Ex-99.(c)(2)

Project Saturn

Certain Disclosures and Other Considerations

This presentation has been prepared solely for the use of the Special Committee of the Board of Directors (the “Board”) of Saturn (“Saturn” or the “Company”) in connection with the fairness opinion being provided by Bear, Stearns & Co. Inc. (“Bear Stearns”) with respect to Project Saturn. This presentation should only be used by the Board in its evaluation of the specific transaction referred to herein (the “Transaction”) and should not be used, considered or relied upon for any other purpose or in connection with any other matter. This presentation and the conclusions presented herein are qualified in their entirety by the written opinion letter regarding the Transaction to be delivered by Bear Stearns and the assumptions, qualifications and other limitations to be stated therein. This presentation is confidential and may not be reproduced, disseminated, quoted from or referred to at any time, in any manner or for any purpose without the prior written consent of Bear Stearns.

The financial and other information contained in this presentation was obtained solely from Saturn and from public sources. Bear Stearns has relied upon and assumed, without independent verification, the accuracy and completeness of such information. Bear Stearns has assumed that the projections referred to herein have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the senior management of Saturn as to the expected future performance of Saturn. Bear Stearns has not assumed responsibility for independent verification of any such information, including, without limitation, the projections, and Bear Stearns has further relied upon assurances of senior management of Saturn that they are unaware of any facts that would make any such information or projections incomplete or misleading. This presentation has been prepared as of the date on the cover page of this presentation and reflects information made available to us as of or prior to such date.

Bear Stearns has acted as a financial advisor to the Special Committee of the Board of Directors of Saturn in connection with the Transaction and will receive a customary fee for such services, a substantial portion of which is contingent on successful consummation of the Transaction. In addition, Saturn has agreed to reimburse us for certain expenses and to indemnify us against certain liabilities arising out of our engagement. Bear Stearns (i) has previously been engaged by Saturn and (ii) has previously been engaged by Crestview and its affiliates, in each case to provide investment banking and other services on matters unrelated to the Transaction, for which we have received (or expect to receive) customary fees. Bear Stearns may seek to provide Saturn and Crestview and its affiliates certain investment banking and other services in the future.

Consistent with applicable legal and regulatory requirements, Bear Stearns has adopted policies and procedures to establish and maintain the independence of Bear Stearns’ research departments and personnel. As a result, Bear Stearns’ research analysts may hold views, make statements or investment recommendations and/or publish research reports with respect to Saturn, Crestview, the Transaction and other participants in the Transaction that differ from the views of Bear Stearns’ investment banking personnel.

In the ordinary course of business, Bear Stearns and its affiliates may actively trade for its own account and for the accounts of its customers equity and debt securities, bank debt and/or other financial instruments issued by Saturn and/or Crestview and their respective affiliates, as well as derivatives thereof, and, accordingly, may at any time hold long or short positions in such securities, bank debt, financial instruments and derivatives.

CONFIDENTIAL 10499358, v1

Project Saturn

Introduction

The purpose of today’s meeting is to provide an update to the Special Committee regarding Project Saturn and evaluate the proposal received from Crestview Partners GP, L.P. (“Crestview”).

On April 16^th, Saturn (or the “Company”) received a written proposal from Crestview to acquire the Company for $21.50 per share in cash (the “Proposed Transaction”)

· Proposal expires at 5:00PM on Friday, April 20th Crestview has indicated the following as part of the Proposed Transaction: · Due diligence is complete · Committed financing - Signed commitment papers to be delivered at execution of contract

In addition, Crestview also submitted a mark-up of the merger agreement

· No financing conditions · 25 day “go-shop” period

Today, we will review the Proposed Transaction and provide the Special Committee with a preliminary framework for assessing its attractiveness in the context of Saturn’s current situation

CONFIDENTIAL 1

Project Saturn

Overview of Proposed Transaction: Crestview Proposal

Key Terms

Acquiror Entities to be formed by Crestview Partners GP, L.P.

Transaction Structure Merger of Saturn with an indirect wholly-owned subsidiary of Crestview

Form of Consideration 100% Cash⁽¹⁾

Transaction Value $21.50 per Saturn share (9.1% premium to current price of $19.71 as of the close on

April 17, 2007; 22.1% premium to stock price of $17.61 prior to announcement of Welsh

Carson’s acquisition of USPI on January 8, 2007

· $479.4 million equity value

· $585.8 million enterprise value

Financing $400.0 million of debt financing

Equity commitment provided by Crestview and affiliates

Break-up Fees 2.5% of equity value at deal for termination due to a superior proposal during the go

shop period, plus up to $8 million in expenses

4.0% of equity value at deal for termination due to a superior proposal after the go shop

period, plus up to $8 million in expenses

No reverse break- up fee as a result of Crestview termination

Certain Conditions to Closing Saturn shareholder approval

Absence of Material Adverse Effect

HSR and all other governmental consents and approvals

No injunctions or legal restraints

Other Selected Terms 25 day “go shop” provision

No financing condition

(1) Excludes roll-over equity from Saturn Management.

CONFIDENTIAL 2

Project Saturn

Prior Sale Discussions Held

Summary Observations

In Q1:2006, Company was approached by Strategic Investor who indicated interest in acquiring the Company at a 20% premium to the then current stock price

On that basis, Company allowed Strategic Investor to perform initial due diligence

At the completion of initial due diligence, Strategic Investor declined to submit a formal proposal to acquire the Company

n In June and July 2006, Company’s Board of Directors allowed management and to retain investment bank to solicit interest from 12 financial sponsors regarding a potential transaction (including a sponsor that had a platform company in the industry)

All but 2 financial sponsors executed confidentiality agreements

After reviewing public information, 5 financial sponsors provided preliminary indications of interest ranging from $24.00 to $27.00 per share (market price at the time was $21.90)

Management selected 3 of the financial sponsors to continue in the process and perform initial due diligence

On October 31, 2006, and after completing the initial due diligence phase, only 1 of 3 remaining financial sponsors (“Final Bidder”) provided a revised indication of interest, subject to due diligence to acquire the Company for $21.00 to $22.00 per share

Upon completion of its due diligence process in November 2006, the Final Bidder decided not to submit a formal proposal to acquire the Company

That Final Bidder indicated in April 2007 that it was not interested in acquiring the Company, but might be interested in making a minority investment in the Company at a discount to the then current stock price

CONFIDENTIAL 3

Project Saturn

Background to Proposed Transaction

Summary of Key Dates and Events

Dates Events

March 6th Crestview indicates an initial interest in acquiring the Company for $22.00 per share n Subsequently, Board of Directors meet and constitute Special Committee

March 26^th Special Committee, Bear Stearns and Akin Gump (“Advisors”) meet for organizational call March 29^th Special Committee and Advisors meet to discuss process and calendar April 5^th Bear Stearns and Company CFO and Controller meet to review 2007E Budget as Prepared and as Adjusted

April 6^th Special Committee and Advisors meet to discuss draft merger agreement n Akin Gump delivers draft merger agreement to Davis Polk

April 16^th Special Committee and Advisors meet with Management to discuss and diligence Management’s financial model (the “Management Model”) n Bear Stearns receives Proposed Transaction letter from Crestview offering to acquire Saturn for $21.50 per share and Crestview provides mark- up of merger agreement

Special Committee and Advisors meet to discuss Proposed Transaction

CONFIDENTIAL

Project Saturn

Review of Proposed Transaction Valuation

As Received on April 16, 2007 ($ and shares in millions) Proposed Transaction Illustrative Other Values

Price Per Share $21.50 $22.00 $23.00

Premium to Current ($19.71 on April 17, 2007) 9.1 % 11.6 % 16.7 % Primary Shares 21.684 21.684 21.684

In-the-$ Options and Warrants⁽¹⁾ 2.025 2.025 2.026

Gross Diluted Shares 23.709 23.709 23.710

Gross Equity Value $509.7 $521.6 $545.3

Less: Options and Warrants Proceeds (30.3) (30.3) (30.4)

Net Equity Value $479.4 $491.3 $515.0

Add: Estimated Long Term Debt @ 3/31/07 133.3 133.3 133.3

Less: Estimated Cash & Cash Equivalents @ 3/31/07 (26.9) (26.9) (26.9)

Enterprise Value $585.8 $597.7 $621.4 2007 New Development and Buy-up Spend $56.4 $56.4 $56.4 Management Enterprise Value/EBITDA-MI Model

2006A ⁽²⁾11.6x $50.3 11.9 x 12.3 x 2006A Pro Forma 11.1 ⁽³⁾52.5 11.4 11.8

2007E Budget as Adjusted 10.1 58.3 10.3 10.7

2007E Pro Forma^{(4) (5)} 64.6 9.9 10.1 10.5

2008E Base Case 67.6 9.5 9.7 10.0

Price/Earnings Per Share

2006A ⁽²⁾25.5x $0.84 26.1 x 27.3 x 2007E Budget as Adjusted 23.8 0.91 24.3 25.4

2008E Base Case 19.4 1.11 19.8 20.7

(1) Includes 196,683 restricted stock units outstanding as of March 31, 2007.

(2) Represents 2006A results adjusted to exclude net non-recurring gains/(losses) and proceeds from litigation and insurance settlements of $1.6 million in total.

(3) Represents 2006A as described in footnote (2) adjusted for the impact of divestitures, new development and changes in the certain payor agreements as if it occurred on January 1, 2006. (4) Represents 2007E Budget as Adjusted pro forma for the full-year impact of divestitures, new development and buy-up activity as if it occurred on January 1, 2007. (5) Associated debt in enterprise value includes 2007E Budget as Adjusted new development and buy-up activity spend of ~$56.4 million.

