the basis of net revenue

57

Rs Cr

Sep‐18 Jun‐18 Sep‐17 Q‐o‐Q Y‐o‐Y Sep‐18 Sep‐17 Y‐o‐Ya) Financial Performance

Revenue (Gross) 727 694 712 5% 2% 1,420 1,414 0%Revenue (Net) 670 641 676 4% ‐1% 1,311 1,342 ‐2%Direct CostsMaterial Cost 163 167 169 ‐2% ‐3% 330 336 ‐2%Clincian Payout 109 112 116 ‐3% ‐7% 221 234 ‐6%Contribution  398 362 390 10% 2% 760 773 ‐2%Contribution Margin^ 59.4% 56.5% 57.8% 297 bps  163 bps  58.0% 57.6% 41 bps Indirect CostsPersonnel Cost 184 185 170 ‐1% 8% 368 337 9%Other Indirect overheads 118 114 117 3% 1% 232 232 0%HO Costs 32 34 34 ‐5% ‐5% 66 70 ‐6%EBITDA 65 30 69 118% ‐6% 95 133 ‐29%EBITDA Margin^ 9.7% 4.6% 10.3% 506 bps  (54) bps  7.2% 9.9% (269) bps Finance Cost 33 28 32 18% 3% 61 64 ‐5%Cash Profit 32 2 37 > 100% ‐14% 34 69 ‐51%Depreciation 38 38 34 0% 10% 76 67 12%Profit /(loss) before tax            (6)          (36)              3  84% < ‐100%          (41)              2  < ‐100%Tax 1 1 1 ‐6% 103% 3 2 10%Profit /(loss) after tax            (7)          (37)              2  82% < ‐100%          (44)            (0) < ‐100%

b) Financial PositionNet Worth 1,033 1,039 1,124 ‐1% ‐8% 1,033 1,124 ‐8%Net Debt 1,237 1,222 1,168 1% 6% 1,237 1,168 6%Fixed Assets ‐ Gross Block 2,187 2,188 2,056 0% 6% 2,187 2,056 6%

Key Business Drivers  Quarter Ended   Growth (%) Half Year Ended   Growth 

58

MHC Network* – Performance Dashboard (Q2 & H1FY19)

*The above results are for MHC Network of hospitals, includes results for Max Super Specialty Hospital, Saket, unit of DevkiDevi Foundation, Max Super Speciality Hospital, Patparganj, unit of Balaji Medical and Diagnostic Research Centre; SaketCity Hospital unit of Gujarmal Modi Hospital & Research Centre and Max Multi Speciality Hospital Greater Noida unit ofFour Season Foundation

Sep‐18 Jun‐18 Sep‐17 Q‐o‐Q Y‐o‐Y Sep‐18 Sep‐17a) Patient Transactions (Nos. in lacs)

Inpatient Procedures 0.49 0.47 0.53 3% ‐9% 0.96 1.05 ‐9%Day care Procedures 0.11 0.11 0.13 1% ‐14% 0.23 0.26 ‐14%Outpatient Registrations 17.74 17.20 17.99 3% ‐1% 34.94 35.24 ‐1%Total 18.34 17.78 18.66 3% ‐2% 36.12 36.56 ‐1%

b) Average Inpatient Operational Beds 2,377 2,376 2,369 0% 0% 2,377 2,362 1%

c) Average Inpatient Occupancy 74.2% 70.9% 74.3% 333 bps (4) bps 72.6% 73.6% (101) bps

d) Average Length of Stay (days) 3.34 3.25 3.03 ‐3% ‐10% 3.29 3.02 ‐9%

e) Average Revenue/Occupied Bed Day (Rs) 43,398 44,045 43,959 ‐1% ‐1% 43,712 44,441 ‐2%

f) Other Operational DataPhysicians  3,023 2,968 2,854 2% 6% 3,023 2,854 6%Employees 9,597 9,388 9,202 2% 4% 9,597 9,202 4%Customer Base (in lacs) 43.9 42.3 39.1 4% 12% 43.9 39.1 12%

