Max India Limited

Investor Presentation

November 2017

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

2

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

Health Insurance,

JV with Bupa Plc

1985 1993 2000

Forays into

Penicillin

bulk pharma

Enters Telecom in JV

with Hutchison

JV with Gist Brocades

(Asia’s largest Drug

manufacturer )

Shift from B2B to

B2C businesses:

●Life insurance

●Healthcare

●Clinical research

Hutchison

Fund raising ~ USD 360 Mn

● QIP- USD 156 Mn in 2007

● Warburg Pincus - 53 Mn in 2005

● IFC- 47 Mn(2007) &23 Mn (2009)

● Goldman Sachs 82 Mn in 2011

2005 20112007 2009 2012 2013 2014 2015 2016

NYL exits and JV with

MSI in 2012

● MSI is world’s 7th largest

general insurance group

● MSI acquired 26% stake for

USD 425 Mn

● Max Life valued at USD 1.6

bn

LHC inducted as JV

Partner in MHC

● LHC is 2nd largest hospital

chain in South Africa

● 2012 - Acquired 26% stake

for USD 81 Mn in MHC

● 2014 - Equalize stake in

MHC invests USD 120 Mn

Enter Senior

Living business,

launch first

community in

Dehradun with

200 units

Max India demerged into

3 listed hold cos

Landmark Acquisitions

by MHC

● Acquired 79% stake for

USD 40 Mn in 340 bedded

Pushpanjali hospital

expandable upto 540 beds

● Acquired 51% stake for

USD 100 Mn in 230

bedded Saket City

hospital, expandable upto

1200 beds

Note: Conversion rate assumed 1 USD = INR 64

Health & Allied

Business

Life Insurance

Business*

Max Group – Corporate Structure

3

Max Group - Sponsors

Manufacturing &

Other businesses

Ho

ldin

g C

om

pan

ies

Op

era

tin

g C

om

pan

ies

70%

50%

51%

100%

51%

Group CSR Arm

30.3% 41.1% 38.1%

Sponsors stake in Max Group holding companies

100%

100%

100%

Max Group Overview

USD 2.6 billion+… 9 Mn Customers… 23,000 Employees… ~68,000 Agents…

2,850 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

1

2

3

4

5

6

7

4

Max Group : Continues to grow from strength to strength

5

Group EBITDA (USD Mn)

69 82 97 112 160

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

Group Revenue (USD Mn)

1,465 1,664 1,944 2,225 2,625

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

Max India: High pedigree investor base

Number of outstanding shares* : 26.84 Cr.

Promoters41.0%

IFC3.1%

FII/ FPI19.3%

Mutual Funds22.9%

Others13.7%

0.0%0.0%

0.0%

0.0%

Shareholding Patternas on Sep 30, 2017

6

▪ Ward Ferry

▪ International Finance Corporation

▪ Government of Singapore

▪ Target Asset management

▪ New York Life Insurance

▪ Comgest

▪ Nomura Singapore

▪ Goldman Sachs

▪ Reliance Mutual Fund

▪ HDFC Standard Life Insurance

▪ DSP Black Rock Mutual Fund

▪ L&T Mutual Fund

▪ UTI Mutual Fund

▪ Mirae 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

7

Indian healthcare industry is expected to reach ~$400 billion fuelled by multiple demand drivers

Sources: India Brand Equity Foundation – Healthcare report, 2012; BofA Merrill Lynch Global Research, IBEF Mar'15

60 79 102

280

2010 2012 2015 2020 2025

Indian healthcare sector*

Estimated size, Bn USD

Demand drivers for growth

* Healthcare sector includes hospitals, pharmaceuticals, and medical technology sub-sectors

~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

11.2%

CAGR

14.6%

^

350 - 450

^ Depending upon public spending levels, insurance proliferation, and success of public-private partnerships by 2025

8

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

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

50

120

2009 2012 2015 2020

Private sector hospitals

Estimated size, Bn USD

CAGR

~14.7%

CAGR

~19.2%

* Includes hospitals, pharmaceuticals & medical technology / other companies

9

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

The surge of VC/ PE investments in recent years has eased funding constraints on growth

Annual VC/ PE investment’s in India’s Healthcare ($ Million)

580 485

1262 1359

835

20112010 20132012 2014 (H1)

No. of deals 35 29 45 71 43

Scale up of well funded incumbents

8,600 550, (2013 - KKR)

4,800 820, (2013 - Stan Chart, IFC)

1,300700, (2015 - Temasek/Punj

Lloyd)

CURRENT SCALE FUNDING (RS. CR.)

6,500 290, (2014 - CDC)

4,900 900, (2015 - TPG Capital)

2,500 (2012) 560, (2012 - Advent)

CURRENT SCALE FUNDING (RS. CR.)

