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Religare Health Trust 2013 , June

Religare Health Trust 2013 , June. STRICTLY PRIVATE AND CONFIDENTIAL. About Religare Health Trust Our Ability to Provide Stable & Growing Distributions Financial Highlights. Religare Health Trust. Listed on 19 October 2012. Notes :

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Religare Health Trust 2013 , June

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  1. Religare Health Trust 2013 , June STRICTLY PRIVATE AND CONFIDENTIAL

  2. About Religare Health Trust • Our Ability to Provide Stable & Growing Distributions • Financial Highlights

  3. Religare Health Trust Listed on 19 October 2012 Notes: (1) Projected yields excludes distributions to Sponsor, which has committed to waiving rights to distribution until Mar 31, 2014 in favor of holders of Common Units. Based on unit price as at 28 May 2013 3

  4. Fortis and Religare Partnership • Part of Religare Enterprises, a diversified financial services firm listed on the BSE and NSE • Global multi-boutique asset management platform with over US$13.0 billion in Assets Under Management Unique Healthcare Offering • One of the largest healthcare chains in India and Asia Pacific’s fastest growing multi vertical healthcare delivery system • 73 healthcare delivery facilities • ~ 12,000 beds • Presence in 10 countries • Listed on the BSE and NSE RGAM Affiliates Investment mandate to acquire healthcare assets across Asia, Australasia and global emerging markets Leveraging the Complementary Strengths and Expertise of Fortis and Religare

  5. Overview of Religare Health Trust RHT Structure Fortis Healthcare (“Sponsor”) Institutional & Public Investors 28.0% 72.0% Acts on behalf of unitholders and provides management services Trustee-Manager TM Fees Singapore Distributions India Ownership Fortis Operating Companies Current Portfolio • S$773m total valuation (1) • 11 Clinical Establishments • 4 Greenfield Clinical Establishments • 2 hospitals managed and operated by RHT Service Fee Clinical Establishment Services • Notes: • Independently valued by DTZ in INR as at March 31, 2013based on S$1 = INR 43.75. Valuation of operating assets based on DCF and Hospital and Medical Services Agreements (“HMSAs”) as relevant; valuation of greenfield assets based on Market Value.

  6. 17 Quality Assets Geographically Diversified Across India New Delhi, Shalimar Bagh • Initial portfolio valued at S$773m (1)(2) • 11RHT Clinical Establishments (S$737m) • 4 Greenfield Clinical Establishments ($31m) • 2 hospitals managed and operated by RHT ($5m) Amritsar 130 Operational Beds 350 Installed Bed Capacity  153 Operational Beds 166 Installed Bed Capacity Noida 191 Operational Beds 200 Installed Bed Capacity Ludhiana  75 Potential Bed CapacityOperational: 2QFY2015 Greater Noida Gurgaon  350 Potential Bed Capacity Operational: 4QFY2016 450 Installed Bed Capacity 1,000 Potential Bed Capacity  Faridabad 210 Operational Beds 210 Installed Bed Capacity Jaipur • Approximately 4.1 million sqft of built-up area across 10 states • Sizeable Population Catchment • Located Close to Major Transportation Nodes 207 Operational Beds 320 Installed Bed Capacity  Mumbai, Kalyan 44 Operational Beds 52 Installed Capacity Kolkata 126 Operational Beds 373 Installed Bed Capacity  Mumbai, Mulund 236 Operational Beds 567 Installed Bed Capacity Hyderabad  400 Potential Bed CapacityOperational: 4QFY2016 Bengaluru, Rajajinagar 31 Operational Beds 31 Installed Bed Capacity Chennai, Malar 170 Operational Beds 178 Installed Bed Capacity : RHT Clinical Establishments: Greenfield Clinical Establishments : Operating Hospitals Bengaluru, Nagarbhavi Chennai 45Operational Beds 45 Installed Bed Capacity 45 Potential Bed Capacity Operational: 1QFY2015 • Notes: • No. of beds and installed capacities as of March 31, 2013. Potential bed capacity assumes all planned phases of development and construction are completed in respect of the Gurgaon Clinical Establishment and the Greenfield Clinical Establishments • Independently valued by DTZ in INR as at March 31, 2013 based on S$1 = INR 43.75. Valuation of operating assets based on DCF and Hospital and Medical Services Agreements (“HMSAs”) as relevant; valuation of greenfield assets based on Market Value. Bengaluru, BG Road 239 Operational Beds 255 Installed Bed Capacity 6

