Proposed acquisition of the Al Zahra Hospital in Sharjah

December, 2016 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Important notice

R = 000 R = 236

G = 129 G = 034 THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, ITS TERRITORIES OR POSSESSIONS, OR TO ANY RESIDENT THEREOF (OTHER THAN TO QUALIFIED INSTITUTIONAL BUYERS (“QIBS”) WITHIN THE MEANING OF RULE 144A UNDER THE US B = 179 B = 045 SECURITIES ACT (AS DEFINED BELOW)), AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. By attending the meeting where this confidential management presentation is made, or by reading this presentation or by accepting delivery of this presentation, you agree to be bound by the following limitations. This presentation has been prepared by NMC Health plc (the “Company”) and comprises the slides for a presentation concerning the proposed acquisition of the entire share capital of Al Zahra (Pvt.) Hospital Company Limited (the “Target”), and certain land and buildings currently used by the Al Zahra Hospital, from Gulf Medical Projects Company(“GMPC”)(the “Acquisition”). R = 000 This presentation is not an offer of securities for sale in the United States. The securities to which these materials relate have not been and are not intended to be registered under the US Securities Act of 1933, as amended (the G = 143 “Securities Act”) and may not be offered or sold in the United States absent registration except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. Subject to certain exceptions, neither this presentation nor any part or copy of it neither this presentation nor any copy of it in whole or in part may be taken or transmitted into the United States (other than to QIBs), Australia, Canada, Japan or South B = 198 Africa or provided to any securities analyst or other person in any of those jurisdictions. 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No representation or warranty, express or implied, is made or given by or on behalf of the Company, its affiliates, their respective directors, officers, employees or agents or by or on behalf of any of HSBC Bank plc, J.P. Morgan Securities plc (which conducts its UK investment banking activities under the marketing name J.P. Morgan Cazenove), Standard Chartered Bank DIFC or any of their respective affiliates, directors, officers, employees or agents R = 159 (collectively, the “Banks”) as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally. None of the Company, the Banks or any of their respective affiliates, members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in G = 198 connection therewith. B = 231 Each of the Banks will not regard any person (whether or not a recipient of this presentation) other than the Company as a client in relation to the sale of shares of the Company and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for providing advice to any such other person. Any prospective purchaser of the shares in the Company is recommended to seek its own independent financial advice. The information in this presentation includes forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements, as well as those included in any other material discussed at any presentation, are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its R = 190 operating industry, and future capital expenditures. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, G = 214 synergies, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, synergies, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. No one undertakes to publicly update or revise any B = 237 such forward-looking statement, whether as a result of new information, future events or otherwise. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice. In giving this presentation, neither the Company nor its advisers and/or agents or any person acting on behalf of any of them undertakes any obligation to update this presentation or to correct any inaccuracies in any such information which may become apparent.

2

R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Today’s presenters

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045 Prasanth Manghat – Deputy Chief Executive Officer . Deputy CEO since January 2015 R = 000 G = 143 . 20 years of experience including 12 years at NMC-related businesses with 5 years as Chief B = 198 Financial Officer of NMC Health

R = 000 G = 157 B = 217 Suresh Krishnamoorthy – Chief Financial Officer

R = 115 . Joined NMC in December 2000 and became Deputy CFO in 2014 and as of January 2015 CFO G = 179 . 16 years of accounting and audit experience B = 223

R = 159 G = 198 B = 231 Roy Cherry – Head of Strategy & IR . Joined NMC in 2013 R = 190 G = 214 . 13 years of experience in financial services and healthcare B = 237

3 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 NMC continues to deliver on its strategy

R = 000 R = 236 Current trading: G = 129 G = 034 B = 179 B = 045 . NMC continues to deliver strong growth and high margins . Positive trading since the 2016 interim results with continued momentum across the group driven by strong operational performance from existing and newly opened facilities R = 000 G = 143 . NMC Royal Hospital continued strong growth in volumes and performing ahead of management’s expectations B = 198 . Robust ramp up in both outpatient and inpatient numbers at Brightpoint Hospital driven by increased demand for complex procedures R = 000 G = 157 . NMC reiterates Group EBITDA guidance for 2016 of around US$240 million B = 217 NMC continues to execute Stage 2 of its strategy:

. Stage 1 organic capacity growth strategy complete: 4 UAE healthcare assets adding 410 licensed beds R = 115 G = 179 . Stage 2 inorganic capabilities focus beginning 2015: Shift in focus from capacity to capabilities with selective strategic B = 223 acquisitions . Seven acquisitions completed since early 2015: all value-enhancing and successfully integrated (August 2016 Saudi R = 159 Arabian acquisitions still under integration). Meaningfully expanded NMC’s capabilities into higher medical complexity G = 198 and have grown geographical reach and diversification B = 231 . In line with Stage 2 of NMC’s Healthcare strategy, the Board today announces the acquisition of the Al Zahra Hospital, an established hospital in the Sharjah emirate, located nearby NMC’s existing medical centre network in the region

