HEALTHCARE & LIFE SCIENCES

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WHAT WE RE READING LOGISTICS SUPPLYING THE BOOMING HEALTHCARE INDUSTRY Household names of UPS, FedEx, and DHL are investing to support their booming healthcare logistics businesses. While these brands are often associated with the delivery of ecommerce packages, healthcare companies across the country are utilizing logistics businesses to reduce supply-chain costs. For example, kits for highend medical devices can be replenished at UPS logistics hubs for speedier returns back to hospitals. These services are performed at specialty distribution sites equipped with high-security, specialty refrigeration systems, and other characteristics one would expect in the healthcare industry. Products range from specialty drugs, surgical devices, and even human material. While significant investment is required to participate in the healthcare logistics market, a 4% annual growth rate in a $70 billion global market justifies the significant investments made by the likes of UPS, FedEx, and DHL. A link to the article can be found here. CONTENTS PUBLIC MARKETS OVERVIEW EQUITY MARKETS OVERVIEW M&A OVERVIEW DEBT MARKETS OVERVIEW HEALTHCARE & LIFE SCIENCES PUBLIC COMPARABLES M&A TRANSACTIONS CONTACTS Turner Bredrup Managing Director tbredrup@harriswilliams.com +1 (804) 915-0110 James Clark Managing Director jclark@harriswilliams.com +1 (804) 915-0119 SURGERY CENTERS TEAMHEALTH / AMSURG COMBO NOT TO BE On October 20, TeamHealth rejected AmSurg s $7.8 billion stock-and-cash transaction proposal. The deal would have creased the largest physician ambulatory service in the country. In their rejection of the offer, TeamHealth cited both value and execution risk as core reasons why they are not interested in pursuing the transaction. This unsolicited offer follows on the heels of the Surgery Partners IPO which priced at the end of September. Surgery Partner s $915 million market value at IPO creates the third largest publicly traded surgery center platform behind AmSurg and Surgical Care Affiliates. A link to the article can be found here. HW&CO. HCLS GROUP INSIGHT Cheairs Porter Managing Director cporter@harriswilliams.com +1 (804) 915-0130 Geoff Smith Managing Director gsmith@harriswilliams.com +1 (804) 915-0195 Andy Dixon Director adixon@harriswilliams.com +1 (415) 217-3419 Paul Hepper Director phepper@harriswilliams.com +1 (804) 932-1326 Whit Knier Director wknier@harriswilliams.com +1 (804) 932-1321 Jacques Fu Vice President jfu@harriswilliams.com +1 (804) 915-0185 Andy Hewlett Vice President ahewlett@harriswilliams.com +1 (415) 217-3427 Bill Kayser Vice President bkayser@harriswilliams.com +1 (804) 915-0180 Nick Owens Vice President nowens@harriswilliams.com +1 (804) 887-6027 Infection Prevention Market Overview www.harriswilliams.com PAGE 1

PUBLIC MARKETS OVERVIEW Key Trading Statistics (detail begins on page 6) Payor, Provider, & Pharmacy Support Services Products & Devices Provider-Based Services Sector Number of Companies Aggregate Enterprise Value ($ mm) Change in Stock Price 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA Clinical Laboratories 3 $34,685 (10.5%) 6.6% 2.4x 12.1x 2.0x 10.1x Contract Pharma Manufacturing 2 5,214 (8.3%) 66.7% 3.0x 13.4x 2.8x 11.9x Contract Research Organizations 9 35,872 (3.7%) 6.3% 2.6x 13.6x 2.6x 12.2x Disease Management 2 8,520 (7.9%) (3.2%) 2.0x 13.9x 1.9x 11.7x Emergency Services 1 1,982 (17.5%) (38.6%) 1.9x 7.6x 1.9x 7.3x Healthcare Staffing 5 18,536 (6.1%) 37.4% 1.4x 14.8x 1.3x 12.5x HMO - Medical 10 305,390 (9.9%) 34.6% 0.8x 9.5x 0.7x 9.3x Information Services 13 38,341 (9.6%) (1.8%) 4.8x 17.2x 4.2x 15.5x Specialty Managed Care 3 7,407 0.9% 22.9% 1.2x 9.1x 6.5x 5.4x Specialty Pharmacy 1 2,006 (35.8%) NM 0.8x NM 0.7x NM Retail Pharmacy 3 235,913 (8.0%) 25.4% 0.8x 11.0x 0.8x 11.5x Specialty Pharmacy Management 2 71,923 (11.7%) 15.6% 0.6x 9.7x 0.6x 9.3x Dental Products 3 106,538 (7.1%) 10.9% 3.0x 14.0x 3.0x 13.3x Durable Medical Equipment 3 10,654 (9.6%) 22.5% 1.8x 13.2x 1.7x 12.0x Life Sciences Tools 4 117,721 (6.1%) 0.5% 2.6x 13.5x 3.2x 13.6x Medical Devices and Products 15 596,562 (4.2%) 12.1% 3.5x 13.2x 3.5x 12.6x Medical / Surgical / Dental Supplies & Distribution 6 117,111 (9.4%) 3.5% 0.3x 12.4x 0.2x 10.0x Acute-Care Hospitals 4 109,948 (25.3%) (9.7%) 1.1x 8.1x 1.1x 7.6x Assisted Living 3 12,104 (33.8%) (18.0%) 2.6x 13.4x 2.1x 12.5x Diagnostic Imaging 3 8,342 (17.0%) (16.2%) 1.5x 8.8x 1.7x 8.8x Dialysis Services 2 54,318 (7.5%) 12.7% 1.8x 10.0x 1.8x 9.6x Home Care, Hospice, and Home Infusion 6 5,915 1.9% 54.6% 1.3x 12.6x 1.2x 11.6x Long-Term Care 3 6,526 (16.5%) 9.7% 0.9x 10.2x 0.7x 7.7x Physician Practice Management 2 9,866 9.4% 45.4% 3.1x 15.3x 2.8x 14.4x Behavioral Health / Management 6 26,953 (13.8%) 19.4% 1.5x 10.3x 1.4x 9.5x Surgicenters / Rehabilitation 5 18,709 (8.9%) 23.8% 2.2x 13.3x 2.0x 10.7x Payor, Provider, & Pharmacy Support Services 54 $765,791 (8.1%) 26.8% 1.3x 11.6x 1.2x 10.8x Products & Devices 31 $948,586 (7.9%) 0.6% 3.1x 12.5x 3.0x 11.5x Provider-Based Services 34 $252,680 (11.9%) 12.8% 1.9x 10.6x 1.8x 9.8x HW&Co. HCLS Composite Index 119 $1,967,057 (10.6%) 13.7% 2.3x 12.0x 2.2x 11.1x S&P 500 (6.9%) (2.6%) Median TEV/ LTM Multiples Median TEV/ Forward Mulitples Public Company Sector Performance (12-month % change in stock price) Contract Pharma Manufacturing Home Care, Hospice, and Home Infusion Physician Practice Management Healthcare Staffing Durable Medical Equipment Retail Pharmacy Surgicenters / Rehabilitation Specialty Managed Care Durable Medical Equipment Behavioral Health / Management Specialty Pharmacy Management HW&Co. HCLS Composite Index Dialysis Services Medical Devices and Products Dental Products Long-Term Care Contract Research Organizations Clinical Laboratories Medical / Surgical / Dental Supplies & Distribution Information Services Life Sciences Tools Specialty Pharmacy S&P 500 Disease Management Acute-Care Hospitals Diagnostic Imaging Assisted Living Emergency Services (60.0%) (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% PAGE 2

EQUITY MARKETS OVERVIEW Healthcare & Life Sciences Industry Stock Performance 220 200 180 160 140 120 165.7% 149.3% 133.3% 100 80 60 40 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 S&P 500 Dow Jones U.S. Health Care Index HW&Co. HCLS Index Top Equity Offerings (by proceeds) Closing Date Issuer Ticker Transaction Type Gross Proceeds ($ mm) 09/14/15 Mylan NV MYL Follow-On $3,311.0 09/01/15 Baxalta Inc BXLT Follow-On 1,450.0 09/10/15 Seattle Genetics Inc SGEN Follow-On 552.0 09/22/15 Intra-Cellular Therapies Inc ITCI Follow-On 345.2 09/30/15 Surgery Partners Inc SGRY IPO 271.4 09/16/15 Regenxbio Inc RGNX IPO 159.4 09/17/15 Penumbra Inc PEN IPO 138.0 09/09/15 La Jolla Pharmaceutical Co LJPC Follow-On 111.4 09/15/15 Mirati Therapeutics Inc MRTX Follow-On 101.3 09/30/15 Edge Therapeutics Inc EDGE IPO 92.5 09/30/15 Amicus Therapeutics Inc FOLD Follow-On 78.3 09/04/15 Raptor Pharmaceutical Corp RPTP Follow-On 75.0 09/11/15 Trevena Inc TRVN Follow-On 72.9 09/17/15 Sientra Inc SIEN Follow-On 66.0 09/10/15 Orexigen Therapeutics Inc OREX Follow-On 60.0 09/11/15 Geron Corp GERN Follow-On 50.0 09/04/15 MannKind Corp MNKD Follow-On 50.0 09/30/15 Mirna Therapeutics Inc MIRN IPO 48.7 09/17/15 Cytokinetics Inc CYTK Follow-On 40.0 09/24/15 CTI BioPharma Corp CTIC Follow-On 15.7 PAGE 3

