Healthcare Com Parables

Healthcare Sector Comparables Analysis

Comparison of healthcare companies in emerging and developed

markets

TresVista Financial Services

July 2011

Healthcare Sector

Confidential 1 of 7

Analysis of the Healthcare Sector

The following analysis is based on share prices as of July 15, 2011. We have divided the set into two segments, (mature markets

and emerging markets) highlighting the difference in their operating profitability as well as trading levels. In our analysis, we

have also compared KPJ Healthcare Berhad of Malaysia with rest of the set.

We have included industry specific ratios along with standard ratios. Industry specific ratios include Adjusted Enterprise Value

(EV) / EBITDAR, and EV / Beds. Adjusted EV is calculated as EV + Capitalized Operating Lease, while EBITDAR is calculated

as EBITDA + Rent Expense. Capitalized Operating Lease is calculated by taking seven times the LTM rental expenses.

EBITDA Margins

Emerging market companies have a median LTM EBITDA margin of 21.5%, while mature market companies have a margin

of 13.8%. This is primarily due to cost benefits such as low SG&A, and low COGS as opposed to the mature markets.

Margins have been more or less constant for both mature and emerging markets.

KPJ’s LTM EBITDA margin is 12.3%, which is significantly lower than the emerging market median of 21.5%. KPJ’s

medical consultants’ fees and employee benefit costs are very high relative to its emerging market peers, leading to lower

EBITDA margin. KPJ’s LTM cost of goods sold (COGS) was 69.3% of sales, whereas the median for emerging markets was

at 56.6%.

13.7% 13.8% 13.7%

13.7%

21.7% 21.5% 21.6% 21.7%

12.3% 12.3%

13.8%

14.0%

5.0%

7.5%

10.0%

12.5%

15.0%

17.5%

20.0%

22.5%

25.0%

27.5%

30.0%

CY 2010 LTM CY 2011E CY 2012E

Mature Markets Emerging Markets KPJ Healthcare

Note: Mature Markets represents average of Community Health, Tenet, Universal, and Health Management

Emerging Markets represents average of Netcare, Medi-Clinic, Fortis, and Bangkok Dusit

EBITDA Margins

Healthcare Sector

Confidential 2 of 7

Universal and Bangkok Dusit have the highest margins in the mature and emerging markets respectively.

Growth Rates

As one would expect, emerging markets show a higher growth rate for the two year period till 2012. Based on the companies

in the set, revenue CAGR (2010-2012) for emerging markets is ~20.0%, while for mature markets it is ~8.0%.

EBITDA CAGR (2010-2012) follows the revenue CAGR trend as can be seen in the figure on the next page. Emerging

market companies are expected to clock ~20.0% EBITDA growth compared to ~10.0% for the mature markets. This

essentially indicates that the margins are expected to be the same going forward.

Fortis is a major contributor to the emerging market’s high revenue and EBITDA growth. Fortis has been very aggressive in

growing inorganically. It has been on the look out for mid size companies operating in the emerging markets. In December

2009, it acquired Wockhardt Hospitals of India (WHL) for INR 9.1bn. At the time of the acquisition, WHL had 856 beds in

operation and 534 beds in hospitals under construction in Bangalore and Kolkata. It also made an attempt to acquire Parkway

of Singapore in 2010 but lost to Khazanah in an intense bidding war.

13.3%

13.1% 13.2% 13.2% 14.1%

15.0% 15.8% 16.0%

11.4% 12.1%

12.8% 13.0%

14.5% 14.4% 14.2% 14.3%

7.5%

10.0%

12.5%

15.0%

17.5%

20.0%

CY 2010 LTM CY 2011E CY 2012E

Community Health Universal Tenet Health Management

Mature Markets EBITDA Margins

21.1% 20.5% 20.8% 21.3%

22.4% 22.4% 22.3% 22.1%

23.5% 23.3% 24.0% 24.0%

12.3% 12.3%

13.8% 14.0%

14.3% 14.1% 15.1%

15.7%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

CY 2010 LTM CY 2011E CY 2012E

Netcare Medi-Clinic Bangkok Dusit KPJ Healthcare Fortis

Emerging Markets EBITDA Margins

Healthcare Sector

Confidential 3 of 7

KPJ’s revenues and EBITDA are expected to grow at CAGR of ~12.0% & ~19.0% respectively for same period. This is

comparable to the emerging market (ex Fortis) median growth of ~11.0% & ~10.0% respectively.

Trading Multiples

Emerging market companies have consistently enjoyed premium valuations over mature markets. They are trading close to

9.5x their LTM EBITDA which translates to a premium of around 37.0% over their mature market counterparts. For CY

2011E and CY 2012E, the premium valuations are expected to be the same.

Higher growth rate and EBITDA margins for the emerging markets justify their higher valuations. (Fortis trades at a very high

valuation on historical basis and has been excluded from CY 2010 and LTM to avoid skewing up of the median).

KPJ’s trades at 13.6x its LTM EBITDA which is higher than the median of the emerging economies. On CY 2011E and CY

2012E basis, KPJ trades at 11.5x and 9.9x, closer to the emerging market set.

Emerging market companies command 9.3x adjusted enterprise value for the LTM EBITDAR. This again is higher than 6.9x

for the mature markets. (Fortis trades at a very high valuation on historical basis and has been excluded from CY 2010 and LTM to avoid skewing up

of the median).

8.0%

10.4%

19.9% 20.2%

12.0%

19.2%

11.3% 10.5%

0.0%

2.5%

5.0%

7.5%

10.0%

12.5%

15.0%

17.5%

20.0%

22.5%

Revenue EBITDA

Mature Markets Emerging Markets KPJ Healthcare Emerging Markets (ex Fortis)

Note: Mature Markets represent averages of Community Health, Tenet, Universal, and Health Management

Emerging Markets represent averages of Netcare, Medi-Clinic, Fortis, and Bangkok Dusit

CAGR 2010 - 2012

7.2x 6.9x 6.5x 6.1x

9.3x 9.5x 10.2x

8.9x

14.1x 13.6x

11.5x

9.9x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

CY 2010 LTM CY 2011E CY 2012E


EV / EBITDA

Note: Mature Markets represents average of Community Health, Tenet, Universal, and Health Management

Emerging Markets represents average of Netcare, Medi-Clinic, Fortis, and Bangkok Dusit. Fortis trades

at a very high multiple and hence has been excluded to avoid skewing of the median in CY2010 and LTM

Healthcare Sector

Confidential 4 of 7

On EV / Beds basis, all companies trade close to USD 551,000 per bed. This trading level is quite consistent across

companies except Bangkok Dusit.

7.2x 6.9x 6.5x 6.1x

9.1x 9.3x 10.1x

8.8x

12.2x 12.0x

10.5x

9.3x

0.0x

5.0x

10.0x

15.0x

CY 2010 LTM CY 2011E CY 2012E


Adjusted EV / EBITDAR

Note: Mature Markets includes Community Health, Tenet, Universal, and Health Management

Emerging Markets includes Netcare, Medi-Clinic, Fortis, and Bangkok Dusit. Fortis has

not been included in calculations for CY2010 and LTM as it skews the median..

Adjusted EV = EV + Capitalized operating lease, EBITDAR = EBITDA + Rent Expense

Median 0.551

0.578

0.382

0.542 0.626

0.551 0.614

0.653

0.222

0.365

0.000

0.200

0.400

0.600

0.800

1.000

1.200

Community

Health

Tenet Universal Health

Management

Netcare Medi-Clinic Fortis Bangkok

Dusit

KPJ

Healthcare

USD mn

EV / Beds

Healthcare Sector

Confidential 5 of 7

Universal has the highest market cap and trades at around 7.5x 2012E EV/EBITDA compared to Health Management’s 6.4x,

Community Health’s 5.8x, and 5.5x for Tenet. Universal’s higher valuation is justified by its higher growth compared to its

peers.

KPJ’s market cap is the lowest in the emerging market set and its 2012E EV / EBITDA is 9.9x which is around the median of

emerging markets EV / EBITDA of 8.9x.

Community Health

Universal

Tenet

Health Management

4.0x

5.5x

7.0x

8.5x

10.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

EV

/EB

ITD

A

20

12

10-12 EBITDA CAGR

Mature Markets

Netcare

Medi-Clinic

Bangkok DusitKPJ Healthcare

Fortis

0.0x

6.0x

12.0x

18.0x

24.0x

30.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

EV

/EB

ITD

A

20

12

10-12 EBITDA CAGR

Emerging Markets

Healthcare Sector

Confidential 6 of 7

Parkway’s Acquisition by Khazanah

Transaction Rationale

In a rare hostile bid by a sovereign wealth fund, Khazanah had made a full offer of SGD 3.95 per share for Parkway Holdings

with rival India's Fortis Healthcare agreeing to sell its entire stake in the hospital chain. Fortis initially had made a full offer

of SGD 3.80 per share. Khazanah’s offer valued the 2,963 bedded hospital at SGD 4.5bn. Fortis made a profit of close to

SGD 117.0mn from its ~25.0% stake sale.

After the acquisition, Khazanah had control of a network of 16 hospitals with more than 2,963 beds throughout Asia.

Khazanah owns 3.3% stake in Apollo Hospitals Enterprise Ltd., India’s largest hospital chain, the Pantai Hospitals and the

International Medical University in Malaysia. Parkway and Apollo already had a JV in India called Apollo Gleneagles

Hospitals Kolkata (425 beds).

Khazanah planned to cut costs by uniting the procurement power of Pantai and Parkway and expanding Parkway's business in

India, with help from Apollo.

The offer price for Parkway Holdings at SGD 3.95/share in cash from Khazanah equates to 36.0x Parkway’s LTM earnings.

Particulars Amount

Offer Price SGD 3.95

Diluted Shares Outstanding (mm) 1,153.155

Market Value SGD 4,555.0

Less: Cash and Cash equivalents (689.0)

Plus: Debt & Minority Interest & Preferred 1,144.0

Enterprise Value 5,010.0

Trading Multiples LTM

EV / Revenues 4.91x

EV / EBITDA 24.8x

EV / Beds (SGD mn) 1.691

P / E 36.0x

Offer Price Information Price Premium

Offer price per share SGD 3.95

Target share price 1 day prior SGD 3.88 1.8%

Target share price 1 week prior SGD 3.87 2.1%

Target share price 1 month prior SGD 3.62 9.1%

Healthcare Sector

Confidential 7 of 7

Transaction Timeline

April 2008 – Khazanah acquired a 16.4% stake from Symphony Capital Partners at SGD 4.20 per share

March 11, 2010 – Fortis Healthcare, through its subsidiary RHC Holding Pte. Ltd., acquired strategic 23.9% stake in

Parkway Holdings Limited from Texas Pacific Group (TPG)

May 27, 2010 – Through its wholly owned Integrated Healthcare unit, Khazanah offered SGD 3.78 per share to raise its

stake from 24.0% to 51.5%

July 1, 2010 – Fortis made a general offer at SGD 3.80 per share of Parkway

July 26, 2010 – Khazanah offered SGD 3.95 (USD 2.88) per share for all shares of Parkway

2.00

2.50

3.00

3.50

4.00

4.50

January/10 February/10 March/10 April/10 May/10 June/10 July/10 August/10

03/11/10: Fortis

acquired 23.9%

from TPG

05/27/10: Khazanah

offered SGD 3.78 for

27.5% of shares

07/26/10:

Khazanah made

a general offer

at SGD 3.95

07/01/10:

Fortis made a

general offer

at SGD 3.80

Parkway Price

SGD

Healthcare ComparablesCompany Information

(In USD millions, except per share data)

Stock Price Operating Adjusted

No. of No. of Currency 52-Week % of 52 Diluted Market Value Net Lease Enterprise Enterprise

Company Country Hospitals Beds Ticker Units Jul-15-2011 High Low Week High Shares(mm) of Equity BVPS Debt (Capitalized) Value Value