R = 190 . The Al Zahra Hospital is a multispecialty general hospital with 137 active inpatient beds, current capacity of 154 G = 214 beds and ability to expand to c.200 beds; c.400,000 outpatients p.a. and c.23,000 inpatients bed days p.a. B = 237 . The Al Zahra Hospital generated revenues of US$130m, EBITDA1 of US$44m in 2015, with an EBITDA margin of 33%

4 1. EBITDA corresponds to Profit from operations before depreciation in the Al Zahra Hospital Historical Financial Information R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Compelling strategic acquisition in line with our current strategy

R = 000 R = 236 Acquisition overview G = 129 G = 034 B = 179 B = 045 . Proposed acquisition of the Al Zahra Hospital for approximately US$560 million from Gulf Medical Projects Company (“GMPC”) . Acquisition includes certain land and buildings used by the hospital R = 000 G = 143 . Highly compelling transaction rationale B = 198 .1 One of the largest private hospitals in Sharjah and the UAE, which would be difficult to replicate and considerably expands NMC’s capacity in the region R = 000 .2 Unique opportunity to increase NMC’s presence in the attractive Sharjah healthcare market G = 157 B = 217 .3 Significant operating and synergistic benefits with initial cost synergy benefits of US$6.5m p.a. identified (65% to be realised in the first 12 months after completion and 100% from year 2 onwards)

4 R = 115 . Robust operational and financial track record demonstrating consistent growth and strong margins G = 179 . Acquisition expected to be earnings enhancing for NMC shareholders in the first full year after completion B = 223 . Irrevocable undertakings to vote received from NMC’s major shareholders and expected to be received from GMPC’s major shareholders R = 159 G = 198 Proposed financing B = 231 . Transaction to be funded by way of new debt facilities and equity placing of up to 9.99% of issued capital . New loan facilities of US$1.4 billion entered into for the existing US$825 million facility and to fund the R = 190 Acquisition consideration G = 214 B = 237 . Equity placing to part fund the Acquisition and replace part of the new loan facilities . NMC’s three largest shareholders who control c.62% of the issued capital to participate up to the lesser of each of their pro-rata contribution or US$170 million, in aggregate between them 5 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Transaction timetable

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045

Transaction announcement 14 December 2016 R = 000 G = 143 B = 198 Posting of circular and notice of GM 14 December 2016

R = 000 G = 157 Announcement of equity placing and bookbuild 14 December 2016 B = 217

Settlement of equity placing (T+2) 16 December 2016 R = 115 G = 179 B = 223 NMC general meeting 29 December 2016

R = 159 G = 198 GMPC general meeting 2 January 2017 B = 231

Expected transaction completion Q1 2017 R = 190 G = 214 B = 237

6 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Agenda

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045

R = 000 G = 143 B = 198 1 Overview of the Al Zahra Hospital and Transaction Rationale

R = 000 G = 157 B = 217 2 Key Terms of the Acquisition

R = 115 G = 179 B = 223

R = 159 G = 198 B = 231

R = 190 G = 214 B = 237

7 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Overview of the Al Zahra Hospital

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045

R = 000 G = 143 B = 198

R = 000 G = 157 B = 217

R = 115 G = 179 B = 223

R = 159 G = 198 B = 231

R = 190 G = 214 B = 237

8 R = 000 R = 122 G = 110 G = 140 The Al Zahra Hospital is one of the first and one of the largest private B = 155 B = 147 hospitals in the UAE

R = 000 R = 236 G = 129 G = 034 Key business information B = 179 B = 045 Overview No. of patients p.a. – Average total bed . One of the first private general hospital in the UAE, established in 1981 Sharjah (‘000) occupancy – 2015 . One of the largest private hospitals in Sharjah and the UAE R = 000 800 75% . Full service multi-speciality hospital with 137 active beds, current capacity of 154 inpatient beds and G = 143 ability to expand to c.200 beds with limited additional investment required B = 198 65% . Scope to increase occupancy from c.65% in 2015 through increased utilisation (NMC 2015: c.75%) US$575m 1 . 2015 Revenues of US$130m and EBITDA of US$44m 400 R = 000 . Both inpatient and outpatient services to the highest standards G = 157 . Strong insurance relationships in Sharjah (c.85% of outpatients) B = 217 . Located on a freehold site of c.80,000 square feet including c.502,000 square feet of floor space . c.1,270 employees including 170 physicians (of which 50 are consultants), mix of Middle-East and Western-trained doctors Al Zahra NMC Al Zahra NMC R = 115 Compelling transaction rationale for NMC shareholders G = 179 B = 223 1 Capabilities 2 Market 3 Synergies 4 Financials One of the largest private hospitals Unique opportunity to increase Significant operational and Strong operational and financial in the UAE representing a scarce NMC’s presence in the attractive synergistic benefits arising from track record demonstrating asset which would be difficult to R = 159 Sharjah healthcare market the acquisition consistent growth replicate G = 198 B = 231 . Second largest hospital by bed . Third most populous emirate – . US$6.5m of identified cost . Growth driven by increased capacity within NMC’s network 1.4m population synergy benefits, 65% realised in utilisation rates and favourable . Increases NMC’s multi-specialty . Increasing demand for complex year 1 and 100% from year 2 insurance regimes onwards R = 190 licensed beds by 24% to 783 offerings . 9% Revenue CAGR 2013-15 . Multiple tangible avenues to G = 214 . Total licensed bed capacity . Low % of population insured, with . 5% EBITDA CAGR 2013-15 increases to 1,289 mandatory coverage potential realise incremental synergies B = 237 and cost savings over medium . Highly profitable business with . Reinforces NMC’s position as a . Creates hub and spoke model in term EBITDA margin of 33% in 2015 leading private healthcare Sharjah with existing NMC operator in the UAE and GCC medical centre network

