FORTIS HEALTHCARE LIMITED

August 2009
AGENDA

Group Overview

Healthcare Industry in India

Company Overview

Recent Acquisition

Financials

Way Forward

2
GROUP OVERVIEW

Religare SRL Fortis

Incorporate in 1994, Largest and most trusted Incorporated in 1996.

Religare Enterprises pathology laboratory First hospital
Limited (REL) is one network in India. commenced operations
of the leading Services ~ 2,000 in 2001 in Mohali.
integrated financial hospitals/path labs One of the largest &
services group of & over 25,000 doctors. internationally
India controlling a Performs over 34000 recognized chain of
network of more tests/day & caters to hospitals having a
than 5 million more than 5 million network of 28
customers across patients in a year hospitals in India with
three verticals – offering a comprehensive a CAGR of 76%
viz. Retails, Wealth range of over 3,500 tests,
and Institutional from the routine to highly
Spectrum. specialized tests

3
AGENDA

Group Overview

Healthcare Industry in India

Company Overview

Recent Acquisition

Financials

Way Forward

4
 EVOLUTION OF HEALTHCARE IN INDIA
India: Health Expenditure as a Percentage of GDP
6.0%
5.1%
4.2%
4.0% 3.8%
2.6% 3.0%
2.1%
2.0% 1.3%

0.0%
1950-51 1960-61 1970-71 1980-81 1990-91 2000-01 2005-06
Source: FICCI and Ernst & Young (2008).

7% decline 50% growth Pvt. hospitals distribution, 2001

66% increase 33% growth
No. of hospitals=45000
91 0.93
0.86 0.9 <30 beds, 84%

55 0.6
0.4 0.6

Persons reporting ailments Hospital beds Doctors Nurses

1996 2004 1996 2004 30-100 beds,

>200 beds, 1% 100-200 beds, 5
10%
Source: FICCI and Ernst & Young (2008). 5%

Source: FICCI and Ernst & Young (2008)

 HEALTHCARE IN INDIA (CONTD.)
Beds per '000 population for selected states

0.86
0.80
0.71 0.70
0.54 0.55 0.59
0.51
0.46
0.35

Biha r

J&K

UP
T ripura
H a ryana

India
MP

R a ja stha n
O rissa
A ssa m
Cost of important Procedures (in US$) Source: FICCI and Ernst & Young (2008).

Percentage share of India in world health parameters Healthcare distribution across rural and urban areas

7
20%

3 3.3
8% 8% 9% 2.5
6% 1 1 1
0.8
1%

Ailments ratio Beds per '000 Physicians per Nurses per '000
Disease Beds Doctors Nurses Community Lab
'000
burden & health technicians
workers
Urban Rural
6

Source: FICCI and Ernst & Young (2008). Source: FICCI and Ernst & Young (2008).
 HOSPITALS: PROXY FOR INDIA’S HEALTHCARE BOOM

The Healthcare Delivery Market in India pegged at around USD 40bn, is approximately five
times the size of the Pharmaceuticals Industry and offers a huge growth opportunity

India has 16% of the world's population, but one of the poorest healthcare infrastructures
among growing economies and the lowest spend on healthcare (~5% of GDP)

Demographic changes, improving income levels, changing lifestyles, and rising insurance
penetration etc will result in a rise in discretionary spending on healthcare

Healthcare is a difficult business with large capital outgo and long payback periods. Hence
for larger hospitals (tertiary care) India is dependant on private sector investments

Execution of new projects is key and the high cost of retaining skilled doctors remains a
constant threat to returns

In India, private sector hospital companies are well equipped to take advantage of this
large opportunity in tertiary healthcare 7
 HEALTHCARE SPEND IS ON THE RISE

As India becomes a more advanced economy Growing share of urban middle class households
100% 3.3% 5.2% 7.0%
the spend on healthcare as a proportion of the
Would opt for
80%
total spend is set to rise. 44.2%
52.5%
mediclaim
60% 58.6%

With increased life expectancy; the 40%

proportion of middle aged population will rise 52.5%
42.3%
20% 34.5%
resulting in a larger number of people being
0%
subject to lifestyle diseases. 2001-02 2006-07E 2010-11E

