1

Max India Limited

Investor Presentation

August 2009

BSE Scrip Code: 500271, NSE Ticker: MAX, Bloomberg: MAX:INwww.maxindia.com

2

VISION

“To be one of India’s most admired corporate for service excellence”

Introduction

Life

InsuranceProtecting Life

HealthcareCaring for Life

Clinical

Research

Improving Life

Health

Insurance*Enhances Life

* JV agreement signed on September 3, 2008. Statutory approvals in process.

Multi-business corporate IFocused on people and service

“ IN THE BUSINESS OF LIFE ”

3

Our Other Business

ManufacturingNiche high barrier polymer films & Leather Finishing Foils.

Focus on healthcare, children and the environment.

Corporate Social Responsibility

Introduction

4

Key Highlights

• A leading conglomerate of repute in India

• Life Insurance – 74:26 JV with New York Life

• Healthcare – 70% owned. 8 healthcare facilities with around 800 Beds

• Clinical Research – 100% owned. 175+ active sites

• Specialty Packaging – capacity of 29,000 TPA. 100% utilization

• Health Insurance – JV with BUPA Finance Plc, UK

• 3.5 Million Customers… 18,000 Employees… 95,000 Agents… 1,200 Doctors…

• Track record of successful international business partnerships over last 20 years

PharmaceuticalsElectronic

Component

Mobile

Telephony

Communication

ServicesPlating Chemicals

Medical

Transcription

Hutchison COMSAT ATOTECH

5

Financial Performance

Consistent track record of strong growth

*Investment & Other Income, tax expense and net loss of FY06 is adjusted for income from stake sale in Hutchison Essar amounting to Rs. 427.63 Crore.** Losses in FY09 have increased on account of significant expansion undertaken in the life insurance business.

Rs Crore

6

Growth Story

Successful track record of consistent revenue growth

CAGR – 70%

CAGR – 40%

CAGR- 48 %

(Rs crores)

7

As on Jun 30, 2009

Shareholding Pattern

Market Capitalisation – USD 1 Billion

8

Max India to foray into

Health Insurance…

Joint venture with BUPA Finance Plc. , UK – World leader of highest pedigree in Health Insurance

9

MAX NEW YORK LIFE INSURANCE

www.maxnewyorklife.com

10

Max India

• India’s leading conglomerate• Successful track record of building businesses

Expertise

• Local perspective of the Indian market• Managing the regulatory framework

New York Life

• Fortune100 company with a track record of 180 years• AUM of $ 224 billion

Expertise

• Global perspective on the insurance business• Products and Actuarial

Parentage

11

Industry Perspective

The story so far...• Strong industry growth from FY 04 – FY 09 (CAGR – 29%)

• Low life insurance penetration (4% of GDP)

• Product innovation and emergence of unit linked, health and pension products

• Aggressive distribution expansion by private players

• Shift in market share from LIC

• Increasing competition within the industry

Source: IRDA website

12

Market Position

Insurance Sales (Rs. Crore)

Source: IRDA website

13

MNYL Advantages

14Source: IRDA Journal, media reports and company’s internal estimates

*In terms of highest new business premium (Agency)**Average Agents

Agency Benchmarking

15

Our Focus… Protection Oriented,

Longer Tenor Life Insurance

34

29

33

0.3DEFERRED

ANNUITY

7.7MONEY BACK

UNIT LINKED

2.8TERM

18.6WHOLE LIFE

PROPORTION OF

POLICIES (%, by

number)

PRODUCT TYPETenure

(Years)

Age of Insured

(Years)

22 35

MNYL Average MNYL Average

15

26

43

38

3616

14

42

ENDOWMENT 12.1 22

As on June 30, 2009As on June 30, 2009

HEALTH 3513

54.8

3.7

16

Other

Operating

Variance

Embedded Value 2008-09

Amount in Rs. Crore

Unwind of

discount

Opening EV

Value of

New

Business

New Capital

Injection

Closing EV

Denotes decrease to EV

Denotes increase to EV

312

190

Market

Value

Movement

44750

9

2,284

Cost

Overrun

392

Implied NBM is 21.0% on APE*

(21.8% in 2007-08)