Large Hospitals

Mature MarketsCommunity Health USA 133 19,500 CYH US USD 25.49 42.50 22.33 60.0% 97.215 2,478.0 23.78 8,739.4 1,810.5 11,278.3 13,088.8Universal USA 231 25,108 UHS US USD 52.48 56.46 30.51 93.0% 104.907 5,505.5 17.78 3,806.7 575.4 9,580.7 10,156.1Tenet USA 49 13,457 THC US USD 6.02 7.70 3.92 78.2% 511.172 3,077.3 2.94 3,822.8 966.0 7,298.0 8,264.0Health Management USA 59 8,862 HMA US USD 10.44 11.74 6.13 88.9% 263.611 2,752.1 2.28 2,783.1 910.1 5,550.0 6,460.0

Emerging Markets

Netcare S. Africa 118 11,909 NTC SJ USD 1.98 2.42 1.88 81.6% 1,292.351 2,553.1 0.55 3,569.1 411.2 6,557.4 6,968.6Medi-Clinic S. Africa 52 8,896 MDC SJ USD 3.52 4.70 3.52 74.9% 653.545 2,302.0 2.07 3,002.1 233.1 5,462.6 5,695.7Bangkok Dusit Thailand 27 4,701 BGH TB USD 1.76 1.81 0.93 97.3% 1,545.459 2,722.7 0.35 326.1 58.0 3,069.4 3,127.5Fortis India 48 7,700 FORH IN USD 3.68 3.91 2.75 94.1% 405.609 1,494.5 1.85 207.7 31.0 1,708.9 1,739.9

KPJ Healthcare Malaysia 22 2,600 KPJ MK MYR 1.48 1.56 1.05 94.9% 566.297 837.1 0.45 78.3 164.4 947.9 1,112.3

1) Enterprise Value = Market Value of Equity + Short-term Debt + Long-term Debt +Minority Interest + Preferred Equity - Cash and EquivalentsInformation on no. of hospitals and no. of beds from company website, and company filings, news releases.All share prices are as of July 15, 2011.

1 of 15

Healthcare ComparablesMargins & Public Market Multiples

CAGR (08-10) CAGR (10-12) EBITDA Margin EV / Sales EV / EBITDA

Company Revenue EBITDA Revenue EBITDA CY 2010 LTM CY 2011E CY 2012E CY 2010 LTM CY 2011E CY 2012E CY 2010 LTM CY 2011E CY 2012E

Large Hospitals

Mature MarketsCommunity Health 9.1% 8.0% 7.0% 6.6% 13.3% 13.1% 13.2% 13.2% 0.87x 0.85x 0.80x 0.76x 6.5x 6.5x 6.1x 5.8xUniversal 5.3% 13.7% 19.8% 27.8% 14.1% 15.0% 15.8% 16.0% 1.72x 1.56x 1.26x 1.20x 12.2x 10.4x 8.0x 7.5xTenet 3.5% 19.2% 5.4% 12.4% 11.4% 12.1% 12.8% 13.0% 0.79x 0.78x 0.75x 0.71x 7.0x 6.5x 5.8x 5.5xHealth Management 9.0% 8.0% 9.1% 8.3% 14.5% 14.4% 14.2% 14.3% 1.09x 1.05x 0.97x 0.91x 7.5x 7.3x 6.8x 6.4x

Low 3.5% 8.0% 5.4% 6.6% 11.4% 12.1% 12.8% 13.0% 0.79x 0.78x 0.75x 0.71x 6.5x 6.5x 5.8x 5.5xMean 6.7% 12.2% 10.3% 13.8% 13.3% 13.7% 14.0% 14.1% 1.12x 1.06x 0.94x 0.90x 8.3x 7.7x 6.7x 6.3xMedian 7.2% 10.8% 8.0% 10.4% 13.7% 13.8% 13.7% 13.7% 0.98x 0.95x 0.89x 0.84x 7.2x 6.9x 6.5x 6.1xHigh 9.1% 19.2% 19.8% 27.8% 14.5% 15.0% 15.8% 16.0% 1.72x 1.56x 1.26x 1.20x 12.2x 10.4x 8.0x 7.5x

Emerging Markets

Netcare 1.0% (0.0%) 9.1% 9.7% 21.1% 20.5% 20.8% 21.3% 1.96x 1.94x 1.85x 1.65x 9.3x 9.5x 8.9x 7.8xMedi-Clinic 11.6% 15.1% 11.3% 10.5% 22.4% 22.4% 22.3% 22.1% 2.02x 1.98x 1.81x 1.63x 9.0x 8.8x 8.1x 7.4xBangkok Dusit 5.3% 5.2% 28.5% 29.9% 23.5% 23.3% 24.0% 24.0% 3.96x 3.86x 2.78x 2.40x 16.8x 16.6x 11.6x 10.0xFortis 49.5% 56.8% 47.9% 55.1% 14.3% 14.1% 15.1% 15.7% 5.74x 5.22x 3.44x 2.62x NA NA 22.8x 16.8x

Low 1.0% (0.0%) 9.1% 9.7% 14.3% 14.1% 15.1% 15.7% 1.96x 1.94x 1.81x 1.63x 9.0x 8.8x 8.1x 7.4xMean 16.8% 19.3% 24.2% 26.3% 20.3% 20.1% 20.6% 20.8% 3.42x 3.25x 2.47x 2.08x 11.7x 11.6x 12.9x 10.5xMedian 8.5% 10.1% 19.9% 20.2% 21.7% 21.5% 21.6% 21.7% 2.99x 2.92x 2.32x 2.02x 9.3x 9.5x 10.2x 8.9xHigh 49.5% 56.8% 47.9% 55.1% 23.5% 23.3% 24.0% 24.0% 5.74x 5.22x 3.44x 2.62x 16.8x 16.6x 22.8x 16.8x

All Chain Hospitals


KPJ Healthcare 14.3% 14.7% 12.0% 19.2% 12.3% 12.3% 13.8% 14.0% 1.74x 1.67x 1.58x 1.38x 14.1x 13.6x 11.5x 9.9x

1) Enterprise Value = Market Value of Equity + Short-term Debt + Long-term Debt +Minority Interest + Preferred Equity - Cash and EquivalentsAll share prices are as of July 15, 2011.

2 of 15

Healthcare ComparablesPublic Market Multiples

EV / EBITDAR Adjusted EV / EBITDAR P/E EV / Beds Price /

Company CY 2010 LTM CY 2011E CY 2012E CY 2010 LTM CY 2011E CY 2012E CY 2010 LTM CY 2011E CY 2012E (USD mn) Book

Large Hospitals

Mature MarketsCommunity Health 5.7x 5.6x 5.3x 5.1x 6.6x 6.5x 6.2x 5.9x 8.5x 8.4x 7.7x 7.1x 0.578 1.07xUniversal 11.1x 9.6x 7.5x 7.0x 11.8x 10.1x 7.9x 7.5x 18.6x 16.2x 13.1x 11.6x 0.382 2.95xTenet 6.2x 5.8x 5.2x 5.0x 7.0x 6.5x 5.9x 5.6x 26.6x 23.8x 13.8x 11.5x 0.542 2.05xHealth Management 6.4x 6.2x 5.8x 5.4x 7.5x 7.3x 6.8x 6.3x 16.0x 15.2x 13.7x 11.8x 0.626 4.59x

Low 5.7x 5.6x 5.2x 5.0x 6.6x 6.5x 5.9x 5.6x 8.5x 8.4x 7.7x 7.1x 0.382 1.07xMean 7.3x 6.8x 6.0x 5.6x 8.2x 7.6x 6.7x 6.3x 17.4x 15.9x 12.1x 10.5x 0.532 2.66xMedian 6.3x 6.0x 5.6x 5.3x 7.2x 6.9x 6.5x 6.1x 17.3x 15.7x 13.4x 11.5x 0.560 2.50xHigh 11.1x 9.6x 7.5x 7.0x 11.8x 10.1x 7.9x 7.5x 26.6x 23.8x 13.8x 11.8x 0.626 4.59x

Emerging Markets

Netcare 8.6x 8.7x 8.2x 7.3x 9.1x 9.3x 8.7x 7.7x 14.3x 13.4x 11.9x 10.0x 0.551 3.60xMedi-Clinic 8.6x 8.4x 7.7x 7.1x 8.9x 8.7x 8.1x 7.4x 13.0x 12.8x 12.2x 10.6x 0.614 1.70xBangkok Dusit 16.1x 15.9x 11.3x 9.7x 16.4x 16.2x 11.5x 9.9x 28.4x 27.7x 21.9x 19.5x 0.653 4.99xFortis NA NA 21.6x 16.1x NA NA 22.0x 16.3x 54.2x 51.6x 45.7x 34.5x 0.222 2.00x


All Chain Hospitals


KPJ Healthcare 10.4x 10.2x 8.9x 7.9x 12.2x 12.0x 10.5x 9.3x 23.5x 23.7x 16.9x 14.1x 0.365 3.28x

1) Enterprise Value = Market Value of Equity + Short-term Debt + Long-term Debt +Minority Interest + Preferred Equity - Cash and EquivalentsAll share prices are as of July 15, 2011.

3 of 15

Healthcare ComparablesCompany Information

(In millions, except per share data)

Stock Price Operating Adjusted

No. of No. of Currency 52-Week % of 52 Diluted Market Value Net Lease Enterprise Enterprise

Company Country Hospitals Beds Ticker Units Jul-15-2011 High Low Week High Shares(mm) of Equity BVPS Debt (Capitalized) Value Value

Large Hospitals

Mature MarketsCommunity Health USA 133 19,500 CYH US USD 25.49 42.50 22.33 60.0% 97.215 2,478.0 23.78 8,739.4 1,810.5 11,278.3 13,088.8Universal USA 231 25,108 UHS US USD 52.48 56.46 30.51 93.0% 104.907 5,505.5 17.78 3,806.7 575.4 9,580.7 10,156.1Tenet USA 49 13,457 THC US USD 6.02 7.70 3.92 78.2% 511.172 3,077.3 2.94 3,822.8 966.0 7,298.0 8,264.0Health Management USA 59 8,862 HMA US USD 10.44 11.74 6.13 88.9% 263.611 2,752.1 2.28 2,783.1 910.1 5,550.0 6,460.0

Emerging Markets

Netcare S. Africa 118 11,909 NTC SJ ZAR 13.35 16.36 12.73 81.6% 1,292.351 17,252.9 3.71 24,118.9 2,779.0 44,312.8 47,091.8Medi-Clinic S. Africa 52 8,896 MDC SJ ZAR 23.80 31.78 23.76 74.9% 653.545 15,554.4 14.02 20,284.2 1,575.0 36,909.5 38,484.5Bangkok Dusit Thailand 27 4,701 BGH TB THB 53.50 55.00 28.25 97.3% 1,545.459 82,682.1 10.73 9,901.6 1,762.6 93,210.6 94,973.2Fortis India 48 7,700 FORH IN INR 166.80 177.20 124.35 94.1% 405.609 67,655.5 83.54 9,403.3 1,401.8 77,360.9 78,762.8

KPJ Healthcare Malaysia 22 2,600 KPJ MK MYR 4.48 4.72 3.18 94.9% 566.297 2,537.0 1.37 237.3 498.4 2,872.9 3,371.3

1) Enterprise Value = Market Value of Equity + Short-term Debt + Long-term Debt +Minority Interest + Preferred Equity - Cash and EquivalentsInformation on no. of hospitals and no. of beds from company website, and company filings, news releases.All share prices are as of July 15 2011.

