Investor Presentation

September 2018 Senior management presenting

Prasanth Manghat CEO

Prashanth Shenoy CFO

Hani Buttikhi CIO

Asjad Yahya Investor Relations

2 Agenda

1 Overview of the business

2 Understanding the Saudi opportunity better

3 Transformational partnership with GOSI to form a new KSA healthcare champion

4 M&A: A vital part of the story

5 Financial outlook

6 A closer look at key assets

7 Appendix

3 NMC at a glance

Over 5.7 mn 1,919 100+ owned and managed facilities patients in 2017 licensed beds

2017 Group EBITDA: c. 2,000 doctors FTSE 100 company USD 353mn

2017 Group revenues: c. 18,000 staff c. £7bn market cap USD 1.6bn

20% Operations across Over 108,000

17 countries distribution SKUs 2017 RoAE

4 Five verticals built around centres of excellence

Est. 1975 c.109,000 SKU’s Est. 2012 Over 1,000 beds

Est. 2015

554 beds Long

Care CENTRE OF -

term term EXCELLENCE Cardiology

Est. 1975 1,259 beds

Est. 2015 106 beds & c.20k Cycles

5 Future growth driven by a well-defined strategy

NMC Health’s strategy is built on three key tenets

1 2 3

Capacity Build Capabilities Focus Geographic Expansion

2015 Strategy Update 2017 Strategy Update

Accelerate the establishment of Centres of Excellence in Addition of new verticals focused on highly key specialties within existing hospitals underserved segments in the UAE and wider GCC and further development of Centres of Excellence Increase participation in the growing UAE medical tourism industry and establish NMC as a destination of choice Expanding the healthcare business’ target market from the GCC to wider emerging markets Grow NMC’s medical speciality offering and clinic network within the UAE and maximising operational synergies Fertility to be developed as a global business taking Establish a strategic presence outside the UAE with advantage of substantial growth opportunities leading global medical institutions to enhance and expand technological know-how and medical expertise Rapid adoption and deployment of technological Increase NMC’s footprint in and the innovation via both organic initiatives and acquisitions broader GCC via organic initiatives and acquisitions

6 An expansive footprint: 100+ facilities across 17 countries

Sweden

Denmark Latvia UK Slovakia Italy Jordan Spain Kuwait Egypt Saudi Arabia Oman Yemen Colombia Kenya

Brazil

Key to facilities

Own and O & M

Own

O & M

7 Agenda

1 Overview of the business

2 Understanding the Saudi opportunity better

3 Transformational partnership with GOSI to form a new KSA healthcare champion

4 M&A: A vital part of the story

5 Financial outlook

6 A closer look at key assets

7 Appendix

8 Attractive demographics working in NMC’s favour

▪ 2% growth rate p.a., twice the global growth rate ▪ NMC has c. 1,200 licensed beds in UAE with a population base of 9-10mn. This implies potential for 3,000-4,000 beds in KSA on simple comparison 33m pop’n ▪ KSA faces an estimated shortage of 30,000 beds, requiring substantial investment

Considerable 30% of the Prominence demand for LT pop’n <19 yrs of lifestyle care beds disease

▪ Median age of 29 years ▪ Beds shortage in KSA estimated ▪ As with most GCC countries, ▪ Healthy outlook for various at 15,000 lifestyle disease is a major medical segments NMC focuses ▪ 30% of existing, overall beds in problem in KSA on: the system blocked by LT care ▪ Almost 70% of the population is ▪ Obstetrics and patients obese Gynaecology; Paediatrics; ▪ Geriatrics continues to expand ▪ 30% of the population is Fertility (IVF) and at a rapid 7-8% CAGR diabetic, or pre-diabetic Cosmetics

9 Continued roll-out of insurance coverage a significant potential catalyst

Expats Saudis 12.7 20.7

Private sector 44% Public sector 56%

Stats Gov Est. Q2 2018* population 33.4 m Expats Saudis Saudis Expats 10.2 5.0 15.7 2.5

