Business Overview

6. INFORMATION ON OUR GROUP 6. INFORMATION ON OUR GROUP 6.1 Our Company Our Company was incorporated in Malaysia under the Malaysian Companies Act as a private limited company on 21 May 2010 under the name of Integrated Healthcare Holdings Sdn Bhd and commenced its business on 26 May 2010. We are principally a holding company. Our Company was converted to a public company on 2 April 2012 and assumed the name of Integrated Healthcare Holdings Berhad. On 20 April 2012, our Company changed its name to IHH Healthcare Berhad. The initial formation of our Group was undertaken through a reorganisation exercise which inciuded certain transactions involving Khazanah, or its wholly-owned subsidiaries, and our Group between the date of incorporation of our Company and the LPD as set out below: (i) the transfer by Khazanah to our Company of the entire issued share capital of IHHL, 60.0% of the issued share capital of Pantai Irama and 67.5% of the issued share capital of IMU Health for a consideration of RM2,140,343,073, RM7,522,851 and RM97,875.000, respectively;
(ii) the transfer by Pantai Irama to Pulau Memutik of the entire issued share capital of Pantai Support Services Sdn Bhd for a consideration of RM2.00, which is equivalent to Pantai Irama’s cost of investment for such shares;

(iii) the transfer by Bisikan Bayu Investments (Mauritius) Limited (Khazanah’s wholly­owned subsidiary) to IHH (Mauritius) of 11,000,000 shares in Apollo, (representing approximately 8.8% shareholding interest at the time of the transfer) at a consideration taking into account the market value of such shares; and (iv) the provision of interest-free advances (which are not SUbject to any fixed terms of repayment) by Khazanah or its subsidiaries to our Group and the repayments of the same by our Group to Khazanah or its subsidiaries (whereby the reassignment of debts within the Group is eliminated and excluding capitalisation of advances for issuance of shares), details of which are set out as follows: 1 January 2012 to RM million FYE2009 FYE2010 FYE2011 LPD Total advances by 0.2 6,367.0 446.0 53.0 Khazanah or its subsidiaries to our
Group Total repayment of 0.04 4,294.0 0.1 43.3 advances by our Group to Khazanah or its SUbsidiaries As of the LPD, all amounts were fully repaid by our Group to Khazanah or its SUbsidiaries. The terms of the above transactions were not negotiated on an arm’s length basis and were undertaken as part of an internal reorganisation exercise by Khazanah while our Company was a wholly-owned subsidiary of Khazanah. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) As at the LPD, our Group structure is as follows:  0.04%  I I  IHHL  I  I IHH Bharat  IHH I  IHT Yatirimlari  I  I IH Capital  II  IMU Health  I  I IHHCayman  I Parkway Pantai  I  IHH Mauritius  93.8%141 IHH Turkey  I IMU Education  IMU Healthcare  c- I Parkway I35.8% (5) PLile RElY'”  I  I Panlai lrama I Panlal  I  11.2% 1″Apollo Almond (Turkey)  60.0% Aclbadem Holding I APlus  II  Acibadem Proja  I  I  97.3%l&} AcibademI'”n
118 [Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’lf) Notes: (1) Unless indicated otherwise, all entities are wholly-owned.
(2) Our current Group structure reflects shareholding up to the k.ey operating subsidian”es level or key hOlding companies.
(3) Usted entities.
(4) To increase to 100% after the Symphony Conversion.
(5) Indirectly owned by Parkway.
(6) Equity interest 0197.3% in Acibadem is based on shareholding as at 9 Apri/2012.
(7) In Apn’f 2012, the Board of directors of Acibadem has resolved to delis! from the ISE, and has applied to the CMB and the ISE for voluntary delisting, which is conditional upon the approval of the general assembly of shareholders of Acibadem as well as the approval of the relevant regulators.

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6. INFORMATION ON OUR GROUP (cont’d) 6.2 Share capital Our authorised share capitai as at the LPD is RM18,000,000,000.00 compnslng 18,000,000,000 ordinary shares of RM1.00 each whilst our issued and paid-up ordinary share capital as at the LPD is RM6, 195,442,295.00 comprising 6,195,442,295 Shares. Pursuant to our members’ circular resolution dated 29 March 2012, our sharehoiders resolved to, amongst others, approve the conversion of Our Company from a private limited company to a public limited company, and the amendment of the Articles of Association of our Company in conjunction with the said conversion. Subsequentiy, our shareholders, through our members’ circuiar resolution dated 18 April 2012 resolved to, amongst others, approve the issuance of up to 1,800,000,000 new Shares in conjunction with the IPO. Our Shareholders, through a members’ circuiar resolution dated 14 June 2012 resolved to approve the amendment of the Articles of Association of our Company in conjunction with the IPO. As at the LPD, save for the options over our Shares as set out in Section 15.1 (iv) of this Prospectus, neither our Company nor our subsidiaries, associates and joint ventures has any outstanding warrants, options, convertible security or uncalled capital. Details of the changes in our issued and paid-up share capital since the date of incorporation of our Company up to 15 June 2012, being the date of lOdgment of the Singapore Prospectus with the MAS, are as follows: Cumulative Issued Cate of Par Purpose of and paid-Up allotment No. of shares value Consideration issue share capital RM RM 21.05.2010 2 1.00 Cash, at Subscriber’s 2.00 RM1.00 per share share 26.052010 2,238,218,071 1.00 Other than Capitalisation of 2,238,218,073.00 cash, at amount owing to RM1.00 per shareholder share 25.06.2010 544,192,217 1.00 Other than Capitalisation of 2,782,410,290.00 cash, at amount owing to RM1.00 per shareholder share 30.03.2011 1,067,589,710 100 Other than Capitalisation of 3,850,000,000.00 cash, at amount owing to RM3.09 per shareholder share

 

16.05.2011 661,000,000 1.00 Cash, at Capital increase 4,511,000,000.00 RM2.00 per share 16.05.2011 989,000,000 1.00 Cash, at Capital increase 5,500,000,000.00 RM2.00 per share 6. INFORMATION ON OUR GROUP (conl’d) Cumulative  issued  Dale of  Par  Purpose of  and paid-up  allotment  No. of shares  value  Consideration  issue —­ share capital
24.01.2012 695,442,295 1.00 Other than Shares issued 6,195,442,295.00 cash, at pursuant to the RM2.50 per Deed for the share Sale and Purchase of a majority holding in Acibadem Holding daled 23 December 2011 6.3 SUbsidiaries, associates and joint ventures As at lhe LPD, our sUbsidiaries, associates and joint ventures are as follows: Date and country of Effective incorporation! Issued and equity Principal place paid-up interest of Name of business share capital IHH Principal activities % Direct wholly-owned subsidiaries of IHH IHHL 05.09.2006 USD2,670,947,496.00 100.00 Holding company Federal Territory of Labuan, Malaysia IMU Health 27.06.200S RM1,140,032.50 100.00 Holding company and provision of Malaysia management services IHH Bharat 07.03.2011 USD160,089,950.00 100.00 Holding company Mauritius IHH Cayman 12.08.2010 USD1.00 100.00 Dormant Cayman Islands IHT Yatirimlari 12.12.2011 SGD711 ,987, 171.00 100.00 Holding company Federal Territory of Labuan, Malaysia IH Capital 22.12.2011 RM2.00 100.00 Holding company Malaysia
SUbsidiary of IHHL Parkway Pantai 21.03.2011 SGD3,350,231 ,267.00 100.00 Holding company Singapore
Subsidiaries of IMU Health IMU Education 11.04.1992 RM8,700,002.00 100.00 Management of educational Malaysia institutions and other cenlres of learning IMU Heal!hcare 24.07.2007 RM2.00 100.00 Dormant Malaysia
Subsidiary of IHH Bharat IHH Mauritius 18.06.2010 USD160,089,950.00 100.00 Holding company Mauritius 121 6. INFORMATION ON OUR GROUP (cont’d) Date and  country of  Effective  Incorporation’  Issued and  equity  Principal place  paldMup  interest of  Name  of business  share capital  IHH  PrincIpal activities  %
Subsidiary of IHT Yatirlmlarl IHH Turkey 13.12.2011 RM 2,476,142,657.00 93.84 Holding company Malaysia SubSidiaries of Parkway Pantal Pants! trams” 30.09.2004 RM922,235,901.00 100.00 Holding company Malaysia Note: All the shares in Pantal Jrama are subject to the share charge dated 10 May 2011 entered into between Parkway Pantal end Oversea-Chinese Banking Corporation UmUed, as secun”fy for financing purposes in connection with a SGD1.B5 billion facifity which is due in 2013. Please refer to Section 4.8 of this Prospectus for the proposed repayment of the bank borrowings from the proceeds of the Public Issue. Parkway HK* 14.06.2011 HKD2.00 100.00 Holding company Hong Kong Note: Parkway HK is Parkway Pantal’s 50.0o/o-owned subsidiary, whilst Parkway, which is a wholJy-owned subsidiary of Parkway Pantai, owns the remaining 50.0% in Parkway HK. Parkway* 27.02.1974 SGD1, 170,761 ,281.73 100.00 Holding company Singapore Note: All the shares in Parkway have bean charged to Oversea-Chinese Banking Corporation Limited, as security agent, as seourity for financing purposes in connection with a SGD1.B5 billion fecimy which is due in 2013. Oversea­Chinese Bank Nominees Private Limited, as nominea of the security agent, holds the legal interest in the shares whila Parkway Pantai holds the beneficial interest in the shares. Please refer to Section 4. B of this Prospectus for the proposed repayment of the bank borrowings from the proceeds of the Public Issue. Subsidiary of IHH Turkey Acibadem Holding 07.08.2007 TL839,946,831.00 56.30 Holding company Turkey SubsIdIary of Pantallrama Pantai 10.03.1972 RM478,358,979.00-100.00 Holding company Malaysia Subsidiaries of Parkway Parkway Hospitals 04.08.2004 SGD100,000,000.00 100.00 Private hospitals ownership and Singapore management Parkway Healthcare 12.06.1993 SGD188,423,323.00 100.00 Holding company and provision of Singapore management and consultancy services Parkway Trust 19.04.2007 SGD1,000,000.00 100.00 Provision of management services Management Singapore to PUte REIT Parkway 11.07.2007 SGD10,000,000.00 100.00 Holding company Investments Singapore 6. INFORMATION ON OUR GROUP (cont’e!) Date and country of Effective Incorporation’ Issued and equity Principal place paid-up Interest of Name of business share capital IHH Principal activities % Subsidiaries of Parkway (cont’d) Parkway Novena 06.02.2008 SGD1.00 100.00 Dormant Holdings Singapore Gleneagles 26.09.1989 SGD100.00 100.00 Provision of advisory, Management Singapore administrative, management and consultancy services to healthcare facilities Gleneagles JPMC 15.07.2002 BND100.000.00 75.00 Management and operation of a Brunei cardiac and cardiothoracic care Darussalam centre M&P Investments 07.07.1961 SGD2.00 100.00 Holding company Singapore Gleneagles Medical 16.01.1958 SGD3.844,952.60 100.00 Holding company HoldIngs Singapore Medi-Rad 30.07.1962 SGD13.757.336.94 100.00 Operation of radiology clinics Singapore Parkway Shenton 23.12.1995 SGD2.000.000.00 100.00 Holding company and operation of Singapore a network of cHnics and provislo’n of comprehensive medical and surgical advisory services. Parkway Lab 18.05.1963 SGD21 ,733,566.50 100.00 Provision of comprehensive Singapore diagnostic laboratory services Parkway College 09.01.2008 SGD1,700,000.00 100.00 ProvisIon of Court;es In nursIng Singapore and allied health iXchange 22.01.1994 SGD6,400,000.00 100.00 Agent and administrator for Singapore managed care and related services Shenton Insurance 04.02.2005 SGD13,000,000.00 100.00 Underwriting of accident and Singapore healthcare insurance policies Parkway Novena 06.02.2008 SGD1.00 100.00 Hospital construction and Singapore development GJeneagles eRC 21.10.1999 SGD7,191,627.00 51.00 Operation of a clinical research Singapore centre Parkway Irrawaddy 06.02.2008 SGD1.00 100.00 Medical centre construction and Singapore development Associates of Parkway Parkway HK* 14.06.2011 HKD2.00 100.00 Holding company Hong Kong Note: Parkway HK is Parkway’s SO.O%-owned associate, whilst Parkway Panta; owns the’ remaining 50.0% in Parkway HK, Perkway is a wholly-owned sUbsidiary of Parkwey Pantai. Kyami 18.06.1993 AUD200,000.00 30.00 Holding company Australia 6. INFORMATION ON OUR GROUP (cont’c!) Name  Date and country of incorporatlonl Principal place of business  Issued and paid~up share capital  Effective equity Interest of IHH %  PrincIpal activities  Subsidiaries of Aclbadem Holding  Almond (Turkey)  30.07.2007 Turkey  TL690,000,000.00  66,30  Holding company  APlus  23,12.1996 Turkey  TL1,300,000,00  66.30  Provision of catering, laundry and cleaning services for hospitals  Acibadem Proje  20,07.2004 Turkey  TL1,600,000.00  56.30  SupervIse and manage the construction of heallhcare facilities  Subsidiaries of Pantal  Pantai Hospitals  25,07.1998 Malaysia  RM6,604,800,00  100.00  Holding company and provision of management and consultation services to hospitals and medical centres  Gleneagles Malaysia  29.08.1989 Malaysia  RM3,106,500.00  100.00  Holding company  Pantal Resources  24.09.2001 Malaysia  RM100,000.00  100.00  Holding company  Pantai Management  06.09.2001 Malaysia  RM100,002.00  100.00  Provision of administration support, training, research and development seNices  Pantal Diagnostics  03.05.2002 Malaysia  RM2.00  100,00  Holding company  Subsidiaries of Parkway Hospitals  Parkway Promotions  08.09.1962 Singapore  SGD10,000.00  100,00  Promoters and healthcare events  organisers  of  MENA SeNices  12.03.1985 Singapore  SGD2.00  100,00  Nursing agency  Subsidiaries of Parkway Healthcare  Parkway Healthtech  02.02.2000 Singapore  SGD2.00  100,00  Holding company  Mount Elizabeth Healthcare  06.04,1985 Singapore  SGD37,000,000.00  100,00  Dormant  Gleneagles Intemational  04.07.1989 Singapore  SGD23,000,000.00  100.00  Holding company  Medical Resources Intemational  16.10,1995 Singapore  SGD90.00  100.00  Holding company  Parkway Shanghai  22.01.2008 PRe  USD1,000,000.00·  100.00  Provision of management and consultancy seN;ces to healthcare facilities  Note:  This refers to the registered and paid~up capital of this entity.
Company No.: 9D1914-V 6. INFORMATION ON OUR GROUP (cont’d) Date and  country of  Effective  incorporatIon’  Issued and  oqulty  Principal place  paid~up  interest of  Name  of business  share capital  IHH  Principal activities  %
GleneagJes 03.04.2006 USD4,000,000.00· 100.00 Provision of medical and Shanghai PRe healthcare services Note: This refers to the registered and paid-up capital of this entity. Parkway Healthcare 12.08.2002 SGD2.00 100.00 Holding company Mauritius Mauritius Parkway Education 18.12.2007 SGD1.00 100.00 Dormant Singapore Swiss Zone 07.09.2005 RM2.00 100.00 Dormant Malaysia Joint venture of Parkway Healthcare Khubchandani 15.0S.2006 RS.80,000,000.00 50.00 Private hospital ownership Hospitals· India Note: This entity is treated as a subsidiary in the financial statements of the Group on the basis that the Group, by virtue of the existence of currently exercisable potential voting n”ghts, has the ability to controJ the financing and operating decisions of this entity. Subsidiaries of Parkway Investments Gleneagles 08.11.1995 SGD2.00 100.00 Provision of consultancy services, TeChnologies Singapore equipment planning, procurement, testing and commissioning, and manage a healthcare facility Mount Eliz.abeth 16.09.1976 SGD150,000,000.00 100.00 Holding company Medical Singapore Gleneagles Medical 29.12.1988 SGD1S,120,002.00 100.00 Dormant Centre Singapore Gleneagles 29.05.1991 SGD3.00 100.00 Dormant Pharmacy Singapore Associate of Parkway Investments PLife RElr1) 12.07.2007 604,970,414 units in 35.81 Real estate investment trust Singapore issue (2) Notes: (1) PUfe REIT is a 35.25%-owned associate of Parkway Investments, whilst IHHL owns 0.04% and Parkway Trust Management owns 0.52%.
(2) As at 1 March 2012, according to the 2011 Annual Report of PUle REIT.

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Company No.: 901914-V 6. INFORMATION ON OUR GROUP (cont’d) Date and country of Effective incorporation! Issued and equity Principal place paid-up interest of Name of business share capital IHH Principal ac::l:::iv”it”ie::s=–_ % Subsidiary of Parkway HK Parkway Healthcare 21.04.2011 HKD100,003.00 9500 Provision of medica! and HK Hong Kong healthcare outpatient services Associate of M&P Investments Parkway M&A” 07.11.1988 USD4,500,000.00 38.89 Holding company BVI Note: This entity is troated as a long term investment as the Group is unable to exert significant influence on the operating and financing decisions. Assoc’lates of Gleneagles Medical Holdings Asia Renal Care 30.07.1987 SGD50,000.00 20.00 Specialised medica) services Singapore (including day surgical centres) Asia Renal Care 1804.1987 SGD50.002.00 20.00 Specialised medical services (Katong) Singapore (including day surgical centres) PT Tritunggal 10.10.1994 Rp2,917,500,OOO.00 30.00 Provision of medical diagnoslic Indonesia services Subsidiary of Medi-Rad Radiology  01.02.1990  SGD2.00  100.00  Provision  of  radiology  Consultants  Singapore  consultancy  and  interpretative  services
Associate of Medi-Rad Positron Tracers 27,03.2002 SGD550,000.00 33.00 Ownership and operation of Singapore cyclotron for production of radioactive tracers Subsidiaries of Parkway Shenton Nippon Medical 28.05.1998 SGD500,000.00 70.00 Operation of clinics Singapore Shenton Family 0805.1990 SGD2.00 100.00 Provision and establishment of Singapore and carrying on the business of clinics Parkway Shenton 28.11.2003 SGD2.00 100.00 Holding company International Singapore Joint venture of Parkway Shenton Hale Medical Clinic 28.04.1995 SGD350,010.00 50.00 Operation of medical clinic Singapore 6. INFORMATION ON OUR GROUP (cont’cf) Date and country of Effective incorporatlonl IS8ued and equity Principal place paid-up Interest of Name of business share capital IHH Principal activities % Subsidiaries of Glensagles eRe Gleneagles Clinical 23.02.2004 SGD5o,ooo.00 51.00 Operation of a clinical research Research Singapore centre Gleneagles eRe 19.04.2002 Baht75o,ooo.00 51.00· Conduct of global and local clinic (Thailand) Thailand trials Note: This entity is treated as a whofly-owned subsidiary in the financial statements of the Group on the basis that the Group controls the entity and is entitled to all its profits. Gleneagles eRe 19.02.2002 USDlOo,ooo.oo 51.00 Conduct of global and local clinic (China) PRC trials Gleneagles eRe 29.08.2006 AUD3.0o 51.00 Conduct of global and local climc (Australia) Australia trials SubsIdiary of Almond (Turkey) Aclbadem 19.02,1990 TL100,000,000.00 54.80 ProvIsion of medical, surgical Turkey and hospital services Subsidiaries of Pantal Hospitals Pantai Medical Centre 15.07.1981 RM6,891 ,000.00 100.00 Provision of medical, surgical Malaysia and hospital services Cheras Medical 18.10.1991 RM5,254,002.00 100.00 Provision of medical, surgical Centre Malaysia and hospital services Pantai Klang 31.03.1980 RM1,105,ooo.00 100.00 Provision of medical, surgical Malaysia and hospital services Syarikat Tunas 27.05.1992 RM24,ooo,ooo.00 80.70 Provision of medical, surgical Malaysia and hospital services Paloh Medical Centre 29.03.1991 RM35,792,12o.oo 77.80 Provision 01 medica), surgical Malaysia and hospital services Pantal Ayer Keroh 24.02.1956 RM3o,535,569.o0 100.00 Provision of medical, surgical Malaysia and hospital services Pantal Indah 23.04.2002 RM5,65o,000.00 100.00 Provision of medical, surgical Malaysia and hospital services Pantai Sungai Petani 03.04.1997 RM2,120,OoO.00 100.00 Provision of medical, surgical Malaysia and hospital services Gleneagles KL* 28.05.1990 RM22,400,000.00 100.00 Provision of medical, surgical Malaysia and hospital services Note: G/eneagles KL is Panta; Hospffals’ 70.0o/o-owned subsidiary, whilst G/eneagles Malaysia owns the remaining 30.0% in G/eneagfes KL 6. INFORMATION ON OUR GROUP (cont’d) Name  Date and country of Incorporatlonl Principal place of business  Issued and pald~up share capital  Effective equity Interest of IHH %  PrIncipal activities  Pantal Manjung  23.09.2010 Malaysia  RM2.00  100.00  Has not commenced operations since the date of its incorporation. Intended principal activity is provision of medli:af, surgical and hospital services  Pantai Johor  26.03.2010 Malaysia  RM500,000.00  100.00  Has not commenced operations since the date of its incorporation. Intended principal activity is provision of medical, surgical and hospital services  Pantai Screening  05.07.2004 Malaysia  RM2.00  100.00  Manager and admln/strator health screening servIces  for  KL Medical Centre  01.04.1996 Malaysia  RM250,000.00  51.00  Dormant  PT Pantai *  10.08.2005 Indonesia  USD100,000.00  100.00  Provision of healthcare consulting services in Indonesia  Note:
PT Pantal is Pantai Hospitals’ 50.0%-ownad subsidiary, whilst Pantai Resources owns the remaining 50.0% in PT Pantai. Subsidiaries of Gleneagles Malaysia Pulau Pinang Clinic 12.02.1971 RM24,337,500.00 70.00 Rendering of hospital services Malaysia GEH Management 31.10.2007 RM2.00 100.00 Provision of advisory, Malaysia administrative, management and consultancy services to healthcare facilities Associate of Gleneagles Malaysia Gleneagles KL· 28.05.1990 RM22,400,000.00 100.00 Provision of medical, surgical and Malaysia hospital services Note: GJeneagles KL is a 30. O%-owned associate of G/eneagJes Malaysia, whilst Pantai Hospitals owns tha remaining 70.0% in G/eneagJes KL. Gleneagles Medical 28.05.1990 RM7,000,000.00 30.00 Development of and investment in Centre KL Malaysia medical centres SUbsidiaries of Pantal Resources Pantai Premier 04.07.1997 RM10,000,000.00 100.00 Provision of medical laboratory Pathology Malaysia services Pantai Education 14.05.1997 RM400,000.00 100.00· Provision of educational programs Malaysia and training courses for healthcare and related fields Note: IMU Health has agreed to acquire Pantai Education from Pantal Resources as part of the consolidation of IHH’s Malaysian education business. IMU Health and Pantai Rasources have executed a Share Sale Agreement on 3 April 2012 for the acquisition. 6. INFORMATION ON OUR GROUP (cont’d) Date and country of Effective Incorporation! Issued and equity Principal place paid-up interest of Name of business share capital IHH Principal activities % Pentai Integreted 04.09.2000 RM200.000.00 85.00 Provision of rehabilitation Rehab Malaysia services Credit Enterprise 24.03.1976 RM100,000.00 100.00 Donnant Malaysia PT Pantai* 10.08.2005 US0100,000.00 100.00 Provision of healthcare consulting Indonesia services In Indonesia Note: PT Pantai is Pantei Resources’ 5O.0%-owned subsidiary, whilst Panta; Hospitals owns the remaining 50.0% in PT Panta;, Mount Elizabeth 11.02.1991 RM2.00 100.00 Provision of laboratory services Services Malaysia to hospitals and clinics Twin Towers 23.05.2007 RM100,000.00 70.00 Holding company and provision Healthcare Malaysia of management services to its subsidiary Subsidiary of Pantai Diagnostics PT Pantai Bethany· 17.01.2009 US0300,OOO.00 65.00 Provision of medical diagnostics Indonesia laboratory testing and analytical services Note: In 27 Apn’12012, Pantai Diagnostic, Mr. Aswin Tanusaputra, PT Bethany Karya Medika Intemasional and PT Pantai Bethany, executed a Conditional Sale and Purchase Agreement acx;ording to which, Pantai Diagnostic shall sell its shares constituting 65.D% of the issued and paid up capital in PT Panta; Bethany to Mr. Aswin Tanusaputra. However the share transfer has not yet been executed as at the LPD. The share transfar is expected to ba executed within 2D12. Subsidiaries of Parkway Healthtech Goldlink Investments 12.03.2002 SG02.00 100.00 Donnant Singapore Drayson Investments 12.03.2002 SG02.00 100.00 Donnant Singapore SubsIdiaries of Gleneagles International Gleneagles 29.05.1991 SG02.00 100.00 Developing and managing Development Singapore tumkey hospital projects and holding company Gleneagles UK 12.07.1993 GBP2,000.00 65.00 Holding company UK Subsidiaries of Medical Resources International Shanghai Rui Xin 31.01.1996 US02,500,000.00′” 70.00 Provision of medical and PRC healthcare outpatient services Shanghai Xin Rui 29.07.2003 RMB14,000,000.00”l 70.00 Provision of medical and PRC healthcare outpatient services Shanghai Rui Hong 11.07.2003 RMB14,000.000.00′” 70.00 Provision of medical services and PRC healthcare outpatient services Company No.: 901914-V 6. INFORMATION ON OUR GROUP (cont’d) Date and country of EffectlYe Incorporation! Issued and equity Principal place paid-up Interest of Name of business share capital IHH Principal actlyities % Shanghai 21.09.2011 Registered Capital: 100.00′ Provision of hospital Gleneagles PRC USD1,000,000.00 management and consultancy Paid-up Capital: services 10 healthcare facilities USD200,000.00 Note: Medical Resources Intemational has voting control over 100% of the shares ofthis entity. Subsidiaries of Parkway Shanghai Shanghai Shu Kang 17.09.2010 RMB30,OOOI’) )2) Management of healthcare PRC industry investment and provision of consul[ing services. Notes: (1) This refers to the registered end paid-up capital of this entity.
(2) Parkway Shanghai has voting control over 100% of the shares of this entity, through a contractual arrangement. Shanghai Shu Kang is consolidated as a subsidiary for accounting purposes. Please refer to Sections 5.2 (iv) and

(v) of this Prospectus for further details on such contractua’ arrangement. Joint venture of Parkway Healthcare Mauritius Apollo PET 24.03.2004 Rs.170,000,000.00 50.00 Operation of a PET CT radio India imaging centre Subsidiaries of Mount Elizabeth Medical East Shore Medical 15.09.1979 SGD50,000,000.00 100.00 Dormant Singapore Mount Elizabeth 05.09.1987 SGD704,002.00 66.48 In the process of undergoing Ophthalmic Singapore members’ voluntary liquidation Joint ventures of Shenton Family Medical Shenton Family Sukit 01.06.2000′ Not applicable 50.00′ Operation of clinic Gombak Singapore Shenton Family 17.07.2000· Not applicable 50.00′ Operation of clinic Serangoon Singapore Shenton Family 16.11.20021-Not applicable 50.00′ Operation of clinic Sedek Reservoir Singapore Shenton Family 01.01.2003· Not applicable 50.00′ Operation of clinic Jurong East Singapore Shenton Family 01.01.2005′ Not applicable 50.00′ Operation of clinic Tampines Singapore Shenton Family 16.10.20061-Not applicable 50.00′ Operation of clinic Yishun Singapore Shenton Family Ang 22.02.2010″ No! applicable 50.00· Operation of clinic Mo Kia Singapore Shenton Family 16.03.2010· Net applicable 50.00′ Operation of clinic Ouxton Singapore Shenton Family 01.04.2010″ Not applicable 50.00′ Operation of clinic Clementi Singapore Shenton Family 25.08.2011′ Not appltcable 50.00′ Operation of clinic Towner Singapore 6. INFORMATION ON OUR GROUP (cont’r!) Date and country of Effective Incorporation! Issued and equity Principal place paid.up Interest of Name of business share capital IHH PrIncipal activities % Notes: This refers to the partnership interest of Shenton Family Medical in these entities. # This refers to the commencement date of the partnerships. Subsidiary of Parkway Shenton International  Parkway Shenton Vietnam  27.01.1997 Vietnam  USD3,500,OOO.00  100.00  Dormant  Subsidiary of Acibadem  Acibadem Poliklinik  16.03,1993 Turkey  TL8,OOO,OOO.00  54,80  Provision of outpatient surgical (in certain clinics services  and only)  Acibadem Labmed  28.08.2001 Turkey  TL3,OOO,000,OO  27.40  Provision of lab services  International Hospital  12.12.1983 Turkey  TL2,OOO,000,OO  49.32  Provision of medical, surgical and hospital services  Acibadem Mobil”  07.07.2008 Turkey  TL4,500,OOO.00  54.80  Provision of emergency, home and ambulatory care services  Note:
Acibadem Mobil ;s a 17.n%-owned subsidiary of Acibadem, whilst Acibadem Polikfinik, which is a who/ly-owned subsidiary of Acibadem, owns 82.22% in Acibadem Mobil. Yeni Saglik 12.01.2000 54.80 ProvisIon of medical, surgical and Turkey TL20,OOO,OOO.00 hospital services Jinemed Saglik* 23.09,1993 TL 6,600,000.00 35.62 Provision of medical, surgical and Turkey hospital services Note: As at the LPD, Jinemed Saglik is not a subsidiary of Acibadem Group. fn January 2012, Acibadem and the shareholders of Jinemed SagJik executed a “share purchase agreement” eccording to which, 55.0% of the equity interest of Jinemed SagJik will be purchased by and transferred to Acibadem. On 8 March 2012, the Turkish Competition Authority granted clearance for this transaction; however, tha share transfer has not yet been completed. Jinemed Hospitaf and J;nemed Medical Center is included in the pro forma financial information of the Group under Section 12. 11 of this Prospectus. The share transfer is expected to be completed within 2012. Acibadem Sistina 07.04.2010 MKD1,946,800.00 27.58 Provision of medical, surgical and Macedonia hospital services Acibadem Sistina 31.08.2011 MKD31 0,000.00 27.40 Provision of medical equipment Medikal Macedonia ACibadem Orta 09.06.1999 TL500,OOO.00 54.93 Construction and planning of Turkey healthcare facilities, provision of operation and management services to healthcare institutions and secondary logistic services such as catering cleaning, laundry services Company No.: 901914·V 6. INFORMATION ON OUR GROUP (cont’d) Name  Date and country of incorporation! Principal place of business  Issued and paid-up share capital  Effective equity interest of IHH %  Principal activities  Subsidiaries of Pantai Medical Centre  Angiography  29.06.1983 Malaysia  RM758,500.00  100.00  Provision of cardiac catherisat\on services  Magnetom Imaging  08.09.1990 Malaysia  RM1 ,590,156.00  100.00  Provision services ventures  01 medical diagnostic and other related  PMC Radio-Surgery  09.05.1996 Malaysia  RM2.00  100.00  Provision of radiotherapy services  Pantai-Arc Dialysis  01.08.2000 Malaysia  RM1,315.760.00  51.00  Provision services  of  haemodialysis  Subsidiaries of Pantal Ayer Keroh  HPAK Cancer  19.04.2001 Malaysia  RM666.669.00  100.00  Provision of medical services for cancer diseases  HPAK lithotripsy  24.11.1999 Malaysia  RM100,000.00  100.00  Provision of lithotriptor services  Subsidiary of Gleneagles KL  Oncology Centre (KL)  20.07.1996 Malaysia  RM250,OOO.00  100.00  Provision professional inclusive radiotherapy treatment of comprehensive oncological services of diagnostic, and chemotherapy  Subsidiary of Mount Elizabeth Services  Orifolio Options  04.07.1997 Malaysia  RM2.00  100.00  Letting Irading  of property  and  general  Subsidiary of Twin Towers Healthcare  Twin Towers Medical Centre  17.01.1997 Malaysia  RM4.000.000.00  70.00  Operation of an oulpal’ient daycare medical centre  and  Joint venture of Gleneagles Development  Apollo Gleneagles  19.09.1988 India  Rs.1,093,513.940.00  50.00  Private hospital management  ownership  and  Subsidiaries of Gleneagles UK  The Heart Hospital  14.10.1994 UK  GBP2.00  65.00  Under company arrangement  voluntary  Subsidiaries of Shanghai Rui Xin  Shanghai Rui Pu  27.05.2005 PRe  RMB1,500,000.00(1)  Provision of medical and healthcare outpatient services  Notes:  (1)  This refers to the registered and paid-up capitaf of this entity.
(2) As at the LPD, 70.0% of the equIty interosts of Shanghai Rui Pu is hefd by Shanghai Internationaf Trust Co., Ltd on trust on behalf of Shanghai Rui Xin, while the remaining 30.0% is held by Shanghai Shu Kang. Shanghai Rui Pu is consolidated as a subsidiary for accounting purposes. Please refer to Sections S.2(iv), (v) and (vi) of this Prospectus for details on the contractuel and trust arrangement. 6. INFORMATION ON OUR GROUP (cont’d) Date and country of Effective Incorporation’ Issued and equity Principal place paid-up Interest of Name of business share capital IHH Principal activities % SUbsidiary of Shanghai Rul Hong Shanghai Rui Xiang” 16.08.2005 RMB5.000,000.00′” J~) Provision of medical and PRC healthcare outpatient services Notes: (1) This refers to the registered andpaid-up capital of tMs entity.
(2) Shanghai International Trust Co” Ltd and Shanghai International Group Assets Management Co Ltd are holding equity interests in Shanghai Rui Xiang on behalf of Shanghai Rui Hong which is the beneficiary of such trust arrangement. Shanghai Rui XiBng is consolidated as a subsidiary for accounting purposes. Please refer to Section 5.2(vi) of this

Prospectus (or details on the contractual arrangement.  Subsidiary of Shanghai Shu Kang  Chengdu Rui Rang  09.05.2011 PRC  RMB5,000,000.00·  100.00  Provision of medical and healthcare and outpatient services  Note: • This refers to the registered and paid-up capital ofthis entity.
Associate of Shanghai Shu Keng Shanghai Rui Pu 27.07.2005 RMB1,500,000.00′” J2} Provision of medical and PRC healthcare and outpatient services Notes: (1) Thisreferstotheregistered andpaid-upcapital ofthisentity.
(2) As at the LPD, 70.0% of the equity interests of Shanghai Rui Pu is held by Shanghai Intemational Trust Co., Ltd on trust on bahalf of Shanghai Rui Xin, whilst the remaining 30.0% is held by Shanghai Shu Kang. Shanghai Rui Pu is consolidated as a subsidiary tor accounting purposes. Please refer to Sections 5.2(iv), (v) and (vi) of this Prospectus for details on the contractual arrangement.

Subsidiaries of Aclbadem Pollkllnlk Acibadem Mobil-07.07.2008 TL4,500,000.00 54.80 Provision of emergency, home and Turkey ambulatory care services Note: Acibadem Mobil is a 82.22%-<Jwned subsidiary of Acibadem Poliklinik, whilst AcibacJem owns 17.78% in Acibadem Mobil. Acibadem Polikfinik is a wholly ownedsubsidiary ofAcibadem. Konur Sagllk 13.08.2003 TL1,590,000.00 52.03 Provision of outpatient and surgical Turkey services Note: As of 2 March 2012, Suleyman Toker transferred his shareholding in Konur Saglik to Acibadem Poliklinik, as a result of which the shareholding ofAcibadem Poliklinik increased to 95.0%. Subsidiaries of Aclbadem Sistina Specialist Ordination  29.12.2010  MKD19,840.00  27.58  Provision  of  specialist  medical  Macedonia  services  Sistina Kosovo  23.07.2010  €2,600.00  27.58  Provision of patient administrative  Kosovo  assistance  Subsidiary of Konur Sagllk  Gemtip Ozel  11.01.2011  Issued capital:  30.18  Provision of outpatient services  Turkey  TL250,000.00  Paid-up capital:  TL81 ,250.00  133
I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d)

 

6.3 The details of our subsidiaries, associates and joint ventures as at the LPD are set out below: 6.3.1 Direct wholly-owned subsidiaries of IHH 6.3.1.1 IHHL (Company No. LL05489) (i) History and business IHHL was incorporated in Federal Territory of Labuan, Malaysia under Labuan Companies Act, 1990 on 5 September 2006 as a private company limited by shares and commenced its business on 5 September 2006. The principal activity of IHHL is as a holding company. (Ii) Share capital’ As at the LPD. the issued and paid-up share capital of IHHL is USD2,670,947,496.00 comprising 2,631,980,621 ordinary shares. Note: Under the Lebuan Companies Act, 1990, there is no requirement for a Labuan company to have an authorised share capital and par value for its shares. The changes in the issued and paid-up share capital of IHHL for the past three years preceding the LPD are as follows: CumulatIve issued Date of No. of Purpose of and paid~up allotment shares Consideration issue share capital USO Ordinary shares 14.05.2010 628.625,196 Other than cash, at Capitalisation 628,625.198.00 US0628,625,196.00 of amount owing to shareholder 1207.2011 427.176,423 Cash, at USD Capital 1.059,304,468.00 equivalent to increase SG0525,427,000.00 at the conversion rate of USD1.00 : SGD1.22 per share as of 13 July 2011 31.08.2011 1,576.179.000 Other than cash, at Capitalisation 2.670,947,496.00 USD equivalent to of amount RM4,807,346,3900 owing to oat the exchange shareholders rate of US01.0225 per share (iii) Shareholder As at the LPD, IHHL Is a wholly-owned subsidiary of IHH. (iv) Subsidiary and associate As at the LPD, Parkway Pantai is a wholly-owned subsidiary of IHHL, details of which are set out in Section 6.3.2.1 of this Prospectus. As at the LPD. IHHL does not have any associate. 6. INFORMATION ON OUR GROUP (cont’d)
6.3.1.2 IMU Health (Company No. 738984-W) (i) History and business IMU Health was incorporated in Malaysia under the Malaysian Companies Act on 27 June 2006 as a private company limited by shares and commenced its business on 26 December 2006. The principai activities of IMU Health are as a holding company and provision of management services to its subsidiaries. (ii) Share capital As at the LPD, the authorised share capital of IMU Health is RM5,000,000.00 comprising 4,799,990 ordinary shares of RM1.00 each; 1,000 redeemable preference shares of RMO.01 each;10,000,000; class A redeemable preference shares of RMO.01 each; and 10,000,000 class 8 redeemable preference shares of RMO.01 each. The issued and paid-up share capital of IMU Health is RM1,140,032.50 comprising 1,140,032 ordinary shares of RM1.00 each and 50 redeemabie preference shares of RMO.01 each. The changes in the issued and paid-up share capital of IMU Health for the past three years preceding the LPD are as follows: Cumulative Issued Date of No. of Par Purpose and pald~up allotment shares value Consideration of issue share capital ——-.u.f RM Ordinary shares 21.03.2011  55,962  1.00  Cash, at RM607.00 per share  Capital increase  1,088,962.50  15.07.2011  51.070  1.00  Cash, at RM607.00 per share  Capital increase  1,140,032.50  (iii)  Shareholder
As at the LPD, IMU Heaith is a wholly-owned subsidiary of IHH, whilst the 50 redeemable preference shares of RMO.01 each are held by 50 individuals. These preference shares do not carry any voting or distribution rights. The rights of these redeemable preference shareholders are limited to receiving notice of meetings of shareholders and the right to redeem the preference shares at par value upon receipt of a redemption notice issued by IMU Health. 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate’ As at the LPD, IMU Education and IMU Healthcare are subsidiaries of IMU Health, details of which are set out in Sections 6.3.3.1 and 6.3.3.2 of this Prospectus respectively. As at the LPD, IMU Health does not have any associate. Note: (MU Health has agreed to acquire Pantal Education from Pantal Resources as pert of the consolidation of /HH’s Malaysian education business. IMU Health and Pantal Resources have executed a Share Sale Agreement on .3 Apn12012 for the acquisition.
6.3.1.3 IHH Bharat (Company No. 101176) (i) History and business IHH Bharat was incorporated in the Republic of Mauritius under the Section 24 of the Companies Act, 2001 on 7 March 2011 as a private company limited by shares and commenced its business on 8 March 2011. The principal activity of IHH Bharat is as a holding company. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of IHH Bharat is USD160,089,950.00 comprising 160,089,950 ordinary shares of USD1 each. Note: Under the Companies Act, 2001, thera is no requirement for B company incorporated in the Republic of Mauritius to have an authorised share capital. The changes in the issued and paid-up share capital of IHH Bharat for the past three years preceding the LPD are as follows: Date of allotment  No. of shares  Par value USC  Consideration  Purpose of Issue  CumulatIve Issued and paid-up share capital USC  Ordinary shares
07.03.2011 1.00 Cash, at Subscriber’s 1.00 USD1.00 share per share

26.05.2011 117,238,891 1.00 Cash, at Capital 117,238,892.00 USD1.00 increase per share 17.10.2011 42,851,058 1.00 Cash, at Capital 160,089,950.00 USD1.00 increase per share (iii) Shareholder As at the LPD, IHH Bharat is a wholly-owned subsidiary of IHH. 136 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate As at the LPD, IHH Mauritius is a wholly-owned subsidiary of IHH Sharat, details of which are set out in 6.3.4.1 of this Prospectus respectively. As at the LPD, IHH Sharat does not have any associate. 6.3.1.4 IHH Cayman (Company No. ET 244209) (I) History and business IHH Cayman was incorporated in Cayman Islands under the Companies Law Cap. 22, on 12 August 2010 as an exempted company. IHH Cayman is currently dormant. (II) Share capital As at the LPD, the authorised share capital of IHH Cayman is USD35,000,000.OO comprising 35,000,000 ordinary shares of USD1.00 each. The issued and paid-up share capital of IHH Cayman is USD1.00 comprising one ordinary share of USD1.00 each. There has been no change to the issued and paid-up share capital of IHH Cayman since its incorporation on 12 August 2010 up to the LPD. (iii) Shareholder As at the LPD, IHH Cayman is a wholly-owned subsidiary of IHH. (Iv) Subsidiary and associate As at the LPD, IHH Cayman does not have any subsidiary or associate. 6.3.1.5 IHT Yatlrimlari (Company No. LL08622) (I) History and business IHT Yalirimlari was incorporated in the Federal Territory of Labuan, Malaysia under the Labuan Companies Act, 1990 on 12 December 2011 as a company limited by shares and commenced its business on 12 December 2011. The principal activity of IHT Yatirimiari is as a holding company. Iii) Share capital’ As at the LPD, the issued and paid-up share capital of IHT Yatirimiari is SGD711 ,987,171.00 comprising 711,987,171 ordinary shares. Note: Under the Lebuan Companies Act, 1990, there is no requirement for a Labuan company to have an authorised share capital and par value for its shares. 6. INFORMATION ON OUR GROUP (cont’ci) The changes in the issued and paid-up share capital of IHT Yatirimlari for the past three years preceding the LPD are as follows:
Cumulative  Issued  Oat. 01  No. of  Purpose of  and paid-up  allotment  shares  Consideration  Issue  share capital  SGD  Ordinary shares  12.12.2011  Cash, at SGD1.00  Suhscriber’s share  1.00  23.01.2012  711,967,170  Other than cash, at  In consideration of  711,967,171.00  SGD711 ,967, 170.00  IHH allotting the  shares to the  vendors pursuant to  the Deed for the Sale  and Purchase of a  majority holding In  Aclbadem HoldIng  dated 23 December  2011
(iii) Shareholder As at the LPD, IHT Yatirimlari is a wholly-owned SUbsidiary of IHH. (iV) Subsidiary and associate As at the LPD, IHH Turkey is a 93.84%-owned SUbsidiary of IHT Yatirimlari, details of which are set out in 6.3.5.1 of this Prospectus. As at the LPD, IHT Yatirimlari does not have any associate. 6.3.1.6 IH Capital (Company No. 972593-U) (i) History and business IH Capital was incorporated in Malaysia under the Malaysian Companies Act on 22 December 20 11 as a private company limited by shares and commenced its business on 22 December 20 11. The principal activity of IH Capital is as a holding company. (ii) Share capital As at the LPD, the authorised share capital of IH Capital is RM 100,000.00 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of IH Capital is RM2.00 comprising 2 ordinary shares of RM1.00 each. There has been no change to the Issued and paid-up share capital of IH Capital since its incorporation on 22 December 2011 up to the LPD. (iii) Shareholder As at the LPD, IH Capital is a wholly-owned subsidiary of IHH. 6. INFORMATION ON OUR GROUP (cont’e!) (Iv) Subsidiary and associate As at the LPD, IH Capital does not have any sUbsidiary or associate. 6.3.2 Subsidiaries of IHHl 6.3.2.1 Parkway Pantai {Company No. 201106772Wj (i) History and business Parkway Pantai was incorporated in Singapore under the Singapore Companies Act on 21 March 2011 as a pUblic company limited by shares and commenced its business on 21 March 2011. The principal activity of Parkway Pantai is as a holding company. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Parkway Pantai is SGD3,350,231,267.00 comprising 3,350,231,267 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. The changes in the issued and paid-up share capital of Parkway Pantai for the past three years preceding the LPD are as follows: CumulatJve I.sued Date of No. of Purpose of and pald·up allotment shareB C:onBldBratlon Issue sh.r. capital SGO Ordinary shares

21.03.2011 Cash. at SGD1.00 Issued on 1.00 per share incorporation

11.07.2011 2,824,804,266 Other than cash. at Capitalisation of 2.624.804,267.00 SGD1.00 per share a loan from IHHL 13.07.2011 525,427,000 Cash, at SGD1.00 Provision of a 3,350,231,267.00 per share shareholder’s loan 10 Pantai lrama and Panlai (iii) Shareholder As at the LPD, Parkway Pantai is a wholly-owned SUbsidiary of IHHL. (Iv) Subsidiary and associate As at the LPD, Pantai Irama’, Parkway HK and Parkway are subsidiaries of Parkway Pantai, details of which are set out in 6.3.6,1 to 6.3.6.3 of this Prospectus respectively. Parkway Pantai does not have any associate. 6. INFORMATION ON OUR GROUP (cont’d) Note: All the shares in Panta; Jrama are subject to the share charge dated 10 May 2011 entered into between Parkway Panta; and OverseBMChinese Banking Corporation Umited, as security for financing purposes in connection with e SGD1. B5 billion facility which is due in 2013. Please refer to Section 4. S of this Prospectus for the proposed repayment of the bank borrowings from the proceeds of the Public Issue. 6.3.3 Wholly-owned subsidiaries of IMU Health 6.3.3.1 IMU Education (Company No. 237397-W) (i) History and business IMU Education was incorporated ;n Malaysia under the Malaysian Companies Act on 11 April 1992 as a private company limited by shares and commenced its business on 11 April 1992. The principal activities of IMU Education are to establish and carry on the business of managing educational institutions, colleges, schools and other centres of learning, research and education. IMU Education owns and operates IMU and the clinical schools in (i) Seremban, Negeri Sembilan, (ii) Kuala Pilah, Neger; Sembilan, and (iii) Batu Pahat, Johor. (ii) Share capital As at the LPD, the authorised share capital of IMU Education is RM10,000,OOO.00 comprising 9,998,000 ordinary shares of RM1,OO each; 1,000 class A redeemable preference shares of RM1.00 each; and1,000 class B redeemable preference shares of RM1.00 each. The issued and paid-up share capital of IMU Education ;s RM8,700,002.00 comprising 8,700,002 ordinary shares of RM1.00 each. As at the LPD, there are no redeemable preference shareholders, The changes in the issued and paid-up share capital of IMU Education for the past three years preceding the LPD are as follows: Cumulative Date of Issued allotment I No. of Par Purpose of Issue / and paldMup redemption shares value Consideration redemption share capital RM RM Class S redeemable preference shares

22.06.2009 1,000 1,00 Cash, RM1 ,00 For dividend 6,702,002.00 per share payment 25.11,2009 (1,000) 1.00 Redemption, at Redemption of Class 6,701,002.00 RM1.00 per share B redeemable preference shares Class A redeemable preference shares

22.06.2009 1,000 1.00 Cash, at RM1.00 For dividend 6,701,002.00 per share payment 31.12.2009 (1,000) 1.00 Redemption, at Redemption of Class 6,700,002.00 RM1.00 per share A redeemable preference shares 6. INFORMATION ON OUR GROUP (cont’ci) (iii) Shareholder As at the LPD, IMU Education is a wholly-owned subsidiary of IMU Health. (iv) Subsidiary and associate As at the LPD, IMU Education does not have any subsidiary or associate. 6.3.3.2 IMU Healthcare (Company No. 782112-X) (i) History and business IMU Healthcare was incorporated in Malaysia under the Malaysian Companies Act on 24 July 2007 as a private company limited by shares. IMU Healthcare is currently dormant. (ii) Share capital As at the LPD, the authorised share capital of IMU Heaithcare is RM1 00,000.00 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of IMU Healthcare is RM2.00 comprising two Ordinary Shares of RM1.00 each. There has been no change to the issued and paid-Up share capital of IMU Healthcare since its incorporation on 24 July 2007 up to the LPD. (iii) Shareholder As at the LPD, IMU Healthcare is a wholly-owned subsidiary of IMU Health. (iv) Subsidiary and associate As at the LPD, iMU Healthcare does not have any subsidiary or associate. 6.3.4 Subsidiary of IHH Bharat 6.3.4.1 IHH Mauritius (Company No. 096006) (i) History and business IHH Mauritius was incorporated in the Republic of Mauritius under the Section 24 of the Companies Act, 2001 of Mauritius on 18 June 2010 as a private company limited by shares and commenced its business on 28 June 2010. The principal activity of IHH Mauritius is as a holding company. (ii) Share capital’ As at the LPD, the issued and paid-up share capitai of IHH Mauritius is USD160,089,950.00 comprising 160,089,950 ordinary shares of USD1.00 each. 141 I 6. INFORMATION ON OUR GROUP (cont’cf) Note: Under the Companies Act, 2001, there is no requirement for a Mauritius company to have an aUlhon’sed share capital. The changes in the issued and paid-up share capital of IHH Mauritius for the past three years preceding the LPD are as follows: Cumulative Issued Date or No. of Par Purpose of and paid-up allotment shares value Consideration Issue share capital USD USD Ordinary shares 16.06.2010 1.00 Cash, at Subscriber’s share 1.00 USD1.00 per share 27.05.2011 117,236,691 1.00 Cash, at Capital Increase 117,236,692.00 USD1.00 per share

