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Tuesday 6 August 2013: FOR IMMEDIATE RELEASE

Al Noor Hospitals Group Plc

Results for the Six Months Ended 30 June 2013

First results as a public company in line with management expectations

The Board continues to view the outlook with confidence

London and Abu Dhabi: Al Noor Hospitals Group Plc (ANHA.L; the "Company" or "Al Noor"), the

largest private healthcare service provider in Abu Dhabi, today announces its results for the six

months ended 30 June 2013.

Financial summary – All figures in US$

H1 2013 (US $) H1 2102 (US $) Change

Revenue $179.5m $161.9m +10.9%

Underlying Operating Profit (1) $37.7m $32.5m +15.9%

Underlying EBITDA (1,2) $41.3m $37.0m +11.6%

(1) before IPO costs

(2) represents operating profit after adding back depreciation of $3.6m for H1 2013 and $4.5m for H1

2012

After listing on the London Stock Exchange in June, raising primary proceeds of US$150m, the

company repaid all outstanding loans. Its net cash position of at the end of the period was

US$88m.

Operational highlights

� Outpatient volumes rose from 768,009 to 843,375, a 9.8% increase;

� Inpatient volumes increased by 18.7% from 17,280 to 20,516;

� Number of Revenue-Generating Doctors up by 45, a 12.9% increase;

� In H1, three new medical centres were commissioned at Mamura in Abu Dhabi, Sanaya in Al

Ain and Muscat in the Sultanate of Oman, bringing the total number of centres to 10.

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Dr. Kassem Alom, CEO, Al Noor Hospitals Group Plc said:

“Following a successful listing, I am pleased to announce that our first results as a public company

have shown strong growth. We operate in one of the fastest growing sectors in the Gulf region

due to a rapidly ageing demographic, an increasing incidence of lifestyle-related medical

conditions such as diabetes and obesity, and service gaps in the current healthcare market. Our

growth strategy will continue to focus on meeting the strong demand driven by these three

factors.”

“Trading in the second half of the year has begun in line with management expectations. We

remain on track to deliver strong growth through our physician hiring programme and the

opening of two more Medical Centres. As a result, we are looking forward to the future with

considerable confidence.”

“I would like to take this opportunity to thank our new investors for placing their trust with us

and for seeing our potential to drive shareholder value, and our founding investors for their

continued support of the business.”

“I would also like to thank our employees and my colleagues in management for their efforts in

achieving a successful IPO and for laying the foundations for future growth.”

Outlook

Al Noor is performing in line with our expectations, and we are on track to achieve our objectives

for 2013. We continue to pay special attention to physician recruitment and licensing, and we are

on course to open two additional medical centres in the second half of the year.

We operate in one of the fastest growing sectors in the Gulf region due to a rapidly ageing

demographic, an increasing incidence of lifestyle-related medical conditions such as diabetes and

obesity, and service gaps in the current healthcare market. Our growth strategy will continue to

focus on meeting the strong demand driven by these three factors.

The Board continues to view the outlook with confidence.

Analyst and Investor Call

There will be a call for analysts and investors today at 09:00am BST / 12:00 UAE, details of which

are as follows:

� Dial-in number: +44 (0) 1452 555 566

� Caller ID: 27293294#

For further information, please contact:

Al Noor Hospitals Group plc

Dr Sami Alom +971 2 406 6992

Pramod Balakrishnan +971 2 406 6945

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Brunswick Group

Jon Coles / Craig Breheny +44 20 7404 5959

Rupert Young / Jeehan Balfaqaih +971 4 446 6270

Cautionary statement

These Interim Results have been prepared solely to provide additional information to

shareholders to assess the Group’s performance in relation to its operations and growth

potential. These Interim Results should not be relied upon by any other party or for any other

reason. Any forward looking statements made in this document are done so by the directors in

good faith based on the information available to them up to the time of their approval of this

report. However, such statements should be treated with caution due to the inherent

uncertainties, including both economic and business risk factors, underlying any such forward-

looking information.

About Al Noor

Al Noor Hospitals Group Plc provides primary, secondary and tertiary care in the Emirate of Abu

Dhabi and the wider region through its portfolio of hospitals and medical centres. As of 30 June

2013, the company had 227 operational beds and 504 physicians, more than any other private

competitor in Abu Dhabi. Al Noor was the first private hospital in Abu Dhabi City to obtain Joint

Commission International (“JCI”) accreditation, and today all of its hospitals are accredited. The

company is listed in on the London Stock Exchange (ticker: ANHA.L) For more information, please

go to www.alnoorhospital.com.

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CEO’s review

Al Noor delivered a strong operational result for the first half of the year with revenues,

operating profits and underlying EBITDA all seeing double digit year-on-year growth and EBITDA

margins remaining steady at 23%.

We continue to work hard on hiring and retaining our Physicians, who are essential to our

success. During the first six months we added 45 Revenue-Generating Physicians and this has

contributed to the rise in both Outpatient and Inpatient Volumes during the period.

To deliver sustainable growth, we are working passionately on enhancing the quality of our

services and improving the overall patient experience at our Hospitals and Medical Centres.

At the Khalifa Hospital, as part of the growth plans we are looking to take up additional space in

the existing building and enhancing the interiors of the premises to improve the patient

experience.

The Group has also commenced work on a phased implementation of SAP in conjunction with a

leading systems integrator. This project is expected to run for the next 36 months with a phased

implementation of various modules of SAP.

During the first six months, three medical centres have been commissioned at Mamura in Abu

Dhabi, Sanaya in Al Ain and Muscat in the Sultanate of Oman.

We continue to make good progress on the two acquisition targets we disclosed in the

prospectus and are confident of providing an update soon.

We remain on track to deliver strong growth through our physician hiring programme and the

opening of two more Medical Centres in the last quarter of 2013.

