#1IDH Investor Presentation 1H2018 INTEGRATED DIAGNOSTICS HOLDINGS 0000#2OVERVIEW OF IDH اسحب و اطین 19911 (19911 *** inhl وطمنهم برامج الفحص المعملى الشاملة البرج Alborg دقه تطمنك 19911 alborglab.com#33 Our Services Immunology Radiology IDH at a Glance Hematology Our Accreditations cap ACCREDITED Endocrinology Clinical Chemistry Molecular Biology Cytogenetics Our Brands Hatopathology Microbiology al mokhtabar moamana kamel laboratories biolab ستر الاب UL LAB ISO Alborg Laboratories Our Geography Egypt, Jordan and Sudan (1) EGP 866 MN 1H18 Revenues EGP 329 M 1H18 EBITDA 38% 1H18 EBITDA Margin 1,000+ diagnostic tests offered 3.2 MN MN 405 Note: branch labs as at 1H18 patients in 1H18 12,585 1H18 Tests (1) In December 2017, IDH further expanded its geographical footprint with an investment in Nigeria. See slide 10 for details INTEGRATED DIAGNOSTICS HOLDINGS#4Investment Case Leading diagnostics service provider with a footprint spanning Egypt, Jordan, Sudan and Nigeria • IDH enjoys a 50%+ share of the private chain segment of the Egyptian diagnostics market as measured by revenues. Over its 38-year history, the Company has earned a trusted reputation as well as internationally-recognized accreditations for its comprehensive portfolio of diagnostic tests. The key Al Borg and Al Mokhtabar brands are synonymous with quality and safety, enjoying strong awareness and loyal followings. Favorable Industry Dynamics • Beyond the counter-cyclical nature of the healthcare industry, the Egyptian and other MENA markets are still under-penetrated. • Powerful structural drivers support future growth in diagnostic services including large rapidly-increasing populations, greater incidence of lifestyle-related medical conditions and an awakening health consciousness in the Company's markets. • IDH has created formidable barriers to entry with brand equity, international accreditations, a scalable business model and strong supplier relationships. Scalable Asset- light Business Model IDH deploys a Hub, Spoke and Spike business model that enables capital-efficient expansion and works well in highly-fragmented markets. Contracts with key suppliers of medical testing kits include the provision of equipment used to analyse laboratory test results. Reflecting low CAPEX, the Company's balance sheet is under levered and highly cash-generative for strategic flexibility. 4 INTEGRATED DIAGNOSTICS HOLDINGS O#5IDH Development Story Over 35 years of industry experience, complemented by strategic expansion to develop a strong market position across products and geographies Establishment Al Borg was IDH of MK Lab founded established by Abraaj Expansion of IDH Expansion of product offering Building infrastructure and scale Creating a leading platform Integration and further expansion A year of transformation Steadiness post-float 1979 1990 2008 2009 2010 2011 2012 2013-14 2015 2017 ⚫ Dr. Moamena Kamel, Professor of Immunology at Cairo University, founds the MK Lab which later merges with Al Mokhtabar in 2004 • Founded by a group of four doctors, Al Borg is the first medical laboratory in Egypt to have an efficient hub, spoke and spike model ⚫ Abraaj acquires 76.8% of Al Borg to establish IDH Caymans • Branches(1): 127 . Acquisition of . 99.9% stake in Molecular Diagnostics Centre ⚫ Branches(1) 154 Acquisition of 54.98% stake in Medical Genetics Centre • Increase of stake in Al Borg to 80% post its delisting • Branches(1): 195 • Penetration in Sudan and Jordan comes with acquisition of Ultralab and Biolab, Acquisition of 99.9% of Al Mokhtabar (Al Borg's biggest competitor) • Increase of stake in Al Borg to 99.3% respectively • Branches(1): Branches(1): 210 214 Establishes the largest automated lab in Egypt • Diversifies into adjacent medical services • Branches(2): 262 (2013); 288 (2014) • Standard listing on the London Stock Exchange (LSE). Market cap. of USD 667.5 mn • Initial operations at Megalab begin. • 28 new branches added • Delivering strong top- and bottom- line growth despite impact of the November 2016 float of the EGP • Entered the Nigerian market with the acquisition of Eagle Eye Echo- Scan Limited ("Echo- Scan") through a JV with Man Capital IDH has built a scalable platform that is positioned for further strong growth Note: Source: (1) Branches refer to core operations of Al Borg and Al Mokhtabar in Egypt (2) Branches refer to the IDH group Company data 5 INTEGRATED DIAGNOSTICS HOLDINGS#6Our Market The mechanics of the Egyptian healthcare market are markedly different from those in many Western healthcare industries Egypt's Private Healthcare System IDH serves the private healthcare market, where notably patients have substantially more freedom to make healthcare decisions than do their counterparts in more institutionalised markets. As general practitioners are rare in Egypt, patients may elect to seek initial care by visiting: A hospital outpatient clinic or emergency room A polyclinic The office of a specialist physician While physicians ordering diagnostic procedures to be completed outside a hospital setting may make recommendations, patients have a high degree of freedom in choosing a diagnostic service provider, a decision that is based primarily on: Perceived quality and safety Affordability of pricing Insurance or corporate arrangements Patients then typically obtain their diagnostic test results