Number of Transactions Aggregate Transaction Value ($ in billions) EV / LTM EBITDA Multiple HEALTHCARE & LIFE SCIENCES M&A OVERVIEW Announced Healthcare & Life Sciences M&A QUARTERLY M&A ACTIVITY HEALTHCARE TRANSACTION HIGHLIGHTS 350 Announced Target Buyer Number of Transactions 300 250 200 150 100 12 221 22 291 16 12 200 209 18 304 15 248 22 304 14 290 11 279 15 292 11 13 303 312 8 260 9/28/2015 Lazarus Effect, Inc. Medtronic plc (NYSE:MDT) 9/24/2015 DentaQuest Mid-Atlantic, Dominion Dental Serv ices, Inc. and DentaQuest Virginia, Inc. Inc. 9/23/2015 Healthcare Staffing Serv ices, LLC Thomas H. Lee Partners, L.P. 9/22/2015 Dermatology of Northern Colorado PC Adv anced Dermatology & Cosmetic Surgery Inc. 9/21/2015 Synowledge LLC BioClinica, Inc. 9/18/2015 Foundations Recov ery Network, LLC Univ ersal Health Serv ices Inc. (NYSE:UHS) 9/16/2015 Alliance Healthcare Serv ices, Inc. Fujian Thaihot Inv estment Co., Ltd. 9/15/2015 Circle City Veterinary Specialty & Emergency Hospital, LLC MedVet Associates, Inc. 9/3/2015 Tornier, Ankle and Toe Replacement Products Portfolios Integra LifeSciences Corporation 9/3/2015 AqueSys, Inc. Allergan plc (NYSE:AGN) 9/3/2015 Option 1 Nutrition Solutions, LLC Epic Health Serv ices, Inc. 9/2/2015 RestorixHealth, Inc. Leonard Green & Partners, L.P. LTM DEAL STATISTICS 50 0 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 PEG Acquirer Strategic Acquirer Aggregate Number Median Transaction Multiples Value ($bn) of Deals TEV/Rev TEV/EBITDA $491.3 1,329 2.11x 13.4x Note: Transactions based on publicly available information Healthcare & Life Sciences M&A Trends ANNOUNCED HEALTHCARE & LIFE SCIENCES TRANSACTIONS MEDIAN HEALTHCARE & LIFE SCIENCES TRANSACTION MULTIPLES $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 $357.7 $236.6 $141.4 $110.6 $101.6 $108.2 2010 2011 2012 2013 2014 2015YTD 1,400 1,200 1,000 800 600 400 200 0 Number of Transactions 21.0x 18.0x 15.0x 12.0x 9.0x 6.0x 3.0x 0.0x 13.6x 14.1x 12.8x 11.1x 10.9x 10.0x 2010 2011 2012 2013 2014 2015YTD 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x EV / LTM Sales Multiple Aggregate Deal Value Number of Transactions TEV / LTM EBITDA TEV / LTM Sales Announced Private Equity M&A Activity PEG INVESTMENTS BY SEGMENT (LAST 3 YEARS) HC&LS Industry Number of Segment Companies Healthcare Facilities 41 Healthcare Serv ices 48 Healthcare Equipment 21 Pharmaceuticals 19 Healthcare Technology 16 Life Sciences Tools & Serv ices 15 Healthcare Supplies 11 Healthcare Distributors 6 Biotechnology 2 Managed Healthcare 3 160 140 120 100 80 60 40 20 0 PEG INVESTMENTS AND EXITS 139 144 143 120 113 94 95 79 80 81 69 71 65 65 60 62 61 62 49 50 42 38 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015YTD Number of Investments Number of Exits PAGE 4

EBITDA Multiple Average Spread Over LIBOR Average Spread Over LIBOR HEALTHCARE & LIFE SCIENCES DEBT MARKETS OVERVIEW Key Credit Statistics QUARTERLY HEALTHCARE LOAN VOLUME AVERAGE SPREAD ON HEALTHCARE LOANS Loan Volume by Quarter ($ in billions) $24 $21 $18 $15 $12 $9 $6 $3 L + 500 L + 400 L + 300 L + 200 L + 100 $0 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 L + 0 2010 2011 2012 2013 2014 1H15 Pro Rata Institutional Revolving Credit / Term Loan A Weighted-Average Institutional CREDIT METRICS 6.0x AVERAGE SECONDARY SPREAD L + 800 4.0x L + 600 L + 400 2.0x L + 200 0.0x Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash Interest 2010 2011 2012 2013 2014 2015 YTD EBITDA - Capex/Cash Interest L + 0 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 Select Healthcare & Life Sciences Debt Offerings (by deal amount) Date Effective Borrower Name Description Amount ($ mm) Tranche Rating Spread 09/28/15 Schumacher Group Health and allied services, nec $610.0 Term Loan B B1 / B L+ 400 09/28/15 Schumacher Group Health and allied services, nec 610.0 Term Loan Caa1 / CCC+ L+ 850 09/18/15 First Choice ER LLC Health and allied services, nec 175.0 Revolver/Line >= 1 Yr. NR / NR L+ 375 09/18/15 First Choice ER LLC Health and allied services, nec 175.0 Term Loan A NR / NR L+ 375 09/03/15 AccentCare Inc Home health care services 170.0 Term Loan B NR / NR L+ 575 09/03/15 AccentCare Inc Home health care services 170.0 Term Loan NR / NR L+ 950 09/01/15 Emerus Holdings Inc General med'l/surgical hospitals 140.0 Revolver/Line >= 1 Yr. NR / NR L+ 450 09/01/15 Emerus Holdings Inc General med'l/surgical hospitals 140.0 Term Loan NR / NR L+ 450 09/30/15 Northwestern Memorial Hospital General med'l/surgical hospitals 80.0 Revolver/Line >= 1 Yr. NR / NR L+ 55 09/18/15 Circleville Health Partners LLC Skilled nursing care facilities 12.2 Other Loan NR / NR L+ 375 PAGE 5