Business Update

Operating KPIs H1 2012 H1 2013 Change

Outpatient Visits (1) 768,009 843,375 9.8%

Average revenue per out-patient(US $) (2) 154 152 -1.3%

Outpatient revenue (US $.m) (3) 122.6 133.9 9.2%

In-patient admissions (1) 17,280 20,516 18.7%

Average Revenue per in-patient (US $) (2) 2,280 2,225 -2.4%

In-patient revenue (US $, m) 39.4 45.6 15.7%

Total Revenue (US $,m) 161.9 179.5 10.9%

Bed Occupancy Rate (4) 58% 68% 17.2%

Average Length of Stay 1.77 1.74 -0.03

Physical KPIs H1 2012 H1 2013 Increase

Avg. no of Operating Beds 226 227 1

Avg. no of Revenue Generating Doctors 328 371 43

Avg. no of Other support Doctors 82 97 15

Avg. no of Nursing Staff 645 749 104

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1 Excludes follow-up visits 2 Includes revenue from provision of medical and hospital services, laboratory, radiology and pharmacy services and excludes Proj, Commerical, and Other Misc. Income

3 Includes revenues from projects, Pharmacy, Commercial Division, and other Miscellaneous income. 4 Calculated by dividing the number of total in-patient nights by the number of bed days (number of days multiplied by number beds) available during the year. 5 Includes pharmacists, assistant pharmacists, technicians and other medical staff.

Operating performance continued to improve, in line with our expectations. Revenue improved

by 10.9% to $179.5m, Underlying EBITDA grew to $41.3m, representing an 11.7% increase on the

same period last year, and Underlying EBITDA margin remained steady at 23.0%.

FY2012 A H12012 A H12013 A

Avg. No. of FTE Revenue-generating doctors 350 331 395

# growth since FY 2012A 45

% growth since FY 2012A 12.9%

# growth since H1 2012A 64

% growth since H1 2012A 19.3%

No. of Outpatient Encounters 1,505,518 768,009 843,375

% growth (since H1 2012A) 9.8%

Inpatient / Outpatient encounters ( IP conversion ratio) 2.4% 2.2% 2.4%

No. of In-patient Admissions 35,590 17,280 20,516

% growth (since H1 2012A) 18.7%

Improved revenue was driven by higher outpatient and inpatient volumes, which were enabled

by an increase in the number of revenue-generating physicians. We have been able to increase

the number of physicians through significant improvements in recruiting and licensing processes.

These improvements have also helped us recruit highly-trained physicians to offer new services

to our patients.

Underlying EBITDA margin remained steady, and we expect this trend to continue.

In order to minimise interest costs, the entire debt on the balance sheet has been paid down, and

the company had a cash balance of USD 88m at the end of H1. In addition, we have a committed

USD81m working capital and acquisition revolver facility available for future use.

Initiatives Update

Al Noor increased its revenue-generating physicians by 45 in the first six months of 2013, and is

on track to deliver the target of 90-100 in 2013. Increasing the number of revenue-generating

physicians is critical to driving growth in patient volumes.

The company opened three centres in the first half of the year – Mamoura, Sanaya, and Oman -

and is on track to open two more in the second half. Expanding our medical centre network helps

us increase our footprint and drive volumes to our hospitals. Our clinic in Oman is our first facility

outside the UAE, giving us an entry point into a new market with great potential.

Avg. no of other Medical Staff (5) 594 635 41

Avg. no of Admin Support Staff 1,650 1,592 -58

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We continue to make good progress on the two acquisition targets we disclosed in the

prospectus and are confident of providing an update soon.

We are also making good progress on the various operational initiatives we started at the

beginning of the year.

Risks and Uncertainties

The principal risks facing the Group for the remaining six months of the financial year are

unchanged from those reported on page 6 of the prospectus published on 21 June 2013 for the

Company’s IPO, and are summarised below.

Recruitment, licensing, and retention of medical staff

Our operations depend on the number, efforts, ability and experience of the doctors and other

healthcare professionals at our hospitals. We compete with other healthcare providers to recruit

and retain qualified doctors and other healthcare professionals. The reputation and expertise of

the doctors and other medical professionals who provide medical services at our hospitals are

instrumental to our ability to attract patients. The success of our hospitals depends, therefore, in

part on the number and quality of the doctors on the medical staffs of our hospitals, the

admitting practices of those doctors and our maintaining good relations with those doctors. In

addition, we have experienced and expect to continue to experience significant wage and benefit

pressures created by a current shortage of healthcare professionals. In some cases, doctor

recruitment and retention is affected by a shortage of doctors in certain specialties, and

competition for these individuals is particularly intense. We expect this shortage to continue, and

we may be required to enhance wages and benefits to recruit and retain healthcare professionals

in the face of increasing opportunities for our healthcare professionals Moreover, since the ability

to attract, hire, relocate and retain medical personnel from abroad is an important element of

our human resource planning, local immigration and medical licensing requirements significantly

affect our staffing requirements.

Mergers and Acquisitions

Part of our growth strategy involves the potential acquisition of established hospitals or medical

centres. We may not be able to integrate successfully businesses that we may acquire in the

future, and we may not be able to realise the anticipated cost savings, revenue enhancements or

other synergies from such acquisitions.

Competition

The healthcare business in the Emirate of Abu Dhabi is competitive, and competition among

hospitals and other healthcare providers for patients and customers has intensified in recent

years. Hospitals compete on factors such as reputation, clinical excellence and patient

satisfaction. We also face competition from other providers such as standalone clinics, outpatient

centres and diagnostic centres and may face further competition from international healthcare

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companies with resources substantially greater than ours, which may begin providing services in

Abu Dhabi in the future.

Quality

As our patients tend to select their healthcare providers based upon brand recognition and

reputation, our business is dependent upon our providing high quality healthcare (e.g., medical

care, facilities and related services). Healthcare quality is measured by reference to factors such

as quality of medical care, doctor expertise, friendliness of staff, waiting times and ease of access

to our doctors. If we are unable to provide high quality services to our patients, fail to maintain a

high level of patient satisfaction or experience a high rate of mortality or medical malpractice

suits, our brand or reputation could be damaged.

Going Concern

The directors are satisfied that the Group has sufficient resources to continue in operation for the

foreseeable future, a period of not less than 12 months from the date of this report. Accordingly

the directors continue to adopt the going concern basis in preparing the condensed financial

statements.

The Group’s Financial Statements for the half year ended 30th June 2013 are available on the

Group’s website at www.alnoorhospital.com.