in person and, with an accompanying report from a pathologist, geneticist, radiologist or other specialist, return to the physician who requested the tests in the first instance. Patient chooses physician Patient gets his Rx for tests Patient chooses lab Patient pays for his tests Patient picks us his own results 1. Hospital outpatient clinic or ER 2. Polyclinic 3. Specialist R physician's office 6 INTEGRATED DIAGNOSTICS HOLDINGS Patient returns with test results to original physician#77 Our Patients IDH serves two principal types of clients: Corporate and Walk-in Corporate Patients include members of institutions such as unions, private insurance companies and corporations who enter into one-year renewable contracts at agreed rates per-test and on a per-client basis. Walk-in Patients also referred to as "self-payers," are individuals who pay out of pocket in advance of tests being completed. The ratio of corporate to walk-in patients has been on the rise in recent years, a trend expected to continue as the Company's markets develop and become more institutionally-oriented. In Egypt, IDH's home market, this trend has been encouraged by the erosion of consumer spending power caused by post-devaluation high inflation, in turn putting incremental pressure on corporations to provide their employees with health insurance. The trend plays to the company's strength of having the best economies of scale in the Egyptian diagnostics industry and consequently better COGS/Sales ratio. The ratio of contract to walk-in patients during 1H2018 was 71:29 compared with 74:26 in 1H2017, reflecting IDH's sustained marketing effort to target walk-in patients. That said, the ratio is expected to remain skewed in favour of contract patients. Walk-in test volumes increased 13% year-on- year, however, helped by successful tactical marketing programs. INTEGRATED DIAGNOSTICS HOLDINGS#829% 1H18 Number of Patients | '000 Our Patient Profile Patient Split 71% IDH's recorded increased walk-in numbers in 1H2018 on account of its successful marketing campaign that targeted the higher- margin walk-in segment 26% 2017 2,824 2,938 7% 2,034 790 74% ■ Corporate Walk-in 3,225 2,183 5% 2,292 -4% 755 24% 932 Number of Tests | '000 11,737 9,103 2,634 1H2016 1H2017 1H2018 1H2016 Walk-In Contract 8 INTEGRATED DIAGNOSTICS HOLDINGS 28% 2% 12,018 2016 9,287 2% 72% 12,585 9,502 4% 2,731 13% 3,083 1H2017 ■Walk-In 1H2018 ■Contract#919 branches 351 Branches Cairo Region 44% Upper Egypt Region 18% Alexandria Region 9% Branches Delta Region 29% Branches 25 branches Our Geography IDH's branch network of 405 labs at 1H2018 spans 4 countries (1), the largest of which is Egypt Note: 9 INTEGRATED DIAGNOSTICS HOLDINGS Nigeria¹ The Company's Egyptian operations contributed 83% of consolidated Revenues in 1H2018 Jordan Egypt 83% 1H2018 EGYPT 82% 1H2017 JORDAN Sudan 13% 1H2018 (1) In December 2017, IDH further expanded its geographical footprint with an investment in Nigeria. See slide 10 for details 26 2% 15% 1H2017 SUDAN 1H2018 1H2017 3%#10Our Geography Nigeria in Focus In December 2017, IDH further expanded its geographical footprint with an investment in Nigeria IDH entered into a joint venture with Man Capital LLP to form Dynasty Holding Group ("Dynasty"), which in turn partnered with the International Finance Corporation to acquire a majority stake in Eagle Eye Echo-Scan Limited ("Echo-Scan"), a leading medical diagnostics business based in Nigeria. The acquisition was financed through a capital increase LLP MMAN CAPITAL UP DH 49% INTEGRATED DIAGNOSTICS HOLDINGS 51% ECHOSCAN Key player in Nigeria, providing quality medical diagnostic services across 14 state- of-the-art diagnostic centres in country's underserved private healthcare sector Nigeria's Investment Case Key Market Drivers Increasing urbanisation Evolution of disease patterns Similar market dynamics to '80s-'90s Egypt Large and growing population Highly fragmented industry Dynasty Holding Group IFC International Finance Corporation WORLD BANK GROUP Locations USD 25 million will be Niger (1) Kaduna (2) Nassarawa (1) Abuja (3) USD 25 MN collectively invested into Echo-Scan to expand its service offering, nationwide footprint, and improve its quality standards Lagos (4) Edo (1) ECHOSCAN Delta(2) 10 INTEGRATED DIAGNOSTICS HOLDINGS#11Our Geography Nigeria in Focus Nigeria's integration is well underway and operating according to the Group's business plan Nigeria contributed revenues of EGP 17 million in 1H2018 with key metrics surpassing budgets despite the operation still being the value-building phase Value-Building Goals for Operation in Nigeria Revamping existing branches 59K Patients Served in 1H2018 72K 1.2 Tests/Scans per Patient 10 Tests/Scans Performed branch labs as at 1H2018 in 1H2018 11 INTEGRATED DIAGNOSTICS HOLDINGS Revenue Contribution 2% EGP 17 M MN 1H18 Revenues Expanding the operation's footprint Human resources development Ensuring compliance with IDH's quality standards#12Our Geography Performance ACT In 1H2018, Egypt's revenues rose 28% and represented 83% of the consolidated total Growth in branch network, by country 45% 5% 50% The Company's Egyptian operations contributed 96% of consolidated EBITDA in 1H2018. Consolidated Revenues by Country | EGP mn 82% 13% 2% 2% Consolidated Revenues | EGP mn 866 383 1 11 10 685 553 17 17 19 866 19 23 114 715 114 18 102 44 405 715 491 560 1H2016 1H2017 1H2018 1H2017 Egypt Jordan Nigeria 1H2018 Egypt Jordan Sudan Nigeria 1H2018 Egypt Jordan Sudan ■Nigeria 12 INTEGRATED DIAGNOSTICS HOLDINGS#13ER Exter Tease 1Dr Prior Page RE PRESPEITO E 501 VE TR: 2190 25 Radiology Expansion IMAGE CA STA:00 STD:83597 01 SR A INC TYPE LCTN 20481 08-14.6 2 85-81 08-7.6 02.06-01 06 -0.1 02.07.01 06 +6. 