C HANGE OF THE B OARD AT HMA A UGUST 2013 S UMMARY OF P ROCESS TO R - - PowerPoint PPT Presentation

THE RATIONALE FOR A COMPLETE AND PROMPT CHANGE OF THE BOARD AT HMA

AUGUST 2013

• 1. AproposedsaleofHMAtoCommunityHealthSystems(“”Community”„),subjecttoapprovalfromregulatorsand70%of

HMAshareholders

• 2. Q2resultswellbelowexpectations,withAdjustedEBITDAandEPSfalling18%and50%belowconsensus
• 3. Materiallyreduced2013Guidance,reducingEBITDAandEPSby12%and29%,respectively
• Theserepresentthe3rdstraightearningsmissand2ndconsecutivereductionin2013guidance
• HMA’‚s2013vs.2012EBITDAperformanceof9%y/yismeaningfullybelowthepeeraverageof+2%y/y1
• 4. Consistentwithalimitedoutsidetalentpooltorecruitfrom,aswellastheproposedsaletoCommunity,namesan

internaldivisionalpresidentwithnopriorpubliccompanyleadershipexperiencetointerimpresidentandCEO

• 5. Thereceiptof4additionalsubpoenasregardingcomplianceandregulatorymatters

Votingiscontinuousandopen–— theBoardchangeisauthorizedassoonasconsentsfrom50%plus1sharearedelivered toHMAtoreplaceandrefreshtheBoard

PAGE2

SUMMARY OF PROCESS TO REVITALIZE HMA

June25 GlenviewfilesconsentsolicitationdocumentswithSEC July18 Recorddate July19 Consentsolicitationcommenceswithfirstvotescast HMABoardreleasespresentationexpressingconfidenceintheperformanceofmanagementandtheBoard, strongoperationalperformanceandthebenefitsofhealthcarereform July25 5dayslater,HMAannounces: July30 GlenviewconfirmsitwillmoveforwardwithitseffortstoRevitalizeHMA July30

1 2013basedonmidpointofguidancerange.PeerindexincludesCYH,HCA,LPNT,THC,andUHS.

Despitethesignificantnatureoftheseannouncements,thecompanyhasheldnopublic conferencecallsandhasallowedfornopublicquestionandanswersessions

HMAchoosestomeetindividuallywithselectshareholdersratherthanholdapublicconferencecallwithpublic analystQ&Aasistypical July31 August2

PAGE3

TWO SEPARATE & DISTINCT VOTES FOR HMA SHAREHOLDERS

ThevotetoreplaceandrefreshtheBoardofHMAisseparateanddistinctfrom thevoteregardingtheCommunityProposalthatwillcomeinseveralmonths

TheGlenviewConsentSolicitationtoRevitalizeHMA

VOTE1

RevitalizeHMA

August2013

Whovotes: Votingthreshold: Deadline: KeyConsiderations: ShareholdersofrecordasofJuly18,2013 50%plus1shareofalloutstandingsharesmustaffirmativelyvoteforchangetooccur ThevotesarecountedonarollingbasisandcanbedeliveredtoHMAassoonasthevoting thresholdisreached WhichBoardisbestequippedto:

• Stabilizeandimproveoperations?
• PreserveandstrengthentheconsiderationpaidintheCommunityProposal?
• MoveHMAconstructivelyforwardfromaregulatoryandcomplianceperspective?
• Providereliabletransparencysothatshareholdersmaymakeawellinformeddecision?
• Scopeandassessideasforvaluecreation?

Glenviewrecommendsshareholdersvotepromptlytoenable theFreshAlternativeBoardtobegintheirimportantwork

VOTE2

CommunityProposal

Approximately December20131

ShareholdersVotetoAcceptorRejecttheCommunityAcquisitionProposal

Whovotes: Votingthreshold: KeyConsiderations: Recorddatenotyetestablished 70%ofalloutstandingsharesmustaffirmativelyvoteforthesaletooccur

• Willshareholdershaveenoughinformationandenoughconfidenceintheprocessto

makeanintelligent,valuemaximizingdecision?

Regardlessofwhichboardshareholderschoose,theCommunityProposalwillbeputtoa shareholdervotesoallholdersofrecordmaydecidethemeritsofsellingthecompany

1 ThedateofthevotewillbeestablishedbytheBoardofHMAinaccordancewiththetermsoftheCommunityProposal.Webelieve thatbaseduponthetimelineforclosingestablishedintheannouncementoftheCommunity

ProposalthatashareholdervoteislikelytofallintheNovembertoFebruarytimeframe–— Decemberisusedforillustrativepurposes.

