Q2-Q Deal Values Remain High Led by Active Strategic Buyers and Private Equity Groups 1,905 1,881

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1 HEALTHCARE Q2-Q Deal Values Remain High Led by Active Strategic Buyers and Private Equity Groups M&A transaction values have continued to increase across all subsectors of the healthcare industry in North America, although the number of transactions decreased 2.8% in the TTM (trailing 12 month) period compared to the comparable period in 2016, which translates into more large deals. Total investment dollars in healthcare M&A transactions in Q2 and Q3 were bolstered by several trends including consolidation transactions, generally higher asset values, and an above average number of large (greater than $1 billion) transactions. Public companies, large strategic buyers, and private equitybacked strategic buyers have been the most acquisitive in Q2 and Q3, and each are utilizing consolidation strategies. Strategic acquirers in healthcare services, such as health systems, have historically utilized M&A to build scale and accelerate regional expansion. Hospital systems in 2017 are merging to streamline service delivery and reduce costs related to effective care. Consolidation in the Medical Equipment subsector had also been prevalent in Q2 and Q3, generating many large transactions, as buyers seek products and technologies to expand or complement existing product portfolios. Overall, the proportion of M&A transactions by subsector has remained mostly stable. Q2 and Q3 did see increases in deal activity for the Medical Equipment and Healthcare Technology & Consulting subsectors of 12.7% and 0.3%, respectively. Acquisition strategies for financial buyers and private equitybacked strategic buyers also include consolidation. Financial buyers seek to build scale and are increasingly focused on niche, fragmented submarkets of the healthcare industry, such as behavioral health providers. The amount of dry powder from private equity buyers and the need to deploy funds have increased asset values and transaction multiples in Q2 and Q3, which remain at historically high levels. These activities combine to create a sellers market. Healthcare M&A Transactions by Year (Strategic Buyers Include Private Equity Owned Companies) # of Transactions ,334 1, ,975 1,937 1, LTM 3,578 3,006 1,871 1,942 1,905 1, Strategic Buyer Financial/Private Buyer Source: EdgePoint Proprietary Database, Company Filings, CapIQ, News Releases

2 Noteworthy Home Health & Hospice Care Transactions Q1 - Q (continued) Q2 - Q HEALTHCARE Notable Recently Announced and Closed Healthcare Transactions Date: 8/1/2017 (Closed) Overview / Strategic Rationale: Healthcare Services inventive Health is one of the country s largest clinical and commercial professional services companies with 15,000 employees. Its Clinical Research Organization (CRO) provides drug development services to pharmaceutical, biotechnology, generic drug, and medical device companies. The Contract Commercial Organization (CCO) offers strategic and operational expertise to healthcare clients globally, including consulting, sales staff and training, market access, marketing and branding, and management. Target: Acquirer: Key Metrics: Combined EV ($M) Combined Revenue Combine EV/LTM Revenue $7,000 $3, x Date: 8/9/2017 (Closed) INC Research Holdings, Inc. will gain significant capabilities in functional service provider (FSP) solutions, organizational scale (22,000+ employees), experience with large pharmaceutical clientele, and therapeutic areas. Overview / Strategic Rationale: Medical Equipment The Spectranetics Corporation, headquartered in Colorado Springs, Colorado, manufactures medical devices used in the treatment of cardiovascular and peripheral arterial conditions in addition to lead technology for the minimally invasive removal of pacemakers. The company has approximately 900 employees. Target: Acquirer: Key Metrics: Implied Enterprise Value ($M) EV/LTM EBITDA EV/LTM Revenue $1,956 NA 7.05x Date: 7/17/2017 (Closed) Spectranetics s leading product portfolio will be integrated into Philips s interventional imaging systems, devices, software, and