  7. Diversified Healthcare Portfolio Positioned for Growth Organic Growth Potential(Number of Beds as of 31 March 2013) Focus on Provision of High End Healthcare Services(% of Initial Portfolio Valuation) +1,420 beds Quaternary +1,415 beds Tertiary (2) (1) (1) Secondary Substantial Portion of Initial Portfolio Comprise Long Term Lease / Freehold Land (% of Initial Portfolio Valuation) High Proportion of Income Generating Clinical Establishments(% of Initial Portfolio Valuation (3)) Weighted Avg Lease Life of Leasehold Assets of ~58 Years (3) Freehold 60.3% GreenfieldClinical Establishments3.9% RHT Clinical Establishments 95.4% Operating Hospitals0.7% >50 Years Remaining Lease Life26.1% <50 Years Remaining Lease Life13.7% • Notes: • Installed capacity refers to the maximum number of beds that can be operated at each hospital without further expansion. Potential capacity refers to the maximum number of beds that can operate at each hospital when all stages of development are completed. • Includes Secondary/Tertiary Services. • Weighted by asset valuation. 7

  8. Stable & Growing Distributions Our distributions are stable and growing stemming from the following: Service Fees structure Policy of fully hedged distributions for next 12 months Potential for organic & inorganic growth (including ROFR) Working with a premium healthcare operator

  9. Stabilized Distributions, With In-Built Organic Growth Long term Hospital & Medical Services Agreement 1 100% Distribution Payout Fully Hedged Distributable Income Low Gearing Downside Protection, With In-Built Organic Growth 3 5 2 4 Service Fee (1) (S$m) HMSAs with Fortis for 15 years, with further 15 year extension by mutual consent 3.5% Variable Service Fee • 7.5%of Fortis Operating Companies’ Operating Income • Base Fee with fixed escalation of 3% p.a. (accounts for c.79.4% of total Service Fee for FY2013) • Variable Fee of 7.5% of Fortis Operating Companies’ Operating Income Base Service Fee (2) • 3.0%p.a. fixed escalation • Upward revision for any capex/ expansion 8.9% Low in comparison to peers • 100% distribution payout over Forecast Year and Projection Year • Sponsor distribution waiver over Forecast Year and Projection Year (annualized) Distributable income has been hedged for the next payouts –30 September 2013 & 31 March 2014 • Notes: • Excludes income from ancillary services; Financials converted at S$1 = INR 44.04 for FY2013, S$1 = INR46.70 for FY 2014, and exchange rate at the listing date of S$1= INR43.55 • Base Service fee excludes accounting straight lining and includes Technological Renewal Fee and are on a full year basis. Base Service Fee from the Gurgaon Clinical Establishment will increase by more than 3.0% per annum until March 31, 2014 when the asset is expected to stabilize. 9

  10. Capacity Expansion- Update RHT has four running projects for capacity expansion, below is the status as of 31st March 2013

  11. In-Built Development Pipeline; Sponsor’s Interests Aligned 25% interest free commitment deposit from Sponsor via HMSA to finance development cost • Note • Converted to S$ from INR at S$1 = INR 43.55. • Source: Fortis presentation, RHT preliminary prospectus dated 15 October 2012 11

  12. Growth Strategy Supported by Sponsor Access to Regional “On-the-Ground” Intelligence Key ROFR Assets (1,120 beds)(1) India (289 beds) Escorts Okhla India 289Licensed Beds Singapore (31 beds) Hong Kong Dubai India Vietnam Fortis ColorectalHospitalSingapore 31 Licensed Beds Sri Lanka Vietnam (800 beds) Singapore Hoan My Da Lat Vietnam 200 Licensed Beds Hoan My SaigonPhan Xich Long Vietnam 200 Licensed Beds Hoan My Da NangVietnam 200 Licensed Beds Hoan My Minh Hai Vietnam 50 Licensed Beds Hoan My Can Tho Vietnam 150 Licensed Beds Note (1) Provided that the Relevant Sponsor Entity is a subsidiary that is jointly owned with 3rd parties, ROFR will be subject to the consent of such 3rd parties. Sponsor shall use its best endeavors to obtain such consent; Data on ROFR assets as of Dec 31, 2011. 12

