1. PwC Strategy UK Health and Care Provision UKTI Investor Roundtable Strictly Private and Confidential 10 June 2015

2. PwC 10 June 2015Strictly private and confidential The UK healthcare market is highly developed, with a range of specialist capabilities 2 UK Health and Care Provision Definition Subsectors (Examples) Diagnosis and treatment of acute or long-term injuries, illnesses or conditions Long-term care services for people with ongoing care and support needs HealthCare UK Health and Care Provision Private Hospitals and Clinics Dentistry Cosmetic Surgery Lab Services Staffing Agencies Medical Cover Elderly Care Mental Health Fostering Learning Disabilities Children’s Homes Special Education

3. PwC 10 June 2015Strictly private and confidential The market has a track record of strong growth in both public and private spending 3 UK Health and Care Provision Private Spending +2.2% p.a. Opportunities Challenges Demographics Outsourcing TechnologyAwareness Public funding Policy Complexity Public Spending +4.3% p.a.

4. PwC 10 June 2015Strictly private and confidential Children’s Homes There are potential investment opportunities with a wide variety of characteristics… 4 UK Health and Care Provision Hospitals and Clinics Cosmetic/ Fertility Staffing Agencies Medical Cover Elderly Homes Fostering Specialist Care Homes Asset requirement Organic growth Stronger Weaker Asset heavyAsset light Health Care Home Care MH Hospitals LD Supported Living Indicative positioning of selected UK health and care provision sub-segments Dentistry

5. PwC 10 June 2015Strictly private and confidential …permitting a number of different investment approaches 5 UK Health and Care Provision Organic growth Buy-and-build Consolidation Export-driven Real Estate

6. PwC 10 June 2015Strictly private and confidential Recent investment examples and upcoming opportunities 6 UK Health and Care Provision Recent acquisitions and investmentsUpcoming opportunities Medical Cover Acquisition of Simplyhealth PMI business by Axa PPP May 2015 Hospitals – RE £226m sale and leaseback of Aspen hospitals to HCREIT May 2015 Care Homes – RE $175 sale and leaseback of Healthcare Homes by Omega May 2015 Foster Care £36m acquisition of By the Bridge fostering by Cambian March 2015 Elderly and Specialist Care Hospitals and Labs Other

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