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Healthcare Services Sector Review: Publicly-Traded Healthcare Services Summary

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Healthcare Services Sector Review: Publicly-Traded Healthcare Services Summary Healthcare Services Sector Review: Publicly-Traded Healthcare Services Summary ($ in millions) Number Aggr. Median TEV / Median Price / of Equity Mkt. Median % Change LTM Multiples Earnings Ratio Sector Companies Value 3 mos. 12 mos. Revenue EBITDA 2017 2018 Acute Care Hospitals 5 $47,936 4.9% (9.7)% 1.0x 8.2x 14.9x 10.5x Alternate Site 16 61,692 (2.7) (6.6) 1.7 9.5 19.8 17.8 Assisted Living 1 2,409 (13.2) (29.6) 1.7 12.0 7.2 8.2 Clinical Laboratories 4 35,821 4.5 22.1 2.3 11.3 19.0 17.7 CROs — Pharma Services 11 48,455 (6.2) 6.4 2.9 12.7 18.5 16.1 Distribution / Supply 8 94,545 (1.9) (4.2) 0.6 10.3 14.7 14.5 E-Health 3 4,884 11.2 22.9 3.3 18.5 23.8 22.2 HCIT 18 49,090 17.9 15.5 3.7 16.1 25.7 22.0 HMO Medical — Diversified 4 300,684 10.9 23.3 0.9 9.8 15.8 14.0 HMO Medical — Government 3 22,482 5.4 20.1 0.4 11.2 23.8 15.4 HMO Medical — National & Regional 3 33,060 0.3 25.4 0.4 13.9 19.1 18.4 Home Care / Hospice / Staffing 6 7,320 9.4 26.1 1.2 16.0 25.0 22.7 Long-Term Care 7 3,474 (11.8) (22.1) 0.7 9.4 15.6 11.7 Other Services 6 5,381 1.6 1.2 1.5 10.1 20.6 20.8 Outsourced Services 11 18,776 13.5 12.4 1.3 11.6 21.2 19.0 Pharmacy Benefit Managers 2 121,798 (3.2) (17.4) 0.6 7.6 11.5 10.5 Physician Practice Management 2 12,192 (14.6) (23.1) 2.5 9.9 14.1 12.5 Total / Median (unweighted) 110 $869,998 1.6% 6.4% 1.3x 11.2x 19.0x 16.1x FY2017 FY2018 Value at % Change Price / Earnings Ratio Market Indices 4/30/2017 3 mos. YTD 12 mos. 36 mos. 2017 2018 Dow Jones Industrial Average 20,940.51 5.3% 5.3% 17.0% 26.5% S&P 500 2,384.20 4.6 5.6 14.5 26.6 18.3x 17.0x Nasdaq Composite 6,047.61 7.2 11.4 25.5 46.5 Russell 2000 1,400.43 2.9 2.6 22.7 24.4 23.8 N/A S&P 500 Healthcare Providers & Svs. 705.61 4.8 7.6 11.7 56.6 S&P 500 Healthcare Facilities 435.91 3.7 13.1 (0.9) 29.9 S&P 500 Managed Healthcare 1,525.84 8.9 12.3 25.9 107.8 Healthcare Services Composite 642.17 (3.9)% (2.6)% (4.4)% 10.0% Number Aggr. Equity % of Total % of Aggr. Interest Rates Capitalization Profile of Mkt. Value Number of Equity Mkt. Median Stock Price Performance Companies ( millions) Companies Value 3 mos. YTD 12 mos. 36 mos. >5bln 25 $738,239 22.7% 84.9% 6.9% 4.9% 11.5% 67.0% 1bln - 5bln 40 111,950 36.4 12.9 9.1 8.5 5.7 70.5 250mm - 1bln 28 18,490 25.5 2.1 2.3 5.0 6.0 52.4 <250mm 17 1,319 15.5 0.2 (8.4) (32.3) (3.8) 2.7 Total / Median 110 $869,998 100.0% 100.0% 4.6% 4.9% 5.8% 59.7% Sources: ThomsonOne, Bloomberg Disclosure: KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC, and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. This report was not issued by our research department. The information contained in this report has been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and is not an offer or a solicitation of an offer to buy or sell any securities. This report is prepared for general information purposes only and does not consider the specific investment objectives, financial situation and particular needs of any individual person or entity. 