2x

Note: Fortis and NH operational beds not split between owned and managed; Manipal’s # of managed

beds assumed to be same for 2010 and 2013; assumed exchange rate of 1$=INR60

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

Slide sourced from Bain and Company

10

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 become an admirable institution known for service

excellence, medical excellence, scientific research, and

medical education

11

MHC has a strong focus on North India

419

522

SaketNoida

Gurgaon

Vaishali

Shalimar Bagh

Max Smart

41

72

OUTSIDE NCRNCR

Patparganj

222

Mohali

Bathinda

Dehradun

186

172

293224

290

~2500 available

beds across the

network

12

Pitampura*

Panchsheel*Lajpat Nagar*

* Standalone Speciality Clinics with Outpatient and Day care facility

Greater Noida

112

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

Ro

bo

tics

Bra

in s

uit

e

No

valis

LIN

AC

PE

T-C

T

13

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

nif

e*

Picture Archiving & Communication System - PACS

SP

IDE

R

* planned

14

MHC has a robust service excellence & quality framework which has resulted into 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 15

Mn USD

57%69% 73%

FY`15 FY`16 FY`17

13%

Top 2 Box Rating*

* MHC is the only healthcare company who has deployed a third party

(IMRB) to conduct Satisfaction survey 15

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 &

remunerationAudit

Investment &

performance

review

Medical

excellence &

compliance

Service

excellence

Scientific

projects &

technology

Corporate

social

responsibility

Board & 7 committees

Governance

16

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

NatHealth

and 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

Business

World

Healthcare

Award in Patient

Experience &

Safety

17

Max Saket received JCI accreditation – highest

standards of clinical governance and compliance

MHC won 31 awards across multiple impact categories from various prestigious institutions in FY17 and FY18

Clinical Safety (7)Operational

Excellence (9)Service Quality (9) Others (6)

•Best customer service in

Healthcare

•3 projects qualified for

‘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

18

Healthy revenue growth driven by hospital complexes

19

MHC Annual Gross Revenues by hospital complexes

Rs. Cr.

321505

693843 941

513

260

309

381

560

672

363

568

593

666

779

954

538

FY14

+22%

H1 FY18

2567

1407

FY16

2181

FY15 FY17

1739

1414

FY13

1149

East Delhi complex

Others

Saket complex

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

+14%

+27%

+31%

Steady margin expansion driven by cost efficiencies, build-up in Saket &

East Delhi complexes and revenue ramp-up for new units

% EBITDA Margin, East Delhi complexxx% EBITDA Margin, MHCxx % EBITDA Margin, Saket complexxx

20

xx

MHC EBITDA by hospital age

Rs. Cr.

6.2 8.3 10.2 10.5

12.8 13.2 15.0 14.3

13.9 13.9 14.2 14.2

11.4

12.6

13.6

795175

86

3870 75

98

107

115

57

383824

-35

4135

FY17FY16 H1 FY18

221

FY15

133

281

+42%

173

FY14

113

-3

FY13

70

Saket complex

East Delhi complex

Others

9.9

11.2

11.2

-11.1 -0.6 3.5 4.7 8.7 7.8

% EBITDA Margin, Othersxx

MHC H1 FY18 EBITDA shows ~37% growth over rebased H1 FY17 EBITDA

MHC H1FY18 ROCE at 8% (adjusted for land cost for future bed addition)

Note : 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; Saket Complex includes Saket West Block, Saket East Block and Max Smart; East Delhi Complex includes Max Patparganj and Max Vaishali ; FY17 margin erosion due to 2 acquisitions of Max Smart and Max Vaishali; H1 FY18 margin erosion due to regulatory impact including ortho implants, minimum wages etc.

+13%

+26%

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

Maintained healthy occupancy levels despite strong bed

addition momentumSteady 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 1,679 1,737

445592

651 6241,680

FY14

1,472

378

FY13

1,302

394

FY17

2,330

FY16

2,049

FY15

+13%

H1 FY18

2,361

+6%

41

FY16

39

FY15

37

FY14

34

FY13

33

FY17 H1 FY18

44

3.5

FY13

3.5

3.4

FY14

3.2

-1.4%

H1 FY18

3.2

FY15

3.3

FY17FY16

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

6%

9%

53%

2%11%

8%

14%

H1 FY18FY17

2%

10%

14%

6%51% 53%

3%

11%

FY13

12%

10%10%

10%5%

8%

15%

FY14

3%

4%7%

3%

FY16

10%

7%2%

12%

12%

10%

54%

0%

14%

56%

13%

10%

10%

7%

FY15

2%

55%

13%

13%

RenalMAMBS LBSCardiacOncoOrtho Neuro

73.672.171.173.569.7 74.3

Avg. occupied

beds

Avg. unoccupied

bedsOccupancy (%)

21

MHC growing faster than competition; profitability ratios to improve with maturity of beds and further expansion

All figures for FY17 Max Healthcare Fortis Apollo*Narayana

Health

Operational Beds (No.) +2,300 +3,500 7,000 +5,200

Gross Capital Employed (Rs. Cr.)

2,255 8,530^ 6,948^ 1,171

Net Revenue (Rs. Cr.) 2,454 Cr, +17% 3,712 Cr, +8% 4,380 Cr, +12.5% 1,878 Cr, +16%

International Rev.246 Cr, +28%,

10% of revenue396 Cr,+10%

10.6% of revenueN.A

145 Cr,8% of revenue

Operating EBITDA (Rs. Cr.) 281 Cr 545**/173 Cr 605 Cr 229 Cr

EBITDA Growth (%) 31% 8%**/264% (0.3%) 31%

EBITDA Margin (%) 11.4% 14.7%**/4.7% 13.8% 12.2%

ROCE (%)7.0%

(Mature units 18.1%)3.6%^ 6.3%^ 14.2%

EBITDAR per OBD (Rs. lacs) 19.6 21.2 17.5 8.5

ALOS (days) 3.25 3.56 4.04 4.00

ARPOB/p.a (Rs. Cr.) 1.52 Cr 1.45 Cr 0.98 Cr 0.76 Cr

*Apollo Revenues excludes standalone pharmacy revenue^ Capital employed and ROCE based on overall consolidated numbers** Before Net BT Costs; 22

