DEAR SHAREHOLDER,
 
 As Fortis completes its first decade, I am filled with a sense of pride
 for what has been accomplished, but also a sense of purpose for what
 still needs to be done.
 
 While our network of medical talent, spread over more than 60
 hospitals, allows for us to be recognised as market leaders in
 healthcare delivery, the journey has just started,
 
 The vision is to become the leading integrated healthcare services
 company in Asia within the next five years. In a creative model of
 healthcare delivery, Fortis is introducing stand-alone verticals,
 dedicated to select medical specialities. The acquisition of
 controlling interest in Super Religare Laboratories Ltd (SRL), India''s
 leading diagnostics company, is another strategic step that enables the
 delivery of end-to-end healthcare services. We are providing, and
 
 if required setting benchmarks for, standardised quality healthcare at
 an affordable price point to meet the needs of patients across
 healthcare verticals and geographies,
 
 This will require for us to sustain and increase the focus on quality,
 to nurture and promote medical talent and to provide them with an
 environment to deliver their best.  We will need to drive
 cost-effective innovation that makes for affordability and leverage our
 strengths, using technology as an enabler while at all times retaining
 our focus on the patient experience. We have shown it can be done and
 are confident that the coming years will see us do it better.
 
 Even as the last year has seen us successfully cross a milestone with
 the integration of the Wockhardt acquisition and establishing a network
 presence of over 60 hospitals across India, the coming years are likely
 to be critical in establishing the foundation for a global healthcare
 company. Changing lifestyles, urban migration and the increased
 prevalence of chronic diseases continue to put pressure on health
 systems, social structures and economies. A historic economic expansion
 is also underway in the emerging markets of the world, as their
 populations join the middle class and their economies join the global
 marketplace.
 
 As we forge ahead in FY 2011 -12, Fortis will continue to focus on
 three areas: Talent, Execution and Growth. Our continued focus will be
 on aggressively driving our human talent strategy, building upon our
 execution capacity by creating unique capabilities in service
 excellence and prudently pursuing growth opportunities, while unlocking
 value from scale. All these will build Fortis Healthcare into a truly
 respectable global brand, unlocking differential value for all its
 stakeholders,
 
 In this journey it is imperative that we never lose sight of our social
 responsibility to the communities that we serve, We remain committed in
 this aspect.
 
 I remain ever appreciative of the goodwill and support received from
 every Fortis stakeholder. I hope that you share my excitement as we
 prepare to enter an era of a promising future. Thank you for putting
 your faith in us, I remain beholden to the members of the Fortis Board
 and thank them for their guidance and encouragement.  Finally, I
 express my gratitude to all the employees across the Fortis network for
 their unflagging commitment and resolute perseverance,
 
 Warm Regards,
 
 Malvinder Mohan Singh
 
 Chairman