Common use of Determinants of Claim Recoveries Clause in Contracts

Determinants of Claim Recoveries. Area EPM assumptions Allocated EPM Value The Allocated EPM Value attributable to each Group DOCA Company is determined on the basis of the following primary components, in aggregate: Enterprise value of the Group – The enterprise value of the Group has been estimated based on business plan projections and the public market valuation of comparable healthcare businesses. Enterprise value for individual entities – The value of the Group is split by operating cluster based on business plan projected EBITDA. Within operating clusters, entity-by-entity enterprise value is based on the most detailed historical financial statement information available, including intercompany receivables. Subsidiary undertakings - where relevant,2 the equity value of a Group DOCA Company’s subsidiaries (both within and outside administration) contributes to its Allocated EPM Value. If there is Allocated EPM Value available after all a subsidiary entity’s liabilities are satisfied, the 1 The Administrators will use their discretion to attribute the value they consider reasonable to a Holdback Claim for the purposes of determining claim recoveries, without prejudice to alter such assessment in connection with the Claims Determination Process. 2 For example, if the subsidiary undertaking is not in administration. Area EPM assumptions residual value flows proportionally to its equity holders (including minority shareholders). If an equity holder is another Group entity, the value of its equity holdings are an asset which will add to that other Group entity’s Allocated EPM Value. The equity value of subsidiaries not in administration is calculated on the basis of their enterprise value, plus non-core assets and intercompany receivables (that could represent additional value) and less third-party debt, intercompany payables and guarantees of impaired guarantee claims debtors within administration (that could represent additional liabilities). No litigation proceeds that could be derived by any Group entity following the Restructuring Effective Date are included in the EPM. Recoveries from such proceedings will be paid to creditors of the relevant Group DOCA companies separately. Claim Recoveries A Group DOCA Company’s Allocated EPM Value is then applied by the EPM in accordance with the ADGM insolvency waterfall. A summary of that waterfall is as follows (in order of priority): Fixed Charge claims – Estimated proceeds (if any) that would be distributable to creditors who have fixed charge security over assets. The Administrators’ current views as to the validity and / or the estimated market realisable value of Security Interest will be reflected. Any shortfall ranks as an unsecured claim in the entity where the original claim arises. Secured asset distribution from all entities is accounted for before calculating the residual claim; Expenses of the administrations – Estimated due and unpaid costs, expenses and remuneration properly incurred operating the entity and realising value from assets (including any relevant proportion of the AFF); Preferential Creditors – Estimated proceeds (if any) that would be distributable to Preferential Creditors; Floating charge claims – Estimated proceeds (if any) that would be distributable to creditors who have a floating charge Security Interest over assets. The Administrators’ current views as to the validity and / or the estimated market realisable value of the Security Interest will be reflected. Any shortfall ranks as an unsecured claim in the entity where the original claim arises; Unsecured Debts – Estimated proceeds (if any) that would be distributable to creditors who have an Unsecured Debt (including financial, guarantee, trade, intercompany,3 and shortfall claims from secured claims). Creditor balances are based on proof of debt 3 Intercompany claim values included as per inter-company matrix provided to the Administrators by the Deed Company, adjusted for known fraudulent entries. Rank equally with other unsecured claims. Intercompany creditor and debtor balances are netted off. Area EPM assumptions submissions to the Administrators prior to the Bar Date (subject to Administrators’ discretion to accept claims filed after the Bar Date). The Administrators’ current views as to the validity will be reflected; Statutory interest – Statutory interest on claims after repayment of the above; and Shareholders – Estimated surplus recoveries (if any) that would be distributable to shareholders. Entities assessed to derive Allocated EPM Value The EPM will calculate the Allocated EPM Value and Claim Recoveries for Group Creditors with respect to Group DOCA Companies only (including subsidiary undertakings where relevant).

