India Research Stock Data No. of shares Market cap 52 week high/low Avg. daily vol.

(6mth) Bloo mberg code Reuters code : 227mn : Rs.19.7bn : Rs.109 / Rs.69 : 662,800 shares : FORH IN : FOHE.BO Fortis Healthcare Relative to Sector: Shareholding (%) Sep-07 QoQ chg Promoters FIIs MFs / UTI Banks / FIs Others : : : : : 74.5 7.2 0.2 0.1 18.1 0.0 1.2 (2.0) 0.0 0.8 Rs.87 Potential Upside: -2% Neutral Target Price: Rs.85 Relative Performance 140 100 60 May-07 Long Gestation Ahead Aug-07 Nov-07 Fortis Sensex Source: ENAM Research, Bloomberg Financial summary Y/E March 2007 2008E 2009E 2010E Sales (Rs mn) 5,124 5,569 7,923 10,760 PAT (Rs mn) (973) (615) (234) 305 Consensus EPS* (Rs.) (2.8) 0.2 1.1 EPS (Rs.) (4.3) (2. 7) (1.0) 1.3 Change (YoY %) 96 N.A. (37) N.A. N.A. (62) N.A. (230) RoE (%) (27.8 ) (12.0) (3.6) 4.7 RoCE (%) (2.4) (1.7) 3.4 8.4 EBITDA (Rs) 473 530 1,287 2,101 EV/EBITDA (x) 12.9 44.5 19.7 12.5 Source: *Consensus broker estimates, Company, ENAM estimates Analyst: Rohita Sharma rohita.sharma@enam.com (+91 22 6754 7603) vihari@enam.com (+91 22 6754 7615) Analyst: Vihari Purushothaman Kshitij Shah kshitij.shah@enam.com December 13, 2007 1

Industry Outlook 2

Hospitals: Proxy for Indias healthcare boom The Healthcare Delivery Market in India pegged at around USD 30bn, is approximat ely twice the size of the Pharma Industry and offers a huge growth opportunity. India has 15% of the worlds population, but one of the worst healthcare infrast ructures among growing economies and the lowest spend on healthcare (5% of GDP). Demographic changes, improving income levels, changing lifestyles, and rising i nsurance penetration etc will result in a rise in discretionary spending on heal thcare. Healthcare is a difficult business with large capital outgo and long pay back periods. Hence for larger hospitals (tertiary care) India is dependant on p rivate sector investments. Execution of new projects is key and the high cost of retaining skilled doctors remains a constant threat to returns. In India, priva te sector companies such as Fortis, Max and Apollo are well equipped to take adv antage of this large opportunity in tertiary healthcare. Fortis is well poised to benefit from the healthcare boom 3

Overview of the healthcare market Insurance & Med. Equipment 15% Diagnostics 10% Twice the size of the Pharma Market Healthcare Delivery 50% Healthcare Delivery (USD 30bn) Pharma. 25% Primary Mainly at the grass Mainly at the grass root level root level Minimal in volvement of Minimal involvement of private players in this private players in t his segment segment Secondary Primarily includes Primarily includes nursing homes and nursing homes and recovery rooms recovery rooms Investment in such Investment in such centres to reduce ALOS centres to reduce ALOS of tertiary care centres of tertiary care centres Tertiary Super Specialty Super Specialty Higher equipment costs Higher equipment costs and fixed staff costs result and fixed staff costs result in higher gesta tion periods in higher gestation periods More margins and higher More margins an d higher volumes volumes Multi Specialty Multi Specialty Low gestation periods L ow gestation periods Follow strategy to Follow strategy to initially start off a s multi initially start off as multi specialty and move specialty and move towar ds super specialty towards super specialty 20% of healthcare delivery spend through the govt. Majority of facilities financ ed through govt spending 80% spend from the private sector Major projects driven through large private pl ayers Apollo Group, Fortis, Max, Wockhardt, Piramal, Escorts Limited number of listed companies cater to Healthcare delivery 4

Healthcare spend on the rise As India becomes a more advanced economy the spend on healthcare as a proportion of the total spend is set to rise. With increased life expectancy; the proporti on of middle aged population will rise resulting in a larger number of people be ing subject to lifestyle diseases. Growing share of urban middle class households 100% 80% 60% 40% 20% 0% 2001-02 <1,00,000 Source: Crisil 2006-07E 1,00,000-6,00, 000 2010-11E >6,00,000 52.5% 42.3% 34.5% 3.3% 44.2% 5.2% 7.0% 52.5% 58.6% Would opt for mediclaim Age demographic shift 100% 80% 60% 27% 40% 20% 0% 2001 2006 2011P 0-14 yrs 15-29 yrs 45-59 yrs 60+ yrs Source: Crisil Research Household spending pattern 9% 15% 21% 28% More middle aged people subject to lifestyle ailments 7% 11% 20% 8% 12% 20% 28% 8% 14% 20% 29% 100% 80% 60% 40% 20% 0% Discretionary Healthcare Spend rising 35% 32% 29% 27% 2016P 30-44 yrs 1995 Food Household prod. Communication Source: McKinsey 2005E 2015F 2025F Apparel Housing, utilities Personal prod. Transportation Educa tion Healthcare 5

Lifestyle change = More hospitalization Changing disease profile Cost of Treatment (2001) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2001 Source: CII-McKinsey. Cancer Heart disease Other circulatory CNS Disorders Diabetes Asthma Others Sens e organs Muscoloskeletal Accidents Acute Infections Acute Diseases Lifestyle Diseases 36,000 30,000 24,000 18,000 12,000 6,000 0 Lifestyle diseases: More expensive (Rs/treatment) 29600 9700 4100 5800 Acute Infections Source: NSSO 4,000 3,000 Maternity Injuries Lifestyle Diseases Incremental growth driven by in-patients (Rs bn) CAGR of 10.9% Rs 3,642 bn Cardiac A large Cardiac A large contributor of the contributor of the lifestyle segment lifestyle segment 2012 Lifestyle diseases are set Lifestyle diseases are set to assume a greater share to assume a greater share of the healthcare market of the healthcare market Life style diseases such as Lifestyle diseases such as cardiac diseases require cardi ac diseases require hospitalization and are hospitalization and are more expensi ve to treat more expensive to treat hence increasing the inhence increasing the inpatient revenues patient revenues CAGR of 11.6% Rs 2,172 bn 2,312 2,000 Rs 1,253 bn 1,268 903 1,329 1,000 0 637 617 2006 2011E 2016E OPD IPD Source: CRISIL Research ,OPD: Out-patient; IPD: In-patient.

