Max India Limited

Investor Presentation

February 2017

www.maxindia.com Vision “To be the most admired corporate for service excellence”

• Positive social impact • Culture of Service Sevabhav • Helpfulness • Mindfulness

• Expertise • Entrepreneurship Excellence • Dependability • Business performance

• Transparency • Respect Credibility • Integrity • Governance

1 Evolution of Max Group—Strong history of entrepreneurship and nurturing successful businesses (1/2)

Enters telecom in JV with Hutchison Hutchison Raises Rs. 1,000 Enters next phase of JV with Gist Brocades Paradigm shift from Crore through QIP growth in healthcare and becomes Asia’s B2B to B2C model – placement to fund - 4 new facilities largest manufacturer of enters healthcare, life continued planned in the NCR drug intermediaries insurance and expansion; Raises and nearby regions clinical research Rs 300 Cr from IFC over the course of for MHC expansion next few years

1985 1993 1995 2000 2005 2007 2008 2009…

Entry into bulk Warburg Pincus JV with BUPA JV with Comsat to launch pharma business; invests Rs. 200 Crore Finance Plc, UK to satellite communication commenced and Rs. 140 Crore in enter health services operations with Max India and Max insurance business production of Healthcare COMSAT penicillin based drug JV with Atotech BV for intermediary manufacturing printed circuit board plating ATOTECH

2 Evolution of Max Group—Strong history of entrepreneurship and nurturing successful businesses (2/2)

Mitsui Sumitomo, a part of Life Healthcare Max India concluded a mega corporate MHC doubles bed the Japan’s largest equalized stake in restructuring by demerging into 3 capacity, added 4 insurance group, MS&AD, Max Healthcare with holding companies new hospitals i.e. acquired 26% stake in Max India, MHC • Max Financial Service (Life Insurance) Shalimar Bagh in Max Life from New York valued at Rs 3650 Delhi NCR, Mohali Life in cash transaction of Cr; IFC Washington • Max India Limited (Healthcare & Allied & Bathinda in Rs 2,731 Cr, valuing Max maintained their businesses) Punjab (set up Life at Rs. 10,500 Cr stake at 7.5% • Max Ventures and Industries Limited under PPP model) (Manufacturing & new businesses) and Dehradun

2010 2011 2012 2013 2014 2015 2016…

Life Healthcare, South Goldman Sachs Max India entered 2 landmark acquisitions by MHC; invests Rs. 522 Cr Africa’s healthcare major, Senior Living with through CCDs, acquired 26% stake in MHC , • First in Ghaziabad, 3 km from Max representing a for Rs. 517 Cr, MHC valued with the first Patparganj, acquired 78% stake in 340 9.1% equity stake at Rs 2,300 Cr, making it community in bedded Pushpanjali hospital post conversion the largest FDI transaction Dehradun, spread expandable upto 540 beds; in the Indian healthcare over 13 acres with • Second facility adjacent to Max space 200 resident Saket, acquired 51% stake in 230 apartments bedded Saket City Hospital, expandable upto 1200 beds

3 Max Group – Corporate Structure Max Group (in the business of Life)

30.4% 40.9% 45.1%

Life Insurance Health & Allied Manufacturing & Holding

Companies Business* Business Other businesses

46% 99%^

70%

100% 51%

100%

Operating Companies 100% 100%

Group CSR Arm Promoter holdings in Max Group holding companies * MFS Board has approved the 3 way merger of Max Life into MFS, demerger of life insurance undertaking from MFS and merger of the said undertaking with HDFC Life and merger of residual MFS entity into Max India ^ Toppan Printing inducted as JV partner in MSF, will acquire 49% stake in MSF (on fully diluted basis) 4 Max Group Overview

1 INR 142 billion+ Revenues… 9.5 Mn Customers*… 22,000 Employees*… ~67,000 Agents*… 2,700 Doctors*…

2 Strong growth trajectory even in challenging times; a resilient & diversified business model

3 Steady revenue growth and cost rationalization leads to strong financial performance

4 Well established board governance….internationally acclaimed domain experts inducted

5 Diversified ownership…..marquee investor base

6 Superior brand recall with a proven track record of service excellence

7 Strong history of entrepreneurship and nurturing successful business partnerships

* Based on Dec’16 numbers 5 Max Group : Continues to grow from strength to strength

FY 2016 Summary: • Group Revenues: Rs 14,237 Cr up 12% • EBITDA: Rs 717 Cr up 16%. PBT at Rs 420 Cr up 27% • Asset Under Management: Rs 36,390 Cr up 15% • 9 Million Customers; 22,500 employees; 58,000 Agents; 240 offices

FY 2016 Summary: FY 2016 Summary: FY 2016 Summary: • Revenue at Rs 10,875 Cr, up 14%, • MHC network turn profitable. • PBT at Rs 28 Cr, up 46% PBT at Rs 465 Cr, up 9% EBITDA grows 26% to Rs 215 Cr. • Investment vertical kick started • MCEV at Rs 5,617 Cr, up 17%; • 2 acquisitions give MHC a platform with proposed investment in • New Business Margin at 18.3% to double bed strength to over Azure Hospitality, which runs • Long term renewal of partnership 5,000 pan-Asian restaurant chains with • MAX Bupa GWP grows 28%. • New Bopp line being set-up to • #1 in claims settlement and Distribution alliance with Bank of expand capacity to 75,000 TPA Premium Conservation Baroda • Antara all set to commence Dehradun operations next quarter

6 Max India: High pedigree investor base

Shareholding concentrated with Marquee Investors Shareholding Pattern . Goldman Sachs as on Dec, 2016

. Reliance Mutual Fund Others 7.7% . Ward Ferry

. International Finance Corporation Mutual Funds . Government of Singapore 17.8% Promoters . New York Life Insurance 40.9%

. Nomura Singapore

. Mirae Mutual Fund FII/ FPI . DSP Black Rock Mutual Fund 18.5% Goldman Sachs . Invesco Mutual Fund 12.0% IFC . Target Asset management 3.1%

. Temasek Holdings

Number of outstanding shares : 26.73 Cr.