More middle aged <1,00,000 1,00,000-6,00,000 >6,00,000

people subject to Source: Crisil
lifestyle ailments
Age demographic shift Household spending pattern
100%
100% 7% 8% 8% 9%
11% 12% 14% 15% 80%
80%
20% 20% Discretionary
20% 21% 60% Healthcare
60% Spend rising
27% 28% 29% 28% 40%
40%

20%
20% 35% 32% 29% 27%
0%
0%
1995 2005E 2015F 2025F
2001 2006 2011P 2016P 8
Food Apparel Housing, utilities
0-14 yrs 15-29 yrs 30-44 yrs 45-59 yrs 60+ yrs Household prod. Personal prod. Transportation
Communication Education Healthcare
Source: ENAM Research Source: ENAM Research
LIFESTYLE CHANGE = MORE HOSPITALIZATION
Changing disease profile Lifestyle diseases: More expensive
100% 36,000
Cancer (Rs/treatment)

Cost of Treatment (20 01)

29600
30,000
Heart disease
90% 24,000
Other circulatory Lifestyle
Diseases 18,000
80% CNS Disorders
12,000 9700
Diabetes 5800
70% 6,000 4100
Asthma
0
60% Others Acute Maternity Injuries Lifestyle
Infections Diseases
Sense organs Acute
Diseases Source: NSSO
50%
Muscoloskeletal
Incremental growth driven by in-patients
Accidents 4,000
40% (Rs bn)
Rs 3,642 bn

Acute Infections CAGR of 10.9%

30% 3,000
Cardiac – A CAGR of 11.6% Rs 2,172 bn 2,312
large
Lifestyle diseases are set
20% contributor of to assume a greater share 2,000
the lifestyle Rs 1,253 bn 1,268
of the healthcare market
segment

Lifestyle diseases such as 1,000 637
10% cardiac diseases require 1,329
617 903
hospitalization and are
more expensive to treat 0
0%
hence increasing the in- 2006 2011E 2016E
2001 2012 patient revenues OPD IPD
Source: CII-McKinsey. Source: CRISIL Research ,OPD: Out-patient; IPD: In-patient. 9

Trend towards more in-patient treatments

AGENDA

Group Overview

Healthcare Industry in India

Company Overview

Recent Acquisition

Financials

Way Forward

10
FOUNDER’S VISION
“To create a world-class integrated
healthcare delivery system in India,
entailing the finest medical skills combined
with compassionate patient care”

– Late Dr. Parvinder Singh

Founder Chairman,
Fortis Healthcare Ltd.

11
 THE FORTIS EDIFICE…..
Mission: To have a network of more than 40 hospitals and over 6,000 beds by 2012.

Globally respected

“Vision” healthcare organization known for

Clinical excellence and Distinctive Patient care

Responsibility
“Achieved by” Talented people Strong value system Efficient systems towards stakeholders

12 12
“Foundation”
Built on Trust
 HOSPITALS: BENEFITS TO ACCRUE IN LONG TERM
Set-up cost Operating Profit
Operating Metrics
Buildup
Indicative Hospital Operating Model
(%)
Book Breakeven
Land 12 500 (%)

Other 4x
10 Year 5
Equip 400 Cash Breakeven
30%
300 2.8x
EBITDA Breakeven
2.1x
Revenues

21%
Medical 40 200 1.6x 24%
21%
Equip 1x 26%
31%
25%
100 35% 28%
34%
38% 28%
36% 32% 29%
43%
0 22% Year 4

Building
26 (100)
Year 1 Year 2 Year 3 Year 4 Year 5
14%
Cash Direct Personnel Other Costs EBIDTA Year 3
losses 12
13
30% Occupancy 85% EBITDA Flow
Fixed Cost Structure
KEY DIFFERENTIATORS :
Core Competence Strengths

 Providing Tertiary and Quaternary care on Centre of o Focus on Medical and service excellence.
Excellence in the areas of:
o In-house project execution capabilities on QTC

Cardiac Sciences parameters

Neurological Sciences o Pan India presence

Orthopedics o Hub and Spoke Model

Gastroenterology o Management expertise and bandwidth

Renal Sciences o Proven abilities to acquire and integrate.

 Boutique facility for women and child care o Experienced, dedicated and financially sound
promoter group.
 State of the art accredited facilities.

 Highly trained medical and Para-medical staff.

