FINANCIAL STATEMENT

Southeastern Emergency Physicians, Inc. Balance Sheet December 31, 2014 ASSETS: Cash $13,168 Accounts Receivable 47,821,743 Income Tax Receivable – Prepaid Expenses and Other Assets 2,045,381 Total Current Assets 49,880,292 Property and Equipment 1,116,020 Intercompany Balance 96,668,057 Intangibles 99,200,422 Deferred Tax Asset 504,563 Other Assets 3,074,663 Total Long Term Assets $200,563,725 TOTAL ASSETS $250,444,017 LIABILITIES AND STOCKHOLDER’S EQUITY: Accounts Payable $5,234,551 Payable to Physician Group 17,029,648 Accrued Compensation and Payables 10,902,970 Income Tax Payable (362,349) Other Accrued Expenses and Liabilities 10,838,964 Deferred Tax Liabilities 4,473,525 Total Current Liabilities 48,117,309 Notes Payable 129,990,655 Professional Liability Reserve 542,908 Total Long Term Liabilities $130,533,563 Equity (Retained Earnings) $71,793,146 TOTAL LIABILITIES AND EQUITY $250,444,017 Southeastern Emergency Physicians, Inc. Statement of Operations Year Ended December 31, 2014 REVENUE Net Revenue $1,706,061,188 Provision for uncollectibles (1,362,779,333) Net revenue less provision for uncollectibles 343,281,855 COSTS OF SERVICES RENDERED Professional service expenses 282,625,218 Professional liability expenses 11,547,123 Total Expenses 294,172,341 GROSS PROFIT 49,109,514 General and administrative 12,932,683 Management fee 18,670,757 Depreciation and amortization 9,077,079 Other Non-operating Expenses 3,098 Contingent Purchase Expenses 350,000 Interest expense, net 9,417,772 Income before income taxes (1,341,875) Provision for Taxes – NET EARNINGS $(1,341,875) OWNERSHIP Team Health, Inc (300 shares – 100{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}) Details concerning this advertisement, together with the other reports, statements, and schedules required to be filed with the West Virginia Health Care Cost Review Authority, are available for public inspection and copying at the Authority’s Office, 100 Dee Drive, Suite 201, Charleston, WV 25311. 5-4-MON-2-RH; LG 2898