PUBLIC COMPARABLES Payor, Provider, & Pharmacy Support Services Company Name Stock Price Equity Total Ent. Latest Twelve Months Forward Twelve Month Cash and LTM Latest TEV/ LTM Multiples TEV/ Fwd Multiples % Change 52 Week Mkt. Total Debt Value (LTM) Estimate Equiv. Period FYE Date 9/30/2015 3 mos. 12 mos. High Low Value (TEV) Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA Clinical Laboratories Laboratory Corp. of America Holdings $108.47 (10.5%) 6.6% $131.19 $95.61 $10,966 $6,787 $619 $17,151 $7,056 $1,414 $1,108 Jun-15 Dec-14 $8,481 $1,706 $1,258 2.4x 12.1x 2.0x 10.1x Quest Diagnostics Inc. 61.47 (15.2%) 1.3% 89.00 56.27 8,824 3,748 150 12,452 7,551 1,469 1,158 Jun-15 Dec-14 7,533 1,498 1,194 1.6x 8.5x 1.7x 8.3x VCA Inc. 52.65 (3.2%) 33.9% 62.45 36.80 4,273 853 74 5,082 2,028 378 298 Jun-15 Dec-14 2,130 396 328 2.5x 13.4x 2.4x 12.8x Number of Companies 3 Median: (10.5%) 6.6% Total $24,063 $34,685 $16,634 $18,144 2.4x 12.1x 2.0x 10.1x Market Cap. Weighted Average: (11.0%) 9.5% 2.2x 11.0x 2.0x 9.9x Contract Pharma Manufacturing Cambrex Corporation. $39.68 (9.7%) 112.4% $54.60 $15.76 $1,245 $60 $63 $1,242 $395 $106 $83 Jun-15 Dec-14 $430 $122 $99 3.1x 11.8x 2.9x 10.2x West Pharmaceutical Services, Inc. 54.12 (6.8%) 20.9% 61.73 43.49 3,897 327 252 3,972 1,401 263 174 Jun-15 Dec-14 1,414 290 191 2.8x 15.1x 2.8x 13.7x Number of Companies 2 Median: (8.3%) 66.7% Total $5,142 $5,214 $1,796 $1,844 3.0x 13.4x 2.8x 11.9x Market Cap. Weighted Average: (7.5%) 43.1% 2.9x 14.3x 2.8x 12.8x Contract Research Organizations Albany Molecular Research Inc. $17.42 (13.8%) (21.1%) $23.95 $13.73 $618 $202 $43 $777 $320 $35 $13 Jun-15 Dec-14 $406 $77 $47 2.4x 22.3x 1.9x 10.1x Catalent, Inc. 24.30 (17.1%) (2.9%) 34.42 22.85 3,026 1,888 151 4,768 1,831 419 278 Jun-15 Jun-15 1,858 442 304 2.6x 11.4x 2.6x 10.8x Charles River Laboratories International, Inc. 63.52 (9.7%) 6.3% 84.69 55.47 2,971 773 151 3,609 1,317 291 197 Jun-15 Dec-14 1,345 321 243 2.7x 12.4x 2.7x 11.2x ICON Public Limited Company 70.97 5.5% 24.0% 84.14 49.75 4,249 60 107 4,117 1,555 311 255 Jun-15 Dec-14 1,592 338 281 2.6x 13.2x 2.6x 12.2x INC Research Holdings, Inc. 40.00 (0.3%) NM 51.69 19.61 2,250 475 99 2,627 860 181 124 Jun-15 Dec-14 907 202 183 3.1x 14.5x 2.9x 13.0x PAREXEL International Corporation 61.92 (3.7%) (1.9%) 76.17 52.19 3,427 354 207 3,573 2,016 297 212 Jun-15 Jun-15 2,178 353 260 1.8x 12.0x 1.6x 10.1x PRA Health Sciences, Inc. 38.83 6.9% NM 46.35 18.47 2,336 944 61 3,219 1,312 187 101 Jun-15 Dec-14 1,369 239 216 2.5x 17.2x 2.4x 13.5x Quintiles Transnational Holdings Inc. 69.57 (4.2%) 24.7% 80.45 51.09 8,537 2,491 804 10,225 4,229 751 628 Jun-15 Dec-14 4,354 785 665 2.4x 13.6x 2.3x 13.0x WuXi PharmaTech (Cayman) Inc. 43.21 2.2% 23.4% 46.14 32.40 3,065 341 254 2,956 738 134 86 Jun-15 Dec-14 798 170 115 4.0x 22.1x 3.7x 17.4x Number of Companies 9 Median: (3.7%) 6.3% Total $30,479 $35,872 $14,179 $14,808 2.6x 13.6x 2.6x 12.2x Market Cap. Weighted Average: (3.0%) 12.3% 2.6x 14.4x 2.5x 12.6x Disease Management Alere Inc. $48.15 (8.7%) 24.2% $55.99 $35.62 $4,128 $3,599 $465 $7,873 $2,544 $538 $223 Jun-15 Dec-14 $2,569 $581 $496 3.1x 14.6x 3.1x 13.6x Healthways Inc. 11.12 (7.2%) (30.6%) 23.30 10.84 398 254 5 648 773 49 28 Jun-15 Dec-14 779 66 15 0.8x 13.2x 0.8x 9.9x Number of Companies 2 Median: (7.9%) (3.2%) Total $4,526 $8,520 $3,316 $3,347 2.0x 13.9x 1.9x 11.7x Market Cap. Weighted Average: (8.6%) 19.3% 2.9x 14.5x 2.9x 13.2x Emergency Services Air Methods Corp. $34.09 (17.5%) (38.6%) $57.50 $33.76 $1,340 $664 $29 $1,982 $1,028 $260 $179 Jun-15 Dec-14 $1,053 $272 $187 1.9x 7.6x 1.9x 7.3x Number of Companies 1 Median: (17.5%) (38.6%) Total $1,340 $1,982 $1,028 $1,053 1.9x 7.6x 1.9x 7.3x Market Cap. Weighted Average: (17.5%) (38.6%) 1.9x 7.6x 1.9x 7.3x Healthcare Staffing AMN Healthcare Services Inc. $30.01 (5.0%) 91.1% $37.47 $15.04 $1,430 $226 $14 $1,642 $1,222 $111 $93 Jun-15 Dec-14 $1,401 $144 $114 1.3x 14.8x 1.2x 11.4x Envision Healthcare Holdings, Inc. 36.79 (6.8%) 6.1% 45.95 30.48 6,833 2,237 173 8,927 4,907 593 427 Jun-15 Dec-14 5,444 658 474 1.8x 15.0x 1.6x 13.6x Cross Country Healthcare, Inc. 13.61 7.3% 46.5% 16.72 8.80 439 72 9 502 756 25 17 Jun-15 Dec-14 761 31 22 0.7x 20.0x 0.7x 16.4x On Assignment Inc. 36.90 (6.1%) 37.4% 41.49 25.98 1,942 830 42 2,731 1,934 194 155 Jun-15 Dec-14 2,014 234 154 1.4x 14.1x 1.4x 11.7x Team Health Holdings, Inc. 54.03 (17.3%) (6.8%) 70.21 50.83 3,914 868 51 4,734 3,221 322 225 Jun-15 Dec-14 3,525 379 242 1.5x 14.7x 1.3x 12.5x Number of Companies 5 Median: (6.1%) 37.4% Total $14,558 $18,536 $12,040 $13,145 1.4x 14.8x 1.3x 12.5x Market Cap. Weighted Average: (8.9%) 16.4% 1.5x 14.7x 1.3x 12.5x As of September 30, 2015. PAGE 6

PUBLIC COMPARABLES Payor, Provider, & Pharmacy Support Services HMO - Medical Company Name Stock Price Equity Total Ent. Latest Twelve Months Forward Twelve Month Cash and LTM Latest TEV/ LTM Multiples TEV/ Fwd Multiples % Change 52 Week Mkt. Total Debt Value (LTM) Estimate Equiv. Period FYE Date 9/30/2015 3 mos. 12 mos. High Low Value (TEV) Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA Commercial: Aetna Inc. $109.41 (14.2%) 35.1% $134.40 $71.81 $38,150 $8,384 $1,126 $45,469 $59,724 $5,159 $4,511 Jun-15 Dec-14 $60,562 $5,243 $4,746 0.8x 8.8x 0.8x 8.7x Anthem, Inc. 140.00 (14.7%) 17.0% 173.59 108.92 36,622 18,352 1,553 53,421 76,608 6,587 5,794 Jun-15 Dec-14 78,139 5,390 4,775 0.7x 8.1x 0.7x 9.9x Cigna Corp (1) 135.02 (16.7%) 48.9% 170.68 85.75 34,767 5,196 1,969 38,083 36,644 3,930 3,601 Jun-15 Dec-14 38,086 4,133 3,550 1.0x 9.7x 1.0x 9.2x Health Net, Inc. (2) 60.22 (6.1%) 30.6% 76.67 42.61 4,654 610 757 4,507 15,602 380 361 Jun-15 Dec-14 16,720 580 567 0.3x 11.8x 0.3x 7.8x Humana Inc. (3) 179.00 (6.4%) 37.4% 219.79 121.04 26,530 4,432 2,250 28,712 52,131 2,596 2,323 Jun-15 Dec-14 54,802 2,861 2,482 0.6x 11.1x 0.5x 10.0x UnitedHealth Group Incorporated 116.01 (4.9%) 34.5% 126.21 80.72 110,623 31,782 7,983 122,455 146,941 12,486 11,318 Sep-15 Dec-14 154,584 12,959 11,354 0.8x 9.8x 0.8x 9.4x Number of Companies 6 Median: (10.3%) 34.8% Total $251,347 $292,647 $387,650 $402,894 0.7x 9.7x 0.7x 9.3x Market Cap. Weighted Average: (9.5%) 34.3% 0.8x 9.6x 0.8x 9.4x Government: Centene Corp. $54.23 (32.5%) 31.1% $83.00 $37.53 $6,458 $1,149 $1,967 $5,795 $18,548 $732 $632 Jun-15 Dec-14 $22,417 $807 $693 0.3x 7.9x 0.3x 7.2x Molina Healthcare, Inc. 68.85 (2.1%) 62.8% 82.37 40.79 3,859 920 2,014 2,766 11,619 416 334 Jun-15 Dec-14 14,256 524 416 0.2x 6.6x 0.2x 5.3x Universal American Corp 6.84 (32.4%) (14.9%) 11.16 6.73 552 85 128 510 1,947 (7) (18) Jun-15 Dec-14 1,668 32 NA 0.3x NM 0.3x 15.9x WellCare Health Plans, Inc. 86.18 1.6% 42.8% 98.79 55.43 3,798 1,213 1,340 3,672 13,775 408 373 Jun-15 Dec-14 13,941 556 477 0.3x 9.0x 0.3x 6.6x Number of Companies 4 Median: (17.2%) 37.0% Total $14,668 $12,743 $45,889 $52,282 0.3x 7.9x 0.3x 6.9x Market Cap. Weighted Average: (15.7%) 40.7% 0.3x 7.9x 0.2x 6.9x Information Services Data/Analytics: Castlight Health, Inc. $4.20 (48.4%) (67.5%) $13.44 $4.02 $396 $0 $32 $232 $61 ($79) ($81) Jun-15 Dec-14 $76 ($64) ($66) 3.8x NM 3.1x NM Inovalon Holdings, Inc. 20.83 (25.3%) NM 33.75 17.78 3,082 290 194 2,575 387 139 119 Jun-15 Dec-14 435 159 133 6.7x 18.6x 5.9x 16.2x National Research Corp. 31.99 0.0% (11.1%) 39.30 27.54 365 7 41 332 100 30 26 Jun-15 Dec-14 103 31 27 3.3x 11.1x 3.2x 10.8x Number of Companies 3 Median: (25.3%) (39.3%) Total $3,844 $332 $548 $614 3.8x 14.9x 3.2x 13.5x Market Cap. Weighted Average: (25.3%) (8.0%) 6.0x 17.8x 5.4x 15.6x ehealth: WebMD Health Corp. $39.84 (10.0%) (4.7%) $48.91 $34.48 $1,469 $952 $757 $1,664 $598 $122 $104 Jun-15 Dec-14 $629 $187 $122 2.8x 13.6x 2.6x 8.9x Number of Companies 1 Median: (10.0%) (4.7%) Total $1,469 $1,664 $598 $629 2.8x 13.6x 2.6x 8.9x Market Cap. Weighted Average: (10.0%) (4.7%) 2.8x 13.6x 2.6x 8.9x Hospital/Physician: Allscripts Healthcare Solutions, Inc. $12.40 (9.4%) (7.6%) $15.41 $11.00 $2,343 $663 $77 $2,938 $1,373 $80 ($6) Jun-15 Dec-14 $1,406 $244 $150 2.1x NM 2.1x 12.0x Athenahealth, Inc. 133.35 16.4% 1.3% 153.25 107.88 5,152 301 105 5,337 835 62 (0) Jun-15 Dec-14 920 168 81 6.4x NM 5.8x 31.8x Cerner Corporation 59.96 (13.2%) 0.7% 75.72 55.75 20,691 623 294 20,755 3,812 1,070 808 Jul-15 Jan-15 4,535 1,455 1,089 5.4x 19.4x 4.6x 14.3x Computer Programs & Systems Inc. 42.13 (21.1%) (26.7%) 64.86 41.64 476 0 26 439 193 43 40 Jun-15 Dec-14 189 39 35 2.3x 10.1x 2.3x 11.2x HMS Holdings Corp. 8.77 (48.9%) (53.5%) 23.69 8.11 777 198 150 824 453 87 34 Jun-15 Dec-14 466 111 49 1.8x 9.5x 1.8x 7.4x MedAssets, Inc. 20.06 (9.1%) (3.2%) 23.90 17.00 1,204 841 10 2,034 750 219 104 Jun-15 Dec-14 763 236 80 2.7x 9.3x 2.7x 8.6x Premier, Inc. 34.37 (10.6%) 4.6% 39.81 29.29 1,298 18 147 929 1,007 329 275 Jun-15 Jun-15 1,156 439 342 0.9x 2.8x 0.8x 2.1x Quality Systems Inc. 12.48 (24.7%) (9.4%) 18.75 12.00 753 0 105 636 494 52 39 Jun-15 Mar-15 509 77 40 1.3x 12.2x 1.2x 8.3x The Advisory Board Company 45.54 (16.7%) (2.3%) 60.38 37.47 1,938 564 50 2,453 666 62 26 Jun-15 Dec-14 772 171 44 3.7x NM 3.2x 14.4x Number of Companies 9 Median: (13.2%) (3.2%) Total $34,631 $36,345 $9,583 $10,715 2.3x 9.8x 2.3x 11.2x Market Cap. Weighted Average: (9.6%) (1.8%) 4.8x 17.4x 4.1x 15.8x As of September 30, 2015. (1) To be acquired by Anthem (NYSE:ANTM) in a $54.2 billion transaction announced July 24, 2015. (2) To be acquired by Centene (NYSE:CNC) in a $6.3 billion transaction announced July 2, 2015. (3) To be acquired by Aetna (NYSE:AET) in a $37.0 billion transaction announced July 3, 2015. PAGE 7