7 MAX INDIA LIMITED

MAX HEALTHCARE

www.maxhealthcare.in www.maxindia.com

8 Indian healthcare industry is expected to reach ~$400 billion fuelled by multiple demand drivers

Indian healthcare sector* Estimated size, Bn USD CAGR 14.6%

350 - 450 CAGR 11.2% 280 102 60 79 2010 2012 2015 2020 2025^

^ Depending upon public spending levels, insurance proliferation, and success of public-private partnerships by 2025

Demand drivers for growth

~500 mn ~134 mn ~320 mn

additional middle population > 60 at risk of dying due class by 2025 years by 2020 to NCDs by 2020 ~45% ~$8 bn ~2 mn

Insurance medical tourism beds required by penetration by 2020 market size by 2020 2025

* Healthcare sector includes hospitals, pharmaceuticals, and medical technology sub-sectors Sources: India Brand Equity Foundation – Healthcare report, 2012; BofA Merrill Lynch Global Research, IBEF Mar'15 9 Hospitals constitute ~70% of Indian healthcare market with increasingly dominant role of private sector

Indian healthcare sector* Private players have established a dominating presence in tertiary / Market share % quaternary care

22% 20% 30% 37% 40%

78% 80% 10% 70% 63% 60%

20% Market Share Beds Inpatients Outpatients Doctors Private sector Public sector

70% Market size of private hospitals is expected to reach ~$ 120 bn by 2020 Private sector hospitals 120 Estimated size, Bn USD CAGR ~19.2%

CAGR Hospitals ~14.7% 50 36 Pharmaceuticals 22 Medical technology / Others 2009 2012 2015 2020

* Includes hospitals, pharmaceuticals & medical technology / other companies

Sources: BofA Merrill Lynch Global Research, IBEF Mar'15 10 Competition is intensifying with scale-up of well funded incumbents & availability of capital for new players

The surge of VC/ PE investments in recent years has eased funding constraints on growth

Annual VC/ PE investment’s in India’s Healthcare ($ Million)

2x

1262 1359 835 580 485

2010 2011 2012 2013 2014 (H1) No. of deals 35 29 45 71 43 Scale up of well funded incumbents

CURRENT SCALE FUNDING (RS. CR.) CURRENT SCALE FUNDING (RS. CR.)

8,600 550, (2013 - KKR) 6,500 290, (2014 - CDC)

4,800 820, (2013 - Stan Chart, IFC) 4,900 900, (2015 - TPG Capital)

700, (2015 - Temasek/Punj 1,300 2,500 (2012) 560, (2012 - Advent) Lloyd)

Slide sourced from Bain and Company

Note: Fortis and NH operational beds not split between owned and managed; Manipal’s # of managed beds assumed to be same for 2010 and 2013; assumed exchange rate of 1$=INR60 11 Source: Crisil research, company websites and presentations, secondary sources MHC vision

To become an admirable institution known for service excellence, medical excellence, scientific research, and medical education

WHAT WILL WE BE KNOWN FOR KEY ENABLERS WHERE DO WE WANT TO BE

• Integrated care • Strong talent pool of • #1 in selected specialties in clinicians, nurses and chosen geographies • Clinical excellence healthcare leaders • Focus on Tertiary and • Transparency • Technology and Quaternary care analytics enabled • Speed clinical outcomes and • Physical infrastructure in customer experience North India; however • Tech enabled serving more than 300 continued care towns in India and 30+ countries

12 MHC has a strong focus on North India

NCR OUTSIDE NCR 2400+ available beds across the network 275 70 224 Shalimar Bagh 260 Pitampura Mohali 402 186 Vaishali Patparganj Bathinda 535 215 46 168 Saket City Noida Dehradun 64 Saket

Gurgaon

13 MHC has invested in state of the art equipment to achieve clinical

excellence (1/2)

LINAC

Novalis Robotics

Advanced robotics provides high precision, and High dose radiation with extreme minimum invasive surgery across multiple precision (~ 0.5 mm accuracy)

specialities such as Oncology, Neurology

CT

-

PET Brain suite Brain

Advanced image guided surgery - Provides precise correlation and facilitates provides real-time views and automated proper treatment for Oncology, surgical image processing planning and radiation therapy

14 MHC has invested in state of the art equipment to achieve clinical

excellence (2/2)

*

SPIDER CyberKnife

Robotic radio-surgery (non-invasive) system for Designed for revolutionary single incision both cancerous & non-cancerous systems laproscopic surgery through catheter-based, flexible instruments

Picture Archiving & Communication System - PACS Economical digital storage and convenient access to medical images from multiple modalities

* planned 15 MHC has a robust service excellence & quality framework which has resulted into enhanced customer experience

Top 2 Box Rating*

11%

68%

57%

FY`15 FY`16

• “Sevabhav” trainings and Reward & Recognition platform has led to positive shift in mindset

• Structural Interventions through Six Sigma and other methodologies has resulted into business impact of over 15 Mn USD

* MHC is the only healthcare company who has deployed a third party (IMRB) to conduct Satisfaction survey 16 MHC strong Governance Model helps us bring alignment and improve accountability

Governance

Board & 7 committees

Investment & Medical Scientific Corporate Nomination & Service Audit performance excellence & projects & social remuneration excellence review compliance technology responsibility

Administration

Managerial Clinical

Group Medical Executive Committee Advisory Council (GMAC)

Hospital Medical Unit Heads Executive Council (HMEC)

Unit Management Doctor’s council Committee (MANCO)

17 MHC have a proven record of building an institution

Strengthened capabilities to provide comprehensive tertiary & quaternary care

Network of highly qualified doctors, nurses and medical personnel

Organic growth through expansion of hospital network MHC is one of the First MHC JV with Life Healthcare, South Africa, extending top 3 healthcare hospital started in expertise and global reach chains in India 2002

ISO DL Shah FICCI Business Leadership 9001:2000 National Excellence NABL/ World positions in & ISO Award on Awards - NABH Healthcare NatHealth 14001: 2004 ‘Economics Operational accredited Award in Patient and CII - certified of Quality’ Excellence Experience & healthcare Safety

18 19 awards across clinical safety, operational excellence, service quality, and others

Operational Clinical Safety (5) Service Quality (3) Others (4) Excellence (7)

•Best patient safety •Best use of six sigma in •Best customer service •ET Best Healthcare initiative (prevention of Healthcare in Healthcare brand patient fall) •Excellence in training •Best quality initiative and development (BCMA medication process improvement )

•Best green hospital (reducing carbon foot •Best storyline at South print of tertiary care Asia Team Excellence hospital) Award (Mission Pride)

•Infection Prevention and Practices (1st runner up)

19 Healthy revenue growth driven by new & mature hospitals

MHC Annual Gross Revenues by hospital age New Units, Mature Units, < 5 Years > 5 Years Rs. Cr.