CONFIDENTIAL 5

Project Saturn

Saturn Stock Price Performance

Past Year Daily: April 17, 2006-April 17, 2007

A 04/26/06: Announced Q1:06 EPS of $0.20 falling short of consensus estimates of $0.23. Reaffirmed guidance for fiscal year 2006 revenue in the range of $300-$305 million and EPS in the range of $0.88-$0.91, below analyst estimates of $0.93.

B 07/26/06: Announced Q2:06 EPS of $0.23 topping consensus estimates of $0.22. Raised guidance for fiscal year 2006 revenue from $300-$305 million to $303-$308 million.

C 08/26/06 Deutsche Bank research analyst is quoted in The Tennessean as saying Saturn may be considering a sale of itself.

D 09/21/06 Bank of America lowered ASC industry outlook from overweight to underweight.

E 10/25/06: Announced Q3:06 EPS of $0.19 falling short of consensus estimates of $0.22. Lowered guidance for fiscal year 2006 revenue in the range of $300-$305 million and EPS in the range of $0.83-$0.86.

F 12/19/06: Announced guidance for fiscal year 2007 of revenue between $332-$337 and earnings per share between $0.92-$0.95. G 01/08/07: Welsh Carson announced acquisition of USPI, resulting in Saturn stock increasing by ~6%.

H 02/26/07: Announced fiscal year 2006 earnings of $0.85 vs. $0.84 per first call. Q4:06 EPS of $0.21 falling short of consensus estimates of $0.22.

CONFIDENTIAL 6

Project Saturn

Saturn Historical Financial Performance

Summary Historical Income Statement ($ in millions)

Actual Fiscal Years Ended December 31, CAGR 2002A 2003A 2004 A 2005 A 2006A ‘02A-’06A

Revenue $144.7 $176.3 $216.3 $265.7 $301.5 20.2 % YOY % Growth 38.2 % 21.8 % 22.7 % 22.8 % 13.5 % Operating Expenses 98.5 120.1 145.8 170.8 201.3 19.6 % % of Revenue 68.1 % 68.1 % 67.4 % 64.3 % 66.8 % % of Revenue (Ex FAS 123R) — — — — 66.7 General & Administrative 14.3 15.9 18.4 22.0 24.4 14.2 % % of Revenue 9.9 % 9.0 % 8.5 % 8.3 % 8.1 % % of Revenue (Ex FAS 123R) — — — — 6.9 (Income)/Loss on Equity Investments (0.5) (0.4) (1.3) (1.3) (2.4) 45.5 % Minority Interest 7.4 10.4 15.5 25.9 27.9 39.6 % EBITDA-MI⁽¹⁾ $ 25.0 $30.3 $ 37.8 $ 48.3 $ 50.3 19.1 %

% Margin 17.3 % 17.2 % 17.5 % 18.2 % 16.7 % % Margin (Ex FAS 123R) - — — — 18.0 Depreciation & Amortization 7.8 9.3 10.9 13.3 13.4 14.4 % EBIT-MI⁽¹⁾ $ 17.2 $21.0 $ 26.9 $ 35.1 $ 36.9 21.1 % % Margin 11.9 % 11.9 % 12.4 % 13.2 % 12.2 % % Margin (Ex FAS 123R Expense) — — — — 13.5 Interest Expense, Net⁽²⁾ 4.6 4.9 4.2 4.9 7.1

Pre-Tax Income $ 12.6 $16.1 $ 22.8 $ 30.2 $ 29.8 24.2 % Income Tax Expense⁽³⁾ 4.8 6.2 8.7 11.3 11.5

% Tax Rate 38.4 % 38.4 % 38.4 % 37.4 % 38.7 % Net Income $ 7.7 $9.9 $ 14.0 $ 18.9 $ 18.3 24.0 %

% Margin 5.3 % 5.6 % 6.5 % 7.1 % 6.1 %

(1) Excludes pre-tax impairment and loss on disposal of long-lived assets of $0.5M, $0.4M, $0.3M, $1.5M and $1.2M in each of 2002A-2006A. Excludes pre-tax gain on sale of long-lived assets of $0.5M, $0.6M, $0.3M, $1.8M and $1.8M in each of 2002A-2006A. Excludes $0.4M in pre-tax proceeds from insurance settlement and $0.6M from litigation settlement in 2006A.

(2) Excludes pre-tax debt prepayment penalty of $0.9M in 2003A and $0.7M in 2004A.

(3) Excluded it ems listed in footnotes (1) and (2) tax-effected at marginal rate of ~36%; 2002A and 2003A represent estimate of full tax impact at 38.4% tax rate for comparative purposes.

CONFIDENTIAL 9

Project Saturn

Saturn 2007E Budget as Adjusted

In formulating expected 2007E results, Saturn Management started with its 2007E Budget as Prepared in Q4:06 and made several adjustments to reflect the current operating environment and account for anticipated strategic and operational changes in 2007E.

n Based on 2006A negative trends in cost of supplies, Saturn Management has increased supplies as a percentage of revenue from 19.1% to 20.0% in the 2007E Budget as Adjusted

n Not originally factored into the 2007E Budget, Saturn Management now expects to divest certain underperforming facilities in 2007, including:

· Englewood; · San Antonio; · Savannah; and, · Tuscaloosa

n In New Development Activity, Saturn Management has removed generic acquisition #1 from the 2007E Budget, delayed generic acquisition #2 by one quarter and reduced associated corporate G&A expense from ~$987K to ~$327K

n In terms of buying up interest in existing facilities, Saturn Management now intends to buy-up to a pro forma 60% stake in the Cape Coral facility on or about July 1, 2007

CONFIDENTIAL 11

Project Saturn

Saturn 2007 EBITDA-MI Budget Bridge

The chart on the left depicts the impact of Saturn Management’s adjustments on 2007 Budget as Prepared EBITDA-MI, while the chart on the right captures the pro forma impact had all of these adjustments along with acquisition and de novo activity occurred on January 1, 2007.

EBITDA-MI: 2007E Budget as Adjusted($ in millions) EBITDA-MI: 2007E Pro Forma ($ in millions)

(1) Represents the impact of removing generic acquisition #1 from the 2007E Budget, delaying generic acquisition #2 by one quarter and reducing associated corporate G&A expense by $660,000. (2) Represents annualized impact of items in 2007E Budget as Adjusted as well as the assumption that all New Development Activity occurs on January 1, 2007.

CONFIDENTIAL 12

Project Saturn

Overview of Saturn Management Financial Model

For the period 2008-2012, Management developed two distinct sets of operating scenarios to arrive at two separate financial model cases:

Management Model Assumptions

Standalone Model

· Net patient revenue growth of 5% through 2012E based on anticipated pro forma 2007E results — 4% case volume growth — 1% net revenue per case growth · Service revenue growth of 2%; Other revenue growth of 5% · Facility operating expenses held constant at ~67% of revenue · General corporate expense annual growth of 5% — Yields ~50 bps of margin leverage through 2012 · Equity income in affiliates annual growth of 5% · Minority interest equal to 9% of revenue, implying 34.0%-35.0% of consolidated EBITDA · Exit remaining physician practice management contracts at end of 2008 (~$2.5 million of revenue) · Exercise buy-up option for majority stake in Chesterfield (6.75x multiple), Thousand Oaks (6.80x multiple) in 2010 and Novi (7.50x multiple) in 2011

n Standalone Model Plus Consistent Annual Generic Acquisitions and Generic De Novos

·Generic acquisitions acquired at 6.75x LTM EBITDA and assume 55% Saturn ownership — 3 facilities added in each of 2008-2012 ·Consolidated generic de novos require initial Saturn investment of $765,000 for 51% stake — 1 facility added in each of 2008-2012 ·Non-consolidated generic de novos require Saturn investment of $300,000 for 20% stake — 3 facilities added in each of 2008-2012 — In each of 2010- 2012, Saturn buys-up 1 facility to pro forma 51% stake at 6.75x LTM EBITDA CONFIDENTIAL 14

Project Saturn

Management Model: Base Case

Summary Projected Income Statement ($ in millions)

Pro Budget as Pro Actual Forma Adjusted Forma Projected Fiscal Years Ending December 31, CAGR 2006A 2009E 2006A 2007E 2007E 2008E 2010 E 2011 E 2012E ‘07E ⁽²⁾-’12E

Revenue⁽¹⁾ $301.5 $318.7 $347.7 $372.7 $391.2 $408.1 $449.5 $483.0 $507.1 7.8 % YOY % Growth 13.5 % 15.3 % 5.0 % 4.3 % 10.1 % 7.5 % 5.0 % Operating Expenses 201.3 216.1 232.4 249.4 260.6 271.9 299.8 321.8 337.9 7.8 % % of Revenue 66.8 % 67.8 % 66.9 % 66.9 % 66.6 % 66.6 % 66.7 % 66.6 % 66.6 % General & Administrative 24.4 24.4 28.3 28.3 29.7 31.2 32.7 34.3 36.0 5.0 % % of Revenue 8.1 % 7.7 % 8.1 % 7.6 % 7.6 % 7.6 % 7.3 % 7.1 % 7.1 % (Inc)/Loss on Equity Investments (2.4) (2.3) (1.4) (1.6) (1.7) (1.8) (1.6) (1.6) (1.7)

Minority Interest 27.9 28.0 30.0 32.1 35.0 36.5 39.9 43.4 45.7

EBITDA-MI $ 50.3 $ 52.5 $ 58.3 $ 64.6 $ 67.6 $ 70.4 $ 78.7 $ 85.1 $ 89.1 8.9 %

% Margin 16.7 % 16.5 % 16.8 % 17.3 % 17.3 % 17.2 % 17.5 % 17.6 % 17.6 % Depreciation & Amortization 13.4 14.3 16.7 17.6 19.0 19.8 21.6 23.2 24.3

EBIT-MI $ 36.9 $ 38.2 $ 41.5 $ 47.0 $ 48.6 $ 50.6 $ 57.0 $ 61.9 $ 64.8 9.3 % % Margin 12.2 % 12.0 % 11.9 % 12.6 % 12.4 % 12.4 % 12.7 % 12.8 % 12.8 % Interest Expense/(Income), Net 7.1 7.3 8.6 8.5 7.9 5.0 3.4 1.7 (1.3)

Pre-Tax Income $ 29.8 $ 31.0 $ 32.9 $ 38.5 $ 40.8 $ 45.6 $ 53.7 $ 60.2 $ 66.1 15.0 % Income Tax Expense (11.5) (11.9) (12.8) (15.0) (15.9) (17.8) (20.9) (23.5) (25.8)

Net Income $ 18.3 $ 19.0 $ 20.0 $ 23.5 $ 24.9 $ 27.8 $ 32.7 $ 36.7 $ 40.3 15.0 %

% Margin 6.1 % 6.0 % 5.8 % 6.3 % 6.4 % 6.8 % 7.3 % 7.6 % 8.0 %

(1) Base Case includes the exit of remaining physician practice management contracts at the end of 2008E and contractual buy-up activity in 2010E and 2011E. (2) Represents 2007E Budget as Adjusted.