17.10.2011 42,651,056 1.00 Cash, at Capital Increase 160,069,950.00 USD1.00 per share (iii) Shareholder As at the LPD, IHH Mauritius is a wholly-owned subsidiary of IHH Shara!. (Iv) Subsidiary and associate As at the LPD, IHH Mauritius does not have any subsidiary or associate. 6.3.5 SUbsidiary of IHT Yatirimlarl 6.3.5.1 IHH Turkey (Company No. 971458-U) (i) History and business IHH Turkey was incorporated in Malaysia under the Malaysian Companies Act on 13 December 2011 as a private company limited by shares and commenced its business on 13 December 2011. The principal activity of IHH Turkey is as a holding company. (ii) Share capital As at the LPD, the authorised share capital of IHH Turkey is RM5,000,000,000.00 comprising 5,000,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of IHH Turkey is RM2,476,142,657.00 comprising 2,476,142,657 ordinary shares of RM1.00 each. 6. INFORMATION ON OUR GROUP (cont’ci) The changes in the issued and paid-up share capital of IHH Turkey for the past three years preceding the LPD are as follows: CLlmulative Issued Date of No. of Par and paid·up allotment shares value Consideration Purpose of Issue share capital RM RM Ordinary shares 13.12.2011 2 1.00 Cash, at RMI .00 Subscribers’ 2.00 per share shares

23.01.2012 619,185,149 1.00 Cash, at RMI .00 Capital increase 619.185,151.00 per share 23.01.2012 1,738,792,232 1.00 Other than cash, In consideration of 2,357,977,383.00 at RM1.QO per IHH allotting the share shares to the vendors pursuant to the Deed for the Sale and Purchase of a majority holding in Aclbadem Holding dated 23 December 2011
08.02.2012 43,051,341 1.00 Cash, at RM1.00 Capital increase 2,401,028,724.00 per share 01.06.2012 75,113,933 1.00 Other than cash, Capitalisation of 2,476.142,657,00 at RM1.00 per amount owing to share shareholder (iii) Shareholder As at the LPD, IHH Turkey is IHT Yatirimlari’s 93.84%-owned sUbsidiary whilst Symphony owns 6.16% in IHH Turkey. Please refer to Section 15.1 (iv)(1) of this Prospectus for details on the Symphony Conversion. (iv) Subsidiary and associate As at the LPD, Acibadem Holding is a 60.0%-owned subsidiary of IHH Turkey, details of which are set out in 6.3.7.1 of this Prospectus. As at the LPD, IHH Turkey does not have any associate. 6.3.6 Subsidiaries of Parkway PantaJ 6.3.6.1 Pantai Irama (Company No. 667940-D) (i) History and business Pantai Irama was incorporated in Malaysia under the Malaysian Companies Act on 30 September 2004 as a private company limited by shares and commenced its business on 17 August 2006. The principai activity of Pantai Irama is as a holding company. 6. INFORMATION ON OUR GROUP (cont’d) (ii) Share capital As at the LPD, the authorised share capital of Pantai Irama is RM2,000,000,000.00 comprising 2,000,000,000 ordinary shares,of RM1.00 each. The issued and paid-up share capital of Pantai Irama is RM922,235,901.00 comprising 922,235,901 ordinary shares of RM1.00 each.’ Note: All the shares in Pantel lrame are sUbject to the shere charge dated 10 Mey 2011 entered into between Parkway Pentai and Oversea-Chinese Banking Corporation Limited, as secUrity for financing purposes in connection with B SGD1.85 billion facility which is riue in 2013. Please refer to Section 4. B of this Prospectus for the proposed repayment of the benk borrowings from the procBeds of the Public Issue. The changes in the issued and paid-up share capital of Pantai Irama for the past three yearspreceding the LPD are as follows: Cumulative Issued Date of No. of Par Purpose of and pald~up allotment shares value Consideration Issue share capital lUi RM Ordinary shares 30.08.2010  894,448,923  1.00  Other than  cash,  CapItalisation  895,448,923.00  at  RM1.00  per  of amount  share  owing to  shareholder  27.01.2012  28,788,978  1.00  Cash,  at RM1.00  Capital  922,235,901.00  per share  Increase
(iii) Shareholder As at the LPD, Pantai irama is a wholiy-owned subsidiary of Parkway Pantai. (iv) Subsidiary and associate As at the LPD, Pantai is a wholly-owned subsidiary of Pantai Irama, details of which are set out in Section 6.3.8.1 of this Prospectus. As at the LPD, Pantai Irama does not have any associate.
6.3.6.2 Parkway (Company No. 197400320R) (i) History and business Parkway was incorporated in Singapore under the Singapore Companies Act on 27 February 1974 as a public company limited by shares and commenced its business on 29 April 1974. The principal activity of Parkway is as a holding company. 6. INFORMATION ON OUR GROUP (conl’d) (II) Share capita'” As at the LPD, the issued and paid-up share capital of Parkway is SGD1,170,761,281,73 comprising 1,140,195,537 ordinary shares, Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capite! end par value for shares. The changes in the issued and paid-up share capital of Parkway for the past three years preceding the LPD are as follows: Date of allotment  No. of shares  ConsIderation  Purpose of IS8ue  Cumulative Issued and paid-up share capital SGD  Ordinary shares
14,01,2005 25,000 Cash, at Exercise of 1,154,573,520,24 SGDO,5763 option granted per share under the Parkway Share Option Scheme 2001 (“PSOS 2001”) 25,05,2005 12,500 Cash, at Exercise of 1,154,585,723,55 SGDO,5763 option granted per share under the PSOS 2001 20,10,2005 18,750 Cash, at Exercise of 1,154,604,025,62 SGDO,5763 option granted per share under the PSOS 2001 17,11,2005 100,000 Cash, at Exercise of 1,154,701,655,62 SGDO,5763 option granted per share under the PSOS 2001 16,12,2005 25,000 Cash, at Exercise of 1,154,741,457,12 SGD1,5535 option granted per share under the PSOS 2001 23,03,2010 17,000 Cash, at Exercise of 1,154,773,411,22 SGD1.8773 option granted per share under the PSOS 2001 25,03,2010 5,000 Cash, at Exercise of SGD1,8773 option granted per share under the PSOS 2001 138,808 Cash, at Exercise of 1,155,136,133,48 SGD2,5455 option granted per share under the PSOS 2001 01,04,2010 15,000 Cash, at Exercise of SGD1,5535 option granted per share under the PSOS 2001 6. INFORMATION ON OUR GROUP (cont’d) Date of allotment  No. of shares  Consideration  Purpose of Issue  Cumulative Issued and paid-up share capital  15.000  Cash, at SGD1.8773 per share  Exercise of option granted under the PSOS 2001  78.250  Cash, at SGD2.5455 per share  Exercise of option granted under the PSOS 2001  1.155.387.380.85  07.04.2010  18.750  Cash, at SGD1.5935 per share  Exercise of option granted under the PSOS 2001  12,750  Cash, at SGD1.8773 per share  Exercise of option granted under the PSOS 2001  1,155,441,194.55  09.04.2010  105,000  Cash, at SGD2.5455 per share  ExercIse of option granted under the PSOS 2001  1,155,708,472.05  19.04.2010  25,000  Cash, at SGD1.8773 per share  Exercise of option granted under PSOS 2001  250,000  Cash, at SGD1.8928 per share  Exercise of optIon granted under the PSOS 2001  22.250  Cash, at SGD2.5455 per share  Exercise of option granted under the PSOS 2001  1,156.285,191.92  22.04.2010  48,000  Cash, at SGD2.5455 per share  Exercise of option granted under PSOS 2001  1,156,407,375.92  29.04.2010  15,000  Cash, at SGD1.5935 per share  Exercise of option granted under the PSOS 2001  1,158,431,278.42  07.05.2010  250,000  Cash, at SGD1.8926 per share  ExercIse of option granted under PSOS 2001  1,156,904,428.42  11.05.2010  38,000  Cash, at SGD2.5455 per share  Exercise of option granted under the PSOS 2001  1,157,001,157.42  24.05.2010  33.500  Cash, at SGD1.8773 per share  Exercise of option granted under the PSOS 2001  1,157,064,046.97  146
6. INFORMATION ON OUR GROUP (cont’d) 6. INFORMATION ON OUR GROUP (cont’d) 6. INFORMATION ON OUR GROUP (aont’cf) 6. INFORMATION ON OUR GROUP (cont’d) Cumulative Issued  Date of  No. of  Purpose of  and paid-up share  allotment  shares  Consideration  Issue  capital  25.05.2010  75,000  Cash, at  Exercise of  5G01.6207  option granted  per share  under the PSOS  2001  25,000  Cash, at  Exercise of  5G01.6625  option granted  per share  under the PSOS  2001  30,000  Cash, at  Exercise of  1,157,306,526.97  5G02.5455  option granted  per share  under the PSOS  2001  03.06.2010  109,750  Cash, at  Exercise of  5G01.5935  option granted  per share  under the PSOS  2001  120,250  Cash, at  Exercise of  5G01.6773  option granted  per share  under the PSOS  2001  107,000  Cash, at  Exercise of  5G02.5455  option granted  per share  under the PSOS  2001  60,000  Cash, at  Exercise of  1,156,262,175.41  5G03.5061  option granted  per share  under the PSOS  2001  10.06.2010  147,750  Cash, at  Exercise of  5G01.5935  option granted  per share  under the PSQS  2001  50,000  Cash, at  Exercise of  5G01.6207  option granted  per share  under the PSOS  2001  50,000  Cash, at  Exercise of  5G01.6625  option granted  per share  undar the PSOS  2001  94,500  Cash, at  Exercise of  5G01.6773  option granted  per share  under the PSOS  2001  75,000  Cash, at  Exercise of  5G02.5177  option granted  per share  under PSOS  2001  324,750  Cash, at  Exercise of  5G02.5455  option granted  per share  under the PSOS  2001
Cumulative Issued  Date of  No. of  Purpose of  and paId-up share  allotment  shares  Consideration  Issue  capital  50,000  Cash, at  Exercise of  5G03.3381  option granted  per share  under PSOS  2001  62,500  Cash. at  Exercise of  1,160,250,819.75  5G03.5081  option granted  per share  under the PSOS  2001  15.06.2010  37,500  Cash, at  Exercise of  5G01.5935  option granted  per share  under the PSOS  2001  120,000  Cash, at  Exercise of  5G01.6207  option granted  per share  under the PSOS  2001  200,000  Cash. at  Exercise of  5G01.6625  option granted  per share  under the PSOS  2001  121,500  Cash, at  Exercise of  5G01.8773  option granted  per share  under the PSOS  2001  600,000  Cash, at 5G02.09  Exercise of  per share  option granted  under the PSOS  2001  700.000  Cash, at  Exercise of  5G02.5177  option granted  per share  under the PSOS  2001  440,500  Cash, at  Exercise of  5G02.5455  option granted  per share  under the PSOS  2001  150,000  Cash, at SGD3.16  Exercise of  per share  option granted  under the PSOS  2001  400,000  Cash, at  Exercise of  5G03.3381  option granted  per share  under the PSOS  2001  87,000  Cash, at  Exercise of  1,167,357,779.40  5G03.5081  option granted  per share  under the PSOS  2001  21.06.2010  32,000  Cash, at  Exercise of  5G01.5935  option granted  per share  under the PSOS  2001
Cumulative issued  Date of  No. of  Purpose of  and paid-up share  allotment  shares  Consideration  Issue  capital  10,000  Cash, at  Exercise of  SGD1.8773  option granted  per share  under the PSOS  2001  114,000  Cash, at  Exercise of  SGD2,5455  option granted  per share  under the PSOS  2001  72,500  Cash, at  Exercise of  1,167,972,068.65  SGD3.5081  option granted  per share  under the PSOS  2001  25.06.2010  25,000  Cash, at  Exercise of  SGD1.5935  option granted  per share  under the PSOS  2001  125,500  Cash, at  Exercise of  SGD1.8773  option granted  per share  under the PSOS  2001  60,000  Cash, at  Exercise of  SGD2.5455  option granted  per share  under the PSOS  2001  37,500  Cash, at  Exercise of  1,168,531,791.05  SGD3.5081  option granted  per share  under the PSOS  2001  02,07.2010  5,000  Cash, at  Exercise of  SGD1.5935  option granted  per share  under the PSOS  2001  9,500  Cash, at  Exercise of  SGD1.8773  option granted  per share  under the PSOS  2001  30,000  Cash, at  Exercise of  SGD2.5455  option granted  per share  under the PSOS  2001  2,189,070  None  Vesting of a  1,168.633.957.90  share award  under the  Parkway  Performance  Share Plan  (“PPSP”)  08.07.2010  103,000  Cash, at  Exercise of  SGD1.5935  option granted  per share  under the PSOS  2001
Date of  No. of  allotment  shares  77 ,250
109.000 24.000

 