 Strong IT systems and infrastructure

 Cost effective business model

14
KEY DIFFERENTIATORS - OPERATING SYSTEMS
FIELD:
1. Building employee capability to drive
operations efficiency
2. Developing distinctive capabilities at
various levels
3. Generating talent pipeline to support
growing business needs
Patient
Centricity
TRM:
1. Increase revenue through systematic
intervention and create a sustainable
platform going forward
2. Enabling cross sharing of information
across different units
3. Develop a common approach for revenue
management
FOS:
1. To minimize lead time in patient related
operations
2. To embed best practices in operations to
yield bottom line impact
3. High level of patient care; and
4. To create next generation leaders
PSM:
1. Consolidate and optimize purchase and
supply chain operations
2. Achieve internal process efficiencies
3. Standardization of items
15
4. Price equalisation
KEY DIFFERENTIATOR - ACCREDITATIONS, FACILITIES AND DOCTORS
JCI

•Mohali hospital is the first hospital in the country to be JCI and

NABH accredited
JCI •Banerghatta Road and Mulund Hospital also JCI Accredited

NABH – Hospital, Blood Banks and Labs

•Largest chain of accredited hospitals in the country – Delhi,

Mohali, Jaipur and NOIDA
ISO
•NOIDA, Vasant Kunj and EHIRC’s Blood Bank accredited by
NABH – NABH
Hospitals
ISO – 9001 and 14001
and Blood
Banks •ISO 9001:2000 – EHIRC, NOIDA and Faridabad
•ISO 14001:2004 - NOIDA

4 more hospitals to be filed for accreditations this year

Greenfield
• On Payrolls of the company
Brownfield Doctors on • Center of Excellence under
Rolls Super Specialty
O&M

Retainers • On fee for service model

16
• OPD and Multi Specialty

Fortis
FINANCIALS: A SNAPSHOT: NETWORK REVENUES
Rs. In Crores
900

800 772

700 CAGR: 76% 649

113

600 567 101 659

42
500 548
525
308
400
12
300
296
200
81
100 6
75
0
FY05 FY06 FY07 FY08 FY09E

Owned Managed 17
 STRATEGIC PLAN – MISSION 2012

Fortis aspires to . . .

. . . Domestic leadership in Cardiac,

. . . exceed revenues of
Ortho, Neuro, Renal and Gastro
USD 1 billion

. . . globally recognized in Cardiac & Ortho

Pan India presence with 35-40 3,500 Doctors

Hospitals ~ 6000 Beds 15,000 Nurses
. . . Employees

. . . have an International presence

18
AGENDA

Group Overview

Healthcare Industry in India

Company Overview

Recent Acquisition

Financials

Way Forward

19
ABOUT WOCKHARDT

 Incorporated in 1991, WHL is one of the leading healthcare providers in India

 Proven track record in setting up green field hospitals and delivering compassionate
and quality healthcare in a cost effective manner

 Widespread presence - 17 super speciality hospitals in metros and tier-II cities -

Mumbai, Kolkata, Bengaluru, Hyderabad, Rajkot, Surat & Bhavnagar

 Provide super speciality care in Cardiac, Neuro, Ortho, and, Minimal Access Surgery
and Women Care

 Hospitals in Bengaluru and Mumbai have received the highly coveted JCI
accreditation

 Came up with IPO @ Market Capt of Rs. 2,850 – 3,150 Crore ( $ 600 – 675 million) –
Reduced size to Rs. 2,300 – 2,600 Crore ($ 475 – 550 million) after lukewarm
20
response from market
THE DEAL

 Executed Business Transfer Agreement (BTA), few conditions precedents to be

completed.

 Business purchased as a going concern, a pool of 1902 expanded bed capacity as

‘Going Concern’ for ~ Rs. 909 Cr (~ $ 190 Millions).

 Well established & equipped hospitals at premium locations in metro cities

– Mumbai, Kolkata and Bengaluru.

 8 running hospitals (bed capacity of 1368) with 856 operational beds

 2 new hospitals at Yeshwantpur, Bengaluru (120 beds) and Anandpur, Kolkata (414
beds), under construction, to be operational in next 12-15 months.

