UNIVERSAL AMERICAN FINANCIAL CORP.

Investment Date: December 1994

Universal American Financial Corp. is a publicly owned life and health insurance holding company.

Wand invested in a preferred equity security when the company needed additional capital to fund an acquisition. For several years thereafter, Wand was the only strategic shareholder. A series of successful acquisitions brought Universal American to critical mass.

In the context of the Company’s acquisition of Pennsylvania Life in 2000, Cap Z became the majority shareholder.

Wand liquidated a portion of its investment as a part of a public secondary offering in July 2001 and sold the balance of its shares in January 2002.