954

362

767

1,517

Net Worth

Value of Inforce business

1,316

Other

Adjustments

55

*APE – Annualized First Year Premium adjusted for 10% of Single Premium and 50% of limited pay products

17

Key Metrics(R

s cr

ores

)

(Rs

cror

es)

(Rs

cror

es)

* Offices for FY09 includes 133 offices dedicated to rural business

* *Conservation ratio = Renewal premium for the current period / (First Year + Renewal Premium for the previous period)

18

Key Assumptions - Embedded Value

Economic AssumptionsEconomic Assumptions

SensitivitySensitivity

• For change in risk discount rate by 0.5%, the value of new business would change by 4.9%

Operating AssumptionsOperating Assumptions• Operating assumptions like mortality, morbidity and lapses are based on our own experience and

validated with industry / reinsurers experience

• Expense assumptions are based on our own expense projection model. Basis our current

expansion strategy, our expense break even happens in year FY 11-12

19

• Focus on strengthening distribution• A multi distribution business model with special focus on building a superior agency force • Segment agency to enhance productivity• Leverage bancassurance and grow partnership distribution to increase scale

• Innovation – Launch of Max Vijay• Innovative concept product launched at tapping a huge low income customer base• Successful pilot completed in Allahabad and Andhra Pradesh • Activated 30+ retail distributors in UP• Peerless signed up as a distribution partner – encouraging early results

•To launch Universal Life products• Minimum return guarantee• Express issuance of policies – no medical tests• Funding of premium post death of life insured• Persistency bonus in last five policy years• Low entry premiums

• Initiatives to rationalize costs• Outsource various customer related processes like call centre, policy issuance etc.• Optimization of headcount to lead to savings in manpower cost• Rationalize operating costs through operational efficiencies

The Way Forward

20

MAX HEALTHCARE

www.maxhealthcare.in

21

Healthcare Industry Perspective

Source: FICCI & E&Y Report, 2007

Healthcare industry

expected to grow at a

15% CAGR till 2012 to

contribute 6.1% of

GDP

Healthcare

Industry 2012 –

US$ 78.6 billion

22

Key drivers for growth

Source: FICCI & E&Y Report, 2007, IRDA, B&K report, 2009, Crisil

37 % CAGR

Rising health insurance penetration will make healthcare affordable

Cost differentials provide a huge untapped market for medical tourism related business opportunities

Low healthcare spend presents opportunities for growth and expansion

Growing trend of lifestyle diseases need effective and continuing medical attention

(nos

. mill

ion)

23

Presence across the healthcare delivery value chain Presence across the healthcare delivery value chain

MHC – Model

24

Shareholding Pattern and Key Highlight

*Includes over 600 physicians on Rolls

Both the tertiary care hospitals are NABH accredited Lab facilities at Max Super Specialty Hospital are NABL accredited

25

• Comprehensive world-class healthcare services

• State-of-the-art infrastructure and facilities

• Established brand name with leading specialist doctors

• Trained and anchored resources

• Leadership in key super-specialties in tertiary care

• Centre's of excellence in cardiac, orthopedics and joint replacement, neurosciences,

pediatrics, obstetrics & gynecology and aesthetic & reconstructive surgery

• Organ transplant, oncology, cord blood banking, stem cell research to be added

• Extensive emphasis on medical training and education

• DNB (Diplomate of National Board) & fellowship programs

• High quality nursing and paramedic care supported by nursing and paramedic college

Key Differentiators

26

Key metrics

The business has turned cash positive

(Rs

cro

res)

(Nio

s. 0

00’s

)

27

Second Phase of Expansion

Max Balaji Hospital – Patparganj

Max Hospital – Shalimar Bagh

Max Hospital –South Block , Saket

Max Hospital – Dehradun

� Tertiary Care facility

� Around 260 beds

� Launch expected by October 2009

� Tower specialities include – Oncology, Cardiac Care,

Orthopaedics, Neurosciences and Critical care

� Multispecialty services

� Around 300 beds

� First phase Launch expected by April 2011

� Tower specialities -Interventional Cardiology, Cardio thoracic

surgeries, Neurosciences, Trauma & critical care.

