Investor Presentaiton

MAX Dominant presence in the most attractive markets (1/2) Healthcare Highest demand supply mismatch, per capita income and insurance penetration leading to Delhi and Mumbai having the highest ARPOB and most profitable hospital markets in India High demand-supply gap in Delhi NCR & Mumbai... ...leading to higher ARPOB 3.6 3.1 2.5 2.2 1.9 0.4 0.4 0.8 0.8 0.6 Quality beds (1) per '000 Population Total beds per '000 Population Delhi NCR Mumbai Chennai 50 45 46 42 33 ARPOB (INR '000) Bengaluru Hyderabad Higher proportion of beds in these cities positions MHC for industry leading ARPOB on an aggregate basis ARPOB (INR '000) 50 43 41 382 30 84% 72% 61% 54% % of operating beds in metro cities Max Healthcare 18% Fortis Apollo (Hospital Business) Hospitals Manipal Hospitals Aster Hospital India (Hospital Business) (1) High-end tertiary/quaternary beds | (2) Reported ARPOB for FY20 | Source: Kotak and E&Y analysis MHC has ~2,700 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 - Higher health awareness 6

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