Private Insurance Mandate Public Coverage (Addressable Market) 18.2 m 15.2 m Dependent of expats & illegal Retired Others Gov. Saudis Under insured residents 2.4 0.5 Employees 2.7 expats 0.9 0.4 Unemployed 1.2 Domestic Expats 0.8 Gov. Helpers¹ 8.2 Employees 2.1 Saudis 12.0 2.2

Insured end Q2 ‘18 Under/Uninsured Saudis Expats 10.9 m 4.3 m 15.7 m 2.5 m

Source: Stats.gov.sa, GOSI, Mol., CCHI, and Bupa Arabia estimates. * Doesn’t include recent deportation of illegal expats (1) Not under public coverage but also not under private insurance mandate 1010 Agenda

1 Overview of the business

2 Understanding the Saudi opportunity better

3 Transformational partnership with GOSI to form a new KSA healthcare champion

4 M&A: A vital part of the story

5 Financial outlook

6 A closer look at key assets

7 Appendix

1111 NMC and GOSI have entered a strategic partnership to create a new national healthcare champion in KSA

1 Formation of a new and unique national champion

2 #2 private healthcare operator in KSA by beds capacity

3 Strong platform with pan KSA presence

4 Wide ranging yet well defined investment mandate

5

Strong synergy potential to support sustainable value creation

1212 Formation of a new national champion

JV capitalization New structure

majority 1 > 51% < 49%

KSA Assets

New JV New JV

majority 38.9% 2 At SAR70 / share 38.9%

KSA Assets

JV to be capitalized through: ▪ NMC to fully consolidate the JV’s financials and retain 1▪ NMC to transfer its KSA assets operational, Board and management control

▪ Transaction remains subject to regulatory approvals and 2▪ GOSI/ Hassana to transfer their stake in CARE at due-diligence c.SAR70 per share

1313 Addition of CARE to the existing portfolio: substantial growth opportunity

Significant milestones achieved since inception which now includes 2 flagship hospitals

+10% 10% 1967 USD228m 2013-17 Rev. 2017 Net profit Year incorporated 2017 Revenue CAGR margin +7% 20% 2013 USD46m 2013-17 EBITDA 2017 EBITDA Year listed 2017 EBITDA CAGR margin 0.5x c. 3,000 USD667m USD380m Leverage (2017 Total staff Market cap.(1) Total assets Net Debt/EBITDA) RCH 330, CNH 1 2 1 495 Polyclinic Hospitals Mobile unit Number of beds

1967 1991 2015

Note: company information, Facstet. SAR to USD exchange rate: 0.2666 (1) As of 7 June, 2018 (closing share price: SAR55.8) 1414 Newly formed JV platform will be the second largest Saudi operator by bed capacity in KSA

A combination of NMC’s KSA assets and CARE would immediately create one of the largest private healthcare providers by beds capacity

Beds capacity and number of hospitals Strategic geographic positioning across KSA

(1) (1) c.1,850 10 Al Rashid Al Salam Hospital Medical Group KSA (2) 7 1,489 64 beds 100 beds

1,328 3 Ha’il Al Khobar Riyadh Care 1,020 (3) 6(2) Hospital As Salama 330 beds 998 (4) (3) Riyadh Hospital 2 Jeddah 140 beds 825 2 Chronic Care Najran National Care 788 5 220 beds Hospital Al Qadhi (2) 495 beds KSA 664 5 Specialty

140 beds # of beds capacity # of hospitals NMC’s hospitals CARE’s hospitals

Source: companies website, AlpenCapital GCC Healthcare industry report (March 2018) Notes: Market cap as of 6 June 2018 (1) Best estimate for the number of beds from publicly available sources which include the under construction Al-Habib Medical City, Al-Khobar Hospital and two hospitals in Jeddah (2) No of beds does not include announced Greenfield project in Al Khobar by NMC (3) Includes the under construction Mouwasat Hospital Al Khobar (220 beds) (4) Includes the expansion of Dallah Hospital Al-Nakheel by 150 beds and the development of Namar Hospital (400 beds) 1515 NMC is now in a position to replicate full continuum of care across Saudi Arabia