services segment for enhanced treatment of cardiovascular treatment. Motivation for the acquisition is thought to be the Stellarex drug-coated balloon, which is used for treatment of peripheral artery disease. Stellarex was marked by the Food and Drug Administration for premarket approval in the United States. Overview / Strategic Rationale: Healthcare Technology & Con- Headquartered in Boston, Massachusetts, Best Doctors, Inc. provides patients with access to medical experts and physicians for the diagnosis and treatment of illnesses and injuries. Using information technology, patients receive advisory services remotely in order to choose the best healthcare plan, treatments, and providers. The company serves over 40 million customers, and has global offices in Australia, Canada, the Netherlands, Portugal, Spain, and the United Kingdom. Target: Acquirer: Key Metrics: Implied Enterprise Value ($M) EV/LTM EBITDA EV/LTM Revenue $ x 4.5x Date: 5/18/2017 (Closed) Teladoc will acquire a trusted brand, and use its robust and scalable platform to provide access to Best Doctors network of renowned experts. Best Doctors offers access to best-in-class across 450 different specialties. Overview / Strategic Rationale: Healthcare Services IASIS Healthcare, headquartered in Franklin, Tennessee, operates 17 acute care hospital facilities and one behavioral health facility. The company has annual revenue of approximately $3.2 billion, and has facilities in Utah, Arizona, Texas, Louisiana, and Colorado. The company also offers a Medicaid and Medicare managed health plan. Target: Acquirer: Key Metrics: Implied Enterprise Value ($M) EV/LTM EBITDA EV/LTM Revenue $3, x 1.03x Steward becomes the largest private hospital operator in the United States with approximately 37,000 employees and 5,100 physicians. The combined entity will include 36 hospitals across 10 states, managed care operations in Arizona, Utah, and Massachusetts, and project combined revenue of $8 billion in In addition to scale, Steward expands its managed risk platform to more than 680,000 new patients.

3 Noteworthy Home Health & Hospice Care Transactions Q1 - Q (continued) HEALTHCARE Q2 - Q Recently Announced and Closed Transactions (select transactions, not intended to be all-inclusive) Announced/ Closed Date Target Buyers / Investors Price (MM USD) EV/EBITDA Multiple Closed 9/28/17 Wellstar Enterprises Company Ltd. Cornerstone Healthcare, Inc Closed 9/8/17 Biomedical Systems Corporation eresearchtechnology, Inc Closed 9/6/17 SinfoníaRx, Inc. Tabula Rasa Healthcare, Inc Announced 9/1/17 Tenet HealthSystem St. Christopher's American Academic Health System 170 NM - Effective 8/30/17 Eating Recovery Center LLC CCMP Capital Advisors, LP Closed 8/18/17 Expedient Medstaff, LLC AHS Staffing, LLC Announced 8/17/17 Clearcorrect Operating, Llc Straumann Holding AG YES Closed 8/11/17 LG Medical Technologies, Inc. Insight Imaging, Inc Closed 8/9/17 2M Company & Western Hydro Corp. Sverica Capital Management, LLC Closed 8/8/17 RN & Allied Specialties, Inc. Aya Healthcare, Inc. $0 - - Announced 8/8/17 American Medical Response, Inc. Air Medical Group Holdings, Inc. 2, Announced 4/4/17 Renton Special Care Community LLC YES Closed 10/31/17 Sebring Hospital Management Associates HCA Healthcare, Inc Closed 9/8/17 WPI Holdings Inc. Convatec Group Plc YES Closed 8/7/17 Water Pik, Inc. Church & Dwight Co., Inc. 1, Closed 10/6/17 Alere Inc., Triage MeterPro Assets Quidel Corporation Closed 7/13/17 Healthcare Concepts, Inc. Exact Recruiting Solutions, Inc Closed 10/31/17 Senior Whole Health, LLC Magellan Healthcare, Inc Closed 7/10/17 Health Search New England Jordan Medical Consultants, LLC Closed 5/22/17 American Health Network, Inc. Collaborative Care Services, Inc Closed 7/13/17 Spirox, Inc. Entellus Medical, Inc Closed 7/3/17 HD Supply Waterworks Group CONMED Corporation Closed 7/3/17 Aegis Senior Communities LLC YES Closed 6/29/17 Anesthesia Associates of New London, P.C. Envision Physician Services Closed 6/26/17 Fresenius Medical Care Holdings, Inc YES Closed 9/29/17 PAREXEL International Corporation Pamplona Capital Management LLP 5, YES Closed 6/20/17 