New Frontier Health (NFH) SC 13E3 Going private transaction

Exhibit 99.(c)(2)

New Frontier Health Corporation Confidential Fairness Analysis Presented to the Special Committee of Independent Directors August 4, 2021 The information contained herein is of a confidential nature and is intended for the use of the persons or firm to whom it is furnished by us. Reproduction, publication, or dissemination of any portion hereof may not be made without prior approval of Kroll, LLC.

Confidential 2 Duff & Phelps Disclaimer • The following pages contain materials that are being provided by Duff & Phelps, A Kroll Business operating as Kroll, LLC (“Duff & Phelps”) to the special committee of independent directors (the “Special Committee”) of the board of directors (the “Board of Directors”) (solely in its capacity as the Special Committee) of New Frontier Health Corporation (the “Company”) in the context of a meeting of the Special Committee held to consider the Proposed Transaction (as defined herein). • The accompanying materials are, and any Opinion (as defined herein) will be, compiled and presented on a confidential basis, solely for the use and benefit of the Special Committee in connection with its evaluation of the Proposed Transaction and may not be, in whole or in part, distributed to any other party, publicly disclosed, or relied upon for any other purpose without the prior written consent of Duff & Phelps or as otherwise provided in the engagement letter among Duff & Phelps, the Company, and the Special Committee. • Because these materials were prepared for use in the context of an oral presentation to the Special Committee, whose members are familiar with the business and affairs of the Company, neither Duff & Phelps nor any of its respective legal or financial advisors or accountants, take any responsibility for the accuracy or completeness of any of the accompanying materials if used by persons other than the Special Committee. • These materials are not intended to represent an Opinion and shall not be treated, construed, used or relied upon in any way as an Opinion. These materials are intended to serve as discussion materials for the Special Committee and as a summary of the basis upon which Duff & Phelps may render an Opinion, and are incomplete without reference to, and should be viewed solely in conjunction with, the discussion between Duff & Phelps and the Special Committee. • The accompanying material does not, and any Opinion provided by Duff & Phelps would not:(i) address the merits of the underlying business decision to enter into the Proposed Transaction versus any alternative strategy or transaction;(ii) constitute a recommendation as to how the Special Committee, the Board of Directors or any other person (including security holders of the Company) should vote or act with respect to any matters relating to the Proposed Transaction, or whether to proceed with the Proposed Transaction or any related transaction; or (iii) create any fiduciary duty on the part of Duff & Phelps to any party. • The information utilized in preparing this presentation was obtained from the Company and from public sources under the assumption that they are complete and accurate as of the date of provision. Duff & Phelps did not independently verify such information. Any estimates and forecasts contained herein have been prepared by or are based on discussions with the senior management of the Company and involve numerous and significant subjective determinations, which may or may not prove to be correct. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation or warranty, whether as to the past or the future. • No selected company or selected transaction used in our analysis is directly comparable to the Company or the Proposed Transaction.

Confidential 3 Table of Contents 1. Introduction and Transaction Overview 2. Valuation Analysis – Discounted Cash Flow Analysis – Selected Public Companies / M&A Transactions Analysis

Introduction and Transaction Overview 1.

Confidential 5 Introduction and Transaction Overview The Engagement • Duff & Phelps was retained by the Company to serve as independent financial advisor to the Special Committee (solely in its capacity as such). • Specifically, Duff & Phelps has been asked to provide an opinion (the “Opinion”) as to the fairness, from a financial point of view, to the holders of ordinary shares, par value US$0.0001 per share, of the Company (each, a “Share” or, collectively, the “Shares”), other than the Excluded Shares and the Dissenting Shares (each as defined below), of the Per Share Merger Consideration (as defined below) to be received by such holders in the Proposed Transaction (as defined below) (without giving effect to any impact of the Proposed Transaction on any particular holder of Shares other than in its capacity as a holder of Shares). For the avoidance of doubt, the Opinion does not cover or address the fairness of the consideration to be received by holders of Warrants (as defined in the Merger Agreement) in the Proposed Transaction. The Proposed Transaction • It is Duff & Phelps’ understanding that the Company, Unicorn II Holdings Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (“HoldCo”), Unicorn II Parent Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of HoldCo (“Parent”), and Unicorn II Merger Sub Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned Subsidiary of Parent (“Merger Sub”), propose to enter into an Agreement and Plan of Merger (the “Merger Agreement”), dated as of the date hereof, the latest draft of which Duff & Phelps has reviewed is dated as of August 3, 2021. Pursuant to the Merger Agreement, among other things, Merger Sub will merge with and into the Company and cease to exist, with the Company surviving the merger and becoming a wholly-owned subsidiary of Parent. In connection with such merger, (i) each Share issued and outstanding immediately prior to the Effective Time (other than the Excluded Shares and the Dissenting Shares) shall be cancelled in exchange for the right to receive US$12.00 in cash per Share without interest (the “Per Share Merger Consideration”) (collectively, the “Proposed Transaction”). • The terms and conditions of the Proposed Transaction are more fully set forth in the Merger Agreement. • For purposes of this Opinion, (i)“Excluded Shares” shall mean, collectively, (a) the Rollover Shares and (b) Shares held by HoldCo, Parent, Merger Sub, the Company or any of their respective Subsidiaries; and (ii) “Effective Time”, “Rollover Shares”, “Dissenting Shares”, and “Subsidiaries” shall have the meanings set forth in the Merger Agreement.