Declinedto$8.23, perHMABoard1 $150180million2 $13.78+CVR

PAGE4

BUILDING VALUE AT HMA

WebelievewemustreplacetheBoardpromptlytostrengthenandsecure theCommunityProposalandtoenhanceinvestorunderstandingandconfidence

• Webelieveeverycompanyhastwovalues:

Itsindependentvalue,baseduponthevalueofitsearnings,cashflowsandnetassetsasastandalonecompany,and Itsprivatemarketvalue baseduponthesumofitsindependentvalueplusashareofthesynergiesthatcouldbecreated bycombiningwithanother,similarcompany

• Thetwovaluesareinextricablylinkedandproportional–— thestrongerthevalueoftheCompanyindependently,thehigherits

privatemarketvalue

• ThesittingBoardofHMAhasinformedshareholders thatasaresultofthedeclineinprofitabilityundertheirdirectionin2013,

theindependentvalueoftheCompanyhasdroppedfrom$11.04to$8.231

• Asaresult,theHMABoardhasthereforedecidedtoapprovethedealwithCommunity,whichrepresentsa65%premiumto

theirviewofHMA’‚sindependentvalueaccordingtotheirpresentation

1 PerHMABoardpresentation,“”CreatingShareholderValue”„,filedJuly31,2013,p.15 2 PerCYH/HMAmergerpresentationfiledJuly30,2013.

IndependentValue

+

ValueEquation: Synergies PrivateMarketValue

= SittingBoard + =

Fresh Alternative

Arethere identifiable improvements? Arethese comprehensive? Isthisfulland fairPMV?

+ =

PAGE5

THE VALUE OF THE COMMUNITY PROPOSAL IS ENHANCED BY REVITALIZING HMA

Webelievethetwovariablesourcesofconsideration(CYHstockandCVRpayment)wouldbeenhancedbythe involvementandoversightoftheFreshAlternativeBoardandanengagedAlvarez&Marsal managementteam

TheCommunityProposaloffersthreesourcesofvalue:

1

$10.50 incash

• Fixed

3

$0$1.00 inaCVR $13.78+ CVR

• TotalvalueofCommunityProposal

+ = +

$3.28in CYHstock

2

Total RevitalizingHMAwouldenhancethisproposal

• FloatingproportionallytoCommunity’‚sstockprice
• Community’‚sstockshouldbehigher,andthereforethevalueHMAshareholdersreceive

willbegreaterifHMAishealthieratthetimeoftransactionclosing

• Floatingproportionallytotheexpensesandcosttosettleoutstandingregulatoryclaims
• WithrespecttotheCVR,webelieveregulatoryauthoritiesmaydemandasmallerfinancial

penaltyifHMAhasdemonstratedaclearchangeinitscompliancecultureandapproach

ValueofofferundersittingBoard PotentialvalueofofferunderFreshAlternative

PAGE6

THE AUGUST VOTE: A COMPARISON OF RESULTS & CAPABILITIES OF EACH BOARD

HMAFinancial Health HMA Regulatory Challenges Strategic Alternatives

• 4additionalsubpoenasinthepasttwo

months

• Extensiveandexpensivelegalexpenditures
• 9%Y/YEBITDAdecline1
• 30%Y/YEarningsdecline1
• 25%declinein“”independentvalue”„2
• Independentvalue$8.23perHMABoard2
• Valueestablishedinduress
• ActivelyengagedandenergizedBoardandInterim

Management

• FourturnaroundexpertsontheBoard
• Seasonedfinancialexecutiveswithproventrackrecords
• fvaluecreation
• ChangingtheBoarddemonstratescompleteculture

changetoregulators

• Twoofthefinestexpertsinhealthcarecomplianceonthe

Board

• Afreshandmodernapproachtoqualityandcompliance
• Preparedtoidentify,scopeandcommunicatebuilding

blocksofperformanceimprovement

• Commitmenttoprovidetransparent,unbiasedfinancial

informationnecessaryforshareholderreview

UnderSittingBoard FreshAlternative

AwaitingYourConsenttoBeginWork

1 2013basedonthemidpointofHMA’‚sguidancerangesprovidedinJuly30,2013filing 2 PerHMA’‚sBoardpresentation,“”CreatingShareholderValue”„,filedJuly31,2013,p.15

Forthesereasons,webelievethattheoddsthatnonGlenviewshareholderssupportacombination