4 of 15

Healthcare ComparablesMargins & Public Market Multiples

CAGR (08-10) CAGR (10-12) EBITDA Margin EV / Sales EV / EBITDA

Company Revenue EBITDA Revenue EBITDA CY 2010 LTM CY 2011E CY 2012E CY 2010 LTM CY 2011E CY 2012E CY 2010 LTM CY 2011E CY 2012E

Large Hospitals

Mature MarketsCommunity Health 9.1% 8.0% 7.0% 6.6% 13.3% 13.1% 13.2% 13.2% 0.87x 0.85x 0.80x 0.76x 6.5x 6.5x 6.1x 5.8xUniversal 5.3% 13.7% 19.8% 27.8% 14.1% 15.0% 15.8% 16.0% 1.72x 1.56x 1.26x 1.20x 12.2x 10.4x 8.0x 7.5xTenet 3.5% 19.2% 5.4% 12.4% 11.4% 12.1% 12.8% 13.0% 0.79x 0.78x 0.75x 0.71x 7.0x 6.5x 5.8x 5.5xHealth Management 9.0% 8.0% 9.1% 8.3% 14.5% 14.4% 14.2% 14.3% 1.09x 1.05x 0.97x 0.91x 7.5x 7.3x 6.8x 6.4x

Low 3.5% 8.0% 5.4% 6.6% 11.4% 12.1% 12.8% 13.0% 0.79x 0.78x 0.75x 0.71x 6.5x 6.5x 5.8x 5.5xMean 6.7% 12.2% 10.3% 13.8% 13.3% 13.7% 14.0% 14.1% 1.12x 1.06x 0.94x 0.90x 8.3x 7.7x 6.7x 6.3xMedian 7.2% 10.8% 8.0% 10.4% 13.7% 13.8% 13.7% 13.7% 0.98x 0.95x 0.89x 0.84x 7.2x 6.9x 6.5x 6.1xHigh 9.1% 19.2% 19.8% 27.8% 14.5% 15.0% 15.8% 16.0% 1.72x 1.56x 1.26x 1.20x 12.2x 10.4x 8.0x 7.5x

Emerging Markets

Netcare 1.0% (0.0%) 9.1% 9.7% 21.1% 20.5% 20.8% 21.3% 1.96x 1.94x 1.85x 1.65x 9.3x 9.5x 8.9x 7.8xMedi-Clinic 11.6% 15.1% 11.3% 10.5% 22.4% 22.4% 22.3% 22.1% 2.02x 1.98x 1.81x 1.63x 9.0x 8.8x 8.1x 7.4xBangkok Dusit 5.3% 5.2% 28.5% 29.9% 23.5% 23.3% 24.0% 24.0% 3.96x 3.86x 2.78x 2.40x 16.8x 16.6x 11.6x 10.0xFortis 49.5% 56.8% 47.9% 55.1% 14.3% 14.1% 15.1% 15.7% 5.74x 5.22x 3.44x 2.62x NA NA 22.8x 16.8x


All Chain Hospitals


KPJ Healthcare 14.3% 14.7% 12.0% 19.2% 12.3% 12.3% 13.8% 14.0% 1.74x 1.67x 1.58x 1.38x 14.1x 13.6x 11.5x 9.9x

1) Enterprise Value = Market Value of Equity + Short-term Debt + Long-term Debt +Minority Interest + Preferred Equity - Cash and EquivalentsAll share prices are as of July 15 2011.

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Healthcare ComparablesPublic Market Multiples

EV / EBITDAR Adjusted EV / EBITDAR P/E EV / Beds Price /

Company CY 2010 LTM CY 2011E CY 2012E CY 2010 LTM CY 2011E CY 2012E CY 2010 LTM CY 2011E CY 2012E (LC mn) Book

Large Hospitals

Mature MarketsCommunity Health 5.7x 5.6x 5.3x 5.1x 6.6x 6.5x 6.2x 5.9x 8.5x 8.4x 7.7x 7.1x 0.578 1.07xUniversal 11.1x 9.6x 7.5x 7.0x 11.8x 10.1x 7.9x 7.5x 18.6x 16.2x 13.1x 11.6x 0.382 2.95xTenet 6.2x 5.8x 5.2x 5.0x 7.0x 6.5x 5.9x 5.6x 26.6x 23.8x 13.8x 11.5x 0.542 2.05xHealth Management 6.4x 6.2x 5.8x 5.4x 7.5x 7.3x 6.8x 6.3x 16.0x 15.2x 13.7x 11.8x 0.626 4.59x


Emerging Markets

Netcare 8.6x 8.7x 8.2x 7.3x 9.1x 9.3x 8.7x 7.7x 14.3x 13.4x 11.9x 10.0x 3.721 3.60xMedi-Clinic 8.6x 8.4x 7.7x 7.1x 8.9x 8.7x 8.1x 7.4x 13.0x 12.8x 12.2x 10.6x 4.149 1.70xBangkok Dusit 16.1x 15.9x 11.3x 9.7x 16.4x 16.2x 11.5x 9.9x 28.4x 27.7x 21.9x 19.5x 19.828 4.99xFortis NA NA 21.6x 16.1x NA NA 22.0x 16.3x 54.2x 51.6x 45.7x 34.5x 10.047 2.00x


All Chain Hospitals


KPJ Healthcare 10.4x 10.2x 8.9x 7.9x 12.2x 12.0x 10.5x 9.3x 23.5x 23.7x 16.9x 14.1x 1.105 3.28x

1) Enterprise Value = Market Value of Equity + Short-term Debt + Long-term Debt +Minority Interest + Preferred Equity - Cash and EquivalentsAll share prices are as of July 15 2011.

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General Information Diluted Shares Information EPS Estimates and Calendarization Credit StatsShort Company Name Community Health Shares Outstanding (MM) 94.967 Research LTMLong Company Name Community Health Systems Inc Database Check Fiscal Year 1 Date Ended 12/31/11 EBITDA / Interest Expense: 2.7xProject Code Name Healthcare Fiscal Year 1 EPS Estimate $3.29 Total Debt / EBITDA 5.1xTicker CYH US Fiscal Year 2 EPS Estimate $3.58 Total Debt / Capitalization: 79.3%Country USA Options Outstanding (MM) Fiscal Year 3 EPS Estimate NA MultiplesLatest Fiscal Year End 12/31/10 Potential Strike 5-Year Proj. EPS Growth (%) 12.8 Capitalize Rental Expense: 7.0xLatest Reporting Period 03/31/11 Plan 1 8.503 $33.10 Estimates as of: 07/08/11 Diluted Shares 97.215

Plan 2 2.248 - Market Capitalization $2,478.0From Press Release? No Plan 3 Grow Estimates for Net Debt $8,739.4Entered By: Akshay Deshpande Plan 4 Fiscal Year 1 EPS Estimate 21.3% Enterprise Value (EV) $11,278.3Date Entered: 06/05/08 Plan 5 Fiscal Year 2 EPS Estimate 8.9% CY 2010 LTM CY 2011E CY 2012EUpdated By: Ayush Jain Fiscal Year 3 EPS Estimate NA EV / Sales 0.87x 0.85x 0.80x 0.76xChecked By: Girish Rohira Share Price (07/15/11) $25.49 EV / EBITDA 6.5x 6.5x 6.1x 5.8xDate Checked: 07/12/11 52 Week High $42.50 EV / EBITDAR 5.7x 5.6x 5.3x 5.1xDate Updated: 07/08/11 52 Week Low $22.33 Calendarize EPS Estimates EV/EBIT 10.1x 10.1x 9.4x 9.0xResearch 1: RBC Capital Markets- 04/29/11 Beta 1.39 Current CY Est. EPS 2011E $3.29 PE 8.5x 8.4x 7.7x 7.1xResearch 2: Caris & Co. - 04/29/11 Currency USD CY+1 Est. EPS 2012E $3.58 EBITDA Margin 13.3% 13.1% 13.2% 13.2%Research 3: Wells Fargo - 06/17/11 Exchange Rate w.r.t. USD 1.000

Income Statement Data(USD in millions, except per share data) Consensus Estimates

LTM Three Months Ended Research Analyst EstimatesEnded March 31, Fiscal Year Ended December 31, CY End CY End FY End

03/31/11 2011 2010 2010 2009 2008 2008 2009 2010 2011E 2012E 2013E 2011E 2012E 2013ENet Sales $13,266.3 $3,405.3 $3,125.5 $12,986.5 $12,107.6 $10,919.1 $10,919.1 $12,107.6 $12,986.5 $14,089.3 $14,870.3 NA $14,089.3 $14,870.3 NA COGS 1,805.7 464.2 429.6 1,771.1 1,685.5 1,531.4 1,531.4 1,685.5 1,771.1Gross Profit 11,460.6 2,941.2 2,695.9 11,215.4 10,422.1 9,387.7 9,387.7 10,422.1 11,215.4

Research and DevelopmentSelling, General & Admin. 7,875.7 2,035.4 1,853.6 7,693.8 7,116.0 6,316.8 6,316.8 7,116.0 7,693.8Other Expenses 2,464.3 624.8 567.1 2,406.6 2,237.5 2,099.0 2,099.0 2,237.5 2,406.6Other IncomeNon-Recurring ChargesEBIT 1,120.6 281.0 275.2 1,114.9 1,068.7 971.9 971.9 1,068.7 1,114.9 1,201.7 1,257.1 NA 1,201.7 1,257.1 NA

Depreciation & Amortization 623.5 161.3 147.7 609.8 566.5 506.7 506.7 566.5 609.8 657.6 702.7 NA 657.6 702.7 NA EBITDA 1,744.1 442.3 422.9 1,724.8 1,635.2 1,478.6 1,478.6 1,635.2 1,724.8 1,859.2 1,959.8 NA 1,859.2 1,959.8 NA Rent 258.6 64.8 63.6 257.5 247.1 231.2 231.2 247.1 257.5 259.1 260.0 NA 259.1 260.0 NA EBITDAR 2,002.8 507.0 486.6 1,982.3 1,882.3 1,709.7 1,709.7 1,882.3 1,982.3 2,118.3 2,219.7 NA 2,118.3 2,219.7 NA

Interest (Income) / Other (Income)/ Expense (51.0) (18.1) (12.6) (45.4) (36.5) (42.1) (42.1) (36.5) (45.4)Interest Expense 655.7 164.2 160.4 651.9 649.0 652.5 652.5 649.0 651.9Pre-Tax Income 515.9 134.9 127.5 508.4 456.2 361.5 361.5 456.2 508.4

Minority Interest (Expense) (70.5) (17.0) (15.0) (68.5) (63.2) (34.4) (34.4) (63.2) (68.5)Preferred DividendTaxes 162.8 43.8 41.0 160.0 144.9 126.1 126.1 144.9 160.0Net Income $282.6 $74.1 $71.5 $280.0 $248.1 $200.9 $200.9 $248.1 $280.0 $305.0 $338.6 NA $305.0 $338.6 NA

Weighted Average Shares Outstanding 92.760 92.137 92.836 92.946 91.517 94.289 94.289 91.517 92.946 92.684 94.513 NA 92.684 94.513 NA EPS $3.05 $0.80 $0.77 $3.01 $2.71 $2.13 $2.13 $2.71 $3.01 $3.29 $3.58 NA $3.29 $3.58 NA

Special Items (Y,N) N N N N N N N N N

Effective Income Tax Rate 31.8% 32.4% 32.2% 31.5% 31.8% 34.9% 34.9% 31.8% 31.5%

Cash Flow Statement Data($ in millions except per share data)Depreciation & Amortization 623.5 161.3 147.7 609.8 566.5 506.7 506.7 566.5 609.8 657.6 702.7 NA 657.6 702.7 NA Capital Expenditures 694.7 153.9 126.6 667.4 576.9 692.2 692.2 576.9 667.4 737.8 778.7 NA 737.8 778.7 NA

Balance Sheet Data($ in millions except per share data) As of Other Data

Period Ended Shares outstanding as of 04/20/10 taken from 10-Q filing ending 03/31/11.03/31/11 Options outstanding as of 03/31/11 taken from 10-Q filing ending 03/31/11.

Assets: Plan 2 of options contains the restricted stock.Cash & Equivalents $120.7 Impairment on hospitals, and gain from early extinguishment of debt held for sale have been tax adjusted as these are not recurring.Marketable Securities - SG&A includes salaries and benefits, provision for bad debts, D&A, and rent expense.Total Cash & Marketable Securities 120.7 Equity in earnings of unconsolidated affiliates is included in Interest (Income) / Other (Income)/ Expense.

Total Current Assets 2,686.0 The no. of hospitals and beds have been taken from the company website.

