Investor Presentation

September, 2013

2

Prasanth Manghat, CFO

Binay Shetty, COO

Roy Cherry, Head of Strategy & IR

Presenting team

3

1. Investment highlights

2. Financial performance & analysis

3. Projects under development

4. Outlook

5. Appendix

Contents

4

BR Medical Suites (Dubai) USD 9mn Status: Achieved

MBZC Medical Centre (AD) USD 10.4mn Status: Achieved

Brightpoint Maternity Hospital (AD, Open Early H1 14) USD 70mn Status: In progress

DIP Hospital (Dubai, Open Early H1 14) USD 30mn Status: In progress

Khalifa Hospital (AD, Open H1 15) USD 200mn Status: In progress

NMC Health Snapshot (NMC LN)

NMC is the largest UAE private healthcare network, received 1.9mn patients in

2012, heading towards 2mn in 2013

Market cap is around USD 950mn

Revenue of USD 490.1mn in 2012, up 10.5% YoY. USD 273mn in H1 13, up 15%

EBITDA of USD 79.6mn in 2012, 12.9% higher YoY. 16% growth in H1 13

EBITDA margin H1 13: Health 28.2%, Dist.9.9%, Consolidated 16.9%.

Net profit USD 59.8mn 2012, up 37% YoY. H1 13: USD 32.3mn, 17.3% YoY

UAE is tax free

Total: 7 assets, 261 beds. Abu Dhabi,

Al Ain, Dubai and Sharjah.

Umm Al Quwain : 1 Hospital (under

O&M, 200 beds)

Total: 8

3 in hospital

5 stand alone

Source: NMC Health H1 13

Hospitals & Medical Centers Pharmacies

Exclusive agency

8 warehouses

197 delivery vehicles

Exclusive agent for NIVEA

Distribution

Use of proceeds: Adding 6 assets: 3 hospitals, 2 medical centres and 1 medical suites. Total of up to 410 new beds

Note: *Operational Beds. Al Ain & Dubai Spl Hospitals has licensed bed capacity of 100 beds each.

Management

Dr. BR Shetty

CEO & Founder

Mr. Binay Shetty

Chief Operating Officer

Mr. Khalifa bin Butti,

Executive Vice - Chairman

Mr. Prasanth Manghat

Chief Financial Officer

Mr. Roy Cherry

Head of Strategy & IR

Overview

1. NMC is the leading UAE private healthcare company

Revenue EBITDA

2. Business details

3. Use of IPO proceeds & project progress

49% 51%

Healthcare Distribution

74%

26%

Al Ain Medical Center (Open H2 14) USD 7mn Status: In progress

5

NMC is well positioned in a fast growing market

1. Strong Macro Indicators High population growth in GCC

2.4% 2.1%

1.2% 1.2% 1.1% 1.0%

0.0%

Africa GCC World Asia OceaniaAmericas Europe

World Avg.

24

49 38

25

89

27

47 36

KSA UAE Kuwait Oman Qatar Bahrain USA Germany

Amongst top-10 highest GDP/Capita

2,731 2,572

1,532

418 401 251 97

AbuDhabi

Dubai Sharjah RAK Ajman Fujairah UAQ

NMC presence targets 85%

UAE est. population by Emirate

2. Favourable UAE Healthcare Market

3. Adoption of Mandatory Healthcare Insurance, Abu Dhabi first to go

47%

37%

16% Basic

Enhanced

Thiqa

50%

95%

2006 - Pre 2012 - Post

Abu Dhabi Est. % of population covered

AD insurance categories

2.7 2.9 3.5 4.2 4.9

5.4 5.7 6.5

7.1 8.1 8.1

8.6

10.0

11.3

13.0

2011 2012E 2013E 2014E 2015E

Public

Private

UAE healthcare expenditure Beds/GDP per capita ('000)

Source: World Bank, UAE Stats, Banks

USA

Germany

KSA

Lebanon

UAE Kuwait Oman Bahrain

UK

France

India Egypt

-

1

2

3

4

5

6

7

8

9

- 10 20 30 40 50 60

Be

ds

USD GDP per capita (PPP)

World Avg.