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Responsibility statement of the directors in respect of the half-yearly financial

report

The Interim report is the responsibility of, and has been approved by, the directors. The directors

are responsible for preparing the Interim Report in accordance with the Disclosure and

Transparency Rules of the United Kingdom's Financial Conduct Authority. The Disclosure and

Transparency Rules (“DTR”) require that the accounting policies and presentation applied to the

half-yearly figures must be consistent with those applied in the latest published annual accounts,

except where the accounting policies and presentation are to be changed in the subsequent

annual accounts, in which case the new accounting policies and presentation should be followed,

and the changes and the reasons for the changes should be disclosed in the Interim Report,

unless the United Kingdom Financial Conduct Authority agrees otherwise.

We confirm that to the best of our knowledge:

• the condensed set of financial statements has been prepared in accordance with IAS 34 Interim

Financial Reporting as adopted by the EU;

• the interim management report includes a fair review of the information required by:

(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events

that have occurred during the first six months of the financial year and their impact on the

condensed set of financial statements ; and a description of the principal risks and uncertainties

for the remaining six months of the year; and

(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that

have taken place in the first six months of the current financial year and that have materially

affected the financial position or performance of the entity during that period; and any changes

in the related party transactions described in the last annual report of AL Noor Holdings Cayman

Limited, the previous parent company of the Group prior to the group reconstruction on 14th

June 2013, that could do so.

The directors of Al Noor Hospitals Group plc at the time of the Company’s IPO were listed in the

Company’s Prospectus dated 21st June 2013. There have been no changes in the membership of

the board since the company’s IPO.

For and on behalf of the Board of Directors:

Pramod Balakrishnan

Chief Financial Officer

6 August 2013

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Independent Review Report to Al Noor Hospitals Group Plc

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-

yearly financial report for the six month period ended 30 June 2013 which comprises Condensed

consolidated interim statement of financial position, Condensed consolidated interim statement of profit

or loss and other comprehensive income, Condensed consolidated interim statement of changes in equity,

Condensed consolidated interim statement of cash flows and the related explanatory notes. We have read

the other information contained in the half-yearly financial report and considered whether it contains any

apparent misstatements or material inconsistencies with the information in the condensed set of financial

statements.

This report is made solely to the company in accordance with the terms of our engagement to assist the

company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's

Financial Conduct Authority ("the UK FCA"). Our review has been undertaken so that we might state to the

company those matters we are required to state to it in this report and for no other purpose. To the

fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the

company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The

directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the

UK FCA. As disclosed in note 1, the annual financial statements of the group are prepared in accordance

with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly

financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by

the EU.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements

in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and

Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity

issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists

of making enquiries, primarily of persons responsible for financial and accounting matters, and applying

analytical and other review procedures. A review is substantially less in scope than an audit conducted in

accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable

us to obtain assurance that we would become aware of all significant matters that might be identified in

an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set

of financial statements in the half-yearly financial report for the six month period ended 30 June 2013 is

not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the

UK FCA.

Lynton Richmond, for and on behalf of KPMG LLP

Chartered Accountants

15 Canada Square

London E14 5GL

6th August 2013.

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Condensed consolidated interim statement of financial position As at 30 June 31 December 2013 2012 Note USD’000 USD’000 (Unaudited) (Unaudited) Non-current assets Property and equipment 4 20,872 20,557 Intangible assets and goodwill 5 4,570 747 ----------------------- ------------------------ Total non-current assets 25,442 21,304 ----------------------- ------------------------ Current assets Inventories 6 17,747 14,239 Trade and other receivables 8 81,957 82,828 Amount due from related party - 20 Short term deposit - 5,450 Cash and cash equivalents 9 87,987 55,545 ----------------------- -------------------------- Total current assets 187,691 158,082 ----------------------- -------------------------- Total assets 213,133 179,386 ========== =========== Equity Share capital 10 18,076 - Share premium reserve 10 693,549 - Statutory reserve 10 4,114 4,114 Merger reserve 10 (700,009) (128,092) Retained earnings 125,174 121,066 ----------------------- -------------------------- Total equity / (deficit) 140,904 (2,912) ----------------------- -------------------------- Non-current liabilities Trade and other payables 12 195 272 Bank loans 13 - 96,236 Employee benefits 14 9,203 8,385 ----------------------- -------------------------- Total non-current liabilities 9,398 104,893 Attached ----------------------- -------------------------- Current liabilities Trade and other payables 12 60,591 43,428 Amounts due to related parties 7(b) 2,240 4,810 Bank loans 13 - 29,167 ----------------------- -------------------------- Total current liabilities 62,831 77,405 ----------------------- -------------------------- Total liabilities 72,229 182,298 ----------------------- -------------------------- Total equity and liabilities 213,133 179,386 ========== =========== The attached notes 1-23 form an integral part of these condensed consolidated interim financial statements. The independent auditors’ report on review of these condensed consolidated interim financial statements is set out on page 9.

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Condensed consolidated interim statement of profit or loss and other comprehensive income For six month period ended 30 June 2013 For the six month For the six month period ended 30 June 2013 period ended 30 June 2012 Underlying Non-underlying Total Underlying Non-underlying Total Note USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue 15 179,546 - 179,546 161,948 - 161,948 Cost of sales (104,284) - (104,284) (94,882) - (94,882) ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- Gross profit 75,262 - 75,262 67,066 - 67,066 Other income 13 - 13 81 - 81 Selling, administrative and other operating expenses (37,555) (315) (37,870) (34,623) - (34,623) ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- Operating profit 37,720 (315) 37,405 32,524 - 32,524 Listing transaction costs 17 - (6,134) (6,134) - - - Finance cost 16 (4,430) (2,880) (7,310) (204) - (204) Finance income 16 855 - 855 483 - 483 ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- Net finance (cost)/income (3,575) (2,880) (6,455) 279 - 279 ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- Profit for the period before tax 34,145 (9,329) 24,816 32,803 - 32,803 Taxation 18 - - - - - - ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- Profit for the period 34,145 (9,329) 24,816 32,803 - 32,803 ============ ============ ============ ============ ============ ============= Other comprehensive income - - - - - - ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- Total comprehensive income for the period 34,145 (9,329) 24,816 32,803 - 32,803 ============ ============ ============ ============ ============ ============= Basic and diluted earnings per share (cents) 20 33.85 (9.25) 24.60 32.80 - 32.80 ============ ============ ============ ============ ============ ============= The attached notes 1-23 form an integral part of these condensed consolidated interim financial statements.