CONFIDENTIAL 15

Project Saturn

Management Model: Growth Case

Summary Projected Income Statement ($ in millions)

Pro Budget as Pro Actual Forma Adjusted Forma Projected Fiscal Years Ending December 31, CAGR 2006A 2006A 2007E 2007E 2008E 2009 E 2010 E 2011 E 2012E ‘07E ⁽²⁾-’12E

Revenue⁽¹⁾ $301.5 $318.7 $347.7 $372.7 $404.1 $447.9 $524.7 $595.5 $659.0 13.6 % YOY % Growth 13.5 % 15.3 % 8.4 % 10.8 % 17.1 % 13.5 % 10.7 % Operating Expenses 201.3 216.1 232.4 249.4 269.6 298.6 349.5 395.8 437.5 13.5 % % of Revenue 66.8 % 67.8 % 66.9 % 66.9 % 66.7 % 66.7 % 66.6 % 66.5 % 66.4 % General & Administrative 24.4 24.4 28.3 28.3 30.0 31.9 33.9 36.0 38.2 6.2 % % of Revenue 8.1 % 7.7 % 8.1 % 7.6 % 7.4 % 7.1 % 6.5 % 6.1 % 5.8 % (Inc) / Loss on Equity Investments (2.4) (2.3) (1.4) (1.6) (2.0) (3.6) (4.8) (6.4) (8.1)

Minority Interest 27.9 28.0 30.0 32.1 36.1 40.4 47.6 55.2 62.0

EBITDA-MI $ 50.3 $ 52.5 $ 58.3 $ 64.6 $ 70.6 $ 80.7 $ 98.4 $114.8 $129.4 17.3 %

% Margin 16.7 % 16.5 % 16.8 % 17.3 % 17.5 % 18.0 % 18.8 % 19.3 % 19.6 % Depreciation & Amortization 13.4 14.3 16.7 17.6 19.6 21.6 25.0 28.3 31.2

EBIT-MI $ 36.9 $ 38.2 $ 41.5 $ 47.0 $ 50.9 $ 59.1 $ 73.4 $ 86.5 $ 98.2 18.8 % % Margin 12.2 % 12.0 % 11.9 % 12.6 % 12.6 % 13.2 % 14.0 % 14.5 % 14.9 % Interest Expense/(Income), Net 7.1 7.3 8.6 8.5 8.9 8.0 8.3 8.4 6.4

Pre-Tax Income $ 29.8 $ 31.0 $ 32.9 $ 38.5 $ 42.0 $ 51.0 $ 65.1 $ 78.2 $ 91.8 22.8 % Income Tax Expense (11.5) (11.9) (12.8) (15.0) (16.4) (19.9) (25.4) (30.5) (35.8)

Net Income $ 18.3 $ 19.0 $ 20.0 $ 23.5 $ 25.6 $ 31.1 $ 39.7 $ 47.7 $ 56.0 22.8 %

% Margin 6.1 % 6.0 % 5.8 % 6.3 % 6.3 % 7.0 % 7.6 % 8.0 % 8.5 %

(1) Growth Case includes the exit of remaining physician practice management contracts at the end of 2008E and contractual buy-up activity in 2010E and 2011E. (2) Represents 2007E Budget as Adjusted.

CONFIDENTIAL 16

Project Saturn

Saturn Business Development Case Comparison

Saturn Historical Business Development Actual 2003 A 2004 A 2005 A 2006A

Beginning Facilities 34 44 54 59 Plus: Acquisitions 5 6 6 3 Plus: De Novos 5 3 1 1 Plus: Management Contracts 1 1 — - Less: Divestitures/Closures (1) — (2) (4) Ending Facilities 44 54 59 59 Bighorn Investment ($M) $45.6 $69.3 $50.4 $46.6

Saturn Base Case Business Development Budget As Projected Adjusted 2007E 2008 E 2009 E 2010 E 2011E 2012E

Beginning Facilities 59 69 69 69 69 69 Plus: Named Developments 4 — — — — - Plus: Acquisitions 3 — — — — - Plus: De Novos 7 — — — — - Less: Divestitures/Closings (4) — — — — - Ending Facilities 69 69 69 69 69 69 CapEx (inc. Buy-ups) ($M) ($ 56.4 ) $0.0 $0.0 ($ 42.7 ) ($ 6.9 ) $0.0

Saturn Growth Case Business Development Budget As Projected Adjusted 2007E 2008 E 2009 E 2010 E 2011 E 2012E

Beginning Facilities 59 69 76 83 90 97 Plus: Named Developments 4 — — — — - Plus: Acquisitions 3 3 3 3 3 3 Plus: De Novos 7 4 4 4 4 4 Less: Divestitures/Closings (4) — — — — - Ending Facilities 69 76 83 90 97 104 CapEx (inc. Buy-ups) ($M) ($ 56.4 ) ($ 31.4 ) ($ 31.4 ) ($ 78.7 ) ($ 42.9 ) ($ 36.0 )

Project Saturn

Summary of Saturn Management Model Cases

Management Model Key Income Statement Items by Case ($ in millions)

Budget as Adjusted Pro Forma Projected Fiscal Years Ending December 31, CAGR 2007E 2007E 2008E 2009 E 2010 E 2011 E 2012E ‘07E ⁽¹⁾-’12E

Revenue $347.7 $372.7 $391.2 $408.1 $449.5 $483.0 $507.1 7.8 % % Growth 15.3 % 5.0 % 4.3 % 10.1 % 7.5 % 5.0 % Operating Expenses and G&A $260.7 $277.7 $290.3 $303.0 $332.5 $356.1 $373.9 7.5 % % of Revenue 75.0 % 74.5 % 74.2 % 74.2 % 74.0 % 73.7 % 73.7 % EBITDA-MI $ $58.3 $64.6 $67.6 $70.4 78.7 $ 85.1 $ 89.1 8.9 % % Margin 16.8 % 17.3 % 17.3 % 17.2 % 17.5 % 17.6 % 17.6 % EPS $ $0.91 $1.06 $1.11 $1.23 1.43 $ 1.58 $ 1.72 13.7 % % Growth 7.5 % 4.5 % 10.5 % 16.4 % 10.9 % 8.6 % Revenue $347.7 $372.7 $404.1 $447.9 $524.7 $595.5 $659.0 13.6 % % Growth 15.3 % 7.2 % 8.4 % 10.8 % 17.1 % 13.5 % 10.7 % Operating Expenses and G&A $260.7 $277.7 $299.6 $330.5 $383.5 $431.8 $475.7 12.8 % % of Revenue 75.0 % 74.5 % 74.1 % 73.8 % 73.1 % 72.5 % 72.2 % EBITDA-MI $ $58.3 $64.6 $70.6 $80.7 98.4 $114.8 $129.4 17.3 % % of Revenue 16.8 % 17.3 % 17.5 % 18.0 % 18.8 % 19.3 % 19.6 % EPS $ $0.91 $1.06 $1.14 $1.37 1.73 $ 2.05 $ 2.38 21.4 % % Growth 7.5 % 7.7 % 20.1 % 26.1 % 18.6 % 16.1 %

Source: Saturn Management.

(1) Represents 2007E Budget as Adjusted.

CONFIDENTIAL 18

Project Saturn

Review of Saturn Wall Street Research Projections

Selected Wall Street Research Estimates ($in millions, except per share data)

Selected Wall Street Research Management Model⁽¹⁾

Deutsche Jefferies & Merrill Stifel Bank Base Credit Suisse Company Lynch Nicolaus Piper Jaffray RBC Capital Growth 02/22/07 02/22/07 02/22/07 02/23/07 02/23/07 02/26/07 03/15/07 Average Case Case Revenue: 2007 E $329.2 $350.4 $337.5 $335.1 $333.8 $334.3 $335.4 $336.5 $347.7 $347.7

2008 E 351.7 406.6 361.8 372.9 365.5 373.8 373.5 372.3 391.2 404.1

2009 E NA 460.0 NA 396.7 NA NA NA 428.4 408.1 447.9

Operating Expenses & G&A ⁽²⁾

2007 E $245.0 $263.7 $251.2 $252.3 $251.5 $252.1 $252.0 $252.5 $260.7 $260.7

2008 E 257.2 302.6 268.1 281.1 275.1 281.4 280.0 277.9 290.3 299.6

2009 E NA 338.4 NA 296.4 NA NA NA 317.4 303.0 330.5

EBITDA-MI

2007E $ $ $ $ $57.2 $58.6 56.2 $57.0 56.0 $56.6 56.6 $56.9 58.3 $ 58.3

2008 E 64.3 71.2 61.8 62.8 61.8 63.7 64.1 64.2 67.6 70.6

2009 E NA 83.4 NA 69.4 NA NA NA 76.4 70.4 80.7

EPS

2007E $ $ $ $ $0.93 $0.92 0.92 $0.93 0.93 $0.95 0.95 $0.93 0.91 $ 0.91

2008 E 1.07 1.13 1.04 1.05 1.07 1.12 1.09 1.08 1.11 1.14

2009 E NA 1.34 NA 1.17 NA NA NA 1.26 1.23 1.37

(1 ) Management Model for 2007E represents 2007E Budget as Adjusted. (2 ) Includes operating expenses, corporate general and administrative expense and stock based compensation expense. C ONFIDENTIAL 19