Determinants of Claim Recoveries. Area EPM assumptions Allocated EPM Value  The Allocated EPM Value attributable to each Group NMC DOCA Company is determined on the basis of the following primary components, in aggregate:  Enterprise value of the Group – The enterprise value of the Group has been estimated based on business plan projections and the public market valuation of comparable healthcare businesses.  Enterprise value for individual entities – The value of the Group is split by operating cluster based on business plan projected EBITDA. Within operating clusters, entity-by-entity enterprise value is based on the most detailed historical financial statement information available, including intercompany receivables.  Subsidiary undertakings - where relevant,2 relevant,7 the equity value of a Group DOCA Company’s subsidiaries (both within and outside 6 The Administrators will use their discretion to attribute the value they consider reasonab le to a Disputed Claim for the purposes of determining claim recoveries, without prejudice to alter such assessment in connection with the Claims Determination Process. 7 For example, if the subsidiary undertaking is not in administration. Area EPM assumptions administration) contributes to its Allocated EPM Value. If there is Allocated EPM Value available after all a subsidiary entity’s liabilities are satisfied, the 1 The Administrators will use their discretion to attribute the value they consider reasonable to a Holdback Claim for the purposes of determining claim recoveries, without prejudice to alter such assessment in connection with the Claims Determination Process. 2 For example, if the subsidiary undertaking is not in administration. Area EPM assumptions residual value flows proportionally to its equity holders (including minority shareholders). If an equity holder is another Group entity, the value of its equity holdings are an asset which will add to that other Group entity’s Allocated EPM Value. The equity value of subsidiaries not in administration is calculated on the basis of their enterprise value, plus non-core assets and intercompany receivables (that could represent additional value) and less third-party debt, intercompany payables and guarantees of impaired guarantee claims debtors within administration (that could represent additional liabilities).  No litigation proceeds that could be derived by any Group entity following the Post-Restructuring Effective Date Litigation Proceeds are included in the EPM. Recoveries from such proceedings Post-Restructuring Litigation Proceeds will be paid to creditors of the relevant Group DOCA companies Companies separately. Claim Recoveries A Group DOCA Company’s Allocated EPM Value is then applied by the EPM in accordance with the ADGM insolvency waterfall. A summary of that waterfall is as follows (in order of priority):  Fixed Charge claims – Estimated proceeds (if any) that would be distributable to creditors who have fixed charge security Security over assets. The Administrators’ current views as to the validity and / or the estimated market realisable value of Security Interest will be reflected. Any shortfall ranks as an unsecured claim in the entity where the original origina l claim arises. Secured asset distribution from all entities is accounted for before calculating the residual claim;  Expenses of the administrations – Estimated due and unpaid costs, expenses and remuneration properly incurred operating the entity and realising value from assets (including any relevant proportion of the AFF);  Preferential Creditors creditors – Estimated proceeds (if any) that would be distributable to Preferential Creditors;  Floating charge claims – Estimated proceeds (if any) that would be distributable to creditors who have a floating charge Security Interest over assets. The Administrators’ current views as to the validity and / or the estimated market realisable value of the Security Interest will be reflected. Any shortfall ranks as an unsecured claim in the entity where the original origina l claim arises;  Unsecured Debts – Estimated proceeds (if any) that would be distributable to creditors who have an Unsecured Debt (including includ ing Area EPM assumptions financial, guarantee, trade, intercompany,3 intercompany,8 and shortfall claims from secured claims). Creditor balances are based on proof of debt 3 Intercompany claim values included as per inter-company matrix provided to the Administrators by the Deed Company, adjusted for known fraudulent entries. Rank equally with other unsecured claims. Intercompany creditor and debtor balances are netted off. Area EPM assumptions submissions to the Administrators prior to the Bar Date (subject to Administrators’ discretion to accept claims filed after the Bar Date). The Administrators’ current views as to the validity will be reflected;  Statutory interest – Statutory interest on claims after repayment of the above; and  Shareholders – Estimated surplus recoveries (if any) that would be distributable to shareholders. Entities assessed to derive Allocated EPM Value The EPM will calculate the Allocated EPM Value and Claim Recoveries for Group DOCA Creditors with respect to Group DOCA Companies only (including subsidiary undertakings where relevant).