Confidential 6 Introduction and Transaction Overview Scope of Analysis Duff & Phelps has made such reviews, analyses and inquiries as it has deemed necessary and appropriate under the circumstances. Duff & Phelps also took into account its assessment of general economic, market and financial conditions, as well as its experience in securities and business valuation, in general, and with respect to similar transactions, in particular. Duff & Phelps’ procedures, investigations, and financial analysis with respect to the preparation of its analysis included, but were not limited to, the items summarized below: 1. Reviewed the following documents: – The Company’s annual reports and audited financial statements on (i) Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2018 and (ii) Form 20-F filed with the SEC for the years ended December 31, 2019 and December 31, 2020; – The Company’s unaudited interim financial statements on (i) Form 8-K filed with the SEC for the three months ended March 31, 2019 and (ii) Form 6-K filed with the SEC for the three months ended March 31, 2020; – The Company’s unaudited interim financial statements for the three months ended March 31, 2021, provided by the management of the Company; – Certain unaudited and segment financial information for the Company for the years ended December 31, 2018 through December 31, 2020 and for the three months ended March 31, 2019, March 31, 2020 and March 31, 2021, each provided by the management of the Company; – A detailed financial projection model for the Company for the years ending December 31, 2021 through December 31, 2030, prepared and provided to Duff & Phelps by the management of the Company, upon which Duff & Phelps has relied, with the Company’s and the Special Committee’s consent, in performing its analysis (collectively, the “Management Projections”); – Other internal documents relating to the history, current operations, and probable future outlook of the Company, provided to Duff & Phelps by the management of the Company; – A letter dated July 30, 2021 from the management of the Company, which made certain representations as to historical financial information for the Company, the Management Projections and the underlying assumptions of such projections (the “Management Representation Letter”); – A draft of the Merger Agreement dated as of August 3, 2021; – A draft of an Interim Investors Agreement by and among HoldCo, Parent, Merger Sub, New Frontier Public Holding Ltd. and other parties listed as “Investors” in Schedule I thereto, dated as of August 3, 2021; and – A draft of a Support Agreement by and among HoldCo and other parties, dated as of August 3, 2021. 2. Discussed the information referred to above and the background and other elements of the Proposed Transaction with the management of the Company; 3. Discussed with the management of the Company its plans and intentions with respect to the management and operation of the Company’s business; 4. Reviewed the historical trading price and trading volume of the Shares and the publicly traded securities of certain other companies that Duff & Phelps deemed relevant; 5. Performed certain valuation and comparative analyses using generally accepted valuation and analytical techniques including a discounted cash flow analysis, an analysis of selected public companies that Duff & Phelps deemed relevant, and an analysis of selected transactions that Duff & Phelps deemed relevant; and 6. Conducted such other analyses and considered such other factors as Duff & Phelps deemed appropriate.

Confidential Buyer Group and Rollover Shareholders 44.4% Institutional Investors 21.8% Public Investors and Others 15.1% Options & Warrants 18.7% 7 Introduction and Transaction Overview Ownership Summary Fully Diluted Ownership (1) Leung Kam Chung and Carl Wu share voting and dispositive power over the securities held by the Sponsor. (2) According to the data provided by the management of the Company. Source: Company filings, Capital IQ, the management of the Company. New Frontier Health Corporation - Ownership % of Current Shareholders Ordinary Shares Ownership Buyer Group and Rollover Shareholders Vivo Capital Fund IX (Cayman), L.P. 14,300,000 8.8% New Frontier Public Holding Ltd. (“NFPH” or the "Sponsor") (1) 9,542,500 5.9% Fosun Industrial Co., Limited 9,400,000 5.8% NF SPAC Holding Limited 7,150,000 4.4% Brave Peak Limited 4,875,000 3.0% Aspex Master Fund 4,081,250 2.5% Roberta Lipson (the “CEO”) 3,590,799 2.2% Advance Data Services Limited 3,150,000 1.9% Smart Scene Investment Limited 3,000,000 1.8% York Asian Opportunities Investments Master Fund, L.P. 2,331,067 1.4% Yunqi China Special Investment A 2,278,316 1.4% Leung Kam Chung (the “Chairman”) (1) 2,175,000 1.3% Smart Will Investments Limited 2,125,000 1.3% LY Holding Co., Limited 1,125,000 0.7% Sun Hing Associates Limited 1,200,000 0.7% Carl Wu (the “President”) (1) 1,087,500 0.7% Strategic Healthcare Holding Ltd. 451,439 0.3% Mr. Ying Zeng (the “COO”) 168,750 0.1% Buyer Group and Rollover Shareholders 72,031,621 44.4% Institutional Investors Capital Research and Management Company 14,364,786 8.9% Ufh Management 5,254,279 3.2% Baron Capital Group, Inc. 2,544,988 1.6% Yiheng Capital, LLC 1,864,665 1.1% Morgan Stanley Investment Management Inc. 1,685,895 1.0% Top 5 Institutional Investors 25,714,613 15.9% Total Institutional Investors 35,373,217 21.8% Public Investors and Others 24,442,856 15.1% Total Shares Outstanding (2) 131,847,694 81.3% Options & Warrants In-the-Money at Offer Price (2) 30,337,102 18.7% Diluted Shares Outstanding at Offer Price 162,184,796 100.00%

