FULL YEAR RESULTS PRESENTATION 12 MONTHS ENDED 31 DECEMBER 2012

12 March 2013

1 www.bupa.com

AGENDA

1.0 Introduction and Highlights Stuart Fletcher, Chief Executive Officer

2.0 Financial Review Evelyn Bourke, Chief Financial Officer 2.1 Group financial review 2.2 Segmental results 2.3 Cash, debt and solvency

3.0 Operating priorities and Outlook Stuart Fletcher, Chief Executive Officer

4.0 Q&A

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FY 2012 HIGHLIGHTS

CONTINUED GROWTH IN 2012 IN SPITE OF SOME CHALLENGING MARKETS

Revenues up 4% to £8.4bn

Underlying profit before tax up 8% to £604m

Customer numbers up 9% to 11.8m

Strong results in Australia, Spain and International PMI

Continued focus on quality care, product innovation and cost control

Continued strong levels of capital investment – £246.5m in 2012

Continuing challenges in the UK with soft economic backdrop

Ambition defined in new Bupa 2020 vision accompanied by new organisation structure

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EXTERNAL LANDSCAPE

ECONOMIC

Continued growth in Asia Pacific / Australia

Economic uncertainty in Europe

Pressure on government spending in UK and Spain

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POLITICAL/REGULATORY

Australia

Means testing for PHI rebate was introduced in 2012

Aged care reforms proposed in April raise questions about funding

Federal election probable in second half of 2013, resulting in a likely change in Government

United Kingdom

Government spending restraint impacting aged care fees and referral levels

Social Care White Paper / Draft Bill

Engaging with Competition Commission investigation into private healthcare market

Spain

Austerity measures intensify

Cuts to public expenditure, especially healthcare

BUPA 2020

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NEW ORGANISATION STRUCTURE

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MARKET UNITS

Australia and New Zealand

United Kingdom

Spain and Latin America Domestic

International Development Markets

International PMI

BUPA EXECUTIVE TEAM

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Stuart Fletcher Chief Executive Officer

Evelyn Bourke Chief Financial Officer

Dean Holden Managing Director, Australia and New Zealand

Richard Bowden Managing Director, UK

Robert Lang Managing Director, International PMI

Denise Collis Chief People Officer

Yasmin Jetha Chief Information Officer

Paul Zollinger-Read Chief Medical Officer

Iñaki Ereño Managing Director, Spain and Latin America Domestic

Alison Platt Managing Director, International Development Markets

Steve John Director, Corporate Affairs

Nicholas Beazley Company Secretary

The Bupa Executive Team takes collective responsibility for Bupa's purpose and for Bupa 2020. This means working across accountabilities and addressing challenges together so that Bupa is better able to serve more people as their healthcare partner.

(1) Theresa Heggie to join the executive team as Chief Marketing and Strategy Officer

ACQUISITIONS

Continued investment, including acquisitions: – strengthening position in existing business areas and geographies – providing exciting growth opportunities in new markets

Second PPP in Spain via 50% stake in Torrejón Hospital in Madrid and remaining 40% in Manises hospital

Innovative Care’s 10 care homes, making Bupa the largest aged care provider in Australia

LUX MED, largest private healthcare provider in Poland(1)

Dental Corporation, Australia and New Zealand’s largest dental group, with 190 clinics and more than 560 dentists(1)

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(1) Pending approvals

AGENDA

1.0 Introduction and Highlights Stuart Fletcher, Chief Executive Officer

2.0 Financial Review Evelyn Bourke, Chief Financial Officer 2.1 Group financial review 2.2 Segmental results 2.3 Cash, debt and solvency

3.0 Operating priorities and Outlook Stuart Fletcher, Chief Executive Officer

4.0 Q&A

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£8.0bn

£8.4bn

FY 2012 FINANCIAL OVERVIEW

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(up 4%) (up 165%) (up 8%)

REVENUES PROFIT BEFORE TAX UNDERLYING PROFIT BEFORE TAX

NET CASH GENERATED FROM OPERATING ACTIVITIES

LEVERAGE(1) NET ASSETS

£220.0m

£583.6m

£559.0m

£604.0m

£515.5m

£742.9m

(up 44%) (down 1%) (up 8%)

