Significant Q3 Transactions

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1 ef QUARTERLY DIALOGUE Q U A R T E R L Y D I A L O G U E T H I R D Q U A R T E R THIRD QUART ER 2012 For additional information, contact the NCA Healthcare investment banking team: Edward R. Casas, MD Senior Managing Director Head of Navigant Capital Advisors 847/ [email protected] Gregory Hagood Managing Director Investment Banking Practice Area Leader 404/ [email protected] Michael Lane Managing Director 312/ [email protected] Matthew M. Caine, CFA Managing Director 404/ [email protected] Kim Brady Managing Director 847/ [email protected] Neil Luria Managing Director 216/ [email protected] Jerry Chang Director, Valuation Services 404/ [email protected] The NCA Quarterly Dialogue contains news, statistics, and trends impacting select companies within the sector. Analysis is further organized to include: (i) Alternate Site, (ii) Diagnostic Services, (iii) Distribution, (iv) Equipment & Supplies, (v) Information Technology, (vi) Hospital Providers, (vii) Long-Term Care & Senior Living, and (viii) Managed Care companies. Significant Q3 Transactions September 28, TPG Capital, LP completed the acquisition of Par Pharmaceutical Companies, Inc. (NYSE:PRX) for $1.9 billion. Par Pharmaceutical Companies, Inc. engages in developing, licensing, manufacturing, marketing, and distributing generic and branded products. September 17, Formation Capital, LLC and SAFANAD Ltd. acquired a skilled nursing portfolio comprising 68 facilities located along the East Coast for $750 million. Formation Capital, LLC provides lending services to the senior housing industry. September 13, Thermo Fisher Scientific, Inc. (NYSE:TMO) signed a definitive agreement to acquire One Lambda, Inc. for $890 million. One Lambda, Inc. provides Human Leukocyte Antigens (HLA) products. September 3, Valeant Pharmaceuticals International, Inc. (TSX:VRX) entered into a definitive agreement to acquire Medicis Pharmaceutical Corp. (NYSE:MRX), a specialty pharmaceutical company, for $2.5 billion. August 22, Health Care REIT, Inc. (NYSE:HCN) entered into a definitive merger agreement to acquire Sunrise Senior Living, Inc. (NYSE:SRZ) for $860 million. Sunrise Senior Living, Inc. provides senior living services in the U.S., Canada, and the U.K. August 22, Roper Industries, Inc. (NYSE:ROP) completed the acquisition of Sunquest Information Systems, Inc. for $1.4 billion. Sunquest Information Systems, Inc. provides healthcare information systems. August 20, Aetna Inc. (NYSE:AET) entered into a definitive agreement to acquire Coventry Health Care, Inc. (NYSE:CVH) for $5.7 billion. Coventry Health Care, Inc. operates as a managed healthcare company. August 17, One Equity Partners entered into a definitive purchase agreement to acquire MModal, Inc. (NasdaqGS:MODL) for $800 million. MModal, Inc. provides clinical documentation solutions. August 17, Church & Dwight Co., Inc. (NYSE:CHD) entered into a stock purchase agreement to acquire Avid Health, Inc. for $650 million. The deal was subsequently completed on October 1, Avid Health, Inc. offers nutritional supplements. August 13, Vitalize Consulting Solutions, Inc. completed the acquisition of maxit Healthcare, LLC for $493 million. maxit Healthcare, LLC provides clinical IT implementation services. July 9, 2012 WellPoint, Inc. (NYSE:WLP) signed a definitive agreement to acquire AMERIGROUP Corp. (NYSE:AGP) for $4.5 billion. AMERIGROUP Corp. is a multi-state managed healthcare company. RESTRUCTURING MERGERS, ACQUISIT IONS & DIVESTIT URES PRIVAT E PL ACEMENT S VAL UATION Realizing Value Delivering Results Atlanta Chicago New York Investment banking, private placement, merger, acquisition and divestiture services offered through Navigant Capital Advisors, LLC. Member FINRA/SIPC.

2 September 30, 2012 To The Friends and Clients of Navigant Capital Advisors ( NCA ): We are pleased to share with compliments our Quarterly Dialogue for Q The M&A market in the healthcare industry generated 152 transactions worth a combined total of $28.3 billion during the third quarter of 2012, according to preliminary figures from Irving Levin Associates, Inc. Third quarter deal totals and dollar volume were down from the prior quarter by 50 deals and approximately $12.2 billion, respectively. The drop from the prior quarter is primarily due to lower deal volume in the Behavior Health, Biotechnology, and Hospital sectors as compared to the robust deal activity in these sectors in the second quarter of Pharmaceuticals, Managed Care, and Home Healthcare were the most active sectors during the third quarter of 2012, accounting for almost 71% of the quarter s volume. For the trailing three months ended September 30, 2012, the S&P Healthcare Index (+5.6%) outperformed most major equity market indices. Within the NCA Universe, Long-Term Care (+29.8%) and Hospital Providers (+9.4%) outperformed the other sectors in the industry, while the Information Technology (-2.9%) and Distributors (-0.2%) sectors lagged behind as the bottom performers. A few of the more notable transactions in the overall healthcare sector announced during the quarter include: WellPoint Inc.'s (NYSE:WLP) agreement to acquire AMERIGROUP Corp. (NYSE:AGP) for $4.5 billion Valeant Pharmaceuticals International, Inc.'s (TSX:VRX) agreement to acquire Medicis Pharmaceutical Corp. (NYSE:MRX) for $2.5 billion TPG Capital, LP's acquisition of Par Pharmaceutical Companies, Inc. (NYSE:PRX) for $1.9 billion Roper Industries Inc.'s (NYSE:ROP) acquisition of Sunquest Information Systems, Inc. for $1.4 billion Thermo Fisher Scientific, Inc.'s (NYSE:TMO) agreement to acquire One Lambda, Inc. for $890 million Health Care REIT, Inc.'s (NYSE:HCN) agreement to acquire Sunrise Senior Living, Inc. (NYSE:SRZ) for $860 million With the Presidential election around the corner and an uncertain fate of the Affordable Care Act in whole or in parts, we do not anticipate a slowdown in near term M&A activity. Larger sized organizations, along with their ability to realize economies of scale, will be far better positioned to meet the demands of healthcare delivery in the future. We have witnessed healthcare systems continuing to evolve beyond facility based providers to include physician practices and managed care plans. We expect this trend to continue which will put further pressure on independent hospitals and small healthcare systems to consolidate or affiliate now or risk financial distress in the future. We continue to work closely with our extensive Navigant National Healthcare Practice to provide investment banking services to a wide array of healthcare firms and investors. The industry leading Healthcare Practice provides a great resource for our clients. We welcome your comments and hope that you continue to find our Quarterly Dialogue informative. Matt Caine, CFA Michael Lane Edward R. Casas, MD Managing Director Managing Director Senior Managing Director Navigant Capital Advisors Navigant Capital Advisors Head of Navigant Capital Advisors [email protected] [email protected] [email protected] (404) (312) (847) Investment banking, private placement, merger, acquisition and divestiture services offered through Navigant Capital Advisors, LLC. Member FINRA/SIPC.

3 Healthcare Investment Banking Transactions* Realizing Value Delivering Results $690,600,000 $83,800,000 $156,000,000 Not Disclosed $58,500,000 Sale of Assets on behalf of has been acquired by has been acquired by has been acquired by has been acquired by MedCath Corporation (Nasdaq: MDTH) St. David s Healthcare Partnership, L.P. Sell Side Advisor Sell Side Advisor Sell Side Advisor Sell Side Advisor Sell Side Advisor $31,000,000 $73,000,000 $830,000,000 $38,000,000 $206,900,000 has been acquired by has been acquired by has been acquired by has been acquired by Steward Health Care System LLC Steward Health Care System LLC has been acquired by Steward Health Care System LLC AR-MED, LLC Sell Side Advisor Sell Side Advisor Sell Side Advisor Sell Side Advisor Sell Side Advisor Not Disclosed $5,000,000 $86,400,000 $25,000,000 $38,100,000 MedCath Partners Division has been acquired by has acquired MedCath s equity interest and secured loan in An equity interest in has been acquired by has been acquired by has been acquired by Sell Side Advisor Sell Side Advisor Sell Side Advisor Sell Side Advisor Sell Side Advisor $76,250,000 $62,600,000 Not Disclosed $32,000,000 $119,000,000 has been acquired by Sell Side Advisor has been acquired by has been acquired by Sell Side Advisor Sell Side Advisor has been acquired by Sell Side Advisor has been acquired by Sell Side Advisor To access and subscribe to Navigant s proprietary Quarterly Dialogue that tracks industry trends, metrics and news, go to: I N V E S T M E N T B A N K I N G R E S T R U C T U R I N G VA L U AT I O N & F I N A N C I A L R I S K M A N A G E M E N T cacf.com Atlanta Chicago New York San Francisco and does not provide audit, attest, or public accounting services. See for a complete listing of private investigator licenses. * Recent Investment Banking transactions, all consummated within the last 24 months

4 Navigant Healthcare Contacts: Practice Leaders Dave Zito Managing Director Alex Hunter Managing Director Eduardo Schur Managing Director Division Leaders Dave Hampshire Andy Epstein Armand Balsano Marty Rosenberg Navigant Healthcare assists health systems, physician practice groups and payers in designing, developing and implementing solutions that create highperforming healthcare organizations. Our experienced healthcare team of more than 500 healthcare consultants helps organizations with strategic advisory, operational improvement, and outsourcing and technology solutions. Specific services include revenue cycle management, supply chain improvement, facilities planning, physician-hospital alignment, care innovation and clinical documentation improvement. What We Do Strategic Advisory Navigant provides healthcare executives objective, practical, results-oriented assistance to set strategic directions that enable long term growth through the ever changing industry. Our services include:» Enterprise Strategic Planning» Business Plan Development, Validation and Execution» Physician Collaboration and Health System Integration Strategies» Market Research, Analysis and Forecasting» Portfolio Analysis/Planning» Product Planning, Launch and Life Cycle Strategies» Pricing and Reimbursement strategy, Design and Implementation» Public Policy Evaluation and Design» Dispute, Investigation and Compliance Advisory» Financial Advisory, including M&A, Business Valuation, Due Diligence and Restructuring and Bankruptcy Advisory For additional information, please visit the Navigant Healthcare website at: Operations Management & Implementation Navigant has extensive experience, and a successful record, helping healthcare organizations implement solutions to improve financial, operational and quality performance. Our services include:» Performance Improvement Assessments/Implementation» Revenue Cycle: Capture, Collection Acceleration, Payer Contract Improvement» Supply Chain Management and Procurement Assistance» Clinical Throughput and Capacity Management» Physician Services and Medical Staff Development» Physician Practice and ASC Management» Contract Monitoring and Oversight» Federal Compliance Requirement, and Revenue Opportunity Assessments» Facility Planning, Design and Construction Management Outsourcing and Technology Solutions Navigant provides outsourcing and technology solutions to improve efficiency and help clients make more informed decisions based on better information management. Our services include:» Billing and Collections Outsourcing» Electronic Health Record Adoption and Implementation» Performance Scorecards and Revenue Cycle Productivity Metrics» Interactive and Dynamic Marketing Tools, Benchmarking and Information Management Technology Solutions» Proprietary Tools - Navigant VitalStats TM - HealthAware - CDI Monitor - GPS Health TM

5 HEALTHCARE SERVICES QUARTERLY DIALOGUE Third Quarter 2012 Navigant s Perspective: 1 The Massachusetts Story: How Change May Unfold in Other Markets Market Summary 6 Healthcare Industry Stock Market Value Index 8 NCA Universe 9 Public Company Equity Market Value Analysis Alternate Site 12 Diagnostic Services 15 Healthcare Distributors 18 Healthcare Equipment and Supplies 21 Healthcare Information Technology 24 Hospital Providers 27 Long-Term Care / Senior Living 30 Managed Care 33 Healthcare Industry Transactions 36 Distressed Market Indicators 40 Notes / Subscription Form Navigant Capital Advisors, LLC. All rights reserved. Navigant Capital Advisors, LLC (Member FINRA, SIPC) is a wholly owned broker/dealer of Navigant Consulting, Inc. Navigant Consulting is not a certified public accounting firm and does not provide audit, attest, or public accounting services. See for a complete listing of private investigator licenses. NCA gathers its data from sources it considers reliable. However, it does not guarantee the accuracy or completeness of the information provided within this publication. Any opinions presented reflect the current judgment of the authors and are subject to change. NCA makes no warranties, expressed or implied, regarding the accuracy of this information or any opinions expressed by the authors. (Officers, directors and employees of Navigant Consulting, Inc. and its subsidiaries may have positions in the securities of the companies discussed.) This publication does not constitute a recommendation with respect to the securities of any company discussed herein, and it should not be construed as such. NCA or its affiliates may from time to time provide investment banking or related services to these companies. Like all NCA employees, the authors of this publication receive compensation that is affected by overall firm profitability.