Confidential 8 Introduction and Transaction Overview Trading Analysis New Frontier Health Corporation - Trading History December 19, 2019 to August 2, 2021 Source: Capital IQ, SEC filings, press releases. New Frontier Health Corporation Historical Trading Metrics (in thousands, except per share) During one year prior to Offer Post Offer Average Closing Price $8.44 Average Closing Price $11.15 High $9.85 High $11.49 Low $7.19 Low $9.71 Average Volume 86.8 Average Volume 297.6 % of Shares Issued and Outstanding 0.1% % of Shares Issued and Outstanding 0.2% % of Float 0.1% % of Float 0.4% 0 500 1,000 1,500 2,000 2,500 3,000 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 $12.00 $13.00 Volume (thousands) Per Share Price Volume Price 30-day Trailing VWAP 60-day Trailing VWAP 90-day Trailing VWAP Offer (1) Trailing Volume Weighted Average Price (VWAP) Prior to Offer at February 9, 2021. Current (8/2/21) Offer Price Premium Relative to: 11.1% 30- Day VWAP (1) 36.8% 37.3% 37.8% 60- Day VWAP (1) 90- Day VWAP (1) One Day Prior 27.9% $10.80 $8.77 $8.74 $8.71 $9.38 March 26, 2020 NFH reported FY2019 financial results. The Company reported total revenue of US$351.8 million and net loss of US$61.8 million for the year ended December 31, 2019. The FY2019 financial results presented herein are those of the Company’s wholly owned subsidiary, Healthy Harmony Holdings, L.P., and do not include the results of the parent entity, NFH, for the 13 day period from December 19, 2019 to December 31, 2019 May 27, 2020 NFH reported Q1'20 financial results. The Company reported total revenue of US$60.9 million and net loss of US$23.8 million for the three months ended March 31, 2020. August 27, 2020 NFH reported Q2'20 financial results. The Company reported total revenue of US$77.7 million and net loss of US$11.2 million for the three months ended June 30, 2020. Demcember 19, 2019 New Frontier Corporation (NYSE: NFC) (“NFC”) announced today that it has completed the acquisition of United Family Healthcare (“UFH”). Meanwhile, NFC has changed its name to New Frontier Health Corporation (“NFH”). NFH’s ordinary shares and warrants continued to be listed on the New York Stock Exchange under the new ticker symbols “NFH” and “NFH WS,” respectively, commencing December 19, 2019. February 10, 2021 NFH today announced that its board of directors has received a non- binding proposal dated February 9, 2021 from the buyer group, consisting of the management and other investors, to acquire all of the outstanding shares of the Company that are not already beneficially owned by the buyer group for US$12.0 per share in cash. May 22, 2020 NFH today announced that Mr. Lawrence Chia has been appointed an independent director of the Company's board of directors and the Chairman of the Audit Committee, effective March 31, 2020. Mr. Lawrence Chia is currently the CEO of the Samling Group of Companies. August 3, 2020 NFH today announced Executive Management Team Changes. The Company’s Board of Directors has appointed Carl Wu as President of NFH and has appointed David Zeng as Chief Operations Officer (“COO”). December 2, 2020 NFH reported Q3'20 financial results. The Company reported total revenue of US$92.3 million and net loss of US$10.3 million for the three months ended September 30, 2020. April 8, 2021 NFH reported FY2020 financial results. The Company reported total revenue of US$346.4 million and net loss of US$64.2 million for the year ended December 31, 2020.

Confidential 9 Introduction and Transaction Overview Proposed Transaction Note: Balance sheet data and LTM as of March 31, 2021. Financial performance metrics presented are adjusted to exclude non-recurring income and expenses and public company costs. (1) Includes advances for capital expenditure and security deposits. (2) Includes borrowings and accrued interest. (3) Includes payables related to capital expenditure and transaction costs and taxes related to listing. (4) Includes payables to certain investors, net of amounts due from related parties. New Frontier Health Corporation - Implied Multiples (RMB in thousands, except per share values or otherwise noted) Offer $12.00 Diluted Shares Issued and Outstanding (in millions) 162.2 1.00 Implied Equity Value $1,946.2 Less: Proceeds from Exercise of In-the-Money Options and Warrants (2,105.01) (325.7) Less: Cash and Cash Equivalents (610.80) (94.5) Less: Long-term Investments (1.00) (0.2) Less: Other Non-current Assets (1) (77.00) (11.9) Less: Working Capital Surplus (56.50) (8.7) Plus: Interest-bearing Borrowings (2) 2,065.30 319.6 Plus: Other Payables (3) 140.66 21.8 Plus: Amounts due to Related Parties (4) 10.31 1.6 Plus: Non-controlling Interests 204.69 31.7 Implied Enterprise Value $1,879.8 Implied Offer Multiples: EV / LTM EBITDA $48 38.8x EV / 2021 EBITDA $60 31.0x EV / 2022 EBITDA $69 26.6x EV / 2023 EBITDA $81 22.0x EV / 2021 EBIT $27 69.7x EV / 2022 EBIT $33 56.1x EV / 2023 EBIT $44 40.5x EV / LTM Revenue $385 4.88x New Frontier Health Corporation - Offer Price Premium Relative To Share Implied Price Premium Share price as of 8/2/21 $10.80 11.1% One-day prior to Offer (2/8/21) $9.38 27.9% One-week prior to Offer (2/2/21) $8.95 34.1% 30-days trailing VWAP prior to Offer $8.77 36.8% 60-days trailing VWAP prior to Offer $8.74 37.3% 90-days trailing VWAP prior to Offer $8.71 37.8% Offer Price Per Share $12.00 Source: Capital IQ and SEC filings

Confidential 10 Introduction and Transaction Overview Valuation Summary Note: Balance sheet data and LTM as of March 31, 2021. Financial performance metrics presented are adjusted to exclude non-recurring income and expenses and public company costs. (1) Includes advances for capital expenditure and security deposits. (2) Includes borrowings and accrued interest. (3) Includes payables related to capital expenditure and transaction costs and taxes related to listing. (4) Includes payables to certain investors, net of amounts due from related parties. Valuation Range Conclusions (RMB in thousands, except per Share values or otherwise noted) Low High Enterprise Value Discounted Cash Flow Analysis ￥9,570,000 - ￥12,220,000 Selected Public Companies / M&A Transactions Analysis ￥10,580,000 - ￥13,640,000 Enterprise Value Range ￥10,080,000 - ￥12,930,000 Plus: Proceeds from Exercise of In-the-Money Options and Warrants 107,817 - 2,105,010 Plus: Cash and Cash Equivalents 610,797 - 610,797 Plus: Long-term Investments 1,000 - 1,000 Plus: Other Non-current Assets (1) 77,000 - 77,000 Plus: Working Capital Surplus 56,500 - 56,500 Less: Interest-bearing Borrowings (2) (2,065,299) -(2,065,299) Less: Other Payables (3) (140,656) -(140,656) Less: Amounts due to Related Parties (4) (10,313) -(10,313) Less: Non-controlling Interests (204,694) -(204,694) Equity Value Range ￥8,512,152 - ￥13,359,345 Diluted Shares Issued and Outstanding 135,309,796 - 162,184,796 Value Per Share Range (RMB) ￥62.91 - ￥82.37 RMB to USD FX rate (as of 8/2/2021) 6.46 - 6.46 Offer Price Value Per Share Range (USD) $9.74 - $12.75 $12.00 Implied Valuation Multiples EV / LTM EBITDA 32.2x - 41.3x 38.8x EV / 2021 EBITDA 25.7x - 33.0x 31.0x EV / 2022 EBITDA 22.1x - 28.3x 26.6x EV / 2023 EBITDA 18.3x - 23.5x 22.0x EV / 2021 EBIT 57.8x - 74.2x 69.7x EV / 2022 EBIT 46.6x - 59.8x 56.1x EV / 2023 EBIT 33.6x - 43.1x 40.5x EV / LTM Revenue 4.05x - 5.20x 4.88x