820001 08 13.5 Enter Image 10 (Next/Prior Page) Multi: 4/18 ECHO: 1/2 FOU:25c 11in39sec MAG:1.2 x -0.34cm y -1.12 cm P W/152 ML+94 03.07:01 NO C HF+107.8 A 201310151037 AP-24.7 LR +1.6 AX LR 00 AP-06 PRESSEND TO END H02 0.50T VE 5.0 TR: 2190 25 Multi: 7/18 ECHO: 1/2 FOU:25c NEX: 2 MAT:168H/2240 11in39sec MAG:1.2 x -0.34cm y -1.12P 03.11:01 WW162 ML+108 20/15 18:37:16 03.10:01 NO C BRAIN HF +128.7#14Al Borg Scan In August 2018, IDH announced its plans to launch a radiology business in Egypt under the brand name Al Borg Scan alborg scan- Al Borg Scan will offer a full range of radiology services, including but not limited to magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, x-ray, mammograms and cath lab facilities. It will draw on Al Borg's brand equity to position itself as a premium service provider offering the full range of imaging services using the latest technology and highly trained staff. Technology Providers EGP 186 MN Total Investment Cost 70% Debt-Financed by Ring-Fenced Facility to Al Borg 30% Equity from Al Borg's Operating Cash Flow SIEMENS Healthineers HITACHI GEGE Healthcare FUJIFILM MEDICAL SYSTEMS 14 INTEGRATED DIAGNOSTICS HOLDINGS 6 Operational Branches by 2020#15Investment Thesis IDH's expansion into radiology is in line with its strategy to diversify in new medical services CARDIAC 4.5 96 4.0 40 136 Build a One-Stop- Shop Extract Favourable Synergies Q LABY 130. SUP Capitalize on a Growing Market Ca કામમાં 44 Leverage Brand Loyalty Capture Existing Demand Cement a Strong Market Position According to market research conducted by IPSOS, 76% of patients prefer a one-stop-shop that provides both pathology and radiology services. Synergies will arise from IDH's current business by driving additional pathology tests and/or by reducing inherent costs by leveraging IDH's infrastructure. According to BCG's study, Egypt's total radiology market stood at EGP 2.1-2.8 billion in 2015*. Branded chains captured around EGP 400 million with an annual growth rate of approximately 15%. The Project will benefit from Al Borg's diversified client base and long-standing relationships with clients. According to BCG's study*, more than 90% of IDH's patients are willing to do radiology tests within IDH branches if the company offered them. State-of-the-art radiology equipment supplied by Siemens will place Al Borg Scan in a leading positing among the competition. Source: The Boston Consulting Group - 2014 15 INTEGRATED DIAGNOSTICS HOLDINGS#16INVESTMENT CASE 43916004323 mns Ahmed Mered -356 Serum 24-9#17Favorable Industry Dynamics Structural Growth Drivers IDH, the largest fully-integrated private sector diagnostics service provider in Egypt, enjoys a 50%+ share of the private chain segment of the Egyptian Diagnostics Industry (EDI) as measured by revenues Private Chains in Egypt Powerful structural IDH High Disease Burden 351 growth drivers underpin Egypt's healthcare growth story, including an ever-expanding population, rising lifestyle diseases, favorable government regulation. and increased medical tourism. Alfa Lab 94 4 The Egyptian population is marked by a high incidence of lifestyle-related medical conditions, with obesity being a notable example given its high correlation with many life- threatening illnesses including cardiovascular disease, diabetes and cancer. Royal Lab 42 35% Adult Egyptian population that is obese Large Populations Approaching 100 million, Egypt is the third most populous country in Africa and by far the most populous country in the Middle East. African Populations 2016 (in millions) Middle Eastern Populations 2016 (in millions) 10% Egyptian children who are considerably overweight 189 80 80 28% 102 96 79 56 37 32 28 Top 5 African and Middle Eastern Country Populations Nigeria Ethiopia Egypt DR Congo Tanzania Iran Turkey Iraq KSA Yemen Heart disease, the leading cause of death, highly correlated with obesity Heightened Health Consciousness A growing consumer class is, however, becoming more health and wellness conscious. Source: World Bank *CAPMAS (Central Agency for Public Mobilization and Statistics) recently announced that Egypt's population has reached 104.2 million. 17 INTEGRATED DIAGNOSTICS HOLDINGS#1818 • Beyond the counter-cyclical nature of the healthcare industry in general, the Egyptian and other MENA markets are still highly-fragmented and underpenetrated. Favorable Industry Dynamics Highly-Fragmented and Underpenetrated Markets Operating in a still under-penetrated market IDH has a substantially larger footprint than its competitors, which are heavily concentrated in Cairo. A testament to the strength of its brands, IDH is able to sustain significantly higher pricing than its competitors in Egypt. Company IDH (combined) Alfa Labs Royal . Healthcare expenditures-per-capita and lab tests-per-capita demonstrate the underpenetrated nature of the IDH's markets. INTEGRATED DIAGNOSTICS HOLDINGS Egypt 2.5 Oman Lab tests per capita (2012) 23.2 9.6 10.1 Source: Analysis of the US