September 2012

1. September 2012 Overview and Lessons Learnt from Swedish Spotlight on Carema Care

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5. Ambea – a leading private provider of healthcare and care services in the Nordic region Ambea is a private healthcare and care provider in Sweden and Finland owned by Triton, KKR and management The business consists of outpatient care, occupational health services, primary care and elderly care The Group has three major subsidiaries: Carema Care, Carema Healthcare and Mehiläinen Carema Care provides care services and nursing homes for disabled and elderly, Carema Healthcare runs primary care units, specialist healthcare services and psychiatric care operations and Mehiläinen provide privately and publicly funded healthcare services as well as publicly funded social services Ambea employs almost 13 000 people and operates 650 units with close to 7 500 care beds across care and health care. Net revenues in 2011 were 978 MEUR Carema Care is the largest subsidiary of Ambea For a long time a premium provider or care services within the Swedish publicly financed care sector and currently the largest private care provider in Sweden

6. Everyone is talkingabout Carema Care – butwhatreallyhappened? March 2010 Triton and KKR acquire Ambea May 2012 A completely new image appears. DN’sreporting is the focus November 2011 Media storm. 45 news articles daily Strengthened quality work | New management | Story on Koppargården | Media storm | Conversion of Shareholder Loans | New CEO | Redistribution of resources

7. Why the massive media attention? A Private Equity owned, Tax Financed, Elderly care business perceived as Avoiding taxes while simultaneously pay out bonuses based on financial results is accused for Lacking in quality of care A breadth of interesting players: unknown investors and owners, national politicians sensitive to the debate, local politicians responsible for tenders and ultimately for quality, and 7 500 caretakers across the country Private alternatives in public sector still controversial Variable salary is an issue that engage Exposed users that are seen as powerless

8. PHASE 1: Carema Care discover deviations and takes action in Spring 2011 The analysis show deviations in deliverables at Koppargården Carema Care informs the municipality Management that does not meet quality and ethical standards leaves the company Errors are corrected and the quality work is strengthened Carema acts on deviations

9. PHASE 2: The scrutiny starts and escalates in Autumn 2011 Challenges The public’s strong empathy for the residents- everyone has a grandmother or grandfather Private Equity is perceived as short-term and profit maximizing There were some quality deviations, but many of the reported incidents were investigated and proven untrue. Media on the other hand were uninterested in these aspects which made it a tough challenge Media focused on a contradiction between good care and the possibility to make a profit. To explain the links between care quality and long-term return is hard when media has more exciting news to tell and no reason to help you. The owners go out in a joint ad declaring the conversion of Share Holder Loans to Equity- Nov 9 Carema Care’s President reveal the cancelationofall bonuses on live TV – Nov 10 A forceful outreach by Carema management correct the public opinion On weighing diapers- Dec 22

10. PHASE 3: Forceful actions are taken Key Messages All instances where quality has lacked are unacceptable Carema Care aim to offer the highest possible healthcare and care quality Several powerful actions have been taken to secure quality Since the new ownership, quality has steadily improved The owners are prepared to do everything necessary to resolve the situation Carema and Ambea are taking all necessary action to re-establish the public’s confidence The owners assume full responsibility Media scrutiny begins Further action is taken • Ambea’s immediate actions: • Ambea’s board release action plan • Fast investigations of all potential quality deviations • Open house at Koppargården for relatives and media • Carema Care’s president participate in debates on TV, radio and newspapers • Quality index initiativelaunched in largest daily newspapers op-ed • Triton / KKR’s immediate actions • External quality system evaluation • Decision to appoint CMO • Customer ombudsman and whistle-blower function • Removal of the bonus system • Public apology and action plan • Conversion of shareholder loans to equity • New Board-level competence • Increased transparency and visibility for Triton

11. PHASE 4: Media’s scrutiny isreviewed in Spring 2012 • Carema Care initiates an external review of the media’s handling of sources, among other things. Results of the report spreads; leading daily Expressen concludes that Dagens Nyheter (daily leading the scrutiny) has done wrong in several aspects of its review • Weekly newspaper Dagens Samhälle go back to the sources and find more factual mistakes and that Dagens Nyheter did not portray a balanced picture of what actually happened • The review spread to other leading media, including dailies Svenska Dagbladet and Sydsvenskan • Think-tank Timbro, independently from Dagens Samhälle, produced an extensive report regarding the media scrutiny, drawing similiar conslusions to Dagens Samhälle ”It’stimetospeakfranklyabout Carema” – Mats Edman, Editor at Dagens Samhälle

12. Spring 2012: Continued actions to strengthen confidence • Increased transparency • Go on the offence • New Ambea CEO • Redistribution of resources to the units to improve deliverables • Show expertise and take control over the own agenda • Admit mistakes • Increased transparency • Building relationships • Transparency on website and in press releases • Member of SVCA • Participates in debates and seminars • Accessibility for the media Clear ambition: Carema Care will regain the position as perceived quality leader. Company now winning tenders again. From completely unknown to the general public to active participants in the debate. Remain as long-term and dedicated owners.