Goodwill and Intangibles 4,225.8 CYH acquired Catholic Health Partners for $150 million in an all cash deal.Total Assets 14,718.3 Rent for forward estimates is taken same as LTM.

Liabilities & Shareholders Equity: Depreciation for Caris & Company is based on LTM margins.Short-term Debt 66.0 Capex for Caris and Wells Fargo is based on LTM margins.

Total Current Liabilities 1,605.8

Long-term Debt 8,794.1Minority Interest 60.9Warrants/Put Options - Preferred Stock (Liquidation Value) - Common Equity 2,311.3Operating Lease (Capitalized) 1,810.5Other InformationNumber of Hospitals 133.0Number of Beds 19,500.0

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General Information Diluted Shares Information EPS Estimates and Calendarization Credit StatsShort Company Name Tenet Shares Outstanding (MM) 489.553 Research LTMLong Company Name Tenet Healthcare Corporation Database Check Fiscal Year 1 Date Ended 12/31/11 EBITDA / Interest Expense: 2.6xProject Code Name Healthcare Fiscal Year 1 EPS Estimate $0.44 Total Debt / EBITDA 3.6xTicker THC US Fiscal Year 2 EPS Estimate $0.52 Total Debt / Capitalization: 69.0%Country USA Options Outstanding (MM) Fiscal Year 3 EPS Estimate $0.69 MultiplesLatest Fiscal Year End 12/31/10 Potential Strike 5-Year Proj. EPS Growth (%) 9.1 Capitalize Rental Expense: 7.0xLatest Reporting Period 03/31/11 Plan 1 16.814 $1.14 Estimates as of: 07/08/11 Diluted Shares 511.172

Plan 2 11.149 $7.26 Market Capitalization $3,077.3From Press Release? No Plan 3 13.312 $24.59 Grow Estimates for Net Debt $3,822.8Entered By: Akshay Deshpande Plan 4 7.989 - Fiscal Year 1 EPS Estimate 28.0% Enterprise Value (EV) $7,298.0Date Entered: 06/05/08 Plan 5 Fiscal Year 2 EPS Estimate 19.8% CY 2010 LTM CY 2011E CY 2012EUpdated By: Ayush Jain Fiscal Year 3 EPS Estimate 31.8% EV / Sales 0.79x 0.78x 0.75x 0.71xChecked By: Girish Rohira Share Price (07/15/11) $6.02 EV / EBITDA 7.0x 6.5x 5.8x 5.5xDate Checked: 07/12/11 52 Week High $7.70 EV / EBITDAR 6.2x 5.8x 5.2x 5.0xDate Updated: 07/08/11 52 Week Low $3.92 Calendarize EPS Estimates EV/EBIT 11.1x 10.0x 8.6x 8.1xResearch 1: Deutsche Bank - 05/03/11 Beta 1.53 Current CY Est. EPS 2011E $0.44 PE 26.6x 23.8x 13.8x 11.5xResearch 2: Caris & Co. - 05/19/11 Currency USD CY+1 Est. EPS 2012E $0.52 EBITDA Margin 11.4% 12.1% 12.8% 13.0%Research 3: RBC Capital Markets - 05/10/11 Exchange Rate w.r.t. USD 1.000



03/31/11 2011 2010 2010 2009 2008 2008 2009 2010 2011E 2012E 2013E 2011E 2012E 2013ENet Sales $9,372.0 $2,506.0 $2,339.0 $9,205.0 $9,014.0 $8,585.0 $8,585.0 $9,014.0 $9,205.0 $9,793.1 $10,217.2 $10,895.0 $9,793.1 $10,217.2 $10,895.0COGS 1,583.0 404.0 398.0 1,577.0 1,569.0 1,511.0 1,511.0 1,569.0 1,577.0Gross Profit 7,789.0 2,102.0 1,941.0 7,628.0 7,445.0 7,074.0 7,074.0 7,445.0 7,628.0

Research and DevelopmentSelling, General & Admin. 5,081.0 1,318.0 1,271.0 5,034.0 4,940.0 4,778.0 4,778.0 4,940.0 5,034.0Other Expenses 1,977.0 506.0 467.0 1,938.0 1,909.0 1,928.0 1,928.0 1,909.0 1,938.0Other IncomeNon-Recurring ChargesEBIT 731.0 278.0 203.0 656.0 596.0 368.0 368.0 596.0 656.0 848.1 904.9 1,076.0 848.1 904.9 1,076.0

Depreciation & Amortization 400.0 101.0 95.0 394.0 386.0 371.0 371.0 386.0 394.0 407.0 422.6 405.0 407.0 422.6 405.0EBITDA 1,131.0 379.0 298.0 1,050.0 982.0 739.0 739.0 982.0 1,050.0 1,255.1 1,327.6 1,481.0 1,255.1 1,327.6 1,481.0Rent 138.0 35.0 33.0 136.0 143.0 136.0 136.0 143.0 136.0 138.0 138.0 138.0 138.0 138.0 138.0EBITDAR 1,269.0 414.0 331.0 1,186.0 1,125.0 875.0 875.0 1,125.0 1,186.0 1,393.1 1,465.6 1,619.0 1,393.1 1,465.6 1,619.0


Minority Interest (Expense) (11.0) (3.0) (1.0) (9.0) (10.0) (7.0) (7.0) (10.0) (9.0)Preferred Dividend 24.0 6.0 6.0 24.0 6.0 - - 6.0 24.0Taxes 125.0 51.0 3.0 77.0 (23.0) (25.0) (25.0) (23.0) 77.0Net Income $143.0 $101.0 $85.0 $127.0 $173.0 $129.0 $129.0 $173.0 $127.0 $248.0 $306.7 $420.0 $248.0 $306.7 $420.0

Weighted Average Shares Outstanding 564.684 565.181 559.228 560.631 507.277 478.606 478.606 507.277 560.631 567.876 585.959 608.696 567.876 585.959 608.696EPS $0.25 $0.18 $0.15 $0.23 $0.34 $0.27 $0.27 $0.34 $0.23 $0.44 $0.52 $0.69 $0.44 $0.52 $0.69


Effective Income Tax Rate 41.3% 31.7% 3.2% 32.5% NA NA NA NA 32.5%

Cash Flow Statement Data($ in millions except per share data)Depreciation & Amortization 400.0 101.0 95.0 394.0 386.0 371.0 371.0 386.0 394.0 407.0 422.6 405.0 407.0 422.6 405.0 Capital Expenditures 501.0 116.0 78.0 463.0 455.0 527.0 527.0 455.0 463.0 523.5 546.2 582.4 523.5 546.2 582.4


Period Ended Shares outstanding as of 04/27/11 taken from 10Q filing ending 03/31/11.03/31/11 Options outstanding taken from 10-Q filing ending 03/31/11.

Assets: Options outstanding in Plan 4 includes the restricted stock.Cash & Equivalents $258.2 COGS includes Supplies.Marketable Securities 1.0 SG&A includes salaries and benefits, and D&A expense, and provision for doubtful accounts.Total Cash & Marketable Securities 259.2 Impairment of long−lived assets and goodwill, & restructuring charges, Litigation & investigation costs, and gain from early extinguishment of debt is excluded from the income statement

Total Current Assets 2,382.2 The company is receiving tax benefits hence extra ordinary items have been removed from the income statement but not tax adjusted.

Goodwill and Intangibles 1,118.0 The no. of hospitals and beds are taken from 10Q filing ending 03/31/11.Total Assets 8,518.0 Cash includes investments in reserve yield plus fund.

Liabilities & Shareholders Equity: Acquisitions of Imaging Specialists of West and Griffin Imaging LLC have been accounted for.Short-term Debt 68.0 Southeastern Spine Institute Laboratory was acquired by THC and the deal amount is not disclosed.


Long-term Debt 4,014.0 For forward financials, CapEx has been taken on LTM margins.Minority Interest 64.0 For forward financials, rent has been taken same as LTM.Warrants/Put Options - Depreciation for Caris & Company is based on LTM margins.Preferred Stock (Liquidation Value) 334.0Common Equity 1,504.0Operating Lease (Capitalized) 966.0Other InformationNumber of Hospitals 49.0Number of Beds 13,457.0

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General Information Diluted Shares Information EPS Estimates and Calendarization Credit StatsShort Company Name Universal Shares Outstanding (MM) 97.674 Research LTMLong Company Name Universal Health Services Database Check Fiscal Year 1 Date Ended 12/31/11 EBITDA / Interest Expense: 7.6xProject Code Name Healthcare Fiscal Year 1 EPS Estimate $4.01 Total Debt / EBITDA 4.2xTicker UHS US Fiscal Year 2 EPS Estimate $4.53 Total Debt / Capitalization: 67.4%Country USA Options Outstanding (MM) Fiscal Year 3 EPS Estimate NA MultiplesLatest Fiscal Year End 12/31/10 Potential Strike 5-Year Proj. EPS Growth (%) 13.0 Capitalize Rental Expense: 7.0xLatest Reporting Period 03/31/11 Plan 1 6.595 $25.16 Estimates as of: 07/08/11 Diluted Shares 104.907

Plan 2 3.799 - Market Capitalization $5,505.5From Press Release? No Plan 3 Grow Estimates for Net Debt $3,806.7Entered By: Akshay Deshpande Plan 4 Fiscal Year 1 EPS Estimate 51.9% Enterprise Value (EV) $9,580.7Date Entered: 06/05/08 Plan 5 Fiscal Year 2 EPS Estimate 12.9% CY 2010 LTM CY 2011E CY 2012EUpdated By: Ayush Jain Fiscal Year 3 EPS Estimate NA EV / Sales 1.72x 1.56x 1.26x 1.20xChecked By: Girish Rohira Share Price (07/15/11) $52.48 EV / EBITDA 12.2x 10.4x 8.0x 7.5xDate Checked: 07/12/11 52 Week High $56.46 EV / EBITDAR 11.1x 9.6x 7.5x 7.0xDate Updated: 07/08/11 52 Week Low $30.51 Calendarize EPS Estimates EV/EBIT 17.1x 14.1x 11.0x 10.3xResearch 1: Deutsche Bank - 04/27/11 Beta 0.99 Current CY Est. EPS 2011E $4.01 PE 18.6x 16.2x 13.1x 11.6xResearch 2: Caris & Company - 05/09/11 Currency USD CY+1 Est. EPS 2012E $4.53 EBITDA Margin 14.1% 15.0% 15.8% 16.0%Research 3: Jefferies - 05/16/11 Exchange Rate w.r.t. USD 1.000



03/31/11 2011 2010 2010 2009 2008 2008 2009 2010 2011E 2012E 2013E 2011E 2012E 2013ENet Sales $6,131.6 $1,910.5 $1,347.2 $5,568.2 $5,202.4 $5,022.4 $5,022.4 $5,202.4 $5,568.2 $7,602.7 $7,996.0 NA $7,602.7 $7,996.0 NA COGS 756.4 207.2 183.8 733.1 699.2 694.5 694.5 699.2 733.1Gross Profit 5,375.1 1,703.4 1,163.3 4,835.1 4,503.1 4,327.9 4,327.9 4,503.1 4,835.1

Research and DevelopmentSelling, General & Admin. 3,588.6 1,093.5 775.8 3,270.9 2,987.7 2,873.4 2,873.4 2,987.7 3,270.9Other Expenses 1,107.7 349.4 247.0 1,005.3 994.9 1,044.3 1,044.3 994.9 1,005.3Other IncomeNon-Recurring ChargesEBIT 678.8 260.4 140.5 558.9 520.5 410.2 410.2 520.5 558.9 868.9 934.3 NA 868.9 934.3 NA

Depreciation & Amortization 242.0 71.5 53.5 224.0 204.7 195.8 195.8 204.7 224.0 329.8 345.0 NA 329.8 345.0 NA EBITDA 920.8 331.9 194.1 782.9 725.2 606.0 606.0 725.2 782.9 1,198.7 1,279.3 NA 1,198.7 1,279.3 NA Rent 82.2 23.2 17.9 77.0 69.9 69.9 69.9 69.9 77.0 82.2 82.2 NA 82.2 82.2 NA EBITDAR 1,003.0 355.1 212.0 859.9 795.2 675.9 675.9 795.2 859.9 1,280.9 1,361.5 NA 1,280.9 1,361.5 NA

Interest (Income) / Other (Income)/ Expense 2.0 - - 2.0 1.3 21.5 21.5 1.3 2.0Interest Expense 121.6 56.4 12.4 77.6 45.8 53.2 53.2 45.8 77.6Pre-Tax Income 555.1 204.0 128.2 479.3 473.4 335.5 335.5 473.4 479.3

Minority Interest (Expense) (50.5) (15.8) (10.9) (45.6) (43.9) (40.7) (40.7) (43.9) (45.6)Preferred Dividend - - - - - - - - - Taxes 185.2 74.0 45.4 156.6 170.0 115.9 115.9 170.0 156.6Net Income $319.5 $114.2 $71.8 $277.1 $259.5 $179.0 $179.0 $259.5 $277.1 $419.3 $474.7 NA $419.3 $474.7 NA




Cash Flow Statement Data($ in millions except per share data)Depreciation & Amortization 242.0 71.5 53.5 224.0 204.7 195.8 195.8 204.7 224.0 329.8 345.0 NA 329.8 345.0 NA Capital Expenditures 233.3 56.6 62.6 239.3 379.7 354.5 354.5 379.7 239.3 289.2 304.2 NA 289.2 304.2 NA


Period Ended Shares outstanding as on 04/30/11 taken from 10-Q company filing for period of 03/31/11. The company has Classs A, B, C, and D shares.03/31/11 Options taken from company's 10-K ending 12/31/10.

