Humana’s Partners in Primary Care and Welsh, Carson, Anderson & Stowe Form Joint Venture to Expand the Nation’s System of Value-Based Primary Care Centers Focused on Serving Medicare Patients - Seite 2

“Partners in Primary Care is well positioned to meet the health needs of the growing senior population with our integrated primary care platform. Our integrated, whole-person, value-based care model comprehensively and proactively addresses chronic conditions, wellness and social determinants of health. We bring a differentiated offering and experience to seniors, often in areas where access to primary care is limited,” said Renee’ Buckingham, Segment President, Humana’s Care Delivery Organization. “We are excited to accelerate our growth through our partnership with WCAS. Together, we will be able to make this model available to more seniors and in more communities.”

Partners in Primary Care will receive a management fee, including performance-based incentives, for the management of all joint venture centers. In addition, the agreement includes a series of put and call options through which Partners in Primary Care may acquire WCAS’s interest in the joint venture, and through which WCAS may require Partners in Primary Care to purchase its interest in the joint venture, in stages over the next 5-10 years.

For clarification, Humana’s wholly owned Conviva operations, which operates 104 payor-agnostic senior-focused primary care centers located primarily in south Florida and Texas, is not party to this agreement.

The transaction is expected to have an immaterial impact to Humana’s earnings in 2020.

About Welsh, Carson, Anderson & Stowe

WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The Firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.

About Partners in Primary Care

Partners in Primary Care (Partners) is a primary care medical group practice operating centers in Kansas, Missouri, North Carolina, South Carolina, and Texas under the Partners in Primary Care brand, as well as centers in Florida operated under the Family Physicians Group brand. Partners has a strong emphasis on senior-focused primary care to members of Medicare Advantage health plans. Partners is committed to providing personalized, high-quality primary care combined with an excellent patient experience. Partners has experience in both the treatment and management of most chronic and acute-care conditions. The practices also provide health education and value-added, well-being services at their centers and around their neighborhoods to help both patients and community members improve their health. The management services organization for Partners is a wholly owned subsidiary of Humana Inc. (NYSE: HUM). For more information visit www.PartnersInPrimaryCare.com.