PUBLIC COMPARABLES Payor, Provider, & Pharmacy Support Services Company Name Stock Price Equity Total Ent. Latest Twelve Months Forward Twelve Month Cash and LTM Latest TEV/ LTM Multiples TEV/ Fwd Multiples % Change 52 Week Mkt. Total Debt Value (LTM) Estimate Equiv. Period FYE Date 9/30/2015 3 mos. 12 mos. High Low Value (TEV) Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA Specialty Managed Care Assurant Inc. $79.01 17.9% 22.9% $80.08 $59.73 $5,279 $1,267 $1,297 $5,248 $10,569 $629 $493 Jun-15 Dec-14 $8,254 $980 $791 0.5x 8.3x 0.6x 5.4x CorVel Corporation 32.30 0.9% (5.1%) 39.29 29.27 644 0 27 617 495 62 43 Jun-15 Mar-15 NA NA NA 1.2x 9.9x NA NA HealthEquity, Inc. 29.55 (7.8%) 61.4% 34.56 16.11 1,691 0 109 1,542 107 29 22 Jul-15 Jan-15 125 38 24 14.4x NM 12.4x NM Number of Companies 3 Median: 0.9% 22.9% Total $7,614 $7,407 $11,171 $8,378 1.2x 9.1x 6.5x 5.4x Market Cap. Weighted Average: 10.8% 29.1% 3.6x 8.5x 3.5x 5.4x Retail Pharmacy CVS Health Corporation $96.48 (8.0%) 21.2% $113.58 $77.40 $107,865 $13,145 $1,244 $119,612 $145,577 $10,920 $8,976 Jun-15 Dec-14 $151,246 $980 NA 0.8x 11.0x 0.8x NM Walgreens Boots Alliance, Inc. 83.10 (1.6%) 40.2% 97.30 58.52 90,769 16,247 4,449 102,849 93,979 6,395 4,927 May-15 Aug-14 103,529 7,618 6,158 1.1x 16.1x 1.0x 13.5x Rite Aid Corporation 6.07 (27.3%) 25.4% 9.47 4.42 6,161 7,444 153 13,452 27,853 1,301 852 Aug-15 Feb-15 30,927 1,411 849 0.5x 10.3x 0.4x 9.5x Number of Companies 3 Median: (8.0%) 25.4% Total $204,794 $235,913 $267,409 $285,702 0.8x 11.0x 0.8x 11.5x Market Cap. Weighted Average: (11.8%) 23.8% 1.0x 13.1x 1.0x 12.8x Specialty Pharmacy Diplomat Pharmacy, Inc. $28.73 (35.8%) NM $52.33 $15.45 $1,828 $191 $17 $2,006 $2,640 $44 $30 Jun-15 Dec-14 $2,796 $46 $71 0.8x NM 0.7x NM Number of Companies 1 Median: (35.8%) NM Total $1,828 $2,006 $2,640 $2,796 0.8x NM 0.7x NM Market Cap. Weighted Average: (35.8%) NM 0.8x NM 0.7x NM Specialty Pharmacy Management Express Scripts Holding Company $80.96 (9.0%) 14.6% $94.61 $68.06 $54,707 $16,734 $721 $70,729 $102,445 $6,820 $4,776 Jun-15 Dec-14 $103,956 $7,043 $6,608 0.7x 10.4x 0.7x 10.0x PharMerica Corporation 28.47 (14.5%) 16.5% 36.96 19.42 866 350 21 1,195 2,003 134 87 Jun-15 Dec-14 1,995 139 89 0.6x 8.9x 0.6x 8.6x Number of Companies 2 Median: (11.7%) 15.6% Total $55,574 $71,923 $104,448 $105,952 0.6x 9.7x 0.6x 9.3x Market Cap. Weighted Average: (9.1%) 14.7% 0.7x 10.3x 0.7x 10.0x As of September 30, 2015. PAGE 8