Four dimensions to value creation for MHC

23

Existing network optimizat

ion

Hospital network growth

Alternate models

Key enablers

• Focus on identified key specialties

• Channel optimization

• Cost initiatives

• Capacity expansion to 5000+ beds largely through brownfield & select greenfield assets

• M&A• FAR• Greenfield

• Max Lab• Max@Home• Onco daycare• Immigration

Center

• Differentiated positioning

• Service experience• Patient safety• People• Compliance

A Increasing share of preferred channels to improve profitability

As the new units in the network mature, the share of preferred channels will increase in the revenue

mix and tend to mirror the share in current mature units

Action plan in place to further increase the share of preferred channels in the mature units

Preferred

Channels

Non-preferred

ChannelsHealthcare revenue channel share, FY17

Percent

Walk-inInter-

national

• Sustained brand effort / experience

delivery on new positioning

• ATL/BTL campaigns for key specialties

• 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

• JCI Accreditation at flagship units

MAC

Institutional

• Maintain share & improve quality of

business via upcountry channel

• Deprioritize; profitability

improvement through focus on

collections, material cost, and ALOS

24

21.2% 17.5%

34.2% 37.4%

20.9% 22.2%

MAC

10.1%

TPA

International

H1 FY18

100.0%

Institutional/PSU

Walk-In

12.9%

100.0%

9.7%

FY17

14.0%

TRANS-

PLANT

High share of preferred specialties to improve profitability

Share of preferred tertiary/surgical specialties to increase in the revenue mix, in line with the historic

trends

Action plan in place to grow focused specialties

Healthcare revenue specialty share

Percent

• Build distinguished leadership

in all DMGs

• Establish a standalone centre

• Personalized medicineONCOLOGY

• Provide end to end service offering

• Launch specialized clinics

• Invest in high end Neuro equipmentNEURO

SCIENCES

CARDIO

SCIENCES

• Build comprehensive transplant

center in Saket complex; launch LTP

• Establish KTP and BMT programs in

selected locations

• Focus on high-end procedures

• Partnerships with renowned global

institutions – people & best practices

32% 32% 32% 31%

68% 68% 68% 69%

FY-15 FY-16 FY17 H1 FY18

Secondary

Tertiary

A

25

Rs. 97 Cr. of cost savings achieved in FY16 and FY17 through structured cost initiatives

A

26

Rs. ~93 Cr. of further cost efficiency built up being targeted for FY18, out of which Rs. 34

Cr. is already visible in P&L

11

21

8

12

25

19

11

12

12

FY16

Personnel Costs(Incl. Clinicians)

39

OtherIndirect Costs

Material Costs

H1 FY18FY17

34

58▪ 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 management

MHC expansion prioritised in hospitals with superior profitability

27

Saket complex: 200

Mohali: 85

Saket complex: 300

S.Bagh: 104

Saket complex: 800

East Delhi complex: 200

Mullanpur: 400

Gr. Noida: 380

East Delhi

Complex:

106

* Bed Capacity as at March 31, 2017

B

102

1,780

404

285

5,061

FY22 & BeyondFY21 TotalFY20FY17 FY19

106

FY18

2,384

Saket complex :45

East Delhi

complex: 35

Gurgaon: 12

Dehradun: 10

• Founded by prominent Delhi clinician; operational since 2010

• Strategically situated on National Highway 24; 5 minutes from

Max PPG - Potential to dominate the E. Delhi and Western UP

• Large asset with potential to grow

• ~300 beds, expandable to 540

• Built on a plot size of 3.46 acres with 0.4 mn. sq. ft.

Builtup

• Infrastructure matching MHC’s LTFS standards

Rechristened MHC Vaishali

Post acquisition

The

Acquisition

Financial Turnaround

Q2FY16 H2FY16 H1FY17

12.2

0.6

5%

67%

15.5

2.6

17%

64%

17.4

2.3

14%

70%

Revenue* (cr)

EBITDA* (cr)

EBITDA (%)*

Occupancy

* Figures are monthly average

Higher EBITDA in H2FY16 is due to exceptional items in Mar16

During FY16, MHC acquired the ~300 bedded Pushpanjali hospital in NCR, with potential to grow up to 540 beds

B

28

H1FY18

21.2

3.3

15%

72%

State-of-the-art transplant centre – for all

transplants incl. heart, liver, kidney, bone marrow

Asia’s premier quaternary care with 7 centres of

excellence

India's first international patient centre

Largest private facility in India

Dec 15 H1FY17

13.6

-0.8

-7%

69%

16.2

1.45

9%

75%

Revenue* (cr)

EBITDA* (cr)

EBITDA (%)*

Occupancy

▪ ~2000 beds in fully built state

▪ Complex spread across 11.5 acres

▪ 300 – 500 beds to be dedicated to

Cancer

▪ Infrastructure to support all 6 tower

specialties

▪ Adjoining 7.1 acres land to be

developed to offer complementary,

allied healthcare services such as

Rehab, assisted living etc. by GMHRC

Enterprise Value of Rs. 1,025 Cr. (Equity Value Rs. 325 Cr. for 51% stake and debt of Rs. 325 Cr;