Greater Nashville Perinatology, PLC MEDNAX, Inc Closed 7/14/17 Best Doctors, Inc. Teladoc, Inc Closed 6/9/17 Mi Casa Es Su Casa, Inc. Civitas Solutions, Inc Closed 6/13/17 Advantage RN, LLC Cross Country Healthcare, Inc Closed 7/18/17 ClearPoint Diagnostic Laboratories, LLC Quest Diagnostics Incorporated Closed 6/5/17 Tenet Healthcare Corp. - 1,410 - YES Closed 6/5/17 National Spine & Pain Centers, LLC Avista Capital Holdings, L.P Closed 6/1/17 DirectMed Parts & Service, LLC Mercury Partners Announced 1/22/15 AdCare Health Systems, Inc YES Closed 9/29/17 IASIS Healthcare LLC Steward Health Care System, LLC Closed 5/9/17 AKSM, Ltd. United Medical Systems (DE), Inc Closed 5/17/17 Northwest Urological Services, LLC YES Closed 10/2/17 Hamilton U.S. Holdings, Inc. American International Group, Inc Announced 5/10/17 Adirondack Tri-County Nursing And Rehab. 112 Ski Bowl Road Operating Co. LLC Closed 5/8/17 River Vision Development Corp. Horizon Pharma Public Limited Compan YES Closed 5/29/17 Quantum International Income Corp YES Closed 5/4/17 WOUND&SKINEXPERTS LLC KG Health Partners, Inc Closed 5/3/17 Thaxton Barabe American Healthcare Staffing, LLC Closed 5/1/17 The Columbus Organization, LLC HealthEdge Investment Partners, LLC - - YES Closed 5/2/17 ThreeWire, Inc. WIRB-Copernicus Group, Inc Closed 6/16/17 Span-America Medical Systems, Inc. Savaria Corporation YES Closed 4/28/17 Invo HealthCare Associates, Inc. The Jordan Company, L.P Announced 6/21/17 ProPhase Labs, Inc YES Closed 4/25/17 Braunger Foods, Thompson, Variety Foods Germain & Co., Inc Announced 4/6/17 New England Baptist Hospital Inc. Beth Israel Deaconess Medical Center - - YES Closed 4/18/17 Exact Recruiting Solutions, Inc. Simione Healthcare Consultants, LLC Closed 4/17/17 Southwestern Eye Center, Ltd. H.I.G. Capital, LLC Closed 4/6/17 Medical Arts Dermatology PA Epiphany Dermatology PA Closed 4/6/17 Medical Arts Dermatology PA Epiphany Dermatology PA Closed 4/4/17 Kissito PACE of Roanoke, Inc. InnovAge Home Care Announced 6/1/17 St. Anthony's Medical Center Mercy Health Effective 5/3/17 Caisson Interventional, LLC YES Cross- Border Sources: EdgePoint Proprietary Database, Company Filings, CapIQ, News Releases

4 % of Transactions EBITDA Multiple HEALTHCARE Q2 - Q Key Metrics The majority of transaction activity in the healthcare industry during the last twelve months and in Q2 and Q3 of 2017 occurred in three primary sub-sectors. Healthcare Technology & Consulting (37.4%), Medical Equipment (27.9%), and Medical Diagnostics (19.7%) accounted for 85% of all announced and completed transactions in the healthcare industry during the last twelve months. As evidenced in the table below ( Select Transaction Multiples ), transaction values across key sub-sectors of the industry continue to trend higher as strategic consolidators aggressively bid for quality acquisition targets, often paying a premium with respect to historical averages. The average reported EV/EBITDA Select Transaction Multiples 120.0x multiple for publicly held healthcare companies increased over the last 12 months compared to This growth further highlights the willingness of the market to aggressively pursue high quality targets in both public and private sectors, despite mounting regulatory and tax uncertainties. Strategic and private equity-backed operating companies accounted for the majority of transaction activity during the last twelve months (88.5%, slightly up from 88.6% during 2016). These buyers continue to utilize M&A as a primary driver of value creation for shareholders by increasing scale, service delivery capabilities, technological advances, and market exposure through targeted acquisitions. Healthcare Services Home Health & Hospice Medical Diagnostics 100.0x Medical Equipment Healthcare Technology & Consulting 80.0x 60.0x 40.0x 20.0x 0.0x Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Source: EdgePoint Proprietary Database, Company Filings, CapIQ, News Releases Transactions by Sub-Sector (LTM) 12.0% Healthcare Services 2.9% 19.7% Home Health & Hospice Share of Transactions by Buyer Type 100% 11.7% 10.2% 11.3% 11.5% 11.5% 11.4% 80% 60% Medical Diagnostics 40% 88.3% 89.8% 88.7% 88.5% 88.5% 88.6% 37.4% 27.9% Medical Equipment 20% Healthcare Technology & Consulting 0% LTM Source: EdgePoint Proprietary Database, Company Filings, CapIQ, News Releases Strategic Buyer Financial/Private Buyer