Confidential 11 Introduction and Transaction Overview Per Share Valuation Range $9.74 $10.31 $9.15 $12.75 $13.42 $12.07 $7.00 $8.00 $9.00 $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 Concluded Range Selected Public Companies / M&A Transactions Analysis Discounted Cash Flow Analysis Value Per Share (USD) $12.00 Offer Price

Valuation Analysis 2.

Confidential 13 Valuation Analysis Historical and Projected Financial Performance Note: LTM as of March 31, 2021. Financial performance metrics presented are adjusted to exclude non-recurring income and expenses and public company costs. Source: Company filings, the management of the Company. Historical and Projected Financial Performance (RMB in thousands) YTD YTD LTM Management Projections 2018A 2019A 2020A 3/31/2020 3/31/2021 3/31/2021 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P 2030P Out-Patient ￥1,260,953 ￥1,460,364 ￥1,348,503 ￥228,051 ￥398,733 ￥1,519,186 ￥1,841,867 ￥1,988,081 ￥2,172,277 ￥2,349,573 ￥2,526,132 ￥2,698,716 ￥2,867,324 ￥3,041,658 ￥3,226,590 ￥3,422,767 Growth 14.9% 15.8% (7.7%) 74.8% NA 36.6% 7.9% 9.3% 8.2% 7.5% 6.8% 6.2% 6.1% 6.1% 6.1% In- Patient ￥759,539 ￥925,262 ￥856,950 ￥191,135 ￥244,451 ￥910,267 ￥1,143,485 ￥1,270,037 ￥1,362,529 ￥1,455,698 ￥1,551,122 ￥1,648,884 ￥1,747,825 ￥1,854,093 ￥1,966,822 ￥2,086,405 Growth 4.8% 21.8% (7.4%) 27.9% NA 33.4% 11.1% 7.3% 6.8% 6.6% 6.3% 6.0% 6.1% 6.1% 6.1% Other ￥38,288 ￥63,553 ￥55,051 ￥11,757 ￥14,935 ￥58,229 ￥71,539 ￥67,293 ￥74,767 ￥87,132 ￥99,130 ￥105,313 ￥109,378 ￥113,753 ￥118,303 ￥123,035 Growth 558.5% 66.0% (13.4%) 27.0% NA 30.0% (5.9%) 11.1% 16.5% 13.8% 6.2% 3.9% 4.0% 4.0% 4.0% Net Revenue ￥2,058,780 ￥2,449,180 ￥2,260,505 ￥430,943 ￥658,120 ￥2,487,682 ￥3,056,891 ￥3,325,411 ￥3,609,573 ￥3,892,404 ￥4,176,384 ￥4,452,913 ￥4,724,527 ￥5,009,504 ￥5,311,715 ￥5,632,207 Growth 12.6% 19.0% (7.7%) (25.4%) 52.7% 8.0% 35.2% 8.8% 8.5% 7.8% 7.3% 6.6% 6.1% 6.0% 6.0% 6.0% Adjusted EBITDA ￥99,256 ￥163,135 ￥189,521 -￥63,041 ￥60,632 ￥313,193 ￥391,993 ￥456,113 ￥550,924 ￥636,687 ￥730,353 ￥812,783 ￥897,061 ￥989,796 ￥1,089,501 ￥1,196,671 Margin % 4.8% 6.7% 8.4% (14.6%) 9.2% 12.6% 12.8% 13.7% 15.3% 16.4% 17.5% 18.3% 19.0% 19.8% 20.5% 21.2% Growth NA 64.4% 16.2% NM NM NM 106.8% 16.4% 20.8% 15.6% 14.7% 11.3% 10.4% 10.3% 10.1% 9.8% Adjusted EBIT -￥37,150 -￥19,623 -￥15,260 -￥171,041 -￥39,968 ￥115,812 ￥174,335 ￥216,372 ￥299,903 ￥383,029 ￥464,581 ￥582,121 ￥653,031 ￥733,564 ￥820,458 ￥914,176 Margin % (1.8%) (0.8%) (0.7%) (39.7%) (6.1%) 4.7% 5.7% 6.5% 8.3% 9.8% 11.1% 13.1% 13.8% 14.6% 15.4% 16.2% Growth NA NM NM NM NM NM NM 24.1% 38.6% 27.7% 21.3% 25.3% 12.2% 12.3% 11.8% 11.4% Expansionary Capital Expenditures ￥465,086 ￥377,392 ￥269,097 ￥6,417 ￥105,344 ￥368,024 ￥269,859 ￥4,900 ￥0 ￥0 ￥0 ￥0 ￥0 ￥0 ￥0 ￥0 % of Net Revenue 22.6% 15.4% 11.9% 1.5% 16.0% 14.8% 8.8% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Maintenance Capital Expenditures ￥85,388 ￥76,316 ￥58,413 ￥8,402 ￥22,644 ￥72,655 ￥124,800 ￥130,417 ￥135,417 ￥140,417 ￥150,317 ￥160,417 ￥160,417 ￥168,438 ￥176,860 ￥185,703 % of Net Revenue 4.1% 3.1% 2.6% 1.9% 3.4% 2.9% 4.1% 3.9% 3.8% 3.6% 3.6% 3.6% 3.4% 3.4% 3.3% 3.3% Total Capital Expenditures ￥550,474 ￥453,708 ￥327,509 ￥6,417 ￥127,989 ￥449,081 ￥394,659 ￥135,317 ￥135,417 ￥140,417 ￥150,317 ￥160,417 ￥160,417 ￥168,438 ￥176,860 ￥185,703 % of Net Revenue 26.7% 18.5% 14.5% 1.5% 19.4% 18.1% 12.9% 4.1% 3.8% 3.6% 3.6% 3.6% 3.4% 3.4% 3.3% 3.3% Net Working Capital -￥381,394 -￥435,910 -￥332,660 -￥426,161 -￥593,121 -￥644,775 -￥698,923 -￥752,880 -￥806,964 -￥859,987 -￥911,835 -￥966,462 -￥1,024,372 -￥1,085,762 % of Net Revenue (18.5%) (17.8%) (14.7%) (17.1%) (19.4%) (19.4%) (19.4%) (19.3%) (19.3%) (19.3%) (19.3%) (19.3%) (19.3%) (19.3%)