Clinical Laboratory Market; Frost & Sullivan - March 2012 - NHS UK Total Egyptian points of presence Average price difference vs. Al Mokhtabar/Borg Total Healthcare Expenditures per Capita (2015) (2011 PPP* US$) 351 ■IDH North Africa GCC Average: 2,330 94 -11% 42 -33% Average: 721 2,273 2,320 2,405 Sudan 282 Average: 558 IDH's "Hub, Spoke and Spike" business model enables the Company to organically expand its reach in other highly-fragmented markets with underserved diagnostic services demand. *PPP: Purchasing power parity is based on the assumption that the exchange rate between two currencies is equal to the ratio of the currencies' respective purchasing power. ** USA, Japan, Russia, Italy, Germany, UK, France, Canada Source: World Health Organization Egypt 594 Jordan 798 Morocco 447 785 932 1,442 Qatar Saudi Arabia USA 2,466 Developed country average** 3,071 4,067#19Favorable Industry Dynamics Barriers to Entry 5 4 Economies of Scale Accreditation of Facilities Brand & Reputation Market Reach Key Stakeholder Relationships IT-enabled platform, critical mass (higher margins), decades of know-how and cutting- edge equipment mitigate against new entrants Attracting patients requires accredited, high-quality testing capabilities Patients are loyal to brands with a long track record for safety and quality Fragmented markets necessitate a large geographic presence to achieve a broad market reach Building a scalable platform requires strong relationships with all stakeholders from key suppliers to the Ministry of Health 19 INTEGRATED DIAGNOSTICS HOLDINGS#20Asset-light Business Model Hub, Spokes and Spikes • . • Mega Lab: “Hub” The Mega Lab, the largest automated lab in Egypt, serves as IDH's diagnostic "Hub," equipped with the latest technology to provide a full suite of diagnostic tests. The majority of equipment is provided at no upfront cash cost in return for which IDH agrees to purchase a minimum volume of kits from the equipment supplier. Significant cost synergies are realized on kits, logistics and quality control. • • B Labs: "Spokes" The B Labs serve as "Spokes" that reduce traffic to the Mega Lab by processing routine test on site including chemistry, parasitology and hematology. B Labs are both large in size and higher in capacity than the C Labs. At 30 June 2018, there were seven B Labs in Egypt and four in Jordan. C Labs: "Spikes" • The C Labs are collection centers, conducting the most basic of tests. • • Because they require low capital to open, they enable IDH to expand its reach in highly-fragmented markets. Typical C Labs take 1-2 months to set up and 4-6 months to break even. At 30 June 2018, there were 354 operational C Labs compared with 348 at the end of 2017. 20 INTEGRATED DIAGNOSTICS HOLDINGS In February 2018, the Mega Lab became the only CAP accredited laboratory in Egypt cap ACCREDITED™ CCCC C C B C C C B B C C C C B MEGA LAB B C C C C B B C B C C CCCC C#21Asset-light Business Model High Capacity and Throughput at State-of-the-Art Mega Lab • Capabilities Mega Lab machines are capable of conducting a wide range of tests including basic blood grouping to advanced gene sequencing. New and esoteric test facilities at the Mega Lab provides a "one-stop" solution for customers which drives IDH's key test-per-patient metric Capacity Inauguration of IDH's Mega Lab in 2015 doubled the production capacity High capacity and capability for a broad range of tests provides IDH the ability to plug and play for further expansion. . Procurement Central procurement system ensures coordinated purchasing across the group. IDH is in a good position to negotiate favorable kit prices and procure additional equipment to enhance capacity if required 21 Only CAP accredited laboratory in Egypt cap ACCREDITED™ INTEGRATED DIAGNOSTICS HOLDINGS Existing B and C labs ase 502 Outsourced hospital and lab testing Mega lab Regional expansion 0000 0000 0000 Esoteric testing#22Asset-light Business Model Key Supplier Relationships IDH's contracts with its key suppliers of medical testing kits include the provision of the equipment used to analyse the laboratory test results The Company's primary suppliers of kits are Consolidated COGS Analysis in 1H2018 Siemens, Roche and Sysmex, together representing 60% of raw materials in Egypt in 1H2018. 7% IDH is fundamentally a COGS "economy of scale" business. 22% 37% Raw material Wages and Salaries Depreciation 34% Other Roche SIEMENS Healthineers Sysmex Diagnostic equipment is typically provided by key suppliers with no associated CAPEX in exchange for purchasing minimum volumes of laboratory test kits. Laboratory test kits are purchased on contract with volume- linked pricing. Significant volume and scale has also placed the Company in a favorable position to negotiate test kit prices, thus manage costs effectively, especially during recent challenging macroeconomic times. Reflecting this asset- light business model with its associated low CAPEX, IDH's balance sheet is under leveraged and highly cash-generative for strategic flexibility. Supplier relationships helped protect gross margins despite a >50% devaluation of the EGP after the November 2016 float. 