#1ANTARA A Max Group Company Max India Limited Investor Presentation June 2022 MAX INDIATED#2Safe harbour This presentation and the accompanying slides (the "Presentation"), which have been prepared by Max India Limited (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. 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These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. 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ANTARA -Կ--1us tinul talis 2 MAX INDIA LIMITED#3Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: - Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors - Partnered with best-in-class strategic and financial investors e.g., New York Life, Mitsui Sumitomo, Bupa, Warburg Pincus, Goldman Sachs, KKR, IFC, Vanguard, Temasek, GIC, Baron, Capital, Fidelity, Nomura • Our latest bet is on the fast-emerging Senior Care space in India, which is already a $10-12 billion market: • - - Fastest growing age segment in India from 130mn at 8% of population to estimated 20% of population by 2050 Healthcare spends of senior household are 3-5X of others - driven by increased life expectancy and nuclear families. Leveraging our core capabilities, we have identified four verticals to create an integrated senior care ecosystem: A. Residences for Seniors - Fast emerging real estate category with sizeable demand-supply mismatch B. Assisted living (Care Homes) - While nascent in India, it is a large and profitable market globally C. Home healthcare (Care at Home) - Fastest growing segment within healthcare D. Medical equipment (MedCare Products) - Large underlying opportunity in the patient aids segment • Over the last 24 months, we have seeded these verticals and gained early successes: - - - Residences for Seniors: Launched two benchmark communities; Dehradun (91% sold) and Noida Phase I (73% sold) Care Home (CH): Launched 4 CH with 90 beds to establish product category; plan to ramp-up capacity to 2,000 beds in 5 yrs Care at Home: 16 service lines to make a comprehensive portfolio; youngest organization to achieve QAI clinical accreditation MedCare Products: Sales and rental of patient aids; Plan to launch strong B2C channel with stores and ecommerce • We are well capitalized to pursue the scale-up of these opportunities with ~Rs. 570 crores of assets Revenue growth of 83% to Rs. 237 Crs, with EBITDA loss reduced to Rs. 0.7 Crs in FY22 from Rs. 29 Crs in PY - ANTARA -Կ--1us tinul talis 3 MAX INDIA LIMITED#4Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: • - Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors Partnered with best-in-class strategic and financial investors e.g., New York Life, Mitsui Sumitomo, Bupa, Warburg Pincus, Goldman Sachs, KKR, IFC, Vanguard, Temasek, GIC, Baron, Capital, Fidelity, Nomura ⚫ Our latest bet is on the fast-emerging Senior Care space in India, which is already a $10-12 billion market: . • Fastest growing age segment in India - from 130mn at 8% of population to estimated 20% of population by 2050 Healthcare spends of senior household are 3-5X of others - driven by increased life expectancy and nuclear families. Leveraging our core capabilities, we have identified four verticals to create an integrated senior care ecosystem: Residences for Seniors - Fast emerging real estate category with sizeable demand-supply mismatch A. B. Assisted living (Care Homes) - While nascent in India, it is a large and profitable market globally C. Home healthcare (Care at Home) - Fastest growing segment within healthcare D. Medical equipment (MedCare Products) - Large underlying opportunity in the patient aids segment Over the last 24 months, we have seeded these verticals and gained early successes: Residences for Seniors: Launched two benchmark communities; Dehradun (91% sold) and Noida Phase I (73% sold) Care Home (CH): Launched 4 CH with 90 beds to establish product category; plan to ramp-up capacity to 2,000 beds in 5 yrs Care at Home: 16 service lines to make a comprehensive portfolio; youngest organization to achieve QAI clinical accreditation MedCare Products: Sales and rental of patient aids; Plan to launch a strong B2C channel with stores and ecommerce • We are well capitalized to pursue the scale-up of these opportunities with ~Rs. 570 crores of assets Revenue growth of 83% to Rs. 237 Crs, with EBITDA loss reduced to Rs. 0.7 Crs in FY22 from Rs. 29 Crs in PY - ANTARA -Կ--1us tinul talis 4 MAXI INDIA LIMITED#5Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses MAX LIFE • Entered Life insurance space in early 2000, in collaboration with one of the America's largest Life Insurer, New York Life 4th Largest Private Life Insurer with an AUM of ~ Rs 100K Crore; ~10% private market share; 37 lakhs + active customers; ~6,500 point of sales across country INSURANCE . • In 2012, Mitsui Sumitomo Insurance (world's 7th largest general insurance group), acquired New York Life's stake of 26% Current business valuation ~ Rs 35,000 Cr MAX • HEALTHCARE In 2001, Max Group ventured into Healthcare sector and opened its first healthcare facility in South Delhi & Noida 2nd Largest Private Hospital Chain; 