Project Cost Breakdown

Item US$ in 000's

Land 2,727
Building 6,300
Equipment 7,192
Non Medical Furnitures 1,242
Pre-operating Marketing 2,000
Vehicles 200
Foundation 2,000
Other / Contingency 2,166
Working capital 0
Total Cost 23,828

Land
Square 1,500
M/US 1,818

Building
Building Area 60%
No.Of Floor 7
M/US 1,000

Medical Equipments Group A Group B

Laboratory 673,443 670,073
Radiology 2,508,076 1,766,903
operation Room 2,025,475 1,797,590
Outpatient Clinics 1,479,548 1,081,594
IVF 324,555 299,816
Dialysis 28,736 28,736
Day Care Unit 1,230 1,230
Endoscopy 315,344 257,572
Dental Center 137,226 137,071
surgery 34,403 33,296
Special Units 456,012 326,226
Total 7,984,047 6,400,106

Non Medical Furnitures

Offices 36,364
Chair for waiting Areas 6,545
Photocopy Machines (Moderate Size) 10,909
Photocopy Machines (Large Size) 21,818
Fax Machine (Moderate Size) 1,091
Fax Machine (Large Size) 1,309
IT Infrastructure + System 545,455
Operator 400 Lines 36,364
Telephone Machines 10,909
Rooms Furniture's 436,364
Meeting Rooms 2,182
T.V 21,818
Satellite 9,091
Furniture for Pharmacy 18,182
Sewing Equipments 7,273
Uniforms 27,273
Fire Alarm System 18,182
Calling system 12,727
Sound system 18,182
Total 1,242,036
 Andalusia Hospital Assumptions

2013 2014 2015

Andalusia Hospital
Market
Cairo-area Population (000's) 30,000 30,570 31,151
popn growth (%) 1.9% 1.9% 1.9%
Sick Ratio 35.0% 35.0% 35.0%
# of Patient Consultations (000's) in Cairo 10,500 10,700 10,903
Percentage private sector 15.0% 15.0% 15.0%
# of Private Consultations (000's) in Cairo 1,575 1,605 1,635
Implied Mkt Share of Andalusia Hospital of Pvt. Mark 1.6% 2.1% 2.9%
Revenues
Outpatient:
# of OP Consultations 25,000 33,750 47,250
per day (300 days) 83 113 158
% growth 35% 40%
# of OP Clinics 10 15 15
# of Consultations per Clinic per day 8 8 11
Revenue per OP Consultation 120 126 132
OP Revenues (LE in 000s) 3,000 4,253 6,251
IP Admissions / OP Consultations (%) 25.0% 25.0% 22.0%
Inpatient:
# of IP admissions 6,250 8,438 10,395
Revenue per IP admission 3,845 4,422 4,864
IPD Revenues (LE in 000s) 24,030 37,307 50,558
Beds 100 100 100
ALOS 2.00 2.00 2.00
Occupancy (%) 34.2% 46.2% 57.0%
Lab & Rad Revenues 5,406 8,312 14,202
% of IPD/OPD Revenues 20.0% 20.0% 25.0%
Total Andalusia Hospital Revenues 32,436 49,871 71,011
Pharmacy revenues 8,109 12,468 21,303
% of hospital revenues 25.0% 25.0% 30.0%
Ancillary Sales 0 0 0
% of hospital revenues 0.0% 0.0% 0.0%
Total Andalusia Hospital Revenues 40,545 62,339 92,315
Expenses
Medical Staff (Fixed)
Consultants (#) 15 23 23
Avg Pay per Consultant 240 257 275
 Consultant payroll 3,600 3,780 3,969
Consultants per clinic 1.50 1.50 1.50
Specialists (#) 45 68 68
Avg Pay per Specialist 60 64 69
Specialist payroll 2,700 4,334 4,637
Specialists per consultant 3.0 3.0 3.0
ER Doctors (#) 8 8 9
Avg Pay per ER Doctors 48 51 54
ER Payroll 384 411 475
Principal Nurses 16 17 18
Avg Pay per Principal Nurse 42 45 48
Principal Nurse Payroll 672 764 866
Nurses 110 115 120
Avg Pay per Nurse 24 26 27
Nurse Payroll 2,640 2,953 3,297
Principal Nurse / Nurse Ratio 15% 15% 15%
Total Nurses / Doctors 1.9 1.3 1.4
Technicians 20 29 29
Avg Pay per Technician 18 19 21
Technician Payroll 360 555 599
Technician / Doctors 0.29 0.29 0.29
Total Medical Payroll 10,356 12,797 13,842
Admin. Salary per bed 48 51 55
growth in salary per bed (%) 7.0% 7.0%
Admin. Salaries 4,800 5,136 5,496
Marketing Expense 1,000 1,050 1,103
Management Fees 5,500 5,775 6,064
Utilities / Other Fixed Expenses 4,000 4,200 4,410
per bed 40 42 44
Rent 3,356 3,692 4,061
Maintenance - existing 896 941 988
(% of Original Book Value) 6% 6% 6%
Total Fixed Costs 24,408 27,816 29,899
Variable Expenses
Medicines / Consumables 10,136 15,585 23,079
% of Revenue 25% 25% 25%
Lab expenses 1,646 2,530 3,747 EBIT
% of Revenue 4.1% 4.1% 4.1% 40,000
Outside Doctors 2,125 3,267 4,839 35,000
% of Revenue 5.2% 5.2% 5.2% 30,000
25,000
20,000
15,000
10,000
 40,000
35,000
30,000