PUBLIC COMPARABLES Products & Devices Company Name Stock Price Equity Total Ent. Latest Twelve Months Forward Twelve Month Cash and LTM Latest TEV/ LTM Multiples TEV/ Fwd Multiples % Change 52 Week Mkt. Total Debt Value (LTM) Estimate Equiv. Period FYE Date 9/30/2015 3 mos. 12 mos. High Low Value (TEV) Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA Dental Products 3M Company $141.77 (8.1%) 0.1% $170.50 $130.60 $88,570 $8,517 $2,983 $93,639 $31,120 $8,516 $7,133 Jun-15 Dec-14 $30,811 $8,573 $7,150 3.0x 11.0x 3.0x 10.9x DENTSPLY International Inc. 50.57 (1.9%) 10.9% 57.61 43.83 7,070 1,200 96 8,021 2,782 573 450 Jun-15 Dec-14 2,717 605 516 2.9x 14.0x 3.0x 13.3x Sirona Dental Systems Inc. (1) 93.34 (7.1%) 21.7% 104.99 74.38 5,217 80 423 4,878 1,146 280 244 Jun-15 Sep-14 1,150 340 293 4.3x 17.4x 4.2x 14.3x Number of Companies 3 Median: (7.1%) 10.9% Total $100,858 $106,538 $35,048 $34,677 3.0x 14.0x 3.0x 13.3x Market Cap. Weighted Average: (7.6%) 1.9% 3.1x 11.5x 3.1x 11.3x Durable Medical Equipment Hill-Rom Holdings, Inc. $51.99 (4.3%) 25.5% $58.73 $39.58 $2,949 $578 $123 $3,414 $1,894 $274 $175 Jun-15 Sep-14 $1,965 $316 $226 1.8x 12.4x 1.7x 10.8x Invacare Corporation 14.47 (33.1%) 22.5% 23.59 11.65 471 48 23 496 1,214 1 (23) Jun-15 Dec-14 1,155 11 (15) 0.4x NM 0.4x NM ResMed Inc. 50.96 (9.6%) 3.4% 75.33 45.74 7,161 301 717 6,744 1,679 482 409 Jun-15 Jun-15 1,773 513 443 4.0x 14.0x 3.8x 13.1x Number of Companies 3 Median: (9.6%) 22.5% Total $10,580 $10,654 $4,787 $4,894 1.8x 13.2x 1.7x 12.0x Market Cap. Weighted Average: (9.2%) 10.4% 3.2x 13.5x 3.1x 12.5x Life Sciences Tools Agilent Technologies Inc. $34.33 (11.0%) (39.8%) $57.16 $33.25 $11,377 $1,655 $2,075 $10,960 $6,979 $1,198 $912 Jul-15 Oct-14 $4,041 $866 $752 1.6x 9.1x 2.7x 12.7x Becton, Dickinson and Company 132.66 (6.3%) 16.6% 154.98 112.98 27,892 13,171 1,559 39,466 9,410 2,417 1,733 Jun-15 Sep-14 10,290 2,695 2,160 4.2x 16.3x 3.8x 14.6x Thermo Fisher Scientific, Inc. 122.28 (5.8%) 0.5% 141.25 14.00 48,727 14,064 768 61,984 16,854 4,026 2,308 Jun-15 Dec-14 16,810 4,253 3,809 3.7x 15.4x 3.7x 14.6x VWR Corporation 25.69 (3.9%) NM 28.83 20.60 3,375 2,067 130 5,311 4,327 456 332 Jun-15 Dec-14 4,295 464 383 1.2x 11.7x 1.2x 11.4x Number of Companies 4 Median: (6.1%) 0.5% Total $91,371 $117,721 $37,570 $35,437 2.6x 13.5x 3.2x 13.6x Market Cap. Weighted Average: (6.5%) 0.4% 3.5x 14.8x 3.5x 14.2x Medical Devices and Products Abbott Laboratories $40.22 (18.1%) (3.3%) $51.74 $39.00 $59,946 $8,778 $4,048 $57,665 $20,502 $4,638 $3,229 Jun-15 Dec-14 $20,659 $4,993 $4,058 2.8x 12.4x 2.8x 11.5x Baxter International Inc. 32.85 (53.0%) (54.2%) 75.29 32.22 17,921 14,230 6,680 25,504 16,326 4,049 3,036 Jun-15 Dec-14 9,873 1,567 912 1.6x 6.3x 2.6x 16.3x Boston Scientific Corporation 16.41 (7.3%) 39.0% 18.62 11.10 22,054 5,112 903 26,263 7,272 1,741 1,009 Jun-15 Dec-14 7,436 2,049 1,234 3.6x 15.1x 3.5x 12.8x ConforMIS, Inc. 18.06 0.0% NM 26.93 13.33 735 11 14 731 59 (45) (47) Jun-15 Dec-14 65 (52) (55) 12.3x NM 11.3x NM CR Bard Inc. 186.31 9.1% 30.6% 202.47 141.49 13,824 1,400 1,098 14,121 3,377 1,048 873 Jun-15 Dec-14 3,415 1,024 837 4.2x 13.5x 4.1x 13.8x Danaher Corp. 85.21 (0.4%) 12.1% 92.92 70.12 58,240 3,163 3,342 58,132 20,288 4,604 3,630 Jul-15 Dec-14 20,922 4,808 3,755 2.9x 12.6x 2.8x 12.1x Hanger, Inc. 13.64 (41.8%) (33.5%) 26.79 13.31 468 540 5 1,003 1,061 159 119 Jun-14 Dec-13 1,072 163 116 0.9x 6.3x 0.9x 6.1x Hologic Inc. 39.13 2.8% 60.8% 43.00 22.70 11,027 3,942 885 14,083 2,641 964 464 Jun-15 Sep-14 2,694 1,013 892 5.3x 14.6x 5.2x 13.9x Johnson & Johnson 93.35 (4.2%) (12.4%) 109.49 81.79 258,496 19,307 0 243,849 70,517 22,508 18,850 Sep-15 Dec-14 70,677 23,410 19,924 3.5x 10.8x 3.5x 10.4x K2M Group Holdings, Inc. 18.60 (22.6%) 28.9% 26.29 13.27 769 0 29 740 201 (14) (40) Jun-15 Dec-14 216 0 (33) 3.7x NM 3.4x NM Medtronic plc 66.94 (9.7%) 8.1% 79.50 55.54 94,627 35,600 2,979 112,240 23,127 7,024 5,232 Jul-15 Apr-15 28,954 10,067 8,348 4.9x 16.0x 3.9x 11.1x Penumbra, Inc. 40.10 0.0% NM 43.06 38.59 1,197 0 37 1,271 149 2 1 Jun-15 Dec-14 NA NA NA 8.5x NM NA NA Stryker Corporation 94.10 (1.5%) 16.5% 105.34 77.87 35,434 3,469 3,626 34,623 9,818 2,623 2,242 Jun-15 Dec-14 9,968 2,642 2,475 3.5x 13.2x 3.5x 13.1x Teleflex Incorporated 124.21 (8.3%) 18.3% 140.50 101.95 5,167 1,112 325 5,956 1,802 410 309 Jun-15 Dec-14 1,820 474 394 3.3x 14.5x 3.3x 12.6x Zemach Hammerman Ltd. 2.56 0.3% 3.2% 10.44 8.20 181 293 29 381 190 3 1 Jun-15 Dec-14 NA NA NA 2.0x NM NA NA Number of Companies 15 Median: (4.2%) 12.1% Total $580,086 $596,562 $177,329 $177,773 3.5x 13.2x 3.5x 12.6x Market Cap. Weighted Average: (7.2%) (0.5%) 3.6x 12.4x 3.4x 11.4x Medical / Surgical / Dental Supplies & Distribution AmerisourceBergen Corporation $94.99 (10.7%) 22.9% $120.68 $74.32 $20,537 $3,750 $2,555 $21,732 $132,080 $1,544 $1,319 Jun-15 Sep-14 $135,022 $2,063 $1,855 0.2x 14.1x 0.2x 10.5x Cardinal Health, Inc. 76.82 (8.2%) 2.5% 91.91 71.72 25,262 5,493 4,616 26,139 102,531 2,694 2,243 Jun-15 Jun-15 114,783 3,156 2,860 0.3x 9.7x 0.2x 8.3x Henry Schein, Inc. 132.72 (6.6%) 14.0% 149.10 109.34 11,068 736 47 12,327 10,419 890 736 Jun-15 Dec-14 10,613 924 767 1.2x 13.8x 1.2x 13.3x McKesson Corporation 185.03 (17.7%) (5.0%) 243.61 160.10 43,002 9,796 5,635 48,679 183,115 4,237 3,311 Jun-15 Mar-15 194,361 5,184 4,608 0.3x 11.5x 0.3x 9.4x Owens & Minor Inc. 31.94 (6.1%) (2.4%) 36.35 31.55 2,013 575 201 2,386 9,691 258 213 Jun-15 Dec-14 9,848 278 215 0.2x 9.3x 0.2x 8.6x Patterson Companies, Inc. 43.25 (11.1%) 4.4% 53.07 39.28 4,358 1,726 186 5,848 4,579 440 384 Aug-15 Apr-15 5,434 473 416 1.3x 13.3x 1.1x 12.4x Number of Companies 6 Median: (9.4%) 3.5% Total $106,239 $117,111 $442,415 $470,062 0.3x 12.4x 0.2x 10.0x Market Cap. Weighted Average: (12.4%) 4.6% 0.4x 11.8x 0.4x 9.9x As of September 30, 2015. (1) To be acquired by DENTSPLY International (NYSE:XRAY) in a $5.5 billion transaction announced September 15, 2015. PAGE 9