17 facilities; ~ 3,400 Bed capacity • In 2011, Life Healthcare (2nd largest hospital chain in South Africa) onboarded as JV Partner ⚫ Business divested in 2019, Max Healthcare merged with Radiant Lifecare (entity backed by KKR) in 2020 Max Healthcare current business valuation ~ Rs 35,000 Cr . Bupa MAX HEALTH INSURANCE • In 2008, Max Group forays into Health insurance • In 2009, Bupa Plc (largest health insurer in Europe) on boarded as JV Partner to form Max Bupa Health Insurance 3rd Largest Private Standalone Health Insurer; 7 million lives covered; 34,000 agents; 7600+ network hospitals • In 2019, Max India divested its stake in Max Bupa to True North a leading Indian Private Equity firm ANTARA -Կ--1us tinul talis MAX SPECIALITY FILMS • . The only manufacturing business in the Max Group, Max Speciality Films Ltd. (MSFL) is a pioneer in Speciality BOPP films in India 3rd Largest BOPP film manufacturer with ~ 72,000 TPA capacity • In 2017, Max Group partnered with Toppan (leading global printing company based in Japan), who acquired a 49% stake in MSFL • In 2022, Max Venture divested 41% stake in MSFL received the first tranche payment of Rs 495 Cr in Q4FY22 and balance Rs 133 Cr for 10% stake is expected to be received before June 2023 Max Specialty Films business valuation ~ Rs 1,500 Cr 5 MAX LIMITED#6Max group's current areas of business - life insurance, senior care and real estate ANTARA -Կ--1us tinul talis 1 Revenues: Customers: Employees: Agents: USD 4.2 billion 4.8 million ~16,000 ~60,000 2 3 4 Diversified business model; Well established board governance; Internationally acclaimed domain experts Steady revenue growth & cost rationalization leads to strong financial performance; Max Group Revenue CAGR* 17%; PBT CAGR* ~25% ~ Strong history of entrepreneurship and nurturing successful business partnerships 5 6 7 Superior brand recall with a proven track record of service excellence Diversified ownership; marquee investor base - New York Life, IFC, GIC Singapore; First state Investments; Vanguard, Capital, Ward Ferry, Baron, Jupiter, Norges Delivered 25% returns to shareholders in last 30 years *For the period FY19-22 6 MAXI INDIA LIMITED#7Max group structure overview ANTARA Mas Canup Campany Holding Companies 14.7% Life Insurance MAX FINANCIAL SERVICES Senior Care 40.9% MAX INDIA LIMITED Operating Companies 81.8%¹ MAX LIFE INSURANCE 100% ANTARA Care Homes Care at Home MedCare Products 100% ANTARA Real Estate & Specialty Films 100% 100% 100% 49.6% MAX VENTURES & MAX ESTATES MAX ASSET SERVICES MAX I. LIMITED Max Sponsors stake (%) in holding companies 1 Max Life to be 80:20 JV with Axis Bank post series of transactions Residences for seniors Holding Companies stake (%) in Operating companies 7 MAXI LIMITED INDIA#8Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: -Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors - Partnered with best-in-class strategic and financial investors e.g., New York Life, Mitsui Sumitomo, Bupa, Warburg Pincus, Goldman Sachs, KKR, IFC, Vanguard, Temasek, GIC, Baron, Capital, Fidelity, Nomura ⚫ Our latest bet is on the fast-emerging Senior Care space in India, which is already a $10-12 billion market: Fastest growing age segment in India - from 130mn at 8% of population to estimated 20% of population by 2050 Healthcare spends of senior household are 3-5X of others - driven by increased life expectancy and nuclear families. Leveraging our core capabilities, we have identified four verticals to create an integrated senior care ecosystem: • - A. Residences for Seniors - Fast emerging real estate category with sizeable demand-supply mismatch B. Assisted living (Care Homes) - While nascent in India, it is a large and profitable market globally C. Home healthcare (Care at Home) - Fastest growing segment within healthcare D. Medical equipment (MedCare Products) - Large underlying opportunity in the patient aids segment Over the last 24 months, we have seeded these verticals and gained early successes: - - Residences for Seniors: Launched two benchmark communities; Dehradun (91% sold) and Noida Phase I (73% sold) Care Home (CH): Launched 4 CH with 90 beds to establish product category; plan to ramp-up capacity to 2,000 beds in 5 yrs Care at Home: 16 service lines to make a comprehensive portfolio; youngest organization to achieve QAI clinical accreditation MedCare Products: Sales and rental of patient aids; Plan to launch a strong B2C channel with stores and ecommerce • We are well capitalized to pursue the scale-up of these opportunities with ~Rs. 570 crores of assets Revenue growth of 83% to Rs. 237 Crs, with EBITDA loss reduced to Rs. 0.7 Crs in FY22 from Rs. 29 Crs in PY - ANTARA -Կ--1us tinul talis 8 MAXI INDIA LIMITED#9Our latest bet is on the emerging senior care space in India which is already a $ 10-12bn market and growing exponentially ANTARA -Կ--1us tinul talis MN Fastest growing age segment in India 130 mn senior citizens in India today comprising 8% of population; Expected to be 20% of population by 2050 Increasingly living alone 17% of elderly are living alone Drastic fall in the ratio of care