WIXLIB

Company PresentationNovember 2014

DisclaimerThis document is confidential and is being made available to a limited number of persons for informational purposes only and for their exclusiveuse subject to the provisions below. This document is not intended to form the basis of any investment decision and should not be considered asa recommendation by Al Noor Hospitals Group Plc (the “Company”), or any other person in relation to the Company.None of the information contained in this document has been verified by the Company. The Company makes no representations or warranties,express or implied, as to the adequacy, completeness or accuracy of any statement or other information contained herein or in any other oral orwritten information furnished or made available, nor as to the reasonableness of any assumption contained herein or therein and any liabilitytherefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Nothing contained herein or therein is,or shall be relied upon as, a promise or representation, whether as to the past or the future. No party shall have any right of action against theCompany or any other person (including, for the avoidance of doubt, their respective employees, directors, officers, contractors, advisors,members, affiliates, successors and agents) in relation to the accuracy or completeness of the information contained in this document or anyother written or oral information made available to it in connection with the Company or its business.This document contains forward-looking statements, opinions and/or projections prepared by the Company’s management which involvesignificant elements of subjective judgement and analysis which may or may not be correct. Such forward-looking statements, opinions andprojections are not guarantees of future performance and involve known and unknown risks and uncertainties. Other important factors couldcause actual results to differ from the statements, opinions and projections contained herein. Forward-looking statements, opinions andprojections are based on historical and/or current information that relate to future operations, strategies, financial results or other developments.The recipient agrees to keep confidential any information contained herein and any other written or oral information otherwise made available inconnection with the Company or in connection with any further investigation. Any recipient hereof should conduct its own independentanalysis of the Company and the data contained or referred to herein or therein. In furnishing this document the Company does not undertakeany obligation to provide the recipient with access to any additional information or to update this document or additional information or tocorrect any inaccuracies therein which may become apparent.This document must not be copied, reproduced, distributed or passed to others at any time.This document does not constitute investment advice and the Company undertakes no obligation with respect to the recipient hereof.1

Al Noor at a glanceGeographic presence in Abu Dhabi, Dubai and OmanHospitalsNew Centres added in2013 and H1 2014Al Ain HospitalKhalifa HospitalKey Statistics (2013)Iran 80 operational beds 168 physicians 223 nursesAbu DhabiAl MirfaMadinat Zayed 50 operational bedsMussafahAl YaharAl AinGulf of OmanMuscat 101 physiciansSaudi ArabiaSanaya Clinic 2Mamura Clinic 3Oman Clinic 4Al Bateen Clinic1 5Al Baniyas Clinic1Oman 8,395 in-patientsEmirate of Abu Dhabi 94 operational bedsAirport RoadHospitalDubaiQatar 537,825 out-patients 349,077 out-patients 1Persian Gulf 14,783 in-patients 152 nursesOpeningsOther Emirates of the UAEAl Noor LocationAcquisitionsMedical Centres (14) 155 physicians Beda Zayed (2) Al Yahar (1) Muscat, Oman (1) 257 nurses Al Ain (2) Sanaya (1) Jumeirah, Dubai (1) 17,297 in-patients Mussafah (2) Mamura (1) Al Bateen1 (1) 445,682 out-patients Al Mirfa (1) Al Rahba (1)Source: Company information1 Al Bateen and Al Baniyas Clinic was opened in early 2014.2 GICC acquisition announced in December 2013 and completed in Q1 2014. 1Al Madar Medical Centre 2Manchester Clinic3 Gulf International CancerCentre22

Key Investment Highlights12Attractive and highlyinvestable home marketsSignificant scale and marketleading position in the AbuDhabi private hospital sector53Multiple, executable growthprospectsHigh quality care,differentiated positioning andoperational excellence4Attractive financial profile3

1Attractive and highly investable home markets (1/2)Several trends driving demand for healthcareThe UAE population is ageing rapidly Growing ageing population with increased life expectancy2010-2030 CAGR9.2% Increasing incidence of lifestyle conditions such as diabetes,obesity, cancer, respiratory and cardiovascular diseases Renewed focus on market gaps identified by HAAD Introduction of mandatory healthcare insurance in other1.1%1.7%1.6%emirates of the UAEUnder 15 yearsTop 10 countries for obesity¹ (% of total zuela35.0%32.6%15-64 years65 years Total populationTop 10 countries for diabetes² (% of total 4%UAE18.9%Bolivia31.1%LebanonNew o15.6%Bahrain29.9%Solomon Islands15.3%17.0%16.6%16.1%Demand for healthcare services expected to continue increasing across the UAESource: Euromonitor, WHO, OECD, International Diabetes Foundation, World Bank, Global Insight¹ Obesity defined as a body mass index (BMI) of 30 kg/m² or more. Obese population measured as percent of population aged 15 or older (data as of 2011).² Diabetes comparative prevalence as percent of population as defined by WHO. Excludes countries with population of less than 500,000 (estimates for 2012).4

Attractive and highly investable home markets (2/2)Healthcare expenditure to continue increasing in the UAEPer capita healthcare expenditure by country (2011) UAE healthcare reforms are driving higher per capita spendingPer capita spend onhealthcare (USD)10,000with hospitals expected to benefit from resulting market trends Despite high GDP per capita, healthcare expenditure in the UAEcontinues to lag developed countriesHealthcare spend as% of total GDP24.0 %8,00016.0 %6,000 Abu Dhabi expected to require up to 1,900 additional physiciansand 1,700 additional beds in 2011-20214,0008.0 %Average per capita alyUAEKSAJapanFranceIncreasing private healthcare sector expenditure (as a % of apan1.5AbuDhabi0.72.0OmanIndia12.6Physicians per 1,000 people in selected countries (2011)1.90.0 %China0Hospital beds per 1,000 people in selected countries (2011)India12000Private sector expenditure20062012EGeneral government expenditureCompared with more developed economies, significant gaps exist in the provision of healthcare in the UAESource: Euromonitor, WHO, World Bank, HAAD Statistics (2011), Espicom Medical Markets Fact Book (2012), RNCOS, The National newspaper (UAE)5

