#1MAX Healthcare Investor Presentation February 13, 2024#2MAX Disclaimer Healthcare This presentation and the accompanying slides (the "presentation") contains selected information about the activities of Max Healthcare Institute Limited's ("Max Healthcare"/"MHIL"/"MHC"/"Company") as at the date of the presentation. 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Certain financial information contained in this presentation reflects aggregated totals of historical MHIL and Radiant Life Care Private Limited ("Radiant"), prior to their merger. These aggregated financial totals are unaudited, unreviewed and do not reflect a pro forma accounting under any accounting standards. As a result, these figures are subject to change and should not be relied upon. Furthermore, certain financial information presented herein differs from that of the audited financials of MHIL, because it includes financial information received from "Partner Healthcare Facilities". As reflected in this presentation, this combined financial information does not meet statutory, regulatory or other audit or similar stipulated requirements of MHIL. The financial information relating to Partner Healthcare Facilities has not been verified by the Company. Accordingly, to that extent, no reliance should be placed on the financial information of such Partner Healthcare Facilities included in this presentation. MHIL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes. This presentation contains certain "forward looking statements" including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to the Company's future business developments, results of operations and financial performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market conditions, macro- economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors beyond the control of MHIL, such as Covid-19, that could affect our business and financial performance. The Company and or its representatives do not guarantee that the assumptions underlying such forward-looking statements or management estimates are free from errors nor do they accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. MHIL undertakes no obligation or undertaking to publicly revise any forward-looking statements to reflect future / likely events or circumstances. Given these uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements and management estimates. Any person / party intending to provide finance / invest in the shares / businesses of MHIL shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. This presentation is strictly confidential and may not be copied or disseminated, reproduced, re-circulated, re-distributed, published or advertised in any media, website or otherwise, in whole or in part, and in any manner or for any purpose. No person is authorised to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorised by any person. 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This presentation is not intended to be a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement, preliminary placement document, placement document or an offer document by whatever name called under the Companies Act, 2013 as amended, or the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended or any other applicable law in India. This presentation is being provided solely for the information of the attendees. The distribution of this presentation in certain jurisdictions may be restricted by law and recipients should inform themselves about and observe any such restrictions. In particular, this presentation may not be transmitted or distributed, directly or indirectly, in the United States, Canada or Japan. This document does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to purchase securities of the Company or any member of the Group or an inducement to enter into investment activity, in any jurisdiction. In particular, this document and the information contained herein do not constitute or form part of any offer of securities for sale in the United States and are not for publication or distribution in the United States. No securities of the Company have been or will be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to registration or an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended. 2#3MAX Content Healthcare Company Overview Key Growth Drivers Financial Highlights Appendix 14 04 14 24 31 3#4MAX Healthcare Company Overview 4#5MAX Healthcare Max Healthcare: India's second largest* hospital chain in terms of revenue, EBITDA and market capitalisation NCR Current capacity ~3,550 beds 402 Shalimar Bagh III J 17 Facilities ~82% Beds in metros هم 良 ~75% 9M FY24 Occupancy 516 402 387 13% 41% BLK Patparganj Vaishali ~35% Eqova Panchsheel¹ Dwarka Lajpat Nagar 1,2 Revenue CAGR^ 3 years EBITDA CAGR^ 3 years 9M FY24 ROCE Vikrant 521 250 Noida¹ 104 Saket³ Smart Sec. 56 Sec. 534 Sec. 43 Gurugram Gurugram Gurugram 4.0% 11.6% 23.7% • Outside NCR 328 220 200 219 Mumbai Mohali¹,2 Bathinda Dehradun Shareholding structure (as on December 31, 2023) 60.7% Top Public investors: • Capital Group (All funds) Government of Singapore / GIC GQG Partners (All funds) Blackrock/iShares (All funds) HDFC Mutual Funds Vanguard (All funds) Canara Robeco Mutual Funds SBI Mutual Funds Current hospitals and medical centres Upcoming hospitals Abhay Soi FPIs and FIls Dlls Others * Based on publicly available information for listed companies (FY23) | (1) Standalone speciality clinics with outpatient and day care services | (2) 2 facilities each at these locations (3) 320 beds in East Block and 201 in West Block | (4) Currently the land at Sec. 53 is under litigation with HSVP | ^ CAGR is calculated for FY20 to FY23 5#6MAX Vision: To be the most well-regarded healthcare provider in India Healthcare To be the most well regarded healthcare provider in India committed to the highest standards of clinical excellence and patient care supported by latest technology and cutting edge research * Quaternary care facilities Best-in-class clinical outcomes *Patient centric approach Global best practices * Rewarded by growth Constant pursuit to strengthen management Collaborative approach * Patients Clinicians BEING 'WELL REGARDED' MEANS... Employees Investors World class infrastructure State-of-the-art technology Well defined clinical protocols *Focus on research and academics Strong governance Profitable growth Healthy balance sheet Efficient operations 9#72000 MAX Healthcare Journey so far Dr. B L Kapur Memorial Hospital, Rajendra Place (1) Dr. Balabhai Nanavati Hospital, Mumbai(1) • Radiant-Max Healthcare merger and listing on BSE and NSE • Discontinuation of Max Multi Speciality Centre, Pitampura Executed O&M Agreement with Muthoot Hospitals Pvt. Ltd. in Dwarka, Delhi for 300+ beds (our first asset-light model)(1) 2009 2014 2016 2018 2020 2021 2022 2023-24 Acquired stake in Eqova healthcare having potential to add 400+ beds in the East Delhi(1) 2012 • Max Multi Speciality Centre, Max Super Max Hospital, Gurugram 2014 Max Institute Pitampura Speciality of Cancer • Max Multi Hospital, Speciality Centre, Patparganj 2008 Max Super 2010 Speciality Hospital, Dehradun Care, Lajpat