#1www.maxindia.com MAX INDIA LIMITED Max India Limited Investor Presentation November 2020 ANTARA SENIOR LIVING MAX SkillFirst -Shaping Leaders-#2MAX INDIATED Max Group Vision "To be the most admired corporate for service excellence" Positive social impact Sevabhav • Helpfulness Excellence Excellence courtesy transparency Expertise Dependability Culture of Service • Mindfulness Entrepreneurship Business performance Transparency • Respect Credibility • Integrity • Governance Max Way as an underlying ethos respect/dignity performance orientation progressiveness ethicality 2#3MAX INDIAED LIMITED Holding Operating Companies Companies 22.3% MAX FINANCIAL SERVICES Life Insurance Business 72.52% MAX LIFE INSURANCE Max Group - Overview Max Group - Sponsors 100% 40.9% MAX INDIA LIMITED Senior Living and Skilling businesses 49.7% MAX VENTURES & INDUSTRIES Real Estate, Manufacturing 51% ANTARA 100% • ⚫ Independent living - Residencies . Assisted Care services - Care Homes - Care at Home & Other businesses MAX SPECIALITY FILMS MAX ESTATES 100% MAX ASSET SERVICES - Medical Equipment's 100% Relatively stable, profitable and dividend paying ^ Max Life to be 80:20 JV with Axis Bank post series of transactions MAX SkillFirst -Shaping Leaders- Growth businesses 100% MAX I LIMITED Entrepreneurial Ventures | 3#4MAX INDIAED LIMITED Max Group has created value through its entrepreneurial spirit... First wave: Early years, Started with Manufacturing Businesses (1982 - 2000) Started its journey & with trading Manufacturing businesses Pharma: Penicillin-based drug . Packaging Films: Max Speciality Films • . • • Electronics: Partnered with Avnet Cellular services: JV with Hutchison Paging services: Tie-up with Motorola Communication & Satellite: Comsat JV Printed Circuit Board: JV with Atotech Divested 40% stake in ⚫ Divestment: Telecom business for a gain of 488 Cr Second wave: Group reinvented from a B2B conglomerate to a B2C company (2000 - 2014) Reinvented itself ... Shifted from B2B to B2C : • Life Insurance: JV with NYL in 2001, new JV partner MSI in 2012 Health Insurance: JV with Bupa in 2009 Healthcare: JV with LHC in 2012, LHC equalize stake in 2014 invested 766 Cr Senior Living: Launched first community in Doon in 2013 Fund Raised: Warburg invested 340 Cr in 2005; 1000 Cr QIP in 2007; IFC invested 450 Cr till 2009; GS invested 522 Cr in 2010 Third wave: Corporate restructuring to unlock value & Portfolio Rebalancing (2015-2020) Demerger, Wider world of businesses through MVIL, Portfolio rebalancing, Holistic Senior care service provider : • • • Demerger: Spilt into 3 entities, Max Financial, Max India & Max Ventures • Wider world of businesses: MVIL forays into Real Estate; NYL acquires 22.5% stake in MVIL; Toppan inducted as JV partner in Max Speciality Films Re-balancing Portfolio: MHC merged with Radiant to create 3rd largest Hospital chain; True North acquired Max's stake (51%) in Max Bupa for Rs 543 Cr Holistic Senior care service provider: Antara aspires to create an ecosystem for seniors offering a blend of lifecare & lifestyle products. 4#5MAX INDIA LIMITED ... in collaboration with Marquee Strategic and Financial Investors... Current JV Partners Mitsui Sumitomo MSIG NEW YORK LIFE Bupa A ATOTECH COMSAT CORPORATION TOPPAN Past JV Partners MOTOROLA Investors NEW YORK LIFE LIFE IFC International Finance Corporation WORLD BANK GROUP Sachs TEMASEK KR HOLDINGS YORK WARBURG PINCUS Goldman Telecoms Hutchison LITE. Group HEALTH CARE AVNET Gist-brocades HEALTHSCRIBE LOCKHEED MARTIN A GLOBAL TELECOMMUNICATIONS Fidelity INVESTMENTS Vanguard® Aberdeen 回 First State CAPITAL GROUP® Investments NOMURA JUPITER BARON eastspring BLACKROCK® investments WARD FERRY NORGES BANK 8 Kotak Mutual Fund HDFC MUTUAL FUND MIRAE ASSET Mutual Fund Nippon india Mutual Fund ICICI PRUDENTIAL MUTUAL FUND | 5#6& MAX INDIRED LIMITED ... Delivering 24%+ returns for its shareholders over this journey 22,500 18,000 13,500 9,000 4,500 Value creation (Cr) 24%+ returns for Max Group shareholders since inception (last 30 yrs) CAGR since inception 24% 824 CAGR 23% CAGR 18% 13,190 175 824 CAGR 14% 19,332 CAGR 19% CAGR 4,818 61% 167 5 175 1,859 698 1989 2000 2005 2011 2016 Oct'20 Dividend Paid Group market cap 865 2,034 4,993 14,014 20,156 6#7MAX INDITED Max Group Overview 1 USD 2.5 billion Revenues... 4.5 Mn Customers... 16,000 Employees... ~64,000 Agents 2 Strong growth trajectory even in challenging times; a resilient & diversified business model 3 Steady revenue growth and cost rationalization leads to strong financial performance 4 Well established board governance....internationally acclaimed domain experts inducted 5 Diversified ownership.....marquee investor base 6 Superior brand recall with a proven track record of service excellence 7 Strong history of entrepreneurship and nurturing successful business partnerships basis FY20 numbers for conversion assumed 1 USD = INR 75 7#8MAX INDIATED Max India - Board of Directors Chairman and Founder Mr. Analjit Singh Founder and Chairman of Max Group. Awarded with highest civilian honor, the Padma Bhushan Vice Chairperson Mrs. Tara Singh Vachani Executive Chairman of Antara Senior Living. She is the youngest member to join the board of Max India as a Non-Executive Director Managing Director (Upto Jan 15, 2021) Mr. Mohit Talwar Seasoned professional with 36 years of experience in Corporate Finance and Banking Managing Director (w.e.f. Jan 15, 2021) Mr. Rajit Mehta Seasoned professional with 35 years of experience in IT, Banking, Life Insurance, Healthcare and Senior Living Independent Director Mr. Ashok Kacker Former IRS, has more than 3 decades of experience in Indian revenue services. Served as Chief Commissioner of Income Tax Director Mr. Pradeep Pant Seasoned business leader with experience in leading FMCG companies like Mondelez, Gillette and Nestle Director Mrs. Sharmila Tagore One of the most admired actresses of the Indian Film Industry. She is UNICEF's goodwill ambassador in socio-cultural & community projects and awarded Padma Bhushan in 2013 8 00#9MAX INDIATED Max Group - Senior Management Mohit Talwar • • • • Vice-Chairman, Max Group (upto Jan 15, 2021) Managing Director, Max Financial Services Managing Director, Max India (upto Jan 15, 