9 1. EBITDA corresponds to Profit from operations before depreciation in the Al Zahra Hospital Historical Financial Information 9 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 1 One of the largest private hospitals in the UAE, difficult to replicate

R = 000 R = 236 G = 129 G = 034 Substantial regional capabilities added NMC’s largest sites by current licensed bed capacity2 B = 179 B = 045 . One of the largest private hospitals in Sharjah and the UAE Greenfield construction of a similar hospital 2503 would take a number of years and R = 000 significant investment G = 143 . Full service multi-speciality hospital with 137 active B = 198 inpatient beds, a current capacity of 154 beds and ability to expand to approximately 200 beds with limited 2004 additional investment required R = 000 . Serving approximately 400,000 outpatients and G = 157 approximately 23,000 inpatient bed days per year 140 B = 217 154 1205 120 115 115 115 . Significant investment over the past two years with the 100 addition of a new 17 storey block at a cost of AED 122 R = 115 million (US$33 million)1 G = 179 60 B = 223 . Seven recently refurbished operating theatres

. State-of-the-art facilities including leading medical R = 159 imaging and laboratory divisions with well invested equipment (including Philips Cath Lab system and G = 198

Siemens Gamma camera) DIP

B = 231

Provita

Jeddah Brightpoint

. Further scope for expansion identified Salama As

Dubai Specialty Dubai Al Ain Speciality Ain Al

R = 190 Sharjah Zahra Al NMC Royal Hospital Royal NMC G = 214 Specialty Dhabi Abu Owned or operated by NMC Al Zahra Hospital B = 237

1. AED 122 million reflects investment in the building only 2. Total licensed bed capacity across all regions of 1,135 beds, increasing to 1,289 beds post the Acquisition 3. The Directors believe that NMC Royal Hospital has the potential to expand its capacity to 500 beds with moderate capital expenditure, in line with the announcement on the 8 March 2016 1010 4. The Directors believe that the Al Zahra Hospital has the ability to expand its capacity to 200 beds with limited incremental investment required 5. The Directors believe that the Jeddah facility has the ability to expand its capacity to 220 beds with limited incremental investment required R = 000 R = 122 G = 110 G = 140 Unique opportunity to accelerate NMC’s growth in the growing 2 B = 155 B = 147 Sharjah healthcare market

R = 000 R = 236 G = 129 G = 034 Strong fundamentals underpinning Sharjah healthcare market Hospital will create a hub and spoke model in Sharjah B = 179 B = 045 . Sharjah is the third most populous emirate in the UAE . NMC acquired the Dr Sunny Medical Centre chain in with a population of 1.4 million 2015 comprising six medical centres and three R = 000 pharmacies in Sharjah, complementing NMC’s existing G = 143 . Developing healthcare system with patients increasingly medical centre in Sharjah seeking more complex offerings B = 198 . NMC’s seven medical centres provide substantial scope . Lack of mandatory insurance in Sharjah means low % of population insured to increase footfall at the Al Zahra Hospital via creation of R = 000 a hub-and-spoke model in the Sharjah emirate G = 157 . Expected to adopt mandatory insurance in the future Location of Al Zahra Hospital to NMC medical centres2 B = 217

R = 115 UAE population by emirate1 (‘000) G = 179 Al Zahra Hospital

B = 223 Estimated % of population c.100% c.100% insured

3,517 R = 159 3,326 G = 198 B = 231 c.50%

1,389 R = 190 G = 214 291 301 270 B = 237 62

Abu Dhabi Dubai Sharjah Ajman RAK Fujairah UAQ

11 1. Latest available data and estimates, sourced from Statistics Centre Abu Dhabi, Dubai Statistics Centre, Fujairah Statistical Yearbook, and City Population UAE 11 2. Based on Google maps R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 3 Significant operational and synergistic benefits

R = 000 R = 236 G = 129 G = 034 Initial integration benefits Further additional benefits targeted over the medium term B = 179 B = 045

1 Referrals from NMC’s network of medical centres in Sharjah with c.800k patients per year R = 000 G = 143 Increase in Al Zahra Cardiology business due to increased referrals enabled by visiting 2 B = 198 specialist NMC medical teams US$6.5 million of Potential identified cost synergy Utilise NMC’s marketing expertise to increase awareness and promote the Al Zahra revenue 3 benefits from three key hospital R = 000 synergies G = 157 areas, 65% realised in B = 217 year 1 and 100% from 4 Creation of additional Centres of Excellence and hiring of additional consultants year 2 onwards:

 Redeployment of certain Al 5 Broadening insurance coverage and accessing mid-level insurance plans R = 115 Zahra Hospital employees