Nagar Noida Max Multi Speciality Centre, Panchsheel park 2000 2002 2004 Max Super Speciality Hospital, (East Block) Saket (1) Inorganic expansion 2006 Max Super Speciality Hospital, (West Block) Saket • Max Super Speciality Hospital, Bathinda • Max Super Speciality Hospital, Mohali ⚫ Max Super Speciality Hospital, Shalimar Bagh Max Multi Speciality Hospital, Greater Noida ⚫ Max Super Speciality Hospital, Vaishali (Crosslay) (1) • Max Smart Super Max Medcentre, Lajpat Nagar (Immigration Department) Speciality Hospital, Saket (Saket City)(¹) • Raised INR 1,200 Cr equity through Qualified Institutional Placement (QIP) • Medcentre, Mohali (Immigration Department) • Acquired exclusive rights to aid development of a 500 bed hospital in South Delhi(1) • Secured two prime land parcels in Gurugram with potential to add 1,000 beds Discontinuation of Max Multi Speciality Hospital, Greater Noida Acquired 100% stake in 200-bed Alexis Multispecialty Hospital, Nagpur • Entered into an SPA for acquisition of 550-bed Sahara Hospital in Lucknow • Commissioned and operationalized 92-bed oncology block at Max Super Speciality Hospital, Shalimar Bagh • Launched our proprietary omnichannel app, 'Max MyHealth' RADIANT LIFE CARE ● MAX HEALTHCARE 7#8MAX Healthcare Leading clinically comprehensive hospital chain with excellent research and academics foundation Complex procedures performed High end quaternary care facilities TERNATIONAL Transplants (1) Robotic surgeries Cardiac procedures (2) Neuro Orthopedic Oncology surgeries (3) surgeries(4) surgeries(5) INTERNATIONAL ACCREATION AACI Est. Annual Count* ~1,050 ~3,810 ~37,910 9,800 ~27,370 ~12,360 QUALIT including 3 JCI and 2 AACI accredited State of the art infrastructure Ortho & Spine Robots Radixact TomoTherapy TrueBeam Stx LINAC 3.0 Tesla MRI Digital PET CT - Discovery MI Da Vinci Xi Robot Focus on Research and Academics • • . . . Research Significant strategic partnerships: Imperial College London, Ashoka University, IIT Bombay, IIIT Delhi, IIIT-D iHub Innovation Center, IIT Delhi, BITS Pilani, Pfizer, RMIT and Deakin University - 30,000+ research participants and USD 2 million in research grants ~2,500 research publications in indexed journals over last 8 years including Nature with Impact Factor 69.50. Wellcome Trust funded Metabolic Disease biobank, with ~22,000 samples, and a BIRAC funded Oncology biobank Several research grants from leading organisations: CSIR, DBT, ICMR, DST ¡HUB, Wellcome Trust, BIRAC, INSA, DHR, NIHR, MRC, Innovate UK, etc. Al-enabled Radiomics project with IIIT Delhi and HKA automation project with IIT Bombay ⚫ 600+ clinical research projects completed to date, 120 ongoing Academics Max Institute of Medical Excellence (MIME) is the education division of MHC for medical education & training Signed MoU with the prestigious Royal College Of Obstetricians & Gynecologists UK, for MRCOG training Only approved center in North India for hosting MRCP PACES UK exam and running the IMT program with JRCPTB, UK at Level 3 accreditation (~50 students enrolled). • Started (i) First time in India - Advanced Stroke Life Support Course in association with American Heart Association & Gordon Center USA (ii) Advanced Trauma Life Support Instructor course in association with American College of Surgeons, USA (iii) American Heart Association Training Centre faculty course (iv) Clinical rotations tie up with Bridgetown International University, Barbados (v) Affiliation with Lincoln American University, Guyana for MBBS students • Masters in Emergency Medicine trainee doctors accredited through George Washington University, USA; PhD in Health Sciences & MPH with AcSIR. • ~500 trainee doctors are part of DNB program, with NBE across 33 specialties; ~30,000 trainees enrolled in the last 3 years across various academic programs (1) Transplants include kidney, heart, liver, lung, etc. | (2) Includes Cardiac Surgery, Cardiac Paed. Surgery, Vascular Surgery, Angioplasty, Angiography and Other Cardiac Procedures | (3) Includes Surgical and Spinal Surgeries | (4) Includes Joints and Other surgeries | (5) Includes Onco Surgical and bone marrow transplant (BMT) *Q3 FY24 Annualized numbers 8#9MAX Dominant presence in the most attractive markets (1/2) Healthcare Low bed density, higher per capita income, higher ARPOB and rising insurance penetration make Delhi and Mumbai attractive avenues for growth High demand-supply gap in Delhi NCR & Mumbai... Total beds per '000 population ...coupled with rising insurance penetration 37% Health insurance Gross Premiums (INR in Bn) Delhi NCR 1.9 602 4.3 3.8 3.6 3.3 3.3 517 20% CAGR 399 3.0 350 27% 738 252 306 518 562 207 434 355 294 232 49 62 80 113 98 86 122 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Chennai Bengaluru Hyderabad Lucknow Govt. sponsored Group Individual Health insurance penetration Mumbai WHO recommendation Higher proportion of beds in these cities positions MHC for industry leading ARPOB on an aggregate basis 62 52 30 37 • ARPOB¹ 67 54 35 (INR '000) 82% 76% 72% % of bed 58% capacity in key 39% metro cities 22% • MHC has ~2,900 beds in Delhi NCR & Mumbai - highest proportion compared to peers Large metros have inherent advantages: High per capita income, high insurance penetration and propensity to pay for high end quaternary care facilities - Availability of senior/ statured clinical talent leading to metros becoming regional hubs - Max Healthcare Fortis Narayana Apollo KIMS (Hospital Health Hospitals Hospitals business) (India) Aster Hospital (India) Higher health awareness (1) ARPOB for FY23 (excl. Covid-19 vaccination revenues); Apollo's revenue has been grossed up for adjustment of doctor fees as per the disclosures in the last annual report of FY23 Source: CRISIL research, IRDAI and company websites/presentations 9#10MAX Healthcare Dominant presence in the most attractive markets (2/2) Being metro-centric also positions MHC well to capitalise on medical tourism India's foreign medical tourism industry has been growing Break-up of medical tourists* by major country of origin 18 company & partner-owned Patient Assistance Centres (PACS) across 15 countries, 2 more upcoming No. of tourists in lakhs 7.0 6.4 30% 5.0 4.3 ~3 million medical tourists in India by 2030e Fall due to COVID-19 6.5 Others, 8% CIS (Eastern Europe), 3% Afghanistan, 5% Iraq, 7% 3.2 Africa, 8% 2.3 1.8 1.9 21.2% 10.5% 2.9% 4.9% 4.9% 6.1% 6.4% 6.8% 2.4% Middle East, 12% 2014 2015 2016 2017 2018 2019 2020 2021 2022 Bangladesh, 57% Foreign tourists for medical purposes % of total tourists *Based on data as of 2019, since 2020 and 2021 were impacted due to COVID-19 MHC is well-equipped to serve medical tourists Modern infrastructure and facilities State-of-the-art Availability of senior medical equipment clinical talent Reputed for tertiary / quaternary care Source: Ministry of Tourism, CRISIL research Company-owned PACS Partner-owned PACS Upcoming PACS Note: Map not to scale High global and domestic connectivity 10#11MAX Healthcare Strategy going forward Build on Clinical Expertise Attract best-in-class talent to focus on industry leading patient outcomes Focus on Capital Light Adjacencies Max Lab