Trend towards more in-patient treatments 6

Govt. spend on healthcare, infra not enough 100 80 60 40 20 17 0 Brazil China Source: WHO Statistics India Thailand USA 0 Brazil Source: WHO Most of the burden to put up infra is on the private players Central Govt healthcare spend as % of total healthcare spend (%) Hospital beds/1000 Poor infrastructure 5 4 3 2 1 3.6 (%) 65 45 54 38 3.4 2.5 Lowest with the highest population growth rate 0.7 US China India Govt. Spend on healthcare 2003 2004 2005 2006 CAGR (%) Revenue expenditure Capital expenditure Capital exp enditure as a percentage of total expn. Source: Industry Capital expenditure less than 10% of total expenditure Funding pattern Insurance 3% Centre 2% State 12% Local 2% 16,151 780 4.6 16,838 1,095 6.1 19,822 1,380 6.5 22,192 2,054 8.5 9.5% 30.1% Mediclaim Penetration only 1.6% Social Insurance 1% Out of pocket 80% Source: Industry 7

New capacity imminent Supply in metros (where large players are focused) Existing No of Beds Delhi Chennai Mumbai Hyderabad Kolkata Bangalore Supply 2006 12,935 12,784 10,239 7,468 7,388 6,881 Beds/1000 2006 1.3 2.2 0.7 1.6 0.6 1.5 Fortis expanding in its stronghold Planned Supply Fortis 1,250 150 150 1,050 150 350 500 Apollo addressing Bombay shortage Total 19,836 13,784 14,219 8,318 10,338 12,261 Beds/1000 2011 1.4 2.1 0.8 1.5 0.8 2.1 Apollo Wockhardt 800 500 Max 485 Other 4,366 850 2,280 700 2,600 4,880 2007-2011 6,901 1,000 3,980 850 2,950 5,380 Source: ENAM Research, CRISIL Research Delhi maximum supply Demand Set to grow with rising population in Metros No of Beds Delhi Chennai Mumbai Hyderabad Kolkata Bangalore Source: CRISIL Research Shortage of beds across major cities 20,000 2006 19,549 8,853 22,058 8,415 16,353 9,404 2011P 28,007 11,970 29,546 11,022 20,763 12,912 (Nos.) 15,000 10,000 5,000 0 (5,000) Mumbai will face severe shortage of beds by 2011 Hyderabad Kolkata Delhi Source: CRISIL Research 2006 2011 Bangalore Chennai

Mumbai 8

Revenue drivers Revenue spilt Out-patients Volume 90 What drives in-patient volumes? In-patients 10 Increase no. of operational beds Through greenfield projects and acquisitions of standalone hospitals Increase no. of O.T.s with incremental beds to prevent bottlenecks Value 30 70 Diagnostics Consultancy & pathology Professional charges Rentals Diagnostics & Consumables pathology Source: ENAM Research, Industry 60-65% of the revenues Post operative care at secondary Reduce Avg. length hospitals of stay (ALOS) red ucing ALOS in tertiary care hospitals Increase in no of procedures (surgeries) In-patient - A person who is admitted to hospital for medical, surgical treatmen t, observation or care and stays at least one night Out-patient - A patient who visits a hospital or clinic for diagnosis/treatment but is not admitted overnigh t Service more in-patients Source: ENAM Research In-patient churn key to hospital revenues 9

Profitability drivers Indicative average rates FY08 Cardio-Thoracic Surgery Cardiology Orthopedics Neuro-sciences Gastroenterol ogy Secondary Care Mother & Child Care General MultiSpeciality Oncology Opthalom olgy Pulmonology Renal Services Avg.Rev/Procedure (Rs 000s) 250 112 148 98 51 4 6 44 67 95 23 46 121 Avg Length of Stay 5.5 4.8 8.3 3.9 1.0 3.6 3.0 3.8 5.8 1.0 3.9 3.0 Surgery cost comparatives (USD) Bone Marrow Transplant Liver Transplant Open Heart Surgery (CABG) Hip Repl acement Knee Surgery Gall Bladder Removal Neuro Surgery Source: IBEF Report India 30,000 40,000 4,400 4,500 4,500 555 8,000 Thailand 62,500 75,000 14,250 6,900 7,000 1,755 N.A. USA 400,000 500,000 50,000 N.A. 16,000 N.A. 29,000 Medical tourism Medical tourism India due to its inherent cost advantage and expertise in cardiac care and India due to its inherent cost advantage and expertise in cardiac care and other noncosmetic surgical services attracts several international medical other non-cosm etic surgical services attracts several international medical tourists. tourists . Large market for uninsured patients in western countries. Medical tourism Larg e market for uninsured patients in western countries. Medical tourism is expecte d to become a USD 2bn industry by 2010. is expected to become a USD 2bn industry by 2010. International Accreditation provides more confidence for medical touri sts. International Accreditation provides more confidence for medical tourists. In the last 5 years, the number of patients visiting India for medical In the la st 5 years, the number of patients visiting India for medical treatment have ris en from 10,000 to about 120,000. With an annual treatment have risen from 10,000 to about 120,000. With an annual growth rate of 30 %, India is already inching closer to Singapore, an growth rate of 30 %, India is already inching closer to Singapore, an established medical care hub that attracts 150,000 medical tourist s a year. established medical care hub that attracts 150,000 medical tourists a year. Source: ENAM Research Factors like local demand and talent availability decide therapy mix. The lesser the ALOS the more in-patients a hospital can cater to. Based on the therapy mix offered by the hospitals, profitability can be judged. 10

Hospitals: Revenue characteristics Trade-off to drive patient volumes Escorts is a known and trusted brand in cardiac care and this was one of the prima ry reasons for Fortis to acquire Escorts Skilled doctors have brand equity which attracts patients and allows the hospita l to charge significantly high premiums. Brand Consistency of quality of service Referrals Premium Growth Doctors Skill-set and success rate Cost Location Determines the premium and patient in-flows. Holds more weight in prima ry and secondary hospitals. Mumbai is the most expensive city for medical treatments. There are many cases o f patients travelingto other cities for more economic rates. Source: ENAM Research An optimal mix of these factors decides hospital revenue & profitability 11

Hospitals: difficult business, however, benefits to accrue in the long term Set-up cost Operating Metrics Indicative Hospital Operating Model Book Breakeven Operating Profit Buildup (%) Land Other Equip 12 10 400 300 200 100 0 Cash Breakeven (%) Year 5 EBITDA Breakeven Medical Equip 40 Revenues Year 4 Building 26 (100) Year 1 Cash losses Year 2 Year 3 Year 4 S G&A Year 5 EBITDA 85% Year 3 12 Consumables 20% Personnel Cost Occupancy Fixed Cost Structure Source: ENAM Research EBITDA Flow