Project Saturn

Management Model Comparison to October Model

Management Model vs. October Model ($ in millions)

Current Model October Model Base Growth Base Moderate Growth Case Case Case Case Case Standalone Revenue⁽¹⁾ Standalone Revenue⁽¹⁾ 2007E Budget as Adjusted $347.7 $347.7 2007 E $356.5 $356.5 $356.5

2011 E 483.0 483.0 2011 E 483.4 483.4 483.4

CAGR 8.6 % 8.6 % CAGR 7.9 % 7.9 % 7.9 % Generic De Novos/Acquisitions Generic De Novos/Acquisitions

2007E Budget as Adjusted $0.0 $0.0 2007 E $0.0 $0.0 $21.4

2011 E — 112.5 2011 E — 105.7 184.2

Total Revenue Total Revenue

2007E Budget as Adjusted $347.7 $347.7 2007 E $356.5 $356.5 $378.0

2011 E 483.0 595.5 2011 E 483.4 589.1 667.6

CAGR 8.6 % 14.4 % CAGR 7.9 % 13.4 % 15.3 % EBITDA-MI ⁽²⁾ EBITDA-MI ⁽²⁾

2007E Budget as Adjusted $58.3 $58.3 2007 E $59.9 $59.9 $64.6

2011 E 85.1 114.8 2011 E 84.1 108.4 123.6

CAGR 9.9 % 18.5 % CAGR 8.8 % 16.0 % 17.6 % EPS ⁽²⁾ EPS ⁽²⁾

2007E Budget as Adjusted $0.91 $0.91 2007 E $1.03 $1.03 $1.12

2011 E 1.58 2.05 2011 E 1.70 2.11 2.37

CAGR 15.8 % 22.7 % CAGR 13.3 % 19.7 % 20.9 %

(1) Includes Greenville, Durango, in progress new developments, and contractual buy-ups.

(2) After stock-based compensation. October Model assumes $4.5 million of annual stock based compensation taxed at marginal rate of ~36%.

CONFIDENTIAL 20

Project Saturn

Saturn Discounted Cash Flow Analysis

Management Model Base Case ⁽¹⁾ Equity Value Per Share ⁽³⁾ Discount Terminal Trailing (2012E) EBITDA-MI Multiple Rate 8.5 x 9.5 x 10.5 x 11.0 % $18.06 $20.17 $22.23 12.0 17.00 19.03 21.00 13.0 16.00 17.94 19.84 Implied Perpetual Growth in Free Cash Flow Discount Terminal Trailing (2012E) EBITDA-MI Multiple Rate 8.5 x 9.5 x 10.5 x 11.0 % 4.6 % 5.2 % 5.7 % 12.0 5.5 6.1 6.7 13.0 6.4 7.1 7.6

Management Model Growth Case ⁽²⁾ Equity Value Per Share ⁽³⁾ Discount Terminal Trailing (2012E) EBITDA-MI Multiple Rate 8.5 x 9.5 x 10.5 x 11.0 % $22.17 $25.14 $28.08 12.0 20.85 23.69 26.48 13.0 19.60 22.30 24.98 Implied Perpetual Growth in Free Cash Flow Discount Terminal Trailing (2012E) EBITDA-MI Multiple Rate 8.5 x 9.5 x 10.5 x 11.0 % 4.9 % 5.5 % 6.0 % 12.0 5.8 6.4 6.9 13.0 6.7 7.4 7.9

n In the Discounted Cash Flow Analysis, future free cash flows and the terminal value are discounted back to present value at March 31, 2007

n For a detailed review of assumptions underlying Discounted Cash Flow analysis, please see Appendix A

(1) Represents Management Model Base Case, which assumes no new development activity in 2008E-2012E and as described and shown on pages 14 and 15. (2) Represents Management Model Growth Case, which assumes new development activity in 2008E-2012E and as described and shown on pages 14 and 16.

(3) Equity value per share is calculated by taking the enterprise value implied by the discounted cash flow analysis, subtracting estimated debt at March 31, 2007 of $133.3 million, adding estimated cash at March 31, 2007 of $26.9 million and dividing by diluted shares utilizing the treasury stock method.

CONFIDENTIAL 22

Project Saturn

Saturn WACC Calculation: Beta Analysis

n We have reviewed the historical Bloomberg betas as well as the predicted Barra betas for each of Saturn and its comparables and have noted wide variations, in particular between the historical Bloomberg beta for Saturn and the other measures

· Saturn historical Bloomberg beta of 1.220 (2 yr weekly) compares to Saturn predicted Barra beta of 0.664 · For comparables, historical Bloomberg betas range from 0.540 to 0.720 (2 yr weekly) and predicted Barra betas range from 0.408 to 0.775

n We have also analyzed, as shown in the graphs on the following page, the changes over time in historical Bloomberg betas and predicted Barra betas for Saturn and USPI, which we believe to be the closest comparable

· Historical Bloomberg betas have ranged from ~1.2 to ~1.5 for Saturn and from ~0.6 to ~1.2 for USPI since the end of 2004 (2 yr weekly)

· While predicted Barra betas have generally been lower than the historical measures for both companies, we note that the predicted betas for both companies increased significantly in the second half of 2006 (~0.85 to 1.00)

n The increase in predicted betas in 2H:06 could be attributable to the increasing business and regulatory pressures confronting the ASC industry sector including concerns over “out-of-network” payment arrangements, margin pressures from increasing cost of supplies and evolving legislative/regulatory issues

· While the predicted Barra betas for Saturn and USPI have declined since 4Q06, we believe the business and industry uncertainties are ongoing

· We also note that the financial advisor to the Special Committee of USPI utilized a levered beta range of 1.40 to 1.70 in analyzing the WACC for USPI in its presentation to the Board of Directors dated January 7, 2007 as filed with the SEC

n Based on the aforementioned factors and considerations, we believe a range of unlevered betas from 0.65 to 1.00 is reasonable

CONFIDENTIAL 23

Project Saturn

Saturn Weighted Average Cost of Capital Calculations

Illustrative WACC Calculation Beta Determination ($ in millions) Equity Risk Premium Total

Low High Historical Predicted Market Debt Unlevered Beta⁽¹⁾

^{Equity Risk Premium (R}m ^{- R}f⁾ 5.00 % 7.13 % Adjusted Beta⁽²⁾ Levered Value of & Pref & nbsp; Leverage Ratios Historical Adj Beta Multiply by: Saturn Levered Beta 1.014 1.014 Company 2 Years 5 Years Beta⁽³⁾ Equity⁽⁴⁾ Stock D/E D/(D+E) 2 Years 5 Years &n bsp; Barra

Adjusted Equity Risk Premium 5.07 % 7.23 % Add: Risk ^{-Free Rate of Return (R}f⁾ 4.85 4.85 Saturn 1.220 1.180 0.664 $ 437 $133 30.5 % 23.4 % 1.029 0.995 0.560 Potential Size Premium 3.88 3.88

Tier 1 Comps Cost of Equity—Saturn 13.79 % 15.95 %

AmSurg 0.720 0.610 0.408 $ 775 $169 21.8 % 17.9 % 0.637 0.539 0.361

Multiply by: Saturn E/(D+E) 77.5 77.5

Cost of Equity Portion 10.7 % 12.4 % United Surgical 0.650 1.180 0.651 1,310 347 26.5 21.0 0.557 1.011 0.558

Tier 1 Mean 0.685 0.895 0.530 $1,043 $258 24.2 % 19.4 % 0.597 0.775 0.459

^{Cost of Debt (K}d^)—Saturn 6.60 % 6.60 % Tear 1 Median 0.685 0.895 0.530 $1,043 $258 24.2 % 19.4 % 0.597 0.775 0.459

Assumed Tax Rate 39.0 39.0

After- Tax Cost of Debt 4.42 % 4.42 % Tier 2 Comps Multiply by: Saturn D/(D+E) 22.5 22.5

Medcath 0.540 0.830 0.775 $ 616 $265 43.0 % 30.1 % 0.429 0.660 0.616

Cost of Debt Portion 0.91 % 0.91 % Novamed 0.680 0.580 0.528 170 71 41.6 29.4 0.544 0.464 0.423

WACC—Saturn 11.5 % 13.2 % Tier 2 Mean 0.610 0.705 0.652 $ 393 $168 42.3 % 29.7 % 0.487 0.562 0.519 Tier 2 Median 0.610 0.705 0.652 $ 393 $168 42.3 % 29.7 % 0.487 0.562 0.519 Key Assumptions Overall Mean 0.762 0.876 0.605 $ 662 $197 32.7 % 24.3 % 0.639 0.734 0.503

Overall Median 0.680 0.830 0.651 616 169 30.5 23.4 0.557 0.660 0.558

^{Equity Risk Premium (R}m ^{- R}f⁾ 5.00-7.13% ⁽⁵⁾⁽⁶⁾ Saturn Unlevered Beta (Average of Historical and Predicted) 0.861

^{Risk-Free Rate of Return (R}f⁾⁽⁷⁾ 4.85

Target Debt/Equity Ratio (Translates to Debt/Total Capital ratio of 22.5%) 29.0 % ^{Assumed Cost of Debt (K}d⁾ 6.60

Assumed Tax Rate 39.0 Saturn Levered Beta ⁽⁸⁾ 1.014

(1) Unlevered Beta = Levered Beta/[ 1 + ((D/E) * (1-T))].