� Tertiary Care facility

� Around 90 beds

� Launch expected by April 2010

� Tower specialty - Oncology

� Multi-specialty services

� Around 150 beds

� Launch by April 2011

� Tower specialty includes - Emergency and Trauma care, Non-

invasive and Invasive cardiology, Cardio-thoracic surgery, Joint

replacement and Orthopaedics, Minimally Invasive Surgery,

Neurosciences and related support services.

Max Hospital – Greater Noida

NCR Region Outside of NCR Region

Max Hospital – Mohali

� Tertiary Care facility

� Around 300 beds

� First phase Launch expected by April 2011

� Tower specialty includes – Oncology, Cardiac Services & Trauma

Services

Max Hospital – Bathinda

� Tertiary Care facility

� Around 300 beds

� First phase Launch expected by April 2011.

� Tower specialty includes – Oncology, Cardiac Services.

� Multispecialty services

� Around 300 beds

� Launch expected by April 2012

� Tower specialities neurosciences, trauma and critical care,

urology, interventional cardiology and cardio thoracic.

Land already in place for the Second Phase of expansion

28

Current Funding Structure

Project Cost

Rs. 981Crore

EquityCapital

Rs. 376 Crore

Preference

Capital

Rs. 250 Crore

� Max India

� Current – Rs. 166 Crore

� Warburg Pincus – Rs. 140 Crore

� IFC, Washington – Rs. 50 Crore

� Other Foreign Investors – Rs. 20 Crore

� Indian Banks and Financial

Institutions� Current – Rs. 297 Crore� Future (tied-up) – Rs. 58 Crore

DebtFunds

Rs. 355 Crore

� IFC, Washington

29

MAX NEEMAN MEDICAL INTERNATIONAL

www.neeman-medical.com

As per FICCI - Ernst and Young Survey Report 2008 and market information

Indian Clinical Research Industry

31

MNMI – Contract Research Organization

• Service offerings include…

• Project management

• Monitoring

• Site management

• Data management, includes bio-statistics and report writing

• Clinical trial material supply chain management

• Confirmed order book of Rs. 40 Crore

• BD efforts focused on medium and small-sized biotech and pharma companies

• Strong operating performance…

• Continues to be profitable

• Revenue for the FY09 over Rs. 15 Crore, growth of 35% year-on-year.

• Patient retention rate maintained at 98%

• 4 successful US FDA audits

• Database of over 950 GCP/ICH principal investigators

32

MNMI – SelectList of Clients

33

MAX SPECIALITY PRODUCTS

www.maxindia.com

34

(KT

A)

Global BOPP Industry

35

Max Speciality Products is much more than packaging…

� Manufacturer of niche(high margin)and high barrier speciality polymer films

� Pioneer in introduction of value added products /technology in India

� Long term relationship with blue chip customers

Key Differentiators

CommoditySpeciality

(Preferred)

End Use

Packaging,

Industrial,

Textiles

Packaging,

Lamination

Metallised

FilmsCoated Films Foils

Packaging,

Lamination,

Industrial,

Packaging,

Industrial

Lifestyle,

Apparels

Our Focus

36

Consistent Track Record Consistent Track Record

of Strong Performanceof Strong Performance……

(Rs

cror

es)

Key Highlights

37

Thank You

38

Max India – Management Team

Mr. Analjit Singh

Chairman & Managing

Director

Mr. Analjit Singh has been the driving force behind Max Group’s sustained growth and success since the early 80’s. Mr. Singh a prominent industrialist is an alumnus of Doon School; University of Delhi, and the Graduate School of Management, Boston University

Mr. C. V. Raghu

Director – Legal &

Regulatory

Mr. Raghu brings with him a rich and varied experience of 22 years, of which, 14 years have been spent with American Express Bank. Prior to that, he has worked with Hindustan Lever Limited and CII. He holds a Bachelors Degree in Law from Faculty of Law, Delhi University.

