Max India Limited

Investor Presentation

April 2018

www.maxindia.com

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

Sevabhav

Excellence

Credibility

• Positive social impact

• Helpfulness

• Culture of Service

• Mindfulness

• Expertise

• Dependability

• Entrepreneurship

• Business performance

• Transparency

• Integrity

• Respect

• Governance

1

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 2011 2007 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

Co

mp

anie

s O

pe

rati

ng

C

om

pan

ies

70.75%

50%

51%

100%

51%

Group CSR Arm

30.3% 41.0% 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.

Promoters 41.0%

IFC 3.1%

FII/ FPI 24.5%

Mutual Funds 17.5%

Others 13.9%

0.0%

0.0%

0.0%

0.0%

Shareholding Pattern as on Mar 31, 2018

6

Ward Ferry

International Finance Corporation

Government of Singapore

Target Asset management

New York Life Insurance

Nomura Singapore

Doric Capital

Comgest

TVF Fund

Reliance Mutual Fund

L&T Mutual Fund

HDFC Standard Life Insurance

UTI Mutual Fund

DSP Black Rock 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

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

60 79 160

280

2010 2012 2017 2020 2025 2025

Indian healthcare sector *

Estimated size, Bn USD

Demand drivers for growth

* Includes hospitals, pharmaceuticals & medical technology / other companies

~500 mn

additional middle

class by 2025

~45%

Insurance

penetration by 2020

~134 mn

population > 60

years by 2020

~$8 bn

medical tourism

market size by 2020

~320 mn

at risk of dying due

to NCDs by 2020

~2 mn

beds required by

2025

CAGR

15.0%

CAGR

16.5%

Business As Usual Aspirational

320-340

450-470

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

8

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

22 36

81

120

2009 2012 2015 2020

Private sector hospitals

Estimated size, Bn USD

CAGR

~24%

CAGR

~20%

* Includes hospitals, pharmaceuticals & medical technology / other companies

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

9

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

1.15% 1.40% 1.30% 1.20%

2.50%

FY14 FY15 FY16 FY17 FY20-22

Source: LiveMint research, World Bank database, Hindustan Times

5%+ WHO guidelines

India- public spend on Healthcare

% of GDP

~8% USA

8-10% Developed countries

3.5-4% BRICS- excluding India

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

towards private sector

10

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)

Recent examples

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

No. of

deals 35 29 65 60 54

580 495

1,262 1,359900

1,5841,111

2016 2013 2015 2014 2012 2010 2011

~3x

50 86

TARGET INVESTOR AMOUNT DATE

$221 mn Jan ‘16

May ‘16

Dec ‘16

$68 mn

$63.5 mn

TARGET INVESTOR AMOUNT DATE

$200 mn Jul ‘17

Jul ‘17

Aug ‘17

$43 mn

$171 mn

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

11

MHC vision

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

• Strong talent pool of

clinicians, nurses and

healthcare leaders

• Technology and

analytics enabled

clinical outcomes and

customer experience

• Integrated care

• Clinical excellence

• Transparency

• Speed

• Tech enabled

continued care

• #1 in selected specialties in

chosen geographies

• Focus on Tertiary and

Quaternary care

• Physical infrastructure in

North India; however

serving more than 300

towns in India and 30+

countries

To deliver international class healthcare with a total service

focus, by creating an institution committed to the highest

standards of medical & service excellence, patient care,

scientific knowledge, research and medical education

12

MHC is a dominant player in North India

410

522

Saket Noida

Gurgaon

Vaishali

Shalimar Bagh

Max Smart

41

72

OUTSIDE NCR NCR

Patparganj

248

Mohali

Bathinda

Dehradun

186

172

293 224

290

~2600 available beds across the network

Pitampura*

Panchsheel* Lajpat Nagar*

* Standalone Speciality Clinics with Outpatient and Day care facility

Greater Noida

112

13

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

tic

s

Bra

in s

uit

e

No

vali

s

LIN

AC

P

ET-C

T

14

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

Cy

berK

nif

e*

Picture Archiving & Communication System - PACS

SP

IDE

R

* planned

15

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

• “Sevabhav” trainings and Reward &

Recognition platform has led to

positive shift in mindset

• Structural Interventions through Six

Sigma and other methodologies has

resulted into business impact of over

USD 15 Mn

57% 69% 73% 79%

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

Top 2 Box Rating*

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

(IMRB) to conduct Satisfaction survey 16

MHC strong Governance Model helps us bring alignment and improve accountability

Executive Committee

Unit Heads

Unit Management Committee (MANCO)

