Aster DM Healthcare Limited

INR13,540

ubai International Financial Centre (“Aster GCC”) at an Enterprise Value of US$1,651.2m (equal to INR13,540cr) § At the closing of the Transaction, Fajr Capital & its consortium members will own ~65% and a

65%

INR13,540cr) § At the closing of the Transaction, Fajr Capital & its consortium members will own ~65% and a Promoter entity1 will own the remaining ~35% stake in the GCC Business through Aster GCC T

35%

Fajr Capital & its consortium members will own ~65% and a Promoter entity1 will own the remaining ~35% stake in the GCC Business through Aster GCC Transaction Overview § We have received the requis

99.86%

ity of shareholder votes towards the separation of the GCC business from the Indian operations with 99.86% of the eligible votes in favour of resolution 1 for approving the sale of the GCC business as a r

99.96%

avour of resolution 1 for approving the sale of the GCC business as a related party transaction and 99.96% votes in favour of the resolution 2 for approving the sale, of a material subsidiary. § Post clos

INR 110

nsaction (subject to certain CPs), the Company is desirous to undertake a dividend distribution2 of INR 110 –120 to the shareholders of the Company and retain the remaining transaction proceeds to pursue gr

INR10,666

nities and to keep as reserves. § Enterprise Value3 § Equity Value Pre- Ind AS 116 US$1,300.7m (INR10,666cr) US$1,001.8m (INR8,215cr) Post- Ind AS 116 US$ 1,651.2m (INR13,540cr) US$ 1,001.8m (INR 8,215

INR8,215

ves. § Enterprise Value3 § Equity Value Pre- Ind AS 116 US$1,300.7m (INR10,666cr) US$1,001.8m (INR8,215cr) Post- Ind AS 116 US$ 1,651.2m (INR13,540cr) US$ 1,001.8m (INR 8,215cr) Upfront consideration

INR 8,215

INR10,666cr) US$1,001.8m (INR8,215cr) Post- Ind AS 116 US$ 1,651.2m (INR13,540cr) US$ 1,001.8m (INR 8,215cr) Upfront consideration of US$ 903m5 and up to US$98.8m to be received subsequently6 Upfront co

INR 751 Crore

p to US$98.8m to be received subsequently6 § EBITDA4 FY23 § Multiple EV / EBITDA FY23 US$ 91.6m (INR 751 Crores) US$ 138.9m (INR 1,139 Crores) 14.2x 11.9x § Completion of certain contractual conditions prec

INR 1,139 Crore

subsequently6 § EBITDA4 FY23 § Multiple EV / EBITDA FY23 US$ 91.6m (INR 751 Crores) US$ 138.9m (INR 1,139 Crores) 14.2x 11.9x § Completion of certain contractual conditions precedent (“CPs”) § Approval from c

14.2x

BITDA4 FY23 § Multiple EV / EBITDA FY23 US$ 91.6m (INR 751 Crores) US$ 138.9m (INR 1,139 Crores) 14.2x 11.9x § Completion of certain contractual conditions precedent (“CPs”) § Approval from competent

“Includes an earnout of up to US$70m based on EBITDA achieved by the GCC business in FY24 and will be paid post audit of FY24 financial information.”

“EBITDA Margin: 17% 35% 5 Year CAGR* Capex INR 287 cr ~INR 1,000 cr 5 Year Capex* *Count includes 4 O&M Asset Light hospital beds with a capacity of 528 beds ALOS: Average Length of Stay; ARPOB: Average revenue per operating bed Presence and Operational metrics are as on December 31, 2023 *5 Year Revenue & EBITDA CAGR and 5 Year Capex are as per FY23 Operating EBITDA Margin has been rounded off 14 From Clinic to a Healthcare Powerhouse: A Transformational Journey to a Thriving Hospital Network...”