Determinants of Claim Recoveries. Area EPM assumptions Allocated EPM Value The Allocated EPM Value attributable to each Group DOCA Company is determined on the basis of the following primary components, in aggregate: Enterprise value of the Group – The enterprise value of the Group has been estimated based on business plan projections and the public market valuation of comparable healthcare businesses. Enterprise value for individual entities – The value of the Group is split by operating cluster based on business plan projected EBITDA. Within operating clusters, entity-by-entity enterprise value is based on the most 4 The Administrators will use their discretion to attribute the value they consider reasonable to a Holdback Claim for the purposes of determining claim recoveries, without prejudice to alter such assessment in connection with the Claims Determination Process. Area EPM assumptions detailed historical financial statement information available, including intercompany receivables. Subsidiary undertakings - where relevant,2 relevant,5 the equity value of a Group DOCA Company’s subsidiaries (both within and outside administration) contributes to its Allocated EPM Value. If there is Allocated EPM Value available after all a subsidiary entity’s liabilities are satisfied, the 1 The Administrators will use their discretion to attribute the value they consider reasonable to a Holdback Claim for the purposes of determining claim recoveries, without prejudice to alter such assessment in connection with the Claims Determination Process. 2 For example, if the subsidiary undertaking is not in administration. Area EPM assumptions residual value flows proportionally to its equity holders (including minority shareholders). If an equity holder is another Group entity, the value of its equity holdings are an asset which will add to that other Group entity’s Allocated EPM Value. The equity value of subsidiaries not in administration is calculated on the basis of their enterprise value, plus non-non- core assets and intercompany receivables (that could represent additional value) and less third-party debt, intercompany payables and guarantees of impaired guarantee claims debtors within administration (that could represent additional liabilities). No litigation proceeds that could be derived by any Group entity following the Restructuring Effective Date are included in the EPM. Recoveries from such proceedings will be paid to creditors of the relevant Group DOCA companies separately. Claim Recoveries A Group DOCA Company’s Allocated EPM Value is then applied by the EPM in accordance with the ADGM insolvency waterfall. A summary of that waterfall is as follows (in order of priority): Fixed Charge claims – Estimated proceeds (if any) that would be distributable to creditors who have fixed charge security over assets. The Administrators’ current views as to the validity and / or the estimated market realisable value of Security Interest will be reflected. Any shortfall ranks as an unsecured claim in the entity where the original claim arises. Secured asset distribution from all entities is accounted for before calculating the residual claim; Expenses of the administrations – Estimated due and unpaid costs, expenses and remuneration properly incurred operating the entity and realising value from assets (including any relevant proportion of the AFF); Preferential Creditors – Estimated proceeds (if any) that would be 5 For example, if the subsidiary undertaking is not in administration. Area EPM assumptions distributable to Preferential Creditors; Floating charge claims – Estimated proceeds (if any) that would be distributable to creditors who have a floating charge Security Interest over assets. The Administrators’ current views as to the validity and / or the estimated market realisable value of the Security Interest will be reflected. Any shortfall ranks as an unsecured claim in the entity where the original claim arises; Unsecured Debts – Estimated proceeds (if any) that would be distributable to creditors who have an Unsecured Debt (including financial, guarantee, trade, intercompany,3 intercompany,6 and shortfall claims from secured claims). Creditor balances are based on proof of debt 3 Intercompany claim values included as per inter-company matrix provided to the Administrators by the Deed Company, adjusted for known fraudulent entries. Rank equally with other unsecured claims. Intercompany creditor and debtor balances are netted off. Area EPM assumptions submissions to the Administrators prior to the Bar Date (subject to Administrators’ discretion to accept claims filed after the Bar Date). The Administrators’ current views as to the validity will be reflected; Statutory interest – Statutory interest on claims after repayment of the above; and Shareholders – Estimated surplus recoveries (if any) that would be distributable to shareholders. Entities assessed to derive Allocated EPM Value The EPM will calculate the Allocated EPM Value and Claim Recoveries for Group Creditors with respect to Group DOCA Companies only (including subsidiary undertakings where relevant).