givers for the elderly Loneliness due to empty nesters / loss of spouse Healthcare is largest share of their wallets, with multiple unmet needs 3-4X spend on HC by senior households 5% seniors suffer with dementia; 7% are immobile in urban cities 30% need dedicated post-op care 9 MAX INDIA LIMITED#10Of all the value pools, Antara has identified four focus areas comprising ~60 % of the opportunity ANTARA Mas Canup Campany Competitive intensity High Low Independent Living Online financial services 0.4 Daily convenience 0.5 Safety services 0.5 3.5 0.7 (e.g. concierge, grocery shopping etc) The above estimates are based on 2019 industry data 3.9 Profitability Senior care Products and medical devices 1.6 Senior care value pools (except core healthcare), USD billion Sr. care products (e.g. Diapers) Online travel packages Annual revenue Potential (USD bn) Antara's Focus Areas 1.1 Assisted Living Home Health care (e.g. Physiotherapy, lab) 10 High MAX INDIA LIMITED#11• Executive Summary Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: • -Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors - Partnered with best-in-class strategic and financial investors e.g., New York Life, Mitsui Sumitomo, Bupa, Warburg Pincus, Goldman Sachs, KKR, IFC, Vanguard, Temasek, GIC, Baron, Capital, Fidelity, Nomura ⚫ Our latest bet is on the fast-emerging Senior Care space in India, which is already a $10-12 billion market: . Fastest growing age segment in India - from 130mn at 8% of population to estimated 20% of population by 2050 Healthcare spends of senior household are 3-5X of others - driven by increased life expectancy and nuclear families. Leveraging our core capabilities, we have identified four verticals to create an integrated senior care ecosystem: Residences for Seniors - Fast emerging real estate category with sizeable demand-supply mismatch A. B. Assisted living (Care Homes) - While nascent in India, it is a large and profitable market globally C. Home healthcare (Care at Home) - Fastest growing segment within healthcare D. Medical equipment (MedCare Products) - Large underlying opportunity in the patient aids segment Over the last 24 months, we have seeded these verticals and gained early successes: Residences for Seniors: Launched two benchmark communities; Dehradun (91% sold) and Noida Phase I (73% sold) Care Home (CH): Launched 4 CH with 90 beds to establish product category; plan to ramp-up capacity to 2,000 beds in 5 yrs Care at Home: 16 service lines to make a comprehensive portfolio; youngest organization to achieve QAI clinical accreditation MedCare Products: Sales and rental of patient aids; Plan to launch a strong B2C channel with stores and ecommerce • We are well capitalized to pursue the scale-up of these opportunities with ~Rs. 570 crores of assets Revenue growth of 83% to Rs. 237 Crs, with EBITDA loss reduced to Rs. 0.7 Crs in FY22 from Rs. 29 Crs in PY ANTARA -Կ--1us tinul talis 11 MAX INDIA LIMITED#12Financial strength and unique competencies being leveraged to make a foray into the senior care space ANTARA -Կ--1us tinul talis 01. 02. Only listed player exclusively in the Senior Care space 03. Uniquely placed with our background in healthcare, infrastructure, hospitality Only player providing an integrated Senior care ecosystem 04. Two entities - Residences for seniors for independent living and Assisted Care services for healthcare 05. Well capitalized (~Rs 570 Crs of assets) to support its growth plans 06. Marquee investor list includes: IFC, New York Life, Nomura, TVF, Rajasthan Global Securities, Globe Capital 12 MAXI INDIA LIMITED#13Antara's focus is on creating an integrated senior care ecosystem through four verticals ANTARA -Կ--1us tinul talis 2 Care Homes Specialised residential facilities for short & long term care, pre & post-operative care and memory care, for seniors Assisted living for seniors #SeniorCarestartswithAntara 3 Care at Home Comprehensive medical care and assistance for seniors, delivered in the comfort of their home Healthcare services at home 1 Residences for seniors Safe, secure and hassle-free residential communities providing wellness, engagement and recreation services Senior living communities Antara's Vision is to be the most loved and trusted brand for seniors and their families by helping them to improve and enrich their quality of life 4 MedCare Products Wide range of medical equipment to aid recovery and well-being Medical equipment and products 13 MAX INDIA LIMITED#141. Residences for seniors - fast emerging category with sizeable demand-supply mismatch Expected demand ¹ for senior's residences in India is expected to be 12x of the current supply Evolving needs of seniors, strong preference for independent living with like minded people. Senior Living Housing Pandemic has accentuated the need for safe and secure communities for seniors. There are several marquee players across six major cities wanting to leverage the emerging trend ANTARA Mas Canup Campany Key challenges faced: • Limited financial vehicles to fund purchase Perceived Social Stigma Infrastructural constraints for creating