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Apollo Hospitals – First-World Health Care at Emerging-Market Prices - page 17 / 19

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Apollo Hospitals Group705-442

Exhibit 10Sum-of-parts valuation methodology

Business

Value (Rs mn)

% of Enterprise Value

Valuation methodology

Remarks

Hospitals

8,779

64.4

EV/EBITDA-FY06E multiple of 9x

This is the average one-year forward EV/EBITDA multiple for the top eight hospitals in the US and Asia.

Pharmacy

3,125

22.9

EV/EBITDA-FY06E multiple of 7.4x

This is at 20% discount to average one-year forward EV/EBITDA multiple of 9.2x for global pharmacy  chains like CVS Pharmacy and Duane Reade.

Hospital Consultancy

1,235

9.1

DCF

Others

493

3.6

This is mostly Apollo Health Street (technology solutions)

Source:Adapted from Shilpa Gupta and Rajesh Vora, “Apollo Hospitals: Scaling New Heights.”  ICICI Securities, 7 May 2004

Exhibit 11British National Health Service Waiting Lists – Number of patients referred to hospitals and waiting for admission

Waiting time

0 to 5 months

6 to 8 months

9 to 11 months

More than 1 year

October 2003

793,200

124,300

38,800

109

October 2004

774,400

69,600

33

24

Source:Government Statistical Service, at http://www.publications.doh.gov.uk/public/work_health_care.htm#waitlist , accessed on 10 January 2005.

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