Group Medical Advisory Council

(GMAC)

Hospital Medical Executive Council

(HMEC)

Doctor’s council

Managerial Clinical

Administration

Nomination &

remuneration Audit

Investment &

performance

review

Medical

excellence &

compliance

Service

excellence

Scientific

projects &

technology

Corporate

social

responsibility

Board & 7 committees

Governance

17

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

18

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

19

Healthy revenue growth driven by hospital complexes

20

MHC Annual Gross Revenues by hospital complexes

Rs. Cr.

321505

693843 941

758260

309

381

560

672

554

568

593

666

779

954

804

FY15

1739

FY14

1407

FY13

1149

2116

FY17

2567

FY16

2181 +22%

9MFY18

Saket complex

East Delhi complex

Others

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 complex xx % EBITDA Margin, MHC xx % EBITDA Margin, Saket complex xx xx

MHC EBITDA by hospital complexes

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

6470 75

98

107

115

91

343824

-35

4135

FY13

70

FY14

113

-3

FY15

173

FY16

221

FY17

281

189

+42%

Saket complex

East Delhi complex

Others

9.5

11.9

12.6

-11.1 -0.6 3.5 4.7 8.7 5.5

% EBITDA Margin, Others xx

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; 9MFY18 margin erosion due to regulatory impact including ortho implants, minimum wages etc.

+13%

+26%

21

9MFY18

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

Maintained healthy occupancy levels despite strong bed

addition momentum Steady growth in Revenue per occupied bed

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

Stay

Figures in Rs. Thousands Per OBD

1,457 1,679 1,7501,2351,094908

630378394

2,330

FY17 9MFY18

+13%

FY16

2,379

592 651 2,049

FY15

1,680

445

FY14

1,472

FY13

1,302

34

FY13

37 33

39

FY15

41

FY16

44

FY17

+6%

YTD FY18 FY14

-2.6%

3.1

FY17

3.2 3.3

FY16 YTD FY18 FY15 FY14

3.4 3.5

FY13

3.5

Figures in Number of days

NOTE: FY16 and FY17 including Vaishali and Saket City Hospital;

Cardiac revenue impacted by stent price capping in FY17 and FY18;

Ortho revenue impacted by implant price capping in FY18

14%

3% 53%

12%

FY14

6%

54%

11%

YTD FY18

53%

9%

FY17

2%

9%

2%

14%

6%

FY15

13%

14%

56%

10%

10%

2%

10%

10%

7%

55%

13%

13%

2%

FY16

10%

12%

10%

7%

0% 12%

10%

8%

5% 3%

FY13

51%

15%

7%

10%

11%

4%

3%

Onco LBS Cardiac MAMBS Renal Neuro Ortho

73.572.171.173.574.369.7

Avg. unoccupied

beds

Avg. occupied

beds Occupancy (%)

22

MHC profitability ratios to improve with maturity of beds and further expansion

All figures for 9MFY18 Max Healthcare Fortis Apollo* Narayana

Health

Operational Beds (No.) +2,379 +3,500 +7,000 +5,300

Gross Capital Employed (Rs. Cr.)

2,292 8,024^ 4,437 1,358

Net Revenue (Rs. Cr.) 1,998 Cr, +8% 2,815 Cr, +1% 4,386 Cr, +11% 1,634 Cr, +17%

International Rev. 213 Cr, +22%,

10% of revenue 303 Cr,+3%

10.8% of revenue N.A

158 Cr, +48% 10% of revenue

Operating EBITDA (Rs. Cr.) 189 Cr 395**/192 Cr 499 Cr 160 Cr

Operating EBITDA Growth (%)