Mr. Mohit Talwar

Director – Corporate

Development

Mr. Talwar brings rich and varied experience of 28 years with The Oberoi hotels, Bank of Nova Scotia, Grindlays & Standard Chartered. In his last assignment with Standard Chartered he was responsible for developing strategy, revenue & economic profit across products. Mr. Talwar is a post-graduate in Arts and Hospitality Management.

Mr. P. Dwarakanath

Director - Group Human

Capital

Mr. Dwarakanath brings rich and varied experience of 37 years primarily from GSK GlaxoSmithKline Consumer Healthcare and is currently the non Executive Director of GSK. He has done his Post Graduate diploma in Personnel Management and Industrial Relations, B.Sc and Bachelor of Law.

Ms. Sujatha Ratnam

Chief Financial Controller

Ms. Ratnam brings with her over 15 years of rich and varied experience with Jubilant Organosys and Tata Motors and has expertise in the field of financial restructuring and fund raising. She is a Chartered Accountant.

Mr. V Krishnan

Company Secretary

Mr. V. Krishnan has more than 18 years of rich experience in Corporate Regulatory and Compliance matters and has been closely involved in establishing joint ventures, mergers & acquisitions and business restructuring of Max Group. He is a member of the Institute of Company Secretaries of India.

39

MNYL – Management Team

Mr. Rajesh Sud –

Managing Director

and CEO

Mr. Sud, a founder member, has been instrumental in establishing MNYL’s distribution footprint across India. Today

MNYLs Agency model is recognized as “best-in-class”. Prior to joining MNYL, he was the CEO & Managing Director of

Esanda Finance Ltd (a financial services subsidiary of ANZ Grindlays Bank)

Mr. Rajit Mehta –

Chief Operating

Officer

Mr. Mehta, a founder member, has led and built the HR function of MNYL and provided overall HR direction in line with

business strategy. He has also played a significant role in managing change / transition agendas both at a functional

and organizational level while facilitating strategic initiatives. Prior to joining MNYL, he was Director - Human Resources

at Bank of America, India

Mr. John Poole

Chief Actuary

Mr. Poole, is both Chief Actuary and Appointed Actuary for MNYL. He has been instrumental in building MNYLs

actuarial capability and implementing best practices. Prior to this assignment, he worked with AMP in various key

management positions including CFO and Actuary

Mr. Sunil Kakar

Senior Director &

Chief Financial Officer

Mr. Kakar joined MNYL in March 2001 and is in charge of Finance, Accounts, Investments and Risk Management.

Under his leadership investment portfolio continues to generate top quartile returns. Prior to joining MNYL, Sunil was

with Bank of America, India as Vice President (CFO)

40

� Excellence� Honesty� Knowledge� Caring� Integrity� Teamwork

Road Map to Becoming India’s Most Admired

Life Insurance Company

Key Public MessagesKey Public Messages

� A trusted life insurance specialist� Customer centric� Financially responsible and strong� A great place to work� An admired member of the community

VISIONVISION Become the most admired Life Insurance Company in India

MISSIONMISSION

KEYKEY

OBJECTIVESOBJECTIVES

STRATEGIESSTRATEGIES

WHAT –Comprehensive suite ofproducts, competitive pricing, extensive distribution, persistency, customer service excellence, profitable portfolios

HOW –TalentedPeople, Professional & Productive Agents, Performance Metrics, Leverage Technology, Teamwork, Customer Centric, Innovative Distribution and Marketing

INITIATIVESINITIATIVES What-When-Who-How-Cost linkage plans at Departmental and Individual levels

VALUES & BELIEFS OPERATING PRINCIPLES METRICS &

STANDARDS

PERFORMANCE

MGMT PROCESS� Customer comes first� International quality standards� Do it right the first time� Fact based decisions� Bias for result oriented action� Financial strength & discipline� Direct and open communication� Respect Max & NYLI values & parentage� Fun at work