6 Navigant s Perspective The Massachusetts Story: How Change May Unfold in Other Markets The multitude of complex regulatory, economic and care delivery factors that led to the Accountable Care Act (ACA) are largely the same factors that led to the sweeping healthcare reform implemented in the state of Massachusetts in Of course, in the last six years healthcare has become even more volatile with growing levels of uncompensated care, proliferation of new science and technology and the associated escalation of healthcare costs. Still, there is much to be learned from the Massachusetts experience that can serve as a predictive framework of how change might unfold throughout the country. Specifically, the conditions that led to the Massachusetts law, the most effective responses, surprises and other lessons learned can help inform other states, commercial payers, physician groups, health system providers and other industry players as they plan for the impact of reform on their core strategies. So what were the conditions that led to the Massachusetts law in the first place? As a state that enjoys a tradition of direct engagement with healthcare, Massachusetts had considered many models over many years that could address the issues of: Growing levels of uninsured and uncompensated care Constrained access to primary care and preventive care services A need to reduce overall state healthcare costs Through the Commonwealth Health Insurance Connector and other reform initiatives, Massachusetts succeeded in providing coverage to more than 95 percent of state residents, and increased access to a broad range of healthcare services, including primary care and preventive services. These successes built upon the state s long history of reform efforts across public and private sector groups. While much progress was made on the access front, Massachusetts was largely unsuccessful at containing costs through these initiatives. In fact, the Massachusetts experience showed that when access increases, costs go up. Healthcare spending in Massachusetts is 15 percent higher than the national average, although premium growth has slowed somewhat. This gap has continued to widen, an issue that the state ultimately will need to address under the ACA through provider payment reform and other significant cost reduction initiatives. (In August, Massachusetts Gov. Deval Patrick signed into law a bill that state lawmakers say could save Massachusetts as much as $200 billion over the next 15 years by pegging healthcare spending at or below the state s overall rate of growth.) LESSONS FROM MASSACHUSETTS The state s inability to deal with fundamental financial and cost of care issues in the early years of reform offers many important lessons for the healthcare industry under the ACA. These lessons fall into the following general categories: Size is not the only predictor of contract quality. Through the early days of reform, Blue Cross Blue Shield of Massachusetts plans sustained preferential rate structures with several quality providers in the Boston market. Some estimates put these payment differentials as high as 30 percent. The focus of payers and employers was to access musthave providers, not to enhance their value. It was not until large employers in the marketplace put pressure on the Blues that payment levels began to level out across the provider community, making cost reduction possible. The next step in achieving significant and lasting cost reductions is in the adoption of significantly different payment methodologies, including innovative cost-sharing and risk-bearing arrangements. Massachusetts Blue Cross Alternative Quality Page 1 of 46

7 Product, implemented in 2009, has shown early signs of success in slowing cost-of-care increases while maintaining quality. Proliferation of academic medicine entrenched in quaternary care may provide additional hurdles to meaningful progress toward cost containment. Massachusetts has a plethora of academic medical centers. This concentration brings significant barriers to cost reduction. While academic providers may have supported the concept of cost reduction, they had fundamental cultural and cost structure issues that limited their ability to make meaningful progress in the early days of the Massachusetts law. On one hand, these centers can accurately be described as job creators that generate economic development. On the other hand, a large percentage of care may be provided in a less-costly setting, leading to healthcare being too expensive and posing a barrier to economic development. It remains to be seen what role the academic medical center of the future can and will play in healthcare cost reduction. Successful academic medical centers will be those that embrace opportunities to increase efficiencies in the delivery of complex care, while also deploying their teaching, research and clinical missions toward population health management initiatives. These changes may require a fundamental shift in academic culture, faculty incentives and new models for approaching the marketplace (e.g., new roles for community-based providers affiliated with the academic medical center.) Some level of provider consolidation must occur before real cost containment and value creation can be achieved. It is difficult, if not impossible, for freestanding community hospitals and physician practices to have the assets required to thrive under a reform scenario in a timely manner. Specifically, hospitals and physician groups need to be part of something bigger than a single, stand-alone structure to ensure access to capital, managed care contracting and infrastructure, and fixed cost leverage across multiple sites. In addition, the leadership requirements for succeeding are quite different than the leadership requirements of the past. Future leaders should not be afraid to make the jump to curve 2 care delivery and the corresponding reallocation of capital, physician incentives and operational priorities. In the future, this leadership will be concentrated in large, complex organizations that will be sufficiently capitalized to move nimbly in executing core strategies. Despite several recent hospital mergers, Boston still is ranked as one of the nation s 19 least-concentrated health system markets, according to a Navigant estimate of the Herfindahl-Hirschman Index (HHI) used by the U.S. Department of Justice and Federal Trade Commission. Taxable/private equity participation in the provider market can instigate change. One only has to look at the entry of the private equity firm, Cerberus Capital Management, into the Boston market to see the impact a new, well-capitalized player can have on the pace and nature of market consolidation. In a market previously dominated by large academic players, Cerberus acquisition of Caritas Christi Health Care and the resulting formation of Steward Health Care System significantly changed the landscape of Boston healthcare. Cerberus desire for a big platform deal led it to invest more than $800 million in the formation of Steward Health Care System $400 million in acquisition costs and another $400 million in committed capital for information technology investments, physician development and other strategic and operational initiatives. These investments raised the bar in the market for cost containment and other reform-friendly activities. IS YOUR STATE THE NEXT MASSACHUSETTS? So how do these lessons help predict the future for other states as providers and payers prepare for national healthcare reform? The following conditions suggest a predisposition and perhaps a predictor of where early stages of change may be implemented most successfully. Interestingly enough, many of these conditions are the very same criteria that taxable providers use when evaluating desirability of market entry a market where they can have a fundamental positive financially accretive outcome. A political climate friendly to taxable providers: Massachusetts is a good example of what can happen when taxable providers become a significant component of the healthcare landscape. With their focus on shareholder value, for-profits can reset the bar in terms of cost of care delivery. Page 2 of 46

8 High unemployment: High statewide unemployment means more people will gain access/coverage in the future. This will encourage providers and payers to work together toward the common goal of providing the best possible care under the highest value delivery model. Exchange progress/experience with Pioneer ACOs: National healthcare reform is likely to unfold most constructively in those states that already have made significant progress on commercial exchange initiatives. Specifically, progress in state exchanges increases the likelihood of people gaining commercial rather than Medicaid coverage, a desired outcome for key stakeholders. To become a Pioneer Accountable Care Organization, the Centers of Medicare & Medicaid Services must be convinced that the ACO has the infrastructure to successfully manage a medical expense budget. With this criteria, it is not surprising that Massachusetts, with the first phase of reform behind it, has six of the 32 Pioneer ACOs nationwide. A moderately concentrated commercial payer market: A commercial payer market that is not overly concentrated may enhance the ability of employers and providers to negotiate innovative value or budget-based payment programs with multiple commercial payers. A moderately consolidated provider market, particularly those with many small to mid-sized Integrated Delivery Networks (IDNs): Provider consolidation will be essential under reform, as the cost of building the infrastructure needed to succeed will most certainly need to be spread over a larger organizational base. Both individual hospitals and small to mid-size IDNs will be especially pressured to consolidate. Market experience with capitation: States with an existing risk-based presence and, specifically, those with high Medicaid HMO enrollment or a high Medicare Advantage population, will be more likely to be early adopters of the types of risk contracting approaches required. Given this experience, it is likely that the infrastructure required to manage care is farther along in these markets. High inpatient utilization rates: Markets with above-average utilization rates may have more upside potential to control costs/utilization through accountable care approaches. The exception to this may be in a state that derives these high utilization rates from a high concentration of academic and other quaternary providers. An adequate supply of physician providers: Access to physician and other non-physician providers is essential as the number of insured increases. This need for sufficient providers is particularly acute in the primary and preventive care specialties. Using these criteria and the lessons learned in the Massachusetts experience, Navigant completed a high level ranking of how states might be expected to perform under national healthcare reform. Navigant scored 140 MSAs in this analysis, with 49 markets scoring in the top quartile of readiness for reform. The top quartile markets are located in 20 states and the District of Columbia, with only 10 of these markets west of the Mississippi River. Examples of high, medium and low readiness scores from this analysis are as follows: "HIGH" READINESS Markets that scored the highest in their readiness for reform included large urban markets such as Philadelphia, Detroit and Atlanta. These three markets moderately concentrated provider communities, combined with the markets experience with capitation, are the two most consistent criteria that led to these states high scoring. In the Philadelphia market, payers are proactively approaching the need to reduce costs. Examples include the growth of consumer-driven health plans that have enabled employers to shift rising healthcare costs to employees, and Independence Blue Cross, the market s largest insurer, which is implementing a number of coordination of care and payment reform initiatives. Additionally, a Philadelphia-area physician group is among 32 Pioneer ACOs selected by CMS to manage care under its new payment initiative. Philadelphia hospitals and health systems are responding to the need to reduce costs by shifting more care to the outpatient setting and forming new community-based partnerships. Page 3 of 46

9 In Detroit, unemployment remains high, although the economy is beginning to rebound as the automotive industry stabilizes. The provider market is only moderately consolidated with pressure for greater consolidation, leading to new models for health system collaboration. In fact, many Detroit area health systems have formed ACOs and are negotiating alliances in specialty areas. Taxable dollars are present in the market with Vanguard Health Systems acquisition of Detroit Medical Center in In Atlanta, both Emory Healthcare and Piedmont Healthcare have made key acquisitions that have provided them with critical mass to build infrastructure required. Additionally, three of the market s top four health plans are forming patient-centered medical homes and multiple forms of ACOs. These are just a few examples of the types of market activities that might suggest a market s high readiness for national healthcare reform. MEDIUM READINESS Markets as diverse as Albuquerque, N.M., and Louisville, Ky., scored in the middle of the pack in terms of readiness. In Albuquerque, the large and growing Medicaid market has led to significantly reduced payments to hospitals and physicians. As a result, providers are looking for new ways to attract insured patients, including service expansion into suburban areas. In 2011, New Mexico Gov. Susana Martinez vetoed a bill that would have created a state health insurance exchange initiative and pushed for repeal of Federal healthcare reform legislation. With national reform still moving forward, the Albuquerque market will be forced to explore new models for cost-effective care delivery for its diverse and challenging payer mix. In the Louisville market, significant provider consolidation has proven difficult, with Kentucky Gov. Steve Beshear rejecting the three-way merger of University of Louisville Hospital, Jewish Hospital & St. Mary s and Saint Joseph Health System in Lexington. That said, significant opportunities exist as the Louisville physician sector continues its alignment with these large area health systems, which are looking to tap into the infrastructure required to take on new payment methodologies. LOW READINESS Lastly, examples of markets that scored at the low end of the readiness for reform analytic include Raleigh, N.C., Baton Rouge, La., and Omaha, Neb. The Raleigh market has seen turmoil in the payer market, exemplified by Aetna s contract termination with UNC Health Care in Employers were not willing to be without UNC and switched to other payers, leading to new product and network offerings. These changes have taken the focus off of true managed care cost savings, and, as a result, providers and payers have some catch-up to do to prepare. Hospitals and health systems in the Omaha market, while highly consolidated, have not had the reputation of being early adopters of healthcare reform initiatives. Providers have only moderate use of disease management and utilization management programs, although that may be changing with the formation of a market-wide Accountable Care Alliance. That said, economic pressures for healthcare reform are not as strong as in other mid-sized markets, given the relative strength of the local economy. The Baton Rouge healthcare market faces significant challenges, as the state closed Louisiana State University s Earl K. Long Medical Center, the market s safety-net provider, and transferred care to the market s largest healthcare system, the Franciscan Missionaries of our Lady Health System and its Our Lady of the Lake Regional Medical Center. This has led to major hospital construction initiatives and the need to grow and reorganize the physician community away from small groups and solo practices into larger entities that can more proactively manage the health needs of the region. These examples show that there will not be a one-size fits all strategy for a market to prepare for national healthcare reform. Page 4 of 46