  13. Leverage Sponsor’s Expertise and Development Track Record Fortis’ Historical Indian Hospital Business Performance (INR m) Annual Basis Quarterly Basis 28% y-o-y growth Average c.6% q-o-q growth Proven Track Record of Maturing Greenfield Assets (1) Performance Of A Greenfield Facility: Jaipur Extracting Value From M&A: Escorts Amritsar Ramp Up At An Acquired Facility: Fortis Malar, Chennai (S$m) (S$m) (S$m) 36% Revenue CAGR 52% Revenue CAGR 4x revenue growth on annual basis since inception Acquired Fortis Malar in February 2008 Source: Company filings, corporate presentations.(1) Financial year ending 31 March; Financials converted to S$ at S$1 = INR 44.34. 13

  14. Key Drivers of Growth in the Indian Healthcare Market Growing & Aging Population High Healthcare Demand / Supply Gap Growing Affluence A B C India’s Population (Million) Hospital Beds per 1,000 Population in 2011 GDP Per Capita (US$) 24.4% 7.8% CAGR 5.2% 5.0% 4.8% 4.5% Implied gap of 3.7m beds Changing Disease Profile Increasing Health Insurance Coverage Growing Medical Tourism D E F US$2.1bn Industry by 2015E % of Hospitalisation Cases % of Healthcare Spend at Corp. Hospitals in Tier 1 Cities Covered by Insurance Indian Medical Tourism Industry(‘000 Medical Tourists) 40% of expenditures covered by insurance 14.0% CAGR 25-30% of expenditures covered by insurance 2001 2012E Source: F&S Market Research Report. 14

  15. Market and Sector Update • Delhi Development Authority hiked FAR of hospitals by 25-50%. This would have an impact on the Shalimar Bagh hospital, potentially allowing for an increase in number of beds • The government has clarified its stance on Put and Call Options, stating that regulation drafted by SEBI on allowing these options will be approved. This was one of the risk factors in RHT’s prospectus • RBI has over the last few monetary policy meetings lowered interest by .75 bps stating that Inflation being lower than 5% also gives it to reduce rates further at the next monetary policy meeting on June 17th • The Indian Hospital sector continues to attract foreign investments. Since 1st of January 2013, Temasek invested S$32 million in a Bangalore based cancer hospital group, IFC and Sabre invested S$51 million in Global Hospitals, Sequoia invested S$11.5 million in ASG Eye Hospitals

  16. Gurgaon CE Launch • Inaugurated On May 1st2013 by Actor – philanthropist Mr Salman Khan • Guests of Honor were Dr Pratap Reddy, Chairman Apollo Hopsitals, Dr Naresh Trehan, CEO Medanta and Salman Khurshid Cabinet Minister for External Affairs • The facility would have core specialiaites in Oncology, Mother and Child and Trauma alongside speciailities in Cardiac, Transplants (Bone Marrow has started) and Neurosciences • The current capacity is 450 beds (Phase I) that will be taken up to 1000 beds over time. All relevant staff to manage the 450 beds, including doctors and nurses, have been hired. • Collaboration announced with Being Human – an NGO sponsored by Mr Salman Khan to treat 500 children with heart ailments free of cost. RHT would also be giving space to the charity to set up a store at the hospital free of cost as part of its CSR initiatives.