Confidential 14 Valuation Analysis Discounted Cash Flow Analysis – Methodology and Key Assumptions Discounted Cash Flow Methodology • Duff & Phelps performed a discounted cash flow analysis of the projected unlevered free cash flows. • Unlevered free cash flow is defined as cash generated by the business that is available to either reinvest or to distribute to security holders. • Projected free cash flows are discounted to the present using a discount rate which reflects their relative risk. • The discount rate is equivalent to the rate of return that security holders could expect to realize on alternative investment opportunities with similar risk profiles. Discounted Cash Flow Key Assumptions • Duff & Phelps utilized and relied upon the Management Projections for the fiscal years ending December 31, 2021 through 2030 (excluding non-recurring income and expenses and public company expenses, as provided by the management of the Company), discussions with the management of the Company, and a review of the Company’s historical performance and other factors to develop the DCF analysis. • Beyond the projection period, Duff & Phelps estimated the “terminal value” using a perpetuity formula. • Duff & Phelps discounted the resulting free cash flows and terminal value using a weighted average cost of capital range of 9.5% to 10.5%, derived from the Capital Asset Pricing Model. • The following is a summary of the Management Projections utilized in the discounted cash flow analysis: – Net revenue increases at a compound annual growth rate (“CAGR”) of 9.6% from 2020 to 2030. – Adjusted EBITDA increases at a CAGR of 20.2% from 2020 to 2030. – Adjusted EBITDA margin averages 17.4% from 2021 to 2030. – Capital expenditures averages 4.5% of net revenue from 2021 to 2030. – Net working capital averages -19.3% of net revenue from 2021 to 2030.

Confidential 15 Valuation Analysis DCF Analysis Summary (1) Working capital change in 2021 reflects normalized level. (2) Prior to application of 10% dividend withholding tax, which is calculated based on levered cash flows and discounted separately at the cost of equity derived in the WACC calculation and included in the concluded enterprise value range. Note: LTM as of March 31, 2021. Financial performance metrics presented are adjusted to exclude non-recurring income and expenses and public company costs. Discounted Cash Flow Analysis (RMB in thousands, except per Share values or otherwise noted) Terminal LTM 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P 2030P Year Net Revenue ￥2,487,682 ￥3,056,891 ￥3,325,411 ￥3,609,573 ￥3,892,404 ￥4,176,384 ￥4,452,913 ￥4,724,527 ￥5,009,504 ￥5,311,715 ￥5,632,207 ￥5,632,207 Growth 8.0% 35.2% 8.8% 8.5% 7.8% 7.3% 6.6% 6.1% 6.0% 6.0% 6.0% EBITDA ￥313,193 ￥391,993 ￥456,113 ￥550,924 ￥636,687 ￥730,353 ￥812,783 ￥897,061 ￥989,796 ￥1,089,501 ￥1,196,671 ￥1,196,671 Margin 12.6% 12.8% 13.7% 15.3% 16.4% 17.5% 18.3% 19.0% 19.8% 20.5% 21.2% 21.2% Growth NM 106.8% 16.4% 20.8% 15.6% 14.7% 11.3% 10.4% 10.3% 10.1% 9.8% Q2-Q4 2021 Earnings Before Interest and Taxes ￥214,303 ￥216,372 ￥299,903 ￥383,029 ￥464,581 ￥582,121 ￥653,031 ￥733,564 ￥820,458 ￥914,176 ￥1,020,253 Pro Forma Taxes (46,919) (54,093) (74,976) (95,757) (116,145) (145,530) (163,258) (183,391) (205,115) (228,544) (255,063) Net Operating Profit After Tax 167,384 162,279 224,927 287,272 348,436 436,591 489,773 550,173 615,344 685,632 765,190 Depreciation and Amortization 117,058 239,741 251,021 253,658 265,772 230,662 244,030 256,231 269,043 282,495 176,418 Capital Expenditures (266,671) (135,317) (135,417) (140,417) (150,317) (160,417) (160,417) (168,438) (176,860) (185,703) (185,703) (Increase) / Decrease in Working Capital (1) 110,442 51,654 54,148 53,957 54,085 53,023 51,848 54,627 57,910 61,390 61,458 Free Cash Flow (2) ￥128,214 ￥318,357 ￥394,679 ￥454,470 ￥517,976 ￥559,858 ￥625,234 ￥692,594 ￥765,437 ￥843,814 ￥817,363 Enterprise Value Range Low High Terminal Growth Rate 6.00% 6.00% Weighted Average Cost of Capital 10.50% 9.50% Enterprise Value Range ￥9,570,000 ￥12,220,000 Implied Value Per Share Range (USD) $9.15 $12.07 Implied Valuation Multiples EV / LTM EBITDA ￥313,193 30.6x 39.0x EV / 2021 EBITDA ￥391,993 24.4x 31.2x EV / 2022 EBITDA ￥456,113 21.0x 26.8x EV / 2023 EBITDA ￥550,924 17.4x 22.2x EV / 2021 EBIT ￥174,335 54.9x 70.1x EV / 2022 EBIT ￥216,372 44.2x 56.5x EV / 2023 EBIT ￥299,903 31.9x 40.7x EV / LTM Revenue ￥2,487,682 3.85x 4.91x

