#1AKDITAL Des soins et des liens Investor Presentation June 2023#2SUMMARY 01 03 05 AKDITAL presentation 02 Operational & financial performance 04 Photo library 06 Healthcare sector in Morocco Outlook & strategic priorities Appendices 2#3Investor Presentation - June 2023 01 AKDITAL presentation 3#4KEY FIGURES AKDITAL, the private healthcare leader in the MENA region + 21 Clinics + 000 eee 1 558 Doctors 2 192 Beds I + 15% Of private bed capacity in Morocco 4 230 Employees, of whom 66% paramedical staff CO 4 Md MAD Market Cap 1.03 billion MAD Revenue In 2022 Investor Presentation - June 2023 + 216 493 Number of admissions in 2022#5AKDITAL, A HEALTHCARE EXPERT FOR OVER 10 YEARS Expansion of the Jerrada clinic to 100 beds 2015 Opening of 3 new facilites in Casablanca (Casablanca International Oncology Center, Casablanca Private Hospital & Longchamps Clinic) providing a total capacity of 400 beds Opening of 2 new facilities with a total capacity of 220 beds Acquisition of the Vinci and Atfal clinics with a total capacity of 92 beds Acceleration of the group's growth pace in view of the project to generalize the compulsory 2019 health insurance AMO 2021 Opening of 4 new facilities providing a total capacity of 370 beds Début 2023 2011 Opening of Clinique Jerrada in Casablanca (50 beds) 2018 Opening of Clinique Ain Borja in Casablanca (100 beds) 2020 Sale of a 20% stake of the company to Mediterrania Capital Partners; Creation of d'AKDITAL Immo in order to separate the operational activities from the real estate component 2022 Opening of 8 new facilities with a total capacity of 910 beds IPO of AKDITAL in december 2022 Aradei acquires a stake in AKDITAL IMMO (51%) CJO, CCAB and AKDITAL awarded the ISO 9001 v 2015 certifications Investor Presentation - June 2023 21 clinics (2 192 beds) 5#6EVOLUTION OF THE MAIN INDICATORS BETWEEN 2018 AND 2023 N° of cities 1 1 1 2 6 00 8 N° of clinics 2 5 5 6 17 21 21 Bed capacity 200 600 600 1.822 912 2.192 Revenue CAGR 68% 507 325 147 768 2.000 1.034 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Investor Presentation - June 2023 60#7OUR GEOGRAPHIC FOOTPRINT Mohammédia Casablanca Salé Tangier Fès El Jadida Safi 8 Casablanca - 892 beds Jerrada (100) Ain Borja (100) CIOC (150) HPC (200) Longchamps (50) Da Vinci (42) Sidi Maârouf (100) Bouskoura (100) Atfal (50) 2 El Jadida - 220 beds 2 Salé - 220 beds Oncology Center Agadir Private hospital Oncology Center Private hospital 2 - Tanger 270 beds 2 Agadir - 220 beds Oncology Center Private hospital Oncology Center Private hospital Mohammédia - 1 Safi 100 beds specialty clinic 1 100 beds Clinics in operation Openings in 2022 Openings in 2023 multidisciplinary clinic 2 Fès 170 beds Investor Presentation - June 2023 Oncology Center Private hospital 7#8OUR HEALTHCARE FACILITIES (1/2) Jerrada Oasis Clinic Casablanca Ain Borja Clinic International Oncology Center Casablanca Medical and Surgical Clinic Longchamps Sma AKRITA ERNATIONAL D'ONCOLOGIE DE CASABLANCA المركز الدولي لعلاج الأورام ah AKDITAL Acteur de Sonce AKDITAL اكديطال Clinique Longchamps مصحة لـ ви ANDITAL Langhang لمحالولو Opening year: 2011 Bed capacity: 100 beds Casablanca Private Hospital Ain Sebaa Opening year: 2018 Bed capacity: 100 beds Private Hospital & the International Oncology Center of El Jadida Opening year: 2019 Bed capacity: 150 beds Da Vinci Clinic Opening year: 2019 Bed capacity: 50 beds Pediatric clinic Atfal Hapital Privé Casablanca Ain Sebas المستشفى الخاص الدار البيضاء عين السبع ANDITAL أكد يطال مصحة فنسي AKDITAL Clinique Da Vinc Opening year: 2019 Bed capacity: 200 beds Opening year: 2021 Opening year: 2021 Bed capacity: 220 beds Bed capacity: 42 beds AKDITAL Clinique Atfel Opening year: 2021 Bed capacity: 50 beds 80#9OUR HEALTHCARE FACILITIES (2/2) Private Hospital & the International Oncology Center of Agadir Private Hospital & the International Oncology Center of Tangier ANDITAL Hopladdensational