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NMC Healthcare Investor Presentation January 2019 Senior management presenting Prasanth Manghat CEO Prashanth Shenoy CFO Hani Buttikhi CIO Asjad Yahya Investor Relations 2 Agenda 1 Overview of the business 2 Understanding the Saudi opportunity better 3 Transformational partnership with GOSI to form a new KSA healthcare champion 4 M&A: A vital part of the story 5 Developing a dedicated International Patient Center 6 Financial outlook 7 Appendix A: A closer look at key assets 8 Appendix B: Snapshot of UAE healthcare market 3 NMC at a glance Over 5.7 mn 2,186 100+ owned and managed facilities patients in 2017 licensed beds 2017 Group EBITDA: c. 2,000 doctors FTSE 100 company USD 353mn 2017 Group revenues: c. 20,000 staff c. £7bn market cap USD 1.6bn 20% Operations across Over 113,000 18 countries distribution SKUs 2017 RoAE 4 Five verticals built around centres of excellence Est. 1975 c.113,000 SKU’s Est. 2012 Over 1,000 beds Est. 2015 554 beds Long Care CENTRE OF - term EXCELLENCE Cardiology Est. 1975 1,526 beds Est. 2015 106 beds & c.20k Cycles 5 Future growth driven by a well-defined strategy NMC Health’s strategy is built on three key tenets 1 2 3 Capacity Build Capabilities Focus Geographic Expansion 2015 Strategy Update 2017 Strategy Update Accelerate the establishment of Centres of Excellence in Addition of new verticals focused on highly key specialties within existing hospitals underserved segments in the UAE and wider GCC and further development of Centres of Excellence Increase participation in the growing UAE medical tourism industry and establish NMC as a destination of choice Expanding the healthcare business’ target market from the GCC to wider emerging markets Grow NMC’s medical speciality offering and clinic network within the UAE and maximising operational synergies Fertility to be developed as a global business taking Establish a strategic presence outside the UAE with advantage of substantial growth opportunities leading global medical institutions to enhance and expand technological know-how and medical expertise Rapid adoption and deployment of technological Increase NMC’s footprint in Saudi Arabia and the innovation via both organic initiatives and acquisitions broader GCC via organic initiatives and acquisitions 6 An expansive footprint: 100+ facilities across 18 countries Sweden Denmark Latvia UK Slovakia Italy Jordan Spain Kuwait Egypt United Arab Emirates Saudi Arabia Oman Yemen Colombia Kenya Seychelles Brazil Key to facilities Own and O & M Own O & M 7 Benefitting from attractive underlying dynamics in core markets Population Insured population Incidences 24mn Abu Dhabi: A case 3mn 3mn study on impact of mandatory 2mn insurance roll-out 1mn 3.5mn 2007 2014 2007 2014 2007 2014 6-7 per capita incidence assumed UAE market still has potential for 8 75mn considerable per capita incidence rate in incidences in +2X growth Abu Dhabi in 2014 next 5 years 5 per capita incidence assumed GCC as a whole offers even bigger 8 275mn growth potential per capita incidence rate in incidences in GCC +3X Abu Dhabi in 2014 in next 7 years Roll-out of mandatory insurance remains the biggest tailwind for the healthcare sector in the region Please note: The above analysis has been complied for illustration purposes only and is based on NMC’s own estimates and projections and should not be taken as factual data or relied 8 upon Agenda 1 Overview of the business 2 Understanding the Saudi opportunity better 3 Transformational partnership with GOSI to form a new KSA healthcare champion 4 M&A: A vital part of the story 5 Developing a dedicated International Patient Center 6 Financial outlook 7 Appendix A: A closer look at key assets 8 Appendix B: Snapshot of UAE healthcare market 9 Attractive demographics working in NMC’s favour ▪ 2% growth rate p.a., twice the global growth rate ▪ NMC has c. 1,200 licensed beds in UAE with a population base of 9-10mn. This implies potential for 3,000-4,000 beds in KSA on simple comparison 33m pop’n ▪ KSA faces an estimated shortage of 50,000 beds by 2035, requiring substantial investment Considerable 30% of the Prominence demand for LT pop’n <19 yrs of lifestyle care beds disease ▪ Median age of 29 years ▪ Beds shortage in KSA estimated ▪ As with most GCC countries, ▪ Healthy outlook for various at 15,000 lifestyle disease is a major medical segments NMC focuses ▪ 30% of existing, overall beds in problem in KSA on: the system blocked by LT care ▪ Almost 70% of the population is ▪ Obstetrics and patients obese Gynaecology; Paediatrics; ▪ Geriatrics continues to expand ▪ 30% of the population is Fertility (IVF) and at a rapid 7-8% CAGR diabetic, or pre-diabetic Cosmetics 1010 Continued roll-out of insurance coverage a significant potential catalyst Expats Saudis 12.7 20.7 Private sector 44% Public sector 56% Stats Gov Est. Q2 2018* population 33.4 m Expats Saudis Saudis Expats 10.2 5.0 15.7 2.5 Private Insurance Mandate Public Coverage (Addressable Market) 18.2 m 15.2 m Dependent of expats & illegal Retired Others Gov. Saudis Under insured residents 2.4 0.5 Employees 