13.07.2010 792,625 15.07.2010 23,000 45,000
22.07.2010 241,000 150,000
29.07.2010 30,000 15,000 (iii) Shareholder Consideration Cash, at 8G01.6773 per “share Cash, at 8G02.5455 per share Cash, at 8G03.5061 per share None Cash, at 8G02.5455 per share Cash, at 8G03.5061 per share Cash, at 8G02.5455 per share Cash, at 8G03.5061 per shere Cash, at 8G01.5935 per share Cash, at 8G03.5061 per share Purpose of Issue Exercise of option granted under the PSOS 2001 Exercise of option granted under the PSOS 2001 Exercise of option granted under the PSOS 2001 Veslfng of a share award under the PP8P Exercise of option granted under the PSOS 2001 Exercise of optlon granted under the PSOS 2001 Exercise of option granted under the PSOS 2001 Exercise of option granted under the PSQS 2001 Exercise of option granted under the PSOS 2001 Exercise of option granted under the PSOS 2001 Cumulatlva Issued and paid-up shar.e capital 1,169,304,763.73 1,169,304,763.73 1,169,521,174.73 1,170,660,655.23 1,170,761,261.73 As at the LPD, Parkway is a wholly-owned subsidiary of Parkway Pantai.” Notes: All the sheres in Parkway have been charged to Oversea-China.s8 Banking Cotporation Limited, as security agent, as secun’ty for financing pUlposes in connection with a SGD1.B5 billion facility which is due in 2013. Oversea-Chinese Benk Nominees Private Limited, as nominee of the security agent, holds the legal interest in the shares while Parkway Pantal holds the beneficiaf interest in the shares. Please refer to Section 4. B of this Prospectus for the proposed repayment of the bank borrowings from the proceeds of the Public Issue. # Based on the information available to our Group as at the LPD. 6. INFORMATION ON OUR GROUP (con/’ct) (iv) Subsidiary and associate As at the LPD, Parkway Hospitals, Parkway Healthcare, Parkway Trust Management, Parkway Investments, Parkway Novena Holdings, Gleneagles Management, Gleneagles JPMC, M&P Investments, Gleneagles Medical Holdings, Med/-Rad, Parkway Shenton, Parkway Lab, Parkway College, /Xchange, Shenton Insurance, Parkway Novena, Gleneagles CRC and Parkway Irrawaddy, Parkway HK are subsidiaries of Parkway, whilst Kyami is an associate of Parkway, details of which are set out in Sections 6.3.9.1 to 6.3.9.18, 6.3.10.1 and 6.3.10.2 of this Prospectus respectively. 6.3.6.3 Parkway HK (Company No. 1616051) (i) Shareholder As at the LPD, Parkway HK is a 50.0%-owned subsidiary of Parkway Pantai, whilst Parkway owns the remaining 50.0% in Parkway HK. For further details on Parkway HK, please see Section 6.3.10.1 of this Prospectus. 6.3.7 Subsidiary of IHH Turkey 6.3.7.1 Acibadem Holding (Company No. 634970) (i) History and business Acibadem Holding Was incorporated in Istanbul, Turkey under the TCC on 7 August 2007 as a private joint stock company and commenced its business on 7 August 2007. The principal activity of Acibadem Hoiding is as a holding company to hold shares of Aimond (Turkey). (ii) Share capital’ As at the LPD, the issued share capital of Acibadem Holding is TL839,946,831.00 comprising 839,946,831 shares of TL1.00 each. 209,986,708 of the shares in the share capital are Group A registered shares while the remaining 629,960,123 shares are Group B registered shares. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) Date of allotment
03.09.2010 25.01.2012 11.05.2012 (iii) The changes in the issued and paid-up share capital of Acibadem Hoiding for the past three years preceding the LPD are as follows: Cumulative  Issued  No. of shares  Par value  Consideration  Purpose of Issue  and peld~up share capital  —-n  TL
207,693,858 1.00 Cash, atTL1.00 Capital increase 668,000,000.00 Comprising of per share for the acquisition103,836,929 A of Ac!bademGroup shares and 103,836,929 shares by Its B Group shares wholly-owned subsidiary Almond (Turkey) 36,085,766 1.00 Cash, at TL3.49 Capital increase 704,086,765.00 per share due to the acquisition of Acibadem Proje and APlus shares 135,861,066 1.00 Cash, atTL1.00 Cash injection for 839,946,831.00Comprising of per share participating in33,965,266 mandatory tenderA Group shares and 101,895,800 offer of pUblicly B Group shares held Acibadem shares Shareholder” As at the LPD, Aclbadem Holding is a 60.0%-owned subsidiary of IHH Turkey, whilst 8agan Lalang owns 15.0% in Acibadem Holding. iHH Turkey and 8agan Lalang are Group 8 shareholders of Acibadem Holding. The rest of the shareholders hold Group A shares, namely Mehmet Ali Aydinlar owns 23.0% in Acibadem Holding and Hatice Seher Aydinlar (wife of Mehmet Ali Aydinlar) owns 2.0% in Acibadem Holding, whilst Etem Erhan Aydinlar (brother of Mehmet Ali Aydinlar) and Zeynep Aydinlar Erogut (daughter of Mehmet Ali Aydinlar) owns 1 Group A share each. Holders of Group A and Group 8 shares are entitied to nominate board members pro rata to their respective shareholding, provided that the holders of Group A shares are entitied to nominate at least two board members for appointment by the general assembly as long as the Group A shares representing at least 5.0% of the share capital are held by Mehmet Ali Aydinlar, Hatice Seher Aydinlar, their relatives up to the second degree hOlding shares in Acibadem Hoiding and their legal heirs, and the remaining board members will be elected among nominees appointed by holders of Group 8 shares. Each of Group A and 8 shares grant their hoiders a single voting right per share at the general assembiy. Note: The TCe requires at least 5 shareholders for the incorporation and valid existing of a joint stock company. However, the New Tee allows the establishment of a singla shareholdar joint stock company. 152 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate As at the LPD. Almond (Turkey), APlus and Acibadem Proje are subsidiaries of Acibadem Holding, details of which are set out in Sections 6.3.11.1 to 6.3.11.3 of this Prospectus respectively. As at the LPD, Acibadem Holding does not have any associate. 6.3.8 Subsidiary of Pantai Irama 6.3.8.1 Pantai (Company No. 11832·K) (i) History and business Pantai was incorporated in Malaysia under the Malaysian Companies Act on 10 March 1972 as a private company limited by shares and commenced its business on 1 February 1974. Pantai was converted to a public company on 20 December 1986. Pantai was previously pUblicly listed on Bursa Securities prior to its delisting on 9 January 2007. The principal activity of Pantai is as a hoiding company. (ii) Share capital As at the LPD, the authorised share capital of Pantai is RM900,000,000.00 comprising 895,000,000 ordinary shares of RM1.00 each and 500,000,000 redeemable preference shares of RMO.01 each. The issued and paid-up share capital of Pantai is RM478,358,979.00 comprising 477,282,979 ordinary shares of RM1.00 each and 107,600,000 redeemable preference shares of. RMO.O 1 each. The changes in the issued and paid-up share capital of Pantai for the past three years preceding the LPD are as follows: Cumulative Issued Date of No. of Par Purpose of and paldaup allotment shares value Consideration Issue share capital . ~ RM RedeemBb/9 preference shares 01.08.2011 90,000,000 0.01 Other than caSh, at Capitalisation of 451.396,001.00 RM1 ,00 per share amount owing to shareholder 23.12.2011 17,600,000 0.01 Other than cash, at Capitalisation of 451,572.001.00 RM1 ,00 per share amount owing to shareholder Ordinary shares
30.01.2012 26.786,978 1.00 Cash, at RM1.00 Capital Increase 478,358.979.00 per share (iii) Shareholder As at the LPD, Pantai Irama holds 100% of the ordinary shares and the redeemable preference shares of Pantai. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (conl’d) (iv) Subsidiary and associate As at the LPD, Pantai Hospitals, Gleneagles Malaysia, Pantai Resources, Pantai Management and Pantai Diagnostics are subsidiaries of Pantai, details of which are set out in Sections 6.3.12.1 to 6.3.12.5 of this Prospectus respectively. As at the LPD, Pantai does not have any associate. 6.3.9 Subsidiaries of Parkway 6.3.9.1 Parkway Hospitals (Company No. 200409811Z) (i) History and business Parkway Hospitals was incorporated in Singapore under the Singapore Companies Act on 4 August 2004 as a private company limited by shares and commenced its business on 4 August 2004. The principal activities of Parkway Hospitals are private hospitals ownership and management. Parkway Hospitals holds the license for Gleneagles Hospital, Mount Elizabeth Hospital and Parkway East Hospital. (ii) Share capital· As at the LPD, the issued and paid-up share capital of Parkway Hospitals is SGD100,000,000.OO comprising 100,000,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authon·sed share capital and par value for shares. There has been no change to the issued and paid-up share capital of Parkway Hospitals for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Hospitals is a wholly-owned subsidiary of Parkway. (iv) SUbsidiary and associate As at the LPD, Parkway Promotions and MENA Services are the subsidiaries of Parkway Hospitals, details of which are set out in Sections 6.3.13.1 and 6.3.13.2 of this Prospectus respectively. As at the LPD, Parkway Hospitals does not have any associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’e!) 6.3.9.2 Parkway Healthcare (Company No. 199303778Cj (i) History and business Parkway Healthcare was incorporated in Singapore under the Singapore Companies Act on 12 June 1993 as a private company limited by shares and commenced its business on 12 June 1993. The principal activities of Parkway Healthcare are as a holding company and provision of management and conSUltancy services. Parkway Healthcare has a joint venture with Koncentric Investments Ltd to operate Gleneagles Khubchandani Hospitals, which is currently under development. (ii) Share capital” As at the LPD, the issued and paid-up share capital of Parkway Healthcare is SGD188,423,323.00 comprising 110,078,000 non­cumulative redeemable preference shares and 78,345,323 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. There has been no change to the issued and paid-up share capital of Parkway Healthcare for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Healthcare is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate As at the LPD, Parkway Healthtech, Mount Elizabeth Healthcare, Gleneagles International, Medical Resources International, Parkway Shanghai, Gleneagles Shanghai, Parkway Healthcare Mauritius, Khubchandani Hospitals”, Parkway Education and Swiss Zone are subsidiaries of Parkway Healthcare, details of which are set out in Sections 6.3.14.1 to 6.3.14.10 of this Prospectus respectively. As at the LPD, Parkway Healthcare does not have any associate. Note: Khubchandani Hospitals is treated as a subsidiary in the financial statements of our Group on the basis thet the Group, by virtue of the existence of currently exercisable potential voting rights, has the ability to control the financing and operating decisions ofKhubchandani Hospitals. 6. INFORMATION ON OUR GROUP (cont’d) 6.3.9.3 Parkway Trust Management (Company No. 200706697Z) (I) History and business Parkway Trust Management was incorporated in Singapore under the Singapore Companies Act as a private company limited by shares on 19 April 2007 and commenced its business on 19 April 2007. Parkway Trust Management is currently a public company limited by shares. The principal activity of Parkway Trust Management is the provision of management services to PUfe REIT. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Parkway Trust Management is SGD1,000,000.00 comprising 1,000,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authon”sad share capital and par value for shares. There has been no change to the issued and paid-Up share capital of Parkway Trust Management for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Trust Management is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate As at the LPD. Parkway Trust Management does not have any subsidiary or associate. 6.3.9.4 Parkway Investments (Company No. 200712617K) (i) History and business Parkway Investments was incorporated in Singapore under the Singapore Companies Act on 11 July 2007 as a private company limited by shares and commenced its business on 11 July 2007. The principal activity of Parkway Investments is as a holding company. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Parkway Investments is SGD10,000,000.00 comprising 10,000,000 ordinary shares. Note: Under the Singapore Comp8nies Act, there is no requirement to have an authan”sed share capital and par value for shares. There has been no change to the issued and paid-up share capital of Parkway Investments for the past three years preceding the LPD. 156 IICompany No.: 901914-V 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at the LPD, Parkway Investments is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate As at the LPD, Gleneagles Technologies, Mount Elizabeth Medical, GJeneagles Medical Centre and Gleneagles Pharmacy are the subsidiaries of Parkway Investments, whilst PLife REIT is an associate of Parkway Investments, details of which are set out in Sections 6.3.15.1 to 6.3.15.4 and 6.3.16.1 of this Prospectus respectively. 6.3.9.5 Parkway Novena Holdings (Company No. 200802712R) (i) History and business Parkway Novena Holdings was incorporated in Singapore under the Singapore Companies Act on 6 February 2008 as a private company limited by shares. Parkway Novena Holdings is currently dormant. (ii) Share capital” As at the LPD, the issued and paid-up share capital of Parkway Novena Holdings is SGD1.00 comprising one ordinary share. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capita! and par value for shares. There has been no change to the issued and paid-up share capital of Parkway Novena Holdings for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Novena Holdings is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate As at the LPD, Parkway Novena Holdings does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.9.6 Gleneagles Management (Company No. 198904110D) (I) History and business Gleneagles Management was incorporated in Singapore under the Singapore Companies Act on 26 September 1989 as a private company limited by shares and commenced its business on 26 September 1989. The principal activity of Gleneagles Management is the provision of advisory, administrative, management and consultancy services to healthcare facilities. (iI) Share capital’ As at the LPD, the issued and paid-up share capitai of Gleneagles Management is SGD100.00 comprising 100 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authon”sed share capital and par value for shares. There has been no change to the issued and paid-up share capitai of Gleneagles Management for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Gleneagles Management is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate As at the LPD, Gleneagles Management does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.9.7 6.3.9.8 Gleneagles JPMC (Company No. AGO/RC/5508) (i) History and business Gleneagles JPMC was incorporated in Brunei Darussalam under the Brunei Darussalam Companies Act, Chapter 39 on 15 July 2002 as a private limited liability company. The principal activities of Gleneagles JPMC to the provision of cardiac services, health screening and emergency services. (ii) Share capital As at the LPD, the authorised share capital of Gleneagles JPMC is 10,000,000 ordinary shares of BND1.00 each. The issued and paid share capital of Gleneagles JPMC is BND100,000.00 comprising 100,000 ordinary shares of BND1.00 each. There has been no change to the issued and paid-up share capital of Gleneagles JPMC for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Gleneagles JPMC is a 75.0%-owned subsidiary of Parkway, whilst Jerudong Park Medical Centre Sdn Bhd owns the remaining 25.0% in Gleneagles JPMC. (iv) SUbsidiary and associate As at the LPD, Gleneagles JPMC does not have any subsidiary or associate. M&P Investments (Company No. 198103191 K) (i) History and business M&P investments was incorporated in Singapore under the Singapore Companies Act on 7 July 1981 as a private company limited by shares and commenced its business on 7 July 1981. The principal activity of M&P Investments is as a holding company. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of M&P Investments is SGD2.00 comprising two ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authon’sed share capital and par value for shares. There has been no change to the issued and paid-up share capital of M&P Investments for the past three years preceding the LPD. (iii) Shareholder As at the LPD, M&P Investments is a wholly-owned subsidiary of Parkway. 159 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate As at the LPD, Parkway M&A’ is an associate of M&P Investments, details of which are set out in Section 6.3.18.1 of this Prospectus. M&P Investments does not have any subsidiaries as at the LPD. Note: , Parkway M&A is treated as a long tenn investment as the Group is unable to exert significant influence on the operating and financing decisions. 6.3.9.9 Gleneagles Medical Holdings (Company No. 195800014G) (i) History and business Gleneagles Medical Holdings was incorporated in Singapore under the laws of Singapore on 16 January 1958 as a limited company and commenced its business on 20 February 1958. Gieneagles Medical HOldings is currently a public company limited by shares. The principal activity of Gleneagles Medical Holdings is as a holding company. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Gleneagles Medical Holdings is SGD3,844,952.60 comprising 9,215,062 ordinary shares. Note: , Under the Singaporo Companies Act, there is no requirement to have an authon’sed share capital and par value for shares. There has been no change to the issued and paid-up share capital of Gleneagles Medical Holdings for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Gleneagles Medical Holdings is a wholly-owned subsidiary of Parkway’ Note: # Based on the information available to our Group as at the LPD. (iv) Subsidiary and associate As at the LPD, Asia Renal Care, Asia Renal Care (Katong) and PT Tritunggal are the associates of Gleneagles Medical Holdings, details of which are set out in Sections 6.3.19.1 to 6.3.19.3 of this Prospectus respectively. As at the LPD, Gleneagles Medical Holdings does not have any subsidiary. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.9.10 Medi-Rad (Company No. 198203228R) (i) History and business Medi-Rad was incorporated in Singapore under the Singapore Companies Act on 30 JUly 1982 as a private company limited by shares and commenced its business on 30 July 1982. Medi-Rad is currently a public company limited by shares. Medi-Rad was delisted from the Stock Exchange of Singapore Dealing and Automatic Quotation System in 2002. The principal activity of Medi-Rad is the operation of radiology clinics. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Medi-Rad is SGD13,757,336.94 comprising 168,620,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value (or shares. There has been no change to the issued and paid-up share capital of Medi-Rad for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Medi-Rad is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate As at the LPD, Radiology Consultants is a subsidiary of Medi-Rad, whilst Positron Tracers is an associate of Medi-Rad, details of which are set out in Sections 6.3.20.1 and 6.3.21.1 of this Prospectus respectively. 6.3.9,11 Parkway Shenton (Company No. 1995091180) (i) History and business Parkway Shenton was incorporated in Singapore under the Singapore Companies Act on 23 December 1995 as a private company limited by shares and commenced its business on 23 December 1995. The principal activities of Parkway Shenton are as a holding company, the operation of a network of clinics and the provision of comprehensive medical and surgical advisory services. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Parkway Shenton is SGD2,000,000.00 comprising 2,000,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. The changes in the issued and paid-up share capital of Parkway Shenton for the past three years preceding the LPD are as follows: Cumulative  issued  Date of  No. of  Purpose  and paid-up  allotment  shares  Consld:oerc:a”tio=n~__  of Issue  share capital  SGO  Ordinary shares  18.08.2009  1,000,000 Cash, at SGD1.00 per  Increase in  2,000,000.00  share  paid~up capital
(iii) Shareholder As at the LPD, Parkway Shenton Is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate As at the LPD, Nippon Medical, Shenton Family and Parkway Shenton International are the subsidiaries of Parkway Shenton, whilst Hale Medical Clinic is a joint venture of Parkway Shenton, details of which are set out in Sections 6.3.22.1, 6.3.22.2, 6.3.22.3 and 6.3.23.1 of this Prospectus respectively. As at the LPD, Parkway Shenton does not have any associate. 6.3.9.12 Parkway Lab (Company No. 198302251E) (i) History and business Parkway Lab was incorporated in Singapore under the Singapore Companies Act on 18 May 1983 as a private company limited by shares and commenced its business on 18 May 1983. Parkway Lab is currently a public company limited by shares. Parkway Lab was delisted from the Stock Exchange of Singapore Dealing and Automatic Quotation System in 2002. The principal activity of Parkway Lab is the provision of comprehensive diagnostic laboratory services. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Parkway Lab is SGD21 ,733,588.50 comprising 230,400,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. 162 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (confd) There has been no change to the issued and paid-up share capital of Parkway Lab for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Lab is a wholly-owned subsidiary of Parkway. (Iv) Subsidiary and associate As at the LPD, Parkway Lab does not have any subsidiary or associate. 6,3.9.13 Parkway College (Company No. 200800722R) (i) History and business Parkway College was incorporated in Singapore under the Singapore Companies Act on 9 January 2008 as a private company limited by shares and commenced its business on 9 January 2008. The principal activity of Parkway College is the provision of courses in nursing and allied health. Parkway College is registered as a private education institution in Singapore. (ii) Share capital> As at the LPD, the issued and paid-up share capital of Parkway College is SGD1 ,700.000.00 comprising 1,700,000 ordinary shares. Note: Under the Singapore Companies Ad, there is no requirement to have an authorised share capital and par value for shares. The changes in the issued and paid-up share capital of Parkway College for the past three years preceding the LPD are as follows: Date of allotment  No. of shares  Consideration  Purpose of Issue  Cumulative Issued and pald·up share capital SGO  Ordinary shares
27.01.2010 1,699,999 Other than cash, at Capitalisation of 1.700,000.00 SGD1.00 per share inter-company balances (iii) Shareholder As at the LPD, Parkway College is a wholly-owned subsidiary of Parkway. (Iv) Subsidiary and associate As at the LPD, Parkway College does not have any subsidiary or associate. ~pany No.: 901~ 6. INFORMATION ON OUR GROUP (cont’d) 6.3.9.14 iXchange (Company No. 199400513R) (i) History and business iXchange was incorporated in Singapore under the Singapore Companies Act on 22 January 1994 as a private company limited by shares and commenced its business on 22 January 1994. The principal activity of iXchange is acting as an agent and administrator for managed care and related services. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of iXchange is SGD6,400,000.00 comprising 6,400,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capHal and par value for shares. There has been no change to the issued and paid-up share capital of iXchange for the past three years preceding the LPD. (iii) Shareholder As at the LPD, iXchange is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate As at the LPD, iXchange does not have any subsidiary or associate. 6.3.9.15 Shenton Insurance (Company No. 200501737H) (il History and business Shenton Insurance was incorporated in Singapore under the Singapore Companies Act on 4 February 2005 as a private company limited by shares and commenced its business on 4 February 2005. The principal activities of Shenton Insurance are the underwriting of accident and healthcare insurance policies. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Shenton Insurance is SGD13,000,000.00 comprising 13,000,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. I Company No.: 9019i4=V] 6. INFORMATION ON OUR GROUP (cont’cf) The changes in the issued and paid-up share capital of Shenton Insurance for the past three years preceding the LPD are as follows:
Date of allotment  No. of shares  ConsIderation  Purpose of Issue  Cumulative issued and paid-up share capital SGD  Ordinary shares  23.12.2011 3, 000,000  Cash, at SGD1.00 per share  To meet the MAS capital adequacy ratio requirements pursuant to the Insurance (Valuation and Capital) Regulations 2004  13,000,000.00  (iii)  Shareholder
As at the LPD, Shenton Insurance is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate Shenton Insurance does not have any sUbsidiary or associate as at the LPD. 6.3.9.16 Parkway Novena (Company No. 200802717K) (i) History and business Parkway Novena was incorporated in Singapore under the Singapore Companies Act on 6 February 2008 as a private company limited by shares and commenced its business on 6 February 2008. The principal activity of Parkway Novena is hospitai construction and deveiopment. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Parkway Novena is SGD1.00 comprising one ordinary share. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. There has been no change in the issued and paid-up share capital of Parkway Novena for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Novena is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate Parkway Novena does not have any subsidiary or associate as at the LPD. 6. INFORMATION ON OUR GROUP (cont’d) 6.3.9.17 Gleneagles CRC (Company No. 199906490G) (il History and business Gleneagles CRC was incorporated in Singapore under the Singapore Companies Act on 21 October 1999 as a private company limited by shares and commenced its business on 21 October 1999. The principal activity of Gleneagles CRC Is the operation of a clinical research centre. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Gleneagles CRC is SGD7, 191 ,827.00 comprising 1,000,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capifaf and par value for shares. The changes in the issued and paid-up share capital of Gleneagles CRC for the past three years preceding the LPD are as follows: Cumulative Date of issued allotmenU No. of Purpose of and paid-up reduction shares Consideration Issuel reduction share capital SGO  Ordinary shares  18.01.2010  7,830,123  Other than c:ash, at  Capitalisation of  10,245,115.00  SGD10,245,113.00  inter-company  loans from  Parkway and  Gleneagles  Medical Holdings  02.03.2010  7,320,125  Cancellation  Reduction of  691,827.00  ofSGD9,553,288.00  paid-up share  of paid-up share  capital  capital  represented by  the accumulated  losses of  Gleneagles eRe  22.03.2010  4,900,000  Cash, a1  Injection of  7,191,827.00  SGD6,500,000.DO  capital by Mitsui  into GleneagleseRe  (iii)  Shareholder
As at the LPD, 51.0% of the shares of Gleneagles CRC is held by Parkway while the remaining 49.0%;s held by Mitsui. (iv) Subsidiary and associate As at the LPD, Gleneagles Clinical Research, Gleneagles CRC (Thailand)’, Gleneagles CRC (China) and Gleneagles CRC (Australia), are subsidiaries of Gleneagles CRC, details of which are set out in Sections 6.3.24.1 to 6.3.244 of this Prospectus respectively. Gleneagles CRC does not have any associate as at the LPD. 166 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) Note: Gleneagles eRG (Thailand) is treated as a wholly-owned subsidiary in the financial stetements of the Group on the basis that the Group controls the entity and;s entitled to all its profits. 6.3.9.18 Parkway Irrawaddy (Company No. 200802724Kj (i) History and business Parkway Irrawaddy was incorporated in Singapore under the Singapore Companies Act on 6 February 2008 as a private company limited by shares and commenced its business on 6 February 2008. The principal activity of Parkway Irrawaddy is medical centre construction and development. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Parkway Irrawaddy is SGD1.00 comprising 1 ordinary share. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. There has been no change to the issued and paid-up share capital of Parkway Irrawaddy for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Irrawaddy is a wholly-owned subsidiary of Parkway. (iv) Subsidiary and associate As at the LPD, Parkway Irrawaddy does not have any subsidiary or associate. 6.3.10 Associate of Parkway 6.3.10.1 Parkway HK (Company No. 1616051) (i) History and business Parkway HK was incorporated in Hong Kong under the Companies Ordinance (Chapter 32 of the Laws of Hong Kong) on 14 June 2011 as a company limited by shares and commenced its business on 14 June 2011. The principal activity of Parkway HK is as a holding company. (ii) Share capital As at the LPD, the authorised share capital of Parkway HK is HKD1,000,000.00 comprising 1,000,000 ordinary shares of HKD1.00 each. The issued and paid-up share capital of Parkway HK is HKD2.00 comprising two ordinary shares of HKD1.00 each. There has been no change to the issued and paid-up share capital of Parkway HK since its incorporation on 14 June 2011 up to the LPD. 167 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’e!) (iii) Shareholder As at the LPD, Parkway HK is a 50.0%-owned asssociate of Parkway, whilst Parkway Pantai owns the remaining 50.0% in Parkway HK. (iv) Subsidiary and associate As at the LPD, Parkway Healthcare HK is a subsidiary of Parkway HK, details of which are set out in Section 6.3.17.1 of this Prospectus.
6.3.10.2 Kyami (Company No. A.C.N. 061 386 801) (i) History and business Kyami was incorporated in Australia under the laws of Australia on 18 August 1993 as a private company limited by shares and commenced its business on 18 August 1993. The principal activity of Kyami is as a holding company. (ii) Share capital As at the LPD, the authorised share capital of Kyami is AUD50,000,000.00 comprising 50,000,000 shares of AUD1.00 each. The issued and paid-up share capital of Kyami is AUD200,000.00 comprising 200,000 “A” class shares of AUD1.00 each. (iii) Shareholder As at the LPD, Kyami is a 30.0%-owned associate of Parkway, whilst Tan & Tan Developments Berhad owns 40.0% in Kyami, and Singapore Warehouse Company (Private) Ltd, Myer Pacific Corporation Pty Ltd and Gitec Investments Limited each own 10.0% in Kyami. 6.3.11 Subsidiaries of Acibadem Holding 6.3.11.1 Almond (Turkey) (Company No. 634242) (i) History and business Almond (Turkey) was incorporated in Istanbul, Turkey pursuant to TCC on 30 July 2007 as a private joint stock company and commenced its business on 30 July 2007. The principal activity of Almond (Turkey) is as a holding company to hold Acibadem shares. (ii) Share capital As at the LPD, the issued and paid-up share capital of Almond (Turkey) is TL690,000,000.00 comprising 690,000,000 shares of TL 1.00 each. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) The changes in the issued and paid-up share capital of Almond (Turkey) for the past three years preceding the LPD are as follows: Cumulative  Date of  No. of  Par  Purpose of  Issued  allotment  shares  value  Consideration  issue  share c:apltal  TL  TL  Ordinary shares  18.02.2010  689.900.000  1.00  Cash at TL1.00  Capital increase  690,000,000.00  per share, not  for the acquisition  fUlly paid-up  of Acibadem  shares
(iii) Shareholder’ As at the LPD, Almond (Turkey) is a 99.99%-owned subsidiary of Acibadem Hoiding, whilst Mehmet Ali Aydinlar, Hatice Seher Aydinlar, Walnut Holding Cooperatie U.A and Aimond (Turkey) Cooperatie U.A own one share each. Note: The Tee requires at least 5 shareholders for the incorporation and valid existing of 8 joint stock company. However, the New Tee allows the establishment of a single shareholder joint stock company. (Iv) SUbsidiary and associate As at the LPD, Acibadem is a 97.30%-owned subsidiary of Almond (Turkey), details of which are set out in Section 6.3.25.1 of this Prospectus. As at the LPD, Almond (Turkey) does not have any associate. 6.3.11.2 APlus (Company No. 358943) (i) History and business APlus was incorporated in Istanbul, Turkey pursuant to TCC on 23 December 1996 as a private joint stock company and commenced its business in 2006. The principal activity of APlus is provision of catering and cleaning services mainly to healthcare institutions. (ii) Share capital As at the LPD, the issued and paid-up share capital of APlus is TL1,300,000.00 comprising 1,300,000 shares of TL1.00 each. The changes in the issued and paid-up share capitai of APlus for the past three years preceding the LPD are as follows: Cumulative issued Date of No. of Par Purpose and paid-up allotment shares value Consideration of Issue share capital TL TL 30.04.2010 800,000 1.00 Cash, at TL1.00 Cash 1,300,000.00 per share injection 169 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholders· As at the LPD, APlus is a 99.99%-owned subsidiary of Acibadem Holding, whilst Mehmet Ali Aydinlar, Hatice Seher Aydinlar, Etem Erhan Aydinlar and Zeynep Aydinlar Erogut own one share each. Note: The TCe requires at least 5 shareholders for the incorporation and valid existing of e joint stock company. However, the New TCe allows the establishment of a single shareholder joint stock company. (iv) Subsidiary and associate As at the LPD, APlus does not have any subsidiary or associate. 6.3.11.3 Acibadem Proje (Company No. 528822) (i) History and business Acibadem Proie was incorporated in Istanbul, Turkey pursuant to TCC on 20 July 2004 as a private joint stock company and commenced its business on 20 july 2004. The principal activity of Acibadem Proje is supervising and managing the construction of healthcare facilities. (ii) Share capital As at the LPD, the issued and paid-up share capital of Acibadem Proie is TL1,500,000.00 comprising 1,500,000 shares of TL1.00 each. The changes in the issued and paid-up share capital of Acibadem Proie for the past three years preceding the LPD are as follows: Cumulative Issued  Date of  No. of  Par  Purpose of  and paid-up  allotment  shares  value——rL  Consideration  issue ==–­ share capital TL  31.12.2009  1.450,000  1.00  Cash, at TL1.00,  Cash injection  1.500,000.00  per share  (iii)  Shareholders·
As at the LPD, Acibadem Proje is a 99.99%-owned subsidiary of Acibadem Hoiding. whilst Mehmet Ali Aydinlar, Ahmet Sedat Artukoglu, Ahmet Temel Baltaoglu and Husniye Guldem Domac own one share each. Note: The TCe requires at least 5 sharaholders for the incorporation and valid existing of a joint stock company. However, the New Tee allows the establishment of a single shareholder joint stock company. (iv) SUbsidiary and associate As at the LPD, Acibadem Proje does not have any subsidiary or associate. 170 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.12 Wholly-owned subsidiaries of Pantai 6.3.12.1 Pantai Hospitals (Company No. 466313-V) (I) History and business Pantai Hospitals was incorporated in Malaysia under the Malaysian Companies Act on 25 July 1998 as a private company limited by shares and commenced its business on 30 November 1998. The principal activities of Pantai Hospitals are as a holding company and provision of management and consultation services to hospitals and medical centres. (ii) Share capital As at the LPD, the authorised share capital of Pantai Hospitals is RM10,000,000.00 comprising 500,000 ordinary shares of RM1.00 each and 950,000,000 redeemable preference shares of RMO.01 each. The issued and paid-up share capital of Pantai Hospitals is RM6,831,800.00 comprising 300,000 ordinary shares of RM1.00 each and 650,480,000 redeemable preference shares of RMO.01 each. The changes in the issued and paid-up share capital of Pantai Hospitals for the past three years preceding the LPD are as follows: Cumulative  Issued  Date of  No. of  Par  Purpose of  and paid-up  allotment  shares  value  Consideration  Issue  share capital  RM  RM  Redeemable preference shares  01.08.2011  395,006,581  0.01  Other than cash, at  Capitalisation of  6,797,000.00  RM1.00 per share  amount owing to  shareholder  23.12.2011  3,480,000  0.01  Other than cash, at  Capitalisation of  6,831,80000  RM1.00 per share  amount owing to  shareholder
04.04.12 (2.700,000) 0.01 Redemption at Redemption of 6,504,800.00 RM1.00 per share redeemable preference shares (iii) Shareholder As at the LPD, Pantai holds 100% of the ordinary shares and the redeemabie preference shares of Pantai Hospitals. (iv) Subsidiary and associate As at the LPD, Pantai Medical Centre, Cheras Medical Centre, Pantai Klang, Syarikat Tunas, Paloh Medical Centre, Pantai Ayer Keroh, Pantai Indah, Pantai Sungai Petani, Pantai Manjung, Pantai Johor and Pantai Screening are wholly-owned subsidiaries of Pantai Hospitals, details of which are set out in Sections 6.3.26.1 to 6.3.26.12 of this Prospectus respectively. 171 I Company No,: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) Gleneagles KL is Pantai Hospitals’ 70,O%-owned subsidiary, whilst Gleneagles Malaysia owns the remaining 30.0% in Gleneagles KL, details of which are set out in Section 6,3,26,9 of this Prospectus, PT Pantai is Pantal Hospitals’ 50,O%-owned subsidiary, whilst Pantal Resources owns the remaining 50,0% in PT Pantai, detaiis of which are set out in Section 6,3,26,14 of this Prospectus, KL Medical Centre is Pantal Hospitals’ 51,O%-owned subsidiary, details of which are set out in Section 6,3,26,13 of this Prospectus, As at the LPD, Pantal Hospitais does not have any associate, 6.3.12.2 Gleneagles Malaysia (Company No. 186110-H) (I) History and business Gieneagles Malaysia was incorporated in Malaysia under the Malaysian Companies Act on 29 August 1989 as a private company limited by shares and commenced its business on 25 September 1989, The principal activity of Gieneagles Malaysia is as a holding company, (ii) Share capital As at the LPD, the authorised share capital of Gleneagles Malaysia is RM10,000,000,00 comprising 8,500,000 ordinary shares of RM1.00 each and 150,000,000 redeemabie preference shares of RMO.01 each, The issued and paid-up share capital of Gleneagles Malaysia is RM3,108,500,00 comprising 2,000,000 ordinary shares of RM1 ,00 each and 110,850,000 redeemable preference shares of RMO,01 each, The changes in the issued and paid-up share capital of Gleneagles Malaysia for the past three years preceding the LPD are as follows: Cumulative Data of Issued allotmenU No. of Par Purpose of issuel and pald~up redemption shares value Consideration redemption share capital RM RM Redeemable preference Shares 18,07,2011  (32,400,000)  0,01  Redemption, at  Redemption of  2,065,500,00  RM1.00 per share  redeemable  preference shares  17.08,2011  (4,500,000)  0.01  Redemption, at  Redemption of  2,020,500.00  RM1 .00 per share  redeemable  preference shares  01.11.2011  (2,050,000)  0.D1  Redemption, at  Redemption of  2,000,000,00  RM1.00 per share  redeemable  preference shares  23,12,2011  110,850,000  0.01  Other than cash,  Capitalisation of  3,108,500.00  at RM1.00 per  amount owing to  share  shareholder
I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at the LPD, Pantai holds 100% of the ordinary shares and the redeemable preference shares of Gleneagles Malaysia. (iv) Subsidiary and associate As at the LPD, GEH Management is a wholly-owned subsidiary of Gleneagles Malaysia, details of which are set out in Section 6.3.27.2 of this Prospectus respectively. Pulau Pinang Clinic is 70.0%-owned subsidiary of Gleneagles Malaysia, details of which are set out in Section 6.3.27.1 of this Prospectus respectively. Gleneagles KL is 30.0%-owned associate of Gleneagles Malaysia, whilst Pantai Hospitals owns the remaining 70.0% in Gleneagles KL, details of which are set out in Section 6.3.28.1 of this Prospectus. Gleneagles Medical Centre KL is a 30.0%-owned associate of Gleneagles Malaysia, details of which are set out in Section 6.3.28.2 of this Prospectus. 6.3.12.3 Pantal Resources (Company No. 559654-Uj (i) History and business Pantai Resources was incorporated in Malaysia under the Malaysian Companies Act on 24 September 2001 as a private company limited by shares and commenced its business in April 2002. The principal activity of Pantai Resources is as a holding company. (i1) Share capital As at the LPD, the authorised share capital of Panlai Resources is RM10,000,000.00 comprising 500,000 ordinary shares of RM1.00 each and 950,000,000 redeemable preference shares of RMO.01 each. The issued and paid-up share capital of Pantai Resources is RM1 00,000.00 comprising 100,000 ordinary shares of RM1.00 each. The changes in the issued and paid-up share capital of Pantai Resources for the past three years preceding the LPD are as follows: Cumulative  Date of  Issued  allotmontl redemption  No. 01 shares——‘==  Par value ~  Consideration  Purpose of issue  and pald~up share capital RM  Redeemable pr eference shares  26.11.2010  (660,431.139)  0.01  Redemption, at RM1.00 per share  Redemption of redeemable preference shares, by offsetting the amount owing by Panta! to Pantai Resources  100,000.00
(iii) Shareholder As at the LPD, Pantai Resources is a wholly-owned SUbsidiary of Pantal. 173 [iif11pany No.: 901914-V 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate As at the LPD, Pantai Premier Pathology, Pantai Education’, Pantai Integrated Rehab, Credit Enterprise and Mount Elizabeth Services are wholly-owned subsidiaries of Pantai Resources, details of which are set out in Sections 6.3.29.1 to 6.3.29.4 and 6.3.29.6 of this Prospectus respectively. PT Pantai is 50.0%-owned subsidiary of Pantai Resources, whilst Pantai Hospitals owns the remaining 50.0% in PT Pantai, details of which are set out in Section 6.3.29.5 of this Prospectus. Twin Towers Healthcare is a 70.0%-owned subsidiary of Pantai Resources, details of which are set out in Section 6.3.29.7 of this Prospectus. As at the LPD, Pantai Resources does not have any associate. Note: fMU Health has agreed to acquire Pantai Education from Panfai Resources as part of the consolidation of IHH’s Malaysian education business. IMU Health and Pantai Resources have executed a Share Sale Agreement on 3 Apn”/2012 for the acquisition. 6.3.12.4 Pantai Management (Company No. 558212·W) (i) History and business Pantai Management was incorporated in Malaysia under the Malaysian Companies Act on 6 September 2001 as a private company limited by shares and commenced its business on 1 January 2002. The principal activities of Panta; Management are provision of administration support, training, research and development services. (ii) Share capital As at the LPD, the authorised share capitai of Pantai Management is RM500,OOO.00 comprising 200,000 ordinary shares of RM1.00 each and 30,000,000 redeemable preference shares of RMO.01 each. The issued and paid-up share capital of Pantai Management is RM100,002.00 comprising two ordinary shares of RM1.00 each and 10,000,000 redeemable preference shares of RMO.01 each. The changes in the issued and paid-up share capital of Pantai Management for the past three years preceding the LPD are as follows: CumulatIve  issued  Date of  No. of  Par  Purpose of  and paId-up  allotment  shares —-­ value  Consideration  issue  share capital  RM  RM  Redeemable preference Shares  01.08.2011  10,000,000  0.01  Olher than cash, at  Capitalisation of  100.002.00  RM1.00 per share  amount owing to  shareholder
(iii) Shareholder As at the LPD, Pantai holds 100% of the ordinary shares and redeemable preference shares of Panta! Management. 174 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont”d) (iv) Subsidiary and associate As at the LPD, Pantai Management does not have any subsidiary or associate. 6.3.12.5 Pantai Diagnostics (Company No. 578870-V) (i) History and business Pantai Diagnostics was incorporated in Malaysia under the Malaysian Companies Act on 3 May 2002 as a private company limited by shares and commenced its business on 4 November 2003. The principai activity of Pantai Diagnostics is as a holding company. (ii) Share capital As at the LPD, the authorised share capital of Pantai Diagnostics is RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Pantai Diagnostics is RM2.00 comprising two ordinary shares of RM 1.00 each. There has been no change to the issued and paid-up share capital of Pantai Diagnostics since its incorporation on 3 May 2002 up to the LPD. (iii) Shareholder As at the LPD, Pantai Diagnostics is a wholly-owned subsidiary of Pantai. (iv) Subsidiary and associate As at the LPD, PT Pantai Bethany is a subsidiary of Pantai Diagnostics, details of which is set out in Section 6.3.30.1 of this Prospectus. As at the LPD, Pantai Diagnostics does not have any associate. 6.3.13 Subsidiaries of Parkway Hospitals 6.3.13.1 Parkway Promotions (Company No. 198203801C) (i) History and business Parkway Promotions was incorporated in Singapore under the Singapore Companies Act on 8 September 1982 as a private company iimited by shares and commenced its business on 8 September 1982. The principal activity of Parkway Promotions is acting as promoters and organisers of healthcare events. (ii) Share capital” As at the LPD, the issued and paid-up share capital of Parkway Promotions is SGD10,000.00 comprising 10,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have en authan’sed share capital and par value for shares. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) There has been no change to the issued and paid-up share capital of Parkway Promotions for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Promotions is a wholly-owned subsidiary of Parkway Hospitals. (iv) Subsidiary and associate As at the LPD, Parkway Promotions does not have any sUbsidiary or associate. 6.3.13.2 MENA Services (Company No. 1985005760) (i) History and business MENA Services was incorporated in Singapore under the Singapore Companies Act on 12 March 1985 as a private company limited by shares and commenced its business on 12 March 1985. The principal activity of MENA Services is acting as a nursing agency. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of MENA Services is SGD2.00 comprising 2 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. There has been no change to the issued and paid-up share capital of MENA Services for the past three years preceding the LPD. (iii) Shareholder As at the LPD, MENA Services is a wholly-owned subsidiary of Parkway Hospitals. (Iv) SUbsidiary and associate As at the LPD, MENA Services does not have any subsidiary or associate. 6.3.14 Subsidiaries of Parkway Healthcare 6.3.14.1 Parkway Healthtech (Company No. 200000906N) (i) History and business Parkway Healthtech was incorporated in Singapore under the Singapore Companies Act on 2 February 2000 as a private company limited by shares and commenced its business on 2 February 2000. The principal activity of Parkway Healthtech is as a holding company. I Company No.: 9019~ 6. INFORMATION ON OUR GROUP (cont’d) (ii) Share capital” As at the LPD, the issued and paid-up share capital of Parkway Healthtech is SGD2.00 comprising two ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. There has been no change to the issued and paid-up share capital of Parkway Healthtech for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Healthtech is a wholly-owned subsidiary of Parkway Healthcare. (iv) Subsidiary and associate As at the LPD, Goldlink Investments and Drayson Investments are the subsidiaries of Parkway Healthtech, details of which are set out in Sections 6.3.31.1 and 6.3.31.2 of this Prospectus respectively. As at the LPD, Parkway Healthtech does not have any associate. 6.3.14.2 Mount Elizabeth Healthcare (Company No. 198500801 D) (i) History and business Mount Elizabeth Healthcare was incorporated in Singapore under the Singapore Companies Act on 6 April 1985 as a private company limited by shares. Mount Elizabeth Healthcare is currently a public company limited by shares. Mount Elizabeth Healthcare is currently dormant. (ii) Share capital” As at the LPD, the issued and paid-Up share capital of Mount Elizabeth Healthcare Is SGD37,000,000.00 comprising 37,000,000 ordinary shares. Note: Under the Singapore Companies AGt, there is no requirement to have an authorised share capital and par value (or shares. There has been no change to the issued and paid-up share capital of Mount Elizabeth Healthcare for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Mount Elizabeth Healthcare is a wholly-owned SUbsidiary of Parkway Healthcare. (iv) Subsidiary and associate As at the LPD, Mount Elizabeth Healthcare does not have any subsidiary or associate. 177 I Company No.: 901914=VJ 6. INFORMATION ON OUR GROUP (cont’d) 6.3.14.3 Gleneagles International (Company No. 198902719R) (i) History and business Gleneagles International was incorporated in Singapore under the Singapore Companies Act on 4 July 1989 as a private company limited by shares and commenced its business on 4 July 1989. The principal activity of Gleneagles International is as a holding company. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Gleneagles International Is SGD23,000,000.00 comprising 23,000,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an Buthorised share capital and par value for shares. There has been no change to the issued and paid-up share capital of Gleneagles International for the past three years preceding the LPD. (iii) Shareholder As at lhe LPD, Gleneagles Internallonal is a wholly-owned subsidiary of Parkway Healthcare. (iv) Subsidiary and associate As at the LPD, Gleneagles Development and Gleneagles UK are the subsidiaries of Gleneagles International, details of which are set out in Sections 6.3.32.1 and 6.3.32.2 of this Prospectus respectively. As at the LPD, Gleneagles International does not have any associate. 6.3.14.4 Medical Resources International (Company No. 199507342M) (i) History and business Medical Resources International was incorporated in Singapore under the Singapore Companies Act on 16 October 1995 as a private company limited by shares and commenced its business on 16 October 1995. The principal activity of Medical Resources International is as a holding company. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Medical Resources International is SGD90.00 comprising 90 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares, There has been no change to the issued and paid-up share capital of Medical Resources International for the past three years preceding the LPD. 6. INFORMATION ON OUR GROUP (cont’cf) (iii) Shareholder As at the LPD, Medical Resources International is a wholly-owned subsidiary of Parkway Healthcare. (iv) SUbsidiary and associate As at the LPD, Shanghai Rui Xin, Shanghai Xin Rui, Shanghai Rui Hong and Shanghai Gleneagles are subsidiaries of Medical Resources International, details of which are set out in Sections 6.3.33.1 to 6.3.33.4 of this Prospectus respectively. As at the LPD, Medical Resources International does not have any associate. 6.3.14.5 Parkway Shanghai (Company No. 310000400559166) (i) History and business Parkway Shanghai was incorporated in Shanghai under PRe Law on 22 January 2008 as a wholly foreign owned limited liability company and commenced its business on 22 January 2008. The principal activities of Parkway Shanghai are provision of hospital management service, consulting & training service on hospital management. (ii) Total investment and registered capital As at the LPD, total investment of Parkway Shanghai is USD1.4 miliion and the registered capital of Parkway Shanghai is USD1 million. The paid-up capital of Parkway Shanghai is USD1 million. There has been no change to the registered and paid-up capital of Parkway Shanghai for the past three years. (iii) Shareholder As at the LPD, Parkway Shanghai is a wholly-owned subsidiary of Parkway Healthcare. (iv) Subsidiary and associate As at the LPD, we manage Shanghai Hui Xing Jin Pu, a wholly­owned subsidiary of Shanghai Hui Xing, through certain contractual arrangements with the parent company of Shanghai Hui Xing. The Group does not account for either Shanghai Hui Xing or Shanghai Hui Xing Jin Pu as a subsidiary or associate. Each of the two shareholders of Shanghai Shu Kang has executed a power of attorney pursuant to Which Parkway Shanghai is entitled to exercise the voting rights on 100% equity interests in Shanghai Shu Kang, details of which are set out in Section 63.34.1 of this Prospectus. Other than the above, as at the LPD, Parkway Shanghai does not have other subsidiary or associate. I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.14.6 Gleneagles Shanghai (Company No. QZHZFZD040875) (i) History and business Gleneagles Shanghai was incorporated in Shanghai under PRC Law on 3 April 2006 as a sino-foreign contractual joint venture and commenced its business on 3 April 2006. The principal activities of Gleneagles Shanghai are providing medical services. (ii) Total investment and registered capital As at the LPD, the total investment of Gleneagles Shanghai is USD8,000,000.00 and the registered capital of Gleneagles Shanghai is USD4,000,000.00. The paid-up capital of Gleneagles Shanghai is USD4,000,000.00. There has been no change to the registered and paid-up capital of Gleneagles Shanghai for the past three years. (iii) Shareholder Parkway Healthcare contributed 100.0% of the registered capital of Gleneagles Shanghai. As at the LPD, 70.0% of the profit of Gleneagles Shanghai shall be distributed to Parkway Healthcare. (iv) Subsidiary and associate As at the LPD, Gleneagles Shanghai does not have any subsidiary or associate. 6.3.14.7 Parkway Healthcare Mauritius (Company No. 42669) (i) History and business Parkway Healthcare Mauritius was incorporated in Mauritius under Mauritius law on 12 August 2002 as a private company limited by shares and commenced its business on 12 August 2002. The principal activity of Parkway Healthcare Mauritius is as a holding company. (Ii) Share capital As at the LPD, the authorised share capital of Parkway Healthcare Mauritius is SGD10,000,000.00 comprising 10,000,000 ordinary shares of SGD1.00 each. The issued and paid-up share capital of Parkway Heaithcare Mauritius is SGD2.00 comprising two ordinary shares of SGD1.00 each. There has been no change to the issued and paid-up share capital of Parkway Healthcare Mauritius for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Healthcare Mauritius is a wholly-owned subsidiary of Parkway Healthcare. 180 I Company No.: 901914-V , 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate As at the LPD, Apollo PET is a joint venture of Parkway Heaithcare Mauritius, details of which are set out in Section 6.3.35.1 of this Prospectus. As at the LPD, of Parkway Healthcare Mauritius does not have any associate. 6.3.14.8 Khubchandani Hospitals (Company No. U85110MH2006PTC161832) (i) History and business Khubchandani Hospitals was incorporated in India under the (Indian) Companies Act, 1956 on 15 May 2006 as a private company and commenced its business on 15 May 2006. The principal activity of Khubchandani Hospitals is to acquire, establish, run and maintain hospitals. (ii) Share capital As at the LPD, the authorised share capital of Khubchandani Hospitals is Rs. 1,100,000,000.00 comprising 110,000,000 ordinary shares of Rs. 10.00 each. The issued and paid-up share capital of Khubchandani Hospitalsis Rs. 80,000,000.00 comprising 8,000,000 ordinary shares of Rs. 10.00 each. There has been no change to the issued and paid-up share capital of Khubchandani Hospitaisfor the past three years preceding the LPD. (iii) Shareholder’ As at the LPD, Khubchandanl Hospitals is a 50.0%-owned subsidiary of Parkway Healthcare, whilst Koncentric Investments Limited owns the remaining 50.0% in Khubchandani Hospitals. Note: Khubr:;handan; Hospitals is treated as a subsidiary in the financial statements of our Group on the basis that the Group, by virtue of the existence of Gurrently exercisable potential voting rights, has the ability to control the financing and operating decisions of Khubchandani Hospitals. (iv) Subsidiary and associate As at the LPD, Khuchandani Hospitals does not have any subsidiary or associate. 6.3.14.9 Parkway Education (Company No. 200723244M) (i) History and business Parkway Education was incorporated in Singapore under the Singapore Companies Act on 18 December 2007 as a private company limited by shares. Parkway Education is currently dormant. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (ii) Share capita” As at the LPD, the issued and paid-up share capital of Parkway Education is SGD1.00 comprising one ordinary share. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value tor shares. There has been no change to the issued and paid-up share capital of Parkway Education for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Education is a whoily-owned subsidiary of Parkway Heaithcare. (iv) Subsidiary and associate As at the LPD, Parkway Education does not have any sUbsidiary or associate. 6.3.14.10 Swiss Zone (Company No. 708864-H) (i) History and business Swiss Zone was incorporated in Malaysia under the Malaysian Companies Act on 7 September 2005 as a private company limited by shares. Swiss Zone is currently dormant. (ii) Share capital As at the LPD, the authorised share capitai of Swiss Zone is RM1 00,000.00 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Swiss Zon~ is RM2.00 comprising two ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Swiss Zone for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Swiss Zone is a wholly-owned sUbsidiary of Parkway Heaithcare. (iv) Subsidiary and associate As at the LPD, Swiss Zone does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’e!) 6.3.15 Subsidiaries of Parkway Investments 6.3.15.1 Gleneagles Technologies (Company No. 199507902H) (i) History and business Gleneagles Technologies was incorporated in Singapore under the Singapore Companies Act on 8 November 1995 as a private company limited by shares and commenced its business on 8 November 1995. The principal activities of Gleneagles Technologies are the provision of consultancy services, equipment planning, procurement, testing and commissioning of medical equipment, hospital and health care facilities and management of a healthcare facility. (i1) Share capital’ As at the LPD, the issued and paid-up share capital of Gleneagles Technologies is SGD2.00 comprising 2 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. There has been no change to the issued and paid-up share capital of Gleneagles Technologies for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Gleneagles Technologies is a wholly-owned subsidiary of Parkway Investments. (iv) Subsidiary and associate As at the LPD, Gleneagles Technologies does not have any subsidiary or associate. 6.3.15.2 Mount Elizabeth Medical (Company No. 197601873H) (i) History and business Mount Elizabeth Medical was incorporated in Singapore under the Singapore Companies Act on 16 September 1976 as a private company limited by shares and commenced its business on 16 September 1976. Mount Elizabeth Medical is currently a pUblic company limited by shares. The principal activity of Mount Elizabeth Medical is as a holding company. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Mount Elizabeth Medical is SGD150,000,000.00 comprising 150,000,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. 183 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) There has been no change to the issued and paid-up share capital of Mount Elizabeth Medical for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Mount Elizabeth Medical is a wholly-owned subsidiary of Parkway Investments. (Iv) Subsidiary and associate As at the LPD, East Shore Medical and Mount Elizabeth Ophthalmic are subsidiaries of Mount Elizabeth Medical, details of which are set out in Sections 6.3.36.1 and 6.3.36.2 of this Prospectus respectively. As at the LPD, Mount Elizabeth Medical does not have any associate. 6.3.15.3 Gleneagles Medical Centre (Company No. 198804764N) (i) History and business Gleneagles Medical Centre was incorporated in Singapore under the Singapore Companies Act on 29 December 1988 as a private company limited by shares. Gleneagles Medical Centre is currently a public company limited by shares. Gleneagles Medical Centre is currently dormant. (ii) Share capital’ As at the LPD, the issued and paid-Up share capital of Gleneagles Medical Centre is SGD15,120,002.00 comprising 15,000,002 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. There has been no change to the issued and paid-Up share capital of Gleneagles Medical Centre for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Gleneagles Medical Centre is a Wholly-owned subsidiary of Parkway Investments. (iv) Subsidiary and associate As at the LPD, Gleneagles Medical Centre does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.15.4 Gleneagles Pharmacy (Company No. 199102480Z) (i) History and business Gleneagles Pharmacy was incorporated in Singapore under the Singapore Companies Act on 29 May 1991 as a private company limited by shares. Gleneagles Pharmacy is currently dormant. (ii) Share capital” As at the LPD, the issued and paid-up share capital of Gleneagles Pharmacy is SGD3.00 comprising 3 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares, There has been no change to the issued and paid-up share capital of Gleneagles Pharmacy for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Gleneagles Pharmacy is a wholly-owned subsidiary of Parkway Investments. (Iv) SUbsidiary and associate As at the LPD, Gleneagles Pharmacy does not have any subsidiary or associate. 6.3.16 Associate of Parkway Investments 6.3.16.1 PLife REIT (i) History and business PUfe REIT is a real estate investment trust established in Singapore as a stand-alone unit trust fund constituted by the trust deed which was entered into on 12 July 2007 between HSBC Institutional Trust Services (Singapore) Umited, as trustee of PUfe REIT and Parkway Trust Management, as manager of PUfe REIT. PUfe REIT is currently listed on the Main Board of the SGX-ST. (ii) Share capital As at 1 March 2012, the number of units of PUfe REIT in issue is 604,970,414′. Note: According to the 2011 Annual Report of PUre REIT LCompany No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at 1 March 2012, 0.04% of the units of PUfe REIT are held by IHHL, 0.52% of the units of PUfe REiT are held by Parkway Trust Management and 35.25% of the units of PUfe REIT are held by Parkway Investments. 6.3.17 Subsidiary of Parkway HK 6.3.17.1 Parkway Healthcare HK (Company No. 1591868) (i) History and business Parkway Healthcare HK was incorporated in Hong Kong under the Companies Ordinance (Chapter 32 of the Laws of Hong Kong) on 21 April 2011 as a private company limited by shares and commenced its business on 21 April 2011. The principal activity of Parkway Healthcare HK is the operation of a medical centre. (ii) Share capital As at the LPD, the authorised share capital of Parkway Healthcare HK is HKD200,000.00 comprising 200,000 ordinary shares of HKD1.00 each. The issued and paid-up share capital of Parkway Heailhcare HK is HKD100,003.00 comprising 100,003 ordinary shares of HKD1.00 each. The changes in the issued and paid-up share capital of Parkway Healthcare HK since its incorporation on 21 April 2011 up to the LPD are as follows: Cumulative Issued Date of No. of Par and paId-up allotment shares value Consideration Purpose of Issue share capital –Iikc HKC Ordinary shares 21.04.2011 1.00 Cash, at HKD1.00 Subscriber’s 1.00 share 04.07.2011 94.999 1.00 Cash, at Increase in pald-95.000.00 HKD3.810.000.00 up capital 04.07.2011 5.000 1.00 Cash, at Increase in paid-100.000.00 HKD5.00000 up capital 03.10.2011 1.00 Cash, at Increase in paid-100,001.00 HKD3,561 ,000.00 up capital 03.01.2012 1.00 Cash, at Increase in paid-100.002.00 HKD3.608.520.00 up capital 03.042012 1.00 Cash, at Increase in paid-100.003.00 HKD3.699.000.00 up capital 6. INFORMATION ON OUR GROUP (cont’e!) (iii) Shareholder As at the LPD, Parkway Healthcare HK is a 95.0%-owned subsidiary of Parkway HK, whilst MediOne (Hong Kong) Limited owns the remaining 5.0% in Parkway Healthcare HK. (iv) Subsidiary and associate As at the LPD, Parkway Healthcare HK does not have any subsidiary or associate. 6.3.18 Associate of M&P Investments 6.3.18.1 Parkway M&A (Company No. 10842) (i) History and business Parkway M&A was incorporated in the British Virgin Islands under the laws of International Business Companies Ordinance of the Territory of the British Virgin Islands on 7 November 1988 as a private company limited by shares and commenced its business on 7 November 1988. The principal activity of Parkway M&A is as a holding company. (ii) Share capital As at the LPD, the authorised share capital of Parkway M&A ;s USD4,500,000.00 comprising 4,500,000 ordinary shares of USD1.00 each. The issued and paid-up share capitai of Parkway M&A is USD4,500,000.00 comprising 4,500,000 ordinary shares of USD1.00 each. (iii) Shareholder’ As at the LPD, Parkway M&A is a 38.89%-owned associate of M&P Investments. whilst Richmond Limited owns 22.22% in Parkway M&A, and Lee Hing Investment Company Limited owns 38.89% in Parkway M&A. Note: Parkway M&A is treated as a long term investment as the Group is unable to exert significant influence on the operating and financing decisions. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.19 Associates of Gleneagles Medical Holdings 6.3.19.1 Asia Renal Care (Company No. 198702266G) (i) History and business Asia Renal Care was incorporated in Singapore under the Singapore Companies Act on 30 July 1987 as a private company limited by shares and commenced its business on 30 July 1987. The principal activity of Asia Renal Care is the provision of specialised medical services (including day surgical centres). (iI) Share capital’ As at the LPD, the issued and paid-up share capitai of Asia Renal Care is SGD50,000.00 comprising 50,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authodsed share capita! and par varue for shares. (iii) Shareholder As at the LPD, 20.0% of the shares of Asia Renal Care is held by Gleneagles Medical Holdings, 60.0% of the shares of Asia Renal Care is held by Asia Renal Care (S) Pte Ltd, 4.0% of the shares of Asia Renal Care is held by Ku Gordon and 16.0% of the shares of Asia Renal Care is held by Lye Wai Choong. 6.3.19.2 Asia Renal Care (Katong) (Company No. 198701076N) (i) History and business Asia Renal Care (Katong) was incorporated in Singapore under the Singapore Companies Act on 18 April 1987 as a private company limited by shares and commenced its business on 18 April 1987. The principal activity of Asia Renal Care (Katong) is the provision of specialised medical services (including day surgical centres). (iI) Share capital’ As at the LPD, the issued and paid-up share capital of Asia Renal Care (Katong) is SGD50,002.00 comprising 50,002 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. (iii) Shareholder As at the LPD, approximately 20.0% of the shares of Asia Renal Care (Katong) is held by Gleneagles Medical Holdings, approximately 70.0% of the shares of Asia Renal Care (Katong) is held by Asia Renal Care (S) Pte Ltd and approximately 10.0% of the shares of Asia Renal Care (Katong) is held by Beatrice Chen Tsung Mong. 188 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.19.3 PT Tritunggal (i) History and business PT Tritunggal was incorporated in Surabaya, Indonesia under the laws of the Republic of indonesia on 10 October 1994 as a limited company and commenced its business after that. The principal activity of PT Tritunggal is the provision of medical diagnostic services. (ii) Share capital As at the LPD, the authorised share capital of PT Tritunggai is Rp2,917,500,000.00 comprising 25,000 shares of Rpl16,700.00 each. The issued and paid-up share capital of PT Tritunggal is Rp2,917,500,000.00 comprising 25,000 ordinary shares of Rp116,700.00 each. (iii) Shareholder As at the LPD, PT Tritunggal is a 30.0%-owned associate of Gleneagles Medical Holdings, whilst P T Lippo Karawaci Tbk owns 20.0% in PT Tritunggal and P T Tritunggal Sentra Medika own the remaining 50.0%. 6.3.20 Subsidiary of Medi-Rad 6.3.20.1 Radiology Consultants (Company No. 199000501G) (i) History and business Radiology Consultants was incorporated in Singapore under the Singapore Companies Act on 1 February 1990 as a private company limited by shares and commenced its business on 1 February 1990. The principal activities of Radiology Consultants are the provision of radiology consultancy and interpretative services. (ii) Share capital As at the LPD, the issued and paid-up share capitai of Radiology Consultants is SGD2.00 comprising 2 ordinary shares. There has been no change to the issued and paid-up share capital of Radiology Consultants for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Radiology Consultants is a wholly-owned sUbsidiary of Medi-Rad. (iv) Subsidiary and associate As at the LPD, Radiology Consultants does not have any subsidiary or associate. I Company No.: 901~ 6. INFORMATION ON OUR GROUP (conl’d) 6.3.21 Associate of Medi-Rad 6.3.21.1 Positron Tracers (Company No. 200202520Rl (il History and business Positron Tracers was incorporated in Singapore under the Singapore Companies Act on 27 March 2002 as a private company iimited by shares and commenced its business on 27 March 2002. The principai activities of Positron Tracers are the ownership and operation of cyciotron for production of radioactive tracers. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Positron Tracers is SGD550,000.00 comprising 550,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have en authorised share capital and par value for shares. (iii) Shareholder As at the LPD, 33.0% of the shares of Positron Tracers are held by Medi-Rad, 33.0% of the shares of Positron Tracers are held by AsiaMedic Limited and 34.0% of the shares of Positron Tracers are held by Aescapulus Holdings Private Limited. 6,3,22 Subsidiaries of Parkway Shenton 6.3.22.1 Nippon Medical (Company No. 199802600M) (i) History and business Nippon Medical was incorporated in Singapore under the Singapore Companies Act on 28 May 1998 as a private company limited by shares and commenced its business on 28 May 1998. The principai activity of Nippon Medical is operation of clinics. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Nippon Medical is SGD500,000.00 comprising 500,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capita! and par value for shares. There has been no change to the issued and paid-up share capitai of Nippon Medical for the past three years preceding the LPD. (iii) Shareholder As at the LPD, 70.0% of the shares of Nippon Medical are held by Parkway Shenton whiie the remaining 30.0% is held by Nippon Meden Pte. Ltd. 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate As at the LPO, Nippon Medical does not have any subsidiary or associate. 6.3.22.2 Shenton Family (Company No. 199002178G) (i) History and business Shenton Family was incorporated in Singapore under the Singapore Companies Act on 8 May 1990 as a private company limited by shares and commenced its business on 8 May 1990. The principal activities of Shenton Family are to provide, establish and carry on the business of clinics. (ii) Share capital’ As at the LPO, the issued and paid-up share capital of Shenton Family is SG02.00 comprising 2 ordinary shares. Note: , Under the Singapore Companies Act, there is no requirement to have an authorised share cBpifal and par value for shares. There has been no change to the issued and paid-up share capital of Shenton Family for the past three years preceding the LPO. (iii) Shareholder As at the LPO, Shenton Family is a wholly-owned sUbsidiary of Parkway Shenton. (iv) Subsidiary and associate As at the LPO, Shenton Family Bukit Gombak, Shenton Family Serangoon, Shenton Family Bedok Reservoir, Shenton Family Jurong East, Shenton Family Tampines, Shenton Family Yishun, Shenton Family Ang Mo Kia, Shenton Family Ouxlon, Shenton Family Clementi and Shenton Family Towner are joint ventures of Shenton Family, details of which are set oul in Sections 6.3.37.1 to 6.3.37.10 of this Prospectus respectively. Shenton Family does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.22.3 Parkway Shenton International (Company No. 200312058K) (i) History and business Parkway Shenton International was incorporated in Singapore under the Singapore Companies Act on 28 November 2003 as a private company limited by shares and commenced its business on 28 November 2003. The principal activity of Parkway Shenton international is as a holdin9 company. (ii) Share capital” As at the LPD, the issued and paid-up share capital of Parkway Shenton International is SGD2.00 comprising 2 ordinary shares. Note: ” Under the Singapore Companies Act, there is no requirement to have an Buthodsed share capital and par value for shares. There has been no change to the issued and paid-up share capital of Parkway Shenton International tor the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Shenton Internationai is a wholiy-owned subsidiary of Parkway Shenton. (iv) SUbsidiary and associate As at the LPD, Parkway Shenton Vietnam is a subsidiary of Parkway Shenton International, details ot which are set out in Section 6.3.38.1 of this Prospectus. As at the LPD, Parkway Shenton International does not have any associate. (The rest of this page is intentionally left blank) I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.23 Associate of Parkway Shenton 6.3.23.1 Hale Medical Clinic (Company No. 199502976Z) (il History and business Hale Medical Clinic was incorporated in Singapore under the Singapore Companies Act on 28 April 1995 as a private company limited by shares and commenced its business on 28 April 1995. The principal activity of Hale Medical Clinic is the operation of a medical clinic. (iil Share capital’ As at the lPO, the issued and paid-up share capital of Hale Medical Clinic is SG0350,010.00 comprising 350,010 ordinary shares. (iii) Shareholder As at the lPO, 50.0% of the shares of Hale Medical Clinic are held by Parkway Shenton, approximately 32.0% of the shares of Hale Medical Clinic are held by The Hale Medical Group Pte ltd and approximately 18.0% of the shares of Hale Medical Clinic are held by Gainall Private limited. 6.3.24 Subsidiaries of Gleneagles CRC 6.3.24.1 Gleneagles Clinical Research (Company No. 200402019R) (i) History and business Gleneagles Clinical Research was incorporated in Singapore under the Singapore Companies Act on 23 February 2004 as a private company limited by shares and commenced its business on 23 February 2004. The principal activity of Gleneagles Clinical Research is the operation of a clinical research centre. (ii) Share capital’ As at the lPO, the issued and paid-up share capitai of Gleneagles Clinical Research is SG050,000.00 comprising 50,000 ordinary shares. Note: Under the Singapore Companies Ad, there is no requirement to have an autholised share capital and par value for shares. There has been no change in the issued and paid-up share capital of Gleneagles Clinical Research for the past three years preceding the lPO. (iii) Shareholder As at the lPO, Gleneagles Clinical Research is a wholly-owned subsidiary of Gleneagles CRC. 193 [Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’cf) (iv) Subsidiary and associate As at the LPD, Gleneagles Clinical Research does not have any subsidiary or associate. 6.3.24.2 G/eneagles CRc (Thailand) (Company No. 10854500452) (i) History and business Gleneagles CRC (Thailand) was incorporated in Thailand under the laws of Thaiiand on 19 April 2002 as a private company limited by shares and commenced its business on 19 April 2002. The principal activity of Gleneagles CRC (Thailand) is medical and pharmaceutical technology consulting & clinical trial services. (ii) Share capital As al the LPD, the registered capital of Gleneagles CRC (Thailand) is Baht1 ,000,000.00 comprising 200,000 shares of BahIS.OO each. The issued and paid-up share capital of Gleneagtes CRC (Thailand) is Baht7S0,000.00 comprising 200,000 shares of BahtS.OO each, partially paid up to Baht3.7S per share. There has been no change to the issued and paid-up share capital of Gleneagles CRC (Thailand) for the past three years preceding the LPD. (iii) Shareholder· As at the LPD, Mr Payungrat Charuengdej holds 102,000 preference shares in Gleneagles CRC (Thailand) and Gleneagles CRC holds 97,999 ordinary shares in Gleneagles CRC (Thailand) with the remaining 1 ordinary share being held by a nominee of Gleneagles CRC. Note: Gleneagles eRG (Thailand) is treated as a whoJly-owned subsidiary in the financial statements of the Group on the basis that the Group controls the entity and is entitled to sf{ its profits. (iv) Subsidiary and associate As at the LPD, Gleneagles CRC (Thailand) does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.24.3 Gleneagles CRC (China) (Wholly-Owned Beijing No. 016713) (i) History and business Gleneagles CRC (China) was incorporated in PRC under the laws of China on 19 February 2002 as a wholly forei9n owned entity and commenced its business on 19 February 2002. The principal activity of Gleneagles CRC (China) is clinical research service, (ii) Share capital As at the LPD, the registered capital of Gleneagles CRC (China) is USD1 00,000.00. The issued and paid-up share capital of Gleneagles CRC (China) is USD100,000.00. There has been no change to the issued and paid-up share capital of Gleneagles CRC (China) for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Gleneagles CRC (China) is a wholly-owned subsidiary of Gleneagles CRC Pte Ltd. (iv) Subsidiary and associate As at the LPD, Gleneagles CRC (China) does not have any subsidiary or associate. 6.3.24.4 Gleneagles CRC (Australia) (Company No. ACN 121 474 182) (i) History and business Gleneagles CRC (Australia) was incorporated in Australia under the iaws of Australia on 29 August 2006 as a company iimited by shares and commenced its business on 29 August 2006. The principal activity of Gleneagles CRC (Australia) is clinical research service. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Gleneagles CRC (Australia) is AUD3.00 divided into 3 ordinary shares at AUD1.00 each. Note: Under the Company Law Review Act 1998, there is no requirement to have an authon’sed share capital. Under the Corporations Act 2011, there is no requirement to have a par value for shares. There has been no change to the issued and paid-up share capital of Gleneagles CRC (Australia) for the past three years preceding the LPD (iii) Shareholder As at the LPD, Gleneagles CRC (Australia) is a wholly-owned subsidiary of Gleneagles CRC. 195 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (Iv) Subsidiary and associate As at the LPD. Gleneagles CRC (Australia) does not have any subsidiary or associate. 6.3.25 Subsidiary of Almond (Turkey) 6.3.25.1 Acibadem (Company No. 262819) (i) History and business Acibadem was incorporated in Istanbul, Turkey pursuant to TCC on 19 February 1990 as a private joint stock company and commenced its business on 19 February 1990. Acibadem conducted its initial public offering on 31 May 2000 and currently Acibadem is registered with CMB and its shares are listed currently in the ISE. The board of directors of Acibadem has resolved to delist Acibadem from ISE, which is conditional upon the approval of the general assembly of shareholders as well as the approval of relevant regulators. The principal activity of Acibadem is provision of medical, surgical and hospital services. Acibadem holds the licenses for all the hospitals operated by the Acibadem Group in Turkey, such as Acibadem Adana Hospital, Acibadem Bakir1<oy Hospital, Acibadem Bursa Hospital, Acibadem Eskisehir Hospital, Acibadem Fulya Hospital, Acibadem Kadikoy Hospitai, Acibadem Kayseri Hospital, Acibadem Kocaeli Hospital, Acibadem Kozyatagi Hospital, Acibadem Maslak Hospital. (ii) Share capital As at the LPD, the registered capital ceiling of Acibadem is TL250,000,000.00 and the issued and paid-up share capital of Acibadem is TL100,000,000.00 comprising 100,000,000 shares of TL1.00 each. According to Article 23 of the articles of association of Acibadem, Group A shares grant its hoider 100 votes per share each, whereas Group B shares have a single vote in the general assembly meetings. Thus, 4,249,973 Group A shares have 424,997,300 voting rights, whereas the Group B shares have 95,750,027 voting rights in the general assembly meetings. However, the number of voting rights granted per share may be restricted with the enactment of the New TCC. Holders of A group shares are also entitled to nominate four board members and B group shares are entitled to nominate the remaining board member for appointment by the generai assembly. There has been no change to the issued and paid-up share capital of Acibadem for the past three years preceding the LPD. 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at the LPD, Acibadem is a 97.30%-owned· subsidiary of Almond (Turkey), holding both Group A and Group B shares, whilst the remaining Group B shares are owned by Mehmet Ali Aydinlar, Hatice Seher Aydinlar, Yunus Erguz, Armagan Ozel, F.S. Gunhan Uguriu andother individuals as well as the public which owns approximately 1.26%. Note: Acibadem is e 97.33%-owned subsidiary of Almond (Turkey) as at 9 Apn’/ 2012. (iv) SUbsidiary and associate As at the LPD, Acibadem Poliklinik and Yeni Saglik are 99.99%­owned subsidiaries of Acibadem, details of which are set out in Section 6.3.39.1 and 6.3.39.5 of this Prospectus. International Hospital is a 90.0%-owned subsidiary of Acibadem, Acibadem Mobil is a 17.77%-owned subsidiary of Acibadem, Jinemed Saglik” is a 65.0%-owned subsidiary of Acibadem, Acibadem Labmed is a 50.0%-owned subsidiary of Acibadem, Acibadem Sistina is a 50.32%-owned subsidiary of Acibadem, Acibadem Sistina Medikal is a 50.0%-owned subsidiary of Acibadem and Acibadem Orta is a 75.0%-owned subsidiary of Acibadem. details of which are set out in Sections 6.3.39.2 to 6.3.39.4 and 6.3.39.6 to 6.3.39.9 of this Prospectus respectively. As at the LPD, Acibadem does not have any associate. Note: As at the LPD, Jinemed Saglik is not a subsidiary of Acibadem Group. In January 2012, Acibadem and the shareholders of Jinemed Saglik executed a “share purchase agreemenf” according to which, 65.0% of the equity interest of Jinamed Saglik will be purchased by and transferred to Acibadem. On B March 2012, the Turkish Competition AUfhon”ty granted clearance for this transection; however, the share transfer has not yet been completed. Jinemed Hospital and Jinemed Medical Center is included in the pro forma financial information of the Group under Section 12.11 of this Prospectus. The share transfer is expected to be compleledwithin 2012. 6.3.26 Subsidiaries of Pantai Hospitals 6.3.26.1 Pantal Medical Centre (Company No. 73056-0) (i) History and business Pantai Medical Centre was incorporated in Malaysia under the Malaysian Companies Act on 15 July 1981 as a private company limited by shares and commenced its business on 8 August 1998. The principal activities of Panta; Medical Centre are provision of medical, surgical and hospital services. Pantai Medical Centre holds the license for Pantai Hospital Kuala Lumpur. Company No.: 901914-V 6. INFORMATION ON OUR GROUP (cont'{fJ (ii) Share capital As at the LPD, the authorised share capital of Panta; Medical Centre is RM10,000,000.00 comprising 5,000,000 ordinary shares of RM1,00 each and 500,000,000 redeemable preference shares of RMO.01 each, The issued and paid-up share capital of Pantai Medical Centre is RM6,891,000.00 comprising 5,000,000 ordinary shares of RM 1.00 each and 189,100,000 redeemable preference shares of RMO.01 each. There has been no change to the issued and paid-up share capital of Pantai Medicai Centre for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Pantai Hospitals owns 100% of the ordinary shares and the redeemabie preference shares of Panta; Medicai Centre. (iv) Subsidiary and associate As at the LPD, Angiography, Magnetom Imaging and PMC Radio­Surgery are wholly-owned subsidiaries of Pantai Medical Centre, details of which are set out in Sections 6.3.40.1, 6.3.40,2 and 6.3.40.3 of this Prospectus respectively. Pan/ai-Arc Dialysis is 51.0%-owned subsidiary of Pantai Medical Centre, details of which are set out in Section 6.3.40.4 of this Prospectus respectively. As at the LPD, Pantai Medical Centre does not have any associate. 6,3.26.2 Cheras Medical Centre (Company No. 227140-P) (I) History and business Cheras Medical Centre was incorporated in Malaysia under the Malaysian Companies Act on 18 October 1991 as a private company limited by shares and commenced its business on 26 June 1994. The principal activities of Cheras Medical Centre are provision of medical, surgical and hospital services. Cheras Medical Centre holds the license for Pantai Hospital Cheras. (ii) Share capital As at the LPD, the authorised share capital of Cheras Medical Centre is RM10,000,000.00 comprising 9,500,000 ordinary shares of RM1.00 each and 50,000,000 redeemable preference shares of RMO.01 each, The issued and paid-up share capital of Cheras Medical Centre is RM6,254,002.00 comprising 6,000,002 ordinary shares of RM1.00 each and 25,400,000 redeemable preference shares of RMO.01 each. There has been no change to the issued and paid-up share capital of Cheras Medical Centre for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Panta; Hospitals holds 100% of the ordinary shares and the redeemable preference shares of Cheras Medical Centre. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate As at the LPD, Cheras Medical Centre does not have any subsidiary or associate. 6.3.26.3 Pantai Klang (Company No. 56706·K) (i) History and business Pantai Klang was incorporated In Malaysia under the Malaysian Companies Act on 31 March 1980 as a private company limited by shares and commenced its business on 19 January 1981. The principal activities of Pantai Klang are provision of medical, surgical and hospital services. Pantai Klang holds the license for Pantai Hospital Klang. (i1) Share capital As at the LPD, the authorised share capital of Pantal Klang is RM5,000,000.00 comprising 4,500,000 ordinary shares of RM 1.00 each and 50,000,000 redeemable preference shares of RMO.01 each. The issued and paid-up share capital of Pantai Klang is RM1,105,000.00 comprising 825,000 ordinary shares of RM1.00 each and 28,000,000 redeemable preference shares of RMO.01 each. The changes in the issued and paid-up share capital of Pantal Klang for the past three years preceding the LPD are as follows: Date of allotment  No. of shares  Par value RM  Consideration  Purpose of Issue  CumulatIve Issued and paid~up share capital RM  Redeemable preference shaTes  01.03.2011  28,000,000  RMO.01  Other than cash, at RM1.00 per share  Capitalisation of amount owing to shareholder  1,105,000.00
(iii) Shareholder As at the LPD, Pantai Hospitals holds 100% of the ordinary shares and redeemable preference shares of Pantai Klang. (IV) Subsidia ry and associate As at the LPD, Pantai Klang does not have any subsidiary or associate. [COmpany No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’cf) 6.3.26.4 Syarikat Tunas (Company No. 241297-H) (i) History and business Syarikat Tunas was incorporated in Malaysia under the Malaysian Companies Act on 27 May 1992 as a private company limited by shares and commenced its business on 15 May 1997. The principal activities of Syarikat Tunas are provision of medical, surgical and hospital services. Syarikat Tunas holds the licence for Pantai Hospital Penang. (ii) Share capital As at the LPD, the authorised share capital of Syarikat Tunas is RM50,000,000.00 comprising 50,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Syarikat Tunas is RM24,000,000.00 comprising 24,000,000 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Syarikat Tunas for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Syarikat Tunas is 80.70%-owned subsidiary of Pantai Hospitals, whilst Geh Sim Wah Sdn Bhd owns 11.58% and Koperasi Tunas Muda Sungai Ara Berhad owns 7.72%. (Iv) Subsidiary and associate As at the LPD, Syarikat Tunas does not have any subsidiary or associate. 6.3.26.5 Paloh Medical Centre (Company No. 214811-P) (i) History and business Paloh Medical Centre was incorporated in Malaysia under the Malaysian Companies Act on 29 March 1991 as a private company limited by shares and commenced its business on 10 April 1996. The principal activities of Paloh Medical Centre are provision of medical, surgical and hospital services. Paloh Medical Centre holds the license for Pantai Hospital Ipoh. (ii) Share capital As at the LPD, the authorised share capital of Paloh Medical Centre is RM50,000,000.00 comprising 50,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Paloh Medical Centre is RM35,792,120.00 comprising 35,792,120 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Paloh Medical Centre for the past three years preceding the LPD. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at the LPD, Paloh Medical Centre is 77.79%-owned subsidiary of Pantai Hospitals, whilst Data’ Beh Chun Chuan owns 17.81% and Yayasan Perak owns 4.40%. (iv) Subsidiary and associate As at the LPD, Paloh Medical Centre does not have any subsidiary or associate. 6.3.26.6 Pantai Ayer Keroh (Company No. 6527-H) (i) History and business Pantai Ayer Keroh was incorporated in Malaysia under the Malaysian Companies Act on 24 February 1966 as a private company limited by shares and commenced its business on 24 February 1966. The principal activities of Pantai Ayer Keroh are provision of medical, surgical and hospital services. Pantai Ayer Keroh holds the license for Pantai Hospital Ayer Keroh and Pantai Hospital Batu Pahat. (ii) Share capital As at the LPD, the authorised share capital of Pantai Ayer Keroh is RM50,000,000.00 comprising 49,500,000 ordinary shares of RM1.00 each and 50,000,000 redeemable preference shares of RMO.01 each. The issued and paid-up share capital of Pantai Ayer Keroh is RM30,535,569.00 comprising 30,270,569 ordinary shares of RM1.00 each and 26,500,000 redeemable preference shares of RMO.01 each. The changes in the issued and paid-up share capital of Pantai Ayer Keroh for the past three years preceding the LPD are as follows: Dato of allotment  No. of shares  Pa’ value RM  Consideration  Purpose of Issue  Cumulative Issued and paId-up share capital RM  Redeemable preference shares  01.03.2011  26.500,000  0.01  Other than cash, at RM1.DD per share  Capitalisation of amount owing to shareholder  30,535,669.00