G&A / Other 2,027 3,117 4,616 25,000

% of Revenue 5.0% 5.0% 5.0% 20,000
Total Variable Costs 15,934 24,499 36,279 15,000
EBITDA 202 10,024 26,136 10,000
5,000
FX - EOY 5.50 5.50 5.50 0
FX - AVG 5.50 5.50 5.50 1 2
 2016 2017

Implied Mkt Share of Andalusia Hospital

31,743 32,346
Pvt. Market
1.9 1.9
4.5%
35.0 35.0
4.0%
11,109.9 11,321.0 3.5%
15.0 15.0 3.0%
2.5%
1,666.5 1,698.2 Implied Mkt Share of 2.0%
3.7% 4.3% Andalusia Hospital of 1.5%
Pvt. Market 1.0%
0.5%
0.0%

61,425 73,710 5 4 3 2 1
205 246
30% 20%
15 15
14 16
139 146
8,532.9 10,751.4
18.0% 15.8%

11,056.5 11,646.2
5,107 5,107
56,463.9 59,475.3
100.0 100.0
2.0 2.0
60.6% 63.8%
Total Andalusia Hospital Revenues
16,249.2 17,556.7 120,000

25.0% 25.0% 100,000

81,245.9 87,783.3 80,000

24,373.8 26,335.0 60,000

Total Andalusia
30.0 30.0 Hospital Revenues 40,000
0.0 0.0 20,000
0.0 0.0 0
105,620 114,118 5 4 3 2 1

23 23
294 315
 4,167 4,376
1.50 1.50
68 68
74 79
4,961 5,309
3.0 3.0
9 10
57 59
498 576
18 18
51 55
926 991
125 130
29 31
3,675 4,090
14% 14%
1.4 1.5
29 29
22 24
641 686
0.29 0.29
14,869 16,026
59 63
7.0% 7.0%
5,880 6,292
1,158 1,216
6,367 6,685
4,631 4,862
46 49
4,467 4,914
1,037 1,089
6% 6%
32,042 34,399

26,405 28,530
25% 25%
4,287 EBITDA
4,632
40,000 4.1% 4.1%
35,0005,536 5,981
30,000 5.2% 5.2%
25,000
20,000
15,000
10,000
40,000
35,000
30,000
25,0005,281 5,706
20,000 5.0% 5.0%
15,000
41,508 44,848
10,000
32,069 34,871
5,000
05.50 5.50
5.501 5.502 3 4 5
Andalusia Hospital of

3 2 1

al Revenues

2 1
 Andalusia Hospital Income Statement

(US$ in 000's) 2013 2014 2015 2016 2017

Total Revenues
Fixed Costs
Medical Staff
Admin Salaries
Utilities / Other
Marketing
Maintenance & Repair
Rent
Management Fees
Total Fixed Costs
Variable Costs
Medicines, Consumables & Lab
Outside Doctors
G&A / Other
Total Variable Costs
EBITDA
Depreciation & Amortization
Interest Expense
Pre-Tax Income
Taxes
Net Income
 Andalusia Hospital Balance Sheet

(US$ in 000's) 2013 2014 2015 2016

Cash & equivalents
Accounts receivable
Inventories
Prepayments & others
Current Assets
Fixed Assets
Investment
Total Assets

Short term loans

Accounts payable
Accruals & other payables
Andalusia Current Account
Current liabilities
Deferred Tax
Existing Loan
Total liabilities
Capital
Statutory reserve
General reserve
Retained earnings
Total Equity
Total liabilities and Equity
2017
 Andalusia Hospital Cash Flow Statement

(US$ in 000's) 2013 2014 2015 2016

Net Profit
Depreciation & Amortization
(Increase) / Decrease in Accounts Receivable
(Increase) / Decrease in Inventories
(Increase) / Decrease in Prepaids
Increase / (Decrease) in Accounts Payable
Cash Flow from Operations
Project Capex
Replacement Capex
Cash Flow from Investing
Debt Issuance
Equity Issuance
LT Debt Repayment
Cash Flow from Financing

Change in Cash Balance

Opening Cash Balance

Closing Cash Balance
2017
 Depreciation of Fixed Assets

2013 2014 2015 2016 2017

Building
Beginning Balance
Addition
Disposals
Ending Balance

Depreciation
Accumulated Depreciation

Equipment
Beginning Balance
Addition
Disposals
Ending Balance

Depreciation
Accumulated Depreciation

Non Medical Furniture's

Beginning Balance
Addition
Disposals
Ending Balance

Depreciation
Accumulated Depreciation

Vehicles
Beginning Balance
Addition
Disposals
Ending Balance

Depreciation
Accumulated Depreciation

Foundation's
Beginning Balance
Addition
Disposals
Ending Balance

Depreciation
Accumulated Depreciation
Pre-Operating Marketing
Beginning Balance
Addition
Disposals
Ending Balance

Depreciation
Accumulated Depreciation

Total Assets
Beginning Balance
Addition
Disposals
Ending Balance

Depreciation
Accumulated Depreciation