r: 154 g: 148 b: 140

R: 247 G: 163

B: 0

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R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

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MEDICLINIC

INTERNATIONAL

CAPITAL MARKETS DAY

19 JANUARY 2016

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R: 172 G: 202 B: 62 NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION

WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

This presentation has been prepared by Mediclinic International Limited (“Mediclinic”) in connection with the recommended combination of Al Noor Hospitals Group plc (“Al Noor”) and

Mediclinic (the “Combination”) and does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate Mediclinic, Al Noor or the

business prospects of the Combination. The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or

webcast) this presentation or by reading the presentation slides, you agree to the conditions set out below. This presentation (including any oral briefing and any question-and-answer

in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for,

sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction.

This presentation does not constitute an offer or form part of any offer of securities for sale in the United States or any jurisdiction. You should conduct your own independent analysis

of Mediclinic, Al Noor and the Combination, including consulting your own independent advisers in order to make an independent determination of the suitability, merits and

consequences of the Combination. The release, presentation, publication or distribution of this presentation in certain jurisdictions may be restricted by law and persons should inform

themselves about and observe any applicable requirements. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of a relevant

jurisdiction. In the United Kingdom this presentation is being made available only to persons who fall within the exemptions contained in Article 19 and Article 49 of the Financial

Services and Markets Act 2000 (Financial Promotion) Order 2005 and persons who are otherwise permitted by law to receive it. This presentation is not intended to be available to,

and must not be relied upon, by any other person.

None of Mediclinic, Al Noor or their shareholders, subsidiaries, affiliates, associates, or their respective directors, officers, partners, employees, representatives and advisers (the

“Relevant Parties”) makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, or otherwise made

available, nor as to the reasonableness of any assumption contained herein or therein, and any liability therefore (including in respect of direct, indirect, consequential loss or damage)

is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or

in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein or therein. Further, nothing in this presentation should be

construed as constituting legal, business, tax or financial advice.

No statement in this presentation is intended as a profit forecast or estimate for any period. Statements of potential cost savings and synergies relate to future actions and

circumstances which, by their nature, involve risks, uncertainties and contingencies. As a result, any cost savings and synergies referred to may not be achieved, may be achieved

later or sooner than estimated, or those achieved could be materially different from those estimated.

DISCLAIMER

3

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DISCLAIMER (CONT’D)

4

The presentation may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. Reliance should not be placed

on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual

results, and Mediclinic’s plans and objectives, to differ materially from those expressed or implied in the forward-looking statements.

The information contained in this presentation is provided as of the date hereof or as of the date on which such information is expressed to be provided, as applicable. Mediclinic does

not undertake any obligation to release publicly any revisions to any information (including forward looking statements) to reflect events and circumstances after the date of this

presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

The Combination is subject to the conditions and terms summarised in the announcement and to the full terms and conditions as set out in the respective shareholder circulars

published by Al Noor and Mediclinic in November 2015.

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AGENDA

5

INTRODUCTION TO MEDICLINIC

Introduction to Mediclinic International 1 Danie Meintjes

Group Strategy 2 Danie Meintjes

Mediclinic Southern Africa 3 Koert Pretorius

Mediclinic Switzerland (Hirslanden) 4 Ole Wiesinger

Mediclinic Middle East 5 David Hadley

Group Financial Review 7 Craig Tingle

Concluding Remarks 8 Danie Meintjes

United Kingdom 6 Danie Meintjes

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EXECUTIVE MANAGEMENT TEAM

6

KOERT PRETORIUS

Chief Executive Officer: Mediclinic Southern

Africa

• Joined the Group in 1998

and appointed as a

director of the Company

in 2006

• Appointed as the Chief

Executive Officer of

Mediclinic Southern

Africa in 2008

OLE WIESINGER

Chief Executive Officer: Hirslanden

(Switzerland)

• Joined the Hirslanden

group in 2004



Hirslanden, and a


in 2008

DAVID HADLEY

Chief Executive Officer: Middle East


and appointed Chief


Mediclinic Middle East in

2010


and appointed as a


in 1996

• Seconded to Dubai in

2006 and appointed as

the Chief Executive

Officer of the Company’s

operations in Dubai in

2007

• Appointed as Chief

Executive Officer of the

Group with effect from

1 April 2010

DANIE MEINTJES

Chief Executive Officer

• Appointed as the

Financial Director of the

Company in 1992

• Non-executive director

from 1999 until 2005,

when he was appointed

as the Chief Financial

Officer of the Company's

operations in Dubai


Financial Officer of the

Company from 1

September 2010

CRAIG TINGLE

Chief Financial Officer


as head of the Clinical

Information Department

• Currently the Chief

Clinical Officer of the

Company

• Appointed as an

executive director of the

Company in July 2010

RONNIE VAN DER MERWE

Chief Clinical Officer

• Joined Mediclinic in 1991

as group accountant

• Various managerial

positions held throughout

the Mediclinic Group

• Appointed as Company

Secretary since 2000

and Group Services

Executive since 2011

GERT HATTINGH

Executive, Group Services

Source: Company information

MANAGEMENT PROFILES


• Joined Mediclinic in Aug-

14 as ICT Executive

• Various managerial roles

prior to joining Mediclinic,

including as Managing

Director of ThinkWorx

Consulting and Chief

Information Officer at

Media24

DIRK LE ROUX

Executive, Group ICT

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MEDICLINIC INTERNATIONAL

COMPANY SNAPSHOT

• World’s third largest multi-country hospital group by revenue(1)

• Operating platforms(5):

• Majority stakeholder: Remgro (41-45%)(2)

7

SOUTHERN

AFRICA SWITZERLAND UAE

7,885 1,655 382 BEDS

52 16 5 HOSPITALS

269 88 25 THEATRES

#3 #1 #1 MKT POSITION

Notes

1. Out of the international operators, Mediclinic ranks #3 in the world on a revenue basis. Based on the world’s top listed hospital groups’ latest reported sales figures, Mediclinic ranks #7, however, four of the top five listed hospital groups

only operate in the U.S.

2. Dependent on take-up by existing Al Noor shareholders under the tender offer

3. Mediclinic financials based on fiscal year end Mar-15, translated from ZAR to GBP using the average exchange rate for the year ended 31-Mar-15, equal to ZAR/GBP 17.82.; Al Noor financials based on fiscal year end Dec-14, translated

from USD to GBP using the average exchange rate for the year ended 31-Dec-14, equal to USD/GBP 1.65

4. Includes 29.9% of Spire Healthcare EBITDA for fiscal year end Dec-14

5. As of 31 March 2015

KEY FIGURES GEOGRAPHIC OVERVIEW

Pro Forma EBITDA Distribution (2014/15)(3)

Pro Forma Revenue Distribution (2014/15)(3)

Southern Africa 31%

Switzerland 46%

UAE 23%

£2.3 Bn

ex. Spire incl. Spire(4)


Southern Africa 32%

Switzerland 44%

UAE 24%

£462 MM

Southern Africa 29%

Switzerland 40%

UAE 22%

UK 9%

£510 MM

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R: 172 G: 202 B: 62

HISTORY OF THE GROUP / PLATFORMS

8

2014

Acquired Hirslanden Group

(+13 Hospitals)

Acquired Klinik Stephanshorn

(+85 beds)

Acquired Swissana Clinic Meggen

(+22 Beds)

Acquisition of controlling interest in

Mediclinic Middle East

Opening of flagship hospital, Mediclinic

City Hospital in Dubai

Acquisition of Al Noor

Acquired 3 clinics with acquisition of

Emaar clinics

Acquired Clinique La Colline (+62 Beds)

SA

CH

Mediclinic listed on JSE

1986

Acquired Medicor Group

(+11 Hospitals)

1995

Acquired Hydromed Group

(+4 Hospitals)

1996

Acquired Hospiplan Group

(+12 Hospitals)

1998

Acquired Curamed Group

(+6 Hospitals)

2002

Acquired the Protector Group

(+4 Hospitals)

2006

UAE

2007 2010 2014

2007 2011 2015/16 2008 2012

Buyout of GE Healthcare and Varkey Group stake in Emirates Healthcare

HOSPITALS

73

CLINICS

35

COUNTRIES

5

REVENUE

£2.3 Bn

EBITDA

£0.5 Bn

2015


FY2015

2015

Acquired land to build Mediclinic

Parkview Hospital

NA

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R: 172 G: 202 B: 62

CONSISTENT TRACK RECORD OF STRONG

GROWTH

9

Notes

1. Mediclinic financials based on fiscal year end 31-Mar, translated from ZAR to GBP using the average exchange rate for each respective period from FY2011 to FY2015 (ZAR/GBP 11.18, 11.87, 13.44, 16.27, 17.82); Al Noor

financials based on fiscal year end 31-Dec, translated from USD to GBP at average historical rates for each respective period from FY2010 to FY2014 (USD/GBP 1.55, 1.60, 1.58, 1.56, 1.65)

