Investor presentation: Proposed sale of Alliance Medical Group

PROPOSED SALE OF ALLIANCE

MEDICAL GROUP ("AMG")

Investor Presentation

6 October 2023

AGENDA FOR TODAY

1. Proposed Transaction Summary

Peter Wharton-Hood

2. Strategic Rationale

3. Use Of Proceeds

Pieter van der Westhuizen

4. Conditions Precedent & Warranties

5. Life 2.0

Peter Wharton-Hood

6. Timeline

Investor Presentation 6 October 2023	2

PROPOSED TRANSACTION SUMMARY

GROUP CHIEF EXECUTIVE: PETER WHARTON-HOOD

PROPOSED TRANSACTION SUMMARY

Conclusion of Board Process	▪ Rigorous process conducted to evaluate unsolicited proposals received for AMG
	▪ SPA and transaction agreements with iCON Infrastructure 5 October 2023
Perimeter	▪ Sale of 100% of the issued share capital of AMG
	▪ Life Molecular Imaging ("LMI") excluded from the transaction perimeter
Proposed Purchase Price	▪ Enterprise Value - approximately GBP 910 million (c. ZAR 21,307 million)1
	▪ Equity Value - GBP 593 million (c. ZAR 13,880 million) after AMG debt
Intended Use of Proceeds	▪ Net Proceeds - GBP 462 million (c. ZAR 10,824 million) after international debt repayment and
	transaction costs
	▪ c. ZAR 8,432 million for distribution to shareholders
	▪ c. ZAR 2,392 million to be retained for future growth initiatives
Conditions Precedent to	▪ Category 1 transaction (>50% ordinary resolution)
Closing	▪ Regulatory and other approvals typical for a transaction of this nature
Indicative Timeline	▪ Life Healthcare Shareholder Meeting early December 2023
	▪ Regulatory approvals expected to complete during Q1 CY2024

1 GBPZAR exchange rate of 23.423

Investor Presentation 6 October 2023	4

STRATEGIC RATIONALE

	▪ Significant premium realised to the implied value of AMG based on sum-of-the parts
Significant Value Unlock for	▪ Proposed Equity Value for AMG represents 47.8% of Group market capitalisation (pre-February
	cautionary announcement)
Life Healthcare Shareholders
▪ Intended return of an estimated c. ZAR 8.4 billion to shareholders via special dividend and/or
		share buyback(s)
Value in AMG Realised	▪ De-risksthe delivery of AMG's business plan given large portion of value sitting in the outer
	years
Upfront Whilst Maintaining
LMI Optionality	▪	100% of LMI to remain with Life Healthcare
	▪ Proposed Transaction will result in a material reduction in the Group's gearing
Group Financial Position	▪ Improved return and cash conversion metrics for both the Group and remaining businesses
Materially Enhanced
▪ Group will have a resilient, flexible balance sheet with strong cash generation ability
Future Growth Enabled	▪ Post implementation, Life Healthcare will be positioned as a leading, diversified, integrated
	healthcare services provider in southern Africa with the optionality to extract value from LMI
Through Refinement of
Management's Existing	▪	Expanded headroom to accelerate identified growth initiatives, including the Group's integrated
Strategy and LMI
	care strategy in southern Africa, and support growth optionality in LMI

Investor Presentation 6 October 2023	5