(iii) Shareholder As at the LPD, Pantai Hospitals holds 100% of the ordinary shares and redeemable preference shares of Pantai Ayer Keroh. (iv) Subsidiary and associate As at the LPD, HPAK Cancer and HPAK Lithotripsy are wholly­owned subsidiaries of Pantai Ayer Keroh, details of which are set out in Sections 6.3.41.1 and 6.3.41.2 of this Prospectus respectively. As at the LPD, Pantai Ayer Kerch does not have any associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.26.7 Pantai Indah (Company No. 578148-T) (i) History and business Pantai Indah was incorporated in Maiaysia under the Malaysian Companies Act on 23 April 2002 as a private company limited by shares and commenced its business in 2003. The principal activities of Panta; Indah are provision of medical, surgical and hospitai services. Pantai Indah holds the license for Pantai Hospital Ampang. (ii) Share capital As at the LPD, the authorised share capital of Pantal Indah is RM10,000,000.00 comprising 9,000,000 ordinary shares of RM1.00 each and 100,000,000 redeemable preference shares of RMO.01 each. The issued and paid-up share capital of Pantai Indah Is RM5,650,000.00 comprising 5,000,000 ordinary shares of RM1.00 each and 65,000,000 redeemable preference shares of RMO.01 each. There has been no change to lhe issued and paid-Up share capital of Pantai Indah for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Pantai Hospitals holds 100% of the ordinary shares in Pantai Indah and Pantal hold 100% of the redeemable preference shares in Pantai Indah. (Iv) Subsidiary and associate As at the LPD, Pantal Indah does not have any subsidiary or associate. 6.3.26.8 Panta; Sungai Petani (Company No. 426082-W) (i) History and business Panlai Sungai Petani was incorporated in Malaysia under the Malaysian Companies Act on 3 April 1997 as a private company limited by shares and commenced its business on 3 April 1997. The principal activities of Pantal Sungai Petani are provision of medical, surgical and hospital services. Panlai Sungai Petani holds the license for Pantai Hospital Sungai Petani. (ii) Share capital As at the LPD, the authorised share capital of Pantai Sungai Petanl Is RM5,000,000.00 comprising 4,500,000 ordinary shares of RM1.00 each and 50,000,000 redeemable preference shares of RMO.01 each. The Issued and paid-Up share capital of Pantai Sungai Petan; is RM2,120,000.00 comprising 2,000,000 ordinary shares of RM1.00 each and 12,000,000 redeemable preference shares of RMO.01 each. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’cf) The changes in the issued and paid-up share capital of Pantai Sungai Petani for the past three years preceding the LPD are as follows: Date of allotment  No. of shares  Par value RM  Consideration  Purpose 01 Issue  Cumulative issued and paid-up share capital RM  Redeemable pr eference shares  01.03.2011  12,000,000  0.01  Other than cash, at RM1.00 per share  Capitalisation of amount owing to shareholder  2,120,000.00
(iii) Shareholder As at the LPD, Pantai Hospitals holds 100% of the ordinary shares and the redeemable preference shares of Pantai Sunga! Petani. (iv) Subsidiary and associate As at the LPD, Pantai Sungai Petani does not have any subsidiary or associate. 6.3.26.9 Gleneagles KL (Company No. 198498-T) (i) History and business Gieneagles KL was incorporated in Malaysia under the Malaysian Companies Act on 28 May 1990 as a private company limited by shares and commenced its business in 1996. The principal activities of Gleneagles KL are provision of medical. surgical and hospital services. Gleneagles KL holds the license for Gleneagles Intan Medical Centre. (ii) Share capital As at the LPD, the authorised share capitai of Gleneagles KL is RM50,000,000.00 comprising 47,500,000 ordinary shares of RM1.00 each and 50,000,000 redeemable preference shares of RMO.05 each. The issued and paid-up share capital of Gleneagles KL is RM22,400,000.00 comprising 21,125,000 ordinary shares of RM1.00 each and 25,500,000 redeemable preference shares of RMO.05 each. There has been no change to the issued and paid-up share capital of Gleneagles KL for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Pantai Hospitals holds 70.0% of the ordinary shares and the redeemable preference shares of Gleneagles KL whilst Gleneagles Malaysia holds the remaining 30.0% of the ordinary shares and the redeemable preference shares of Gleneagles KL [ Company No,: 901914-V 6. INFORMAnON ON OUR GROUP (cont’d) (iv) SUbsidiary and associate As at the LPD, Oncology Centre (KL) is a wholly-owned subsidiary of Gleneagles KL, details of which are set out in Section 6,3.42,1 of this Prospectus, As at the LPD, Gleneagles KL does not have any associate. 6.3.26.10 Panta; Manjung (Company No. 915640-A) (i) History and business Pantai Manjung was incorporated in Malaysia under the Malaysian Companies Act on 23 September 2010 as a private company limited by shares. Pantai Manjung has not commenced operations since the date of its incorporation, The intended principal activities are provision of medical, surgical and hospital services. Pantal Manjung holds the license to establish Pantai Hospital Manjung, (ii) Share capital As at the LPD, the authorised share capital of Pantai Manjung is RM100,000,00 comprising 100,000 ordinary shares of RM1.00 each, The issued and paid-up share capital of Pantai Manjung is RM2.00 comprising 2 ordinary shares of RM1.00 each, There has been no change to the issued and paid-up share capital of Pantai Manjung since its incorporation on 23 September 2010 up to the LPD. (iii) Shareholder As at the LPD, Pantai Manjung is a wholly-owned SUbsidiary of Pantal Hospitals, (Iv) Subsidiary and associate As at the LPD, Pantai Manjung does not have any subsidiary or associate, 6.3.26.11 Pantai Johor (Company No. 895452-V) (i) History and business Panta; Johor was incorporated in Malaysia under the Malaysian Companies Act on 26 March 2010 as a private company limited by shares, Pantai Johor has not commenced operations since the date of its incorporation. The intended principal activities are provision of medicai, surgical and hospital services, (ii) Share capital As at the LPD, the authonsed share capital of Pantai Johor is RM1,000,000,00 comprising 1,000,000 ordinary shares of RM1.00 each, The issued and paid-up share capital of Pantal Johor is RM500,000,00 comprising 500,000 ordinary shares of RM1,00 each, 204 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) There has been no change to the issued and paid-up share capital of Pantai Johor since its incorporation on 26 March 2010 up to the LPD. (iii) Shareholder As at the LPD, Pantai Johor is a wholly-owned subsidiary of Pantai Hospitals. (iv) SUbsidiary and associate As at the LPD, Pantai Johor does not have any subsidiary or associate. 6.3.26.12 Panlai Screening (Company No. 6SB336-M) (i) History and business Pantai Screening was incorporated in Maiaysia under the Malaysian Companies Act on 5 July 2004 as a private company limited by shares and commenced its business on 1 February 2009. The principal activities of Pantai Screening are managers and administrator for health screening services. (ii) Share capital As at the LPD, the authorised share capital of Pantai Screening is RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Pantai Screening is RM2.00 comprising 2 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Pantai Screening since its incorporation on 5 July 2004 up to the LPD. (iii) Shareholder As at the LPD, Pantai Screening is a wholly-owned subsidiary of Pantai Hospitals. (IV) Subsidiary and associate As at the LPD, Pantai Screening does not have any subsidiary or associate. 6.3.26.13 KL Medical Centre (Company No. 460269-A) (i) History and business KL Medical Centre was incorporated in Malaysia under the Malaysian Companies Act on 1 April 1998 as a private company limited by shares. KL Medical Centre has ceased its operations since May 1999 and is currently dormant. 6. INFORMATION ON OUR GROUP (conf’cf) (ii) Share capital As at the LPD, the authorised share capital of KL Medical Centre is RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of KL Medical Centre is RM250,000.00 comprising 250,000 ordinary shares of RM 1.00 each. There has been no change to the issued and paid-up share capital of KL Medical Centre for the past three years preceding the LPD. (iii) Shareholder As at the LPD, KL Medical Centre is a 51%-owned sUbsidiary of Pantai Hospitals, whilst Dr. Mohamed Noortheen Ahamed Mustafa owns 48.99% and Mohamed Sultan Hj Sickander owns 0.0004%. (iv) Subsidiary and associate As at the LPD, KL Medical Centre does not have any subsidiary or associate. 6.3.26.14 PT Pantai (i) History and business PT Pantai was incorporated in Republic of Indonesia under the laws of Republic of Indonesia on 10 August 2005 as a limited liability company and commenced its business on 28 September 2005. The principal activity of PT Pantai is the provision of healthcare consulting services in Indonesia. (ii) Share capital As at the LPD, the authorised share capital of PT Panta; is USD100,000.00 comprising 1,000 shares of USD100.00 each. The issued and paid-up share capital of PT Pantai is USD100,000.00 comprising 1,000 shares of USD1 00.00 each. There has been no change to the issued and paid-up share capital of PT Pantai since its incorporation on 10 August 2005 up to the LPD. (iii) Shareholder As at the LPD, PT Pantai is a 50.0%-owned subsidiary of Pantal Hospitals, whilst Pantai Resources owns the remaining 50.0% in PT Pantai. (iv) Subsidiary and associate As at the LPD, PT Pantai does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.27 Subsidiaries of Gleneagles Malaysia 6.3.27.1 Pulau Pinang Clinic (Company No. 10387-K) (i) History and business Pulau Plnang Clinic was incorporated in Malaysia under the Malaysian Companies Act an 12 February 1971 as a private company limited by shares and commenced its business an 12 February 1971. The principal activities of Pulau Pinang Clinic is rendering at hospital services. Pulau Pinang Clinic holds the license for Gleneagles Medical Centre. Penang. (ii) Share capital As at the LPD, the authorised share capital of Pulau Pinang Clinic is RM50,000,000.00 comprising 50,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Pulau Pinang Clinic is RM24,337,500.00 comprising 24,337,500 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Pulau Pi nang Clinic for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Pulau Pi nang Clinic is a 70.0%-owned subsidiary of Gleneagles Malaysia, whilst the remaining 30.0% share capital are awned by 35 parties, with none holding more than 3.0%. (iv) SUbsidiary and associate As at the LPD, Pulau Pinang Clinic does nat have any subsidiary or associate. 6.3.27.2 GEH Management (Company No. 793786-T) (i) History and business GEH Management was incorporated in Malaysia under the Malaysian Companies Act an 31 October 2007 as a private company limited by shares and commenced its business an 31 October 2007. The principal activities of GEH Management are provision of advisory, administrative, management and consultancy services to heaithcare facilities. (ii) Share capital As at the LPD, the authorised share capital of GEH Management is RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-Up share capital of GEH Management is RM2.00 comprising 2 ordinary shares of RM1.00 each. There has been no change to the issued and paid-Up share capital of GEH Management since its incorporation an 31 October 2007 up to the LPD. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at the LPD, GEH Management is a wholly-owned subsidiary of Gleneagles Malaysia. (iv) Subsidiary and associate As at the LPD, GEH Management does not have any subsidiary Or associate. 6.3.28 Associate of Gleneagles Malaysia 6.3.28.1 Gleneagles KL (Company No. 198498-T) (i) History and business Gleneagles KL was incorporated in Malaysia under the Malaysian Companies Act on 28 May 1990 as a private company limited by shares and commenced its business in 1996. The principal activities of Gleneagles KL are provision of medical, surgical and hospital services. Gleneagles KL holds the license for Gleneagles Intan Medical Centre. (ii) Share capital As at the LPD, the authorised share capital of Gleneagles KL is RM50,000,000.00 comprising 47,500,000 ordinary shares of RM1.00 each and 50,000,000 redeemable preference shares of RMO.05 each. The issued and paid-Up share capital of Gleneagles KL is RM22,400,000.00 comprising 21,125,000 ordinary shares of RM1.00 each and 25,500,000 redeemable preference shares of RMO.05 each. There has been no change to the issued and paid-up share capital of Gleneagles KL for the past three years preceding the LPD. (iii) Shareholder As at the LPD, GJeneagles KL is a 30.0%-owned associate of Gleneagles Malaysia, whilst Panta; Hospitals owns the remaining 70.0% in Gleneagles KL. For further details on Gleneagles Malaysia, please see Section 6.3.13.2 of this Prospectus. 6.3.28.2 Gleneagles Medical Centre KL (Company No. 198497-H) (i) History and business Gleneagles Medical Centre KL was incorporated in Malaysia under the Malaysian Companies Act on 28 May 1990 as a private company limited by shares and commenced its business on 28 May 1990. The principai activities of Gleneagles Medical Centre KL are development and investment in medical centres. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’cf) (ii) Share capital As at the LPD, the authorised share capital of Gleneagles Medical Centre KL is RM10,000,000.00 comprising 10,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Gleneagles Medical Centre KL is RM7,000,000.00 comprising 7,000,000 ordinary shares of RM1.00 each. (iii) Shareholder As at the LPD, Gleneagles Medical Centre KL is a 30.0%-owned associate of Gleneagles Malaysia, whilst Insas Berhad owns 20.0%, Tan & Tan Developments Berhad owns 30.0% and PNB Equity Resource Corporation Sdn Berhad owns 20.0%. (iv) Subsidiary and associate As at the LPD, Gleneagies Medical Centre KL does not have any subsidiary or associate. 6.3.29 Subsidiaries of Pantai Resources 6.3.29.1 Pantai Premier Pathology (Company No. 438067-X) (i) History and business Pantai Premier Pathology was incorporated in Malaysia under the Malaysian Companies Act on 4 July 1997 as a private company limited by shares and commenced its business in December 1997. The principal activity of Pantai Premier Pathology is provision of medical laboratory services. (ii) Share capital As at the LPD, the authorised share capital of Pantai Premier Pathology is RM10,000,000.00 comprising 10,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Pantai Premier Pathology is RM10,000,000.00 comprising 10,000,000 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Pantai Premier Pathology for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Pantai Premier Pathology is a wholly-owned subsidiary of Pantal Resources. (iv) Subsidiary and associate As at the LPD, Pantai Premier Pathology does not have any subsidiary or associate I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.29.2 Pantal Education (Company No. 431251-W) (i) History and business Pantai Education was incorporated in Malaysia under the Malaysian Companies Act on 14 May 1997 as a private company limited by shares and commenced its business on 1 August 1998. The principal activities of Pantai Education are provISion of educationai programs and training courses for healthcare and related fields. (i1) Share capital As at the LPD, the authorised share capital of Pantai Education is RM500,000.00 comprising 500,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Pantai Education is RM400,000.00 comprising 400,000 ordinary shares of RM1.00 each. The changes in the issued and paid-up share capital of Pantal Education for the past three years preceding the LPD are as follows: Date of allotment  No. of shares  Par value RM  Consideration  Purpose of issue  Cumulative Issued and paid·up share capital RM  Ordinary shares  20.05.2009  200.000  1.00  Cash, at RM1.00 per share  Capital increase  400.000.00
(iii) Shareholder’ As at the LPD, Pantai Education is a wholly-owned subsidiary of Pantai Resources. Note: IMU’ Health has agreed to acquire Pantai Education from Pantai Resources as part of the consolidation of IHH’s Malaysian education business. IMU Health and Pantai Resources have executed a Share Sale Agreement on 3 Apn’I2012 for the acquisition. (Iv) Subsidiary and associate As at the LPD, Pantai Education does not have any subsidiary or associate. I Company No.: 901914-V] 6. INFORMATION ON OUR GROUP (cont’d) 6.3.29.3 Pantai Integrated Rehab (Company No. 525179-V) (i) History and business Pantai integrated Rehab was incorporated in Malaysia under the Malaysian Companies Act on 4 September 2000 as a private company limited by shares and commenced its business on 1 March 2001. The principal activity of Pantai Integrated Rehab is provision of rehabilitation services. (ii) Share capital As at the LPD, the authorised share capital of Pantai Integrated Rehab is RM500,000.00 comprising 500,000 ordinary shares of RM1.00 each. The issued and paid-Up share capital of Pantai Integrated Rehab is RM200,000.00 comprising 200,000 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Pantai Integrated Rehab for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Pantai Integrated Rehab is a 85.0%-owned SUbsidiary of Pantai Resources, whilst Pearson Sports Physio (M) Sdn Bhd owns the remaining 15.0%. (iv) Subsidiary and associate As at the LPD, Pantai Integrated Rehab does not have any subsidiary or associate. 6.3.29.4 Credit Enterprise (Company No. 26724-D) (i) History and business Credit Enterprise was incorporated in Malaysia under the Malaysian Companies Act on 24 March 1976 as a private company limited by shares. Credit Enterprise is currently dormant. (ii) Share capital As at the LPD, the authorised share capital of Credit Enterprise is RM200,000.00 comprising 200,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Credit Enterprise is RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Credit Enterprise for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Credit Enterprise is a wholly-owned subsidiary of Pantai Resources. Company No.: 901914-V 6. INFORMATION ON OUR GROUP (cont’d) (iv) SUbsidiary and associate As at the LPD, Credit Enterprise does not have any subsidiary or associate. 6.3.29.5 PT Pantai (i) History and business PT Pantai was incorporated in Republic of Indonesia under the laws of Republic of Indonesia on 10 August 2005 as a limited liability company and commenced its business on 28 September 2005. The principal activity of PT Pantai is the provision of healthcare consulting services in Indonesia. (ii) Share capital As at the LPD, the authorised share capital of PT Pantai is USD100,000.00 comprising 1,000 shares of USD100.00 each. The issued and paid-up share capital of PT Pantai is USD100,000.00 comprising 1,000 shares of USD100.00 each. There has been no change to the issued and paid-up share capital of PT Pantai since its incorporation on 10 August 2005 up to the LPD. (iii) Shareholder As at the LPD, PT Pantai is a 50.0%-owned subsidiary of Pantai Hospitals, whilst Pantai Resources owns the remaining 50.0%. (iv) Subsidiary and associate As at the LPD, PT Pantai does not have any subsidiary or associate. 6.3.29.6 Mount Elizabeth Services (Company No. 212418-W) (i) History and business Mount Elizabeth Services was incorporated in Malaysia under the Malaysian Companies Act on 11 February 1991 as a private company limited by shares and commenced its business on 11 February 1991. The principal activity of Mount Elizabeth Services is provision of laboratory services to hospitals and clinics. (ii) Share capital As at the LPD, the authorised share capital of Mount Elizabeth Services is RM25,000.00 comprising 25,000 ordinary shares of RM 1.00 each. The issued and paid-up share capital of Mount Elizabeth Services is RM2.00 comprising two ordinary shares of RM 1.00 each. There has been no change to the issued and paid-up share capital of Mount Elizabeth Services since its incorporation on 11 February 1991 up to the LPD. 212 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at the LPD, Mount Elizabeth Services is a wholly-owned subsidiary of Pantal Resources. (iv) Subsidiary and associate As at the LPD, Orlfolio Options is a wholly-owned subsidiary of Mount Elizabeth Services, details of which are set out In Section 6.3.43.1 of this Prospectus. 6.3.29.7 Twin Towers Healthcare (Company No. 77440S·V) (i) History and business Twin Towers Healthcare was incorporated In Malaysia under the Malaysian Companies Act on 23 May 2007 as a private company limited by shares and commenced Its business on 4 July 2007. The principal activities of Twin Towers Healthcare are as a holding company and provision of management services to its subsidiary. (iI) Share capital As at the LPD, the authorised share capital of RM1,000,000.00 divided into 1,000,000 ordinary shares of RM 1.00 each. The Issued and paid-up share capital of RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Twin Towers Healthcare for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Twin Towers Healthcare is a 70.0%-owned subsidiary of Pantal Resources, whilst Data Arubugam NL Suppiah owns 18.0%, Datuk Dr. Zainal Abidln Bin Abdul Hamid owns 9.0% and Tan Sri Datuk Dr. Amplkaipakan NL S. Kandiah owns 3.0%. (iv) Subsidiary and associate As at the LPD, Twin Towers Medical Centre is a wholly-owned subsidiary of Twin Towers Healthcare, details of which are set out In Section 6.3.44.1 of this Prospectus. I Company No.: 901~ 6. INFORMATION ON OUR GROUP (cont’d) 6.3.30 Subsidiary of Pantai Diagnostics 6.3.30.1 PT Pantai Bethany (i) History and business PT Pantai Bethany was incorporated in Republic of Indonesia under the laws of Republic of Indonesia on 17 January 2009 as a limited liability company and commenced its operation in August 2009. The principal activities of PT Pantai Bethany are the provision of medical diagnostics laboratory testing and analyticai services. (ii) Share capital As at the LPD, the authorised share capital of PT Pantai Bethany is USD1,200,000.00 comprising 1,200 shares of USD1,000.00 each. The issued and paid-up share capital of PT Pantai Bethany is USD300,000.00 comprising 300 shares of USD1 ,000.00 each. There has been no change to the issued and paid-up share capitai of PT Pantai Bethany since its incorporation on 17 January 2009 up to the LPD. (iii) Shareholder’ As at the LPD, PT Pantai Bethany is a 65.0%-owned subsidiary of Pantai Diagnostics, whilst PT Bethany Karya Medika Internasional owns the remaining 35.0% in PT Pantai Bethany. Note: In 27 April 2012, Pantai Diagnostic, Mr. Aswin Tanuseputra, PT Bethany Karya Medika IntemasionaJ and PT Panta; Bethany, executed a Conditional Sale and Purchase Agreement according to which, Panta; Diagnostic shall sell its shares constituting 65.0% of the issued and paid up capital in PT Panta; Bethany to Mr. Aswin Tanusepulra. However the share transfer has not yet been executed as at the LPG. The share fransfer is expected to be executed within 2012. (iv) Subsidiary and associate As at the LPD, PT Pantai Bethany does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.31 Subsidiaries of Parkway Healthtech 6.3.31.1 Goldlink Investments (Company No. 200201947Z) (i) History and business Goldlink Investments was incorporated in Singapore under the Singapore Companies Act on 12 March 2002 as a private company limited by shares. Goldlink Investments is currently dormant. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Goldlink Investments is SGD2.00 comprising two ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authan’sed share capital and par value for shares. There has been no change to the issued and paid-up share capital of Goldlink Investments for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Goldlink Investments is a wholly-owned subsidiary of Parkway Healthtech. (iv) Subsidiary and associate As at the LPD, Goldlink Investments does not have any sUbsidiary or associate. 6.3.31.2 Drayson Investments (Company No. 200201945W) (i) History and business Drayson Investments was incorporated in Singapore under the Singapore Companies Act on 12 March 2002 as a private company limited by shares. Drayson Investments is currently dormant. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Drayson Investments is SGD2.00 comprising two ordinary shares. Note: Under the Singapore Companies Act. there is no requirement to have an authan’sed share capital and par value for shares. There has been no change to the issued and paid-up share capital of Drayson Investments for the past three years preceding the LPD. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at the LPD. Drayson Investments is a wholly-owned subsidiary of Parkway Healthtech. (iv) Subsidiary and associate As at the LPD, Drayson Investments does not have any subsidiary or associate, 6.3.32 Subsidiaries of Gleneagles International 6.3.32.1 Gleneagles Development (Company No. 1991024662) (i) History and business Gleneagles Development was incorporated in Singapore under the Singapore Companies Act on 29 May 1991 as a private company limited by shares and commenced its business on 29 May 1991. The principal activities of Gleneagles Development are developing and managing turnkey hospital projects and as a holding company. Gleneagies Development has a joint venture with Apollo Hospitals Enterprise Ltd to operate Apollo Gleneagles Hospital. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Gleneagles Development is SGD2.00 comprising two ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. There has been no change to the issued and paid-up share capital of Gleneagles Development for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Gleneagles Development is a wholly-owned subsidiary of Gleneagles International. (iv) Subsidiary and associate As at the LPD, Apollo Gleneagles is a joint venture of Gleneagles Development, details of which are set out in Section 6.3.46.1 of this Prospectus, and Gleneagles Development does not have any subsidiary. 6.3.32.2 Gleneagles UK (Company No. 2835180) (I) History and business Gleneagles UK was incorporated in the UK under the Companies Act 1985 on 12 July 1993 as a private company limited by shares and commenced its business On 12 July 1993. The principal activity of Gleneagles UK is as a holding company. IICompany No.: 901914-V 6. INFORMATION ON OUR GROUP (cont’d) (ii) Share capital As at the LPD, the authorised share capital of Gleneagles UK is GBP2,000.00 comprising 2,000 shares (600 “A” Shares and 1,400 “B” Shares) of GBP1.00 each. The issued and paid-up share capital of Gleneagles UK is GBP2,000.00 comprising 2,000 ordinary shares of GBP1.00 each. There has been no change to the Issued and paid-up share capital of Gleneagles UK for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Gleneagles UK is a 65.0%-owned subsidiary of Gleneagles International and the remaining 35.0% in Gleneagles UK are owned by minority shareholders. (iv) Subsidiary and associate As at the LPD, The Heart Hospital is a wholly-owned sUbsidiary of Gleneagles UK, details of which is as set out in Section 6.3.46.1. As at the LPD, Gleneagles UK does not have any associate. 6.3.33 SUbsidiaries of Medical Resources International 6.3.33.1 Shanghai Rui Xin (Company No. 310000400138637) (i) History and business Shanghai Rui Xin was incorporated in Shanghai under PRC Law on 31 January 1996 as a sino foreign joint venture limited liability company and commenced its business on 31 January 1996. The principal activities of Shanghai Rui Xin are providing medical services. (ii) Total investment and registered capital As at the LPD, the total investment of Shanghai Rui Xin is USD5,000,000.00 and the registered capital of Shanghai Rui Xln is USD2,500,000.00 The paid-up capital of Shanghai Rui Xin is USD2,500,000.00. There has been no change to the registered and paid-up capital of Shanghai Rui Xin for the past three years. (iii) Shareholder As at the LPD, 70.0% of the equity interests of Shanghai Rui Xin are held by Medical Resources while the remaining 30.0% is held by Shanghai Alliance Investment Ltd and Shanghai Guangci Medicine High-Tech Co Ltd at 15.0% each. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate As at the LPD, Shanghai Rui Xin entrusts Shanghai internationai Trust Co., Ltd to hold 70.0% equity interests of Shanghai Rui Pu and Shanghai Rui Xin is the beneficiary of such 70.0% equity interests of Shanghai Rui PU, details of which are set out in Section 6.3.47.1 of this Prospectus. Other than the above, Shanghai Rui Pu is, for the purposes of Singapore Companies Act and Malaysian Companies Act, a subsidiary of Shanghai Rui Xin. As at the LPD, Shanghai Rui Xin does not have any other subsidiary or associate. 6.3.33.2 Shanghai Xin Rui (Company No. 310000400350413) (i) History and business Shanghai Xin Rui was incorporated in Shanghai under PRC Law on 29 July 2003 as a sino foreign joint venture limited liability company and commenced its business on 29 July 2003. The principal activities of Shanghai Xin Rui are providing medicai services. (ii) Total investment and registered capital As at the LPD, the total investment of Shanghai Xin Rui is RMB20,000,000.00 and the registered capital of Shanghai Xin Rui is RMB14,000,000.00. The paid-up capital of Shanghai Xin Rui is RMB14 million. There has been no change to the registered and paid-up capital of Shanghai Xin Rui Healthcare Co Ltd for the past three years. (iii) Shareholder As at the LPD, 70.0% of the equity interest of Shanghai Xin Rui is held by Medical Resources while the remaining 30.0% is heid by Shanghai Ailiance Investment Ltd and Rui Jing Hospital of Medical School of Shanghai Jiao Tong University at 15.0% each. (iv) Subsidiary and associate As at the LPD, Shanghai Xin Rui does not have any subsidiary or associate. I Company No.: 901914-V ! 6. INFORMATION ON OUR GROUP (cont’d) 6.3.33.3 Shanghai Rui Hong (Company No. 310000400348638) (i) History and business Shanghai Rui Hong was incorporated in Shanghai under PRC Law on 11 July 2003 as a sino foreign joint venture limited liability company and commenced its business on 11 JUly 2003. The principal activity of Shanghai Rui Hong is providing medical seNices. (ii) Total investment and registered capital As at the LPD, the total investment of Shanghai Rui Hong is RMB20,OOO,000.00 and the registered capital of Shanghai Rui Hong is RMB14,000,000.00. The paid-up capital of Shanghai Rui Hong is RMB14,000,000.00. There has been no change to the registered and paid-up capital of Shanghai Rui Hong for the pasl three years. (iii) Shareholder As at the LPD, 70.0% of the equity interests of Shanghai Rui Hong is heid by Medical Resources while the remaining 30.0% is held by Shanghai Alliance Investment Ltd and Rui Jing Hospital of Medical School of Shanghai Jiao Tong University at 15.0% each. (iv) Subsidiary and associate As at the LPD, Shanghai Rui Hong entrusts Shanghai International Group Assets Management Co. Ltd and Shanghai International Trust Co., Ltd to hold 100% equity interests of Shanghai Rui Xiang while Shanghai Rui Hong is the beneficiary of all equity interests of Shanghai Rui Xiang, details of which are set out in Section 6.3.48.1 of this Prospectus. Other than the above, Shanghai Rui Hong does not have any other subsidiary or associate as at the LPD. 6.3.33.4 Shanghai Gleneagles (Company No. 310115400272551) (i) History and business Shanghai Gleneagles was incorporated in Shanghai under PRC Law on 21 September 2011 as a wholly foreign owned limited liability company and commenced its business on 21 September 2011. The principal activities of Shanghai Gleneagles are provision of hospital management seNice, consulting on hospital management & hospital investment. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (ii) Total investment and registered capital As at the LPD, the total investment of Shanghai Gleneagles is USD1 ,400,000.00 and the registered capital of Shanghai Gleneagles is USD1,000,000.00. The paid-up capital of Shanghai Gleneagles is USD200,000.00. There has been no change to the registered and paid-up capital of Shanghai Gleneagles since its incorporation. (iii) Shareholder As at the LPD, Shanghai Gleneagles is a wholly-owned subsidiary of Medical Resources. (iv) Subsidiary and associate As at the LPD, Shanghai Gleneagles does not have any subsidiary or associate. 6.3.34 Subsidiaries of Parkway Shanghai 6.3.34.1 Shanghai Shu Kang (Company No. 310103000207385) (i) History and business Shanghai Shu Kang was incorporated in Shanghai under PRC Law on 17 September 2010 as a domestic limited liability company and commenced its business on 17 September 2010. The principal activities of Shanghai Shu Kang are related to healthcare industry investment management and providing consulting services. (ii) Registered capital As at the LPD, the registered capital of Shanghai Shu Kang is RMB30,OOO.OO. The paid-up capltai of Shanghai Shu Kang is RMB30,OOO.OO. There has been no change to the registered and paid-up capitai of Shanghai Shu Kang since its incorporation. (iii) Shareholder As at the LPD, the equity interests of Shanghai Shu Kang Hospital Investment Management Co Ltd is held equally by two nominees. Each of the nominees has executed a power of attorney pursuant to which Parkway Shanghai is entitled to exercise the voting rights in relation to all of their shareholdings in Shanghai Shu Kang. (iv) Subsidiary and associate As at the LPD, Chengdu Rui Rong is the subsidiary of Shanghai Shu Kang while Shanghai Rui Pu is the associate of Shanghai Shu Kang, details of which are set out in Sections 6.3.49.1 and 6.3.50.1 of this Prospectus respectiveiy. 220 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6,3.35 Joint venture of Parkway Healthcare Mauritius 6.3.35.1 Apollo PET (Company No. U85110TN2004PLC052796) (i) History and business Apollo PET was incorporated in India under the (Indian) Companies Act, 1956 on 24 March 2004 as a public company and thereafter obtained a new certificate ot incorporation on 11 October 2006 as a private company and commenced its business on 20 April 2004. The principal activity of Apollo PET is the operation of a PET-CT radio imaging centre. (ii) Share capital As at the LPD, the authorised share capital of Apollo PET is Rs.200,000,000 comprising 20,000,000 equity shares of Rs. 10.00 each. The issued and paid-Up share capital of Apollo PET is Rs. 170,000,000 comprising 17,000,000 equity shares of Rs. 10.00 each. There has been no change to the issued and paid-up share capital of Apollo PET for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Apollo PET is a 50.0%-owned joint venture of Parkway-Healthcare Mauritius, whilst Apollo Hospitals owns the remaining 50.0% in Apollo PET. 6.3.36 Subsidiaries of Mount Elizabeth Medical 6,3.36.1 East Shore Medical (Company No. 197902757Z) (i) History and business East Shore Medical was incorporated in Singapore under the Singapore Companies Act on 15 September 1979 as a private company limited by shares. East Shore Medical is currently dormant. (ii) Share capital” As at the LPD, the issued and paid-up share capital of East Shore Medical is SGD50,000,000.00 comprising 50,000,000 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authon’sed share capita! and per value for shares. There has been no change to the issued and paid-up share capital of East Shore Medical for the past three years preceding the LPD. (iii) Shareholder As at the LPD, East Shore Medical is a wholly-owned subsidiary of Mount Elizabeth Medical’ Note: # Based on the information available to our Group as the LPD. 221 I Company No.: 901914-VJ 6. INFORMATION ON OUR GROUP (cont’r:!) (iv) Subsidiary and associate As at the LPD, East Shore Medical does not have any subsidiary or associate. 6.3.36.2 Mount Elizabeth Ophthalmic (Company No. 198702767K) (i) History and business Mount Elizabeth Ophthalmic was incorporated in Singapore under the Singapore Companies Act on 5 September 1987 as a private company limited by shares. Mount Elizabeth Ophthalmic is currently in the process of undergoing members voluntary liquidation. (ii) Share capital’ As at the LPD, the issued and paid-up share capital of Mount Elizabeth Ophthalmic is SGD704,002.00 comprising 704,002 ordinary shares. Note: Under the Singapore Companies Act, there is no requirement to have an authorised share capital and par value for shares. There has been no change to the issued and paid-up share capital of Mount Elizabeth Ophthalmic for the past three years preceding the LPD. (iii) Shareholder As at the LPD, approximately 66.48% of the shares of Mount Elizabeth Ophthalmic are held by Mount Elizabeth Medical. Each of Dr Leong Seek Kee, Dr Lim Kuang Hui, Dr Low Cze Hong, Dr Piyah Phongprapatana, Dr Lee Chin Piaw and Dr Cheah Way Mun holds approximately 5.11 % of the shares of Mount Elizabeth Ophthalmic while each of Dr Yow Choi Sin, Dr Tan Sao Leng David, Dr Khoo Chong Yew arid Dr Voon Gone Lin holds approximately 0.71% of the shares of Mount Elizabeth Ophthalmic. (Iv) Subsidiary and associate As at the LPD, Mount Elizabeth Ophthalmic does not have any subsidiary or associate. 6. INFORMATION ON OUR GROUP (cont’d) 6.3.37 Joint ventures of Shenton Family 6.3.37.1 Shenton Family Sukit Gombak (i) History and business Shenton Family, Dr Alvin Lum Wai Mun and Dr Wee Liang Yuen, George, the partners of Shenton Family Bukit Gombak, have carried out the business of a medical clinic in partnership with effect from 1 June 2000 pursuant to a partnership deed dated 18 August 2000 which was superceded by a partnership deed dated 31 October 2005 which was in turn amended by a deed of variation dated 30 December 2005. (ii) Shareholder As at the LPD, 50.0% of the shares of the partnership is held by Shenton Family, 25.0% of the shares of the partnership is held by Dr Alvin Lum Wai Mun and 25.0% of the shares of the partnership is held by Dr Wee Liang Yuen, George. 6.3.37.2 Shenton Family Serangoon (i) History and business
Shenton Family and Gregory Leong Pte Ltd, the partners of Shenton Family Serangoon, have carried out the business of a medical clinic in partnership with effect from 1 January 2010 pursuant to a partnership deed dated 1 March 2010. Prior to this, Shenton Family and Dr Gregory Leong Goh Han had carried out the business of the medical clinic in partnership since 17 July 2000.
(ii) Shareholder

As at the LPD, 50.0% of the shares of the partnership are held by Shenton Family and the remaining 50.0% of the shares of the partnership is held by Gregory Leong Pte Ltd. 6.3.37.3 Shenton Family Sedok Reservoir (i) History and business
Shenton Family, Dr Teoh Tsu Ping, Kieran and Dr How Chong Jeng, the partners of Shenton Family Bedok Reservoir, have carried out the business of a medical clinic in partnership with effect from 16 November 2002 pursuant to a partnership deed dated 11 March 2004.
(ii) Shareholder

As at the LPD, 50.0% of the shares of the partnership are held by Shenton Family, 25.0% of the shares of the partnership are held by Dr Teoh Tsu Ping, Kieran and 25.0% of the shares of the partnership are held by Dr How Chong Jeng. ~mpany No.: 901914-V 6. INFORMATION ON OUR GROUP (cont’d) 6.3.37.4 6,3.37.5 6,3.37.6 6.3.37.7 Shenton Family Jurong East (i) History and business
Shenton Family and Dr Michael Ha, the partners of Shenton Family Jurong East, have carried out the business of a medical clinic in partnership with effect from 1 January 2003 pursuant to a partnership deed dated 27 January 2005.
(ii) Shareholder

As at the LPD, 50.0% of the shares of the partnership are held by Shenton Family and the remaining 50.0% of the shares of the partnership is held by Dr Michael Ha. Shenton Family Tampines (i) History and business Shenton Family and Dr Lee See Chung, the partners of Shenton Family Tampines, have carried out the business of a medical clinic in partnership with effect from 1 January 2005 pursuant to a partnership deed dated 31 December 2004. (Ii) Shareholder As at the LPD, 50.0% of the shares of the partnership are held by Shenton Family and the remaining 50.0% of the shares of the partnership is held by Dr Lee See Chung. Shenton Family Yishun (i) History and business
Shenton Family and Dr Seah Heap Yang, the partners of Shenton Family Yishun, have carried out the business of a medical clinic in partnership with effect from 16 October 2006 pursuant to a partnership deed dated 28 December 2006.
(ii) Shareholder

As at the LPD, 50.0% of the shares of the partnership are held by Shenton Family and the remaining 50.0% of the shares of the partnership is held by Dr Seah Heap Yang. Shenton Family Ang Mo Kio (i) History and business Shenton Family, Dr Alvin Tan Swee Yen and Dr Gregory Leong Goh Han, the partners of Shenton Family Ang Mo Kia, have carried out the business of a medical clinic in partnership with effect from 22 February 2010 pursuant to a partnership deed dated 1 March 2010. (Ii) Shareholder As at the LPD, 50.0% of the shares of the partnership are held by Shenton Family, 40.0% of the shares of the partnership are held by Dr Alvin Tan Swee Yen and 10.0% of the shares of the partnership are held by Dr Gregory Leong Goh Han. 224 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’e!) 6.3.37.8 Shenton Family Duxton (i) History and business
Shenton Family and Phua & Family Medical Consultancy Pte. Ltd., the partners of Shenton Family Duxlon, have carried out the business of a medical clinic in partnership with effect from 1 May 2012 pursuant to a partnership agreement dated 26 April 2012. Prior to this, Shenton Family and Dr Phua Ling Yaw had carried out the business of the medical ciinic in partnership since 16 March 2010.
(ii) Shareholder

As at the LPD, 50.0% of the shares of the partnership are held by Shenton Family and the remaining 50.0% of the shares of the partnership is held by Phua & Family Medical Consultancy Pte. Ltd .. 6.3.37.9 Shenton Family Clementi (i) History and business Shenton Family and Dr Jason So Teck Beng, the partners of Shenton Family Clementi, have carried out the business of a medical clinic in partnership with effect from 1 April 2010 pursuant to a partnership deed dated 24 May 2010. (iI) Shareholder As at the LPD, 50.0% of the shares of the partnership are held by Shenton Family and the remaining 50.0% of the shares of the partnership is held by Dr Jason So Teck Beng. 6.3.37.10 Shenton Family Towner (i) History and business Shenton Family and Dr. Willix Pte. Ltd., the partners of Shenton Family Towner, have carried out the business of a medical clinic in partnership with effect from 1 April 2012 pursuant to a partnership agreement dated 30 March 2012. Prior to this, Shenton Family and Dr Tan Wee Lin had carried out the business of the medical clinic in partnership since 25 August 2011. (iI) Shareholder As at the LPD, 50.0% of the shares of the partnership are held by Shenton Family and the remaining 50.0% of the shares of the partnership are held by Dr. Willix PIe. Ltd .. [j:ompany No.: 901914-V ! 6. INFORMATION ON OUR GROUP (cont’rf) 6.3.38 SUbsidiary of Parkway Shenton International 6.3.38.1 Parkway Shenton Vietnam (Investment Certificate No. 411043000886) (i) History and business Parkway Shenton Vietnam was incorporated in Vietnam under the laws of Vietnam on 27 January 1997 as a foreign-invested joint venture company. Parkway Shenton Vietnam is currently dormant.
(Ii) Share capital As at the LPD. the total investment of Parkway Shenton Vietnam is USD11.000.000 and the legal capital is USD3,500,000. There has been no change to the legal capital of Parkway Shenton Vietnam for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Parkway Shenton Vietnam is a wholly-owned subsidiary of Parkway Shenton International. (iv) SUbsidiary and associate As at the LPD, Parkway Shenton Vietnam does not have any subsidiary or associate. 6.3.39 Subsidiaries of ACibadem 6.3.39.1 Acibadem Poliklinik (Company No. 4784) (i) History and business Acibadem Poliklinik was incorporated in istanbul, Turkey pursuant to TCC on 16 March 1993 as a private joint stock company and commenced its business on 16 March 1993. The principal activity of Acibadem Poiiklinik is provision of outpatient and surgical services. Acibadem Pollklinik holds the license for all the clinics and medical centres operated by Acibadem Group in Turkey except Levent Medical Centre, Konur Surgical Medical Center and Gemtip Medical Center. (ii) Share capital As at the LPD, the issued and paid-up share capital of Acibadem Poliklinik is TL8,000,000.00 comprising 8,000,000 shares of TL1.00 each. There has been no change to the issued and paid-up share capital of Acibadem Poliklinik for the past three years preceding the LPD. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (conl’e!) (iii) Shareholder As at the LPD, Acibadem Poliklinik is a 99.99%-owned subsidiary of Acibadem, whilst Mehmet Ali Aydinlar, Hatice Seher Aydinlar, Zeynep Aydinlar Erogut, Etem Erhan Aydinlar, Emin Gokalp Bas, Tahir Arslan, Ali Fuat Guven, Murat Yalcin Nak, Ibrahim Unsai, Armagan Ozel, Kamil Uluc Ayral, Mehmet Bas and Filiz Oktay own 1 share each. (iv) Subsidiary and associate As at the LPD, Acibadem Mobil is a 82.22%-owned subsidiary of Acibadem Poliklinik and Konur Saglik is a 94.95%-owned sUbsidiary of Acibadem Poliklinik, details of which are set out in Section 6.3.51.1 and 6.3.51.2 of this Prospectus. As at the LPD, Acibadem Poilklinik does not have any associate. 6.3.39.2 Acibadem Labmed (Company No. 462047) (i) History and business Acibadem Labmed was incorporated in Istanbul, Turkey pursuant to TCC on 28 August 2001 as a private joint stock company and commenced its business on 28 August 2001. The principal activity of Acibadem Labmed is provision of laboratory services and research and development activities. (ii) Share capital As at the LPD, the issued and paid-up share capital of Acibadem Labmed is TL3,000,000.00 comprising 3,000,000 shares of TL1.00 each. The changes in the issued and paid-up share capital of Acibadem Labmed for the past three years preceding the LPD are as follows: Cumulative  issued  Date of  No. of  Par  Purpose of  and paid-up  allotment  shares  value  Consideration  issue  share capital  TL  TL  03.12.2009  2.150,000  1.00  Cash, at TL1.00  Cash  3.000,000.00  per share  injection
(iii) Shareholder’ As at the LPD, amongst the Group B shareholders, Labmed Dortmund GmbH owns 45.0% in Acibadem Labmed, Arno Fraterman and Friedheim Kissing own 2.5% in Acibadem Labmed each, whilst Acibadem holds 1 Group B share. Amongst the Group A shareholders, Acibadem owns 50.0% in Acibadem Labmed which corresponds to 1,499,997 Group A shares and Mehmet Ail Aydinlar, Hatice Seher Aydinlar and Ibrahim Unsal own 1 Group A share each. Note: Holders of A group shares are entitled to nominate three board members and B group shares are entitled to nominate the remaining two board members for appointment by the General Assembly. 227 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iv) Subsidiary and associate As at the LPD, Acibadem Labmed does not have any subsidiary or associate. 6.3.39.3 International Hospital (Company No. 198735) (i) History and business International Hospital was incorporated in Istanbul, Turkey pursuant to TCC on 12 December 1983 as a private joint stock company and commenced its business on 12 December 1983. The principal activity of International Hospital is provision of medical, surgical and hospital services. International Hospital holds the license for International Hospital. (ii) Share capital As at the LPD, the issued and paid-up share capital of International Hospital is TL 2,000,000.00 comprising 1,000,000 shares of TL 2.00 each. There has been no change to the issued and paid-up share capital of International Hospital for the past three years preceding the LPD. (iii) Shareholder’ As at the LPD, International Hospital is a 90.0%-owned subsidiary of Acibadem, who is both a Group A and B shareholder. Said Haifawi owns 10.0% in International Hospital as a Group A shareholder and Mehmet Ali Aydinlar, Zeynep Aydinlar Erogut and Tahir Arslan each own 1 Group A share. Note: Holders of A group Shares are entitled to nominate two board members and B group shares are entitled to nOminate the two board members for appointment by the general assembly. The remaining board member is elected among those nominees determined by A group shareholders and approved by B group shareholders. (Iv) Subsidiary and associate As at the LPD, International Hospital does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’ci) 6.3.39.4 Acibadem Mobil (Company No. 671761) (i) History and business Acibadem Mobil was incorporated In Istanbul, Turkey pursuant to TCC on 7 Juiy 2008 as a private joint stock company and commenced its business on 7 July 2008. The principal activities of Acibadem Mobil are the provision of emergency, home and ambulatory care services. (ii) Share capital As at the LPD, the Issued and paid-Up share capital of Acibadem Mobil is TL4,500,000.00 comprising 4,500,000 shares of TL1.00 each. The changes in the issued and paid-up share capital of Acibadem Mobil for the past three years preceding the LPD are as follows: Cumulative Issued Date of No. of Par Purpose of and paid-up allotment shares value Consideration Issue share capital —-n:­TL 09.04.2009 600,000 Cash
1.00 Cash, at TL1.00 650.000.00 injectionper share 19.07.2010 350,000 1.00 Cash, at TL1.00 Cash 1,000,00000 per share injection 21.01.2011 3,500,000 100 Cash, at TL 1.00 Cash 4,500,000.00 per share injection (iii) Shareholder Acibadem Mobil is a 17.78%-owned subsidiary of Acibadem and Acibadem Polikiinik, which is a Wholly-owned subsidiary of Acibadem, owns 82.22% in Acibadem Mobil, whilst Mehmet Ali Aydinlar, Hatice Seher Aydinlar and Zeynep Aydinlar Erogut each own 13 shares in Acibadem Mobil. (iv) Subsidiary and associate As at the LPD, Acibadem Mobil does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.39.5 Yeni Saglik (Company No. 431766) (i) History and business Yeni Saglik was incorporated in Istanbul, Turkey pursuant to TCC on 12 January 2000 as a private joint stock company and commenced its business on 1 June 2011. The principal activities of Yeni Saglik are the provision of medical, surgical and hospital services. Yeni Saglik holds the license for Aile Hospital Bahcelievler and Aiie Hospital Goztepe. (Ii) Share capital As at the LPD, the issued and paid-up share capital of Yeni Saglik is TL20,000,000.00 comprising 20,000,000 shares of TL 1.00 each. The changes in the issued and paid-up share capital of Yeni Saglik for the past three years preceding the LPD are as follows:
CumulatIve issued Date of No, of Par Purpose of and paid~up allotment shares value Consideration issue share capital ——rc TL 30.06.2010 60,000 1.00 Cash, at TL1.00 Cash 110,000.00 per share injection 20.12.2011 19,890,000 1.00 Cash. at TL1.00 Cash 20,000,000.00 per share injection (iii) Shareholder· As at the LPD, Yeni Saglik is a 99.99%-owned subsidiary of Acibadem, whilst Mehmet Ali Aydinlar, Hatice Seher Aydinlar, Zeynep Aydinlar Erogut, Yalcin Nak and Birol Sumer own 1 share each. Note: The TCe requires at least 5 shareholders for thl1 incorporation and valid existing of a joint stock company. However, the New TCe allows the establishment of a single shareholder joint stock company. (iv) Subsidiary and associate As at the LPD, Yeni Saglik does not have any sUbsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’cf) 6.3.39.6 Jinemed Saglik (Company No. 303859) (i) History and business Jinemed Saglik was incorporated in Istanbul, Turkey under TCC numbered 6762 on 23 September 1993 as a private joint stock company and commenced its business on 23 September 1993. The principal activities of Jinemed Saglik are provision of medical, surgical and hospital services. Jinemed Saglik holds the license for Jinemed Hospital and Jinemed Medical Center. (ii) Share capital As at the LPD, the issued and paid-up share capital of Jinemed Saglik is TL6,600,000 comprising 4,000 ordinary shares of TL16,500.00 each The changes in the issued and paid-up share capital of Jinemed Saglik for the past three years preceding the LPD are as foHows: Cumulativa  issued  Date of  No. of  Par  Purpose of  and paid-up  allotment  shares  value  ConsideratIon  issue  share capital  TL  TL  13.04.2012  11  16,500.00  Cash, at  Cash  Issued capital:  TL16,500.00 per  injection  6,600,000.00  share  Paid-up capital:  6,593,682.89  Note:
Please note that the capital increase dated 13 Apn’1 2012 was realised through the increase of the par value of each share. Thus no new shares were issued. (iii) Shareholder As at the LPD, Jinemed Saglik is a 65%-owned subsidiary of Acibadem, whilst Fahri Teksen Camlibel owns the remaining 35% in Jinemed Saglik: Note: As at the LPD, Jinemed Sagfik ;s not a subsidiary of Acibadem Group. In January 2012, Acibadem and the shareholders of Jinemed Saglik executed a “share purchase agreement” according to which, 65.0% of the equity interest of Jinemed SaglJk will be purchased by and transferred to Acibadem. On 8 March 2012, the Turkish Competition Authon”ty granted clearance for this transaction; however, the share transfer has not yet been completed. Jinemed Hospital and Jinemed Medical Center is included in the pro forma financial information of the Group under Section 12.11 in this Prospedus, The share transfer is expeded to be completed within 2012. (iv) Subsidiary and associate As at the LPD, Jinemed Saglik does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’cf) 6.3.39.7 Acibadem Sistina (Company No. 6575641) (il History and business Acibadem Sistina was incorporated in Skopje pursuant to Law on Healthcare and Law on Institutions on 7 April 2010 as a private institution and commenced its business on 7 April 2010. The principal activity of Acibadem Sistina is provision of heaith care services to the citizens of Macedonia and the region. Acibadem Sistina holds the license for Acibadem Sistina Clinical Hospital. (ii) Share capital’ As at the LPD, the authorised share capital of Acibadem Sistina is MKD1,946,800. Note: Under the Law On Institutions in Macedonia, there is no requirement for a Macedonian Institution to have share numbers and par value for its shares. The changes in the issued and paid-up share capital of Acibadem Sistina for the past three years preceding the LPD are as follows: Cumulative Issued Date of Purpose of and paid-up allobnent Consideration Issue share capital MKD 07.042010 Other than Initial capital for 100.000.00 cash(tangible assets establishment of with estimated value the entity of 100.000 MKD) 14.07.2010 Cash at 1,846,800 Capital increase 1.946.800.00 MKD (iii) Shareholder As at the LPD, Acibadem owns 50.32% and Orka Holding AD Skopje owns 49.67% in Acibadem Sistina and Nina Pijadeva-Mirkovska owns 0.01 % in the share capitai of Acibadem Sistina. (Iv) Subsidiary and associate As at the LPD, Sistina Kosovo and Specialist Ordination are subsidiaries of Acibadem Sistina, details of which are set out in Sections 6.3.52.2 and 6.3.52.1 of this Prospectus. As at the LPD, Acibadem Sistina does not have any associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.39.8 Acibadem Sistina Medikal (Company No. 6729169) (i) History and business Acibadem Sistina Medikal was incorporated in Skopje under Companies Act on 31 August 2011 as a private company and commenced its business on 31 August 2011. The principal activity of Acjbadem Sistina Medikal is provision of medical equipment. (ii) Share capital’ As at the LPD, the authorised share capital of Acibadem Sistina Medikal is MKD31 0,000. Note: Under the Companies Law in Macedonia except when the company is registered as a joint stock company, there is no requirement for a Macedonian company to have share numbers and per value for its shares. There has been no change to the issued and paid-up share capital of Acibadem Sistina Medikal since its incorporation on 31 August 2011 up to the LPD. (iii) Shareholder As at the LPD, Acibadem owns 50.0% in Acibadem Sistina Medikal, whilst Orka Holding AD Skopje owns the remaining 50.0% in Acibadem Sistina Medikal. (iv) Subsidiary and associate As at the LPD, Acibadem Sistina Medikal does not have any subsidiary or associate. 6.3.39.9 Acibadem Orta (Company No. 421811) (i) History and business Acibadem Orta was incorporated in Istanbul, Turkey pursuant to TCC on 9 June 1999 as a private joint stock company and commenced its business on 30 May 2012. The principal activities of Acibadem Orta are construction and planning of healthcare facilities, provision of operation and management services to healthcare institutions and secondary logistic services such as catering cleaning, laundry services. (ii) Share capital As at the LPD, the issued and paid up share capital of Acibadem Orta is TL500,000.00 comprising 500,000 shares of TL1.00 each. There has been no change to the issued and paid-up share capital of Acibadem Orta for the past three years preceding the LPD. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont'(fj (iii) Shareholder As at the LPD, Acibadem Orta is a 75.0%-owned subsidiary of Acibadem, whilst Acibadem Poliklinik owns 10.0%, Acibadem Mobil owns 5.0%, Acibadem Proje owns 5.0% and APlus owns 4.998% in Acibadem Orta. Acibadem Labmed and Mehmet Ali Aydinlar own 5 shares each. (iv) Subsidiary and associate As at the LPD, Acibadem Orta does not have any subsidiary or associate. 6.3.40 Subsidiaries of Pantai Medical Centre 6.3.40.1 Angiography (Company No. 103518-T) (i) History and business Angiography was incorporated in Malaysia under the Malaysian Companies Act on 29 June 1983 as a private company limited by shares and commenced its business in 1986. The principal activity of Angiography is provision of cardiac catherisation services. (ii) Share capital As at the LPD, the authorised share capital of Angiography is RM 1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Angiography is RM758,500.00 comprising 758,500 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Angiography for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Angiography is a wholly-owned subsidiary of Pantai Medical Centre. (iv) Subsidiary and associate As at the LPD, Angiography does not have any subsidiary or associate. 6.3.40.2 Magnetom Imaging (Company No. 203987-H) (i) History and business Magnetom Imaging was incorporated in Malaysia under the Malaysian Companies Act on 8 September 1990 as a private company limited by shares and commenced its business on 1 February 1991. The principal activities of Magnetom Imaging are provision of medical diagnostic services and other related ventures. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’e!) (ii) Share capital As at the LPD, the authorised share capital of Magnetom Imaging is RM2,000,000.00 comprising 2,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Magnetom Imaging is RM1 ,590,156.00 comprising 1,590,156 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Magnetom Imaging for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Magnetom Imaging is a wholly-owned sUbsidiary of Pantai Medical Centre. (iv) Subsidiary and associate As at the LPD, Magnetom Imaging does not have any subsidiary or associate. 6.3.40.3 PMC Radio-Surgery (Company No. 386694·H) (i) History and business PMC Radio-Surgery was incorporated in Malaysia under the Malaysian Companies Act on 9 May 1996 as a private company limited by shares and commenced its business on 9 May 1996. The principal activity of PMC Radio-Surgery is provision of radiotherapy services. (ii) Share capital As at the LPD, the authorised share capital of PMC Radio-Surgery is RM5,000,000.00 comprising 5,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of PMC Radio-Surgery is RM2.00 comprising 2 ordinary shares of RM 1.00 each. There has been no change to the issued and paid-Up share capital of PMC Radio-Surgery since its incorporation on 9 May 1996 up to the LPD. (iii) Shareholder As at the LPD, PMC Radio-Surgery is a wholly-owned subsidiary of Pantai Medical Centre. (Iv) SUbsidiary and associate As at the LPD, PMC Radio-Surgery does not have any subsidiary or associate. 6. INFORMATION ON OUR GROUP (cont’d)