-7% -9%**/52% 1.1% -5%

Operating EBITDA Margin (%) 9.5% 14.0%**/6.8% 11.4% 9.8%

ROCE (%) 5%

(Mature units 13%) 4.0%^ 11.0% 8.4%

EBITDAR per OBD (Rs. lacs) 17.3 21.4 18.9 8.4

ALOS (days) 3.05 3.46 3.95 4.20

ARPOB/p.a (Rs. Cr.) 1.59 Cr 1.48 Cr 1.29 Cr 0.80 Cr

*Apollo Revenues excludes pharmacy revenue and grossed up for adjustment of doctor fee by 20% ^ Capital employed and ROCE based on overall consolidated numbers ** Before Net BT Costs; 23

Four dimensions to value creation for MHC

Existing network optimizat

ion

Hospital network growth

Alternate models

Key enablers

• Focus on identified key specialties

• Growth in international channel

• Cost initiatives

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

• M&A • FAR expansion • Greenfield • Max Lab

• Max@Home • Onco daycare • Tele-radiology • DiabetEase • Immigration Center

• Differentiated positioning

• Service experience • Patient safety • People • Compliance

24

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

Channels Healthcare revenue channel share, FY17

Percent

Walk-in Inter-

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

25

21.2% 18.4%

34.2% 36.2%

20.9% 22.0%

MAC

10.3%

TPA

International

9MFY18

100.0%

Institutional/PSU

Walk-In

13.1%

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

Action plan in place to grow focused specialties

Healthcare revenue specialty share

Percent

• Build distinguished leadership

in all DMGs

• Establish a standalone centre

• Personalized medicine

ONCOLOGY

• Provide end to end service offering

• Launch specialized clinics

• Invest in high end Neuro equipment

NEURO

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% 32%

68% 68% 68% 68%

FY-15 FY-16 FY17 9MFY18

Secondary

Tertiary

A

26

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

A

Rs. ~93 Cr. of further cost efficiency being targeted for FY18, out of which Rs. 56 Cr. is

already visible in P&L

8

21

15

19

25

25

12

12

16

FY16

Personnel Costs (Incl. Clinicians)

39

Other Indirect Costs

Material Costs

9MFY18 FY17

56 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

27

MHC expansion prioritised in hospitals with superior profitability

Mohali:

85

Saket

complex: 315

S.Bagh: 104

Saket complex: 800

East Delhi complex: 200

Mullanpur: 400

Gr. Noida: 380

East Delhi

Complex: 106

* Bed Capacity as at January, 2018

B

300

1,780

419

FY22

85

9MFY18*

2,570

FY21 FY20

106

FY19 Total

5,260

FY23 & Beyond

28

Saket

complex: 300

• 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 9MFY17

12.2

0.6

5%

67%

15.5

2.6

17%

64%

17.2

2.4

14%

69%

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

29

9MFY18

21.7

3.5

16%

73%

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 9MFY17

13.6

-0.8

-7%

69%

16.2

1.66

10%

76%

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

30

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

B

* Figures are monthly average

9MFY18

23.8

3.6

15%

84%

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

C

Network Expansion • Network of 550+ partners • Over 220 active partners in December • Started operations in NCR, Punjab, Faridabad, and

Uttarakhand • Added 2 HLMs, over 450+ beds

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

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

underway • Max Lab website under development

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

Organization • Team size grew to 172 (35 in Mar17)

Building blocks in place to achieve the growth

aspiration

0.8

Q4’17

1.7 2.1

Q3’17

1.1

Q2’17

1.5

Q1’17

3.7

Q2’18 Q1’18

3.4

Q3’18

+371%

26.015.6

68.0

Q1’18 A

+475%

Q3’18 A

89.7

Q2’18 A

38.0

Q3’17 A Q4’17 A

Samples (‘000)

Revenue (Rs. Cr.)