2021) Vice-Chairman, Max Ventures (upto Q1CY21) Non executive Director, Antara Senior Living (upto Q1CY21) Prashant Tripathy Managing Director & CEO, Max Life Insurance Tara Singh Vachani • Vice Chairperson, Max India Limited Executive Chairman, Antara Senior Living Ramneek Jain CEO, Max Specialty Films Sahil Vachani • • MD & CEO, Max Ventures and Industries Limited Director in Max Financial & Max Life Insurance Rajit Mehta • • Managing Director, Max India (w.e.f. Jan 15, 2021) Managing Director& CEO, Antara Senior Living Advisor for Max Group's Human Capital Rajender Sud . CEO, Max Skill First Limited M MAX LIFE INSURANCE 9#10& MAX INDIRED High pedigree of long-term investor base LIMITED Shareholding concentrated with Marquee Investors Locus Investments (Ashish Dhawan) ☐ Briarwood Capital ☐ International Finance Corporation ☐ ☐ ☐ New York Life Insurance TVF Fund Nomura Singapore Dimensional Fund Habrok India Fund Mauryan First Shareholding Pattern as on 30th Sep 20 Public 36.5% Promoter 40.9% IFC 3.1% FII/FPI 19.6% Number of outstanding shares: 5.38 Cr. 10#11& MAX INDIAED LIMITED Max India invested Rs 400 Cr in Antara and has Rs 500 Cr of Liquid and other assets (based on invested capital#) ANTARA A Max Group Company Residences for seniors Senior Living – Residences for Seniors - Invested Capital* (Rs 382 Cr) Antara 1.0 - Dehradun (Asset Heavy) Invested Capital (Rs 220 Cr) Rs Cr Investment** 370 Less: Impairment (150) Fair Value (Unsold inventory of 66 units, Ownership of Club House & Usable FSI) 220 + . ANTARA A Max Group Company Care Homes for Seniors Care at Home New Businesses (Rs. 13 Cr) (Care Home and Care at Home) - • Care Homes (Assisted Living) Pilots in Gurgaon & Delhi. Gurgaon launched in Q2FY21 and Delhi launch expected in Q3FY21 · Care at Home (Home care) Pilot launched in Q1FY21 + ₹ Other Assets (Rs. 500 Cr) Max Towers (61k sq ft) – Rs 100 Cr • Annual Rental Income of Rs 6 Cr expected on fully leased out basis Cash Rs 385 Cr - - • Antara Growth Capital Rs. 300 Cr. (to be deployed over next 3-4 years) Capital reduction - Rs 92 Cr. (1.08 Cr shares at Rs 85 per share) is reserved for Capital reduction Antara 2.0 - Growth (Asset Light) Invested Capital (Rs 162 Cr) Residences for Seniors - Noida launched in Jan'20 Investment in Integrated campus at Greater Noida for residences for seniors, care & memory care homes Invested upto Oct'20 ** Equity - Rs 338 Cr; ICD - Rs 32 Cr # Adjusted for impairment of Rs. 150 Cr • Invested Capital (Rs 13 Cr) ^ As at Oct'20 end; includes unrealized gain on MF of Rs 14 Cr 11#12MAX INDIATED MAX INDIA LIMITED ANTARA SENIOR LIVING LIMITED Building a scalable & profitable play in the senior care industry www.antaraseniorliving.com ANTARA SENIOR LIVING 12#13Overall Structure The Antara story: Executive Summary Antara 2.0 Strategy: Shifting towards 'Assisted Care Services' led growth model Assisted Care Services Residences for Seniors Overall summary: Creating shareholder value over next 5 years ANTARA 13 A Max Group Company#14Executive Summary 1. 2. 3. 4. 5. 6. 7. 8. 9. Senior care is a mega trend in India with USD 10-12 Bn market across value pools. There is a large unmet need in the target segment which is currently underserved. Proof of concept exists globally, with emerging models in India. Antara, a Max Group Company is at a vantage position to shape and capture a large share in the emerging market given its unique lineage of healthcare, insurance, hospitality and real estate. Antara will target 4 Mn of elderly population belonging to the affluent / mass affluent segment in 3 clusters i.e. North (NCR), West (Mumbai & Pune) and South (Bangalore). The initial focus will be on 1-2% of the above with household income of 15 lakhs plus in these clusters over the next 5 years taking into account premium price point, social and other considerations. Our first operationalised community in Dehradun has set a new benchmark and has established the Antara brand in the senior care space. The second community launched in Noida has also been receiving an encouraging response from the market. To capitalize on the senior care mega trend, Antara 2.0 strategy entails focus towards Assisted Care Services led growth model. Assisted Care Services shall comprise Care and Memory Care Homes for seniors, providing similar Health Care services at Home as well. Antara will also foster partnerships / alliances to offer its customers senior specific products/services. Care / Memory Care Homes and Care at Home business has the potential to expand in multiple locations across India over 5 years. Residences for Seniors business has the potential to grow in Tier 1 locations on a stand-alone basis or as a part of inter generational communities, over 5 years. Assisted care business trades at 30-35x EBITDA in US, transactions in Care at Home space in India happened at 5-10x revenue, both of which imply significant value creation opportunity in Antara's core focus areas ANTARA 14 A Max Group Company#15Overall Structure The Antara story: Executive Summary Antara 2.0 Strategy: Shifting towards 'Assisted Care Services' led growth model Assisted Care Services Residences for Seniors Overall summary: Creating shareholder value over next 5 years ANTARA 15 A Max Group Company#16Senior-care is an emerging mega-trend in India with USD 10 bn+ market across value pools, but is highly underserved currently Tailwinds driving growth of senior care 1 Fastest growing age segment in India ■ 120 mn senior citizens in India and will comprise 10% of total population in India by 2025 Senior care value pools (except core healthcare), USD billion 0.5 Living Home care Home concierge Market place model Annual revenue potential (USD bn) Portable medical devices & wearables 1.0 2 Increasingly living alone ■ 17% of elderly are living alone with drastic fall in the ratio of care givers to the elderly 3 Healthcare is largest share of their wallets, with multiple unmet needs ■ 3-4X spend on HC by senior households than those living alone ■ 5% seniors suffer with dementia ■ 7% seniors are immobile in Urban India ■ 30% need dedicated post-op care ANTARA Low Competitive intensity Community Living 0.4 Online financial services 0.6 Safety services Sr. care products (e.g. Diapers) 3.5 0.5 0.7 3.9 Daily convenience (e.g. concierge, grocery shopping etc) Profitability Online travel packages 1.1 Assisted Living Home Health care (e.g. Physiotherapy, Lab) High 16 A Max Group Company#17are Assisted care businesses in India and Internationally are trading at attractive multiples Indian Homecare Transaction multiples Rs Cr Company PORTEA HEAL AT HOME +SINCE 1996 + Year Sep'15 Valuation TTM Revenue EV/TTM Revenue Investors 300 42 7x Accel, IFC, Qualcomm & Ventureast care24 Apr'16 30 6 5x SAIF Partners HealthCare 'HOME Apr'17 270 By your side 50 50 5.5x Quadria Capital 7x 30 Nightingales 200 Apr'17 THE HOME HEALTH SPECIALIST PORTEA HEAL AT HOME Nov'17 500 US Assisted Living - Listed players Trading multiples Company amedisys Valuation ($ Bn) ^ 8.6 LMC G 7.0 R OU P ADDUS. HOMECARE 1.5 ANTARA * Basis Market cap on Oct'20 95 55 Mahindra Partners, Fidelity, Eight Roads Ventures 5x Accel, IFC, Qualcomm & Ventureast USD n Revenue 5Y CAGR EBITDA 5Y CAGR EV/ Revenue ^ EV/EBITDA ^ 10% 25% 4.4x 38x 23% 32% 3.4x 33x 16% 14% 2.3x 32x 17 A Max Group Company#18Antara's vision is to be the most loved and trusted brand for seniors and their families, by helping seniors improve and enrich their quality of life Specialized and customized products Overall ecosystem through partnerships Form partnerships to provide value- added services (like financial products, travel) and customized products (like nutrients, special equipment) for seniors Daily convenience & value-added Core pillars of Antara 2.0: "Asset light" "Hyperlocal communities" "Technology backed" "Partnership driven" Care at Home for seniors Addressing need for home-based assistance and care for elderly ANTARA Independent Living 6 1 Near-term vision (next 5 years) Longer-term vision (5-10 years) Residence for seniors Addressing need for community-based living and basic healthcare for elderly services Care Home for seniors Addressing need for 5 2 Assisted assistance with daily Living Senior care living, short term post- 4 Out of hospital and adjacent healthcare needs 3 Specialized nursing or memory care operative care for elderly Memory care for seniors Addressing need for specialized care for seniors suffering from later-stage dementia 18 A Max Group Company#19Antara has an eminent Board to guide the Management team • • Mr. Analjit Singh is the Founder & Chairman Emeritus, Max Group and all its group companies. An industry statesman, he was awarded the Padma Bhushan in 2011. He is also on the Board of Sofina NV/SA, Belgium, and till Oct 18 was the Chairman of Vodafone India. An alumnus of Doon School and Shri Ram College of Commerce, Delhi, he holds an MBA from Boston University. Mrs. Tara Singh Vachani is the Executive Chairman of Antara Senior Living. She is the youngest member to join the board of Max India as a Non-Executive Director. With an extensive education and experience across the world, and as a keen learner throughout her journey at Max India, Tara has imbibed the values of Sevabhav, Excellence and Credibility. A natural leader, she represents the dynamic new cadre of young women entrepreneurs in India. Mr. Rajit Mehta is the MD & CEO of Antara Senior Living. Till recently, Rajit was the MD & CEO of Max Healthcare. During his tenure, the company doubled its revenue and earnings (EBITDA). Earlier, Rajit was founder member and Chief Operating Officer of Max Life Insurance where he played an instrumental role in the company becoming a highly admired and profitable insurer. Rajit is also a Non-Executive Director at Max Life Insurance and Max SkillFirst. Rajit is a graduate in Commerce, postgraduate in Human Resources and has attended an Advanced Management Program at INSEAD - France. He is the recipient of the Chairman's Award for Excellence at Max Life Insurance. Mr. Mohit Talwar as the Managing Director - Max India and Max Financial Services, manages effective shareholder alignment, ensuring appropriate funding arrangements for the Group, optimizing group capital management and treasury, managing investor and analyst relations and advising management and shareholders on capital market implications. ANTARA 19 A Max Group Company#20Antara has an eminent Board to guide the Management team • • Mr. Rahul Khosla, is a seasoned business leader with deep management experience, broad leadership skills and wide business perspectives over the last 30 years of working in India and globally. He has worked across several multinational notably for Visa, ANZ Grindlay, Bank of America and American Express. ⚫ Mr. Pradeep Pant is a highly experienced business leader, involved in consulting, education and with an experience of about 37 years in the FMCG industry. An expert in building businesses in both mature and emerging markets, he has a deep understanding of market dynamics and cultural diversity. He has managed a wide range of iconic brands across Asia and the Middle East. - ⚫ Mrs. Sharmila Tagore is one of the most admired actresses of the Indian Film Industry. After starting her film career in 1957, there was no looking back for the talented actress and accolades like National Film Awards and Film fare awards are a testimony to her unmatched screen performances. She is UNICEF's goodwill ambassador in the causes of HIV/AIDS along with supporting multiple socio-cultural and community projects and was awarded Padma Bhushan in 2013. ⚫ Dr. Shubnum Singh is a founder member of Max Healthcare where she's been actively involved in strategizing and developing different verticals including insurance and senior living. In her current capacity as CEO of Max Institute of Health Education and Research (MIHER), she is actively engaged in developing the educational vertical for the group. An alumnus of Lady Hardinge Medical College, Delhi, she has about 33 years of experience in clinical pathology, allergy & hospital administration. ANTARA 20 A Max Group Company#21Supported by a strong Management team to execute the growth plan • • • • . Mrs. Tara Singh Vachani is the Executive Chairman of Antara Senior Living. She is the youngest member to join the board of Max India as a Non-Executive Director. With an extensive education and experience across the world, and as a keen learner throughout her