Rs. 375 Cr. (+12% p.a.) to be paid within 3 years for the balance 49% stake)

13.8

-0.52

-4%

66%

Q4FY16

29

Saket City Acquisition: Opportunity to create one of Asia’s largest Medicity in the heart of South Delhi

B

* Figures are monthly average

H1FY18

23.8

3.6

15%

85%

Max Lab: Consistent growth over the last one and half years by leveraging our assets

C

30

Network Expansion• Network of 450+ partners• Over 198 active partners in Sept• Started operations in NCR, Punjab, Faridabad, and

Uttarakhand• Added 3 HLMs, over 450+ beds

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

creation, Partner management• Upgrade of LIS platform – project implementation

underway• Max Lab website under development

Operations• Sales team expanded to 19 from 8 (Mar)• Successful launch of SMH, Rudrapur HLM• Serviced over 54,000 orders in 6 months

Organization• Team size grew to 125 (35 in Mar17)• Critical building blocks in place

Building blocks in place to achieve the growth

aspiration

0.8

1.7

Q2’18Q3’17

2.1

Q4’17

1.1

+329%

1.5

Q2’17Q1’17

3.4

Q1’18

68.0

38.0

Q2’17 A Q3’17 A

13.3

Q1’18 A

+411%

Q2’18 A

15.6

Q4’17 A

26.0

Sample (‘000)*

Revenue (Rs. Cr.)

* Pathology samples from Max@Home are also included

Max@Home: With Rs. 1.5 – 2 Cr. of investment till date, business is likely to end FY18 at ~Rs. 30 Cr. revenue

C

31

Home Sample Collection• 24*7 coverage;

• 9% revenue contribution through out-of-hospital channels in Q2

Medicine home delivery• 144% increase in volumes from 856 (June’17) to 2090 (Sept’17)

• Increased post discharge calling coverage from 5% of discharges

in Jul’17 to 35% in Sep’17

Revamp of long stay services• 26% growth in Sep’17 (vs. Aug’17) in nursing services driven by

a systematic lead management process

New territory- Mohali• Phased launch starting with sample collection, pharmacy and

assistance services

• Total business of 14 lacs in Sept’17

Max@home B2C platform• ~450 tech features ; ~30 processes; 5 service line journeys

• Wireframes for ~20 roles across portal, mobile app & tablet

• Development & UAT planned in Q3FY18

11.6

5.54.14.8

5.6

H1’16 H2’16 H1’17 H1’18H2’17

+179%Revenue (Rs. Cr.)

New services

Existing services

0.26

3.88

6%

94% 4.76

6.80 59%

41%

2.74

2.75

50%

50%

Samples (‘000)

31.3

19.6

13.2

6.94.7

+560%

Q2’18 AQ1’18 AQ4’17 AQ3’17 AQ2’17 A

Steady state EBITDA margin ~25%

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

C

32

• 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 protocols

o Staff specially trained in soft/service

skills

o Personalized treatment

21st June’16 Chemo started

Saket doctors OPD started

7th July:X-ray started 1st Sept:

Ultra-sound started

9.2

36.0 51.8

61.8

216.4 218.5

275.3

439.2

14thJune'16

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

Rev - Actual

H1 FY18 EBITDAR margin of 17.5% and EBITDA

margin of 8%

0.1

0.4

0.6

0.6

0.7

0.8

June'16

Q2'17

Q3'17

Q4'17

Q1'18

Q2'18

Daycare Chair turnover IMRB Scores

Pan MAX 75%

Oncology 77%

Onco DayCare 91%

Channel Mix (H1’18)

Cash 49%

TPA 20%

Others 31%

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

Figures in Rs. Lacs

Immigration Center: Revenue growth at 131% vs. H1’LYMax Bike Responder: Immediate medical care in emergencies

C

33

8.3

6.3

4.8

3.43.6

H1’18

+131%

H2’16H1’16 H1’17 H2’17

58.8

39.438.2

29.932.1

H1’16 H1’17H2’16 H1’18

+83% +49%

H2’17

Revenue (Rs. Cr.)

Volume (‘000)

Immigartion Center

New Center

opened

Figures in Rs. Cr.

120

AVERAGE

MONTHLY

CALLS

15

AVG.

REACH TIME

MINS

58

LIVES SAVED &

COUNTING…

Max Bike Responder

Success of this centre has paved the way for opening

more such centres; Work on for the 2nd one in Mohali

www.maxbupa.com www.maxindia.com

MAX INDIA LIMITED

MAX BUPA HEALTH INSURANCE LIMITED

34

A symbiotic partnership in health insurance

Helping people live longer, healthier, happier lives+

Wh

at w

e d

oH

igh

ligh

ts

Domestic Health

Insurance

Global Health

Insurance

Dental and Travel

insuranceAdvice 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 168 billion in revenues, serving over 9

million customer with 23,000 employees and

2800 doctors.