� Input� Output� External� Internal� Absolute� Ratios

� GMPR Ratings� TEC/TTR – Templates� Primary, Shared and

Contributory� Balanced scorecard� Core, Functional and

Leadership Competencies

� Part of top quartile newLife Insurance Companies� National Player� Brand of FIRST choice� Employer of Choice� Principal of Choice for Agents

Key DifferentiatorsKey Differentiators

� Financial Strength & Security

� Quality of agents

� Flexible Products

� Service Excellence

� Fair Terms of Business

41* Conservation Ratio = Renewal Premium for the current period / (First Year Renewal Premium for the previous period)

MNYL – Key Highlights

42

MHC – Management Team

Dr. Pervez Ahmed

CEO and Managing

Director

Dr. Ahmed has been an active participant in healthcare related fields especially development of standards of critical

care medicine in New York. Since 1977 he has been involved in academic Medicine at SUNY, Downstate. He has

also been involved in many healthcare activities in India dating back to 1980. Dr. Pervez Ahmed, MBBS from AFMC,

Pune, has completed Residency in Internal Medicine and Fellow-ship in Cardiology in New York. He is Board certified

in Internal and Cardiovascular disease and a Certified Medical Director.

Mr. Arvind Kakar

Vice President Finance

Mr. Kakar is a Chartered Accountant with over 18 years of experience in service industries and having a high focus in

the areas of financial services and healthcare. He has been associated with the Max group since 2000.

Mr. Sanjay Rai

Director Marketing &

Customer Management

Mr. Rai brings with him more than 28 years experience in Sales & Marketing in service and manufacturing industries.

He has earlier worked with The Oberoi group and ITC Limited. He leads and manages various sales channels at Max

Healthcare and is also responsible for Branding, Customer Relationship Management and Direct marketing, PR

function and for service excellence. He is an graduate in Economics from Mumbai University,

Mr. Surajit Banerjee

Director Human

Resource

Mr. Banerjee has over 23 years experience in Human resource and worked with reputed organizations like Spice Jet,

Hindustan Lever, East India Hotels, Reckitt Bencksier Limited, Bharti Cellular etc. He is an post graduate in personnel

management and industrial relations from XLRI.

Dr. D. P. Saraswat

Regional Director

Dr. Saraswat has rich and varied experience of 36 years including 22 years in the Indian Army where he held Lt. Col.

rank. Thereafter he continued his career with Manipal Hospital as COO & Medical Director. He also held the position

of Head & Professor Dept. of Hospital Administration in Manipal University. He is M.B.B.S from S. N. Medical College,

Agra and MHA from A F M C, Pune.

Dr. Dilpreet Brar

Regional Director

Dr. Brar was associated with the Indraprastha Apollo Hospitals and Hero Honda group of companies prior to joining

Max Healthcare in 2002. She is responsible for business operations of Saket, Panchsheel and Gurgaon Hospitals. Dr.

Brar is a graduate from Govt. Medical College, Patiala. She secured a post graduate diploma in hospital management,

and completed a certificate course in Health Insurance from Indraprastha Apollo hospitals, New Delhi.

43

Padma Shri Dr. Rustom Phiroze Soonawala

MD, FRCS, FRCOG

Chairman, Obstetrics & Gynaecology

� Eminent and Internationally renowned Obstetrician & Gynaecologist.

� Former President of the Federation of Obstetricians and Gynaecologists

Dr. Praveen Chandra

MD, DM,FAPSIC, FACC, FSCAI, FESC

Director – Cardiac Cath Lab

� Internationally Renowned Cardiologist.

� First to use new devices like Rotarex,Kensey Nash DPD in the country.

Dr. S.K.S. Marya

M.S., DNB, Mch, FICS

Director – Max Institute of Orthopedics & Joint

Replacement

� Renowned Joint Replacement Surgeon having 30 years experience.