G = 179  Replacement of certain Al 6 Rationalise corporate functions at Al Zahra (US$51.2 million1 in annual staff costs) B = 223 Zahra Hospital senior management

 Reduction in marketing Potential 7 Cross-staffing of specialists to reduce payroll spend R = 159 spend at the Al Zahra cost G = 198 Hospital savings B = 231 8 Enhanced buying power and better terms on procurement

9 Reduced spend on laboratory services R = 190 G = 214 B = 237 Multiple tangible avenues to realise synergies and cost savings from combining NMC and the Al Zahra Hospital

1212 1. Represents 2015 staff costs for the Al Zahra Hospital as stated in the Historical Financial Information section of the Circular R = 000 R = 122 G = 110 G = 140 Al Zahra Hospital has a strong operational and financial track record 4 B = 155 B = 147 with future growth opportunities

R = 000 R = 236 G = 129 G = 034 Commentary Outpatient numbers1 B = 179 B = 045 Growth +8% +7% . Consistent growth in key operational and financial metrics: 391,612 366,836 R = 000 339,984 G = 143 . Outpatient numbers: 7% CAGR from 2013-15 B = 198 2013 2014 2015 . Revenue: 9% CAGR from 2013-15 Revenue1 (US$ million) R = 000 G = 157 . EBITDA: 5% CAGR from 2013-15 Growth +12% +6% B = 217 Highly profitable business with EBITDA margin of 33% in . 130.4 2015 122.5 R = 115 109.0 G = 179 . Ministry of Health (UAE) pricing regulations negatively B = 223 impacting pharmacy margins in 2015 2013 2014 2015

. Recent 17 storey investment is expected to drive revenue EBITDA1,2 (US$ million) R = 159 growth over medium and longer term with added capacity G = 198 of beds driving patient numbers Growth +9% +2% B = 231 Margin +36% +35% +33% . In 2016 and the near term, revenue growth more than offset by substantial investment in new doctors and staff 42.8 43.5 R = 190 39.3 G = 214 B = 237 2013 2014 2015

13 1. Sourced from the Historical Financial Information on the Al Zahra Hospital 13 2. EBITDA corresponds to Profit from operations before depreciation in the Al Zahra Hospital Historical Financial Information R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Positive financial impact for NMC shareholders

R = 000 R = 236 G = 129 G = 034 Positive financial impact & further upside potential Pro-forma Revenue (excl. synergies) (US$ million) B = 179 B = 045 2016 PF Revenue . Increased percentage of Revenue and EBITDA from Al Zahra Hospital 1,330 NMC 130 healthcare operations R = 000 c.1,200 G = 143 B = 198 . Increase in pro-forma EBITDA margin due to highly profitable acquired business

R = 000 G = 157 . Estimated cost synergy benefits of US$6.5 million, with B = 217 c.65% to be realised in the first year after completion and

100% from year two onwards 1 2 NMC Al Zahra Hospital PF Revenue R = 115 Healthcare Distribution G = 179 . Expected to be accretive to post-tax earnings in first full Pro-forma EBITDA (excl. synergies) (US$ million) B = 223 year after completion Al Zahra Hospital 2016 PF EBITDA

NMC 44 284 R = 159 . Upside and operating leverage benefits as the new 17 c.240 G = 198 storey block reaches capacity and with potential to B = 231 expand bed numbers from 154 to 200

R = 190 G = 214

B = 237 1 2 NMC Al Zahra Hospital PF EBITDA Healthcare Distribution

14 1. Calculated as NMC 2016 revenue guidance of US$1,200 million and EBITDA guidance of US$240 million 14 2. Calculated as Al Zahra Hospital 2015 reported revenue of US$130 million and 2015 reported EBITDA of US$44 million R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Agenda

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045

R = 000 G = 143 B = 198 1 Overview of the Al Zahra Hospital and Transaction Rationale

R = 000 G = 157 B = 217 2 Key Terms of the Acquisition

R = 115 G = 179 B = 223

R = 159 G = 198 B = 231

R = 190 G = 214 B = 237

1515 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Key terms of the acquisition

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045 . Acquisition of 100% of the shares of the Al Zahra Hospital from Gulf Medical Projects Company (“GMPC”), a listed UAE company, as well as certain land and buildings for AED 2,058 million (c.US$560 million)

. New loan facilities of US$1.4 billion entered into for existing US$825 million facility and to fund the R = 000 Overview Acquisition consideration G = 143 B = 198 . Equity placing of up to 9.99% of issued capital to replace part of the new loan facilities

. A further c.US$300 million of new acquisition debt expected to be replaced in the debt markets R = 000 G = 157 . Key conditions to completion include: B = 217 . NMC and GMPC shareholder approval at general meetings Conditions . Non-objection letters from the Sharjah Economic Development Department for the share transfer R = 115 and the UAE Ministry of Health for the hospital licence transfer G = 179 . Continued compliance with ADX/ESCA process for the divestment by GMPC B = 223