UAEUAE KSA

Establishing an integrated network across the full continuum of care

Tertiary

Highly specialised

Multi-specialty

Primary Care

1616 Agenda

1 Overview of the business

2 Understanding the Saudi opportunity better

3 Transformational partnership with GOSI to form a new KSA healthcare champion

4 M&A: A vital part of the story

5 Financial outlook

6 A closer look at key assets

7 Appendix

1717 Snapshot of key acquisitions

LTM EV/EBITDA multiples paid: recent acquisitions (>USD25mn) Price performance post-acquisition (+4 months)

NMC undisturbed LTM EV/EBITDA (pre-acquisition) 33.9x 14%

30%

23.2x 22.2x 22.5x 21.0x 16% 19.9x 19.9x

17.4x announcement closing closing price) announcement

- 36%

12.6x 12.9x 12.4x 11.1x 4% 10.2x 9.6x 8.5x

7.6x 14% Price movement movement (fromPrice pre 57%

Feb-15 Apr-15 Apr-15 Jun-15 Nov-15 Aug-16 Dec-16 Jan-18 +24% on average

Demonstrated discipline in identifying and executing Significant medium-term returns to NMC immediately accretive acquisitions shareholders from integration of acquisitions

18 Source: NMC, S&P Capital IQ 18 Case study: Leveraging the long-term care acquisition

▪ Fully acquired ProVita in June 2015 for a total consideration of US$ 161m Evolution of long-term care beds ▪ 90 beds at time of acquisition No. of long-term care beds added to NMC network ▪ Added 35 beds organically Total beds 90 120 146 286 303 523 528 554 ▪ Cross-asset pollination: ▪ Added 52 and 17 LT care Royal beds in NMC Royal and Al Hospital Zahra, respectively Organic additions expansion ▪ Dual benefit of enhancing Chronic Care +26 service offering and +220 +5 improving margin profile

▪ Entered the Saudi market by Al Zahra As-Salama additions targeting the highly under-served LT- additions care segment +17 +140 ▪ This route would not have Royal Hospital Organic been possible without the No. of LT care additions expansion ProVita license and expertise beds at acquisition +26 +30 ▪ Increase in number of beds from 90 90 to 554 done at an incremental cost of only c. US$ 40m

H2 2015 H1 2016 H1 2017 H2 2017

19 Source: NMC, S&P Capital IQ 19 Agenda

1 Overview of the business

2 Understanding the Saudi opportunity better

3 Transformational partnership with GOSI to form a new KSA healthcare champion

4 M&A: A vital part of the story

5 Financial outlook

6 A closer look at key assets

7 Appendix

2020 NMC’s strategy has delivered consistent long-term revenue and EBITDA growth

Revenue (US$m)

Growth 14.0% 14.8% 10.5% 12.4% 16.9% 36.8% 38.6% 31.3%

1,603 CAGR FY09-17: 21.4% 1,221

881 644 551 444 490 339 387

2009 2010 2011 2012 2013 2014 2015 2016 2017

EBITDA (US$m)

Growth 34.3% 25.0% 12.9% 16.7% 10.3% 46.7% 63.7% 44%

Margin 12.4% 14.6% 15.9% 16.2% 16.9% 15.9% 17.1% 20.2% 22.0%

353 CAGR FY09-17: 30.5% 246

150 93 103 71 80 42 56

2009 2010 2011 2012 2013 2014 2015 2016 2017

2121 Solid growth momentum seen in 2017 to continue in 2018

2017 results overview Key figures

Revenue US$m and annual growth ▪ FY 2017 revenue reached US$ 1.6bn, up 31.3% YoY 1,800 50% 38.6% ▪ Healthcare business accounted for 70% of Group revenues 1,500 40% and 87% of Group EBITDA for the year 1,200 36.8% 30% 900 31.3% 20% ▪ EBITDA increased by 43.6% to US$ 353.4m 600

300 10% 880.9 1,220.8 1,603.4 ▪ EBITDA margin reached 22.0%, increase of 180bps YoY 0 0% 2015 2016 2017

▪ Adjusted net profit reached US$ 236.6m, up 43.2% YoY Revenue Growth

2018 outlook EBITDA US$m and margin 400 25% 20.2% ▪ 2018E guidance: 20% 300 22.0% ▪ 22% YoY revenue growth 17.1% 15% ▪ EBITDA of around US$ 465m 200 10%