 Includes 3 nursing colleges (total – 450 candidates) linked to operating hospitals, for
availability of trained nursing staff 21
HOSPITALS UNDER ACQUISITION
Nos. City Location Total Beds Start Remarks
Year
1 Mumbai Mulund 567 2002 JCI accredited
2 Mumbai Kalyan 60 2008
3 Bengaluru BG Road 451 2006 JCI accredited
4 Bengaluru Cunningam Road 128 1991
5 Bengaluru Chord Road 40 2007
6 Bengaluru NagarBhavi 55 2007
7 Kolkata Rashbehari Avenue 67 1993
8 Kolkata Sarat Bose Road - 1990 Daycare centre
1,368
Greenfield
9 Bengaluru Yeshwantpura 120 - New Project
10 Kolkata Anandpur 414 - New Project
1,902

Quality assets at premium locations, with clinical competence and strong reputation 22
Total beds include expansion opportunity in 2 facilities
 STRATEGIC RATIONALE
 Centre of Excellence in Cardiac, Neuro, and Ortho, further strengthens dominant position :
 3 top specialities account for 54% - 58% of total revenue
 Largest cardiac care and Joint replacement programs across India
 Improved Purchase and Supply Management :
 Expect a significant reduction in cost of Bought-out Items resulting in benefits in combined network
 Integrated marketing and customer acquisition
 Synergize regions for more efficient play and management efficiencies
 Significant savings in the employee costs
 Mumbai, Bengaluru allow leveraging combined network for Doctor productivity maximization

Wockhardt
MAS/Renal Critical
10% Care/Other
18%
Neuro
6%
Ortho OPD
10% Other 15%
18%

Cardiac Pharma
38% 3%
23
% Revenues
STRATEGIC RATIONALE
 Geographical Complementarities
 Supports ‘Deep’ strategy for each region, with hospitals located in metros (Mumbai,
Bengaluru, and Kolkata)
 Shared Value system
 Enhances depth and width of talent and medical competence of the group for
supporting future growth plans
 Adds talent pool of 650+ doctors, ~1300 Nurses/Para-medics, +650 other staff.

Bed North Zone West & Central South Zone East Zone
Capacity (NCR, Punjab, (Maharashtra, Gujarat, (AP, TN, Karnataka, (West Bengal)
Rajasthan) Chhattisgarh) Kerala)

Nos Beds Nos Beds Nos Beds Nos Beds

Fortis 13 2312 3 480 2 350 - -

New Acq. - - 2 627 5 794 3 481
Total = 13 2312 5 1107 7 1144 3 481

Fortis Network shall have a Total of ~5200 Beds 24

COMBINED TALENT POOL
4500
4,121
4000

998
3500

3000
2,472
2500

725
2000
1,586
1500 3123
674 1,064
1000 295 1747

500 912 769

0
Doctors Nurses Paramedical Executives & Staff
Fortis Wockhardt

25

A total employee pool of ~ 9,250 employees

CLINICAL LEADERSHIP
6,000
60,000
5,000 4,604 52,040
50,000
4,000
40,000 31,917
3,000 30,000
2,000 20,000
768
1,000 10,000
0 0
Neuro Others
35,000 2,300
28,649 2,195
30,000 2,200
25,000
20,000 2,100
15,000 9,934 2,000 1,933
10,000
1,900
5,000
0 1,800
Cardiac Ortho
26
Fortis Wockhardt
Over 39000 Cardiac Procedures, 4000 Ortho, 5300 Neuro and 84000 Multispecialty
COMBINED BUSINESS PRESENCE – PAN INDIA
Kamayani, Agra (2006)
Saraswati Heart Care, Allahabad (2006)
Escorts, Amritsar (2006)
Fortis Noida (2004)
Sadbhavna Medical & Fortis Shalimar Bagh (2010)
Heart Institute, Patiala (2006) Jessa Ram (2003)
Fortis Gurgaon (2010)
La Femme (2005)
Fortis City Centre (2006) Vasant Kunj (2006)

Fortis Mohali (2001) ISIC, Vasant Kunj (2006)

Yashoda Hospital, Ghaziabad (2006)
Kalyani, Gurgaon (2006)
Escorts-Delhi (2006)
Escorts, Faridabad