Capital intensive business with long payback period 12

Fortis Healthcare 13

Fortis: Investment summary Fortis is one of the few large players in Healthcare Delivery market. It is a le ader in the North with its Hub and Spoke network spread out significantly in the N CR region. Its network consists of 14 large hospitals of which four are O&M cont racts and three are spokes. Fortis is likely to have 1879 operational beds by th e year end. Fortis has an aggressive three pronged approach for increasing its i nstalled bed capacity to 6000 beds by 2011. It intends to increase its bed capac ity in a staggered manner, through new projects, acquisitions and O&M contracts. Fortis has achieved significant scale through its Escorts acquisition, making i t a well known name in cardiac care (a fast growing market) by leveraging the Es corts brand. Hospitals - a capital intensive business with high entry barriers; Fortis has an established brand equity in the business. With significant capex o f Rs 6750mn planned over the next 3 years, we expect revenues to double by FY10. This would also mean high interest and depreciation costs delaying the PAT brea k even to FY10. Risks to investment Litigation - If judged adversely, could resu lt in suspension of operations of EHIRC which contributes to ~60% of Fortis reve nues. Execution of new projects remains the key - Any delay in the same could ad d to financial costs and depress margins as new hospitals would pose cash losses . Valuation & Recommendation We initiate coverage on Fortis with a Neutral ratin g, given the long term nature of its plans and with most benefits expected to be realized over the next two-three years only, despite its strong brand equity. W e also believe that the stock is fairly valued, with minimal upside from current levels. Our fair value for the stock is Rs 85/share, based on 12x FY10E EBITDA; in line with its global peers. 14

NCR leader: Replicating success? Shalimar Bagh Jeewan Mala La Femme Pa t EHIRC ie nt In f lo w TERT. HOSP. (HUB) are ive c erat LOS t Op A Pos educe to r Fortis Amritsar EHSSI Fortis Mohali Fortis Noida Delhi Vasant Kunj Primary Primary Care Care (Spoke) (Spoke) Secondary Secondary care care (Spoke) (Spoke) Secondary Secondary care care (Spoke) (Spoke) EHCR Fortis Escorts, Jaipur Gurgaon Fortis adopts the Hub & Spoke model EHCR, Raipur Primary Primary Care Care Primary Primary Care Care Hiranandani Network Acquired Owned Spoke O&M Malar No of Hospitals 10 4 16 No of Beds (2007) 1,534 345 Owned O&M Satellites Source: ENAM Research This cost effective model allows Fortis to This cost effective model allows Fort is to serve the medical needs of patients in their local serve the medical needs of patients in their local communities at multi-specialty facilities, while als o communities at multi-specialty facilities, while also delivering advanced proc edures at super-specialty delivering advanced procedures at super-specialty cent res (Hubs). By focusing on hub hospitals, Fortis centres (Hubs). By focusing on hub hospitals, Fortis can serve patients referred from doctors working at a can serv e patients referred from doctors working at a number of nursing homes and multi-

specialty number of nursing homes and multi-specialty hospitals in a particular region, including hospitals hospitals in a particular region, including hospital s outside the network. outside the network. This model helps to create This mode l helps to create Expanded reach Expanded reach Effective utilization of resourc es Effective utilization of resources Hub and Spoke Model Hub and Spoke Model 15

Growth: A three pronged strategy Three pronged approach for growth Recent growth initiatives Targets an installed bed capacity of 6000 by FY11 Malar Hospitals Malar Hospitals Fortis has offered to buy 46% of expanded equity of Malar Fortis has offered to buy 46% of expanded equity of Malar Hospitals stake at Rs. 30 per share also tri ggering an open Hospitals stake at Rs. 30 per share also triggering an open Acquisitions New projects O&M contacts offer for the other 20%. This includes a payment of Rs. offer for the other 20%. This includes a payment of Rs. 117.6 mn for 28% owners stake and a debt of Rs. 140 mn 117.6 mn for 28% owners stake and a debt of Rs. 140 mn which will be conv erted to pref. equity. This deal values which will be converted to pref. equity. This deal values Malar at an EV of Rs. 560 mn (EV/Sales of 4xFY06 and Malar at an EV of Rs. 560 mn (EV/Sales of 4xFY06 and EV/EBITDA of 44xFY06). EV/EBITDA of 44xFY06). Brownfield eg. Escorts Jaipur, Hiranandani, Mumbai Greenfield project Gurgaon, Shalimar Bagh DLF Joint Venture DLF Joint Venture To buy low grade facilities at cheap valuations and turn them around into high q uality service centers. To enter new geographies by acquiring local hospitals with good brand equity Eg. Escorts, Malar As land is one of the major constraints in setting up new As land is one of the major constraints in setting up new hospitals, Fortis has entered into an agreem ent with DLF hospitals, Fortis has entered into an agreement with DLF to form a joint venture (with Fortis holding majority stake to form a joint venture (with Fortis holding majority stake of 74%) to jointly develop hospitals. This JV woul d help of 74%) to jointly develop hospitals. This JV would help Fortis establish a presence in 31 cities where DLF has a Fortis establish a presence in 31 citie s where DLF has a land bank. As DLF builds new townships Fortis will set up land bank. As DLF builds new townships Fortis will set up 200-450 bed hospitals for the same. However, nothing 200-450 bed hospitals for the same. However, nothing material has come of these talks and we have not built material has come of thes e talks and we have not built any upside from this in our models. any upside fro m this in our models. Fortis is looking at South and West India for acquisitions. 16