CAGR, FY13-16 2,181 Mature Units 12% New Units 73% Total, MHC 24% 1,744 759 26% 1,407 461

1,149 312 147 823 686 14 1,423 0 1,283 1,002 1,095 810 686

FY11 FY12 FY13 FY14 FY15 FY16

20 Steady margin expansion driven by cost efficiencies, build-up in mature units, and revenue scale-up at new units MHC EBITDA by hospital age < 5 Years > 5 Years Rs. Cr. 221 31 34% 173 7 112 71 ROCE for mature 190 units at 17.3% 52 166 12 125 (FY16) vs. -1.5% 0 115 for new units 52 50 (FY16) -14 (37) (43)

FY11 FY12 FY13 FY14 FY15 FY16

7.7 1.5 6.4 8.2 10.1 10.5 7.7 6.2 11.8 12.0 13.4 14.0 n/a -277 -30 -4.4 1.5 4.1 NOTE: FY16 EBITDA excludes Rs. 6 Cr. of one time expenses towards the Pushpanjali and Saket City acquisitions; FY15 excludes Rs 3 Cr of one off expenses

xx % EBITDA Margin, MHC xx % EBITDA Margin, < 5 Yrs. xx % EBITDA Margin, > 5 Yrs. 21 Strong momentum across all volume and value levers in last 5 years

Maintained healthy occupancy levels despite strong bed Steady growth in Revenue per occupied bed addition momentum

Avg. unoccupied Avg. occupied Occupancy (%) Figures in Rs. Thousands Per OBD beds beds +7% 74% 74% 42 69% 70% 72% 39 35 35 +16% 32 1,785 1,472 1,680 1,302 445 502 992 394 378 312 908 1,094 1,235 1,283 680 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16

Consistent improvement in Average Length of Patient Sharper focus on key tertiary tower specialities Stay

Figures in Number of days MAMBS Renal Ortho Neuro Onco Cardiac +3% 56% 55% 51% 53% 48% 3% 2% 3% 3% 6% 6% 3.6 3.5 4% 4% 5% 3.5 4% 8% 10% 10% 3.4 7% 7% 10% 3.3 9% 10% 10% 10% 9% 11% 12% 13% 13% 14% 15% 14% 14% 13%

FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16

NOTE: FY16 excluding Vaishali and Saket City Hospital xx Number of available beds 22 MHC growing faster than competition; profitability ratios to improve with maturity of beds and further expansion

Narayana All figures for 9MFY17 Max Healthcare Fortis Apollo* Health Operational Beds (No.) +2,300 +3,400 +6,900 +4,800 Capital Employed (Rs. Cr.) 2,197 8,606 5,884 # 1,141

Net Revenue (Rs. Cr.) 1,850 Cr, +21% 2,799 Cr, +10% 4,113 Cr, +13% 1,395 Cr, +18%

175 Cr, +28%, 295 Cr,+17.5% 107 Cr, International Rev./ Qtr. N.A 9.0% of revenue 10.5% of revenue 8% of revenue

Operating EBITDA 435**/127, 203 Cr, +34% 494 Cr, +4% 169 Cr, +33% (Rs. Cr.) +15.7%**/309.5%

EBITDA Margin (%) 11.0% 15.5%**/4.5% 12.0% 12.1%

6.8% ROCE (%) 3.9% 9.2% # 14.2% (Mature units 19.2%)

18.5 EBITDAR per OBD (Rs. lacs) 22.3 18.8 9.5 (excl New Acq 20.4)

ALOS (days) 3.24 3.56 4.04 3.90 ARPOB/p.a (Rs. Cr.) 1.50 Cr 1.44 Cr 1.16 Cr 0.77 Cr

*Apollo Revenues excludes standalone pharmacy revenue and grossed up by 25% adjusted for doctor consult fees and depreciation ** Before Net BT Costs; # Capital employed and ROCE based on FY16 numbers 23 Four dimensions to value creation for MHC

• Improve profitability • Potential to add of mature, at-scale 2500+ beds to reach hospitals through 5000+ beds in end improvements in state specialty/channel mix and cost • Healthy mix of old and structures A. Optimize B. Create new beds to be current additional maintained over next network bed capacity 5 years of growth

C. Expand D. Launch Pathology Oncology business Day care • Identified as one of most outside of centres • Innovative/scaleable attractive alternate hospitals patient care model business opportunity driven by our belief that patients are • Allows MHC to leverage increasingly seeking strengths while looking access to personalized outwards treatment

24 A Increasing share of preferred channels to improve profitability

As the new units in the network mature, the share of preferred channels will increase in the revenue mix and tend to mirror the share in current mature units

Healthcare revenue channel share*, FY16 Preferred Non-preferred Percent Channels Channels 100.0% 100.0% 100.0% International 9.1% 12.9% 1.6% Walk-In 37.0% 36.6% 36.3% TPA 16.9% 19.4% MAC 20.6% 18.9% 15.6% 14.0% Institutional/PSU 19.4% 16.2% 25.6% MHC Mature New Units Units Action plan in place to further increase the share of preferred channels in the mature units • Sustained brand effort / experience • Establish direct presence and delivery on new positioning Inter- digital footprint in select markets Walk-in • ATL/BTL campaigns for key specialties national • Expand in attractive new markets • Strengthen ER capabilities • JCI Accreditation at flagship units

• Maintain share & improve quality of • Seek new engagement models in the MAC prevention/ wellness space business via upcountry channel TPA • Assess co-development of product targeted • Deprioritize; profitability at new customer segments Institutional improvement through focus on collections, material cost, and ALOS

* Does not include Max Smart 25 A Increasing share of preferred specialties to improve profitability

Share of preferred tertiary/surgical specialties to increase in the revenue mix, in line with the historic trends Healthcare revenue specialty share*, FY16 Percent

Secondary 65% 68% 69%

Tertiary 35% 32% 31%

FY-14 FY-15 FY-16

Action plan in place to grow focused specialties • Build distinguished leadership • Build comprehensive transplant in all DMGs center in Saket complex; launch LTP

• Establish a standalone centre TRANS- • Establish KTP and BMT programs in ONCOLOGY PLANT • Personalized medicine selected locations

• Provide end to end service offering • Focus on high-end procedures

NEURO • Launch specialized clinics CARDIO • Partnerships with renowned global SCIENCES • Invest in high end Neuro equipment SCIENCES institutions – people & best practices

26 A Focus on structural cost efficiency built up through a programmatic approach

Rs. ~40 Cr. of cost saving achieved during FY16 Focus on structural improvements

• Procurement efficiency and Build strength in procurement MATERIAL formulary driven substitutions COST • Best in class cost • Materials management and control, • Optimized formulary spl. In PSU cases • Support low cost supplier/vendor eco-system

CLINICIAN • Contract negotiations and Invest in technology / digital COST optimization • Best in class manpower productivity (Smart Kiosks, e-ICU etc.) • Organization restructuring PERSONNEL • Leverage technology to • Physician compensation re- COST provide health services modelling outside of hospital