• fHMAandCommunityareincreasedbychangingtheBoard

• Enhancedenergy,focusandcapabilitiestoreversefinancialdeclineandavoidmaterialadversechange
• ImprovefinancialandoperationalhealthofHMAsothatitsvaluetoCommunityismaximized,therebystrengtheningthevalue
• ftheequitycomponentofthetransaction
• Attempttominimizefinancialcostsofregulatoryoverhangwithafreshapproach
• SuchinformationmayincludeestimatesoftheearningspowerofHMAandanassessmentofsynergyopportunitiesavailablein

atransactionwithCommunity

• Significantlystrengthenthefinancialreportingandshareholdercommunicationfunction
• Enhancedfocusoncostcontainment,qualityandadmissionsgrowth
• Reviewandpotentiallyacceleratetheprocessofbringingregulatoryissuestowardsaproductiveresolution
• Provideclearfinancialbuildingblocksnecessarytoassessriskandrewardsoffutureoperationalimprovements

PreserveandstrengthenthecurrentCommunityProposal

2

EnsureshareholdershaveallappropriateinformationtomakeaninformeddecisionontheCommunity Proposal

1 3

BegintobuildindependentvalueofHMAduringtheperiodofregulatoryreviewandshareholderevaluationtominimizeriskto shareholdersshouldtheCommunityProposalfailtoreceivetherequiredapprovalsnecessaryforclosing

PAGE7

IF THE COMPANY WAS SOLD AND A STRATEGIC REVIEW IS COMPLETE,

WHY CHANGE THE BOARD NOW?

PAGE8

EXAMPLE OF AREAS OF FOCUS IN VALUE CREATION WITHIN THE COMMUNITY PROPOSAL

• InpriorMedicaredisputesinvolvinglargehospitalchains,thesettlementpaymentshavebeenatrueuptoprior

payments,andassuchthesettlementamountshavebeensubstantiallytaxdeductible

• Assumingthepotential35%deductibilityofsettlementamountspaid,notwithstandingthe$18million“”deductible”„

feature,theCVRwouldactuallyprovideCommunityaneconomicincentivetopaytheMAXIMUMpenaltyuptothetop endoftheCVRinsurancefeature–— whichwouldresultinaCVRvalueof$0andanetoftaxcashbenefittoCommunity

• Sucha“”perverse”„outcomemaybeemblematicofarushedprocessandacontractnegotiatedunderduressbythe

sittingBoard

• WeunderstandthatmembersoftheHMABoardhavecommunicatedthatHMAmaybespendinggreaterthan$60million

peryearinlegalcosts,primarilyrelatedtotheOIGinvestigations

• WhilethesecostsaredepressingthefinancialsusedincomputingtheongoingfuturevalueofHMA,thereisnomention
• flitigationsavingsinthelistofsynergiespresentedintheslidedecksupportingthe$150$180millionofavailable

synergiesinthetransaction

• TotheextentthataFreshAlternativeBoardcouldidentifytheseorotherpocketsofvalue,thensuchincreasedrecurring

earningspowercoulddrivegreatervalueforHMAshareholders

• Illustratively,$60millionofEBITDAatan8.3xEBITDAmultiplewouldbeworth$1.85persharetoallHMAshareholders1

Thefollowingdetailsare“”intheweeds”„butareexamples

• fvaluequestionsGlenviewhasasashareholder

LegalSynergies

• WeunderstandthatmembersoftheHMABoardhavecommunicatedthatHMAmayhaveincurredgreaterthan$25

millionofadditionalexpensesassociatedwithHMA’‚sstrategicreviewandaspartofthesittingBoard’‚sparticipationin theconsentsolicitationprocess

• Illustratively,$25mofEBITDAatan8.3xEBITDAmultiplewouldbeworth$0.77persharetoallHMAshareholders1

Strategic Review/ Consent Solicitation CVR

1 8.3xEBITDAmultipleisusedforillustrativepurposesasitwassetforthbyHMA’‚ssittingBoardasaninstructivevaluationbenchmarkusedinthenegotiations.Itremainsunclearwhatportionofthese2013expenditureswere

includedintheLTMnumbers.