Gaining scale through Escorts Inspite of acquiring Escorts at an expensive valuation, Fortis has achieved vari ous synergies including: Brand equity in the Cardiac care market. Through its pr ime location in South Delhi and strong team of doctors and modern equipment, EHI RC boasts occupancy rates of 90%, thus making the deal EPS accretive in the firs t year itself. Increased scale Escorts revenues are expected to contribute to mo re than 50% of the group sales till FY09E. Enhanced margins Escorts being EBITDA ( 21%) and PAT positive helped to significantly improve margins (from -7.5% in FY05 to 7.9% in FY06) for Fortis. Location Escorts Heart Institute South Delhi and Research Centre Escorts Hospita l & Research Centre Faridabad, NCR No of Beds Specialty Comments 324 Cardiac Fla gship Cardiac Care of Fortis 12,000 10,000 8,000 6,000 4,000 2,000 0 FY05 FY06 FY07 FY08E FY09E FY10E EBITDA (RHS) Fortis Source: ENAM Research Escorts acquisition Escorts acquisition Escorts acquisition In September, 2005 Fortis acquired 90% stake in In September, 2005 Fortis acquir ed 90% stake in Escorts Heart Institute and Research Centre Escorts Heart Instit ute and Research Centre Limited (EHIRC) for aaconsideration of Rs 5850mn Limited (EHIRC) for consideration of Rs 5850mn along with debt of Rs 832mn. The deal wa s along with debt of Rs 832mn. The deal was valued at 2.5x EV/Sales and 23.7x EV /EBITDA. valued at 2.5x EV/Sales and 23.7x EV/EBITDA. Fortis had funded this ent ire acquisition through aa Fortis had funded this entire acquisition through sho rt term loan. short term loan. Scale up of operations and margins (Rs mn) (%) 25 20 15 10 5 0 (5) (10) Escorts 210 Secondary To be upgraded Care to a hub 90 Cardiac 45 Cardiac 350 Multispecia lty Cardiac, Multi specialty Escorts owns 82.61% Commenced operations in Aug 200 7 Escorts Heart & Super Amritsar, Specialty Institute Punjab Escorts HCR Escorts J aipur Raipur, Chattisgarh Jaipur 17

Cardiac care: The revenue driver Fortis offers the entire cardiac care range from Open Heart surgeries (CABG) to CATH Lab procedures such as Angioplasties and Angiograms Cardiac is one of the m ost profitable segments with a low ALOS of 5 days and EBITDA margins of around 2 5%. Thus EHIRC is the most profitable hospital in the Fortis stable. Fortis Moha li and Noida also have cardiac care as their key focus areas. Fortis prices its packages in the first quarter ( a lean season) and makes structural changes as t he year progresses based on factors such as demand, competition and occupancy. N o of procedures for 9 months ended Dec 2007 Total Open Heart (CABG) Pediatric Valve Others Cardio Thoracic Vascular Surgery Angioplasties Angiographies Pacemaker Other Cardiology Grand Total Source: Company, ENAM Research India: A younger population prone to cardiac disease US & Europe Deaths under 70 22% Deaths under 70 50% India Deaths over 70 78% Deaths over 70 50% India: Cardiac capital of the world in 2011 Others 40% 3,227 402 323 203 4,155 3,357 10,074 493 739 14,663 18,818 80 60 40 (mn people) To have 60% of cases worldwide India 60% 68.23 54.41 42.43 33.28 20 0 2001 2006 Source: Crisil Research, WHO 2011E 2016E 18

Growth driven through new projects Projects Location Fortis Escorts Hospital Fortis Hospital Fortis Medicity Jaipur, Rajasth an Shalimar Bagh, New Delhi Gurgaon Phase 1 163 250 350 Peak Capacity 350 550 95 0 2,000 3,500 Planned Capex (Initial Phase) Expected date of commencement Aug, 2 007 2HFY09 H1FY11 Focus areas Multi-Specialty Multi-Specialty Oncology Flagship, Trauma, Pediatrics Source: Company, ENAM Research Fortis Escorts Hospital, Fortis Escorts Hospital, Jaipur Jaipur In August 2007 Fortis commenced In August 2007 Fortis commenced operations of th e hospital. It was aa operations of the hospital. It was brownfield project that Fortis acquired with brownfield project that Fortis acquired with the Escorts a cquisition. This facility would the Escorts acquisition. This facility would foc us on specialties of Cardiac Sciences, focus on specialties of Cardiac Sciences, Neurosciences, GI diseases and Renal Care. Neurosciences, GI diseases and Renal Care. This facility boasts of state of the art This facility boasts of state of the art equipment for all the services ititoffers. equipment for all the servic es offers. Q2FY08 margins have been impacted due Q2FY08 margins have been impact ed due to the initial losses incurred. However, to the initial losses incurred. However, Fortis has reported aagood start for the Fortis has reported good start for the hospital and expects to break even earlier. hospital and expects to bre ak even earlier. Jaipur is to be funded through aacapex of Jaipur is to be funde d through capex of Rs 200mn in FY08 and FY09. Rs 200mn in FY08 and FY09. Fortis Medicity, Fortis Medicity, Gurgaon Gurgaon Fortis International Institute of Medical Fortis International Institute of Medi cal Sciences (FIIMS aka Fortis Medicity) , ,Gurgaon Sciences (FIIMS aka Fortis M edicity) Gurgaon Fortis plans to start aa950 bed peak capacity Fortis plans to sta rt 950 bed peak capacity Medicity in Gurgaon. The construction work of Medicity in Gurgaon. The construction work of which has started in Q2FY08. Phase IIwould which has started in Q2FY08. Phase would consist of 350 beds being rolled out. T his consist of 350 beds being rolled out. This hospital would be the flagship On cology hospital would be the flagship Oncology hospital. Its trauma specializati on would hospital. Its trauma specialization would benefit with its national hig hway location. benefit with its national highway location. Medicity would also b e Fortis flagship pediatric Medicity would also be Fortis flagship pediatric hospi tal. hospital. Fortis expects aacapex of Rs 3500mn for Fortis expects capex of R s 3500mn for setting up the first phase of 350 beds. We setting up the first pha se of 350 beds. We expect this project to start contributing to the expect this project to start contributing to the revenues in 1HFY11. revenues in 1HFY11. Fortis Hospitals, Fortis Hospitals, Shalimar Bagh, West Delhi Shalimar Bagh, Wes t Delhi Set on aaprime 88acre plot in West Delhi Set on prime acre plot in West Delhi Fo rtis began construction of its 550 bed Fortis began construction of its 550 bed hospital in Q2FY08. We expect ititto launch hospital in Q2FY08. We expect to lau nch its first phase of 250 beds in 2HFY09. Capex its first phase of 250 beds in 2HFY09. Capex costs of Rs. 2000 mn for the 250 beds costs of Rs. 2000 mn for the 250 beds would be equally funded through IPO would be equally funded through IP O proceeds and debt. proceeds and debt. This hospital in Delhi helps Fortis furt her This hospital in Delhi helps Fortis further strengthen its position in the N CR region. strengthen its position in the NCR region. 19