5 HEALTHCARE Noteworthy Home Health & Hospice Care Transactions Q1 - Q (continued) Q2 - Q Sub-Sector Profile: Medical Staffing The outsourced medical staffing subsector of the healthcare services industry saw a number of transactions from strategic buyers in Q2 and Q3 2017, continuing a trend from the second half of 2016 and Q Two public companies, Mednax and Envision, have unquestionably been the most acquisitive in 2017, with five acquisitions each. Acquisitions by these large staffing businesses also include specialty service practices. American Healthcare Staffing Group also made two acquisitions in Q2 and Q3, with backing from the private equity firm BelHealth Investment Partners. In addition to strategic buyers and private equity-backed strategic buyers, financial buyers such as Harren Equity, TPG Growth, and Platform Partners have also made investments in the space. Since the passing of the Affordable Care Act, healthcare labor shortages have become a major concern for institutions. Healthcare delivery organizations struggling to properly staff facilities are increasingly turning to third-party staffing companies for human capital. Healthcare labor shortages span the breadth of credentialed clinicians, including doctors, nurses, therapists, technicians, and others. The Bureau of Labor Statistics is predicting significant increases in the staffing shortage by Buyers are looking to acquire companies with access to staff to support their clients and issues related to the labor deficit. In addition to qualified employees, buyers are seeking to expand service portfolios. With the increasing specialization of healthcare, staffing companies must offer clients a diverse array of credentialed professionals. According to SIA, the U.S. medical staffing industry is expected to grow 7.0% in M&A transactions in the Medical Staffing subsector reflect this growth. Healthcare staffing transactions are on pace to exceed 2016, and attractive M&A valuations are pulling acquisition targets into the market. According to Capital IQ, public healthcare staffing companies average EBITDA multiple exceeds general staffing firms by almost an entire turn of EBITDA. Continued deficiencies in the supply of credentialed medical professionals and increasing specialization of the workforce should lead to a robust M&A market for the remainder of 2017 and 2018 in the Healthcare Staffing subsector. Active Healthcare Staffing Buyers Select Strategic Buyers Date of Investment 9/28/2017 6/20/2017 3/23/2017 3/13/2017 2/6/2017 Acquisition Activity Jefferson Radiology PC/Jefferson Imaging Associates LLC Greater Nashville Perinatology Plc Bruce E. Snyder, M.D., PLLC Midwest Perinatal Associates, P.A Newborn Intensive Care Specialists P.A. 7/5/2017 5/3/2017 7/5/2017 6/29/2017 3/7/2017 1/6/2017 1/4/2017 Expedient Medstaff Thaxton Barabe Infinity Healthcare, Inc. Anesthesia Associates of New London PC Imaging Advantage LLC Emergency Professional Services PC Sunshine Radiology LLC Select Financial Buyer with Holdings Investment 8/16/2017 2/1/2017 1/4/ /17/2016 8/17/2016 Acquisition Activity Integrated Care Physicians, Inc. American HealthCare Staffing Association, LLC Care Advantage, Inc. AHS Staffing, LLC ABD Group, Inc

6 Q2 - Q HEALTHCARE Teladoc/Best Doctors Deal: Consolidation in Technology-Enabled Healthcare Staffing deficits in the healthcare industry are historically supplemented by healthcare staffing companies. The flexible nature of contract employees allows healthcare providers to match supply and demand. However, when medical professionals are not available, in rural areas for example, telemedicine can be used to supplement traditional healthcare service providers. The use of telemedicine provides access to services that were previously unavailable, and further contributes to market efficiencies and maximization of resources. Two leaders in this rapidly growing space are Teladoc and Best Doctors. Today