10 So what are the implications of the key learnings from Massachusetts and the predictors for which states will be next? The implications can be summarized as follows: Some states and markets will move faster than Federal healthcare reform. Increased access will increase total costs. Those organizations that focus intensely on lowering per-member cost early on will increase their likelihood of success. The pace and level of market consolidation will escalate and new organizational models/legal structures for IDNs will emerge. Partners HealthCare and Steward Health Care System in Boston are good examples of this evolution. Both have developed a variety of wholly-owned and contractual participation models. Continued growth is expected in physician employment, with compensation programs that include risk pools and mirror the value and budget-based payment systems adopted under reform. Antitrust and state attorney general activities will evolve as they wrestle with the conflict inherent in balancing pro-competitive behavior with the need for market consolidation to access capital required for infrastructure. There will be a premium on management s ability to manage through the conversion from fee-for-service to value and budget-based compensation. Providers and other market participants can and should use these Massachusetts lessons and market-specific predictors to refine organizational strategy and operational priorities. At a minimum, organizations should evaluate the readiness of their current structures (e.g., simpler, less complex corporate structures will be preferred) and incentives (e.g., are we incentivizing the right behaviors?) under their predicted reform scenario. Additionally, organizations should prepare to collaborate, both horizontally and vertically, with a variety of other market participants that can align around common goals. Whether a market is earlier or later in its stage of reform impact, reform is coming and proactive planning will heighten the probability of organizational success. David Burik, Managing Director, Navigant Healthcare Lisa Rolfe, Managing Director, Navigant Healthcare Page 5 of 46

11 Market Summary Major Equity Market Indices Index % Change From 9/30/ Months Ago 1 Year Ago 2 Years Ago 3 Months Ago 1 Year Ago 2 Years Ago Dow Jones Industrial 13, , , , % 23.1% 24.6% NASDAQ Composite 3, , , , % 29.0% 31.6% Russell % 30.0% 23.9% S&P 500 1, , , , % 27.3% 26.2% Wilshire , , , , % 27.4% 25.5% S&P Healthcare Index % 26.5% 31.5% Page 6 of 44

12 Market Summary (cont.) Benchmark Interest Rates Interest Rate 9/30/ Year Ago Prime Rate 3.25% 3.25% 1-Month Libor 0.21% 0.24% 3-Month Libor 0.36% 0.37% 6-Month Libor 0.64% 0.56% 12-Month Libor 0.97% 0.86% 2-Year Treasury 0.23% 0.25% 10-Year Treasury 1.64% 1.93% 30-Year Treasury 2.83% 2.92% Average Bid Prices Page 7 of 44

13 Healthcare Industry Stock Market Value Index S&P Healthcare Index vs. the Dow Jones Industrial Average during the last 12 months Relative Performance (%) Dow Jones Industrial Average (^DJI) S&P Healthcare Index (^HCX) S&P Healthcare Index vs. the Nasdaq Composite during the last 12 months Relative Performance (%) NASDAQ Composite (^COMP) S&P Healthcare Index (^HCX) S&P Healthcare Index vs. the S&P 500 during the last 12 months Relative Performance (%) S&P 500 Index (^SPX) S&P Healthcare Index (^HCX) Page 8 of 44

14 NCA Universe Public Company Equity Market Value Analysis Market Capitalizations % Change Segments/Companies Ticker as of 9/30/2012 ($mm) 3-Month 6-Month 12-Month Alternate Site: Amedisys Inc. AMED % -2.4% -2.4% AmSurg Corp. AMSG % 1.7% 27.3% DaVita Inc. DVA 9, % 16.0% 67.5% Fresenius Medical Care AG & Co. KGAA DB:FME 17, % 8.1% 13.3% Gentiva Health Services Inc. NasdaqGS:GTIV % 28.1% 104.8% IPC The Hospitalist Company, Inc. IPCM % 24.7% 29.8% Diagnostic Services: Alliance, Inc. AIQ % -5.9% 24.3% Bio-Reference Laboratories Inc. BRLI % 21.2% 53.8% Laboratory Corp. of America Holdings LH 8, % -0.3% 10.8% Quest Diagnostics Inc. DGX 10, % 3.6% 28.9% RadNet, Inc. RDNT % -10.4% 16.7% Healthcare Distributors: AmerisourceBergen Corporation ABC 9, % -4.7% -2.9% Cardinal Health, Inc. CAH 13, % -11.0% -8.2% Henry Schein, Inc. HSIC 7, % 2.7% 22.4% McKesson Corporation MCK 20, % -6.0% 13.4% Omnicare Inc. OCR 3, % -6.2% 28.7% Owens & Minor Inc. OMI 1, % -1.8% 4.5% PSS World Medical Inc. PSSI 1, % -11.9% 9.1% Stericycle, Inc. SRCL 7, % 9.3% 11.5% Thermo Fisher Scientific, Inc. TMO 21, % 4.3% 11.2% Healthcare Equipment and Supplies: Abbott Laboratories ABT 107, % 11.6% 35.2% Baxter International Inc. BAX 32, % -0.8% 3.4% Becton, Dickinson and Company BDX 15, % -3.9% -1.7% Boston Scientific Corporation BSX 8, % -5.0% -10.0% CardioNet, Inc. BEAT % -16.2% -14.2% Johnson & Johnson JNJ 189, % 4.9% 8.9% Medtronic, Inc. MDT 43, % 7.9% 25.3% Siemens AG SIE 68, % 3.5% 15.6% St. Jude Medical Inc. STJ 13, % -4.8% 10.9% Page 9 of 44

15 NCA Universe Public Company Equity Market Value Analysis (cont.) Market Capitalizations % Change Segments/Companies Ticker as of 9/30/2012 ($mm) 3-Month 6-Month 12-Month Healthcare Information Technology: Allscripts Healthcare Solutions, Inc. MDRX 2, % -32.7% -37.2% athenahealth, Inc. ATHN 3, % 25.7% 58.6% Cerner Corporation CERN 13, % 2.5% 14.4% Computer Programs & Systems Inc. CPSI % -1.7% -16.0% HMS Holdings Corp. HMSY 2, % 7.4% 39.5% icad Inc. ICAD % -12.1% -9.6% MedAssets, Inc. MDAS 1, % 36.8% 84.0% Omnicell Inc. OMCL % -9.1% 1.4% Quality Systems Inc. QSII 1, % -57.4% -61.3% WebMD Health Corp. WBMD % -51.7% -60.8% Hospital Providers: Community Health Systems, Inc. CYH 2, % 32.2% 73.5% HCA Holdings, Inc. HCA 14, % 35.1% 66.5% Health Management Associates Inc. HMA 2, % 25.8% 22.3% Lifepoint Hospitals Inc. LPNT 2, % 10.1% 9.8% Tenet Healthcare Corp. THC 2, % 20.0% 37.6% Universal Health Services Inc. UHS 4, % 9.3% 33.2% Vanguard Health Systems Inc. VHS % 25.6% 21.8% Long-Term Care / Senior Living: Advocat Inc. AVCA % 14.7% -1.3% Brookdale Senior Living Inc. BKD 2, % 25.4% 85.9% Capital Senior Living Corp. CSU % 58.4% 137.7% Emeritus Corp. ESC % 18.7% 51.1% The Ensign Group, Inc. ENSG % 14.0% 35.5% Kindred Healthcare Inc. KND % 33.9% 34.2% Skilled Healthcare Group, Inc. SKH % -14.9% 80.5% Sun Healthcare Group, Inc. SUNH % 25.6% 218.5% Sunrise Senior Living Inc. SRZ % 125.8% 204.6% Managed Care: Aetna Inc. AET 13, % -24.7% -2.3% Cigna Corp. CI 13, % -3.9% 20.0% Coventry Health Care Inc. CVH 5, % 10.5% 30.4% Express Scripts Holding Company ESRX 50, % 93.3% 180.6% Health Net, Inc. HNT 1, % -44.3% -13.2% Humana Inc. HUM 11, % -25.2% -6.5% UnitedHealth Group Incorporated UNH 57, % -7.1% 15.3% WellPoint Inc. WLP 18, % -23.6% -19.9% Page 10 of 44

16 NCA Universe Public Company Equity Market Value Analysis (cont.) Relative Performance (%) Alternate Site Diagnostic Services Distributors Equipment & Supplies Information Technology Hospital Providers Long-Term Care / Senior Living Managed Care S&P 500 Index (^SPX) NCA Universe - Index Returns 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% Alternate Site Diagnostic Services Distributors Equipment & Supplies Information Technology Hospital Providers Long-Term Care / Senior Living Managed Care -20.0% 3-Month Return 6-Month Return 12-Month Return Page 11 of 44

17 Alternate Site Relative Price Chart Alternate Site NASDAQ Composite (^COMP) S&P 500 Index (^SPX) Valuation Metrics Recent Shares Market Enterprise Last Twelve Months Stock Price Outstanding 52-Week 52-Week Capitalization Value EV/ EV/ EV/ Company Ticker (9/28/2012) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT Alternate Site Amedisys Inc. AMED $ $15.95 $9.12 $423.4 $ x 4.7x 7.4x AmSurg Corp. AMSG , x 5.3x 5.9x DaVita Inc. DVA , , x 9.2x 11.2x Fresenius Medical Care AG & Co. KGAA DB:FME , , x 9.0x 11.4x Gentiva Health Services Inc. GTIV , x 6.3x 7.6x IPC The Hospitalist Company, Inc. IPCM x 14.2x 15.2x High 1.94x 14.2x 15.2x Low 0.35x 4.7x 5.9x Mean 1.35x 8.1x 9.8x Median 1.66x 7.6x 9.4x Page 12 of 44

18 Alternate Site (cont.) Third Quarter 2012 News September 7, HealthCare Partners, LLC acquired ABQ Health Partners, LLC for approximately $140 million. ABQ Health Partners, LLC operates as a multi-specialty medical group in New Mexico. August 31, TK Behavioral, LLC completed the acquisition of Timberline Knolls for approximately $68 million. Timberline Knolls, LLC operates as a residential treatment center to treat women and adolescent girls with eating disorders, substance abuse, trauma, mood and cooccurring disorders. July 16, Correct Care Solutions, LLC completed the acquisition of Conmed Healthcare Management, Inc. (AMEX:CONM) for approximately $60 million. Conmed Healthcare Management, Inc. provides correctional healthcare services to county and municipal detention centers. Page 13 of 44

19 Alternate Site (cont.) Benchmarking SIZE (Revenue in $mm) HISTORICAL GROWTH (Annual Revenue) Fresenius Medical Care AG & Co. KGAA $13,074.3 IPC The Hospitalist Company, Inc. 21.8% DaVita Inc. 7,298.5 AmSurg Corp. 17.7% Gentiva Health Services Inc. 1,783.3 Gentiva Health Services Inc. 13.7% Amedisys Inc. 1,481.9 DaVita Inc. 12.6% AmSurg Corp Fresenius Medical Care AG & Co. KGAA 7.1% IPC The Hospitalist Company, Inc Amedisys Inc. -4.4% PROFITABILITY PROFITABILITY (EBIT Margin %) (EBITDA Margin %) AmSurg Corp. 31.0% AmSurg Corp. 34.3% DaVita Inc. 17.2% DaVita Inc. 21.0% Fresenius Medical Care AG & Co. KGAA 16.0% Fresenius Medical Care AG & Co. KGAA 20.3% IPC The Hospitalist Company, Inc. 9.9% IPC The Hospitalist Company, Inc. 10.6% Gentiva Health Services Inc. 8.5% Gentiva Health Services Inc. 10.2% Amedisys Inc. 6.3% Amedisys Inc. 9.0% LEVERAGE (Debt/Capitalization) LEVERAGE (Total Debt/EBITDA) IPC The Hospitalist Company, Inc. 6.3% IPC The Hospitalist Company, Inc. 0.3x Amedisys Inc. 20.5% Amedisys Inc. 1.0x AmSurg Corp. 32.2% AmSurg Corp. 1.6x Fresenius Medical Care AG & Co. KGAA 49.1% DaVita Inc. 2.9x DaVita Inc. 60.8% Fresenius Medical Care AG & Co. KGAA 3.3x Gentiva Health Services Inc. 81.7% Gentiva Health Services Inc. 5.2x Page 14 of 44