2. For Al Noor, Underlying EBITDA excludes listing transaction costs ($6.1 MM), unamortised facility costs ($2.9 MM) and other adjustments ($0.8 MM) in 2013 and other adjustments ($0.6 MM) in 2014

Source Company Information Source Company Information

PRO FORMA REVENUE EVOLUTION(1) PRO FORMA EBITDA EVOLUTION(1)(2)

Southern Africa Switzerland UAE Al Noor

17%

20%

6%

9%

19%

26%

2%

9%

Local

Currency

CAGR

Local

Currency

CAGR

Mediclinic


Mediclinic

FY End: March for Mediclinic, December for Al Noor (GBP MM) FY End: March for Mediclinic, December for Al Noor (GBP MM)

772 794 749 689 692

775 904 896 975 1,044

119

154 185 210 242

156

183 204 233

273

1,822

2,034 2,034 2,107

2,250

2010/11 2011/12 2012/13 2013/14 2014/15

164 165 161 149 147

181 198 192 203 203

21 30 37 46 53 32

41 45 53 60 399

433 435 450

462

2010/11 2011/12 2012/13 2013/14 2014/15

2010/11–2014/15

CAGR (GBP): 5%

CAGR (ZAR): 18%

2010/11–2014/15

CAGR (GBP): 4%

CAGR (ZAR): 17%


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B: 0

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R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

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R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

17.3

11.4 10.9 10.8 9.1 8.7 8.4 6.8 6.5

5.6 5.5 4.1 3.4

OECD Average:

9.0%

US

A

Sw

itze

rland

Germ

any

Cana

da

Bra

zil

South

Afr

ica

UK

Ru

ssia

Pola

nd

Ch

ina

Tu

rke

y

India

UA

E

PRESENCE IN ATTRACTIVE PRIVATE HEALTHCARE

MARKETS

10

Attractive, though distinct market trends in each of Mediclinic's core geographies

Ageing populations in each platform (however with UAE from a low base)

Switzerland is characterised by a high quality public sector and willingness to pay for private healthcare

The public system in South Africa faces severe challenges and capacity/funding issues, leading to a clear quality differential and value proposition for the private sector

Private providers have a critical role in the UAE in both primary as well as secondary care, and there is significant unmet demand for high quality medical care, exacerbated by the high prevalence of lifestyle diseases

MARKET DYNAMICS AND TRENDS

Source: WHO, BMI (2014)

As % of GDP %


%

TOTAL HEALTHCARE SPEND PUBLIC VS. PRIVATE HEALTHCARE SPEND POPULATION AGED 65+

21.1

17.8 17.5 15.7 14.9 14.4

13.2

9.2 7.6 7.4

5.6 5.5

1.0

OECD Average:

16.4%

Germ

any

Sw

itze

rland

UK

Cana

da

Pola

nd

US

A

Ru

ssia

Ch

ina

Bra

zil

Tu

rke

y

South

Afr

ica

India

UA

E


83% 77% 77% 70% 69% 69% 66% 55% 50% 48% 47% 46%

32%

17% 23% 23% 30% 31% 31% 34% 45% 50% 52% 53% 54% 68%

UK

Tu

rke

y

Germ

any

UA

E

Pola

nd

Cana

da

Sw

itze

rland

Ch

ina

South

Afr

ica

Bra

zil

US

A

Ru

ssia

India

Public


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B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

…WITH INCREMENTAL EFFICIENCY AND SYNERGIES DRIVING SUSTAINABLE

MARGINS

Standardisation

Utilisation of scale in procurement

Usage of data analytics to support

efficiency initiatives

Synergies from UAE combination

…WELL POSITIONED FOR FURTHER GROWTH OPPORTUNITIES…

Significant experience in

integrating and growing acquired

assets

Capacity expansion via identified

greenfield projects already

underway

Incremental service line expansion

across the portfolio

Establishing centres of excellence

and co-ordinated care initiatives

Selected acquisitions at attractive

ROIC

THE MEDICLINIC INVESTMENT PROPOSITION

11


LEADING PLATFORM IN ATTRACTIVE MARKETS…

High-quality care and optimal

patient experience across the

platform

High acuity capability

Significant investment in employee

base

Best practices leveraged

internationally across the group

Experienced board and

management team

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B: 0

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R: 0 G: 180 B: 141

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R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

AGENDA

12

GROUP STRATEGY









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B: 0

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R: 172 G: 202 B: 62

13

High-quality care and optimal patient experience across the platform

GROUP STRATEGY

1

Invest in the enlarged Group employee base 2

Further develop structures to encourage integrated and co-ordinated care across each platform

3

Improve efficiencies through standardisation, utilisation of scale and use of data analytics

4

Leverage benefits of an international group 5

Grow via capacity and footprint expansion at attractive ROIC 6

GROUP STRATEGY

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B: 0

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R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

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R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

HIGH-QUALITY CARE AND OPTIMAL PATIENT

EXPERIENCE ACROSS THE PLATFORM

14

1

GROUP STRATEGY

PATIENTS FIRST

• Comprehensive anti-microbial stewardship programmes

• Improved standards in the management of medication, consumables and

equipment

• Expansion of clinical key performance indicators

SAFETY

• Continue to develop co-ordinated and integrated patient-centred care in

all facilities

• Clinical workforce includes highly skilled and experienced physicians

• Low staff turnover rates

• Surveys to assess patient experience

QUALITY

VALIDATION

• Press Ganey engaged to implement a

single standardized patient experience

measurement index ACCREDITATION

EVIDENCED BY:

Core focus on optimal patient care to drive and maintain sustainable clinical leadership

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R: 0 G: 180 B: 141

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R: 172 G: 202 B: 62

INVEST IN THE ENLARGED GROUP EMPLOYEE

BASE

15

2

GROUP STRATEGY

Training

• Sustainable increase in training capacity in Southern Africa over the next number of years

• In Southern Africa, nurse shortage addressed via recruitment in India, while increasing local training

as a long-term solution

• Hirslanden has committed to further training and education of specialist nurses to provide professional

recruitment practices

• Mediclinic Middle East organises CME sessions at facility and corporate level for employed and

independent doctors

• Establishment of a Global Reward Centre of Excellence to optimize reward practices across the group

• Launched Mediclinic Leadership Academy across Mediclinic Southern Africa and Hirslanden

Leadership Academy in Switzerland, with the aim of further strengthening and aligning leadership

behaviour

Incentivisation

Hire, educate and retain industry-leading talent to drive leading outcomes

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B: 0

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R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

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R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

BENEFITS OF INTEGRATED/CO-ORDINATED CARE

Delivery of consistent, cost-effective care and focus on clinical outcomes at every facility

Improved collaboration and co-ordination between the various clinical care providers

Closer alignment and co-operation with doctors

Development of coordinated care models including establishing centres of excellence

FURTHER DEVELOP STRUCTURES TO

ENCOURAGE INTEGRATED AND CO-ORDINATED

CARE ACROSS EACH PLATFORM

16

3

GROUP STRATEGY

• The Wits Donald Gordon Medical

Centre

• The Muelmed Rehabilitation Centre

• Constantiaberg Haematology Centre

• The Swiss Tumour Institute

• Various centres of excellence in a

number of disciplines across

Hirslanden

• Mediclinic City Hospital Breast

Centre

• Al Noor “Continuum of Care” model

• Mediclinic Middle East will participate

in the Swiss Tumour Institute

SOUTHERN AFRICA SWITZERLAND UAE

Leverage scale to provide optimal service configuration centred around the patient

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B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

IMPROVE EFFICIENCIES THROUGH

STANDARDISATION, UTILISATION OF SCALE AND

USE OF DATA ANALYTICS

17

4

GROUP STRATEGY

Efficiencies

• In Switzerland, the Hirslanden 2020 strategic programme

was created to make the business more efficient

• Further development from group of hospitals to integrated

hospital group

• Pooling of capital equipment purchase across the

platforms

• Volume bonus agreements with key capital equipment

suppliers

• Direct importing and distribution of more cost effective

surgical and consumable products

• Rationalise number of suppliers to strengthen negotiating

power

Procurement

Data

• International consolidated

data comparisons

• Spend pattern analysis

• Hirslanden Hospital

Information System (HLT)

project – to provide a

modern, ICT-enhanced basis

for medical and

administrative activities

Enabled by:

Increasing use of data and IT platforms to maintain and enhance group margins

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B: 0

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R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

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R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

ABILITY TO LEVERAGE BENEFITS OF AN

INTERNATIONAL GROUP

18

Opportunities for upgrading

clinical skills

Cross-platform cooperation in

developing new service lines

(e.g. oncology, bariatric

surgery, robotics)

Rotation of high potential

individuals through different

markets

Procurement of capital goods and consumables

International licensing arrangements

Shared services possibilities

Benefits of Scale

Share Intellectual Capital &

Resources and Transfer of

Best Practices

Alignment of cultures locally

with the Mediclinic culture and

values globally

Consistent quality

measurement worldwide

Promote Collaboration

Note

1. Associate of 29.9%

(1)

5

GROUP STRATEGY

Tangible benefits driving value across the portfolio through best-practice sharing and efficiencies

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B: 0

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R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

GROW VIA CAPACITY AND FOOTPRINT

EXPANSION AT ATTRACTIVE ROIC

19

6

GROUP STRATEGY

• 2016

- March: Mediclinic Upington (+26 beds)

- October: Mediclinic Bloemfontein (+14 beds),

Mediclinic Emfuleni (+33 beds)

• 2017

- March: Mediclinic Welkom (+36 beds), Mediclinic

Hoogland (+40 beds)

• 2018

- March: Mediclinic Medforum (+115 beds),

Mediclinic Potchefstroom (+70 beds)

SOUTHERN AFRICA UNITED ARAB EMIRATES

DUBAI

ABU DHABI

SWITZERLAND

• Selected acquisitions/ expansions that fit strategic and ROIC criteria

• Development of the North Wing at Mediclinic City Hospital (Q2 2016)

• Mediclinic Parkview Hospital (Q4 2018)

• Repositioning and remodelling of Khalifa Street Hospital

• Expansion of Al Ain Hospital (28 additional beds by Q2 2016, additional 40 beds expected with new Civic Centre Hospital (opening expected in Q2 2016))

• Expansion of medical centre network (Al Bawadi Mall, and Downtown Clinic in Q4 2015; Khalifa City A, Look Wow Surgery Centre, Al Badia Rehab and Ghayathi in Q1 2016)

• Expansion of Airport Road Hospital (2018)

• Enhanced and broadened service offering (oncology, paediatrics, long-term and rehabilitation)

Highly visible, de-risked growth via greenfield expansion and selected acquisitions

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B: 0

R: 221 G: 219 B: 217

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R: 0 G: 180 B: 141

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R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

AGENDA

20

MEDICLINIC SOUTHERN AFRICA









R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

• South Africa is one of the most attractive healthcare markets in the world, with one of the highest private healthcare expenditures at

52% of total health expenditure in 2013, and a 10% CAGR in healthcare spending in the period from 2004 to 2014(1)

• South Africa’s economic performance has remained weak in recent years, with the annual GDP growth rate decelerating to 1.5% for

2014 from 2.2% in 2013

• In contrast, the South African private healthcare sector has maintained a positive, gradual, long-term growth trajectory

• Upward trend in the diagnosis and treatment of many conditions on the prescribed list of chronic diseases from the Council of

Medical Schemes

• Private healthcare funding In South Africa and Namibia is primarily provided by medical schemes

− 92% of Mediclinic Southern Africa’s hospital admissions and revenue are funded by medical schemes (as of 31-Mar-15)

− Approximately 8.8 million beneficiaries were insured by the funding market in South Africa (as of Dec-14)(2)

SOUTH AFRICA

MARKET OVERVIEW

21

14.7 16.6 16.5 15.2 15.3

16.9 18.2 17.6

16.2 15.2

31.6 34.8 34.1

31.3 30.5

2010 2011 2012 2013 2014

Public Private

5.1 5.0 5.0 5.0 5.0

2010 2011 2012 2013 2014

615 669 651

594 574

2010 2011 2012 2013 2014

8.4 8.4 8.6 8.6

8.7

2010 2011 2012 2013 2014

USD Bn % of total population USD per capita As % of GDP

Source: WHO, BMI

MARKET DYNAMICS

PUBLIC VS. PRIVATE HEALTHCARE SPEND TOTAL HEALTHCARE SPEND TOTAL HEALTHCARE SPEND POPULATION AGED 65+


Notes

1. WHO

2. Council for Medical Schemes Annual Report 2014/2015

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B: 0

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R: 0 G: 180 B: 141

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R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

SOUTH AFRICA

MARKET OVERVIEW (CONT’D)

22

Note

1. Based on WHO, BMI

• The healthcare market is served by both the public and private sectors

with an uneven distribution of resources between the two sectors

• Despite providing healthcare for the majority of South Africa’s population,

spending on public healthcare only equates to ~48% of total healthcare

expenditure

Source: OECD 2013

KEY PAYERS PAYER DYNAMICS

Private Insurance

42%

Out of pocket

7%

Public 48%

Other 3%

Public

Health

System

Medical

Schemes

Self-pay/

Out-of-

pocket

• Public healthcare is funded out of general taxes

• Budget for 2015 is $15.1 Bn(2)

• The number of schemes have been declining due to

ongoing consolidation, Discovery Health and GEMS

have been the biggest beneficiary of this trend

• Regulated by the Medical schemes Act, needs to

maintain solvency levels > 25% of annual premiums

• Medical schemes contract with private providers on

behalf of their members

• Individuals who do not belong to medical schemes yet

access private healthcare on a self-pay basis

Social

insurance

(RAF,

COID)

• Social insurance consisting of Road Accident Fund

(RAF) and Workmens Compensation for Injuries on

duty (COID)

Pri

va

te


SOURCES OF HEALTHCARE SPENDING

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

SOUTH AFRICA


23

Notes

1. The National Hospital Network (NHN) is an association of 165 independent private hospitals, day clinics and other facilities

2. As of 31 March 2015

3. As of 30 September 2015

(1)

• The South African private hospital market is led by three key

players; Netcare, Life Healthcare and Mediclinic

- Together they account for c. 72% of the private market

Mediclinic 22%

Netcare 28%

Life 23%

NHN 11%

Independent 16%

COMPETITIVE ENVIRONMENT MEDICLINIC POSITIONING


# OF BEDS SA REVENUES

(ZAR MM)(2)


7,885(2) 12,323

8,647(3) 13,749

9,444(2) 15,738

Source Company information, National Hospital Network, Broker estimates

SOUTH AFRICA PRIVATE HOSPITAL BED MARKET SHARE

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

24


GEOGRAPHIC FOOTPRINT


REGIONAL OVERVIEW

Omusati

Oshana

Kunene

Oshikoto Kavango

Otjozondjupa

Omaheke Erongo

Khomas

Namibia

Hardap

Karas

Northern Cape

Western Cape

Eastern Cape

Botswana

Zimbabwe

Mozambique

Upington Mediclinic Upington

Kimberly Mediclinic Kimberly

Gariep Mediclinic Gariep

Bloemfontein Mediclinic Bloemfontein

Welkom Mediclinic Welkom

North West

South Africa

Mediclinic Victoria

Lesotho

Pietermartizburg Mediclinic Pietermartizburg

Mediclinic Howick

Kwazulu-Natal

Newcastle Mediclinic Newcastle

Barberton Mediclinic Barberton

Nelspruit Mediclinic Nelspruit

Limpopo

Tzaneen Mediclinic Tzaneen

Polokwane Mediclinic Limpopo

Mediclinic Lephalale

Pretoria

Gauteng

Swaziland

Mediclinic Hoogland

Mediclinic Emfuleni

Free State

Mediclinic Vereeniging

Mediclinic Legae Brits

Mediclinic Brits

Potchefstroom Mediclinic Potchefstroom

Mediclinic Secunda

Mediclinic Ermelo

Mediclinic Highveld

Mpumalanga

Mediclinic Thabazimbi

Plettenberg Bay Mediclinic Plettenberg Bay

Oudtshoorn Mediclinic Klein Karoo

George Mediclinic George

Mediclinic Geneva

Hermanus Mediclinic Hermanus

Worcester Mediclinic Worcester

Stellenbosch Mediclinic Stellenbosch

Strand Mediclinic Strand

Vergelegen Mediclinic Vergelegen

Paarl Mediclinic Paarl

Peninsula Hospitals • Mediclinic Cape Gate • Mediclinic Cape Town • Mediclinic Constantiaberg • Mediclinic Durbanville • Mediclinic Louis Leipoldt • Mediclinic Milnerton • Mediclinic Panorama

