Exhibit 2: Star Health 's Illustrative Financials in US Dollars

Shares Outstanding (m) 750

Millions of US dollars 2013A 2014A 2015A 2016F 2017F 2018F

Income Statement
Revenue 49.4 106.4 157.4 220.1 251.4 280.1
Operating Expenses -40.8 -83.9 -121.8 -171.6 -195.8 -217.6
EBITDA 8.5 22.5 35.7 48.5 55.7 62.6
D&A -1.9 -6 -9 -12.1 -13.6 -14.7
EBIT 6.6 16.5 26.7 36.4 42 47.9
Net Interest Expense -0.1 -0.3 -2 -2.1 -2.1 -2
Profit before Tax 6.5 16.2 24.7 34.3 39.9 45.8
Taxes -0.4 -1.6 -2.5 -3.9 -4.6 -5.4
Profit after Tax 6.2 14.6 22.2 30.4 35.3 40.4
Minority Interest 0.1 0.4 -0.6 -1.8 -2.2 -2.6
Profit after Tax after Minority In 6.3 14.9 21.6 28.6 33.2 37.9

Balance Sheet
Cash 10.8 13.4 23 31 52.3 79.3
Accounts Receivable 17.8 21 41.8 60 68.6 76.4
Inventory 0.6 1 1.2 1.9 2.2 2.5
Other Current Accounts 1.4 3 15.4 8.3 9.5 10.6
Plant, Property and Equipment (ne 8.5 13.3 25 34.1 33.8 31.2
Other Non-Current Assets 53.1 61.8 160.3 169.5 164.3 159.1
Total Assets 92.2 113.5 266.7 304.9 330.7 359.1

Accounts Payables 12.8 13.7 39.6 39.1 44.6 49.7

Other Current Liabilities 0.9 1.6 2.3 4.1 4.7 5.3
Debt 3.9 6.8 80.2 78.2 78.2 78.2
Other Non-Current Liabilities 3.7 3 6.8 17.5 17.5 17.5
Total Liabilities 21.3 25 128.8 138.9 145 150.7

Total Shareholder's Equity 70.9 88.5 137.8 166 185.7 208.4

Capital Expenditure 6 6.5 13.7 13.3 8.1 6.9

s in US Dollars
Exhibit 6: Financials for Comparable Companies
Bangkok Dusit
Apollo Hospitals Bangkok Chain
Medical Services
Enterprise Ltd. Hospital Public
Company Name Public Company
(NSEI:APOLLOHO Company Limited
Limited
SP) (SET:BCH)
(SET:BDMS)

Exchange:Ticker NSEI:APOLLOHOSP SET:BCH SET:BDMS

Total Revenue [LTM]

($USDmm)
918.2 172.4 1,856.40

EBITDA [LTM]
($USDmm)
110.8 44.1 406.9

Net Income [LTM]

($USDmm)
49.9 16.7 228.8

Total Debt [Latest

Annual] ($USDmm)
373.8 126.4 832.7

Total Assets [Latest

Annual] ($USDmm)
1159.9 294.2 2840.7

Total Equity [Latest

Annual] ($USDmm)
540.8 136.6 1559.3
Market Capitalization
[My Setting] [3/31/2016] 2,790.5 773.9 10,320.0
($USDmm)

5 Year Beta [Latest] -0.247 0.208 0.216

1 Year Beta [Latest] 0.323 0.27 0.342

Country Headquarters India Thailand Thailand

 Bumrungrad Healthway Medical
Fortis Healthcare
Hospital Public Corporation IHH Healthcare
Limited
Company Limited Limited Berhad (KLSE:IHH)
(BSE:53284 3)
(SET:BH) (Catalist:5NG)

SET:BH BSE:532843 Catalist:5NG KLSE:IHH

516.1 635.6 70.8 2,298.90

153.8 55.3 5 595.8

97.9 -3.75 -0.932 257

143.3 205.7 13.2 1,709.70

591.2 1091.1 166.8 8262

363.6 725.8 135.3 5641

4,397.8 1,226.1 58.3 13,892.3

0.005 0.677 1.22 0.137

-0.113 0.668 0.95 0.22

Thailand India Singapore Singapore

 Raffles Medical
KPJ Healthcare
Group Ltd
Bhd (KLSE:KPJ)
(SGX:BSL)

KLSE:KPJ SGX:BSL

742 321.4

86.5 69.9

34.9 51.9

358 23.7

911.3 575

363.1 438.9

1,144.5 1,929.2

0.082 0.387

0.013 0.295

Malaysia Singapore
Exhibit 3: ASEAN-Focused Private Equity Fundraising and P
ndraising and Private Equity-Backed Buyout Deals