20.2%

19.2%

£4.4bn

£4.8bn

FY2011 FY2012 (1) Gross debt (including hybrid debt) / gross debt plus equity

UNDERLYING PROFIT

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2012 2011 £m £m

Summary of results Total revenues 8,373.9 8,018.1 Underlying profit before taxation 604.0 559.0 Non underlying items (20.4) (339.0) Profit before taxation 583.6 220.0 Taxation (134.9) (84.1) Profit for the year 448.7 135.9

2012 2011 £m £m

Restructuring costs 23.2 – Impairment of intangible assets arising on business combinations – 299.5 Amortisation of intangible assets arising on business combinations 26.8 34.9 Net property revaluation and impairment charge 5.1 17.5 Gains on return seeking assets, net of hedging (26.1) (6.6) Other (8.6) (6.3) Total non-underlying profit items 20.4 339.0

NON-UNDERLYING PROFIT ITEMS

AGENDA

1.0 Introduction and Highlights Stuart Fletcher, Chief Executive Officer

2.0 Financial Review Evelyn Bourke, Chief Financial Officer 2.1 Group financial review 2.2 Segmental results 2.3 Cash, debt and solvency

3.0 Operating priorities and Outlook Stuart Fletcher, Chief Executive Officer

4.0 Q&A

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Health Insurance Care Services Australia Care Services New Zealand

AUSTRALIA AND NEW ZEALAND

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Health Insurance Revenue and profits up, driven by strong growth in corporate market and successful product launches

Healthcare reforms making some customers more price-sensitive

Customer numbers up, with higher share of customer growth than any competitor in 12 months to June 2012

Care Services In Australia, revenue and profit growth driven by acquisitions and investments

Occupancy down marginally to 92.8% despite growth in number of residents because of capacity increase

In New Zealand, continued revenue and profit growth due to increased capacity, resident growth and property investment gains

Slight reduction in occupancy as capacity increased at faster rate than residential numbers

REVENUE

£3,554.0m (2011: £3,252.8m Up 9%) PROFIT

£278.3m (2011: £249.0m Up 12%)

CUSTOMERS

3.5m (2011: 3.4m Up 4%)

EMPLOYEES

10,400 (2011: 9,600 Up 8%)

Very strong growth in revenue and profit across each of the three businesses despite challenging economic and regulatory environment

Strong growth in customer numbers

Completed acquisition of 10 care homes from Innovative Care and proposed acquisition of Dental Corporation (1)

REVENUES BY BUSINESS

(1) Pending shareholder agreement

UNITED KINGDOM

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Health Insurance & wellbeing Rising costs, low consumer confidence and significant structural issues in PMI market

New products and services to address need for more affordable healthcare

Multi-million pound investment in UK dental capability, targeting 50 centres by 2015

Care Services Occupancy stable at 87.3%, but profits impacted by local authority and PCT fee pressure and above inflation cost increases

Continued investment, with £45m capital spend in 2012

Home healthcare Continued growth fuelled by increased number of home Total Parenteral Nutrition patients and oncology services

Cromwell Hospital Double digit growth due to increased outpatient services and rapid referral service for GPs

REVENUE

£2,528.8m (2011 : £2,506.2m Up 1%)

PROFIT

£109.7m (2011 : £140.9m Down 22%) CUSTOMERS

2.8m (2011 : 3.0m Down 6%)

EMPLOYEES

31,700 (2011 : 32,000 Down 1%)

Revenues up but profits down

Challenging trading conditions continued, particularly in our insurance business

We continued to innovate with new product development

Health insurance and wellbeing Care Services Home Healthcare Bupa Cromwell Hospital

REVENUES BY BUSINESS

SPAIN AND LATIN AMERICA DOMESTIC

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Health Insurance Services Double digit profit growth with over 44,000 additional customers

New product range, including more affordable products targeted at self-employed, SMEs and large corporates

Hospitals & Provision Growth driven by integration of funding and provision services

Increasing customers at CIMA hospital in Barcelona

Dental Over 183,000 new dental customers, with 41 centres added in 2012

Care Services Declining public social services expenditure

Increased occupancy resulting in stable revenues

Marginal decline in profit due to increased operating costs

Latin Domestic Examining entry strategy for 2013 / 2014 expansion

REVENUE

£1,190.8m (2011 : £1,212.6m Down 2%)

PROFIT

£113.4m (2011 : £106.1m Up 7%)