100 ▪ Strong cash conversion cycle sustained 5% ▪ 79% of EBITDA converted into cash flow from 150.3 246.1 353.4 operations in 2017 0 0% 2015 2016 2017

▪ Net debt-to-EBITDA projected at 2.7x at end-2018 EBITDA Margin

2222 Strong growth built within the system

Earnings uptrend to continue Capex already incurred for upcoming beds*

1,675

1,956 1,365 1,603

1,221 679 537 465 353 246

2016 2017 2018E 2015 2016 2017 2018E Revenues (US$mn) EBITDA (US$mn) Operational beds *: additional 210 beds under construction in KSA Breakup of operational beds (2018E) 25% EBITDA margin sustainable over long term

25%

22% Beds in ramp-up phase, 47% Mature beds, 53%

2017 2 0 2 0 / 2 0 2 1

Group EBITDA margin

2323 Agenda

1 Overview of the business

2 Understanding the Saudi opportunity better

3 Transformational partnership with GOSI to form a new KSA healthcare champion

4 M&A: A vital part of the story

5 Financial outlook

6 A closer look at key assets

7 Appendix

2424 Multispecialty Vertical: The foundation of the healthcare business

Abu Dhabi Specialty: The original healthcare facility

▪ Established in 1975 as a small pharmacy, with a clinic added in 1976 ▪ 127-bed facility in the heart of island ▪ One of the largest top and bottom line contributors for NMC: ▪ 2017 revenues of over US$ 130m, serving over 1m patients p.a.

▪ Consistent EBITDA margin US$575m ▪ Sustaining 7-9% YoY revenue growth, despite maturity of the asset ▪ Increase in top line driven by: ▪ Annual price revisions ▪ Capacity expansions ▪ Introduction of more sophisticated specialisms

Al Ain Specialty: Key driver of intermediate growth

▪ Established in 2008, the facility is designed to cater to the greater concentration of Emiratis within ’s population ▪ 125 licensed beds, 115 currently operational ▪ Al Ain Specialty has sustained over 20% revenue CAGR since its opening in 2008 ▪ Al Ain Specialty’s top line growth is anticipated to moderate in the coming years, but the facility will remain one of the key drivers of NMC’s revenue and EBITDA growth over the near to medium term

2525 Multispecialty Vertical: assets primed to capitalize on mandatory insurance rollout

Dubai Specialty: Leveraging off mandatory insurance in Dubai

▪ 116-bed facility established in 2004 ▪ Positive impact of introduction of mandatory insurance in Dubai already visible in the form of improving patient footfall ▪ Witnessing double digit revenue and patient growth in past 3 years ▪ Given that the final phase of the mandatory insurance roll-out was completed in March 2017, a material improvement in operations is US$575m anticipated from 2018 onwards ▪ NMC owns the plot of land adjacent to Dubai Specialty Hospital, allowing for doubling of capacity if sufficient patient demand is generated

DIP Hospital: Catering to “New Dubai”

▪ Located in Dubai Investment Park, the 86-bed facility is the only hospital catering to a catchment of over 300,000 patients ▪ Only hospital in Southern Dubai with inpatient facilities ▪ Services offered include sophisticated specialisms such as: ▪ Cardiology ▪ Critical care medicine ▪ Neurology and ▪ Neonatology ▪ Similar to the case for Dubai Specialty, the DIP Hospital is anticipated to be a key beneficiary of the roll-out of mandatory insurance in Dubai 2626 Multispecialty Vertical: Major growth drivers of the future

Al Zahra Hospital: Completing the ‘hub & spoke’ model in Sharjah

▪ NMC announced the US$ 560m acquisition of Al Zahra Hospital in December 2016 ▪ Widely recognized as the highest quality private sector hospital in Sharjah, with over 35 years of operational experience ▪ Licensed capacity of 154 beds ▪ 17 long-term care beds introduced at the hospital; to be managed by US$575m ProVita ▪ Ability to increase total number of beds to 200 without significant capex ▪ Serves as a hub for NMC’s existing network of outpatient facilities in Sharjah that cater to 800,000 patients per annum ▪ Focus on under-utilized specialities, such as cardiology, expected to substantially improve revenue generation and margin profile