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Condensed consolidated interim statement of changes in equity For six month period ended 30 June 2013 Share Share premium Statutory Merger Retained capital reserve reserve reserve earnings Total USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 (Note 10) (Note 10) (Note 10) (Note 10) For the six month period ended 30 June 2013 At 1 January 2013 - - 4,114 (128,092) 121,066 (2,912) Group restructuring 15,467 556,450 - (571,917) - - Shares issued at IPO 2,609 147,391 - - - 150,000 Listing transaction costs (refer note 17) - (10,292) - - - (10,292) Profit for the period - - - - 24,816 24,816 Dividends paid (refer note 11) - - - - (20,708) (20,708) ------------------- ---------------------- --------------------- ----------------------- --------------------- -------------------- At 30 June 2013 (Unaudited) 18,076 693,549 4,114 (700,009) 125,174 140,904 ========= ========== ========= ========== ========= ========= For the six month period ended 30 June 2012 At 1 January 2012 (Unaudited) - - 4,087 8,175 91,188 103,450 Profit for the period - - - - 32,803 32,803 Dividends paid (refer note 11) - - - - (30,603) (30,603) ------------------- ---------------------- --------------------- ----------------------- --------------------- -------------------- At 30 June 2012 (Unaudited) - - 4,114 8,175 93,388 105,650 ========= ========== ========= ========== ========= ========= The attached notes 1-23 form an integral part of these condensed consolidated interim financial statements.

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Condensed consolidated interim statement of cash flows For six month period ended 30 June 2013 For the six month For the six month period ended period ended 30 June 2013 30 June 2012 USD’000 USD’000 Note (Unaudited) (Unaudited) Operating activities Profit for the period 24,816 32,803 Adjustments for: Depreciation 4 3,623 4,485 Other non cash items 42 238 Finance costs 16 7,310 204 Interest income 16 (855) (483) Employee benefit charge 14 1,215 1,400 Listing transaction costs 17 6,134 - --------------------- ------------------------ Net cash from operating activities 42,285 38,647 --------------------- ------------------------ Change in inventories 6 (3,460) 1,089 Change in trade and other receivables 8 871 3,996 Change in amounts due from related parties 20 (146) Change in trade and other payables 12 8,533 (3,891) Change in amounts due to related parties 7(b) (2,570) (186) --------------------- ------------------------ Cash generated from operations 45,679 39,509 Employee benefits paid 14 (397) (196) --------------------- ------------------------ Net cash generated from operating activities 45,282 39,313 --------------------- ------------------------ Investing activities Interest received 855 483 Short term deposit 5,450 - Payment for property and equipment 4 (3,366) (2,711) Payment for intangible assets 5 (2,403) - Investment in subsidiary, net of cash acquired (1,045) - --------------------- ------------------------ Net cash used in investing activities (509) (2,228) --------------------- ------------------------ Financing activities Proceeds from issue of shares 10 150,000 - Listing transaction costs (8,910) - Repayment of loan 13 (128,726) (833) Interest paid (3,987) (204) Dividend paid 11 (20,708) (30,603) --------------------- ------------------------ Net cash used in financing activities (12,331) (31,640) --------------------- ------------------------ Net increase in cash and cash equivalents 32,442 5,445 Cash and cash equivalents at the beginning of the period 55,545 61,322 --------------------- ------------------------ Cash and cash equivalents at the end of the period 9 87,987 66,767 ========== ========== The attached notes 1-23 form an integral part of these condensed consolidated interim financial statements.

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Notes to the condensed consolidated interim financial statements 1 Status and activity

Al Noor Hospitals Group Plc (the “Company” or “Parent’’) is a Company which was incorporated in England and Wales on 20 December 2012 and at incorporation was named Al Noor Hospitals Plc; it changed its name on 21 June 2013. The Company is a public limited liability company whose trading subsidiaries operate in the United Arab Emirates (“UAE”) and Oman. The address of the registered office of the Company is C/O Capita Company Secretarial Services, 2nd Floor, Ibex House, 42-47 Minories, London, EC3N 1DX, United Kingdom. The registered number of the Company is 8338604. There is no ultimate controlling party. The trading activities of the subsidiaries are the operation of medical hospitals and trading in pharmaceuticals, medical supplies and related equipment. These condensed consolidated interim financial statements include the financial performance and position of the Company and its subsidiaries (collectively referred to as “the Group”) (refer note 3(a)). The Company completed its Premium Listing on the London Stock Exchange on 21 June 2013. The condensed consolidated interim financial statements of the Group for the six months period ended 30 June 2013 were authorised for issue by the board of directors on 5th August 2013 and the condensed consolidated interim statement of financial position was signed on the Board’s behalf by Ian Tyler and Kassem Alom.

2 Basis of preparation

The financial information presented for the six month period to 30th June 2013, the six month period to 30th June 2012 and the year to 31st December 2012 essentially represents the financial performance and position of the same continuing business albeit that the parent company of the group has changed in both 2012 and 2013 as a result of group re-organisations. Further explanation about these re-organisations is contained in the paragraphs which follow. The Company has not yet had to prepare statutory financial statements; its first accounting reference date will be 31st December 2013. Consequently, the Company’s first audited financial statements will be for the period from its date of incorporation to 31 December 2013. The comparative figures for the financial year ended 31 December 2012 are not the Company’s statutory figures but are constructed in the manner referred to below. On 14th June 2013, as part of a group re-organisation and as a necessary step to its Initial Public Offering on 21 June 2013, the Company issued 100 million shares to the shareholders in the previous parent company of the Group, Al Noor Holding Cayman Limited (“ANHCL”), in exchange for 100% of their holdings in ANHCL. This transaction has been treated as a common control transaction, i.e. there is no new business combination to be accounted for and book values have been used as the basis for the accounting. ANHCL issued consolidated financial statements for the year ended 31 December 2012 which were prepared in accordance with International Financial Reporting Standards as adopted by the European Union. Those financial statements were approved by the Board of Directors on 20 March 2013. The report of the auditor on those financial statements was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 of

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Notes to the condensed consolidated interim financial statements

2 Basis of preparation (continued)

the Companies Act 2006. These financial statements were included in the short form section of the prospectus for the Initial Public Offering by the Company on 21 June 2013. The common control transaction which took place on 14th June 2013 to position the Company as the new parent of the group is treated, for group accounting purposes, as if the Company had always been the parent company. The impact of the group reconstruction is to alter the capital section of the prior year’s balance sheet such that only the parent company share capital and share premium issued to effect the group reconstruction is recognised. The difference between this share capital and share premium and the book value of the net assets is recognised as a merger reserve. As a result, the comparative balance sheet, as shown in these condensed consolidated interim financial statements, cannot be described as having been ‘audited’.