20 Diagnostic Services Relative Price Chart Diagnostic Services NASDAQ Composite (^COMP) S&P 500 Index (^SPX) Valuation Metrics Recent Shares Market Enterprise Last Twelve Months Stock Price Outstanding 52-Week 52-Week Capitalization Value EV/ EV/ EV/ Company Ticker (9/28/2012) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT Diagnostic Services Alliance, Inc. AIQ $ $2.19 $0.72 $72.5 $ x 4.7x 17.2x Bio-Reference Laboratories Inc. BRLI x 9.0x 11.0x Laboratory Corp. of America Holdings LH , , x 8.5x 10.0x Quest Diagnostics Inc. DGX , , x 8.3x 10.1x RadNet, Inc. RDNT x 6.0x 12.9x High 1.94x 9.0x 17.2x Low 1.00x 4.7x 10.0x Mean 1.48x 7.3x 12.2x Median 1.43x 8.3x 11.0x Page 15 of 44

21 Diagnostic Services (cont.) Third Quarter 2012 News September 17, Beckman Coulter, Inc. entered into a definitive merger agreement to acquire IRIS International, Inc. (NasdaqGS:IRIS) for approximately $350 million. IRIS International, Inc. manufactures in vitro diagnostic products. September 13, Vystar Corporation (OTCPK:VYST) completed the acquisition of an undisclosed membership interest of SleepHealth, LLC. SleepHealth, LLC provides diagnostic sleep management services to physicians and multi-specialty clinics, hospitals, and wellness centers that offer executive health and well-being programs. July 9, Luminex Corporation (NasdaqGS:LMNX) completed the acquisition of GenturaDx- USA, Inc. for approximately $95 million. GenturaDx-USA, Inc., a molecular diagnostics company, develops and manufactures automated instruments for hospitals and patients. July 1, Fairfield Medical Center completed the acquisition of an undisclosed stake in River View Imaging Center. Fairfield Medical Diagnostic Services at River View is an outpatient laboratory and offers laboratory and radiology services such as magnetic resonance imaging, CT scans, and routine x-rays. Page 16 of 44

22 Diagnostic Services (cont.) Benchmarking SIZE (Revenue in $mm) HISTORICAL GROWTH (Annual Revenue) Quest Diagnostics Inc. $7,625.4 Bio-Reference Laboratories Inc. 20.7% Laboratory Corp. of America Holdings 5,597.2 RadNet, Inc. 12.7% RadNet, Inc Laboratory Corp. of America Holdings 8.1% Bio-Reference Laboratories Inc Alliance, Inc. 3.6% Alliance, Inc Quest Diagnostics Inc. 3.3% PROFITABILITY PROFITABILITY (EBIT Margin %) (EBITDA Margin %) Laboratory Corp. of America Holdings 19.3% Alliance, Inc. 29.4% Quest Diagnostics Inc. 17.6% Laboratory Corp. of America Holdings 22.8% Bio-Reference Laboratories Inc. 11.1% Quest Diagnostics Inc. 21.4% RadNet, Inc. 8.1% RadNet, Inc. 17.1% Alliance, Inc. 7.1% Bio-Reference Laboratories Inc. 13.6% LEVERAGE (Debt/Capitalization) LEVERAGE (Total Debt/EBITDA) Bio-Reference Laboratories Inc. 13.7% Bio-Reference Laboratories Inc. 0.4x Laboratory Corp. of America Holdings 44.8% Laboratory Corp. of America Holdings 1.7x Quest Diagnostics Inc. 50.2% Quest Diagnostics Inc. 2.4x RadNet, Inc % Alliance, Inc. 4.4x Alliance, Inc % RadNet, Inc. 5.1x Page 17 of 44

23 Healthcare Distributors Relative Price Chart Distributors NASDAQ Composite (^COMP) S&P 500 Index (^SPX) Valuation Metrics Recent Shares Market Enterprise Last Twelve Months Stock Price Outstanding 52-Week 52-Week Capitalization Value EV/ EV/ EV/ Company Ticker (9/28/2012) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT Healthcare Distributors AmerisourceBergen Corporation ABC $ $42.32 $34.74 $9,740.9 $9, x 7.1x 7.9x Cardinal Health, Inc. CAH , , x 6.3x 7.4x Henry Schein, Inc. HSIC , , x 10.7x 12.8x McKesson Corporation MCK , , x 7.5x 9.3x Omnicare Inc. OCR , , x 7.7x 9.6x Owens & Minor Inc. OMI , , x 7.5x 8.7x PSS World Medical Inc. PSSI , , x 8.7x 11.1x Stericycle, Inc. SRCL , , x 16.8x 19.4x Thermo Fisher Scientific, Inc. TMO , , x 10.7x 17.3x High 5.06x 16.8x 19.4x Low 0.12x 6.3x 7.4x Mean 1.15x 9.2x 11.5x Median 0.70x 7.7x 9.6x Page 18 of 44

24 Healthcare Distributors (cont.) Third Quarter 2012 News September 18, Medi-Dyne Healthcare Products, LTD completed the acquisition of Cho-Pat, Inc. Cho-Pat, Inc. designs, manufactures, and distributes preventive and pain-reducing sports/medical devices. Terms of the deal were not disclosed. September 12, Silvermine Opportunity Funding, LLC agreed to acquire Physicians Total Care, Inc. Physicians Total Care, Inc. repackages and distributes prescription medications and pharmaceuticals. Terms of the deal were not disclosed. July 19, Ellman International, Inc. completed the acquisition of the assets of Sandstone Medical Technologies, LLC. Sandstone Medical Technologies, LLC manufactures and distributes aesthetic laser systems to physicians and healthcare practitioners. Terms of the deal were not disclosed. July 17, H. Whitney & Co., LLC completed the acquisition of TIDI Products, LLC. TIDI Products, LLC manufactures and supplies single-use infection prevention products for medical, dental, and foodservice markets. Terms of the deal were not disclosed. July 17, Henry Schein, Inc. (NasdaqGS:HSIC) completed the acquisition of Ortho Technology, Inc., Modern Laboratory Services, Inc. and 75% of Accord Corporation Co., Ltd. The three companies distribute dental products, disposable medical equipment, and orthodontic supplies, respectively. Terms of the deal were not disclosed.. Page 19 of 44

25 Healthcare Distributors (cont.) Benchmarking SIZE (Revenue in $mm) HISTORICAL GROWTH (Annual Revenue) McKesson Corporation $122,734.0 Stericycle, Inc. 15.7% Cardinal Health, Inc. 107,551.0 Thermo Fisher Scientific, Inc. 13.9% AmerisourceBergen Corporation 81,000.6 Henry Schein, Inc. 12.5% Thermo Fisher Scientific, Inc. 12,100.1 PSS World Medical Inc. 10.0% Owens & Minor Inc. 8,722.0 McKesson Corporation 9.5% Henry Schein, Inc. 8,681.5 Cardinal Health, Inc. 7.2% Omnicare Inc. 6,250.4 Owens & Minor Inc. 5.4% PSS World Medical Inc. 2,130.9 Omnicare Inc. 3.1% Stericycle, Inc. 1,738.0 AmerisourceBergen Corporation 2.6% PROFITABILITY PROFITABILITY (EBIT Margin %) (EBITDA Margin %) Stericycle, Inc. 26.3% Stericycle, Inc. 30.2% Thermo Fisher Scientific, Inc. 12.6% Thermo Fisher Scientific, Inc. 20.2% Omnicare Inc. 8.4% Omnicare Inc. 10.6% Henry Schein, Inc. 6.9% Henry Schein, Inc. 8.3% PSS World Medical Inc. 6.3% PSS World Medical Inc. 8.0% Owens & Minor Inc. 2.5% Owens & Minor Inc. 2.8% McKesson Corporation 1.9% McKesson Corporation 2.3% Cardinal Health, Inc. 1.6% Cardinal Health, Inc. 1.9% AmerisourceBergen Corporation 1.5% AmerisourceBergen Corporation 1.7% LEVERAGE (Debt/Capitalization) LEVERAGE (Total Debt/EBITDA) Henry Schein, Inc. 14.2% Henry Schein, Inc. 0.7x Owens & Minor Inc. 18.5% Owens & Minor Inc. 0.9x Cardinal Health, Inc. 29.0% Cardinal Health, Inc. 1.2x Thermo Fisher Scientific, Inc. 30.4% AmerisourceBergen Corporation 1.4x Omnicare Inc. 34.2% McKesson Corporation 1.4x McKesson Corporation 36.8% Stericycle, Inc. 2.6x AmerisourceBergen Corporation 39.0% PSS World Medical Inc. 2.7x Stericycle, Inc. 50.3% Thermo Fisher Scientific, Inc. 2.7x PSS World Medical Inc. 53.6% Omnicare Inc. 3.0x Page 20 of 44

26 Healthcare Equipment and Supplies Relative Price Chart Equipment & Supplies NASDAQ Composite (^COMP) S&P 500 Index (^SPX) Valuation Metrics Recent Shares Market Enterprise Last Twelve Months Stock Price Outstanding 52-Week 52-Week Capitalization Value EV/ EV/ EV/ Company Ticker (9/28/2012) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT Healthcare Equipment and Supplies Abbott Laboratories ABT $ ,569.3 $70.41 $48.96 $107,593.5 $114, x 9.9x 13.4x Baxter International Inc. BAX , , x 9.5x 11.6x Becton, Dickinson and Company BDX , , x 8.0x 10.5x Boston Scientific Corporation BSX , , , x 7.4x 12.7x CardioNet, Inc. BEAT x NM NM Johnson & Johnson JNJ , , , x 8.9x 10.7x Medtronic, Inc. MDT , , , x 9.6x 11.3x Siemens AG SIE , , x 8.0x 11.0x St. Jude Medical Inc. STJ , , x 9.0x 11.0x High 3.22x 9.9x 13.4x Low 0.27x 7.4x 10.5x Mean 2.13x 8.8x 11.5x Median 2.57x 9.0x 11.2x Page 21 of 44

27 Healthcare Equipment and Supplies (cont.) Third Quarter 2012 News September 5, Sunovion Pharmaceuticals, Inc. completed the acquisition of Elevation Pharmaceuticals, Inc. for $430 million. Sunovion Respiratory Development, Inc. develops aerosol/inhaled therapies for patients with respiratory diseases. August 31, 2012 ConvaTec, Inc. completed the acquisition of 180 Medical, Inc. for $320 million. 180 Medical, Inc. supplies sterile use catheters, and urologic and disposable medical supplies. August 30, Chart Inc. completed the acquisition of AirSep Corp. for approximately $180 million. AirSep Corp. manufactures and sells air separation equipment in the U.S. and internationally. August 15, ArjoHuntleigh AB signed a definitive agreement to acquire Kinetic Concepts, Inc.'s Therapeutic Support Systems business for approximately $275 million. Kinetic Concepts, Inc.'s Therapeutic Support Systems business includes specialty therapeutic beds, mattress replacement systems and other support surfaces and patient mobility devices for therapeutic wound care, bariatric and critical care settings. August 15, Steris Corp. (NYSE:STE) completed the acquisition of U.S. Endoscopy, Inc. for $270 million. U.S. Endoscopy, Inc. designs and manufactures endoscopy devices for the gastrointestinal endoscopy markets in the U.S. and internationally. August 7, Covidien plc (NYSE:COV) acquired MindFrame, Inc. for $75 million. MindFrame, Inc. develops solutions for treating patients suffering from ischemic stroke. July 23, Hill-Rom, Inc. completed the acquisition of Aspen Surgical Products, Inc. for $400 million. Aspen Surgical Products, Inc. provides specialty medical products. July 13, Zebra Technologies Corp. (NasdaqGS:ZBRA) completed the acquisition of LaserBand, LLC. LaserBand, LLC manufactures patient identification wristbands, labels, tags, and related products to identify adults and PED/babies in hospitals.. Page 22 of 44