European

Source: EIU, Booz & Co, IMF, HAAD, DHA, MOH, UAE Stats, Banks

3.1

1.5

1.9

1.4

0.9

8.6

3.0

3.6

2.9

2.3

- 2 4 6 8 10

OECD

UAE

Dubai

AD

NE

Nurses

Physicians

UAE healthcare manpower KPI’s

National 17%

Expatriate 83%

Source: EIU, Booz & Co, IMF, HAAD, DHA, MOH, UAE Stats, Banks

2.7

5.3

-

1

2

3

4

5

6

Abu Dhabi Dubai & Northern Emirates

Mil

lio

ns

Most of UAE population resides in

Dubai & Northern Emirates

6

Strategy to capitalize on potential offered by the UAE healthcare

market

1. Existing Facilities: Continued investments in new technologies, quality manpower and enhanced patient care at our existing

facilities has delivered consistent growth.

- Centers of excellence implementation led to increased uptake of higher value added services

- Increased licensed capacity in Dubai Specialty Hospital from original 75 to 100, now 91 beds operational

- Phasing licensed capacity at Al Ain Hospital, our most recent addition

2. New Expansions: Grow healthcare division organically and inorganically in what remains a highly fragmented market. Acquired

BR Suites in June, 2012 and now focused on developing new hospitals and medical centers. Enhance market position in Dubai

ahead of likely roll-out of mandatory healthcare insurance.

- Short to medium term expansion strategy deploying IPO proceeds into four new assets (Ex BRS & MBZC)

- 410 new beds (350 in AD, 60 in Dubai)

- All assets due for completion in less than 24 months (beds phased)

3. O&M Contracts: Offering operations & management services to the Government for its existing or new healthcare facilities.

- Awarded O&M contract for the 200 bed Sheikh Khalifa Hospital in Umm Al Quwain Emirate recently by UAE Government

- Seeking new opportunities

4. NMC brand centric: As oppose to Doctor brand centric – the team and sustainable overall quality supersedes the individual.

Fixed salary and no revenue sharing. Lower staff turnover and compensation inflation.

5. Value focused: Appealing to patients across wider segments and income groups – approach consistent with UAE demographics

6. Distribution business: Maintain organic growth through product optimization, improved sales & merchandising efforts and

increased efficiencies

Strategy

7

Contents

1. Investment highlights

2. Financial performance & analysis

3. Projects under development

4. Outlook

5. Appendix

8

NMC posts strong H1 13 growth across both divisions

We continued to strive towards performance improvements in 2013 through:

our centres of excellence strategy

increased uptake in our high value added services

growing distribution network

improved operational efficiencies

Our patient centric approach continued to yield results:

patient numbers heading towards 2mn in 2013 – a record for the company

both revenue per patient and occupancy expanded during the period

Improved product mix coupled with enhanced brand positioning and a sales force increase drove the distribution

division’s strong growth in H1 13.

We delivered a strong 16% YoY growth in Group EBITDA (USD 46.1mn, H1 13)

H1 13 highlights

9

Another strong half for NMC Health

Strong 15% YoY top line growth (USD 273mn in H1 13)

Healthcare revenue accounted for 49% of group top-line

EBITDA increased by 16% to USD 46.1mn

EBITDA margin reached 16.9%, improvement of 20bps

Healthcare accounted for 74% of EBITDA

Net profit reached USD 32.3mn, implying 17% YoY growth

and a NPM of 11.8%.

Adjusted net profit* amounted to USD 35.7mn

*Note: Excludes the USD 3.4mn booked as one-off expense on fees related to

replacement of old loans with new JPM loan

Performance NMC Consolidated overview

444 490

238 273

2011 2012 H1 12 H1 13

NMC Revenue

15% YoY growth

70.5

79.6

39.7 46.1

43.8

59.8

27.5 32.3

15.9% 16.2%

16.7% 16.9%

9.9% 12.2% 11.6% 11.8%

0%

5%

10%

15%

20%

0

10

20

30

40

50

60

70

80

90

2011 2012 H1 12 H1 13

Mar

gin

USD

mn

EBITDA Net profit EBITDA margin NPM

10

Summary financial statements

2. Balance sheet (USD mn)

1. Income statement (USD mn)

Detail H1 13 H1 12 Change FY 12 Change Total CWIP Spending 33.6 37.1 -9.4% 94.9 New Projects 28.9 27.1 6.6% 82.3 Maintenance Capex 4.7 10.0 -53.0% 12.6

Working Capital to Sales Working Capital 180.6 161.2 12.0% 185.3 Sales 273.1 238.0 14.7% 490.1 Working Capital to Sales 33.1% 33.9% -2.4% 37.8% -12.5%