Ravindera Cath Lab, Hisar

Fortis Escorts Jaipur

(2006)
Kolkata – 3 Hospitals
Goyal Hospital,
Jodhpur (2006) Escorts-Raipur (2006)
Mumbai – 2 Hospitals
Fortis Modi Hospital, Kota (2006) Birla Institute MRC, Gwalior (2006)

SL Raheja (Mumbai) (2010)

HHPL (Mumbai) (2007)

Arneja Hospital,
Nagpur(2006)

Fortis, Bengaluru (2009) Fortis Malar (Chennai) 2008

Bengaluru – 5 Hospitals
27
Fortis Network Hospitals

Acquired Hospitals
COMBINED FINANCIALS (FY 2008-09)

Heads FHL Consolidated Wockhardt Total

Rs. in
Rs. in Crores (%) Rs. in Crores (%) Crores (%)
INCOME
Operating Income 631 312 943
Other Income 28 1 29
TOTAL 658 313 971
Materials Consumed 190 30% 86 28% 276 29%
Personnel Expenses 148 23% 41 13% 188 20%
Operating Expenses 143 23% 97 31% 241 26%
Selling, General and Admin
Expenses 65 10% 24 8% 89 9%
Total Expenses 546 87% 248 80% 794 84%
EBIDTA 113 17% 65 21% 178 18%
Financial Expenses 44 36 80
Depreciation 48 19 68 Improved
operating
Taxes 3 2 4 margins

Net Profit after taxes 21 9 30

28
Earning Per Share 0.92 0.14% 1.84 0.59% 1.09 0.11%

EPS Accretive from

the 1st year
AGENDA

Group Overview

Healthcare Industry in India

Company Overview

Recent Acquisition

Financials

Way Forward

29
FY 2009

30
SNAPSHOT – EXECUTIVE SUMMARY FY-2009
Key Performance Indices:
 Revenue across network crosses more than
Rs. 200 Crores mark for Quarter – IV

 Two new Heart Command Centers

 Vashi hospital gets operational

 Management bandwidth enhanced

 Fortis Malar launched the “Malar Heart

Institute” in December

 Revenue growth at Escorts’ @ 22%

 Mohali and Amritsar EBIDTA @ 24% and

23% respectively

 Jaipur Break even on EBIDTA in 14th

month of operation
31
CONSOLIDATED P&L – FY09
FY09 FY08 Y-o-Y
Particulars % %
(Rs. Crores) (Rs. Crores) Growth
Operating Revenue 631 100% 507 100% 24%
Other Income 28 4% 41 8% -32%
Total Income 659 548 20%
Direct Costs 190 30% 162 32% 17%
Employee Costs 147 23% 139 27% 6%
Other Costs 208 33% 186 37% 12%
EBITDA 114 18% 62 12% 86%
Finance Costs 44 7% 55 11% -20%
Depreciation &
Amortization 49 8% 47 9% 4%
PAT 21 3% (55) -11% 138%
32
EPS (2.49) 0.92
TURNS PAT POSITIVE
20%
700.00 659.00

600.00
548.00

500.00
Rs. Crores

400.00

300.00
Maiden profits
for the company
200.00 85%
114.25
100.00 61.75
20.82
0.00
Operating Revenue EBIDTA PAT
33
(100.00) (55.48)

FY08 FY09E
Q1FY-2010

34
Snapshot – Executive Summary

Q1 FY 10 - Consolidated
Rs. in Crores +45%
 Operating Revenue - Rs. 185 Cr  33%
 EBITDA - Rs. 31 Cr  34%
+27%
 Net Profit - Rs. 7.6 Cr  7x

Q1 FY 09 Q1 FY 10

Occupancy 62% 69%

ALoS 4.02 3.62

ARPOB Rs. 6.9 Mn Rs. 8.0 Mn

 Network Income - Rs. 243 Cr  45% 35

Total Income
EBITDA & PAT (CONSOLIDATED)
Rs. in Crores
Q1 FY 09 Q1 FY 10

+7x

+34%

36
Operating EBITDA as a percentage of Operating income grows 490 bps over corresponding period last year
CONSOLIDATED PROFIT AND LOSS – Q1FY10
Q1FY10 Q1FY09 Q-o-Q
Particulars % %
(Rs. Crores) (Rs. Crores) Growth
Operating Revenue 185.4 100% 139.4 100% 33%
Other Income 3.1 2% 9.0 6% -66%
Total Income 188.5 148.4
Direct Costs 54.3 29% 41.9 30% 30%
Employee Costs 42.5 23% 36.0 26% 18%
Other Costs 60.6 33% 47.3 34% 28%
EBITDA 31.2 17% 23.2 17% 35%
Finance Costs 10.4 6% 10.9 8% -5%
Depreciation &
11.4 6% 11.7 8% -3%
Amortization
PAT 7.6 4% 0.9 1% 7x