22 INTEGRATED DIAGNOSTICS HOLDINGS#23Exposure to Resilient Markets Competitive Strengths IDH's competitive strengths have positioned the Company well for future growth VACUE DAV 2ml Experienced, Entrepreneurial Established Business Model Strong Balance Sheet Management Substantial Expansion Opportunities IDH's markets are characterized by strong structural growth drivers and underserved diagnostic services demand. IDH's Hub, Spoke and Spike business model provide it with a capital-efficient platform for organic expansion across a broad geographic area. The Company's management team, with decades of healthcare sector experience, is complemented by a world-class Board of Directors that brings a wealth of healthcare, MENA region and investment knowledge and experience to the table. The asset-light business model translates into minimal borrowings, providing significant strategic flexibility from an unlevered position; and with a strong record of profitable growth, notably under recent adverse macroeconomic conditions, the Group has demonstrated a strong capacity for cash generation. Ample opportunities exist for expansion into underpenetrated high-growth markets in Africa and the Middle East, as well as for the addition of adjacent services verticals that in combination with pathology could raise IDH's profile to that of a "one-stop-shop" diagnostics provider. 23 INTEGRATED DIAGNOSTICS HOLDINGS#2424 Future Growth Strategies IDH's growth strategies rely on leveraging its competitive advantages to achieve four strategic goals Expand Customer Reach Beyond opening laboratories in new geographies, IDH is reaching out to new customers with focused tactical marketing activities as well as new customer services. Increase Tests per Patient Expand Geographically In addition or organic expansion, the Company continues to seek value-accretive acquisitions in African and Middle Eastern markets where its business model is well-suited to capitalise on similar healthcare and consumer trends and capture significant share of fragmented markets. Diversify into New Medical Services While opening more branches will add both patients and tests, further diversifying the test portfolio in combination with compelling offerings of promotionally-priced test packages will drive the key financial metric of number of tests per patient. The Group also looks to add diagnostic services not currently provided on a large scale, believing its scale and experience position it well to take advantage of developing diagnostic services opportunities that would raise the IDH profile to that of a "one-stop-shop" provider. INTEGRATED DIAGNOSTICS HOLDINGS#25OPERATIONAL HIGHLIGHTS 000 Roche#2626 Number of Patients (millions) 5.58 5.79 5.82 6.40 2014 2015 2016 2017 2.90 3.20 1H2017 1H2018 INTEGRATED DIAGNOSTICS HOLDINGS Operational Highlights Resilient Growth Number of Tests (millions) Number of Branches (branches) 25.7 23.8 24.0 22.3 2014 2015 2016 2017 1H2017 12.0 12.6 1H2018 288 314 354 405 383 383 2014 2015 2016 2017 1H2017 1H2018 2014 Revenues (EGP MN) EBITDA (EGP MN) 1,514 1,171 1,015 860 2015 2016 602 511 435 866 374 685 2017 1H2017 1H2018 2014 329 255 2015 2016 2017 1H2017 1H2018#2727 Operational Highlights Tactical Marketing IDH's tactical marketing programs are focused on driving patient and test volumes, especially in the higher-margin walk-in patient category Walk-in patients are typically Egypt's most vulnerable citizens, hurt most by inflationary pressures and most often without healthcare insurance arrangements. MB IDH deploys marketing tools including: Gatherings for physicians In-house Points Redemption Program Discounts on packages of chronic disease tests As walk-ins are less apt to spend on lab tests, marketing campaigns aimed at these higher-margin patients seek to raise awareness of particular diseases - especially lifestyle diseases such as diabetes and high cholesterol - and the importance of regular testing. BIOST Partnership with the National Bank of Egypt for more affordable payment methods CRM programs, e.g. phone apps and SMS messages with results Nationally appropriate mix of above-the- line tools, including outdoor and digital marketing INTEGRATED DIAGNOSTICS HOLDINGS Channel-specific tools and activations#28FINANCIAL HIGHLIGHTS TEST CUFTI OOO#29C 29 INTEGRATED DIAGNOSTICS HOLDINGS Financial Highlights Key Performance Indicators Walk-in 2Q2018 Contract 2Q2017 % change Total Walk-in Contract Total Walk-in Contract Total Revenue (EGP '000) 181,098 238,621 419,719 131,620 207,232 338,852 38% 15% 24% % of Revenue 43% 57% 100% 39% 61% 100% Patients ('000) 457 1079 1,536 369 1074 1,443 24% 0% 6% % of Patients 30% 70% 100% 26% 74% 100% Revenue per Patient (EGP) 396 221 273 357 193 235 11% 15% 16% Tests ('000) 1,488 4,519 6,007 1,359 4,543 5,902 9% -1% 2% % of Tests 25% 75% 100% 23% 77% 100% Revenue per Test (EGP) 122 53 70 97 46 57 26% 16% 22% Test per Patient 3.3 4.2 3.9 3.7 4.2 4.1 -12% -1% -4% 1H2018 1H2017 % change Walk-in Contract Total Walk-in Contract Total Walk-in Contract Total Revenue (EGP '000) 359,832 506,021 % of Revenue 42% 58% 865,853 100% 265,788 419,345 685,133 35% 21% 26% 39% 61% 100% Patients ('000) 932 2,292 3,225 755 2,183 2,938 24% 5% 10% % of Patients 29% 71% 100% 26% 74% 100% Revenue per Patient (EGP) 386 221 269 352 192 233 10% 15% 15% Tests ('000) 3,083 9,502 12,585 2,731 9,287 12,018 13% 2% 5% % of Tests 24% 76% 100% 23% 77% 100% Revenue per Test (EGP) 117 53 69 97 45 57 20% 18% 21% Test per Patient 3.3 4.1 3.9 3.6 4.3 4.1 -9% -3% -5% Consolidated revenues increased 26% y-o-y in 1H2018 to EGP 866 million, driven by both the corporate and walk-in segments. Total patients served rose 10% and total tests performed grew 5% during 1H2018. The walk-in segment recorded strong gains in 1H2018 with revenues growing 35% y-o-y to EGP 360 million. Segment growth was driven by both improved pricing and a continued turnaround in walk-in patient trends Selective price increases and better sales mix also supported revenue growth. This is clearly reflected in IDH's two key revenue metrics of average revenue per patient (up 15% in 1H2018) and average revenue per test (up 21%).