(a) Statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with the International Accounting Standard 34 “Interim Financial Reporting” as adopted by the European Union. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the financial statements published in the prospectus of the Company as at and for the year ended 31 December 2012 which include, subject to the change below, all the principal accounting policies expected to be adopted by the Company and Group in their first set of statutory accounts for the financial year ending 31 December 2013.

(b) Going Concern These condensed consolidated interim financial statements have been prepared on the going concern basis. At 30 June 2013, the Group had net assets amounting to USD 140,903,605, principally as a result of the proceeds from the Initial Public Offering on 21 June 2013. At 31st December 2012, the Group had net liabilities of USD 2,912,486, largely as a result of distributions to shareholders. The Group is profitable and cash generative and the Directors have considered the Group’s cash forecasts for a period of 12 months from the signing of the balance sheet. In addition, the Group has access to an undrawn committed borrowing facility of up to $81 million. The Directors have a reasonable expectation that the Group has adequate resources to meet its liabilities as they fall due for at least 12 months from the date of approval of these condensed consolidated interim financial statements. Thus they continue to adopt the going concern basis in preparing the financial information.

(c) Basis of measurement

The condensed consolidated interim financial statements have been prepared on the historical cost basis with the exception of interest rate swap accounted for at fair value.

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Notes to the condensed consolidated interim financial statements 2 Basis of preparation (continued) (d) Functional and presentation currency

The condensed consolidated interim financial statements and financial information are presented in United States Dollar (USD), rounded to the nearest thousand. The functional currency of the Group is the United Arab Emirates Dirham (AED) and is the currency of the primary economic environment in which the Group operates. The United Arab Emirates Dirham (AED) is pegged against the United States Dollar (USD) at a rate of 3.67 per US Dollar.

(e) Use of estimates and judgements The preparation of condensed consolidated interim financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future periods affected.

(e) Use of estimates and judgements (continued)

Information about judgements, estimates and assumptions in applying the Group’s accounting policies that have the most significant effect on the amounts recognised in the condensed consolidated interim financial statements is included in the following notes:

• Note 4 – Useful lives of property and equipment • Note 15 – Revenue

3 Significant accounting policies

The accounting policies applied by the Group in this condensed consolidated interim financial report are, subject to the change below and the adoption of IAS 19 (2011) which has had no material effect on either the current period or prior financial year, the same as those applied by the Al Noor Holding Cayman Limited Group in its consolidated financial statements which was published in the prospectus of Al Noor Hospitals Group Plc as at and for the year ended 31 December 2012.

(a) Basis of consolidation (i) Subsidiaries

Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are presently exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

17

Notes to the condensed consolidated interim financial statements

3 Significant accounting policies (continued) (a) Basis of consolidation (continued)

When Group loses control of a subsidiary, it derecognises the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts at the date when control is lost and derecognises the carrying amount of any non-controlling interests in the former subsidiary at the date when control is lost (including any components of other comprehensive income attributable to them).

(ii) Transactions eliminated on consolidation Intra-group balances, and any unrealised income and expense arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

(ii) Transactions eliminated on consolidation (continued)

The Group’s effective shareholding in its subsidiary entities is set out below:

Name of the Company Country of

Incorporation

Beneficial interest 30 June

2013 31 December

2012

Al Noor Holdings Cayman Limited (ANHC) 1 Cayman Islands 100% - ANMC Management Limited (ANMC) 2 Cayman Islands 100% -

Al Al Noor Commercial Investment LLC (ANCI) 3 UAE 100% - Al Noor Golden Commercial Investment

LLC (ANGCI) 4 UAE 100% 100% Al Noor Medical Company- Al Noor

Hospital & Al Noor Pharmacy – LLC 5 UAE 100% 100% Abu Dhabi Medical Services LLC 6

Sultanate of Oman 100%

100% Al Noor Hospital Family Care Center –

Almamora LLC and Pharmacy LLC 7 UAE 100% - 1 Al Noor Hospitals Group Plc acquired 100% of share capital of Al Noor Holdings Cayman Limited (ANHC) on 20 June 2013. Further, this company owns 48% of share capital of Al Noor Golden Commercial Investment LLC (ANGCI).

2 Al Noor Hospitals Group Plc acquired 100% of share capital of ANMC Management Limited (ANMC) on 20 June 2013. Further, this company owns 1% of share capital of Al Noor Golden Commercial Investment LLC (ANGCI).

3 Al Noor Commercial Investment LLC (ANCI) owns 51% of share capital of Al Noor Golden Commercial Investment LLC (ANGCI) and 1% of share capital of Al Noor Medical Company – Al Noor Hospital - Al Noor Pharmacy and Al Noor Warehouse LLC. Pursuant to shareholders’ agreement and Mudaraba agreement, 99% of its profit and loss should be distributed to Al Noor Holdings Cayman Limited (ANHC). 4 ANGCI was incorporated and established on 25 July 2012 in the Emirate of Abu Dhabi, UAE. 48% of ANGCI’s share capital is owned by Al Noor Holdings Cayman Limited (ANHC).

18

Notes to the condensed consolidated interim financial statements 3 Significant accounting policies (continued) (a) Basis of consolidation (continued)

(ii) Transactions eliminated on consolidation (continued)

5 ANGCI and ANCI acquired 99% and 1% of share capital of Al Noor Medical Company – Al Noor Hospital - Al Noor Pharmacy and Al Noor Warehouse LLC respectively.

6 In October 2012, Al Noor Medical Company – Al Noor Hospital - Al Noor Pharmacy and Al Noor Warehouse LLC acquired 70% of Abu Dhabi Medical Services LLC’s share capital. The other shareholder agreed to become a bare nominee for the Company resulting to the Company holding 100% beneficial interest in Abu Dhabi Medical Services LLC.

