Bupa Singapore Holdings Pte. Ltd.

SUMMARY OF THE PROPOSED COMBINATION

Summary under Regulation 13(1A) of the Competition Commission Of India (Procedure in regards to the transaction of business relating to combinations) Regulations, 2011 (as amended)

A. Name of the parties to the proposed combination

1. The parties to the proposed combination are:

• (i) Bupa Singapore Holdings Pte. Ltd. ("Bupa Singapore" / "Acquirer"); and
• (ii) Niva Bupa Health Insurance Company Limited ("Niva Bupa" / "Target").

The Acquirer and Target are collectively referred to as the "Parties".

B. Nature and purpose of the proposed combination

2. Bupa Singapore is an existing shareholder of Niva Bupa. The proposed transaction relates to the secondary purchase of shares by the Acquirer in the Target from Fettle Tone LLP ("Proposed Transaction"). Post consummation of the Proposed Transaction, the shareholding of the Acquirer will increase to approximately 63% equity stake in the Target.

C. Area of activities of the Parties

Acquirer

3. The Acquirer is an investment holding company, and a subsidiary of The British United Provident Association Limited ("Bupa") i.e., the ultimate parent entity of the group to which the Acquirer belongs to. Bupa is an international healthcare group, active in care homes, health centers, dental centers and hospitals, health insurance, workplace health services, health assessment and chronic disease management services.

Target

4. The Target is in the business of underwriting health insurance, in India. More specifically, the Target provides insurance policies in India relating to (i) critical illness (i.e., health), (ii) personal accident, and (iii) overseas medical insurance (i.e., travel).

D. Respective markets in which the Parties operate

5. Apart from the Acquirer's and Bupa's existing interests in Niva Bupa, there are no horizontal overlaps, vertical overlaps, or complementary businesses between the Acquirer / Bupa and the Target, in India, in relation to markets in which the Target is present. As such, given that the Proposed Transaction is unlikely to raise any competition concerns, the relevant product and geographic markets may be left open.

E. Green channel filing

6. Accordingly, the Proposed Transaction is being notified under the green channel route in terms of Regulation 5A and Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended).

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