Confidential 16 Valuation Analysis Selected Public Companies / M&A Transactions Analysis Methodology Selected Public Companies Analysis • Duff & Phelps selected ten publicly traded companies that were deemed relevant to its analysis. • Duff & Phelps analyzed the financial performance of each of the publicly traded companies. Duff & Phelps then analyzed the selected public companies’ trading multiples, including adjusted enterprise value to revenue, EBITDAR and EBITR. Selected M&A Transactions Analysis • Duff & Phelps also reviewed certain merger and acquisition transactions involving target companies that were deemed relevant to its analysis and computed the implied valuation multiples for such transactions. Duff & Phelps analyzed a number of factors in comparing the Company to the selected public companies and the targets in the selected M&A transactions, including historical and forecasted growth in revenue and profits, profit margins and other characteristics that we deemed relevant. Duff & Phelps selected multiples that reflect the Company’s size, growth outlook, capital requirements, profit margins, revenue mix, and other characteristics relative to the group. None of the companies utilized for comparative purposes in the following analysis are directly comparable to the Company, and none of the transactions utilized for comparative purposes in the following analysis are directly comparable to the Proposed Transaction. Duff & Phelps does not have access to non-public information of any of the companies used for comparative purposes. Accordingly, a complete valuation analysis of the Company and the Proposed Transaction cannot rely solely upon a quantitative review of the selected companies and selected transactions, and involves complex considerations and judgments concerning differences in financial and operating characteristics of such companies and targets, as well as other factors that could affect their value relative to that of the Company. Therefore, the Selected Public Companies / Selected M&A Transactions Analysis is subject to certain limitations.

Confidential 17 Valuation Analysis Selected Public Companies Analysis – Financial Metrics LTM = Latest Twelve Months CAGR = Compounded Annual Growth Rate EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization EBIT = Earnings Before Interest and Taxes Note: The Company’s EBITDA is adjusted to exclude public company costs and non-recurring items as provided by the management of the Company. Source: Capital IQ, Bloomberg, company filings, press releases. Selected Public Companies Analysis As of August 2, 2021 For Rank Charts (% of Revenue) COMPANY INFORMATION REVENUE GROWTH EBITDA GROWTH EBITDA MARGIN EBIT MARGIN Company Name 2-YR CAGR LTM 2021 2022 2023 2-YR CAGR LTM 2021 2022 2023 3-YR AVG LTM 2021 2022 2023 3-YR AVG LTM 2021 2022 2023 Asia Healthcare Service Companies IHH Healthcare Berhad 7.9% -6.9% 12.9% 11.3% 7.7% 1.0% -6.9% 23.2% 13.1% 6.1% 20.3% 20.1% 20.7% 21.0% 20.7% 12.9% 12.8% 14.6% 15.3% 16.2% Bangkok Dusit Medical Services Public Co. Ltd. -6.2 -21.4 5.3 11.5 11.1 -8.9 -29.3 14.4 13.8 12.5 20.4 18.9 21.5 22.0 22.3 12.8 9.8 12.9 14.0 14.6 Jinxin Fertility Group Limited 24.4 -13.5 26.2 21.4 19.6 -0.3 -45.5 69.3 46.6 33.5 32.2 23.3 31.2 37.7 42.1 27.0 16.7 23.3 29.8 34.2 Hygeia Healthcare Holdings Co., Limited 35.3 29.1 52.7 40.7 32.8 65.7 59.0 61.5 32.9 35.9 22.9 27.7 29.3 27.7 28.3 17.4 22.7 25.9 25.2 26.4 Bumrungrad Hospital Public Co. Ltd. -18.1 -38.8 4.0 27.5 11.4 -36.8 -67.3 8.2 60.1 19.7 28.6 15.8 21.3 26.8 28.8 21.2 5.2 11.4 19.6 21.7 Raffles Medical Group Ltd 7.8 32.0 17.7 5.3 7.4 -2.7 89.8 20.8 3.9 6.5 18.4 20.3 17.0 16.8 16.7 14.4 16.7 13.3 13.2 13.3 Group Median 7.8% -10.2% 15.3% 16.5% 11.2% -1.5% -18.1% 22.0% 23.4% 16.1% 21.6% 20.2% 21.4% 24.4% 25.3% 15.9% 14.7% 13.9% 17.4% 19.0% Ex-Asia Healthcare Service Companies HCA Healthcare, Inc. 5.1% 1.9% 11.9% 4.7% 4.9% 5.5% 13.5% 20.2% 3.1% 2.6% 19.2% 20.4% 20.7% 20.4% 19.9% 14.1% 15.2% 15.9% 15.5% 15.0% Select Medical Holdings Corporation 4.3 2.2 6.4 4.2 6.3 4.8 2.8 25.6 3.5 10.1 12.4 12.7 14.6 14.5 15.0 8.5 9.1 12.3 12.0 12.4 Mediclinic International plc 1.1 -2.9 3.0 3.7 2.5 -13.2 -26.2 36.8 10.4 4.4 15.0 12.2 16.2 17.3 17.6 9.5 6.9 9.2 10.4 10.7 Life Healthcare Group Holdings Limited 3.8 0.2 3.4 7.0 6.5 -15.1 -40.0 28.2 20.2 10.0 20.5 13.6 19.5 21.9 22.6 13.4 6.6 11.3 14.2 15.0 Group Median 4.1% 1.0% 4.9% 4.5% 5.6% -4.2% -11.7% 26.9% 6.9% 7.2% 17.1% 13.2% 17.9% 18.8% 18.8% 11.5% 8.0% 11.8% 13.1% 13.7% Aggregate Mean 6.5% -1.8% 14.3% 13.7% 11.0% 0.0% -5.0% 30.8% 20.8% 14.1% 21.0% 18.5% 21.2% 22.6% 23.4% 15.1% 12.2% 15.0% 16.9% 17.9% Aggregate Median 4.7% -1.3% 9.2% 9.1% 7.6% -1.5% -16.5% 24.4% 13.5% 10.0% 20.3% 19.5% 20.7% 21.5% 21.5% 13.7% 11.3% 13.1% 14.8% 15.0% New Frontier Health Corporation 4.8% 8.0% 35.2% 8.8% 8.5% 38.2% NM 106.8% 16.4% 20.8% 6.6% 12.6% 12.8% 13.7% 15.3% -1.1% 4.7% 5.7% 6.5% 8.3%