OTHER • Contract negotiations Re-engineer/simplify processes INDIRECT • Work optimization by leveraging • Reduce manpower and COST benchmarks other indirect costs through elimination of wasteful Rs. 40 Cr. of further cost efficiency built up being steps targeted for FY17

27 B MHC poised to derive strong growth from healthy mix of mature and New units

Mullanpur: 400 Smart : 44 Vaishali S.Bagh: 104 Smart: 650 Gr. Noida: 380 Vaishali: 40 : 106 Mohali: 80 Smart: 350 Saket: 250 PPG: 200

1,580 - 650 184 84 - 106 5,075 2,471

FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 & beyond Total

> 5 years < 5 years 5,075

3,495 3,495 2555 2,471 2,555 2,555 2,661 2,845 1986 2471 1125 1125 1818 1986 1986 2520 1509 1346 1430 737 675 859 1024 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 and beyond

28 B During FY16, MHC acquired the 340 bedded Pushpanjali hospital in NCR, with potential to grow up to 540 beds

The Acquisition • Founded by prominent Delhi clinician; operational since 2010 • Strategically situated on National Highway 24; 5 minutes from Max PPG - Potential to dominate the E. Delhi and Western UP • Large asset with potential to grow • 340 beds, expandable to 540 • Built on a plot size of 3.46 acres with 0.4 mn. sq. ft. Rechristened MHC Vaishali Post acquisition Builtup • Infrastructure matching MHC’s LTFS standards Financial Turnaround

Revenue* (cr) 12.2 15.5 17.0 18.0

EBITDA* (cr) 0.6 2.6 2.4 2.6

EBITDA (%)* 5% 17% 14% 15%

Occupancy 67% 64% 70% 68%

Q2FY16 H2FY16 H1FY17 Q3FY17

* Figures are monthly average Higher EBITDA in H2FY16 is due to exceptional items in Mar16 29 B Saket City Acquisition: Opportunity to create one of Asia’s largest Medicity in the heart of South Delhi

. ~2000 beds in fully built state Largest private facility in India . Complex spread across 11.5 acres . 300 – 500 beds dedicated to Cancer State-of-the-art transplant centre – for all transplants incl. heart, liver, kidney, bone marrow . Infrastructure to support all 6 tower specialties Asia’s premier quaternary care with 7 centres of excellence . Adjoining 7.1 acres land to be developed to offer complementary, India's first international patient centre allied healthcare services such as Rehab, assisted living etc. by Revenue* (cr) 13.6 13.8 16.2 18.2 GMHRC

EBITDA* (cr) -0.8 -0.52 1.45 2.09

EBITDA (%)* -7% -4% 9% 13%

Occupancy 69% 66% 75% 77%

Dec 15 Q4FY16 H1FY17 Q3FY17

* Figures are monthly average Enterprise Value of Rs. 1,025 Cr. (Equity Value Rs. 325 Cr. for 51% stake and debt of Rs. 325 Cr; Rs. 375 Cr. (+12% p.a.) to be paid within 3 years for the balance 49% stake) 30 C Max Lab : Looking outwards while leveraging our strengths

Why will MHC succeed? Collection Home sample POC • Significant demand: center collection • Path market in NCR poised to grow 3X by 2020 to ~ 6,200 Cr • Supportive supply situation: • Organized players (CAGR ~ 26%) outpacing industry growth • Very few organized players currently. • Attractive entry model • Possible for MHC to enter B2C & B2C business models with Consumer low-capex by leveraging existing infrastructure • Encouraging financials • Existing players have EBITDA margins of 20%+, EBITDA on MAX LABS 24X7 incremental revenues for MHC expected to be higher (> 35%) Rs. ~250 Cr. of Revenues from in-house IPD/OPD Pathology services (FY16) Clinicians/ Institutions Financial Performance

Revenue* (cr) 0.8 1.5 1.1 3.4

EBITDA* (cr) 0.3 0.5 0.3 1.1

EBITDA (%)* 41% 35% 23% 32% Physician Hospital Govt Hospital Clinic tie-ups hospital/PPP lab Q1FY17 Q2FY17 Q3FY17 9MFY17 * Figures are monthly average 31 D Cancer Day Care Centre – Launched an innovative patient care model in Q1 FY17 Actual design images Our belief Patients are increasingly seeking access to a more personalized treatment (vis-à-vis at a hospital) along with a unique adjunctive ambience/experience and a high focus on efficiency

Our differentiators 1. Led by a stalwart Med. Oncologist 2. End to end design partnership with GE 3. Staff expertise and iron clad processes 4. Comforting ambience

Financial Performance Revenue* (cr) 0.1 1.5 2.1 3.7

EBITDA* (cr) -0.3 -0.6 -0.2 -1.1

EBITDA (%)* -308% -42% -9% -29%

Q1FY17 Q2FY17 Q3FY17 9MFY17 * Figures are monthly average 32 MAX INDIA LIMITED

MAX BUPA HEALTH INSURANCE LIMITED

www.maxbupa.com www.maxindia.com

33 A symbiotic partnership in health insurance

. 51:49 JV of Max and Bupa . Largest independent health . India’s leading conglomerate insurance provider in UK . . Successful track record of Perfect blend of global . Global Expertise in health building market leading expertise and local insurance and healthcare businesses knowledge of Healthcare and Insurance . Group revenues in 2015 - ~£9.8 . Expertise in life insurance, billion health insurance & healthcare . Started in Apr 2010 businesses . 32 million customers in over 190

countries . Group revenues in FY 2016 – INR . JV to be Indian owned and 142 billion controlled with Bupa . Largest global provider network for international healthcare . In-depth understanding of the contributing it’s global coverage Indian market expertise in Health Risk Management & product –11,500 hospitals . Strong DNA of service excellence development and Max –750,000 medical professionals . Strong track record of creating contribution on other value and sharing it with its aspects such as people, . Voted as best international strategic partners policies, regulatory etc. health care provider globally Leveraging the strengths of both partners to build a robust and profitable enterprise with focus on service excellence

34 Our Vision and Mission

Vision Mission

To be the most To help admired health customers live insurance healthier, more company in successful lives India

35 Industry landscape

Health insurance market (including PA, Travel & Key drivers of growth contribution by life insurers)