* Pathology samples from Max@Home are also included 31

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

C

Home Sample Collection

• 24*7 coverage;

• 10% revenue contribution through out-of-hospital channels in

Q3

Medicine home delivery

• 15% increase in volumes from 4939 (Q2) to 5636 (Q3)

• Increased repeat business from 2% (Q2) to 12% (Q3)

Critical care nursing

• Critical care nursing service launched; Over 10 patients served

in Q3

New territory- Mohali

• Nursing and GDA launched in addition to sample collection and

pharmacy delivery

Max@home B2C platform

• ~450 tech features ; ~30 processes; 5 service line journeys

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

• Development & UAT planned in Q3FY18

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)

Steady state EBITDA margin ~25%

32

30.0

9.610.4

+188%

FY 18 LE FY 17 FY 16

38.531.3

19.613.2

6.9

Q2’18 A Q1’18 A Q3’17 A Q3’18 A

+458%

Q4’17 A

9.2

36.0 51.8

61.8

216.4 218.5

275.3

439.2

421.4

14th June'16

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

Rev - Actual

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

C

• 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

YTD Dec’17 EBITDAR margin of 17.8% and

EBITDA margin of 8.7%

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 79%

Onco DayCare 90%

Channel Mix (YTD Dec’17)

Cash 45%

TPA 18%

Others 37%

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

33

Immigration Center: Revenue growth at 75% vs. 9M’LY Max Bike Responder: Immediate medical care in emergencies

C

12.211.1

7.0

FY’16 9MFY18 FY’17

88.277.6

62.0

FY’16 YTD Dec’17 FY’17

Revenue (Rs. Cr.)

Volume (‘000)

Immigration 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

34

www.maxbupa.com www.maxindia.com

MAX INDIA LIMITED

MAX BUPA HEALTH INSURANCE LIMITED

35

A symbiotic partnership in health insurance

Helping people live longer, healthier, happier lives +

Wh

at w

e d

o

Hig

hlig

hts

Domestic Health

Insurance

Global Health

Insurance

Dental and Travel

insurance Advice Primary Care

Clinics

Dental clinics Aged Care

► Leading international healthcare group present across 190+

nations, provides personal and company health insurance,

runs care homes for the elderly and hospitals in addition to a

range of health services

► Founded in 1947 in the UK, Bupa employs over 86,000

people across UK, Australia, Spain, Hong Kong, Poland, New

Zealand, Chile, Brazil, Thailand, Saudi Arabia, India and the

US

► Revenues of over £11 billion, over 70% coming from health

insurance covering over 16.5 million customers

► Diversified group with interests in insurance,

healthcare, manufacturing, real estate, learning

and senior living

► Founded in 1985 with an entry in the bulk

pharma business, Max has evolved into one of

the leading health services organizations in

India

► Over INR 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

36

Our Vision and Mission

37

Vision Mission

To be the most admired

Health insurance company in

India

To help customers live

healthier, more successful

lives

Caring Respectful Ethical Accountable Trustworthy Enabling

Industry landscape Health 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 32.5% 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, IRDAI annual report

2 Growth rates for Travel & LI contribution of HI not available (Assumed at 16% same as 5 year CAGR of PA) 38

* Numbers are excluding Overseas medical and personal accident

Industry landscape

39

2,829

3,979

565

860

4

9

Apr-Dec'16 Apr-Dec'17

B2G

B2B

B2C

Segment-wise GWP (INR Cr)

Industry growth during YTD Dec’17*

8,516 10,628

11,122

12,986

1,704

1,908

Apr-Dec'16 Apr-Dec'17

B2G

B2B

B2C

+20%

21,343

25,521

+43%

3,398

4,849

SAHI growth during YTD Dec’17* MBHI growth during YTD

Dec’17*

26%

Overall sales growth

25%

17%

12%

41%

52%

120%

• Most of B2C growth in SAHI space is contributed by SAHIs which have invested over last 3 years and expanded their branch and Banca network.

• SAHI B2B growth at 52% vs overall 17% industry growth. Star is leading the B2B growth with more than 100% growth in FY17.