journey at Max India, Tara has imbibed the values of Sevabhav, Excellence and Credibility. A natural leader, she represents the dynamic new cadre of young women entrepreneurs in India. Mr. Rajit Mehta is the MD & CEO of Antara Senior Living. Till recently, Rajit was the MD & CEO of Max Healthcare. During his tenure, the company doubled its revenue and earnings (EBITDA). Earlier, Rajit was a founder member and Chief Operating Officer of Max Life Insurance where he played an instrumental role in the company becoming a highly admired and profitable insurer. Rajit is also a Non- Executive Director at Max Life Insurance and Max SkillFirst. Rajit is a graduate in Commerce, postgraduate in Human Resources and has attended an Advanced Management Program at INSEAD France. He is the recipient of the Chairman's Award for Excellence at Max Life Insurance. - Mr. Ajay Agrawal spearheads the Finance function and is our go-to for all Finance, Accounts and Growth Initiatives. He is a chartered Accountant with over 18 years of experience in various aspects of finance, taxation and accounts. Ajay has held a string of prestigious positions prior to joining Antara. He was CFO of Vipul Ltd. and before that with Ernst and Young. Ajay runs a lean and mean finance operation for us and is a master of the money business. Mr. Kenneth Sannoo is a founder member of Antara Senior Living. His key responsibilities are to evolve and establish Brand Antara while creating meaningful relationships with its future residents. Kenneth has been an integral part of the Max India Group since 2001. He has been associated with Max Life as Director & Chief Distribution Officer. A fearless leader who leads by example and makes sure everyone laughs in the process, Kenneth loves playing golf and travelling with family. Mr. Vaibhav V Poddar leads Antara Assisted Care Services, which is setting-up new line of businesses i.e. Antara Care Homes, Antara Care at Home and Antara MedCare products. He has competencies in setting-up businesses, strategy, innovation and people management. Vaibhav has been with the Max Group for over eight years across various roles. Prior to joining Antara he led the strategy & transformation function and then led the creation of three new businesses - Max@Home (home healthcare business), Ambulance & Emergency Services and Rehabilitation Medicine. Today each of these businesses is in the top three in their respective segments in India. Prior to Max Group, Vaibhav had spent five years with McKinsey & Company in their New Delhi office. ANTARA 21 A Max Group Company#22Supported by a strong Management team to execute the growth plan . . • . Mr. Vaibhav Gupta leads the Strategy and Growth Alliances function at Antara, Vaibhav plays an active role in driving the overall business strategy, forging new growth alliances, strengthening governance and creating a strong capability on BPMA (Business Performance Management and Analytics). He also anchors key strategic initiatives, new business evaluation and governance activities of various operating companies at the Max Group level. In his professional career spanning over 16 years, he has successfully led teams in the areas of corporate & business strategy, board governance, change management, sales management and growth initiatives in the past. Mrs. Ambica Chaturvedi steers the Human Capital function of Antara, from Recruitment & Selection, Training & Development, Performance Management, Payroll & Statutory functions, Employee engagement, Policies & Processes etc. She is a graduate in Commerce with a post-graduate diploma in Business Administration from ITM, Mumbai. Mrs. Deepa Sood is a LLB from Delhi University, ACS from ICSI & Bachelor of Commerce, Deepa has over 14 years of experience in the area of Compliances and Legal. In her last assignment Deepa was associated with Akme Projects Limited and in this role, she was working as Head - Legal and compliance. Prior to this she was associated with Hemant Sahai Associates, Dua Associates, DSK Legal, Chatterji Associates and Hindustan Level Limited. . Mr. Sanjay Bhatia is a CA by profession and a Commerce Graduate, Sanjay has over 27 years of experience in the area of Strategic Initiatives, Revenue Generation and Sales. Sanjay has been a part of the Max family, for over 15 years and in his last role he was working as Vice President and Head - Strategic Initiatives, Max Life Insurance. Ms. Renuka Dudeja heads Branding & Communications function at Antara. She leads the strategic marketing communications which is focused at enhancing the Brand and maintaining its reputation. She is also responsible for defining and driving the brand to a range of stakeholders, tailoring messaging and developing marketing campaigns and activities. A Masters in International Business & Bachelor of Commerce, Renuka has worked with Mary Kay Cosmetics, The Times of India Group and American Express. Mr. Badar Afaq spearheads the IT function with focus on setting up the entire IT operations. He has almost 15 years of experience in Information Technology, Communications and Computer Applications. In his last assignment he was associated with Lemon Tree Hotels Ltd, as Deputy General Manager - Information Technology (Corporate). Prior to this assignment, he has worked with organizations like ITC Fortune Park Hotels Ltd, DLF Recreational Foundation and Radisson Hotel. ANTARA 22 A Max Group Company#23Overall Structure The Antara story: Executive Summary Antara 2.0 Strategy: Shifting towards 'Assisted Care Services' led growth model Assisted Care Services Residences for Seniors Overall summary: Creating shareholder value over next 5 years ANTARA 23 A Max Group Company#24Antara Assisted Care Services shall offer an integrated ecosystem to help maximise customer share of wallet and yield cost synergies "Anchor" Care Homes and Memory Care Homes for seniors Residences for Seniors Products & Services Care at\ Home \ I Care at Home services Offered to seniors around a 15-20 km radius of an anchor care home Key services are: Critical care PhysioRehab Nursing / GDA Diagnostics New services (e.g. eye/ dental checkup, dialyses) Leveraging common resources (e.g., nurses, physios), as well as driving synergies in customer