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APPENDIX
Revenue and EBITDA Forecast

(EGP in millions) Input Projections

Fiscal Years Ending Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26

Revenue 5,225 3,858 4,129 4,750 5,414 5,747

% Growth 96.7% -26.2% 7.0% 15.0% 14.0% 6.2%

EBITDA 2,414 1,713 1,823 2,187 2,319 2,748

% of Revenue 46.2% 44.4% 44.2% 46.0% 42.8% 47.8%

Capital Expenditures Forecast

(EGP in millions) Forecast

Fiscal Years Ending Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Termi
nal

Capital Expenditures 253 239 228 248 272 345 345

% of Revenue 4.8% 6.2% 5.5% 5.2% 5.0% 6.0% 6.0%

Fiscal Years Ending YTD

Historical Spending Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-21

Capital Expenditures 157 332 213 118 253 253

% of Revenue 10.4% 17.3% 9.6% 4.5% 4.8%
5-Year Average 9.3%

Net Working Capital Forecast

(EGP in millions) Forecast

Fiscal Years Ending Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Termi
nal

Net Working Capital (1,431) (1,056) (1,131) (1,301) (1,483) (1,574) (1,574)
% of Revenue -27.4% -27.4% -27.4% -27.4% -27.4% -27.4% -27.4%

NWC Investment 703 (374) 74 170 182 91 0

Fiscal Quarters Ending Latest

Historical Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21
FQ-5 FQ-4 FQ-3 FQ-2 FQ-1 FQ

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Total Current Assets NA 1,360 NA 2,206 2,487 3,043
(-) Cash and Short Term NA (877) (877) (1,587) (1,807) (2,350)
Invest.
(-) Total Current Liab. NA (1,009) NA (1,900) (1,987) (2,349)
(+) Current Portion of Debt 0 86 0 111 143 137
Net Working Capital 0 (440) (877) (1,171) (1,164) (1,519)
% of LTM Revenue NA NA -26.7% -29.3% -24.5% -29.1%
Last Four Quarter Average -27.4%

NWC Investment 0
LTM Revenue 3,286 4,000 4,753 5,225

Depreciation & Amortization Forecast

(EGP in millions) Forecast

Fiscal Years Ending Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Termi
nal

Depreciation & Amortization 217 234 119 136 144 328

% of Revenue 5.6% 5.7% 2.5% 2.5% 2.5%
Terminal Deprec. % of 95.0%
Capex

Fiscal Years Ending YTD

Historical Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-21

Depreciation & Amortization 57 71 99 119 152 152

% of Revenue 3.8% 3.7% 4.4% 4.5% 2.9%
Average 3.9%

Discount Rate Range

Low Mid High

Selected Discount Rate 8.5% 8.0% 7.5%

Market
Price
Implied Fair Value 3.18 3.38 3.81 0.97
Implied Upside / (Downside) 228.8% 249.4% 293.6%

Terminal Value Range

Low Mid High

2
Selected Perpetuity Growth 3,068 0.00% 0.00% 0.50%
Rate

Terminal Value 36,096 38,352 44,050

Market
Price
Implied Fair Value 3.18 3.38 3.81 0.97
Implied Exit Revenue 5,747 6.3x 6.7x 7.7x
Multiple
Implied Exit EBITDA Multiple 2,748 13.1x 14.0x 16.0x

Benchmarks
Company LTM EBITDA 3.9x 3.9x 3.9x
Multiple
Benchmark LTM EBITDA 1.7x 10.4x 26.4x
Multiple
Historical LTM EBITDA 3.9x 11.7x 36.9x
Multiple

Calculation of Free Cash Flow

Projected Unlevered Cash

Flow
(EGP in millions) Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Termi
nal

EBITDA 1,713 1,823 2,187 2,319 2,748 2,748

Other Income / (Exp) 0 0 0 1,279 665 665
D&A (217) (234) (119) (136) (144) (328)

EBIT 1,497 1,589 2,068 3,462 3,269 3,085

Pro forma Taxes 0 0 0 0 0 0
NOPAT 2,262 1,497 1,589 2,068 3,462 3,269 3,085

Capital Expenditures (253) (239) (228) (248) (272) (345) (345)