  17. Dr. YogendraNathMathur Lead Independent Director 33 years of relevant experience Chey Chor Wai Chairman of Audit and Risk Management Committee and Independent Director Michael Hwang S.C Independent Director Peter Joseph Seymour Rowe Independent Director Experienced Board and Management Team Majority independent directors with proven track record in healthcare and funds management Religare Health Trust Executive Directors / Management Ravi Mehrotra Executive Chairman Dr Virender Sobti Chief Operating Officer India Gurpreet Singh Dhillon Executive Director &CEO Tan Suan Hui Head of Compliance / IR Pawanpreet Singh Executive Director & CFO Naveen Bhatia Head, Finance & Accounts India 17

  18. Financial Highlights

  19. Hospital-wise Revenue (S$ m)

  20. Occupancy (%)

  21. ARPOB (S$ m)

  22. Average ARPOB and Occupancy Rate across entire RHT Portfolio

  23. Variance between Forecast and Actual ARPOB and Occupancy Rates

  24. Financial Results for year ended 31 March 2013 (against Forecast)

  25. Unitholders Distribution as at 31 March 2013

  26. Hedging - Foreign currency exposure 100% Hedging done for the forthcoming 3 Distributions Forward contracts already entered into The average contracted rate for FY 14 is 47.28.

  27. Market Performance of RHT against comparable peers (rebased 19 Oct 2012 to 28 May 2013)

  28. Distribution Yield for FY 2013

  29. Yield and P/B Comparison Sources : Standard Chartered Research Report dated 23 May 2013, OCBC Investment Research Weekly SREITs dated 13 May 2013 RHT gearing figure based on actuals

  30. Financial Highlights Revenue (1) (S$m) Distributable Income (1) (S$m) DPU Yield (1) Average NOI margin: 59% 110.4 109.4 2.44% 8.4% 8.2% Sponsor Waiver Gearing: 8.9% • Notes: • Financials converted at S$1 = INR44.04 for FY2013, S$1 = INR46.70 for FY 2014, and exchange rate at the listing date of S$1= INR43.55;. • Includes straight lining of Base Service Fee. • DPU calculated based on unit price traded on 28 May 2013 30

  31. Appendix

  32. Fee Structure Performance based management fees designed to align Management’s interests with Unitholders Acquisition / divestment fee Base fee Performance fee • 0.4% p.a. of the value of the Trust Property • 50% to be paid in Units (1) • 4.5% p.a. of Distributable Income (2) • 50% to be paid in Units (1) • 0.5% - 1.0% of acquisition price • 0.5% of the sale price (Divestment to 3rd party) • No divestment fee (Divestment to Sponsor) Development fee Asset management fee • 2.0% of total development project costs • Payable in the form of cash and/ or units • 1.0% of gross revenue • Paid quarterly in arrears • No asset management fee paid for assets operated by Sponsor • Note • For the Forecast Year 2013 and Projection Year 2014 • Distributable Income means the distributable amount determined by the Trustee-Manager in accordance with the terms of the Trust Deed to be distributable for the relevant distribution period (pro-rated if applicable based on the number of months the relevant financial quarter bears to such distribution period)

  33. Efficient Trust Structure India Singapore Promoters(1) Others New Unitholders Trustee-Manager ~81% ~19% Acts on behalf of Unitholders and provides management services 72.0% Distributions TM Fees 100% 28.0% Fortis Health International Limited (Mauritius) Dividends Distributions Dividends 100% Clinical Establishment Services Investments in Compulsory Convertible Debentures (“CCDs”) and equity shares 100% Fortis Operating Companies (“FOCs”) Hospital Services Companies (“HSCs”) Fortis Global Healthcare Infrastructure Service Fees CCD Interest payments and dividends Hospital operating capabilities Ownership of medical and healthcare infrastructure facilities Hospital and Medical Services Agreements(“HMSAs”) • Note: • Promoters comprise Malvinder Mohan Singh, Shivinder Mohan Singh and their associates. 33

  34. Prior to listing, the Hospital Services Companies (“HSCos”) will enter into Hospital and Medical Services Agreements (“HMSAs”) with the Fortis Operating Companies (“FOCs” ) to operate the healthcare infrastructure assets (1). Income Secured Through Long Term Working Agreements Mechanics of the HMSA Key Terms of the HMSA Hospital Services Company Ownership Earnings A Ownership Ancillary Services C B Services Fees A Services + D Clinical Establishment Commitment Deposits B C Operated by Fortis OperatingCompany D Public Source: TM Notes: (1) Fortis has signed commitment agreements to enter into similar HMSAs for the greenfield healthcare infrastructure assets. (2) Technology Renewal Fee will be paid into a Technology Renewal Fund to be maintained by Fortis.

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