Dear Reader,

We are excited to host our 12th Annual Non-Profit Health Care Investor Conference this year. The conference brings leading health care service providers together with capital market participants to address major topics at the forefront of the health care industry. Given the market volatility over the past few years, changing investor needs, the ongoing implementation of health care reform and uncertainty surrounding its impact on health care delivery, this year's conference comes at an important time for connecting health systems with the capital markets.

This year, our theme is "Transforming Health Care to Achieve Greater Accountability." Our goal is to gain greater insight regarding where health systems are heading strategically and how they are changing fundamentally as they evolve in an era of health reform and greater accountability. We hope to learn how health systems are aligning and coordinating with payers, physicians, other providers and organizations; how they are enhancing clinical integration and efficiency in a cost-effective way; in what way they are defining "value" in providing care; how or if they are establishing new goals related to greater accountability and how success will be measured and evaluated.

The American Hospital Association, Healthcare Financial Management Association and Citi all are committed to providing a forum for health care systems and investors to exchange ideas and insights, and to fostering greater understanding of key issues. We look forward to continuing our collective dialogue.

We, along with Hospitals & Health Networks, hope that you find these materials beneficial.

Sincerely,

Frederick A. Hessler
Managing Director
Citigroup Global Markets Inc.

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