28 Healthcare Equipment and Supplies (cont.) Benchmarking SIZE (Revenue in $mm) HISTORICAL GROWTH (Annual Revenue) Siemens AG $75,394.0 Becton, Dickinson and Company 8.1% Johnson & Johnson 64,996.0 Abbott Laboratories 7.6% Abbott Laboratories 39,267.0 St. Jude Medical Inc. 6.7% Medtronic, Inc. 16,184.0 Baxter International Inc. 6.0% Baxter International Inc. 13,997.0 Johnson & Johnson 4.6% Becton, Dickinson and Company 7,945.6 Siemens AG 4.5% Boston Scientific Corporation 7,563.0 Medtronic, Inc. 4.4% St. Jude Medical Inc. 5,630.7 Boston Scientific Corporation -2.7% CardioNet, Inc CardioNet, Inc. -8.2% PROFITABILITY PROFITABILITY (EBIT Margin %) (EBITDA Margin %) Medtronic, Inc. 28.7% Medtronic, Inc. 33.8% Johnson & Johnson 24.9% Johnson & Johnson 29.8% St. Jude Medical Inc. 24.4% St. Jude Medical Inc. 29.6% Baxter International Inc. 22.6% Abbott Laboratories 28.9% Becton, Dickinson and Company 21.2% Becton, Dickinson and Company 27.8% Abbott Laboratories 21.2% Baxter International Inc. 27.5% Boston Scientific Corporation 12.4% Boston Scientific Corporation 21.4% Siemens AG 9.3% Siemens AG 12.6% CardioNet, Inc % CardioNet, Inc. -1.8% LEVERAGE (Debt/Capitalization) LEVERAGE (Total Debt/EBITDA) CardioNet, Inc. 0.0% CardioNet, Inc. 0.0x Johnson & Johnson 24.1% Johnson & Johnson 1.0x Boston Scientific Corporation 27.2% Baxter International Inc. 1.4x Siemens AG 37.8% Abbott Laboratories 1.5x Medtronic, Inc. 38.4% St. Jude Medical Inc. 1.8x Abbott Laboratories 39.5% Becton, Dickinson and Company 1.9x St. Jude Medical Inc. 40.3% Medtronic, Inc. 2.0x Baxter International Inc. 42.8% Siemens AG 2.1x Becton, Dickinson and Company 48.2% Boston Scientific Corporation 2.6x Page 23 of 44

29 Healthcare Information Technology Relative Price Chart Information Technology NASDAQ Composite (^COMP) S&P 500 Index (^SPX) Valuation Metrics Recent Shares Market Enterprise Last Twelve Months Stock Price Outstanding 52-Week 52-Week Capitalization Value EV/ EV/ EV/ Company Ticker (9/28/2012) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT Healthcare Information Technology Allscripts Healthcare Solutions, Inc. MDRX $ $21.66 $8.84 $2,127.4 $2, x 10.5x 17.0x athenahealth, Inc. ATHN , , x NM NM Cerner Corporation CERN , , x 18.9x 23.9x Computer Programs & Systems Inc. CPSI x 14.1x 15.1x HMS Holdings Corp. HMSY , , x NM NM icad Inc. ICAD x NM NM MedAssets, Inc. MDAS , , x 10.9x NM Omnicell Inc. OMCL x 13.3x 17.8x Quality Systems Inc. QSII , x 7.9x 8.7x WebMD Health Corp. WBMD x 8.0x 10.6x High 8.37x 18.9x 23.9x Low 0.87x 7.9x 8.7x Mean 3.49x 11.9x 15.5x Median 2.69x 10.9x 16.1x Page 24 of 44

30 Healthcare Information Technology (cont.) Third Quarter 2012 News September 28, Nuance Communications, Inc. (NasdaqGS:NUAN) completed the acquisition of QuadraMed Quantim Corp. for $230 million. QuadraMed Quantim Corp. comprises a computer-assisted coding solution which offers hospitals and healthcare organizations with software and services that maximize healthcare information management professionals productivity. September 11, Thoma Bravo, LLC agreed to acquire Mediware Information Systems Inc. (NasdaqCM:MEDW) for approximately $190 million. Mediware Information Systems, Inc. designs, develops, markets, licenses, implements, and supports clinical and performance management information software systems used by hospitals, long-term and alternative care facilities, behavioral health facilities, and blood and blood plasma centers. July 17, Vitalize Consulting Solutions, Inc. completed the acquisition of maxit Healthcare for $493 million. maxit Healthcare provides clinical IT implementation services to healthcare providers. July 3, eresearchtechnology, Inc. entered into an agreement to acquire Invivodata, Inc. for $65 million. Invivodata, Inc. provides electronic patient reported outcomes (epro) solutions and services that help worldwide clinical trial sponsors to determine the effectiveness of new medical products. Page 25 of 44

31 Healthcare Information Technology (cont.) Benchmarking SIZE (Revenue in $mm) HISTORICAL GROWTH (Annual Revenue) Cerner Corporation $2,306.8 MedAssets, Inc. 39.5% Allscripts Healthcare Solutions, Inc. 1,473.5 Allscripts Healthcare Solutions, Inc. 37.1% MedAssets, Inc athenahealth, Inc. 34.4% WebMD Health Corp Cerner Corporation 23.0% Quality Systems Inc Quality Systems Inc. 21.6% HMS Holdings Corp HMS Holdings Corp. 21.3% athenahealth, Inc Omnicell Inc. 12.0% Omnicell Inc Computer Programs & Systems Inc. 9.6% Computer Programs & Systems Inc icad Inc. 8.9% icad Inc WebMD Health Corp. -4.3% PROFITABILITY PROFITABILITY (EBIT Margin %) (EBITDA Margin %) Quality Systems Inc. 27.0% MedAssets, Inc. 30.5% Computer Programs & Systems Inc. 23.5% HMS Holdings Corp. 30.1% HMS Holdings Corp. 22.1% Quality Systems Inc. 29.3% Cerner Corporation 21.4% Cerner Corporation 27.3% WebMD Health Corp. 15.1% Computer Programs & Systems Inc. 25.1% MedAssets, Inc. 13.2% WebMD Health Corp. 18.0% Allscripts Healthcare Solutions, Inc. 10.9% Allscripts Healthcare Solutions, Inc. 16.7% athenahealth, Inc. 10.2% athenahealth, Inc. 15.1% Omnicell Inc. 7.3% Omnicell Inc. 10.0% icad Inc % icad Inc % LEVERAGE (Debt/Capitalization) LEVERAGE (Total Debt/EBITDA) Computer Programs & Systems Inc. 0.0% Computer Programs & Systems Inc. 0.0x Omnicell Inc. 0.0% Omnicell Inc. 0.0x Quality Systems Inc. 0.0% Quality Systems Inc. 0.0x athenahealth, Inc. 0.0% athenahealth, Inc. 0.0x Cerner Corporation 5.9% Cerner Corporation 0.2x Allscripts Healthcare Solutions, Inc. 18.8% Allscripts Healthcare Solutions, Inc. 1.4x icad Inc. 29.4% HMS Holdings Corp. 3.0x HMS Holdings Corp. 45.6% MedAssets, Inc. 5.3x WebMD Health Corp. 54.2% WebMD Health Corp. 8.3x MedAssets, Inc. 69.8% icad Inc. NM Page 26 of 44

32 Hospital Providers Relative Price Chart Hospital Providers NASDAQ Composite (^COMP) S&P 500 Index (^SPX) Valuation Metrics Recent Shares Market Enterprise Last Twelve Months Stock Price Outstanding 52-Week 52-Week Capitalization Value EV/ EV/ EV/ Company Ticker (9/28/2012) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT Hospital Providers Community Health Systems, Inc. CYH $ $29.59 $14.61 $2,598.2 $12, x 6.6x 10.4x HCA Holdings, Inc. HCA , , x 6.7x 8.9x Health Management Associates Inc. HMA , , x 6.4x 9.8x Lifepoint Hospitals Inc. LPNT , , x 6.4x 10.0x Tenet Healthcare Corp. THC , , x 6.7x 10.9x Universal Health Services Inc. UHS , , x 6.8x 9.1x Vanguard Health Systems Inc. VHS , x 6.0x 10.6x High 1.23x 6.8x 10.9x Low 0.50x 6.0x 8.9x Mean 0.90x 6.5x 9.9x Median 0.90x 6.6x 10.0x Page 27 of 44

33 Hospital Providers (cont.) Third Quarter 2012 News September 27, Prime, Inc. reached an agreement to acquire Landmark Medical Center, Inc. for approximately $43 million. Landmark Medical Center, Inc., a non-profit acute care hospital, provides healthcare services in Woonsocket, Rhode Island. September 27, Dignity Health signed a memorandum of understanding to acquire Ashland Community Hospital. Ashland Community Hospital provides healthcare services in Ashland, Oregon. Terms of the deal were not disclosed. September 26, Prime, Inc. completed the acquisition of Dallas Medical Center, a 155-bed acute care hospital that provides inpatient and outpatient healthcare services. Terms of the deal were not disclosed. September 19, Sinai Health System, Inc. entered into a letter of intent to acquire Holy Cross Hospital. Holy Cross Hospital operates as a not-for-profit healthcare facility serving the residents of Chicago. It offers emergency care, inpatient, outpatient, and surgical services, as well as primary care services at affiliate locations. Terms of the deal were not disclosed. September 17, MEDNAX, Inc. (NYSE:MD) completed the acquisition of Pediatric Cardiology of Austin. Pediatric Cardiology of Austin provides care services for the needs of children and adults with heart disease in Austin and Central Texas. Terms of the deal were not disclosed. September 11, Marion General Hospital, Inc. entered into an agreement to acquire Marion Area Health Center and Marion Ancillary Services, LLC. Based in Marion, Ohio, the companies operate as an outpatient center which offers diagnostic and therapeutic services. Terms of the deal were not disclosed. September 10, Care New England Health System signed a letter of intent to acquire The Memorial Hospital of Rhode Island, a community hospital serving Rhode Island and southeastern Massachusetts. Terms of the deal were not disclosed. August 20, Steward Health Care System, LLC enter into a non-binding letter of intent to acquire Mercy Hospital, Portland, Maine. Mercy Hospital, Portland, Maine offers healthcare services in the field of addiction medicine, cancer care, diagnostics, eating disorder, outpatient programs, radiology, and surgical services. Terms of the deal were not disclosed. July 30, The Sanders Trust completed the acquisition of Floyd Memorial Hospital and Health Services. Floyd Memorial Hospital and Health Services provides healthcare services to communities of southern Indiana. Page 28 of 44

34 Hospital Providers (cont.) Benchmarking SIZE (Revenue in $mm) HISTORICAL GROWTH (Annual Revenue) HCA Holdings, Inc. $33,650.0 Vanguard Health Systems Inc. 50.4% Community Health Systems, Inc. 14,055.6 Universal Health Services Inc. 24.2% Tenet Healthcare Corp. 9,646.0 Health Management Associates Inc. 15.4% Universal Health Services Inc. 7,571.0 Community Health Systems, Inc. 8.9% Vanguard Health Systems Inc. 6,397.5 Lifepoint Hospitals Inc. 8.6% Health Management Associates Inc. 6,064.1 HCA Holdings, Inc. 7.9% Lifepoint Hospitals Inc. 3,654.1 Tenet Healthcare Corp. 3.8% PROFITABILITY PROFITABILITY (EBIT Margin %) (EBITDA Margin %) HCA Holdings, Inc. 13.7% HCA Holdings, Inc. 18.3% Universal Health Services Inc. 12.0% Universal Health Services Inc. 15.9% Lifepoint Hospitals Inc. 9.8% Lifepoint Hospitals Inc. 15.0% Health Management Associates Inc. 9.5% Health Management Associates Inc. 14.3% Community Health Systems, Inc. 8.6% Community Health Systems, Inc. 13.3% Tenet Healthcare Corp. 7.0% Tenet Healthcare Corp. 11.3% Vanguard Health Systems Inc. 4.8% Vanguard Health Systems Inc. 8.6% LEVERAGE (Debt/Capitalization) LEVERAGE (Total Debt/EBITDA) Lifepoint Hospitals Inc. 43.9% Lifepoint Hospitals Inc. 2.9x Universal Health Services Inc. 57.3% Universal Health Services Inc. 3.0x Tenet Healthcare Corp. 74.8% Tenet Healthcare Corp. 4.2x Community Health Systems, Inc. 76.6% Health Management Associates Inc. 4.3x Health Management Associates Inc. 81.7% HCA Holdings, Inc. 4.6x Vanguard Health Systems Inc. 87.0% Vanguard Health Systems Inc. 5.0x HCA Holdings, Inc % Community Health Systems, Inc. 5.1x Page 29 of 44