Key Business Drivers  Quarter Ended   Growth (%) Half Year Ended   Y‐o‐Y 

Growth  

59

*Saket Complex includes Saket West Block, Saket East Block (unit of Devki Devi Foundation) & Max Smart (unit of Smart Hospital & Research Centre) hospital^East Delhi Complex includes Max Patparganj (unit of Balaji Medical and Diagnostic Research Centre) & Max Vaishali hospital

MHC Network Hospitals (Saket* & East Delhi^ Complex) – Performance Dashboard (Q2 & H1FY19)

Rs Cr

Sep‐18 Jun‐18 Sep‐17 Q‐o‐Q Y‐o‐Y Sep‐18 Sep‐17Saket Complexa) Financial Performance

Revenue(Net) Rs. Cr  250 242 257 3% ‐3% 492 512 ‐4%EBITDA Rs. Cr  29 20 30 40% ‐4% 49 62 ‐21%EBITDA Margin % 11.5% 8.4% 11.6% 302 bps (10) bps 10.0% 12.1% (216) bps

b) Average Inpatient Operational Beds No. 769 769 721 0% 7% 769 728 6%c) Average Inpatient Occupancy % 75.1% 71.8% 78.1% (331) bps (300) bps 73.5% 76.8% (333) bpsd) Average Revenue/Occupied Bed Day  Rs. 51,705 52,297 52,139 ‐1% ‐1% 51,993 52,511 ‐1%e) Average Length of Stay  (days) 3.69 3.61 3.25 ‐2% ‐14% 3.65 3.23 ‐13%East Delhi Complexa) Financial Performance

Revenue(Net) 182 166 173 10% 5% 348 336 3%EBITDA Rs. Cr  27 12 21 121% 28% 39 41 ‐6%EBITDA Margin % 14.7% 7.3% 12.0% 740 bps 264 bps 11.2% 12.2% (107) bps

b) Average Inpatient Operational Beds No. 709 691 694 3% 2% 700 685 2%c) Average Inpatient Occupancy % 81.3% 77.6% 78.8% 373 bps 251 bps 79.5% 78.0% 150 bpsd) Avg. Revenue/Occupied Bed Day Rs. 38,076 37,841 36,752 1% 4% 37,963 37,160 2%e) Average Length of Stay  (days) 3.46 3.24 3.04 ‐7% ‐14% 3.35 3.03 ‐11%

Half Year Ended   Y‐o‐Y Growth  

Key Business Drivers   Unit Quarter Ended   Growth (%)

MBHI ‐ Board of Directors

60

K NarasimhaMurthyDirector

Mr. Murthy entered the Profession of Cost & Management Accountancy in 1983. He is associated with the development of Cost & MIS for more than 150 companies

John HowardLorimerDirector

John joined Bupa's Board as a Non-Executive Director in July 2011. He is Chairman of Bupa’s Audit Committee and a member of Bupa's Risk Committee and UK Regulated Entities Board

Marielle TheronDirector

Ms. Theron is a Principal of ErlenStreet Corporation, Switzerland, a company that specialises in strategic investment and management consulting solutions

Pradeep PantDirector

Pradeep is a highly experienced senior business leader, now involved in business consulting and education

Ashish MehrotraMD & CEO

Ashish has over two decades of extensive banking experience. In his last role as MD and Head for Retail division of Citibank in India, he was pivotal in enabling bank gain a leadership position in the wealth management business

Rajesh SudChairman & Director

Rajesh Sud is the CEO and Managing Director of Max Life Insurance, one of the first three private life insurers to start operations in 2001

Rahul KhoslaCo-Vice Chairman & Director

Rahul Khosla is the President of Max Group and Executive President, Max Financial Services. He is a seasoned business leader with 30 years of experience in India & globally

Joy LintonDirector

Joy is the CFO of Bupa Plc. She has over 25 years’ experience in financial and strategic roles in Australia and the UK.