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

In the business of Life

35

Our Vision and Mission

36

To be the most admired health

insurance company in

India

To help customers live healthier, more successful lives

Vision Mission

Industry landscapeHealth insurance market (including PA, Travel & contribution by life insurers)

FY 16-17

2,800

Travel &

LI contribution 2

PA

FY10-11

Retail

50,000

1,600

Government

sponsored

9,100

Corporate

FY19-20

(Estimated)

23,600

17,500

4,500

GWP in Rs cr

34,374

Low penetration and coverage▪ HI penetration (premium as % of GDP) is only

~0.2%▪ Only 27% of population has any kind of health

insurance, but significant under insurance

Increasing affluence and awareness▪ Rise in income levels and healthcare spend per

capita▪ Middle class expected to increase to 41% of

population by 2025 (from 5% in 2005)1

Rise in health care costs▪ Medical inflation over 10% ▪ High out-of-pocket expenses (62% v/s ~10% in

US/UK & ~30% in China)

Rise in incidence of chronic diseases(viz. Cancer, heart diseases) & lifestyle related diseases (diabetes)

Regulatory & policy level interventions▪ IRDAI’s consumer-centric approach▪ Higher tax saving incentives on HI

Key drivers of growth

Indian health insurance market is likely to grow by ~15% CAGR in next 3 years

1 Mckinsey report ‘Tracking the growth of India’s middle class’ in 2007

2 Growth rates for Travel & LI contribution of HI not available (Assumed at 16% same as 5 year CAGR of PA) 37

* Numbers are excluding Overseas medical and personal accident, includes only (B2C, B2B, B2G)

Industry landscape

38

1,750

2,455

346

525

3

2

Apr-Sep'16 Apr-Sep'17

B2G

B2B

B2C

Segment-wise GWP (INR Cr)

Industry growth during H1FY18*

5,528 6,780

7,408

8,771

1,200

1,391

Apr-Sep'16 Apr-Sep'17

B2G

B2B

B2C

+20%

14,137

16,942

+42%

2,099

2,981

SAHI growth during H1FY18*MBHI growth

during H1FY18*

26%

Overall sales growth

23%

18%

16%

40%

52%

-25%

• MBHI @ 26% is growing ahead of overall HI industry (20%)

• SAHIs are growing at a much faster rate than the industry, while also gaining market share amongst all private players.

• MBHI is growing lower than other SAHIs on account of heavy expansion of competitors in terms of branches, feet on street, agents footprint, compromising on underwriting practices etc.

+194%

+94%

Religare

444277151

Star

2,520

1,787

1,299

+62%

+64%

Apollo Munich

848

647522

MBHI

584465

355

+547%

Cigna

122

82

19

* Aditya Birla HI not included as business started in Oct’16

Total Opex2

(INR Cr)

1 FY’16-17 numbers for B2C segment are derived basis past trends and historical data, numbers are excluding Personal accident & Overseas medical (data not available by segment) 2 Overall operating expenses of the company (inclusive of all segments)

Valuation led

approach

Measured approach

New entrants*

SAHI’s divided into 3 categories for a like to like comparison

FY14-15FY15-16FY16-17

Total Capital (INR Cr)

475350

Star

1,030

719

+62%

+50%

Religare

525637

+2%

+17%

616

Apollo

616603

MBHI

926898791

+98%

Cigna

574

435

290

Star

46 56 61

Religare

+33%

+26%

290

366320

MBHI

83

101110

Apollo

+33%

+8%

282726

+46%

Cigna

1916

13

+38%

+177%

Religare

43

2216

Star

100

8173

+15%

14

+41%

Apollo

2624

18

MBHI

1714

+75%

Cigna

98

5

Total Headcount (‘00)

Total BranchesGWP - B2C1

► Focus on increasing topline

► High acquisition cost. Total opex increase over last 2 years:

• Star saw 39% increase in opex

• Religare saw 104% increase in opex

► Star and Religare to sell entire stake

► Underwriting grid relaxed by Star (upto 65 years) and Religare (upto 50 years)

► Focus on balanced long term growth

► MBHI has grown at a higher rate than Apollo over last 2 years in B2C space. MBHI 64% vs Apollo 62%

► MBHI total opex increased by 10% vs Apollo where opex increased by 38%

► 100% of product portfolio of MBHI facing price rise challenge in current year with tighter underwriting rules

► Focus on growing revenue; low GWP base

► Cigna acquiring business at high acquisition cost

► ABHI started business in Oct’16

► Aggressive offers on porting business offered by new entrants

► Aggressive poaching of talent pool from MBHI

Religare

321257

157

Star

636

454

+104%

+39%

457

256

353

+38%

MBHI

+10%

Apollo

286257

221233

+82%

Cigna

222

182

122

Total GWP

Religare

726503276

Star

2,962

2,008

1,473

Apollo Munich

1,302

1,022

785

MBHI

594476

373

Cigna

222

144

22

8.34 2.75

9.34 5.30

2.0

Total incremental GWP per incremental rupee of opex

Industry landscape – MBHI is most Operationally efficient, Product Innovator and have the best underwriting practices amongst SAHI Players

39

Journey since inception

GWP, Rs cr

Ch

an

ne

lS

erv

ice

mo

de

l

• B2C

• Agency

• Direct

channels

• TPD

• In-house

claims

processing

• Entered B2G - First

RSBY scheme won• Entered B2B

business

• Launched ‘Walk for

Health’, annual brand

property

• First Banca partnership

(Deutsche bank)