Low penetration and coverage . HI penetration (premium as % of GDP) is only ~0.2% GWP in Rs cr 50,000 . Only 15% of population has any kind of health Retail insurance 23,600 Government Increasing affluence and awareness sponsored . Rise in income levels and healthcare spend per 27,362 2,800 Corporate capita . PA 17,500 Middle class expected to increase to 41% of 9,100 population by 2025 (from 5% in 2005)1 Travel & 2 LI contribution 4,500 Rise in health care costs 1,600 . Medical inflation over 10% FY10-11 FY 15-16 FY19-20 . High out-of-pocket expenses (62% v/s ~10% in (Estimated) US/UK & ~30% in China) Indian health insurance market is likely to grow by Rise in incidence of chronic diseases 20-25% CAGR in next 5 years (viz. Cancer, heart diseases) & lifestyle related diseases (diabetes)

Regulatory & policy level interventions . IRDAI’s consumer-centric approach . Higher tax saving incentives on HI

1 Mckinsey report ‘Tracking the growth of India’s middle class’ in 2007 2 Growth rates for Travel & LI contribution of HI not available (Assumed at 16% same as 5 year CAGR of PA) 36 Recent industry developments

SAHIs are the fastest growing section in the industry… Key recent trends

+24% GWP in Rs cr • Heavy investments to add capacity Apr-Dec’15-16 - SAHI players (Apollo, Star, Religare) have been adding 24516 Apr-Dec’16-17 +26% capacity in agency channel over last 2 years – branches 19748 as well as frontline sales force 15074 - Banca tie-ups over last 2 years, adding significant 12002 +14% capacity to their network +37% • Multiple product launches 5827 5099 - Niche proposition like Cancer care, Dengue care, 2646 3615 Maternity specific, Health savings product etc. - Increased focus on health & wellness offerings (Cigna, Overall HI industry PSU’s Pvt GI SAHI’s ICICI Lombard, Aditya Birla Health) • Industry continues to attract new entrants …led by distribution expansion as well as product launches - Kotak General – paid-up capital of Rs 150 cr with initial GWP in Rs cr focus on motor and health retail segment) +39% Apr-Dec’15-16 - Apr-Dec’16-17 Aditya Birla Health Insurance commenced business - Edelweiss Financial Services to enter GI space 1815 +28% • Stake sale 1302 +38% +23% +55% - Foreign insurers are raising stake (Mitsui Sumitomo – 744 Chola MS, Fairfax Holdings – ICICI Lombard, Cigna – 579 472 343 325 401 Cigna TTK) 97 150 - HDFC ERGO General Insurance acquired 100% shares of Star Apollo Religare MBHI Cigna L&T General Insurance for Rs 551 cr

Source: GI council; Market intelligence, team analysis 37 Journey since inception

401 GWP, Rs cr 476 80% 1,217 Lives, ‘0001 28% 373 1,010 xx% Y-o-y growth 18% Apr-Dec’16-17 308 799 CAGR 53% FY15-16 207 681 FY14-15 108% 99 454 FY13-14 296% 26 215 FY12-13

47 FY11-12

FY10-11

• B2C • Entered B2B • Entered B2G - • Prioritized B2C business First RSBY scheme Segment won

• Agency • First Banca • Launched three • Launched 4 • Launched Bank of • Direct channels partnership more banca partners (Sarv UP, Baroda serving • TPD (Deutsche bank) partnerships Muthoot, Coverfox, more than 5,400

Channel • Rationalized TPD2 Bank Bazaar) branches

• In-house claims • Launched ‘Walk for • Reached ~3,100 • 30-min claims • CRM launched • Standing processing Health’, annual network providers settlement (92% • Walk for Health Instruction for auto brand property cases) went national renewal, touching 33 MM • First ‘embedded’ lives product launched

Service model Service at Federal

1. Does not include rural lives | 2. From ~70 partners to top 5

38 Healthy growth with consistent improvement in combined ratio

25 99 207 308 373 476

) cr 4 6 1 80% 17 . Max Bupa’s focus has been 8 56 on the B2C segment since 8 466 inception 38 354 245 22 - 162 . While it is harder to build a 77 25 B2C book (linear customer

Gross written premium (Rs (Rs premium written Gross Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 (2010-11) (2015-16) acquisition vs. lumpy demand B2C B2B B2G of B2B or B2G), Max Bupa has grown faster than market 553% (market growth ~16% CAGR)

. B2C focus driven operating model choices and some execution challenges have 212% resulted in higher upfront 151% 142% 127%

115% opex spend Combined Ratio* (%) Ratio* Combined

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 (2010-11) (2015-16)

* Combined ratio = Claim ratio (Net claim incurred / Net Earned premium) + Opex ratio (Opex / GWP) + Commission ratio (Net commissions / GWP) 39 Comprehensive product suite

Heartbeat Health Companion Health Assurance Group Business

Hospitalization costs including: Hospitalization costs including: Accident Care: Group Health Insurance: . Room and ICU . Room and ICU . Accidental death benefit of . Group Indemnity Cover . Day Care Treatment e.g. . Day Care Treatment e.g. 100% of allocated coverage . Group Hospital Cash Cover dialysis dialysis . Accidental Permanent Total . Group Critical Illness Cover Disability benefit of 125% of . Coverage for tests/treatment . Coverage for tests/treatment . Group OPD Treatment Cover linked to current ailment 30 linked to current ailment 30 allocated coverage . Group Health Check-up Cover days prior and 60 days post days prior and 60 days post . Accidental Permanent Partial hospitalization. hospitalization. Disability benefit . Group Named Illness Cover . Living organ donation . Living organ donation . Child education benefit . Maternity benefits options transplant transplant . Funeral expenses . Domiciliary Treatment . Doctor and nursing fees . Doctor and nursing fees . Optional: Temporary Total . Corporate Floater . Emergency ambulance . Emergency ambulance Disability & Accident Group Personal Accident: Features . AYUSH treatment Hospitalization benefit . Accidental Death . Flexible options for coverage: Features Critical Illness: . Permanent Total Disability 3Lacs, 5Lacs, 7.5Lacs & 10Lacs . Domiciliary Hospitalization . Covers 20 critical illnesses . Permanent Partial Disability . Refill/reinstatement benefit . Refill benefit . Option 1: Lump sum . Temporary Total Disability . Accidental death benefit of . Vaccination for Animal bite . Option 2 : Lump sum + . Accidental Medical twice sum insured staggered pay-out for 5 years . Hospital cash (optional) Reimbursement . 20% co-payment on OPD/non- . No Claim bonus Hospital Cash: . Education Allowance for network hospitals . children . Deductibles of 1Lacs, 2Lacs, Daily cash benefit of Rs . Deductibles of 1Lacs, 2Lacs, 3Lacs, 5Lacs & 10Lacs 1000/2000/3000/4000 . Family Transportation 3Lacs, 5Lacs & 10Lacs (optional) . ICU cash benefit of double the . Broken Bones coverage daily cash benefit . Last rites Expenses