PUBLIC COMPARABLES Provider-Based Services Company Name Stock Price Equity Total Ent. Latest Twelve Months Forward Twelve Month Cash and LTM Latest TEV/ LTM Multiples TEV/ Fwd Multiples % Change 52 Week Mkt. Total Debt Value (LTM) Estimate Equiv. Period FYE Date 9/30/2015 3 mos. 12 mos. High Low Value (TEV) Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA Acute-Care Hospitals Community Health Systems, Inc. $42.77 (32.1%) (21.9%) $65.00 $40.52 $5,054 $16,937 $365 $22,233 $19,491 $2,917 $1,786 Jun-15 Dec-14 $19,846 $3,066 $1,829 1.1x 7.6x 1.1x 7.3x HCA Holdings, Inc. 77.36 (14.7%) 9.7% 95.49 43.91 32,119 29,904 673 62,724 38,429 7,699 5,838 Jun-15 Dec-14 39,649 7,832 5,921 1.6x 8.1x 1.6x 8.0x LifePoint Health, Inc. 70.90 (18.5%) 2.5% 88.18 62.95 3,149 2,211 423 5,054 4,963 628 350 Jun-15 Dec-14 5,207 706 420 1.0x 8.1x 1.0x 7.2x Tenet Healthcare Corp. 36.92 (36.2%) (37.8%) 60.93 35.76 3,676 14,754 299 19,937 17,568 2,187 1,336 Jun-15 Dec-14 18,423 2,297 1,408 1.1x 9.1x 1.1x 8.7x Number of Companies 4 Median: (25.3%) (9.7%) Total $43,997 $109,948 $80,451 $83,125 1.1x 8.1x 1.1x 7.6x Market Cap. Weighted Average: (18.8%) 1.6% 1.5x 8.2x 1.4x 7.9x Assisted Living Brookdale Senior Living Inc. $22.96 (33.8%) (28.7%) $39.89 $22.00 $4,237 $6,476 $78 $10,634 $4,151 $792 ($43) Jun-15 Dec-14 $4,996 $849 $72 2.6x 13.4x 2.1x 12.5x Capital Senior Living Corp. 20.05 (18.2%) (5.6%) 27.75 19.20 591 724 39 1,276 398 70 16 Jun-15 Dec-14 410 82 18 3.2x 18.3x 3.1x 15.6x Five Star Quality Care Inc. 3.09 (35.6%) (18.0%) 5.07 2.74 152 80 22 194 1,115 17 (17) Jun-15 Dec-14 1,369 32 2 0.2x 11.3x 0.1x 6.1x Number of Companies 3 Median: (33.8%) (18.0%) Total $4,980 $12,104 $5,664 $6,775 2.6x 13.4x 2.1x 12.5x Market Cap. Weighted Average: (32.0%) (25.7%) 2.6x 13.9x 2.2x 12.7x Long-Term Care Kindred Healthcare Inc. $15.75 (22.4%) (18.8%) $24.66 $15.61 $1,321 $3,260 $120 $4,550 $6,003 $444 $289 Jun-15 Dec-14 $7,197 $625 $471 0.8x 10.2x 0.6x 7.3x National Healthcare Corp. 60.89 (6.3%) 9.7% 66.50 54.33 868 45 72 893 892 107 71 Jun-15 Dec-14 NA NA NA 1.0x 8.4x NA NA The Ensign Group, Inc. 42.63 (16.5%) 22.5% 54.08 33.17 1,090 50 51 1,083 1,155 96 73 Jun-15 Dec-14 1,290 135 109 0.9x 11.3x 0.8x 8.0x Number of Companies 3 Median: (16.5%) 9.7% Total $3,278 $6,526 $8,050 $8,487 0.9x 10.2x 0.7x 7.7x Market Cap. Weighted Average: (16.2%) 2.5% 0.9x 10.1x 0.7x 7.6x Diagnostic Imaging Alliance Healthcare Services, Inc. $9.76 (47.8%) (56.8%) $25.83 $9.00 $103 $543 $43 $683 $448 $115 $57 Jun-15 Dec-14 NA NA NA 1.5x 6.0x NA NA RadNet, Inc. 5.55 (17.0%) (16.2%) 10.35 5.25 247 647 5 890 755 101 43 Jun-15 Dec-14 771 125 48 1.2x 8.8x 1.2x 7.1x Varian Medical Systems, Inc. 73.78 (12.5%) (7.9%) 96.67 71.07 7,283 494 951 6,769 3,093 659 592 Jul-15 Sep-14 3,110 652 583 2.2x 10.3x 2.2x 10.4x Number of Companies 3 Median: (17.0%) (16.2%) Total $7,633 $8,342 $4,296 $3,881 1.5x 8.8x 1.7x 8.8x Market Cap. Weighted Average: (13.1%) (8.8%) 2.1x 10.2x 2.1x 10.3x Dialysis Services DaVita HealthCare Partners Inc. $72.33 (9.0%) (1.1%) $85.17 $70.12 $15,587 $9,211 $934 $23,985 $13,290 $2,415 $1,800 Jun-15 Dec-14 $13,701 $2,518 $1,936 1.8x 9.9x 1.8x 9.5x Fresenius Medical Care AG & Co. KGAA 69.63 (5.9%) 26.6% 82.26 50.87 21,211 9,272 582 30,332 16,982 3,005 2,285 Jun-15 Dec-14 16,895 3,117 2,392 1.8x 10.1x 1.8x 9.7x Number of Companies 2 Median: (7.5%) 12.7% Total $36,798 $54,318 $30,272 $30,596 1.8x 10.0x 1.8x 9.6x Market Cap. Weighted Average: (7.2%) 14.8% 1.8x 10.0x 1.8x 9.6x Home Care, Hospice, and Home Infusion Home Care / Hospice: Addus HomeCare Corporation $31.15 11.8% 58.9% $35.83 $17.06 $344 $4 $42 $305 $332 $25 $20 Jun-15 Dec-14 $344 $27 $22 0.9x 12.4x 0.9x 11.1x Almost Family Inc. 40.05 0.4% 47.4% 50.48 25.01 393 47 6 437 506 37 33 Jul-15 Dec-14 530 40 35 0.9x 12.0x 0.8x 10.9x Amedisys Inc. 37.97 (4.4%) 88.2% 48.34 19.03 1,278 96 33 1,341 1,204 89 65 Jun-15 Dec-14 1,242 111 81 1.1x 15.0x 1.1x 12.1x Chemed Corp. 133.47 1.8% 29.7% 153.98 97.85 2,258 160 33 2,386 1,496 205 178 Jun-15 Dec-14 1,529 226 183 1.6x 11.6x 1.6x 10.6x LHC Group, Inc. 44.77 17.0% 93.0% 51.83 22.37 804 41 18 842 756 72 61 Jun-15 Dec-14 790 72 63 1.1x 11.7x 1.1x 11.7x Number of Companies 5 Median: 1.8% 58.9% Total $5,077 $5,311 $4,294 $4,435 1.1x 12.0x 1.1x 11.1x Market Cap. Weighted Average: 3.2% 57.8% 1.3x 12.6x 1.3x 11.2x Home Infusion: BioScrip, Inc. $1.87 (48.5%) (72.9%) $7.01 $1.30 $129 $419 $1 $604 $1,022 ($52) ($73) Jun-15 Dec-14 $983 $20 ($265) 0.6x NM 0.6x 29.5x Number of Companies 1 Median: (48.5%) (72.9%) Total $129 $604 $1,022 $983 0.6x NM 0.6x 29.5x Market Cap. Weighted Average: (48.5%) (72.9%) 0.6x NM 0.6x 29.5x As of September 30, 2015. PAGE 10

PUBLIC COMPARABLES Provider-Based Services Company Name Physician Practice Management Stock Price Equity Total Ent. Latest Twelve Months Forward Twelve Month Cash and LTM Latest TEV/ LTM Multiples TEV/ Fwd Multiples % Change 52 Week Mkt. Total Debt Value (LTM) Estimate Equiv. Period FYE Date 9/30/2015 3 mos. 12 mos. High Low Value (TEV) Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA Multispecialty / Primary Care: IPC Healthcare, Inc. (1) $77.69 40.3% 73.5% $80.09 $36.12 $1,353 $90 $12 $1,431 $714 $70 $65 Jun-15 Dec-14 $752 $72 $63 2.0x 20.3x 1.9x 19.9x Number of Companies 1 Median: 40.3% 73.5% Total $1,353 $1,431 $714 $752 2.0x 20.3x 1.9x 19.9x Market Cap. Weighted Average: 40.3% 73.5% 2.0x 20.3x 1.9x 19.9x Specialty: MEDNAX, Inc. $76.79 3.6% 40.1% $86.09 $49.82 $7,207 $1,297 $65 $8,435 $2,593 $589 $535 Jun-15 Dec-14 $2,800 $630 $564 3.3x 14.3x 3.0x 13.4x Number of Companies 1 Median: 3.6% 40.1% Total $7,207 $8,435 $2,593 $2,800 3.3x 14.3x 3.0x 13.4x Market Cap. Weighted Average: 3.6% 40.1% 3.3x 14.3x 3.0x 13.4x Behavioral Health / Management AAC Holdings, Inc. $22.25 (48.9%) NM $46.60 $15.09 $499 $76 $45 $527 $158 $31 $25 Jun-15 Dec-14 $190 $42 $26 3.3x 17.1x 2.8x 12.5x Acadia Healthcare Company, Inc. 66.27 (15.4%) 36.6% 85.62 46.87 4,747 1,953 35 6,666 1,409 301 252 Jun-15 Dec-14 1,773 400 319 4.7x 22.2x 3.8x 16.7x Civitas Solutions, Inc. 22.92 7.5% 46.7% 27.85 11.88 850 652 17 1,483 1,343 143 72 Jun-15 Sep-14 1,364 152 63 1.1x 10.4x 1.1x 9.7x Magellan Health, Inc. 55.43 (20.9%) 1.3% 73.00 52.37 1,491 265 168 1,494 4,044 233 177 Jun-15 Dec-14 4,545 283 107 0.4x 6.4x 0.3x 5.3x Providence Service Corp. 43.58 (1.6%) (9.9%) 55.99 34.03 700 488 145 1,120 1,862 111 62 Jun-15 Dec-14 2,045 120 56 0.6x 10.1x 0.5x 9.3x Universal Health Services Inc. 124.81 (12.2%) 19.4% 148.57 95.63 12,360 3,035 42 15,663 8,576 1,585 1,198 Jun-15 Dec-14 9,589 1,682 1,314 1.8x 9.9x 1.6x 9.3x Number of Companies 6 Median: (13.8%) 19.4% Total $20,646 $26,953 $17,391 $19,506 1.5x 10.3x 1.4x 9.5x Market Cap. Weighted Average: (13.3%) 21.7% 2.4x 12.7x 2.0x 10.8x Surgicenters / Rehabilitation Surgery Centers (2) : AmSurg Corp. $77.71 11.1% 55.3% $87.42 $47.68 $3,765 $2,249 $126 $6,054 $2,297 $340 $294 Jun-15 Dec-14 $2,512 $497 NA 2.6x 17.8x 2.4x 12.2x Surgical Care Affiliates, Inc. 32.69 (14.8%) 22.3% 40.99 26.55 1,291 804 78 2,016 935 146 96 Jun-15 Dec-14 1,020 173 NA 2.2x 13.8x 2.0x 11.7x Number of Companies 2 Median: (1.9%) 38.8% Total $5,055 $8,071 $3,231 $3,532 2.4x 15.8x 2.2x 11.9x Market Cap. Weighted Average: 4.5% 46.8% 2.5x 16.8x 2.3x 12.1x Rehabilitation: HEALTHSOUTH Corp. $38.37 (16.7%) 4.0% $48.37 $36.10 $3,509 $2,126 $46 $5,839 $2,678 $622 $502 Jun-15 Dec-14 $3,036 $678 $549 2.2x 9.4x 1.9x 8.6x Select Medical Holdings Corporation 10.79 (33.4%) (10.3%) 17.20 10.41 1,418 2,476 25 4,174 3,165 367 293 Jun-15 Dec-14 3,714 411 315 1.3x 11.4x 1.1x 10.2x US Physical Therapy Inc. 44.89 (18.0%) 26.8% 56.37 34.00 558 43 13 625 313 53 45 Jun-15 Dec-14 329 49 48 2.0x 11.9x 1.9x 12.7x Number of Companies 3 Median: (18.0%) 4.0% Total $5,484 $10,638 $6,156 $7,079 2.0x 11.4x 1.9x 10.2x Market Cap. Weighted Average: (21.1%) 2.6% 1.9x 10.2x 1.7x 9.4x As of September 30, 2015. (1) To be acquired by TeamHealth (NYSE:TMH) in a $1.6 billion transaction announced August 4, 2015. (2) Figures are adjusted for minority interest. PAGE 11