NMC Royal Hospital: Transformational impact on the healthcare portfolio

▪ Only private tertiary care hospital in UAE ▪ Licensed for 316 beds, with the potential to increase capacity to 400 beds ▪ Completed in late 2015, operational ramp-up progressing ahead of expectations ▪ EBITDA breakeven achieved in less than 18 months versus original guidance of 24 months ▪ A key beneficiary of the recent relaxation of regulations for Thiqa cardholders, with Emiratis constituting over 40% of the patient base ▪ Expected to be primary top and bottom line growth driver for NMC from 2019 onwards and likely to become largest contributor by 2022 2727 Multispecialty Vertical: Establishing a foothold in the lucrative Saudi market

Al Qadhi Specialty Hospital: Only private tertiary care facility in Najran

▪ Only tertiary care facility in Najran, serving a population of over 500k ▪ The transaction was sourced and completed by NMC’s own team ▪ Strong business relationship with the original owner translated into an attractive deal for NMC Health ▪ The facility recently signed a contract with the Saudi Arabian Society of Metabolic and Bariatric Surgery for referral of patients US$575m ▪ Bariatric surgery represents addition of a value-add service to the facility ▪ NMC’s team played an instrumental role in the introduction of this service, reflecting rapid integration with the acquired entity ▪ Land and building owned by previous owner ▪ Long-term lease signed ▪ Owner also owns adjacent land, allowing further expansion Al Rashid Hospital: First private hospital in Ha’il

▪ Established in 1991, Al Rashid was the first private hospital in Ha’il ▪ Serving a population of over 500k ▪ Benefits from a strong reputation and better geographic positioning than competitors ▪ Ha’il remains underserved in terms of healthcare services ▪ Al Rashid currently offers primary and secondary care services ▪ New specialities to be added following the acquisition ▪ Transaction completed at one of the lowest multiples paid by NMC to date ▪ Land and building acquired as part of the transaction, with empty 2828 adjacent land allowing further expansion Multispecialty Vertical: Greater focus on specialisms in larger cities in KSA

Al Salam Medical Group: Entry into the largest healthcare market in KSA

▪ Established in 1985, Al Salam Medical Group owns a 100-bed hospital and 2 polyclinics in Riyadh ▪ Served over 900k patients in 2016 ▪ Transaction completed at less than 7x 2018E EV/EBITDA multiple ▪ Hospital and clinics offer a range of specialties, including cardiology and paediatrics US$575m ▪ NMC to add a number of specialized services after the acquisition, including long-term care, cosmetics and IVF ▪ Availability of vacant land adjacent to existing facility offers opportunity for further growth

2929 Multispecialty Vertical: Building a leading position in the Omani private healthcare space

Atlas Healthcare: The first extension of vertical outside UAE

▪ Private healthcare sector still at a nascent stage in Oman ▪ With 102 beds, NMC’s facilities account for a 20% market share in the private healthcare space ▪ Mandatory healthcare insurance to be rolled out in Oman from 2018 ▪ Two facilities acquired from Atlas Healthcare, located in Ruwi and Ghubra, respectively US$575m ▪ Both facilities have been upgraded and rebranded ▪ Focus on expansion of medical staff (particularly doctors) and introduction of specialities to support improvement of operational performance

3030 Multispecialty Vertical: Reinforcing the cosmetics and aesthetics business

CosmeSurge: A leader in a high growth market segment

▪ Largest group of cosmetic surgeons, dermatologists and dentists in the GCC ▪ Enhances NMC’s cosmetic services portfolio ▪ Cosmetic and aesthetic services added to invasive cosmetic procedures and complex surgeries already offered by NMC ▪ Transaction completed at an attractive 2018E EV/EBITDA multiple of 10.6x US$575m ▪ NMC managing CosmeSurge since September 2017 under O&M contract, providing considerable insight into the business pre-acquisition ▪ Wide number of revenue and cost synergies identified prior to the transaction ▪ Key areas in this regard include: cross-referral of patients, reduced capex requirement from leveraging NMC’s existing capacity and cost sharing of support services related to HR, IT and procurement ▪ CosmeSurge associated with attractive 31% EBITDA margin, with potential for up to 400bps improvement on back of identified synergies