O&M: Creating a wider footprint Various structures of O&M contracts O&M Fortis targets an IRR of 20% for any new project Vasant Kunj Vasant Kunj Started in Q2FY07, aaunit of Flt. Ll. Rajan Dhall Started in Q2FY07, unit of Flt . Ll. Rajan Dhall charitable trust. Fortis has an O&M contract charitable trust. Fortis has an O&M contract with this hospital through Oscar Biotech. Over with this hospital through Oscar Biotech. Over the past year this facility has ramped up the past year this facility has ramped up significantly boasting one of the highest significantly boasting one of the highest revenue per bed per annum of R s 10mn. It revenue per bed per annum of Rs 10mn. It offers high end services in Renal care and offers high end services in Renal care and pulmonolgy. Out-patien t services such as pulmonolgy. Out-patient services such as dialysis and lithotr ipsy (kidney stone treatment) dialysis and lithotripsy (kidney stone treatment) account for aasignificant portion of the account for significant portion of the revenues. revenues. Greenfield Turnaround Volume Financial Topline share (5-10%) Topline share (5-10%) EBITDA share (3-7%) Cash share (3-7%) Current O&M contracts Name Fortis Flt. Lt. Rajan Dhall Hospital Jeewan Mala Escorts HCR (EHCR) Fortis La Femme Location Vasant Kunj, New Delhi New Delhi Raipur, Chattisgarh New Delhi Beds Type 100 Greenfield project 100 Turnaround 45 Turnaround 40 Turnaround Com ments Boasts one of the highest revenues per bed in the chain Specializes in Gyn ecology In collaboration with the Govt. of Chattisgarh where the land, building belong to govt. but P&L is in Fortis High end boutique hospital focused on gynec ology Fortis intends to have a third of its hospitals under O&M contracts 20

Fortis: A differentiated play Fortis has a staff of 2500 of which there are 250 doctors. Follows a staff model F ortis boasts of retention rates of ~90% WHO estimates by 2010 India will have 60 % of the worlds cardiac patients Chronic cases an increasing proportion of the p ie requiring in-patient stay Primarily present in the NCR region, Fortis plans a panIndia presence through greenfield projects and acquisitions Presence in prim e localities in Delhi allows premiums to be charged Fortis tertiary hospitals boa st of state of the art equipment However with 40% of initial fixed costs coming from equipment there is a high risk associated with obsolesce Represents income for diagnostic and medical services offered Forms ~8% of gross sales of Fortis Success Factors How Fortis does it Doctors Referrals Lifestyle change Therapeutic Mix Location Brand Technology Accreditation Technology Outpatient Income Accredition Management Fees The Hub and Spoke model followed by Fortis enables A wider reach through higher referrals Local service Cost effective deployment of resources Focused on lifestyle diseases offering a rich mix of services Full range of card iac services Orthopedics Neuro-sciences Renal Care Gastroenterology Gynecology Fortis and Escorts brands are well recognized especially in the NCR region This help s attract doctors and healthcare professionals which in turn increases patient f low Fortis (Mohali) is accredited by US based Joint Commission International (JCI). Considered the highest form of recognition in patient care Fortis has also got N ABH and ISO certification for its facilities Fortis based on its expertise in turning around hospitals offers services to hos pitals which require funding and are unable to sustain Fortis charges management fees for such O&M arrangements 21

Doctors: The lifeline of hospitals Unlike other hospitals that follow a visiting doctor model, Fortis follows a staff model whereby doctors are paid a retainer fee for exclusivity to the hospital or ta ken in as employees. Doctors are paid on a salary plus incentive basis - The for mula is based on success rate, number of procedures, rapport with patients, refe rrals & publications. Fortis has successfully implemented the staff model in the NCR, however it remains to be seen whether it can replicate this model elsewher e (especially Mumbai which follows a visiting doctor model). Naresh Trehan Exit Naresh Trehan Exit Integration of Escorts has been aabumpy ride for Integration of Escorts has been bumpy ride for Fortis with the exit of renowned Cardiac Surgeon Fortis with the exit of renowned Cardiac Surgeon Naresh Trehan from EHIRC and 120 staff Naresh Trehan from EHIRC and 120 staff members from junior levels. members from junior levels. This has resulted in occupancy rates falling to This has resulted in occ upancy rates falling to ~70% from ~85% earlier. As aaresult of this ~70% from ~8 5% earlier. As result of this incident we expect the consolidated performance in cident we expect the consolidated performance to remain flat for FY08 as EHIRC c ontributes to to remain flat for FY08 as EHIRC contributes to ~60% of the overal l revenues. Margins would be ~60% of the overall revenues. Margins would be impa cted as aaresult of the same inspite of staff impacted as result of the same ins pite of staff cost going down. cost going down. Impact Impact Prior to the exit of Naresh Trehan, Fortis boasted of retention rates of 95%. Fo rtis believes it will control attrition through regular training programs and ca reer path mentoring for its doctors. Most of the attrition is from the resident doctor level. Given Fortis track record and brand equity we believe Fortis will b e able to retain doctors going forward. Fortis aims to cultivate the Fortis brand so that dependence on particular docto rs for patient referrals is reduced 22

Operating metrics: Gaining scale We expect Fortis to have 2556 operational beds by 2010. To maintain occupancy ra tes Fortis will roll out its beds in a staggered manner. Going ahead we expect i ncremental revenues to come from in-patients (92% of total revenues). Scale up of operational beds 2,500 2,000 1,500 1,000 500 0 FY04 Owned FY05 FY06 FY07 FY08E FY09E FY10E Occupa ncy Rate(RHS) Managed 200 788 233 909 233 333 1539 1030 985 1856 345 (Nos.) 350 70% 350 65% 60% 55% 1901 50% 45% 40% Patient value 12,000 10,000 8,000 6,000 4,000 2,000 0 FY04 FY05 FY06 FY07 FY08E FY09E FY10E Ou t-patient Income Source: ENAM Research Patient volumes 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 FY04 FY05 FY06 FY07 FY08E FY09E FY10E Out-patients (Nos.) (Rs mn) In-patient Income In-patients 23

Financials EBITDA margins improving With a professional approach and support from Fortis will have one of the best operational etwork grows Fortis will have more bargaining 2,300 1,800 1,300 800 300 (200) (700) (1,200) Y10E Cash Profit EBITDA Margin (RHS) PAT Breakeven EBITDA, Cash Profit, PAT (Rs mn) (%) 24 20 Cash Break-even 16 12 8 4 0

its sister concern Ranbaxy we feel efficiencies. As the size of the n power with its suppliers FY06 FY07 EBITDA PAT FY08E FY09E F

