Investor Presentaiton

1 MAX Healthcare Strong cash flow and balance sheet to fund future growth plans • Strong and growing cash flow generation • Strong revenue growth driven by increasing health insurance penetration, better patient mix, increasing ARPOB, growth in medical tourism and focus on tower specialties EBITDA growth faster than revenue growth driven by operating leverage • Q2 FY22 EBITDA grew by 12% QoQ, while revenue recorded 8% QoQ growth (excl. Covid-19 vaccination) Redeployment of funds to higher ROCE projects shall also generate incremental cash flows • Net debt of the company reduced from INR 1,989 Cr as on Sep 30, 2020 to INR 259 Cr as on September 30, 2021 Ability to leverage balance sheet • Predictable and growing free cash flow gives meaningful headroom to leverage balance sheet for growth - As on September 30, 2021, Net Debt / Operating EBITDA* stood at 0.2 Massive opportunity to invest incremental capital at attractive rates . of return *Rolling 12 months EBITDA Strong free cash flows and low debt provides adequate headroom to expand through brownfield, greenfield and M&A Leverage brand, network and clinical excellence to deploy capital at extremely attractive returns on capital employed - Q2 FY22 ROCE stood at 32.0% 15

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