• Rationalized TPD2

1. Does not include rural lives | 2. From ~70 partners to top 5

• Reached ~3,100

network providers

• 30-min claims

settlement (92%

cases)

• Launched three

more banca

partnerships

• Prioritized B2C

Retail Lives, ‘0001

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)

Se

gm

en

t

• Launched Bank

of Baroda

serving more

than 5,400

branches

• Standing

Instructions for

auto renewal

• First ‘embedded’

product launched

at Federal bank

FY10-11

FY11-12

FY12-13

FY14-15

FY15-16

FY13-1499

207

309

373

296%

108%

53%

18%

47

215

454

681

799

476

1,010

26

FY16-17

28%

594

1,345

25%

5

H1’17-18

327

1,498

• Commenced

business with

South Indian

bank serving

more than 850

branches

• Launched

India’s first

“Any time

health” machine

• Launched Point

of care desks

for customer

delight

40

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 faster than market

(market growth ~22% CAGR –

till FY’16-17)

▪ B2C focus driven operating

model choices and some

execution challenges have

resulted in higher upfront opex

spend

Co

mb

ine

d R

ati

o*

(%)

Gro

ss

wri

tten

pre

miu

m (

Rs c

r)

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

Commission ratio (Net commissions / GWP)

151% 142%127% 118% 116% 112%

2012-13 2013-14 2014-15 2015-16 2016-17 H1'17-18

162245

354466

584

322

18

7

2016-17 H1’17-18

+30%

594

6 4

2015-16

476

6 4

2014-15

37318

2013-14

309

56

2012-13

20738

32723

B2C B2B B2G

41

Max Bupa today

In a large, fast growing market Max Bupa delivers 2.5m customers, a vast distribution network and leading brand

1,818 employees

7 banca partners

with 8,800

branches

accessing 101mn

customers1

13,587 agents

98% B2C

business

4,064 providers in

network

64mn* lives

touched through

Walk for Health

(2016-2017)

1.5m retail

customers

2.5m total

customers

GWP Rs. 384 cr

(Apr-Oct’17)

26% Growth

(Apr-Oct’17)**

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 - 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

Since inception, we started offering in-

house claims in a primarily TPA

serviced market

For the period ended Oct, 2017

*Duplicate reach across mediums

1 Including latest partnership with South Indian Bank

**Growth over same period last year42

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 with

refill 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

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

43

Distribution architecture

▪ Largest distribution channel for the company

▪ Spanning 29 branches across 19 cities

▪ Over 49% contribution of overall revenue

▪ Frontline sales force of 389 Agency Managers ~14,000 agents

▪ One of the most productive agency force amongst SAHIs (Standalone Health Insurers)

▪ 7 Banca partnerships (2 foreign banks, 4 Indian banks and 1 rural bank), the highest

numbers amongst SAHIs1

• Network of 8,800 bank branches across the country

• 604 FOS (Feet-on-street)

▪ 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 set-up in industry

▪ Capacity of 89 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

▪ 64 full-time employees to address high-net worth individuals’ needs

▪ Spread across top 4 metros

Agency

Banca &

Alliances

Digital

Direct sales

1 Including latest partnership with South Indian Bank

Distribution updated for Oct 201744

External recognition

45

Strategic priorities – strengthening the foundation

Remarkable

customer

experience

Profitable

Growth

Portfolio Management

- Renewals

Build

Digital

People

First

Customer

Centric

Profitable

Growth

1 2

3

4

5

A

B

C

DDigitally 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

46

DisclaimerThis presentation has been prepared by Max India Limited (the “Company”). No representation or warranty, express or implied, is made and

no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in the presentation. The

past performance is not indicative of future results. Neither the Company nor any of its affiliates, advisers or representatives accepts liability

whatsoever for any loss howsoever arising from any information presented or contained in the presentation. The information presented or

contained 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 and

assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do

not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future

performance.

This presentation does not constitute a prospectus or offering memorandum or an offer to acquire any securities and is not intended to

provide 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 presentation

and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Company

any 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 for

the benefit of, U.S. Persons (as defined in Regulations S under the Securities Act) except pursuant to an exemption from, or in a transaction

not 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 other

person 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 future

offering of shares by the Company. You agree to keep the contents of this presentation and these materials confidential.

47

ANNEXURES

48

Mr. Rahul Khosla (Chairman)

President – Max Group

Over 30 years of global experience in Banking and

Financial markets.

Mr. Mohit Talwar

Managing Director at Max India Ltd. & Max Financial

Services Ltd., Over 30 years of experience in Corporate

Finance and Investment Banking.

Dr. Omkar Goswami

Economist and Leading Academic

Serves on Board of many Indian MNCs as Dr Reddy’s,

Infosys, IDFC, Crompton Greaves, Cairn India Ltd. etc

Mr. Kummamuri Murthy Narasimha

Independent Director; Leading Finance professional

associated with the development of Cost &

Management Information Systems for over 150 firms

Mr. Rajit Mehta

Managing Director & CEO- Max Healthcare

Over 20 years of experience in financial services.

Previously Chief Operating Officer at Max Life

Insurance.