3131 Maternity & Fertility Vertical: Second largest IVF player in the world

Clinica Eugin: The start of the capability focused stage of growth strategy

▪ NMC acquired 86.4% stake in Clinica Eugin for EUR 143mn in February 2015 ▪ Ranked among top 3 fertility providers in Europe in terms of number of cycles ▪ Clinica Eugin is a leading IVF centre of excellence, with world leading technology and expertise US$575m ▪ Subsequent bolt-on acquisitions have expanded geographical and knowledge base of the company ▪ Operating in Spain, Brazil, Columbia, Italy, Denmark, Sweden, Latvia & Kenya ▪ Substantial knowledge transfer from Clinica Eugin to UAE, which is transforming the IVF landscape in the country Fakih IVF: The undisputed market leader in UAE

▪ Solidified foothold in UAE fertility market by acquiring 51% stake in Fakih IVF for US$ 189m in November 2015 ▪ Outstanding 49% minority acquired in 2018, with Fakih IVF now a wholly owned subsidiary of NMC ▪ Over 40% market share in UAE with more than 4,000 IVF cycles performed each year ▪ Aggressive expansion underway: ▪ First IVF clinic established in Oman in 2018 ▪ KSA represents a major growth market. Entry planned during 2018

3232 Maternity & Fertility Vertical: Targeting a highly underserved segment of the market

Brightpoint Royal Women’s Hospital: A first for the private sector in UAE

▪ First private mother and child hospital in Abu Dhabi ▪ The 106-bed facility opened in July 2014 with only outpatient services ▪ Inpatient services introduced in July 2015, starting with 60 operational beds ▪ Brightpoint has consistently exceeded internal expectations and achieved EBITDA breakeven earlier than original guidance provided by management US$575m ▪ Ability to cater to some of the most pronounced maternity-related complications ▪ Premature births at as early as 24 weeks have been successfully managed at NMC’s facilities

3333 Long-Term & Home Care Vertical: A vital component of NMC’s integrated healthcare offering

ProVita: Pioneer in UAE long-term care market

▪ NMC fully acquired ProVita in June 2015 for a total consideration of US$ 161m ▪ Only two long-term care providers currently operating in the UAE ▪ A highly underserved market, with the UAE government spending substantial amounts on Emirati patients in long-term care abroad ▪ 30 patients shifted from abroad to ProVita facilities already US$575m ▪ Number of beds increased from 90 at time of acquisition to 194 ▪ 52 LT care beds added at NMC Royal Hospital ▪ 17 LT care beds added at Al Zahra ▪ 86% bed occupancy as at end-2017

Chronic Care : Foray into the attractive Saudi market

▪ NMC entered the Saudi healthcare market in August 2016 through 1) acquisition of a 70% stake in Al Salama Hospital in Al Khobar and 2) investment in a start-up long-term care provider in Jeddah (Chronic Care) ▪ Chronic Care addresses the acute shortage of LT care beds in KSA ▪ Beds are made available to other healthcare operators on a “lease plus” model to de-clog their ICU beds ▪ Retention payments made for usage of beds in the Jeddah facility effectively remove receivables risk

3434 Aspen Healthcare: Adding value across multiple verticals

A key driver of NMC’s International Patient Centre

▪ Acquired 100% of Aspen Healthcare in 2018 at an Enterprise Value of GBP 10m, translating into 2018E EV/EBITDA of less than 2x

▪ Founded in 1998, Aspen Healthcare operates 9 facilities across the UK, including 4 in the Greater London region. ▪ 7th largest player in the UK independent hospital market, accounting US$575m for c. 2% market share ▪ With 223 beds, Aspen treats c. 350,000 patients per year

▪ Aspen offers strong expertise in Orthopaedics & Oncology, two of the most underserved medical segments in the GCC ▪ Orthopaedics & Oncology account for c. 50% of Aspen’s revenues ▪ Aspen’s team has won several awards for deployment of innovative medical treatments that can easily be adopted in the UAE