Gross Debt 302.6 251.8 20.2% 303.6 -0.3% Bank Balance & Cash 248.6 276.6 -10.1% 257.5 -3.5% Net Debt / (Net Cash) 54.0 -24.8 217.7% 46.1 17.1%

Group Healthcare Distribution

Detail H1 13 H1 12 % Change H1 13 H1 12 % Change H1 13 H1 12 % Change Revenues 273.1 238.0 14.7% 143.2 122.1 17.3% 147.1 131.5 11.9% Gross Profits 90.3 75.8 19.1% 55.6 46.1 20.6% 35.7 30.8 15.9% % Margins 33.1% 31.8% +120bps 38.8% 37.8% +100bps 24.3% 23.4% +90bps

Adjusted EBITDA 46.1 39.7 16.1% 40.4 33.60 20.2% 14.5 13.0 11.5% % Margins 16.9% 16.7% +20bps 28.2% 27.5% +70bps 9.9% 9.9% Nil

Adjusted Net Income 35.7 30.9 15.5% Adjusted NPM 13.1% 13.0% +10bps

Adjusted EPS (USD)

0.192

0.166 15.5%

11

3. Cash flow (USD mn)

Definitions

Adjusted EBITDA: Non-IFRS item, adjusted for exceptional items like pre-operative expenses

Adjusted operating cash flow: Adjusted EBITDA less: changes in working capital, cash payments for PPE

Adjusted Net income: Adjusted for non-operating one-off expenses

Adjusted EPS: Calculated on a like for like basis for both periods using the number of shares in issue as at 30 June

2013, based on adjusted net income.

Summary financial statements (continued)

Details H1 13 H1 12 Change FY 12 Change

Adjusted EBITDA 46.1 39.7 16% 79.6

Capex-Non Projects (4.7) (10.0) -53% (12.6)

Change in NWC (8.4) (15.2) -45% (40.1)

Adjustment for EOSB provision 1.2 0.8 56% 2.1

EOSB paid (0.3) (0.3) 11% (0.6)

Adjusted operating cash flow 33.9 15.0 126% 28.5

Adjusted cash flow conversion 74% 38% 95% 36% 106%

12

Financial performance & Analysis

Healthcare Division H1 13

Contents

13

NMC’s Healthcare Division strategy paid off

Healthcare had a strong start to 2013, revenues reached USD

143.2mn – up a solid 17.3% YoY.

Division EBITDA hit a new record of USD 40.4mn, gaining 20.2% YoY

Both out and inpatient services delivered strong numbers across all of

the Group’s three specialty hospitals

Doctors increased by 12% YoY (440 in H1 13)

Third party referrals higher

219 252

122 143

2011 2012 H1 12 H1 13

Healthcare Revenue

17% YoY growth

56.9 68.2

33.6 40.4

2011 2012 H1 12 H1 13

Healthcare EBITDA

20% YoY growth

Performance Key figures

14

NMC’s Healthcare Division strategy paid off (Continued)

31 35

17 19

2011 2012 H1 12 H1 13

Inpatients (‘000) 6.7% YoY 8.6% YoY

230 230 230

261

2011 2012 H1 12 H1 13

Operational beds 13.5% YoY

2.8%

3.0% 2.9%

3.0%

2011 2012 H1 12 H1 13

Out/inpatient conversion

53.0%

60.5% 60.3% 63.6%

2011 2012 H1 12 H1 13

Overall occupancy 330 bps

100

106 103

112

2011 2012 H1 12 H1 13

Revenue/patient

9.2% YoY

1,681 1,854

932 995

2011 2012 H1 12 H1 13

Outpatients

Key performance indicators

9.2% YoY

6 bps

15

Contents

Financial performance & Analysis

Distribution Division H1 13

16

Distribution Division records 12% YoY top-line growth

Distribution achieved 12% YoY revenue growth, reaching

USD 147mn – It accounted for 51% of the top-line

Division EBITDA hit a new record of USD 14.5mn, gaining

11.5% YoY

Healthy EBITDA margin of 9.9% achieved

Our performance improvement was mainly driven by:

Strong growth in the UAE economy

Increased sales effort backed by a 16% rise in sales

and merchandising staff

Successfully signing up new brands, including

AVICO, Zynex, Wallach and Purple Surgical

253 271

132 147

2011 2012 H1 12 H1 13

Distribution Revenue

12% YoY growth

24.9 26.2

13.0 14.5

2011 2012 H1 12 H1 13

Distribution EBITDA

11.5% YoY growth

Performance Distribution

17

Scientific, 14.7%

Pharma, 29.3% FMCG, 41.3%

Food, 11.0%

Others, 3.8%

Segment contribution H1 13

Distribution snapshot

1.53 1.51

1.68

2012 H1 12 H1 13

Trading staff (‘000)

10% YoY 11% YoY

17% YoY

16% YoY

Scientific, 14.9%

Pharma, 29.6%

FMCG, 43.1%

Food, 9.1%

Others, 3.2%

Segment contribution H1 12

Key performance indicators

821 796

922

2012 H1 12 H1 13

Sales staff

188

179

197

2012 H1 12 H1 13

Vehicles

66

58

68

2012 H1 12 H1 13

SKUs ('000)

18

Contents

1. Investment highlights

2. Financial performance & analysis

3. Projects under development

4. Outlook

5. Appendix

19

Projects under development

Following a review of the various capital project timelines, and recent experiences in relation to both construction and

approval processes in the UAE, management are confident that the opening dates for each of our new facilities will be

met.

We highlight that the communicated dates relate to the expected commencement of patient flow. All construction dates

remain on track and inline with previous communication, with the exception of Brightpoint which has seen some delay.

BR Medical Suites (Dubai) USD 9mn Status: Achieved

MBZC Medical Centre (AD) USD 10.4mn Status: Achieved

Brightpoint Maternity Hospital (AD, Open Early H1 14) USD 70mn Status: In progress

DIP Hospital (Dubai, Open Early H1 14) USD 30mn Status: In progress

Khalifa Hospital (AD Open H1 15) USD 200mn Status: In progress

Al Ain Medical Center (Open H2 14) USD 7mn Status: In progress

20

NMC launches new project in Al Ain

Growth in the Al Ain region coupled with the ramp-up at NMC Al Ain Specialty Hospital, which opened

in 2009, has been robust – this encouraged us to initiate preparations for the second phase of NMC’s

growth there.

To expand our reach within the region, increase referrals to our hospital and boost medium to long-

term growth prospects, we have initiated work on a new medical centre in a prime location in Al Ain’s

Sannayia Industrial area.

The new facility is expected to provide a wide range of healthcare services in an outpatient setting

covering General Clinic, Dental, Dermatology, General Surgery, Internal Medicine, Ophthalmology,

Orthopedics and Urology.

Al Ain Medical Centre is expected to have basic diagnostics facility and a pharmacy.

Expected completion: H2 2014

Estimated Capex: USD 7mn

21

1. Investment highlights

2. Financial performance & analysis

3. Projects under development

4. Outlook

5. Appendix

Contents

22

Positive outlook

Positive outlook for the rest of the year, as the UAE economy continues to post high growth

NMC continues its strong performance

Encouraging start to H2 13 through the commencement of operations in our new MBZC/Mussafah

Day Centre in July 2013

The impact of our loan consolidation and resulting replacement with JP Morgan, is expected to

deliver net savings of USD 2mn annually – starting from H2 13

Recent news and statements, make us hopeful that the Emirate of Dubai is getting closer to the roll-

out of mandatory healthcare insurance.

NMC has two hospitals and one Medical Suites in the emirate and we are approaching

completion of the DIP hospital.

We believe NMC is well positioned to benefit from such a development.

Opening two hospitals and a medical center in 2014

Opening our largest hospital in 2015

23

Contents

Q&A

24

Contents

1. Investment highlights

2. Financial performance & analysis

3. Projects under development

4. Outlook

5. Appendix

25

Appendix

Hospitals & Medical Centers

Existing

Contents

26

Overview of NMC Hospitals and Medical Centers

Established

No. of Beds

Accreditation

Staff

No. of Inpatients

(FY 2012)

No. of Outpatients

(FY 2012)

Bed Occupancy

(FY 2012)

Specialty

Hospital,

Abu Dhabi

Specialty

Hospital,

Dubai

General

Hospital,

Dubai

Specialty

Hospital,

Al-Ain

MBZC

Medical

Center

Sharjah

Medical

Centre

1975 2004 2008 1999 1996 2011 July,

2013

100 100(1) 100(2) 10 – - NA

JCI JCI JCI – – – –

1100 632 536 260 160 20 45

20,025 7,689 6,108 1,387 - n/a n/a

891,147 305,776 367,811 201,308 121,171

1,527

n/a

68.4% 56.0% 55.6% 37.9% n/a n/a n/a

(1) Hospital has licensed capacity of 100 beds with, as of H1 13, 91 operational beds, (2) Al Ain Hospital has 100 licensed beds with 60 beds operational, as of H1 13.