Agadic المستمر في الدولي ألكاتير AKDITAL Hôpital Privé de Tanger والمستشفى الخاص لطنجة URGE التعجلات 24H/24 AKDITAL Hôpital Privé de يقى الخاص لطنجة ميع الاختصاصات مراض القلب والشرابين م الإنعاش الخدج ة التأهيل Private Hospital & the International Oncology Center of Salé Panorama clinic Sidi Maarouf ARDITAL ! Hopital Prue de Salé Opening year: 2022 Bed capacity: 220 beds Safi Clinic AKDIAL Opening year: 2022 Bed capacity: 270 beds The well-being clinic Bouskoura Opening year: 2022 Bed capacity: 220 beds Mohammedia Clinic JATIONA mmarioM sb sisnodemstnil supinil قي عمعملا قيامعا اقعدها Opening year: 2022 Bed capacity: 100 beds Private Hospital & the International Oncology Center of Fès (ว) Opening year: 2022 Bed capacity: 100 beds Opening year: 2023 Bed capacity: 100 beds 11 HISTAMAR, STATUES Opening year: 2023 Bed capacity: 100 beds Opening year: 2023 Bed capacity: 170 beds O#10ESG ACHIEVEMENTS Women and men, pillars of Akdital's development Large training budgets Parity: 81% women; 19% men A focused environmental strategy to strengthen our commitment to sustainability Launching of energy audits with a view to implementing energy conservation measures 168 tons of infectious risk waste treated. Environment Social Do Do 8-8 DODO Ethics A robust ethics and compliance system Professional conduct & ethics code put in place Corruption Prevention Procedure HSE investments to reinforce safety in our facilities Implementation of equipment, controls and processes to improve safety 2688 hours of OHS training SST Quality Our quality commitment: certifications to guarantee our excellence AKDITAL Holding, Jerrada Oasis Clinic and Casablanca Ain Borja Clinic certified ISO 9001V2015 by Bureau Veritas CMCL and HPC ISO 9001 certification in progress Canadian Accreditation for HPC, and CIOC is in progress 97% Patient satisfaction rate Investor Presentation - June 2023 10#1102 Healthcare sector in Morocco Investor Presentation - June 2023 11#12OVERVIEW OF THE HEALTHCARE SECTOR IN MOROCCO Private & public healthcare capacity in Morocco as of 2020 Number of beds per 1 000 people Public 72% Private 28% ■Casablanca - Settat 18% 25% ■Rabat-Salé-Kénitra ■Marrakech-Safi 37 388 beds 8% 37 388 beds ■Fès-Meknès 8% 16% Oriental 11% 14% Tanger-Tétouan- AlHoceima Healthcare becomes a constitutional right in Morocco 2011 2,8 2,2 1,4 1,5 Key dates for the Moroccan healthcare sector over the past 10 years 2015 Emergence in Morocco of the first organized groups specialized in healthcare 2016 Law 131-13: Possibility for non- doctors to invest in healthcare facilities 2018 Covid-19/Plan to generalize the compulsory healthcare insurance (AMO) by 2022 2020 2021 Launch of the 2025 Healthcare Plan (1) Word Bank: 2017 for Morocco, Egypt, Tunisia, Turkey, and the MENA region and 2019 for OECD countries (*) Includes Beni Mellal Khénifra (6%), Souss Massa (6%), others (6%); (**) Middle East North Africa 4,4 MENA* ** OECD Second phase of the AMO Plan/integration of RAMED beneficiaries First phase of the AMO Plan and strengthening of government healthcare spending 2022 12 22#13OPPORTUNITY OF THE HEALTH MARKET IN MOROCCO 2021 2022 2023 CNSS CNOPS, 100% 100% 100% 14 mutual insurance million 14 million 14 million and private insurance Ramedist 0% 100% 100% 11* Millions 11 million 0% 32% 100% Self-employed workers 3,6 Millions 11 million * December 2022 Investor Presentation - June 2023 13#14CIRCUIT OF CARE IN MOROCCO Plans AMO Basic medical coverage RAMED Beneficiaries Working people, retired people from the public and private sectors and their dependents Self-employed and independent professionals Former Resistance fighters Poor people not covered by a health insurance plan Students Financing Employee and employer contributions Managing organizations Supervision and regulation Public Sector CNOPS ANAM Private Sector CNSS Investor Presentation - June 2023 State and local authorities ◆ Beneficiary participation