and Max@Home 罾 Leverage Technology Develop best-in-class digital ecosystem & deploy latest medical technologies Optimise Existing Infrastructure Payor mix, Capacity Utilisation, ALOS and Procedure Mix Expand Bed Capacity Brownfields and Greenfields (incl. asset light models) Mergers & Acquisitions Leverage expertise and balance sheet to pursue value accretive M&A Strong free cash flow generation and Net Cash surplus on balance sheet along with brand equity, capability and track record to generate industry leading ROCES and deliver long-term growth 11#12MAX Healthcare Best in class performance parameters Operating parameters 59 59 20 67 75 ARPOB(1) (INR/OBD) ('000) 52 40 57 42 45 45 Occupancy (%) 75% 76% 75% 60 54 63% 64% 65% 63% 67% 66% 48 Max Healthcare Apollo Hospitals Fortis Healthcare Max Healthcare Apollo Hospitals Fortis Healthcare L L 35% 33% Financial parameters 29% Pre-tax ROCE (2) (%) Operating EBITDA per bed (3,4) (INR lakh) Op. EBITDA Margin 27% 28% 28% 19% 20% 19% 15% 17% 17% 74 66 25% 27% 21% 10% 10% 10% I Max Healthcare Apollo Hospitals L FY22 Fortis FY23 40 57 37 34 44 41 27 27 32 36 32 Max Healthcare | Apollo Hospitals Fortis Healthcare 9M FY24 (1) ARPOB calculated on gross revenue excluding revenue from Covid-19 vaccinations, non captive Pathology and Pharmacy; ARPOB of Apollo & Fortis is as published in their Earning's update | (2) Indicative company level ROCE; Apollo ROCE is as published in their earning update for their consolidated financial performance; Fortis EBIT is computed from Group Consolidated P&L including share of Profits in associates and Capital employed is after adjusting for cash & bank balances assuming 85% of that are held in short term FDRs | (3) Operating EBITDA excludes exceptional items and non operating Income and non cash items | (4) Operating EBITDA per bed includes that from vaccinations in absence of information for other players and excludes that from non captive Pathology and Pharmacy; Apollo revenue & EBITDA includes Indraprastha Apollo Delhi. The revenue has been grossed up for adjustment of doctor fees as per the disclosures in the last annual report of FY22 for the calculation of operating EBITDA margin % 12#13MAX Healthcare Distinguished Board and a dynamic management team Mr. Abhay Soi Chairman and Managing Director Distinguished Board of Directors Ms. Amrita Gangotra Technology Leader & Former member of Exec. Mgmt at Bharti Airtel, Vodafone Hungary Mr. Anil Bhatnagar Senior Lawyer & Arbitrator Mr. Kummamuri Narasimha Murthy Chartered Accountant Mr. Mahendra Gumanmalji Lodha Chartered accountant & Investment Professional Col. HS Chehal Senior Director & COO (Cluster 2) Chairman and MD Mr. Michael Neeb Former President of HCA Healthcare Non-Executive Director Mr. Narayan K. Sheshadri Non-executive Chairman of AstraZeneca Pharmaceuticals and PI Industries Independent Director Experienced and dynamic management team Mr. Anas Wajid Dr. Mradul Kaushik Senior Director - Operations & Planning Senior Director - Chief Sales and Marketing Officer Mr. Keshav Gupta Senior Director - Growth, M&A and Business Planning Mr. Pranav Amin Managing Director Alembic Pharmaceuticals Dr. Sandeep Buddhiraja Group Medical Director Mr. Umesh Gupta Senior Director - HR & Chief People Officer Ms. Vandana Pakle Senior Director - Corporate Affairs Mr. Yogesh Sareen Senior Director & Chief Financial Officer Col. Binu Sharma Senior Director - Nursing Mr. Arjun Sharma Director & Chief Digital Officer Mr. N Venkatesan Director & Chief Procurement Officer Mr. Prashant Singh Director IT & Chief Information Officer Mr. Rakesh Kaushik Director - Legal & Regulatory Affairs Dr. Vinita Jha EVP - Clinical Directorate Dr. Abhaya Indrayan Chief Biostatistician, Academics & Research 13#14MAX Healthcare Key Growth Drivers 14#15MAX Healthcare Strong cash generation from operations INR 924 Cr in 9M FY24 + Headroom to raise debt given current leverage Net Cash Surplus of INR 1,295 Cr as on Dec. 31, 2023 + Demonstrated ability to generate high return on capital employed ~35% ROCE in 9M FY24 Long term growth potential Multiple avenues for future growth • Focus on tower specialities & case mix 1 2 Optimising Existing Infrastructure 3.1 Brownfield • Increase utilization & improve process efficiencies Optimize payor mix ~2,600 beds addition via brownfield expansion - ROCE accretive Strong financial profile to support future growth 4 3 Significant increase in capacity (~2X bed capacity in 3.2 Asset light 3.3 Greenfield next 4-5 years) 3.4 M&A Capital Light Adjacencies 5 Digital Platform R . . • • • • Management contracts and long-term leases of "build-to- suit" properties Greenfield hospitals in highly attractive and compelling territories with attractive payback - Acquired land parcels with potential to add 1,000 beds Strong track record of successful M&A and turnaround Adequate headroom for M&A even after brownfield capex, driven by strong free cash flows and low leverage Robust deal pipeline - recently acquired Sahara Hospital in Lucknow and Alexis Hospital in Nagpur ROCE threshold levels of 20-25% within 4-5 years post acquisition Non-captive pathology - Max Lab . Homecare Max@Home Leverage brand, customer loyalty and data to build a digital ecosystem 15#162 MAX Healthcare Bed share Growth opportunity in existing facilities Optimising payor mix 31.3% 29.2% 28.8%* 36.5% 34.2% 2.8% 5.0% 5.6% 2.0% 5.4% 63.8% 66.0% 65.8% 65.6% 58.1% FY20 FY21 FY22 FY23 9M FY24* Institutional International Self Pay, TPA and Corporate . . Push for reduction in institutional business in order to cater to demand from preferred channels, driven by - Steady pace of organic growth in Self Pay, TPA and corporate channels, and Growth in International medical tourism, post resumption of regular international travel Increase in upcountry footfalls consequent to improved connectivity Given that ARPOB for institutional business is ~40% lower than other channels, its replacement has the potential to unlock incremental 300-400 bps in EBITDA margins *In 9M FY24, we added 122 beds at Max Super Speciality Hospital, Shalimar Bagh and decided to ramp up occupancy on some of these beds with institutional patients. Excluding this hospital, the institutional bed share for 9M FY24 dropped to 26.7%. 16#173 MAX Healthcare Existing valuable land bank to enable addition of 4,000+ beds, with ~2,600 beds coming over next 4 years Indicative timelines for completion of expansion projects Dwarka, South-west Delhi Gurugram## Saket Complex (Smart) Mohali Nanavati Hospital* Saket Complex (Vikrant) Patparganj, East Delhi 250 300 250 350 200 111 329 7,464 150 200 500 500 3,534^ 300 190 300 FY23 FY24 FY25 FY26 FY27 FY28 & onwards potential& Total Bed Additions** 300 819 1,100 521* 1,350## Estimated Capex# (INR Cr) To be 918 1,592 1,377 552 firmed up Brownfield Greenfield *160 beds need to be demolished before commencement of Phase 2 | ** No. of beds may vary slightly subject to configuration of ward beds | #Values are estimated based on EPC model of contracting and will be firmed as each project's execution gains momentum | ## Currently, the land parcel at Sector-53 is under litigation with HSVP. May impact 500 beds potential assumed FY28 onwards ^ Includes 122 beds added at Max Shalimar Bagh - 92 beds (added in March 2023) at the new oncology tower and 30 beds (added in June 2023) through internal reconfiguration | & Beds shown under FY28 & onwards only indicate the expansion potential. However, no plans have been formalized yet for such expansion. 