120 100 80 60 40 20-11 62 4 98 42 13 9 31 56 Financial 13% Strategic 87% Amount Date Target Buyer(s) Segment Rev EBITDA 6/28/2018 Keryx Biopharmaceuticals, Inc. Akebia Therapeutics, Inc. Medical Product Distribution 532.65 7.55x - 6/19/2018 Foundation Medicine, Inc. Roche Holding AG Provider Services 5,103.82 28.45x - 6/11/2018 Envision Healthcare Corp. KKR & Co. LP Provider Services 9,318.02 1.16x 8.88x 6/4/2018 Elliquence LLC Shanghai Xianfeng Investment Medical Devices & Products 77.15 4.83x - Management Co. Ltd. 5/16/2018 ABAXIS, Inc. Zoetis, Inc. Medical Devices & Products 1,731.78 7.08x 37.11x 4/25/2018 HCR ManorCare, Inc. ProMedica Health Systems, Inc. Long Term & Behavioral 1,350.00 0.27x - Care 4/10/2018 Analogic Corp. Altaris Capital Partners LLC Medical Devices & Products 884.50 1.88x 18.83x 4/3/2018 LifeGlobal Group LLC CooperSurgical, Inc. Medical Devices & Products 125.00 5.21x - 4/3/2018 Humco Holding Group, Inc. Fagron NV Pharma Services 70.00 2.19x - 3/16/2018 LifeScan, Inc. Platinum Equity LLC Medical Devices & Products 2,100.00 1.40x - 3/12/2018 Cogentix Medical, Inc. LABORIE Medical Technologies, Inc.; Medical Devices & Products 211.54 4.08x - Patricia Industries AB 3/8/2018 Express Scripts Holding Co. Cigna Corp. Pharma Services 67,600.63 0.67x 9.27x 1/21/2018 Bioverativ, Inc. Sanofi Medical Devices & Products 10,886.92 9.32x 23.13x

Strategic Buyer 3/14/2017 Inv. Date Select Corporate Acquisitions Agemark Senior Living 4/30/2018 Social Circle LLC 4/30/2018 Gainesville ALF LLC 4/30/2018 Rome ALF LLC 4/6/2018 Healthcare Management Partners LLC/ 8 Sub/ MEDNAX 4/24/2018 Women's Radiology Associates LLP 4/2/2018 Children's Urology Associates PA 3/27/2018 Cool Springs Interventional PLLC 3/21/2018 Children's Eye Care LLC 1/10/2018 Tri-Valley Neonatal Medical Group, Inc. 10/18/2017 Synergy Radiology Associates, PA 10/2/2017 Palm Beach Pediatric Urology P.A 9/28/2017 Jefferson Radiology PC / Jefferson Imaging Associates LLC Boston Scientific Corp. 4/16/2018 nvision Medical Corp. 4/3/2018 Securus Medical Group, Inc. 3/21/2018 NxThera, Inc. 1/24/2018 Millipede, Inc. 10/2/2017 Apama Medical, Inc. 9/27/2016 EndoChoice Holdings, Inc. Envision Healthcare Corp. 4/10/2018 Dallas Lighthouse For The Blind, Inc. 3/1/2018 Chandler Radiology Associates LLP 7/5/2017 Infinity Healthcare, Inc. 6/29/2017 Anesthesia Associates of New London PC 3/7/2017 Imaging Advantage LLC 1/6/2017 Emergency Professional Services PC Financial Buyer Inv. Date Select Corporate Investments New MainStream Capital 6/1/2018 Drs. Melman, Ravett & Associates PC 4/30/2018 Tideway Dermatology PA 4/5/2018 Kremer Eye Center 2/5/2018 East Tennessee Dermatology Group PC 1/15/2018 Chattanooga Dental Care Spindletop Capital Management LLC 5/15/2018 Sanova Dermatology Management, Inc. 5/15/2018 Steiner Ranch Dermatology & Cosmetic Surgery PLLC 5/15/2018 Pflugerville Dermatology Clinical Research Center 5/15/2018 The Austin Institute For Clinical Research 5/15/2018 Furner Bonnie MD Pllc 5/15/2018 The DermaSurgery Center LLC Gryphon Investors 3/9/2018 Newbury Park Dental Studio 3/7/2018 Accent Physical Therapy LLC 3/7/2018 Champion Physical Therapy LLC 3/7/2018 Professional Therapies of Roanoke, Inc. 3/7/2018 West Rehab & Sports Mediicine, Inc. 11/1/2017 Emergency Response & Training Solutions, Inc. 7/6/2017 OB Hospitalist Group, Inc. 6/26/2017 Spine & Sport Foundation, Inc. SV Health Investors 3/6/2018 Dermone LLC (Clinics 9) (Clear Clinic & Schweiger Dermatology Management Co.) 9/12/2017 Island Dermatology PC 5/4/2017 Village Dermatology & Cosmetic Surgery LLC 3/8/2017 Lower Manhattan Medical Associates PC 3/14/2017 CI Capital Partners 2/12/2018 Dermatology Associates, Inc. 11/13/2017 R. Todd Plott, M.D., P.A. 6/20/2017 Dermatology Associates of Oklahoma LLC 3/22/2017 Procare Physical Therapy, Inc.