we take a tremendous step forward as we continue to deliver on our promise to transform the healthcare experience. Teladoc, the country s first and largest telehealth platform, offers on-demand healthcare services to 20 million subscribers. Patients connect with physicians and behavioral health professions to diagnose and treat conditions using digital devices and the Internet. -Source: Jason Gorevic, CEO In 2017, the company is poised to reach revenue of $231-$233 million and has achieved an 80% CAGR since 2013, including year-to-date results. Growth, in part, will be due to the $440 million acquisition of Best Doctors. The acquisition literally opened up a whole new world for us. It allows us to expand in a lot of new directions. With the acquisition of Best Doctors, Teladoc will command 75% of the telehealth market share. Best Doctors will account for approximately $100 million in revenue. Strategic ramifications are much more significant, including: -Source: Dan Trencher, SVP of Product and Corporate Strategy Strategically, Best Doctors further expands TDOC s Global Access: Best Doctors operates in 100 countries and generates 40% of revenues outside of the United States. Best Doctors network of doctors exceeds 50,000 and offers 450 specialties. Expanded Primary Care Services: Best Doctors will help expansion into behavioral health, dermatology, tobacco cessation, and sexual health. IBM Watson Deal: Best Doctors formed an agreement to utilize Watson (the supercomputer) for oncology clinical decision support. position in the virtual health market, provides a significant cross-sell opportunity, and appears highly complementary from an operations/sales perspective. -Source: Matthew Gillmor, Baird Institutional Equities and Research SVP Telehealth Subscribers (in millions) 8 Profitability: The combined entities will have a higher revenue per subscriber, which will help Teladoc achieve breakeven status. 7 This merger will aid Teladoc s continued dominance of the telehealth market. From a global perspective, the convergence of traditional healthcare services and technology will help healthcare service organizations to treat patients more effectively and efficiently while reducing delivery costs Source: CapIQ, Company Filings, News Releases 2018E

7 HEALTHCARE Q2 - Q Industry Q&A: Bill Ellerkamp, Former CEO of ExtruMed Bill Ellerkamp President Acceleration Medtech You have had a lot of involvement with PE backed companies. Please describe how you got involved with private equity groups (PEGs). Bill is a 30-year career medical device industry executive, having served on leadership teams of public and private, venture capital and private equity backed, and large, medium and small companies. Instrumental in several M&A transactions within the Medical Equipment Space. He has a successful track record working with and advising private equity sponsored companies and private company clients and leading organizations into profitable positions in new markets. Bill s executive experience includes: board member of Cirtec Medical, a 3i Private Equity portfolio company; board member of Precision Coating, a Katahdin Industries portfolio company; board member of Bemis Associates, a privately held fourth generation family business; board member of Polyzen Inc, a privately held second generation family business; board member of AdvancedCath, an Inverness Graham Investments portfolio company, which was sold to TEConnectivity in March 2015; CEO and board member of ExtruMed, LLC, a precision medicalfocused thermoplastic extrusion business; COO and board member of Ranier Technology Limited, a venture capital backed spinal implant technology company in the UK; VP, Market Development for MedSource Technologies, a leading contract engineering and manufacturing services provider to the medical device industry, which merged with UTI Corp in 2005 to form Accellent; and President of Teleflex Medical OEM. Bill holds a BA from Colgate University and an MBA from the London Business School. As a senior executive at MedSource Technologies, which was PE backed, we went public and then got bought out by private equity again. I worked