1 Healthcare Services Sector Review: Publicly-Traded Healthcare Services Summary Median % Change - 3 Months HCIT Outsourced Services E-Health HMO Medical — Diversified Home Care / Hospice / Staffing HMO Medical — Government Acute Care Hospitals Clinical Laboratories Other Services HMO Medical — National & Regional Distribution / Supply Alternate Site Pharmacy Benefit Managers CROs — Pharma Services Long-Term Care Assisted Living Physician Practice Management (30.0)% (20.0)% (10.0)% 0.0% 10.0% 20.0% 30.0% Performance of Market Indices for Latest 36 Months (%) 175 150 125 100 75 50 25 0 4/30/2014 8/31/2014 12/31/2014 4/30/2015 8/31/2015 12/31/2015 4/30/2016 8/31/2016 12/31/2016 4/30/2017 DJ Indu S&P 500 NASDAQ Russell 2000 Healthcare Services Composite One Year Forward P/E for Latest 36 Months (x) 25 20 15 10 5 0 4/30/2014 8/31/2014 12/31/2014 4/30/2015 8/31/2015 12/31/2015 4/30/2016 8/31/2016 12/31/2016 4/30/2017 Healthcare Services Composite S&P 500 Source: ThomsonOne 2 Healthcare Services Sector Review: Public Comps Stock Price Equity Total Last Twelve Forward Company Name As Of 52-Week Market Enterprise Months (LTM) TEV / LTM TEV / EBITDA PE Ratio PEG 04/30/17 High Low Value Value (TEV) Revenue EBITDA EBIT Revenue EBITDA 2017 2018 2017 2018 2017 ($ in millions, except per share data) Acute Care Hospitals COMMUNITY HEALTH SYSTEMS INC $8.61 $16.34 $4.15 $987 $16,660 $17,799 $2,021 $1,125 0.9x 8.2x 8.4x 8.6x 16.4x 7.8x 2.5x HCA HOLDINGS INC 84.21 91.03 67.00 31,195 63,594 41,990 7,736 6,252 1.5 8.2 8.0 7.6 11.5 10.5 1.0 LIFEPOINT HEALTH INC 62.15 71.00 50.60 2,509 5,489 6,414 746 347 0.9 7.4 7.0 6.6 14.9 13.3 1.7 TENET HEALTHCARE CORP 15.67 33.39 14.06 1,572 19,169 19,415 1,931 1,560 1.0 9.9 7.6 7.2 13.6 9.1 1.0 UNIVERSAL HEALTH SERVICES INC 120.76 139.46 99.72 11,673 15,583 9,929 1,653 1,274 1.6 9.4 8.9 8.4 15.1 13.7 1.7 Number of Companies: 5 Mean: Total: $47,936 $120,495 $95,546 1.2x 8.6x 8.0x 7.7x 14.3x 10.9x 1.6x Median: 1.0 8.2 8.0 7.6 14.9 10.5 1.7 Alternate Site AAC HOLDINGS INC $7.16 $24.38 $6.01 $172 $347 $286 $52 $21 1.2x 6.6x 6.6x 5.8x 13.4x 10.2x 0.7x ACADIA HEALTHCARE COMPANY 43.58 63.68 32.54 3,827 7,083 2,873 600 444 2.5 11.8 11.3 10.3 17.8 15.3 1.3 ADEPTUS HEALTH INC 0.62 73.44 0.21 13 251 476 49 27 0.5 5.1 3.7 2.1 0.6 0.2 NM ALLIANCE HEALTHCARE SERVICES INC 13.10 13.30 5.73 142 798 506 102 55 1.6 7.8 NA NA NA NA NA AMERICAN RENAL ASSOCIATES HOLDINGS INC 17.21 29.65 15.47 532 1,311 750 171 138 1.7 7.7 10.2 10.1 29.5 24.4 2.7 CIVITAS SOLUTIONS INC 17.80 23.20 15.90 663 1,245 1,443 159 76 0.9 7.8 7.5 7.1 21.8 18.6 2.2 CONCORD MEDICAL SERVICES HOLDINGS LTD 4.39 5.00 3.51 195 423 108 (2) (7) 3.9 NM NM 12.2 NM NA NA DAVITA INC 69.01 78.77 54.50 13,429 22,493 14,863 2,377 1,849 1.5 9.5 9.1 8.7 19.4 17.6 1.4 FRESENIUS MEDICAL CARE AG & CO KGAA 88.69 95.17 77.81 27,256 36,261 18,384 3,124 2,637 2.0 11.6 9.8 9.0 20.2 18.4 1.8 HEALTHSOUTH CORP 46.90 46.90 36.97 4,177 7,422 3,772 729 643 2.0 10.2 9.2 8.7 17.6 16.3 1.5 NOBILIS HEALTH CORP 1.25 4.66 1.10 77 135 288 26 10 0.5 5.1 3.4 3.0 12.9 9.6 0.6 RADNET INC 6.05 7.98 4.83 286 907 891 114 38 1.0 7.9 6.5 6.2 22.8 18.1 2.3 SELECT MEDICAL HOLDINGS CORP 13.75 15.15 10.08 1,825 4,977 4,314 463 273 1.2 10.8 9.2 8.8 16.2 14.7 1.1 SURGERY PARTNERS INC 17.20 22.85 12.25 839 2,749 1,171 179 140 2.3 15.3 13.5 12.0 26.0 18.7 0.3 U.S.
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