#3030 Transportation (3% of 1H2018 COGS) Financial Overview Egyptian Macro Update The Egyptian government is implementing policies that will restore the country's financial health, but not without corporations feeling some of the burden of economic reforms P Utilities (c.2% of 1H2018 COGS) A Value Added Tax (VAT) % In July 2018, the Ministry of Electricity and Renewable Resources raised gasoline prices 50%. This follows earlier increases in previous fiscal years as part of the government's gradual phase-out of energy subsidies Also in July 2018, electricity prices began to climb 26% on average, following a July 2017 hike of 42% and an August 2016 increase of 40% on average across the country. As of 1 July 2017, the VAT tax increased to 14% from 13%; notably, services such as, but not limited to, accounting and advertising were subject to the VAT for the first time in July 2016. 19.75% 17.75% 15.75% 11.75% 12.75% 10.25% Despite the latest increases in energy prices, inflation has eased as the country surpassed the base effect following the float of the Egyptian pound. As such, the Central Bank began cutting interest rates with two 100 basis points cuts thus far in 2018 Central Bank of Egypt Lending Rates Evolution from 2016 to Date | % Positive Impact Following the rate cuts, our cost of debt will be lower on our medium-term loan granted in April 2017 to finance our new corporate headquarters. Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 INTEGRATED DIAGNOSTICS HOLDINGS Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 18.75% 17.75% Negative Impact The banks decrease call accounts and time deposit rates, which negatively affects interest income on the large cash balances we carry on our balance sheet. Mar-18 The impact of all new government policies is reflected in Company guidance.#31Financial Highlights Revenue Metrics While patient and test volumes have been challenged recently under difficult macroeconomic conditions in Egypt, IDH's key revenue metrics demonstrate the impact of the Company's tactical marketing programs as well as its ability to raise price selectively Group Revenues (EGP MN) 1,514 1,171 1,015 860 6 26318 59 48 23 15 22 16 21 17 20 18 19 Revenue per patient (EGP) 269 238 233 201 175 866 154 685 2014 2015 2016 2017 1H17 1H18 31 INTEGRATED DIAGNOSTICS HOLDINGS 43 33 39 Revenue per test (EGP) 49 59 69 57 57 68 69 70 26 27 Revenue per lab (EGP MN) 4.0 3.5 3.3 3.0 2.1 1.8 2014 2015 2016 2017 1H17 1H18 2014 2015 2016 2017 1H17 1H18 2014 2015 2016 2017 1H17 1H18#32Financial Highlights Income Statement EGP'000 Revenue 30 June 2018 (Unaudited) 865,853 (446,660) 419,193 30 June 2017 (Unaudited) 685,133 (366,867) 318,266 Cost of sales Gross profit Marketing and advertising expenses (41,442) (29,568) Administrative expenses (78,372) (60,154) Other expenses (5,995) Operating profit 293,384 224,243 Finance income (4,301) 18,121 (16,316) 1,805 28,819 Finance cost (18,168) Net finance income/(cost) 10,651 Profit before tax 304,035 226,048 Income tax expense (89,675) (66,048) Profit for the period 214,360 160,000 Profit attributed to: Owners of the Company Non-controlling interest Earnings per share (expressed in EGP): Basic and diluted earnings per share 216,462 155,344 (2,102) 4,656 214,360 160,000 1.44 1.04 Revenues increased 26% to EGP 866 million in 1H2018, driven primarily by improved pricing as the Group capitalised on the inflationary environment it operates within and successfully targeted a larger number of higher-margin walk-in patients. The Group's strong revenue performance came despite the slow period during the holy month of Ramadan. Gross profit increased at a rate faster than revenues, closing at EGP 419 million in 1H2018 or 32% higher y-o-y. Gross profit improved thanks to a higher contribution from higher-margin walk-in patients, a favourable test mix and management's success in controlling costs amidst an inflationary environment. Gross profit margin rose two percentage points to 48% versus 46% recorded in 1H2017. EBITDA grew 29% to EGP 329 million in 1H2018 compared to EGP 255 million in the same period last year. The Group's EBITDA margin improved to 38% compared to 37% in 1H2017. Excluding the Nigerian operation, EBITDA growth would have been 32% in 1H2018 with an EBITDA margin of 40%. 32 INTEGRATED DIAGNOSTICS HOLDINGS#33EGP'000 ASSETS Non-current assets. Property, plant and equipment Intangible assets and goodwill Total non-current assets Current assets Inventories Trade and other receivables Restricted cash Other investment Cash and cash equivalents Total current assets Total assets Financial Highlights Balance Sheet 30 June 2018 (Unaudited) 31 December 2017 (Audited) 539,873 473,786 1,672,483 1,658,252 2,212,356 2,132,038 80,200 69,935 257,620 202,255 11,739 13,226 125,273 9,149 226,643 685,211 701,475 979,776 2,913,831 3,111,814 Asset-light business model translates into an under levered and highly cash-generative balance sheet for strategic flexibility. 