with several PEGs during that time. Afterwards, many of the executives that I worked with went on to lead private equity backed medical device focused companies, as did I. I have been a CEO of PEG backed companies, where there was a desired or needed transition from the legacy CEO or owner. I have also been a board advisor, where I have operated as a board member to mentor and assist the existing executive team. I can also function as an outside consultant through my firm, Acceleration Medtech. Can you give some specific examples of the impact you have had from your involvement in businesses acquired by PEGs? In several of the companies that I have worked with, either as a CEO or a board member/advisor, there was a need to move them from a capabilities company, such as extrusion, or molding, or precision machining, to a more market facing and product specific company that supports its market-specific customers. Understanding end applications of the components the company is making, allows them to exert greater control over innovation and makes the customers believe you are the product experts in your field. I have been instrumental in helping that strategic evolution occur as well as supporting more operating specific tasks such as technology assessment, M&A and Business Development, LTA contract negotiations, developing a direct sales force, globalization and site assessment, becoming ISO certified, etc. It seems that founder/owners or second/third generations transitioning out of their companies, whether at closing or over time, would greatly benefit by having your deep expertise involved in their medical related company, particularly as part of a private equity owned platform? Each situation is unique, with respect to succession planning and estate planning needs. And their exit possibilities are very varied. I strongly recommend to founder/owners and private businesses that they engage an advisor in some capacity well before they are thinking of a liquidity event to better understand their options and how best to position themselves to address those options. Many private business owners are less familiar with private equity, and may shortchange themselves, and their shareholders, by not fully exploring this option. Having alignment due to equity ownership, coupled with the accelerated pace of Private Equity involvement, allows me to help those companies accomplish a great deal in a short amount of time with the knowledge and experience of having done much of this before. In addition, the opportunity to rollover equity, the so-called second bite of the apple approach is often very lucrative for founder/owners. It is a very powerful approach. Please describe your roles working with PEG backed companies, particularly in the medical device or contract manufacturing industry, which you have considerable experience.

8 EV/EBITDA Multiple EV/EBITDA Multiple HEALTHCARE Q2 - Q Public Company Comparisons Trading Multiples Healthcare Industry Public Comparables: Annual EV/EBITDA Multiples 16x 14x 12x 10x 12.6x 10.0x 10.5x 10.6x 10.2x 10.2x 11.7x 13.5x 13.5x 13.6x 14.3x 8x 6x 4x LTM Source: CapIQ, public trading data as of August 24, 2017 Healthcare Sub-Sectory Public EV/EBITDA Multiples 22x 20.8x 20x 18x 17.0x 16.0x 16.0x 16.2x 15.1x 15.5x 16x 16.5x 14x 13.1x 13.4x 13.0x 13.3x 12.3x 11.4x 11.8x 11.3x 11.8x 12x 10.6x 10.7x 10.2x 10x 8x 6x LTM Healthcare Services Home Health & Hospice Care Medical Diagnostics Medical Equipment Healthcare Technology & Consulting Source: CapIQ, public trading data as of September 30,, 2017 Representative EdgePoint Healthcare Transactions Sell-Side Advisory Financing Advisory Buy-Side Advisory TransMotion Medical has sold to Winco Mfg., LLC The Fibromyalgia & Fatigue Center has successfully completed a capital raise Med XS Solutions has acquired Health Quip, LLC Buy-Side Advisory Sell-Side Advisory Financing Advisory Med XS Solutions has acquired Gar Division of Neoforma Providence Home Health Care has sold to HCF Home Health Care, Inc. PetsDX has successfully completed a capital raise EdgePoint is an independent, advisory-focused, investment banking firm serving the middle market.