6.3.40A Panlai-Arc Dialysis (Company No. 522340-H) (i) History and business Pantai-Arc Dialysis was incorporated in Malaysia under the Malaysian Companies Act on 1 August 2000 as a private company limited by shares and commenced its business in 2008. The principal activity of Pantai-Arc Dialysis is provision of haemodialysis services. (ii) Share capital As at the LPD, the authorised share capital of Pantai-Arc Dialysis is RM2,000,000.00 comprising 2,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Pantai-Arc Dialysis is RM1,315,760.00 comprising 1,315,760 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Pantai-Arc Dialysis for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Pantai-Arc Dialysis is a 51.0%-owned subsidiary of Pantai Medical Centre, whiist Asia Renal Care Asia Pacific Holdings Limited owns 20.0%, Dr. Satwant Singh Gill owns 14.5% and Dr. Tan Wee Ming owns 14.5%. (iv) Subsidiary and associate As at the LPD, Pantai-Arc Dialysis does not have any subsidiary or associate. 6.3.41 Subsidiaries of Pantai Ayer Keroh 6.3.41.1 HPAK Cancer (Company No. 545400-K) (i) History and business HPAK Cancer was incorporated in Malaysia under the Malaysian Companies Act on 19 April 2001 as a private company limited by shares and commenced its business on 1 July 2002. The principal activity of HPAK Cancer is provision of medicai services for cancer diseases. (ii) Share capital As at the LPD, the authorised share capital of HPAK Cancer is RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of HPAK Cancer is RM666,669.00 comprising 666,669 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of HPAK Cancer for the past three years preceding the LPD. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at the LPD, HPAK Cancer is a wholly-owned sUbsidiary of Pantai Ayer Keroh. (iv) Subsidiary and associate As at the LPD, HPAK Cancer does not have any subsidiary or associate. 6.3.41.2 HPAK Lithotripsy (Company No. 499723-M) (I) History and business HPAK Lithotripsy was incorporated in Malaysia under the Malaysian Companies Act on 24 November 1999 as a private company limited by shares and commenced its business in 2002. The principal activity of HPAK Lithotripsy is provision of Iithotriptor services. (ii) Share capital As at the LPD, the authorised share capital of HPAK Lithotripsy is RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of HPAK Lithotripsy is RM1 00,000.00 comprising 100,000 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of HPAK Lithotripsy for the past three years preceding the LPD. (iii) Shareholder As at the LPD, HPAK Lithotripsy is a wholly-owned subsidiary of Pantai Ayer Keroh. (iv) Subsidiary and associate As at the LPD, HPAK Lithotripsy does not have any subsidiary or associate. 6.3.42 SUbsidiary of Gleneagles KL 6.3.42.1 Oncology Centre (KL) (Company No. 394942-H) (i) History and business Oncology Centre (KL) was incorporated in Malaysia under the Malaysian Companies Act on 20 July 1996 as a private company limited by shares and commenced its business in 1998. The principal activity of Oncology Centre (KL) is provision of comprehensive professional oncological service inclusive of diagnostic, radiotherapy and chemotherapy treatment. 6. INFORMATION ON OUR GROUP (conl’d) (ii) Share capital As at the LPD, the authorised share capital of Oncology Centre (KL) is RM25,000,000.00 comprising 24,700,000 ordinary shares of RM1.00 each and 6,000,000 redeemable prelerence shares of RMO.05 each. The issued and paid-up share capital of Oncology Centre (KL) is RM250,000.00 comprising 250,000 ordinary shares of RM 1.00 each. There has been no change to the issued and paid-up share capital of Oncology Centre (KL) lor the past three years preceding the LPD. (iii) Shareholder As at the LPD, Oncology Centre (KL) is a wholly-owned subsidiary of Gleneagles KL. (iv) Subsidiary and associate As at the LPD, Oncology Centre (KL) does not have any subsidiary or associate. 6.3.43 Subsidiary 01 Mount Elizabeth Services 6.3.43.1 Orilolio Options (Company No. 438082-H) (i) History and business Orilolio Options was incorporated in Malaysia under the Malaysian Companies Act on 4 July 1997 as a private company limited by shares and commenced its business in 1999. The principal activity of Orilolio Options is letting of property and general trading. (ii) Share capital As at the LPD, the authorised share capital of Orifolio Options is RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Orifolio Options is RM2.00 comprising 2 ordinary shares of RM1.00 each. There has been no change to the issued and paid-up share capital of Orilolio Options since its incorporation on 4 July 1997 up to the LPD. (iii) Shareholder As at the LPD, Orilollo Options is a Wholly-owned subsidiary of Mount Elizabeth Services. (iv) Subsidiary and associate As at the LPD, Orifolio Options does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.45 Subsidiary of Twin Towers Healthcare 6.3.45.1 Twin Towers Medical Centre (Company No. 417262-P) (i) History and business Twin Towers Medical Centre was incorporated in Malaysia under the Malaysian Companies Act on 17 January 1997 as a private company limited by shares and commenced its business on 16 November 1998. The principal activity of Twin Towers Medical Centre is operating an outpatient and daycare medical centre. (ii) Share capital As at the LPD, the authorised share capital of Twin Towers Medical Centre is RM10,000,000.00 comprising 8,999,999 ordinary shares of RM 1.00 each, 1 Special Preference Share and 1,000,000 Class “A” redeemable cumulative preference shares of RM1.00 each. The issued and paid-up share capital of Twin Towers Medical Centre is RM4,000,000.00 comprising 4,000,000 ordinary shares of RM1.00 each. The changes in the issued and paid-up share capital of Twin Towers Medical Centre for the past three years preceding the LPD are as follows: Cumulative Date of issued allotment! No. of Par Purpose of issue! and paid-up redemption shares value Consideration redemption share capital RM RM Class “A” Cumulative Redeemable Preference shares 17.01.2012 (205,000) 1.00 Cash, at RM1.00 per Redemption of 4,000,000 share Class “An cumulative redeemable preference shares (iii) Shareholder As at the LPD, Twin Towers Medical Centre is a wholly-owned subsidiary of Twin Towers Healthcare. (iv) Subsidiary and associate As at the LPD, Twin Towers Medical Centre does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.46 Joint venture of Gleneagles Development 6.3.46.1 Apollo Gleneagles (Company No. U33112WB19BBPLC045223) (i) History and business Apollo Gleneagles was incorporated in India under the (Indian) Companies Act, 1956 on 19 September 1988 as a public company and commenced its business on 14 October 1988. The principal activity of Apollo Gleneagles is to acquire, establish, run and maintain hospitals. (ii) Share capital As at the LPD, the authorised share capital of Apollo Gleneagles is Rs. 1,200,000,000.00 comprising 120,000,000 shares of RS.10.00 each. The issued and paid-up share capital of Apollo Gleneagles is Rs. 1,093,513,940.00 comprising 109,351,394 equity shares of Rs. 10.00 each. There has been no change to the issued and paid-up share capital of Apollo Gleneagles for the past three years preceding the LPD. (iii) Shareholder As at the LPD, Apollo Gleneagles is 50.0%-owned joint venture by Gleneagles Development, whilst Apollo Hospitals and other nominees own the remaining 50.0% in Apollo Gleneagles. 6.3.47 Subsidiary of Gleneagles UK 6.3.47.1 The Heart Hospital (Company No. 2979311) (i) History and business The Heart Hospital was incorporated in the UK under the Companies Act 1985 on 14 October 1994 as a private company limited by shares. The Heart Hospital is currently under company voluntary arrangement. (ii) Share capital As at the LPD, the authorised share capital of The Heart Hospital is GBP1,000.00 comprising 1,000 ordinary shares of GBP1.00 each. The issued and paid-up share capital of The Heart Hospital is GBP2.00 comprising two ordinary shares of GBP1.00 each. There has been no change to the issued and paid-up share capital of The Heart Hospital for the past three years preceding the LPD. (iii) Shareholder As at the LPD, The Heart Hospital is a wholly-owned subsidiary of Gleneagles UK. Company No.: 901914·V I 6. INFORMATION ON OUR GROUP (cont’cf) (iv) Subsidiary and associate As at the LPD, The Heart Hospital does not have any subsidiary or associate. 6.3.48 Subsidiary of Shanghai Rui Xin 6.3.48.1 Shanghai Rui Pu (Company No. 310115000905187) (i) History and business Shanghai Rui Pu was incorporated in Shanghai under PRC Law on 27 July 2005 as a domestic joint venture limited liability company and commenced its business on 27 July 2005. The principal activities of Shanghai Rui Pu are providing medical services inclUding preventative medicine, internal medicine, general surgery, obstetrics and gynaecology, paediatrics, ophthalmology, stomatOlogy, laboratory and radiology. (ii) Registered capital As at the LPD, the registered capital of Shanghai Rui Pu is RMB1,500,000.00. The paid-up capital of Shanghai Rui Pu is RMB1,500,000.00. There has been no change to the registered and paid-up capital of Shanghai Rui Pu for the past three years. (iii) Shareholder As at the LPD, 70.0% of the equity interests of Shanghai Rui Pu is held by Shanghai International Trust Co., Ltd held on trust on behalf of Shanghai Rui Xin while the remaining 30.0% is held by Shanghai Shu Kang. (iv) Subsidiary and associate As at the LPD, Shanghai Rui Pu does not have any SUbsidiary or associate. 6.3.49 Subsidiary of Shanghai Rui Hong 6.3.49.1 Shanghai Rui Xiang (Company No. 310105000287634) (i) History and business Shanghai Rui Xiang was incorporated in Shanghai under PRC Law on 16 August 2005 as a domestic joint venture limited liability company and commenced its business on 16 August 2005. The principal activity of Shanghai Rui Xiang is providing medical services. (ii) Registered capital As at the LPD, the registered capital of Shanghai Rui Xiang is RMB5,000,000.OO. The paid-up capital of Shanghai Rui Xiang is RMB5,OOO,OOO.OO. 241 I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) There has been no change to the registered and paid-up capital of Shanghai Rui Xiang for the past three years. (iii) Shareholder As at the LPD, 98% of the equity interests of Shanghai Rui Xiang are held by Shanghai International Trust Co Ltd on trust on behalf of Shanghai Rui Hong, while the remaining 2% is held by Shanghai International Group Assets Management Co Ltd on behalf of Shanghai RuiHong. (iv) Subsidiary and associate As at the LPD, Shanghai Rui Xiang does not have any subsidiary or associate. 6.3.50 Subsidiary of Shanghai Shu Kang 6.3.50.1 Chengdu Rui Rong (Company No. 5101090001811 06) (i) History and business Chengdu Rui Rang was incorporated in Chengdu under PRC Law on 9 May 2011 as a domestic limited iiability company and commenced its business on 9 May 2011. The principal activity of Chengdu Rui Rang is providing medical services. (ii) Registered capital As at the LPD, the registered capital of Chengdu Rui Rang is RMB5,000,000.00. The paid-up capital of Chengdu Rui Rang is RMB5,000,000.00. There has been no change to the registered and paid-up capital of Chengdu Rui Rang since its incorporation. (iii) Shareholder As at the LPD, Chengdu Rui Rang is a wholly-owned subsidiary of Shanghai Shu Kang. (iv) Subsidiary and associate As at the LPD, Chengdu Rui Rang does not have any subsidiary or associate. 6.3.51 Associate of Shanghai Shu Kang 6.3.51.1 Shanghai Rui Pu (Company No. 310115000905187) (i) Shareholder As at the LPD, 70.0% of the equity interests of Shanghai Rui Pu is held by Shanghai International Trust & Investment Co Ltd held on trust on behalf of Shanghai Rui Xin while the remaining 30.0% is held by Shanghai Shu Kang. For further details on Shanghai Rui Pu, piease see Section 6.3.47.1 of this Prospectus. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (conl’e!) 6.3.52 Subsidiaries of Acibadem Poliklinik 6.3.52.1 Acibadem Mobil (Company No. 671761) (il History and business Acibadem Mobil was incorporated in Istanbul, Turkey pursuant to TCC on 7 July 2008 as a private joint stock company and commenced its business on 7 JUly 2008. The principal activities of Acibadem Mobil are the provision of emergency, home and ambulatory care services. (ii) Share capital As at the LPD, the issued and paid-up share capital of Acibadem Mobil is TL4,500,000.00 comprising 4,500,000 shares of TL1.00 each. The changes in the issued and paid-up share capital of Acibadem Mobil for the past three years preceding the LPD are as follows: Cumulative issued Date 01 No. of Par Purpose of and paid-up allotment shares value Consideration issue share capital —–rc TL 09.04.2009 600.000 Cash1.00 Cash, at TL1.00 650,000.00 injectionper share 19.07.2010 350,000 1.00 Cash, at TL1.00 Cash 1.000.000.00 per share injection 21.01.2011 3.500.000 1.00 Cash, at TL1.00 Cash 4,500.000.00 per share injection (iii) Shareholder Acibadem Mobil is a 82.22%-owned subsidiary of Acibadem Poliklinlk and Acibadem owns 17.78%, whilst Mehmet Ali Aydinlar, Hatlce Seher Aydinlar and Zeynep Aydlnlar Erogut each own 13 shares in Acibadem Mobil. (iv) Subsidiary and associate As at the LPD, Acibadem Mobil does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.52.2 Konur Saglik (Company No. 54501) (i) History and business Konur Saglik was incorporated in Bursa, Turkey pursuant to TCC on 13 August 2003 as a private joint stock company and commenced its business on 13 August 2003. The principal activity of Konur Saglik is provIsion of emergency, outpatient and surgical services. Konur Saglik holds the license for Konur Surgical Medical Center. (Ii) Share capital As at the LPD, the issued and paid-up share capital of Konur Saglik is TL1,590,000.00 comprising 6,360 shares of TL250.00 each. The changes in the issued and paid-up share capital of Konur Saglik for the past three years preceding the LPD are as follows: Cumulative  Issued  Date of  No. of  Par  Purpose of  and pald~up  allotment  shares  value  Consideration  issue  share capital  TL  TL  08.06.2009  1,090,000  250.00  TL250.00  Cash injection  1,140,000.00
02.03.2010 450,000 250.00 TL250.00 Cash injection 1,590,000.00 (iii) Shareholder· As at the LPD, Konur Sagllk is a 94.25%-owned sUbsidiary of Acibadem Poliklinlk, Omer Buh Sem owns 5.00%, Suleyman Taker owns 2.50%, whilst Etem Erhan Aydinlar, Ibrahim Unsal and Emin Gokalp Bas each own 1 share. Notes: The Tee requires at least 5 shareholders for the incorporation and valid existing of a joint stock company. However. the New Tee allows the establishment of a single shareholderjoint stock company. # As of2 March 2012, Suleymen Toker transferred his sharehofding in Konur Seglik to Acibadem PoJikfinik, as a result of which the shareholding of Acibadem Polik!inik increased to 95.0%. (iv) SUbsidiary and associate As at the LPD, Gemtip Ozel is a 58.0%-owned SUbsidiary of Konur Saglik, details of which are as set out In Section 6.3.53.1 of this Prospectus. As at the LPD, Konur Saglik does not have any associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) 6.3.53 Subsidiaries of Acibadem Sistina 6.3.53.1 Specialist Ordination (Company No. 6668453) (i) History and business Specialist Ordination was incorporated in Macedonia under Law on Healthcare and Law on Institutions on 29 December 2010 as a private institution and commenced its business on 29 December 2010. The principal activity of Specialist Ordination is performing regular checkups of the employees of different companies which are required by the law. (ii) Share capital” As at the LPD, the authorised share capital of Specialist Ordination is MKD19,840.00. Note: Under the Law on Institutions in Macedonia, there is no requirement for a Macedonian Institution to have share numbers and par value for its shares. There has been no change to the issued and paid-up share capital of the Specialist Ordination since its incorporation on 29 December 2010 up to the LPD. (iii) Shareholder As at the LPD, Specialist Ordination is a 99.5%-owned subsidiary of Acibadem Sistina and Nina Pijadeva-Mirkovska holds 0.5% in the share capital of Specialist Ordination. (iv) Subsidiary and associate As at the LPD. Specialist Ordination does not any subsidiary or associate. 6.3.53.2 Sistina Kosovo (Company No. 70684667) (i) History and business Sistina Kosovo was incorporated in Kosovo under Law on Business Organisations on 23 July 2010 as a foreign company and commenced its business on 23 july 2010. The principal activities of Sistina Kosovo are performing non-medical activities such as patient’s referrals. patient administrative assistance and patient’s documents preparation. (Ii) Share capital As at the LPD, the authorised share capital of Sistina Kosovo is EURO 2,600.00. There has been no change to the issued and paid-up share capital of Sistina Kosovo since its incorporation on 23 Juiy 2010 up to the LPD. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (cont’d) (iii) Shareholder As at the LPO, Sistina Kosovo is a 100% owned subsidiary of Acibadem Sistina. (iv) Subsidiary and associate As at the LPO, Sistina Kosovo does not have any subsidiary or associate. 6.3.54 SUbsidiary of Konur Saglik (Company No. 4746) 6.3.54.1 Gemtip Ozel (i) History and business Gemtip Ozel was incorporated in Gemlik, Turkey pursuant to TCC on 11 January 2011 as a private limited liability company and commenced its business on 11 January 2011. The principal activity of Gemtip Ozel is provision of outpatient services. Gemtip Ozel holds the license for Gemtip Medical Center. (Ii) Share capital As at the LPO, the issued share capital of Gemtip Ozel is TL250,000.00 comprising 10,000 shares of TL25.00 each. The paid­up share capital of Gemtip Ozel is TLB 1,250.00. The changes in the issued and paid-up share capital of Gemtip Ozel for the past three years preceding the LPO are as follows: No. of Par Purpose of shares value Consideration Issue -TL 9,000 25.00 TL25.00 Cash (iii) Shareholder As at the LPO, Gemtip Ozel is a 58.0%-owned subsidiary of Konur Saglik, whilst Omer Artar owns 16.0% in Gemtip Ozel, Ender Ucar owns 16.0% in Gemtip Ozel and Ayse Akit own 10.0% in Gemtip Ozel. (iv) SUbsidiary and associate As at the LPO, Gemtip Ozel does not have any subsidiary or associate. I Company No.: 901914-V I 6. INFORMATION ON OUR GROUP (conre!) 6.4 Others We manage Shanghai Hui Xing Jin Pu (which is wholly-owned by Shanghai Hui Xing) through certain contractual arrangements with the parent company of Shanghai Hui Xing. Shanghai Hui Xing Jin Pu is a wholly-owned sUbsidiary of Shanghai Hui Xing and does not have any associates. Although Shanghai Hui Xing and Shanghai Hui Xing Jin Pu fall within the definition of “subsidiary” for the purposes of Singapore Companies Act and Malaysian Companies Act by virtue of our contractuai arrangements with the parent company of Shanghai Hui Xing, they are not, for the purposes of relevant accounting rules, treated as subsidiaries or associates of our Company. (The rest of this page is intentionally left blank) 8. BUSINESS OVERVIEW (cant’d) Corporate structure and history 8.1.1 History and development Our Company was incorporated in Malaysia on 21 May 2010 as a holding company for Khazanah’s healthcare investments in Parkway, Pantai, IMU Health and Apollo. Our Company was converted to a public company on 2 April 2012. On 20 April 2012, our Company changed its name to IHH Healthcare Berhad. Our Company undertook a voluntary general offer for Parkway through its subsidiary, IHHL, which was successfully completed in August 2010, resulting in Parkway subsequently being delisted from the Main Board of SGX-ST on 24 November 2010. During 2011, our Company also underwent an internal restructuring that resulted in, among other things, the creation of PPL, an indirectly wholly-owned subsidiary of our Company, and in the transfer of Parkway and Pantai Irama (which holds a 100.0% equity interest in Pantai) to PPL. Following this restructuring, PPL holds 100.0% of each of Parkway and Pantai (through Pantai Irama), which we believe enabled us to streamline operations and achieve greater synergies and cost savings. On 16 May 2011, Mitsui, a company which is primarily listed on the Tokyo Stock Exchange, became Khazanah’s strategic partner in our Company by acquiring a 30.0% equity interest in our Company through its wholly-owned subsidiary, MBK Healthcare. On 24 January 2012, our Company completed the acquisition of an indirect 60.0% equity interest in Acibadem Holding in exchange for cash and shares for a total purchase consideration of approximately USD825.72 million, satisfied by cash payment of approximately USD275.24 million and issuance of our Shares valued at approximately USD550.48 million, which is subject to adjustments as described in Section 15.6(ii) of this Prospectus. On completion of this acquisition, Acibadem Holding held, through its wholly-owned subsidiary, Almond (Turkey), a 92.0% equity interest in Acibadem as well as a 100.0% equity interest in Acibadem Proje and a 100.0% equity interest in APlus. Following the acquisition, the shareholders of Acibadem Holding, Mehmet Ali Aydinlar, Hatice Seher Aydinlar and Almond (Netherlands) held equity interests of 3.91%,0.30% and 7.02%, respectively, in our Company and the shareholding of each of MBK Healthcare and Pulau Memutik was diluted to 26.63% and 62.14%, respectively. Mehmet Ali Aydinlar and Hatice Seher Aydinlar have collectively transferred a portion of their shareholdings in our Company to SZA Gayrimenkul which is a company wholly-owned by Aydinlar. As at the LPD, SZA Gayrimenkul, Mehmet Ali Aydinlar and Hatice Seher Aydinlar held equity interests of 2.30%,1.61% and 0.29% respectively, in our Company. On 5 April 2012, the shareholders of Almond (Netherlands) passed a resolution to dissolve Almond (Netherlands) and to approve the transfer of its 7.02% equity interest in our Company to Abraaj 44 in two tranches. The transfer was completed on 5 June 2012. The acquisition of Acibadem Holding is part of our strategy of expansion into the Middle East. Acibadem is a well-known brand in the private healthcare sector in Turkey. We believe that a strong presence in Turkey through Acibadem Holding allows our Company to scale-up our presence in the region and provides a stronger platform for further expansion there. In addition, we believe that, as a company, Acibadem Holding is also a strong fit with our Company in terms of targeting the mid-to high­end segment of the private healthcare services market with high-quality, cutting edge medical services and with its integrated business model incorporating hospitals, outpatient clinics as well as ancillary healthcare businesses. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) Acibadem is a listed company on the ISE and is registered with the CMS. Under the rules of the CMS, our indirect acquisition of a majority stake in Acibadem through the acquisition of 60.0% equity interest in Acibadem Holding (which then owned 92.0% equity interest in Acibadem through its wholly-owned subsidiary, Almond (Turkey)), resulted in a mandatory tender offer requirement for the remaining 8.0% equity interest in Acibadem being triggered. The mandatory tender offer was launched by Almond (Turkey) on 27 March 2012 and was open for 10 business days, concluding on 9 April 2012. Upon completion of the mandatory tender offer, Almond (Turkey) held a 97.3% equity interest in Acibadem. The Soard of Directors of Acibadem has resolved to delist Acibadem from the ISE, and has applied to the CMS and the ISE for voluntary delisting, which is conditional upon the approval of the general assembly of shareholders of Acibadem as well as the approval of the relevant regulators. In addition, other restructuring alternatives may be considered, such as a merger of Acibadem Holding, Almond (Turkey) and Acibadem under a single legal entity in order to streamline the Acibadem Group structure and management. No firm decision regarding the merger of the above companies has been taken as of the date of this Prospectus. On 8 February 2012, Symphony acquired a 6.3% equity interest in IHH Turkey, a subsidiary of our Company, through a combination of new shares issued by IHH Turkey and the purchase of existing shares from IHT Yatirimlari, which was subsequently diluted to 6.2% due to the capitalisation of its shareholder’s loan by IHT Yatirimlari. Upon completion of this Listing, Symphony’s existing shareholding in IHH Turkey will have been exchanged for new Shares in our Company. Please refer to Section 6.3 of this Prospectus for IHH’s current shareholding in IHH Turkey. The resulting summarised shareholding and group structure of our Company is set forth below as at the LPD: Aydinlar Abraaj 44 MBK Healthcare Pulau Memutik Symphony I I 4.21% 17.02% 126.63% 162.14% 6.2%I IHH I 100.0% I
_ 11.2%J 100.0% I 93.8% I =; Bagan LalangApollo IMU Health IHH Tur\(ey AydinlarPPL I Ii I I­1100.0%1100.0o/~ ParkwayPantai Irama 1100.0% J 35.8%”­IPantai I PLile REIT I I I I L —­r–….. I -1I Listed Entities … __ I I I III 60.0%1 I Acibadem Holding
97.3% .L I­[‘I I Acibadem(1) I I I I ,I I I I L 25.0% I 15.0°/~ 100.0% I 100.0% I I I Acibadem. ProjeAPlus I I I I I 8. BUSINESS OVERVIEW (cont’d) Note: (1) In April 2012, the Board of Directors of Acibadem resolved to initiate delisting procedure from the ISE. Please refer to Section 6 of this Prospectus for further details under Information on our Group. As at the LPD, our Company held directly and indirectly 100.0% equity interest of PPL, 60.0% of Acibadem Holding, 100.0% of IMU Health, 35.8% of PLife REIT and 11.2% of Apollo. Significant events Listed below are the significant events in the development of PPL, Acibadem and IMU. PPL • 1974 -Pantai built its first hospital, Pantai Hospital Kuala Lumpur in Malaysia.
• 1987 -Parkway entered the healthcare business when it acquired Gleneagles Hospital in Singapore.
• 1989 -Parkway entered the healthcare business in Malaysia when it acquired a 70.0% equity interest in Pulau Pinang Clinic, which was later renamed Gleneagles Medical Centre, Penang.
• 1990 -Pantai was listed on Bursa Securities in Malaysia.
• 1995 -Parkway acquired Mount Elizabeth Hospital and East Shore Hospital (now known as Parkway East Hospital) and the Shenton lVIedical Group (now known as the Parkway Shenton) primary care clinic chain in Singapore.
• 2002 -Parkway entered into a joint venture agreement with the Brunei Investment Agency to own and operate the Gleneagles JPMC Cardiac Centre in Brunei Darussalam.
• 2002 -Parkway delisted Medi-Rad and Parkway Lab, which were originally listed in Singapore in 2000, from the Singapore Exchange Dealing and Automated Quotation System.
• 2003 -Parkway’s Apollo Gleneagles Hospital in KQlkata, India became operational.
• 2005 -Parkway acquired a 31.0% equity interest in Pantai, which was then a group of seven hospitals in Malaysia.
• 2005 -Parkway entered the healthcare business in the PRC through a cooperative joint venture to develop medical and surgical centres, clinics and hospitals.
• 2006 -Parkway swapped its direct 31.0% equity interest in Pantai and formed a
40:60 joint venture company with Khazanah called Pantai Irama, which controlled Pantai.
• 2007 -Following the completion of a mandatory offer by Pantai Irama, Pantai was delisted from Bursa Securities.
• 2007 -Parkway entered into a HMA to manage Pantai’s seven hospitals in Malaysia.
• 2007 -Parkway’s wholly-owned subsidiary, Parkway Healthcare, entered into an agreement with Koncentric Investments Ltd. to develop and operate a hospital in Mumbai, India, which is expected to become operational at the end of 2012.

I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) • 2007 -Parkway acquired a 60.0% effective equity interest in the World Link Group, a Shanghai-based chain of medical centres and clinics, which has an expatriate­focused outpatient network of clinics in the PRC, and opened Gleneagles Medical and Surgical Centre in Shanghai, the PRC. Parkway acquired an additional 10.0% equity interest in the World Link Group in 2009.
• 2007 -Parkway entered into lease and leaseback arrangements for each of its three Singapore hospital properties with a real estate investment trust, PLife REIT, which has been listed on the Main Board of SGX-ST since August 2007, and subsequently held a 35.8% equity interest in PLife REIT. Our Company owns 100.0% of Parkway Trust Management, the manager of PLife REIT.
• 2008 -Parkway successfully bid for land in Singapore to build its greenfield project, Mount Elizabeth Novena Hospital. The hospital is scheduled to open its first phase by July 2012.
• 2010 -Parkway entered into a consultancy agreement and HMA with Hoa Lam­Shangri-La Healthcare LLC to manage City International Hospital in Ho Chi Minh City, Vietnam.
• 2010 -Khazanah transferred its 60.0% equity interest in Pantai Irama and its 23.8% equity interest in Parkway to our Company. (Our Company effectively holds 69.5% in Pantai Irama).
• 2010 -Our Company made a successful volu ntary general offer for Parkway’s shares and subsequently delisted Parkway from the Main Board of SGX-ST. After the delisting, we held a 100.0% equity interest in Parkway and Pantai Irama.
• 2011 -Parkway entered into a consultancy agreement and HMA to manage SIMC in the Pudong district of Shanghai, the PRC, and opened its first medical centre in Hong Kong.
• 2012 -PPL acquired a 70.0% equity interest in Twin Towers Healthcare, the holding company of Twin Towers Medical Clinic in Kuala Lumpur, Malaysia. This marks PPL’s first entry into the primary care business in Malaysia.

Acibadem • 1991 -Acibadem commenced its operations with Acibadem Kadikoy Hospital in Istanbul.
• 2000 -Acibadem was listed on the ISE, becoming the first and only healthcare service provider to be listed in Turkey.
• 2003 -Acibadem entered into an affiliation agreement with Harvard Medical International for the education, training and professional development of Acibadem’s staff, as well as know-how and experience sharing. The agreement was terminated in 2008.
• 2004 -The Aydinlar family contributed to Acibadem’s development into an integrated healthcare business through the formation of Acibadem Proje (which is involved in hospital design, construction and supervision). Acibadem continued this development by acquiring a 50.0% equity interest in Acibadem Labmed (which is involved in laboratory services).
• 2005 -Acibadem acquired a 50.0% equity interest in International Hospital in Istanbul, which was Turkey’s first private tertiary hospital.
• 2006 -APlus (which is involved in catering, laundering and cleaning services for hospitals) commenced operations.

8. BUSINESS OVERVIEW (cont’d) • 2007 -Abraaj announced the acquisition of a 50.0% equity interest in Acibadem, which was completed in 2008.
• 2009 -Acibadem’s flagship hospital, Acibadem Maslak Hospital, commenced operations along with Acibadem Adana Hospital and Acibadem Kayseri Hospital, all three within a two-month period.
• 2009 -Acibadem acquired an additional 40.0% equity interest in International Hospital.
• 2011 -Acibadem completed the acquisition of a 50.3% equity interest in Acibadem Sistina and a 50.0% equity interest in Acibadem Sistina Medikal, which is a provider of medical equipment, in Macedonia, approximately one year after first signing an affiliation agreement with Acibadem Sistina Skopje Clinical Hospital, the hospital operation that is owned and operated by Acibadem Sistina, in which Acibadem agreed to share its experience, know-how and brand recognition. This was Acibadem’s first foreign investment outside Turkey.
• 2012 -Our Company acquired an indirect 60.0% equity interest in Acibadem Holding, which was restructured to include Acibadem Proje and APlus.
• 2012 -Acibadem signed a share purchase agreement in January 2012 to acquire a 65.0% equity interest in Jinemed Saglik, which operates Jinemed Hospital and Jinemed Medical Centre in Istanbul, Turkey. The share transfer is expected to be completed within 2012.
• 2012 -Following the completion of the mandatory tender offer in April 2012, the Board of Directors of Acibadem resolved to delist Acibadem shares from the ISE. Such delisting is subject to the approvals of the general assembly of shareholders and the relevant regulators such as the CMB and the ISE.

IMU • 1992 -International Medical College was founded in Malaysia.
• 1992 -International Medical College partnered with five foreign medical universities in relation to its medical programme.
• 1996 -International Medical College partnered with University of Strathclyde to start a MSc in Pharmacy programme and initiated the two intake per year model for Phase One of its medical programme.
• 1999 -International Medical College was granted university status in February, becoming the International Medical University.
• 1999 -IMU launched its own MBBS programme.
• 2004 to 2005 -rMU launched its own pharmacy, nursing and postgraduate programmes.
• 2008 -IMU launched six new academic programmes, comprising dental, psychology, nutrition and dietetics, pharmaceutical chemistry, medical biotechnology and biomedical science programmes.
• 2010 -IMU Health became a 100.0% subsidiary of our Company.
• 2010 to 2011 -IIII1U launched chiropractic, Chinese medicine and MSc in Public Health programmes, bringing its total number of academic programmes to 17.
• 2011 -IMU increased the number of partner universities across several of its programmes.

8. BUSINESS OVERVIEW (cant’d) 8.2 Our business 8.2.1 Overview We will be one of the largest listed private healthcare providers in the world based on market capitalisation upon Listing. We focus on markets in Asia and in the CEEMENA region, which we believe are highly attractive growth markets. We operate an integrated healthcare business and related services which have leading market positions in our home markets of Singapore, Malaysia and Turkey, and we also have healthcare operations and investments in the PRC, India, Hong Kong, Vietnam, Brunei and Macedonia. Our global healthcare network operates over 4,900 licensed beds in 30 hospitals with one additional hospital in Turkey, the acquisition of which is pending completion, as well as medical centres, clinics and ancillary healthcare businesses across eight countries. In addition, we have over 3,300 new beds in the pipeline to be delivered through new hospital developments and expansion of· our existing facilities over the next five years which includes two potential hospital development projects in Turkey, which are under discussion as at the LPD (please refer to Section 8.2.6 of this Prospectus for further details). These new beds in the pipeline also include approximately 760 new beds in those facilities which we will expect to manage through HMAs, over the next five years. As at 31 March 2012, we employed more than 24,000 people worldwide. Our core businesses are operated through our key subsidiaries, namely PPL, Acibadem Holding and IMU Health. We believe our businesses provide us with the ability to successfully position and grow our assets in attractive markets, execute our operating plan and strengthen our operations and financial performance. For the year ended 31 December 2011 and the three months ended 31 March 2012, we had total historical combined revenues of RIVI3,328.8 million and RM 1,276.2 million respectively, and total pro forma revenues of RM5, 190.8 million and RM1 ,476.4 million respectively. PPL is the holding company for our integrated Parkway and Pantai healthcare businesses in Singapore and Malaysia respectively, and also has investments and operations in the PRC, India, Hong Kong, Vietnam and Brunei. It is one of Asia’s largest private healthcare providers with a network of 16 hospitals, six of which are JCI accredited, with more than 3,000 licensed beds, over 60 medical centres and clinics, and ancillary healthcare businesses. For the year ended 31 December 2011 and the three months ended 31 March 2012, PPL contributed 95.1%, and 66.3%, to our Company in terms of total historical combined revenue, respectively, and 59.4%, and 57.3%, to our Company in terms of total pro forma revenue, respectively. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) Acibadem Holding owns Acibadem, an integrated private healthcare and diagnostics provider with an extensive network across Turkey and a leading player in the Turkish private healthcare sector. As at the LPD, Acibadem operates 14 hospitals and has one other hospital in Istanbul, Jinemed Hospital, the acquisition of which is pending completion. Of its 14 hospitals, eight hospitals are in Istanbul (one of which, Aile Hospital Goztepe, was operational until April 2012 and is currently undertaking structural reinforcement of the hospital building, which is leased) and five hospitals are in other large population centres across Turkey. Acibadem also operates a hospital in Macedonia through a subsidiary. Acibadem had eight JCI accredited hospitals but as at the LPD, have voluntarily withdrawn the JCI accreditation of two hospitals. Consequently, as at the LPD, six hospitals are JCI accredited. In addition, one hospital in Turkey is pending JCI accreditation and the hospital in Macedonia is in the process of preparing its application for JCI accreditation. Acibadem also operates nine outpatient clinics and has one other outpatient clinic in Istanbul, Jinemed Medical Centre, the acquisition of which is pending completion. In addition, Acibadem Holding owns stand-alone ancillary healthcare businesses, including Acibadem Mobil, APlus and Acibadem Proje, as well as laboratory services, such as Acibadem Labmed, which further support the integrated nature of its operations. For the year ended 31 December 2011 and the three months ended 31 March 2012, Acibadem Holding contributed 37.5%, and 39.8%, to our Company in terms of total pro forma revenue, respectively. IMU Health operates IMU, a private university based in Malaysia offering medical, dental, pharmacy, nursing, health science and complementary medicine programmes. It was Malaysia’s first private healthcare university to offer local and foreign programmes. For the year ended 31 December 2011 and the three months ended 31 March 2012, IMU contributed 4.8%, and 3.3%, to our Company in terms of total historical combined revenue, respectively, and 3.1 %, and 2.9%, to our Company in terms of total pro forma revenue, respectively. In addition to its core businesses, our Company owns equity interests in PUfe REIT and Apollo. PUfe REIT, which is listed on the Main Board of the SGX-ST in Singapore, is one of Asia’s largest healthcare real estate investment trusts with 36 properties with a carrying amount of SGD1 ,397.9 million (RM3,452.8 million) as at 31 March 2012, and a market capitalisation of SGD1, 119.2 million (RM2,764.4 million) as at the LPD. As at the LPD, our Company indirectly owned a 35.8% equity interest in PUfe REIT as well as a 100.0% equity interest in Parkway Trust Management, the manager of PUfe REIT. Our Company is entitled to a share of PUfe REIT’s .distributions and 100.0% of the management fees. As at the LPD, our Company owned an 11.2% equity interest in Apollo, one of India’s largest private healthcare providers, operating a wide network of hospitals predominantly based in India. Apollo’s principal line of business is the provision of healthcare services, through hospitals, pharmacies, projects and consultancy services and primary care clinics. Apollo is listed on the Bombay Stock Exchange and the National Stock Exchange of India. It was voluntarily delisted from the Madras Stock Exchange with effect from 29 November 2006. Apollo had a market capitalisation of Rs.86,213.3 million (RM4,827.2 million) as at the LPD. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cant’d) 8.2.2 Our competitive strengths We will be one of the largest listed private healthcare providers in the world based on market capitalisation upon Listing. Our integrated healthcare network provides the full spectrum of healthcare services, from primary healthcare clinics, to secondary and tertiary hospitals, to quaternary care and post-operative rehabilitation centres, complemented by a wide range of ancillary services including diagnostic laboratories, imaging centres, ambulatory care, medical education facilities, hospital project management and other related services. We have successfully developed our businesses through organic growth and acquisitions. We believe our key competitive strengths include: (i) Leading market positions in highly attractive growth markets We focus on markets in Asia and the CEEMENA region, which we believe are highly attractive growth markets. Our global healthcare network operates over 4,900 licensed beds across 30 hospitals with one additional hospital in Turkey, the acquisition of which is pending completion, as well as medical centres, clinics and ancillary healthcare businesses across eight countries. In addition, we have over 3,300 new beds in the pipeline to be delivered through new hospital developments and expansion of our eXisting facilities over the next five years, which includes two potential hospital development projects in Turkey, which are under discussion as at the LPD (please refer to Section 8.2.6 of this Prospectus for further details). These new beds in the pipeline also include approximately 760 new beds in those facilities which we will expect to manage through HMAs, over the next five years. The markets in which we operate benefit from a range of attractive dynamics including increasingly affluent and rapidly ageing populations, as well as an increasing demand for quality private healthcare services, underpinned by supportive government policies. We have leading market positions in our home markets: • in Singapore, we are the largest private healthcare provider in terms of number of licensed beds with a market share of approximately 43.9% as at 31 December 2011, according to Frost & Sullivan. Our new high-end, state-of-the-art Mount Elizabeth Novena Hospital, which is scheduled to open by July 2012, will provide an additional 333 beds when it is fully operational and is expected to further consolidate our leadership in this market;
• in Malaysia, our hospital network, operating under the “Pantai” and “Gleneagles” brands, is the second largest private healthcare provider in the country in terms of number of licensed beds with a market share of approximately 15.1 % as at 31 December 2010, according to Frost & Sullivan; and
• in Turkey, our Acibadem hospital network is the largest private healthcare provider in the country in terms of number of non-SGK and partial-SGK beds as at 31 December 2011, and had a market share of approximately 5.2% in terms of total private hospital beds (including fUII-SGK, partial-SGK and non-SGK beds) as at 31 December 2010 according to Frost & Sullivan. We are primarily focused on the affluent Istanbul region but are also building our presence across Turkey and into neighbouring countries.

I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) Our home markets of Singapore, Malaysia and Turkey also act as important hubs for medical travel within their respective regions, which further expands our patient catchment area and provides growth potential for our business. In addition, with respect to our healthcare operations in other key markets: • in the PRC, we are a major foreign-owned private healthcare operator, operating eight medical centres and clinics in Shanghai and Chengdu, and intend to leverage our existing presence to become one of the leading private healthcare providers in the country. We also operate a medical centre in Hong Kong; and
• in India, we have a strong and growing presence and have a business relationship with Apollo, one of the largest private healthcare providers in the country with more than 8,200 beds across 51 hospitals in India and internationally as at 31 December 2011. Apollo Gleneagles Hospital in Kolkata is operated through our SO/50 joint venture with Apollo.

(ii) Highly recognised brands with a reputation for clinical excellence Our key hospitals are recognised for regularly performing complex high­intensity clinical procedures requiring highly experienced surgeons and advanced facilities, adopting global best practices and achieving outstanding patient outcomes. The standard of healthcare services we provide has been acknowledged by renowned international and regional quality accreditation agencies such as the JCI, the ISO, the MSQH and the EFQM, which enhances our reputation for clinical excellence and helps us attract additional patients and doctors to our facilities. All of our three existing hospitals in Singapore are accredited by the JCI. Our “Mount Elizabeth” and “Gleneagles” brands are the most admired and reputable private hospital brands in Singapore and Indonesia, according to a study by Millward Brown undertaken in 2011 for PPL. Our Mount Elizabeth Hospital and Gleneagles Hospital have significant experience in performing advanced procedures and are referral destinations for complex high intensity clinical cases. We believe Mount Elizabeth Hospital was the first private hospital in Singapore to offer cardiac catheterisation, cardiac surgery and neurosurgery and, together with Gleneagles Hospital, have successfully carried out more than 750 living donor kidney and liver transplant cases in over 10 years, as well as numerous haematopoietic stem cell transplants and bone marrow transplants. We believe our new high-end, state-of-the-art Mount Elizabeth Novena Hospital will complement our existing hospital network by further enhancing the scale and scope of our healthcare services and reinforcing our position as the leading provider of private healthcare services in Singapore. In Malaysia, our “Pantai” brand has the strongest reputation among private hospitals, according to the same Milward Brown study. In addition, our “Pantai” and “Gleneagles” hospitals are among the preferred healthcare providers for many large domestic and multinational corporations. 8. BUSINESS OVERVIEW (conf’d) Similarly, we believe our award-winning “Acibadem” brand is synonymous with quality healthcare services in Turkey. Our hospitals are able to perform and have had a high success rate in performing advanced clinical procedures, including living donor organ transplants. With a focus on clinical quality, patient safety and care, we believe Acibadem has a history of delivering clinical outperformance compared to industry benchmarks. Six of our Acibadem hospitals are accredited by the JCI, which is the most out of any private hospital group in Turkey. We believe that our brands are also becoming increasingly recognised internationally, attracting additional patients from neighbouring regions through medical travel and assisting our expansion into new markets. As a responsible corporate citizen, we are also committed to corporate and social responsibility and hold in high regard ethical, humanitarian and environmental aspects in the conduct of our business. For example, we regularly coordinate teams of doctors and other personnel to help with various global relief efforts, including in connection with the Haiti earthquake in 2010 and the Aceh tsunami in 2004. (iii) Integrated healthcare service continuum in our home markets Our hospitals and other healthcare facilities in our home markets offer the full spectrum of services across the healthcare value chain from primary healthcare clinics, to secondary and tertiary hospitals and to quaternary care and post-operative rehabilitation centres. They are positioned to complement each other and provide the most effective value propositions toward our target patient segments. This comprehensive and integrated service offering provides a convenient one-stop continuum of care together with quality clinical outcomes, which attracts new patients, promotes long-term patient retention and also enables us to realise synergies across our Group through, amongst others, cross-referrals and leveraging best practices. In Singapore, our Mount Elizabeth Hospital is positioned to serve the needs of medical travellers from across Southeast Asia, whereas our Gleneagles Hospital is positioned to address the mid-to high-income domestic market, including local expatriates. OurParkway East Hospital focuses on community patients and third party payers and has also recently agreed with the MOH Singapore to lease beds to the public sector. These hospitals are complemented by our various diagnostic laboratories, imaging centres and healthcare education facilities as well as our Parkway Shenton business, which is one of the leading private primary care groups in Singapore, with a total registered patient pool of more than 450,000, serving over 2,000 corporate clients and also acts as a feeder system for our hospitals. Our new Mount Elizabeth Novena Hospital will be positioned to service demand from premium medical travellers and high-income domestic patients requiring complex, high-intensity clinical treatments. As compared to our other Singapore hospitals which have a combination of single-bed rooms and suites and double-and four-bed rooms, Mount Elizabeth Novena Hospital will have the capacity to operate up to 333 rooms and suites, all of which will have single beds. We view Mount Elizabeth Novena Hospital as a differentiated broadening of our healthcare service offering. Hence, we expect limited demand cannibalisation between it and our other hospitals in Singapore, especially considering the current shortage of premium hospital beds in Singapore. 8. BUSINESS OVERVIEW (cont’d) We have adopted a dual-pronged brand positioning strategy in Malaysia. Our “Pantai” hospitals predominantly target the mid to high-income domestic segment whilst our “Gleneagles” hospitals serve the premium domestic, local expatriate and medical travel markets. Our hospitals are also segmented geographically and complement each other through our hub-and-spoke model, whereby spoke hospitals, generally operating in smaller cities and large towns, act as a source of referrals for more complex cases to hub hospitals, which generally operate in large urban centres and offer a greater number of clinical specialties. Our ongoing and planned new hospital developments will aim to address underpenetrated regional markets and provide greater pan-Malaysian coverage, inclUding in East Malaysia. Our business in Turkey is segmented both geographically and demographically, serving Istanbul and other large population centres across the country. Our premium “Acibadem” hospitals and outpatient clinics target affluent patients, who pay for their own medical expenses or have private insurance, and our other “Aile Hastanesi” hospitals target mid-income patients. In addition, our hospital network in Turkey is supported by a range of ancillary services, including Acibadem Mobil, APlus and Acibadem Proje, as well as laboratory services, such as Acibadem Labmed, to ensure quality control and efficiency of services provided. (iv) Ability to attract high quality doctors and medical support staff Our reputation for clinical excellence, premium healthcare facilities and advanced medical technology, together with our efficient management and information systems, enables us to attract not only patients, but also quality doctors and medical support staff. We believe our doctors are among the most experienced within their respective markets, with a number haVing previously served as departmental heads and recognised as leaders in their fields. This allows our hospitals to provide more complex and higher intensity clinical cases, which we believe acts as a strong barrier to entry to our competitors. In addition, we believe that the concentration of highly skilled professionals within our Group creates a high-performance culture and environment which attracts and further encourages other quality personnel to join us. Our hospitals in Singapore have over 1,200 credentialed specialist doctors, representing approximately 36.0% of the total number of specialist doctors and over 90% of the total number of private specialist doctors in Singapore. Our flagship Singapore hospitals, Mount Elizabeth Hospital and Gleneagles Hospital, are strategically located within dense medical clusters, with 70.0% to 85.0% of private specialist doctors practising within close proximity. We believe these dynamics also attract additional doctors and patients to our facilities. In Malaysia, our hospitals have over 760 credentialed specialist doctors, one of the highest concentrations in the country. In Turkey, our Acibadem hospital and outpatient clinics network employs over 1,800 doctors, of whom approximately 1,300 are specialist doctors, and more than 350 are also professors or associate professors, which is one of the highest concentration of professors and associate professors amongst healthcare providers in the country. 8. BUSINESS OVERVIEW (cont’d) We believe that the physician engagement business models we employ are attractive to doctors by offering them significant autonomy as well as opportunities to create and develop their personal brand name. At our PPL hospitals, doctors are typically self-employed practicing in medical suites, and at our Acibadem hospitals, the majority of doctors are contracted with a revenue sharing structure. We believe such business models also align interests and incentives between doctors and our hospitals and reflect the different business environments of the countries in which we operate. Going forward, we expect to continue to employ these respective physician engagement business models at our PPL and Acibadem hospitals. Our ability to attract leading doctors has recently been reflected by the strong demand for, and pricing achieved, in the sale of medical suites at our new Mount Elizabeth Novena Hospital, despite being launched during the financial crisis of 2008 to 2009. We believe the majority of doctors who will practise from Mount Elizabeth Novena Hospital’s medical suites will be highly qualified and experienced specialist doctors. In IMU, Parkway College and Pantai College, we also own a successful and dynamic healthcare education business, which offers ongoing training programmes for our personnel and addresses the development needs of the next generation of healthcare professionals. Nurses who are sponsored by us and trained at Parkway College and Pantai College are typically committed to practise at our hospitals for at least five to six years, including training time, which provides a steady supply of nurses to our hospitals. We also have an arrangement with Acibadem University whereby Acibadem University can use some of our hospitals’ and medical centres’ facilities for the practical training of its medical students. Acibadem University is an educational institution owned by a non-profit foundation outside of our Group, which has provided medical education and medical training programmes in Turkey since 2009 and provides academic teaching opportunities for our doctors. IMU and Acibadem University offer healthcare professionals in our Group opportunities for collaborative research and we believe that such opportunities may attract quality consultants, faculty, other educational staff and students to work in our Group. (v) Strong track record of operational and financial performance We have a strong track record of sustained revenue and EBITDA growth across our businesses. On a pro forma basis, revenues at our PPL and Acibadem businesses have grown at a 10.1% CAGR and a 23.2% CAGR, respectively, between 31 December 2009 and 31 December 2011 while their EBITDA has grown at a 7.4% CAGR and a 41.8% CAGR, respectively, over the same period. Our businesses have been resistant to adverse economic conditions, achieving revenue growth and remaining profitable even during the financial crisis of 2008 to 2009. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) We adopt stringent methodologies and hurdle rates in the evaluation of new projects and investments. This coupled with our extensive experience and expertise in identifying, implementing and developing new hospital projects has allowed us to achieve strong organic growth and enjoy attractive returns on our investments. In the case of our brownfield development, Pantai Hospital Klang, we were able to turn around the operations of the hospital from an operating loss position prior to 2007 to achieving an operating profit margin of approximately 15.2%, 19.1 % and 21.0% for the years ended 31 December 2008, 2009 and 2010, respectively. Similarly, under Acibadem’s management, our Acibadem Maslak Hospital commenced operations in March 2009 and achieved a positive gross EBITDA within its first year of operation. Our strong track record provides us with the confidence in our ability to achieve similar successes with our upcoming new developments globally. We expect to complete our new Mount Elizabeth Novena Hospital, which raises the bar in standards of hospital layout and design,by JUly 2012, on schedule and within the allocated budget. We intend to continue to expand and strengthen our business through selective mergers and acquisitions. We believe our acquisitions of Parkway, Pantai, Parkway Shenton and the World Link Group demonstrate our ability to successfully identify, execute and integrate value-enhancing transactions. (vi) Experienced management team backed by reputable shareholders We believe the experience, depth and diversity of our management team to be a distinct competitive advantage in the complex and rapidly evolving healthcare industry in which we operate. Many of our senior management team and hospital managers are also qualified doctors, which gives us first­hand and in-depth knowledge of the intricacies of hospital operations, as well as experience in working with other doctors. The members of our senior management team have extensive industry experience and have been instrumental to and possess a strong track record of building our businesses in Asia and the CEEMENA region. Further, they have been and are empowered to drive the growth of the businesses in their respective geographic markets. Dr Lim Cheok Peng, Managing Director of our Company and Vice Chairman of PPL, is a cardiologist by profession and has over 25 years of experience in the international healthcare sector. Dr Lim has been steering Parkway’s healthcare efforts since 1987. Dr Tan See Leng, Executive Director of our Company, Managing Director and Group Chief Executive Officer of PPL has over 20 years of experience in the healthcare industry. Dr Tan first joined Parkway in September 2004 as Chief Operating Officer of Mount Elizabeth Hospital. Mehmet Ali Aydinlar, Director of our Company, Executive Director, Chairman and CEO of Acibadem, has been involved in the healthcare sector since 1993. He is currently Chairman of the Turkish Accredited Hospitals Association and has won numerous awards in Turkey including “2006 Male Entrepreneur of the Year”, “2006 Businessman of the Year” and the “2008 Healthcare Management Prize” which were awarded by Ekonomist Magazine, Istanbul University Faculty of Management and Dunya Newspaper and Hastane (Hospital) Magazine, respectively. 8, BUSINESS OVERVIEW (cant’d) Additionally, with the support of our major shareholders including Khazanah, the investment holding arm of the Government of Malaysia entrusted to hold and manage the Government of Malaysia’s commercial assets and to undertake strategic investments, and Mitsui, one of the largest trading houses in the world, we see significant upside potential for our business from leveraging on their strong relationship networks and accessing future financing at attractive rates. 8,2,3 Our strategies and future plans We aim to strengthen and expand our leading market positions, continuously improve the quality of our healthcare services and deliver long-term value for our shareholders via the following strategies: (i) Grow and strengthen our leading presence in our home markets To serve the growing demand for premium private healthcare services in our home markets of Singapore, Malaysia and Turkey, we are implementing plans to significantly increase the number of beds across our hospital networks through new hospital developments, expansion of existing facilities and selective acquisitions. We expect our new high-end, state-of-the-art Mount Elizabeth Novena Hospital in Singapore, which will have the capacity to operate up to 333 beds, to benefit from significant demand for premium healthcare services, extend our leadership in the growing Asian medical travel market and alleviate single-bed capacity constraints from our other hospitals in Singapore. In addition, we seek to expand our facilities and upgrade infrastructure at our Mount Elizabeth, Gleneagles and Parkway East hospitals, extend our primary care clinic network, open additional CoEs and set up new advanced clinical programmes to increase the promotion of day surgery and outpatient services. In the ordinary course of our business, we also participate in tenders in the public and private sectors. We plan to continue to grow our business via our established hub-and-spoke model in Malaysia and are in the process of increasing bed capacity at existing facilities as well as building new hospitals. Our planned Gleneagles Medini and Gleneagles Kota Kinabalu greenfield projects, both of which are intended to be hub hospitals and scheduled to open by 2015, are expected to add to an initial combined 400 beds, which will subsequently be expanded to 550 beds, and expand our presence to East Malaysia and southern Peninsular Malaysia. Pantai Hospital Manjung, which is being developed and scheduled to open by early 2014, is intended to be a new spoke hospital development, with the capacity to operate up to 100 beds and aimed at providing services to the community in the upcoming Manjung township. Additional initiatives in Malaysia include a targeted doctor recruitment programme, increasing the number of ambulatory care centres and setting up new specialised CoEs and advanced clinical programmes to achieve greater clinical differentiation from our competitors. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) We are constantly seeking to implement initiatives to increase operational efficiency. For example in Singapore, we have been converting multi-bed wards at Mount Elizabeth Hospital and Gleneagles Hospital to single-bed wards and implementing greater clinical pricing segmentation to improve ward utilisation rates and achieve ward rate uplifts. In addition, we have arrangements with the MOH Singapore to lease a number of beds at Parkway East Hospital to Changi General Hospital, a public hospital in Singapore. Patients using these leased beds will be cared for by doctors from Changi General Hospital. This initiative will allow us to reach out to a wider segment of the local population and to optimise our bed occupancy rate while actively engaging in the MOH Singapore’s Public Private Partnership initiative. In Turkey, we intend to continue to enhance and expand our operations in both the premium and the mid-market hospital segments through selective acquisitions of hospitals and outpatient clinics, facility upgrades, capacity expansions and new greenfield developments in Istanbul and other large population centres across the country as well as potentially in other countries in the CEEMENA region. We are also planning to further develop our ancillary businesses, especially to third party customers. We currently have two greenfield hospital projects under development in Turkey, which are expected to add an initial combined 188 beds by 2013. In addition, as at the LPD, we have signed a letter of intent to develop a potential greenfield hospital project located in the Taksim neighbourhood of Istanbul, Turkey and are also in discussions to develop a potential hospital via a brownfield project that is also located in Istanbul, Turkey (please refer to Section 8.2.6 of this Prospectus for further details). (ii) Further expand into attractive geographies in Asia and across the CEEMENA region We believe there are attractive opportunities for us to continue to expand internationally. We intend to develop our presence across the markets where we have identified strong growth potential and where we can leverage our existing capabilities, expertise and reputation. We are currently primarily focused on expanding our businesses in the PRC, India, Hong Kong and selected countries in the CEEMENA region through greenfield and brownfield projects, HMAs, strategic partnerships· and joint ventures together with selective acquisitions: • in the PRC, we aim to be a leader in private healthcare with a strong base in Shanghai focusing on the premium healthcare segment by leveraging on our existing primary and secondary care network. We have been appointed as the start-up consultant and operator for SIMC, a 450-bed private hospital in the Shanghai International Medical Zone in the Pudong District of Shanghai. We have also signed a non-binding letter of intent to invest through a joint venture with a party in the PRC to develop a 450-bed private tertiary hospital in the New Hong Qiao Medical Hub in the Minhang District of Shanghai. As at the LPD, we intend to invest in the above mentioned project together with another Hong Kong based party. Additionally, we plan to expand our presence across the PRC through our established hub-and-spoke model; I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) • in India, we aim to be a leader in the premium tertiary care segment. Our new joint venture Gleneagles Khubchandani hospital, scheduled to open at the end of 2012, is located in Juhu, Mumbai and will target the high-income patient segment. We plan to expand our presence across major cities through brownfield and greenfield joint ventures and acquisitions with a focus on the northern and western regions of the country;
• in Hong Kong, we, potentially with a minority joint venture partner, intend to bid for landmark greenfield sites with the aim of developing premium tertiary hospitals. The tender process for two sites was publicly announced by the Hong Kong Government on 13 April 2012 and bidding is scheduled to close on 27 July 2012. We have also established our flagship clinic in Central and aim to expand our clinic network and ancillary businesses in the Hong Kong Special Administrative Region; and
• in the CEEMENA region, we plan to further expand our regional presence and are continually evaluating attractive new greenfield development and selective acquisition opportunities, such as our recent purchase of a controlling interest in Acibadem Sistina. We have also entered into a memorandum of understanding in November 2010 to explore developing a new greenfield hospital project in Egypt. In addition, our other potential expansion markets include Albania, Azerbaijan, Greece, Kazakhstan, Iraq, Libya, Romania, Russia, Saudi Arabia and Serbia.