(2) Source: Based on Bloomberg adjusted beta for the past two and five years on a weekly basis. (3) Source: Barra beta as of March 30, 2007. (4) Equity values based on closing prices as of April 17, 2007.

(5) Reflects Bear Stearns’ judgmental synthesis of various academic views and financial and market perspectives, including (a) the current supply-side model expected equity risk premium (i.e., 6.35%) and the current long-term historical geometric average equity risk premium (i.e., 5.12%) per Ibbotson Associates’ Stock, Bonds, Bills and Inflation, Valuation Edition 2007 Yearbook, (b) the recommended prospective long-term arithmetic average equity risk premium (i.e., 4.50-5.00%) per Dimson, Marsh and Staunton’s “The Worldwide Equity Premium: A Smaller Puzzle” and Triumph of the Optimists, (c) the recommended expected arithmetic equity risk premium (i.e., 3.50%-7.00%, as adjusted) per Brealey, Myers and Allen’s Principles of Corporate Finance (Eighth Edition), (d) the recommended expected arithmetic equity risk premium (i.e., 5.00%, with a range of 3.50%-6.00%) per Brigham and Ehrhardt’s Financial Management: Theory and Practice (Eleventh Edition) and (e) a survey of the current practices of our competitors as well as other academic and practitioner points of view. (6) Represents current long-term historical arithmetic average equity risk premium per Ibbotson Associates’ Stock, Bonds, Bills and Inflation, Valuation Edition 2007 Yearbook. (7) Source: Bloomberg. Equal to the interpolated yield on the 20-year US Treasury bond as of April 14, 2007.

(8) Levered Beta = Unlevered Beta * [ 1 + ((D/E) * (1-T))].

CONFIDENTIAL 25

Project Saturn

Saturn WACC Sensitivity Analysis

WACC Sensitivity Analysis—5.00% Equity Risk Premium⁽¹⁾

Assumed Unlevered Beta Debt/Cap 0.650 0.700 0.750 0.800 0.850 0.900 0.950 1.000

15.0 % 11.3 % 11.5 % 11.8 % 12.0 % 12.3 % 12.5 % 12.8 % 13.0 % 20.0 10.8 11.1 11.3 11.6 11.8 12.0 12.3 12.5

22.5 10.6 10.9 11.1 11.3 11.5 11.8 12.0 12.2

25.0 10.4 10.6 10.9 11.1 11.3 11.5 11.7 12.0

30.0 10.0 10.2 10.4 10.6 10.8 11.0 11.2 11.4

WACC Sensitivity Analysis—7.13% Equity Risk Premium⁽²⁾ Assumed Unlevered Beta Debt/Cap 0.650 0.700 0.750 0.800 0.850 0.900 0.950 1.000

15.0 % 12.4 % 12.7 % 13.1 % 13.4 % 13.7 % 14.1 % 14.4 % 14.7 % 20.0 12.1 12.4 12.7 13.0 13.4 13.7 14.0 14.4

22.5 11.9 12.2 12.5 12.9 13.2 13.5 13.8 14.2

25.0 11.7 12.1 12.4 12.7 13.0 13.3 13.7 14.0

30.0 11.4 11.7 12.0 12.4 12.7 13.0 13.3 13.6

(1) Reflects Bear Stearns’ judgmental synthesis of various academic views and financial and market perspectives, including (a) the current supply-side model expected equity risk premium (i.e., 6.35%) and the current long-term historical geometric average equity risk premium (i.e., 5.12%) per Ibbotson Associates’ Stock, Bonds, Bills and Inflation, Valuation Edition 2007 Yearbook, (b) the recommended prospective long-term arithmetic average equity risk premium (i.e., 4.50-5.00%) per Dimson, Marsh and Staunton’s “The Worldwide Equity Premium: A Smaller Puzzle” and Triumph of the Optimists, (c) the recommended expected arithmetic equity risk premium (i.e., 3.50%-7.00%, as adjusted) per Brealey, Myers and Allen’s Principles of Corporate Finance (Eighth Edition), (d) the recommended expected arithmetic equity risk premium (i.e., 5.00%, with a range of 3.50%-6.00%) per Brigham and Ehrhardt’s Financial Management: Theory and Practice (Eleventh Edition) and (e) a survey of the current practices of our competitors as well as other academic and practitioner points of view. (2) Represents current long-term historical arithmetic average equity risk premium per Ibbotson Associates’ Stock, Bonds, Bills and Inflatio n, Valuation Edition 2007 Yearbook.

CONFIDENTIAL 26

Project Saturn

Ambulatory Surgery Center Market Landscape

The US ambulatory surgery center market is characterized by multi-specialty centers, predominantly owned and operated by private independents.

Specialty Focus ASC Fragmented Ownership

Key Players Overview Key Players Proportion

Company ASCs

AmSurg ⁽¹⁾ 163

HealthSouth 144

United Surgical Partners, Intl.⁽²⁾ 135

HCA, Inc. 107

Saturn 59

NovaMed 37

Total Key Players 645

Source: Selected industry research reports and company filings.

(1) Pro Forma for majority interest acquired in 7 surgery centers in January 2007.

(2) Pro Forma for interest acquired in 3 facilities in St. Louis and opening 3 facilities in California in February 2007.

CONFIDENTIAL 27

Project Saturn

Comparable Company Universe Selection

Potential Saturn Business Comparables

US Short-Stay Facilities⁽¹⁾ Specialties Payor Mix Surgical (% 2006 Top Case (% 2006 Primary

Company ASCs Hospitals States Mix) Gov’t) Business Comments

163 — 32 GI (75%) 35 % ASCs Less intensive procedures require lower capital investment in facility and lead to AmSurg Ophthalmic (18%) higher margins (lower variable costs)

High proportion of older patients; susceptible to government payor 144 3 35 Multi (NA) 22 % Ambulat ory Large network of ASCs; result of several acquisitions in late 1990s Surgery & Represents ~25% of total revenues HealthSouth

Rehabilitative On March 26, 2007, HealthSouth’s surgery centers were acquired by Texas HC Services Pacific Group 135 10 26 Multi 28 % ASCs 78 of 135 US based short -stay facilities are jointly-owned with major not-for- -Ortho (21%) profit healthcare systems United Surgical

-Pain Mgmt (18%) JVs provide benefit with branding, physician recruitmentand payor Partners, Intl.

-GI (17%) arrangements On January 8, 2007, USPI was acquired by Welsh Carson

107 — 20 Multi (NA) NA Acute Care >$24 billion in total revenue; primary focus is general, acute hospitals and Hospitals psychiatric hospitals (182 facilities worldwide) HCA, Inc. On July 24, 2006, HCA was acquired by a consortium of sponsors including Bain and KKR

37 — 18 Ophthalmic (71%) 38 % ASCs Focus has been on single specialty — primarily cataract surgery Expanding specialties via ASC acquisitions and physician recruitment Novamed

10 of 37 facilities offer non-ophthalmic procedures High proportion of older patients; susceptible to government payor — 11 8 Cardiac Surgery 49 % Surgical Single-specialty cardiac surgical hospitals licensed for overnight stays MedCath (100%) Hospitals Larger facility investment, longer development time

Moratorium on physician ownership lifted has reduced overhang 59 4 ASCs 23 Multi 19 ASCs Focused on broad number of high margin specialties and reliable payors - with -GI (25%) particularly low reliance on government Saturn

hospital -Ortho (17%) Holds majority stakes in ~75% of owned facilities licenses -Pain Mgmt (16%) Strategic partnerships with 8 regional healt hcare systems

Source: Company filings and selected Wall Street research.

(1) Short -stay facilities are defined as ambulatory surgery centers and surgical hospitals. An ambulatory surgery center is licensed to perform certain outpatient procedures, while a surgical hospital is licensed and equipped to accommodate procedures that require an overnight stay.

CONFIDENTIAL 28

Project Saturn

Selected Comparable Companies

Upon consideration of operational and business mix factors that may impact valuation, we refined our universe of potential Saturn comparable companies.

Excluded Companies

Company Rationale

n Focus on acute care hospital space HealthSouth n Recently determined that ASC business is non-core and divested it to Texas Pacific Group n Focus on acute care hospital space HCA, Inc. n Given relative size and contribution, HCA’s ASC business is not a meaningful contributor or factor in HCA’s valuation story n Recently taken private by a consortium of financial sponsors including Bain and KKR Selected Comparable Companies Company Primary Secondary Rationale n Multi-specialty pure play in short stay facility space (operates mainly ASCs, but also operates several surgical hospitals) n Most similar to Saturn in terms of case mix and payor mix United Surgical ü · Top specialties in terms of case mix for both USPI and Saturn include: orthopedic, pain management and GI Partners, Intl. · Lower exposure to government payors n Diversified mix of business results in less susceptibility to sweeping changes in reimbursement rates and/or payor behavior with respect to certain procedures n Valuation based on stock price one day prior to being acquired by Welsh Carson on January 8, 2007 n From a life cycle perspective, AmSurg is a maturing, established player in the space, albeit, primarily single- AmSurg ü specialty focused n Historically, pursued a single-specialty strategy, but recently began an effort to expand its specialty offerings Novamed ü through acquisition and physician recruitment n Smaller player that is earlier on the growth curve with high growth ambitions n Smaller player, single specialty cardiac surgical hospital operator MedCath ü n Surgical hospital focus is yielding higher growth opportunities given the recent expiration of the moratorium on physician ownership

CONFIDENTIAL 29

Project Saturn

Comparable Company Analysis

Summary Valuation Metrics ($ in millions, except per share data)