7 Pursuant to a share sale and purchase agreement dated 6 February 2013, Al Noor Medical Company – Al Noor Hospital - Al Noor Pharmacy and Al Noor Warehouse LLC and ANGCI acquired a clinic, Al Noor Hospital Family Care Center – Almamora LLC, formally known as Solutions Medical Center LLC and Pharmacy LLC located in the Emirate of Abu Dhabi. Owners of Al Noor Hospital Family Care Center – Almamora LLC and Pharmacy LLC are Al Noor Medical Company – Al Noor Hospital - Al Noor Pharmacy and Al Noor Warehouse LLC (99%) and ANGCI (1%). There are no material separately identifiable tangible and intangible assets and therefore the majority of the purchase consideration is for goodwill, representing the location and future earning potential of the clinic.

(iii) Acquisitions from entities under common control

Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are accounted for at the date that the transfer occurred. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the books of the transferor entity. The components of equity of the acquired entities are added to the same components within Group equity. Any cash paid for the acquisition is recognised directly in equity. Although legal control over the Group by the Company was only attained in 2013, by preparing the financial information as if the Company had always been the holding company, control is deemed to have been effective throughout the periods presented.

(b) Property and equipment Depreciation

Depreciation is based on cost of an asset less its residual value. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property and equipment. Leasehold improvements are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the lease will be renewed on expiry. The estimated useful lives for the current and comparative years are as follows:

Leasehold improvements 4 years Medical equipment and tools 5-10 years Furniture, fixtures and office equipment 4 years Motor vehicles 5 years

19

Notes to the condensed consolidated interim financial statements 3 Significant accounting policies (continued)

The estimated useful lives, residual values and depreciation methods are reviewed at each reporting date and adjusted if appropriate. During the six month period ended 30 June 2013, the group has reassessed the useful lives of its medical equipment and tools to be in the range of 5 – 10 years (30 June and 31 December 2012: 5 years).

(c) Revenue recognition

Revenue represents the invoiced value of medical services rendered and pharmaceutical goods sold during the period, and is stated net of discounts. Revenue from the rendering of medical services to inpatients and outpatients is recognised in profit and loss in proportion to the stage of completion of the medical service at the reporting date. Revenue is stated net of potential estimated insurance claims likely to be rejected. The Group estimates potential insurance claim rejections based on historical trends and treats this as a discount which is recognised as a reduction of service revenue. Revenue from the sale of pharmaceutical goods in the course of ordinary activities is measured at the fair value of the consideration received or receivable, net of returns and trade discounts. Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods and the amount of revenue can be measured reliably.

(d) Foreign currencies

Transactions in foreign currencies are recorded at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated to USD at the rates prevailing at the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of transaction. Exchange differences are recognised in profit or loss in the period in which they arise.

(e) Finance income and finance costs

Finance income comprises interest income on fixed deposits. Interest income is recognised as it accrues in profit and loss, using the effective interest rate method. Finance costs comprise interest expense on borrowings, bank charges, ineffective portion of financial derivatives and impairment losses recognised on financial assets (other than trade receivables) that are recognised in profit or loss. Unamortised facility costs in respect of borrowing have been recognised under non-underlying items (refer note 16).

(f) Other intangible assets

Other intangible assets include software that is acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Software is amortised on a straight-line basis in profit or loss over their estimated useful lives, from the date that they are available for use. The estimated useful lives of is 4 years.

20

Notes to the condensed consolidated interim financial statements 3 Significant accounting policies (continued)

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred.

(g) Segment reporting

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses. Segments are disclosed based on the components of the entity that management monitors in making decisions about operating segments (the “management approach”). Such components are identified on the basis of internal reports that the entity’s Chief Operating Decision Maker (CODM) reviews regularly. All operating segments’ operating results are reviewed by the Group’s CODM to make decisions about resources to be allocated to the segments and assess their performance, for which discrete financial information is available.

(h) Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from share premium.

(i) Earnings per share

The Group presents basic earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held.

(j) Listing transaction costs

Transaction costs of the Initial Public Offer (IPO) that are directly attributable to issue of new shares are accounted for as a deduction from share premium. Costs relating to the issue of existing shares are expensed in the profit or loss. Marketing costs for the IPO do not meet the definition of directly attributable expenses and are therefore expensed through the statement of profit or loss under non-underlying items together with the indirect costs related to the IPO.

4 Property and equipment

During the six month period ended 30 June 2013, following a detailed technical assessment, the Group has reassessed the useful lives of its medical equipment and tools to be in the range of 5 – 10 years (30 June and 31 December 2012: 5 years). The impact of this change has been to extend the lives of certain specific assets by up to three years and has resulted in a decrease of depreciation charge by US$ 723 thousand for the six month period. During the six month ended 30 June 2013, the Group acquired assets with a cost of USD 4,403 thousand (six month period ended 30 June 2012: 2,710 thousand) and this amount exclude the assets carrying value of USD 325 thousand (six month ended 30 June 2012: nil) acquired through a business combination. Software with a carrying amount of USD 784 thousand was transferred to intangible assets.

21

Notes to the condensed consolidated interim financial statements 5 Intangible assets and goodwill 30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited)

Goodwill 1,383 747 Software cost (refer note 4) 784 - Software under development 2,403 -

---------------------- --------------------- 4,570 747

========== ==========

Goodwill 30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) At the beginning of the period 747 - Additions 636 747 ---------------------- --------------------- At the end of the period 1,383 747 ========== ========== In February 2013, the Group acquired a clinic, Al Noor Hospital Family Care Center – Almamora LLC, formally known as Solutions Medical Center LLC and Pharmacy LLC located in the Emirate of Abu Dhabi. There are no material separately identifiable tangible and intangible assets and therefore the majority of the purchase consideration is for goodwill, representing the location and future earning potential of the clinic. Operation of this clinic commenced during the period. On 9 October 2012, the Group acquired a clinic in the Sultanate of Oman. There are no material separate tangible and intangible assets and therefore the majority of the purchase consideration is for goodwill, representing the location and future earning potential of the clinic. Operation of this clinic commenced during the period.