PAGE9

TWO SEPARATE VOTES ON VALUES

UndertheFreshAlternativeBoard, shareholderscanexpect:

• Aheightenedfocusonperformance,quality,

accountabilityandcost

• Afreshperspectiveandapproachtoresolvinglegacy

contingentliabilitiesharnessingtheexperienceand skillsofexperts

• Greaterfinancialtransparency,andclearfinancial

buildingblocksforshareholderstoproperlyassess values

UnderthesupervisionofthesittingBoard:

• TheBoardawarded100108%performancebonusestoseniorexecutiveswhilethe

CompanyclearlymisseditsguidancetoWallStreetin2012

• TheBoardapprovedamanagementincentiveplanthatallowedseniorexecutivestoget

fullcreditforperformancegoalsdespitemissingthembyawidemarginin2013tothe extentthatasaleoftheCompanyisapproved

• TheCompanypublishedaslidedeckonJuly25thtoutingtheirstrongoperationaland

financialperformance,fivedaysbeforemateriallyreducingfinancialguidancefor2013 andreportingamaterialmissforthequarterendedJune30th

• Inthepriortwoquarters,inwhichHMAalsomissedexpectations,thepreannounced

disappointingresultswereissuedApril9thandJanuary13th

• Thisquarterinstead,theCompanychosetodiscloseitsdisappointingoperatingand

financialperformanceandlegalupdateconcurrentwiththeannouncementofthe proposedsaleoftheCompany

• Furthermore,ratherthanholdapublicconferencecalltodiscussthesecriticalissues,and

toengageinanontherecordquestionandanswersessionasiscustomarywithsuch events,thesittingBoardchoseforitsChairmanandmembersofseniormanagementto meetwithaselectgroupofshareholderswithafocusonretainingtheirownBoardseats

InAugust,allshareholdersmayvoteontheBoard,whichwebelieveisaquestionofprinciplesandvalues InDecember,allshareholderswillvoteontheCommunityProposalanddetermineifthatisthebestpath tomaximizedollarvaluesforshareholders 1 2

Aspublicmarketequityparticipants,wehaveanopportunitythroughthisConsentSolicitationto voteourconscience,andtopromotenotonlymaximumvalue,butstrongvalues

PAGE10

REVITALIZE HMA Weurgeallshareholderstopromptlyconsenttoremoveand replacetheBoardtoRevitalizeHMA

Forinformationonhowtovote,pleasecontact BruceGoldfarb/PatrickMcHugh/LydiaMulykatOkapiPartners: (212)2970720or(877)8690171

PAGE11

APPENDIX

PAGE12

A HOLISTIC APPROACH TO ADDRESSING THE CURRENT CHALLENGES AT HMA

TheFreshAlternativeforHMA

Provenmanagers,leadersand professionalscapableoftackling themyriadofoperating,cultural, financialandregulatoryissuesat HMA

MaryTaylorBehrens

• Experienceinexecutivecompensation,humanresources,successionplanning,

strategicplanningandfinancialtransactionsinthehealthcareindustry

StevenEpstein

• Extensiveexperienceinhealthcarelaw,andserviceonpublic,privatecompany

andeducationalinstitutionboards

KirkGorman

• Expertiseinmergersandacquisitions,corporatefinanceandcorporate

governancealongwithextensiveexperienceasanexecutiveinthehospital industryandonpubliccompanyboards

StephenGuillard

• Extensiveexecutiveleadershipinhealthcareservicesandexperienceonpublic

andprivatecompanyboards

JohnMcCarty

• Experienceinturnaroundsituationsandfinancialexecutiveleadershipin

healthcareandriskassessmentservices

StevenShulman–— Chairman

• Extensiveturnaroundexperienceinthehealthcareindustryandpublicand

privatecompanyboardexperience

PeterUrbanowicz

• Expertiseinregulatory,compliance,financialandturnaroundissuesfacingthe

healthcareindustry,andadvisortomultipleboardsofdirectors,management teams,investorsandlenders

Acohesiveteamof healthcarevisionaries with:

Regulatoryandcompliance experienceinareasgermaneto HMA Humanresource,corporate finance,andturnaroundand restructuringexperience Strategicinsight,capitalallocation andfinancialexpertiseand appropriateoversightcapabilities Profoundhealthcareoperatingand executiveexperience

JoAnnReed

• Extensiveexperienceasaseniorfinancialexecutiveinhealthcareservicesand

serviceonpublicandprivateboards

1 2 3 4 5

PAGE13

NEW PROPOSED HMA BOARD STRUCTURE AND COMMITTEE COMPOSITION

AuditCommittee

• JohnMcCarty(Chair)
• KirkGorman
• StephenGuillard

CompensationCommittee CompensationCommittee GovernanceCommittee

• StevenEpstein(Chair)
• StephenGuillard
• JohnMcCarty
• PeterUrbanowicz
• MaryTaylorBehrens(Chair)
• StevenEpstein
• KirkGorman
• JoAnnReed
• JoAnnReed(Chair)
• MaryTaylorBehrens
• PeterUrbanowicz

StevenShulman ChairmanoftheBoard1

Note: 1. AsChairmanoftheBoard,StevenShulmanwillalsoserveasanexofficiomemberofallcommittees 2. TheCompliance&QualityCommitteeisanewlyformedcommitteethatdoesnotcurrentlyexistatHMA

Compliance&QualityCommittee2

PAGE14

MARY TAYLOR BEHRENS

CurrentPresidentofNewfaneAdvisors,Inc. FormerHeadofMerrillLynchInvestmentManagers,AmericasRegion BoardmemberofSagentPharmaceuticals,Inc.