Otjiwarongo Mediclinic Otjiwarongo

Swakopmund Mediclinic Swakopmund

Walvis Bay

Windhoek Mediclinic Windhoek

Johannesburg Hospitals • Mediclinic Morningside • Mediclinic Sandton • Wits University Donald

Gordon Medical Centre

Pretoria Hospitals • Mediclinic Gynaecological

Hospital • Mediclinic Heart Hospital • Mediclinic Kloof • Mediclinic Medforum • Mediclinic Midstream • Mediclinic Muelmed

Caprivi Region Number of Hospitals

Western Cape 17

Northern Cape 2

Gauteng 12

Kwazulu-Natal 4

Limpopo 4

North West 2

Free State 3

Namibia 3

Total 52

Mpumalanga 5


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

MEDICLINIC SOUTHERN AFRICA OVERVIEW

25

Internal Medicine

26%

General Surgery

17% Obstetrics and Gynaecology

15%

Orthopaedics 13%

Urogenital 7%

ENT and Opthalmology

7%

Cardiac and Vascular

7%

Neurology 5%

Oral and Maxillofacial

2% Other 1%


SERVICE OFFERING


SPECTRUM OF SERVICES (2014)

OPERATIONAL OVERVIEW(2)

HOSPITALS

52

ADMITTING

DOCTORS

2,451

EMPLOYEES

16,576

BEDS

7,983

HISTORICAL FINANCIALS(3)

8.6 9.4

10.1 11.2

12.3

1.8 2.0 2.2 2.4 2.6

FY2011 FY2012 FY2013 FY2014 FY2015

FY End: March (ZAR Bn)

Revenue EBITDA

9.3%

CAGR

9.3%

Notes

1. As of 31 March 2015, pro forma for Al Noor transaction


3. Based on Mediclinic Annual Report FY2015

% SALES

31% (1)

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62


KEY PERFORMANCE INDICATORS

26

52 52 52 52

FY2013 FY2014 FY2015 HY2016

7,436 7,614 7,885 7,983

FY2013 FY2014 FY2015 HY2016

254 258 269

265

FY2013 FY2014 FY2015 HY2016

(#) % Increase

(#) (#)

HOSPITALS LICENSED INPATIENT BEDS

LICENSED THEATRES BED DAYS SOLD


3.5

5.9

4.4

3.2

FY2013 FY2014 FY2015 HY2016

Source: Prospectus (19 November 2015)

(1)

Note

1. % increase vs. HY2015

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62


FINANCIAL OVERVIEW

27

FULL YEAR FINANCIALS (AS OF MARCH (ZAR MM)) FY2013 FY2014 FY2015 2013-15 CAGR

Normalised Revenue 10,059 11,205 12,323 11%

% Growth - 11% 10%

Normalised EBITDA 2,158 2,418 2,625 10%

% Margin 21% 22% 21%

Normalised EBIT 1,882 2,153 2,231 9%

% Margin 19% 19% 18%

Capital Expenditure 676 885 1,437 46%

% Sales 7% 8% 12%

(EBITDA – Capex) / EBITDA 69% 63% 45%

FINANCIAL OVERVIEW (LOCAL CURRENCY)


Source: FY2015 Annual Report, HY2016 Results Presentation

INTERIM FINANCIALS (AS OF SEPTEMBER (ZAR MM)) HY2015 HY2016 % Change

Revenue 6,206 6,759 9%

Normalised EBITDA 1,332 1,457 9%

% Margin 21% 22%

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62


KEY GREENFIELD / BROWNFIELD INITIATIVES

28

NEW DEVELOPMENTS

TO BE COMPLETED DURING FY2016 - FY2018

MEDICLINIC

UPINGTON

POLOKWANE DAY CLINIC

HOSPITAL EXPECTED

COMPLETION BEDS

Mediclinic Gariep (expansion) Jan 2016 34

Mediclinic Upington (expansion) Mar 2016 26

Mediclinic Bloemfontein

(expansion and upgrade) Oct 2016 14

Mediclinic Emfuleni (major upgrade) Oct 2016 33

Mediclinic Welkom (expansion) Mar 2017 36

Mediclinic Hoogland (expansion) Mar 2017 40

Mediclinic Medforum

(expansion and upgrade) Mar 2018 115

Mediclinic Potchefstroom (expansion) Mar 2018 70


MEDICLINIC

GARIEP

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62


STRATEGY

29

• Continue to pursue growth opportunities

− Expansion of existing hospitals

− New hospitals and day clinics

− Opportunities relating to mental health

• Continue to focus on key strategic themes to deliver value to patients

− Improve safe, quality clinical care and quality of patients’ experience

− Improve operational efficiency

− Integrate the Southern African private healthcare delivery model

• Well positioned to address various other challenges, including

− Regulatory environment

− Continuing skills shortages

STRATEGIC PRIORITIES


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

AGENDA

30

MEDICLINIC SWITZERLAND (HIRSLANDEN)









R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

SWITZERLAND

MARKET OVERVIEW

31

• Basic health insurance is compulsory in Switzerland, and with regulatory changes pushed through in Jan-12 (SDRG reimbursement

system and Cantonal lists), there are now no real distinctions between access to private and state hospitals

• In recent years, the Swiss healthcare sector has been facing increasing regulation and cost pressure, including a shift in certain

medical services from the inpatient sector to outpatient sector

• An initiative to replace the current system of competition among many different health insurers with a system of one single public

health insurance was rejected by a large majority in a public vote on 28-Sep-14

39.1 47.6 47.5 49.2 51.1

20.8

25.3 24.7 25.4 26.2 59.9

72.9 72.2 74.6 77.3

2010 2011 2012 2013 2014

Public Private

16.9 17.1

17.3 17.6 17.8

2010 2011 2012 2013 2014

7,653 9,208 9,024 9,234 9,478

2010 2011 2012 2013 2014

10.3

11.3

10.8 10.8

11.4

2010 2011 2012 2013 2014

Source: WHO, BMI

USD Bn % of total population USD per capita %

MARKET DYNAMICS

PUBLIC VS. PRIVATE HEALTHCARE SPEND

TOTAL HEALTHCARE SPEND % OF GDP TOTAL HEALTHCARE SPEND POPULATION AGED 65+


Notes

1. State Secretariat for Economic Affairs SECO press release ‘‘Gross domestic product in 4th quarter’’, 3 March 2015

2. Eurostat, Real GDP growth rate—volume

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

• Healthcare in Switzerland is funded by a combination of health

insurance plans and cantonal authorities

• There are two categories of insurance policies available in

Switzerland: mandatory basic insurance and private insurance

(semi-private and private)

SWITZERLAND


32

Public (Canton &

Social Insurance)

66%

Private Insurance

7%

Out of Pocket 26%

Other 1%

Source: OECD (2013)



Source: OECD 12-Jan-2016 per year 2013

Based on DB broker report on SA healthcare (as of

Dec-13) p. 101

KEY PAYERS PAYER DYNAMICS

Public/

Basic

Insurance

Private and

Semi-Private

Insurance

Out of

Pocket

• Every Swiss resident is obliged to purchase basic health

insurance from a limited number of insurance companies

• Maximum limits are set for premium prices by individual

cantons, however, companies may charge as low as they

like

• Supplementary health insurance policies exist for those

Swiss citizens that prefer a more exclusive health care

product including unrestricted choice of physicians

• Within this there are two levels of patient cover: private

and semi-private

• The entitlements for these are largely identical except

private entitles the patient to an individual room; semi-

private entitles the patient to a room shared with

another person

• The number of people with supplementary health

insurance had declined over the years due to the rising

level of premiums charged, and the expansion of the

compulsory health insurance benefits package,

however has stabilised recently

• Comprise a large portion of healthcare spending due to:

- Direct payment for services not covered by

compulsory health insurance

- High levels of co-payments under compulsory health

insurance

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

SWITZERLAND


33

• Hirslanden is the largest private medical network in

Switzerland, with its primary competitor being the Swiss

public hospital sector

• Public hospitals hold a majority of market share in relation

to inpatients (c.81% in 2012) in Switzerland.