17#183 MAX Healthcare Status of ongoing expansion projects Dwarka - 300 beds MAX Application of OC has been submitted in October. Lift installation and other finishing work are in progress. All key functional heads are in place, middle level staff being recruited. Expected commissioning by end of Q4 FY24, subject to developer obtaining the OC. Sec. 56, GGN - 300 beds in Phase I • Mohali - 190 beds MAX 3 Nanavati - 329 beds in Phase I MAX All statutory approvals to start the construction have been received. Design development is under finalization and base raft concrete activities have started. Basement and ground level structures have been completed. Steel fabrication above ground floor has begun. Project is largely on schedule. . Project is largely on schedule. Saket Complex (Max Smart) – 350 beds in Phase I - Saket Complex (Vikrant) - 300 beds in Phase I Max Smart Phase I Vikrant Saket (East & West) MAX Approval for structural drawings has been received in Jan 2024. Design development is ongoing and RCC works have commenced. Project is largely on schedule. • Tree transplantation work is underway, with 159 trees transplanted and balance 316 trees in process. Existing structures have been demolished as per plan and shoring work for sewage & water treatment plants is ongoing. Barring the initial delay of 6-7 months the project is on schedule. • Building plans have been re-submitted to Municipal Corporation of Delhi (MCD) post their initial review. Dues for water & sewer infra charges have been paid, while Forest NOC has also been applied. Tender documents are under review for floating to the contractors. Project is largely on schedule. 18#193 MAX Snapshot of recent inorganic transactions Healthcare Sahara Hospital, Lucknow SAHARA HOSPITAL Alexis Hospital, Nagpur ALEXS ALEXIS Type of expansion Acquisition Bed Capacity *~550 beds (250 beds operational), 8.9L sft. BUA (G+17 floors, OC for G+8) Key Pointers *Lucknow: *Largest city of UP; high pop. density (~46L), *96K GDP/capita Access to medical talent: 4 med. colleges + public hospitals * Good connectivity: Kanpur, Allahabad, Gorakhpur, Varanasi Potential proven by peers such as Apollo, Medanta Hospital: *Well-planned, NABH accredited tertiary care facility *High quality design (Hafeez Contractor), construction (L&T) *Nursing college with annual intake of ~100 students #27-acre prime land parcel: sufficient headroom for growth Located in high-income catchment area of Gomti Nagar Potential for further ramp up via augmentation of clinical programs Since 2009, hospital has served ~2L IPD, 2L ICU, 6L OPD patients and conducted over 46,000 surgeries Current revenue run rate of ~INR 200 Cr Ample expansion scope, with option to set up a medical college on unused land parcel Acquisition 200 beds, 2.25L sft. BUA (G+6 floors) Nagpur: *3rd largest city of Maharashtra; high pop. density (~47L) High affordability, good insurance penetration *Ready availability of medical talent (med. colleges, hospitals) Well connected: Amravati, Jalgaon, Bhopal, etc. *Market viability proven by chains like KIMS, Wockhardt Hospital: Only JCI accredited facility in Nagpur * Very well-built & maintained tertiary care hospital, equipped with high-end BME Enjoying good brand equity Attracts patients from MP & Chhattisgarh due to its strategic location in the affluent area of Mankapur (North Nagpur) Run rate of Revenue & EBITDA is INR ~150 Cr & ~25 Cr Potential for further ramp up via augmentation of clinical programs Can be expanded by ~140 beds due to FAR availability and internal reconfiguration 19#203 MAX Strong track record of successful acquisitions Healthcare • • Management team has done multiple successful acquisitions including BLK, Nanavati and Max Healthcare Adequate headroom driven by strong free cash flows and low leverage to pursue M&A even after spend on brownfield and greenfield expansions FY23 FY22 FY21 FY20 FY19 348 590 Case study on Max acquisition and turnaround EBITDA (INR Cr) 636 Merger of Max Healthcare and Radiant effective from June 2020 Demonstrated EBITDA margins of 19.2% in Q4 (excl. last 10 days of March due to COVID) 1,305 EBITDA ROCE* Margin 1,636 27.7% 33.1% 26.2% 28.8% 17.5% 14.3% 14.7% 11.1% 9.7% 5.4% Performance improvement from FY19 to FY23 largely driven by: • . ~INR 330 Cr impact on EBITDA driven by structural cost initiatives as well as merger synergies, with ~INR 140 Cr flowing in EBITDA in FY20, ~INR 73 Cr flowing in EBITDA in FY21 and balance in FY22 Significant growth in high-end tertiary and quaternary procedures with hiring of new senior clinical teams and deployment of latest medical technology across our Network, including 17 robotic systems *Combined performance of Max Healthcare and Radiant; Excludes COVID-19 vaccination & related antibody tests EBITDA 20 20#214 MAX Healthcare Develop asset light adjacencies: Max Lab - Non-captive pathology SBU Organised diagnostics players to grow faster than overall Diagnostic industry India Diagnostic market to see steady growth (INR Bn) 11% CAGR 684 710 596 472 13-14% CAGR 1,360 Indian Diagnostic Industry mix by type of providers Multi-regional chains Standalone 46% 6% 11% Regional chains Operational footprint (as of Dec. 31, 2023) 525+ Partner-run collection centres FY17 FY18 FY20 Source: Axis Capital, Investec reports Net revenue (INR Cr) FY21 FY26E 37% Hospital based Shift to organised diagnostics centers driven by preference for higher quality and brands Investing for growth, 68% CAGR since FY17 EBITDA* (INR Cr) 23 Company owned collection centres (CoCC) ~160 Phlebotomist At Site (PAS) 275+ Pick-Up Points (PUPS) 112 106 5.0 50 12.4% 15% 104 4 +68% 1 3.0 5.5% 44 4.3% 9% 4.7 32 1.0% 66 1.0 1.4 1.8 3% HLMS & OLMS 0.3 -0.1 41 27 108 -0.9 105 -1.0 -3% -0.5% 24 72 -3.1% 13 -3.0 -9% 41 5 39 -5.0 -15% FY17 FY18 FY19 FY20 FY21 FY22 FY23 9M Q2 Q3 Q4 Q1 Q2 Q3 Cities of operations FY23 FY23 FY23 FY24 FY24 FY24 FY24 Non-COVID COVID-19 EBITDA EBITDA margin (%) Note: COVID-19 and related tests include RTPCR, Antigen, Antibody, CBNAAT, IL-6, D-Dimer, Ferritin, CRP, LDH, Procalcitonin Margin computed on net revenue, using arm length revenue share between Max Lab and hospitals (60:40 from FY23 onwards) for samples tested in hospital labs * 1,070+ Active Partners 21#224 MAX Healthcare Develop asset light adjacencies: Max@Home - Amongst one of the largest homecare providers in the country Indian home healthcare is under-penetrated with only ~3.6% of total health spending on home healthcare vis-à-vis ~8.3% in the US Indian home healthcare market expected to grow ~2.5 times by 2025... ...with organized healthcare contributing USD 480 Mn by 2025 and a significant headroom to grow USD Bn Has potential to create ~3.1 Mn jobs % of total Home healthcare market 30% 19.9 14.1 5.4 2020 2023 2025 1.1% 2020 52% 2.4% 2025 Growth