20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% Dental Products & Providers Medical Devices & Products Medical Product Distribution Specialty Providers Pharma Services Practice Management Provider Services Long Term & Behavioral Care General Providers S&P 500 EBITDA $ (13.2%) (7.6%) 83.5% 2.6% 34.1% 4.1x 11.5x 13.5x 4.0x 11.5x Zimmer Biomet Holdings, Inc. ZBH $ 22,653 111.44 Align Technology, Inc. ALGN 27,423 342.14 127.9% 54.0% 92.1% 36.5% 25.1% 16.7x NM NM 12.5x NM DENTSPLY SIRONA, Inc. XRAY 9,955 43.77 (32.5%) (33.5%) 63.5% 5.3% 17.4% 2.8x 13.5x NM 2.7x 12.4x Henry Schein, Inc. HSIC 11,188 72.64 (20.6%) 3.9% 78.0% 7.4% 8.1% 1.1x 12.8x 26.8x 1.0x 11.9x Cantel Medical Corp. CMN 4,102 98.36 26.2% (4.4%) 75.1% 13.7% 16.6% 5.0x 27.3x 45.1x 4.4x 21.5x Patterson Cos., Inc. PDCO 2,147 22.67 (51.7%) (37.3%) 47.2% 2.0% 4.4% 0.6x 10.2x 10.5x 0.5x 9.8x BIOLASE, Inc. BIOL 25 1.21 (75.1%) (43.2%) 23.0% 6.4% (49.1%) 0.4x NM NM 0.4x NM Pro-Dex, Inc. PDEX 29 6.65 8.1% (2.2%) 83.1% 14.8% 14.5% 1.0x 6.4x 14.2x 0.9x 6.4x Milestone Scientific, Inc. MLSS 26 0.79 (47.3%) (33.1%) 49.4% 32.9% (96.2%) 2.6x NM NM 2.0x NM Birner Dental Management Services, Inc. BDMS 10 5.50 (56.2%) (18.5%) 40.7% NM 2.1% 0.3x NM NM NM NM Segment Average (13.4%) (12.2%) 63.6% 13.5% (2.3%) 3.5x 13.6x 22.0x 3.2x 12.3x Segment Median (26.6%) (13.1%) 69.3% 7.4% 11.3% 1.8x 12.1x 14.2x 2.0x 11.7x

EBITDA $ (8.3%) (13.2%) 81.8% 5.3% 38.5% 4.5x 13.6x NM 4.2x 11.5x Johnson & Johnson JNJ $ 325,452 121.34 Medtronic Plc MDT 115,720 85.61 (3.5%) 6.0% 96.0% 3.0% 35.2% 4.4x 13.6x 37.7x 4.3x 13.4x Abbott Laboratories ABT 106,927 60.99 25.5% 6.9% 94.4% 12.3% 20.6% 4.6x 24.3x NM 3.9x 15.6x Stryker Corp. SYK 63,105 168.86 21.7% 9.1% 93.9% 10.2% 26.9% 5.4x 19.6x NM 5.0x 17.7x Becton, Dickinson & Co. BDX 64,011 239.56 22.8% 11.9% 96.4% 28.1% 19.9% 6.3x 24.8x NM 4.9x 14.6x Intuitive Surgical, Inc. ISRG 54,209 478.48 53.5% 31.1% 96.3% 16.0% 36.9% 15.7x NM NM 14.1x NM Boston Scientific Corp. BSX 45,120 32.70 18.0% 31.9% 87.7% 9.6% 28.0% 5.4x 19.7x NM 5.0x 17.0x Baxter International, Inc. BAX 39,712 73.84 22.0% 14.2% 97.6% 8.0% 22.9% 3.7x 17.6x 49.1x 3.5x 14.5x Edwards Lifesciences Corp. EW 30,683 145.57 23.1% 29.2% 