40 Distribution architecture

. Largest distribution channel for the company . Spanning 27 branches across 17 cities Agency . Over 50% contribution of overall revenue . Frontline sales force of 405 Agency Managers ~15,000 agents . One of the most productive agency force amongst SAHIs (Standalone Health Insurers)

. 6 Banca partnerships (2 foreign banks, 3 Indian banks and 1 rural bank), highest amongst SAHIs . Network of 7,400 bank branches across the country Banca & . 290 FOS (Feet-on-street) . 2 NBFC tie-ups (Muthoot, Bajaj Finserv) Alliances . Brokers (Bajaj Capital, NJ Brokers, Shriram) . Rural business (RSBY)

. One of the largest captive tele-sales set-up in industry . Capacity of 140 out-bound tele-callers Digital . State-of-the-art technology infrastructure (Dialer / CRM) with secure environment . Online sales through MBHI website & web aggregators (6 partners, including Policy Bazaar – a leading industry player)

. Dedicated sales-force DST . 88 full-time employees to address high-net worth individuals’ needs . Spread across top 4 metros

41 External recognition

. The only Health Insurer to be listed as a Superbrand in 2015-16

Brand . Most Trusted Health Insurer (third time in a row) in the Brand Trust Report 2016 . Won ‘India’s Most Valuable and Admired Health Insurer 2016’ award by Pharma Leaders

Customer . ‘Claim Service Leader of the Year’ at the 5th Indian Insurance Awards 2015 Service . ‘Best Customer Service’ at Customer Experience Management Asia Summit 2015

. E-Governance BFSI Leadership Awards 2015 - Best Solution for Data management IT . Model Asia Insurer of the Year 2016 for best IT practice (CRM implementation)

Product . Innovation of the Year (Heartbeat) at the Golden Peacock Awards 2015

42 Max Bupa today In a large, fast growing market Max Bupa delivers 1.1m customers, a vast distribution network and leading brand

Focus on B2C segment from inception

Investments in direct channels to support the “pull” model; Premium infrastructure (office locations and size) in line with overall positioning

Launched first to industry innovations - Highest Sum Insured options, No age restriction for enrolment, No claim loading, Guaranteed renewability, No 2 year waiting period 1.1m retail customers Max Bupa is the only insurance company with an annual brand property - Walk for Health initiative 33m lives touched Customer service is a key focus area – through Walk for 2.1m total ~80% of customers rate claims Health customers experience with Max Bupa as very good (2015-2016) or excellent 15,000 agents

Since inception, we started offering in- 3,600 providers in GWP Rs. 476 cr house claims in a primarily TPA serviced network (2015-2016) market 6 banca partners with 7,400 branches accessing 1,450 employees 98% B2C 70m customers business 80% 5 year CAGR For the period ended Sept 30, 2016 43 Strategic priorities – strengthening the foundation

Portfolio management approach to 1 renewals & profitable growth

Provider of choice in the A Affluent segment in urban India 2 Compelling product proposition

Broad base the franchise with Build Digital B partnerships & alliances 3

Build a Customer centric, Optimize expenses & robust claims C Compliant & Cost conscious 4 management Culture

Digitally enable end to end 5 Strengthen processes & technology D customer journey

6 Enable the workforce

44 Disclaimer This presentation has been prepared by Max India Limited (the “Company”). No representation or warranty, express or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in the presentation. The past performance is not indicative of future results. Neither the Company nor any of its affiliates, advisers or representatives accepts liability whatsoever for any loss howsoever arising from any information presented or contained in the presentation. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed.

The presentation may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.

This presentation does not constitute a prospectus or offering memorandum or an offer to acquire any securities and is not intended to provide the basis for evaluation of the securities. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the securities shall be deemed to constitute an offer of or an invitation.

No person is authorised to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Company any of its affiliates, advisers or representatives.

The Company’s Securities have not been and are not intended to be registered under the United States Securities Act of 1993, as amended (the “Securities Act”), or any State Securities Law and unless so registered may not be offered or sold within the United States or to, or for the benefit of, U.S. Persons (as defined in Regulations S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the applicable State Securities Laws.

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45 ANNEXURES

46 MHC - Board of Directors

Mr. Rahul Khosla (Chairman) Mr. Andre Meyer President – Max Group Chief Executive Officer, Life Healthcare Group Over 30 years of global experience in Banking and Extensive experience at executive level in employee Financial markets. benefits and healthcare sectors

Dr. Omkar Goswami Mr. Mohit Talwar Economist and Leading Academic Managing Director at Max India Ltd. & Max Financial Serves on Board of many Indian MNCs as Dr Reddy’s, Services Ltd., Over 30 years of experience in Corporate Infosys, IDFC, Crompton Greaves, Cairn India Ltd. etc Finance and Investment Banking.

Mr. Kummamuri Murthy Narasimha Mr. Rajit Mehta Independent Director; Leading Finance professional Managing Director & CEO- Max Healthcare associated with the development of Cost & Over 20 years of experience in financial services. Management Information Systems for over 150 firms Previously Chief Operating Officer at . Dr. Ajit Singh Partner at Artiman Ventures, focusing on early- Mr. Adam Pyle stage technology & life science investments Non Executive Director and Group Executive, Strategy PhD in Computer Science from Columbia University and Investor relations, Life Healthcare Group Commerce and Law graduate and currently Dr. Pradeep Kumar Chowbey, Padmashri responsible at LHC for driving the international (Poland, Director of Max Institute of Minimal Access, India and other territories) strategy, South Africa Metabolic and Bariatric Surgery. More than 35 yrs strategy and managing Investor relationship of experience in Lap Surgery, completed 70,000 major Lap procedures Mr. Pieter Van Der Westhuizen Ms. Madhabi Puri Buch Non Executive Director and Chief Financial Officer, Life Founder of Agora Partners PVt Ltd Healthcare Previously Head of Singapore office at Greater Part of the LHC group for last 17 years and has fulfilled Pacific Capital and was also the CEO of ICICI various financial roles Securities.

47 MHC – Management Team

Mr. Rajit Mehta Mr. Yogesh Sareen Managing Director & CEO- Max Healthcare Senior Director & Chief Financial Officer Over 20 years of experience in financial services. Over 20 years of experience in across all facets of Previously Chief Operating Officer at Max Life finance; previously CFO of Fortis Healthcare. Insurance.