35 Long-Term Care / Senior Living Relative Price Chart Long-Term Care / Senior Living NASDAQ Composite (^COMP) S&P 500 Index (^SPX) Valuation Metrics Recent Shares Market Enterprise Last Twelve Months Stock Price Outstanding 52-Week 52-Week Capitalization Value EV/ EV/ EV/ Company Ticker (9/28/2012) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT Long-Term Care / Senior Living Advocat Inc. AVCA $ $7.54 $4.01 $34.6 $ x 10.5x NM Brookdale Senior Living Inc. BKD , , x 14.7x NM Capital Senior Living Corp. CSU x 15.9x NM Emeritus Corp. ESC , x 14.3x NM The Ensign Group, Inc. ENSG x 7.2x 9.3x Kindred Healthcare Inc. KND , x 5.4x 10.4x Skilled Healthcare Group, Inc. SKH x 6.3x 8.1x Sun Healthcare Group, Inc. SUNH x 3.9x 7.4x Sunrise Senior Living Inc. SRZ , x NM NM High 2.45x 15.9x 10.4x Low 0.14x 3.9x 7.4x Mean 1.30x 9.8x 8.8x Median 1.05x 8.8x 8.7x Page 30 of 44

36 Long-Term Care / Senior Living (cont.) Third Quarter 2012 News September 24, Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) completed the acquisition of a 249 unit independent living facility located in Frankenmuth, Michigan for approximately $27 million. September 7, Health Care REIT, Inc. (NYSE:HCN) acquired Magnolia Glen, an assisted living community located on 12 acres in Raleigh, North Carolina, for $60 million. September 4, Kindred Healthcare, Inc. (NYSE:KND) completed the acquisition of IntegraCare Holdings, Inc. for $75 million. IntegraCare Holdings, Inc. operates as a home health, hospice, and community services agency in Texas. August 31, Sentio Healthcare Properties, Inc. completed the acquisition of a 78.4% interest in the Leah Bay Portfolio for $49 million. The Leah Bay Portfolio comprises four Alzheimers special care assisted living facilities with 264 beds in 152 units. The facilities are located in Urbana, Springfield, and Normal, Illinois; and Bryan, Texas. August 21, Health Care REIT, Inc. (NYSE:HCN) completed the acquisition of Sunrise Atrium at Boca Raton for approximately $32 million. The Sunrise Atrium at Boca Raton is a 160- unit assisted living facility covering an area of 2.3 acres. August 21, Sunrise Senior Living Investments, Inc. completed the acquisition of the remaining 75% stake in an un-named portfolio consisting of 12 senior living communities for $118 million. The deal was subsequently completed on October 1, August 1, LTC Properties, Inc. (NYSE:LTC) completed the acquisition of two skilled nursing facilities in Ohio for $54 million. The properties are located in Cincinnati and Dayton and comprise 288 licensed beds. August 1, Senior Housing Properties Trust (NYSE:SNH) completed the acquisition of a senior living community located in South Carolina with 59 assisted living units for approximately $40 million. July 18, Health Care REIT, Inc. (NYSE:HCN) completed the acquisition of the Windsor at Lakewood Ranch for $30 million. The Windsor at Lakewood Ranch assisted living facility comprises a 70,000 square foot assisted living center and a 35,000 square foot memory care center. Page 31 of 44

37 Long-Term Care / Senior Living (cont.) Benchmarking SIZE (Revenue in $mm) HISTORICAL GROWTH (Annual Revenue) Kindred Healthcare Inc. $5,909.3 Kindred Healthcare Inc. 32.4% Brookdale Senior Living Inc. 2,340.7 Capital Senior Living Corp. 27.5% Sun Healthcare Group, Inc. 1,922.5 Emeritus Corp. 19.1% Emeritus Corp. 1,277.6 The Ensign Group, Inc. 14.6% Skilled Healthcare Group, Inc Sunrise Senior Living Inc. 8.0% The Ensign Group, Inc Advocat Inc. 5.9% Sunrise Senior Living Inc Brookdale Senior Living Inc. 4.6% Advocat Inc Sun Healthcare Group, Inc. 1.6% Capital Senior Living Corp Skilled Healthcare Group, Inc. 1.5% PROFITABILITY PROFITABILITY (EBIT Margin %) (EBITDA Margin %) The Ensign Group, Inc. 11.6% Emeritus Corp. 16.4% Skilled Healthcare Group, Inc. 10.7% Brookdale Senior Living Inc. 16.3% Capital Senior Living Corp. 6.6% The Ensign Group, Inc. 14.9% Emeritus Corp. 5.9% Capital Senior Living Corp. 14.5% Brookdale Senior Living Inc. 5.2% Skilled Healthcare Group, Inc. 13.6% Kindred Healthcare Inc. 3.5% Sunrise Senior Living Inc. 9.3% Sunrise Senior Living Inc. 2.8% Kindred Healthcare Inc. 6.5% Sun Healthcare Group, Inc. 2.6% Sun Healthcare Group, Inc. 4.2% Advocat Inc. 1.2% Advocat Inc. 3.4% LEVERAGE (Debt/Capitalization) LEVERAGE (Total Debt/EBITDA) Sun Healthcare Group, Inc. 28.7% Sun Healthcare Group, Inc. 1.1x The Ensign Group, Inc. 40.3% The Ensign Group, Inc. 1.8x Advocat Inc. 54.6% Advocat Inc. 3.0x Kindred Healthcare Inc. 55.2% Skilled Healthcare Group, Inc. 4.0x Capital Senior Living Corp. 62.2% Kindred Healthcare Inc. 4.3x Brookdale Senior Living Inc. 71.4% Brookdale Senior Living Inc. 6.8x Skilled Healthcare Group, Inc. 84.9% Capital Senior Living Corp. 7.1x Sunrise Senior Living Inc. 87.7% Emeritus Corp. 10.7x Emeritus Corp. 89.3% Sunrise Senior Living Inc. 13.0x Page 32 of 44

38 Managed Care Relative Price Chart Managed Care NASDAQ Composite (^COMP) S&P 500 Index (^SPX) Valuation Metrics Recent Shares Market Enterprise Last Twelve Months Stock Price Outstanding 52-Week 52-Week Capitalization Value EV/ EV/ EV/ Company Ticker (9/28/2012) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT Managed Care Aetna Inc. AET $ $51.14 $33.43 $13,237.2 $17, x 4.6x 5.3x Cigna Corp. CI , , x 6.4x 7.1x Coventry Health Care Inc. CVH , , x 6.1x 7.1x Express Scripts Holding Company ESRX , , x NM NM Health Net, Inc. HNT , , x 7.2x 8.2x Humana Inc. HUM , , x 3.9x 4.5x UnitedHealth Group Incorporated UNH , , , x 6.1x 6.7x WellPoint Inc. WLP , , x 5.7x 6.6x High 1.06x 7.2x 8.2x Low 0.15x 3.9x 4.5x Mean 0.50x 5.7x 6.5x Median 0.48x 6.1x 6.7x Page 33 of 44

39 Managed Care (cont.) Third Quarter 2012 News September 27, Neighborhood Health Providers, LLC completed the acquisition of two Medicaid managed care plans. The two Medicaid managed care plans comprise managed healthcare plans and covers various healthcare services such as emergency care, family planning, HIV testing and counseling, and OB/GYN services. Terms of the deal were not disclosed. August 6, Physicians Insurance completed the acquisition of EMPAC Managers, LLC and SCRUBS RRG. EMPAC Managers, LLC and SCRUBS Managers, LLC provide urologists and physicians insurance with a nationwide alternative risk financing platform and long-term liability coverage. Terms of the deal were not disclosed. July 18, WellCare Health Plans, Inc. (NYSE:WCG) entered into an agreement to acquire select assets of Desert Canyon Community Care Medicare Advantage plans in Arizona. Terms of the deal were not disclosed. Page 34 of 44

40 Managed Care (cont.) Benchmarking SIZE (Revenue in $mm) HISTORICAL GROWTH (Annual Revenue) Unitedhealth Group, Inc. $103,712.0 Humana Inc. 10.0% WellPoint Inc. 61,231.6 Coventry Health Care Inc. 9.1% Express Scripts Holding Company 47,166.4 Cigna Corp. 9.0% Humana Inc. 37,860.0 UnitedHealth Group Incorporated 7.6% Aetna Inc. 34,307.8 Express Scripts Holding Company 5.0% Cigna Corp. 23,375.0 WellPoint Inc. 4.6% Coventry Health Care Inc. 12,849.4 Aetna Inc. 0.9% Health Net, Inc. 11,368.2 Health Net, Inc % PROFITABILITY PROFITABILITY (EBIT Margin %) (EBITDA Margin %) Aetna Inc. 9.7% Aetna Inc. 11.1% Cigna Corp. 9.4% Cigna Corp. 10.3% Unitedhealth Group, Inc. 8.3% UnitedHealth Group Incorporated 9.0% WellPoint Inc. 7.1% WellPoint Inc. 8.2% Coventry Health Care Inc. 6.5% Coventry Health Care Inc. 7.4% Humana Inc. 5.9% Humana Inc. 6.7% Express Scripts Holding Company 5.1% Express Scripts Holding Company 5.6% Health Net, Inc. 2.4% Health Net, Inc. 2.7% LEVERAGE (Debt/Capitalization) LEVERAGE (Total Debt/EBITDA) Humana Inc. 18.9% Humana Inc. 0.8x Coventry Health Care Inc. 25.2% Aetna Inc. 1.1x Health Net, Inc. 26.4% UnitedHealth Group Incorporated 1.4x Aetna Inc. 28.6% Coventry Health Care Inc. 1.7x WellPoint Inc. 30.2% Health Net, Inc. 1.7x Unitedhealth Group, Inc. 30.8% WellPoint Inc. 2.0x Cigna Corp. 37.9% Cigna Corp. 2.2x Express Scripts Holding Company 80.6% Express Scripts Holding Company 4.4x Page 35 of 44