• In the segment of compulsory insured patients, Hirslanden

enjoys a competitive advantage over cantonal hospitals as a

result of its operational efficiencies

• Genolier is the second largest private player, with fewer

beds than Hirslanden

• Hirslanden is the largest private acute care hospital group in

Switzerland, enjoying a 33% share of all inpatients treated in

Swiss private hospitals

− This translates to a 7% share of the total Swiss inpatient

market(1)



Notes

1. Kennzahlen der Schweizer Spit¨aler 2012, p. 4 and Hirslanden Annual Report 2012/2013

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

34

HIRSLANDEN (SWITZERLAND)

GEOGRAPHIC FOOTPRINT


REGIONAL OVERVIEW

Notes

1. Radiology Institute

2. Radiotherapy

Zürich Klinik Hirslanden (1)(2)

Klinik im Park (1)

Radiologie und Neuroradiologie Schanze (1)

Aarau Hirslanden Klinik Aarau (1)(2)

Basel-Münchenstein Klinik Birshof(1)

Düdingen Praxiszentrum Düdingen(1)

Genève Clinique La Colline

Lausanne Clinique Cecil (1)

Clinique Bois-Cerf (1)(2)

Institute de radiologie de l’ouest lausannois (IROL)(1)

Bern Klinik Beau-Site (1)

Salem-Spital (1)

Klinik Permanence

Praxiszentrum am Bahnhof

Luzern Klinik St. Anna (1)

St. Anna im Bahnfof

Meggen Hirslanden Klinik Meggen

Schaffhausen Klinik Belair Praxiszentrum am Bahnhof

Heiden Klinik Am Rosenberg

St. Gallen Klinik Stephanshorn (1)

Männedorf Radiotherapie Hirslanden (2)

Cham Zug AndreasKlinik Cham Zug

Hospital

Clinic


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

HIRSLANDEN OVERVIEW

EMPLOYED

SPECIALISTS

278

VISITING

SPECIALISTS

1,656

EMPLOYEES

9,025

35

Orthopaedics 32%

Cardiac and Vascular

14%

Obstetrics and

Gynaecology 14%

General Surgery

13%

Internal Medicine

12%

Neurology 6%

Urogenital 5%

ENT and Ophthalmolog

y 3%

Other 1%

29% 31% 32% 40% 41% 43%

38% 37% 37% 34% 33% 32%

32% 32% 31% 26% 26% 25%

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015

Basic Semi Private Private

Source: Company data


OPERATIONAL OVERVIEW(2) SERVICE OFFERING

Swiss Patient Mix

BEDS

1,677 HOSPITALS

16 CLINICS

3


SPECTRUM OF SERVICES (2014)

SWISS PATIENT MIX

8.7 10.7

12.0

15.9

18.6

2.0 2.4 2.6 3.3 3.6

FY2011 FY2012 FY2013 FY2014 FY2015


FY End: March (ZAR Bn) CAGR

(ZAR)

21.1%

15.6%

Revenue EBITDA

CAGR

(Local)

6.4%

1.6%

Notes



3. Based on Mediclinic Annual Report FY2015

% SALES

46% (1)

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

HIRSLANDEN


36


1,487 1,567 1,655 1,677

FY2013 FY2014 FY2015 HY2016

(#) (#)

HOSPITALS AND CLINICS LICENSED INPATIENT BEDS

14 14 16

16

1 2

3 3

FY2013 FY2014 FY2015 HY2016

Hospitals Clinics

76 78

88 88

FY2013 FY2014 FY2015 HY2016

(#)

LICENSED THEATRES

% Increase

INPATIENT ADMISSIONS

2.6

5.5

7.8

6.5

FY2013 FY2014 FY2015 HY2016

Source: Prospectus (19 November 2015)

(1)

Note


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

HIRSLANDEN

FINANCIAL OVERVIEW

37

YEAR END: MARCH (CHF MM) FY2013 FY2014 FY2015 2013-15 CAGR


% Growth - 8% 9%

Normalised EBITDA 286 298 303 3%

% Margin 22% 21% 19%

Normalised EBIT 219 225 221 0%

% Margin 16% 16% 14%

Capital Expenditure 137 120 142 2%

% Sales 10% 8% 9%

(EBITDA – Capex) / EBITDA 52% 60% 53% 1%



INTERIM FINANCIALS (AS OF SEPTEMBER (CHF MM)) HY2015 HY2016 % Change

Revenue 732 783 7%

Normalised EBITDA 136 142 4%

% Margin(1) 19% 18%

Source: FY2015 Annual Report, HY2016 Results Presentation

Note

1. Normalised EBITDA margin of 19% in HY2016 excluding TARMED tariff implemented in Oct-14 of CHF 5 MM

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

HIRSLANDEN

KEY GREENFIELD / BROWNFIELD INITIATIVES

38

HOSPITAL EXPECTED

COMPLETION BEDS

Hirslanden Klinik Aarau

(New Ward)

May-15

(Completed) 10

Klinik Stephanshorn

(Beds, Emergency Room)

Apr-15

(Completed) 20

Klinik Birshof

(Doctor’s Practices, Radiology Unit)

May-15

(Completed) -

Praxiszentrum am Bahnhof Düdingen

(Outpatient Clinic, Radiology Institute)

Dec-15

(Completed)

Hirslanden Klinik Aarau

(Extension to Intensive Care Unit) Mar-16 4

Klinik Im Park

(New Emergency Unit) Mar-16

Klinik Stephanshorn (Operating Theatres,

Prefabricated Modular Constructions)

Autumn

2016

Klinik St. Anna (Operating Theatres, Prefabricated

Modular Constructions)

Autumn

2016

PROJECTS TO BE COMPLETED DURING FY2016

STATE-OF-THE-ART FACILITIES


New Ward, Hirslanden Klinik Aarau

Klinik Birshof, Doctor’s Practices and Radiology

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

HIRSLANDEN (SWITZERLAND)

STRATEGY

39

• Continue to pursue growth opportunities

• Strengthening of outpatient treatment both in existing hospitals and clinics

• Strengthen highly specialised medicine at the platform’s main hospitals

• Manage and influence ongoing regulatory developments

• Patient safety and outcome measurements

• Stabilising margin

• Service/cost differentiation according to insurance mix

• Clinical ICT system standardisation of group hospitals

• Hirslanden 2020 project



R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

AGENDA

40

MEDICLINIC MIDDLE EAST









R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

41.9

34.4

26.9 26.6 24.0

21.3 20.5 20.3 17.7 16.2

12.6 8.5

2.8

US

A

UA

E

UK

Ru

ssia

Ge

rman

y

Sou

th A

fric

a

Ca

na

da

Bra

zil

Turk

ey

Pola

nd

Sw

itze

rla

nd

Ch

ina

India

17.3

11.4 10.9 10.8 9.1 8.7 8.4 6.8 6.5

5.6 5.5 4.1 3.4

OECD Average:

9.0%

US

A

Sw

itze

rla

nd

Ge

rman

y

Ca

na

da

Bra

zil

Sou

th A

fric

a

UK

Ru

ssia

Pola

nd

Ch

ina

Turk

ey

India

UA

E

19.0

14.8

9.4 9.4 9.4 9.1 8.7 8.6 7.9 5.6 5.6 5.0

3.9

UA

E

Turk

ey

Ca

na

da

US

A

Sou

th A

fric

a

India

Bra

zil

Ch

ina

Ge

rman

y

Sw

itze

rla

nd

Pola

nd

Ru

ssia

UK

UAE – AN ATTRACTIVE MARKET

41

Population of the UAE aged over 65 years is projected to increase by a CAGR of 19.6%(1) from 2014-20

Low healthcare spend as a % of GDP vs. global averages

Increasing incidence of lifestyle-related medical conditions such as diabetes, obesity, cancer and neuropsychiatric

conditions

Service gaps in the current healthcare market, particularly OBGYN, paediatrics, neonatology, cardiology and oncology(2)

Growth in the privately insured population in Dubai and the Northern Emirates – such as the introduction of mandatory

health insurance in Dubai

FAVOURABLE MARKET DYNAMICS AND TRENDS


As % of GDP % of Total Population

Source: Euromonitor International, WHO, OECD (2014) Source: World Bank, International Diabetes Federation, Diabetes Atlas (2014)

% of Population Aged 20-79 Years

TOTAL HEALTHCARE SPEND OBESITY PREVALENCE(3) DIABETES PREVALENCE(4)

Notes

1. According to Euromonitor International

2. Identified by HAAD relating to the Emirate of Abu Dhabi

3. Obesity defined as a body mass index (BMI) of 30 kg/m² or more. Obese population measured as the percentage of population aged 15 years or older

4. Diabetes prevalence refers to the percentage of people aged 20-79 years who have type 1 or type 2 diabetes


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

UAE – DUBAI

MARKET OVERVIEW

42

• Dubai has a total of 3,816 hospital beds, the majority of the

provision of hospital beds is in the public sector, with 2,348

government beds across four hospitals making up 61.5% of

total beds as at the end of 2012(1)

• There are 22 private hospitals in Dubai, which comprise

1,468 beds (as of 2012)