NWC Investment 703 (374) 74 170 182 91 0
(+) D&A 152 217 234 119 136 144 328

Free Cash Flow 2,864 1,100 1,670 2,109 3,508 3,159 3,068
% Growth -62% 52% 26% 66% -10% -3%

Discounting Periods

Dec-22 Dec-23 Dec-24 Dec-25 Dec-26

Balance Sheet Beginning 12/31/20 12/31/2 12/31/2 12/31/2 12/31/2

Date 21 022 023 024 025

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Balance Sheet End Date 12/31/20 12/31/2 12/31/2 12/31/2 12/31/2
22 023 024 025 026
Mid-Year Convention 7/1/2022 7/1/202 7/1/202 7/1/202 7/1/202
3 4 5 6

Discount Periods 0.08 1.08 2.08 3.08 4.08

Terminal 4.58

Valuation Date 6/4/2022

Discounting Factors

Discount Low Mid High

Dec-22 0.08 99.4% 99.4% 99.5%

Dec-23 1.08 91.6% 92.1% 92.5%
Dec-24 2.08 84.4% 85.2% 86.1%
Dec-25 3.08 77.8% 78.9% 80.1%
Dec-26 4.08 71.7% 73.1% 74.5%

Terminal 4.58 68.9% 70.3% 71.8%

Discount Rate 8.5% 8.0% 7.5%

Calculation of Enterprise Value

(EGP in millions) FCF Low Mid High

Dec-22 1,100 1,094 1,094 1,094

Dec-23 1,670 1,530 1,538 1,545
Dec-24 2,109 1,781 1,798 1,815
Dec-25 3,508 2,729 2,768 2,808
Dec-26 3,159 2,266 2,309 2,353

(A) PV of Discrete Cash 9,399 9,507 9,616

Flows

Selected Perpetuity Growth 0.00% 0.00% 0.50%

Rate
Terminal Free Cash Flow 3,068 3,068 3,068
Terminal Discount Factor 68.9% 70.3% 71.8%

(B) PV of Terminal Value 24,853 26,970 31,641

(A + B) Enterprise Value 34,252 36,476 41,257

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Equity Waterfall

(EGP in millions) Model

Low Mid High Market
Enterprise Value 34,252 36,476 41,257 9,518
(+) Cash & Short Term 2,350 2,350 2,350 2,350
Investments
(+) Investments & Other 10 10 10 10
(-) Debt (859) (859) (859) (859)
(-) Other Liabilities (212) (212) (212) (212)
(-) Preferred Stock NA NA NA NA
(-) Other 0 0 0 0
Value of Common Equity 35,542 37,767 42,548 10,809
(/) Shares Outstanding 600 600 600 600
Implied Stock Price (EGP) 59.24 62.94 70.91 18.01
FX Rate: EGP/USD 18.63 18.63 18.63 18.63
Implied Stock Price (USD) 3.18 3.38 3.81 0.97

Upside / (Downside) 228.8% 249.4% 293.6%

Historical Financials

Fiscal Years Ending

(EGP in millions) Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-21
FY-4 FY-3 FY-2 FY-1 FY YTD

Revenue 1,514 1,921 2,226 2,656 5,225 5,225

Growth 26.9% 15.9% 19.3% 96.7%

Cost of Revenue (785) (973) (1,143) (1,314) (2,421) (2,421)

Gross Profit 730 948 1,084 1,343 2,804 2,804

R&D Expense 0 0 0 0 0 0
SG&A Expense (192) (265) (314) (371) (558) (558)
Other Expenses / (Income) 21 34 (12) (2) (14) (14)
Total Expenses (171) (231) (326) (373) (572) (572)

EBT 558 717 758 969 2,232 2,232

(+) Net Interest Expense (41) (47) 17 15 (15) (15)

(+) Other Non Op Expenses, 23 19 19 16 38 38
Total
(+) Depreciation & 57 71 99 119 152 152
Amortization
(+) Restructuring Charges 0 0 0 0 0 0
(+) Merger / Acquisition 0 0 0 0 0 0
Expenses

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(+) Goodwill Impairment 0 0 0 0 0 0
(+) Gain (Loss) On Sale Of 0 0 0 0 0 0
Invest.
(+) Gain (Loss) On Sale Of 0 (0) (1) (0) (0) (0)
Assets
(+) Asset Writedown 0 0 0 0 0 0
(+) In Process R&D Expenses 0 0 0 0 0 0
(+) Insurance Settlements 0 0 0 0 0 0
(+) Legal Settlements 0 0 0 0 0 0
(+) Other Unusual Items 0 (4) (4) (15) 7 7
Adjusted EBITDA 598 756 889 1,104 2,414 2,414
% Margin 39.5% 39.3% 39.9% 41.6% 46.2% 46.2%