6 Inventories 30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) Pharmacy items 14,004 10,528 Consumables 4,047 4,111 ---------------------- ---------------------- 18,051 14,639 Less: allowance for inventory obsolescence (304) (400) ---------------------- ---------------------- 17,747 14,239 ========== ==========

22

Notes to the condensed consolidated interim financial statements 7 Related party balances and transactions

Related parties comprise the parent, the ultimate parent, the Shareholders, key management personnel and those entities over which the parent, the ultimate parent, the directors or the Group can exercise significant influence or which can significantly influence the Group. In the ordinary course of business, the Group receives goods and services from, and provides goods and services to, such entities on rates, terms and conditions agreed upon by management.

(a) Other related party transactions: For the six month For the six month period ended period ended 30 June 2013 30 June 2012 USD’000 USD’000 (Unaudited) (Unaudited) Rent paid to a shareholder 5,309 5,075

========== ========== Purchases 3,902 3,480

========== ========== (b) Amounts due to related parties: 30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) Gulf & World Traders LLC 1,219 475 Al Saqar Property Management Establishment 482 4,035 Pharma World LLC 246 142 Safe Travel Establishment 155 21 Al Bahiya Trading & Services Est. 138 137 ---------------------- ---------------------- 2,240 4,810 ========== ==========

8 Trade and other receivables 30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) Trade receivables 69,281 73,400 Staff and other receivables 4,684 5,109 Prepayments 7,992 4,319 ---------------------- ---------------------- 81,957 82,828 ========== ==========

23

Notes to the condensed consolidated interim financial statements 9 Cash and cash equivalents

30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) Cash in hand 10 16 Cash at bank 87,977 8,387 Term deposit - 47,142 ---------------------- ---------------------- 87,987 55,545 ========== ==========

The effective interest rate on term deposits is 3% (31 December 2012: 3%) per annum and the maturity date of these term deposits is less than 3 months.

10 Share capital 30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) Al Noor Hospitals Group Plc Issued and fully paid 116,866,203 shares of GBP 10 pence each (converted to USD at 1.5467) 18,076 - ========= ========

Movement of issued share capital and share premium:

Number of Ordinary Share shares shares premium Total (000) USD’000 USD’000 USD’000 At the beginning of the period - - - - Issue of new shares1 100,000 15,467 556,450 571,917 Issue of new shares – IPO2 16,866 2,609 147,391 150,000 Less: flotation cost (refer note 17) - - (10,292) (10,292) ----------------- ------------------ ----------------- ----------------- At 30 June 2013 116,866 18,076 693,549 711,625 ======== ======== ======== ========

1 The Group was restructured on 14 June 2013 when the Company acquired its investment in Al Noor Holdings Cayman Limited by way of a share for share exchange with the shareholders of those companies being identical to the shareholders of the Company. 100,000,000 shares were issued to the shareholders of the Al Noor Holdings Cayman Limited creating share premium of $556,450 thousand.

24

Notes to the condensed consolidated interim financial statements

10 Share capital (continued) 2 On 21 June 2013, Al Noor Hospitals Group Plc completed its Premium Listing on the London Stock Exchange and raised USD 150,000,000 from the issue of 16,866,203 new ordinary shares, thereby diluting existing shareholders equity interest to 85.57%. 3During the period ended 30 June 2013 costs of USD 16,425,365 were incurred in relation to completion of the Company’s Premium Listing on the London Stock Exchange. Of these costs, USD 10,291,823 has been deducted from the share premium account and US$ 6,133,542 has been charged to the condensed consolidated interim statement of profit or loss in accordance with the requirements of IAS 32 – Financial Instruments: Disclosure and Presentation (refer note 17).

Merger reserve

As at 1 January 2013, the merger reserve represents the difference between the consolidated net assets of Al Noor Holdings Cayman Limited and the retained earnings and statutory reserve of the Group at 31 December 2012. On 14 June 2013, a group re-organisation occurred when the Company acquired Al Noor Holdings Cayman Limited in a share for share exchange which has been accounted for as a common control transaction. 100,000,000 new ordinary shares of GBP 10p were issued out of merger reserve on acquisition creating share premium of USD 556,450 thousand based on the cost of acquisition of Al Noor Holdings Cayman Limited.

Share premium

Share Premium represents the difference between the new shares listed on the London Stock Exchange at £5.75 and the par value of £0.10. In addition, the share premium was created upon the group reorganisation when the Company acquired Al Noor Holdings Cayman Limited.

Statutory reserve

The Statutory reserve is a reserve which is made in the financial statements of individual subsidiaries in accordance with UAE Federal Law No. 8 of 1984 (as amended). This amount is not available for distribution.

11 Dividends

The Group paid dividends to Shareholders as set out below:

For the six month For the six month period ended period ended 30 June 2013 30 June 2012 USD’000 USD’000 (Unaudited) (Unaudited) Dividend paid 20,708 30,603 ============ ============ This dividend was paid to previous owners of the Group on 20 March 2013.

25

Notes to the condensed consolidated interim financial statements 12 Trade and other payables 30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) Trade payables 37,134 27,012 Accrued liabilities 22,161 14,623 Other payables 1,025 1,739 Financial liability 466 326 ---------------------- ---------------------- 60,786 43,700 ========== ========== Trade and other payables are repayable as follows:

30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) Within one year 60,591 43,428 After one year 195 272 ---------------------- ---------------------- 60,786 43,700 ========== ==========

13 Bank loans 30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Audited) Term loan - 125,403 ========== ========== The Group obtained a syndicated term loan amounting to USD 136 (AED 500) million from Standard Chartered Bank, HSBC Middle East and Mashreq Bank during the year ended 31 December 2012. This loan has been fully repaid during the period ended 30 June 2013 and accordingly the unamortised facility cost incurred on this loan was charged in full in the statement of profit or loss during the period under non underlying items, amounting to USD 2,880,000 (refer note 16). The Group entered in to a facility agreement for a term loan of USD 40,839,664 and AED 150,000,000 (USD 40,871,935) on 21 May 2013 to provide working capital for the Group. This facility was not drawn as at 30 June 2013.