• The Mediclinic Group with a total of 382 hospital beds,

therefore has an approximate 10% market share of the total

bed supply in Dubai and 24% of the private sector supply of

beds

Iranian Hospital

17%

NMC 11%

Mediclinic 12%

Belhoul Specialty Hospital

11%

Medcare Hospital

11%

Zulekha Hospitals

8%

American Hospital

4%

Others 26%

Source DHA (2013)

Source DHA (2013)

Mediclinic 17%

Medcare Hospital

13%

Iranian Hospital

12% Belhoul Specialty Hospital

11%

American Hospital

8%

NMC 6%

Zulekha Hospitals

6%

Others 27%

p. 13 DB Mediclinic report 16-Sept-14

Sources for bed #s: Saudi German Hospital (http://www.sghdubai.ae/) Al Zahra Dubai (http://azhd.ae/profile.php) Medcare Hospital http://m.edarabia.com/medcare-(hospital-jumeira/3785/)



PRIVATE OUTPATIENT MARKET (2013)

PRIVATE INPATIENT MARKET (2013)

Notes

1. Colliers International, Dubai Healthcare Q4 2014 Research & Forecast Report

2. American Hospital Dubai Corporate Brochure 2015 and Medcare Sustainability Report 2014

http://www.sghdubai.ae/



http://azhd.ae/profile.php

http://m.edarabia.com/medcare-(hospital-jumeira/3785/)






R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

UAE – DUBAI


43

• Mandatory health insurance is currently being rolled out across

Dubai

• Private health insurance penetration is expected to reach 100%

by 2016

• Dubai is implementing mandatory health insurance coverage for

expats, calling its system the Insurance System for Advancing

Healthcare in Dubai

• The rollout will be staggered, with the system mandatory for

employers with more than 1,000 workers from 31-Oct-14. From

31-Jul-15, it will be mandatory for firms with 100-999 employees

and from 30-Jun-16 for all companies

• Dubai has authorised 50 insurance companies to provide health

insurance services

- Seven of these are able to offer the Essential Benefits

scheme to those earning less than AED 4,000/month, with

annual premiums of AED 500-700 (in line with the AED 601

for basic plans in Abu Dhabi)

- In exchange for exclusive access to the segment, the seven

companies are unable to deny coverage

Source: Health Accounts System of Dubai (2012)

Government 38%

Insurance & Corporations

40%

Out-of-pocket 22%

MANDATORY HEALTH INSURANCE IN DUBAI



Text sourced from BAML EEMEA Healthcare report as

of Jan-15 (p. 7, 9)

Sourced from BAML EEMEA Healthcare report as of May-

15 (p. 3)

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

UAE – ABU DHABI

MARKET OVERVIEW

44

• Al Noor is the largest integrated private healthcare provider

in Abu Dhabi with growing presence in other Emirates and

Oman

• Abu Dhabi is an attractive healthcare market for private

providers with:

- Increasing demand for high-quality healthcare driven by

rapidly ageing population, high mortality rates from

lifestyle-related diseases and cancer

- Service gaps in the current healthcare market, with a

growing need for oncology services as well as maternity

and paediatrics specialty care

• In the outpatient market, Al Noor also remains the market

leader, with 29% market share, trailed by VPS with 17% of

the market and NMC Health with 14% of the market

• In the inpatient market, Al Noor continues to maintain its

leadership position with 30% market share, followed by VPS

with 21% of the inpatient market and NMC with 10%


Al Noor 30%

VPS 21% NMC

10%

Others 39%

Al Noor 29%

VPS 17% NMC

14%

Others 40%

Note

1. HAAD Statistics for Private Hospitals (2013)


OUTPATIENT MARKET SHARE(1)

INPATIENT MARKET SHARE(1)

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

UAE – ABU DHABI


45

• In Abu Dhabi, where mandatory health insurance has been

implemented, insurance penetration is 100%

Source: HAAD Statistics

PAYER DYNAMICS

THREE CLASSES OF HEALTH INSURANCE

• Thiqa: For Emirati citizens; allows treatment at a public or private

sector hospital of choice with no co-payment required

• Basic: For expats earning less than AED 5,000/month, offered

only by the state-owned insurance company Daman (which is

also the third-party administrator of the Thiqa scheme); cover in-

patient and out-patient care, although certain co-payments are

necessary

• Enhanced: Offered by a variety of private insurance companies

in addition to Daman, with a range of options for coverage co-

payments

664 955 1,102 1,315

1,738

2,818 2,976

3,667

2,439

3,005

4,074

4,845

4,841

6,778

8,152

9,827

2010 2011 2012 2013

27%

26%

28%

26%

CAGR

Basic Thiqa Enhanced


TOTAL

ENHANCED

THIQA

BASIC

Total

HEALTH INSURANCE CLAIMS BY VALUE (AED MM)

Chart source: p. 15, BAML report 5-May-15 (EEMEA hospital overview and comparison)

Sourced from BAML EEMEA Healthcare report as of May-

15 (p. 15)

Sourced from BAML Al Noor Report (8-Jan-15), p. 7

Basic 14%

Enhanced 37%

Thiqa 49% AED:

9,827 MM

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

46

Manchester

Dubai

GICC(1)

Baniyas

Mussafah(3)

ICAD

Al Mamoura

Abu Dhabi

Al Bateen

Al Madar Medical Centre

Al Sanaya

Al Ain Hospital Al Yahar Al Mirfa

Madinat Zayed(3)

Persian Gulf Gulf of Oman

Other Emirates of UAE

Oman

Emirate of Abu Dhabi

Mediclinic Meadows

Mediclinic IBN Battuta

Mediclinic Al Sufouh

Mediclinic Arabian Ranches

Mediclinic Dubai Mall

Mediclinic Beach Road

Mediclinic City Hospital

Mediclinic Welcare Hospital

Mediclinic Al Qusais

Mediclinic Mirdif

Mediclinic Corniche

Mediclinic Al Hili

Qatar

Muscat

Al Noor Clinic Mediclinic Clinic

COMBINED PLATFORM CREATES A CLEAR LEADER, WITH UNRIVALLED COVERAGE, ACROSS THE UAE

ENEC(2)

Airport Road Hospital

Al Madar Medical

Centre

Khalifa Street Hospital

Zakher Healthcare Centre

Diagnostic Centre

Al Aqua Medical Centre

Al Fardan

Al Madar Medical Centre (Ajman)

Al Noor Family Care

Notes

1. Gulf International Cancer Centre (GICC)

2. Emirates Nuclear Energy Corporation (ENEC)

3. Mussafah and Madinat Zayed include 2 clinics each


CREATION OF THE LEADING PLAYER

IN HIGHLY ATTRACTIVE UAE MARKET...

Mediclinic Hospital

Sharjah

Al Noor Hospital


% SALES

23% (4)

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

… WITH COMPLEMENTARY OPERATIONAL FIT

ACROSS DUBAI AND ABU DHABI

47

HOSPITALS CLINICS RANKING(1)

NA

2 8 2

2 3 17

Notes

1. Mediclinic is ranked #1 based on beds

2. Via acquisition of Rochester Wellness. Acquisition agreement signed in September 2015, transaction scheduled to close in Q1 2016, subject to customary conditions

3. Al Noor ranked #1 based on beds, inpatients, outpatients and physicians (HAAD Statistics for Private Hospitals, 2013)

4. Includes GICC


EMIRATE OF DUBAI EMIRATE OF ABU DHABI COMPANY

NA

HOSPITALS CLINICS RANKING

HOSPITALS CLINICS(2) RANKING HOSPITALS CLINICS RANKING(3)

(4)

% SALES

23% (5)


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

SYNERGY POTENTIAL ACROSS THE UAE

48


KEY FOCUS AREAS FOR SYNERGY REALISATION

Procurement benefits

Shared operations team

Combining existing corporate functions

Sharing best practices and knowledge across the Group

End Jan.

2016

NEAR-TERM TIMING

• Announce combined C-Suite

• Announce combined senior

leadership

End Feb.