Mohit TalwarDirector

Mohit is the Managing Director of Max Financial Services and Max India. He has an experience of over 30 years in Corporate Finance and Investment Banking.

Dr. Burjor BanajiDirector

Dr. Burjor Banaji is an ophthalmic surgeon who introduced several firsts in the field of ophthalmology to India

David FletcherCo-Vice Chairman & Director

David commenced in the new role of Chief Risk Officer in January 2017. He has been with Bupa since 2014 in senior roles including Chief Internal Auditor and MD of IDM.

D.K. MittalIndependent Director

Mr. D. K. Mittal is a former Indian Administrative Service (IAS) officer of 1977 batch (UP cadre) and has served the government of India in various capacities.

MBHI – Management Team

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Vikas GujralChief OperatingOfficer

With over 18 years of experience, Vikas joins us from Max Life Insurance. Prior to Max Life, he has worked with Bharti Airtel and GE Capital.

Rahul AhujaChief FinancialOfficer

Rahul has wide domain expertise built over 19 years mainly in corporate banking, financial services and telecom.

Anurag GuptaHead – Agency

Anurag joins Max Bupa from Max Life, where he has held a number of senior roles across distribution and product management over a decade.

Aseem has nearly two decades of experience in sales and distribution and has worked across channels -Agency, Banca, Special markets & Direct Sales.

Aseem GuptaHead – Portfolio Management & Affinity Channels

Anika AgarwalHead – Marketing& Direct Sales

Anika heads the Marketing & E-commerce verticals at Max Bupa and is responsible for brand planning, digital media, communications, consumer insights, direct sales and E-commerce.

Atul Bhandari Head – Bancaand Alliances

Atul has 15 years of experience in product/process management & sales/distribution, he joined us from CITIBANK NA, prior to which he worked in Standard Charted bank.

Partha BanerjeeHead – Legal & Compliance

Partha brings along 20 years of diverse experience in Corporate, Commercial, Taxation, IPR, Exchange Control, M&A, Labour Laws and other substantive and procedural laws.

Ashish MehrotraMD & CEO

Ashish has over two decades of extensive banking experience. In his last role as MD and Head for Retail division of Citibank in India, he was pivotal in enabling bank gain a leadership position in the wealth management business

Tarun Katyal Chief Human Resources Officer

Tarun has joined us from for Sistema Shyam Teleservices. He has over 25 years of experience across retail & manufacturing industries, including multi-national and Indian corporates

Ramanan A V Actuarial head

Raman has joined us from Cholamandalam MS General Insurance where he was heading the Actuarial department, he started his carrer as a lecturer and has also worked with Tamil Nadu Electricity Board for 20 years

Max Bupa – Performance Dashboard (Q2 & H1FY19)

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Sep‐18 Sep‐17 Sep‐18 Sep‐17

a) Gross written premium income

First year premium 83 54 54% 142 108 32%

Renewal premium 136 115 18% 262 219 19%

Total 219 168 30% 404 327 24%

b) Net Earned Premium 182 146 25% 345 279 24%

c) Cash Profit /(Loss)              (22)                (2) < ‐100%             (30)                  3  < ‐100%

d) Pre tax Profit /(Loss)              (26)                (6) < ‐100%             (39)                (5) < ‐100%

e) Claim Ratio (B2C Segment, normalized)* 55% 60% 500 bps 53% 58% 530 bps

f) Avg. premium realization per life (B2C)          8,293          8,057  3%         8,399          7,952  6%

g) Conservation ratio (B2C Segment) 85% 82% 302 bps 85% 83% 193 bps

h) Lives In force in millions (including RSBY)              3.1               2.5  24%

i) Number of agents      26,505       21,915  21%

j) Paid up Capital 941 926 2%

Key Business Drivers  Quarter Ended  Y‐o‐Y 

Growth  Half Year Ended  Y‐o‐Y 

Growth  

MAX INDIA LTD.Max House, Okhla, New Delhi – 110 020

Phone: +91 11 26933601‐10 Fax: +91 11 26933619Website: www.maxindia.com

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