senior communities Limited expertise of running senior facilities 1 Source: CII Report 14 ² Senior Living Housing Unit Demand Upto 5K 10K-15K > 20K 5K-10K 15K-20K MAX LINDITED#152. Care Homes 1 market globally While nascent in India, it is a large and profitable Potential users Market Size Use cases Description # in '000 USD million 60+ years with dementia (stage 2+) Long stay ☐ 1 >15 L income segment 120 600 Memory care Emerging competition Γ epoch Social stigma not relevant assisted living 70+ years with a debilitating condition² Long stay ☐ 2 >15 L income segment 190 950 CovaiCare Non memory hose we ca People staying alone ☐ 3 Short stay Domestic Needing post-op recovery care ☐ >15 L income segment 360 400 Concerns of Cardiac, Ortho, Neuro, Onco. SuVitas LIVE AGAIN 4 Short stay Medical tourists 60+ years medical tourists Majority tourists spend USD 4-6K per visit 70 100 OYO ☐ 35% market in NCR US France BROOKDALE SENIOR LIVING $1.9 bn revenues $3.8 bn group revenues SINO-OCEAN KORIAN ☐ 15% EBITDA 14% EBITDA 远洋地产 China Plan to scale upto 25000 beds by 2025 ANTARA -Կ--1us tinul talis MAX INDIA LIMITED#163. Care at Home - Home healthcare amongst the fastest growing segment within healthcare Care is shifting home ... • Increasing cost of in-hospital treatment 70% healthcare needs can be met at home with ~30% better recovery rate Need for continuity of care post-hospitalization - ~20% of all hospital discharges require services at home • Increasing customer demand for convenience • NCD's on the rise, requiring continuity of care at home Improved clinical outcomes through continuity of care Reducing hospital stay with care at home leading to greater bed availability ...and big bets are being made by players 0 BEST Best Buy has quietly grown a home healthcare BUY business: 4 things to know Whitten by Julie Spitzer | January 07, 2019 | Print | Email The Future Continues to Look Bright for amazon Home Health Care Why the hospital of the future will be your own home Nobody likes going to the hospital, whether it's because of the logistical challenges of getting there, the astronomical costs of... 11:37 Subtitles Top 4 US homecare providers generate >$5 bn annual revenues Kindred Home $2-2.5 bn LAC amedisys MxVal Wing Pa ト $1.5 bn $1.1 bn BAYADA Home Heatin Care $0.9 bn Top 3 Indian homecare providers, generate ~ Rs 500 Cr annual revenues PORTEA HEAL AT HOME MAX@Home HealthCare HOME ANTARA -Կ--1us tinul talis INR 200 Cr INR 150 Cr 2 INR 100 Cr MAX INDIA LIMITED#174. Medical equipment (MedCare) - Huge underlying opportunity in patient aids segment Medical devices segment market size Medical devices segment market size Instruments & appliances Diagnostic imaging Consumables & disposables Patient aids & others ANTARA -Կ--1us tinul talis Stents & implants 515 mn . Category includes Mobility products, Physio products, Respiratory products, Orthotics etc. Expected growth CAGR of 18-20% by 2025 driven by increasing demand and awareness · • • Customer purchasing limited to referrals and local pharmacies Industry is highly fragmented and unorganized. Most players are regional with limited national brands Market is dominated by unfair practices on pricing and sales methodology a larger player is required to make a dent! Antara is best placed to play the opportunity as none have the capability/capital to create a national presence. 17 MAX INDIA LIMITED#18Antara aspires to take its offerings pan-India in the next 3-5 years • Antara plans to invest over Rs. 300 crore in the next four to five years across all business verticals and has sufficient liquidity to finance this growth. Company has outlined a five-year vision for Antara following its initial success, where it intends to enter other geographies in addition to deepening its presence in Delhi-NCR. The vision involves launch of 35-40 Care Homes, strengthening Care at home services portfolio, expanding MedCare products vertical and creating 5/7 residential communities. 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 Exploration for market entry underway • • ANTARA -Կ--1us tinul talis 18 8 Care Homes Memory care Residences ☐ Care at Home Medcare (Pan India presence) MAXI INDIA LIMITED#19Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors Partnered with best-in-class strategic and financial investors e.g., New York Life, Mitsui Sumitomo, Bupa, Warburg Pincus, Goldman Sachs, KKR, IFC, Vanguard, Temasek, GIC, Baron, Capital, Fidelity, Nomura ⚫ Our latest bet is on the fast-emerging Senior Care space in India, which is already a $10-12 billion market: . Fastest growing age segment in India - from 130mn at 8% of population to estimated 20% of population by 2050 Healthcare spends of senior household are 3-5X of others - driven by increased life expectancy and nuclear families. Leveraging our core capabilities, we have identified four verticals to create an integrated senior care ecosystem: Residences for Seniors - Fast emerging real estate category with sizeable demand-supply mismatch A. B. Assisted living (Care Homes) - While nascent in India, it is a large and profitable market globally C. Home healthcare (Care at Home) - Fastest growing segment within healthcare D. Medical equipment (MedCare Products) - Large underlying opportunity in the patient aids segment • Over the last 24 months, we have seeded these verticals and gained early successes: - - - Residences for Seniors: Launched two benchmark communities; Dehradun (91% sold) and Noida Phase I (73% sold) Care Home (CH): Launched 4 CH with 90 beds to establish product category; plan to ramp-up capacity to 2,000 beds in 5 yrs Care at Home: 16 service lines to make a comprehensive portfolio; youngest organization to achieve QAI clinical accreditation MedCare Products: Sales and rental of patient aids; Plan to launch a strong B2C channel with stores and ecommerce • We are well capitalized to pursue the scale-up of these opportunities with ~Rs. 570 crores of assets Revenue growth of 83% to Rs. 237 Crs, with EBITDA loss reduced to Rs. 0.7 Crs in FY22 from Rs. 29 Crs in PY ANTARA -Կ--1us tinul talis 19 MAXI INDIA LIMITED#20Residences for Seniors#21Early trend identified in 2010, aspiration to create 5-7 communities across India 2010 2011-12 Extensive market research, benchmarking and business feasibility studies undertaken Entry strategy finalized Antara Senior Living incorporated as 100% subsidiary of Max India Dehradun finalised as the first Community location Project work commenced ANTARA -Կ--1us tinul talis • • 2013-16 Antara brand launched Launch of experiential studios at Delhi and Dehradun Construction in full swing Nearly 40% apartments sold 2017-18 Best in class Dehradun Community operationalised Started looking for growth opportunities in Delhi-NCR Entered into asset lite arrangement with Noida based developer 2019-20 63% of apartments sold at Dehradun 2nd Community ~Antara Noida launched, encouraging response Future Growth strategy in place 2021-present 91% of apartments have been sold at Antara Dehradun as of Q4FY22 73% of apartments under phase 1 have been sold at Antara Noida as of Q4FY22 Capex planned for three new communities (Gurgaon, Mumbai/Pune and Bangalore/ Hyderabad) • 21 21 N MAX INDIA LIMITED#221st Community - Antara Dehradun - 91% sales achieved as of Q4FY22, prepaid entire project external debt and turned Cash & PBT positive in FY22 14 Acres 5,75,500 1,400-6,600 Land Parcel of the company's flagship project Saleable area in sq ft 60,000 Clubhouse size square foot Nil Prepaid its entire project external debt in March 2022 ANTARA AMIX Group Company Average Apartment Size range in Sq Ft 3.3 pm¹ Rs 13,000¹ Sales Velocity Sales Realisation Per Sq.ft Cumulative sales and collection trend Collection (Rs Crore) - Units Sold (nos) 179 169 157 Rs 8 Cr 1 90% 142 146 130 134 124 Monthly Sales Collection Resident Satisfaction Score 340 351 375 418 396 449 486 510 Focus on maintaining sales momentum and running a vibrant community 1 for last 3 months 22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY21 FY22 MAX INDIA LIMITED#23Learnings from Dehradun being leveraged to pivot business model to overcome friction to purchase From Buy, Build, Sell, Operate Business Model Το Focus on core competencies, Design, Sell, Operate, Strategic partnerships for land and construction Capex light Reduce Customer Friction to Purchase Average apartment size ~3000 sqft Average Price ~ INR 12,500 per sq ft Average monthly maintenance charges - INR 50,000 Antara Comprehensive Benefit plan (ACB) Average apartment size ~2000 sqft Average Price INR 7,000 per sq ft Average monthly maintenance charges - INR 12,500 Antara Comprehensive Benefit plan (ACB) Sales Approach Mostly direct, leverage resident referrals, ATL ANTARA -Կ--1us tinul talis 23 Leverage channel partners, direct sales and sharp focus on digital MAX INDIA LIMITED#242nd Community - Antara Noida Phase 1: 73% sales achieved as of Q4FY22 340 7,45,000 2,000 Available Units Saleable area in sq ft Average Apartment Size in Sq Ft 51:49 Channel Mix (%) Direct: Partners Oct-21 Construction Started 12.0 pm¹ Rs 7,800¹ Sales Velocity Sales Realisation Per Sq.ft Cumulative sales and collection trend Collection (Rs Crore) -Units Sold (nos) 249 March 2025 Rs 5.3 Cr 1 213 196 170 153 134 Estimated Completion 111 Monthly Sales Collection 82 38 2 15 5 23 32 32 38 38 66 50 99 Q1 Q2 Q3 Q4 Q1 FY21 Q2 Q3 FY22 Q4 MAX INDIA LIMITED 24 Focus remains on re-oriented marketing efforts through sharp focus on digital, leveraging quality of life elements at Antara ANTARA Mas Canup Campany 1 for last 3 months#25Antara Noida (Under Construction): targeting healthy IRRs through robust sales velocity, cost control and timely delivery Project Cost for Phase - 1&2 (including Land) No. of Units Payment plan (break-up basis units sold) ■Construction Linked Payment Plan ■Flexi Payment Plan (10:20:30:40) Antara Fee (S&M, PM) Rs.865 ~10% Crore of Revenue 10:90 Payment Plan ■Down Payment Plan ■Flexi Payment Plan (10:20:70) Antara Share in Surplus 2% 3% Means of Finance 550 From External Debt: ~Rs 75 crore From Internal Debt ~Rs 63 crore Equity: ~Rs 28 crore Balance from Customers collections: ~RS 699 crore ANTARA Mos Canup Campany IRR ~62.5% 13% of Surplus 15-17% 25 46% 36% MAXI