In our secondary expansion markets, including a number of Southeast Asian countries, such as Vietnam and Indonesia, and Middle Eastern countries, such as the United Arab Emirates and Saudi Arabia, we intend to continue to adopt HMAs as the preferred entry model and to potentially position such facilities as referral centres for our hospitals in our home markets. We also plan to use medical centres and clinics, specialist units, as well as ancillary services as other market entry methods for such markets. We are confident that our strong track record in developing and integrating healthcare services across multiple geographies will enable us to become a leader in these rapidly developing markets and achieve sustainable growth for our business. (iii) Continue to capture growth in medical travel globally We expect medical travel to continue to be a key growth driver for our business. The medical travellers we target typically favour a recognised brand name as well as a reputation for clinical excellence. We believe we are well positioned to enhance our leadership position in the medical travel market through the continued provision of quality healthcare services and a growing presence in strategic locations across Asia and the CEEMENA region. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cant’d) Singapore is a key hub for medical travel in Asia, with an estimated 461,000 medical travellers in 2011, according to Frost & Sullivan. It also acts as an important evacuation centre for emergency treatments in the Southeast Asia region. With medical travellers representing more than 25.0% of total patients at our Singapore hospitals in 2011, we expect our leadership in this market to be further solidified following the opening of our Mount Elizabeth Novena Hospital, scheduled to open by July 2012, given its focus towards premium medical travel,lers and complex clinical procedures. We anticipate strong growth in Malaysia’s medical travel market, driven by the price competitiveness of its healthcare services together with increased regional connectivity and the upgrading of its domestic healthcare infrastructure. We aim to further strengthen our position in this market with our Malaysian hub hospitals through the continued enhancement of our facilities and service offering, as well as our new premium hospital developments such as Gleneagles Medini, which will serve as the flagship hospital in southern Peninsular Malaysia. strategically located between Europe, Asia and the Middle East, Turkey has emerged as one of the most popular destinations for medical travel in the CEEMENA region, with an estimated 125,000 medical travellers in 2011, according to Frost & Sullivan. Our Acibadem hospital network is a major provider to the medical travel market, catering to over 19,000 foreign patients in 2011. With a team of over 40 multi-lingual patient specialists and through initiatives including partnerships and special agreements with foreign governments and institutions in the region, we believe we are well-positioned to capture additional growth and extend our leadership in this attractive market segment. (iv) Leverage our scale, market positions and business integration to enhance profitability Following our recent acquisition of Acibadem Holding, we have significantly expanded our scale and geographic reach and are in the process of increasing collaboration and integration across our businesses globally to enhance profitability across our Group. ‘ We believe our increasing scale and leading market positions provide us with attractive opportunities to realise quality, revenue and cost synergies through various initiatives including: • more efficient sourcing and procurement of medical equipment and consumables;
• minimising duplication and utilising outsourcing efforts in financial reporting, information technology and other line functions;
• sharing of project development expertise and management best practices;
• coordination of marketing strategy across the markets we focus on; and
• cross-referrals within the Group, especially from our primary care facilities, as well as between our hub and spoke healthcare facilities.

8. BUSINESS OVERVIEW (cont’d) We have a successful track record in integrating new businesses and realising synergies within our Group. After its acquisition in 1995, Mount Elizabeth Hospital was further developed by our management into a leading private hospital in the Southeast Asia region through the introduction of new clinical specialties and other quality enhancement initiatives, which has significantly improved revenues and profitability at the hospital. In addition, following our acquisition of Pantai and its integration with Parkway, we have been able to significantly improve business efficiency and extract synergies. For example, for the eight months commencing from the implementation of our internal synergies programme, up to 31 December 2011, we were able to achieve cost savings of approximately SGD19.0 million (as compared to our expected budgeted costs for the same period) within our Singapore and Malaysia operations through sharing of management expertise, centralising procurement of key capital expenditure and operating expense items and leveraging joint marketing efforts, as well as other operational best practices to improve hospital performance. Moreover, at Mount Elizabeth Novena . Hospital, we were able to achieve capital expenditure savings of approximately SGD29.0 million for the year ended 31 December 2011 (as compared to our expected budgeted expenditures for the same period) in relation to key medical and non-medical equipment. (v) Continue to attract, retain and develop quality medical personnel Our ability to attract, retain and develop quality medical personnel to support our expansion plans is crucial to our growth strategy and we continue to implement initiatives to recruit leading doctors and medical support staff. We believe we offer an attractive working environment with quality brand names, a high concentration of quality healthcare specialists, sustained patient flow, world-class facilities and systems, ongoing training initiatives, high levels of doctor autonomy, as well as opportunities for personal career development. We believe we are a pioneer in introducing the concept of providing medical suites that can be purchased or leased by doctors and which are strategically placed within close proximity to our hospitals. For example, such medical suites at our Mount Elizabeth Novena Hospital have proven extremely attractive for leading specialist doctors. We believe that being able to provide professional consultation services at their own suites on-site promotes the alignment of interests between doctors and our hospitals whilst maximising our ability to attract and retain such medical personnel and their patients at our facilities. We expect our education businesses, IMU, Parkway College and Pantai College, to continue to provide quality healthcare professionals for Singapore and Malaysia as well as for our hospitals. We believe this will complement our Group’s talent acquisition strategy, which also includes recruitment of quality foreign healthcare professionals. 8. BUSINESS OVERVIEW (cont’d) 8.2.4 Our business operations Our core businesses currently own, manage or operate general and acute care hospitals, primary care clinics, freestanding surgery centres, outpatient centres, patient assistance centres, health screening facilities, radiology facilities, laboratories, rehabilitation and physical therapy centres, clinical research organisations and various other facilities. Through such facilities, we provide patients with primary care, secondary care, tertiary care and quaternary care. For a further discussion of these types of services, please refer to Section 7 of this Prospectus. We also own, manage and operate a medical university and two nursing colleges which provide a range of medical and healthcare programmes. In addition, we also provide a variety of management, consultancy and ancillary services to other healthcare companies, including hospital management services, project development and construction services. 8.2.5 Parkway Pantai PPL is one of Asia’s largest private healthcare providers and operates in six countries across Singapore, Malaysia, the PRC and Hong Kong, India, Vietnam and Brunei. PPL has integrated operations across the healthcare value chain; it has a network of 16 hospitals with more than 3,000 licensed beds in aggregate, as well as medical centres and clinics and ancillary healthcare businesses. PPL divides its business operations into three geographic categories, namely Singapore, Malaysia and International. Singapore operations PPL is the largest private healthcare provider in Singapore and operates the Mount Elizabeth, Gleneagles and Parkway East hospitals, all of which are JCI accredited. As at the LPD, over 1,200 specialist doctors were credentialed by PPL to admit patients to its three hospitals in Singapore. PPL’s Singapore hospitals also house CoEs and advanced clinical programmes. In addition, PPL has medical centres and clinics, health screening facilities, radiology facilities, laboratories, education facilities, a clinical research organisation, rehabilitation services, a corporate insurance business and a third party administration business in Singapore which complement its hospital network. This broad range of services offered by PPL’s businesses provides it with an integrated presence across the primary, secondary, tertiary and quaternary healthcare sectors in Singapore. PPL’s Singapore operations contributed 62.1 % in terms of PPL’s total pro forma revenue for the year ended 31 December 2011 and 62.1% for the three months ended 31 March 2012. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) The map below sets out the locations of PPL’s hospitals and clinics in Singapore as at the LPD:
* Existing hospital * New hospital A Clinic 357 8. BUSINESS OVERVIEW (cont’d) Singapore hospitals PPL is the largest private hospital provider in Singapore with a market share of approximately 43.9% as at 31 December 2011 in terms of the number of licensed beds, according to Frost & Sullivan. PPL operates Mount Elizabeth Hospital, located in the centre of the Orchard shopping and tourism district, which is the largest private hospital in Singapore in terms of the number of operational beds, Gleneagles Hospital, located in one of Singapore’s most exclusive residential neighbourhoods, and Parkway East Hospital, which is the only private hospital on the eastern side of the island. These hospitals are multi-specialty hospitals and their facilities have been regularly upgraded and renovated to maintain their high standards. In addition, PPL is building Mount Elizabeth Novena, a high-end, state-of-the-art tertiary hospital with the capacity to operate up to 333 beds, which is expected to commence operations by July 2012. For its Singapore hospitals, PPL grants qualified doctors, who must be specialist doctors accredited by the Singapore Medical Council, privileges to admit patients into PPL’s hospitals. These doctors are considered to be credentialed doctors. A doctor may be credentialed at more than one of PPL’s hospitals. In Singapore, most of the credentialed specialist doctors are independent medical practitioners. They operate from clinics, which are either in medical office buildings co­located with PPL’s hospitals or in PPL’s hospitals itself or located in the vicinity of PPL’s hospitals. These credentialed specialist doctors may refer patients to one of PPL’s hospitals for further care and use of inpatient facilities. The credentialed specialist doctors continue to consult and treat the patient while PPL provides the inpatient facilities, equipment and services of PPL’s medical staff for a fee. These specialist doctors may also refer patients to PPL’s medical centres, clinics and ancillary healthcare businesses and receive patients who are referred to them by PPL’s medical centres, clinics and ancillary healthcare businesses. PPL employs nurses, resident physicians and ancillary medical and support staff directly at its hospitals and other healthcare operations in Singapore. PPL has established itself as a market leader in medical travel in the region, with 43.2% of its Singapore hospital revenue in 2011 being contributed by patients with a foreign country of residence, as set forth in the table below for the year ended 31 December 2011. Country of residence  Percentage of revenue  Singapore  56.8%  Indonesia  20.7%  Malaysia  4.2%  Bangladesh  2.6%  Vietnam  1.4%  Middle East/Africa  2.4%  Eastern Europe  0.8%  United States  0.4%  Others(1)  10.7%  Non-Singapore:  43.2%
Total Note: 100.0% (1) Includes the rest of Southeast Asia, China, India, Japan, Western Europe and Australia. 8. BUSINESS OVERVIEW (cont’d) While the rates charged by PPL’s Singapore hospitals are the same whether the patient is a Singapore resident or a visitor, medical travellers tend to require more complex treatments and procedures, thus resulting in the average revenue per medical traveller being higher than the average revenue per local patient. In order to consolidate its position in the medical travel market, PPL has established over 30 CPACs across Asia, the Middle East, and Eastern Europe, which are service centres that handle medical travellers’ patient files, refer them to the appropriate credentialed doctor in PPL’s network and arrange their visa, travel and hospitality arrangements. CPACs also serve as PPL’s sales and marketing presence in the medical travel market, liaising with individual patients, insurance providers, corporate clients and governments. PPL has established its own Parkway Air Ambulance Service and also works with third party evacuation companies. The following table sets forth certain operating statistics for the hospitals in Singapore which PPL operates as at and for the periods indicated. Hospital operations are subject to certain seasonal fluctuations, including decreases in inpatient business primarily during school holidays and festive periods. Three months ended 31 Year ended 31 December March 2009 2010 2011 2012 Number of hospitals at eperiod  nd of  3  3  3  3  Number of beds (licensend of period(1)  ed) at  1,008  743  730  730  Number of beds (operatat end of period(1)  ional)  724  714  716  719  Inpatient admissions(2)  46,961  49,182  51,036  13,261  Avera~e length (days) 3) Occupancy rate(4)  of  stay  3.4 60%  3.3 62″10  3.3 64%  3.3 .67%  Average revenue inpatient.: admission SGD/RM(5)) Average revenue per patient day (in SGD/RM(5))  per 6,(in 1 625/15,900 6,8,962/4,709 2, 74/16,498 7,091/5,018 2 463/17,911 8,0,275/5,460 2 24/19,258 ,437/5,849
Notes: (1) Licensed beds are approved number of beds by MOH Singapore which a facility regularly maintains and staffs. Operational beds is an internal measure for which we include those ofour licensed beds which we utilise for patients.
(2) Represents the total number of inpatients admitted to our hospitals.
(3) Represents the average number of days an inpatient stays in our hospitals.
(4) Represents the percentage of hospital operational beds occupied by inpatients.
(5) The SGD amounts have been translated for convenience into RM at the rate of SGD1.00 : RM2.40.

8. BUSINESS OVERVIEW (cont’d) Notes (cont’d): (6) PPL and Acibadem do not compile certain of their operational data, including the number of operational beds, the average length of stay and the occupancy rate, on the same basis and therefore, these amounts may not be comparable. As part of our measurement of operational performance, we use “occupancy rates” as a performance indicator of the utilisation of our available operational beds. We use occupancy rates to alert us if our hospitals have a potential operational bed capacity issue which may affect doctors’ ability to admit their patients. Occupancy rates are a measure of the number of inpatients against the number of available operational beds, not a measure of revenue or profitability. This is because revenue or profit derived from an inpatient also includes, over and above room charges, other healthcare and medical services and fees, pharmaceutical drugs and consumables and (in relation to Acibadem) doctors’ fees, which can vary significantly from inpatient to inpatient. The decrease in licensed beds between 2009 and 2010 was due to a re-classification by MOH Singapore under which the number of licensed beds became a closer reflection of the number of operational beds. The decrease in licensed beds between 2010 and 2011 was due to the conversion of double-bedded rooms to single-bed rooms, as well as to a reconfiguration of some of the wards in PPL’s Singapore hospitals to increase operational efficiency. For the year ended 31 December 2011, single-bed rooms and suites, including those in the ICU and HDU wards, accounted for approximately half of the operational beds at each of Mount Elizabeth Hospital and Gleneagles Hospital. Our hospital operations in Singapore began over 20 years ago. Each of our hospitals in Singapore is JCI accredited and provides a wide variety of medical and surgical services, which are described below as at the LPD. Number of Number of  Hospital  Key specialist services provided  licensed beds operatin~ theatres(  Mount Elizabeth Hospital  Cardiothoracic vascular surgery, neurosurgery, general surgery, orthopaedics, cardiology, oncology, living donor transplants, liver transplants, stem cell and bone marrow transplants and over 35 other specialty areas  345  13  Gleneagles Hospital Cardiology, gastroenterology, liver transplants, obstetrics and gynaecology, paediatrics, fertility, oncology and orthopaedics and over 30 other specialty  272  12  areas  Parkway East Hospital  Surgery, paediatrics, obstetrics and gynaecology, cardiology and fertility services (including IVF) and over 25 other specialty areas  92  5
Note: (1) Does not include delivery suites and endoscopy rooms. 8. BUSINESS OVERVIEW (cont’d) A description of ppL’s three hospitals in Singapore is as follows: Mount Elizabeth Hospital is a 345-licensed bed private tertiary acute care hospital which provides a wide range of medical and surgical services. We believe that it was the first private hospital in Southeast Asia to deploy the TomoTherapy Hi Art system, an advanced integrated cancer treatment system, and the first hospital in Asia, outside Japan, to install the Aquillion ONE 320-slice CT scanner, an advanced scanning machine that is able to image an entire organ in a single rotation. Mount Elizabeth Hospital is a regional referral centre across multiple disciplines that typically attracts patients who require complex medical procedures, a large proportion of whom are medical travellers and emergency air-evacuation cases from Southeast Asia as well as from the high-income local and expatriate population in Singapore, resulting in higher revenue intensity. Gleneagles Hospital is a 272-licensed bed private tertiary acute care hospital providing a wide range of medical and surgical services, including cardiology, gastroenterology, liver transplant, obstetrics and gynaecology, oncology and orthopaedics. Gleneagles Hospital largely attracts the mid-to high-income domestic market, including local expatriates, and medical travellers for certain specialties such as liver transplants, obstetrics and gynaecology. Parkway East Hospital is a 92-licensed bed private tertiary acute care hospital with an outreach specialist centre in eastern Singapore that provides a comprehensive range of clinical disciplines and sub-specialties. It has recently added fertility services, including NF. Parkway East Hospital generally caters to residents and third party payers in the eastern part of Singapore. In March 2012, Parkway East Hospital agreed with the MOH Singapore to lease a number of beds to Changi General Hospital. Patients using these leased beds will continue to be cared for by doctors from Changi General Hospital. All three hospital properties in Singapore are leased from PUfe REIT for a lease term of 15 years ending in 2022 through a lease and leaseback arrangement. Please refer to Annexure H of this Prospectus for details of our material properties. Projects under development Mount Elizabeth Novena Hospital will have the capacity to operate up to 333 beds (all of which will be in single-bed patient suites) and 13 operating theatres. The hospital is scheduled .. to open in two phases, the first phase with 180 beds is expected to be .operational by July 2012, and the remainder during the second phase, which is projected to be operational in the second half of 2013. Construction of the hospital commenced in November 2008. The overall land cost, cost of developing, equipping (medical and non-medical equipment), and financing of the hospital is estimated at approximately SGD2.0 billion, of which approximately SGD1.8 billion had been incurred as at 31 December 2011. The cost of developing and eqUipping the hospital (excluding land costs) that had been incurred as at 31 March 2012 is approximately SGD443.0 million. The cost of development has been and is expected to continue to be funded through borrowings and internally generated funds. The hospital received the Green Mark Platinum Award on 29 February 2012 from BCA Green Mark, a rating system that evaluates a building for its efficient and environment-friendly features and practices. PPL has received temporary occupation permits for Mount Elizabeth Novena Hospital and the medical suites located therein on 23 April 2012. MOH Singapore has also approved the issue of a 180-bed hospital licence on 29 May 2012. 8. BUSINESS OVERVIEW (cont’d) Many of the doctors who are expected to establish practices in Mount Elizabeth Novena Hospital are highly-qualified specialists who come from various sources, including Singapore’s private hospitals, private practice and doctors entering private practice. The hospital will be a state-of-the-art tertiary care hospital with a focus on the key specialty areas of heart and vascular, neurosciences, oncology, orthopaedics and general surgery. Mount Elizabeth Novena Hospital intends to be the first private hospital in Singapore to offer various state-of-the-art medical technologies, such as the use of the cardiac hybrid operating theatre, which will facilitate a comprehensive spectrum of new cardiovascular therapies, including new minimally-invasive therapies, and the PET-MRI system, a hybrid imaging technology, as well as other new surgical and diagnostics imaging technology. We believe the application of such new technologies, coupled with the clinical skill sets from Mount Elizabeth Novena Hospital’s expected pool of specialist doctors, will allow for new clinical approaches and will provide PPL with greater access to high-income domestic Singapore patients and medical travellers. In addition, located within the Mount Elizabeth Novena Hospital will be Mount Elizabeth Novena Specialist Centre, which will house 254 dedicated medical office suites with a gross floor area of 16,159 square metres. 216 of the units have been sold to specialist doctors, with PPL retaining the balance. The average price paid for these medical office suites was SGD3,819 per square foot, while the last transacted price as at 31 March 2012 was SGD5,088 per square foot. GoEs and clinical programmes In selected specialties, PPL offers advanced medical services through the use of specialised equipment and integrated clinical services delivered through multi­disciplinary teams. PPL has developed various clinical delivery models within its hospitals in Singapore to provide complex treatments through CoEs, advanced clinical programmes and specialised wards. In Singapore, through CoEs, advanced clinical programmes and specialised wards, PPL generates revenue from the treatment of patients who need specialised, state-of-the-art treatment or surgery. The sources of such revenue include consultation, surgical and hospitalisation services and the utilisation of its facilities, equipment, consumables and services by its patients. The table below sets forth certain details of PPL’s CoEs, clinical programmes and specialised wards in Singapore as at the LPD. Medical  CoEs and clinical  specialty  programmes  Location-=..:…::…:cc::….:….:.~  _  Description  Fertility  Parkway Fertility Centre  Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital  •  Provides a assisted techniques.  range of reproductive  •  Treats  patients  from  various  countries  for  a  wide  range  of male  and  female infertility problems.
[ Company No.: 901914-V I 8. BUSINESS OVERVIEW (cant’d) Medical specialty General Surgery Heart and Vascular Neuroscience Oncology CoEs and clinical programmes General Surgery programme Heart and Vascular programme Gamma Knife Centre Neuroscience (Brain and Spine) programme Parkway Cancer Centre Location Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital Parkway Health Day Surgery and Medical Centre Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital Description Covers eye, ear, nose, head and neck, gastrointestinal surgery and urology with a multi­disciplinary team of surgical specialists who are trained in specific sub­specialisations. • Provides comprehensive services for preventive care, screen, advanced diagnostic tests, invasive and non-invasive procedures, as well as post-operative management, cardiac rehabilitation and a comprehensive range of surgical programmes.
• Treats patients with clinical conditions, including brain metastases, acoustic neuromas, meningioma and trigeminal neuralgia, amongst others, and is the only centre of its kind in Singapore.
• Provides treatment for stroke, brain trauma, epilepsy, sleep disorders, and neck and spine conditions by specialist doctors in neurology, stroke neurology, neurosurgery, radiology and trauma, amongst others.
• Provides a range of neuro­rehabilitation therapy services.
• Provides a holistic care environment for cancer patients with a multi­disciplinary team comprising leading oncologists, nurses, counsellors and other para-medical professionals.

I Company No.: 901914-V 8. BUSINESS OVERVIEW (cont’d) Medical specialty Ophthalmology Transplant Women and Children CoEs and clinical programmes Location Parkway Eye Mount Elizabeth Centre Hospital and Gleneagles Hospital Haematology and Mount Elizabeth Stem Cell Hospital Transplant Centre Transplant Mount Elizabeth programme Hospital and Gleneagles Hospital Parkway Gleneagles Hospital Gynaecology Screening & Treatment Centre Description • Performs LASIK eye surgery and treats cataracts, retinaI problems, presbyopia, glaucoma, and childhood myopia, among other eye disorders, with specialist doctors.
• Provides comprehensive transplantation care for all ages with both malignant, benign, genetic and/or blood disorders. The transplant procedures may be performed in combination with other treatments, including leukaemia, solid tumours, thalassemia, sickle cell anaemia, immune deficiencies and autoimmune diseases.
• Carries out living donor kidney and liver transplants. Gleneagles was the first private hospital in Southeast Asia to conduct a successful adult living donor liver transplant in 2002. Has had over 750 successful living kidney and liver donor transplants as at the LPD.
• Gleneagles has the only private hospital programme in Singapore with a dedicated liver ward, Parkway Asian Liver Ward, and is the first fully integrated centre for liver transplant and treatment in Southeast Asia.
• Provides comprehensive services for gynaecology and pregnancy-related needs with a team of obstetrician­gynaecologists.

I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) Medical CoEs and clinical specialty programmes Location Description Women and  Mount Elizabeth  •  Provides  antenatal  to  Children clinical  Hospital, Gleneagles  postnatal care and tailored  programme  Hospital and Parkway  services for premature  or  East Hospital  ill  babies,  including  preventive care, diagnostic  services and treatment.
Singapore healthcare Parkway Shenton Parkway Shenton is the primary care network arm of PPL in Singapore, and is one of the leading private providers of primary healthcare in Singapore with a market share of 4.3% as at 31 December 2011 in terms of number of clinics, according to Frost & Sullivan. It has a total registered patient pool of more than 450,000, serves over 2,000 corporate clients and received over 1,800 patients per day on an annual average basis in 2011. Parkway Shenton operates primary care clinics, health screening clinics, accident and emergency clinics, ambulance services and other ancillary services. Parkway Shenton contributed 6.5% to PPL in terms of total pro forma revenue for the year ended 31 December 2011 and 6.2% for the three months ended 31 March 2012. The table below sets forth certain information about Parkway Shenton’s clinics and services as at the LPD. Number of Clinic / services location/clinics Description Shenton Medical Group 30 retail clinics • Provides high quality general and Shenton Family 18 clinics located in healthcare services for corporate Medical Clinics corporate clients’ clients, including consultations, premises”) vaccinations, pre-employment examinations and statutory medical examinations. Integrative healthcare with complementary acupuncture services are also offered at selected clinics. • Shenton Medical Group is located in key business districts and largely focuses on corporate clients.
• Shenton Family Medical Clinics are located in and serve the residential community areas of Singapore.

Executive Health Six clinics • Provides premier health screening Screeners Clinics and wellness consultations to top­level executives. • Located in business districts. I 8. BUSINESS OVERVIEW (cont’d) Clinic / services Nippon Medical Care Luxe Wellness Centre for Women Accident and Emergency and 24­Hour Walk-In Clinics Land Ambulance Services unit Air Ambulance Services unit Aviation and Psychiatry unit Number of location/clinics One clinic at Gleneagles Hospital One clinic Three clinics at each of Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital Description •  Provides quality healthcare and health screening services to the large Japanese expatriate community in Singapore and neighbouring countries with a team of experienced doctors and nurses from Japan.  •  Located in the heart of Orchard Road, it is an upscale women’s health specialty clinic.  •  Provides 24-hour, seven days a week, emergency medical services to urgent and walk in cases.
Three locations at each of Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital  •  Involved patients.  in  the  transport  of  local  Coordinates with each of Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital  •  Involved in the transport of patients and helps to coordinate evacuation services for regional and global clients.
One location • The air ambulance service is able to provide evacuation services into Singapore for critically ill patients from many locations in Southeast Asia.
• Serves personnel in the aviation industry and specialises in medical examinations for pilots and air traffic controllers.
• Carries out flight status review for air and cabin crew, including treatment programmes for passengers suffering from a fear of flying.

Note: (1) Out of these 18 clinics, five of the clinics are operated through arrangements with these clients. Parkway Shenton does not hold the clinic licenses for these clinics. Shenton Insurance and iXchange Parkway Shenton works with Shenton Insurance, which underwrites short-term employee healthcare insurance policies, and iXchange, which provides third party healthcare administration and claims administration services as an outsourced service for corporate clients and insurers, all of which are wholly-owned subsidiaries of PPL. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) Shenton Insurance is a direct general insurer specialising in health insurance and employee benefit solutions, with group employee benefit programmes forming the core business. Its programmes include outpatient coverage, traditional hospitalisation and surgical plans, managed care programmes and flexi-benefits schemes. Shenton Insurance is operated at arm’s length from PPL and works with a panel of 200 clinics, with Parkway Shenton’s clinics among the network clinic panel. Shenton Insurance contributed 2.8% to PPL in terms of total pro forma revenue for the year ended 31 December 2011 and 3.0% for the three months ended 31 March 2012. iXchange is Parkway Shenton’s third party administration business and offers a web­based platform for insurance and corporate clients to track medical insurance expenditure. iXchange offers an extensive suite of services, including internet solutions, transactions administration centre, channel management and communication, and provides information management services to Parkway Shenton’s strategic partners. iXchange contributed 0.2% to PPL in terms of total pro forma revenue for the year ended 31 December 2011 and 0.2% for the three months ended 31 March 2012. Parkway Radiology Parkway Radiology provides a comprehensive range of diagnostic and therapeutic radiology services to patients in the three PPL hospitals in Singapore and to third party patients. Parkway Radiology is present in all three of PPL’s Singapore hospitals, as well as in the outpatient settings under the banner of “Medi-Rad Associates Ltd,” which operates a total of eight outpatient imaging centres at Mount Elizabeth Medical Centre, Gleneagles Hospital, Paragon Medical Centre, Novena Medical Centre, Mandarin Gallery, Jurong East, Arcade and Health Promotion Board. For the year ended 31 December 2011, Parkway Radiology contributed 3.3% to PPL in terms of total pro forma revenue and 3.5% for the three months ended 31 March 2012. Parkway Radiology provides basic radiology services, including ultrasound, mammography and general radiography and MRI. In addition, Parkway Radiology provides full interventional services comprising biopsies, angiography, radio-frequency ablation, drainages and nuclear medicine as well as cardiac applications. As at the LPD, the Parkway Radiology team comprised 26 professionally trained and experienced specialist radiologists and 222 healthcare professionals. Parkway Radiology provides the latest viable technology to patients and doctors in Singapore; for example, it introduced MRI in 1987 and a PET-CT scanner in 2003. The provision of the latest technology is complemented by a professional team of sub-specialised radiologists, radiographers and radiology nurses. Parkway Laboratory Services Parkway Lab provides efficient and high-quality services in clinical laboratory, histopathology and cytogenetics. Its experienced laboratory team and well-equipped laboratories serve the needs of inpatients and outpatients of the three PPL hospitals in Singapore and third party patients, as well as other medical practitioners who operate within and outside the hospitals’ medical centres, the Parkway Shenton clinics and general practitioners. Parkway Lab operates in the three PPL Singapore hospitals, a satellite outpatient laboratory in Novena Medical Centre and a state-of-the-art central reference laboratory headquartered at Ayer Rajah Crescent. For the year ended 31 December 2011, Parkway Lab contributed 1.6% to PPL in terms of total pro forma revenue and 1.5% for the three months ended 3’1 March 2012. 8. BUSINESS OVERVIEW (cont’d) Parkway Lab’s clinical laboratory services include haematology, immunohaematology, biochemistry, immunology, serology, special chemistry, urine and stool analysis, microbiology and clinical molecular and specialised testing. Histopathology services and cytogenetics services are also offered. Gleneagles Clinical Research Centre Gleneagles CRC, a joint venture company which is 51.0% owned by us and 49.0% owned by Mitsui, is a full-service clinical research organisation with operations in Singapore, the PRC, Thailand, the Philippines, Australia and Indonesia. Gleneagles CRC also has strategic global collaboration arrangements with other clinical research organisations and academic institutions in Europe and the United States. Others Parkway College Parkway College is a wholly-owned subsidiary of Parkway. Parkway College aspires to be a premier global private educational institution in the fields of nursing, allied health and healthcare management. Parkway College is one of the sources of nurses, management and allied health professionals for PPL’s operations in Singapore.. Parkway College was one of the first six institutions to have been awarded the EduTrust certification from the Council for Private Education in Singapore. To achieve the EduTrust mark, schools must demonstrate high standards in six key areas including corporate governance, fee protection for all their students and academic processes, such as teacher selection and programme tracking and development. Parkway College was established in February 2008 at its Bukit Merah campus, to cater to the growing needs for quality education in health sciences. It comprises three schools: a School of Allied Health, a School of Healthcare Management and a School of Nursing. Nurses who graduate from Parkway College and whose tuition has been sponsored by PPL are contractually obligated to work for PPL for a period of up to five to six years, including training time, in exchange. As at 31 December 2011, there were 514 full-time students enrolled in Parkway College, a majority of whom had their tuition fees sponsored by PPL. 8. BUSINESS OVERVIEW (cont’d) Malaysia operations PPL is the second largest private healthcare provider in Malaysia with a market share of approximately 15.1 % as at 31 December 2010 in terms of the number of licensed beds, according to Frost & Sullivan. It owns and operates nine “Pantai” Hospitals and two “Gleneagles” Hospitals across Peninsular Malaysia. Over 760 specialist doctors are credentialed by PPL to admit patients to its hospitals in Malaysia. Two of the hospitals are JCI accredited and seven are accredited by the MSQH (including three hospitals which accreditations have expired and are pending re-accreditation survey results as at the LPD). PPL houses CoEs and advanced clinical programmes within its Malaysia hospitals that provide specialised equipment and services to the doctors who practise there. PPL also operates Pantai Premier Pathology, Pantai Integrated Rehab and one ambulatory care centre in Malaysia. PPL is currently developing three more hospitals in Malaysia which are expected to commence operations by 2015 and undertaking expansion projects in four of its existing hospitals. PPL’s Malaysia operations contributed 31.1 % to PPL’s total pro forma revenue for the year ended 31 December 2011 and 30.8% for the three months ended 31 March 2012. For the year ended 31 December 2011, approximately 4.0% of the revenue from PPL’s Malaysia operations was derived from medical travellers, approximately 90.0% of whom were from Indonesia. (The rest of this page is intentionally left blank) I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) The map below sets out the locations of PPL’s hospitals in Malaysia as at the LPD:
* Existing hospital 7<: New hospital • Medical Centre 370
8. BUSINESS OVERVIEW (cont’d) Malaysia hospitals PPL’s hospital network in Malaysia operates on a “hub and spoke” model. Hub hospitals have a higher number of specialist doctors, offering a wider array of medical specialty services and advanced medical equipment compared to spoke hospitals and typically operate in large urban centres. Spoke hospitals offer the more common specialties and typically operate in smaller urban centres or large towns. Generally, hub hospitals have 180 to 350 licensed beds and more than 30 specialist doctors, while spoke hospitals have 80 to 150 licensed beds and between 15 and 30 resident specialist doctors. Most of PPL’s hospitals in Malaysia are located on the country’s west coast along a major north-south highway. Spoke hospitals may, in some cases, refer patients to hub hospitals which offer most clinical specialties and provide more complex care. Each of PPL’s Malaysian hospitals’ credentialed doctors must be specialist doctors registered with the Malaysian Medical Council, possess a current Annual Practicing Certificate issued by the Council and be accredited by the National Specialist Register. Such specialist doctors are then required to apply to be credentialed to admit patients into PPL’s hospitals. The process of credentialing is conducted by each hospital’s credentialing committee and doctors who have gone through this process are considered to be credentialed doctors. A doctor may be credentialed at more than one of PPL’s hospitals in Malaysia. In Malaysia, most of our credentialed specialist doctors are independent medical practitioners. They operate from clinics, which are either in medical office buildings co­located with PPL’s hospitals or in PPL’s hospitals itself or located in the vicinity of PPL’s hospitals. These credentialed specialist doctors typically refer patients to one of PPL’s hospitals for further care and use of inpatient facilities. The credentialed specialist doctors continue to consult and treat the patient while PPL provides inpatient facilities, equipment and services of PPL’s medical staff for a fee. These specialist doctors may also refer patients to PPL’s medical centres, clinics and ancillary healthcare businesses and receive patients who are referred to them by PPL’s medical centres, clinics and ancillary healthcare businesses. PPL employs nurses, resident physicians and ancillary medical and support staff directly for its hospitals and other healthcare operations in Malaysia. 8. BUSINESS OVERVIEW (cont’d) The table below sets forth certain operating statistics for the hospitals PPL owns and operates in Malaysia as at and for the periods indicated. Hospital operations are subject to certain seasonal fluctuations such as decreases in inpatient business during school holidays and festive periods. Three months  ended 31  Year ended 31 December  March  2009  2010  2011  2012
Number of hospitals at end of 11 11 11 11 period Number of beds (licensed) at end 1,993 1,993 2,010 2,025 of period(1) Number of beds (operational) at 1,781 1,835 1,878 1,911 end of period(1) Inpatient admissions(2) 146,200 152,286 154,823 40,443 Average length of stay (days)(~) 2.8 2.8 2.8 2.7 Occupancy rate(4) 64.2% 65.1% 63.0% 63.5% Average revenue per inpatient 3,271/1,363 3,638/1,516 3,907/1,628 4,001/1,667 admission (in RM/SGD(5») Average revenue per patient day 1,156/482 1,301/542 1,399/583 1,461/609 (in RM/SGD(5») Notes: (1) Licensed beds are approved number of beds by MOH Malaysia which a facility regularly maintains and staffs. Operational beds is an internal measure for which we include those of our licensed beds which we utilise for patients.
(2) Represents the total number of inpatients admitted to our hospitals.
(3) Represents the average number of days an inpatient stays in our hospitals.
(4) Represents the percentage of hospital operational beds occupied by inpatients.
(5) The RM amounts have been translated for convenience into SGD at the rate of RM2.40 : SGD1.00.
(6) PPL and Acibadem do not compile certain of their operational data, including the number of operational beds, the average length of stay and the occupancy rate, on the same basis and therefore, these amounts may not be comparable.

As part of our measurement of operational performance, we use “occupancy rates” as a performance indicator of the utilisation of our available operational beds. We use occupancy rates to alert us if our hospitals have a potential operational bed capacity issue which may affect doctors’ ability to admit their patients. Occupancy rates are a measure of the number of inpatients against the number of available operational beds, not a measure of revenue or profitability. This is because revenue or profit derived from an inpatient also includes, over and above room charges, other healthcare and medical services and fees, pharmaceutical drugs and consumables and (in relation to Acibadem) doctors’ fees, which can vary significantly from inpatient to inpatient. 8. BUSINESS OVERVIEW (cant’d) Our hospital operations in Malaysia began over 30 years ago. The table below sets forth certain information about PPL’s hospitals in Malaysia as at the LPD. Number of  Number of  licensed  operatin~  Hospital  Key specialist services provided  beds  theatres!
Pantai Hospital Kuala Lumpur Gleneagles Kuala Lumpur Gleneagles Medical Centre Penang
Pantai Hospital Ayer Keroh Pantai Hospitallpoh Pantai Hospital Penang Pantai Hospital Cheras Pantai Hospital Ampang Pantai Hospital Batu Pahat Pantai Hospital Klang Pantai Hospital Sungai Petani Cardiology and cardiothoracic surgery, orthopaedic, oncology, minimally invasive surgery, obstetrics and gynaecology, paediatric, trauma surgery and 22 other specialties  332  8  Cardiology and cardiothoracic surgery, neurosurgery, obstetrics and gynaecology, plastic surgery, reconstructive and maxillofacial, orthopaedic and trauma surgery and 17 other specialties  316  8  Cardiology and cardiothoracic surgery, oncology, hand and microsurgery, haematology, neurosurgery, nephrology, orthopaedic, urology and 18 other specialties  227  5  Cardiology and cardiothoracic surgery, nephrology, oncology, obstetrics and gynaecology, paediatrics, ophthalmology and 16 other specialties  224  7  Cardiology and cardiothoracic surgery, orthopaedic and ophthalmology, haematology, obstetrics and gynaecology, paediatrics and 14 other specialties  180  4  ENT, neurology, orthopaedic, cardiology specialties  neurosurgery, and 15 other  195  5  ENT, general medicine, general surgery, obstetrics and gynaecology, orthopaedic and 12 other specialties  143  4  ENT, general medicine, general surgery, obstetrics and gynaecology, orthopaedic and ten other specialties  114  4  General medicine, general surgery, obstetrics and gynaecology, orthopaedic, paediatric and five other specialties  106  3  General medicine, general surgery, obstetrics and gynaecology, orthopaedic, paediatric and 11 other specialties  108  3  General medicine, cardiology, general surgery, obstetrics and gynaecology, orthopaedic and eight other specialties  80  2
8. BUSINESS OVERVIEW (cont’d) Note: (1) Does not include delivery suites and endoscopy rooms. Hub hospitals The table below sets forth certain operating statistics for the hub hospitals PPL owns and operates in Malaysia as at and for the periods indicated. Three months  ended 31  Year ended 31 December  March  2009  2010  2011  2012
Number of hospitals at end of 6 6 6 6 period Number of beds (licensed) at end 1,459 1,459 1,459 1,474 of period(1) Number of beds (operational) at 1,312 1,346 1,359 1,392 end of period(1) Inpatient admissions(2) 108,425 109,743 111,175 28,458 Average length of stay (days)C:l) 3.0 3.0 3.0 2.9 Occupancy rate(4) 66.4% 68.0% 66.7% 65.6% Average revenue per inpatient 3,498/1,458 3,980/1,658 4,290/1,788 4,450/1,854 admission (in RM/SGD(5)) Average revenue per patient day 1,181/492 1,348/562 1,439/600 1,520/633 (in RM/SGD(5») Notes: (1) Licensed beds are approved number of beds by MOH Malaysia which a facility regularly maintains and staffs. Operational beds is an internal measure for which we include those of our licensed beds which we uti/ise for patients.
(2) Represents the total number of inpatients admitted to our hospitals.
(3) Represents the average number of days an inpatient stays in our hospitals.
(4) Represents the percentage of hospital operational beds occupied by inpatients.
(5) The RM amounts have been translated for convenience into SGD at the rate of RM2.40 : SGD1.00.
(6) PPL and Acibadem do not compile certain of their operational data, including the number of operational beds, the average length of stay and the occupancy rate, on the same basis and therefore, these amounts may not be comparable.

Further details of PPL’s hub hospitals in Malaysia as at the LPD are set forth below. 8. BUSINESS OVERVIEW (cont’d) Pantai Hospital Kuala Lumpur is PPL’s flagship hospital in Malaysia. It is a 332­licensed bed hospital with more than 170 credentialed specialist doctors. It is located close to the city centre and within the residential neighbourhood of Sangsar. Pantai Hospital Kuala Lumpur is JCI accredited. MSQH accreditation for the hospital has expired and the re-accreditation is pending survey results as at the LPO, which is expected to be known by the end of 2012. Pantai Hospital Kuala Lumpur also has an ISO 9001:2008 certification. It is one of eight private hospitals in Malaysia to have been certified as a “baby friendly hospital” by the MOH Malaysia. The hospital is wholly­owned by PPL. Gleneagles Kuala Lumpur is one of PPL’s largest hospitals in Malaysia. It is a 316­licensed bed tertiary care hospital with more than 145 credentialed specialist doctors. It has a separate medical office building accommodating consultants of various specialties and sub-specialties for outpatient services with more than 110 specialist medical office suites for independent medical practitioners. Gleneagles Kuala Lumpur is JCI and MSQH accredited and has an ISO 9001 :9002 certification. The hospital is wholly-owned by PPL. Gleneagles Medical Centre Penang is a 227-licensed bed hospital located on Penang Island with more than 80 credentialed specialist doctors. It was the first for-profit private hospital in Malaysia and the first private hospital in the northern region of Peninsular Malaysia accredited by MSQH, which was in 2002. MSQH accreditation for the hospital has expired and the re-accreditation is pending survey results as at the LPO, which is expected to be known by the end of 2012. The hospital is 70.0% owned by PPL. Pantai Hospital Ayer Kerohis a 224-licensed bed hospital that provides healthcare services to the city of Melaka and has more than 65 credentialed specialist doctors. The hospital is MSQH accredited. In the second half of 2012, Pantai Hospital Ayer Keroh’s oncology centre will be upgraded with state-of-the-art equipment, which we expect to make it one of the most technologically-advanced oncology centres in southern Peninsular Malaysia. The hospital is wholly-owned by PPL. Pantai Hospital Ipoh is a 180-licensed bed hospital with more than 70 credentialed specialist doctors located a short drive from Ipoh city centre. Pantai Hospitallpoh has an ISO 9001 :2000 certification. It is the only private hospital in Perak with a resident haematologist. The hospital is 77.8% owned by PPL. Pantai Hospital Penang is a 195-licensed bed hospital with more than 40 credentialed specialist doctors. It is located in the township of Sayan Baru and in the vicinity of the free trade zone in Sayan Lepas, located at the southeastern part of Penallg. Pantai Hospital is MSQH accredited. The hospital is 80.7% owned by PPL. 8. BUSINESS OVERVIEW (cont’d) Spoke hospitals The table below sets forth certain operating statistics for the spoke hospitals PPL owns and operates in Malaysia as at and for the periods indicated. Three months  ended 31  Year ended 31 December  March  2009  2010  2011  2012
Number of hospitals at end of 555 5 period Number of beds (licensed) at end 534 534 551 551 of period(1) Number of beds (operational) at 469 489 519 519 end of period(1) Inpatient admissions{~) 37,775 42,543 43,648 11,985 Average length of stay (days)(3) 2.4 2.4 2.3 2.3 Occupancy rate(4) 58.0% 57.3% 53.4% 58.0% Average revenue per inpatient 2,616/1,090 2,755/1,148 2,930/1,221 2,933/1,222 admission (in RM/SGO(5» Average revenue per patient day 1,071/446 1,149/479 1,267/528 1,283/535 (in RM/SGO(5» Notes: (1) Licensed beds are approved number of beds by MOH Malaysia which a facility regularly maintains and staffs. Operational beds is an internal measure for which we include those of our licensed beds which we utilise for patients.
(2) Represents the total number of inpatients admitted to our hospitals.
(3) Represents the average number of days an inpatient stays in our hospitals.
(4) Represents the percentage of hospital operational beds occupied by inpatients.
(5) The RM amounts have been translated for convenience into SGD at the rate of RM2.40 : SGD1.00.
(6) PPL and Acibadem do not compile certain of their operational data, including the number of operational beds, the average length of stay and the occupancy rate, on the same basis and therefore, these amounts may not be comparable.

