GLENVIEW CAPITAL MANAGEMENT, LLC

Glenview's advisory business involves a comprehensive research process to identify investments. Their investment team, structured by industry groups, analyzes past results and forecasts future performance using financial models. They engage in thorough discussions with various sources, including management teams, industry analysts, and competitors, to ensure a thorough understanding of the business, industry, and potential risks. Glenview's investment committee, comprised of portfolio managers and senior investment professionals, evaluates the risk/return profile of all potential investments. They may also seek to secure appointments for certain individuals to the management or board of directors of portfolio companies, including acquired companies of SPACs sponsored by Glenview. This practice could create conflicts of interest as Glenview personnel may have fiduciary duties to both the portfolio company and its shareholders, potentially leading to actions that may not be in the best interests of the clients.

Glenview's investment process centers around deep, fundamental research and individual security selection, primarily within equity and credit-oriented strategies. They focus on assessing the fundamental attractiveness of industries, companies, and securities based on their growth characteristics, profit drivers, competitive dynamics, and financial attributes. This analysis is combined with an absolute valuation discipline focused on economic earnings and recurring cash flow to determine the most attractive securities on a risk/reward basis. Glenview's research efforts involve gathering, assimilating, and analyzing information about industries and companies. Their investment team is structured by industry groups with relevant experience and analytical frameworks to understand businesses. They perform rigorous financial analysis of past results to identify factors that may influence future performance, and their financial models are thoroughly reviewed and stress-tested to identify potential scenarios. They also engage with management teams, industry analysts, competitors, suppliers, and consultants to gain a comprehensive understanding of the investment landscape.

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