33,383 IDH continued to benefit from its collection strategy with accounts receivables days-on-hand (DOH) decreasing to 113 days at 30 June 2018 from 123 days at 31 December 2017. Equity Share Capital Share premium reserve Capital reserve Legal reserve 1,072,500 1,027,706 1,072,500 1,027,706 (314,310) (314,310) 35,195 Put option reserve (88,677) (93,256) Translation reserve 206,280 203,709 Retained earnings 106,074 315,856 Equity attributed to the owners of the Company 2,044,768 2,245,588 Non-controlling interest 135,483 Total equity 2,180,251 68,502 2,314,090 Non-current liabilities Deferred tax liabilities 158,712 Provisions Loans and borrowings Long-term financial obligations Total non-current liabilities Current liabilities Trade and other payables Loans and borrowings Current tax liabilities Total current liabilities Total liabilities Total equity and liabilities 33 INTEGRATED DIAGNOSTICS HOLDINGS 152,700 15,404 14,699 50,518 38,425 83,910 100,478 302,532 312,314 333,432 14,575 On the liabilities side, accounts payable stood at EGP 118 million versus EGP 126 million at year end 2017. The Group's days payable outstanding (DPO) increased to 139 days at 30 June 2018 from 129 days at 31 December 2017. 315,267 16,603 99,178 137,403 431,048 485,410 733,580 797,724 2,913,831 3,111,814#3434 Governance Overview IDH is committed to implementing best practices in corporate governance through the expertise of both the individual Directors and outside parties Anti-Bribery and Anti Corruption Policy (ABAC) The IDH Anti-Bribery and Corruption Policy requires compliance with the highest ethical standards and all anti-corruption laws applicable in the countries in which IDH conducts business (whether through a third party or otherwise). No Referral Fee Policy The practice of paying kickbacks is incompatible with the laws of most established international jurisdictions. IDH maintains a strict policy on referral fees and prohibits the payment of "commissions and financial incentives or making illegal profits" when referring patients for medical tests. Internal Audit Procedures The Board has delegated oversight of the Group's system of internal controls to the Audit Committee to safeguard the assets of the Group and the interests of shareholders. The Audit Committee reviews the effectiveness of the Group's internal controls on an ongoing basis and reports back to the Board with their findings and recommendations. The Board has accordingly established that the Group has in place internal controls to manage risk including: • the outsourcing of the internal audit function to professionals from Ernst & Young (EY) until an Internal Auditor was appointed for the Group on 16 May 2016; While not required to comply with UK Corporate Governance Code, IDH aims to voluntarily comply with aspects of the Code while continually working toward closing the gap with premium listed entities on the London Stock Exchange. To date, the Company has established four Board committees (members on overleaf): 1 Nominations Committee 2 Remuneration Committee Gift Policy IDH is committed to serving our customers and working with our partners with the highest standards of integrity. In line with this commitment, we adopt a "No Gift Policy" whereby our employees are not allowed to exchange gifts with current or potential customers, suppliers or business partners. This is to prevent any conflicts of interest, or appearance of such in our business dealings. INTEGRATED DIAGNOSTICS HOLDINGS • the identification and management of risk at the level of operating departments by the heads of those departments; and 3 Audit Committee regular Board level discussion of the major business risks of the Group, together with measures being taken to contain and mitigate those risks. 4 M&A Committee#35Governance A World-Class Board of Directors The majority of members of IDH's Board of Directors are independent and offer significant experience in the healthcare market, MENA region and investment activities Lord St John of Bletso 1 Independent Non-Executive Prof. Dr. Hend El Sherbini Group Chief Executive Officer Hussein Choucri 1,2,3,4 Independent Non-Executive Director and Chairman of the Remuneration Committee Lord St John has been a crossbencher in the House of Lords, UK Parliament, since 1978 and is an Extra Lord-in-Waiting to HM Queen Elizabeth II. He is currently non-executive chairman of Strand Hanson Ltd and Global Resources Investment Trust (GRIT) and serves as a director of Falcon Group and Albion Enterprise VCT. He is also a member of the advisory boards of 10Sat, Betway Group, ECO Capacity Exchange and Impala Energy. Lord St John received a BA (Law) and BSocSc (Psychology) from Cape Town University, BProc (Law) from the University of South Africa and an LLM from the LSE, London. Dr. El Sherbini is a professor of clinical pathology at the Faculty of Medicine, Cairo University and currently sits on the board of American Society of Clinical Pathology (Egypt) and consults on the international certification process. She received her MBBCh, Masters in Clinical and Chemical Pathology, PhD in Immunology from Cairo University, and an Executive MBA from