Stock Enterprise Value/ Enterprise Value/ Price 52-Week Equity Enterprise Revenue EBITDA-MI P/E P/E/G Company 4/17/07 High Value Value CY06A CY07E CY08E CY06A CY07E CY08E CY07E CY08E 2007E Primary:

United Surgical Partners⁽¹⁾ $27.39 69.8 % $1,310 $1,626 2.96 x 2.73 x 2.57 x 11.5 x 10.1 x 9.2 x 21.7 x 18.9 x 1.24 x AmSurg 25.09 93.3 775 924 2.10 1.86 1.69 10.6 9.4 8.6 17.8 17.2 1.19

Secondary:

MedCath Corp. $28.46 87.3 % $616 $707 1.01 x 0.96 x 0.79 x 9.1 x 7.3 x 6.1 x 27.4 x 19.2 x 1.37 x Novamed 6.48 75.3 170 238 2.32 1.82 1.50 15.9 10.7 8.5 21.6 17.1 0.86

Harmonic Mean 1.79 x 1.60 x 1.37 x 11.3 x 9.2 x 7.9 x 21.6 x 18.0 x 1.13 x High 2.96 2.73 2.57 15.9 10.7 9.2 27.4 19.2 1.37 Low 1.01 0.96 0.79 9.1 7.3 6.1 17.8 17.1 0.86 Saturn @ Market Wall Street $19.71 82.4 % $437 $543 1.91 x 1.70 x 1.54 x 10.8 x 9.5 x 8.4 x 21.2 x 18.4 x 1.30 x Base Case 1.90 1.64 1.46 10.8 9.3 8.0 21.8 17.8 1.72 Growth Case 1.90 1.64 1.42 10.8 9.3 7.6 21.8 17.2 1.72 Saturn @ $ 21.50 Wall Street $21.50 89.8 % $475 $581 2.04 x 1.82 x 1.65 x 11.6 x 10.3 x 9.1 x 23.1 x 20.1 x 1.42 x Base Case⁽²⁾ 2.04 1.77 1.57 11.6 10.1 9.5 23.8 19.4 1.87 Growth 2.04 1.77 1.52 11.6 10.1 9.5 23.8 18.8 1.87

Source: Comparable company information based on latest available public filings and selected Wall Street equity research. Note: Based on closing stock prices as of April 17, 2007. (1) Based on closing stock price on January 5, 2007, prior to deal announcement. (2) Base and Growth Case enterprise value in 2008E includes acquisition spend of $56.4 million and $87.8 million, respectively.

CONFIDENTIAL 32

Project Saturn

Comparable Company Analysis (cont.)

Summary Operating Data and Statistics ($ in millions) Revenue EBITDA-MI Revenue Growth EBITDA-MI Margin CAGR 2006-2008 Company CY07E CY06A CY08E CY06A CY07E CY08E CY07E CY08E & nbsp; CY06A CY07E CY08E Revenue EBITDA-MI Primary:

United Surgical $573.0 $622.0 $662.0 $141.9 $161.5 $177.0 8.6 % 6.4 % 24.8 % 26.0 % 26.7 % 7.5 % 11.7 % Amsurg Corp. 464.6 524.4 579.4 87.4 98.7 106.9 12.9 10.5 18.8 18.8 18.4 11.7 10.6

Secondary:

Medcath Corp. 718.3 760.3 918.8 77.6 96.4 116.0 5.8 % 20.9 % 10.8 % 12.7 % 12.6 % 13.1 % 22.3 % Novamed, Inc. 108.4 138.9 168.0 15.0 22.2 28.0 28.1 21.0 13.8 16.0 16.7 24.5 36.6

Mean 15.0 % 15.4 % 16.1 % 17.5 % 17.8 % 15.3 % 22.2 % High 28.1 21.4 24.8 26.0 26.7 24.5 36.6 Low 5.8 6.4 10.8 12.7 12.6 7.5 9.7 Saturn: Wall Street $ $301.5 $336.5 $372.3 $50.3 $56.9 64.2 11.6 % 10.6 % 16.7 % 16.9 % 17.3 % 11.1 % 13.0 % Base Case 301.5 347.7 391.2 50.3 58.3 67.6 15.3 12.5 16.7 16.8 17.3 13.9 15.9 Growth Case 301.5 347.7 404.1 50.3 58.3 70.6 15.3 16.2 16.7 16.8 17.5 15.8 18.4

Source: Comparable company information based on latest available public filings and selected Wall Street equity research.

CONFIDENTIAL 33

Project Saturn

Precedent Transactions: Short-Stay Surgical Facilities

($ in millions) Date Equity Enterprise Enterprise Value/EBITDA P/E Announced Target/Acquiror Value Value LTM CY CY+1 LTM CY & nbsp; CY+1

03/26/07 Healthsouth Surgery Division/Texas Pacific $928 $945 10.1 x 9.1 x 8.5 x NA NA NA 01/07/07 USPI/Welsh Carson 1,492 1,807 12.7 11.1 10.2 28.6 x 24.7 x 21.4 x 01/30/06 Surgis, Inc./USPI 157 196 13.9 10.3 NA 44.5 NA NA 01/30.06 Surgis, Inc./USPI (Adjusted) ⁽¹⁾ 157 196 10.2 8.2 NA 23.3 NA NA 07/29/04 USPI—Spanish Subsidiary/Mercapital 192 253 11.4 9.0 NA 31.4 NA NA Harmonic Mean 11.9 x 9.8 x 9.3 x 33.6 x 24.7 x 21.4 x High 13.9 11.1 10.2 44.5 24.7 21.4 Low 10.1 9.0 8.5 28.6 24.7 21.4

Note: Forward multiples based on selected Wall Street research.

(1) Represents synergized multiples which include $5.0 million of cost savings. Excluded from harmonic mean.

CONFIDENTIAL 35

Project Saturn

Saturn Implied Valuation

Based on Premium Paid and Multiple Implied in USPI and HS Transaction ($ and shares in millions)

SATURN USPI HLS Offer at Proposed Purchase Purchase Transaction Implied Valuation @ Price Price Price Per Share $21.50 $22.00 $23.00 $31.05 NA

Premium to Current 9.1 % 11.6 % 16.7 % 13.4 % NA Net Equity Value $479.4 $491.3 $515.0 $1,491.5 NA

Add: Long Term Debt⁽¹⁾ 133.3 133.3 133.3 347.3 NA Less: Cash & Cash Equivalents⁽¹⁾ (26.9) (26.9) (26.9) (31.7) NA Enterprise Value $585.8 $597.7 $621.4 $1,807.1 $945.0 2007 Acquisition Spend $56.4 $56.4 $ 56.4 $ 60.0 $ 0.0 EBITDA-MI Multiples

2006 A 11.6 x 11.9 x 12.3 x 12.7 x 10.1 x 2006PF— Full Year Acquisitions 11.1 11.4 11.8 12.0 10.1

2007 E 10.1 10.3 10.7 11.1 9.1

2007PF— Full Year Acquisitions 9.9 10.1 10.5 11.0 9.1

EBITDA-MI/Multiple to Growth Rate ⁽²⁾

2006 E 1.21 x 1.23 x 1.28 x 1.09 x 1.13 x 2007 E 1.09 1.11 1.16 1.00 1.02

P/E Multiples

2006 A 25.5 x 26.1 x 27.3 x 28.8 x NA 2007 E 23.8 24.3 25.4 24.4 NA P/E/Multiple to Growth Rate ⁽²⁾

2006 A 2.01 x 2.06 x 2.15 x 1.87 x NA 2007 E 1.87 1.92 2.00 1.59 NA

Source: Saturn estimates per Saturn Management Projections. HealthSouth estimates per 10K and selected Wall Street research. USPI EBITDA-MI estimates based on selected Wall Street research. (1) Debt and Cash as of December 31, 2006 for United Surgical and as of March 31, 2007 for Saturn. (2) Multip le to Growth rate for Saturn based on growth rate from 2006 to 2012 and 2006 to 2011 for USPI.

CONFIDENTIAL 36

Project Saturn

Recent ASC Precedent Transactions Healthsouth ($ in millions) USPI ($ in millions) Acquiror: Texas Pacific Group Equity Value: $928 Acquiror: Welsh Carson Equity Value: $1,492 Target: Healthsouth Surgery Division Enterprise Value: 945 Target: United Surgical Partners Enterprise Value: 1,807 Announced: 03/26/07 Announced: 01/07/07 n Acquired at 10.1x last twelve months EBITDA-MI of $93.3 n Acquired at 12.7x last twelve months actual EBITDA-MI of $ 141.9 million Initially expected to fetch between $900-$1,100million,however,deal million announced at lower end of the range n Represents second time Welsh Carson has privately owned USPI United Surgical Partners 2006A n Corporate G&A of approximately 3% of revenue 2007E Healthsouth 2006 A 2007 E EBITDA-MI $141.9 $162.9

EBITDA-MI (Pre G&A) $115.4 $ 125.9 EV/EBITDA 12.7 x 11.1 x Corporate G&A⁽¹⁾ 22.1 22.6

EBITDA-MI (Post G&A) $93.3 $ 103.3

EV/EBITDA 10.1 x 9.1 x

Source: Company filings and selected Wall Street equity research.