� Pioneered bilateral Hip and Knee Joint replacement.

� Author and teacher par excellence.

Dr. Ajaya Nand Jha

MS, FRCS

Director – Max Institute of Neurosciences

� Renowned Neurosurgeon with rich and varied experience including stints with

Manchester Royal Infirmary, P.D. Hinduja National Hospital, Indraprastha Apollo

Hospital.

� First to use image guided Neurosurgery in the country.

� First to use dedicated X-knife (Radiosurgery) and intra-operative MR with image

guidance for Brain Tumour Surgery.

Dr. Anurag Krishna

MS, MCh., FAMS

Director, Paediatrics and Paediatric Surgery

� Over 20 years of experience in Paediatric surgery including complex congenital

malformations

� Published over 50 scientific papers in leading national and international journals

� Has served as Member of the Board of Management of Sir Ganga Ram Hospital.

MHC – Key Physicians

44

VISION

Deliver international class healthcare with a total service focus, by creating an institution committed to the highest standards of medical & service excellence, patient care, scientific knowledge, research and medical education.

MISSION

GOALS • Profitable without profiteering.• Seamless linkage between secondary and tertiary care.

KEY

OBJECTIVES

STRATEGIES

WHAT –Medical USP’s ; Best in class ; Comprehensive care ; Convenience & accessibility ; Seamless service ; Patient records ; Consistent and customised care ; Service excellence ; Preventive health ; Caring place to work.

HOW –Train train train ; Partnership with Medical community ; Principalchoicefor physicians ; Never ending focus on medical and service excellence ; Build lasting customer relationships ;No franchising.

VALUES & BELIEFS OPERATING PRINCIPLESMETRICS &

STANDARDSPERFORMANCEMGMT PROCESS

• Create exceptional standards of Medical & Service Excellence• Care provider of FIRST CHOICE• Principal Choice for Physicians• Ethical Practices • Create International Centre of Excellence for select Super Specialties.• Safety – Patient, Customer, Staff

• Competence rating• Potential analysis• PSC model• Balanced scorecard• Performance / Risk linked

reward.

• Caring • Excellence• Integrity• - Personal• - Professional• Accountability• Openness/Transparency• Teamwork• Win-win partnerships

• Courtesy & Caring always• Customer comes first• Do it right first time• International image standards• Direct & open communications • Create trust• Compliance• Fun at work• Reward & Recognition

• JCIA Accreditation • ISO 9001 : 2000• Integrated Management System• Credentialing / Grant ofprivileges• Employee productivity• Employee Engagement survey• Service Dashboard - Sparsh• NABH/NABL Accreditation• Adverse event Measurement.

INITIATIVES

• WHAT- HOW - WHEN - COST - LINKAGE• Shared responsibility with single accountability.• Unique approach through: - International benchmarking.- Walk the Talk - IT Capability- Medical – Management Alignment.- Rehearse rehearse- Cost Efficiency- Train train train. - Mystery customers- Attrition Management

MHC – Vision / Mission

Build TrustPASSIONKey Differentiators

� Focused NCR centric delivery – for operational excellence

� Leadership in 5 super-specialties in tertiary care

-‘Star’ physicians supported by a group of high quality physicians

� Ethics

� Memorable brand experience

- ‘Star’ and quality physicians

- Infrastructure and equipment

- No surprises – cost of care, pricing, medication

- Signage

- Look – feel – smell - touch

� High quality nursing and paramedic care supportedby nursing

and paramedic college

� Technology and IT

Key Public Messages

� Medical Excellence

� Service Excellence – Total Experience

� In your community - near you

� High-end tertiary care in Private

� sector

� Comprehensiveness

� Referral system – National &

� International

� Value for money

� Corporate Social Responsibility

45

Express Healthcare Excellence

Awards(2007 – 08)

MHC – Accreditations and Awards

“Innovative Marketing Practices”

“Best Managed Healthcare Program (Health Insurance/TPA)”