EPS for the quarter 0.33 0.04 37

Other income includes interest income, foreign exchange fluctuations and other miscellaneous income
 INVESTORS
Foreign Holding
8.16%
Mutual Funds / FI's
1.42% FI and Banks
1.00%

Indian Corporates
9.65%

Promoters Directors and Others

68.46% 0.18%

Retail Investors
11.13%

As on 31st July 09 38
AGENDA

Group Overview

Healthcare Industry in India

Company Overview

Recent Acquisition

Financials

Way Forward

39
 AGGRESSIVE GROWTH PLAN

Pan India Rollout plan:
 Geographical:

Northern India

NCR

Western

Southern

Eastern
 Metros & Tier-2 towns

DEEP strategy

Mix of Greenfield, O&M and Acquisitions
Super
Religare
 By FY 2012, Fortis plans to Fortis
Healthworld
Fortis
reach Clinical
Research Fortis

40 Hospitals Healthcare
$ 575 Million
Religare

6000 Beds Technova Religare
Enterprises 40

Global Presence
Business under discussion
CURRENT PROJECTS
 Shalimar Bagh

Construction started in August ’07.

Expected commissioning in Q IV – 2009

 Gurgaon

Excavation completed, shell of the building expected to be completed soon

Expect commissioning by early Q – I, 2011 – 350 beds.

 NOIDA Oncology Block – Q – III, FY10

 Other Projects

Expansion of Mulund Hospital, Mumbai – 316 beds

Expansion of Bengaluru Hospital – 196 beds
41

2 Greenfields at Bengaluru and Kolkata – 534 beds
PEERS REVIEW

42
 APOLLO AND MAX
Apollo Max
3000 700 20%
18.0%
2535 601
16.0% 600 17%
2500
28%
2094 14.0% 484 15%
500
2000
12.0% 423
1614 400 372
Rs. Crores

10.0%
1500 10%
1214
8.0% 300

1000 6.0%
200
5%
4.0%
500
100
2.0%

0 0.0% 0 0%
FY08 FY09 FY10E FY11E FY08 FY09 FY10E FY11E
43
Revenues EBIDTA PAT Revenues EBIDTA
Centrum Broking Estimates B&K Estimates
KEY DIFFERENTIATOR – SUCCESS DRIVERS :

Strong IT system

Pan India
Presence, Differential Model –
Doctor engagement,
leveraging costs - Deep penetration
Revenue and Strategy
Capital
Business
Model
Bandwidth for
future Growth,
Operational
managed through Synergies – FOS,
team of TRM, PSM
Professionals
Stress on Quality,
Patient Centricity
44
SAFE HARBOR
Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as “will”,

“aim”, “will likely result”, “would”, “believe”, “may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”,

“objective”, “goal”, “likely”, “project”, “should”, “potential”, “will pursue” and similar expressions or variations of such expressions may constitute "forward-looking

statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those

suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth

and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our

exposure to market risks as well as other risks. Fortis does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the

date thereof.

“Fortis Healthcare Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a rights issue of its equity shares with

warrants and to file a Draft Letter of Offer with SEBI.” This presentation is not and should not be construed as an offer for sale within the United States of any rights,

warrants, equity shares or any other security of Fortis Healthcare Limited or as a solicitation of an offer to buy any of such rights, warrants, equity shares or other

securities. Securities of Fortis Healthcare Limited, including any offering of its rights, warrants, equity shares or any other security, may not be offered, sold, resold or

otherwise transferred within the United States absent registration under U.S securities laws or unless exempt from registration under such laws. The offering of the

securities of Fortis Healthcare Limited described in this advertisement has not been and will not be registered under U.S securities laws, and accordingly, any offer or

sale of these securities may be made only in a transaction exempt from registration.

45
THANK YOU…

46
Fortis Healthcare Limited

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