Assets: Restricted stock is a part of Class B of options outstanding.Cash & Equivalents $47.2 COGS includes supplies.Marketable Securities - SG&A includes Salaries, wages and benefits, provision for doubtful accounts, D&A, rent expense.Total Cash & Marketable Securities 47.2 Interet rate swap expense, excess income from insurance is tax adjuted @ 35.0%.

Total Current Assets 1,396.3 Dividend paid of $0.05 is accounted for in the balance sheet.

Goodwill and Intangibles 2,596.3 CapEx for forward financials has been taken as an LTM margin.Total Assets 7,608.2 Depreciation for Caris & Company is based on LTM margins.

Liabilities & Shareholders Equity: Rent for forward financials has been taken as LTM.Short-term Debt 3.0 Transaction costs related to the acquisition of PSI is excluded and tax adjusted.

Total Current Liabilities 837.2 Gains on sale of assets and businesses is shown as other income and adjusted.

Long-term Debt 3,850.9Minority Interest 268.5Warrants/Put Options - Preferred Stock (Liquidation Value) - Common Equity 1,865.7Operating Lease (Capitalized) 575.4Other InformationNumber of Hospitals 231.0Number of Beds 25,108.0

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General Information Diluted Shares Information EPS Estimates and Calendarization Credit StatsShort Company Name Health Management Shares Outstanding (MM) 253.172 Research LTMLong Company Name Health Management Associates Inc. Database Check Fiscal Year 1 Date Ended 12/31/11 EBITDA / Interest Expense: 3.6xProject Code Name Healthcare Fiscal Year 1 EPS Estimate $0.76 Total Debt / EBITDA 4.0xTicker HMA US Fiscal Year 2 EPS Estimate $0.88 Total Debt / Capitalization: 83.4%Country USA Options Outstanding (MM) Fiscal Year 3 EPS Estimate NA MultiplesLatest Fiscal Year End 12/31/10 Potential Strike 5-Year Proj. EPS Growth (%) 11.9 Capitalize Rental Expense: 7.0xLatest Reporting Period 03/31/11 Plan 1 2.920 $8.22 Estimates as of: 07/11/11 Diluted Shares 263.611

Plan 2 1.508 $9.91 Market Capitalization $2,752.1From Press Release? No Plan 3 2.747 $11.31 Grow Estimates for Net Debt $2,783.1Entered By: Akshay Deshpande Plan 4 6.216 - Fiscal Year 1 EPS Estimate 51.2% Enterprise Value (EV) $5,550.0Date Entered: 06/05/08 Plan 5 2.094 - Fiscal Year 2 EPS Estimate 16.2% CY 2010 LTM CY 2011E CY 2012EUpdated By: Ayush Jain Fiscal Year 3 EPS Estimate NA EV / Sales 1.09x 1.05x 0.97x 0.91xChecked By: Girish Rohira Share Price (07/15/11) $10.44 EV / EBITDA 7.5x 7.3x 6.8x 6.4xDate Checked: 07/12/11 52 Week High $11.74 EV / EBITDAR 6.4x 6.2x 5.8x 5.4xDate Updated: 07/11/11 52 Week Low $6.13 Calendarize EPS Estimates EV/EBIT 11.3x 11.0x 10.2x 9.4xResearch 1: Deutsche Bank - 07/01/11 Beta 1.35 Current CY Est. EPS 2011E $0.76 PE 16.0x 15.2x 13.7x 11.8xResearch 2: SunTrust Robinson Humphrey - 05/03/11 Currency USD CY+1 Est. EPS 2012E $0.88 EBITDA Margin 14.5% 14.4% 14.2% 14.3%Research 3: RBC Capital Markets - 04/27/11 Exchange Rate w.r.t. USD 1.000



03/31/11 2011 2010 2010 2009 2008 2008 2009 2010 2011E 2012E 2013E 2011E 2012E 2013ENet Sales $5,276.9 $1,433.6 $1,271.7 $5,115.0 $4,556.8 $4,301.7 $4,301.7 $4,556.8 $5,115.0 $5,724.5 $6,087.2 NA $5,724.5 $6,087.2 NA COGS 721.3 195.0 179.2 705.5 639.7 588.2 588.2 639.7 705.5Gross Profit 4,555.6 1,238.6 1,092.6 4,409.5 3,917.1 3,713.4 3,713.4 3,917.1 4,409.5

Research and DevelopmentSelling, General & Admin. 3,117.7 845.6 750.4 3,022.6 2,684.4 2,569.4 2,569.4 2,684.4 3,022.6Other Expenses 933.6 244.0 207.2 896.8 791.8 750.5 750.5 791.8 896.8Other IncomeNon-Recurring ChargesEBIT 504.2 149.1 135.0 490.1 440.9 393.5 393.5 440.9 490.1 543.4 591.8 NA 543.4 591.8 NA

Depreciation & Amortization 255.6 67.0 62.9 251.5 244.3 242.5 242.5 244.3 251.5 268.1 278.3 NA 268.1 278.3 NA EBITDA 759.8 216.1 197.9 741.6 685.2 636.0 636.0 685.2 741.6 811.5 870.1 NA 811.5 870.1 NA Rent 130.0 36.0 29.7 123.7 101.8 88.7 88.7 101.8 123.7 140.8 150.4 NA 140.8 150.4 NA EBITDAR 889.9 252.1 227.6 865.3 787.0 724.7 724.7 787.0 865.3 952.3 1,020.6 NA 952.3 1,020.6 NA


Minority Interest (Expense) (22.3) (6.6) (6.5) (22.2) (25.8) (16.0) (16.0) (25.8) (22.2)Preferred DividendTaxes 106.9 35.5 29.6 101.0 76.8 54.8 54.8 76.8 101.0Net Income $172.9 $56.1 $46.6 $163.4 $124.2 $77.7 $77.7 $124.2 $163.4 $193.4 $227.3 NA $193.4 $227.3 NA




Cash Flow Statement Data($ in millions except per share data)Depreciation & Amortization 255.6 67.0 62.9 251.5 244.3 242.5 242.5 244.3 251.5 268.1 278.3 NA 268.1 278.3 NA

Capital Expenditures 408.4 51.2 43.7 400.9 338.2 218.4 218.4 338.2 400.9 443.0 471.1 NA 443.0 471.1 NA


Period Ended Shares outstanding as of 04/29/11 taken from company's 10-Q filing as of 03/31/11.03/31/11 Options outstanding as of 12/31/10 taken from company's 10-K ending 12/31/10.

Assets: COGS includes supplies.Cash & Equivalents $95.8 SG&A includes salaries and benefits, D&A and rent expense.Marketable Securities 131.9 Gains on sale of assets, write-offs of deferred financing costs and gain from early extinguishment of debt is excluded from the income statement and tax adjusted.Total Cash & Marketable Securities 227.7 CapEx figures includes acquisition of health care businesses.

Total Current Assets 1,296.7 CapEx for forward financials has been taken as an LTM margin.

Goodwill and Intangibles 914.9 Rent for Deutsche Bank has been taken as LTM .Total Assets 5,044.5

Liabilities & Shareholders Equity:Short-term Debt 33.7

Total Current Liabilities 580.3

Long-term Debt 2,977.1Minority Interest 14.8Warrants/Put Options - Preferred Stock (Liquidation Value) - Common Equity 599.7Operating Lease (Capitalized) 910.1Other InformationNumber of Hospitals 59.0Number of Beds 8,862.0

10 of 15

General Information Diluted Shares Information EPS Estimates and Calendarization Credit StatsShort Company Name Netcare Shares Outstanding (MM) 1,277.000 Research LTMLong Company Name Netcare Ltd Database Check Fiscal Year 1 Date Ended 09/30/11 EBITDA / Interest Expense: 2.5xProject Code Name Healthcare Fiscal Year 1 EPS Estimate ZAR 1.07 Total Debt / EBITDA 5.4xTicker NTC SJ Fiscal Year 2 EPS Estimate ZAR 1.29 Total Debt / Capitalization: 82.3%Country S. Africa Options Outstanding (MM) Fiscal Year 3 EPS Estimate ZAR 1.50 MultiplesLatest Fiscal Year End 09/30/10 Potential Strike 5-Year Proj. EPS Growth (%) 10.4 Capitalize Rental Expense: 7.0xLatest Reporting Period 03/31/11 Plan 1 42.343 ZAR 8.51 Estimates as of: 11/07/11 Diluted Shares 1,292.351

Plan 2 Market Capitalization ZAR 17,252.9From Press Release? No Plan 3 Grow Estimates for Net Debt ZAR 24,118.9Entered By: Akshay Deshpande Plan 4 Fiscal Year 1 EPS Estimate 16.2% Enterprise Value (EV) ZAR 44,312.8Date Entered: 06/06/08 Plan 5 Fiscal Year 2 EPS Estimate 20.2% CY 2010 LTM CY 2011E CY 2012EUpdated By: Ayush Jain Fiscal Year 3 EPS Estimate 16.8% EV / Sales 1.96x 1.94x 1.85x 1.65xChecked By: Girish Rohira Share Price (07/15/11) ZAR 13.35 EV / EBITDA 9.3x 9.5x 8.9x 7.8xDate Checked: 12/07/11 52 Week High ZAR 16.36 EV / EBITDAR 8.6x 8.7x 8.2x 7.3xDate Updated: 11/07/11 52 Week Low ZAR 12.73 Calendarize EPS Estimates EV/EBIT 12.3x 12.6x 11.6x 10.0xResearch 1: J.P. Morgan - 05/23/11 Beta 0.73 Current CY Est. EPS 2011E ZAR 1.12 PE 14.3x 13.4x 11.9x 10.0xResearch 2: Macquarie - 05/16/11 Currency ZAR CY+1 Est. EPS 2012E ZAR 1.34 EBITDA Margin 21.1% 20.5% 20.8% 21.3%Research 3: Investec - 05/25/11 Exchange Rate w.r.t. USD 0.148

Income Statement Data(ZAR in millions, except per share data) Consensus Estimates

LTM Six Months Ended Research Analyst EstimatesEnded March 31, Fiscal Year Ended September 30, CY End CY End FY End