CareerHighlightsandExperience BoardofDirectorsExperience

• FoundedNewfaneAdvisors,aprivateconsultingfirm,inFebruary

2003andhasactedasPresidentsinceNovember2004

• ServedasHeadorCoHeadofMerrillLynchInvestmentManagers,

AmericasRegionfromFebruary2001toJanuary2003

• ServedasHeadofHumanResourcesandamemberofMerrillLynch

&Co.'sExecutiveCommitteefromFebruary1998toJanuary2001

• JoinedMerrillLynchin1989asanAssociateintheMerchant

Banking/HighYieldFinanceandCorporateFinanceGroups; subsequentlyappointedVicePresidentoftheHealthcareGroupin 1992,Directorin1995andManagingDirectorin1996

• JoinedChaseManhattanBankin1987asanAssociateinthe

LeverageLendingGroup

• HasservedasamemberofSagentPharmaceuticals,Inc.'sboardof

directorssinceNovember2010,Chairofthecompensation committeeandamemberofthecorporategovernanceand nominatingcommitteesinceNovember2010,andamemberofthe auditcommitteesince2012

• Servedasamemberofthecompensationandqualitycommittees
• ftheboardofdirectorsofHCRManorCarefromNovember2004

toDecember2007

• MemberoftheboardoftheLawrenceHospitalCenter
• ServedontheboardoftheYMCAofGreaterNewYork
• ServedontheGeorgetownBoardofRegentsforsevenyears,

includingfiveyearsastheheadofitsathleticcommittee

ValuePropositionforHMA:

• Detailedknowledgeofexecutivecompensationandsuccessionand

strategicplanning

• Publiccompanyhumanresourcesexperience
• Experiencewithfinancialtransactionsinthehealthcareindustry
• Serviceonpubliccompanyboards

PAGE15

STEVEN EPSTEIN

FounderandSeniorHealthPartnerofEpsteinBecker&Green,P.C. Currentboardmemberofmultiplecompaniesinthehealthcaresector

CareerHighlightsandExperience BoardofDirectorsExperience

• SeniorPartnerofEpsteinBecker&Green,aleadinglawfirmin

healthcarelawwhichhefoundedin1973

• Providesawiderangeofhealthcareorganizationsandproviders

withstrategiclegalguidancerespondingtothelegalchallengesand

• pportunitiesofdomestichealthcare
• Amongstmanyotherhonors,ChambersUSA hasrankedMr.Epstein

amongthe"LeadersinTheirField"intheHealthcarecategory(2009 to2013)andhasreferredtohimasthe"fatherofthehealthcare [legal]industry."ChambersUSA notedin2012thatMr.Epstein"is veneratedforhisongoingcontributiontothedevelopmentof conceptssuchasmanagedcare"

• ReceivedColumbiaLawSchool'sMedalforExcellence,theschool's

mostprestigiousaward,in2009

• Publicandprivateboardexperience,includingAPSHealthcare,Inc.,

CatalystHealthSolutions,Inc.,CatamaranCorp.,DiscoveryHealth, EmergencyMedicalServicesCorp.,TeamHealth,MedExpress,Align Networks,HaightsCrossCommunicationsandResCare

• ServesontheboardofadvisorsofDauphinVenturesandRadius

Ventures

• PreviouslyChairmanofCriticalCareSolutions
• NonprofitboardmembershipwithHealthInsightsandStreetLaw,

Inc.

• ChairmanofColumbiaLawSchoolBoardofVisitors
• FormermemberoftheBoardofTrusteesofTuftsfrom1999to

2009andcurrentlyservesasDirectorEmeritus

ValuePropositionforHMA:

• Extensiveexperienceinhealthcarelegalissuesandgovernment

regulation

• Intimateunderstandingofhealthcareorganizationsandproviders
• Serviceonpublicandprivatehealthcarecompanyandeducational

institutionboards

• Expertiseinmaintainingregulatorycompliance

PAGE16

KIRK GORMAN

CurrentExecutiveVicePresidentandCFOofJeffersonHealthSystem FormerSeniorVicePresidentandCFOofUniversalHealthServices ChairmanoftheboardofCardioNet,Inc.

