#1INVESTOR PRESENTATION Winter 2020 PERFORMANT#2FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "believe," "may," "will," "estimate," "continue," "anticipate,” “design,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our outlook for revenues, and EBITDA in 2019 and 2020. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, that the Company may not have sufficient cash flows from operations or the availability of funds under its credit agreement to fund ongoing operations and other liquidity needs, that the Company's indebtedness could adversely affect its business and financial condition and could reduce the funds available for other purposes and the failure to comply with covenants contained in its credit agreement could result in an event of default that could adversely affect its results of operations, that the Company faces a long period to implement a new contract which may result in the incurrence of expenses before the receipt of revenues from new client relationships, the high level of revenue concentration among the Company's largest customers and any termination in the Company's relationship with any of our significant clients would result in a material decline in our revenues, that many of the Company's customer contracts are subject to periodic renewal, are not exclusive, do not provide for committed business volumes and may be changed or terminated unilaterally and on short notice that the Company may not be able to manage its potential growth effectively, that the Company faces significant competition in all of its markets, that continuing limitations on the scope of our audit activity under our RAC contracts have significantly reduced our revenue opportunities with this client, that the U.S. federal government accounts for a significant portion of the Company's revenues, that future legislative and regulatory changes may have significant effects on the Company's business, that failure of the Company's or third parties' operating systems and technology infrastructure could disrupt the operation of the Company's business and the threat of breach of the Company's security measures or failure or unauthorized access to confidential data that the Company possesses. More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's annual report on Form 10-K for the year ended December 31, 2018 and subsequently filed reports on Forms 10-Q and 8-K. Any forward-looking statement made by us in this presentation speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 2 ‣ PERFORMANT#33 ① WHO IS PERFORMANT? We are a technology-enabled audit, recovery, outsource services and related analytics service provider in the United States We identify improper payments, and in some markets, restructure and recover delinquent or defaulted assets and improper payments Our clients operate in complex and regulated environments Our technology platform helps our clients improve their recovery rate and reduce losses on billions of dollars of improper healthcare payments, delinquent state and federal tax and federal treasury, defaulted student loans and other receivables We provide complex outsource services for clients across our various markets Industries Healthcare Government Commercial $ 8 D PERFORMANT#4+ PERFORMANT INSIGHT™ DISRUPTIVE TECHNOLOGY Unified platform leverages data assets to create multiple value streams and optimized workflows Healthcare 01 0110 Claims 0001 01101 Coding Rules </> Medical Records Provider Contracts Fee Schedules Eligibility Authorizations Disparate Data Insight Platform Data Scientists Data Analysts Business Intelligence Workflow Solutions • • Insight Data Engine Data is the fuel that powers Performant's workflow solutions Performant InsightTM transforms disparate data assets into the data solutions that drive business results Peer Group Analysis Domain Rules Data Transformation Payment Trends Predictive Scoring Line-of-Business Analysis Workflow Solutions Performant's proprietary workflow platform is purpose-built to support product offerings User-friendly environment increases efficiency and improves accuracy Certified Coders Registered Nurses Eligibility Specialists Asset Recovery Workbench Provider Portal for Status Inquiry Specialty- Specific Claim Review Tools Robotics Process Automation PERFORMANT#5NATIONAL LEADER IN PAYMENT INTEGRITY MARKETS SERVED: Government Commercial Health Plans COMMERCIAL 3 of the 5 largest national health plans and multiple Blues and Regional insurers HEALTH PLANS 110 Million Commercial covered lives CMS RAC CONTRACTOR CMS MSP CONTRACTOR Region 1 CT, IN, KY, MA, ME, MI, NH, NY, OH, RI, and VT Region 5 National DME, Home Health & Hospice Commercial National Contractor to recover payments when Medicare should have Repayment Center been secondary. ESTABLISHED NETWORKS: 4,000+ Providers 1,500+ Carriers 3,000+ Group & Non-Group entities DATA ASSETS: Data on over 200 Million Eligible lives FOOTPRINT: 300 employees 6 offices across the nation SOLUTION SCALE: J Over 100 audit programs in all 50 states 50 Managed Medicaid Plans in 40 states 35,000+ audits per month 5 O PERFORMANT#6HEALTHCARE PAYMENT INTEGRITY MARKET SIZING Expected 2019 Spend Inaccurate Payments % Inaccurate Commercial Employer Sponsored $1,086B ~$65B 6.0% Total U.S. Healthcare Expenditures expected to exceed $4 trillion by 2020 Performant's addressable market is approximately $200 billion that continues to grow annually Some of the largest commercial and government entities that are potential opportunities include: Medicare Advantage $357B ~$29B 