First in North India to get NABH for MHVI & MSSH

ISO 14001:2004 at Pitampura

ISO 9001:2008 Recertification at

Max Heart & Vascular Institute,

Noida, Pitampura, Panchsheel

Park &Home Office

46

Max Healthcare (MHC)

Note: The results presented above are for Max Healthcare’s network of hospital

47

MAX HEART & VASCULAR INSTITUTE(December 2004)

� 200 patient beds

� 3 OTs, 2 Cardiac Catheterization Labs

� Post Surgery Critical Care Unit

� High Dependency Unit

� Apex and Advanced Coronary Care

� Exclusive well equipped ‘Observation Bay’ and

‘Post Cath. Recovery’

� Nuclear Diagnostic Services with Variable Angle

Dual Head Gamma Camera

� Centralized Emergency Command with

Advanced Cardiac Life Support Ambulances and

Air Evacuation Service

� High-end General Surgery

MAX SUPER SPECIALITY HOSPITAL

(May 2006)

� 191 beds (including 63 critical care beds)

� 7 OTs, 20 Consult Chambers

� Tower Specialties – Orthopaedics, Neuro

Sciences, Obstetrics & Gynaecology, Paediatrics

and Aesthetic & Reconstructive Surgery

� Brain Suite (first in Asia) and Intra Operative MRI

� DSA Lab (for Neuro Sciences)

� Emergency Services

� High end Radiology facilities with 64 slice Cardiac

CT

MHC Tertiary Care Facility, Saket

[South Delhi]

48

PITAMPURA

(February 2002)

(North Delhi)

� 90 inpatient beds

� 2 OTs

� Lithotripsy

� Mother and child care

� Non-invasive cardiology

� Plastic and reconstructive

surgery

� Physiotherapy

� Full range diagnostics

� PHP, OPD and Dentistry

PATPARGANJ

(May 2005)

(East Delhi)

� 154 inpatient beds

� 3 OTs

� Mother and child care

� Orthopaedics

� General surgery

� Critical care including dialysis

� Non-invasive cardiology (incl.

cardiac catheterization lab)

� ENT, ophthalmology

� Other allied specialties

MHC Secondary Care Facility

[ Delhi ]

49

MHC Secondary Care Facility

[ Suburb of Delhi ]

NOIDA

(August 2002)

� 33 inpatient beds

� 2 OTs

� Mother and child care

� Non-invasive cardiology

� Laparoscopic surgery

� Orthopaedics

� ENT, ophthalmology

� Urology and nephrology

� Full range diagnostics

� PHP, OPD and Dentistry

GURGAON

(July 2007)

� 102 inpatient beds

� 3 OTs

� Ophthalmology (anterior and posterior)

� Woman and child (including infertility)

� Medical & surgical intensive care

� Orthopaedics

� Nephrology and urology

� Aesthetic and reconstructive surgeries

� General and minimally invasive surgeries

� PHP and OPD

50

MHC Speciality Centres – Panchsheel

[South Delhi]

OPTHALMOLOGY AND DENTAL CARE

(November 2005)

� Lasik, OPD and diagnostics

� Dental – 3 chambers

� Support services and offices

SPECIALIST CONSULTS AND

HIGH-END DIAGNOSTICS

(August 2006)

� GP and specialist consults

� Diagnostics

� Neurology (EEG and EMG)

� Preventive health and chronic care

� Physiotherapy

� Minor procedures and emergencies

� IVF

51

MSP – Performance Snapshot

52

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.

This presentation is highly confidential, and is solely for your information and may not be copied, reproduced or distributed to any other

person in any manner. Unauthorized copying, reproduction, or distribution of any of the presentation into the U.S. or to any “U.S. persons” (as

defined in Regulation S under the Securities Act) or other third parties ( including journalists) could prejudice, any potential future offering of

shares by the Company. You agree to keep the contents of this presentation and these materials confidential.

53

55

56

MAX INDIA LTD.Max House, Okhla, New Delhi – 110 020

Phone: +91 11 26933601-10 Fax: +91 11 26933619

Website: www.maxindia.com