Ramsay Health Care : ASX Announcement - 2021 AGM Chairman and Managing Director Address and Presentation

ASX RELEASE

24 November 2021

Market Announcements Office

ASX Limited

Exchange Centre

20 Bridge Street

SYDNEY NSW 2000

Dear Sir/Madam

2021 AGM - CHAIRMAN AND MANAGING DIRECTOR ADDRESS & PRESENTATION

Please find attached the following documents to be presented at Ramsay Health Care Limited's 2021 Annual General Meeting (AGM) being held today:

1. Chairman's address;
2. CEO and Managing Director's address; and
3. AGM Presentation Slides.

Shareholders will be able to view the 2021 AGM virtually through the following link: https://web.lumiagm.com/320966702

The results of the AGM will be communicated to the ASX shortly after conclusion of the AGM.

Yours sincerely

Henrietta Rowe

Group General Counsel & Company Secretary

ASX ANNOUNCEMENT

24 November 2021

Ramsay Health Care 2021 AGM - Chairman and CEO Addresses

Over the past twelve months, Ramsay Health Care's (Ramsay) employees and clinicians have once again played an important role in supporting the public health system in our regions during the COVID- 19 (COVID) pandemic. In some jurisdictions we have played a critical role in treating COVID patients within our hospitals and in other regions we have been caring for non-COVID patients in our hospitals to free up capacity in the public system. Our teams have provided resources and staffing for community vaccination hubs and we have set up and operated vaccination and testing clinics in several of our regions.

The World Health Organisation named 2021 the International Year of Health and Care Workers. This global recognition highlights the dedication and sacrifice of millions of health care workers during the COVID pandemic. We have chosen to acknowledge and thank our workforce across hospitals, day surgeries, pharmacies and corporate areas by profiling one employee every week for the entire year. We want to share their motivations, learn what they love about their role, and what advice they would give to those considering a future in health care. The cover of our annual report this year highlights some of our extraordinary people and you can read their inspiring stories on our regional websites.

On behalf of the Board and senior management, I would like to thank our team around the world for living the values of 'The Ramsay Way' and embodying Paul Ramsay's vision of 'People caring for people' during such a remarkably challenging time. I would also like to extend our condolences to those in the extended Ramsay family who have lost colleagues and loved ones to COVID.

As I flagged last year, Peter Evans is retiring from the Board at the end of this AGM. Peter has been an engaged and active Non-Executive Director of Ramsay since his appointment in 1990 and, prior to that, as an executive joining us in 1969. Since the very early days, he has made an enormous contribution to the development of Ramsay. On behalf of the other Board members, I would like to thank Peter for his guidance and input into the strategic direction of the organisation over many years.

I am pleased to announce today the appointment of Steven Sargent as a Non-Executive Director of the Ramsay Board, effective 25th November 2021 - Steven has joined us today on an informal basis. Steven brings to Ramsay extensive international executive experience including 22 years at General Electric, where he led businesses, including healthcare, across the USA, Europe and Asia. He has been serving on a range of boards since 2015 and is currently a non-executive Director of boards including Origin Energy Limited and The Origin Energy Foundation Limited, Origin's philanthropic arm, infection prevention company Nanosonics Limited, and The Great Barrier Reef Foundation. Welcome Steve.

Now, turning to our fiscal year 2021 financial results.

We were pleased to report a 58% rebound in our statutory net profit to $449m for the 12-month period to 30th June 2021. The solid growth in earnings reflects strong growth in surgical admissions across our regions when lockdown restrictions were not in place.

We were also pleased to determine a fully franked final dividend of 103 cents per share, taking the full year dividend to 151.5 cents per share, a material increase on the COVID impacted FY20 payout and flat on the pre COVID FY19 full year dividend. The higher-than-normal payout ratio of 79% reflects our confidence in the strength of the business and recognises those shareholders who have supported the Company through the pandemic.

During fiscal year 2021, Ramsay officially launched its sustainability strategy under the banner of Ramsay Cares. We have established three global focus areas to support healthier people, stronger communities, and a thriving planet. Our approach to sustainability and any material social and environmental risks is overseen by the Board's Global Risk Management Committee. Craig will run through some of the initiatives and targets that have been launched this year in his presentation.

FY22 has begun with all our regions still dealing with the challenges of the COVID environment, including lockdowns and surgical restrictions in Australia, a fourth wave of COVID cases in France as the country emerged from restrictions and, in the UK, a spike in COVID cases and surgical cancellations after 'freedom-day' and the associated isolation orders.

Despite these bumps on the road out of the pandemic, the Board is confident as each region adapts to the new normal, we are well positioned for growth through addressing the backlog in demand for health care services in both the public and private systems and benefiting from the long-term underlying growth drivers in the health care system.

I would like to close by again thanking our employees and clinicians. The board is extremely proud of our team, not just for the vital work they have done through a very difficult period in the Company's history but also for their commitment to supporting each other and the health and wellbeing of our communities.

I will now hand you over to our Managing Director, Craig McNally, to present a more detailed summary of the past year and our start to FY22.

Managing Director and CEO Craig McNally

Thanks Michael and good morning to shareholders joining us today via the virtual platform.

Slide 3 - Our Extraordinary team on the front line of COVID-19

I would like to start by adding my thanks to all our people across the world for responding and rising to the challenge of the unprecedented conditions created by the pandemic.