M&A TRANSACTIONS Announced U.S. Healthcare & Life Sciences M&A Enterprise Enterprise Value / LTM Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement 9/30/2015 3 Senior Communities at 21500 72nd Ave. W, 10605 Aegis Senior Communities LLC Welltower Inc. (NYSE:HCN) hoh18.75 N.E. 185th St. and 11039 17th Ave. N.E. 9/30/2015 Hema Diagnostic Systems LLC - Generex Biotechnology Corp. $29.4 - - - No (OTCPK:GNBT) 9/30/2015 HomeFirst Healthcare Services, LLC - Epic Health Services, Inc. 9/30/2015 Ohio State University, APP-111 Ohio State University, Endowment Arm Aspen Park Pharmaceuticals, Inc. 9/30/2015 Attica Family Medicine, PLLC - United Memorial Medical Center 9/30/2015 Rare Insights LLC - Spherix Global Insights GmbH 9/29/2015 Global Cancer Diagnostics Inc. - QuantRx Biomedical Corporation (OTCPK:QTXB) 9/29/2015 Bayonne Visiting Nurse Association Inc., Assets of Home Health Agency in Hudson County Bayonne Visiting Nurse Association Inc. Almost Family Inc. (NasdaqGS:AFAM) 9/29/2015 Questhouse, Inc. - JourneyPure LLC 9/28/2015 New Jersey Anesthesia Associates, P.C. - MEDNAX, Inc. (NYSE:MD) 9/28/2015 Lazarus Effect, Inc. - Medtronic plc (NYSE:MDT) $100.0 - - - No 9/28/2015 Teva Women's Health, Inc., MILPROSA Teva Women's Health, Inc. Ferring Holding SA 9/25/2015 Transgenomic Inc., Genetic Assays and Platforms Transgenomic Inc. (NasdaqCM:TBIO) ADSTEC Corporation business Segment And Facilities 9/25/2015 Titusville Area Hospital - Meadville Medical Center 9/25/2015 WPC Healthcare, Inc. Washington Publishing Company - 9/25/2015 Gecko Health Innovations, Inc. - Teva Pharmaceutical Industries Limited (NYSE:TEVA) 9/24/2015 Phoundry Pharmaceuticals, Inc. Pappas Ventures Intarcia Therapeutics, Inc. 9/24/2015 Century Ambulance Service, Inc. - Protransport-1, LLC 9/24/2015 Four Skilled Nursing Facilities in Texas - Shady Shores Communities LLC 9/24/2015 DentaQuest Mid-Atlantic, Inc. and DentaQuest DentaQuest Management, Inc. Dominion Dental Services, Inc. Virginia, Inc. 9/24/2015 Clarke Engineering Services, Inc. - Harbert Mezzanine Partners; Red Oak - - - - Yes Growth Partners; Tenth Street Capital, LLC 9/23/2015 Sagacious Consultants, LLC - Accenture plc (NYSE:ACN) 9/23/2015 Ashit K. Vijapura Psychiatry Practice - IPC Healthcare, Inc. (NasdaqGS:IPCM) 9/23/2015 Radiology Services Corp And Diagnostic - Wichita Radiological Group, P.A. Ultrasound Services 9/23/2015 65-Unit Stafford Village Complex - National Church Residences, Inc. 9/23/2015 Healthcare Staffing Services, LLC Altaris Capital Partners, LLC Thomas H. Lee Partners, L.P. - - - - Yes 9/22/2015 Dermatology of Northern Colorado PC - Advanced Dermatology & Cosmetic Surgery Inc. 9/22/2015 A 55 Bed Nursing Facility in Tampa Bay Area, Florida 9/22/2015 Performance Rehab Institute & Sports Medicine Inc. - AdCare Health Systems, Inc. $4.8 - - - No (AMEX:ADK) - PT Solutions Holdings, LLC 9/22/2015 Livonia Woods Nursing and Rehabilitation Center NexCare Health Systems, L.L.C. Lutheran Homes of Michigan Inc., Endowment Arm 9/21/2015 Synowledge LLC - BioClinica, Inc. 9/21/2015 Lehigh HMA, LLC Community Health Systems, Inc. Prime Healthcare Services, Inc. (NYSE:CYH) 9/21/2015 The Everett Clinic, Inc. - DaVita HealthCare Partners Inc. (NYSE:DVA) 9/21/2015 ER Centers of America, Inc. - ER Holdings 9/21/2015 Enterprise Consulting Solutions Inc. - HealthPort Incorporated 9/21/2015 Trinity Community at Fairwood - United Church Homes, Inc. 9/18/2015 Alegis Revenue Solutions, LLC - MedData, Inc. 9/18/2015 Phoenix Health LLC - Constellation Healthcare Technologies, $14.0 1.4x 6.4x - No Inc. (AIM:CHT) 9/18/2015 Foundations Recovery Network, LLC - Universal Health Services Inc. $350.0 - - - No (NYSE:UHS) 9/17/2015 IGeneX, Inc. - 4C Capital, LLC - - - - Yes 9/17/2015 HCR ManorCare, Inc., Heartland of Preston HCR ManorCare, Inc. Stonerise Healthcare LLC County 9/16/2015 GruenePointe Holdings, LLC, Nine Texas Skilled GruenePointe Holdings, LLC MedEquities Realty Trust, Inc. $133.4 - - - No Nursing Facilities 9/16/2015 PetCure Oncology at the Veterinary Radiosurgery - PetCure Oncology LLC and Imaging Center PAGE 12