CONFIDENTIAL 37

Project Saturn

Recent ASC Precedent Transactions (cont.) Surgis, Inc. ($ in millions) USPI-Spanish Subsidiary ($ in millions)

Acquiror: United Surgical Partners Equity Value: $156.6 Acquiror: Mercapital Equity Value: $191.5

Target: Surgis, Inc. Enterprise Value: 200.0 Target: USPI—Spanish Subsidiary Enterprise Value: 260.0

Announced: 01/30/06 Adjusted EV: 195.8 Announced: 07/29/04 Adjusted EV: 253.0

n Acquired at 13.9x last twelve months EBITDA-MI of $14.1 million n Acquired at 11.4x last twelve months EBITDA-MI of $22.3 million n Corporate G&A of $10 million of which USPI expected to realize 50% in n Key player in emerging healthcare privatization shift in Spain; entity

synergies served 17% of the Spanish population n Synergized purchase multiple of 10.2x LTM EBITDA-MI, assuming $5.0

million of pre-tax synergies n Growth in Spain’s private healthcare industry been driven in large part by an increase in the number of employers offering private insurance as a Surgis, Inc. LTM Actual LTM Adjusted benefit to their employees

EBITDA-MI (Before G&A) $24.1 $24.1

n High growth market opportunity

Corporate G&A 10.1 5.0

EBITDA-MI (After G&A) $14.1 $19.1

2005 Corporate G&A % of EBITDA-MI Before G&A Revenue and Revenue Growth

Source: Company filings and selected Wall Street equity research.

CONFIDENTIAL 38

Project Saturn

Other Precedent Transactions: AcuteCare Hospitals

Multi-Facility Healthcare Services Companies ($ in millions) Date Equity Enterprise Enterprise Value/EBITDA P/E Price/Earnings/Growth Target Announced Target/Acquiror Value Value LTM CY CY+1 LTM &nbs p; CY CY+1 LTM CY CY+1 EPS LTG

03/19/07 Triad, Inc./Community Health $ 4,952 $6,449 9.8 x 8.6 x 7.6 x 24.2 x 21.2 x 18.5 x 2.69 x 2.35 x 2.05 x 9.0 % 07/24/06 HCA/Bain Capital, KKR and Merrill Lynch 21,170 32,098 8.1 7.8 7.7 19.7 17.7 16.5 2.90 2.60 2.43 6.8

05/05/04 IASIS Healthcare Corp/Texas Pacific Group 738 1,302 8.1 7.3 NA 25.2 16.0 NA NA NA NA NA 10/19/00 Quorum Health Group Inc./Triad Hospitals 1,420 2,096 7.5 6.6 NA 24.8 18.4 NA 1.64 1.22 NA 15.1

08/16/04 Province Healthcare Co./Lifepoint Hospitals 1,190 1,710 12.1 9.2 NA 25.3 19.8 NA 1.70 1.33 NA 14.9

07/23/04 Vanguard Health System/Blackstone Group 1,220 1,752 9.8 NA NA 33.8 NA NA NA NA NA &n bsp; NA Harmonic Mean 9.0 x 7.8 x 7.7 x 24.9 x 18.4 x 17.4 x 2.09 x 1.68 x 2.23 x 11.5 % High 12.1 9.2 7.7 33.8 21.2 18.5 2.90 2.60 2.43 15.1 Low 7.5 6.6 7.6 19.7 16.0 16.5 1.64 1.22 2.05 6.8

Note: Enterprise value before minority interest. Forward multiples based on selected Wall Street research.

CONFIDENTIAL 39

Project Saturn

Illustrative LBO Analysis: Management Base Case

5 Year IRR Return Sensitivities (Exit 2011) Exit Purchase Price Per Share Multiple $21.00 $21.50 $22.00 $23.00

8.0 x 5.8 % 4.7 % 3.7 % 1.8 % 9.0 10.8 9.7 8.6 6.7

10.0 15.1 14.0 12.9 10.8

11.0 18.9 17.7 16.6 14.4

Implied 2006PF Entry Multiple 10.9 x 11.1 x 11.4 x 11.8 x Premium 6.5 % 9.1 % 11.6 % 16.7 % 5 Year Cash Return Sensitivities (Exit 2011) Exit Purchase Price Multiple $21.00 $21.50 $22.00 $23.00

8.0 x 1.3 x 1.2 x 1.2 x 1.1 x 9.0 1.6 1.6 1.5 1.4

10.0 2.0 1.9 1.8 1.6

11.0 2.3 2.2 2.1 1.9

Implied 2006PF Entry Multiple 10.9 11.1 11.4 11.8

Premium 6.5 % 9.1 % 11.6 % 16.7 %

n Assumes $400.0 million of debt at closing, of which $133.3 million will be used to refinance existing debt

n 10% sponsor equity give up to management

Source: Management Model Base Case.

CONFIDENTIAL 40

Project Saturn

Illustrative LBO Analysis: Management Growth Case

5 Year IRR Return Sensitivities (Exit 2011)

Exit Purchase Price Multiple $21.00 $21.50 $22.00 $23.00

8.0 x 12.8 % 11.7 % 10.6 % 8.6 % 9.0 18.2 17.0 15.8 13.7

10.0 22.7 21.5 20.3 18.1

11.0 26.8 25.5 24.2 22.0

Implied 2006PF Entry Multiple 10.9 x 11.1 x 11.4 x 11.8 x Premium 6.5 % 9.1 % 11.6 % 16.7 % 5 Year Cash Return Sensitivities (Exit 2011) Exit Purchase Price Multiple $21.00 $21.50 $22.00 $23.00

8.0 x 1.8 x 1.7 x 1.6 x 1.5 x 9.0 2.2 2.1 2.0 1.8

10.0 2.6 2.5 2.4 2.2

11.0 3.1 2.9 2.8 2.6

Imp lied 2006PF Entry Multiple 10.9 x 11.1 x 11.4 x 11.8 x Premium 6.5 % 9.1 % 11.6 % 16.7 %

n Assumes $400.0 million of debt at closing, of which $133.3 million will be used to refinance existing debt

n 10% sponsor equity give up to management

Source: Management Model Base Case.

CONFIDENTIAL 41

Project Saturn

Strategic Buyers

($ in millions) 2007E Results Buyer Revenue Adj. EBITDA Comments

AmSurg $ 524 $99 n Second largest owner of ASCs; almost all GI centers n Continues to actively roll-up surgery center properties; diversification opportunity

USPI 622 162 n Demonstrated interest in surgical hospital business; provided indicative offer for NSH in 2005 n Recently acquired by Welsh Carson and would have synergies particularly at the Corporate G&A level n Has expressed no interest in the past

HCA 27,071 4,143 n Large player in the ASC market and currently owns over 100 ASCs in the U.S. n Acquired in July 2006 by a consortium of sponsors lead by Bain and KKR, the Company is more

focused on divestitures than acquisitions with planned LBO Davita 760 96 n Leading player in the kidney dialysis market n Recently completed ~$1.8 refinancing of debt and can afford to pay a higher premium to diversify

revenues Fresenius 8,500 1,625 n Multi-facility based dialysis centers n Similar operating dynamics as surgery center business; Saturn would be a diversification opportunity

Lifepoint 2,673 482 n Strong recent results; trading very close to 52 week high Hospitals n New CEO, Bill Carpenter announced in June 2006 Iasis Private Private n Privately held portfolio company of the Texas Pacific Group n Community based acute care hospital focus

Universal Health 4,710 532 n Top performing acute care hospital stock in 2006 n Currently owns 7 ASCs in the U.S.

MedCath 760 96 n Leader in cardiac specialty hospitals n Diversifying into Orthopedics may be an option

Novamed 139 22 n New CEO has been very acquisitive since joining in 2005 n Too small to acquire Saturn independently; if partnered with a sponsor, may be an opportunity n Current valuation may be too expensive for a sponsor partnership CONFIDENTIAL 42

Project Saturn

Financial Buyers

($ in millions) Financial Sponsor Approx. Fund Size Comments

Court Square Capital $2,000 n Recently acquired Western Dental and is actively pursuing a health care services business (fka Citigroup Venture Capital) GTCR Golder Rauner, LLC 2,000 n Current health care portfolio companies include Capella Healthcare, CompBenefits, Healthspring, Managed Health Care Associates and Trans Healthcare JLL Partners 1,500 n Current investments include Medical Card System, IASIS Healthcare Group and Attentus Health J.W. Childs 1,750 n Recent investments include Cornerstone Healthcare Group, Insight Health Services, Sheridan Healthcare, and Universal Hospital Services Metalmark Capital 3,300 n Health services investments include Vanguard Health Systems, Cross Country Healthcare, and SouthernCare One Equity Partners 5,000 n Portfolio companies include Apollo Hospitals, Oncology Therapeutics Networks and Quintiles Transnational Onex 1,700 n Portfolio companies include Emergency Medical Services, Skilled Healthcare Group, Center for Diagnostic Imaging and Res-Care Summit Partners 3,000 n Portfolio companies include more than 16 properties in the health services sector TA Associates 3,500 n Focuses on technology, financial services, healthcare, consumer, and business services. Currently maintains investments in 24 health services-related businesses Vestar Capital Partners 3,650 n Invests in industrial, consumer products, financial services, telecommunications, media, and healthcare companies. Previous portfolio companies include Essent Healthcare CONFIDENTIAL 43

Project Saturn

Financial Buyers (cont.) Other Financial Buyers ($ in millions) Financial Sponsor Approx. Fund Size Comments

Advent International $3,300 n Investments in the health services sector include Casa Reha (Germany), American Radiology Services and Long Term Care Group Bear Stearns Merchant Banking 2,700 n Has actively pursued a number of healthcare investments and maintains interest in the sector Diamond Castle Holdings 1,500 n Focuses on the energy and power, financial services, media and communications, healthcare, and other diversified industries Kelso & Company 2,100 n Invests in a variety of industries including general industrials, energy, pharmaceuticals and construction Liberty Partners 1,800 n Extensive list of portfolio companies in the health services sector including American Nursing Services, ConnectiCare, Healthx, Internet Healthcare Group, Lumenos, P.A.S.C., Precyse Solutions, Regulus Group and SmileCare J.P. Morgan Partners 6,500 n Active investor in health care services, including IASIS Healthcare, National Surgical Care and FHC Health Systems Oak Hill Capital Partners 2,500 n Invests in several industry sectors including healthcare Willis Stein & Partners 1,800 n Focuses in the media, business services, consumer products and services, health care, manufacturing, media and telecommunications industries. Current investments include Merit Health Systems Lindsay Goldberg & Bessemer 2,040 n Invests in the sectors of basic manufacturing, commodity based manufacturing, financial and business services, and healthcare. Current investments include Vanguard Health Systems Olympus Partners 758 n Health services investments include AMN Healthcare and Club Staffing, Inc. Quad-C Management 850 n Invests in several industry sectors including healthcare Wind Point Partners 700 n Focuses on the business services, consumer products, healthcare, and industrial products sectors including a current investment in Benchmark Medical CONFIDENTIAL 44