acquisition (e.g., hospital tie-ups, word of mouth, lifelong support for customers) Products/Services Medical equipment (Medcare Products)/ Financial / Legal Travel services Care ¡Homes & Memory Warm home-like environment with large common areas Care Homes: Care Homes Customer # Rooms: 30 # Beds: 37 (25% double occupancy) Long/short stay: ~45:55 Located in high hospital density areas Memory Care Homes: # Rooms: 50 # Beds: 62 (25% double occupancy) All long stay Located in city outskirts Additional manpower such as art therapist, clinical psychologist ANTARA 24 A Max Group Company#25Overall Structure The Antara story: Executive Summary Antara 2.0 Strategy: Shifting towards 'Assisted Care Services' led growth model Assisted Care Services Care Homes Care at Home Partnerships and Alliances Residences for Seniors Overall summary: Creating shareholder value over next 5 years ANTARA 25 A Max Group Company#26Antara Care Homes: We offer much more than just a home away from home ANTARA ANTARA A Max Group Company Care Homes for Seniors We care for your parents, like our own. An integrated and seamless ecosystem that provides care, comfort and companionship to seniors We offer support to seniors with ambulatory, neurological, ageing related conditions and those who need assistance in daily activities, including the ones who are recuperating from an acute medical episode. Several care options to choose from individual or couple occupancy, twin sharing rooms and suites. Shared common facilities such as dining spaces, activity and lounge areas, a well-equipped rehabilitation room and consultation chambers All our services are well served by our team of highly trained and compassionate caregivers Stock Image 26 A Max Group Company#27Antara Care Homes: Differentiators - Key pillars of wellness Holistic Wellness Nurse calls buttons 24X7 nursing care, attendants and emergency response system Daily vital monitoring • Doctor consultants • Physiotherapy Counselling Physical Wellness Senior specific design interventions : • Wide Doors • Round edged walls Step-free access • • Anti-skid floorings • Grab bars • Wheelchair & stretcher access • Ambient lightings Emotional & Social Wellness • • Engaging with families and creating a community-like environment Daily calendar of physical and cognitive activities Feeling of home-away- from-home Intellectual Wellness • Library Board Games and mental activities for stimulation of mind Environmental Wellness Bio medical waste management Rainwater harvesting Landscaped greens ANTARA Spiritual Wellness • • Awakening Sessions Meditation Yoga Maximizing personal dignity, independence privacy and personal choices 27 A Max Group Company#28Antara Care Homes: Product Offerings - Long term care and Short-term care Long term care Designed for Seniors who need constant medical and nursing supervision, as well as help in managing other aspects of their daily lives Comes with a wide array of services like nutritionally assisted food, curated engagement activities to keep them physically active and cognitively stimulated, rehabilitation and wellness therapies, and emergency support to ensure their overall well-being. Short term care Provides a comfortable and sanitised environment for recuperation of seniors who have gone through an acute medical episode. Based on specific needs our team of trained caregivers work towards their complete and speedy recovery. We also cater to health care needs of seniors who might need a secure environment to stay in case their families are travelling. ANTARA Artist's Impression 28 A Max Group Company#29Gurgaon Care Home is ready for launch in July [1/2] ANTARA Bedroom E 29 A Max Group Company#30Gurgaon Care Home is ready for launch in July [2/2] CUBIS ANTARA Dining Area CUBIS 30 A Max Group Company#31Overall Structure The Antara story: Executive Summary Antara 2.0 Strategy: Shifting towards 'Assisted Care Services' led growth model Assisted Care Services Care Homes Care at Home Partnerships and Alliances Residences for Seniors Overall summary: Creating shareholder value over next 5 years ANTARA 31 A Max Group Company#32Antara Care at Home brings the whole health care ecosystem to the comfort of your home Every aspects of our service reflects the guiding principles behind our endeavours to nurture Convenience, Clinical Quality & Trust Convenience • • . Superior health care within the comfort of home Curated according to the need Delivered when required Clinical Quality • • Care plan curated in accordance with world class SOP's by highly experienced clinicians and specialists Extensively trained & certified team • Max group legacy & healthcare lineage - clinical excellence an imperative Trust • Consistency & • - reliability hallmark of Max Group Over 10 Mn satisfied customers - known to deliver on its promises Utmost transparency by involvement at every step ANTARA Care ANTARA at Home A Max Group Company Antara Care at Home Caring for your loved ones, as our own 32 A Max Group Company#33Antara Care at Home: Our Offerings [1/3] HOME CRITICAL CARE • PATIENT CAREGIVER • • • • • • • • • Comprehensive coverage: A 24-hour coverage inclusive of nursing care, patient care-giver, medical equipment and regular team leader and clinician visits Infrastructure set up: Room set-up adhering to critical care protocols like fumigation, deep cleaning and providing medical equipment Trained team: Certified team equipped with specific training on managing critical conditions Critical care monitoring: 24X7 critical care cover through a team of intensivists Clinical protocols: Requisite treatment documentation; infection control at home; established emergency management protocols Ease of coordination: Access to a care coordinator for all requirements Safety and Hygiene protocols: COVID-19 management protocols like masks, sanitisers, regular team check-ups Bundled support services: Comprehensive care services available through the same team, such as doctor consultations, nursing procedures, diagnostics, X-ray, ECG, medicines and medical equipment Flexible patient assistance packages: 12-hour and 24-hour cover with fortnightly team leader assessment to monitor progress Trained team: Verified team with specific training on managing