INDIA LIMITED#26For future projects, Antara shall focus only on our core strengths of Design, Sales & Marketing and Operations Activities with benchmark costs (as a % of project cost) Key success factors Antara's capabilities Our strategy for creating a profitable play Land acquisition 25-40% Design and architecture 5-8% Construction 35-50% Sales & Mktg 5-7% Operations NA Project management 10-12% IRR 20-25% 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 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 Antara's core capability Partnership ANTARA SOURCE: Expert interviews, team analysis, client discussions, website search Inhouse management of health care services, resident engagement and club operations. Partnership for non-core offerings like facility management. 26 A Max Group Company#27Growth Initiatives: Progressing well on Max Estates Limited (MEL) partnership for Gurgaon; exploring suitable growth options beyond Delhi NCR Areas Update Next steps Gurgaon (with MEL) • • Outside NCR . ANTARA -Կ--1us tinul talis Partnership with Max Estates on DM model, with minority stake on Dwarka Expressway finalized, draft term sheet underway Revenue stream for Antara DM fee + Proportionate profits Market study by JLL completed. Bangalore tops the list followed by Pune, Chennai, Mumbai and Hyderabad. Options in Bangalore and Pune being explored as next two destinations • Second round site visits of Bangalore done in May’22 • First round site visits of Pune done in Jun'22 27 • . Business plan finalization Term sheet sign-off with MEL Board approval for signing Definitive Agreement Business plan finalization for opportunities in Bangalore and Pune Non-binding term sheet sign-off with partners MAX INDIA LIMITED#28Care Homes/ Memory Care Homes#29Care homes/memory care homes: an integrated and seamless ecosystem that provides care, comfort and companionship to seniors Offer support to seniors with ambulatory, neurological, ageing related conditions and those who need assistance in daily activities Several care options to choose from including accommodation options with integrated healthcare services well-equipped rehabilitation room and consultation chambers Shared common facilities such as dining spaces, activity and lounge areas, All services provided by a team of highly trained and compassionate caregivers Model Care Homes and Memory Care Homes Details: ANTARA -Կ--1us tinul talis Rooms Beds Stay - Long: Short Location 37 Care Homes 30 45:55 Located in high hospital density (25% double occupancy) areas Memory Care 50 40 80:20 Homes (25% double occupancy) 29 29 Located in city outskirts INDIA N MAXI LIMITED#30Four care homes launched in Delhi NCR since inception with ~90 beds ANTARA -Կ--1us tinul talis 000 Care Homes ANTARA for Senion all 9811 44 1111 Gurgaon: 26 rooms with 32 beds (single/ twin occupancy suites) GK II: 32 rooms with 38 beds (single/ twin occupancy suites) 8 rooms dedicated for Memory Care Operator Model in Gurgaon and Jasola: 19 rooms with 19 beds N MAX INDIA LIMITED#31Care homes/memory care homes - encouraging trends and outlook Increase in market interest and curiosity Increasing interest from competition Show and tell, inspires confidence Unit economics stacks up ANTARA -Կ--1us tinul talis Unmatched comprehensive offering Consistent increase in leads ~50% enquirers for understanding the product ~20-25% of all our leads are qualified Increasing interest in this category from small hotels as well as existing players - especially for Short term stays ~65-70% conversion from visits Unit break-even at 45-50% occupancy ~15-30% conversions coming from hospital channel Current peak occupancy achieved of ~53% in Gurgaon Gurgaon achieved break-even in Mar'22 3-4 Star hotels around our Care Homes are priced from Rs 3,000-7,000 with breakfast Our pricing of Rs 4,000-6,000 includes all meals, access to care givers and doctor 31 MAX INDIA LIMITED#32Care Home (CH): Net revenue at Rs 4.4 Cr, grew 4.9x y-o-y, Q4 revenue up 123% y-o-y led by improvement in occupancy, Gurugram CH achieved break-even in Q4 Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs) ANTARA Mas Canup Campany 2400 2000 1600 2.6x YOY 150 2001 120 1521 1533 1322 90 1200 777 800 350 400 177 0 Q2FY21Q3FY21Q4 FY21Q1FY22Q2FY22Q3FY22Q4FY22 2.2x ΥΟΥ 123.3 110.7 104.7 99.9 55.2 60 28.1 30 6.5 0 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 1. Q4'22 Revenue: Gurgaon - Rs 0.76 Cr and GK - Rs 0.4 Cr; Q4'22 occupancy for Gurgaon at 45% and GK at 17%; Contribution margin improved to -33% in FY22 from -227% in FY21 Optimize Occupancy in existing Care homes Launch standalone Memory Care facility Explore and accelerate quickly scalable models (a) Revenue reported above is on net basis after discounts Outlook 32 MAX INDIA LIMITED#33Care at Home#34Care at home: Delivery of Healthcare services in the comfort of a home like environment Every aspect of our service reflects the guiding principles behind our endeavors 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 by highly experienced clinicians/specialists ■ Extensively trained & certified team ■ Max group legacy & healthcare lineage Trust Consistency & reliability ■ Over 10k satisfied customers ■ Utmost transparency at every step ANTARA -Կ--1us tinul talis 34 MAX INDIA LIMITED#35Care at home: service offerings second to none ANTARA -Կ--1us tinul talis HOME CRITICAL CARE HOME DIAGNOSTICS PHYSIOTHERAPY AND REHABILITATION FOR CONTINUITY OF CARE NURSING CARE PATIENT CAREGIVER OTHER SERVICES AT HOME 35 Stock Image MAX INDIA LIMITED#36Launched India's first of its kind health check-up on wheels No hassle of travelling 1st time in India Senior-friendly Trained and certified staff ledia's first preventive health cakap ea wheels for seun, harc delivered MUDILE PIEDICAL UNIT ANTARA Ax Group Comp PB7TC00917 ANCORA 98114 41111 entarnseniorcare.com Clinical competence at par with hospital standards Zero risk of hospital- acquired infection checkp Iris bandiligend stp More Hos C&Her Res 98114 4111 antaraseniorcare.com ANTARA 24 Маг Савир нпрату 36 Sul Senio Care9artsWithAntara #SeniorCareStartsWithAntara NED + Blood Test Treadmill Test (TMT) Doctor Consult Bone Mineral Density (BMD) X-ray Electrocardiography (ECG) & MAX INDIA LIMITED#37Care at home - Net revenue at Rs 8.8 Cr, grew 3.4x y-o-y; Contribution margin improved to 20% in FY22 from 12% in FY21 Revenues from Care at Home segment increased sharply during Q1FY22 driven by higher contribution from COVID services Transaction (Nos) Care at Homes Revenue (Rs Lacs) 600 2900 2000 6000 5000 4000 3000 2000 1000 500 0 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 5600 500 457.2 400 5% ΥΟΥ 3300 3000 2800 300 200 164.0 119.1 128.0 125.4 100.5 100 33.2 0 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Contribution margin improved to 20% in FY22 from 12% in FY21 Outlook Increase market coverage and achieve scale Deepening offerings basket and focus on creating differentiated products Increasing service delivery capacity and building strong clinical capabilities ANTARA -Կ--1us tinul talis (a) Revenue reported above is on net basis after discounts (b) Transactions = No of Invoices issued 37 MAX INDIA LIMITED#38MedCare#39MedCare: synergistic to existing business lines 1 - Augments the seniors' ecosystem – Residences, Care Homes, Care at Home and Medcare products 2 Opportunity to create a truly retail Antara brand -allowing for future brand extensions 3 Synergistic to existing business lines - Care Homes & Care at Home. 4 High market potential with no organized player - opportunity to differentiate & create value ANTARA -Կ--1us tinul talis 39 MAX INDIA LIMITED#40MedCare: Net revenue at Rs 3.2 Cr, grew 4.2x y-o-y ANTARA Mas Canup Campany 200 160 120 MedCare Revenue (Rs Lacs) 171.5 -14% ΥΟΥ 80 65.4 47.3 47.8 40.7 40 21.6 6.8 0 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Deepen/ build new distribution channels to augment reach Scale up to new geographies Build capability for launch of self-branded products (a) Revenue reported above is on net basis after discounts Outlook 40 ANTARA A Max Group Company MedCare Products A Portfolio of over 1,100 Products Pricing: Transparent/ fair pricing (Antara Retail Price) Better product quality/features/ packaging Superior service/ sales support MAXI INDIA LIMITED#41Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors Partnered with best-in-class strategic and financial investors e.g., New York Life, Mitsui Sumitomo, Bupa, Warburg Pincus, Goldman Sachs, KKR, IFC, Vanguard, Temasek, GIC, Baron, Capital, Fidelity, Nomura Our latest bet is on the fast-emerging Senior Care space in India, which is already a $10-12 billion market: Fastest growing age segment in India - from 130mn at 8% of population to estimated 20% of population by 2050 Healthcare spends of senior household are 3-5X of others - driven by increased life expectancy and nuclear families. - Leveraging our core capabilities, we have identified four verticals to create an integrated senior care ecosystem: A. Residences for Seniors - Fast emerging real estate category with sizeable demand-supply mismatch B. Assisted living (Care Homes) - While nascent in India, it is a large and profitable market globally C. Home healthcare (Care at Home) - Fastest growing segment within healthcare D. Medical equipment (MedCare Products) - Large underlying opportunity in the patient aids segment ⚫ Over the last 24 months, we have seeded these verticals and gained early successes: Residences for Seniors: Launched two benchmark communities; Dehradun (91% sold) and Noida Phase I (73% sold) Care Home (CH): Launched 4 CH with 90 beds to establish product category; plan to ramp-up capacity to 2,000 beds in 5 yrs Care at Home: 16 service lines to make a comprehensive portfolio; youngest organization to achieve QAI clinical accreditation MedCare Products: Sales and rental of patient aids; Plan to launch a strong B2C channel with stores and ecommerce We are well capitalized to pursue the scale-up of these opportunities with ~Rs. 570 crores of assets Revenue growth of 83% to Rs. 237 Crs, with EBITDA loss reduced to Rs. 0.7 Crs in FY22 from Rs. 29 Crs in PY ― ANTARA -Կ--1us tinul talis 41 MAX INDIA LIMITED#42Consolidated Financials KINGS