Drivers Home healthcare solutions ~40% less costly compared to hospitals with added convenience Rising doctor's acceptance of home healthcare post pandemic Increase in the size of aging population and prevalence of chronic ailments Insurance policies covering home healthcare expenses Extension of services / scale through digital products Gross revenue (INR Cr) Rapid growth through scale up of direct-to- customer services +56% Max@Home: Investing in Growth, over 56% CAGR daily billed 14 specialized services | 3,000+ transactions 24x7 customer support strong | 1,250+ team* | QAI Quality & Accreditation Institute (ISQua member) accredited Max@Home's comprehensive and round the clock service offerings Critical Care | Nursing Care | Patient Attendants | X-ray at home | ECG/Holter at home | Dialysis | Physiotherapy | Medical rooms | Doctor Visits | Sleep Studies | Pathology | Pharmacy | Medical Equipment | Immunization 139 112 126 77 63 70 28 10 FY17 FY18 FY19 FY20 FY21 FY22 FY23 9M FY24 *Manpower incl. support & outsourced teams as of December 31, 2023 22 Source: NatHealth - Indian Home Healthcare 2.0#235 MAX 4:49 a Healthcare Good Afternoon Mr. Anubhav Singh > How can we help you? Book an Appointment Search Doctor or Speciality Q Max MyHealth - Proprietary digital platform enabling best-in- class omnichannel healthcare experience 'Max MyHealth' offering new age experience for patients and doctors ~4.5 lac Patient registrations till date Monthly Active Users ('000s) 10.9 70.9 Over 5X growth Order Book Medicines Lab Tests Instant Video Consultation Admission Advised Patient: Anubhav Singh Doctor: Dr. Sandeep Budhirajo Admission Adviced Wednesday May 17 View Details Book Home Healthcare Services H -3 Home Appointments Emergency Health Records Profile 70,000+ Monthly Active Users Deployed BOSS - our home grown appointment management system, across all units Sep'22 Oct'22 Nov'22 Dec'22 Jan'23 Feb'23 Mar'23 Apr'23 May'23 Jun'23 Jul'23 Aug'23 Sep'23 Oct'23 Nov'23 Dec'23 • Single app for all types of consults (physical and virtual) & Max@Home services; instant consults with a general practitioner within 10 minutes of booking an appointment • Track in-patient admission progress and make payments directly through app; link and view family members, book appointments and view health records for all • Quick access to Emergency and Ambulance services across Max network • Pre-consult document quality checks and case summary preparation • Enhanced patient experience through intelligent lead management and patient engagement platform (PEP) Digital revenue through online marketing activities and web-based appointments accounted for ~22% of overall revenue in 9M FY24 Leverage Max Healthcare's strong brand, customer base, clinical expertise, doctor network and data to provide existing and new customers with a seamless and best-in-class omnichannel healthcare experience 23#24MAX Healthcare Financial Highlights 24#25MAX Healthcare Network P&L Statement: Q3 FY24 Gross revenue Net revenue Direct costs¹ Figs in INR Cr Q3 FY23 Q2 FY24 Q3 FY24 Amount % NR Amount % NR Amount % NR 1,559 1,827 1,779 1,478 100.0% 1,732 100.0% 1,689 100.0% 573 38.8% 667 38.5% 650 38.5% 905 61.2% 1,065 61.5% 1,038 61.5% 486 32.9% 567 32.8% 567 33.6% Contribution Indirect overheads² Operating EBITDA (post Ind AS-116) 419 28.3% 497 28.7% 471 27.9% ESOP (Equity-settled scheme) 12 0.8% 12 0.7% 12 0.7% Movement in fair value of contingent consideration payable and amortisation of contract assets³ 6 0.4% 7 0.4% (8) (0.5%) Reported EBITDA 401 27.1% 478 27.6% 467 27.7% Finance cost (net) 4 7 0.5% (17) (1.0%) (14) (0.8%) Depreciation and amortisation Profit before tax Tax5 63 4.3% 66 3.8% 70 4.1% 331 22.4% 429 24.8% 411 24.3% 61 4.2% 91 5.3% 73 4.3% 269 18.2% 338 19.5% 338 20.0% Profit after tax 1. Direct costs include material cost, F&B and Clinician's cost, etc. 2. Indirect overheads include personnel cost and other indirect overheads. 3. This is a non-cash item representing change in fair value of contingent consideration payable to Trust/Society over the balance period (~19 to 30 years) under O&M Contracts and mainly represents impact of changes in the time value of discounted liability 4. Net of interest income on deposits, capitalisation of projects underway and tax refunds, and includes forex gain/loss, etc. 5. Effective tax rate in Q3 FY24 stood at 17.7% compared to 18.6% in Q3 FY23 25#26MAX Healthcare Network P&L Statement: 9M FY24 Gross revenue¹ Net revenue Direct costs Contribution Indirect overheads Figs in INR Cr FY21 FY22 FY23 9M FY24 Amount % NR Amount % NR Amount % NR Amount % NR 3,881 5,509 6,236 5,325 3,629 100.0% 5,218 100.0% 5,904 100.0% 5,049 100.0% 1,508 41.6% 2,103 40.3% 2,304 39.0% 1,968 39.0% 2,121 58.4% 3,115 59.7% 3,600 61.0% 3,081 61.0% 1,485 40.9% 1,725 33.1% 1,964 33.3% 1,677 33.2% Operating EBITDA¹ ESOP (Equity-settled scheme) Movement in fair value of contingent consideration payable and amortisation of contract assets³ 636 17.5% 1,390 26.6% 1,636 27.7% 1,404 27.8% 27 0.7% 34 0.7% 34 0.6% 36 0.7% 1 0.0% 7 0.1% 4 0.1% 6 0.1% Transaction cost including QIP related cost & Loss on fair valuation of pre-merger holding of Radiant under 249 6.9% Ind AS 103 Exceptional item: Payment to employees under VRS 9 0.2% Reported EBITDA 359 9.9% 1,340 25.7% 1,597 27.1% 1,362 27.0% Finance costs (net) 187 5.2% 112 2.2% 39 0.7% (34) (0.7%) Depreciation and amortisation 216 6.0% 248 4.8% 260 4.4% 200 4.0% Profit/ (Loss) before tax (45) (1.2%) 979 18.8% 1,298 22.0% 1,196 23.7% Tax 50 1.4% 143 2.7% (30) (0.5%) 229 4.5% Profit (Loss) after tax (95) (2.6%) 837 16.0% 1,328 22.5% 966 19.1% Note: The numbers for the previous period have been re-casted and re-grouped to make them comparable with the disclosures in the current period 2. 1. FY22 includes gross revenue of INR 236 Cr and EBITDA of INR 85 Cr from Covid-19 vaccination & related antibody tests compared to INR 2 Cr revenue in FY23 Non-cash item represents the change in fair value of contingent consideration payable to Trust/Society over the balance period (~19 to 30 years) under O&M Contracts and represents change in the WACC, time value of discounted liability and impact of changes in future business plan projections 3. Includes impact of one time reversal of INR 244 Cr deferred tax liability (net of capital gains tax) in FY23 pursuant to voluntary liquidation of a subsidiary 26#27MAX Healthcare Memorandum Consolidation of Network P&L: 9M FY24 MHIL & its subsidiaries & Silos Ind AS Partner Healthcare Facilities ("PHF") Financials (IGAAP Unaudited)* Eliminations & Unaudited Balaji Society GM Modi Society Devki Devi Society IND AS Adjustment (2) Adjustment(1) Figs in INR Cr MHC Network (Consolidated) (Certified by an ICA) Revenue from operations 3,983 469 324 589 (343) 5,023 Other income (3) 15 2 8 18 (17) 26 Total operating income 3,998 472 332 607 (360) 5,049 Pharmacy, drugs, consumables & other direct costs 823 95 70 162 51 1,202 Employee benefits expense (4) 663 62 40 59 193 1,016 Other expenses (5) 1,351 239 167 289 Total expenses 2,837 396 278 510 (5) Operating EBITDA 1,161 76 55 97 555 (615) 1,427 (371) 3,645 11 1,404 Less: non-operating expenses ESOP (Equity-settled Scheme) 36 1 . 