2.7 expats 0.9 0.4 Unemployed 1.2 Domestic Expats 0.8 Gov. Helpers¹ 8.2 Employees 2.1 Saudis 12.0 2.2 Insured end Q2 ‘18 Under/Uninsured Saudis Expats 10.9 m 4.3 m 15.7 m 2.5 m Source: Stats.gov.sa, GOSI, Mol., CCHI, and Bupa Arabia estimates. * Doesn’t include recent deportation of illegal expats (1) Not under public coverage but also not under private insurance mandate 1111 Agenda 1 Overview of the business 2 Understanding the Saudi opportunity better 3 Transformational partnership with GOSI to form a new KSA healthcare champion 4 M&A: A vital part of the story 5 Developing a dedicated International Patient Center 6 Financial outlook 7 Appendix A: A closer look at key assets 8 Appendix B: Snapshot of UAE healthcare market 1212 NMC and GOSI have entered a strategic partnership to create a new national healthcare champion in KSA 1 Formation of a new and unique national champion 2 #2 private healthcare operator in KSA by beds capacity 3 Strong platform with pan KSA presence 4 Wide ranging yet well defined investment mandate 5 Strong synergy potential to support sustainable value creation 1313 Formation of a new national champion JV capitalization New structure majority 1 > 51% < 49% KSA Assets New JV New JV majority 38.9% 2 At SAR70 / share 38.9% KSA Assets JV to be capitalized through: ▪ NMC to fully consolidate the JV’s financials and retain 1▪ NMC to transfer its KSA assets operational, Board and management control ▪ Transaction remains subject to regulatory approvals and 2▪ GOSI/ Hassana to transfer their stake in CARE at due-diligence c.SAR70 per share 1414 Addition of CARE to the existing portfolio: substantial growth opportunity Significant milestones achieved since inception which now includes 2 flagship hospitals +10% 10% 1967 USD228m 2013-17 Rev. 2017 Net profit Year incorporated 2017 Revenue CAGR margin +7% 20% 2013 USD46m 2013-17 EBITDA 2017 EBITDA Year listed 2017 EBITDA CAGR margin 0.5x c. 3,000 USD667m USD380m Leverage (2017 Total staff Market cap.(1) Total assets Net Debt/EBITDA) RCH 330, CNH 1 2 1 495 Polyclinic Hospitals Mobile unit Number of beds 1967 1991 2015 Note: company information, Facstet. SAR to USD exchange rate: 0.2666 (1) As of 7 June, 2018 (closing share price: SAR55.8) 1515 Strategic geographic positioning across KSA Al Rashid Al Salam Medical Hospital Group 64 beds 100 beds Ha’il Riyadh Care Al Khobar Hospital As Salama 330 beds Hospital Riyadh 140 beds Jeddah Chronic Care 220 beds Najran National Care Al Qadhi Hospital Specialty 495 beds 140 beds NMC’s CARE’s hospitals hospitals 1616 Newly formed JV platform will be the second largest Saudi operator by bed capacity in KSA A combination of NMC’s KSA assets and CARE would immediately create one of the largest private healthcare providers by beds capacity Beds capacity and number of hospitals Substantial growth expected in KSA bed numbers c.1,850 (1) 10(1) KSA 1,489 (2) 7 6,000 1,328 3 1,020 (3) 6(2) 998 (4) 2(3) 3,000 825 2 ~1,500 788 5 (2) KSA 664 5 2018 3 - 5 years 5 - 10 years # of beds capacity # of hospitals Source: companies website, AlpenCapital GCC Healthcare industry report (March 2018) Notes: Market cap as of 6 June 2018 (1) Best estimate for the number of beds from publicly available sources which include the under construction Al-Habib Medical City, Al-Khobar Hospital and two hospitals in Jeddah (2) No of beds does not include announced Greenfield project in Al Khobar by NMC (3) Includes the under construction Mouwasat Hospital Al Khobar (220 beds) (4) Includes the expansion of Dallah Hospital Al-Nakheel by 150 beds and the development of Namar Hospital (400 beds) 1717 NMC is now in a position to replicate full continuum of care across Saudi Arabia UAEUAE KSA Establishing an integrated network across the full continuum of care Tertiary Highly specialised Multi-specialty Primary Care 1818 Agenda 1 Overview of the business 2 Understanding the Saudi opportunity better 3 Transformational partnership with GOSI to form a new KSA healthcare champion 4 M&A: A vital part of the story 5 Developing a dedicated International Patient Center 6 Financial outlook 7 Appendix A: A closer look at key assets 8 Appendix B: Snapshot of UAE healthcare market 1919 Snapshot of key acquisitions LTM EV/EBITDA multiples paid: recent acquisitions (>USD25mn) Price performance post-acquisition (+4 months) NMC undisturbed LTM EV/EBITDA (pre-acquisition) 33.9x 14% 30% 23.2x 22.2x 22.5x 21.0x 16% 19.9x 19.9x 17.4x announcement closing closing price) announcement - 36% 12.6x 12.9x 12.4x 11.1x 4% 10.2x 9.6x 8.5x 7.6x 14% Price movement movement Price (from pre 57% Feb-15 Apr-15 Apr-15 Jun-15 Nov-15 Aug-16 Dec-16 Jan-18 +24% on average Demonstrated discipline in identifying and executing Significant medium-term returns to NMC immediately accretive acquisitions shareholders from integration of acquisitions 20 Source: NMC, S&P Capital IQ 20 Case study: Leveraging the long-term care acquisition ▪ Fully acquired ProVita in June 2015 for a total consideration of US$ 161m Evolution of long-term care beds ▪ 90 beds at time of acquisition No.
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