8.2% Medicare Fee-For- $390B ~$32B Centene 8.2% Service UHC Managed Medicaid $307B ~$44B 14.4% Medicaid Fee-For- Service $282B ~$41B 14.4% 6 Blues Network Centers for Medicare and Medicaid (CMS) Anthem Performant's market opportunity is between 10 and 15% of the total amount of inaccurate payments Source: 2018 Medicare FFS Supplemental Report, Dept. of HHS, CMS CERT/PERM Note: Market-rate fee for comprehensive pre- and post-pay PERFORMANT#7200.0 180.0 HEALTHCARE REVENUE GROWTH Revenue ($ millions) $155.7 160.0 $141.4 140.0 $132.0 120.0 100.0 80.0 60.0 40.0 17.7% 20.0 8.1% 7.6% 0.0 2016 > $200.0 ~ 50.0% 2017 2018 2021 Recovery / All Other Healthcare Disruptive technology is allowing us to capture significant market share from legacy players while driving revenue growth Master service agreements with all national payers and significant penetration into the Blues network Successful land and expand strategy as our share of claims continues to rise Multiple contracts are still in the investment stage - transition to profitability coming in 12 - 18 months. On track to achieve our strategic goal of $200+ million in total revenues with margins in excess of 20% by 2021 Performant Healthcare Revenue anticipated to be a majority of total company revenues by 2021 driven by big data analytics 7 ► PERFORMANT#8. 8 CASE STUDY (COMMERCIAL HEALTHCARE CLIENT) Performant was hired by Client A, one of the nation's largest MCOs, as a 2nd seat (come behind) vendor to conduct Medicaid Reclamation (Asset Recovery) and to expand Identification of new savings. Performant's results returned a 50% lift for Client A over the incumbent vendor, previously a sole powerhouse in the market and who had been entrenched with Client A for more than a decade. Client A moved Performant into the 1st position for 5 test states (covering about 1M lives). Performant continued to return impressive results, providing 75% gains over the incumbent. In 2019, for the first time in over a decade, Client A cancelled services. with the incumbent vendor and shifted all 25 states (covering over 6M lives) to Performant. Performant anticipates driving savings of over $60M annually for Client A Fresh solutions, even in mature markets - driving significant value for clients PERFORMANT#9RECOVERY AND CUSTOMER CARE SERVICES CMS MSP COMMERCIAL AUDIT & COB TPL SERVICES Ithcare CMS MSP COMMERCIAL AUDIT & COB TPL SERVICES BACK-OFFICE PROCESSS OUTSOURCING CMS RAC STUDENT LOANS HEALTHCARE PROVIDERS COMMERCIAL GOVERNMENT (STATE & FEDERAL) CENTER DEFAULT OMNICHANNEL PREVENTION TREASURY/ IRS CALL (BPO) CMS RAC STUDENT LOANS HEALTHCARE PROVIDERS BACK-OFFICE PROCESSS OUTSOURCIN G (BPO) CALL CENTER OMNICHANNE L CRM DEFAULT PREVENTION COMMERCIAL GOVERNMENT (STATE & FEDERAL) TREASURY/ /ae "จรทว IRS CRM "มุนทอ Recovery • One of four contractors to recover outstanding inactive tax receivables on the first contract of its kind on behalf of the IRS One of six contractors on the most recent Treasury contract that includes receivables subrogated to it by numerous different federal agencies 。 The only PCA that has had every Treasury contract since 1997 CRM BPO market is expected to reach $85 billion by 2020 with customer service and sales service accounting for over $40 billion Focused on less commoditized, non- collection BPO services. Develop strategic partnerships with companies to expand existing service offerings Premiere acquisition diversified our existing Student Loan / Government recovery streams while expanding the commercial footprint PERFORMANT#1010 RETURN TO PROFITABILITY As Performant's investment in major contracts enter steady state, overall movements across all markets are driving a return to profitability in 2020 2018 and 2019 have been investment years, as we are still in year one or the early stages of year two in many of our contracts 。 Growth is being achieved through recurring revenue contracts with marquee customers (e.g., United Healthcare, Humana, Blues Network Participants, CMS) о Incremental growth continues to add onto a stable fixed cost base. Profitability highlights of 2019 2020 include: Healthcare margin expansion through major contracts in year two and three from implementation 。 Healthcare margin expansion from continued mix shift and growth in TPL reclamation 。 Expected returns on $2MM+ investment in headcount in recovery and sustained growth in newer contracts о Conversion of Premiere acquisition to profitability Ongoing reduction in corporate overhead via migrations off legacy platforms PERFORMANT#1111 GROWTH BEYOND 2021 Actively pursue additional opportunities to service the private healthcare market. о Find and eliminate losses prior to payment for healthcare services, Detection of fraud, waste and abuse in the public and private healthcare markets Federal and state tax recoveries have grown meaningfully year-over-year, and the recovery of delinquent state taxes is seen as a growing source of revenue О 。 According to the Center on Budget and Policy Priorities, an independent think tank, 31 U.S. states faced a total budget shortfall of approximately $46 billion in 2017 and 2018 CLINICAL AUDIT GOO DATA MINING MEDICAID RECLAMATION SPECIALIZED GOVERNMENT AUDITS Growing need for audit and recovery services in the public and private markets PERFORMANT#12り INVESTMENT HIGHLIGHTS Dynamic, Disruptive Healthcare Technology Company Multi-Pronged, Multi-Year Contracted Revenue Growth Model $200B Healthcare TAM Growing Annually High Margin Recurring Revenue Taking Market Share from Legacy Incumbents The New Performant PERFORMANT