▪ Ideally positioned locations for introducing IVF services

▪ Significant opportunity for transferring knowledge across medical procedures and diagnostics to UAE in particular and GCC in general

▪ Acquisition of Aspen will also allow NMC to capture outbound medical tourists from the GCC, particularly for cases where adequate medical procedures are not available in the region ▪ NMC can offer significant cost savings for governments and individuals by offering pre and post care within its regional facilities 3535 Distribution: Exclusive tie-ups drive growth

A high RoE business

▪ Over 40 years of experience has helped transform NMC Trading into one of the top 3 distribution companies in the UAE ▪ Around 109,000 SKUs across several segments ▪ Exclusive wholesaler of mainly globally established and branded healthcare products and equipment ▪ Additional distribution agreements, addition of agencies, customer tie-ups US$575m and cost efficient operations contribute to driving performance ▪ Slower growth in the Distribution division, relative to the Healthcare business resulting in declining contribution to top and bottom line ▪ High single digit revenue growth expected to sustain ▪ EBITDA margin stable around 9-10% mark Segment contribution (2017)

Scientific Food 11.1% 14.2% Homecare 0.2%

Pharma FMCG 34.2% 35.3%

Veterinary Education 0.4% 4.6%

3636 A snapshot of the business segments

1. Healthcare – Reported 2017 revenues up 41%, EBITDA up 31% to US$ 355.4m Healthcare revenue US$m and YoY growth Healthcare EBITDA US$m and margin Patients (‘000) and YoY Growth EBITDA EBITDA margin 8,000 35% 1,500 Revenue Growth 80% 400 40% Total patients Growth

59.2% 29.3% 6,000 55.7% 60% 300 26.5% 30% 1,000 41.1% 30.6% 34.5% 200 20% 4,000 34.3% 34% 40% 33.5% 500 20% 100 10% 2,000 517.1 823.3 1,161.6 137.0 241.1 355.4 3,211 4,320 5,767 0 0% 0 0% 0 33% 2015 2016 2017 2015 2016 2017 2015 2016 2017 2. Distribution – 2017 Revenues up 13%, SKU’s at 108.9k and EBITDA margin at 10.6%

Distribution revenue US$m and YoY growth Distribution EBITDA US$m and margin Segment contribution 2017 Scientific Food EBITDA EBITDA margin 11.1% 600 Revenue Growth 20% 14.2% 60 Homecare 0.2% 50 11% 11.1% 16.1% 12.7% 15% 400 40 10.9% 9.8% 10.6% 10% 10% 30 Pharma FMCG 34.2% 200 20 35.3% 5% 9% 10 393.4 431.9 486.8 43.5 47.1 51.5 0 0% 0 8% Veterinary Education 2015 2016 2017 2015 2016 2017 0.4% 4.6% 3. Consolidated 2017 EBITDA at US$ 353.4m (+43.6% YoY), Net profit at US$ 209.2m (+38.2% YoY)1

Revenue US$m and annual growth EBITDA & Net profit US$m Net working capital as % of sales

Revenue Growth 400 353.4 1,800 50% EBITDA Net profit 35% 38.6% 1,500 40% 31.3% 300 246.1 1,200 36.8% 209.2 30% 30% 900 200 150.3 151.4 20% 600 85.8 25% 100 300 10% 880.9 1220.8 1,603.40 33.3% 29.5% 30.6% 0 0% 0 20% 2015 2016 2017 2015 2016 2017 2015 2016 2017 37 Source: NMC 2017 results presentation 37 1. 2015-2017 EBITDA corresponds to Profit from Operations before Depreciation, Amortisation, Impairment and Transaction Costs in the NMC annual reports Key healthcare segment statistics

Healthcare verticals dominate revenue stream NMC Royal largest hospital by bed capacity

Healthcare verticals continue to grow faster than Distribution (2017) 1,919 licensed beds 316 316 1,000 60%

50.6% 220 220

800 50%

156 156

140 140 140

127 127 125 125

40% 125

116 116

106 106 102 102

600 29.5% 100 86 86

30% 60 400 12.5% 20% 200 6.9% 0.5% 10% 833.6 486.8 205.8 113.8 8.4 0 0% Multispecialty Distribution Maternity & LT & O&M Fertility Homecare