ONIONS WOLK NINIAND %92 NA#43Well capitalised to aggressively pursue growth opportunities with ~ Rs 570 crores of assets ANTARA Residences for seniors Care Homes ANTARA Care at Home MedCare Products HY Senior living - Residences for Seniors Invested Capital (Rs 375 Cr) Antara 1.0 - Dehradun (Asset Heavy) Invested Capital (Rs 157 Cr) in Rs Cr Equity Investment (Represented by unsold inventory, receivables and club house) 157 Assisted Care Services - Invested Capital (Rs 42 Cr) Care at Home (Home Care) - Launched in Q1FY21 Care Homes (Assisted Living) - • Gurgaon launched in Q2FY21; Delhi launched in Q3FY21; Antara 2.0 - Growth (Asset Light) Invested Capital (Rs 218 Cr) Investment in Noida project; Greater Noida Land parcel and intangibles MedCare - Launched in Q3FY21 Other Assets^ (Rs 509 Cr) Cash & cash equivalents^ - Rs 409 Cr Antara Growth Capital - Rs 259 Cr. (to be deployed over next 3-4 years) Assisted Care Services Rs. 184 Cr. Residences for Seniors Rs. 75 Cr. - - Surplus Capital - Rs 59 Cr. - Capital reduction Rs 92 Cr. (1.08 Cr shares at Rs 85 per share) Other monetisable asset Rs 100 Cr Max Towers (61k sq ft) - Rs 100 Cr ANTARA Mas Canup Campany Invested capital numbers are as of Mar'22 43 ^As on 31st Mar 22 end includes unrealized gain/ interest accrued on MF, FDs & ICDs of Rs 21 Cr MAX INDIA LIMITED#44Consolidated Revenue grows 83% to Rs 237 Cr in FY22 and EBITDA loss reduced to Rs 0.7 Cr in CY from Rs 29 Cr in PY, primarily due to higher sales collection and lower finance cost in Doon Particulars (Rs. Crs.) Total Income Q4 FY22 Q4 FY21 Y-o-Y FY22 FY21 Y-o-Y 51.5 35.8 44% 237.4 129.6 83% Total Expenses EBITDA Depreciation 53.5 42.3 238.1 158.6 (2.1) (6.6) 68% (0.7) (29.0) 98% 2.3 2.6 9.0 10.4 EBIT (4.4) (9.2) 52% (9.6) (39.4) 75% Finance Cost 1.1 4.5 10.3 24.4 Profit Before Tax (5.5) (13.7) 60% (19.9) (63.8) 69% Tax (4.0) (4.2) (2.0) (10.7) Profit After Tax (1.5) (9.5) 84% (18.0) (53.1) 66% EPS (In INR) (0.3) (1.8) (3.3) (9.9) ANTARA -Կ--1us tinul talis 44 MAX INDIA LIMITED#45Balance Sheet: Strong BS position with Net worth of Rs 637 Cr ANTARA -Կ--1us tinul talis Particulars (Rs in Crs.) 31-Mar-22 31-Mar-21 Particulars (Rs in Crs.) 31-Mar-22 31-Mar-21 Non-Current Assets 304.9 209.5 Equity 637.1 653.2 Non-Current Liabilities 63.8 118.5 Current Assets 549.2 788.1 Current liabilities 153.2 225.9 Total Assets 854.1 997.6 Total Equity & Liabilities 854.1 997.6 45 N MAX INDIA LIMITED#46Company's Grow!! 324 Grantant 334 едио Annexure Business Company OICE MAQ 2082 At 2143 93525 42 2033 din to My 205 32 Th W * N A Z d 50 C A 1 34 L2 9 16 k D 1840 376.434 714 146 992160 HAY#47Max India: Highly experienced and versatile board of directors & leadership team ANTARA В этот Савир Синрату Mr. Analjit Singh Chairman & Founder Board of Directors Mrs. Tara Singh Vachani Vice Chairperson Mr. Rajit Mehta Managing Director Mr. Mohit Talwar Non Executive Director Dr. Ajit Singh Independent Director Mr. Ashok Kacker Independent Director Mrs. Bhawna Agarwal Independent Director Mr. Niten Malhan Independent Director Mr. Pradeep Pant Independent Director Mrs. Sharmila Tagore Independent Director Mr. Rohit Kapoor Independent Director Mr. Rajit Mehta Managing Director Leadership Team 47 Mr. Sandeep Pathak Chief Financial Officer Mr. Pankaj Chawla Company Secretary MAX INDIED#48Antara Eminent Board to guide the Management team ANTARA -Կ--1us tinul talis Mr. Analjit Singh Chairman Emeritus Board of Directors Mrs. Tara Singh Vachani Executive Chairperson Mr. Rajit Mehta Managing Director & Chief Executive Officer Dr. Shubnum Singh Director Mr. Pradeep Pant Independent Director Dr. Ajit Singh Independent Director Mrs. Sharmila Tagore Independent Director 48 MAXI INDIA LIMITED#49Antara Senior Care team Antara Senior Living team Mr. Ajay Agrawal Senior Director & Mr. Sandeep Pathak Legal Counsel & Chief Financial Officer Company Secretary Mr. Kenneth Sannoo Senior Director - Program Management Mr. Sanjay Bhatia Senior Director. Community Development Antara Assisted Care Services team ANTARA -Կ--1us tinul talis - Mrs. Tara Singh Vachani Vice Chairperson Mr. Rajit Mehta Managing Director & Chief Executive Officer Ms. Jasrita Dhir Head Marketing & - Communications Ms. Simardeep Mr. Badar Afaq Mr. Prem Kaur Head Rathore - Human Capital Head - IT Head - Business Processes & Quality Mr. Ishan Bummi Chief Operating Officer Antara Assisted Care Services - Mr. Shantanu Sinha Head - Business Planning, Management & Analysis Mr. Ashish GM - Loach Community Operations Mr. Mohit Nagpal Senior VP Sales - Antara Assisted Care Services 49 Mr. Ojasvi Ghosal Chief Financial Officer - Antara Assisted Care Services MAXI INDIA LIMITED#50Contact us ANTARA -Կ--1us tinul talis Company INDIA MAX LIMITED Investor Relations Advisors SGA Strategic Growth Advisors Max India Limited CIN: L74999MH2019PLC320039 Mr. Ajay Agrawal/ Mr. Nishant Kumar [email protected] [email protected] https://www.maxindia.com/ Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Mr. Vijay Goel / Mr. Aakash Mehta [email protected]/ [email protected] +91 9920124357 / +91 9870679263 www.sgapl.net MAX INDIA LIMITED