Adjusted EBIT 540 685 790 985 2,262 2,262

% Margin 35.7% 35.6% 35.5% 37.1% 43.3% 43.3%

Fiscal Quarters Ending

Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-
21
FQ-6 FQ-5 FQ-4 FQ-3 FQ-2 FQ-1 FQ

Revenue 450 720 986 1,130 1,164 1,473 1,458

Balance Sheet

(EGP in millions) Fiscal Quarters Ending Latest

Historical Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21
FQ-5 FQ-4 FQ-3 FQ-2 FQ-1 FQ

Short-term Borrowings NA NA NA NA NA NA
Current Portion of LT Debt NA 25 NA 26 33 22
Capital Leases, Current NA 61 NA 85 109 115

Current Portion of Debt 0 86 0 111 143 137

Investments & Other

(EGP in millions) Prior Latest Adjuste

d
(+) Long Term Investments 10 10 10
(+) Current Assets of NA NA NA
Discontinued Ops
(+) LT Assets of NA NA NA
Discontinued Ops
Investments & Other 10 10 10

Other Liabilities

(EGP in millions) Prior Latest Adjuste

d

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(+) Minority Interest 177 212 212
(+) Other 0 0 0
Other Liabilities 177 212 212

Misc Adjustments

(EGP in millions) YTD Forecast Adjusted

Depreciation & Amortization 152 217 152
Capital Expenditures 253 239 253

Current Trading Multiples

EV / LTM EBITDA
Min Max Average Median Valid?

Integrated Diagnostics 3.9x 3.9x

Holdings plc
Benchmarks 1.7x 26.4x 12.2x 10.4x 10.4x
Historical Median 3.9x 36.9x 15.8x 11.7x 11.7x

Benchmarks Used Raw Multiple

CVS Group plc 17.2x 17.2x
IXICO plc 11.0x 11.0x
DP Aircraft I Limited 26.4x 26.4x
SYNLAB AG 5.2x 5.2x
Quest Diagnostics 7.5x 7.5x
Incorporated
Fresenius SE & Co. KGaA 9.8x 9.8x
Vital KSK Holdings, Inc. 4.0x 4.0x
The Ensign Group, Inc. 17.2x 17.2x
Cordlife Group Limited 1.7x 1.7x
U.S. Physical Therapy, Inc. 21.6x 21.6x
Integrated Diagnostics 3.9x 3.9x
Holdings plc

Historical Valuation: EV / EBITDA Multiples

Fiscal Years Ending

Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-21
FY-4 FY-3 FY-2 FY-1 FY LTM
EV / EBITDA Multiple 36.9x 16.0x 11.7x 10.6x 3.9x 3.9x

5 Year Median Multiple 11.7x

Stock Price 0.97

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Stock Price Close 0.97
Restatment Type Press
Release
Reporting Currency EGP
Trading Currency USD
FX Rate: EGP/USD 18.63
Market Cap 580.2
Shares Outstanding 600.0
Share Exchange Ratio 1.00
Liquid Long-term 0
Investments

Note: FY stands for Fiscal

Year

Income Statement Forecast

(EGP in millions) Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26

FY+1 FY+2 FY+3 FY+4 FY+5

Revenue 5,225 3,858 4,129 4,750 5,414 5,747

EBITDA 2,414 1,713 1,823 2,187 2,319 2,748
D&A 152 217 234 119 136 144
Other Income / (Exp) 0 0 0 0 1,279 665
EBIT 2,262 1,497 1,589 2,068 3,462 3,269
Capital Expenditures 253 239 228 248 272 345

% YoY Revenue Growth 96.7% -26.2% 7.0% 15.0% 14.0% 6.2%

% EBITDA Margin 46.2% 44.4% 44.2% 46.0% 42.8% 47.8%
% DA Margin 2.9% 5.6% 5.7% 2.5% 2.5% 2.5%
% CapEx Margin 4.8% 6.2% 5.5% 5.2% 5.0% 6.0%