ANAM Financial management of RAMED 14#15PATIENT REIMBURSEMENT CIRCUIT Patient with a medical care plan ◆ The patient pays the clinic directly and is reimbursed by his or her medical insurance Health cover الملكية الوطنية للتأمين RMA WATANYA AXA ZURICH AXA ASSURANCE MAROC Sanlam Maroc ATLANTA Third party pay The patient has state medical coverage before hospitalization or during his stay Taken at 100% Uninsured patient The patient must pay these medical expenses directly to the clinic on the day of discharge Investor Presentation - June 2023 تأمين الوفاء Wafa Assurance أطلنطا Remainder to be paid by Ticket- Moderator 15 45#1603 Operational & financial performance Présentation Investisseurs - Juin 2023 16#17BREAKDOWN OF 2022 REVENUE BY ACTIVITY Figures in M MAD 770 M MAD in 2021 71% 550 Block 94 Operating rooms 28% 10 Catheterization rooms 214 黾 Catheterization room 29% 303 1 035 MMAD in 2022 1% Resuscitation 2% 22 175 Intensive care beds 69% 710 ■Multidisciplinary Oncology Other + 216,493 No. of admissions in 2022 Investor Presentation - June 2023 USI 408 ICU beds 1,822 beds Chemotherapy 216 Chemotherapy chairs Diagnosis 11 Imaging Imaging Radiotherapy 9 Accelerators 17 17#18CONSOLIDATED FINANCIAL STATEMENTS - INCOME STATEMENT (1/2) 2022 KEY FIGURES Figures in M MAD Revenue 1.035 34,4% 770 EBITDA EBITDA margin 283 51,8% → 186 Net income Net margin 99 77,1% 56 27% 10% 24% 7% 2021 Proforma 2022 Revenue: outstanding performance vs. 2021 2021 Proforma Full-year effect of the openings and acquisitions in 2021 (HPE, CIOJ, Vinci and Atfal). Growth of historical clinics (CIOC, CJO, HPC, CCAB, CMCL). Contribution from 2022 openings (HPT, CIOBT, CSS, CIOA, HIA, HPS, CIOS, CPSM). EBITDA: strong growth vs. 2021 Strong revenue growth Improvement of the gross margin of the different entities Procurement optimization, including in particular the cost of consumables and medical devices as part of the Group's policy of centralizing purchases. 2022 2021 Proforma Net income: outperformance of net income 2022 Growth in revenue and EBITDA combined with an improvement in one off results. Investor Presentation - June 2023 18#19CONSOLIDATED FINANCIAL STATEMENTS - INCOME STATEMENT (2/2) EBITDA BRIDGE 2022 vs. 2021 Figures in M MAD 186 198 -36 283 -60 -5 EBITDA 2021 Proforma Gross margin Operating costs Salary costs Tax EBITDA 2022 Investor Presentation - June 2023 19 19#20CONSOLIDATED ACCOUNTS - BALANCE SHEET (1/2) 2022 KEY FIGURES Figures in M MAD Fixed assets* Net debt Shareholders' equity Net cash position Gearing 1.278 1.768 73,1% 587 191,6% - 43,7% 1.021 2021 Proforma 2022 134% 330 26% 2021 Proforma 2022 438 249 -50 2021 Proforma 2022 2021 Proforma 2022 ** Non-current assets excluding goodwill, Investment in Capital holdings and deferred tax assets Investor Presentation - June 2023 20 20#21CONSOLIDATED ACCOUNTS - BALANCE SHEET (2/2) Change in operating working capital requirement Figures in M MAD 22 Stocks 57 44 Customers 246 385 Suppliers 223 134 20 78 85 2021 2022 2021 2022 2021 * Excluding items related to suppliers of fixed assets Number of days of revenue 447 155 Operating WCR* 2022 vs. 2021 44 15 2022 PF 2021 Investor Presentation - June 2023 Number of days of revenue -2 -5 2022 22 21#22FINANCIAL OUTLOOKS Figures in M MAD Revenus 507 325 768 1.035 2.000 EBITDA 178 110 65 283 544 Net income 46 28 7 99 199 2019 2020 2021 2022 2023p 2019 2020 2021 2022 2023p 2019 2020 2021 2022 2023p Investor Presentation - June 2023 22 22#2304 Outlook & strategic priorities Investor Presentation - June 2023 23#24AKDITAL'S DEVELOPMENT STRATEGY OBJECTIVES National geographic expansion Consolidation of the nationwide presence, with the opening of new establishments mainly in medium-sized cities Internationalization Development of strategic partnerships for the care of sub-Saharan patients International geographic expansion starting from 2026 By 2026 1000 000 36 clinics + 3 600 beds Investor Presentation - June 2023 + 20 cities Diversification of the portfolio of treatment Particularly in oncology, geriatrics, rehabilitation, addiction and reconstructive surgery +6 000 employees + 4 Md MAD revenue 24#2505 Investor Presentation - June 2023 Appendices 25#26Présentation Investisseurs - Juin 2023 26#27フォ P stisseurs - Juin MESADUNG 8888 27 22#28ZKINS TATO 307 O Présentation Investisseurs - Juin 2023 28#29LINET Présentation Investic 29 29#30BBEAM. . 