03/31/11 2011 2010 2010 2009 2008 2008 2009 2010 2011E 2012E 2013E 2011E 2012E 2013ENet Sales ZAR 22,828.0 ZAR 11,392.0 ZAR 11,038.0 ZAR 22,474.0 ZAR 23,232.0 ZAR 21,735.0 ZAR 22,109.3 ZAR 22,943.0 ZAR 22,551.5 ZAR 23,980.0 ZAR 26,858.5 NA ZAR 23,273.0 ZAR 26,101.0 ZAR 29,131.0COGS 13,170.0 6,681.0 6,404.0 12,893.0 13,701.0 12,842.0 13,056.8 13,477.8 13,010.3Gross Profit 9,658.0 4,711.0 4,634.0 9,581.0 9,531.0 8,893.0 9,052.5 9,465.3 9,541.3

Research and DevelopmentSelling, General & Admin. 6,454.0 3,190.0 2,909.0 6,173.0 6,052.0 5,708.0 5,794.0 5,993.5 6,224.8Other ExpensesOther Income 314.0 177.0 118.0 255.0 232.0 256.0 250.0 233.0 279.8Non-Recurring ChargesEBIT 3,518.0 1,698.0 1,843.0 3,663.0 3,711.0 3,441.0 3,508.5 3,704.8 3,596.3 3,826.8 4,430.3 NA 3,677.2 4,275.6 4,894.3

Depreciation & Amortization 1,168.0 568.0 557.0 1,157.0 1,227.0 1,244.0 1,239.8 1,198.8 1,151.8 1,172.8 1,283.9 NA 1,145.8 1,253.7 1,374.4EBITDA 4,686.0 2,266.0 2,400.0 4,820.0 4,938.0 4,685.0 4,748.3 4,903.5 4,748.0 4,999.6 5,714.2 NA 4,823.0 5,529.3 6,268.7Rent 397.0 176.0 199.0 420.0 410.0 345.0 361.3 407.0 403.0 397.0 397.0 NA 397.0 397.0 397.0EBITDAR 5,083.0 2,442.0 2,599.0 5,240.0 5,348.0 5,030.0 5,109.5 5,310.5 5,151.0 5,396.6 6,111.2 NA 5,220.0 5,926.3 6,665.7

Interest (Income) / Other (Income)/ Expense 4.0 32.0 1.0 (27.0) (192.0) (137.0) (150.8) (143.5) (4.3)Interest Expense 1,901.0 913.0 993.0 1,981.0 2,425.0 2,550.0 2,518.8 2,315.3 1,942.3Pre-Tax Income 1,613.0 753.0 849.0 1,709.0 1,478.0 1,028.0 1,140.5 1,533.0 1,658.3

Minority Interest (Expense) (117.0) (33.0) (90.0) (174.0) (114.0) (114.0) (114.0) (130.5) (147.0)Preferred Dividend 49.0 24.0 28.0 53.0 73.0 67.0 68.5 68.8 51.8Taxes 151.8 54.0 183.6 281.4 353.1 91.2 156.7 356.6 238.1Net Income ZAR 1,295.2 ZAR 642.0 ZAR 547.4 ZAR 1,200.6 ZAR 937.9 ZAR 755.8 ZAR 801.3 ZAR 977.1 ZAR 1,221.5 ZAR 1,534.2 ZAR 1,905.7 NA ZAR 1,437.7 ZAR 1,823.7 ZAR 2,151.7

Weighted Average Shares Outstanding 1,304.084 1,318.000 1,318.000 1,303.000 1,275.000 1,280.000 1,278.750 1,615.250 1,636.250 1,361.828 1,421.189 NA 1,343.195 1,417.725 1,431.581EPS ZAR 0.99 ZAR 0.49 ZAR 0.42 ZAR 0.92 ZAR 0.74 ZAR 0.59 ZAR 0.63 ZAR 0.76 ZAR 0.93 ZAR 1.12 ZAR 1.34 NA ZAR 1.07 ZAR 1.29 ZAR 1.50



Cash Flow Statement Data(ZAR in millions, except per share data)Depreciation & Amortization 1,168.0 568.0 557.0 1,157.0 1,227.0 1,244.0 1,239.8 1,198.8 1,151.8 1,172.8 1,283.9 NA 1,145.8 1,253.7 1,374.4

Capital Expenditures 1,382.0 461.0 449.0 1,370.0 1,427.0 1,416.0 1,418.8 1,294.8 1,258.0 1,506.9 1,656.6 NA 1,472.5 1,610.1 1,796.2

Balance Sheet Data(ZAR in millions, except per share data) As of Other Data

Period Ended Shares outstanding from the company's latest filing as on 03/31/11 .03/31/11 Options outstanding taken from company annual report for period ended September 2010 as Semi-Annual report for S1 FY10 did not give option outstanding details.

Assets: SG&A includes profit from disposal of plant, property and equipment.Cash & Equivalents ZAR 1,103.1 Gain/loss on options contract, Forex losses, restructuring cost, impairment costs, gain on bargain purchase are tax adjusted.Marketable Securities - The company declared a dividend of ZAr 22.0 on 05/16/11, which is accounted for in the balance sheet.Total Cash & Marketable Securities 1,103.1 Rent for forward financials has been taken as LTM.

Total Current Assets 5,175.1 No. of beds and hospitals are taken from the company website.

Goodwill and Intangibles 13,381.0 Depreciation for Macquarie report has been taken as an LTM margin.Total Assets 43,423.1 Capex for Macquarie report and Investec report has been taken as an LTM margin.

Liabilities & Shareholders Equity:Short-term Debt 4,023.0


Long-term Debt 21,199.0Minority Interest 2,297.0Warrants/Put Options - Preferred Stock (Liquidation Value) 644.0Common Equity 4,791.1Operating Lease (Capitalized) 2,779.0Other InformationNumber of Hospitals 118.0Number of Beds 11,909.0

11 of 15

General Information Diluted Shares Information EPS Estimates and Calendarization Credit StatsShort Company Name Medi-Clinic Shares Outstanding (MM) 652.315 Research LTMLong Company Name Medi-Clinic Corporation Database Check Fiscal Year 1 Date Ended 03/30/12 EBITDA / Interest Expense: 2.8xProject Code Name Healthcare Fiscal Year 1 EPS Estimate ZAR 1.97 Total Debt / EBITDA 5.3xTicker MDC SJ Fiscal Year 2 EPS Estimate ZAR 2.33 Total Debt / Capitalization: 70.8%Country S. Africa Options Outstanding (MM) Fiscal Year 3 EPS Estimate ZAR 3.15 MultiplesLatest Fiscal Year End 03/31/11 Potential Strike 5-Year Proj. EPS Growth (%) 17.8 Capitalize Rental Expense: 7.0xLatest Reporting Period 03/31/11 Plan 1 2.324 ZAR 11.21 Estimates as of: 07/11/11 Diluted Shares 653.545

Plan 2 Market Capitalization ZAR 15,554.4From Press Release? No Plan 3 Grow Estimates for Net Debt ZAR 20,284.2Entered By: Rinel Rodrigues Plan 4 Fiscal Year 1 EPS Estimate 13.8% Enterprise Value (EV) ZAR 36,909.5Date Entered: 05/06/08 Plan 5 Fiscal Year 2 EPS Estimate 18.0% CY 2010 LTM CY 2011E CY 2012EUpdated By: Ayush Jain Fiscal Year 3 EPS Estimate 35.4% EV / Sales 2.02x 1.98x 1.81x 1.63xChecked By: Girish Rohira Share Price (07/15/11) ZAR 23.80 EV / EBITDA 9.0x 8.8x 8.1x 7.4xDate Checked: 07/11/11 52 Week High ZAR 31.78 EV / EBITDAR 8.6x 8.4x 7.7x 7.1xDate Updated: 07/11/11 52 Week Low ZAR 23.76 Calendarize EPS Estimates EV/EBIT 11.0x 10.7x 9.8x 8.9xResearch 1: Macquarie - 05/30/11 Beta 0.50 Current CY Est. EPS 2011E ZAR 1.94 PE 13.0x 12.8x 12.2x 10.6xResearch 2: Investec - 07/07/11 Currency ZAR CY+1 Est. EPS 2012E ZAR 2.24 EBITDA Margin 22.4% 22.4% 22.3% 22.1%Research 3: NA Exchange Rate w.r.t. USD 0.148

Income Statement Data(ZAR in millions, except per share data) Consensus Estimates

LTM Research Analyst EstimatesEnded Fiscal Year Ended March 31, CY End CY End FY End

03/31/11 2011 2010 2011 2010 2009 2008 2009 2010 2011E 2012E 2013E 2012E 2013E 2014ENet Sales ZAR 18,625.0 ZAR 18,625.0 ZAR 17,141.0 ZAR 16,351.0 ZAR 14,658.0 ZAR 16,943.5 ZAR 18,254.0 ZAR 20,348.9 ZAR 22,629.0 ZAR 24,597.0 ZAR 20,923.5 ZAR 23,197.5 ZAR 25,063.5COGS 10,327.0 10,327.0 9,573.0 9,262.0 8,291.8 9,495.3 10,138.5Gross Profit 8,298.0 8,298.0 7,568.0 7,089.0 6,366.3 7,448.3 8,115.5

Research and Development - Selling, General & Admin. 4,850.0 4,850.0 4,453.0 4,342.0 3,875.8 4,425.3 4,750.8Other Expenses - Other Income - Non-Recurring Charges - EBIT 3,448.0 3,448.0 3,115.0 2,747.0 2,490.5 3,023.0 3,364.8 3,752.9 4,140.6 4,564.9 3,854.5 4,236.0 4,674.5

Depreciation & Amortization 726.0 726.0 718.0 684.0 598.3 709.5 724.0 792.0 851.1 911.1 814.0 863.5 927.0EBITDA 4,174.0 4,174.0 3,833.0 3,431.0 3,088.8 3,732.5 4,088.8 4,544.9 4,991.8 5,476.0 4,668.5 5,099.5 5,601.5Rent 225.0 225.0 225.0 225.0 202.8 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0EBITDAR 4,399.0 4,399.0 4,058.0 3,656.0 3,291.5 3,957.5 4,313.8 4,769.9 5,216.8 5,701.0 4,893.5 5,324.5 5,826.5

Interest (Income) / Other (Income)/ Expense (65.0) (65.0) (48.0) (45.0) (45.5) (47.3) (60.8)Interest Expense 1,491.0 1,491.0 1,524.0 1,602.0 1,372.8 1,543.5 1,499.3Pre-Tax Income 2,022.0 2,022.0 1,639.0 1,190.0 1,163.3 1,526.8 1,926.3

Minority Interest (Expense) (204.0) (204.0) (128.0) (76.0) (84.8) (115.0) (185.0)Preferred DividendTaxes 650.2 650.2 472.9 495.0 462.1 478.4 605.9Net Income ZAR 1,167.8 ZAR 1,167.8 ZAR 1,038.1 ZAR 619.0 ZAR 616.4 ZAR 933.3 ZAR 1,135.4 ZAR 1,435.7 ZAR 1,771.8 ZAR 2,352.5 ZAR 1,525.0 ZAR 1,854.0 ZAR 2,518.7

Weighted Average Shares Outstanding 629.488 629.488 598.656 590.999 556.790 596.742 621.780 737.102 790.473 798.334 772.974 796.306 799.011EPS ZAR 1.86 ZAR 1.86 ZAR 1.73 ZAR 1.05 ZAR 1.12 ZAR 1.56 ZAR 1.82 ZAR 1.94 ZAR 2.24 ZAR 2.95 ZAR 1.97 ZAR 2.33 ZAR 3.15

Special Items (Y,N) N N N N N N N

Effective Income Tax Rate 32.2% 32.2% 28.9% 41.6% 39.7% 31.3% 31.5%

Cash Flow Statement Data(ZAR in millions, except per share data)Depreciation & Amortization 726.0 726.0 718.0 684.0 598.3 709.5 724.0 792.0 851.1 911.1 814.0 863.5 927.0 Capital Expenditures 1,177.0 1,177.0 1,280.0 1,426.0 1,299.0 1,316.5 1,202.8 1,339.3 1,447.0 1,509.2 1,393.4 1,464.8 1,523.9

Balance Sheet Data(ZAR in millions, except per share data) As of Other Data

Period Ended Shares outstanding taken from FY 2011 press release report as of 03/31/11.03/31/11 Options outstanding taken from company Annual report for period ending 03/31/2011.