2016

• Detailed analysis around synergy

potential and combined strategy

Jan-

Summer

2016

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62


FINANCIAL OVERVIEW

49

FULL YEAR (MAR. (AED MM)) 2013 2014 2015 CAGR


% Growth

- 15% 16%

Normalised EBITDA 214 272 312 21%

% Margin 20% 22% 22%


% Margin 15% 18% 19%


% Sales 4% 11% 7%


Notes

1. Underlying EBITDA excludes listing transaction costs ($6.1 MM), unamortised facility costs ($2.9 MM) and other adjustments ($0.8 MM) in 2013 and other adjustments ($0.6 MM) in 2014

2. Underlying EBITDA excludes certain exceptional transaction related costs



MEDICLINIC MIDDLE EAST (DUBAI) AL NOOR (ABU DHABI)

FULL YEAR (DEC. (USD MM)) 2012 2013 2014 CAGR

Revenue 324 365 449 18%

% Growth - 13% 23%

Underlying EBITDA(1) 71 83 98 18%

% Margin 22% 23% 22%


% Margin 19% 21% 19%


% Sales 2% 6% 14%


HALF YEAR (SEPT. (AED MM)) HY2015 HY2016 % +/-

Revenue 681 730 7%

Normalised EBITDA 135 153 13%

% Margin 20% 21%

HALF YEAR (JUN. (USD MM)) HY2014 HY2015 % +/-

Revenue 225 244 9%

Underlying EBITDA(2) 52 54 4%

% Margin 22% 23%

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62



50


(#)

HOSPITALS AND CLINICS

2 2 2 2

8 8

10 10

FY2013 FY2014 FY2015 HY2016

Hospitals Clinics

382 382 382 382

FY2013 FY2014 FY2015 HY2016

(#)

LICENSED/ REGISTERED BEDS

8

10 10 10

FY2013 FY2014 FY2015 HY2016

(#)

LICENSED THEATRES

% Increase

INPATIENT ADMISSIONS AND OUTPATIENT VISITS(1)

13

4

6

(2)

14

7

14

4

FY2013 FY2014 FY2015 HY2016

Inpatient Admissions Outpatient Consultations Source: Prospectus (19 November 2015)

(2)

Notes

1. Increase in clinic outpatient consultations


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

1,506 1,672

1,993

1,142

154

158

170

163

FY2012 FY2013 FY2014 HY2015

Outpatient Volume ('000) Average Revenue per Outpatient Visit ($)

AL NOOR


51

36

41 42

22

2,343

2,237

2,415

2,441

FY2012 FY2013 FY2014 HY2015

Inpatient Volume ('000) Average Revenue per Inpatient ($)

59 66

76 81

FY2012 FY2013 FY2014 HY2015

1.79 1.74 1.80 1.75

FY2012 FY2013 FY2014 HY2015

(%) Days

(‘000S) (‘000S)

ADMISSIONS (INPATIENTS) OUTPATIENTS (HOSPITALS & CLINICS)

BED OCCUPANCY RATES(1) AVERAGE LENGTH OF STAY

(US$)

Note

1. Calculated by dividing the number of total inpatient nights by the number of bed days (number of days multiplied by number of beds) available during the year

(US$)


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

• Acquired land on the Umm

Suqeim Road Al Barsha

• Building to commence

in 2016

• Projected Completion:

Q4 2018

UAE – DUBAI

KEY GREENFIELD/ BROWNFIELD INITIATIVES

52

ARTIST’S IMPRESSION CURRENT PROGRESS • Progressing on the North

Wing Project

• Projected completion:

Q2 2016

THE NORTH WING PROJECT

MEDICLINIC PARKVIEW HOSPITAL


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

AIRPORT ROAD HOSPITAL

Campus expansion with additional 100 bed facility (opening

expected in 2018)

Expansion of emergency services

Increasing complex medical service offering

KHALIFA STREET HOSPITAL

Repositioning and remodelling of facility to allow for easier

access and improved patient flow

Refurbishment of the ground and mezzanine floor

Expansion and improved access of the emergency department

Expansion of scope of services offered (e.g. NICU,

paediatrics, obstetrics)

Seeking partnerships with reputable large academic operators

AL-AIN HOSPITAL

Expansion of beds (28 additional by Q1 2016)

Additional 40 beds expected with new Civic Centre Hospital

(opening expected in Q2 2016)

Expansion of surgical capacity with additional operating room

Expansion of the scope of services offered (e.g. IVF, oncology)

ONCOLOGY

Capture growing market demand for cancer treatment

Integrated system approach

Explore international partner opportunities

LONG-TERM CARE AND REHABILITATION

Direct entry into attractive Long Term Care and Rehabilitation

market with acquisition of Rochester Wellness(1)

Leading provider of long-term physical speech and occupational

rehabilitation therapy

Two inpatient facilities in Dubai and Muscat, Oman

53

ENHANCED AND BROADENED SERVICE OFFERING CAPACITY EXPANSION

Note

1. Acquisition agreement signed in September 2015, transaction scheduled to close in Q1 2016 subject to customary conditions

PAEDIATRICS

Strengthening Al Noor’s paediatrics service line through search of

international partners

EXPANSION OF MEDICAL CENTRE NETWORK

Abu Dhabi: Khalifa City A (Q1 2016)

Al Ain: Al Bawadi Mall (Q4 2015), Downtown Clinic (Q4 2015), Look

Wow Surgery Centre (Q1 2016), Al Badia Rehab (Q1 2016)

Western region: Ghayathi (Q1 2016)

UAE – ABU DHABI

KEY GREENFIELD/ BROWNFIELD INITIATIVES


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62


STRATEGY

54



DUBAI

• Develop Mediclinic Parkview Hospital

• Commissioning the North Wing

• Continue to work closely in cooperation with regulators on reforms

• Continuously evaluate growth opportunities

ABU

DHABI

• Expand Airport Road Hospital

• Commissioning Al-Ain Hospital

• Continue to enhance and broaden service offering

• Expand medical centre network

• Expand capacity in hospitals

• Continuously evaluate growth opportunities

UAE

• Exploit cost synergies by leveraging scale of Enlarged Group

• Establishment of centres of excellence across UAE

• Optimisation of capacity and footprint expansion through greenfield and brownfield initiatives

• Strategic acquisitions and entry into new markets

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

AGENDA

55

UNITED KINGDOM









R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

674 739 765

856

187 202 154 159 189 205 209 220

FY2011 FY2012 FY2013 FY2014

SPIRE OVERVIEW

56

MARKET POSITIONING AND STRATEGIC PRIORITIES

• Spire is the second largest operator in the UK with 38

hospitals, behind BMI with 56 hospitals

• Four key competitors: BMI Healthcare, Nuffield, Ramsay and

HCA

• BMI is owned by South African player Netcare, while

Ramsay is a publicly listed hospital operator in Australia;

Nuffield is a not-for-profit organisation; HCA is a publicly

listed U.S. company

• Most of the hospital operators have an even geographic

distribution, although only BMI and HCA have a presence in

central London, while HCA has limited exposure to UK

market outside of London

Key strategic priorities:

- To increase the acuity level of services offered in hospitals

- To develop new sites and services, with particular focus

on geographic diversification and the treatment of cancer

OPERATIONAL SNAPSHOT


FY End: December (£ MM)

Revenue EBITDA EBITDAR

CAGR

8.3%

(5.2%)(3)

Notes

1. FY2015

2. Based on Spire IPO Prospectus, Annual Report

3. Sales and leaseback in 2013 resulting in additional rental expense of £61 MM in FY2013

4. Includes inpatient, outpatient and day care patients

HOSPITALS

38

CLINICS

12

EMPLOYEES

7,170 PATIENTS

700,000

Out-patient

Services

Diagnostics

In-patient/

Day Case

Procedures

(Consulting, Health

Checks, Physiotherapy)

(Imaging, Pathology)

5.1%

(3)

UNITED KINGDOM

(4)

CANCER

CENTRES

2

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

AGENDA

57

GROUP FINANCIAL REVIEW









R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

SHAREHOLDER VALUE CREATION

LAST FIVE YEARS

58

Source: Datastream as of 15 January 2015


SHARE PRICE PERFORMANCE (%) TOTAL SHAREHOLDER RETURN (%)

0

100

200

300

400

500

600

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

Mediclinic JSE All-Share FTSE100

+373%

+68%

+16%

0

100

200

300

400

500

600

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

Mediclinic JSE All-Share FTSE100

+338%

+44%

-3%

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

GROUP FINANCIALS BY REGION

59

Source Company Information Source Company Information

REVENUE BREAKDOWN EBITDA BREAKDOWN

Pro Forma EBITDA Distribution (2014/15)(1) Pro Forma Revenue Distribution (2014/15)(1)

Southern Africa 31%

Switzerland 46%

UAE 23%

£2.3 Bn

ex. Spire

incl. Spire(2)

Southern Africa 32%

Switzerland 44%

UAE 24%

Southern Africa 29%

Switzerland 40%

UAE 22%

UK 9%

£510 MM

£462 MM

Notes

1. Mediclinic financials based on fiscal year end Mar-15, translated from ZAR to GBP using the average exchange rate for the year ended 31-Mar-15, equal to ZAR/GBP 17.82.; Al Noor financials based on fiscal year end Dec-14,

translated from USD to GBP using the average exchange rate for the year ended 31-Dec-14, equal to USD/GBP 1.65