However significant aggressive capital expenditure plans (Rs 6750mn over 3 years ) would mean high interest and depreciation costs which would delay PAT break ev en. Execution of new projects remains key Any delay in the same could add to fin ancial costs and depress margins as new hospitals would pose cash losses. We exp ect cash break-even in FY08E and PAT breakeven in FY10E. Capex and Asset turns 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 FY06 FY07 FY08E FY09E Depreciatio n FY10E Gross Block Sales/G. Block (RHS) Source: ENAM Research 0.0 (Rs mn) EHIRC sales impacted due to Dr Trehan exit (%) 1.0 0.8 0.5 0.3 24

Interest and depreciation: A Drag FY07 6,000 (Rs mn) 5,000 Includes consultation and professional charges to doctors FY08E 6,000 Malar, Hiranandani, Jaipur, Vasant Kunj start contributing (Rs mn) 5,000 4,000 4,000 To remain low due to exit of Naresh Trehan and team Interest costs come down as loans paid off using IPO proceeds IPO money invested in FDs and mutual fund till deployed 3,000 Loan to acquire EHIRCL a drag on profitability Annual Amortization of Rs. 457mn on goodwill generated of EHIRCL acquisition 3,000 2,000 2,000 1,000 1,000 Annual Amortization of Rs. 457mn on goodwill generated of EHIRCL acquisition 0 0 (1,000) Dep+Amm Other Inc. Other Op. Exp. PAT EBITDA Interest Tax Materials Staf f Sales (1,000) Other Op. Exp. Dep+Amm Other Inc. EBITDA Interest Materials Sales Staff Tax PAT Source: ENAM Research 25

Delayed projects = Delayed break-evens FY09E 12,000 (Rs mn) Shalimar Bagh to begin operation by the end of the year FY10E 12,000 Most new projects start contributing. Gurgaon delayed to FY11 (Rs mn) 10,000 10,000 8,000 8,000 6,000 To increase Y-o-Y to retain talent 6,000 Large Capex would increase Debt:Equity to 1 4,000 High Capex = High Dep will delay Pat Break even 4,000 PAT break even 2,000 2,000 0 0 (2,000) Other Op. Exp. Dep+Amm Other Inc. PAT EBITDA Interest Materials Tax Staf f Sales (2,000) Other Op. Exp. Dep+Amm Other Inc. EBITDA Interest Materials Sales Staff Tax PAT Source: ENAM Research 26

Going ahead Key Factors in improving margins Increase Price Rises Increase Occupancy We think the average length of stay woul d come down to under 4 days by FY10 which is respectable for any large chain of hospitals. (Rs) Occupancy (FY10) 64% 66% 68% 70% 72% Source: ENAM Research Sensitivity of Target Price : Occupancy vs Price Rise in Services Price Rise (CAGR 09-10) 6% 66 69 73 78 81 8% 71 74 79 83 87 10% 76 80 85 89 93 1 2% 82 85 90 95 99 14% 87 91 95 101 105 We expect Fortis to record 9.5% (FY09FY10 CAGR) price increase across their trea tment packages with occupancy across the chain to reach 66% in FY10. Fortis woul d benefit from an asset light strategy with more focus on operating and manageme nt contracts as we expect land prices to be a large component (1520%) of the fix ed cost going ahead. Location of hospital in Tier I cities is one the key factor s in deciding pricing power. Fortis would adopt a REIT structure. This would acc elerate break even and would allow expansion without the need of raising more ca pital. Real Estate Investment Trust (REIT) This would involve the land and the building being This would involve the land a nd the building being transferred to an SPV. External financial investors would transferred to an SPV. External financial investors would invest in the SPV and lease back the asset in aalong term invest in the SPV and lease back the asset i n long term lease contract to the Hospitals with an option of buy back. lease co ntract to the Hospitals with an option of buy back. Fortis is currently looking at creating the REIT structure for Fortis is currently looking at creating the R EIT structure for one of its existing facilities. one of its existing facilities . 27

Valuation & recommendation Global valuations Company MCap (USD mn) 629 478 2189 1325 970 246 2956 2015 1732 1492 EV (USD mn) 679 612 2163 1666 1021 280 12373 6093 3217 5179 Sales CAGR FY06-FY10E (%) 26.4 3 8.5 11.7 * 21.4 * 17.9 15.8 * 31.1 4.3 7.1 * 5.6 EBITDA CAGR FY06-FY10E (%) 27.4 73.8 7.4 23.5 21.7 12.4 32.2 10.1 3.3 3.8 CY06/ FY07 24.2 53.6 18.5 17.7 18.2 1 0.0 20.0 8.9 7.1 7.0 EV/EBITDA (x) CY07/ CY08E/ FY08E FY09E 17.8 14.2 43.5 14.7 12.8 15.0 8.4 12.2 9.2 7.2 7.9 19.5 16.8 11.0 12.9 7.7 7.6 8.3 6.9 7.6 CY09E/ FY 10E 11.7 12.3 15.0 9.4 11.0 7.0 7.0 7.3 6.4 7.2 APOLLO HOSPITALS ENTERPRISE FORT IS HEALTHCARE LTD PARKWAY HOLDINGS LTD BANGKOK DUSIT MED SERVICE BUMRUNGRAD HOSP ITAL PUB CO BANGKOK CHAIN HOSPITAL PCL COMMUNITY HEALTH SYSTEMS INC TENET HEALTH CARE CORP LIFEPOINT HOSPITALS INC HEALTH MGMT ASSOCIATES INC-A India India Singa pore Thailand Thailand Thailand USA USA USA USA Source: ENAM Research, Bloomberg, * FY06-FY09E CAGR We initiate coverage on Fortis with a Neutral rating, given the long term nature of its plans, and with most of the benefits expected to be realized over the ne xt two-three years only, despite its strong brand equity. We believe EV/EBITDA i s the best way to value hospital companies such as Fortis which are in an invest ment mode. As high interest and depreciation depress the bottom-line, valuation on EV/EBITDA basis would capture the operating efficiencies of the hospital chai n. Based on valuations for global Hospitals; we value Fortis at 12xFY10 EBITDA a t Rs 85/share. 28