Assets: SG&A includes depreciation and amortization.Cash & Equivalents ZAR 1,240.8 Rent for FY2011 & FY2010 is taken same as FY09.Marketable Securities 723.0 Profit on sale of PP&E and associates is exlcuded and tax adjusted @ 29.0%, company tax rate.Total Cash & Marketable Securities 1,963.8 Dividend announced of ZAr 50.0 on 05/24/11 has been taken into account.

Total Current Assets 6,281.8 CapEx for Investec report has been taken as an LTM margin.

Goodwill and Intangibles 5,565.0 Rent for forward financials has been taken same as LTM.Total Assets 43,210.8



Long-term Debt 20,414.0Minority Interest 1,071.0Warrants/Put Options - Preferred Stock (Liquidation Value) - Common Equity 9,162.8Operating Lease (Capitalized) 1,575.0Other InformationNumber of Hospitals 52.0Number of Beds 8,896.0

12 of 15

General Information Diluted Shares Information EPS Estimates and Calendarization Credit StatsShort Company Name Fortis Shares Outstanding (MM) 405.103 Research LTMLong Company Name Fortis Healthcare Limited Database Check Fiscal Year 1 Date Ended 03/30/12 EBITDA / Interest Expense: 3.0xProject Code Name Healthcare Fiscal Year 1 EPS Estimate INR 3.80 Total Debt / EBITDA 5.2xTicker FORH IN Fiscal Year 2 EPS Estimate INR 5.19 Total Debt / Capitalization: 24.3%Country India Options Outstanding (MM) Fiscal Year 3 EPS Estimate NA MultiplesLatest Fiscal Year End 03/31/11 Potential Strike 5-Year Proj. EPS Growth (%) NA Capitalize Rental Expense: 7.0xLatest Reporting Period 03/31/11 Plan 1 0.919 INR 75.05 Estimates as of: 07/11/11 Diluted Shares 405.609

Plan 2 Market Capitalization INR 67,655.5From Press Release? No Plan 3 Grow Estimates for Net Debt INR 9,403.3Entered By: Rinel Rodrigues Plan 4 Fiscal Year 1 EPS Estimate 17.5% Enterprise Value (EV) INR 77,360.9Date Entered: 06/06/08 Plan 5 Fiscal Year 2 EPS Estimate 36.8% CY 2010 LTM CY 2011E CY 2012EUpdated By: Ayush Jain Fiscal Year 3 EPS Estimate NA EV / Sales 5.74x 5.22x 3.44x 2.62xChecked By: Girish Rohira Share Price (07/15/11) INR 166.80 EV / EBITDA 40.3x 37.0x 22.8x 16.8xDate Checked: 07/12/11 52 Week High INR 177.20 EV / EBITDAR 36.5x 33.8x 21.6x 16.1xDate Updated: 07/11/11 52 Week Low INR 124.35 Calendarize EPS Estimates EV/EBIT 78.5x 73.9x 42.9x 30.4xResearch 1: J.P. Morgan - 05/31/11 Beta 0.94 Current CY Est. EPS 2011E INR 3.65 PE 54.2x 51.6x 45.7x 34.5xResearch 2: ICICI Securities Ltd. - 06/03/11 Currency INR CY+1 Est. EPS 2012E INR 4.84 EBITDA Margin 14.3% 14.1% 15.1% 15.7%Research 3: NA Exchange Rate w.r.t. USD 0.022

Income Statement Data(INR in millions, except per share data) Consensus Estimates

LTM Research Analyst EstimatesEnded Fiscal Year Ended March 31, CY End CY End FY End

03/31/11 2011 2010 2011 2010 2009 2008 2009 2010 2011E 2012E 2013E 2012E 2013E 2014ENet Sales INR 14,828.2 INR 14,828.2 INR 9,379.4 INR 6,306.9 INR 6,028.8 INR 8,611.3 INR 13,466.0 INR 22,488.2 INR 29,471.4 NA INR 25,041.5 INR 30,948.0 NA COGS 3,929.9 3,929.9 2,626.7 1,895.4 1,864.7 2,443.9 3,604.1Gross Profit 10,898.3 10,898.3 6,752.7 4,411.5 4,164.0 6,167.4 9,861.9

Research and DevelopmentSelling, General & Admin. 3,776.1 3,776.1 2,549.4 1,961.1 1,902.7 2,402.3 3,469.4Other Expenses 6,076.0 6,076.0 3,397.9 2,081.5 1,941.4 3,068.8 5,406.5Other IncomeNon-Recurring ChargesEBIT 1,046.2 1,046.2 805.4 368.9 319.9 696.3 986.0 1,803.1 2,541.2 NA 2,055.4 2,703.2 NA

Depreciation & Amortization 1,044.9 1,044.9 599.4 487.4 461.2 571.4 933.5 1,584.7 2,076.8 NA 1,764.6 2,180.8 NA EBITDA 2,091.1 2,091.1 1,404.8 856.3 781.1 1,267.7 1,919.5 3,387.8 4,618.0 NA 3,820.0 4,884.0 NA Rent 200.3 200.3 200.3 99.3 103.1 175.0 200.3 200.3 200.3 NA 200.3 200.3 NA EBITDAR 2,291.4 2,291.4 1,605.1 955.6 884.2 1,442.7 2,119.8 3,588.0 4,818.3 NA 4,020.3 5,084.3 NA

Interest (Income) / Other (Income)/ Expense (923.0) (923.0) (516.8) (280.4) (223.7) (457.7) (821.5)Interest Expense 696.0 696.0 572.9 436.6 492.5 538.8 665.2Pre-Tax Income 1,273.2 1,273.2 749.3 212.7 51.1 615.1 1,142.2

Minority Interest (Expense) - (20.9) (27.4) (22.1) (22.5) (5.2)Preferred DividendTaxes 209.2 209.2 33.6 39.4 87.1 35.1 165.3Net Income INR 1,064.0 INR 1,064.0 INR 694.8 INR 145.9 (INR 58.2) INR 557.6 INR 971.7 INR 1,429.6 INR 1,966.6 NA INR 1,551.5 INR 2,105.0 NA

Weighted Average Shares Outstanding 329.412 329.412 266.207 226.667 212.781 256.322 313.611 388.973 406.398 NA 408.827 405.588 NA EPS INR 3.23 INR 3.23 INR 2.61 INR 0.64 (INR 0.50) INR 2.12 INR 3.08 INR 3.65 INR 4.84 NA INR 3.80 INR 5.19 NA

Special Items (Y,N) N N N N N N N

Effective Income Tax Rate 16.4% 16.4% 4.5% 18.5% 13.9% 8.0% 13.4%

Cash Flow Statement Data(INR in millions, except per share data)Depreciation & Amortization 1,044.9 1,044.9 599.4 487.4 461.2 571.4 933.5 1,584.7 2,076.8 NA 1,764.6 2,180.8 NA

Capital Expenditures 16,524.5 16,524.5 10,452.4 1,412.4 1,240.0 8,192.4 15,006.4 25,060.7 32,842.7 NA 27,906.1 34,488.3 NA

Balance Sheet Data(INR in millions, except per share data) As of Other Data

Period Ended Shares Outstanding taken as per 03/31/11 from Bombay Stock Exchange website.03/31/11 Options outstanding taken from company annual report for the period ending 03/31/10.

Assets: SG&A includes depreciation and amortization and employee costs.Cash & Equivalents INR 860.0 Amortization of goodwill has been excluded. Company changed its goodwill accounting policy from FY08.Marketable Securities 620.0 Non recurring items have been excluded and taxes have been adjusted.Total Cash & Marketable Securities 1,480.0 Loss/Gain on Sale of fixed assets, Forex have been tax adjusted @ 35.0%

Total Current Assets NA Share in associates has been included in Interest (Income) / Other (Income)/ Expense.

Goodwill and Intangibles 8,843.4 Long term debt includes secured and unsecured debt.Total Assets NA Rent for the forward estimates is taken same as of LTM.

Liabilities & Shareholders Equity: Capex for FY 2011 is taken on FY 2010 margins.Short-term Debt - CapEx for forward financials has been taken as an LTM margin and depreciation for JP Morgan report has been taken on the basis of LTM Margins

Total Current Liabilities NA Rent for Yr. ended 2011 have been taken the same as that of the previous year.

Long-term Debt 10,883.3 FY11 financials are from company's Investor presentation.Minority Interest 302.1Warrants/Put Options - Preferred Stock (Liquidation Value) - Common Equity 33,884.6Operating Lease (Capitalized) 1,401.8Other InformationNumber of Hospitals 48.0Number of Beds 7,700.0

13 of 15

General Information Diluted Shares Information EPS Estimates and Calendarization Credit StatsShort Company Name Bangkok Dusit Shares Outstanding (MM) 1,545.459 Research LTMLong Company Name Bangkok Dusit Medical Services Public Co Database Check Fiscal Year 1 Date Ended 12/31/11 EBITDA / Interest Expense: 10.0xProject Code Name Healthcare Fiscal Year 1 EPS Estimate THB 2.45 Total Debt / EBITDA 2.2xTicker BGH TB Fiscal Year 2 EPS Estimate THB 2.75 Total Debt / Capitalization: 42.6%Country Thailand Options Outstanding (MM) Fiscal Year 3 EPS Estimate THB 3.19 MultiplesLatest Fiscal Year End 12/31/10 Potential Strike 5-Year Proj. EPS Growth (%) 21.3 Capitalize Rental Expense: 7.0xLatest Reporting Period 03/31/11 Plan 1 Estimates as of: 07/12/11 Diluted Shares 1,545.459

Plan 2 Market Capitalization THB 82,682.1From Press Release? No Plan 3 Grow Estimates for Net Debt THB 9,901.6Entered By: Rinel Rodrigues Plan 4 Fiscal Year 1 EPS Estimate 29.9% Enterprise Value (EV) THB 93,210.6Date Entered: 05/06/08 Plan 5 Fiscal Year 2 EPS Estimate 12.4% CY 2010 LTM CY 2011E CY 2012EUpdated By: Ayush Jain Fiscal Year 3 EPS Estimate 16.0% EV / Sales 3.96x 3.86x 2.78x 2.40xChecked By: Urvesh Shah Share Price (07/14/11) THB 53.50 EV / EBITDA 16.8x 16.6x 11.6x 10.0xDate Checked: 07/12/11 52 Week High THB 55.00 EV / EBITDAR 16.1x 15.9x 11.3x 9.7xDate Updated: 07/12/11 52 Week Low THB 28.25 Calendarize EPS Estimates EV/EBIT 27.5x 26.9x 17.4x 14.4xResearch 1: Macquarie Research - 05/25/11 Beta 0.54 Current CY Est. EPS 2011E THB 2.45 PE 28.4x 27.7x 21.9x 19.5xResearch 2: Bualuang Securities - 05/24/11 Currency THB CY+1 Est. EPS 2012E THB 2.75 EBITDA Margin 23.5% 23.3% 24.0% 24.0%Research 3: KT Zmico - 05/24/11 Exchange Rate w.r.t. USD 0.033

Income Statement Data(THB in millions, except per share data) Consensus Estimates


03/31/11 2011 2010 2010 2009 2008 2008 2009 2010 2011E 2012E 2013E 2011E 2012E 2013ENet Sales THB 24,140.7 THB 6,624.8 THB 5,996.7 THB 23,512.6 THB 21,597.0 THB 21,187.7 THB 21,187.7 THB 21,597.0 THB 23,512.6 THB 33,473.7 THB 38,843.3 THB 41,938.5 THB 33,473.7 THB 38,843.3 THB 41,938.5COGS 14,234.9 3,897.1 3,324.2 13,662.0 12,593.1 12,048.2 12,048.2 12,593.1 13,662.0Gross Profit 9,905.8 2,727.7 2,672.5 9,850.7 9,003.9 9,139.5 9,139.5 9,003.9 9,850.7