Significant scale and market leading position in the Abu Dhabiprivate hospital sectorOut-patientMarket Share¹In-patientMarket Share¹Abu Dhabi private hospital sector landscape with high barriers to entry35% Stringent medical facility and personnel licensing12%Al NoorNMC11%10%10%4%Al AhaliaLife LineOasisBurjeel17%Otherrequirements Decentralised system with each emirate adopting itsown policies and regulatory body33%17%Al NoorNMC20%12%Al Ahalia8%6% Ability to develop and maintain strong relationships5%Life Line Gulf Diag. Al SalamaCenterwith payors and suppliersOther 224Beds2134Al NoorPhysicians22NMC836452Life LineBurjeelOasis1209489Life LineBurjeel4019Al Ahalia Al SalamaFunction of both scale and longstandingrelationships Need for sufficient economies of scale and efficientoperating structures in order to achieve profitability578242Al NoorNMC51Al Ahalia Al Salama48OasisAl Noor is the clear market leader in Abu DhabiSource: Company information, HAAD Statistics (2012)1 Market share calculation based on the number of private in-patient and out-patient encounters (excluding emergency procedures) in the Emirate of Abu Dhabi.2 Information for Al Noor as of 31-Dec-2013 and information for competitors as of 2012 based on HAAD Statistics and publicly available company information.6

3High quality care, differentiated positioning and operationalexcellence (1/3)Evidence of excellence¹ Patient survey reinforces Al Noor’s pre-eminent position²First hospital to be designated by American Safety & Health Instituteas a Basic and Advanced Training Centre First private hospital in the UAE to operate and manage aGovernmental Medical Facility (Ruwais Hospital) First private hospital in Abu Dhabi City to obtain JCI accreditation Well-invested, JCI-accredited facilities with some of the mostadvanced medical technologies in the UAE Airport Road hospital received 99.4% JCI score in Dec-2012 survey Al Noor facilities score highly in HAAD customer satisfaction surveys:Degree of satisfaction with in-patient care (2011)91% 43% of Al Noor’s consultant physicians are HAAD Tier Al Noor(AirportRoad) Airport Road and Khalifa hospitals ranked #1 and #3,respectively, in Abu Dhabi; Al Ain hospital ranked #1 in Al Ain90%Al Noor(Khalifa)Al Noor(Al Ain)Al NoorHighestratingLowestratingAll hospital facilities in Abu DhabiDegree of satisfaction with out-patient care (SEHA)76%Al Noor(AirportRoad)Al Noor(Khalifa)Al NoorAl Noor(Al Ain)HighestratingLowestratingAll hospital facilities in Abu DhabiFocus on quality contributes to Al Noor’s differentiated market positioning¹ Source: Company information² Source: HAAD Statistics (2011)³ HAAD Tier 1 includes physicians with fellowships, boards or certification from Australia, New Zealand, Belgium, Canada, France, Germany, Austria, Switzerland, Ireland, South Africa, UK and USA.7

3High quality care, differentiated positioning and operationalexcellence (2/3)Al Noor’s high quality care is attractive to the Thiqa andEnhanced segmentsThiqa segment generates a higher value per claim (AED)12,939364342Patient Volume9,0069,38015416%37%Al Noor Patient Volume (2012)²Abu Dhabi Market (2011)¹24%47%In-patient45%23%46%27%32%32%Abu DhabiOut-patientMarketBasic50%22%Al NoorEnhancedIn-patientOut-patientThiqaAl Noor attracts higher value market segments¹ Source: HAAD Statistics (2011)² Source: Company information8

3High quality care, differentiated positioning and operationalexcellence (3/3)Percentile Scores Based on Indicator Values for Diabetes Performance for Selected Abu Dhabi HospitalsDiabetes KPIsAnnual testsWellcontrolleddiabeticsLatestHbA1c 7%Moderate& wellcontrolledDiabeticsLatestHbA1c 7.5%PoorlycontrolleddiabeticsLatestHbA1c 59%79%86%66%48%Imperial CollegeLondonDiabetes Centre100%59%97%59%0%0%100%100%100%3%NMC Specialty52%72%48%69%76%79%38%72%72%0%Al Noor – AirportRoad93%93%90%86%31%62%86%93%97%79%90-100 Percentile Scores80-89 Percentile ScoresAl Noor is among the leading providers of diabetes treatment in Abu DhabiSource: HAAD Statistics (2011), Encounters with start date of 01-Jan-2011 to 31-Dec-2011Note: Hospitals ordered by diabetes patient volumes. Percentile scores for reference group based on top 30 hospitals9

4Attractive financial profileIn-patient volume (‘000) and average net revenue (USD)26.92,13532.435.62,3432,045Out-patient volume (‘000) and average net revenue¹ 201120122013In-patient volume ('000)Average net revenue per in-patient (USD)Net revenue (USDm)2412010201120122013Out-patient volume ('000)Average net revenue per out-patient (USD)Underlying EBITDA² (USDm)293324365654922.0 %21.8 %2011201220.5 %2010201120122013201071Underlying EBITDA²8322.7 %2013Underlying EBITDA² marginSource: Company information1 Including out-patient ancillary services such as laboratory, radiology and pharmacy.² Underlying EBITDA excludes management fee (management fee paid in 2010 and 2011 only), first time LSE registration fees of USD 0.3m and acquisition-related administrative expenses of USD 0.5m in 2013.10