1 36 Movement in fair value of contingent consideration payable and amortisation of contract assets 6 . . 6 Reported EBITDA 1,119 76 55 97 5 11 1,362 Finance costs (Net) Depreciation & Amortisation Profit/(Loss) before tax (79) (4) 21 14 2 12 (34) 175 14 14 15 3 (20) 200 1,023 66 20 68 19 1,196 Tax Profit/(Loss) after tax 223 800 7 229 66 20 68 12 966 New PHFs i.e. Vikrant Children's Foundation and Nirogi Charitable and Medical Research Trust have not been reflected separately and included in the Eliminations & Adjustments due to negligible values 1) Mainly IND AS 116 (Accounting for Leases) at PHFs | (2) Eliminations relate to revenue from PHFs and intra-network sale/purchase. Also includes consequential impact on amortisation due to reversal of intangible assets recognized at MHIL & its subsidiaries for contracts with PHFs. The net present value of the amount payable by a PHF to unconsolidated part of the other Society over the contract period was accrued during PPA and payment made for the year there against in Q3 FY24 has been knocked off against the liability so created. Further, cost of non-treating doctors on retainership, forex gain/loss etc. have been reclassified under Employee benefits expense & Finance costs resp. | (3) Other Income includes income from EPCG, unclaimed balances written back, donations & contributions, scrap sale, income from outlets/in hospital displays etc. | (4) Includes non-clinical doctors on retainership & movement in OCI for actuarial valuation impact but excludes ESOP expenses | (5) Includes cost of admitting doctors, net provision for doubtful debts & excludes movement in fair value of contingent consideration and amortisation of contract assets that is reflected below operating EBITDA 27#28MAX Healthcare Network Balance Sheet¹ (Includes Managed and Partner Healthcare Facilities) Figs in INR Cr Sep 2023 Sep 2022 Particulars Mar 2023 7,462 Shareholders' Equity 8,070 8,623 815 Gross Debt 682 606 446 Deferred / Contingent Consideration Payable² 440 463 144 Put Option Liability³ 150 84 137 Lease Liabilities (Ind AS 116) 139 147 (72) Deferred Tax Liability/ (Deferred Tax Asset) (50) (16) 8,932 Total Liabilities 9,430 9,907 3,773 Goodwill 3,773 3,773 3,260 Net tangible Assets (incl. CWIP) 3,458 3,552 680 Intangible Assets (incl. brand and O&M rights) 681 692 205 Right to Use Assets (Ind AS 116) 203 206 1,000 Cash & Bank balance 1,565 1,993 452 Trade Receivables (Net)4 434 546 84 Inventories 104 98 2 Investments (524) 8,932 Net Current & Non-Current Assets/ (Liabilities) 5 Total Assets 2 2 (789) (955) 9,430 9,907 1. The intra-network dues and intangible assets on account of medical services agreements with PHFS are eliminated and fair value of assets & liabilities of PHFs (as on June 1, 2020) are recognised, with balance reflected under Goodwill 2. Represents fair value of long-term liabilities towards fees / revenue share payable to Trust / Societies over the remaining contract period ranging from 20 to 82 years 3. Put Option Liability at the end of Sep. 2023 is for the purchase of balance stake (40%) in Eqova Healthcare Pvt. Ltd. 4. Represents DSO of 61 days. Increase is attributed to growth in revenue from insurance and institutional patients 5. Mainly represents tax refunds receivable, capital advances, provisions for retiral benefits and unfavorable lease liability recognized, PPA, dividend payable to MHIL shareholders and includes Trade payable of INR 792 Cr at the end of Sep 2023 compared to INR 719 Cr at the end of Mar 2023 and INR 661 Cr at the end of Sep 2022 28#29MAX Notes to Network Consolidated Financials Healthcare 1. Max Healthcare Institute Limited ("MHIL"), its subsidiaries and deemed separate entities (i.e. silos for managed healthcare facilities) constitute MHIL Group under IND AS 110. MHIL Group also has long term contracts with certain societies, who own and operate hospitals and act in concert with other Max Hospitals to provide high end medical care to the communities. MHIL Group carries significant financial exposure and control medical operations of these hospitals through Hospital Management Committee structure or otherwise. These hospitals are treated as Partner Healthcare Facilities ("PHF") and form part of Max Network of Hospitals. Given the financial exposure and operating model, it is considered appropriate by MHIL management to disclose the financial performance of the Network Hospitals as a whole, by way of a certified memorandum consolidation of financial results of operations of MHIL, its subsidiaries, managed healthcare facilities and PHFS (all these entities combined together are referred as "Network"), which have been subjected to review by their statutory auditors. 2. The Consolidated financial information contained in this presentation is thus different from that of the MHIL Group since the financials of Partner Healthcare Facilities (PHFS) are also included. The information is drawn up based on the management consolidation of the unaudited financials of the Company, its subsidiaries, managed healthcare facilities and those of the PHFS (prepared under IGAAP), duly adjusted for intra-network eliminations and IND AS related adjustments. The Consolidated financial information post IND AS adjustments, is certified by an independent firm of chartered accountants. 3. Healthcare undertaking of Radiant Life Care Private Limited ("Radiant") and residual business of erstwhile Max India Limited merged into Max Healthcare Institute Limited ("MHIL" or "the Company") through a NCLT approved Composite Scheme of Amalgamation and Arrangement on June 1, 2020. The Group, while accounting for the Business Combination in June 2020 has carried out a fair valuation exercise, whereby the assets and liabilities of the acquired entity (i.e. MHIL) & its subsidiaries and effects thereof were captured in the financials of the Company. The fair valuation exercise has led to an increase in the tangible and intangible assets of the Network by INR 3,662 Cr, which includes INR 252 Cr towards the Partner Healthcare Facilities. Further, the Company acquired a step-down subsidiary during Q2 FY22 and the purchase price allocation ("PPA") of this acquisition led to incremental change in tangible and intangible assets by INR 107 Cr beyond the investment value. 4. The Profit & Loss statement in the earnings update is prepared after line-by-line consolidation of the financials of MHIL, its subsidiaries, deemed separate entities/silos and PHFS, after eliminating intra Network transactions, in an investor friendly format. 5. In order to better explain the financial results, the exceptional items and material items which don't truly represent the operating income/expenditure and are non-cash in nature have been identified and reported separately, to reflect the Operating EBITDA performance of the Network. The numbers are regrouped to meet industry specific information requirement of investors. Further, the Profit after tax includes the impact of change in other comprehensive income and thus reflects Total Comprehensive income for the period. 