Confidential 18 Valuation Analysis Selected Public Companies Analysis – Valuation Multiples LTM = Latest Twelve Months Adjusted Enterprise Value = Market Capitalization + Management Equity + Debt + Finance Leases + Operating Leases + Other Debt Equivalent Adjustments + Preferred Stock + Non-Controlling Interest] -[Cash & Equivalents + Long-Term Investments + Net Non-Operating Assets] EBITDAR = For US GAAP companies, represents EBITDA plus Rent Expense. For IFRS/non-US GAAP companies (post-IFRS 16 adoption), represents EBITDA plus Depr. of ROU Asset; rent expenses related to variable leases not capitalized on the balance sheet are not added back to arrive at EBITDAR for non-US GAAP companies. EBITR = For US GAAP companies, represents EBIT plus Rent Expense. For IFRS/non-US GAAP companies (post-IFRS 16 adoption), represents EBIT plus Depr. of ROU Asset; rent expenses related to variable leases not capitalized on the balance sheet are not added back to arrive at EBITR for non-US GAAP companies. Source: Capital IQ, Bloomberg, company filings, press releases. Selected Public Companies Analysis As of August 2, 2021 (US$ in millions, except per share data) COMPANY INFORMATION MARKET DATA ADJUSTED ENTERPRISE VALUE AS MULTIPLE OF Company Name Common Stock Price (Primary) on 8/2/2021 % of 52- Week High Market Capitalization Adjusted Enterprise Value LTM EBITDAR 2021 EBITDAR 2022 EBITDAR 2023 EBITDAR LTM EBITR 2021 EBITR 2022 EBITR 2023 EBITR LTM Revenue Asia Healthcare Service Companies IHH Healthcare Berhad $1.35 97.6% $11,885 $14,095 19.2x 16.9x 15.0x 14.1x 28.4x 23.0x 19.8x 17.5x 4.32x Bangkok Dusit Medical Services Public Co. Ltd. 0.69 91.9 10,904 10,972 28.7 22.7 20.0 17.7 53.5 37.2 30.9 26.7 5.62 Jinxin Fertility Group Limited 1.83 58.1 4,457 4,169 73.2 44.3 30.6 23.1 98.4 57.9 38.1 28.1 18.89 Hygeia Healthcare Holdings Co., Limited 9.83 69.5 6,075 5,687 92.9 57.6 43.3 31.9 NM 64.9 47.5 34.1 26.21 Bumrungrad Hospital Public Co. Ltd. 3.64 83.0 2,895 2,700 50.0 31.8 19.9 16.6 NM 58.7 27.1 22.0 8.09 Raffles Medical Group Ltd 1.05 96.6 1,961 1,969 17.9 20.8 20.0 18.7 21.4 25.8 24.5 22.7 3.97 Group Median 87.5% $5,266 $4,928 39.4x 27.2x 20.0x 18.2x 40.9x 47.5x 29.0x 24.7x 6.85x Ex-Asia Healthcare Service Companies HCA Healthcare, Inc. $251.00 98.6% $80,356 $115,681 9.9x 8.9x 8.6x 8.4x 12.9x 11.3x 11.1x 10.9x 2.20x Select Medical Holdings Corporation 39.34 90.2 5,305 9,847 9.4 8.2 7.9 7.2 11.7 9.2 9.0 8.3 1.74 Mediclinic International plc 3.99 82.2 2,939 5,860 10.2 7.6 7.0 6.7 16.4 12.6 11.0 10.5 1.41 Life Healthcare Group Holdings Limited 1.65 84.4 2,403 3,507 12.9 9.1 7.7 7.0 24.1 15.1 11.4 10.2 1.94 Group Median 87.3% $4,122 $7,854 10.0x 8.5x 7.8x 7.1x 14.7x 11.9x 11.0x 10.3x 1.84x Aggregate Mean 85.2% $12,918 $17,449 32.4x 22.8x 18.0x 15.1x 33.3x 31.6x 23.0x 19.1x 7.44x Aggregate Median 87.3% $4,881 $5,774 18.6x 18.8x 17.4x 15.4x 22.8x 24.4x 22.2x 19.7x 4.14x