elders • Ease of coordination: Access to a care coordinator for all requirements • . Safety and Hygiene protocols: COVID-19 management protocols like masks, sanitisers, regular team check ups Bundled support services: Comprehensive care services available through the same team such as doctor consultations, home critical care, nursing care, nursing procedures, diagnostics, X-ray, ECG, medicines and medical equipment ANTARA 33 A Max Group Company#34Antara Care at Home: Our Offerings [2/3] NURSING CARE ⚫ Flexible coverage: 12-hour and 24-hour nursing cover with weekly team leader assessment to monitor progress • Trained team: Certified team with specific training on managing elders • Continuum of care: Care plan coordinated with treating clinician to monitor regular progress • Clinical practices: Requisite treatment documentation; infection control at home • Ease of coordination: Access to a care coordinator for all requirements HOME DIAGNOSTICS • • • • • • • . Safety and hygiene protocols: COVID-19 management protocols like masks, sanitisers and regular check ups for the team Bundled support services: Comprehensive care services available through the same team such as doctor consultations, home critical care, patient care giver, diagnostics, X-ray, ECG, medicines and medical equipment Comprehensive services: Home diagnostic include pathology, portable X-ray, ECG and PFT at home Sample collection: Standardised experience curated for seniors, such as easy set-up, butterfly needle, vein finder Clinical quality: Extensively trained team, one-time-use test kit, validated collection protocols, ten step collection check list Extended coverage: Early morning coverage starting at 5am for the convenience of our seniors Quality testing: All tests done through NABL certified labs of Max Healthcare; all reporting standards are comparable to that of hospitals Ease of coordination: End-to-end service management; upfront sharing of requirements for conducting the test ANTARA 34 A Max Group Company#35Antara Care at Home: Our Offerings [3/3] PHYSIOTHERAPY AND REHABILITATION FOR CONTINUITY OF CARE OTHER SERVICES AT HOME ANTARA • • Comprehensive services: Only facility to provide check-in rehab, outpatient and at-home services Trained team: Well trained and experienced team of therapists, supported by high quality equipment at the centre as well as at home Continuity of care: Care plan coordinated with the treating clinician; regular updates shared with the clinician to monitor progress • Regular reviews: Periodic supervisory assessment for feedback on progress • Advanced packages: Additional equipment and the services of a senior therapist to manage complex conditions • • • • Technology assisted: Well defined protocols shared digitally for transparency and adherence Medical equipment: Flexibility of ordering medical equipment on rent or sale; easy coordination through our team and partners Doctor consults: Easy access to quality clinicians for home and consultations Pharmacy: Home delivery of pharmaceutical products and services at attractive rates through our partners Remote health monitoring: Packages for remote health monitoring for seniors; comprehensive coverage on vital tracking, counselling, nutrition and doctor consultations 35 A Max Group Company#36Overall Structure The Antara story: Executive Summary Antara 2.0 Strategy: Shifting towards 'Assisted Care Services' led growth model Assisted Care Services Care Homes Care at Home Partnerships and Alliances Residences for Seniors Overall summary: Creating shareholder value over next 5 years ANTARA 36 A Max Group Company#37Partnerships and Alliances will be key in completing Antara's long term vision to create an integrated ecosystem for Seniors Residences Care Homes for seniors Products ANTARA Care at Home Partnership & Alliances Services • Medical/ mobility aids & equipment ● Travel & Leisure • Daily living aids . Wellness, Concierge services · • Sensors/ alarms Wearables/ portable devices Marketplace for Seniors • Emotional fulfilment (philanthropy, spiritual) • Food & Nutrition . • • Self development (re-skilling, · Home modification (senior specific) Alternate careers/ gainful employment vocational courses) ANTARA Inorganic/ M&A New city expansion: - Care Homes - Care at Home • Niche senior living players • (residences for seniors) Online platforms for seniors (JV/ strategic investment) 37 A Max Group Company#38Care Homes and Care at Home have the potential to become an INR 500+ crore revenues business with 12-15% EBITDA in 5 years Year 5 financials Revenues: INR 500+ Cr EBITDA Margin: 12-15% (EBITDA positive from year 3) Profit Margin : 8-10% (PBT positive from year 4) Peak cumulative capital required: 200-225 Cr (in year 4, self funding from year 5 onwards) Capital returned between year 7 and 8 (every CH unit returns capital in 3rd year but scale. up in # of centers delays overall return of peak capital) ROCE and IRR : 25%+ Plan to set up 35-40 Care and Memory Homes with over 1,200-1,500 beds over 5 yrs ANTARA Note: FY20-21 is a pilot year 38 A Max Group Company#39Care Homes and Care at Home - Centre Economics Year 5 financials (Care Homes) Average Revenues: INR 6-7 Cr ▪ EBITDA Margin: 20%+(EBITDA positive from year 2) " Capex: INR 2-2.5 Cr ▪ Memory Homes - Revenue & Capex - 1.5x Care Homes Key Insights: Model - Short Stay (SS) & Long Stay(LS) • 30 rooms, 37 Beds · • Steady state occupancy 85%, SS:LS mix 55:45 Pricing 1.25-1.5L per month LS, ~5k-6k per day SS Year 5 financials (Care at Home) ■ Average Revenues^: INR 4-5 Cr ▪ EBITDA Margin: 20%+(EBITDA positive from year 1) ■ 15-30% margin across service lines Service Profile GDA, 5-10% Nursing, 10-15% New Services, 5-10% Medical Equipment, 5-10% Diagonostics, 15-20% Critical care, 35-40% Physiotherapy, 15-20% ANTARA Note: The above Centre Economics does not include Corporate costs ^ Average revenues mapped to the Centre 39 A Max Group Company#40Care Homes and Care at Home - Q2& H1FY21 Performance Care Homes Capacity Created (Beds) Customers served (Bed Days) Total Revenue (Rs Lacs) Q1FY21 Q2FY21^ ^ Gurgaon Care Home centre operational from 8th Jul 2020 ANTARA Care at Home Q1FY21 Q2FY21 32 Capacity Created (Frontline Staff) 9 31 Volumes served 177 268 