• SAHIs are growing @ 43% - Faster than the industry

Journey since inception

GWP, Rs cr

Ch

an

nel

Se

rvic

e m

od

el

• 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

• 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)

Seg

men

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

FY13-14 99

207

309

373

296%

108%

53%

18%

47

215

454

681

799

476

1,010

26

FY16-17

28%

594

1,345

25%

9MFY18

505

1,598

• Industry first digitally

enabled product

‘GoActive’ launched

on 13th Feb’18

• Commenced

business with South

Indian bank

• Launched India’s

first “Any time

health” machine

• Launched Point of

care desks for

customer delight

40

Healthy growth with consistent improvement in combined ratio

Max Bupa’s focus has been on

the B2C segment since

inception

While it is harder to build a

B2C book (linear customer

acquisition vs. lumpy demand

of B2B or B2G), Max Bupa has

grown at 26%, faster than

market (market growth ~19% –

till Apr-Dec’17)

B2C focus driven operating

model choices and some

execution challenges have

resulted in higher upfront opex

spend

Co

mb

ined

Rati

o*

(%)

Gro

ss w

ritt

en

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 YTD Dec’17

162245

354466

584497

18

7

18

2013-14

309

56

2012-13

207 38

4 +30%

YTD Dec’17

505

2016-17

4

2015-16

594

6 4 476

6 4

2014-15

373

B2C B2B B2G

41

Max Bupa today

In a large, fast growing market Max Bupa delivers 2.6m customers, a vast distribution network and leading brand

1,818 employees

29 branches

7 banca partners

with 8,800 branches

accessing 101mn

customers

13,587 agents

98% B2C

business

4,064 providers in

network

64mn* lives touched

through Walk for

Health

(2016-2017)

1st of its kind,

Digitally enabled

wellness product -

GoActive

2.6m total

customers

GWP Rs. 505 cr

(Apr-Dec’17)

26% Growth

(Apr-Dec’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

For the period ended Jan, 2018

*Duplicate reach across mediums

**Growth over same period last year 42

Comprehensive product suite

Key features include

hospitalization costs including:

► State of art coverage -

Cashless international

coverage (market first)

► Lowest (2 years) pre-existing

disease waiting period

► Out Patient benefits

► AYUSH benefits

► Maternity & New Born benefits

► Coverage from Day 1 for

accidents

► Waiver of 24 months waiting

period for specific conditions

below 45 yrs

► Loyalty benefit at renewal

Our flagship indemnity

product with the most

comprehensive coverage

Heartbeat

Key features include

hospitalization costs including:

► No limit on room rent and pre

and post hospitalization

expenses

► Added protection with Unique

Refill benefit

► All day care procedures

covered

► Unmatched renewal benefits

− No Claim Bonus (No reduction

in case of claims)

− Health check ups to help keep

track of the health condition

► AYUSH in-patient treatment

► Super top up

An indemnity product 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

43

Comprehensive product suite

Group Health Insurance

includes:

► Group cover for hospitalization

benefit

Group Personal Accident:

► Accidental Death , Permanent

Total & Partial Disability

Loan linked group critical

illness

► Loan linked cover for 25 critical

illnesses

► Single pay up to 5 years

Group medical cover

► Customizable product for

employer employee groups –

B2B

A group product with

customized propositions by

selecting from over 35

product features and

parameters

Group Platform

44

Key features includes:

► Lifetime discount of 10% of

premium if purchased at or

before 35 years age

► Upto 10 OPD consultations

included in the cover

► Health coach option to enable

customers remain fit and

healthy

► Second medical opinion

► I-protect option to increase SI

by 10% every year

► Annual health check-

up/diagnostics of customers

choice

A digitally enabled, new age

customer centric product

offering that will serve the

everyday health needs of the

customer

GoActive

Distribution architecture

Largest distribution channel for the company

Spanning 29 branches across 19 cities

Over 48% contribution of overall revenue

Frontline sales force of 398 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 SAHIs

• Network of 8,800 bank branches across the country

• 616 FOS (included 7 of NBFC)

3 NBFC tie-ups (Capital First, Muthoot, Bajaj Finserv)

Brokers (Bajaj Capital, NJ Brokers, Shriram)

Rural business (RSBY)

One of the largest captive tele-sales set-up in industry

Capacity of 108 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

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

Spread across top 4 metros

Agency

Banca &

Alliances

Digital

Direct sales

Distribution updated for Jan 2018

45

External recognition

46

Celent award for Model Insurer –Asia in category of ‘IT Management Best Practices’

India’s Greatest Brand for introducing a host of

innovations in the Indian HI sector by Asia One Awards

Recognized as the most admired health insurance brand in India as per the

India’s Most Admired Brands Survey 2017 by Trust Research Advisory

“Best Employee Engagement Campaign/Project” for “Step

for Health” by DMA India

‘Technology Maturity’ for CRM at the 6th India Insurance Awards – CRM recognized as an advanced technological innovation