Irrevocables . Irrevocable undertakings to vote received from NMC’s major shareholders accounting for c.62% of issued R = 159 capital and expected to be received from GMPC’s major shareholders G = 198 B = 231 Transaction announcement 14 December 2016 Posting of circular and notice of GM 14 December 2016 Expected Settlement of equity placing 16 December 2016 R = 190 timetable G = 214 NMC general meeting 29 December 2016 B = 237 GMPC general meeting 2 January 2017 Expected transaction completion Q1 2017

1616 R = 000 R = 122 G = 110 G = 140 Equity placing of up to 9.99% of issued share capital from B = 155 B = 147 existing shareholders and new institutional investors

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045 . Proposed equity placing of up to 9.99% of NMC’s issued share capital

. NMC major shareholders who control c.62% of the issued capital to participate up to the lesser of each of R = 000 their pro-rata contribution or US$170 million, in aggregate between them G = 143 B = 198 Capital . Should the placing be oversubscribed, the participation of the major shareholders may be reduced raising

R = 000 . Pricing to be determined by Accelerated Bookbuild G = 157 B = 217 . Underwritten by HSBC and J.P. Morgan Cazenove

R = 115 G = 179 B = 223 Announcement of placing and bookbuild 7am, 14 December 2016

R = 159 Announcement of completion of placing (expected) 14 December 2016 Timetable G = 198 B = 231 Settlement, allotment and trading of new shares (T+2) 16 December 2016

R = 190 G = 214 B = 237

1717 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Strong balance sheet and revised debt facilities

R = 000 R = 236 G = 129 G = 034 New NMC loan facilities entered into B = 179 B = 045 . NMC has secured guaranteed credit facilities of US$1.4 billion, consisting of three separate facilities

R = 000 . US$825 million 5-year facility (Facility A) G = 143 B = 198 . US$575 million 18-month bridge facility (Facility B/C Agreement)

. Facility A provided to cover existing debt facilities R = 000 G = 157 . Facility B/C to provide cash consideration for the acquisition with Facility B to be drawn upon completion of the Acquisition and B = 217 expected to be replaced in the debt markets, while Facility C is expected to be replaced by the Placing proceeds

R = 115 NMC pro-forma net debt as at 30-Jun-161 G = 179 B = 223 US$m Gross Debt 1,106

2 R = 159 Cash and Cash Equivalents (post equity placing) 96 G = 198 Pro-forma Net Debt 1,010 B = 231 NMC Pro-forma EBITDA 2843

Pro-forma Net Debt / EBITDA 3.6x R = 190 G = 214 NMC continues to target a leverage profile of 3 – 3.5x Net Debt / EBITDA B = 237

1. Balance Sheet information sourced from the unaudited pro-forma statement of net assets of the enlarged group as prepared in the Class 1 Circular, based on NMC Health plc Net Assets as at 30-Jun-16, adjusted for the Al Zahra Hospital Net Assets as at 31-Dec-15, the New Loan Facilities, Equity Placing and other acquisition-related items 2. Includes assumed equity proceeds of US$334 million based on the Company placing 18,571,428 shares (representing up to 9.99% of NMC’s issued capital) at a share price of £14.48, being 1818 the closing price as at 13 December 2016, net of transaction costs. The actual proceeds from the placing to be determined by Accelerated Bookbuild on 14 December 2016 3. Calculated as NMC 2016 EBITDA guidance of US$240 million and Al Zahra Hospital 2015 reported EBITDA of US$44 million R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Conclusion

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045 . NMC has seen positive trading since the 2016 interims results with continued momentum across the group, confirming 2016 EBITDA guidance of US$240 million R = 000 G = 143 . In line with NMC’s current Healthcare strategy, the Board today announces the proposed acquisition of the Al Zahra B = 198 Hospital for approximately US$560 million

. Highly compelling transaction rationale R = 000 G = 157 . One of the largest private hospitals in Sharjah and the UAE, which considerably expands NMC’s capacity in the B = 217 region

. Unique opportunity to increase NMC’s presence in the attractive Sharjah healthcare market R = 115 G = 179 B = 223 . Significant operational and synergistic benefits expected to arise from combining NMC and Al Zahra Hospital

. Strong operational and financial track record demonstrating consistent growth R = 159 G = 198 . Acquisition expected to be earnings enhancing for NMC shareholders in the first full year after completion B = 231 . NMC announces a proposed equity placing of up to 9.99% of issued share capital to be raised from existing R = 190 shareholders and new institutional investors G = 214 B = 237

1919 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Agenda

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045

R = 000 G = 143 B = 198 Q&A

R = 000 G = 157 B = 217

R = 115 G = 179 B = 223

R = 159 G = 198 B = 231

R = 190 G = 214 B = 237

2020 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 Agenda

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045

R = 000 G = 143 B = 198 Appendix – NMC Overview and Update

R = 000 G = 157 B = 217

R = 115 G = 179 B = 223

R = 159 G = 198 B = 231

R = 190 G = 214 B = 237

2121 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 NMC Health is the leading integrated healthcare provider in the UAE