26

Notes to the condensed consolidated interim financial statements

14 Employee benefits

The movement in the provision for employee benefits is as follows:

30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) At the beginning of the period 8,385 6,352 Charge for the period 1,215 2,560 Paid during the period (397) (527) ---------------------- ---------------------- At the end of the period 9,203 8,385 ========== ==========

15 Revenue For the six month For the six month period ended period ended 30 June 2013 30 June 2012 USD’000 USD’000 (Unaudited) (Unaudited) Inpatient 45,644 39,393 Outpatient 133,902 122,555

---------------------- ---------------------- 179,546 161,948 ========== ==========

Revenue is stated after potential insurance claim rejections and discounts provided to insurance companies. Management estimates these claim rejections based on historic trends, its experience in dealing with insurance companies and the current economic environment. The actual rejected claims in the past have not differed significantly from those estimated by management.

27

Notes to the condensed consolidated interim financial statements 16 Net finance (cost) / income Underlying For the six month For the six month period ended period ended 30 June 2013 30 June 2012 USD’000 USD’000 (Unaudited) (Unaudited) Finance income Interest income 855 483 ---------------------- ---------------------- 855 483

---------------------- ---------------------- Finance expenses Interest expense (3,655) (78) Ineffective portion of hedge (140) - Finance charges (635) (126) ---------------------- ---------------------- (4,430) (204) ---------------------- ---------------------- Net finance (cost) / income (3,575) 279 ========== ==========

Non-underlying For the six month For the six month period ended period ended 30 June 2013 30 June 2012 USD’000 USD’000 (Unaudited) (Unaudited)

Finance expenses Finance charges (refer note 13) (2,880) - ---------------------- --------------------- Net finance cost (2,880) - ========== ==========

17 Listing transaction costs For the six month For the six month period ended period ended 30 June 2013 30 June 2012 USD’000 USD’000 (Unaudited) (Unaudited) Listing transaction costs recognised in profit or loss (non underlying) 6,134 -

Listing transaction costs recognised in share premium reserve (refer note 10) 10,292 - --------------------- -------------------- 16,426 - ========= ==========

28

Notes to the condensed consolidated interim financial statements 18 Taxation

The Group operates solely in the United Arab Emirates and Sultanate of Oman. There is no corporation or other tax in the United Arab Emirates (“UAE”) and therefore the Group has no tax liability arising in the UAE. In the Sultanate of Oman, the Group’s operations recently started have reported a loss for the period ended 30 June 2013 and accordingly, deferred tax asset amounting to USD 56,577 has not been recorded as at 30 June 2013. The Group’s parent company is registered in the UK and has recorded loss for the period ended 30 June 2013 and therefore no tax liability has been recorded at 30 Jun 2013.

19 Contingent liabilities and commitments The Group defends various legal claims raised against it in the normal course of business. Where it considers that it is probable that it will settle a claim, management estimate the likely amount of settlement and provide accordingly. Claims that are considered remote or only possible represent contingent liabilities of the Group. If the Group’s defense against these contingent liabilities is not successful, the Group may ultimately become liable for settlement. The Group’s Medical Malpractice Insurance Policy covers all settlements made by the Group subject to insurance deductibles and the overall coverage provided by the policy. The Board of Directors and Management do not expect actions arising from the claims currently classified as contingent liabilities to have a material effect on the Group’s future financial position.

20 Earnings per share

The calculation of basic earnings per share at 30 June 2013 was based on the profit attributable to the ordinary shareholders of USD 24,816 thousand (30 June 2012: USD 32,803 thousand) and a weighted average number of ordinary shares outstanding of 100,877,433 (30 June 2012: 100,000,000).

21 Operating leases Total commitments under operating leases which expire in the following time period are: 30 June 31 December 2013 2012

USD’000 USD’000 (Unaudited) (Unaudited) Less than one year 15,326 14,451 Between one and five years 54,483 43,243 More than five years 158,774 166,458 ---------------------- ---------------------- 228,583 224,158 ========== ==========

The Group leases a number of premises under operating leases with an option to renew the lease after that date. The majority of the above rent is paid to a related party of the Group (refer note 7(a)).

29

Notes to the condensed consolidated interim financial statements 22 Seasonality of operations

In the context of any half yearly reporting for the six months to 30 June and six months to 31 December, the Group’s operations are not subject to any material seasonal variation.

23 Operating segments

The Group has three major reportable segments as described below, which are the Group’s strategic business units. The strategic business units offer different products and services and are managed separately because they require different strategies. For each of the strategic business units, the Group’s Chief Operating Decision Maker (“CODM”) reviews internal management reports. The Group operates in the Emirate of Abu Dhabi and Sultanate of Oman and the following summary describes the operations in each of the Group’s reportable segments: Central region: The operation of hospitals, clinics and pharmacies. The hospitals cater for both inpatient and outpatient care. Western and Eastern region: The operation of a hospital, clinics and pharmacies. The hospital caters for both inpatient and outpatient care.

Oman: the operation in Oman includes clinic and pharmacies. The clinic caters for outpatient care.

Performance is measured based on segment profit as included in the internal management reports that are reviewed by the Group’s CODM. Segment profit is used to measure performance as management believes that such information is most relevant in evaluating the results of each segment. Segment results and assets include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are expected to be used for more than one year. As a result of the Group’s liabilities not being directly reviewed by the Group’s CODM, segment liabilities have not been disclosed in the notes to the condensed consolidated financial statements.

30

Notes to the condensed consolidated interim financial statements 23 Operating segments (continued)

Information about reportable segments:

Central Western and region eastern region Oman Total USD’000 USD’000 USD’000 USD’000 30 June 2013 (Unaudited) Revenue 137,734 41,735 2 179,471 Net profit / (loss) 39,475 8,872 (309) 48,038 30 June 2012 (Unaudited) Revenue 125,820 36,032 - 161,852 Net profit 36,195 5,235 - 41,430

Reconciliations of reportable segment net profit:

For the six month For the six month period ended period ended 30 June 2013 30 June 2012 USD’000 USD’000 (Unaudited) (Unaudited) Net profit Total net profit for reportable segments 48,038 41,430 Other loss (45) (8) Interest income 855 483 Un-allocated corporate expenses: Depreciation (293) (167) Interest expenses (7,184) (40) Other expenses (16,555) (8,895) ---------------------- ---------------------- Net profit for the period 24,816 32,803 ========== ==========