Mrs. Swati Rustagi Mr. Rohit Kapoor Director- Human Resources & Chief People Officer Senior Director & Chief Growth Officer Over 17 years of experience in HR across FMCG, 18 years of diverse experience across industry and Financial Services and Health Care sectors. Previously management consulting with McKinsey & Company global head of HR at Glenmark Pharmaceuticals

Mr. Anil Vinayak Mr. Anas Wajid Director & Zonal Head – NCR 1 Director- Sales & Marketing Over 23 years of experience in Business Management More than 17 years of experience in diverse fields such and Sales & Marketing; previously with Amex as advertising, retail , healthcare and media. Previously Head, Sales and Marketing at Fortis Healthcare

Dr. Sandeep Buddhiraja Mr. Rakesh Prusti Director- Clinical Directorate & Institute of Internal Med. Director - Legal, Compliance and Regulatory Affairs Over 23 years of experience in the field of Internal Over 19 years of experience in diverse sectors such as Medicine Trading, IT, Export and Manufacturing; previously with Carrefour and NIIT

Mrs. Vinita Bhasin Mr. Sumit Puri Senior Vice President & Head of Service Excellence Chief Information Officer More than 19 years of in-depth experience across the Over 21 years of experience in varied industries Financial Services sector; previously with Max Life such as Health/ Life Insurance, IT/ITES, and Insurance Consulting; previously CIO of Prudential Life Assurance

48 Key Physicians

Dr. Pradeep Kumar Chowbey, Padmashri Dr. K. K. Talwar Director of Max Institute of Minimal Access, Metabolic Chairman - Cardiology, Max Healthcare and Bariatric Surgery. Clinical experience of more than 39 years More than 35 yrs of experience in Lap Surgery, Former Head, Department of Cardiology, AIIMS completed 70K+ major Lap procedures

Dr. Anant Kumar Dr. Sandeep Buddhiraja Chairman – Urology,Renal Transplant, Robotics(Max Director - Clinical Directorate & Institute of Internal Med. Saket Complex) and Uro-Oncology Max Saket Over 23 years of experience in the field of Internal 2200 Kidney Transplantations in the last 25 years Medicine and over 1500 lap donors nephrectomy

Dr. Subhash Gupta Dr. Harit Chaturvedi Chairman - Liver Transplant & Biliary Sciences

Chairman – Cancer Care, Director & Chief Consultant - 2,200+ liver transplant surgeries & over 30 year Surgical Oncology experience in Liver Transplants Over 25 years of experience in Surgical Oncology. Recipient of the BC Roy award

Strong consultant bench strength of 350+ across Dr. A.K. Singh specialities : Director – Max Institute of Neurosciences, Dehradun Renowned Neurosurgeon having 40 years experience . Cardiac – 100+ Recipient of the BC Roy award . Oncology – 50+

Dr. Anurag Krishna . Orthopaedics – 50+ Director- Paediatrics & Paediatrics Surgery Over 20 years of experience in Paediatric surgery - . Neurosciences – 50+ complex congenital malformations . Renal – 50+

. MAMBS – 25+

49 MHC Network* – Performance Dashboard (9MFY17 & FY16) Rs Cr Nine months Ended Y-o-Y Year Ended Y-o-Y Key Business Drivers Dec-16 Dec-15 Growth Mar-16 Mar-15 Growth a) Financial Performance Revenue (Gross) 1,939 1,581 23% 2,181 1,744 25% Revenue (Net) 1,850 1,523 21% 2,098 1,688 24% Direct Costs Material Cost 466 410 14% 558 468 19% Clincian Payout 149 123 21% 169 137 23% Contribution 1,235 990 25% 1,372 1,083 27% Contribution Margin^ 66.8% 65.0% 177 bps 65.4% 64.1% 130 bps Indirect Costs Personnel Cost 611 491 24% 678 536 26% Other Indirect overheads 330 266 24% 364 292 25% HO Costs 91 81 13% 115 85 34% EBITDA 203 152 34% 215 170 26% EBITDA Margin^ 11.0% 10.0% 103 bps 10.2% 10.1% 10 bps Finance Cost 103 68 52% 100 85 17% Cash Profit 100 84 20% 115 86 35% Depreciation 92 76 20% 105 92 15% Profit /(loss) before tax 9 7 16% 10 (6) 264% b) Financial Position Net Worth 1,106 1,071 3% 1,071 749 43% Net Debt 1,091 1,048 4% 1,056 563 88% Tangible Fixed Assets - Gross Block 2,014 1,918 5% 1,944 1,421 37% *The above results are for MHC Network of hospitals and includes results for Max Super Specialty Hospital, Saket, unit of Devki Devi Foundation, Max Super Speciality Hospital, Patparganj, unit of Balaji Medical and Diagnostic Research Centre & Saket City Hospital unit of Gujarmal Modi Hospital & Research Centre; ^ on the basis of net revenue 50 MHC Network* – Performance Dashboard (9MFY17 & FY16)

Nine months Ended Y-o-Y Year Ended Y-o-Y Key Business Drivers Dec-16 Dec-15 Growth Mar-16 Mar-15 Growth a) Patient Transactions (Nos in lacs) Inpatient Discharges 1.44 1.21 20% 1.64 1.32 24% Day care Procedures 0.36 0.23 58% 0.35 0.26 35% Outpatient Footfalls 48.56 40.23 21% 55.38 44.48 25% Total 50.37 41.67 21% 57.37 46.06 25% b) Average Inpatient Operational Beds 2,342 2,272 3% 2,279 1,680 36% c) Average Inpatient Occupancy 72.7% 71.7% 105 bps 71.1% 73.5% -240 bps d) Average Length of Stay (days) 3.24 3.21 -1% 3.26 3.42 5% e) Average Revenue/Occupied Bed Day (Rs) 41,370 40,805 1% 40,902 38,594 6% f) Other Operational Data Physicians 2,677 2,643 1% 2,858 2,224 29% Employees 8,467 7,331 15% 8,159 6,373 28% Customer Base (in lacs) 34.2 28.3 21% 29.7 24.7 21%

*The above results are for MHC Network of hospitals and includes results for Max Super Specialty Hospital, Saket, unit of Devki Devi Foundation, Max Super Speciality Hospital, Patparganj, unit of Balaji Medical and Diagnostic Research Centre & Saket City Hospital unit of Gujarmal Modi Hospital & Research Centre; ^ on the basis of net revenue 51 MHC Network* – Performance Dashboard (9MFY17 & FY16)