93.8% 17.0% 31.7% 8.8x 28.7x NM 7.6x 23.2x Zimmer Biomet Holdings, Inc. ZBH 22,653 111.44 (13.2%) (7.6%) 83.5% 2.6% 34.1% 4.1x 11.5x 13.5x 4.0x 11.5x ABIOMED, Inc. ABMD 18,261 409.05 185.5% 118.3% 90.7% 38.2% 29.0% 30.1x NM NM 22.4x NM Integra LifeSciences Holdings Corp. IART 5,660 64.41 18.2% 34.6% 95.4% 18.8% 23.4% 5.7x 24.8x NM 4.4x 18.4x Wright Medical Group NV WMGI 2,751 25.96 (5.6%) 16.9% 86.9% 11.1% 10.5% 4.6x 41.7x NM 4.1x 27.6x EBITDA $ 16.9% 6.3% 94.1% 8.6% 22.7% 4.2x 17.2x 27.3x 3.9x 16.1x Danaher Corp. DHR $ 68,935 98.68 Stryker Corp. SYK 63,105 168.86 21.7% 9.1% 93.9% 10.2% 26.9% 5.4x 19.6x NM 5.0x 17.7x McKesson Corp. MCK 26,917 133.40 (18.9%) (14.5%) 74.6% 4.5% 2.0% 0.2x 8.4x NM 0.2x 7.7x Cardinal Health, Inc. CAH 15,171 48.83 (37.3%) (20.3%) 61.9% 4.4% 2.7% 0.2x 6.8x 9.1x 0.2x 7.4x AmerisourceBergen Corp. ABC 18,743 85.27 (9.8%) (7.1%) 80.2% 10.9% 1.6% 0.1x 9.1x 22.1x 0.1x 8.8x Henry Schein, Inc. HSIC 11,188 72.64 (20.6%) 3.9% 78.0% 7.4% 8.1% 1.1x 12.8x 26.8x 1.0x 11.9x Patterson Cos., Inc. PDCO 2,147 22.67 (51.7%) (37.3%) 47.2% 2.0% 4.4% 0.6x 10.2x 10.5x 0.5x 9.8x Owens & Minor, Inc. OMI 1,033 16.71 (48.1%) (11.5%) 51.4% 8.5% 2.5% 0.2x 7.9x 16.4x 0.2x 6.1x Aceto Corp. ACET 103 3.35 (78.3%) (67.6%) 19.6% (6.9%) 1.5% 0.5x 7.0x NM 0.5x 14.7x EBITDA $ 4.2% (4.2%) 86.9% 7.6% 16.4% 1.9x 12.7x 21.0x 1.9x 10.1x Fresenius Medical Care AG & Co. KGaA FMS $ 31,079 50.35 DaVita, Inc. DVA 12,183 69.44 7.2% (3.9%) 86.0% 7.0% 19.4% 1.7x 10.4x 32.1x 1.9x 10.4x Encompass Health Corp. HLS 6,692 67.72 39.9% 37.1% 97.3% 7.6% 20.6% 2.4x 11.4x 23.9x 2.2x 10.9x MEDNAX, Inc. MD 4,090 43.28 (28.3%) (19.0%) 68.7% 8.6% 14.5% 1.7x 10.3x 12.2x 1.6x 9.4x Envision Healthcare Corp. AMSG 5,336 44.01 (29.8%) 27.3% 69.5% 9.0% 11.8% 1.2x 9.4x NM 1.1x 9.7x LHC Group, Inc. LHCG 2,810 85.59 26.1% 39.7% 97.9% 79.6% 7.4% 2.7x NM 33.8x 0.9x 9.1x American Renal Associates Holdings, Inc. ARA 512 15.77 (15.0%) (9.4%) 65.5% 11.9% 18.5% 1.7x 7.7x NM 1.5x 10.9x AAC Holdings, Inc. AAC 230 9.37 35.2% 4.1% 71.8% 12.9% 14.9% 1.6x 12.0x NM 1.4x 6.8x

