Overview of Transaction

• On August 9, 2012, Performant Financial ("Performant") priced its Initial Public Offering on the NASDAQ under the ticker symbol PFMT
• $93 mm offering (including over-allotment)
• Provides technology-enabled services to help identify and recover delinquent or defaulted assets and improper payments for both government and private clients in markets including Healthcare and Student Loans
• Parthenon Capital Partners ("Parthenon"), a private equity firm focused on middle-market companies, is Performant's financial sponsor
• The syndicate was led by Morgan Stanley and Goldman Sachs and also included Credit Suisse, Wells Fargo Securities, William Blair and SunTrust Robinson Humphrey

Significance of Transaction

• FT Partners' participation as Performant's capital markets advisor simplified and expedited the "time-to-market" period due to the significant amount of up-front work completed prior to the engagement of the underwriters
• The Company intends to use the proceeds for general corporate purposes, including potential strategic alliances or acquisitions, and to provide liquidity to its shareholders

FT Partners' Role

• FT Partners served as strategic, financial and IPO advisor to Performant and its Board of Directors
• FT Partners managed the entire IPO process, enabling management to focus on growing the business
• FT Partners developed an extraordinarily detailed and comprehensive set of management and financial materials to showcase Performant's offering to potential underwriters, creating significant demand among major Wall Street institutions and yielding a top-tier underwriting syndicate for the Company