41 Healthcare Industry Transactions * Closed Third Quarter 2012 Enterprise Closed Date Target Buyer Sector Value ($mm) 09/28/2012 AMERIGROUP Virginia, Inc. Inova Health System Foundation Managed Healthcare - 09/28/2012 Hackensack Endoscopy Center LLC and Endoscopy United Surgical Partners International Inc. Hospitals and Healthcare Centers - 09/28/2012 Blackstone Center of Bergen Medical County Center Prime, Inc. Hospitals and Healthcare Centers - 09/27/2012 QuadraMed Corp., Health Information Management Nuance Communications, Inc. Health Care Technology - 09/27/2012 Surgery BusinessCenter of Santa Monica Surgery (NasdaqGS:NUAN) Center of the Pacific Hospitals and Healthcare Centers - 09/27/2012 Ashland Community Hospital Dignity Health Hospitals and Healthcare Centers - 09/26/2012 Dallas Medical Center Prime, Inc. Hospitals and Healthcare Centers - 09/25/2012 Callow ay Laboratories, Inc. Ampersand Capital Partners Medical Laboratory Services - 09/24/ Unit Independent Living Facility Sabra Health Care REIT, Inc. Assisted Living Facilities and Services $27 09/24/2012 MedVentive, Inc. (NasdaqGS:SBRA) McKesson Corporation (NYSE:MCK) Health Care Technology - 09/21/2012 Carestream Health, Inc. Bruker Corporation (NasdaqGS:BRKR) Healthcare Equipment and Supplies - 09/21/2012 Future Medical, Inc. RCS Management Corporation Healthcare Distributors - 09/20/2012 New Daw n Memory Care Sabra Health Care REIT, Inc. Assisted Living Facilities and Services $16 09/20/2012 Atlantic Memorial Healthcare Associates, Inc. (NasdaqGS:SBRA) The Ensign Group, Inc. (NasdaqGS:ENSG) Hospitals and Healthcare Centers - 09/20/2012 Shoreline Healthcare Center The Ensign Group, Inc. (NasdaqGS:ENSG) Hospitals and Healthcare Centers - 09/19/2012 BridgePoint Medical, Inc. Boston Scientific Corporation (NYSE:BSX) Healthcare Equipment and Supplies - 09/19/2012 Intivia, Inc. MD On-Line, Inc. Health Care Technology - 09/19/2012 Our Lady Of Lourdes Medical Center, Inc. DaVita Inc. (NYSE:DVA) Hospitals and Healthcare Centers - 09/19/2012 Holy Cross Hospital Sinai Health System, Inc. Hospitals and Healthcare Centers - 09/18/2012 United Treatment Centers, Inc. United Treatment Centers, Inc. (OTCPK:UTRM) Hospitals and Healthcare Centers - 09/18/2012 Qualtec Systems, LLC Medical Technology Solutions, LLC Health Care Technology - 09/18/2012 Cho-Pat, Inc. Medi-Dyne Healthcare Products, LTD Healthcare Equipment and Supplies - 09/18/2012 Tw o Dialysis Facilities in St. Louis U.S. Renal Care, Inc.; NHS Premier, LLC Hospitals and Healthcare Centers - 09/17/2012 IRIS International Inc. (NasdaqGS:IRIS) Beckman Coulter, Inc. Healthcare Equipment and Supplies $368 09/17/2012 Centennial Surgery Center, LLC Our Lady Of Lourdes Medical Center, Inc. Hospitals and Healthcare Centers - 09/17/2012 Skilled Nursing Portfolio comprising 68 Facilities Formation Capital, L.L.C.; SAFANAD Limited Assisted Living Facilities and Services $750 09/15/2012 Southern Ohio Medical Center, Inc. National Church Residences, Inc. Assisted Living Facilities and Services - 09/14/2012 Kisco Senior Living, LLC Health Care REIT, Inc. (NYSE:HCN) Assisted Living Facilities and Services $19 09/13/2012 Healthcare Data Services, LLC athenahealth, Inc. (NasdaqGS:ATHN) Health Care Technology - 09/12/2012 Mediw are Information Systems, Inc. (NasdaqCM:MEDW) Thoma Bravo, LLC Health Care Technology $196 09/12/2012 Elgin Gastroenterology Endoscopy Center, LLC Physicians Endoscopy, LLC Hospitals and Healthcare Centers - 09/12/2012 FMRS, Inc. MRO Corporation Health Care Technology - 09/12/2012 Kisco Senior Living, LLC Health Care REIT, Inc. (NYSE:HCN) Assisted Living Facilities and Services $60 09/11/2012 ExitCare, LLC Elsevier B.V. Health Care Technology - 09/11/2012 Marion Area Health Center Marion General Hospital, Inc. Hospitals and Healthcare Centers - 09/10/2012 The Memorial Hospital of Rhode Island Care New England Health System Hospitals and Healthcare Centers - 09/10/2012 North Georgia Foot & Ankle Institute Village Podiatry Centers, LLC Hospitals and Healthcare Centers - 09/10/2012 Iow a Dental Supply, LLC Patterson Dental Supply, Inc. Healthcare Distributors - 09/10/2012 Glass Seating & Mobility United Seating & Mobility, LLC Healthcare Distributors - 09/10/2012 OccHealth Systems, LLC MCMC, LLC Managed Healthcare - 09/06/2012 Easy Choice Health Plan, Inc. WellCare Health Plans, Inc. (NYSE:WCG) Managed Healthcare - 09/06/2012 Fresenius Medical Care Holdings, Inc, Five Dialysis Clinics Gibraltor 12 Holdings, LLC Hospitals and Healthcare Centers - 09/06/2012 New castle Place, Inc. The Westminster Funds; Life Care Services Assisted Living Facilities and Services - 09/06/2012 Atlantic Diagnostic Laboratories, LLC -LLC Medical Laboratory Services - 09/06/2012 Three River Region Facilities American Esoteric Laboratories, Inc. Medical Laboratory Services - 09/05/2012 HEALTHCAREfirst, Inc. Pamlico Capital Health Care Technology - 09/05/2012 Halo Monitoring, Inc. Integrity Tracking, LLC Healthcare Equipment and Supplies - 09/05/2012 EDIWatch, Inc. LexisNexis Risk Solutions, Inc. Health Care Technology - 09/05/2012 Baptist Health Richmond Baptist Healthcare System, Inc. Hospitals and Healthcare Centers - 09/05/2012 Marian Health System, Inc. Ascension Health Alliance, Missouri Hospitals and Healthcare Centers - 09/05/2012 Health Care DataWorks, Inc. - Health Care Technology - 09/04/2012 Timberline Knolls, LLC TK Behavioral, LLC Hospitals and Healthcare Centers $68 09/04/2012 Wound Care Strategies, Inc. Net Health Systems, Inc. Health Care Technology - 09/04/2012 Family Home Care Corporation, Home Health and Hospice Gentiva Health Services Inc. (NasdaqGS:GTIV) Hospitals and Healthcare Centers - 09/04/2012 Urgent Treatment Centers Of Kentucky, Inc. Concentra Operating Corporation Hospitals and Healthcare Centers - 08/31/2012 Warm Springs Specialty Hospital Post Acute Medical, LLC Hospitals and Healthcare Centers - 08/31/2012 ConnectYourCare, LLC ABS Capital Partners Health Care Technology - 08/31/ Medical, Inc. ConvaTec Inc. Healthcare Distributors $321 08/31/2012 HC-2727 E. Lemmon Avenue, LLC Carter/Validus Operating Partnership, LP Hospitals and Healthcare Centers $31 08/30/2012 Park Nicollet Health Services HealthPartners, Inc. Hospitals and Healthcare Centers - 08/30/2012 Computer Vision Systems Laboratories Corp. Computer Vision Systems Laboratories Corp. (OTCPK:CVSL) Healthcare Equipment and Supplies - Page 36 of 44

42 Healthcare Industry Transactions * Closed Third Quarter 2012 (cont.) Enterprise Closed Date Target Buyer Sector Value ($mm) 08/29/2012 Low er Bucks Hospital Prime, Inc. Hospitals and Healthcare Centers - 08/27/2012 Ascender Softw are, LLC Community Care Health Netw ork, Inc. Health Care Technology - 08/27/2012 Recovery Works Drug And Alcohol Rehabilitation Center Pinnacle Treatment Centers, Inc. Hospitals and Healthcare Centers - 08/27/2012 Robert LLC Horry Center for Sports and Physical Rehabilitation University General Health System, Inc. Hospitals and Healthcare Centers - 08/27/2012 Portfolio Consisting of 12 Senior Living Communities Sunrise (OTCPK:UGHS) Senior Living Investments, Inc. Assisted Living Facilities and Services $118 08/24/2012 OrthoHelix Surgical Designs, Inc. Tornier, Inc. Healthcare Equipment and Supplies $155 08/24/2012 Putnam Acres Care Center Trilogy Health Services, LLC Assisted Living Facilities and Services - 08/23/2012 Elko Diagnostic Imaging, LLC PHC-Elko, Inc. Medical Laboratory Services - 08/22/2012 Sunrise Senior Living Inc. (NYSE:SRZ) Health Care REIT, Inc. (NYSE:HCN) Assisted Living Facilities and Services $1,469 08/22/2012 Prairieland Outpatient Diagnostic Center, LLC Physicians Endoscopy, LLC Hospitals and Healthcare Centers - 08/21/2012 DiagnosisONE, Inc. Alere Inc. (NYSE:ALR) Health Care Technology - 08/21/2012 Penrith Corporation Siemens Healthcare Healthcare Equipment and Supplies - 08/21/2012 Aperio Technologies, Inc. Leica Microsystems GmbH Healthcare Equipment and Supplies - 08/21/2012 Sunrise Atrium at Boca Raton Health Care REIT, Inc. (NYSE:HCN) Assisted Living Facilities and Services $32 08/20/2012 Coventry Health Care Inc. (NYSE:CVH) Aetna, Inc. (NYSE:AET) Managed Healthcare $7,311 08/20/2012 Advocat Inc., Nursing Center in Arkansas - Assisted Living Facilities and Services - 08/20/2012 Mercy Hospital, Portland, Maine Stew ard Health Care System, LLC Hospitals and Healthcare Centers - 08/20/2012 RSC Ashford Court, LLC Health Care REIT, Inc. (NYSE:HCN) Assisted Living Facilities and Services $22 08/17/2012 Workers Implantable Netw ork, Surgical Implant Business Orchid Medical, Inc. Healthcare Distributors - 08/17/2012 Orthodontic Design & Production, Inc. G&H Wire Company, Inc. Healthcare Equipment and Supplies - 08/17/2012 ExcellaDerm Corporation DermaMed Solutions, LLC Healthcare Equipment and Supplies - 08/16/2012 TRS Behavioral Care, Inc. Elements Behavioral Health, Inc. Hospitals and Healthcare Centers - 08/16/2012 Meta Health Technology, Inc. Streamline Health, Inc. Health Care Technology $16 08/15/2012 Senior Living Campus in Silverdale, Washington National Health Investors, Inc. (NYSE:NHI) Assisted Living Facilities and Services $25 08/15/2012 Kinetic Concepts, Inc., Therapeutic Support Systems ArjoHuntleigh AB Healthcare Equipment and Supplies $275 08/15/2012 TTC, Business LLC IMS Health Incorporated Health Care Technology - 08/15/2012 MedApps, Inc. Alere Inc. (NYSE:ALR) Health Care Technology - 08/14/2012 Viking Systems, Inc. (OTCPK:VKNG) CONMED Corporation (NasdaqGS:CNMD) Healthcare Equipment and Supplies $22 08/14/2012 Four Independent Pharmacies in Central NY & VT Kinney Drugs, Inc. Healthcare Distributors - 08/13/2012 First Dental Health Principal Financial Group Inc. (NYSE:PFG) Managed Healthcare - 08/10/2012 United Rehab Specialists, Inc. ATG Rehab, Inc. Healthcare Equipment and Supplies - 08/09/2012 Eagle Healthcare, Inc., Ten Rehabilitation Centers Prestige Care, Inc. Hospitals and Healthcare Centers - 08/07/2012 Phygen, LLC Alphatec Spine, Inc. Healthcare Equipment and Supplies $15 08/06/2012 Cardiocore Lab, Inc. CardioNet, Inc. (NasdaqGM:BEAT) Medical Laboratory Services $24 08/05/2012 Brighton Bay The Carlyle Group, LP (NasdaqGS:CG) Assisted Living Facilities and Services $19 08/03/2012 OAD Orthopaedics, Ltd. CDH-Delnor Health System, Inc. Hospitals and Healthcare Centers - 08/03/2012 IOS Technologies, Inc. Glidew ell Laboratories, Inc. Healthcare Equipment and Supplies - 08/02/2012 Ow yhee Health & Rehabilitation Center, Inc. The Ensign Group, Inc. (NasdaqGS:ENSG) Hospitals and Healthcare Centers - 08/01/2012 Allcare Medical Inc., Complex Rehab Technology Business ATG Rehab, Inc. Healthcare Equipment and Supplies - 08/01/2012 Carespring Health Care Management, LLC LTC Properties, Inc. (NYSE:LTC) Assisted Living Facilities and Services $54 08/01/2012 Vista Healthcare Center The Ensign Group, Inc. (NasdaqGS:ENSG) Assisted Living Facilities and Services - 08/01/2012 Management Affiliates of Northeast Houston, LLC University General Health System, Inc. Medical Laboratory Services - 08/01/2012 Senior Living Community Located In SC w ith 59 Units Senior (OTCPK:UGHS) Housing Properties Trust (NYSE:SNH) Assisted Living Facilities and Services $40 08/01/2012 West Escondido Healthcare, LLC The Flagstone Group, Inc. Hospitals and Healthcare Centers - 07/31/2012 John J. Foley Skilled Nursing Facility - Assisted Living Facilities and Services $23 07/31/2012 Ascension Technology Corporation Northern Digital, Inc. Healthcare Equipment and Supplies - 07/31/2012 Topline Medical, Inc. PartsSource, Inc. Healthcare Equipment and Supplies - 07/30/2012 Sunquest Information Systems, Inc. Roper Industries Inc. (NYSE:ROP) Health Care Technology $1,390 07/30/2012 Southern Maryland Hospital, Inc. MedStar Health, Inc. Hospitals and Healthcare Centers - 07/26/2012 Active American Mobility & Medical Supply United Seating & Mobility, LLC Healthcare Equipment and Supplies - 07/26/2012 Assisted Living Facility Located In Connecticut Aviv REIT, Inc. Assisted Living Facilities and Services $16 07/26/2012 RadNet, Inc., West Orange Imaging Center Barnabas Health Medical Laboratory Services - 07/25/2012 Aspen Surgical Products, Inc. Hill-Rom, Inc. Healthcare Equipment and Supplies $400 07/25/2012 Logansport Surgical Associates, P.S.C. Logansport Memorial Hospital Managed Healthcare - 07/23/2012 Advanced Clinical Softw are, Inc. Merge Healthcare Incorporated Health Care Technology - 07/23/2012 AirSep Corporation Chart, (NasdaqGS:MRGE) Inc. Healthcare Equipment and Supplies $180 07/23/2012 Desert Flow er LLC, Desert Flow er Assisted Living B Healthcare Properties, LLC Assisted Living Facilities and Services $25 07/23/2012 Regent/Boise, LLC, Willow Park Assisted Living B Healthcare Properties, LLC Assisted Living Facilities and Services $18 07/23/2012 Sunshine Villa Assisted Living B Healthcare Properties, LLC Assisted Living Facilities and Services $25 Page 37 of 44

