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Natural Formula Premium Brand Personal Care Products
Distribution To Retail Pharmacies In Top 55 Chinese Urban

Markets Planned

Contact: Lawrence Pemble
Robert Goodwin
Chindex International, Inc.
(301) 215-7777

Natural Formula Premium Brand Personal Care Products
Distribution To Retail Pharmacies In Top 55 Chinese Urban

Markets Planned

BETHESDA, MD (November 17, 2003) - Chindex International, Inc. (Nasdaq:CHDX), the largest independent American distributor of Western healthcare products and services in the People's Republic of China, today announced it has established a joint venture with Nesh Cosmetics Ltd. of Israel. The venture, Natural Formula Asia, Ltd., will distribute the Nesh brand of Natural Formula cosmetics to the retail pharmacy markets in China.

The initial portfolio of hair care and deodorant products are currently on the shelves of 25 select pharmacies in Shanghai, Beijing and Hangzhou. Over the next 18 months these, and many more Natural Formula products, will be brought to market in 180 additional locations in key regional cities in East China. Natural Formula Asia, Ltd. plans distribution to the top 1,000 pharmacies in 55 cities throughout China over the next 4 years.

Roberta Lipson, President and CEO of Chindex, spoke from Beijing at recent media launch events: “Our joint venture with our partners at Nesh Cosmetics marks a significant step in the expansion of our distribution business in the retail pharmacy markets. We are already distributing health related brand products to nearly 300 pharmacies in 25 cities on a daily basis. We are very excited about this step in our development, as a partner in Natural Formula Asia, Ltd., we have taken an equity position in a well established brand as it enters the China market. The market potential in health related personal care products in the metropolitan markets in China is enormous.”

Yossi Sadeh, a Director of the Natural Formula Asia joint venture addressed a press conference in Beijing: “Natural Formula was established in 1987 by Nesh Cosmetics in Israel and has become a trusted name throughout the worldwide healthcare market. Nesh markets over 400 personal health and beauty care products which are available in 17 countries. They enjoy a leadership role in a range of niche OTC, cosmetic and toiletries categories. ”

Elchanan Shaked, Director of Nesh Cosmetics, Ltd. commented on their strategy: “In China, our target customer is the affluent urban female aged 24 - 35. Our partnership with Chindex places us strategically at the early stages of the upscale personal care markets in China. The timing for market entry in China is excellent and marks a significant milestone in our efforts to grow the brand name in the Asia Pacific region. The cosmetics and toiletries market is one of the fastest growing industries in China. The combination of the Nesh brand development expertise and Chindex’s marketing and distribution strength in China gives Natural Formula Asia a proven team.”

Jim Spear, Senior Vice President for Products Distribution heads the Chindex division responsible for the company’s retail pharmacy business. “Our ability to control the physical logistics and cash flows in this distribution chain are the critical components of the infrastructure that supports this business model. We are recognized as the gold standard in this industry in the China market.”

“We are excited about the possibilities China represents for the Natural Formula brand. Our aim is not just to generate brand and product excitement but to also to promote a healthy, natural lifestyle. Our ultimate goal is to help create a generation of health-conscious women who are in touch with their nature, focused on their active and lively character, and who subscribe to a more health-conscious approach to looking and feeling good. This is the “Natural Formula” brand message,” noted Vincent Fu, the National Brand Manager for Natural Formula.

About Chindex
Chindex is a leading American company in healthcare in the Greater Chinese marketplace including Hong Kong. It provides representative and distribution services to a number of major multinational companies in the medical device industry including Siemens AG (diagnostic color ultrasound scanners under the Acuson and Siemens brand names), Becton-Dickinson (including vascular access, infusion and critical care systems), Johnson & Johnson (clinical chemistry analyzers), and Guidant (interventional cardiology products including stents, balloon catheters, and guide wires). Its distribution channels to the retail pharmacy industry in China have been developed through a relationship with a major multinational cosmetics manufacturer. It also provides healthcare services through the operations of its private hospital corporation in China. With twenty-two years of experience, over 600 employees, and operations in the United States, China and Hong Kong, the Company’s strategy is to expand its cross-cultural reach by providing leading edge technologies, quality products and services to Greater China's professional communities. Further company information may be found at the Company’s websites, and


About Nesh Cosmetics, Ltd.

Nesh Cosmetics Ltd. is a member of the group leading the cosmetic industry in Israel, and the owner of the brand name Natural Formula. Natural Formula is an international Brand in the Premium Mass Cosmetic & Toiletries market. Nesh Cosmetics Ltd. manufactures, distributes, markets and sells its products in the Middle East, Europe, China & North America. The company is a trendy, dynamic and marketing oriented organization, with a comprehensive Export Division and marketing services. The company offers a wide product assortment including more than 250 products (SKU) in hair, body and skincare under one brand name: Natural Formula. The products’ special benefits are characterized by innovative and unique formulations, containing natural ingredients. They are problem-solution oriented products, satisfying the special needs of every customer. Additional information on the Natural Formula tree, is available at our site: and at

[email protected] .

The statements in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including risks associated with uncertainties pertaining to the Company’s (i) performance goals, including successful conclusion of efforts to secure government-backed financing, (ii) future events and earnings, including revenues from the Company’s developmental businesses such as healthcare services, (iii) markets, including growth in demand in China for the Company’s products and services, and (iv) proposed new operations, including expansion of its healthcare services business. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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