Unit Nine months Ended Y-o-Y Year Ended Y-o-Y Key Business Drivers Dec-16 Dec-15 Growth Mar-16 Mar-15 Growth Mature Hospitals* a) Financial Performance Revenue(Net) Rs. Cr 1,068 1,013 5% 1,358 1,235 10% EBITDA Rs. Cr 147 139 6% 190 166 14% EBITDA Margin % 13.8% 13.7% 7 bps 14.0% 13.4% 60 bps b) Average Inpatient Operational Beds No. 1,117 1,095 2% 1,095 1,084 1% c) Average Inpatient Occupancy % 75.1% 75.2% -15 bps 74.8% 75.5% 220 bps d) Average Revenue/Occupied Bed Day Rs. 48,467 46,316 5% 47,010 42,481 11% e) Return on Capital Employed (Annualised) % 19.2% 16.8% 239 bps 17.3% 16.0% 130 bps New Hospitals^ a) Financial Performance Revenue(Net) 765 500 53% 727 449 62% EBITDA Rs. Cr 57 17 3.4x 31 7 4x EBITDA Margin % 7.5% 3.4% 409 bps 4.2% 1.5% 270 bps b) Average Inpatient Operational Beds No. 1,225 1,177 4% 1,184 596 99% c) Average Inpatient Occupancy % 70.5% 67.2% 337 bps 66.9% 69.8% (297 bps) d) Avg. Revenue/Occupied Bed Day Rs. 33,800 32,399 4% 32,474 30,058 8% e) Return on Capital Employed (Annualised) % 1.1% -2.9% 407 bps -1.5% -4.8% 330 bps

*The above results are for MHC Network (Saket West, Panchsheel, Gurgaon, Noida, Pitampura) and includes results for Max Super Specialty Hospital, Saket, unit of Devki Devi Foundation and Max Super Speciality Hospital, Patparganj, unit of Balaji Medical and Diagnostic Research Centre ^ The above results are for Shalimar Bagh, Mohali, Dehradun, Bathinda, Vaishali & Saket City hospital unit of Gujarmal Modi Hospital & Research Centre

52 MBHI - Board of Directors

Rajesh Sud • Rajesh Sud is the CEO and K Narasimha • Mr. Murthy entered the Chairman & Managing Director of Max Murthy Profession of Cost & Director Life Insurance, one of the Director Management Accountancy in first three private life 1983. He is associated with the insurers to start operations development of Cost & MIS for in 2001 more than 150 companies. Rahul Khosla • Rahul Khosla is the Managing John Howard • John joined Bupa's Board as a Non-Executive Director in July Co-Vice Chairman Director of Max India group. He Lorimer 2011. He is Chairman of & Director is a seasoned business leader Director with 30 years of experience in Bupa's Audit Committee and a India & globally. member of Bupa's Risk Committee and UK Regulated Entities Board. David Fletcher • David Fletcher joined Bupa as Co-Vice Chairman Chief Internal Auditor in March Marielle Theron • Ms.Theron is a Principal of & Director 2014 and has been Managing Director Erlen Street Corporation, Director of Bupa International Switzerland, a company that Development Markets (IDM) specialises in strategic since Sep 2014 investment and management consulting solutions Joy Linton • Joy is the CFO of Bupa Plc. She • Pradeep is a highly has over 25 years’ experience in Pradeep Pant Director experienced senior business financial and strategic roles in Director leader, now involved in Australia and the UK. business consulting and education

Mohit Talwar • Mohit has an experience of Ashish Mehrotra • Ashish has over two decades of Director over 30 years in Corporate MD & CEO extensive banking experience Finance and Investment with exposure to consumer, Banking. commercial and private client

53 MBHI – Management Team

Ashish Mehrotra • Ashish has over two decades of Polly Doak • Polly has over 20 years experience extensive banking experience MD & CEO CSO & Director of in finance, strategy, acquisitions, with exposure to consumer, Products program management and commercial and private client business transformation. banking Rahul Ahuja • Rahul has wide domain Chief Financial expertise built over 19 years Vikas Gujral • With over 18 years of experience, mainly in corporate banking, Vikas joins us from joins us from Officer Chief Operating financial services and telecom Max Life Insurance, prior to Max Officer Life, he has worked with Bharti Dr. Sriharsha • Dr. Achar brings along a wealth Airtel and GE Capital. A Achar of experience in manufacturing, Chief Human IT / ITES and health insurance. Anika Agarwal • Anika heads the Marketing & E- He joined us from Apollo Resources Officer Head – Marketing commerce verticals at Max Bupa Munich Health Insurance & Direct Sales & responsible for brand planning, Anurag Gupta • Anurag joins Max Bupa from digital media, communications, Head – Agency Max Life, where he has held a consumer insights, direct sales number of senior roles across and E-commerce distribution and product • Joydeep brings along a vast management over a decade Joydeep Saha experience in Health & Property & Aseem Gupta • Aseem has nearly two decades Appointed Actuary Casualty Insurance. He has earlier Head – Portfolio of experience in sales and worked with other insurers like Management & distribution and has worked Religare, L&T General, Raheja QBE Affinity Channels across channels - Agency, & Iffco-Tokio. Banca, Special markets & Direct Sales • Atul has 15 years of experience in Priya Gilbile • Priya is an adept healthcare Atul Bhandari product/process management & Head – Health Risk professional with more than 16 Head – Banca sales/distribution, he joined us Management years of experience in healthcare & health insurance and Alliances from CITIBANK, prior to which he industry. worked in Standard Charted bank.

54 Max Bupa – Performance Dashboard (9MFY17 & FY16) Rs Cr Nine months Ended Y-o-Y Year Ended Y-o-Y Key Business Drivers Dec-16 Dec-15 Growth Mar-16 Mar-15 Growth a) Gross written premium income First year premium 142 123 15% 180 145 24% Renewal premium 259 202 28% 296 228 30% Total 401 325 23% 476 373 28% b) Net Earned Premium^ 381 286 33% 393 315 24% c) Net Loss^ 9 (48) 118% (68)* (93) 30% d) Claim Ratio(B2C Segment, normalized) 56% 59% 5% 56%** 50% -600 bps e) Avg. premium realization per life (B2C) 6,977 6,794 3% 6,800 6,364 7% f) Conservation ratio (B2C Segment) 85% 82% 4% 83% 81% 200 bps g) Lives In force in millions (including RSBY) 2.3 2.0 13% 2.1 1.8 11% h) Number of agents 15,821 11,975 32% 12,581 8,909 41% i) Paid up Capital 926 876 6% 898 791 14% ^ Higher Net Earned premium and PBT due to change in Unearned premium accounting from 1/365 method to 50% of net written premium

*Net Loss before one off items Rs 66 Cr **Adjusted for abnormal past claims for the previous year amounting to Rs. 7 Cr., settled in the current year 55

MAX INDIA LTD. Max House, Okhla, New Delhi – 110 020 Phone: +91 11 26933601-10 Fax: +91 11 26933619 Website: www.maxindia.com