R = 000 R = 236 G = 129 G = 034 Key business information B = 179 B = 045 Overview 2015 PF Revenue 2015 PF EBITDA . Leading integrated healthcare provider in the UAE with operations in the three key emirates . Substantial presence in Abu Dhabi, Dubai and Sharjah. Abu Dhabi and Dubai mandatory insurance R = 000 rollout near 100%, Sharjah expected to follow 22% US$44m G = 143 . Top-three product distributor/wholesaler in the UAE (98% exclusive brands) 41% B = 198 . 2015 Pro forma1: Revenue US$938.7m (+45.8% YoY), EBITDA2: US$165.2m (+61.2% YoY). US$393m 59% 78% Consolidated EBITDA margin increased by 169bps YoY to 17.6% US$575m US$152m . 3.5m patients in 2015 (+47.3% YoY, pro forma) and 1,289 licensed beds post acquisition of Al Zahra3 R = 000 . 5 major acquisitions in 2015 mainly in fertility and long-term ventilated care; 2 acquisitions in 2016 and Al Zahra Hospital due in 2017 G = 157 Healthcare Distribution B = 217 . LSE premium listing (FTSE 250). Mcap ~US$3.4bn. Free float 38%, founders 62% Divisions and management

R = 115 Hospitals & Medical Centers Pharmacies Distribution Senior Management G = 179 . Total: 22 assets, 1,289 licensed beds; Abu . 15 units in or . Exclusive agency Dr. BR Shetty Mr. Prasanth Manghat B = 223 Dhabi, Al Ain, Dubai, Sharjah and Saudi around our . 8 warehouses & offices CEO & Founder Deputy CEO Arabia healthcare assets . 221 delivery vehicles

. Umm Al Quwain: 1 Hospital (under O&M, Mr. Suresh Mr. Roy Cherry 205 beds) Head of Strategy & IR Krishnamoorthy CFO R = 159 G = 198 Strategy – Built UAE multi-specialty platform, now focus on new high-value add single specialty verticals B = 231 Stage 1: 2012-2015 – Organic Capacity Growth Stage 2: 2015-2018 – Inorganic Capabilities Focus

Detail Brightpoint DIP Al Ain Khalifa City Total Detail Eugin Provita Americare Dr. Sunny Fakih IVF As Salama Jeddah Al Zahra

Open July 2014 July 2014 Dec 2014 Sep 2015 Acquired H1 2015 H1 2015 H1 2015 H1 2015 H2 2015 H2 2016 H2 2016 H2 20164

R = 190 Emirate Abu Dhabi Dubai Abu Dhabi Abu Dhabi Saudi Saudi Country Spain UAE UAE UAE UAE UAE Arabia Arabia G = 214 General Category Womens Hospital Medical Centre Specialty Hospital Multi- Hospital Category Fertility LTC Homecare Primary Fertility LTC LTC B = 237 speciality Capex (US$m) 70 30 7 200 307 EV (US$m) 162 160 33 64 371 45 n.a 560

Licensed beds 100 60 - 250 410 Licensed beds - 120 - - - 140 120 154

1. Assuming all acquisitions included for the full 12 months 22 2. EBITDA corresponds to Profit from Operations before Depreciation, Amortisation, Impairment and Transaction Costs in the NMC annual reports 22 3. Excludes 205 bed in the Operation & Management vertical as these are not owned by NMC 4. Expected completion Q1 2017 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 NMC is into the second stage of its growth plan…

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045

R = 000 G = 143 B = 198

Pre- 2012 Stage 1: 2012 - 2014 Stage 2: 2015 - 2018 R = 000 G = 157 DEVELOPMENT CATEGORY ACQUISITION DATE CATEGORY EV (US$m) B = 217 NMC established 1975 MBZC Day Surgery Eugin H1 2015 Fertility 162 Brightpoint Maternity Hospital Provita H1 2015 Long Term Care 160 Listed on LSE in April 2012 DIP General Hospital Americare H1 2015 Home Care 33 R = 115 Al Ain Medical Centre Dr. Sunny H1 2015 Medical Centre 64 G = 179 NMC Royal Special Hospital Fakih IVF H2 2015 Fertility 371 As Salama H2 2016 Long Term Care 45 B = 223 Jeddah H2 2016 Long Term Care n.a. Al Zahra H2 20161 Multi-speciality 560

R = 159 G = 198 B = 231 2011 2014 Post Al Zahra Hospital acquisition EBITDA2 US$42m US$103m PF US$284m3 R = 190 # Patients (‘000) 1,712 2,390 3,900 G = 214 # Doctors 382 603 987 B = 237 Licensed beds 310 310 1,2894 Continued attractive growth delivered across every stage of development

1. Expected completion Q1 2017 23 2. EBITDA corresponds to Profit from Operations before Depreciation, Amortisation, Impairment and Transaction Costs in the NMC annual reports 23 3. Calculated as NMC 2016 EBITDA guidance of US$240 million and Al Zahra Hospital 2015 reported EBITDA of US$44 million 4. Excludes 205 bed in the Operation & Management vertical as these are not owned by NMC R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 … with five speciality verticals now established…

R = 000 R = 236 Stage 1: 2012-2014 Stage 2: 2015-2018 Bespoke nation-wide multi-speciality hub and G = 129 G = 034 Core speciality verticals B = 179 B = 045 spoke healthcare network