Confidential 19 Valuation Analysis Selected M&A Transactions Analysis Source: Capital IQ, company filings, press releases. Selected M&A Transactions Analysis ($ in millions) Announced Target Name Target Business Description Acquirer Name Enterprise Value LTM Revenue LTM EBITDA LTM EBIT EBITDA Margin EV / Revenue EV / EBITDA EV / EBIT 6/16/2021 5 hospitals of Tenet Healthcare Corporation Target business group consists of 5 hospitals of Tenet Healthcare Corporation. The hospitals included in the sale are Coral Gables Hospital, Florida Medical Center, Hialeah Hospital, North Shore Medical Center and Palmetto General Hospital. Steward Health Care System LLC $1,100 $933 $122 NA 13.1% 1.18x 9.0x NA 5/26/2021 Spire Healthcare Group plc Spire Healthcare Group plc, together with its subsidiaries, owns and operates private hospitals and clinics in the United Kingdom. Ramsay Health Care (UK) Limited $2,868 $1,274 $223 $92 17.5% 2.25x 12.9x 31.0x 2/28/2020 RHÖN-KLINIKUM Aktiengesellschaft Operates acute-care hospitals in Germany. As of December 31, 2019, it operated 8 hospitals and 5,312 beds/places at 5 medical sites. Asklepios Kliniken GmbH & Co. KGaA $1,184 $1,716 $94 $17 5.5% 0.69x 12.6x 71.7x 7/23/2018 LifePoint Health, Inc. Operates community hospitals, regional health systems, physician practices, outpatient centers, and post-acute facilities in the United States. As of December 9, 2019, the company owned and operated 88 hospital campuses. RCCH HealthCare Partners $5,598 $6,239 $661 $316 10.6% 0.90x 8.5x 17.7x 7/13/2018 Fortis Healthcare Limited Offers secondary, tertiary, and quaternary care. Its healthcare verticals comprise hospitals, diagnostics, and day care specialty facilities. The company also operates diagnostics centers and laboratories; and collection centers. Revenue from Healthcare Services accounted for ~80% in FY2020 Northern Tk Venture Pte Ltd $2,169 $649 $30 $1 4.6% 3.34x 72.7x NM 7/13/2018 Capio AB Offers medical, surgical, and psychiatric healthcare services through its hospitals, specialist clinics, and primary care units. Ramsay Générale de Santé SA $1,405 $255 $124 $59 48.7% 5.51x 11.3x 23.8x 5/14/2018 Healthscope Limited Operates Hospitals and Pathology services. It operates 43 private hospitals, including 30 acute hospitals, 7 mental health hospitals, and 6 rehabilitation hospitals with approximately 5,000 inpatient beds. Brookfield Capital Partners Ltd.; Brookfield Business Partners L.P. $4,014 $1,726 $282 $200 16.3% 2.33x 14.3x 20.1x 12/19/2017 Kindred Healthcare, Inc. (nka:Kindred Healthcare, LLC) Operates as a healthcare services company in the United States. The company operates long-term acute care (LTAC) hospitals and inpatient rehabilitation facilities, as well as offers contract rehabilitation services. TPG Capital, L.P.; Welsh, Carson, Anderson & Stowe; Humana Inc. $4,172 $6,996 $454 $314 6.5% 0.60x 9.2x 13.3x 5/10/2017 Surgery Partners, Inc. Operates surgical facilities and ancillary services, comprising ambulatory surgery centers and surgical hospitals. As of December 31, 2020, it owned or operated127 surgical facilities, including 110 ambulatory surgical centers and 17 surgical hospitals. Bain Capital Private Equity, LP $2,787 $1,139 $251 $210 22.0% 2.45x 11.1x 13.3x 5/1/2017 Four Hospitals Owned by Tenet Healthcare Corporation (NYSE:THC) Four Hospitals Owned by Tenet Healthcare Corporation (NYSE:THC) were acquired by HCA Healthcare, Inc. HCA Holdings, Inc. (nka:HCA Healthcare, Inc.) $750 $575 $80 NA 13.9% 1.30x 9.4x NA 1/9/2017 Surgical Care Affiliates, Inc. (nka:SCAI Holdings, LLC) Owns and operates a network of multi-specialty ambulatory surgery centers and surgical hospitals primarily in the United States. Optum, Inc. $4,169 $1,259 $340 $251 27.0% 3.31x 12.3x 16.6x 12/14/2016 Al Zahra Hospital Sharjah Operates a private general hospital in the United Arab Emirates, offering comprehensive healthcare services. NMC Healthcare L.L.C. $560 $130 $43 NA 33.4% 4.30x 12.9x NA 6/6/2016 iKang Healthcare Group, Inc. Provides preventive healthcare solutions, including Medical Examinations, and Other Medical Services and Dental Services. The company primarily serves corporate and individual customers. As of July 16, 2018, it had a network of 113 self-owned medical centers in 33 cities of China. Yunfeng Capital; Alibaba Investment Limited $1,579 $535 $91 $48 17.0% 2.95x 17.4x 32.8x Mean 2.39x 16.4x 26.7x Median 2.33x 12.3x 20.1x

Confidential 20 Valuation Analysis Selected Public Companies / M&A Transactions Analysis Summary (1) M&A transaction multiples reflect enterprise value (without adjustment for lease liabilities) and EBITDA/EBIT (rather than EBITDAR/EBITR adjusted for lease expenses), sourced from Capital IQ. (2) As of March 31, 2021, per Company management. Note: LTM as of March 31, 2021. Financial performance metrics presented are adjusted to exclude non-recurring income and expenses and public company costs. Selected Public Companies / M&A Transactions Analysis Summary (RMB in thousands, except per Share values or otherwise noted) Valuation Multiples Valuation Summary Metric Public Companies Median Asia Healthcare Service Companies Median M&A Transactions Median (1) Selected Multiple Range Company Performance Enterprise Value Range Adj. EV / 2023 EBITDAR 6.7x - 31.9x 15.4x 18.2x NA 16.0x - 20.0x ￥765,528 ￥12,248,447 - ￥15,310,559 Adjusted Enterprise Value Range ￥12,248,447 - ￥15,310,559 Less: Lease Liabilities (2) (1,670,497) -(1,670,497) Enterprise Value Range ￥10,580,000 - ￥13,640,000 Implied Value Per Share Range (USD) $10.31 - $13.42 Implied Multiples Adj. EV / LTM EBITDAR 9.4x 92.9x 18.6x 39.4x 12.3x ￥511,093 24.0x - 30.0x Adj. EV / 2021 EBITDAR 7.6x 57.6x 18.8x 27.2x NA ￥604,670 20.3x - 25.3x Adj. EV / 2022 EBITDAR 7.0x 43.3x 17.4x 20.0x NA ￥669,730 18.3x - 22.9x Adj. EV / 2023 EBITDAR 6.7x 31.9x 15.4x 18.2x NA ￥765,528 16.0x - 20.0x Adj. EV / LTM EBITR 11.7x 98.4x 22.8x 40.9x 20.1x ￥313,712 39.0x - 48.8x Adj. EV / 2021 EBITR 9.2x 64.9x 24.4x 47.5x NA ￥387,012 31.6x - 39.6x Adj. EV / 2022 EBITR 9.0x 47.5x 22.2x 29.0x NA ￥429,989 28.5x - 35.6x Adj. EV / 2023 EBITR 8.3x 34.1x 19.7x 24.7x NA ￥514,507 23.8x - 29.8x Adj. EV / LTM Revenue 1.41x 26.21x 4.14x 6.85x 2.33x ￥2,487,682 4.92x - 6.15x Public Companies Range