CareerHighlightsandExperience BoardofDirectorsExperience

• CurrentlytheExecutiveVicePresidentandChiefFinancialOfficerof

JeffersonHealthSystemsinceSeptember2003

• EmployedbyUniversalHealthServicesInc.fromApril1987toMarch

2003,whereheservedasSeniorVicePresidentandChiefFinancial Officer(1992to2003)andVicePresidentandTreasurer(1987to1992)

• PresidentofUniversalHealthRealtyIncomeTrust(19872003)
• BeganhiscareeratMellonBankwherehebecameSeniorVice

President

• ChairmanofCardioNet,Inc.sinceOctober2011andamemberof

theCompany'sboardsinceAugust2008

• DirectorandmemberoftheauditcommitteeofIASISHealthcare,

LLC'sboardsinceFebruary2004

• ServedasaDirectorofPhysician'sDialysis,Inc.andmemberofthe

boardofHCFGuernsey,Ltd.

• ServedasChairmanontheboardofCareInvestmentTrustfrom

June2007toOctober2009andasaTrusteeofUniversalHealth RealtyIncomeTrust

• FormerboardmemberofVIASYSHealthcare,Inc.fromNovember

2001toDecember2003andfromFebruary2005untilits acquisitionbyCardinalHealthinJuly2007

ValuePropositionforHMA:

• Knowledgeofcorporatefinanceandcorporategovernance
• Acutecareandhealthcareservicesmergersandacquisitions

expertise

• Extensiveexperienceasanexecutiveinthehospitalmanagement

industry

• Serviceonseveralpublicandprivatecompanyboards

PAGE17

STEPHEN GUILLARD

FormerCOOandExecutiveVicePresidentofHCRManorCare,Inc. FormerChairman,PresidentandCEOofHarborsideHealthcareCorp. FormerCoFounder,PresidentandCEOofDiversifiedHealthServices

CareerHighlightsandExperience BoardofDirectorsExperience

• WasresponsibleforHCRManorCare's$4billionhospice,home

healthcareandpharmacy,skillednursing,assistedlivingand rehabilitationbusinessesasExecutiveVicePresident(June2005to January2007);laterservedastheCompany'sChiefOperating OfficerfromJanuary2007toDecember2011

• ServedasChairman,ChiefExecutiveOfficerandPresidentof

HarborsideHealthcareCorporationfrom1988 2005

• NamedbyHouseSpeakerJohnBoehnertoserveonanew15

member,congressionallymandatedCommissiononLongTerm CareinFebruary2013

ValuePropositionforHMA:

• Extensiveexecutiveanddirectorleadershipinpostacutecare

servicesandoperations

• Serviceonpublicandprivatecompanyboards
• Successfultrackrecordinpostacuteoperations
• Extensivemergersandacquisitionsexpertise
• ServesasChairmanofTheAllianceforQualityNursingHomeCare,

acoalitionof18nationalproviderorganizationsthatcarefor 650,00elderlyanddisabledpatientsannuallyandemploy approximately425,000caregiversnationwide

• CurrentdirectorofnaviHealth,Inc.,aproviderofpostacutecare

supportsolutions

• PreviouslyservedontheboardofdirectorsofHCRManorCare,Inc.

from2006to2011andwasamemberoftheCompany'squality committee

• FormerChairmanofHarborsideHealthcareCorporation
• CofoundedandservedasChairman,ChiefExecutiveOfficerand

PresidentofDiversifiedHealthServicesfrom1982to1988

PAGE18

JOHN MCCARTY

FormerExecutiveVicePresidentandChiefFinancialOfficerofSHPS,Inc.

FormerChiefFinancialOfficerofLabOneInc. FormerSeniorVicePresidentandCFOofeaiHealthcareStaffingSolutions

CareerHighlightsandExperience AdditionalRelevantExperience

• ServedasaconsultanttoMetalmarkCapitalHoldings,LLCfrom

October2011toMay2012

• ServedasExecutiveVicePresidentandChiefFinancialOfficerof

SHPS,Inc.fromFebruary2006toDecember2009

• ServedasExecutiveVicePresidentandChiefFinancialOfficerof

LabOneInc.fromApril2000toMarch2005

• ServedasSeniorVicePresidentandChiefFinancialOfficerofeai

HealthcareStaffingSolutions,Inc.fromJanuarytoDecemberof 1999

• FormerChiefFinancialOfficerofUnitedDentalCarefrom

November1997toNovember1998

• ServedasExecutiveVicePresidentandChiefFinancialOfficerof

NovaMedEyecareServices,LLC.fromMay1996toOctober1997

ValuePropositionforHMA:

• Strongbusinessandfinancialknowledge
• Experienceinturnaroundsituations
• Diversefinancialleadershipinthehealthcareindustry
• Executiveexperienceinriskassessmentservices
• AssistantVicePresidentofCorporateFinanceandVicePresidentof

ColumbiaCapitalCorporationforColumbia/HCApriorto1996; responsibleforsecuringover$7billioninfinancingforthecompany duringhistenure

• ServedasaninvestmentbankingadvisorforHealthcareMarkets

Group

• ServedastheDirectorofCorporateFinanceatHumana

PAGE19

JOANN REED

CurrentHealthcareServicesConsultant DirectorandAuditCommitteememberofAmericanTower,Inc.

CareerHighlightsandExperience BoardofDirectorsExperience

• ServedasChiefFinancialOfficerofMedcoHealthSolutionsfrom

1996toMarch2008andasanadvisortotheCompany'sCEOfrom April2008toApril2009

• JoinedMedcoContainmentServices,Inc.(MedcoHealthSolutions'

predecessor)in1988asDirectorofFinancialPlanningandAnalysis; appointedastheSeniorVicePresidentofFinanceforMedcoin 1992andasChiefFinancialOfficerin1996

• ServedinvariousfinancialroleswithAetna/AmericanReinsurance

Co.,CBSInc.,StandardandPoor's,andUnisys/TimeplexInc.priorto joiningMedco

• AppointedasaDirectorandChairoftheAuditCommitteeof

MallinckrodtPharmaceuticalsinJune2013

• DirectorandmemberoftheAuditCommitteeofAmericanTower,Inc.

sinceMay2007

• DirectorandmemberoftheAuditCommitteeofWatersCorporation

sinceMay2006

• TrusteeforSt.Mary'sCollegeofNotreDame
• FormerDirectoratDynavoxInc.fromApril2010toDecember2012

FormerChiefFinancialOfficerofMedcoHealthSolutions

ValuePropositionforHMA:

• Extensiveexperienceasafinancialexecutiveinthehealthcare

industry

• Deepaccountingskillsetgainedfromserviceonpubliccompany

auditcommittees

• Serviceonpublicandprivateboards
• Corporateexecutiveadvisoryexpertise

PAGE20

STEVEN SHULMAN

SeniorAdvisorofWaterStreetHealthcarePartners FormerChairman,ChiefExecutiveOfficerofMagellanHealthServices FormerChairman,PresidentandCEOofPrudentialHealthcareInc.

CareerHighlightsandExperience BoardofDirectorsExperience

• CurrentManagingPartneratShulmanVentures
• ServedasCEOofMagellanHealthServices,Inc.fromNovember

2002toFebruary2008whereheaidedintheCompany'ssuccessful turnaroundandrestructuringfrombankruptcy

• Founder,ChairmanandCEOatInternetHealthcareGroupfrom

2000to2002

• LedPrudentialHealthcare'scorporateturnaroundduringhis

tenureastheCompany'sChairman,PresidentandCEOfrom1997 to1999,culminatingintheCompany'ssuccessfulsaletoAetna

• CofoundedValueHealth,Inc.in1987andservedwiththe

Companyuntil1997

• ServedinleadershippositionsatCignafrom1983to1987andat

KaiserPermanente

• ServesontheboardofdirectorsofAccretiveHealth,Inc.,Facet

Technologies,HealthMarkets,HealthPlanHoldings,aTherapyand OasisOutsourcing

• ChairmanofAccessMediQuipsince2009,CareCentrixsince2008

andDigitalInsurance

• FormerChairmanatLumenos,Inc.andformerViceChairmanat

BenefitPoint,Inc.since2001

• FormerDirectoratInteCardia,Inc.,RespironicsNovametrix,LLC.,

PremierBehavioralSolutions,Inc.,Onehealthbank.com,Precyse Solutions,LLCandTheBroadlaneGroup,Inc.

• FormermemberoftheStrategicAdvisoryBoardatSatoriWorld

Medical,Inc.