Dr. Ajit Singh

Partner at Artiman Ventures, focusing on early-

stage technology & life science investments

PhD in Computer Science from Columbia University

Dr. Pradeep Kumar Chowbey, Padmashri

Director of Max Institute of Minimal Access,

Metabolic and Bariatric Surgery. More than 35 yrs

of experience in Lap Surgery, completed 70,000

major Lap procedures

Mr. Andre Meyer

Chief Executive Officer, Life Healthcare Group

Extensive experience at executive level in employee

benefits and healthcare sectors

MHC - Board of Directors

49

Mr. Adam Pyle

Non 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 (Poland,

India and other territories) strategy, South Africa

strategy and managing Investor relationship

Mr. Pieter Van Der Westhuizen

Non Executive Director and Chief Financial Officer, Life

Healthcare

Part of the LHC group for last 17 years and has fulfilled

various financial roles

Mr. Rajit Mehta

Managing Director & CEO- Max Healthcare

Over 20 years of experience in financial services.

Previously Chief Operating Officer at Max Life

Insurance.

Mr. Yogesh Sareen

Senior Director & Chief Financial Officer

Over 20 years of experience in across all facets of

finance; previously CFO of Fortis Healthcare.

Mr. Rohit Kapoor

Senior Director & Chief Growth Officer

18 years of diverse experience across industry and

management consulting with McKinsey & Company

Mrs. Swati Rustagi

Director- Human Resources & Chief People Officer

Over 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 1

Over 23 years of experience in Business Management

and Sales & Marketing; previously with Amex

Mr. Anas Wajid

Director- Sales & Marketing

More 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 Buddhiraja

Director- Clinical Directorate & Institute of Internal Med.

Over 23 years of experience in the field of Internal

Medicine

Mr. Rakesh Prusti

Director - Legal, Compliance and Regulatory Affairs

Over 19 years of experience in diverse sectors such as

Trading, IT, Export and Manufacturing; previously with

Carrefour and NIIT

Mrs. Vinita Bhasin

Senior Vice President & Head of Service Excellence

More than 19 years of in-depth experience across the

Financial Services sector; previously with Max Life

Insurance

Mr. Sumit Puri

Chief Information Officer

Over 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

50

Key Physicians

51

Dr. Harit Chaturvedi

Chairman – Cancer Care, Director & Chief Consultant -

Surgical Oncology

Over 25 years of experience in Surgical Oncology.

Dr. Sandeep Buddhiraja

Director - 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 Krishna

Director- Paediatrics & Paediatrics Surgery

Over 20 years of experience in Paediatric surgery -

complex congenital malformations

Dr. A.K. Singh

Director – Max Institute of Neurosciences, Dehradun

Renowned Neurosurgeon having 40 years experience

Recipient of the BC Roy award

Dr. Pradeep Kumar Chowbey, Padmashri

Director 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. Talwar

Chairman - Cardiology, Max Healthcare

Clinical experience of more than 39 years

Former Head, Department of Cardiology, AIIMS

Dr. Anant Kumar

Chairman – Urology,Renal Transplant, Robotics(Max

Saket Complex) and Uro-Oncology Max Saket

2200 Kidney Transplantations in the last 25 years

and over 1500 lap donors nephrectomy

Dr. Subhash Gupta

Chairman - Liver Transplant & Biliary Sciences

2,200+ liver transplant surgeries & over 30 year

experience in Liver Transplants

Recipient of the BC Roy award

MHC Network* – Performance Dashboard (Q2 & H1FY18)

*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

52

Rs Cr

Sep-17 Sep-16 Sep-17 Sep-16

a) Financial Performance

Revenue (Gross) 712 667 7% 1,414 1,300 9%

Revenue (Net) 676 640 6% 1,342 1,248 8%

Direct Costs

Material Cost 169 159 6% 336 319 5%

Clincian Payout 116 109 7% 234 213 10%

Contribution 390 372 5% 773 716 8%

Contribution Margin^ 57.8% 58.1% (26) bps 57.6% 57.4% 17 bps

Indirect Costs

Personnel Cost 170 148 15% 337 294 15%

Other Indirect overheads 117 113 3% 232 222 4%

HO Costs 34 31 9% 70 60 16%

EBITDA 69 80 -13% 133 140 -5%

EBITDA Margin^ 10.3% 12.4% (217) bps 9.9% 11.2% (129) bps

Finance Cost 32 35 -9% 64 70 -8%

Cash Profit 37 44 -16% 69 70 -1%

Depreciation 34 30 15% 67 60 12%

Profit Before tax 3 15 -79% 2 10 80%

Tax 1 - - 2 - 0%

Profit /(loss) after tax 2 15 -83% (0) 10 -102%

b) Financial Position

Net Worth 1,124 1,108 1% 1,124 1,108 1%

Net Debt 1,168 1,078 8% 1,168 1,078 8%

Tangible Fixed Assets - Gross Block 2,056 1,985 4% 2,056 1,985 4%

Key Business Drivers  Quarter Ended Y-o-Y

Growth

Half Year Ended Y-o-Y

Growth

53

MHC Network* – Performance Dashboard (Q2 & H1FY18)

*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-17 Sep-16 Sep-17 Sep-16

a) Patient Transactions (Nos in lacs)