EBITDA $ 17.7% 16.8% 94.3% 5.3% 18.5% 1.6x 8.4x 13.9x 1.5x 8.1x HCA Healthcare, Inc. HCA $ 35,838 102.60 Universal Health Services, Inc. UHS 9,714 111.44 (8.7%) (1.7%) 87.0% 6.4% 16.6% 1.4x 8.5x 13.8x 1.3x 7.9x Tenet Healthcare Corp. THC 3,426 33.57 73.6% 121.4% 86.5% (5.0%) 13.6% 1.0x 8.3x NM 1.1x 7.6x LifePoint Health, Inc. LPNT 1,892 48.80 (27.3%) (2.0%) 71.8% 2.5% 11.8% 0.8x 7.4x NM 0.8x 6.5x Community Health Systems, Inc. CYH 386 3.32 (66.7%) (22.1%) 32.7% (7.2%) 11.5% 1.0x 15.0x NM 1.1x 9.3x EBITDA $ (20.0%) (11.2%) 76.6% 3.9% 6.0% 0.5x 7.0x 9.9x 0.5x 6.9x CVS Health Corp. CVS $ 65,421 64.35 Express Scripts Holding Co. ESRX 43,370 77.21 20.9% 3.4% 90.8% 1.6% 6.0% 0.6x 7.7x 9.7x 0.6x 7.3x Perrigo Co. Plc PRGO 10,095 72.91 (3.5%) (16.3%) 76.0% 2.7% 22.0% 2.6x 11.3x NM 2.5x 10.9x Magellan Health, Inc. MGLN 2,363 95.95 31.6% (0.6%) 85.5% 20.8% 2.6% 0.4x 9.2x 22.7x 0.3x 6.4x Allscripts Healthcare Solutions, Inc. MDRX 2,135 12.00 (6.0%) (17.5%) 74.4% 17.2% 12.0% 2.2x 16.2x NM 1.9x 9.4x EBITDA $ 37.1% 22.4% 99.3% 9.7% NM 0.4x NM 27.2x 0.4x 8.4x WellCare Health Plans, Inc. WCG $ 11,020 246.24 HealthEquity, Inc. HQY 4,660 75.10 50.7% 61.0% 91.5% 26.5% 35.8% 18.0x NM NM 14.4x 36.4x EBITDA $ (10.0%) (11.3%) 81.0% 8.1% 26.9% 3.7x 12.8x 23.6x 3.5x 11.4x Cerner Corp. CERN $ 19,839 59.79 Healthcare Services Group, Inc. HCSG 3,184 43.19 (7.8%) (18.1%) 76.9% 9.0% 0.1% 1.6x 30.0x 48.5x 1.5x 19.1x Omnicell, Inc. OMCL 2,039 52.45 21.7% 8.1% 94.7% 10.7% 7.1% 2.9x 29.2x NM 2.7x 16.4x HMS Holdings Corp. HMSY 1,799 21.62 16.9% 27.6% 91.5% 7.9% 19.4% 3.6x 15.8x 41.6x 3.4x 14.3x Evolent Health, Inc. EVH 1,622 21.05 (17.0%) 71.1% 77.5% 33.6% 10.6% 3.2x NM NM 2.4x NM Providence Service Corp. PRSC 1,015 78.55 55.2% 32.4% 98.7% 2.8% 4.4% 0.6x 14.4x 20.9x 0.6x 12.0x

EBITDA $ (17.2%) 25.4% 75.3% 8.9% 18.7% 2.4x 11.5x NM 2.1x 10.2x Acadia Healthcare Co., Inc. ACHC $ 3,610 40.91 The Ensign Group, Inc. ENSG 1,855 35.82 64.5% 61.4% 89.3% 9.3% 8.8% 1.1x 14.1x 31.1x 1.0x 10.7x National HealthCare Corp. NHC 1,071 70.38 0.3% 15.5% 96.1% NM 11.3% 1.0x 9.7x 26.4x NM NM Civitas Solutions, Inc. CIVI 601 16.40 (6.3%) (4.1%) 82.4% 7.1% 8.3% 0.9x 9.0x NM 0.8x 7.7x AAC Holdings, Inc. AAC 230 9.37 35.2% 4.1% 71.8% 12.9% 14.9% 1.6x 12.0x NM 1.4x 6.8x SunLink Health Systems, Inc. SSY 10 1.29 (22.3%) (18.9%) 62.0% NM (2.0%) 0.2x NM NM NM NM