麦肯锡-方源资本爱康国宾私有化项目商业尽职调查报告(CN)_20151117.pdfVIP

ProjectJaguar

CommercialDueDiligence

oniKang

FinalreportpreparedbyMcKinseyforFountainVestPartners

Nov,2015

CONFIDENTIALANDPROPRIETARY

Anyuseofthismaterialwithoutspecificpermissionisstrictlyprohibited

Disclaimer

Thisreportisnotintendedasasubstituteforfinancial,investment,accountingorother

professionaladvice,anditisnotintendedtosupplanttherecipientsmanagementorother

decision-makingbodies.Therecipientremainssolelyresponsibleforitsdecisions,actions,use

ofthereportandcompliancewithapplicablelaws,rulesandregulations.Nopartofthisreport

maybecirculated,quoted,orreproducedfordistributionoutsidetheapprovedrecipient

organizationwithoutfurtherpriorwrittenapproval,andnopartofthisdocumentisintendedtobe

relieduponbyanythirdpartyforanypurposewhatsoever.Theanalysesandconclusionscontained

inthisreportarebasedonvariousassumptionsthatwehavedevelopedwithyourteamregardingprices,

marketshares,productcategories,etc.whichmayormaynotbecorrect,beingbaseduponfactorsand

eventssubjecttouncertainty.Suchassumptionsweredevelopedsolelyasameansofillustratingthe

principalconsiderationsyoumaywishtotakeintoaccountandindependentlyevaluate.Futureresultsor

valuescouldbemateriallydifferentfromanyforecastorestimatecontainedintheanalyses,andthe

rangeofvaluesresultingfromtheanalysesshouldnotbetakentobearecommendationwithrespectto

price.Inaddition,thisreportshallinnowaybedeemedtocontainorprovideafairpriceopinionwith

respecttothepossibletransaction.

Thisreportsrecommendationsandvariousoptionsshouldbeindependentlyevaluatedinthe

contextofalloftheconsiderationsimportanttoitandtherecipientshoulddecidewhetherandin

whatmannersuchrecommendationswillbeimplemented.Theactionsthe