Inpatient Discharges 0.53 0.51 5% 1.05 0.99 7%

Day care Procedures 0.13 0.13 1% 0.26 0.25 4%

Outpatient Footfalls 17.99 17.64 2% 35.24 33.51 5%

Total 18.66 18.28 2% 36.56 34.75 5%

b) Average Inpatient Operational Beds 2,369 2,354 1% 2,362 2,337 1%

c) Average Inpatient Occupancy 74.3% 77.9% (367) bps 73.6% 74.7% (107) bps

d) Average Length of Stay (days) 3.03 3.21 6% 3.02 3.11 3%

e) Average Revenue/Occupied Bed Day (Rs) 43,959 39,522 11% 44,441 40,696 9%

f) Other Operational Data

Physicians 2,854 2,571 11%

Employees 9,202 8,436 9%

Customer Base (in lacs) 39.1 32.9 19%

Key Business Drivers  Quarter Ended Y-o-Y

Growth

Half Year Ended Y-o-Y

Growth

54

*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 & H1FY18)

Unit

  Sep-17 Sep-16 Sep-17 Sep-16

Saket Complex *

a) Financial Performance

Revenue(Net) Rs. Cr 257 237 9% 512 462 11%

EBITDA Rs. Cr 30 32 -8% 62 57 8%

EBITDA Margin % 11.6% 13.6% (206) bps 12.1% 12.4% (29) bps

b) Average Inpatient Operational Beds No. 721 750 -4% 728 753 -3%

c) Average Inpatient Occupancy % 78.1% 75.7% 244 bps 76.8% 72.5% 429 bps

d) Average Revenue/Occupied Bed Day Rs. 52,139 46,898 11% 52,511 47,914 10%

e) Average Length of Stay (days) 3.25 3.26 0% 3.23 3.19 -1%

East Delhi Complex ^

a) Financial Performance

Revenue(Net) 173 164 6% 336 318 6%

EBITDA Rs. Cr 21 25 -18% 41 45 -9%

EBITDA Margin % 12.0% 15.5% (344) bps 12.2% 14.3% (202) bps

b) Average Inpatient Operational Beds No. 694 659 5% 685 652 5%

c) Average Inpatient Occupancy % 78.8% 83.0% (421) bps 78.0% 79.4% (139) bps

d) Avg. Revenue/Occupied Bed Day Rs. 36,752 34,506 7% 37,160 35,499 5%

e) Average Length of Stay (days) 3.04 3.37 10% 3.03 3.24 7%

Key Business Drivers  Quarter Ended Y-o-Y

Growth

Half Year Ended Y-o-Y

Growth

MBHI - Board of Directors

55

K Narasimha

Murthy

Director

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 Howard

Lorimer

Director

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 Theron

Director

Ms.Theron is a Principal of Erlen

Street Corporation, Switzerland, a

company that specialises in strategic

investment and management

consulting solutions

Pradeep Pant

Director

Pradeep is a highly experienced senior

business leader, now involved in

business consulting and education

Ashish

Mehrotra

MD & 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 Sud

Chairman &

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 Khosla

Co-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 Linton

Director

Joy is the CFO of Bupa Plc. She has

over 25 years’ experience in financial

and strategic roles in Australia and the

UK.

Mohit Talwar

Director

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 Banaji

Director

Dr. Burjor Banaji is an ophthalmic

surgeon who introduced several firsts

in the field of ophthalmology to India

David Fletcher

Co-Vice

Chairman &

Director

David Fletcher joined Bupa as Chief

Internal Auditor in March 2014 and has

been Managing Director of Bupa

International Development Markets

(IDM) since Sep 2014

MBHI – Management Team

56

Vikas GujralChief Operating

Officer

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 Financial

Officer

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

Priya Gilbile Head – Health Risk

Management

Priya is an adept healthcare

professional with more than 16 years

of experience in healthcare & health

insurance industry.

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.

Joydeep Saha Appointed Actuary

Joydeep brings along a vast

experience in Health and Property &

Casualty Insurance. He has earlier

worked with other insurers like

Religare, L&T General, Raheja QBE &

Iffco-Tokio.

Atul Bhandari Head – Banca

and 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

Max Bupa – Performance Dashboard (Q2 & H1FY18)

57

* Earned Premium lower by Rs 6 Cr in Q2FY18 & Rs 14 Cr in H1FY18 due to change in Unearned premium accounting from 1/365 method to

50% of net written premium, excludes the impact of reinsurance ceded

^ Normalised profit (excluding one-offs) at Rs 0.1 Cr in Q2 vs net loss of Rs 10 Cr in PY; H1FY18 profit of Rs 9 Cr vs net loss of Rs 16 Cr in PY

Sep-17 Sep-16 Sep-17 Sep-16

a) Gross written premium income

First year premium 54 50 8% 108 92 17%

Renewal premium 115 89 29% 219 168 30%

Total 168 138 22% 327 260 26%

b) Net Earned Premium* 146 148 -2% 279 260 7%

c) Net Profit /(Loss) ^ (6) 23 -124% (5) 18 -129%

d) Claim Ratio(B2C Segment, normalized) 60.3% 60.4% (10) bps 57.9% 57.0% 90 bps

e) Avg. premium realization per life (B2C) 8,057 6,937 16% 7,952 6,937 15%

f) Conservation ratio (B2C Segment) 83% 84% (159) bps 83% 84% (147) bps

g) Lives In force in millions (including RSBY) 2.5 2.2 15%

h) Number of agents 13,357 14,705 -9%

i) Paid up Capital 926 926 -

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 26933619

Website: www.maxindia.com

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