30#31LL MACHETOM Sempr SIEMENS Healthineers Présentation Investisseurs - Juin 2023 31#32foot Sex ANCHITECT 4444 Presentation Investisseurs - Juin 2023 32#33D Investor Presentation - June 2023 Appendices 06 33#34CONSOLIDATED ACCOUNTS (1/2) Balance sheet ASSETS 31-Dec-22 Dec 31, 21 Pro forma 31-Dec-21 LIABILITIES 31-Dec-22 Fixed Assets Shareholder Equity 126 666 700 Dec 31, 21 Pro forma 100 000 000 31-Dec-21 100 000 000 Goodwill 22 473 241 26 224 004 27 559 254 Merger, IPO issue, contribution premium 984 826 370 247 273 063 247 273 063 Prepaid expenses, and other assets 31 452 486 24 509 876 29 798 409 Consolidated earnings 67 902 780 34 996 245 Intangible Assets 13 573 999 Tangible Assets 1 609 033 162 3 214 719 888 739 687 3 214 719 1 254 614 051 Net Profit Total Equity Capital 98 569 694 55 888 418 1 277 965 544 438 157 727 43 719 331 46 395 681 437 388 075 Holding Group Company under the equity method 24 866 712 0 0 Of which: Total Holding Company in equity Capital 1254259047 423 397 605 422 373 724 Capital Assets Deferred assets Taxes Total Fixed Assets 113 657 764 104 306 744 5 322 684 2 298 364 1 427 403 1 427 403 Non Controlling interests in consolidated subsidiaries Financial Debts 23706497 14 760 121 15 014 351 433581211 479 601 567 1817 355 729 1 048 422 432 1321 936 520 Current Assets Inventries Provision for contingencies and losses 708 367 1731 450 554 601 567 747 720 57 093 526 21 916 557 21 916 557 Receivables Other Receivables 384 593 504 244 704 415 245 725 985 240 484 104 Defferred liability tax Total Long Term Liabilities Current liabilities 10 545 193 444 834 771 13 055 735 494 388 752 29 592 475 584 941 763 87 844 570 144 453 637 Accountable Payables 446 879 118 223 259 545 307 457 665 Total Current Assets 686 391 445 355 487 112 406 854 298 Other Debts 582 847 334 198 021 684 253 993 469 Cash 530 260 154 59 384 713 63 369 776 Total Assets 3 034 007 327 1 463 294 258 1792 160 594 Total Current Liabilities Bank Overdraft Total Liabilities 1 029 726 453 421 281 228 281 480 558 109 466 551 3 034 007 327 1 463 294 258 561 451 134 208 379 623 1792 160 594 Investor Presentation - June 2023 34#35CONSOLIDATED ACCOUNTS (2/2) Income statement Operating revenues Revenues Fixed Assets Other revenues Operating expenses 1 034 777 927 500 -857 307 675 31-Dec-22 1 034 778 427 12/31/2021 Pro forma 784 135 149 31-Dec-21 767 952 919 767 620 277 332 642 -656 551 226 770 026 130 14 109 019 -664 370 106 -490 446 675 -385 515 399 -393 297 241 Purchases and other external Expenses -17 963 583 -12 882 520 Taxes Payroll -243 905 906 -183 745 623 413 821 -1 550 514 -12 908 873 -183 745 623 -1 550 514 Other Operating Expenses -101 050 916 -80 676 050 -65 048 974 Depreciation net of any write backs on depreciation 176 896 828 119 765 043 111 401 693 Operating income -24 698 203 -17 912 147 -23 432 210 Financial result 150 198 625 101 852 896 87 969 484 Current Result from consolidated companies 4 169 096 -5 896 161 -5 832 811 Non Current result Result before tax Depeciation of Goodwill Share of result of companies under the equity method Capital Taxes Consolidated Net Income Group Share of consolidated net income 156 367 721 95 956 734 82 136 672 -1 271 012 -1 401 525 -3 395 266 -4 403 601 -53 131 749 -34 263 190 -1 471 801 0 -34 269 190 98 569 695 55 888 418 46 395 681 87 651 981 48 078 586 43 495 246 10 917 714 7 809 833 2 900 435 Investor Presentation - June 2023 35#36AKDITAL Des soins et des liens