CUSTOMERS

2.6m (2011 : 2.0m Up 28%)

EMPLOYEES

8,400 (2011 : 7,500 Up 12%)

Strong performance despite on-going difficult conditions in Spanish economy

Continued customer and profit growth

Acquisition of second PPP in Spain with 50% Torrejon hospital

Health insurance services Hospitals and provision Care Services Dental

REVENUES BY BUSINESS

INTERNATIONAL DEVELOPMENT MARKETS

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Arabia Revenue, profit and customer numbers up following expansion of field sales force, new retail outlets and product launches

India

Increased revenue and customer numbers driven by improved sales management and productivity

Hong Kong Strong performance driven by growth in customer numbers

Thailand Revenue and profit increases with double digit customer growth, driven by major contract wins and customer retention

Health Dialog Reduced revenue as result of in-sourcing of disease management by large regional insurers

Restructured to better position for 2013

REVENUE (1)

£227.3m (2011 : £244.2m Down 7%)

PROFIT/(LOSS)

£(11.5)m (2011 : £(9.1)m Down 26%)

CUSTOMERS

2.2m (2011 : 1.8m Up 24%)

EMPLOYEES

800 (2011 : 1,300 Down 39%)

Strong revenue growth in insurance businesses

24% increase in insurance customer numbers driven by reputation for customer service and delivery

Continued challenges in Health Dialog resulting in decline in overall performance of market unit

Announced intention to acquire LUX MED in December

Bupa Hong Kong Bupa Arabia Health Dialog Bupa Thailand Max Bupa India

(1) Revenues of £227.3m do not include revenues from Max Bupa, India (joint venture) and Bupa Arabia (associate company)

REVENUES BY BUSINESS

INTERNATIONAL PMI

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Bupa International Rapid increase in individual and corporate customers with strong growth in revenue and profit

New partnerships in Libya, with continued expansion into new territories

Bupa Latin America Continued development helped by new sales offices and marketing campaign in Mexico

New management teams in Ecuador, Bolivia and Dominican Republic

REVENUE

£872.0m (2011 : £795.9m Up 10%)

PROFIT

£96.2m (2011 : £84.9m Up 13%)

CUSTOMERS

0.74m (2011 : 0.70m Up 6%)

EMPLOYEES

1,600 (2011 : 1,400 Up 14%)

Very strong performance with continued growth in revenues and profits

Performance driven by new partnerships, product innovation, sales capability and customer service

Bupa International Bupa Latin America

REVENUES BY BUSINESS

AGENDA

1.0 Introduction and Highlights Stuart Fletcher, Chief Executive Officer

2.0 Financial Review Evelyn Bourke, Chief Financial Officer 2.1 Group financial review 2.2 Segmental results 2.3 Cash, debt and solvency

3.0 Operating priorities and Outlook Stuart Fletcher, Chief Executive Officer

4.0 Q&A

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CASH GENERATION

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(1) Includes restricted cash

2012 2011 £m £m

Profit before tax 583.6 220.0 Financial income (124.6) (95.0) Financial expenses 69.8 74.5 Depreciation, amortisation and impairment 196.8 493.5 Other non-cash items 1.2 23.9 Changes in working capital and provisions/Other 137.2 (91.7) Tax paid (121.1) (109.7) Net cash generated from operating activities 742.9 515.5 Capital expenditure (245.6) (211.1) Net acquisitions/disposals of businesses (4.1) 155.9 Net interest income received/paid (7.0) (1.6) Other (11.1) 6.9 Cash available for repayment of borrowing 475.1 465.6 Repayment of borrowings (26.7) (205.4) Net increase in cash and financial investments 448.4 260.2 Closing cash and financial investments1 3,559.9 3,111.5

FY12

FY11

Return seeking assets Cash (e.g. deposits, liquidity funds)

CASH AND FINANCIAL INVESTMENTS

£3.6bn cash and financial investments

Increase in cash due to growing businesses and no short-term debt to repay

Conservative investment portfolio

Approximately 90% of portfolio held in investments rated >=A-/A3 by 1 or more agency

£250m return seeking asset portfolio; equivalent to 7% of Group cash and financial investments

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CASH AND INVESTMENT PORTFOLIO

FY12 CASH AND INVESTMENTS BY CREDIT RATING (%)