2. Includes 29.9% of Spire Healthcare EBITDA for fiscal year end Dec-14


R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

GROUP FINANCIALS

FULL YEAR & HALF YEAR

60



MEDICLINIC GROUP AL NOOR GROUP

FULL YEAR (DEC. (USD MM)) 2012 2013 2014 CAGR

Revenue 324 365 449 18%

% Growth - 13% 23%

Underlying EBITDA(1) 71 83 98 17%

% Margin 22% 23% 22%

Underlying Operating Profit 62 75 85 17%

% Margin 19% 21% 19%

Underlying Net Profit 61 72 85 18%

% Margin 19% 20% 19%

FULL YEAR (MAR. (ZAR MM)) 2013 2014 2015 CAGR

Revenue 24,436 30,495 35,238 20%

% Growth - 25% 16%

Normalised EBITDA 5,237 6,467 7,179 17%

% Margin 21% 21% 20%

Underlying Operating Profit 4,133 5,505 5,723 18%

% Margin 17% 18% 16%

Underlying Net Profit 1,924 3,052 3,443 34%

% Margin 8% 10% 10%

Notes

1. Underlying EBITDA excludes listing transaction costs ($6.1 MM), unamortised facility costs ($2.9 MM) and other adjustments ($0.8 MM) in 2013 and other adjustments ($0.6 MM) in 2014

2. Underlying EBITDA excludes certain exceptional transaction related costs

HALF YEAR (JUN. (USD MM)) HY2014 HY2015 % +/-

Revenue 225 244 9%

Underlying EBITDA(2) 52 54 4%

% Margin 22% 23%

HALF YEAR (SEPT. (ZAR MM)) HY2015 HY2016 % +/-

Revenue 16,828 19,565 16%

Normalised EBITDA 3,329 3,850 16%

% Margin 20% 20%

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

CONSOLIDATED INCOME STATEMENT

SIX MONTHS ENDED 30 SEPTEMBER 2015

61

SIX MONTHS ENDED 30-SEPT-15 (GBP MM)

MEDICLINIC AL NOOR(1) ADJ. PRO FORMA

Revenue 1,015 160 — 1,175

EBITDA 199 35 (71) 163

Depreciation and Amortisation (45) (5) — (50)

Operating profit 154 30 (71) 113

Profit before tax 129 30 (82) 77

UNAUDITED PRO FORMA FINANCIALS


Note

1. Al Noor Group financials for the six months ended 30-Jun-15, translated from USD to GBP using the average exchange rate for the six months ended 30 June 2015, equal to USD/GBP 1.52

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

KEY CAPEX INITIATIVES

62

Source Company Information

HISTORICAL CAPEX BY PLATFORM


100%

81%

25%

40%

Local

Currency

CAGR(2)

Mediclinic

FY End: March for Mediclinic, December for Al Noor (GBP MM)(1)

KEY INITIATIVES

SOUTH AFRICA

SWITZERLAND

DUBAI

• Mar-16: Mediclinic Upington (+26 beds)

• Oct-16: Mediclinic Bloemfontein (+14 beds)

• Oct-16: Mediclinic Emfuleni (+33 beds)

• Mar-17: Mediclinic Welkom (+36 beds)

• Mar-17: Mediclinic Hoogland (+40 beds)

• Mar-18: Mediclinic Medforum (+115 beds)

• Mar-18: Mediclinic Potchefstroom (+70 beds)

• Selected acquisitions/ expansions that fit strategic

and ROIC criteria

• Development of the North Wing at Mediclinic City

Hospital (Q2 2016)

• Mediclinic Parkview Hospital (Q4 2018)

ABU DHABI • Expansion of Airport Road Hospital (2018)

• Repositioning and remodelling of Khalifa Street

Hospital

• Expansion of Al Ain Hospital (28 additional beds

by Q1 2016, additional 40 beds expected with new

Civic Centre Hospital (opening expected in Q2

2016))

44 50 55 81

73

92 82

95 4

8 24

17

5

4

15

39

126

154

176

232

2011/12 2012/13 2013/14 2014/15


Notes

1. Mediclinic financials based on fiscal year end 31-Mar, translated from ZAR to GBP using the average exchange rate for each respective period from FY2011 to FY2015; Al Noor financials based on fiscal year end 31-Dec,

translated from USD to GBP at average historical rates for each respective period from FY2010 to FY2014

2. Local currency refers to ZAR for Mediclinic and USD for Al Noor

3. Cash conversion defined as (EBITDA – Capex)/ EBITDA

433 435 450 462

EBITDA

71% 64% 61% 50%

% Cash

Conversion(3)

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

NET LEVERAGE

63

NET DEBT TO NORMALISED EBITDA

2.2x

4.7x

4.2x 4.0x

3.3x 3.1x

3.8x

Mar-12 Mar-13 Mar-14 Mar-15 Sep-15 PF Mar-15

Net debt calculated as total interest-bearing borrowings less cash

Normalised EBITDA calculated based on spot rates at reporting dates


Net Leverage Range Pro Forma for Al Noor Deal(1)(2)

Notes

1. Dependent on take-up by existing Al Noor shareholders under the tender offer

2. Mediclinic financials as of year ending Mar-15; Al Noor net debt as of Jun-15 and EBITDA based on last 12 months to Jun-15

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

DIVIDEND DISTRIBUTIONS

LAST FIVE YEARS

64

9.4%

10.9%

23 23 25 28 31 36

50 55

61

68

76

73.0 78.0

85.8

96.0

106.5

FY2011 FY2012 FY2013 FY2014 FY2015 HY2016

Interim Final

6.8% 10.0% 11.9% 10.9%

Dividend growth

ZAR Cent CAGR

Source: Company information Source: Company information

DIVIDEND PER SHARE PAYOUT RATIO


• Mediclinic currently targets a payout ratio of between 25%

and 30% of normalised headline earnings per share

• Policy is re-evaluated by the Board on an ongoing basis

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

AGENDA

65

CONCLUDING REMARKS









R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

THE MEDICLINIC INVESTMENT PROPOSITION

66

CONCLUDING REMARKS

…WITH INCREMENTAL EFFICIENCY AND SYNERGIES DRIVING SUSTAINABLE

MARGINS

Standardisation

Utilisation of scale in procurement

Usage of data analytics to support

efficiency initiatives

Synergies from UAE combination

…WELL POSITIONED FOR FURTHER GROWTH OPPORTUNITIES…

Significant experience in

integrating and growing acquired

assets

Capacity expansion via identified

greenfield projects already

underway

Incremental service line expansion

across the portfolio

Establishing centres of excellence

and co-ordinated care initiatives

Selected acquisitions at attractive

ROIC

LEADING PLATFORM IN ATTRACTIVE MARKETS…

High-quality care and optimal

patient experience across the

platform

High acuity capability

Significant investment in employee

base

Best practices leveraged

internationally across the group

Experienced board and

management team

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

Q&A

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

APPENDIX

R: 247 G: 163

B: 0

R: 221 G: 219 B: 217

R: 85 G: 81 B: 70

R: 0 G: 180 B: 141

R: 252 G: 191 B: 29

R: 154 G: 148 B: 140

R: 172 G: 202 B: 62

GROUP DEBT STRUCTURE

AS AT 30 SEPTEMBER 2015

MEDICLINIC SOUTHERN

AFRICA ZARm EFFECTIVE INTEREST MATURITY

Senior term 2,968 Jibar + 1.51% Repayable on 2 June 2019

Preference shares 2,010 Prime x 0.69 Yr-2: R200m to be redeemed

Yr3-5: R1800m to be redeemed

Senior amortising 221 Jibar + 1.06%

Amortising to June 2019

Yr1-2: R110m

Yr3-5: R110m

Subsidiaries 97 Prime

Capex facility: ZAR300m undrawn 201 Jibar + 1.31%

GBF: ZAR600m undrawn -

Total 5,497

HIRSLANDEN CHFm EFFECTIVE INTEREST MATURITY

First lien 1,450 Swiss 3M Libor + 1.5% Amortising by CHF50m p.a.

to CHF1 250m at Jul 2020

Second lien 100 Swiss 3M Libor + 2.85% Bullet in Jul 2020

Bonds 235 6 year at 1.625%(CHF145m)

10 year at 2.0% (CHF90m)

CHF145m: Feb 2021

CHF90m: Feb 2025

RCF: CHF50m -

Total 1,785

MEDICLINIC MIDDLE EAST AEDm EFFECTIVE INTEREST MATURITY

Bank loans 291 3M Libor + 2.00%

Amortising:

Yr1: AED20m

Yr2-3: AED271m

Total 291

69 Note: Debt figures exclude capitalised finance charges

r: 154 g: 148 b: 140

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