ExternalAccolades

“Most innovative medical insurer” by Business world Healthcare Summit & Awards

‘Walk for Health’ recognized as an Internal Best Practice in Social Innovation

category ‘Living our Values’ identified as a Best Practice HR model

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

D Digitally enable end to end

customer journey

Build a Customer centric,

Compliant & Cost conscious

Culture

Broad base the franchise

with partnerships & alliances

Provider of choice in the

Affluent segment in urban

India

47

Disclaimer This 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.

48

ANNEXURES

49

Mr. Rahul Khosla (Chairman)

President – Max Group

Seasoned business leader with over 30 years of deep

global experience in Banking and Financial markets.

Mr. Mohit 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 including 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

Ms. Roshini Bakshi

Managing Director, Everstone Capital Asia (Singapore)

Extensive global management experience; Bachelors

in Economics from St Stephen’s College, Delhi and

MBA from IIM Ahmedabad.

MHC - Board of Directors

Mr. Adam 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

50

Ms. Tara Singh Vachani

Chief Executive Officer and Managing Director of

Antara Senior Living

A natural leader, she represents the dynamic new

cadre of young women entrepreneurs in India

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

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

51

Key Physicians

52

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 (Q3 & 9MFY18)

*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 Gujarmal Modi Hospital & Research Centre & Max Multi Speciality Hospital Greater Noida unit of Four Season Foundation ^ on the basis of net revenue

53

Rs Cr

Dec-17 Dec-16 Dec-17 Dec-16

a) Financial Performance

Revenue (Gross) 703 639 10% 2,116 1,939 9%

Revenue (Net) 656 602 9% 1,998 1,850 8%

Direct Costs

Material Cost 162 147 10% 497 466 7%

Clincian Payout 116 101 15% 350 314 11%

Contribution 378 354 7% 1,151 1,070 8%

Contribution Margin^ 57.7% 58.8% (115) bps 57.6% 57.9% (26) bps

Indirect Costs

Personnel Cost 173 152 14% 510 446 14%

Other Indirect overheads 120 107 11% 352 330 7%

HO Costs 29 31 -6% 99 91 8%

EBITDA 56 63 -11% 189 203 -7%

EBITDA Margin^ 8.6% 10.5% (195) bps 9.5% 11.0% (151) bps

Finance Cost 35 34 5% 99 103 -4%

Cash Profit 21 30 -30% 90 100 -10%

Depreciation 34 32 9% 102 92 11%

Profit /(loss) before tax (14) (2) -615% (11) 9 -230%

Tax 1 0 0% 3 - 0%

Profit /(loss) after tax (14) (2) -660% (15) 9 -266%

b) Financial Position

Net Worth 1,106 1,106 0% 1,106 1,106 0%

Net Debt 1,190 1,091 9% 1,190 1,091 9%

Tangible Fixed Assets - Gross Block 2,053 2,014 2% 2,053 2,014 2%

Key Business Drivers  Quarter Ended Y-o-Y

Growth

Nine months Ended Y-o-Y

Growth

54

MHC Network* – Performance Dashboard (Q3 & 9MFY18)

*The above results are for MHC Network of hospitals, 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 Gujarmal Modi Hospital & Research Centre and Max Multi Speciality Hospital Greater Noida unit of Four Season Foundation

Dec-17 Dec-16 Dec-17 Dec-16

a) Patient Transactions (Nos in lacs)

Inpatient Discharges 0.51 0.46 13% 1.55 1.44 8%

Day care Procedures 0.12 0.12 -3% 0.38 0.38 1%

Outpatient Footfalls 16.05 15.09 6% 50.94 48.60 5%

Total 16.68 15.67 6% 52.87 50.42 5%

b) Average Inpatient Operational Beds 2,353 2,352 0% 2,319 2,342 -1%

c) Average Inpatient Occupancy 74.3% 68.8% 544 bps 74.4% 72.7% 169 bps

d) Average Length of Stay (days) 3.13 3.14 0% 3.05 3.12 2%

e) Average Revenue/Occupied Bed Day (Rs) 43,425 42,931 1% 41,187 40,392 2%

f) Other Operational Data

Physicians 2,862 2,677 7%

Employees 9,171 8,467 8%

Customer Base (in lacs) 40.7 34.2 19%

Key Business Drivers  Quarter Ended Y-o-Y

Growth

Nine months Ended Y-o-Y

Growth

55

*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 (Q3 & 9MFY18)