Further details of PPL’s spoke hospitals in Malaysia as at the LPD are set forth below. Pantai Hospital Charas is a 143-licensed bed hospital with more than 75 credentialed specialist doctors located in Taman Cheras Makmur, Cheras. Pantai Hospital Cheras is accredited with MSQH. I\I1SQH accreditation for the hospital has expired and the re­accreditation is pending survey results as at the LPD, which is expected to be known by the end of 2012. The hospital is wholly-owned by PPL. Pantai Hospital Ampang is a 114-licensed bed hospital with more than 45 credentialed specialist doctors located in the centre of Pandan Indah township just short distance from Kuala Lumpur. The hospital is wholly-owned by PPL. Pantai Hospital Batu Pahat is a 106-licensed bed hospital with more than 15 credentialed specialist doctors located in Johor. The hospital is wholly-owned by PPL. 8. BUSINESS OVERVIEW (cont’d) Pantai Hospital Klang is a 108-licensed bed hospital with more than 35 credentialed specialist doctors located in Klang. Pantai Hospital Klang is accredited with MSQH. The hospital is wholly-owned by PPL. Pantai Hospital Sungai Petani is an 80-licensed bed hospital with more than 20 credentialed specialist doctors located in Sungai Petani in the northern part of Malaysia. The hospital is wholly-owned by PPL. Expansion projects PPL is currently undertaking expansion projects in four hospitals, Gleneagles Medical Centre Penang, Pantai Hospital Kuala Lumpur, Pantai Hospital Klang and Gleneagles Kuala Lumpur. • Gleneagles Medical Centre Penang is constructing a new building which is expected to be completed by the end of 2012 and which will add 188 beds to its existing capacity, which we expect will make it one of the largest private hospitals in Penang. Construction of the new building commenced in April 2010.
• Pantai Hospital Kuala Lumpur is developing a new 12-storey building with 200 consultant suites and eight CoEs and clinical programmes, which is expected to be completed in mid-2014 and which we expect will make it one of the most technologically-advanced medical facilities in Malaysia. Another 120 beds will be added to Pantai Hospital Kuala Lumpur by the end of 2014. Construction of the new building commenced in February 2011.
• Pantai Hospital Klang will be adding another building which is expected to increase capacity by 80 beds and adding additional medical office suites for specialist doctors. The project is currently at the planning stage. Construction of the new block is expected to commence in the first quarter of 2013 and is expected to be completed by mid-2014.
• Gleneagles Kuala Lumpur is also adding an additional 100 beds-by leasing an adjacent block which is currently at the planning stage. Construction of the new block is expected to commence in the third quarter of 2012 and is expected to be completed in mid-2015. The expansion will be built by a third party and our main capital expenditure related to this project will be equipping the expansion. Gleneagles Kuala Lumpur has an option to purchase this adjacent block.

The overall expansion cost is estimated to be approximately RM454.4 million, of which RM93.8 million had been incurred as at 31 March 2012. The cost of expansion has been and is expected to continue to be funded through borrowings and internally generated funds. 8. BUSINESS OVERVIEW (cont’d) Projects under development PPL is also developing three greenfield projects, Gleneagles Kota Kinabalu, Pantai Hospital Man}ung and Gleneagles lVledini. • Gleneagles Kota Kinabalu, which is scheduled to open in early 2015, will mark PPL’s entry into East Malaysia. Construction work commenced in October 2011. The hospital will have 250 beds, providing tertiary hospital services to the community in Kota Kinabalu, Sabah. . .• Pantai Hospital Manjung, situated an hour’s drive from Ipoh city, will provide healthcare services to the community in the upcoming Manjung township by .early 2014. Construction work commenced in March 2012. The hospital is expected to have 100 beds. • Gleneagles Medin; will be situated in Medini, Iskandar Malaysia, and will target the Malaysian market as well as medical travellers from Singapore who will be able to use Medisave, which is a national medical savings account system for Singapore citizens and permanent residents, at the hospital. The project is in the planning phase and the first phase of this state-of-the-art hospital with 150 beds is expected to be operational in early 2015 and it is expected that it will subsequently be expanded to its intended size of 300 beds. Construction work is expected to commence in the last quarter of 2012. Gleneagles Kota Kinabalu and Pantai Hospital Manjung are being built by third parties and the proprietors have agreed to lease each hospital to PPL. PPL will then manage and operate the hospital business.’ Our main capital expenditure related to these projects will be equipping the hospital, which is estimated to be approximately RM50 million, which is expected to be funded through borrowings and internally generated funds. For GleneaglesMedini, the hospital will be built, owned, developed, managed and operated by PPL. The overall cost of development of this greenfield project is estimated to be approximately RM400 million, of which none had been incurred as at 31 March 2012. The cost of development is expected to be funded through borrOWings and internally generated funds. CoEs and Clinical Programmes In selected specialties,· PPL offers advanced medical services through the use of specialised equipment and integrated clinical services delivered through multi­disciplinary teams. PPL has developed various clinical delivery models within its hospitals in Malaysia to provide complex treatments through CoEs, and advanced clinical programmes. In Malaysia, through CoEs and advanced clinical programmes, PPL captures revenue from the treatment of patients who need specialised, state-of-the-art treatment or surgery. The sources of such revenue include consultation, surgical and hospitalisation services and the utilisation of its facilities, equipment, consumables and services by its patients. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) The table below sets forth certain details of PPL’s CoEs and clinical programmes in Malaysia as at the LPD. Medical CoEs and clinical specialty programmes LocationDescription General Surgery  Minimally Invasive  Gleneagles Medical  •  Provides minimally  Surgery (MIS)  Centre Penang  invasive surgery with a  Centre  multi-disciplinary team of  surgical specialists who  are trained in specific sub­ specialisations.  Heart and  Cardiac Centre  Gleneagles Kuala  •  Focuses on all aspects of  Vascular  Lumpur  cardiology and  cardiothoracic surgery  going from prevention and  diagnosis to treatment and  rehabilitation of cardiac  patients. Provides  treatment to both adult  and paediatric patients.  •  Facilities include a high­ tech cardiac  catheterisation laboratory,  one standby laboratory,  two MRI units, cardiac CT  scan, full non-invasive  cardiac diagnostic centres,  stress test, two cardiac  operating theatres and a  dedicated cardiology ward  with 20 ICU beds and  eight NICU beds.  Glerieagles Heart  Gleneagles Medical  •  Focuses on all aspects of  Centre  Centre Penang  cardiology and  cardiothoracic surgery  going from prevention and  diagnosis to treatment and  rehabilitation of adult and  paediatric cardiac  patients.  •  Facilities inClude a high­ tech cardiac  catheterisation laboratory.  one standby laboratory, an  MRI unit, CT scan, stress  test, one cardiac operating  theatre and a health  screening centre.
8. BUSINESS OVERVIEW (cont’d) Medical  CoEs and clinical  specialty  programmes  Location  Description  Pantai Heart  Pantai Hospital Kuala  •  Provides  com prehensive  Centre  Lumpur  cardiac  services  with  treatments  that  include  complex  cardiac  interventional and surgical  operations,  as  well  as  simpler  cardiac  surgeries  with a specialised team of  medical  experts  comprising  dedicated  adult  interventional  and  paediatric  cardiologists,  cardiothoracic  surgeons  and critical  care  specialist  doctors and nurses.  •  Carries  out  non-invasive  diagnostic tests, as well as  invasive  diagnostic  and  therapeutic  interventional  procedures.  Musculoskeletal  Hand and  Pantai Hospital Kuala  •  Provides consultation and  Microsurgery  Lumpur  both  surgical  and  Centre  rehabilitative  treatment,  specialising  in  prOViding  rehabilitation  and  physiotherapy modules for  the upper limbs.  Orthopaedic  Gleneagles Kuala  •  Treats patients with bone  Centre  Lumpur  and  joint  problems  and  provides medical services  in  orthopaedics,  rheumatology  and  rehabilitation.  Treatments  include  sports  medicine  and hand microsurgery for  adult  and  paediatric  patients.  Spine and Joint  Pantai Hospital Kuala  •  Provides  invasive  and  Centre  Lumpur  non-invasive treatments of  spine and joint conditions  with  a  team  of  experienced  orthopaedic  surgeons,  most  of whom  specialise  in  spine,  joint  and sports medicine.  •  Facilities  include  a  comprehensive  physical  therapy  unit that focuses  on  rehabilitation  and  patient  education  to  prevent re-injury.
8. BUSINESS OVERVIEW (cont’d) Medical CoEs and clinical specialty programmes Location Description Orthopaedic and Gleneagles Medical • Provides medical services Trauma Surgery Centre Penang in orthopaedics, advance Centre trauma surgery, reconstructive surgery, spinal surgery and sports surgery. Neuroscience Neuroscience Gleneagles Kuala • Provides patients with Centre Lumpur nervous system diseases a comprehensive team of neurologists, neurosurgeons and radiologists with a full complement of intra­operative surgical equipment. Oncology Oncology Centre Gleneagles Kuala Comprised of a multi-Lumpur disciplinary team of specialists, including radiation and medical oncologists, surgeons, radiologists, pathologists, specialised nursing staff, dieticians and physical therapists. • Pantai Cancer Pantai Hospital Kuala • Provides multi-faceted Institute Lumpur cancer treatment and therapies through an experienced team of oncologists, nurses and radiographers. • Facilities include a chemotherapy day-care centre and a radiotherapy unit equipped with an “Elekta Synergy System” providing intensity modulated radiation therapy and image guided radiation therapy and stereotactic radiosurgery modalities. Women and Breast Care Pantai Hospital Kuala • Facilities are equipped Children Centre Lumpur with two mammography machines. Women and Gleneagles Kuala • Provides specialist care Children’s Centre Lumpur and sub-specialty services in the areas of obstetrics­gynaecology and paediatrics. 8. BUSINESS OVERVIEW (cont’d) Medical  CoEs and clinical  specialty  programmes  Location ——­ Description  •  Specialist care is provided  from the antenatal to the  postnatal phase  and  for  premature and  ill babies,  including  diagnostic  testing  and  treatment  for  emotional  and  psychological needs.
Malaysia healthcare Malaysia healthcare services contributed 0.9% to PPL in terms of total pro forma revenue for the year ended 31 December 2011 and 1.4% for the three months ended 31 March 2012. Twin Towers Medical Clinic Twin Towers Medical Clinic is located in Kuala Lumpur and provides general practice and specialty consultations, including ENT, cardiology, dentistry, ophthalmology, orthopaedic and occupational health services. It was acquired in February 2012 and is PPL’s first entry into primary care business in Malaysia. It is managed by a resident cardiologist and includes laboratory, pharmacy and radiology services. It generally provides services to corporate clients and the residential community in the Kuala Lumpur city centre area. Pantai Premier Pathology Pantai Premier Pathology provides a diverse range of high-quality diagnostic and analytical laboratory testing services to referring medical practitioners. Referrals are received from a broad serving base of general practitioners and specialist doctors, from medical clinics, medical centres to large tertiary hospitals in Malaysia. Pantai Premier Pathology’s clinical laboratory services include haematology, immunohaematology, biochemistry, immunology, serology, special chemistry, urine and stool analysis, microbiology and clinical molecular and specialised testing. Histopathology services and cytogenetics services are also offered. Pantai Integrated Rehab Pantai Integrated Rehab provides comprehensive physiotherapy and rehabilitation services. The centres are well equipped and provide a wide range of professional services, including physiotherapy, occupational therapy, specialised exercise instruction and integrated rehabilitation. Pantai Integrated Rehab operates the rehabilitation centres in PPL’s hospitals in Malaysia with a team of over 65 physiotherapists and occupational therapists. International operations PPL also has a presence in the PRC, India, Hong Kong, Vietnam and Brunei, with operations across the major healthcare sectors, namely hospitals, medical centres, clinics and ancillary healthcare businesses. PPL’s international growth strategy is to identify latent demand in attractive markets and address that demand with a strategy tailored to each market’s demographics and industry and regulatory landscape. 8. BUSINESS OVERVIEW (cont’d) In the hospital segment internationally, PPL owns and operates hospitals via joint venture agreements, or enters into consultancy agreements or HMAs as appropriate to each market. Consultancy agreements relate to hospital design planning, development, construction and commissioning, while HMAs are agreements to manage hospitals which are operational. Typically, where PPL has entered into consultancy agreements in relation to a hospital under development, it has also subsequently entered into an HMA to manage these hospitals once completed. We believe HMAs reinforce and complement PPL’s core business and allow PPL to grow its presence, network and brand without major capital expenditure. This allows PPL to better understand new markets and develop entry strategies for these markets. PPL also has two consultancy agreements with hospitals that are under development in Taiwan and India. PPL’s fees for HMAs and consultancy agreements are structured in a number of ways and generally consist of a base fee plus a percentage of the hospital’s revenue or EBITDA. PPL’s HMAs are generally entered into for a term of 10 years. In the primary care segment, through joint ventures, PPL owns, manages and operates nine medical centres and clinics in the PRC and Hong Kong and one diagnostics centre in India. PPL’s international operations contributed 6.8% to PPL’s total pro forma revenue for the year ended 31 December 2011 and 7.1% for the three months ended 31 March 2012. This does not include the revenues from joint ventures and our investments. Please refer to Section 12.13 of this Prospectus for the review of our past pro forma performance. The PRe and Hong Kong Health care Through eight medical centres and clinics in the PRC and one medical centre in Hong Kong, PPL provides primary and specialist care to the premium self-payor corporate insured segment, notably the affluent, urban and expatriate communities. As at the LPD, PPL’s clinics in the PRC employed more than 75 doctors and have relationships with 23 private insurance companies. PPL’s medical centres and clinics in the PRC are operated through contractual and trusts arrangements with certain PRC operating entities. Please refer to Section 5.2 of this Prospectus for Risks related to our countries of operation -(iv) If the PRC government determined that the agreements that establish the structure for operating our business-otherwise do not comply with applicable PRC laws, rules and regulations, we could be subject to penalties; (v) We rely on contractual arrangements with the PRC operating entities in the PRC and their shareholders for our business operations, which may not be as effective in providing operational control or enabling us to derive economic benefits as through ownership of controlling equity interests; and (vi) We may face risks arising from certain trust arrangements. 8. BUSINESS OVERVIEW (cont’d) PPL’s medical centres and clinics in the PRC and Hong Kong are set forth in the table below as at the LPD. Medical centres and clinics Chengdu Medical Centre Gleneagles Medical and Surgical Centre Luwan Specialty and Inpatient Centre Jin Qiao Medical and Dental Centre Mandarine City Medical Centre Shanghai Centre Medical and Dental Centres Shanghai Jin Mao Tower Medical Centre Hong Qiao Medical Centre Parkway Health Central Hong Kong Medical Centre Location Description Chengdu, the PRC Shanghai, the PRC Shanghai, the PRC Shanghai, the PRC Shanghai, the PRC Shanghai, the PRC
Shanghai, the PRC Shanghai, the PRC Hong Kong •  Provides a comprehensive range of general practice and specialised medical services.  •  Located in the same bUilding as a 5-star hotel and provides a comprehensive range of services with an on-site operating theatre and luxury inpatient suites.  •  A women’s health and birthing centre, paediatric centre and after hours consultation centre located in  Ruijing Hospital with 12 beds.  •  A community-based primary care facility that also provides urgent care and non-medical ancillary services.  •  Provides a broad range of women’s health services.  •  Located centrally in downtown Shanghai near many major office buildings and foreign consuiates. The centres provide general medical services and also has a health screening centre on-site for work and visa-related health  checks.  •  Provides services in family medicine, paediatrics, psychiatry, physiotherapy, acupuncture and psychology. The centre has seven medical consultation rooms, an on­site laboratory, x-ray and pharmacy.  •  Provides services in family medicine, internal medicine, paediatrics, obstetrics and gynaecology with a team of international doctors. It provides on­site laboratory, pharmacy and radiological services.  •  Located in Central district, the clinic covers 175 square meters and has space for general practitioners as well as space for a dentistry practice. The medical centre provides health screening, imaging services and pharmaceutical dispensing.
8. BUSINESS OVERVIEW (cont’d) Projects under development PPL entered into an HMA on 14 February 2011 for SIMC, which is expected to become operational in 2014. This is PPL’s first entry into the hospital sector in the PRC. The SIMC HMA reinforces PPL’s PRC strategy by helping to build PPL’s experience while simultaneously growing its presence, network and brand recognition for future expansion in the PRC. SIMC is located within the Shanghai International Medical Zone, which is an area in Shanghai designed to be a medical hub providing international standard healthcare services to the PRC’s affluent population residing in the Yangtze River Delta and Bohai regions. The Shanghai International Medical Zone is expected to serve as a platform for companies engaged in the full supply chain of healthcare activities, fuelling opportunities for collaborations between medical institutions, medical device manufacturers and biomedical players. SIMC is a tertiary hospital and is expected to operate up to 450 beds. It is currently under construction and is supported by Shanghai’s municipal government, Shanghai’s healthcare bureau and the government of Pudong district. PPL has entered into a consultancy agreement and HMA to manage SIMC once operational in 2014. Leveraging advanced medical technologies, SIMC intends to maintain PPL’s high standards of healthcare services and clinical outcomes in serving affluent patients in Shanghai and the rest of the PRC. SIMC intends to partner Shanghai Jiaotong Medical University and its 12 affiliated hospitals to set up clinical CoEs staffed by top physicians from the hospitals. SIMC is expected to enhance PPL’s presence in the PRC market, where we believe there are significant opportunities for growth due to the PRC’s large and aging population, rapid economic growth and increasing affluence. India Hospitals PPL operates hospitals in India with joint venture partners in line with our Group’s strategy to complement its investment in Apollo. Please refer to Section 8.2.9 of this Prospectus on Apollo Hospitals Enterprise Limited. In India, the patient base is varied and consists of those who self-pay, are covered by private insurance and are sponsored by government programmes. Apollo Gleneagles Hospital, located in Kolkata, is a 425-licensed bed multi-specialty tertiary hospital, which is currently in the process of increasing its licensed beds to 510, with a focus on cardiology, general surgery, orthopaedics and transplants. It is the only hospital in eastern India to be JCI accredited. It is also the only hospital in India to have received a NABL certification in five separate categories: clinical biochemistry, clinical pathology, haematology and immunohaematology, microbiology and serology, histopathology and cytopathology. The hospital project is a 50/50 joint venture between Apollo and PPL’s subsidiary, Gleneagles Development. 8. BUSINESS OVERVIEW (cont’d) Healthcare PPL also operates a PET-CT centre through a 50/50 joint venture in India which is located inside Apollo Health City Hospital and provides diagnostic services to the patients there, as set forth in the table below. Centres  Location-=..::.=c:..::..::..:~  _  Description  Apollo Gleneagles PET- Hyderabad, India  •  Located  inside Apollo  Health  City,  CT Centre  the  centre  receives  patients  from  within the hospital and surrounding  areas  who  require  diagnostic  services.
Projects under development Gleneagles Khubchandani Hospital, located in Mumbai, is currently under development and will have 450 beds and provide specialties in heart and vascular and general surgery, orthopaedics, neurosurgery and transplant surgery. This hospital project is a 50/50 joint venture between Koncentric Investments Ltd and PPL’s subsidiary, Parkway Healthcare. Construction work commenced in May 2010 and the hospital is expected to be operational end 2012. The majority of beds at the hospital will be single suite and it is intended to target the increasingly affluent segment of the Indian population. The overall land cost, cost of development and equipment cost of the hospital is estimated to be approximately RsA.5 billion, of which RS.1.2 billion had been spent as at 31 March 2012. The cost of expansion has been and is expected to continue to be funded through borrowings and equity investment. Please refer to Section 5.2(i) of this Prospectus on the Risk factor relating to the non-receipt of certain approvals from the relevant authorities by Gleneagles Khubchandani Hospital required for its development activities. GM Modi Hospital, located in New Delhi, India, is planned to be developed into a 300 beds hospital facility. PPL has entered into a consultancy agreement with GM Modi Hospitals Corporation Pte. Ltd. to design and plan this new facility. Vietnam City International Hospital, located in Ho Chi Minh City, Vietnam, will be managed by PPL through a consultancy agreement and HMA once operational, which is expected to be in 2013. The tertiary multi-specialty hospital is under construction. It is expected to have 313 beds and to include the latest medical technology -and extensive facilities, including 10 operating theatres and 20 intensive care beds, as well as eight labour amt delivery rooms. The hospital expects to offer comprehensive key clinical programmes in obstetrics and gynaecology, paediatrics, general surgery, cardiology, ears, nose and throat, eye, orthopaedic, gastroenterology and haematology, and internal medicine. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) Brune; The Gleneagles JPMC Cardiac Centre, located in Jerudong Park, Brunei, is owned and operated by PPL through a joint venture with the Brunei Investment Agency, with PPL holding a 75.0% equity interest as at the LPD. The hospital has 21 licensed beds, two major operating theatres, two cardiac catheterisation laboratories and is located in Jerudong Park. We believe the centre performed the first open heart surgery in Brunei. The centre provides a range of clinical services such as cardiac inpatient and outpatient specialist services, health and cardiac screening, coronary angiogram and interventional cardiology, open heart surgeries and cardiac rehabilitation. The centre is leased for a term of 15 years ending in 2017. 8.2.6 Acibadem Acibadem is the largest private healthcare provider in Turkey in terms of number of non­SGK and partial-SGK beds, according to Frost & Sullivan. It has been one of the leading private healthcare providers of high-quality diagnostic and treatment services for Turkish and international patients since 1991. Acibadem’s integrated healthcare network in Turkey and Macedonia as at the LPD spanned 14 hospitals (with one other hospital in Istanbul, Jinemed Hospital, the acquisition of which is pending completion) with more than 1,800 licensed and operational beds (which exclude the 23 licensed and/or operational beds in Jinemed Hospital), a majority of which were in private, single-bed patient suites. Of Acibadem’s 14 hospitals, eight hospitals are in Istanbul (one of which, Aile Hospital Goztepe, was operational until April 2012 and is currently undertaking structural reinforcement of the hospital building, which is leased) and five hospitals are in other large population centres across Turkey. Acibadem employed over 1,800 doctors across 40 specialty areas, of whom approximately 1,300 are specialist doctors, and more than 350 were professors or associate professors as at the LPD. Most of these professors teach at Acibadem University, an institution owned and operated by Acibadem Health and Education Foundation, which is outside the Group. Acibadem hospitals are equipped with state-of-the-art medical technology, such as robotic surgery, intraoperative radiotherapy and digital tomosynthesis mammography. Acibadem has substantially benefited from recent growth in medical travel across the CEEMENA region. Its International Patient Centre, located in Istanbul, Turkey, provides a wide range of intermediary services for foreign patients visiting Acibadem’s facilities. Acibadem has over 40 multi-lingual patient specialists and has partnerships and special agreements with foreign governments and institutions in the surrounding and neighbouring region. In Turkey, most of the doctors and physicians who practise in Acibadem’s hospital network are either contracted under a revenue sharing sytem or employed by Acibadem under a full or part time employment contract. The majority of these doctors have annual rolling contracts with Acibadem while others have two-year to three-year contracts. The majority of the doctors practise under a revenue sharing model, under which Acibadem bills patients for all medical services rendered and then pays the doctors a portion of the fees received, whereas the remaining receive either a fixed salary or a combination of revenue-sharing and a salary. 8. BUSINESS OVERVIEW (cont’d) In addition, as at the LPD, Acibadem operated nine outpatient clinics (with one other outpatient clinic in Istanbul, Jinemed Medical Centre, the acquisition of which is pending completion) which provide an array of primary care services such as emergency care and other specialty services to their local communities. Acibadem believes that the outpatient clinics serve as active feeders of patients into its healthcare network. Acibadem Holding’s integrated business network includes stand-alone ancillary healthcare businesses, such as Acibadem Mobil, APlus and Acibadem Proje, as well as laboratory services, such as Acibadem Labmed. Acibadem Labmed, with its ISO 15189 clinical laboratory accreditation, which we believe is the most state-of-the-art laboratory in the CEEMENA region, offers a large spectrum of services. Acibadem Mobil provides emergency assistance and transportation and home health services for patients before and after their hospital visits. APlus provides laundry, catering and housekeeping services at the hospitals to Acibadem patients and staff and plans to expand such services to third parties. Acibadem Proje plans, designs and refurbishes hospital projects in Turkey. Acibadem Proje has been responsible for developing and completing all of Acibadem’s greenfield hospitals since its commencement of operations. Acibadem Labmed, Acibadem Mobil, APlus and AcibademProje provide their services to Acibadem, as well as third parties. (The rest of the page is intentionally left blank) I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) The map below sets out the locations of Acibadem’s hospitals and outpatient clinics in Turkey and Macedonia as at the LPD. The map also shows the location of Jinemed Hospital and Jinemed Medical Centre, which Acibadem is in the process of acquiring.
* Existing hospital 1<: New hospital • Outpatient clinics 389
8. BUSINESS OVERVIEW (cant’d) The table below sets forth certain operating statistics for the hospitals and outpatient clinics which Acibadem operates as at and for the periods indicated. Hospital operations are subject to certain seasonal fluctuations such as decreases in inpatient business during school holidays and festive periods as well as during summer periods. Whilst in the winter months, the inpatient business usually peaks. Three months  ended 31  Year ended 31 December  March  2009  2010  2011  2012
Number of hospitals at end of 9 11 14 14 period Number of outpatient clinics at 6 7 9 9 end of period Number of beds (licensed and 1,232 1,473 1,751 1,801 operational) at end of period(1) Inpatient admissions(3) 52,869 66,428 88,525(2) 27,872l~) 3.3l~)Average length of stay (days)l4) 3.2 3.5 3.5(2) Occupancy rate(~) 54.9%l~) 66.5% 79.5%(2) 78.1%(~) Average revenue per in8:atient 4,907/3,5181 5,553/3,9821 5,600/4,0151 5,799/4,1581admission (in TUSGD/RM )) 8,440 9,551 9,632(2) 9,974(8) Average revenue per patient day 1,513/1,0851 1,58411 ,1361 1,580/1,1331 1,754/1,2581(in TUSGD/RM(7)) 2,602 2,724 2,718(2) 3,017(8} Notes: (1) Under Turkish law, “licensed beds” refer to the approved number of beds used for observation and treatment of at least 24 hours, including intensive care, premature and infant unit beds and beds in the burn care units and indicated in the hospital operation licenses. In addition to licensed beds, “operational beds” include beds used for treatments of less than 24 hours such as chemotherapy, radiotherapy and sedation or other beds such as incubators, labour beds, beds for examination, small treatments and relaxation, from which AcibadBlTLderives revenue and does not require licensing.
(2) Comprises data for only 11 hospitals, which excludes Acibadem Sistina Skopje Clinical Hospital, Aile Hospital Bahcelievler and Aile Hospital Goztepe as the three hospitals were only acquired in the second half of 2011, where the operational data were recorded and classified differently with the rest of the other existing hospitals.
(3) Represents the total number of overnight patients admitted to our hospitals.
(4) Represents the average number ofdays an overnight patient stays in our hospitals.
(5) Represents the percentage of hospital licensed beds occupied by overnight patients.
(6) Reflects three hospitals opened in 2009 that were ramping up and not operational for the full year.
(7) The TL amounts have been translated for convenience into SGD at the rate of TL 1.00 : SGDO.717 and into RM at the rate of TL 1.00: RM1. 72.
(8) Comprises data for only 13 hospitals, which excludes Acibadem Sistina Skopje Clinical Hospital as the hospital was only acquired in the second half of 2011, where the operational data were recorded and classified differently with the rest of the other existing hospitals.

8. BUSINESS OVERVIEW (cont’d) Notes (cont’d): (9) PPL and Acibadem do not compile certain of their operational data, including the number of operational beds, the average length of stay and the occupancy rate, on the same basis and therefore, these amounts may not be comparable. As part of our measurement of operational performance, we use “occupancy rates” as a performance indicator of the utilisation of our available operational beds. We use occupancy rates to alert us if our hospitals have a potential operational bed capacity issue which may affect doctors’ ability to admit their patients. Occupancy rates are a measure of the number of inpatients against the number of available operational beds, not a measure of revenue or profitability. This is because revenue or profit derived from an inpatient also includes, over and above room charges, other healthcare and medical services and fees, pharmaceutical drugs and consumables and (in relation to Acibadem) doctors’ fees, which can vary significantly from inpatient to inpatient. Acibadem hospitals As at the LPD, Acibadem operates 14 hospitals across Turkey and Macedonia, of which six are JCI accredited, one is pending JCI accreditation and one is in the process of preparing its application for JCI accreditation. The acquisition by Acibadem of one other hospital in Turkey (Jinemed Hospital) is pending completion. Our hospital operations in Turkey began in 1991. The table below sets forth certain information about Acibadem’s hospitals as at the LPD. Total number of  beds  (licensed  andlor  Number of  Hospital  Key specialist services provided  operational beds)(1)  operatin~ theatres(
Acibadem Maslak Hospital Acibadem Bursa Hospital Acibadem Sistina Skopje Clinical Hospital (Macedonia) Acibadem Kayseri Hospital Multi-specialty hospital with approximately 30 therapeutic areas and key specialist services, including radiation oncology, cardiac care and urology  183  8  Multi-specialty hospital with approximately 25 therapeutic areas and key specialist services including radiation oncology, cardiovascular surgery, general surgery; obstetrics and gynaecology  195  6  Multi-specialty hospital, cardiovascular surgery, obstetrics and gynaecology  cardiology, urology,  179  8  Multi-specialty hospital with approximately 20 therapeutic areas and key specialist services including radiation oncology  119  6
8. BUSINESS OVERVIEW (cont’d) Hospital Acibadem Bakirkoy Hospital Acibadem Kadikoy Hospital Acibadem Adana Hospital International Hospital Acibadem Eskisehir Hospital Aile Hospital Bahcelievler Acibadem Fulya Hospital Aile HosRital Goztepe(3) Acibadem Kozyatagi Hospital Key specialist services provided Multi-specialty hospital with approximately 25 therapeutic .areas and key specialist services including paediatric cardiovascular surgery, orthopaedic and general surgery Multi-specialty hospital with approximately 25 therapeutic areas and key specialist services including IVF, cardiology, paediatrics and internal medicine Multi-specialty hospital with approximately 25 therapeutic areas and key specialist services including radiation oncology Multi-specialty hospital with approximately 20 therapeutic areas and key. specialist services including organ transplantation and paediatric cardiovascular surgery Multi-specialty hospital with approximately 20 therapeutic areas and key specialist services Multi-specialty hospital with approximately 20 therapeutic areas and key specialist services including general surgery, orthopaedic, obstetrics and gynaecology MUlti-specialty hospital with approximately 10 therapeutic areas and key specialist services including sports medicine Multi-specialty hospital with approximately 20 therapeutic areas and key specialist services including general surgery, cardiology and cardiovascular surgery Multi-specialty hospital with approximately 25 therapeutic areas and key specialist services including adult and paediatric neurosurgery, medical oncology, nuclear medicine Total number of beds (licensed and/or operational beds)!1) 136 127 125 134 135 109 108 89 87 Number of operatin~ theatres! 7 6 5 6 5 5 6 4 4 8. BUSINESS OVERVIEW (cont’d) Total  number of  beds  (licensed  andlor  Number of  Hospital  Key specialist services provided  operational beds)(1)  operating theatres!  Acibadem Kocaeli  Multi-specialty  hospital  with  75  3
Hospital approximately 25 therapeutic areas and key specialist services inclUding paediatrics, internal medicine, ENT and cardiovascular surgery Jinemed Hospital(4) Multi-specialty hospital with 23 approximately 15 therapeutic areas and key specialist services including obstetrics-gynaecology, IVF, general surgery, internal medicine, paediatrics and orthopaedics Notes: (1) Under Turkish law, “licensed beds” refer to the approved number of beds used for observation and treatment of at least 24 hours, including intensive care, premature and infant unit beds and beds in the bum care units and indicated in the hospital operation licenses. In addition to licensed beds, “operational beds” include beds used for treatments of less than 24 hours such as chemotherapy, radiotherapy and sedation or other beds such as incubators, labour beds, beds for examination, small treatments and relaxation, from which Acibadem derives revenue and does not require licensing.
(2) Does not include delivery suites, IVF, minor procedures and endoscopy rooms.
(3) Aile Hospital Goztepe was operational until April 2012 and is currently undertaking structural reinforcements of the hospital bw1ding, which is leased.
(4) As at the LPD, Jinemed Saglik, which is the license owner of Jinemed Hospital, is not a subsidiary of Acibadem. On 1 February 2012, Acibadem and the shareholders of Jinemed Saglik executed a share purchase agreement pursuant to which, 65.0% of the equity interest ofJinemed Saglik will be purchased by and transferred to Acibadem. On 8 March 2012, the Turkish Competition Authority granted clearance for this transaction; however, the share transfer has not yet been completed. Jinemed Hospital is included in the pro forma financial information of the Group under Section 12.12 of this Prospectus; The share transfer is expected to be completed within 2012.

Eight of Acibadem’s private hospitals have partial agreements with the SGK and four of Acibadem’s hospitals have fUll agreements with the SGK to treat patients whose healthcare spending is publicly funded. The SGK imposes fee caps on services provided to SGK patients by hospitals that have partial or full agreements with it. The agreements are automatically renewed on an annual basis, unless the hospital notifies the SGK that it intends to terminate the agreement. Prior to renewal, the hospital may also notify the SGK to change its agreement type from fUll to partial, or vice versa. Those hospitals with partial agreements with the SGK provide publicly-funded healthcare in four main therapeutic areas, namely, cardiac care, including cardiology and cardiovascular surgery, oncology, including medical oncology, radiation oncology, gamma knife and cyber knife, organ transplants and emergency room treatment. If patients with SGK coverage choose to have medical treatment outside these four therapeutic areas, their treatment will not be covered by the SGK, the SGK fee cap will not apply and they will have to pay through other means. 8. BUSINESS OVERVIEW (cant’d) Those hospitals with full agreements with the SGK provide publicly-funded healthcare in all specialty areas that they provide treatment services and the SGK will pay in full for all services at such hospitals, except for any additional medical treatment and hotel expenses requested by an SGK patient. In the year ended 31 December 2011, approximately 52.0% of Acibadem’s patients paid for the healthcare services provided by Acibadem with private insurance, 21.0% self-paid, 17.0% paid through the SGK and 10.0% paid with corporate-sponsored insurance or other means. Some of the patients who pay for their. healthcare services through private insurance subscribe to the healthcare insurance offered by Acibadem Sigorta, which is jointly controlled by Aydinlar and an entity within the Abraaj group. For the past 3 years ended 31 December 2009,31 December 2010 and 31 December 2011 and the three months ended 31 March 2012, revenue generated from Acibadem Sigorta by Acibadem for the provision of healthcare services to Acibadem Sigorta insured members amounted to TL39.2 million (RM67.4 million), TL52.2 million (RM89.8 million), TL66.0 million (RM113.5 million) and TL23.7 million (RM40.8 million) respectively. The fee charges, including volume-based discounts, applicable to such patients are on an arm’s length basis and on terms which are consistently applied to all other insurance operators. These arrangements are expected to continue onthe basis of the same terms. Six of Acibadem’s hospitals are JCI accredited, with one hospital pending accreditation and one hospital preparing its application for accreditation. We seek to achieve JCI accreditation as we develop new hospitals. However, when our hospitals mature and maintain the levels of quality that JCI accreditation requires, we may seek to voluntarily withdraw from such accreditation in order to eliminate the unnecessary cost of maintaining the accreditation while maintaining the same levels of quality. For example, Acibadem Bursa Hospital and Acibadem Kocaeli Hospital were previously JCI accredited and as at the LPD, Acibadem has voluntarily withdrawn its JCI accreditation at these two hospitals. Acibadem owns 100.0% of all of its hospitals in Turkey, except for International Hospital, in which Acibadem indirectly holds a 90.0% equity interest, and ;s in the process of acquiring a 65.0% equity interest in Jinemed Hospital, which is pending completion. In Macedonia, Acibadem holds 50.3% of Acibadem Sistina Skopje Clinical Hospital. Further details of Acibadem’s hospitals as at the LPD are set forth below. Acibadem Maslak Hospital is a 183-licensed and operational bed hospital with 312 doctors located in the Maslak neighbourhood of Istanbul, Turkey. The hospital provides infertility treatment and IVF and has an intensive care unit for neonatology. In addition, the hospital has high level diagnosis and treatment laboratories with electrophysiology and interventional radiology, such as Rapidarc technology oncology treatments, the da Vinci robotic surgical system and Cyberknife technology. The hospital has five intensive care units used for cardiology, internal diseases, general surgery, cardiac surgery and neonatology. The hospital also focuses on medical travellers, in addition to local patients. Acibadem Maslak Hospital has “intelligent building” technology, which operates different premises systems by integrating them from a single centre. In addition, we believe that Acibadem Maslak Hospital is the only “paperless” hospital in the CEEMENA region, where all patient paperwork and records are kept electronically and there are touchscreen computers in each patient’s room. The hospital is expected to commence an expansion project within 2012 to manage the hospital’s activities more efficiently and to increase its service capacity. The hospital is JCI accredited. 8. BUSINESS OVERVIEW (cont’d) Acibadem Bursa Hospital is a 195-licensed and operational bed hospital with 102 doctors located in Bursa, Turkey. The hospital has five intensive care units which are used for cardiology, internal diseases, general surgery,· cardiac’ surgery and neonatology. The hospital also focuses on medical travellers, in addition to local patients. The hospital receives referrals from doctors located outside Istanbul within the Marmara region, particularly because of its radiation oncology capability and growing cardiovascular surgery capacity. The hospital was previously JCI accredited and Acibadem voluntarily withdrew the accreditation in 2011. Acibadem Sistina Skopje Clinical Hospital is a 179-licensed and operational bed hospital with 109 doctors located in Skopje, Macedonia. It is the first private hospital in Macedonia. The hospital has two CT laboratories and five intensive care units which are used for cardiology, general surgery, cardiac surgery and neonatology. The hospital is in the process of preparing its application for JCI accreditation. Acibadem Kayseri Hospital is a 119-licensed and operational bed hospital with 74 doctors located in Kayseri, Turkey. The hospital has five intensive care units used for cardiology, internal diseases, general surgery, cardiac surgery and neonatology. The hospital has one of the leading radiation oncology facilities in Turkey and the surrounding region. Acibadem Bakirkoy Hospital is a 136-licensed and operational bed hospital with 253 doctors located in the Bakirkoy neighbourhood of Istanbul, Turkey. The hospital has five intensive care units used with 27. licensed and operatior;1al beds which are used for neonatology, general surgery, internal diseases, cardiology and ‘cardiac surgery and a 25-licensed and operational bed emergency-care room. The hospital also focuses on medical travellers, in addition to local patients. The hospital building has “intelligent building” technology and is fully computerised. The hospital is JCI accredited. Acibadem Kadikoy Hospital is a 127-licensed and operational bed hospital with 174 doctors located in the Kadikoy neighbourhood of Istanbul, Turkey. It was Acibadem’s first hospital and commenced its operations in 1991. The hospital has five intensive care units which are used for cardiology, internal diseases, general surgery, cardiac surgery and neonatology. The hospital is JCI accredited. Acibadem Adana Hospital is a 125-licensed and operational bed hospital with 77 doctors located in Adana, Turkey. The hospital has five intensive care units used. for cardiology, internal diseases, general surgery, cardiac surgery and neonatology. In addition, the hospital has two sleep laboratories. The hospital also focuses on medical travellers, in addition to local patients. Acibadem Adana Hospital has an agreement with the Iraq Ministry of Health and the Incirlik U.S. Air Force Base to provide healthcare services to Iraqi and American patients. Due to its location, the hospital also provides healthcare services to Syrian and Libyan patients. The hospital is JCI accredited. International Hospital is a 134-licensed and operational bed hospital with 128 doctors located in the Yesilkoy neighbourhood of Istanbul, Turkey. The hospital underwent a redevelopment project which began in 2006 and was completed in 2008, which upgraded its polyclinic areas, physician examination rooms C!nd inpatient floors. The hospital operates an organ transplantation centre. The hospital also focuses on medical travellers, in addition to local patients. Given International Hospital’s history as the first private hospital in Turkey and strong brand recognition in the market, Acibadem has continued to operate the hospital under its original name following its acquisition in 2005. However, International Hospital uses the “Acibadem” trademark so that it is recognisable as part of the Acibadem group. The hospital is JCI accredited. 8. BUSINESS OVERVIEW (cont’d) Acibadem Eskisehir Hospital is a 135-licensed and operational bed hospital with 56 doctors located in Eskisehir, Turkey. The hospital has one neonatology unit, one baby­care room, a decontamination room, emergency follow-up rooms and isolated single­bed intensive care units. The hospital has five intensive care units which are used in general surgery, internal diseases, cardiology, cardiac surgery and neonatalogy. Aile Hospital Bahcelievler (previously known as John F. Kennedy Hospital) is a 109­licensed and operational bed hospital with 86 doctors located in Bahcelievler neighbourhood of Istanbul, Turkey. The hospital has four intensive care units used for cardiac surgery, cardiology, general surgery and neonatology. In 2012, the hospital has been rebranded as “Aile Hospital”. Acibadem Fulya Hospital is a 108-licensed and operational bed hospital with 137 doctors located in Besiktas neighbourhood of Istanbul, Turkey. The hospital is the first one in Turkey to specialise in sports injuries and professional athletes’ healthcare. The hospital is one of a few in Turkey that does not have any agreement withSGK and only serves patients who are able to pay by themselves, through private insurance or through corporate-sponsored insurance or other means. The hospital is pending JCI accreditation and expects to receive accreditation within 2012. Aile Hospital Goztepe (previously known as Goztepe Safak Hospital) is an 89-licensed and operational bed hospital with 60 doctors located in Goztepe neighbourhood of Istanbul, Turkey. The hospital is intended to have four intensive care units used for cardiac surgery, cardiology, general surgery and neonatology. In 2012, the hospital has been rebranded as “Aile Hospital”. Acibadem decided in April 2012 to suspend the operations of the hospital to facilitate the undertaking of structural reinforcement of the hospital building, which is leased. The completion of the reinforcement will be determined, pending further assessment of the building structure. Please refer to Section 5.2(i) of this Prospectus on the Risk factor relating to the prolonged suspension of hospital operations. Acibadem Kozyatagi Hospital is an 87-licensed and operational bed hospital with 128 doctors located in the Kozyatagi neighbourhood of Istanbul, Turkey. The hospital is known for its neurology and cancer treatment centre, as well as its sleep disorder laboratory and motion analysis laboratory. Designed to provide specialty-institute level treatment for the whole spectrum of neurological diseases, Acibadem Kozyatagi Hospital performs adult paediatric neurosurgeries, supported by intra-operative MRI, Gamma Knife, brain lab, gait and motion analysis centre, neuro-pathologists and paediatric rehabilitation teams. The hospital has an intensive care unit and nine emergency follow-up beds. The hospital is JCI accredited. Acibadem Kocaeli Hospital is a 75-licensed and operational bed hospital with 62 doctors located in Kocaeli, Turkey. The hospital has five intensive care units with 18 licensed and operational beds which are used for cardiology, internal diseases, general surgery, cardiac surgery and neonatology. The hospital was previously JCI accredited and Acibadem voluntarily withdrew the accreditation in 2011. Jinemed Hospital is a 23-licensed and operational bed hospital with 43 doctors located in the Besiktas neighbourhood of Istanbul, Turkey. The hospital has two intensive care units used for general surgery and neonatology. The acquisition and share tranfser of Jinemed Saglik, which is the license owner of Jinemed Hospital, is expected to be completed within 2012. 8. BUSINESS OVERVIEW (cont’d) Expansion projects Acibadem is currently undertaking expansion projects in two hospitals, Acibadem Sistina Skopje Clinical Hospital and Acibadem Maslak Hospital. • Acibadem is currently in the midst of expanding the facilities of Acibadem Sistina Skopje Clinical Hospital which will add 81 beds to its existing capacity and is expected to open its oncology department in 2012. A new oncology facility is currently under construction and will provide, among others, an extension of the cardiac surgery and general surgery departments, an expanded department of nuclear medicine equipped with PET-scan and an emergency department with a trauma centre. Construction work was ongoing when Acibadem acquired Acibadem Sistina and is expected to be completed by the end of 2012. The cost of expansion is funded by the other shareholder of Acibadem Sistina. Acibadem plans to transfer medical equipment from its existing hospitals to Acibadem Sistina Skopje Clinical Hospital upon completion of the expansion.
• Acibadem Maslak Hospital will be constructing an additional hospital building with a built-up area of 50,000 square metres which will add 120 beds to its existing capacity. Construction work is expected to commence within 2012 and expected to be completed within the next two to three years. The cost of expansion will be funded through borrowings and internally generated funds. Acibadem Proje will be respbnsible for the completion of the design and construction management of this project.

The overall expansion cost is estimated to be approximately TL99.9 million, of which none had been incurred as at 31 March 2012. Projects under development Acibadem is also developing two greenfield projects, Acibadem Ankara Hospital and Acibadem Bodrum Hospital. • Acibadem Ankara Hospital is currently under development in Ankara, Turkey. Construction work commenced at the beginning of the first quarter of 2011 and the hospital is expected to become operational in the third quarter of 2012. It is expected to have an indoor area of approximately 9,000 square metres with approximately 78 beds and four operating theatres. This multi-specialty hospital is expected to offer high quality medical services and to be equipped with advanced technology.
• Acibadem Bodrum Hospital was, as at the LPD, under development in Bodrum, Turkey, a popular holiday destination. Construction work commenced in the end of the first quarter 2010 and phase one of Acibadem Bodrum Hospital has commenced operations following the LPD, on 11 June 2012. Phase one of Acibadem Bodrum Hospital has an indoor area of approximately 12,000 square meters with 76 beds. Following the completion of phase two, which is currently expected in 2013, Acibadem Bodrum Hospital is expected to have an indoor area of apprOXimately 21,800 square meters with approximately 110 beds in total, and four operating theatres. This multi-specialty hospital is expected to offer high quality medical services to local residents and to medical travellers.

8. BUSINESS OVERVIEW (cont’d) The overall cost of development of these two greenfield projects is estimated to be approximately TL99.5 million, of which TL36.7 million had been incurred as at 31 March 2012. The costs of development has been and is expected to continue to be funded by borrowings and internally generated funds. In addition to the above, as at the LPD, Acibadem has signed a letter of intent to develop a potential greenfield hospital project located in the Taksim neighbourhood of Istanbul, Turkey and is also in discussions to develop a potential hospital via a brownfield project, also located in Istanbul, Turkey. These two hospitals are expected to add a total of approximately 330 beds to our· Group upon completion, which we anticipate to be within the next five years. The details of these two hospital development projects are not yet finalised and, as at the LPD, no binding agreements have been entered into with regard to them. GoEs In selected specialties, Acibadem offers advanced medical services and treatments and advanced biomedical technology and equipment. The CoEs also employ specialist doctors. Acibadem’s CoEs include the following: Medical specialty  CoEs  Location  Description  Cardiovascular  Cardiac Care,  Acibadem Kadikoy  •  Focuses on all aspects of  Surgery  Adult Cardiology,  Hospital, Acibadem  adult  cardiology  and  Cardiovascular  Bakirkoy Hospital,  cardiovascular  surgery  surgery  Acibadem Maslak  going from prevention and  Hospital, International  diagnosis to treatment and  Hospital, Acibadem  rehabilitation  of  cardiac  Bursa Hospital,  patients.  Acibadem Kocaeli  Hospital, Acibadem  Eskisehir Hospital,  Acibadem Adana  Hospital, Acibadem  Kayseri Hospital,  Acibadem Sistina  Skopje Clinical  Hospital, Aile Hospital  Goztepe and Aile  Hospital Bahcelievler  Paediatric  Paediatric Cardiac  Acibadem Bakirkoy  •  Focuses on all aspects of  Cardio-vascular  care and  Hospital and  paediatric cardiology and  Surgery  cardiovascular  International Hospital  cardiovascular  surgery.  surgery  Dedicated teams at these  two  hospitals treat almost  500 congenital  paediatric  cases each year
8. BUSINESS OVERVIEW (cont’d) Medical specialty Adult and Paediatric Neuro­surgery Organ Transplantation Cancer Centre CoEs Location Neurosciences Acibadem Kozyatagi Hospital and Acibadem Bakirkoy Hospital Organ  International Hospital,  Transplantation  Acibadem Bursa  Hospital and  Acibadem Kozyatagi  Hospital  Medical Oncology  Acibadem Kozyatagi  and Radiation  Hospital, Acibadem  Oncology  Maslak Hospital,  Acibadem Bursa  Hospital, Acibadem  Kayseri Hospital and  Acibadem Adana  Hospital
Description • Designed to provide specialty-institute level treatment for a broad spectrum of neurological diseases. Acibadem Kozyatagi Hospital performs adult and paediatric neurosurgeries, supported by intra­operative MRI, Gamma Knife, brain lab, gait and motion analysis center, neuro-pathologists and paediatric rehabilitation teams.
• Dedicated to provide specialty services in organ transplantation in kidney (at International Hospital and Acibadem Bursa Hospital), liver (at Acibadem Bursa Hospital) and bone marrow (at Acibadem Kozyatagi Hospital). Transplant operations performed using sophisticated laparoscopic techniques.
• Comprised of a highly trained and qualified clinical support staff, including radiation and medical oncologists, surgeons, radiologists, pathologists, specialised nursing staff, dieticians, physical therapist and psychologists. The experienced medical teams treat their patients with advanced medical techniques and focus on their continuous well being during the treatment process. The radio­therapy planning and treatment information is completely integrated across these centers, enabling continuity of care.