Litigation Main Cases Plaintiff Anil Nanda and Goetze (India) Ltd. Hospital EHIRCL Investment at Risk Suspension of EHIRCL operations. Reason Conversion of EHIRC Chandigarh Charitabl e society into a for profit limited liability company (EHIRCL). Update Date of h earing is in the end of November 2007 Termination of Lease Cases Delhi Development Authority Fortis Flt. Lt. Rajan Dha ll Hospital Fortis Jessa Ram Investment of Rs. 849.43 mn O&M contract DDA has te rminated lease. Alleges improper use of land citing reason of vacancy for many y ears L&DO owns 12% of the land has terminated the lease deed Stay on Termination order and recovery of physical possession of land Land & Development Office Delhi Development Authority EHIRCL Suspension of EHIRCL operations. Cancellation of lease deed Nursing License Directorate of Health Services EHIRCL May not be able to operate hospital if nursing license not renewed Investment of Rs. 849.43 mn Operating w ithout nursing license Show cause notice for application renewal of nursing lice nse in Jan, 2006 as lease deed had been cancelled Order from DHS to cease inpati ent operations as nursing license not granted Applied for renewal of license in Jan 2006 but license not received Replies have been sent to DHS Directorate of Health Services Fortis Flt. Lt. Rajan Dhall Hospital Fortis Jessa Ram Started operations based on deemed license Directorate of Health Services 29

Company financials Income statement Y/E March Net sales Total income Material Cost Staff Cost Other Op. Expenses Ope rating Profit Other income PBIDT Depreciation Interest Other pretax Pre-tax prof it Tax provision (-) Minority Interests Associates 2007 5,124 5,124 1,773 1,354 1,524 473 131 603 838 660 0 (895) 73 6 1 2008E 5,569 5,569 1,838 1,472 1,730 530 215 745 925 409 0 (590) 3 21 0 (615) 0 (615) 2009E 7,923 7,923 2,496 1,862 2,27 8 1,287 193 1,480 1,084 578 0 (182) 6 45 0 (234) 0 (234) (Rs mn) 2010E 10,760 10 ,760 3,314 2,475 2,870 2,101 229 2,330 1,243 666 0 420 45 70 0 305 0 305 Key ratios Y/E March Sales growth OPM Oper. profit growth COGS / Net sales Depreciation / G . block Effective interest rate Net wkg.cap / Net sales Net sales / Gr block (x) 2007 75.1 9.2 112.0 29.7 12.7 10.8 0.1 0.82 2008E 8.7 9.5 12.1 31.1 11.9 7.9 0. 1 0.77 N.A. (1.7) 0.6 N.A. (12.0) 0.0 (2.7) N.A. 1.4 0.0 2009E 42.3 16.2 142.9 2 8.8 10.4 11.4 0.1 0.87 N.A. 3.4 0.9 N.A. (3.6) 0.0 (1.0) N.A. 3.8 0.0 (%) 2010E 35.8 19.5 63.2 26.7 9.5 10.4 0.04 0.91 43.4 8.4 1.0 10.8 4.7 0.0 1.3 N .A. 6.8 0.0 Incremental RoCE N.A. RoCE (2.4) Debt / equity (x) 1.7 Effective tax rate N.A. R oE (27.8) Payout ratio (Div/NP) 0.0 EPS (Rs.) EPS Growth CEPS (Rs.) DPS (Rs.) (4 .3) N.A. (0.6) 0.0 Adjusted PAT (973) E/o income / (Expense) 0 Reported PAT (973) Source: Company, ENAM Research 30

Company financials Balance sheet Y/E March Total assets Gross block Net fixed assets CWIP Investments Wkg. cap. ( excl cash) Cash / Bank balance Others/Def tax assets Capital employed Equity cap ital Reserves Borrowings Others 2007 9,853 6,607 4,059 1,026 4 446 307 4,011 9,8 53 1,807 1,805 6,192 50 2008E 10,871 7,807 4,791 1,306 260 419 541 3,554 10,871 2,267 4,359 4,220 25 2009E 12,343 10,457 6,813 1,500 4 454 475 3,097 12,343 2,26 7 4,125 5,926 25 (Rs mn) 2010E 13,572 13,107 8,677 1,100 9 500 646 2,640 13,572 2,267 4,430 6,850 25 Cash flow Y/E March Sources Cash profit (-) Dividends Retained earnings Issue of equity Bo rrowings Others Applications Capital expenditure Investments Net current assets Change in cash 2007 3,946 (172) 0 (172) 2,432 197 1,489 3,946 1,382 (1) 96 2,470 2008E 2,421 332 0 332 3,628 (1,972) 433 2,421 1,937 255 (27) 256 2009E 3,059 89 6 0 896 0 1,707 456 3,059 3,301 (256) 35 (22) (Rs mn) 2010E 3,004 1,618 0 1,618 0 924 461 3,004 2,707 5 47 245 Source: Company, ENAM Research 31

Appendix 32

Hospital table Name No of Beds* Type Therapeutic Mix Comments Fortis Hospital Mohali, Punjab 230 Cardiac ,Orthopedics, Neuro-Sciences, Gastroenterology, General Multispecialty C ardiac Orthopedics, Neuro-Sciences, General Multi-specialty General Secondary Ca re Cardiac General Secondary Care Cardiac, Orthopedics, Renal, Gastro, Pulmonolo gy, General Multi-Specialty General Secondary Care Mother & Child Care, General MultiSpecialty Mother & Child Care, General MultiSpecialty Cardiac Orthopedics, Neuro-Sciences, Gastro,Renal, General Multi-specialty Flagship Hospital of Fortis Escorts Heart Institute and Research Centre (EHIRC) Fortis Hospital Escorts Hosp ital & Research Centre (EHRC) Escorts Heart & Super Specialty Institute (EHSSI) Fortis Hospital Fortis Flt. Lt. Rajan Dhall Hospital Jessa Ram Hospital Jeewan M ala Fortis La Femme Escorts HCR (EHCR) Malar Hospital Fortis Escorts Hospital Hi ranandani Hospital South Delhi Noida, NCR Faridabad, NCR Amritsar, Punjab Amritsar, Punjab Vasant K unj, New Delhi New Delhi New Delhi New Delhi Raipur, Chattisgarh Chennai Jaipur, Rajasthan Navi Mumbai 324 150 210 Spoke 90 37 Spoke 100 O&M 100 Spoke 100 O&M 40 O&M 45 O&M 180 163 15 0 Flagship Cardiac Care of Fortis Has high occupancy of 90%. To be upgraded to a Hub. Boasts of one of the highest revenue per bed Focused on Women and Child Care Bou tique high end Womens Hospital Acquired to establish Fortis presence in the South Cardiac, Renal, Gastro, Neuro, General Recently inaugurated with Multi-Specialty state of the art equipment Cardiac, Orthopedics, Neuro-Sciences, Gastroenterolo gy, General Multispecialty Establishes presence of Fortis in Western Region. 33