Research and DevelopmentSelling, General & Admin. 7,125.0 1,835.5 1,655.5 6,945.1 6,609.5 6,731.2 6,731.2 6,609.5 6,945.1Other ExpensesOther Income 684.9 303.6 100.0 481.4 342.9 422.5 422.5 342.9 481.4Non-Recurring ChargesEBIT 3,465.7 1,195.8 1,117.0 3,387.0 2,737.3 2,830.8 2,830.8 2,737.3 3,387.0 5,349.3 6,479.3 7,261.5 5,349.3 6,479.3 7,261.5

Depreciation & Amortization 2,157.6 539.8 531.9 2,149.7 2,276.7 2,169.0 2,169.0 2,276.7 2,149.7 2,681.0 2,856.7 2,773.0 2,681.0 2,856.7 2,773.0EBITDA 5,623.3 1,735.6 1,649.0 5,536.7 5,014.0 4,999.8 4,999.8 5,014.0 5,536.7 8,030.3 9,336.0 10,034.5 8,030.3 9,336.0 10,034.5Rent 251.8 63.0 63.0 251.8 295.9 298.3 298.3 295.9 251.8 251.8 251.8 251.8 251.8 251.8 251.8EBITDAR 5,875.1 1,798.6 1,711.9 5,788.5 5,309.9 5,298.1 5,298.1 5,309.9 5,788.5 8,282.1 9,587.8 10,286.3 8,282.1 9,587.8 10,286.3

Interest (Income) / Other (Income)/ Expense (368.9) (89.1) (77.2) (357.0) (235.8) (221.2) (221.2) (235.8) (357.0)Interest Expense 563.4 133.3 154.3 584.4 641.3 646.8 646.8 641.3 584.4Pre-Tax Income 3,271.2 1,151.6 1,040.0 3,159.6 2,331.8 2,405.2 2,405.2 2,331.8 3,159.6

Minority Interest (Expense) (89.1) (27.5) (23.6) (85.1) (59.7) (54.6) (54.6) (59.7) (85.1)Preferred DividendTaxes 804.8 288.3 262.8 779.4 546.9 688.5 688.5 546.9 779.4Net Income THB 2,377.3 THB 835.8 THB 753.6 THB 2,295.1 THB 1,725.2 THB 1,662.1 THB 1,662.1 THB 1,725.2 THB 2,295.1 THB 3,756.3 THB 4,292.7 THB 4,959.5 THB 3,756.3 THB 4,292.7 THB 4,959.5

Weighted Average Shares Outstanding 1,229.648 1,246.036 1,214.499 1,218.819 1,214.499 1,214.341 1,214.341 1,214.499 1,218.819 1,535.286 1,560.970 1,554.702 1,535.286 1,560.970 1,554.702EPS THB 1.93 THB 0.67 THB 0.62 THB 1.88 THB 1.42 THB 1.37 THB 1.37 THB 1.42 THB 1.88 THB 2.45 THB 2.75 THB 3.19 THB 2.45 THB 2.75 THB 3.19



Cash Flow Statement Data(THB in millions, except per share data)Depreciation & Amortization 2,157.6 539.8 531.9 2,149.7 2,276.7 2,169.0 2,169.0 2,276.7 2,149.7 2,681.0 2,856.7 2,773.0 2,681.0 2,856.7 2,773.0

Capital Expenditures 1,382.3 492.5 263.9 1,153.7 1,495.9 1,976.2 1,976.2 1,495.9 1,153.7 11,253.7 2,679.1 2,496.2 11,253.7 2,679.1 2,496.2

Balance Sheet Data(THB in millions, except per share data) As of Other Data

Period Ended Shares outstanding taken from bloomberg as of 07/11/11.03/31/11 SG&A includes depreciation and amortization.

Assets: Share of income from investments in associated companies is included in other (income)/expenses.Cash & Equivalents THB 2,395.1 Rent for estimates is assumed to be constant.Marketable Securities 2.3 Gain from early repayment of loan, reversal of provision for impairment of property, for investments, loss on disposal of property and FOREX, write off of assets is tax adjusted. Total Cash & Marketable Securities 2,397.4 Long term debt includes long term loans from financial institution, liabilities under finance lease agreements, debentures, and liability coponent of liability component.

Total Current Assets 5,400.0 Capex for Macquarie estimates is based on LTM Margins.

Goodwill and Intangibles 1,530.9 Share Price as of 07/14/11 as it did not trade on 07/15/11.Total Assets 34,634.4



Long-term Debt 10,687.5Minority Interest 626.9Warrants/Put Options - Preferred Stock (Liquidation Value) - Common Equity 16,584.4Operating Lease (Capitalized) 1,762.6Other InformationNumber of Hospitals 27Number of Beds 4,701

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General Information Diluted Shares Information EPS Estimates and Calendarization Credit StatsShort Company Name KPJ Healthcare Shares Outstanding (MM) 566.297 Research LTMLong Company Name KPJ Healthcare Berhad Database Check Fiscal Year 1 Date Ended 12/31/11 EBITDA / Interest Expense: 14.3xProject Code Name Healthcare Fiscal Year 1 EPS Estimate MYR 0.26 Total Debt / EBITDA 1.9xTicker KPJ MK Fiscal Year 2 EPS Estimate MYR 0.32 Total Debt / Capitalization: 34.0%Country Malaysia Options Outstanding (MM) Fiscal Year 3 EPS Estimate MYR 0.32 MultiplesLatest Fiscal Year End 12/31/10 Potential Strike 5-Year Proj. EPS Growth (%) NA Capitalize Rental Expense: 7.0xLatest Reporting Period 03/31/11 Plan 1 Estimates as of: 07/12/11 Diluted Shares 566.297

Plan 2 Market Capitalization MYR 2,537.0From Press Release? Yes Plan 3 Grow Estimates for Net Debt MYR 237.3Entered By: Rachit Shah Plan 4 Fiscal Year 1 EPS Estimate 38.9% Enterprise Value (EV) MYR 2,872.9Date Entered: 05/06/08 Plan 5 Fiscal Year 2 EPS Estimate 20.2% CY 2010 LTM CY 2011E CY 2012EUpdated By: Ayush Jain Fiscal Year 3 EPS Estimate 0.6% EV / Sales 1.74x 1.67x 1.58x 1.38xChecked By: Girish Rohira Share Price (07/15/11) MYR 4.48 EV / EBITDA 14.1x 13.6x 11.5x 9.9xDate Checked: 07/12/11 52 Week High MYR 4.72 EV / EBITDAR 10.4x 10.2x 8.9x 7.9xDate Updated: 07/12/11 52 Week Low MYR 3.18 Calendarize EPS Estimates EV/EBIT 19.8x 19.4x 15.8x 13.4xResearch 1: OSK Research - 05/23/11 Beta 0.86 Current CY Est. EPS 2011E MYR 0.26 PE 23.5x 23.7x 16.9x 14.1xResearch 2: TA Securities - 05/23/11 Currency MYR CY+1 Est. EPS 2012E MYR 0.32 EBITDA Margin 12.3% 12.3% 13.8% 14.0%Research 3: Affin Securities - 07/12/11 Exchange Rate w.r.t. USD 0.330

Income Statement Data(MYR in millions, except per share data) Consensus Estimates


03/31/11 2011 2010 2010 2009 2008 2008 2009 2010 2011E 2012E 2013E 2011E 2012E 2013ENet Sales MYR 1,716.3 MYR 437.7 MYR 376.0 MYR 1,654.6 MYR 1,456.4 MYR 1,267.3 MYR 1,267.3 MYR 1,456.4 MYR 1,654.6 MYR 1,813.9 MYR 2,074.4 MYR 2,331.0 MYR 1,813.9 MYR 2,074.4 MYR 2,331.0COGS 1,190.1 305.9 266.5 1,150.7 1,037.3 899.0 899.0 1,037.3 1,150.7Gross Profit 526.2 131.9 109.5 503.9 419.1 368.4 368.4 419.1 503.9

Research and DevelopmentSelling, General & Admin. 389.8 94.7 76.3 371.5 289.7 270.4 270.4 289.7 371.5Other Expenses - Other Income 11.8 3.8 4.4 12.5 12.2 16.0 16.0 12.2 12.5Non-Recurring ChargesEBIT 148.2 40.9 37.6 144.9 141.5 113.9 113.9 141.5 144.9 181.9 214.3 228.0 181.9 214.3 228.0

Depreciation & Amortization 62.3 16.9 14.0 59.4 46.4 41.4 41.4 46.4 59.4 68.1 76.0 78.0 68.1 76.0 78.0EBITDA 210.5 57.8 51.6 204.3 188.0 155.3 155.3 188.0 204.3 250.0 290.3 306.0 250.0 290.3 306.0Rent 71.2 17.8 17.8 71.2 62.8 57.7 57.7 62.8 71.2 71.2 71.2 71.2 71.2 71.2 71.2EBITDAR 281.7 75.6 69.4 275.5 250.7 213.0 213.0 250.7 275.5 321.2 361.5 NA 321.2 361.5 NA Interest (Income) / Other (Income)/ Expense (29.9) (6.0) (4.7) (28.6) (15.6) (26.6) (26.6) (15.6) (28.6)Interest Expense 14.7 5.3 4.2 13.6 16.7 18.5 18.5 16.7 13.6Pre-Tax Income 163.4 41.6 38.0 159.9 140.4 121.9 121.9 140.4 159.9

Minority Interest (Expense) (9.6) (3.8) (1.5) (7.3) (3.9) (3.7) (3.7) (3.9) (7.3)Preferred Dividend - Taxes 41.9 10.2 9.3 40.9 32.2 26.8 26.8 32.2 40.9Net Income MYR 111.9 MYR 27.5 MYR 27.2 MYR 111.6 MYR 104.3 MYR 91.5 MYR 91.5 MYR 104.3 MYR 111.6 MYR 136.1 MYR 164.6 MYR 168.0 MYR 136.1 MYR 164.6 MYR 168.0

Weighted Average Shares Outstanding 592.513 595.455 567.646 585.538 512.127 524.578 524.578 512.127 585.538 514.106 517.715 525.000 514.106 517.715 525.000EPS MYR 0.19 MYR 0.05 MYR 0.05 MYR 0.19 MYR 0.20 MYR 0.17 MYR 0.17 MYR 0.20 MYR 0.19 MYR 0.26 MYR 0.32 MYR 0.32 MYR 0.26 MYR 0.32 MYR 0.32



Cash Flow Statement Data(MYR in millions, except per share data)Depreciation & Amortization 62.3 16.9 14.0 59.4 46.4 41.4 41.4 46.4 59.4 68.1 76.0 78.0 68.1 76.0 78.0

Capital Expenditures 223.4 22.6 26.7 227.5 221.8 120.6 120.6 221.8 227.5 236.1 270.0 303.4 236.1 270.0 303.4

Balance Sheet Data(MYR in millions except per share data) As of Other Data

Period Ended Shares outstanding taken from company's quarterly report as of 03/31/11.03/31/11 Share price data taken from Bloomberg as of 07/13/11.

Assets: Rent for the quarters has been taken as of FY 2010 figures.Cash & Equivalents MYR 160.6 Interest (Income) / Other (Income)/ Expense inlcudes share of results of associated companies, gain on disposals, and gain/loss on fair value of investment properties.Marketable Securities - SG&A includes depreciation and amortization.Total Cash & Marketable Securities 160.6 Reversal of impairment of interest in associates has been tax adjusted.

Total Current Assets 519.3 Dividend of MYR 0.024 paid on 06/28/11 is accounted for in the balance sheet.

Goodwill and Intangibles 136.3 Depreciation for OSK Investment Research & TA Securities Research is based on LTM margins.Total Assets 1,676.5 Rent for the forward estimates is taken same as that of LTM.

Liabilities & Shareholders Equity: Capex for forward estimates is based on LTM margins.Short-term Debt 360.4 Total Current Liabilities 712.0

Long-term Debt 37.5Minority Interest 98.5Warrants/Put Options - Preferred Stock (Liquidation Value) - Common Equity 773.4Operating Lease (Capitalized) 498.4Other InformationNumber of Hospitals 22.0Number of Beds 2,600.0

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