43 Healthcare Industry Transactions * Closed Third Quarter 2012 (cont.) Enterprise Closed Date Target Buyer Sector Value ($mm) 07/23/2012 Sheldon Park Assisted Living B Healthcare Properties, LLC Assisted Living Facilities and Services $24 07/23/2012 Endure Medical, Inc. Alcon, Inc. Healthcare Equipment and Supplies - 07/23/2012 The Endoscopy Center at Robinw ood Physicians Endoscopy, LLC Hospitals and Healthcare Centers - 07/20/2012 Fenw al, Inc. Fresenius Kabi AG Healthcare Equipment and Supplies - 07/19/2012 Sandstone Medical Technologies, LLC Ellman International, Inc. Healthcare Equipment and Supplies - 07/19/2012 HealthWatchSystems, Inc. Allezoe Medical Holdings, Inc. (OTCBB:ALZM) Healthcare Equipment and Supplies - 07/19/2012 Calibra Medical, Inc. LifeScan, Inc. Healthcare Equipment and Supplies - 07/18/2012 TIDI Products, LLC J.H. Whitney & Co., LLC Healthcare Equipment and Supplies - 07/18/2012 HotSpur Technologies, Inc. Teleflex Incorporated (NYSE:TFX) Healthcare Equipment and Supplies $15 07/18/2012 ClaimLogic, LLC Gatew ay EDI, Inc. Health Care Technology - 07/18/2012 Teleflex Medical OEM, Orthopedics Business Tecomet, Inc. Healthcare Equipment and Supplies $45 07/18/2012 Lakew ood Ranch Assisted Living Facility Health Care REIT, Inc. (NYSE:HCN) Assisted Living Facilities and Services $30 07/17/2012 Lipose Corp. Aesthetic Factors, LLC Healthcare Equipment and Supplies - 07/17/2012 Ortho Technology, Inc., Modern Laboratory Services, Inc. Henry Schein, Inc. (NasdaqGS:HSIC) Healthcare Distributors - 07/17/2012 US and Endoscopy, 75% of Accord Inc. Corporation Co.,Ltd Steris Corp. (NYSE:STE) Healthcare Equipment and Supplies $270 07/17/2012 maxit Healthcare, LLC Vitalize Consulting Solutions, Inc. Health Care Technology $493 07/17/2012 Heart Imaging Technologies, LLC, WebPAX Shenzhen Institutes of Advanced Technology Health Care Technology - 07/16/2012 One Lambda, Inc. Thermo Fisher Scientific, Inc. (NYSE:TMO) Healthcare Equipment and Supplies $891 07/16/2012 Conmed Healthcare Management, Inc. Correct Care Solutions, LLC Medical Laboratory Services $59 07/16/2012 Navigenics, Inc. Life Technologies Corporation Medical Laboratory Services - 07/16/2012 Prompt Care Medical Clinic MedExpress (NasdaqGS:LIFE) Urgent Care, PLLC Hospitals and Healthcare Centers - 07/13/2012 LaserBand, LLC Zebra Technologies, Corp. (NasdaqGS:ZBRA) Healthcare Equipment and Supplies $58 07/12/2012 A Portfolio of 10 Senior Housing Facilities in Illinois JLM Financial Investments Assisted Living Facilities and Services - 07/11/2012 Metametrix, Inc. Genova Diagnostics, Inc. Healthcare Equipment and Supplies - 07/11/2012 Safety Syringes, Inc. Becton, Dickinson and Company (NYSE:BDX) Healthcare Equipment and Supplies - 07/10/2012 Timothy B. Hart, M.D., P.A WakeMed Physicians Managed Healthcare - 07/09/2012 AMERIGROUP Corporation (NYSE:AGP) WellPoint, Inc. (NYSE:WLP) Managed Healthcare $5,104 07/09/2012 invivodata, Inc. eresearchtechnology, Inc. Health Care Technology $65 07/09/2012 GenturaDx-USA, Inc. Luminex Corporation (NasdaqGS:LMNX) Healthcare Equipment and Supplies $95 07/04/2012 Wilmer Eye Institute Parris-Castoro The Wilmer Eye Institute Hospitals and Healthcare Centers - 07/03/2012 The Family Medical Group, LLC Trihealth, Inc. Managed Healthcare - 07/03/2012 MindFrame, Inc. Covidien plc (NYSE:COV) Healthcare Equipment and Supplies $75 07/02/2012 Lofland Park Center Genesis HealthCare, LLC Hospitals and Healthcare Centers - 07/02/2012 U.S. Healthw orks, Inc. Dignity Health Hospitals and Healthcare Centers - 07/02/2012 Heart Hospital of BK, LLC Cardiovascular Care Group, Inc. Hospitals and Healthcare Centers $38 07/02/2012 Drayer Physical Therapy Institute, LLC Goldman Sachs Group, Merchant Banking Hospitals and Healthcare Centers - 07/02/2012 Leah Bay Portfolio Division Sentio Healthcare Properties, Inc Assisted Living Facilities and Services $49 07/02/2012 Clare Oaks Evergreen Senior Living Properties, LLC Assisted Living Facilities and Services $16 * Includes transactions occurring within segments of the NCA Universe Page 38 of 44

44 Healthcare Industry Transactions * (continued) Announced Transactions Number of Transactions Announced # of Deals Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Value of Transactions Announced 12,000 10,000 8,000 $ in Millions 6,000 4,000 2,000 0 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 * Includes transactions occurring within segments of the NCA Universe Page 39 of 44

45 General Distressed Market Indicators Business Bankruptcy Filings Filings involving predominantly business debts totaled 44,435, down 15% from the 52,134 business bankruptcies filed in the 12-month period ending June 30, Source: Federal Judiciary U.S. Speculative-Grade Default Rate Versus Distressed Credit Ratio The distress ratio declined to 10.6% as of Sept. 17, from 12.1% a month earlier. The ratio was also significantly lower than the 14.9% in September The ratio is now at its lowest level since July 2011, when the sovereign crisis in Europe led to investor worries and a spike in U.S. speculativegrade spreads. Source: Standard and Poor s U.S. Distressed Debt Monitor, September 26, 2012 Page 40 of 44

46 Distribution of Standard and Poor s Distress Ratio by Industry Source: Standard and Poor s U.S. Distressed Debt Monitor, September 26, 2012 Issuer Institutional Loans That Have Defaulted During 3Q2012 Industry Deal Date Default Date Total Initial Amount Initial Institutional Amount Contec Holdings Computers & Electronics Jul-08 Aug-12 $ 205 $ 185 ATI Enterprises Educational Services Dec-09 Jun-12 $ 158 $ 140 Source: Standard & Poor s LCD 3Q12 Institutional Loan Default Quarterly Review Page 41 of 44

47 Healthcare Distressed News Third Quarter 2012 September 28, Cardica Inc. filed its 10-K for the period ending June 30, In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. September 26, Escalon Medical Corp. filed its 10-K for the period ending June 30, In this report its auditor, Mayer Hoffman McCann PC, gave an unqualified opinion expressing doubt that the company can continue as a going concern. September 24, Urologix, Inc. filed its 10-K for the period ending June 30, In this report its auditor, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. September 13, Imaging3, Inc. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Central District of California. September 13, Clinica Real, LLC filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Arizona. September 13, Unilife Corporation filed its 10-K for the period ending June 30, In this report its auditor, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. August 20, Gamma Medica-Ideas (USA), Inc. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Central District of California. August 10, FTMI Operator, LLC filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Florida. August 1, AcuNetx, Inc. filed a voluntary petition for liquidation under Chapter 7 in the U.S. Bankruptcy Court for the Northern District of California. July 23, Otologics, LLC filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri. July 5, Arte Senior Living, LLC filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Arizona. Page 42 of 44

48 Notes Certain industry participants were excluded from this newsletter due to either a lack of trading volume, a lack of available financial information, a bankruptcy filing or a change in their business plan. Enterprise Value (EV) = Common equity value + preferred equity + debt cash & short-term investments. EBITDA = Earnings before interest, taxes, depreciation and amortization. EBIT = Earnings before interest and taxes. YTM = Yield to Maturity. EV multiples are based on the book value of the companies debt and not current trading volume. The numbers presented in this report have been adjusted to exclude non-recurring and extraordinary items, net of taxes. NA = Not available. Sources: Capital IQ, Bloomberg, company 10-K, 10-Q and 8-K SEC filings, annual reports and press releases. Any public companies chosen for the NCA Universe are companies commonly used for industry information to show performance within a sector. They do not include all public companies that could be categorized within the sector and were not created as benchmarks; they do not imply benchmarking and do not constitute recommendations for a particular security and/or sector. The charts and graphs used in this report have been compiled by Navigant Capital Advisors solely for purposes of illustration. Subscription Form Please add my name to the Quarterly Dialogue distribution list Please remove my name from the Quarterly Dialogue distribution list Please correct my information on the Quarterly Dialogue distribution list Name Title Company Address City, State, Zip Phone Please fax this completed form to Corlleen Crawford at (404) Page 43 of 44

49 For further information on any of our services, please contact one of the following: Investment Banking» Merger, acquisition and divestiture advisory services» Transaction structuring and execution» Institutional debt and equity private placements» Corporate development services, including strategy formulation and target identification» Capital markets advisory services Contact Edward Casas at or Restructuring» Capital & Operating Restructuring» Distressed Asset Sales & Recapitalizations» Bankruptcy Advisory Support» Interim & Crisis Management» Creditor Rights Advisory Services Contact Edward Casas at or Valuation» Financial & Regulatory Reporting» Fairness / Solvency Opinions» Tax (IRC Section 382, 338, 280g, etc.)» Fresh Start Accounting Contact Richard Hitt at or [email protected] Financial Risk Management» Credit Risk» Market Risk» Asset / Liability & Interest Rate Risk» Operations Risk Contact Edward Casas at or [email protected] About Navigant Capital Advisors Navigant Capital Advisors is the dedicated corporate finance business unit of Navigant Consulting, Inc. (NYSE: NCI). Navigant Capital Advisors serves the investment banking and private equity, restructuring and valuation needs of companies, private equity groups, lenders and other creditor constituencies. The firm arranges private placements of debt and equity, advises on mergers and acquisitions, as well as initiates divestitures for the owners of businesses across a broad range of industries. The firm also represents borrowers, secured lenders and other creditor constituencies in connection with financial and operating restructurings. Finally, we provide transactional valuations, fairness opinions and other financial reporting and compliance services to companies and their boards. Offices Atlanta, GA* Austin, TX Baltimore, MD Boston, MA Burlington, MA Chicago, IL* Dallas, TX Denver, CO Detroit, MI Evanston, IL* Fairfield, CT Hong Kong Houston, TX Irvine, CA Lawrenceville, NJ Los Angeles, CA Miami, FL Montreal, Quebec New York, NY* Ottawa, Ontario Palo Alto, CA Philadelphia, PA Phoenix, AZ Pittsburgh, PA Princeton, NJ Quebec City, Quebec Rancho Cordova, CA Sacramento, CA San Francisco, CA Seattle, WA Shanghai Singapore Tampa, FL Toronto, Ontario United Kingdom Vienna, VA Washington, DC Westbury, NY *Broker-dealer offices registered with FINRA. Investment banking, private placement, merger, acquisition and divestiture services offered through Navigant Capital Advisors, LLC. Member FINRA/SIPC Navigant Capital Advisors, LLC. All rights reserved. Navigant Capital Advisors, LLC (Member FINRA, SIPC) is a wholly owned broker/dealer of Navigant Consulting, Inc. Navigant Consulting is not a certified public accounting firm and does not provide audit, attest, or public accounting services. See for a complete listing of private investigator licenses. Page 44 of 44