Welsh, Carson, Anderson & Stowe was founded in 1979 and has a long and successful track record investing in two industries, technology and healthcare. We have a current portfolio of approximately 25 companies and have organized 16 limited partnerships with total capital of over $22 billion. We are currently investing an equity fund, Welsh, Carson, Anderson & Stowe XII, L.P. We focus on buying growth businesses, partnering with outstanding management teams and building value for our investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions.
 

We differentiate ourselves from other private equity firms by our industry specialization, investment track record, growth oriented and operational focus, repeat management teams and the continuity and financial commitment of our firm. We emphasize a strong alignment of interests with our Limited Partners, who represent prominent public and private pension funds, banks, insurance companies, university endowments, sovereign wealth funds and other institutional investors. The WCAS General Partners and other WCAS professionals are one of the largest investors in Welsh, Carson, Anderson & Stowe XII, L.P.
 

We also focus on a strong alignment of interests with our portfolio company management teams, many of which have worked with us in previous investments. Our General Partners, Investment Professionals and Resources Group work closely with our portfolio companies to generate operational excellence by providing deep industry expertise and significant operational capabilities. The cornerstone of the partnership with our portfolio companies lies in our Value Maximization Plan, which is developed and implemented for each new investment. We are also actively involved in the corporate development acquisition programs of our portfolio companies. The WCAS network of relationships generates significant deal flow for our portfolio companies, and our expertise in negotiating and financing these acquisitions adds significant value to our investments.
 

We are very proud of our firm's culture, which developed over the past 37 years and is based on a true partnership philosophy, emphasizing a collegial and team approach to projects and an absolute commitment to maintaining the highest standards of integrity and professionalism.
 

We are always interested in partnering with outstanding companies and investors. We look forward to hearing from you.
 

Sincerely,
 

The General Partners