1576 (Shifts/sessions) Total Revenue 7.2 5.9 46.4 (Rs Lacs) 40 A Max Group Company#41Overall Structure The Antara story: Executive Summary Antara 2.0 Strategy: Shifting towards 'Assisted Care Services' led growth model Assisted Care Services Residences for Seniors Overall summary: Creating shareholder value over next 5 years ANTARA 41 A Max Group Company#42Residences for Seniors vertical continues to present a huge potential in India There is huge demand for Residences for Seniors across India... Senior Living Housing Unit Demand Upto 5K 5K-10K 10K-15K 15K-20K >20K ANTARA SOURCE: CII Senior care India report 2018, Expert conversations Industry facts... ■ 30+ players in the senior living space with ☐ top 6 having over 45 communities ■ Top players (seniors served): - Columbia Pacific Communities (~1600 units) Ashiana (~2500 units) - Athashri (~1500 units). As per PWC report 2020; • Currently, 12,500 units exists, of which 10,500 already been sold Expected demand over the next few years is 2 lakh units Inventory sold in last 10 years is expected to be sold in the next 4 years 42 A Max Group Company#43Our Journey so far... 2010 2011-12 2013-16 2017-18 2019-20 - Idea came into being thinking through India and its changing landscape - Extensive market research, benchmarking and business feasibility studies undertaken - Antara Senior Living became 100% subsidiary of Max India - Dehradun as location of first Community finalized - Project work started - - Antara brand launched Launch of experiential studios at Delhi and Dehradun Construction in full swing - Nearly 40% apartments signed-up - Dehradun Community operationalised - Team started looking for growth opportunities in Delhi-NCR Entered into asset lite arrangement with Noida based developer - 63% of apartments signed - up at Dehradun 2nd Community ~Antara Noida launched, encouraging response Growth strategy in place ANTARA 43 A Max Group Company#44Antara Dehradun: Our first community T ANTARA Spread across 13.5 pristine acres • 8 Residences with 197 apartments • Apartments ranging from 1400 - 6600 Sft. • Over 60,000 sq.ft Clubhouse with 7 activity zones Lifestyle and Lifecare offerings at Antara Lifestyle offerings: - The Antara Club Convenience Safety & Security - Nutrition Concierge - Residential Area Care Common Area Care • Lifecare & Wellness offerings: - Lifecare Services at Antara - Wellness Services at Antara - Lifecare Suites - Tie up with nearby Max hospitals for emergencies 44 A Max Group Company#45Key Performance Metrics: Dehradun Community size (Acre) No of Apartments (#) Apartments Sold Net (#) Sales Value (INR Cr) Collections (INR Cr) 14 Cumulative sales and collection trend 400 140 131 131 375 130 197 124 124 123 361 351 350 116 120 340 340 330 1311 325 317 110 4001 3611 300 100 Q2FY20 Q3FY20 Q4FY20 Collection (Rs Cr) Q1FY21 Units sold (nos) Q2FY21 Oct'20 20 20 Operations income (INR Cr) Resident Satisfaction Score (%) 112 10 ANTARA 1 As on 31st Oct 2020 4 Quarterly sales volume and cancellation 14 2 1 9 0 Q2FY20 Q3FY20 Q4FY20 913 Q1FY21 (2) Q2FY21 (2) Oct'20 (10) (7) ■Volume Cancellation 2 Income reported in FY20 3 Basis RSAT survey concluded in June 2020 45 A Max Group Company#46Residences for Senior 2.0 - curated out of learnings from Dehradun From Business Model • Buy, build, sell, operate Reduce Customer Friction to Purchase Non-urban location, resort style, lease lease model, high capex and maintenance charges in line with luxury lifestyle and superior service Sales Approach ANTARA • Mostly direct, leverage • resident referrals, ATL To Focus on core competencies, Design, Sell, Operate Strategic partnerships for land & Construction • Near metros, condominium format, reasonable capex and affordable maintenance, core services not diluted Leverage channel partners, exploit digital, agile financial structuring 46 A Max Group Company#47Our 2nd Community 'Antara Noida' phase-I is ready for launch Experience a new urban life, on your own terms. ANTARA High quality yet affordable Active and engaging lifestyle with a specially curated resident engagement programme Easily accessible and amidst intergenerational communities within Noida, Sector 150 ANTARA A Max Group Company Residences for seniors Part of an upcoming Golfing Community 24X7 primary health care & emergency response team A philosophy that ensures emotional, mental and physical well-being 47 A Max Group Company#48Antara Noida: receiving encouraging response from the market Project Financials Project cost: ~ INR 850 Cr ▪ Means of finance from: Debt INR 80 Cr ⚫ Equity: ~ INR 70 Cr (Antara's share INR 56 Cr) ⚫ Customers Collections: ~ INR 700 Cr Phase 1: Encouraging response so far Land Area (Acre) 4 No of Apartments (#) 340 Apartments Sold Net (#) 1191 ▪ Antara fee (S&M, PM) : ~ 10% of Revenue ▪ Antara share in surplus: ~ 62.5% of surplus Sales Value (INR Cr) ■IRR: 18% ANTARA 1. As on 31st Oct 2020 Collections (INR Cr) 1901 181 48 A Max Group Company#49Antara Noida: receiving encouraging response from the market 20 20 15 10 Cumulative sales and collection trend 110 15 119 120 80 18 60 90 60 60 40 40 27 Quarterly sales volume and cancellation 77 .I. 13 Q2FY21 (4) Cancellation 9 Oct'20 38 27 5 2 2 20 30 0 Q4FY20 0 Q1FY21 (2) Q4FY20 Q1FY21 Q2FY21 Oct'20 (20) Volume Collection (Rs Cr) Units sold (nos) ANTARA 49 A Max Group Company#50For future projects, Antara shall focus only on our core strengths of Design, Sales & Marketing and Operations Activities with Land acquisition 25-40% Design and architecture 5-8% Construction benchmark costs (as a % of project cost) Key success factors Antara's capabilities 35-50% Sales & Mktg 5-7% Operations NA Project management 10-12% Access/ownership of low-cost land Land related legal expertise Experience with construction of senior living/ functional spaces Experience in construction of large residential / functional facilities Strategic procurement related partnerships to optimize costs Access to low cost, quality labour Designing detailed project workplan with milestones - Ensuring on track progress against plan De-bottlenecking issues regarding labour material procurement, etc. Deep understanding of TG; identifying most optimum ways to reach them Developing strategic relationships with