For example, in Australia, in recent times more than 700 Ramsay employees have worked with the public system in various capacities including at vaccination hubs and we have been treating non-covid patients at many of our hospitals to help ease the pressure on the public system.

In the UK, Ramsay has been applauded for an outstanding response to COVID in partnership with the NHS. Ramsay UK has looked after more than 650,000 NHS patients, hosted more than 20 NHS services from its facilities and provided more than 16,000 cancer treatments for NHS patients.

In Europe, Ramsay Santé has played a critical role assisting the French government by treating more than 19,000 COVID patients since the beginning of the pandemic. Across the Nordic region, our people have stepped up to treat COVID patients, providing COVID testing in our primary health care facilities and, more recently, to assist in the roll-out of the vaccination program.

Our joint venture in Asia, Ramsay Sime Darby, has been assisting with escalating COVID case numbers in Indonesia and Malaysia since the start of 2021. Our people have been providing testing and vaccination services and treating public and private COVID patients in our hospitals.

Slide 4 - Ramsay Cares

As our people, patients, doctors and partners grapple with the effects of COVID-19, we have been determined to make sure their health and wellbeing formed a central pillar in our sustainability strategy.

That strategy came together with input from Ramsay people across Australia, the United Kingdom Europe and Asia. Their ideas and aspirations helped inform Ramsay's Global Sustainability Policy and new Ramsay Cares strategy.

The Ramsay Cares strategy was launched this year and includes numerous targets around our three sustainability pillars - caring for people, planet, and community. Our goals cover important issues such as: diversity and inclusivity, mental health, reducing our carbon footprint and waste, and shoring up ethical supply chains.

Our sustainability targets and examples of some of the great initiatives underway across our regions are included in our latest Impact Report. Along with a major solar rollout, we have achieved gender balance across our senior leaders, boosted our research and clinical trials, started a range of new development and leadership programs - including our first cohort of global corporate graduates - and contributed to community projects, such as the Ramsay Sime Darby Food Bank helping people during COVID lockdowns in Malaysia.

As a demonstration of our commitment to driving sustainability across the business, we have embedded sustainability targets in our debt facilities, through sustainability-linked loans.

Slide 5 - FY21 Financial Results

Turning to our FY21 result in more detail. The solid growth in earnings reflects the strong growth in surgical admissions across our regions when lock-down restrictions were not in place. However, our results continued to be impacted by surgical operating restrictions and the flow-on impact of social distancing and lockdowns on demand for non-surgical services.

Our earnings included revenue and cost support from governments in Europe and the UK for the use of our facilities and the provision of services to the public sector during COVID. I would note that the majority of revenue earned in the UK and France is, in normal circumstances, earned from the public sector - reflecting the structure of the market and our businesses in those countries. However, during

COVID we operated under specific arrangements with governments in our regions to deal with the pandemic. In Australia we reported $11.1m in revenue earned under COVID related agreements with state governments, reflecting limited cost recovery for services provided to the public sector during outbreaks of the pandemic. Under these arrangements, we maintained our entire 30,000 strong work force to be at the disposal of the public sector, at considerable cost to us, and we did not access Jobkeeper.

The FY21 result also includes the impact of higher costs associated with operating in a COVID environment; margins reflect both the drop in non-surgical admissions and the higher proportion of lower acuity surgical services in the catch-up volume.

Our strong balance sheet has been maintained, with leverage at the wholly owned funding group level on a proforma basis declining to 0.7 times driving lower financing costs over the year. The balance sheet places us in a strong position to deliver on our strategy to be a patient-centric,digitally-enabled integrated healthcare provider.

As outlined in our results release, we have built an expanded pipeline of development opportunities across all our regions but most particularly in Australia, and this will drive growth over the medium term as we leverage the underlying strength in demand for health care services. Group capital expenditure in FY22 is expected to be in the range of $900 million to $1.1 billion - a significant increase on the $674 million spent in FY21. Most of the increase is being driven by the Australian development pipeline, along with higher investment in digital and growth strategies.

Slide 6 Update on Activity in Australia

Moving to an update on the Australian business. Over the past few months, our business has been actively involved in supporting the pandemic response. Our pharmacies have been involved in the rollout of vaccines to the community. As part of supporting the mental health and wellbeing of our staff through this difficult period we launched the Ramsay Wellbeing Challenge for Mental Health Week. The campaign challenged participants to try something new to help thrive in every aspect of life.

As highlighted in our recent trading update, our FY22 earnings year-to-date have been significantly impacted by lockdowns, surgical restrictions, isolation orders and particularly in the case of our hospitals in South East Queensland, border closures. The disruption to our activities has started to decline, as lockdowns and surgical restrictions have been lifted in Sydney and patients become more comfortable with returning to hospital environments.

The financial impact of this disruption on earnings in the first quarter of fiscal year 2022 is estimated to have been $55 million.

The Australian business has accelerated its pipeline of development opportunities to ensure we are well placed to leverage our existing position in the market to the demographic changes in the next decade and position ourselves for the evolution in the delivery of health care services. Investment will be focused on:

• fast-trackingbrownfield developments
• building out our mental health offering
• expanding into new adjacencies that support the broader patient journey and strengthen the integrated care model
• and continuing to focus on cancer care, building on our position as one of the largest providers of cancer care services in Australia.