Multi-speciality network Est. 1975 R = 000 • Largest national private healthcare network with G = 143 presence across UAE 1 783 beds B = 198 • Includes Dr. Sunny branded network • Al Zahra Hospital3 – 154 beds

Maternity & Fertility Est. 2015 R = 000 • Brightpoint – 100 bed Maternity Hospital G = 157 100 beds & • Clinica Eugin1 c.20k Cycles B = 217 • Fakih IVF1

R = 115 Long-term & Home Care Est. 2015 G = 179 • Provita1 – 120 long-term beds in 2015 B = 223 • Americare1 406 beds • As Salama & Jeddah2 – 140 and 120 beds respectively

R = 159 Operation & Management Est. 2012 G = 198 • Operating 205 bed government hospital 205 beds B = 231 • 1st local company awarded government O&M contract

R = 190 Distribution Est. 1975 G = 214 B = 237 • Top three distributor / wholesale in the UAE c.90,000 • 98% exclusive brands SKU’s

1. Acquired in 2015 2424 2. Acquired in 2016 3. Acquisition announced 2016, expected completion Q1 2017 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 … resulting in greater segment and geographic diversification

R = 000 R = 236 MULTI-SPECIALITY NETWORK MATERNITY & FERTILITY DISTRIBUTION

G = 129 G = 034 01. NMC Specialty Hospital 14. Brightpoint Royal Women's Hospital 23. NMC Sales and Marketing Office B = 179 B = 045 Abu Dhabi Abu Dhabi (Opened July 2014) Abu Dhabi 02. NMC Day Surgery 15. Clinica Eugin1 24. NMC Sales and Marketing Office Mohammed Bin Zayed City Spain (Acquired 2015) AI Ain

03. Dr. Sunny Referral Network 16. Fakih IVF 25. NMC Sales and Marketing Office R = 000 Sharjah (Acquired 2015) UAE (Acquired 2015) Dubai and Northern Emirates G = 143 04. NMC Royal Hospital LONG-TERM & HOME CARE 26. NMC Warehouse Khalifa City Mina. Abu Dhabi B = 198 (Opened September 2015) 17. Provita Abu Dhabi (Acquired 2015) 27. NMC Warehouse 05. NMC General Hospital AI Ain Dubai Investments Park 18. Provita (Opened July 2014) Al Ain (Acquired 2015) 28. NMC Warehouse DIP, Dubai R = 000 06. B.R. Medical Suites 19. Americare DHCC Abu Dhabi (Acquired 2015) 29. NMC Warehouse G = 157 Al Quoz, Dubai B = 217 07. NMC General Hospital 20. As Salama Deira, Dubai Saudi Arabia (Acquired 2016) 30. NMC Warehouse DIC, Dubai 08. NMC Specialty Hospital 21. Jeddah Dubai Saudi Arabia (Acquired 2016)

R = 115 09. NMC Medical Centre OPERATION & MANAGEMENT 22 Umm Al Quwain Sharjah 22. Sheikh Khalifa 13 G = 179 09 10. NMC Specialty Hospital General Hospital (Operator) Sharjah 25 B = 223 AI Ain Umm al Quwain 30 07 08 11. NMC Medical Centre 03 01 Al Ain (Opened December 2014) 15 29 28 05 16 R = 159 12. American Surgecenter Dubai Abu Dhabi G = 198 21 20 13. Al Zahra Hospital SAUDI ARABIA UNITED ARAB EMIRATES B = 231 Sharjah (Announced Dec-2016) 23 26 19 14 12 06 04 17 Al Ain R = 190 02 Abu Dhabi 10 18 G = 214 11 27 24 OMAN B = 237

1. Also has operations in Italy, Denmark, Brazil and Columbia 2525 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 NMC operates in the attractive UAE healthcare market

R = 000 R = 236 1. Strong Macro Indicators G = 129 G = 034 High historic population growth1 High GDP per Capita2 (US$ ‘000) UAE est. population by Emirate3 (‘000) B = 179 B = 045 4.2% NMC focus 3.5% 75 3,517 3,326 2.4% 54 World Average: 1.2% 45 42 39 R = 000 1.5% 31 23 1,389 G = 143 1.0% 0.8% 22 18 0.3% 291 301 B = 198 270 62 UAE GCC Africa Oceania Asia Americas Europe Qatar US UK Germany UAE Kuwait Bahrain KSA Oman AD Dubai Sharjah RAK Ajman Fujairah UAQ