BR Medical

Suites

27

Al Ain Specialty Hospital Abu Dhabi Specialty Hospital

Abu Dhabi Emirate assets deliver strong first half

100 100 100 100

60.4% 68.4% 65.7% 76.5%

2011 2012 H1 12 H1 13

Beds & Occupancy

Beds Occupancy

12

45 45 45 45

60

40.3%

34.1% 44.9% 55.6% 53.3%

54.6%

2009 2010 2011 2012 H1 12 H1 13

Beds & Occupancy

Number of Beds Bed Occupancy

817 891

442 461

2011 2012 H1 12 H1 13

Patients ('000)

Outpatient Radiology Pathology Inpatient Other

294 306

158 166

2011 2012 H1 12 H1 13

Patients ('000)

Outpatient Radiology Pathology Inpatient Other

28

Dubai Specialty & General Hospitals

75 75 75

91 51.1% 55.0%

60.4%

57.7%

2011 2012 H1 12 H1 13

Beds & Occupancy

Number of Beds Bed Occupancy

Dubai General Hospital Dubai Specialty Hospital

294 306

158 166

2011 2012 H1 12 H1 13

Patients ('000)

Outpatient Radiology Pathology Inpatient Other

178 201

103 102

2011 2012 H1 12 H1 13

Patients ('000)

Outpatient Radiology Pathology Inpatient Other

10 10 10 10

30.4%

37.9% 37.8% 41.7%

2011 2012 H1 12 H1 13

Beds & Occupancy

Beds Occupancy

29

BR Medical Suites & Sharjah Medical Centre

1.5 0.1 1.65 3.1

0.7

3.80

Outpatients Others Total

Patients ('000)

2012 H1 13

Sharjah Medical Centre BR Medical Suites

99

121

62 73

2011 2012 H1 12 H1 13

Patients ('000)

Outpatient Radiology Pathology Others

30

Contents

Appendix

NMC Distribution Brands

31

Distribution’s robust global brands portfolio, sees new additions

1. Regional Distributor of Leading Brands

2. Sample of new brands introduced in 2012

3. Sample of new brands introduced in H1 13

32

Contents

Appendix

Management team presenting

33

Mr. Prasanth Manghat

CFO

Fellow member of the Institute of Chartered Accountants of India (FCA), Bachelor of Science (1995), MG

University, Kerala, India, CIA, ACCA from UK (2004), pursuing CA (Institute of Chartered Accountants of

England and Wales)

12 years of experience in management of treasury and banking functions, corporate finance, accounting

and financial reporting activities. Prior to joining NMCH, he has worked as Credit & Operations Head with

Kotak Mahindra Finance, one of the leading non-banking financial institutions in India

10 years at NMC

Mr. Binay Shetty

COO

BSBA (Bachelor of Science in Business Administration from Boston University, USA (2004) with

specialisations in Finance and Entrepreneurship.

Prior to being elevated to the post of COO of NMC Health, he has held the position of COO of the

Healthcare Division, Executive Director, planning and governance, Corporate performance review and new

projects management.

9 years at NMC

Management team presenting

34

Mr. Roy Cherry

Head of Strategy & Investor Relations

Roy Cherry recently joined NMC Health Plc and works closely with the CEO and the Executive Vice

Chairman on NMC’s strategy. He also leads the investor relations efforts.

Roy’s career includes a Senior Consultant role at PwC where he advised on feasibilities and M&As

with a combined transaction value exceeding USD10bn across a variety of sectors including

healthcare. Roy also headed the Equity Research Department at SHUAA Capital in Dubai, one of the

region’s first and most acclaimed. He played an important role on several regional IPOs including,

Saudi Catering, NMC Health, Deyaar, DP World & Royal Jordanian Airlines.

Prior to joining NMC Health Plc, Roy was with Saudi Fransi Capital, where he was the Head of

Research & Advisory Department. He holds a BSc in Management from the University of London. In

addition to English, he is a fluent speaker of both Arabic and Swedish.

************************

Management team presenting (continued)