channel partners Conducting events/designing and executing digital strategy Ability to service and maintain large properties Economies of scale w.r.t procurement to ensure optimum monthly charges Access to low cost, high quality labour and staff Our strategy for creating a profitable play Strategic investor for Growth Capital both for land acquisition and project Rich experience on senior specific design features through Doon experience. Partnership ~Knowledge and network across construction/ PMC eco system. Access to over 50,000 affluent seniors Inhouse management of health care services, resident engagement and club operations. Partnership for non-core offerings like facility management. Antara's core capability ANTARA SOURCE: Expert interviews, team analysis, client discussions, website search ---- Partnership 50 A Max Group Company#51Antara shall get strategic investors on a 'Development Manager' model 5-year cumulative illustrative financials: Noida and 3 new projects of 1 Mn Sqft sellable area in the identified locations Locations: North (Gurgaon) | West (Mumbai) | South (Bangalore) Project Development Cost: INR 2,500-3,000 Cr Funding: INR 1,000 Cr (Debt: Equity - 1:1) Antara's Capital Commitment (Noida - INR 56 Cr + 3 new projects @15% -75 Cr): INR 130 Cr. IRR: 20-25% ANTARA 51 A Max Group Company#52Overall Structure The Antara story: Executive Summary Antara 2.0 Strategy: Shifting towards 'Assisted Care Services' led growth model Assisted Care Services Residences for Seniors Overall summary: Creating shareholder value over next 5 years ANTARA 52 A Max Group Company#53Antara aspires to be a multi location company over next 5-6 years North Cluster Largest market with 1.3m population in our TG Most evolved market Dehradun, Noida, opportunities under discussion in Gurgaon West Cluster High affluence, high price. market Large demand, with 1.9m of TG staying in Mumbai, Pune Evolved market, with players like Athashri by Paranjape Developers, Gagan Mu Life, Ashiana Lavasa South Cluster Evolved market, with multiple innovative models e.g., SuVitas for short stay, Mantri Primus Lifespaces in residences, Medwell & Portea for home care High demand with 0.8m of our TG in the market ANTARA 1. Mass affluent taken as >15L HH income Care Homes Memory care Residences Care at Home 53 A Max Group Company#54ANTARA Thank you A Max Group Company#55ANTARA ANNEXURE SLIDES 55 A Max Group Company#56A glimpse of spaces at Antara Dehradun: Activity Spaces: EEEEE The Reading Room Putting Green The Gallery 56 A Max Group Company The Den The Workshop Cards & Bridge Room ANTARA#57Antara Noida: 'Experience a new urban life, on your own terms' 4 Acres (16,513 Sqm) 3 Residences 300 + Apartments 3 Apartment Types ANTARA 1 wwww Fully Finished Residences Equipped with all white goods Senior specific design features Expansive Club spread over 3900 sq.m for safety and comfort Round-the-clock resident services team Engagement 24X7 Primary Health Activities tailored for residents care Facilities & Emergency Response Team Convenient location of Sector 150 with easy connectivity Trained professional team at to fulfill all service requests Like-minded neighborhood for an active social lifestyle 57 A Max Group Company#58Agile changes to model in response to changing macro-economic environment Key Trends/ Dimensions 1. Traditional modes of marketing communication no more relevant: • • Newspaper Ads/ OOH are not visible. Reduced sample flat visits/ F2F meetings 2. Customers deferring purchase decisions (preference for liquidity) 3. Channel partners hungry for cash 4. Key cultural shifts underway: • • Survivalism defer luxury spends - High acceptability of inclusive technology Reorient product offerings for social causes/ mass products Brands focusing on empathy as a theme Key strategic shifts A Reduce customer friction to purchase • Flexible payment plans • New sales ideas B Enhance channel performance Re-calibrate compensation Focus on cash, sustained engagement Reorient marketing efforts • • Mode of communication Content/messaging - Trust, Max Brand Socially relevant initiatives • Sales enablement tools ANTARA 58 A Max Group Company#59Strategic shifts implemented to reduce customer friction, enhance channel performance and reorient marketing efforts A B Enhancing channel performance Reduce customer friction 1. Launched back ended flexible payment plan, (10:90) 2. Incentivize timely payment, implemented (3% TPR) 3. Escalation free ACB product, 10 yr escalation free ACB product ready, customer to pay INR 200 PSF at the time of possession 4. Investment Product, evaluated assured rental product for Clients unable to make a purchase, despite of liking the product 5. Open up investor's market, emphasis on 'Quality of Life', enabling prospects below 50 yrs at the discretion of Head CD 6. Loan facilitation, arrangement with Axis Bank in place, proposal moved in HDFC, SBI, ICICI bank 1. Recalibrated out 2. . • compensation Focus on cash incentives rolled Incentivizing the Channel partners on induced Site Visits (instant gratification) to enable them to invest in lead generation activities Enhanced engagement Re-launch the product with sample apartment, Sustained engagement (tools for CP's: content / messaging, EDM mailers) Broad listing of CP's, aggressive onboarding, BTL support Augmenting sales team with network of active CP's Sustained (virtual) training on how to engage with Seniors and conversion timeline / efficiency's expectations C 4. Re-orienting marketing efforts 1. Mode of communication Leveraging digital over print (social media, SEO, Whatsapp, EDM) Leverage Doon testimonials ~Care, Safety, Security elements 2. Content / messaging Leverage trust in Max Brand, build on elements ~Health care, Safety, Security NRI market ~importance of safe place for parents 3. Socially relevant brand building Webinars, Seniors helpline, Commitment to serve seniors Sales tools Show apartment VR, Pre booked meeting slots for social distancing Tools for CP's to engage their client base: EDM's, mailers, WhatsApp, Digital App for seamless experience ANTARA 59 A Max Group Company#60Disclaimer 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. 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