£3,111m

£3,560m

AAA AA A BBB <BBB/NR

DEC-12

JUN-12

DEC-11

JUN-11

DEC-10

BORROWINGS

New £800m bank facility agreed October 2012

This remains undrawn at FY 2012

Leverage marginally lower at 19.2%

Bupa Finance Plc senior debt ratings re-affirmed at A- (Fitch) and Baa2 (Moody’s)

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22.7%

19.2%

20.3%

19.5%

19.2%

FY12 FY11

£m £m

Borrowings under £800m facility – –

£350m senior bond due 2016 361 361

£330m hybrid bond (perpetual) 424 413

£235m care homes securitisation due 2029 / 2031 238 238

£50m debenture due 2014 53 55

Other borrowings 70 62

Total borrowings 1,146 1,129

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LEVERAGE

SOLVENCY CAPITAL

The Group’s IGD capital position estimated to be >320% at FY 2012

Solvency II – Delay to implementation of the new rules

– Bupa transitioning Solvency II activity to business-as-usual

– Based on the most recent rules, we expect to be comfortably solvent

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AGENDA

1.0 Introduction and Highlights Stuart Fletcher, Chief Executive Officer

2.0 Financial Review Evelyn Bourke, Chief Financial Officer 2.1 Group financial review 2.2 Segmental results 2.3 Cash, debt and solvency

3.0 Operating priorities and Outlook Stuart Fletcher, Chief Executive Officer

4.0 Q&A

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CURRENT OPERATING PRIORITIES

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AUSTRALIA AND NEW ZEALAND Government regulation and reforms expected to continue

Committed to driving PHI market share momentum following the successful 2012 brand launch, growth in care home portfolio and development of dental services

INTERNATIONAL PRIVATE MEDICAL INSURANCE Focus on new market development and effective provider management

Expansion of onshore Latin American IPMI presence to drive growth, increase control over medical costs and explore new distribution channels

INTERNATIONAL DEVELOPMENT MARKETS Development opportunities in new markets alongside continued growth in existing businesses

Focused on utilising our healthcare analytics capability in both new and existing markets

SPAIN & LATAM DOMESTIC Focus on growing the strength of our integrated model

Development of our PPPs and dental services

In Latin America domestic we are exploring market entry opportunities

UNITED KINGDOM Trading environment expected to remain challenging with continued tightening of PMI demand and cost pressure on state-funded care home fees

Further development of the market unit to drive efficiencies and enable customer focus

Development of our dental provision, care home new build programme and redevelopment of the Cromwell Hospital

OUTLOOK

Good position to grow in 2013 including through acquisition and partnership

Difficult economic conditions continue in Europe

However, long-term trends continue to fuel demand for healthcare and drive Bupa’s growth

Continue to differentiate ourselves through healthcare expertise and expanding integrated funding and provision model

Bupa’s 2020 vision addresses the issues at the heart of a sustainable healthcare system. We are committed to becoming a healthcare partner to millions more people

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AGENDA

1.0 Introduction and Highlights Stuart Fletcher, Chief Executive Officer

2.0 Financial Review Evelyn Bourke, Chief Financial Officer 2.1 Group financial review 2.2 Segmental results 2.3 Cash, debt and solvency

3.0 Operating priorities and Outlook Stuart Fletcher, Chief Executive Officer

4.0 Q&A

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QUESTIONS AND ANSWERS

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APPENDIX: NEW DETAILED ORGANISATION STRUCTURE

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MARKET UNITS

Australia and New Zealand

United Kingdom

Spain and Latin America Domestic

International Development Markets

International PMI

Bupa Australia

Bupa Care Services Australia

Bupa Care Services New Zealand

Bupa Care Services UK

Bupa Health and Wellbeing

Bupa Home Healthcare

Bupa Cromwell Hospital

Sanitas Seguros

Sanitas Hospitales

Sanitas Dental

Sanitas Residencial

Latin America Domestic

Health Dialog

Bupa Hong Kong

Bupa Thailand

Bupa China

Max Bupa India

Bupa Arabia

New Market Development

Bupa International

Latin America IPMI

IM

CS

CS

CS

EA

CS

EA

CS

IM

EA

IM

IM

IM

IM

IM

IM

IM

LOCATION OF BUSINESSES IN PREVIOUS DIVISIONS

EA Europe and North America

IM International Markets

CS Care Services

EA

EA

EA