London Business School. Dr. El Sherbini served as CEO of Al Mokhtabar since 2004, until becoming CEO of the Group in 2012. Mr. Choucri is Chairman and Managing Director of HC Securities & Investment, which he established in May 1996, and he currently sits on the boards of Edita Food Industries, Six of October Development and Investment Co. (SODIC), the Holding Company for Tourism, Hotels & Cinema and the Egyptian British Business Council. Mr. Choucri served as a Managing Director of Morgan Stanley from 1987 to 1993 and served as Advisory Director at Morgan Stanley from 1993-2007. He received his Management Diploma from the American University in Cairo in 1978. James Patrick Nolan 2,3,4 Independent Non-Executive Director and Chairman of the Audit and M&A Committees Dan Olsson 1,2,3 Independent Non-Executive Director Richard Henry Phillips Non-Executive Director Mr. Nolan is an Independent Director. He spent 15 years with Royal Philips NV, latterly as Head of Mergers & Acquisitions, and has also served as Head of Mergers & Acquisitions at Veon Inc., a major mobile telecoms operator in Emerging Markets. During his time at Philips, he led a series of acquisitions in diagnostic imaging, an area in which Philips is now a global leader. He has extensive quoted-company board experience having served on the boards of M*Modal Inc., Navteq Inc and SHL Telemedicine Ltd. Mr. Nolan graduated from Oxford University in Law in 1983 and is a qualified barrister in England and Wales. He also holds an MBA from INSEAD. Mr. Olsson is CEO of the Team Olivia Group, a Swedish healthcare group. He has long and extensive international experience in the diagnostic sector, where he has served in a range of executive positions, among others as CEO of Unilabs Group in Geneva, Switzerland from 2007 to 2009 and has worked in the healthcare sector since 1999. Mr. Olsson studied economics at the University of Lund in Sweden. Mr. Phillips is a founding partner of Actis LLP, the emerging markets private equity group. As Actis LLP is one of the Company's major shareholders, Mr. Philips is not considered by the Board as being independent. He established the Actis Global Consumer Sector team and served as Head of Consumer for four years until becoming a member of the Actis Investment Committee. During the year he was responsible for the investment activity of Actis in North Africa and, latterly, Asia. Mr. Phillips is a director on the board of a number of companies including Edita Food Industries SAE, Emerging Markets Knowledge Holdings Ltd. and others. Mr. Phillips holds a degree in Economics from the University of Exeter. 35 INTEGRATED DIAGNOSTICS HOLDINGS#36Human Resources Development Training IDH views education as an essential means of ensuring quality across its laboratories. We strive to create a diverse, productive culture and a safe working environment in order to empower our people to reach their full potential Training streams 36 9 Medical/scientific/ technical Chemists Function-specific (non-medical) All staff benefit from training Unique programs for Salespersons Managerial Managers 888 Soft skills • IDH has a dedicated training facility in Cairo with four training laboratories. As at June 2018, the training centre employed one director, 5 full-time specialists, 4 administrators and 14 part-time instructors. The centre provides training to around 250 employees per month, including doctors, chemists, sales personnel and administrators. IDH Customer Service School IDH's training department has launched the IDH Customer Service School to ensure that all employees are equipped with the right skills, knowledge and abilities to perform assigned tasks proficiently, enabling the growth and success of our front-line staff. Branch managers, area managers and customer service managers utilizing specific KPIs to measure employee performance and to ensure that the curriculum is applied on the field INTEGRATED DIAGNOSTICS HOLDINGS#37Sustainability Founded on the principle of providing quality medical assistance and services to better the lives of individuals and the community at large, IDH views corporate responsibility initiatives as an extension of its core purpose with the aim of improving communities in which it does business The Moamena Kamel Foundation for Training and Skill Development Primary Services 1 Free healthcare clinics 2 Loans for entrepreneurial women 3 Educational services for the children of Al Duweiqa community 4 Providing food for families in need of such assistance 5 Coverage of running costs for the ICU at Cairo's public-sector Kasr El Aini Hospital Other Corporate Responsibility Initiatives ■ Services to Kasr El Aini Hospital Providing medical supplies to ICU and other units ☐ Providing monthly incentives for nurses at the ICU ■ Provided 12-20 beds Providing finance and in-kind support to El Manial Hospital ☐ Financial and in-kind support to Egyptians during natural disasters Providing Ramadan iftar (feast) meals to the underprivileged during Ramadan ☐ Providing free medical tests to underprivileged Egyptian Sponsoring medical convoys in Fayoum IDH commits up to 1% of the net after-tax profit of its subsidiaries, Al Borg and Al Mokhtabar, to the Moamena Kamel Foundation for Training and Skill Development. children 37 INTEGRATED DIAGNOSTICS HOLDINGS#38IDH INTEGRATED DIAGNOSTICS HOLDINGS Thank You