8. BUSINESS OVERVIEW (cont’d) Medical  specialty  CoEs  Location  Description  Sports Medicine  Sportsman Health  Acibadem Fulya  •  Planned,  designed  and  Centre, Advanced  Hospital  developed  in  connection  treatments for  with  AClbadem’s  sports injuries,  involvement  in  sports.  Physical  Acibadem Fulya Hospital’s  Treatment and  Orthopaedics  and  Sports  Rehabilitation  Medicine  Center  has  Centre  applied for designation as  a  FIFA Clinic  of Medical  Excellence.  IVF -Obstetrics  In Vitro  Acibadem Kadikoy  •  Provides  advanced  and  Fertilisation,  Hospital, Acibadem  medical  treatments  with  Gynaecology  Obstetrics and  Maslak Hospital,  modern  techniques  in  Gynaecology,  International Hospital,  obstetrics  and  High-Risk  Acibadem Bursa  gynaecology services and  Pregnancy  Hospital, Acibadem  focuses  on  IVF  Programmes  Kayser; Hospital,  treatments.  Acibadem  Acibadem Sistina  Kadikoy Hospital is a MOH  Skopje Clinical  Turkey  designated  IVF  Hospital and Jinemed  training  and  certification  Hospital  center.  Robotic Surgery  Robotic Surgery  Acibadem Maslak  •  Utilises robotic surgery (da  Hospital, Acibadem  Vinci  robotic  surgery  Kadikoy Hospital and  system)  in  certain  Acibadem Bakirkoy  branches  i.e.  urology,  Hospital  general  surgery,  gynaecology  and  obstetrics. This technique  requires  highly  qualified  and  trained  medical  professionals  who  are  trained  in  robotic  surgeries.  Breast Clinic  Breast Cancer  Acibadem Maslak  •  Provides  screening,  and Specialized  Hospital and  consultation and treatment  Treatments for  Acibadem Bakirkoy  to  women  with  breast  Women  Hospital  cancer  with  a  highly  qualified  and  reputable  team of surgeons, trained  breast  care  nurses  and  medical support staff.
8. BUSINESS OVERVIEW (cont’d) Acibadem Healthcare Outpatient Clinics In addition to its network of hospitals as at the LPD, Acibadem also operates nine outpatient clinics across Turkey. The acquisition by Acibadem of one other outpatient clinic in Istanbul (Jinemed Medical Centre) is pending completion. These outpatient clinics offer primary healthcare and perform outpatient operations and day surgeries. The outpatient clinics also refer patients to Acibadem hospitals. Acibadem owns 100.0% of all of its outpatient clinics, except for Konur Surgical Medical Centre and Gemtip Medical Centre, which are held 92.5% and 53.6%, respectively, by Acibadem. Acibadem is in the process of acquiring a 65.0% interest in Jinemed Medical Centre which is pending completion. Please refer to Section 5.2(i) of this Prospectus on the Risk factor relating to the shareholding of the outpatient clinics held by Acibadem. The table below sets forth certain information about Acibadem’s outpatient clinics as at the LPD. Outpatient Clinic  Location-‘-‘–‘——­ Services provided  Acibadem Beylikduzu Surgical Medical Centre  Istanbul, Turkey  Walk-in emergency services seven days a week; panoramic X-ray, USG, mammography, bone density, direct X-ray, CT and echocardiography technology; fUlly­equipped physiotherapy and rehabilitation unit which offers a full suite of pre and post­operation physiotherapy services
Acibadem Bagdat Istanbul, Turkey Walk-in emergency service six days a Caddesi Medical Centre week; diabetes centre; dermatological services such as laser hair removal, laser skin treatments and Botox; two surgical intervention rooms and six observation rooms Acibadem Etiler Medical Istanbul, Turkey Walk-in emergency services six days of Centre week; endoscopy unit provides gastroscopy, colonoscopy, rectoscopy and cauterisation operations; uses advanced technology for the diagnosis and treatment of gastrointestinal disorders; digital mammography; panoramic digital X-ray capability used in the diagnosis of dental problems Acibadem Gokturk Istanbul, Turkey Primarily a family practise clinic; medical Medical Centre laboratory and radiology services; 24-hour emergency unit and ambulance service; utilises the “Integrated Patient Admissions System” which tracks a patient’s medical history and includes diagnosis, treatment, results and physician notes from any Acibadem hospital or medical centre 8. BUSINESS OVERVIEW (cant’d) Outpatient Clinic Acibadem Atasehir Surgical Medical Centre Acibadem Uludag Outpatient Clinic Konur Surgical Medical Centre Gemtip Medical Centre Levent Medical Centre(1) Jinemed Medical Centre(2) Location Istanbul, Turkey Bursa, Turkey Bursa, Turkey Bursa, Turkey Istanbul, Turkey Istanbul, Turkey Services provided Radiology department with advanced technology such as MRI, CT, mammography, X-ray, ultrasound and panoramic X-ray equipment; specialised treatment for sports-related injuries; dermatological services such as laser hair removal; fractional laser and ultrasonic local weight loss methods The Acibadem Skiing Patrol, first aid and search and rescue responders, patrols Uludag daily during the winter ski season with specially-equipped snow motorcycles or tracked snow mobiles; treatment at the scene for emergency cases such as head­neck injuries and limb indispositions; advanced medical treatment is performed in Acibadem Uludag Outpatient Clinic, which only serves in the winter season Internal diseases, general surgery, neurology, neuropsychiatry, neurosurgery, paediatrics, paediatric surgery, gynaecology, plastic surgery, microsurgery and hand surgery, cardiovascular surgery, urology, ENT, ophthalmic, orthopaedics and traumatology, dermatology, physiotherapy and rehabilitation, microbiology and infection diseases, pathology, nuclear medicine, radiology, biochemistry, algology, acupuncture and anaesthesia reanimation Walk-in emergency services seven days a week; dental health, paediatrics, obstetrics and gynaecology, general surgery, internal medicine, ophthalmology, ENT, orthopaedics and traumatology and urology; radiology department equipped with X-ray, ultrasound and mammography Walk-in emergency services six days a week; CT scan, X-ray, panoromic X-ray, medical laboratory, internal medicine, ENT, neurology, obstetrics and gynaecology, orthopaedics, general surgery, urology, dentistry, dermatology (including laser epilation, ultrashape, botox and other skin treatments) and family medicine Multi specialty medical centre focusing on obstetrics and gynaecology and IVF, provides services in apprOXimately 10 clinics, including general surgery, paediatrics and urology 8. BUSINESS OVERVIEW (cont’d) Notes: (1) As at the LPD, Tolga Saglik, which is the license owner of Levent Medical Centre, is not a subsidiary of Acibadem. Acibadem Poliklinik executed a future share sale agreement and future asset transfer agreement with Tolga Saglik. Tha potenlial share purchase and assat transfer is expected to be realised in 2012. (2) As at the LPD, Jinemed Saglik, which is the license owner of Jinemed Medical Centre, is not a subsidiary of Acibadem. Please see note (4) of the table setting forth certain information about Acibadem’s hospitals as at the LPD, for further details of the share purchase agreement dated 1 February 2012 between Acibadem and the shareholders of Jinemed Saglik for the purchase of 65.0% equity interest ofJinemed Saglik. Laboratories To support its network of hospitals and outpatient clinics, Acibadem also operates five laboratories. The tabie below sets laboratories as at the LPO. Laboralory Acibadem Labmed Clinical Laboralory Acibadem Central Pathology Laboratories Location Istanbul, Turkey Istanbul, Turkey forth certain information about Acibadem’s Description • In 2010, it became the first laboratory in Turkey to be accredited by the Turkish Accreditation Institution. • Operated through a joint venture with Labmed Dortmund GmbH, a Germany laboratory operator. • Two locations: stand-alone laboratory in Altunizade, Istanbul and within Acibadem Maslak Hospital. • Connected to every Acibadem hospital Ihrough terminals. • Cooperate with Acibadem Labmed Clinical Laboratory and with the Acibadem Genetic Diagnosis Centre, enabling personalised treatment methods 10 be prOVided to cancer patients. • Oldest cord blood bank and has Ihe largest storage capacity in Turkeywith a storage and production facility where all scientifically­approved lissues can be kept and all treatment-purpose cell procedures are conducted with good manufacturing practise standards. 8. BUSINESS OVERVIEW (cont’d) Acibadem Stem Cell Istanbul, Turkey • As of January 2011, it has approval Laboratory and Cord from the MOH Turkey to produce Blood Bank stem cells, such as chondrocyte, fibroblast and mesenchymal stem cells, in a cell culture environment for autologous purposes. Acibadem Genetic istanbul, Turkey • A well-equipped and high-standardDiagnosis Centre genetic diagnosis laboratory which offers services for the purpose of diagnosis and prevention of genetic diseases. • Genetic testing and diagnostic services are offered for over 200 illnesses. ACibadem Labvital Food Istanbul, Turkey • Analyses food from production toControl Laboratory consumption stages and all food­related equipment in accordance with international standards and with approval’ from the Turkish Ministry of Agriculture and Rural Affairs. • Performs hygiene and sanitation auditing and observation for food production facilities and provides training for the staff working in such facilities. Ancillary services Acibadem Holding also owns complementary stand-aione ancillary healthcare businesses such as Acibadem Proje, Acibadem Mobil and APlus, which further support the integrated nature of Acibadem’s hospitals. These three businesses provide support services to Acibadem’s network of hospitals, as well as third parties. Acibadem Mobil was established in July 2008 and provides emergency assistance and transportation and home health services for patients before and after their hospital visits, such as intensive care ambulance transportation, air ambulance, and in home and work piace nursing services such as examination/physiotherapy, injection, medical dressing, laboratory, disease tracking and dietician services. As at 31 March 2012, Acibadem Mobil had approximately 300 employees, of whom 100 are physicians, and has advanced technol09Y equipment and mobile medicine technoiogy. Patients can access its services by calling the mobile healthcare line 24 hours a day. Acibadem Mobil has received ISO 9001 accreditation for both its ambulance and home health services. APlus commenced operations in 2006 and Offers health sector-oriented food-catering, cleaning, laundry, facility management and human resources services. APlus is a pioneer in the industrial catering production sector, owns one of the largest hygienic laundry rooms in Turkey and utilises the “Healthguard” system which is used in the heaith sector in the European Union and offers high standard cieaning and disinfection services that minimise cross-contamination risk. APlus has achieved the foliowing certifications: ISO 9001 (Quality Management System) and ISO 22000 (Food Safety Quality Management System). I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) Acibadem Proje commenced operations in 2004 and provides planning, implementation, control and “turn-key” consultancy services for major investments such as hospitals. Acibadem Proje began its operations by conducting all the planning, implementation, medical allocation and project financing operations for Acibadem’s hospital investments following its commencement of operations. It is responsible for the compietion of the design and construction management of all of Acibadem’s new greenfield projects, such as Acibadem Bakirkoy Hospital and Acibadem Maslak Hospital. On average, Acibadem Proje is abie to plan a hospital design in five to eight months and complete the construction in 18 to 22 months. Acibadem Proje also refurbishes and redesigns Acibadem’s acquired hospitals. It has now grown to provide services to other domestic and international healthcare Investors for the design and project management of certain domestic social responsibility projects, which are mainly for affiliated foundations. Acibadem Proje’s primary capabilities are in hospital design and planning, supervision and management of the construction of healthcare facilities and medical equipment and technical infrastructure procurement and installation, and it improves its planning and designs based on feedback obtained from the operational hospitals it has designed. 8.2.7 International Medical University Through IMU Health, we own and operate IMU, a private university that offers a total of 18 academic programmes as at the LPD, including medical, dental, pharmacy, nursing, health sciences and complementary medicine programmes. It is Malaysia’s first private healthcare university offering both iocal and foreign academic programmes. IMU has a unique educational model. It partners with foreign universities which accept credits earned by students atlMU follOWing a curriculum developed by IMU (instead of adopting the curricula of its partner universities). As at the LPD, iMU has 37 international renowned or established partner universities, which, we believe, is the largest network of partner universities in Asia. IMU has trained about 7,000 students since it was founded in 1992 and had an enrolment of 2,963 students as at31 December 2011. As at 31 March 2012, 3,179 students were enrolled atiMU. IMU Health will focus on our education business in Malaysia for our Group. On 3 April 2012, IMU Health and Pantai Resources entered into a conditional share sale agreement for the acquisition of the entire equity interest in Pantai Education, which trains nurses for PPL’s hospitals in Malaysia, from PPL as part of an internal restructuring process. IMU educational model The educational model at IMU is unique as it enables a student to pursue Phase One of their studies at IMU using an iMU curriculum and subsequently transfer to one of a number of partner universities to complete their studies at the partner university. Students who choose this transfer option will receive the degree from the partner university, which is identitical to the degree obtained by students who complete their full course of studies at the partner university. Students who choose the IMU option complete their studies at IMU and receive an IMU degree. This educational model applies to almost all of the undergraduate programmes offered by IMU, including the medicai, dental, pharmacy, psychoiogy, nutrition and dietetic, pharmaceutical chemistry, medical biotechnology, biomedical science, chiropractic and Chinese medicine programmes, thus differentiating it from other public and private education institutions. 8. BUSINESS OVERVIEW (cont’d) The chart below illustrates the educational model for IMU’s medical programme. Phase One Phase TWD IMU option
IMU curriculum Note: (1) Students transferring to a graduate partner medical school are required to complete an additional year of research for a BMedSc (IMU) degree. students must decide on their option of study prior to their enrollment. In the medical programme approximately 40% of students choose the IMU option, while the remaining 60% of incoming students choose the transfer option. Between 2007 and 2011, IMU’s partner medical schools offered an average of over 250 places each year to IMU transfer students. IMU’s educational model gives students access to renowned partner universities at a lower cost as they are able to undertake Phase One in Malaysia where the total cost of tuition and living expenses are lower than at overseas universities. IMU’s students are able to choose from a large selection of partner medical schools through a matching system in their fifth semester. In 2011, 28 partner medical schools participated in the medical programme. For students who choose the transfer option, all fees in Phase One are paid to IMU while fees in Phase Two are paid to the respective partner universities. For students who choose the IMU option, all fees for the entire programme are paid to IMU. IMU’s programmes operate on a semester model in which each semester is half a year. Certain undergraduate programmes have more than one intake a year. There are mUltiple intakes a year for the postgraduate programmes. Transfer option 8. BUSINESS OVERVIEW (cont’d) The table below sets forth the total tuition fees for each programme for the 2012 academic year. IMU programmes Range of tuition feesft ) (RM) Undergraduate programmes Medical, dental 390,000 to 475,000 Pharmacy, nutrition and dietetics and complementary medicine(2) 120,000 to 193,600 Nursing and health sciences(3} 70,800 to 93,000 Postgraduate programmes 9,600 to 44,100 Notes: (1) Tuition fees (rounded figures) are for the duration of programmes completed entirely et the IMU and after bursary.
(2) Complementary medicine includes the chiropractic and Chinese medicine programmes.
(3) Health sciences include the pharmaceutical chemistry, medical biotechnology, biomedical science and psychology programmes,

IMU academic programmes As at the LPD, IMU offers 18 healthcare undergraduate programmes and related postgraduate programmes, all of which are taught in English. The programmes offered are: medical, dental, pharmacy, nursing, psychology, nutrition and dietetics, pharmaceutical chemistry, medical biotechnology, biomedical science, chiropractic, Chinese medicine, public health and postgraduate programmes for masters and doctoral degrees. IMU’s programmes are accredited by the MQA and the appropriate professionai registration boards, such as the Malaysian Medical Council and the Malaysian Pharmacy Board. New programmes are given provisional accreditation until the first cohort graduates. Full accreditation is awarded to all established programmes and reaccreditation exercises are conducted when necessary. 8. BUSINESS OVERVIEW (cont’d) The following table shows the details of IMU’s programmes for the academic year 2011. Undergraduate and Postgraduate  Year  Duration of IMU  Partner  Faculty  Students  programmes  established  Options  option degree  universities  (ful/·time)  9nrolled(~J(6}  Medical(1]  1993  Transfer option  MBBS-5 years:  28  117  1,45012)  and lMU option  SMedSc-3.5  years  Dental  2008  Transfer option  BDS-5 years  4  21  137  and IMU option  Pharmacy(3)  1996  Transfer option  BPharm–4 years  3  49  657  and IMU option  Nursing  2005  IMU option  BNursing (Hans)  N/A  15  109  -4 years;  B Nursing  Science-2 years  PsychOlogy  2008  Transfer option  SSe (Hons)-3  2  6  39  and IMU option  years  Nutrition and dietetics  2008  Transfer option  SSe (Hons)–4  2  15  223  and IMU option  years  Pharmaceutical  2008  Transfer option  SSe (Hons)-3  5  56  chemistry  and IMU option  years  Medical biotechnology  2008  Transfer option  SSe (Hons)-3  8  34  and IMU option  years  Biomedical science  2008  Transfer option  SSe (Hons)-3  4  11  119  and IMU option  years  Chiropractic  2010  Transfer option  SSe (Hons)–4  2  7  67  and IMU option  years  Chinese medicine  2010  Transfer option  SSe (Hons)-4  4  5  12  and lMU option  years  Postgraduate  2005  IMU option  MSC(4)_1 to 4  N/A  N/A(~I  60  years (full time)’  2 to 6 years (part  time);  PhD-2 to 6 years  Notes:
(1) Includes students in Phase One, mainly besic medical sciance, and Phase Two, which is the clinical training,
(2) Comprises 1,059 students in Phase One and 381 students in Phase Two,
(3) Does not include Master of Pharmacy (Honours) as tha dagree on completion is conferred by a partner university, As at the LPD, the programme is pending reaccreditation by MQA.
(4) Refers to MSc in Medical and Hearth Science (by research) and MSc in Public Health. In January 2012, IMU received approval from MOHEM for its MSc in Analytical and Pharmaceutical Chemistry programma,
(5) There is no dedicated faculty for the postgraduate programmes, as they are distn’buted throughout all of fMU’s programmes.
(5) Total student numbers in both transfer and IMU options.

8. BUSINESS OVERVIEW (cont’d) IMU partner universities IMU has partnerships with 37 universities around the world, as set forth in the table below. Countries  Programmes  Australia and New Zealand  University of Adelaide, Australia  Medical, Dental  Australian National University, Australia  Medical  University of New South Wales, Australia  ‘Medical  Medical, Nutrition and Dietetics, Biomedical  University of Newcastle, Australia  Science, Medical Biotechnology,  Psychology  RMIT University, Australia  Chiropractic, Chinese Medicine  University of Queensland, Australia  Medical, Dental, Pharmacy  University of Sydney, Australia  Medical, Pharmaceutical Chemistry  University of Tasmania, Australia  Medical  University of Western Australia, Australia  Medical, Dental  University of Western Sydney, Australia  Medical  University of Auckland, New Zealand  Medical  University of Otago, New Zealand  Dental, Pharmacy, Biomedical Sciences, Nutrition, Dietetics  Canada and United States  Dalhousie University, Canada  Medical  Jefferson Medical College, United States  Medical  United Kingdom and Ireland  Anglo-European College of Chiropractic, England  Chiropractic  Brighton-Sussex Medical School, England  Medical  University of Keele, England  Medical  University of Leeds, England  Medical  University of Leicester, England  Medical  University of Liverpool, England  Medical,  University of Manchester, England  Medical  University of Nottingham, England  Medical  University of Southampton, England  Medical  SI. George’s University of London, England  Medical, Biomedical Science  University of Warwick, England  Medical  University of Aberdeen, Scotland  Medical  University of Dundee, Scotland  Medical  University of Edinburgh, Scotland  Medical  University of Glasgow, Scotland  Medical  University of Strathclyde, Scotland  Pharmacy, Psychology, Biomedical Science, Medical Biotechnology  National University of Ireland, Galway, Ireland  Medical  Queen’s University of Belfast, Northern Ireland  Medical  University of Glamorgan, South Wales  Chiropractic
I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) Countries  Programmes  The PRe  Beijing University of Chinese Medicine, the PRC(l)  Chinese Medicine  Guangzhou University oITCM, the PRC  Chinese Medicine  Shandong University of TCM, the PRC  Chinese Medicine  Shanghai University oITCM, the PRC  Chinese Medicine
Note: (1) Students have the option for an internship at Beijing University of Chinese Medicine atter successful completion of the asc (Han) Chinese Medicine at IMU. Each year, the Academic Council, a council of the medical and dental deans or their representatives from IMU’s partner universities and IMU’s senior staff, meet in Kuala Lumpur, Malaysia, to discuss admissions, curriculum, assessment, research, faculty appointments and other academic issues, including future developments central to IMU’s medical and dental programmes. In 2010, IMU undertook a major curriculum review of its medical programme to better integrate the various disciplines in medicine, their application in disease processes, principles of diagnosis and treatment and their implications in hospital and community practice. The new curriculum was implemented in August 2011. In addition, the members of the Academic Council serve as liaisons between IMU and its partner universities. The’Academic Council has been held annually since 1992 and the most recent meeting was held on 6 and 7 March 2012. IMU has also estabiished a Professional Education Advisory Committee comprising leading educationists from North America, United Kingdom, Australasia and Malaysia. This committee meets twice a year to audit and provide advice On the quality of all of IMU’s programmes. IMU faculty IMU’s faculty is recruited both locally in Malaysia and from other countries. As at the LPD, 42.3% of IMU’s faculty were expatriates. All faculty is employed on a contract basis, both full-time and part-time. In addition, IMU provides its faculty with career development training, including performance coaching, problem solving, decision making, mentorship and presentation skills. IMU’s faculty take part in the academic management of IMU through participation in the Faculty Board and Senate. They are responsible for their respective programmes, which are managed through curriculum and examination committees. 8. BUSINESS OVERVIEW (cont’d) IMU campuses and facilities IMU’s main campus is at Bukit Jalil in Kuala Lumpur, Malaysia, and its main clinical school is at Seremban, Negeri Sembiian, Malaysia. The clinieal school is supported by smaller clinical schools, which are located in Kuala Pilah, Negeri Sembilan and in Batu Pahat, Johor. iMU also has access to a network of MOH Malaysia hospitals in Wilayah Persekutuan (Kuala Lumpur and Putrajaya), Selangor, Negeri Sembilan, Penang, Perak, Melaka, Johor, Terengganu, Sabah and Sarawak where it provides clinical training for students in its medical, dental, pharmacy, nursing, nutrition and dietetics and biomedical sciences programmes. This network of healthcare facilities exposes IMU’s students to a continuum of different levels of healtheare. They gain practical experience in a wide spectrum of healthcare facilities ranging from community clinics providing primary healthcare to large hospitals providing tertiary care. In addition, IMU has established four centres in Bukit Jalil which provide healthcare services and train students, the Oral Health Centre, the IMU Chiropractic Centre, the IMU Chinese Medicine Centre and the IMU Medical Clinic. These centres also serve as clinical facilities for IMU’s students and a place of practise for its faculty. IMU campus capacity IMU has capacity at its main campus and clinical schools to accommodate approximately 750 full-time and part-time faculty and staff and approximately 4,500 full­time and part-time students. IMU is starting to add extended teaching hours to its programmes and will progressively expand these. As at 31 December 2009,2010 and 2011, respectively, 2,631, 2,928 and 2,963 students were enrolled at IMU. As at 31 March 2012, 3,179 students were enrolled at IMU. The table below sets forth certain details of IMU’s student breakdown, number of courses offered as well as the average revenue per student for the periods indicated. Three months ended 31 Year ended 31 December March 2009  2010  2011  2012  Malaysian students  95.4%  95.5%  94.9%  94.5%  International students  4.6%  4.5%  5.1%  5.5%  Part-time students  0.2%  0.4%  0.4%  0.2%  Full-time students  99.8%  99.8%  99.6%  99.8%  IMU option  65.7%  68.3%  72.9%  71,7%  Transfer option  34.3%  31.7%  27.1%  28.3%  Total programmes offered  14  15  17  18  Total stUdent enrolment  2,631  2,928  2,963  3,179  Average revenue per stUdent per  RM46,OOO  RM47,OOO  RM53,OOO  RM13,OOO  year/period (rounded to the  nearest thousand)
I 8. BUSINESS OVERVIEW (cont’d) The majority of IMU’s students are Malaysian and attend the university on a full-time basis. Other than in the medical and dental programmes, where up to approximately 60% of students choose the transfer option, IMU’s students in the other academic programmes generally complete their studies entirely at IMU as these are undergraduate programmes. The average years of study per student at IMU for undergraduate programmes (including the transfer option) is two to five years, for full-lime Masters programmes it is one to four years, for part-time Masters programmes it is two to six years, for full-time PhD programmes it is two to six years and for part-time PhD programmes it is four to eight years. IMU research IMU began to fund medical science research in 2000 and focuses on six areas: environmental health, cancer biology and related stem cell research, active bio­molecules and cellular mechanisms, pharmaceutics and drug delivery systems and natural compounds and nutra-ceuticals. Basic science and medical education research is carried out at IMU in Bukit Jalil, while some clinical research is carried out in selected government hospitals in Malaysia. . IMU provides seed money funding for approximately 69% of the research conducted at IMU for the past three years, while the remainder is from external sources. IMU’s faculty engaged in research also competes for and receive external funding, including from the Malaysian Ministry of Science, Technology and Innovation. The number of internal and external research projects funded increased from 24 and six in 2009, to 56 and 15in 2010, andto 71 and34 in 2011, respectively. IMU invested RM2.1 million and RMO.8 million in 2009, RM3.1 million and RMO.7 million in 2010 and RM1.5 million and RM1.5 million in 2011 into such internal and external research projects, respectively. Publications resulting from research at IMU totalled 113, 146 and 171 in 2009, 2010 and 2011, respectively. IMU financial assistance IMU offers scholarships and awards to its students through various programmes, including the John Beck Scholarship, the IMU Medical Scholarship, the IMU Bachelor of Pharmacy Scholarship, the IMU Bachelor of Nursing Scholarships, the High Achiever Awards and the Merit Awards. In addition, a majority of the Malaysian students who complete their degree at IMU receive loans from the National Higher Education Fund. As at 31 December 2011, approximately 39.0% of its students received study loans from the National Higher i:ducation Fund and 13.0% received government sponsored financial assistance. In addition, as at the same date, approximately 6.0% of IMU’s students received financial assistance from IMU in the form of the High Achiever and Merit Awards and full scholarships, which are fully funded by IMU. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) IMU career placement Throughout their time at IMU, students in IMU’s health sciences programmes can take advantage of a wide range of opportunities offered through IMU’s partnerships with potentiai employers and training hospitals as well as community service programmes in Malaysia. For example, as part of IMU’s medical biotechnology programme, students undertake a two-month training programme with key players in the biotechnology industry. The programme has also incorporated e-Iearning as a method of delivering its curriculum. In June 2010, in relation to its biomedical science programme, IMU signed a memorandum of understanding with the MOH Malaysia to allow three hospitals, Hospital Serdang, Hospital Sungai Buioh and Hospitai Batu Pahat, to be utilised for the training and teaching of students. In addition, as part of these students’ training, they undertake an eight-week internship at private diagnostic laboratories such as BP Healthcare, Pantai Premier Pathology and Lablink. These internships allow IMU students to form reiationships with potential employers and for the industry employers to provide feedback on the relevance of the curriculum. IMU students are also introduced to leaders in their respective ·fields through various colloquia and conferences heid at IMU, which students are encouraged to attend. For example, IMU conducts a monthly research colloquium, inviting individual staff and externai researchers to present on their research activities. We believe that most of the students who have graduated from iMU’s programmes find employment in their respective fieids soon after graduation. Panlai College Pantai Coilege was established in 1993 by Pantai Education to train nurses for the PPL’s hospitals In Malaysia. Pantai College has two locations in Malaysia, namely Subang Jaya, Seiangor and Ayer Keroh, Melaka which train and develop nurses and allied health professionals. With the support of the 11 PPL hospitals in Malaysia, Pantai College has a long history of providing nursing education. Pantai College’s trained nurses are accepted for employment outside Malaysia in places including the Middle East, Australia, New Zealand, Britain and Canada. To date, more than 2,000 registered nurses and assistant nurses have graduated and, as at the LPD, more than 500 trainees were undergoing training at various stages of the three-year diploma programme and 18-month conversion course. The accreditation by MQA for this diploma programme has expired and the reaccreditation audit was conducted by MQA and Malaysian Nursing Board on 9 May 2012 and 10 May 2012 for the renewal of the dipioma programme. The’ renewal is still pending the evaluation report pursuant to the audit as at the LPD. The vision and mission of Pantai College is to provide a conducive learning environment. Pantai College’s faculty members are professional healthcare educators with substantial teaching, clinical experience and specialisation. As at the LPD, more than 50% of those who have graduated from the Pantai College have been employed by PPL’s hospitals or medical centres and clinics and the rest are employed by other private hospitals or MOH Malaysia hospitals. I Company No.: 9019}4YJ 8. BUSINESS OVERVIEW (cont’d) 8.2.8 PLife REIT PUfe REIT was listed on the Main Board of SGX-ST in August 2007. In 2007, we entered into a lease and leaseback arrangement with the trustee of PUfe REIT pursuant to which three of PPL’s hospital properties, Gleneagles Hospital, Mount Elizabeth Hospital and Parkway East Hospital, were leased to the trustee and subsequently leased back to us. Please refer to Annexure H under details of our material properties. For a further description of the terms of the lease and leaseback arrangement and of our rental income from PUfe REIT, please refer to Sections 12.2.4(viii)(c) and 12.2.6(i)(d), respectively, of this Prospectus. As at the LPD, PUfe REIT also owned 29 nursing homes and one pharmaceutical product distributing and manufacturing facility in Japan. It is one of Asia’s largest healthcare real estate investment trusts with 36 properties with a carrying amount of SGD1,397.9 million (RM3,452.8 million) as at 31 March 2012 and a market capitalisation of SGD1,119.2 million (RM2,764.4 million) as at the LPD. Our Company owns 35.8% of PUfe REIT as well as 100% of Parkway Trust Management, the manager of PUfe REIT. As a result, our Company is entitled to a share of dividends distributed and management fees. Parkway has granted PUfe REIT a right of first refusal over future sales by Parkway or its wholly-owned subsidiaries, of assets in the Asia-Pacific region (including Singapore) which are primarily used for healthcare and/or healthcare-related purposes. This right of first refusal is subject to certain conditions and notification procedures as agreed between the parties and will operate for a period of five years commencing on 23 August 2007, which duration is extendable subject to the approval of the shareholders of Parkway in accordance with the terms of the said right of first refusal. PUfe REiT has granted a reciprocal right of first refusal to Parkway over future sales by PUfe REIT of assets in the Asia-Pacific region (including Singapore) which are primary used for healthcare and/or health care-related purposes that had originally been acquired by PUfe REIT from Parkway or its subsidiaries. This right of first refusal is subject to certain conditions and notification procedures as agreed between the parties and will operate for so long as Parkway Hospitals or any of Parkway’s wholly-owned subsidiaries remains the master lessee of the properties under the lease and leaseback arrangements. In addition, PUfe REFr has granted Parkway a right of first refusal to lease and operate future healthcare or healthcare-related assets acquired by PUfe REIT that is without an operator at the time of acquisition of such assets. This right of first refusal is subject to certain conditions and notification procedures as agreed between the parties and will operate for a duration of five years commencing on 23 August 2007. 8. BUSINESS OVERVIEW (COnt’d) 8.2.9 Apollo Hospitals Enterprise Limited Apollo, headquartered in Chennai, is one of India’s largest private healthcare service providers, operating a wide network of hospitals predominantly based in India. Apollo’s primary iine of business is the provision of heaithcare services, through hospitals, pharmacies, projects and consultancy services and primary care clinics. in addition, it provides business process outsourcing (“BPO”) services through an associate and health insurance services through a joint venture company. Apollo was listed on the Bombay Stock Exchange and the Madras Stock Exchange in 1983 and subsequently voluntarily delisted from the Madras Stock Exchange with effect from 29 November 2006 and was listed on the National Stock Exchange of India in 1996 with a market capitalisation of Rs.86,213.3 million (RM4,957.3 million) as at the LPD. Our Company owns an 11.2% equity interest in Apollo. Currently, shares in Apollo are being traded on the Bombay Stock Exchange and the Nationai Stock Exchange of India. As at 31 December 2011, Apollo had more than 8,200 beds across 51 hospitals in India and internationally of which 7,762 are operational beds. Of these beds, over 5,800 are in 37 hospitals owned by Apollo and over 2,300 are in 14 hospitals under Apollo’s management through operations and management contracts. Apollo also has a network of 100 primary care clinics, an extensive chain of Apollo pharmacies, BPO as well as health insurance services and clinical research divisions. Apollo has a presence outside India including in the Republic of Mauritius and Bangladesh and has signed a preliminary joint venture agreement with the Board of Trustees of the National Social Security Fund, Tanzania and the Tanzanian Ministry of Heaith & Social Welfare, in connection with the estabiishment of an advanced heaithcare facility in Dar es Salaam. Apollo has 32,490 employees (including employees of its subsidiaries, joint ventures and associated companies), including 4,540 doctors, 7,992 nurses, and 2,749 paramedical personnel, as at 31 December 2011. Apollo also has 2,625 fee for service doctors working in its hospitals who are paid by the number of tests and services performed. During the year ended 31 March 2011, hospitals owned by Apollo provided care to over 2.5 million patients. Seven of Apollo’s hospitals have received JCI accreditations for meeting international heallhcare quality standards for patient care and organisation management, and three of its hospitals have received accreditations from the NABH in India. Apollo’s healthcare facilities provide treatment for acute and chronic diseases across primary, secondary, and tertiary care sectors. Its tertiary care hospitals provide advanced levels of care in over 50 specialties, Including cardiac sciences, oncology, radiology and imaging, gastroenterology, neurosciences, orthopaedics and emergency services. In addition, Apollo has a focus on core specialties such as cardiology, oncology, neurology, orthopaedics and transplants. For the years ended 31 March 2010, 2011 and 2012, Apollo reported total revenues of RS.20,265 million, RS.26,054 million and Rs.31,475 miilion, respectively. 8.2.10 Business interruption There was no interruption to our businesses which had a significant effect on operations during the past 12 months. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (conl’d) 8.2.11 Marketing PPL PPL’s brand portfolio includes the “Gleneagles”, “Mount Elizabeth”, “Pantai” and “Parkway” hospital brands, the “ParkwayHealth” and “Shenton” primary care and ancillary brands, and the “Luxe” women’s health specialty primary care brand, which have their own distinctive strengths that help them connect with their target markets. Instead of standardising the brands across all of the markets in which it operates, PPL has adopted a brand strategy to appeal to unique customer preferences in each market. “Gleneagles”, “Mount Elizabeth”, and “Pantai'” are particularly well-known hospital brand names across Southeast Asia and PPL leverages these brands to enhance the image of new hospitals and ancillary services while PPL as the parent company lends additional credibility. According to Frost & Sullivan, the “Mount Elizabeth” brand enjoys premium market positioning and the “Gleneagles” brand enjoys high market positioning in Singapore. Our “Mount Elizabeth” and “Gleneagles” brands are the most admired and reputable private hospital brands in Singapore and Indonesia and our “Pantai” brand has the strongest reputation among private hospitals in Malaysia, according to a stUdy by Millward Brown undertaken in 2011 for PPL. Acibadem Acibadem’s brand portfolio includes the “Acibadem” and “Aile Hastanesi” brands, which are used for its hospitals as well as its outpatient clinics, laboratories and ancillary services. The “Acibadem” brand name is used for its premium private hospitals, which are known for their high quality services in Turkey and the CEEMENA region. The “Aile Hastanesi” brand name which is still in roll-out stage of implementation will be used for those hospitals which cater to patients who cannot otherwise afford our premium hospital services at “Acibadem” brand hospitals and prefer fully SGK-funded hospitals. While such hospitals also seek to provide quality services to patients, the brand name is intended to distinguish them from hospitals which primarily serve privately-funded patients. Acibadem promotes its brand names through affiliations with popular sports teams, especially football teams, through which it provides medical services on the field during matches. In addition, Acibadem conducts social responsibility campaigns, such as providing pamphlets that educate the public on various diseases and preventive measures. 8.2.12 Customers No individual customer or organisation accounted for 5.0% or more of our Group’s total revenue for the years ended 31 December 2009, 2010 and 2011 and the three months ended 31 March 2012. Our customers are primarily individual patients, corporate clients and government clients. 8. BUSINESS OVERVIEW (cont’d) 8.2.13 Suppliers and sourcing PPL procurement PPL 9roups and sources pharmaceutical drugs, medical devices and consumable products as a single entity wherever possible, unless it is not possible to suppiy across borders due to government reguiations, in which case, purchase of supplies will be made locally through direct negotiation with the supplier. For example, cross-border shipment of patented pharmaceuticai drugs are often strictly regulated by government policies, so purchase of such drugs are typically negotiated locally with the local suppliers within each country in which PPL operates. In addition, in Singapore and Malaysia, as a result of industry practise, pharmaceutical drugs are purchased through distributors appointed by the manufacturers. PPL has also negotiated a slab pricing model with SOme of the major medical devices manufacturers so that individual hospitals are able to place orders directly, which allows PPL to leverage on its economy of scale. Once purchases have been negotiated with suppliers at the PPL level, each individual hospital or healthcare facility can then purchase orders directly from such suppliers in its country of operation. This direct liaison between the hospital or health care facility with suppliers helps to avoid any double handling of processes and makes procurement more efficient. In addition, PPL has set up stand-alone electronic systems in each of its Singapore and Malaysia operations to keep track of inventory and supply efficiency for the hospitals and healthcare facilities in those two countries. The management of procurement as a group helps PPL to manage and control the increase of its operating costs. Acibadem procurement Acibadem’s broad geographical footprint in Turkey delivers significant economies of scale for our Group. Aclbadem operates a procurement system with a single centralised warehouse in Istanbul from which it distributes supplies to all Its hospffals. The warehouse keeps track of the stock keeping units of all of its inventory, so that It is able to tell at any time whether it is necessary to purchase more of any particular item. In addition, Acibadem holds a pharmaceutical import and distribution license, which allows it to purchase inventory wholesale directly from pharmaceutical companies rather than from distributors. This provides Acibadem with significant savings over retail prices. Major suppliers The following table sets out the supplier who accounted for 5.0% or more of our Group’s total purchases for the last three years ended 31 December 2009,2010 and 2011 and the three months ended 31 March 2012: Percentage of Group’s purchases FYE 31 December Three months Nature of ended 31 Supplier supplies 2009 2010 2011 March 2012–=’-=-Zuellig entities (Zuellig Pharmaceutical 12.3% 9.2% Pharma pte Ltd and Zuellig supplies Pharma Sdn Bhd) Zuellig Pharma Pte Ltd is a pharmaceutical distributor in Singapore, and Zuellig Pharma Sdn Bhd is a pharmaceutical distributor in Malaysia, and each represents many major international pharmaceutical companies. Our business and profitability is not materially dependent on Zuellig entities or any single supplier. 8. BUSINESS OVERVIEW (cont’d) 8.2.14 Accreditation and certification Internationally, hospitals are accredited by the JCI, a group that has been working with healthcare organisations, ministries of health and global organisations in over 80 countries since 1994 to survey the performance of healthcare service providers. Through JCI accreditation, healthcare service providers have access to an international quality measurement system for benchmarking, risk reduction strategies and best practices. In addition to the JCI, oUr hospitais are aiso accredited by iocal agencies, such as the MSQH in Malaysia. Our hospitals have also received ISO and NABL certifications. . As at the LPD, PPL had six JCi accredited hospitais and seven hospitals with MSQH accreditation (including three hospitais which accreditations are pending re-accreditation survey results as at the LPD). As at the LPD, Acibadem had six JCI accredited hospitals, one hospital with accreditation pending and one hospital preparing its application for accreditation. International Local Hospital Accreditation Accreditation PPL Mount Elizabeth Hospital JCI Glenea91es Hospital JCI Parkway East Hospital JCI Pantai Hospital Kuala Lumpur JCI MSQH(l) Glenea91es Kuala Lumpur JCI MSQH Pantai Hospital Ayer Keroh MSQH Glenea91es Medical Centre Penang MSQH(l) Pantai Hospitallpoh Pantai Hospital Penang MSQH Pantai Hospital Cheras MSQH(l) Pantal Hospital Ampang Pantai Hospital Batu Pahat Pantai Hospital Klang MSQH Pantai Hospital Sungai Petani Apollo Gleneagles Hospital JCI Gleneagles JPMC Cardiac Centre Acibadem Acibadem Kadikoy Hospital JCI Acibadem Bakirkoy Hospital JCI Acibadem Kozyatagi Hospital JCI International Hospital JCI Acibadem Bursa Hospital Acibadem Kocaeli Hospital Aclbadem Kayserl Hospital Acibadem Adana Hospital JCI Acibadem Maslak Hospital JCI
8. BUSINESS OVERVIEW (cont’d) International Local Hospital Accred itation Accreditation Acibadem Eskisehir Hospital Acibadem Fulya Hospital JCI pending Acibadem Sistina Skopje Clinicai Hospital JCI application in progress Aile Hospital Goztepe Aile Hospital Bahcelievler . Jinemed Hospital(2l Notes: (1) MSQH accreditation for the hospilal has expired and the re-accredltation Is pending survey results as at the LPD,
(2) As at the LPD, Jinemed Saglik, which is the license owner of Jinemed Medical Centre, Is not a subsidiary of Acibadem, Piease see note (4) of the table selling forth certain Information about Acibadem’s hospitais as at the LPD, for further details of the share purchase agreement dated 1 February 2012 between Acibadem and the shareholders of Jinemed Saglik for the purchase of 65,0% equity interest ofJinemed Saglik.

8.2.15 Awards We have received numerous awards in recognition of our brands, including “Superbrands Singapore 2003-2005” by our Mount Elizabeth Hospital and our Gleneagles Hospital, “Superbrands Malaysia 2009” by our Pantai hospitals, the “Singapore Experience Award” by our ParkwayHealth brand in 2010, and “Reader’s Digest Trusted Brands Gold Award” by both our Gleneagies Kuala Lumpur Hospital and our Pantai Hospital Kuala Lumpur in 2011, Acibadem has been awarded numerous prizes, such as “Most Admired Turkish Companies” by Forbes Magazine In 2010, “Most Valuable Turkish Brands” by Capital Magazine in 2010, “Most Widely Known Healthcare Brand” by the Nielsen Top Brands Survey in 2004, 2005 and 2006, “Fastest Fish Award” for the most admired Turkish company by Referans Daily Newspaper in 2006, “Superbrand in Turkey” by Superbrands in 2010 and “Best Healthcare Group in Western Europe” by New Economy Magazine in 2011, 8. BUSINESS OVERVIEW (cont’d) 8,2.16 Personnel As at 31 March 2012, we have 24,967 employees. As at the date of this Prospectus, some of our employees in Singapore and Malaysia belong to labour unions whilst none of our employees in Turkey belong to labour unions. As at the date of this Prospectus, we have not experienced any strikes or other disruptions due to labour disputes. We provide performance incentive schemes and long-term incentive schemes, retirement benefits and contribution plans to our employees. Through our subsidiaries, we have established training and development programmes for our employees and provide a wide range of such programmes for them. In addition to providing internal courses, our subsidiaries also engage outside professionals and consultants to organise seminars and training courses to equip employees with new knowledge in the healthcare industry. Our subsidiaries also sponsor employees to attend external training programmes organised by local and overseas institutions to acquire advanced knowiedge and skills. As at 31 March 2012, our Company had one employee. The following table shows the breakdown of our Group’s employees by entity and function as at 31 December 2009, 2010 and 2011 and 31 March 2012: As at 31 As al31 As al31 As al31 December December December March 2009 2010 2011 2012 PPL(I) Nursing 3,836 4,015 4,538 4,747 Allied Health(‘) 2,633 2,676 2,620 2,719 Others(3) 5,023 5,309 5,489 5,587 11,492 12,000 12,647 13,053 Acibadem Doctors(4) 1,512 1,810 1,973 1,812 Support and Administrative Staff<‘) 3,228 3,989 5,282 5,416 Nursing 1,644 1,855 1,879 2,110 Allied Health 393 413 197 270 Others(B) 883 1,281 1,764 1,766 7,660 9,348 11,095 11,374 IMU Academic(7j 203 237 259 270 Academic Support(‘) 112 135 155 162 Administrative 81 96 104 107 396 468 518 539 Tolal 19,548 21,816 24,261(8) 24,967(9) 8. BUSINESS OVERVIEW (cont’d) Notes: (1) Singapore operations staff were not separately classified until 2011; Malaysia operations staff were classified only as executive versus non-executive prior to 2011: International operations staff includes staff in Brunei, India, the PRe and others, but does not include Vietnam. In addition, PPL’s staff do not include doctors who are independent medical practitioners as they are not employed by PPL.
(2) Includes resident physicians.
(3) Includes support and non-hospital staff.
(4) Includes full-time, part-time, and night-shift physicians.
(5) Includes part-time employees and the employees ofAcibadem Mobil.
(6) Includes Acibadem Proje and APlus.
(7) Full-time academic staff.
(8) Includes nine healthcare support staff in 2010, 14 healthcare support staff in 2011, and 18 healthcare support staff in 2012.
(9) Includes the Company’s one employee.

The following table shows the breakdown of our Group’s employees by geography as at 31 December 2009, 2010 and 2011: As at 31 December 2009  As at 31 December 2010  As at 31 December_ 2011  As at31 March 2012  Singapore  3,596  3,779  4,317  4,474  MalaySia  6,309  6,416  6,458  6,730  Turkey  7,660  9,348  10,455  10,733  Others”)  1,983  2,273  3,031  3,030  Total  19,548  21,816  24,261  24,967
Note: (1) Includes the PRe, India, Hong Kong, Macedonia and Brunei, but does not Include Vietnam. I Company No.: 901914-V I 8. BUSINESS OVERVIEW (cont’d) 8.2.17 Competition We compete with pUblic hospitals, other private hospitals, smaller clinics, hospitals owned or operated by non-profit and charitable organisations and hospitals affiliated with medical colleges in the regions in which we operate. PPL In Singapore, PPL’s three hospitals compete with private wards of public health ciuster hospitals and the following private sector hospitals: Mount Alvernia Hospital, Raffles Hospital and Thomson Medical Centre. We anticipate that Farrer Park (Connexions) Hospital, which is currentiy under development, may also be a competing hospital. PPL’s medical centres, clinics and ancillary healthcare businesses face competition from stand-alone practices and other corporate players. In Malaysia, PPL’s hospitals compete with some large public hospitals and nationwide corporate chains such as KPJ Healthcare and Columbia Asia, in addition to single private hospitals such as Sime Darby Medical Centre, Sunway Medical Centre and Island Hospital. We also face competition from regional groups in certain regions of Malaysia, especially Klang Valley and Penang. In the PRC, PPL faces competition from other medical centres and clinics that target high-income local patients and expatriate population, such as United Family. In India, PPL faces competition from other tertiary hospitals that provide services to high-income patients. Acibadem in Turkey, given that Acibadem predominantly targets high-income patients and has a relatively large number of healthcare facilities, we believe that our competition in the private health care market is limited. We do not believe that we directly compete with public healthcare groups in Turkey. IMU In Malaysia, IMU competes with other local medical universities, as well as private instilutions offering health-related programmes, such as Monash University Malaysia and Newcastle University Medicine Malaysia. For a more detailed discussion of competition in the hospital and healthcare industry, please refer to Section 7 of this Prospectus. 8.2.18 Insurance Each of our subsidiaries maintains policies in amounts we believe are sufficient, or as may be operationally appropriate to the businesses of the relevant subsidiary and risks that it faces, which may include risks related 10 fire, burglary, business interruption, legal liability to third parties and other losses. Our subsidiaries also maintain personal accident policies for certain permanent personnel and group medicai insurance pOlicies for our personnel and dependents of our employees. Each of these insurance policies is renewable annually. Each of our subsidiaries maintains policies with respect to professional indemnity for our doctors and other healthcare professionals. We also maintain liability policies for the directors and officers of our Company. 8. BUSINESS OVERVIEW (cont’d) The cost and availability of insurance coverage has varied in recent years and may continue to vary in the future. While we believe that our insurance policies are adequate in amount and coverage for our operations, we may experience unanticipated issues or incur liabilities beyond our current coverage and we may be unable to obtain similar coverage in the future. 8.2.19 Intellectual property and trademarks Among others, the brands and trademarks, “Gleneagles”, “Mount Elizabeth”.”Pantai”, “Parkway”, “ParkwayHealth”, “Shenton”, “Luxe” and the associated logos, are owned by PPL and its subsidiaries. Among others. the brands and trademarks, “Acibadem”, “Aile Hospital (Aile Hastanesij” and the associated logos, are owned by Acibadem. The brand and trademark, “IMU” and the associated logos, are owned by IMU Education. Please refer to Annexure F of this Prospectus for Details of our major trademarks and patents. 8.2.20 Information technology and technology As described in this Section 8.2 on Our business, we and each of our operating subsidiaries leverage the latest information technology to support sustainable and efficient daily operations as well as the latest state-of-the-art equipment to maintain our competitive edge in our operation. 8.2.21 Environmental matters Our operations are subject to regulatory requirements and potential liabilities arising under applicable environmental, health or safety-related laws and regulations in each of the countries in which we operate. We believe that we are in compliance in all material respects with applicable environmental regulations in Singapore, Malaysia, Turkey and the other countries in which we operate. To date, no material environmental, health or safety-related incident involving us or any of our subsidiaries has occurred. 8.2.22 Research and development We perform clinical research at Acibadem’s laboratories. PPL also operates a clinical research organisation, Gleneagles CRC and IMU conducts basic science research. Please refer to Section 8.2 of this Prospectus for details of various research and development activities undertaken by our Group. 8.2.23 Licenses and permits Our Group has obtained all key regulatory approvals and licenses required to conduct our business activities. Please refer to Annexure G of this Prospectus for Details of our major licenses and permits. 8.2.24 Dependence on material contracts/agreements/other matters As at the LPD, save as disclosed in Annexure G on Details of our major licences and permits, there are no material contracts, agreements, arrangements or other matters which have been entered into by us which we are highly dependent on.

 

 

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