M&A TRANSACTIONS Announced U.S. Healthcare & Life Sciences M&A cont. Enterprise Enterprise Value / LTM Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement 9/16/2015 Sage Care Therapy Services Inc. - ChanceLight Behavioral Health and Education 9/16/2015 Alliance Healthcare Services, Inc. (NasdaqGM:AIQ) 9/15/2015 Nexus Pharmaceuticals, Inc., Three Ophthalmic ANDAs Oaktree Capital Management, L.P.; MTS Health Investors, LLC; Alliance-MTS Co-Investors I, LLC; Alliance-Oaktree Co-Investors, LLC; Alliance-MTS Co- Investors II, LLC Fujian Thaihot Investment Co., Ltd. $774.3 1.7x 6.5x 12.4x Yes Nexus Pharmaceuticals, Inc. Rising Pharmaceuticals, Inc. 9/15/2015 IHM Services Company, Inc - Persivia 9/15/2015 PRO MED Medical Care Centers - U.S. Healthworks, Inc. 9/15/2015 Sirona Dental Systems Inc. (NasdaqGS:SIRO) - DENTSPLY International Inc. $5,097.9 4.5x 18.2x 20.9x No (NasdaqGS:XRAY) 9/15/2015 The First String Healthcare, Inc. - AMN Healthcare Services Inc. (NYSE:AHS) 9/15/2015 Circle City Veterinary Specialty & Emergency - MedVet Associates, Inc. Hospital, LLC 9/14/2015 Four Hospitals in Tennessee Community Health Systems, Inc. Tennova Healthcare (NYSE:CYH) 9/14/2015 The Therapy Center, Inc. - BenchMark Rehabilitation Partners, LLC 9/11/2015 Trilogy Investors LLC - NorthStar Healthcare Income, Inc.; $1,148.5 - - - No Griffin-American Healthcare REIT III, Inc.; Northstar Asset Management Group Inc. (NYSE:NSAM) 9/11/2015 PacificGMP, Inc. - Abzena Inc. $8.4 2.8x - - No 9/11/2015 Vandalia Research, Inc. West Virginia Jobs Investment Trust Board; Mountaineer Capital, LP Applied DNA Sciences Inc. (NasdaqCM:APDN) $1.5 - - - No 9/10/2015 NYSportsMed - Orthology, Inc. 9/10/2015 Diplomat Pharmacy, Inc., Compounding Diplomat Pharmacy, Inc. (NYSE:DPLO) Restore Health Pharmacy, LLC Pharmacy Assets 9/10/2015 Jackson Adept Research - Jackson Associates, Inc. 9/10/2015 Trapollo LLC - Cox Communications, Inc. 9/10/2015 Knoxville Gastroenterology Anesthesia Associates - CRH Medical Corporation (TSX:CRH) LLC 9/10/2015 Altus Imaging Center - Riceland HealthCare, L.P. 9/10/2015 Physician's Link Home Care, PLLC - Riceland HealthCare, L.P. 9/10/2015 Infraredx, Inc. - Nipro Corporation (TSE:8086) 9/10/2015 Central Medical Laboratories, LLC Health Diagnostic Laboratory, Inc. Oncimmune USA, LLC $0.7 - - - No 9/9/2015 SleepIQ Labs Inc. - Select Comfort Corporation $70.7 - - - No (NasdaqGS:SCSS) 9/9/2015 Atlantic Health Partners, LLC Longmeadow Capital Partners, LLC Managed Health Care Associates, Inc. - - - - Yes 9/9/2015 NeuroFix Therapeutics, LLC - Medgenics, Inc. (AMEX:MDGN) $458.0 - - - No 9/9/2015 Seahorse Bioscience, Inc. HLM Venture Partners; Flagship Agilent Technologies Inc. (NYSE:A) $235.0 - - - No Ventures; GlaxoSmithKline plc (LSE:GSK); FLIR Systems, Inc. (NasdaqGS:FLIR) 9/9/2015 Amgen Inc., Biological Medicines Manufacturing Amgen Inc. (NasdaqGS:AMGN) MedImmune, LLC $14.6 - - - No Facility In Boulder, Colorado 9/8/2015 Transgenomic Inc., Ion Chromatography Product Transgenomic Inc. (NasdaqCM:TBIO) Edge Biosystems, Inc. $2.1 - - - No Line 9/8/2015 NeoForce Group, Inc. - Capnia, Inc. (NasdaqCM:CAPN) $1.0 - - - No 9/8/2015 Particle Sciences, Inc. - Lubrizol Advanced Materials, Inc. - - NM - No 9/8/2015 VM Pharma LLC, VM-902A VM Pharma LLC Purdue Pharma L.P.; Mundipharma International Limited 9/8/2015 Optical Affairs Company - Dita, Inc. 9/8/2015 Greenfield Counseling, Inc. - Pinnacle Treatment Centers, Inc. 9/4/2015 Town & Country Pediatrics, S.C. - Ann & Robert H. Lurie Children's Hospital of Chicago 9/4/2015 Health Diagnostic Laboratory, Inc. - True Health Diagnostics LLC $37.1 - - - No 9/4/2015 Advanced Laser Center of Oklahoma, LLC - Vision Group Holdings, LLC 9/3/2015 Exelan Pharmaceuticals, Inc. - Cipla (EU) Limited $50.0 1.8x - - No 9/3/2015 Tornier, Ankle and Toe Replacement Products Tornier SAS; Tornier, Inc. Integra LifeSciences Corporation Portfolios 9/3/2015 Halcyon Home Health, LLC Triangle Capital Corporation (NYSE:TCAP); Health Evolution Partners LHC Group, Inc. (NasdaqGS:LHCG) $58.5 1.4x - - Yes 9/3/2015 Providence Human Services, LLC and Providence Community Services, LLC Providence Service Corp. (NasdaqGS:PRSC); Ross Innovative Employment Solutions Corp. Molina Healthcare, Inc. (NYSE:MOH) $200.0 - - - No PAGE 13

M&A TRANSACTIONS Announced U.S. Healthcare & Life Sciences M&A cont. Enterprise Enterprise Value / LTM Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement 9/3/2015 AqueSys, Inc. Rho Capital Partners, Inc.; The Carlyle Allergan plc (NYSE:AGN) $300.0 - - - Yes Group LP (NasdaqGS:CG); The Innovation Factory, LLC; SV Life Sciences Advisers, LLC; Accuitive Medical Ventures, LLC; Longitude Capital Management Co., LLC 9/3/2015 Clinical Pharmacy Services, Inc. - Webster Capital 9/3/2015 InvaGen Pharmaceuticals, Inc. - Cipla (EU) Limited $500.0 2.6x - - No 9/3/2015 Option 1 Nutrition Solutions, LLC Thompson Street Capital Partners Epic Health Services, Inc. - - - - Yes 9/2/2015 Advanced Family Eyecare - Family Eye Center 9/2/2015 Dermatology & Laser Institute of SW Florida - Advanced Dermatology & Cosmetic Surgery Inc. 9/2/2015 Optimus EMR, Inc. Breakwater Investment Management, Yardi Systems, Inc. - - - - Yes LLC 9/2/2015 PWNHealth, LLC Medivo Inc. EDG Partners, LLC - - - - Yes 9/2/2015 Patient-Aids, Inc. - Patient Home Monitoring Corp. $25.7 2.0x 5.6x - No (TSXV:PHM) 9/2/2015 The Lutheran Care Network, Kenwood Manor and The Lutheran Care Network - $13.0 - - - No Bethlehem Commons at Good Samaritan Village 9/2/2015 Kremers Urban Pharmaceuticals Inc. Celltech Manufacturing, Inc. Lannett Company, Inc. (NYSE:LCI) $1,230.0 3.0x 9.3x - No 9/2/2015 Sunshine Infusion Services, Inc. - BiologicTx, Inc. 9/2/2015 Connected Health Solutions, Inc. - MedTrak Services LLC 9/2/2015 Gwinnett Health System, Inc. - Northside Hospital, Inc. 9/2/2015 RestorixHealth, Inc. Sverica International Leonard Green & Partners, L.P. - - - - Yes 9/1/2015 Five Senior Housing Facilities In Illinois - Sabra Health Care REIT, Inc. $19.7 - - - No (NasdaqGS:SBRA) 9/1/2015 Skylight Healthcare Systems, Inc. Pelion Venture Partners; Versant GetWellNetwork, Inc. Ventures, Inc.; Duchossois Capital Management LLC; MemorialCare Innovation Fund 9/1/2015 Synergetics USA, Inc. (NasdaqCM:SURG) AWM Investment Company Inc.; Nantahala Capital Management, LLC Valeant Pharmaceuticals International $186.4 2.6x 18.4x 25.1x No 9/1/2015 MedeAnalytics, Inc. Emergence Capital Partners; Bain Thoma Bravo, LLC - - - - Yes Capital Integral Investors LLC 9/1/2015 Institute for Athletic Medicine, Woodbury and Institute for Athletic Medicine OSI Physical Therapy, LLC Maplewood Clinics 9/1/2015 Mid-Atlantic ElderCare, PLLC - IPC Healthcare, Inc. (NasdaqGS:IPCM) 9/1/2015 Healthcare Performance Improvement, LLC - Press Ganey Holdings, Inc. (NYSE:PGND) 9/1/2015 Nine Property Portfolio - Care Capital Properties, Inc. (NYSE:CCP) $190.0 - - - No 9/1/2015 Bi-County Physical Therapy & Rehabilitation And Flynn Physical Therapy And S.M.A.R.T. Physical - Professional Orthopedic and Sports Physical Therapy, P.C. 9/1/2015 CFHS Holdings, Inc. Westridge Capital Cedars-Sinai Medical Center - - - - Yes 9/1/2015 Pediatric Associates of Orlando, P.A. - Orlando Health Physician Associates 9/1/2015 inventiv Patient Access Solutions, LLC inventiv Health Inc. TMS Health, LLC 9/1/2015 PKPD Bioscience, Inc. - Kinderpharm LLC 9/1/2015 The White Stone Group, Inc. - National Electronic Attachment, Inc.; Medical Electronic Attachment, Inc. 9/1/2015 Belvedere Medical Center Tsunami LLC - $2.5 - - - No 9/1/2015 56 Skilled Nursing and Assisted Living Facilities in - Senior Care Centers, LLC Texas, And MBS Pharmacy 9/1/2015 Southeast Veterinary Specialists, LLC - MedVet Associates, Inc. PAGE 14

INDUSTRY UPDATE OCTOBER 2015 OUR FIRM Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries. Aerospace, Defense & Government Services Building Products & Materials Business Services Consumer Energy, Power & Infrastructure Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom Transportation & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston Two International Place 24th Floor Boston, Massachusetts 02110 Phone: +1 (617) 482-7501 Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio 44114 Phone: +1 (216) 689-2400 Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota 55402 Phone: +1 (612) 359-2700 UNITED STATES Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia 23219 Phone: +1 (804) 648-0072 San Francisco 575 Market Street 31st Floor San Francisco, California 94105 Phone: +1 (415) 288-4260 EUROPE Frankfurt Bockenheimer Landstrasse 33-35 60325 Frankfurt, Germany Phone: +49 069 3650638 00 London 63 Brook Street London W1K 4HS, England Phone: +44 (0) 20 7518 8900 Beijing Hong Kong Mumbai NETWORK OFFICES New Delhi Shanghai PAGE 15

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