Vertical revenues (US$mn) Share of revenues

Sharp increase in operating beds capacity Revenue/patient rising as complexity increases

1,600 120% 200 28% 30%

1,400 101% 100% 25% 20% 1,200 87% 150 80% 20% 1,000

800 60% 100 15%

600 26% 8% 40% 10% 400 50 20% 5% 200 537 679 1,365 137 176 190 - 0% 0 0% 2015 2016 2017 2015 2016 2017

Operational beds Growth Rev per pat Growth

3838 Agenda

1 Overview of the business

2 Understanding the Saudi opportunity better

3 Transformational partnership with GOSI to form a new KSA healthcare champion

4 M&A: A vital part of the story

5 Financial outlook

6 A closer look at key assets

7 Appendix

3939 Attractive dynamics in the UAE healthcare market

1. Strong Macro Indicators – ratings agencies estimate UAE GDP growth in 2017e of ~2.3% High historic population growth1 High GDP per Capita2 (US$ ‘000) UAE est. population by Emirate3 (‘m) 4.2% NMC focus 3.5% 66 4.10 3.33 2.4% 52 World Average: 1.2% 46 42 41 1.5% 36 1.53 1.0% 21 0.8% 17 0.95 0.3% 0.67 0.38 0.19

UAE GCC Africa Oceania Asia Americas Europe Qatar US Germany UK UAE Kuwait KSA Oman AD Dubai Sharjah RAK Fujairah UAQ

Source: (1) IHS Connect data, 2008-15 population growth CAGR. (2) As at 2016, Oxford Economics, GDP per capital, real US$, constant prices (3) Latest statistics based on Dubai Statistics Center Dubai Statistics Center, Dubai Courts Department, Dubai Health Authority and Global Media Insight 2. Growing demand, spending and lagging capacity Healthcare expenditure per capita4 (US$) Beds/GDP per capita5 ('000) Medical staff/1,000 population6 7 8.9 Physicians Nurses 6 France Germany 10,203 OECD Avg. 5 4 Lebanon KSA 3.3 3.6 4,722 3 Bahrain 3.0 2.9 UK US 2.3 3,312 2 1.9 1,956 1,737 Egypt Kuwait 1.5 1.4 1,388 Oman 0.9 1,066 1 UAE 0 US Germany UK Qatar UAE Kuwait KSA 0 10 20 30 40 50 60 OECD UAE Dubai AD NE Source: (4) WHO, BMI as at 2016. (5) As at 2015, GDP per capita sourced from government offices of statistics or central banks; (6) Latest statistics from WHO, BMI HAAD 3. Mandatory healthcare insurance: Abu Dhabi in 2007, Dubai started in 2014 and Sharjah is expected to be next Abu Dhabi Est. % of population covered AD insurance categories7 UAE population

95% 19% 4.1m Basic 3.3m 50% 45% Enhanced 2.5m Mostly Mostly 36% Mostly Thiqa insured insured uninsured 2006 - Pre 2014 - Post Abu Dhabi Dubai Northern Source: EIU, Booz & Co, IMF, HAAD, DHA, MOH, UAE Stats; (7) Abu Dhabi insurance categories based on 2016 HAAD payer members split Emirates 4040 Life-style diseases a major problem in UAE

High incidence of life-style related diseases Over 70% deaths due to non-communicable disease*

▪ Non-communicable diseases responsible for largest number of deaths among individuals below the age of 70 years in UAE ▪ Key concerns include cardiovascular, diabetes, cancer and obesity

▪ WHO estimates 20% of UAE population has diabetes and another 18% is at risk

Source: WHO *: for population under 70 years of age

▪ High genetic disorder incidence in UAE due to interfamily High prevalence of physical inactivity* marriages ▪ WHO estimates that, in 2012, average neo-natal mortality rate was 5, while average mortality rate of babies under 5 years of age was 8

Source: WHO 4141 *: for population under 70 years of age UAE has a weight problem

Over 60% of UAE male population is overweight … as is the case for female population

Over 20% of UAE male population is obese… … while over 30% of female population is obese

4242 Source: WHO