Ownership structure Fortis Healthcare Limited (FHL) Owned Hospitals Fortis Hospital, Mohali (includes the Fortis City Centre clinic in Chandigarh) Fortis Hospital, Amritsar O&M Contracts Fortis La Femme, New Delh i (5% equity ownership) Fortis Jessa Ram Hospital, New Delhi Jeewan Mala Hospita l, New Delhi Khyber Medical Institute, Srinagar Other Facilities 1 Satellite Cen ter Future Project Fortis Hospital, Gurgaon 100% owned 99.9% owned 90% owned 100 % owned Hiranandani Healthcare Pvt. Hiranandani Healthcare Pvt. Ltd. Ltd. Project under Development Project under Development Hiranandani Hospital, Navi H iranandani Hospital, Navi Mumbai Mumbai Owned Hospital Owned Hospital Fortis Hospital, Noida Fortis Hospital, Noida International Hospital Ltd International Hospital Ltd (IHL) (IHL) Escorts Heart Institute & Escorts Heart Institute & Research Centre Ltd (EHIRCL) R esearch Centre Ltd (EHIRCL) Owned Hospitals Owned Hospitals Escorts Heart Institute & Research Escorts Heart Institute & Research Centre, Ne w Delhi (EHIRC) Centre, New Delhi (EHIRC) Escorts Heart Centre, Raipur Escorts Heart Centre, Raipur (EHCR) (EHCR) Oscar Bio-Tech Private Ltd Oscar Bio-Tech Private Ltd (OBPL) (OBPL) O&M Contract O&M Contract Fortis Flt. Lt. Rajan Dhall Hospital, Fortis Flt. Lt. Rajan Dhall Hospital, Vasa nt Kunj, New Delhi Vasant Kunj, New Delhi Fortis Hospital, Shalimar Bagh, New Fo rtis Hospital, Shalimar Bagh, New Delhi Delhi Collaboration with the Government of Collaboration with the Government of Chatti sgarh Chattisgarh Other Facilities Other Facilities Future Project Future Project 15 Satellite and Heart Command 15 Satellite and Heart Command Centers Centers 100% owned 82.61% owned 100% owned 100% owned Escort Hospital & Escort Hospital & Research Centre Ltd Research Centre Ltd (EHRC L) (EHRCL) Owned Hospital Owned Hospital Escorts Hospital and Escorts Hospital and Research Centre, Research Centre, Faridabad (EHRC) Faridabad (EHRC) Escorts Heart & Super Escorts Heart & Super Specialty Institute Ltd Specialty In stitute Ltd (EHSSIL) (EHSSIL) Owned Hospital Owned Hospital Escorts Heart & Super Es corts Heart & Super Specialty Institute, Specialty Institute, Amritsar (EHSSI) Amr itsar (EHSSI) Escorts Heart & Super Escorts Heart & Super Specialty Hospital Ltd Specialty Hos pital Ltd (EHSSHL) (EHSSHL) Future Project Future Project Jaipur Hospital Jaipur Hos pital Escorts Heart Centre Escorts Heart Centre Limited (EHCL) Limited (EHCL) No Operation s No Operations

34

ENAM Securities Pvt. Ltd. 109-112, Dalamal Tower, Free Press Journal Marg, Nariman Point, Mumbai - 400 021 , India. Tel:- Board +91-22 6754 7500; Dealing +91-22 2280 0167; Fax:- Research +91-22 6754 7579; Dealing +91-22 6754 7575 CONFLICT OF INTEREST DISCLOSURE We, at ENAM, are committed to providing the most honest and transparent advice to our clients. However, given the nature of the capital markets, from time to time we are faced with situations that could give rise to potential conflict of interest. In order to provide complete transparenc y to our clients, before we make any recommendations, we are committed to making a disclosure of our interest and any potential conflict IN ADVANCE so that the interests of our clients are safe- guarded at all times. In light of this policy , we have instituted what we believe to be the most comprehensive disclosure pol icy among leading investment banks/brokerages in the world so that our clients m ay make an informed judgment about our recommendations. The following disclosure s are intended to keep you informed before you make any decision- in addition, w e will be happy to provide information in response to specific queries that our clients may seek from us. Disclosure of interest statement (As of 13 December, 2 007) 1. Analyst ownership of the stock 2. Firm ownership of the stock 3. Directo rs ownership of the stock 4. Investment Banking mandate 5. Broking relationship No No No No No We are committed to providing completely independent and transparent recommendat ions to help our clients reach a better decision. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Nothing in this doc ument should be construed as investment or financial advice, and nothing in this document should be construed as an advice to buy or sell or solicitation to buy or sell the securities of companies referred to in this document. The intent of this document is not in recommendary nature Each recipient of this document sho uld make such investigations as it deems necessary to arrive at an independent e valuation of an investment in the securities of companies referred to in this do cument (including the merits and risks involved), and should consult its own adv isors to determine the merits and risks of such an investment. The investment di scussed or views expressed may not be suitable for all investors Enam Securities Private Limited has not independently verified all the information given in thi s document. Accordingly, no representation or warranty, express or implied, is m ade as to the accuracy, completeness or fairness of the information and opinions contained in this document The Disclosures of Interest Statement incorporated i n this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information i s subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from ti me to time without any prior approval Enam securities Private Limited, its affil iates, their directors and the employees may from time to time, effect or have e ffected an own account transaction in, or deal as principal or agent in or for t he securities mentioned in this document. They may perform or seek to perform in vestment banking or other services for, or solicit investment banking or other b usiness from, any company referred to in this report. Each of these entities fun ctions as a separate, distinct and independent of each other. The recipient shou ld take this into account before interpreting the document This report has been prepared on the basis of information, which is already available in publicly acc essible media or developed through analysis of ENAM Securities Private Limited. The views expressed are those of analyst and the Company may or may not subscrib e to all the views expressed therein This document is being supplied to you sole ly for your information and may not be reproduced, redistributed or passed on, d irectly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. Neither this document nor any copy of it may be taken or transmitted into the United State (to U.S.Persons), Canada, or Japan or distribu ted, directly or indirectly, in the United States or Canada or distributed or re

distributed in Japan or to any resident thereof. The distribution of this docume nt in other jurisdictions may be restricted by law, and persons into whose posse ssion this document comes should inform themselves about, and observe, any such restrictions Neither the Firm, not its directors, employees, agents or represent atives shall be liable for any damages whether direct or indirect, incidental, s pecial or consequential including lost revenue or lost profits that may arise fr om or in connection with the use of the information. Copyright in this document vests exclusively with ENAM Securities Private Limited. 35