Note

7

Cardiology

2

Aster Medcity

2

Aster CMI

2

Investors in the following investor meetings

1

Neuroscience

1

Multispeciality

1

Aster Hospitals

1

Notes

1

Investor Relations

1

Investors in the following investor meetings

S. No Date Conference Venue 1. 2. February 14, 2024 Axis Capital February 15, 2024 IIFL Mumbai Mumbai Kindly take the above said information on record as per the requirement of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Thank you For Aster DM Healthcare Limited HEMISH PURUSHOTTAM Digitally signed by HEMISH PURUSHOTTAM Date: 2024.02.14 11:01:24 +05'30' Hemish Purushottam Company Secretary and Compliance Officer Investor Presentation Creating two distinct geographically focused entities February 2024 Disclaimer This presentation has been prepared by Aster DM Healthcare Limited (the "Company"), content of which was compiled from sources believed to be reliable for informational purposes only and are based on information regarding the Company and the economic, regulatory, market and other conditions as in effect on the date hereof. Subsequent developments may impact the information contained in this presentation, which neither the Company nor its advisors or

Note

(1) Clinics include Diagnostics ; Pharmacies include optics (2) Pharmacies in India are operated by ARPPL under brand license from Aster DM 5 Post-Segregation Structure INDIA LISTED ENTITY GCC ENTITY Promoters 41.88% Public 58.12% Promoters 35% Fajr Consortium 65% Aster DM Healthcare Limited Aster GCC3 Hospitals Clinics Pharmacies1 Labs & PECs Hospitals Clinics2 Pharmacies2 Kerala Karnataka Maharashtra Telangana Andhra Pradesh UAE KSA Oman Qatar Bahrain Jordan § § § No change in shareholding in India listed entity due to segregation Promoters to maintain their ~42% stake in the India listed entity and will hold 35% stake in the GCC entity Details of Aster Shareholders and the buyer group on the following slides Pharmacies in India are operated by ARPPL under brand license from Aster DM (1) (2) Clinics include Diagnostics ; Pharmacies include optics (3) Held by an entity named Alpha GCC Holdings Limited 6 Strategic rationale behind segregation 1 4 Creating pure-play India operating enti

Note

1. FY 18 and 19 numbers are Pre-Ind AS 116 18 2. Operating EBITDA for the period 9M FY24 excludes the ESOP Cost of Rs. 3.77 Cr , Movement in fair value of contingent consideration payable of Rs. 1.59 Crs , Variable O&M fee amounting to Rs.21.21 Cr [9M FY23 : 16 Cr. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of Ind AS 116, leading to an incomplete reflection of the standard's impact in EBITDA] Material Cost as a % of revenue HR Cost as a % of revenue …delivering robust performance across all key metrics over the last five years Revenue (5-year CAGR of 20%) INR 1,178 Crores INR 2,983 Crores FY18 FY23 Expanding EBITDA Margin1 (5-year CAGR of 35%) Improving ROCE1 Growing Facility Footprint 10% 1% 10 hospitals 7 Clinics 18% 20.6%2 19 hospitals, 13 Clinics 223 Pharmacies 224 Labs

Note

22 Operating EBITDA for the period 9M FY24 excludes the ESOP Cost of Rs. 3.77 Cr , Movement in fair value of contingent consideration payable of Rs. 1.59 Crs , Variable O&M fee amounting to Rs.21.21 Cr [9M FY23 : 16 Cr. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of Ind AS 116, leading to an incomplete reflection of the standard's impact in EBITDA]. Maturity Wise Hospital Performance – India FY 24 9M 23 Maturity Hospitals Revenue (INR in Crs.) Operational Beds (Census) ARPOBD Occupancy Operating EBITDA (INR in Crs.) EBITDA % Key Performance indicators 0-3 Years 6 7% ₹172 15% 530 ₹ ~25,600 52% Over 3 Years 12 18 93% ₹2,377 85% 2,984 ₹ ~40,900 71% ₹2,549 3,514 ₹ ~39,300 68% ₹(14) -8.4% ₹518 21.8% ₹504 19.8% India hospitals 0-3 Years: Aster Mother Hospital Areekode, Aster Whitef

Aster Medcity

All India Aster CMI Hospital: All India 1 4 Economic Times Healthcare Awards All India Multispecialty Hospital Ranking 2023 Economic Times Healthcare Awards

Aster CMI

7 Aster Medcity: (National) Urology & Nephrology 1 Economic Times Healthcare Awards The Worlds Best Hospitals 2023 Reader’s Digest Healthcare Awards Aster CMI: (South) Gaestroenterology Hepatology 1 Aster CMI in India 27