Dear reader.

We are excited to be hosting the 13th Annual Non Profit Health Care Investor Conference this year. The conference brings leading health care service providers together with capital market participants to address major topics at the forefront of the health care industry. Given the market volatility over the past few years, changing investor needs, the ongoing implementation of health care reform and uncertainty surrounding its impact on health care delivery, this year's conference comes at an important time for connecting health systems with the capital markets.

This year, our theme is "Managing the Transition; Positioning for the Future." Our goal is to gain greater insight into the key strategies health systems are implementing to ensure success and sustainability in the evolving health care environment. We hope to learn how health systems are:

* Envisioning the operating model of the future

* Managing the transition from today's structures to tomorrow's model

* Preparing for the anticipated shift from volume- to value-based care

* Establishing operational and financial goals for the transition

* Aligning with payers, physicians, financial sponsors and others

The American Hospital Association, Healthcare Financial Management Association and Citi all are committed to providing a forum for health care systems and investors to exchange ideas and insights, and to fostering greater understanding of key issues. We look forward to continuing our collective dialogue.

We, along with Hospitals & Health Networks, hope that you find these materials beneficial.

Sincerely,

Frederick A. Hessler

Managing Director and Health Care Group Head

Citigroup Global Markets Inc.