MODEL-GENERATED DATA: Lexington General Hospital Pro Forma (Forecasted) Cash Flow Statements: (Millions of Dollars) Growth retentions Terminal value Net cash flow to equityholders 2018 Inpatient revenue $59.513 2019 $59.513 Outpatient revenue 39.675 39.675 Net patient service revenue $99.188 $99.188 2020 $59.513 39.675 $99.188 2021 $59.513 39.675 2022 $59.513 39.675 $99.188 $99.188 Nonoperating revenue 1.048" 1.048" 1.048" 1.048' 1.048 Total revenues $100.236 $100.236 $100.236 $100.236 $100.236 Patient services expenses $0.00 $0.00 $0.00 $0.00 $0.00 Interest expense 0.000 0.000 0.000 0.000 0.000 Total expenses $0.000 $0.000 $0.000 $0.000 $0.000 Net operating cash flow $100.236 $100.236 $100.236 $100.236 $100.236 Cost savings at teaching (other) hospital 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 #DIV/0! $100.236 $100.236 $100.236 $100.236 #DIV/0! EBITDA $100.236 $100.236 $100.236 $100.236 #DIV/0! Average 5-year EBITDA #DIV/0! Valuation Results: (Millions of Dollars) Value according to DCF method #DIV/0! Value according to market multiple method: Applied to 2014 EBITDA $0.000 Applied to average 2014-2018 EBITDA #DIV/0! Applied to number of discharges $0.000 Valuation Results: (Millions of Dollars) Value according to DCF method Value according to market multiple method: Applied to 2014 EBITDA Applied to average 2014-2018 EBITDA Applied to number of discharges #DIV/0! $0.000 #DIV/0! $0.000 Sensitivity of DCF Value to Terminal Growth Rate and Discount Rate Estimates: #DIV/0! 12% 13% 14% 1% $883.559 TV Growth 2% $941.470 $810.454 $857.027 $748.580 Discount Rate 15% $695.531 $786.624 $727.020 16% $649.541 $675.903 17% 18% $609.289 $573.762 $631.577 $592.770 3% $1,012.249 $912.915 $831.584 $763.757 $706.320 $657.049 $614.312 Rate 4% $1,100.724 $981.223 $885.536 5% 6% 7% $1,214.477 $1,066.607 $951.478 $1,366.148 $1,176.386 $1,033.906 $1,578.488 $807.174 $741.807 $859.274 $783.746 $922.952 $834.073 $686.440 $638.931 $1,322.759 $1,139.884 $1,002.550 $895.583 $720.729 $667.338 $761.252 $700.479 $809.880 $739.647