Unit

  Dec-17 Dec-16 Dec-17 Dec-16

Saket Complex

a) Financial Performance

Revenue(Net) Rs. Cr 247 220 12% 760 682 11%

EBITDA Rs. Cr 29 26 11% 91 83 9%

EBITDA Margin % 11.5% 11.7% 13 bps 11.9% 12.2% (24) bps

b) Average Inpatient Operational Beds No. 758 745 2% 738 750 -2%

c) Average Inpatient Occupancy % 75.5% 67.9% 764 bps 76.4% 71.0% 539 bps

d) Average Revenue/Occupied Bed Day Rs. 50,598 50,704 0% 51,861 48,800 6%

e) Average Length of Stay (days) 3.38 3.26 -4% 3.28 3.21 -2%

East Delhi Complex

a) Financial Performance

Revenue(Net) 174 158 10% 511 476 7%

EBITDA Rs. Cr 23 22 6% 64 67 -4%

EBITDA Margin % 13.3% 13.8% (51) bps 12.6% 14.1% (151) bps

b) Average Inpatient Operational Beds No. 716 665 8% 696 656 6%

c) Average Inpatient Occupancy % 79.0% 74.2% 480 bps 78.3% 77.6% 71 bps

d) Avg. Revenue/Occupied Bed Day Rs. 36,675 37,465 -2% 36,992 36,136 2%

e) Average Length of Stay (days) 3.13 3.24 3% 3.06 3.24 5%

Key Business Drivers  Quarter Ended Y-o-Y

Growth

Year Ended Y-o-Y

Growth

MBHI - Board of Directors

56

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 commenced in the new role of

Chief Risk Officer in January 2017. He

has been with Bupa since 2014 in

senior roles including Chief Internal

Auditor and MD of IDM.

D.K. Mittal

Independent

Director

Mr. D. K. Mittal is a former Indian

Administrative Service (IAS) officer of

1977 batch (UP cadre) and has served

the government of India in various

capacities.

MBHI – Management Team

57

Vikas Gujral Chief 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 Ahuja Chief Financial

Officer

Rahul has wide domain expertise built

over 19 years mainly in corporate

banking, financial services and

telecom.

Anurag Gupta Head – 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 Gupta Head – 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 Agarwal Head – 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.

Ramanan A V Actuarial head

Raman has joined us from

Cholamandalam MS General Insurance

where he was heading the Actuarial

department, he started his carrer as a

lecturer and has also worked with Tamil

Nadu Electricity Board for 20 years

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 Banerjee Head – 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

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

Max Bupa – Performance Dashboard (Q3 & 9MFY18)

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* Earned Premium lower by Rs 8 Cr in Q3FY18 & Rs 22 Cr in 9MFY18 due to change in Unearned premium accounting from 1/365 method to

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

Dec-17 Dec-16 Dec-17 Dec-16

a) Gross written premium income

First year premium 61 50 23% 169 142 19%

Renewal premium 117 90 29% 336 259 30%

Total 178 140 27% 505 401 26%

b) Net Earned Premium* 151 121 25% 429 381 13%

c) Net Profit /(Loss) ^ (5) (9) 45% (10) 9 -217%

d) Claim Ratio(B2C Segment, normalized) 58% 53% (470) bps 58% 56% (250) bps

e) Avg. premium realization per life (B2C) 8,125 7,048 15% 8,011 6,977 15%

f) Conservation ratio (B2C Segment) 81% 85% (376) bps 82% 85% (274) bps

g) Lives In force in millions (including RSBY) 2.6 2.3 14%

h) Number of agents 14,550 15,821 -8%

i) Paid up Capital 926 926 -

Key Business Drivers  Quarter Ended Y-o-Y

Growth

Nine months 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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