Project Saturn

Saturn DCF Analysis: Base Case

Free Cash Flow Model⁽¹⁾ ($ in millions, except per share data) Projected 2007E 2008E 2009E 2010E 2011 E 2012 E

Revenue $ 347.7 $391.2 $408.1 $449.5 $483.0 $ 507.1

% Growth 15.3 % 12.5 % 4.3 % 10.1 % 7.5 % 5.0 % EBITDA-MI Plan $ 58.3 $ 67.6 $ 70.4 $ 78.7 $ 85.1 $ 89.1

% Margin 16.8 % 17.3 % 17.2 % 17.5 % 17.6 % 17.6 % % Growth 15.7 16.1 4.1 11.7 8.2 4.8 $19.0 ) ( ( $16.7 ) Less: Depreciation & Amortization ( ( $19.8 ) ($21.6) $ 23.2 ) ( $ 24.3 ) EBIT-MI $ 41.5 $ 48.6 $ 50.6 $ 57.0 $ 61.9 $ 64.8

% Margin 11.9 % 12.4 % 12.4 % 12.7 % 12.8 % 12.8 % % Growth 12.4 17.2 4.0 12.8 8.5 4.7 $19.0 ) ( ( $16.2 ) Taxes ( ( $19.7 ) ($22.2) $ 24.1 ) ( $ 25.3 ) % Pre-Tax EBIT 39.0 % 39.0 % 39.0 % 39.0 % 39.0 % 39.0 % Unlevered Net Income $ 25.3 $ 29.7 $ 30.8 $ 34.8 $ 37.7 $ 39.5

Plus: Depreciation & Amortization 16.7 19.0 19.8 21.6 23.2 24.3

Plus: Stock Comp Amortization 4.8 5.1 5.3 5.6 5.9 6.2

Less: Capital Expenditures (74.1) (13.2) (14.3) (57.6) (23.1) (17.4)

Plus: Proceeds from Minority Partners — 0.7 0.7 0.7 0.7 0.7

Less: Change in Working Capital (0.2) (1.7) (1.6) (4.3) (3.2) (2.3)

Less: Estimated FCF Generated in Q1:07 (8.1) — — — — - Unlevered Free Cash Flow ( $ 35.5 ) $ 39.6 $ 40.9 $ 0.8 $ 41.3 $ 51.1

PV of Unlevered FCF ( $ 34.0 ) $ 34.4 $ 31.7 $ 0.5 $ 25.5 $ 28.2 Value Per Share ($ M, except per share Assumptions ($ in millions) data)

PV of 2007-2012 Cash Flows $86.3 16.4 % Discount Rate 12.0 % PV of Terminal Value 441.3 83.6 Terminal Multiple of Trailing EBITDA 9.5 x Enterprise Value $ 527.5 100.0 % Implied Trailing Unlevered Net Income Multiple 21.4

Plus: Cash ⁽²⁾ 26.9 Normalized FCF — End of 2012 $ 46.7

Less: Debt⁽²⁾ (133.3)

Equity Value $ 421.1 Terminal EBITDA $ 85.1

Multiple 9.5 x Net Fully Diluted Shares Outstanding 22.128

FV of Terminal Value $808.2

Equity Value Per Share $ 19.03

Implied Perpetual Growth Rate of Unlevered FCF 6.1 %

(1) Based on Saturn Management Model Base Case (2) Estimated Cash and Debt at March 31, 2007.

CONFIDENTIAL 45

Project Saturn

Saturn DCF Analysis: Growth Case

Free Cash Flow Model⁽¹⁾ ($ in millions, except per share data) Projected 2007E 2008E 2009E 2010E 2011 E 2012 E

Revenue $347.7 $404.1 $447.9 $524.7 $595.5 $659.0

% Growth 15.3 % 16.2 % 10.8 % 17.1 % 13.5 % 10.7 % EBITDA-MI Plan $58.3 $ 70.6 $ 80.7 $ 98.4 $114.8 $129.4

% Margin 16.8 % 17.5 % 18.0 % 18.8 % 19.3 % 19.6 % % Growth 15.7 21.1 14.3 22.0 16.7 12.7 19.6) ( Less: Depreciation & Amortization ($16.7) ($ ($21.6) ($25.0) $ 28.3 ) ($ 31.2 ) EBIT-MI $41.5 $ 50.9 $ 59.1 $ 73.4 $ 86.5 $98.2

% Margin 11.9 % 12.6 % 13.2 % 14.0 % 14.5 % 14.9 % % Growth 12.4 22.7 16.0 24.3 17.9 13.5 19.9) ( Taxes ($16.2) ($ ($23.0) ($28.6) $ 33.8 ) ($ 38.3 ) % Pre-Tax EBIT 39.0 % 39.0 % 39.0 % 39.0 % 39.0 % 39.0 % Unlevered Net Income $25.3 $ 31.1 $ 36.0 $ 44.8 $ 52.8 $59.9

Plus: Depreciation & Amortization 16.7 19.6 21.6 25.0 28.3 31.2

Plus: Stock Comp Amortization 4.8 5.1 5.3 5.6 5.9 6.2

Less: Capital Expenditures (74.1) (44.6) (46.1) (94.9) (61.6) (57.1)

Plus: Proceeds from Minority Partners — 0.7 0.7 0.7 0.7 0.7

Less: Change in Working Capital (0.2) (2.9) (4.1) (7.7) (6.7) (6.1)

Less: Estimated FCF Generated in Q1:07 (8.1) — — — — - Unlevered Free Cash Flow ( $35.5 ) $ 9.0 $ 13.5 ( $26.5 ) $ 19.4 $34.8

PV of Unlevered FCF ( $34.0 ) $ 7.8 $ 10.4 ( $18.3 ) $ 12.0 $19.2

p Value Per Share ($ M, except per share Assumptions ($ in millions) data)

PV of 2007-2012 Cash Flows ($ 2.9 ) (0.5 %) Discount Rate 12.0 % PV of Terminal Value 640.7 100.5 Terminal Multiple of Trailing EBITDA 9.5 x Enterprise Value $ 637.8 100.0 % Implied Trailing Unlevered Net Income Multiple 20.5

Plus: Cash ⁽²⁾ 26.9 Normalized FCF — End of 2012 $64.3

Less: Debt⁽²⁾ (133.3)

Equity Value $ 531.4 Terminal EBITDA $114.8

Net Fully Diluted Shares Outstanding 22.430 Multiple 9.5 x FV of Terminal Value $1,090.7

Equity Value Per Share $ 23.69

Implied Perpetual Growth Rate of Unlevered FCF 6.4 %

(1) Based on Saturn Management Projections—Growth Model. (2) Estimated Cash and Debt at March 31, 2007.

CONFIDENTIAL 46

Project Saturn

Historical Predicted & Barra Beta Analysis Quarterly Barra Betas Q4:04 Q1:05 Q2:05 Q3:05 Q4:05 Q1:06 Q2:06 Q3:06 Q4:06 Q1:07

AMSG 0.58 0.49 0.47 0.34 0.56 0.40 0.54 0.49 0.51 0.41

USPI 0.57 0.64 0.68 0.71 0.78 0.62 0.68 1.01 0.87 0.65

MDTH 0.67 0.65 0.77 0.67 0.70 0.83 0.99 0.83 0.74 0.78

NOVA 0.93 0.98 0.69 0.75 0.55 0.43 0.27 0.27 0.36 0.53

Average 0.69 0.69 0.65 0.62 0.65 0.57 0.62 0.65 0.62 0.59

Saturn 0.68 0.69 0.67 0.63 0.70 0.51 0.63 0.98 0.84 0.66 Historical 2 Year Weekly Betas Q4:04 Q1:05 Q2:05 Q3:05 Q4:05 Q1:06 Q2:06 Q3:06 Q4:06 Q1:07

AMSG 0.53 0.60 0.62 0.68 0.77 0.69 0.64 0.69 0.47 0.68

USPI 0.78 1.14 1.11 1.21 1.15 0.95 1.00 0.77 0.67 0.64

MDTH 1.04 1.32 1.16 1.09 0.93 0.78 0.76 0.61 0.53 0.51

NOVA 0.65 0.56 0.60 1.01 0.98 0.86 0.80 0.80 0.72 0.68

Average 0.75 0.91 0.87 1.00 0.96 0.82 0.80 0.72 0.60 0.63

Saturn NA NA NA NA 1.30 1.35 1.43 1.49 1.26 1.26 Historical 5 Year Weekly Betas Q4:04 Q1:05 Q2:05 Q3:05 Q4:05 Q1:06 Q2:06 Q3:06 Q4:06 Q1:07

AMSG 0.66 0.68 0.55 0.60 0.63 0.57 0.55 0.56 0.58 0.61

USPI NA NA NA NA NA NA 0.52 0.65 0.72 0 .71

MDTH NA NA NA NA NA NA 0.66 0.69 0.74 0 .82

NOVA 0.83 0.98 0.72 0.63 0.71 0.60 0.58 0.47 0.55 0.58

Average 0.75 0.83 0.64 0.62 0.67 0.59 0.58 0.59 0.65 0.68

Saturn NA NA NA NA NA NA NA NA NA NA

CONFIDENTIAL 47