Source: (1) IHS Connect data, 2008-15 population growth CAGR. (2) As at 2015, sourced from government offices of statistics or central banks. (3) Latest statistics based on World Bank, Statistics Centre Abu Dhabi, Dubai Statistics Centre, Fujairah Statistical Yearbook, and City Population UAE statistics R = 000 G = 157 2. Growing demand, spending and lagging capacity Healthcare expenditure per capita4 (US$) Beds/GDP per capita5 ('000) Medical staff/1,000 population6 B = 217 7 8.9 9,756 European Avg. Physicians Nurses 6 France Germany 5 R = 115 4 World Avg. G = 179 4,667 Lebanon KSA 3.3 3.6 3,714 3 Bahrain 3.0 2.9 UK US 2.3 B = 223 2,143 2 1.9 1,675 Egypt Kuwait 1.5 1.4 1,370 1,102 Oman 0.9 1 India UAE 0 R = 159 US Germany UK Qatar UAE Kuwait KSA 0 10 20 30 40 50 60 OECD UAE Dubai AD NE G = 198 Source: (4) WHO, BMI as at 2015. (5) As at 2015, GDP per capita sourced from government offices of statistics or central banks; (6) Latest statistics from WHO, BMI HAAD B = 231 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% 15% 3.5m 3.3m R = 190 Basic 42% 50% 2.3m G = 214 Enhanced B = 237 Thiqa Mostly Mostly Mostly 43% 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 2015 HAAD payer members split Emirates 2626 R = 000 R = 122 G = 110 G = 140 B = 155 B = 147 NMC continues to deliver strong growth and high margins

R = 000 R = 236 G = 129 G = 034 B = 179 B = 045 1. Healthcare – Reported 2015 revenues up 55.7%, Pro forma revenues up 73.1% to US$575m Healthcare Adj. EBITDA US$m and margin Healthcare revenue US$m and YoY growth Patients ('000) and YoY growth EBITDA EBITDA margin 5,000 40% 55.7% 34.3% 600 60% 160 27.1% 35% 4,500 Total patients Growth 26.8% 4,000 Revenue Growth 140 28.2% 30% 30% R = 000 500 50% 3,500 120 25% G = 143 400 40% 100 3,000 20% 2,500 9.5% 15.6% 20% 300 30% 80 2,000 B = 198 15.0% 14.8% 15% 200 20% 60 1,500 10% 10% 40 1,000 100 10% 289.3 332.2 517.1 20 81.7 89.1 140.1 5% 500 2,069 2,390 3,211 - 0% - 0% - 0% R = 000 2013 2014 2015 2013 2014 2015 2013 2014 2015 G = 157 2. Distribution – 2015 Revenues up 16.1%, SKU’s at 90k and EBITDA margin improved to 11.1% B = 217 Segment contribution 2015 Scientific Distribution revenue US$m and YoY growth Distribution EBITDA US$m and margin Food 12.2% Revenue Growth EBITDA EBITDA Margin 12.0% 400 16.1% 20% 60 15% 11.1% Homecare R = 115 10.0% 10.2% 0.2% 300 12.9% 15% G = 179 10.7% 40 10% B = 223 200 10% Pharma 20 43.5 5% FMCG 33.1% 34.4 100 5% 29.9 37.6% 300.2 338.9 393.4 - 0% - 0% Veterinary Education R = 159 2013 2014 2015 2013 2014 2015 0.3% 4.5% G = 198 1 B = 231 3. Consolidated 2015 EBITDA at US$150.3m (+46.7% YoY), Pro forma EBITDA at US$ 165.2m (+61.2% YoY) Revenue US$m and annual growth EBITDA & Net profit US$m Net working capital as % of sales 36.8% EBITDA Net profit 900 Revenue Growth 40% 33.8% 160 16.9% 17.1% 20% 35% 32.4% 32.3% 800 15.9% 700 R = 190 30% 120 12.6% 12.0% 15% 30% 600 500 16.9% 9.7% G = 214 20% 80 10% 400 12.4% 150.3 25% B = 237 300 102.5 92.9 85.8 200 10% 40 69.1 77.5 5% 20% 100 550.9 643.9 880.9 0 0% - 0% 15% 2013 2014 2015 2013 2014 2015 2013 2014 2015 27 Source: NMC 2015 results presentation 27 1. 2012-2015 EBITDA corresponds to Profit from Operations before Depreciation, Amortisation, Impairment and Transaction Costs in the NMC annual reports R = 000 R = 122 G = 110 G = 140 NMC’s strategy has delivered consistent long-term Revenue and B = 155 B = 147 EBITDA growth

R = 000 R = 236 G = 129 G = 034 Revenue1 (US$m) B = 179 B = 045 Growth 14.0% 14.8% 10.5% 12.4% 16.9% 36.8% 36.2%

R = 000 CAGR FY09-16E: 1,2002 G = 143 19.8% 881 B = 198 644 551 444 490 339 387 R = 000 G = 157 B = 217 2009 2010 2011 2012 2013 2014 2015 2016E

R = 115 1 G = 179 EBITDA (US$m) B = 223 Growth 34.3% 25.0% 12.9% 16.7% 10.3% 46.6% 60.0%

Margin 12.4% 14.6% 15.9% 16.2% 16.9% 15.9% 17.1% 20.0% R = 159 G = 198 CAGR FY09-16E: 2402 B = 231 28.3% 150 93 103 71 80 R = 190 42 56 G = 214 B = 237 2009 2010 2011 2012 2013 2014 2015 2016E

1. EBITDA corresponds to Profit from Operations before Depreciation, Amortisation, Impairment and Transaction Costs. 2009 to 2011 Revenue and EBITDA 28 sourced from NMC’s IPO Prospectus. 2012 to 2015 Revenue and EBITDA sourced from the NMC annual reports and investor presentations. 28 2. NMC 2016 revenue guidance of US$1,200 million and EBITDA guidance of US$240 million