ValuePropositionforHMA:

• Executiveturnaroundexperienceinthehealthcareindustry
• Seniormanagementexpertiseandoperationalandtransaction

experience

• Extensiveprivateandpublicboardservice
• Recognizedforhisleadershipincludingbeingnamedoneofthetop

CEOsinthemanagedcareindustrybyInstitutionalInvestor

PAGE21

PETER URBANOWICZ

ManagingDirectoratAlvarez&Marsal'sHealthcareGroup FormerExecutiveVP,GeneralCounselandSecretaryofTenetHealthcare FormerDeputyGeneralCounselofDept.ofHealthandHumanServices

CareerHighlightsandExperience BoardofDirectorsExperience

• HasledAlvarez&Marsal'shealthcarecompliancepracticesince

May2008andhasmorethan20yearsofexperienceaddressing healthcareissuesingovernmentandprivateindustry

• Resolvedmajorfederalcriminalinvestigationsandcivillawsuits

facingTenetHealthcarebytheU.S.DepartmentofJustice,theSEC andtheHHSOfficeofInspectorGeneralduringhistenureatthe CompanyfromJanuary2004toMarch2008

• ServedasDeputyGeneralCounseloftheU.S.DepartmentofHealth

andHumanServicesfromOctober2001toDecember2003,and wasamemberoftheteamthatdraftedtheMedicarePrescription DrugActof2003

• Priorto2001,servedasapartnerinthelawfirmofLocke,Liddell&

Sapp

• ServesontheboardofdirectorsofMaximHealthcareServices,one
• fthenation'slargesthomehealthservicescompanies;chairmanof

theCompany'scompliancecommittee

• Regularlyadvisesboardsofdirectorsfacingsignificantregulatory,

financialoroperatingchallengesinthehealthcareindustry

ValuePropositionforHMA:

• Expertiseinregulatory,compliance,financialandoperatingissues

facingthehealthcareindustry

• Consistentadvisortoboardsofdirectors,seniormanagement,

investorsandlenders

• Turnaroundexperienceandguidanceonoperationalandfinancial

improvement

• Healthcareservicesboardexperience

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GLENVIEW CAPITAL PARTNERS, L.P., GLENVIEW CAPITAL MASTER FUND, LTD., GLENVIEW INSTITUTIONAL PARTNERS, L.P., GLENVIEW OFFSHORE OPPORTUNITY MASTER FUND, LTD., GLENVIEW CAPITAL OPPORTUNITY FUND, L.P., GLENVIEW CAPITAL MANAGEMENT, LLC AND LARRY ROBBINS (COLLECTIVELY, “”GLENVIEW”„) TOGETHER WITH THE PROPOSED NOMINEES (COLLECTIVELY, WITH GLENVIEW, THE “”PARTICIPANTS”„) HAVE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “”SEC”„) A DEFINITIVE CONSENT STATEMENT AND ACCOMPANYING CONSENT CARD TO BE USED TO SOLICIT WRITTEN CONSENTS FROM THE STOCKHOLDERS OF HEALTH MANAGEMENT ASSOCIATES, INC. (“”HMA”„ OR “”THE COMPANY”„) IN CONNECTION WITH GLENVIEW’‚S INTENT TO TAKE CORPORATE ACTION BY WRITTEN CONSENT. ALL STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE CONSENT STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF WRITTEN CONSENTS FROM THE STOCKHOLDERS OF THE COMPANY BY THE PARTICIPANTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. INFORMATION RELATING TO THE PARTICIPANTS IS CONTAINED IN THE DEFINITIVE CONSENT STATEMENT FILED ON JULY 19, 2013. THE DEFINITIVE CONSENT STATEMENT AND FORM OF WRITTEN CONSENT ARE BEING FURNISHED TO SOME OR ALL OF THE STOCKHOLDERS OF THE COMPANY AND ARE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, GLENVIEW WILL PROVIDE COPIES OF THE DEFINITIVE CONSENT STATEMENT AND ACCOMPANYING CONSENT CARD (WHEN AVAILABLE) WITHOUT CHARGE UPON REQUEST TO OKAPI PARTNERS LLC, TELEPHONE: (877) 8690171. Cautionary Statement Regarding Forward-Looking Statements This presentation may include “”forwardlooking statements”„ that reflect current views of future events. Statements that include the words “”expect,”„ “”intend,”„ “”plan,”„ “”believe,”„ “”project,”„ “”anticipate,”„ “”will,”„ “”may,”„ “”would”„ and similar statements of a future or forwardlooking nature are often used to identify forwardlooking statements. Similarly, statements that describe our objectives, plans or goals are forwardlooking. Glenview’‚s forwardlooking statements are based on its current intent, belief, expectations, estimates and projections regarding the Company and projections regarding the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forwardlooking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward looking statements. Except to the extent required by applicable law, no person undertakes any obligation to update publicly or revise any forwardlooking statement, whether as a result of new information, future developments or otherwise.