29#30MAX Healthcare Thank you 30#31MAX Healthcare Appendix 1. ESG & CSR Updates 2. Network Structure, IT & HR 31#32MAX Healthcare Appendix 1 ESG Highlights CSR Initiatives 32#33MAX ESG Highlights Healthcare Environment 33.3% share of renewable energy in total energy mix ISO 14001 certification received for eight hospitals 39% water recycled out of total water consumption in FY 2023, up from 35.9% in FY 2022 > 50% of our waste being disposed through authorized recyclers Water consumption decreased to 0.98 kilolitres per bed in FY 2023 from 1.08 kilolitres per bed in FY 2022 100% water neutrality goal by 2025 Social • • • Employees 49% women employees 9.95 lakh hours of upskilling programmes Certified Great Place to Work® by Great Place to Work institute Patients 363K needy patients treated free in FY 2023 • USD 25 Mn worth of free medical treatment to the underprivileged • Introduced 'MaxCel' platform that aids in comparison of clinical outcomes to enhance patient care • Community Nutrition support to ~2,300 TB patients for better recovery • ~3,600 physical outreach OPDS in upcountry More than 6,000 community engagement activities conducted Governance Implementing policies benchmarked against global best practices Ensuring diversity in the boardroom Five out of eight directors on the board are independent including one woman director Risk management with a framework that identifies, analyses and mitigates potential threats Instilling ethical conduct by sustaining a culture of accountability 33#34MAX CSR Initiatives Healthcare Initiatives undertaken on Education MAX Healthcare nir Lutan b. F $5560 CMD and DG Delhi Prisons inaugurating the Max Skill Training for Sustainable Livelihoods at Tihar Jail 1,200 Delhi prison inmates to get skills training New Delhi: Around 1.200 in mates in Delhi Prisons will get hospitality sector-related skill training to start a new life post-incarceration, offi cials said on Friday have been forgotten by the country offering them a chance to live and work with dignity and respect," Direc for General (Prisons) Sanjay Baniwal said. de and The programme signed to reform rehabilitate, targets 1,200 uni dertrial inmatos in jail for therapy to reduce recidi vism, they said. The National Skill Quali neation Framework (NSQF Level 4 training programme has 340 hours of coursework. Delhi Prisons has joined hands with Max Healthcare for the project. Raniwal said if individu als are empowered to gener ate income, they won't go back to ond chan safeguard to ease t the DG sa व्यवसायिक प्रशिक्षण से कैदियों के जीवन में नए 'प्रारंभ' की कोशिश managing dut be Healthcare f able the ductive its CSR mitted to differene 5 बरक commun Sill Train Pens to Su educatior ing." he sa घरको बनने में हो और जोहो लिए। 100 इससे मेक जिन पर जेल से गए 55 कैदी इसके लिए अपने स्तर पर कर रहे की केद उस किसे उसके बेटे के स्वर हो अपने उपरो पर 1.00 की नई विशेष अलाम से ही है। आमतौर पर कमरे से केर की एक खास अति किसके है। Press coverage in Times of India & Dainik Jagran बिजनेस Inauguration of Max Skill T A CSR Initiative ng Program re TOP 10 10 तिहाड़ में स्किल डेवलेपमेंट प्रोग्राम की पहल किसी के जज्बे को सलाम, बहादुरी, संकल्प शक्ति ने नया जीवन दिया, मानवता और टीम वर्क की अद्भूत ि Media coverage on Aaj Tak news channel Focus areas for CSR: Education and Water Sustainability I. Max Healthcare Scholarships Address the gap of trained healthcare professionals by enabling meritorious students from financially disadvantaged sections of society fulfil their aspirations of a career in medicine Education II. Skill Training for Sustainable Livelihood Max Healthcare Skill Training being conducted at Tihar Jail is considered India's largest and 1st ever instance of a corporate sector partnership for correctional reforms in India. Under this initiative, 1200 undertrials are learning new skills to forge a new future for themselves upon release and re-integrate into society. Water Sustainability III. Water Rejuvenation Construction of water recharge structures e.g. ponds in the vicinity of our operations, in line with our stated ESG goal of water neutrality by FY25 34#35MAX Healthcare Appendix 2 Network structure IT Infrastructure HR Initiatives 35#36MAX Healthcare Network Holding Structure (as of February 12, 2024) Balaji Society (Max Patparganj) Valid till 2065 Max Shalimar Bagh Max Dehradun Max Panchsheel Immigration centre (Lajpat Nagar) Max Saket (West) SBUS (MIME, Max@Home) Immigration centre (Mohali) Max Healthcare Institute Limited (MHIL) Medical Service Agreement Devki Devi Society (Max Saket East, Onco Daycare Centre) Valid till 2064 100% 100% 100% 100% 100% 100% 100% Max Lab HBPL (Max Alps Hospital Ltd.# Limited Bathinda) (Max Mohali) (Max CRL (Max Vaishali) (Max Noida) Gurugram) Max Healthcare FZ-LLC (Dubai) MHC Global Healthcare Nigeria Ltd. Max Hospitals and Allied Services Ltd.# Shareholding: 60%, Option rights: 40% Eqova Healthcare Pvt. Ltd.^ 99.9% Alexis Multi- speciality Hospital Pvt. Ltd. 100% Medical Service Agreement O&M / Medical Service Agreement O&M / Medical Service Agreement O&M / Medical Service Agreement Medical Service Agreement ET Planners Pvt. Ltd. Gujarmal Modi Society (Max Smart) Valid till 2105 Medical Services contain specific specialities & pathology/radiology services, as may be the case Medical Service Agreement Vikrant Children's Foundation & Research Centre Valid till 2111 Owned Partner Healthcare Facilities Managed Healthcare Facilities # The Boards of Alps Hospitals Ltd. and Max Hospitals and Allied Services Ltd. have approved a scheme of amalgamation of the two entities and the same is yet to be approved by Hon'ble NCLT, Mumbai Bench | Saket City Hospital Ltd., a WOS is under voluntary liquidation and its business undertaking has been distributed by the liquidator on Aug 31, 2022 to MHIL | ^ MHIL holds & has exercised the right to appoint majority directors in Eqova Healthcare | MHIL - Max Healthcare Institute Limited; CRL - Crosslay Remedies Limited; HBPL - Hometrail Buildtech Private Limited | Validity includes extensions available under the contract 36 BLK-Max Hospital Valid till 2054 Max Hospital Dwarka Valid till 2082 Nanavati Max Hospital Valid till 2043 Nirogi Charitable & Medical Research Trust Valid till 2112#37MAX Healthcare Our Digital Backbone Modernization of IT infra ■ Modernisation of Core HIS, EMR and other apps ■ Implementation of SDWAN for better user experience and cost optimization ■ Enhancement of BCP for improved RPO/RTO ■ Cloud journey started with Data Lake, Patient Mobile App, Doctor App Adoption of best-in-class Alternative Payment Model (APM) T0 01 00 02 Cyber Security ■ Implementation of robust cyber security framework incl. EDR, SOC, WAF, etc., along with cyber insurance coverage ■ ISO 27001 underway with revamp of policies ■ Digital Personal Data Protection Act 2023 implementation underway ■ Network segmentation and adoption of Cyber Resilience program in progress ■ Augmentation of in-house SOC team 04 50 D Digitization & Al ■ Multiple Al projects running in radiology (Qure Al, Predible's LungIQ, Zebra's, etc.) + few pilot projects for disease prediction ■ Use of Low Code tech for faster delivery - 40 apps developed till date, more in pipeline ■ Gen Al, LLM being evaluated for case summarization, speech-to-text, etc. ■ IoT being leveraged for optimizing patient workflows such as porter mgmt., PHP, ambulance, etc. 03 Data Analytics ■ Comprehensive data lake developed for use in analytics and clinical research ■ Enhancement of analytics platform for Predictive Analysis ■ Command Centre under evaluation for enhanced patient safety and experience ■loT based continuous patient monitoring to be initiated for better clinical decision-making 37 32#38MAX Healthcare COMPASSION Our people help us to serve, to excel - EXCELLENCE EFFICIENCY CONSISTENCY ■ Travel tickets 'to and fro' home to our nurses once a year ■ 100% off on consultations for our employees and their immediate families ■ 1-4 weeks of leave for parents with adopted kids ■~1 Mn hours of upskilling programme through capability development initiatives Curated Functional Upskilling Programme for Excellence (FUPE) for functional expertise and Hospital Operations Programme for Excellence (HOPE) for aspiring leaders ■ Differentiated reward strategy for medical and non-medical staff to drive targeted outcomes ■ Internal Job Posting Policy to provide diversified career opportunities for employees Technology driven HR processes to enhance user experience and engagement ■ Received Great Place To Work certification for two consecutive years, through consistently prioritizing employee well-being and development ■ Notable increase in employee engagement scores from 72% to 79% IIM Ahmedabad & IIM Kashipur First of its kind Max Talent Development Programme curated by Premier B schools UMANG Pride - within our employee recognition platform, wherein 1 employee was rewarded every 41 mins 5,000+ apprentices upskilled in our hospitals under the guidance of Ministry of Skill Development 1 crore+ ESOPS approved under ESOP Scheme 2022 for non- medical as well as medical staff. Vesting b/w year 1 and 5, linked to individual & org. performance 27,000+ employee lives touched through medical benefits programme 38#39MAX List of Network Healthcare Facilities Healthcare Name Location Description Max Super Speciality Hospital, (West Block) Saket Max Super Speciality Hospital, (East Block) Saket Delhi Hospital Delhi Hospital Max Smart Super Speciality Hospital, Saket Delhi Hospital BLK-Max Super Speciality Hospital, Rajendra Place Delhi Hospital Nanavati Max Hospital, Mumbai Mumbai Hospital Max Hospital, Gurugram Gurugram Hospital Max Super Speciality Hospital, Patparganj Delhi Hospital Max Super Speciality Hospital, Vaishali Ghaziabad Hospital Max Super Speciality Hospital, Shalimar Bagh Delhi Hospital Max Super Speciality Hospital, Mohali Max Super Speciality Hospital, Bhatinda Max Super Speciality Hospital, Dehradun Mohali Hospital Bathinda Hospital Dehradun Hospital Max Multi Speciality Centre, Panchsheel Park Delhi Medical centre Max MedCentre, Lajpat Nagar (Immigration Department) Delhi Medical centre Max Institute of Cancer Care, Lajpat Nagar Delhi Medical centre Max Multi Speciality Centre, Noida Max MedCentre, Mohali Noida Medical centre Mohali Medical centre In addition to the above, there are 6 new upcoming Network facilities - one each in South Delhi (Saket Complex - Vikrant), East Delhi (Patparganj), North West Delhi (Dwarka), Gurugram (Sector 56), Lucknow (Gomti Nagar) and Nagpur (Mankapur) As on February 12, 2024 39#40Term MAX Definitions Healthcare Description ALOS ARPOB Cash from operations Contribution CTI EBITDA per bed Gross Revenue Indirect overheads Net Revenue OBD Operating EBITDA Greenfield / Brownfield expansion Average Length of Stay: discharged patients stay in the hospital, basis admission and discharge time Average Revenue per Occupied Bed; Gross revenue divided by the occupied bed days; excludes revenue from Covid-19 vaccination & related antibody tests and Max Lab operations Represents cash generated from operations after amount deployed for routine capex, finance cost and working capital changes relating to operations Net revenue minus material cost, F&B cost and salary/professional fess paid to clinicians credentialed for OPD consultations and IPD admissions Represents self pay, private insurance & international patient segments where hospital tariff is the basis for billing/ contract Operating EBITDA divided by occupied bed days, annualised. Excludes incremental EBITDA from Covid-19 vaccination & related antibody tests and Max Lab operations Amount billed to the patients/customers as per contracted/rack rates, as applicable, including the patients from the economically weaker section (EWS) on discharge basis; Also includes movement in unbilled revenue at the end of the period for patients admitted in the hospital on reporting date and other operating income such as SEIS income, EPCG income, unclaimed balances written back, etc. Major costs include - Personnel costs (excl. clinicians credentialed for OPD consultations and IPD admissions), hospital services, admin, provision for doubtful debts, advertisement and allied costs, power and utilities, repair and maintenance Gross revenue minus management discounts, amount billed to EWS patients, employee discounts, marketing discounts and allowance for deductions for expected credit loss Occupied Bed Days Contribution minus indirect overheads, excluding one-off expenses, extraordinary expenses and specific non-cash expenses (itemised separately) which are accrued due to IND AS requirements, but are not operating in nature; Greenfield expansion denotes capacity addition at a new hospital in a new location; Brownfield expansion implies bed addition at or within 1 km of existing, operational Max hospital 40#41MAX About Us Healthcare Max Healthcare Institute Limited (MHIL) is India's leading provider of healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. For further information, please visit www.maxhealthcare.in MHIL has major concentration in north India consisting of a network of 17 healthcare facilities. Out of the total network, eight hospitals and four medical centres are located in Delhi and the NCR and the others are located in the cities of Mumbai, Mohali, Bathinda and Dehradun. The Max network includes all the hospitals and medical centres owned, operated and managed by the Company and its subsidiaries, and partner healthcare facilities. These include state-of-the-art tertiary and quaternary care hospitals at Saket, Patparganj, Vaishali, Rajendra Place, and Shalimar Bagh in NCR Delhi and one each in Mumbai, Mohali, Bathinda and Dehradun, secondary care hospital in Gurgaon and Day Care Centres at Noida, Lajpat Nagar and Panchsheel Park in NCR Delhi and one in Mohali, Punjab. The hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab. In addition to its core hospital business, MHIL has two SBUS - Max@Home and MaxLab. Max@Home is a platform that provides health and wellness services at home and MaxLab offers diagnostic services to patients outside its network. Contact: Aakrati Porwal Max Healthcare Institute Ltd. Tel: +91 9920 409393 Email: [email protected] Anoop Poojari / Suraj Digawalekar CDR India Tel: +91 98330 90434/98211 94418 Email: [email protected], [email protected] 41