Spreadsheet: b30d4e46-12bd-4609-858d-1e39fa2429fb
Sheet: Cash and Investments

Universal American Corp.
Investment Portfolio - Credit Quality Summary
Continuing Operations
($ in thousands)
 |  | 4Q 2011 |  |  |  | 3Q 2011 |  |  |  | 2Q 2011 |  |  |  | 1Q 2011 |  |  |  | 4Q 2010 |  |  |  | 3Q 2010 |  |  |  | 2Q 2010 |  |  |  | 1Q 2010 |  |  |  | 4Q 2009 |  |  |  | 3Q 2009 |  |  |  | 2Q 2009 |  |  |  | 1Q 2009 |  |  |  | 4Q 2008 |  |  |  | 3Q 2008 |  |  |  | 2Q 2008 |  |  |  | 1Q 2008 |  |  |  | 4Q 2007 |  |  |  | 3Q 2007
Fixed Maturity Securities |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | % |  | Fair Value |  | %
AAA |  | 491348.13921 |  |  |  | 482548.90458 |  |  |  | 482252.9247099998 |  |  |  | 495773.6981223327 |  |  |  | 569070.4918799999 |  |  |  | 576494.52627 |  |  |  | 531328 |  |  |  | 545156.84664 |  |  |  | 577585.3802699998 |  |  |  | 572027.98972 |  |  |  | 442977.3696499996 |  |  |  | 454190.2009100001 |  |  |  | 531125.4346600005 |  |  |  | 541901.7145200004 |  |  |  | 544291.7351099999 |  |  |  | 538316.17705 |  |  |  | 548216 |  |  |  | 542783
AA |  | 140723.85392 |  |  |  | 167408.14274 |  |  |  | 172736.29686 |  |  |  | 238116.9134498945 |  |  |  | 228744.749 |  |  |  | 216695.52323 |  |  |  | 110672 |  |  |  | 72569.09434 |  |  |  | 70415.53841000001 |  |  |  | 67940.37309000001 |  |  |  | 70565.91491999998 |  |  |  | 85421.86974 |  |  |  | 68618.39312 |  |  |  | 98977.01013 |  |  |  | 116313.06025 |  |  |  | 132444.3481 |  |  |  | 179883 |  |  |  | 218487
A |  | 299770.73685 |  |  |  | 304065.35489 |  |  |  | 309631.8570500003 |  |  |  | 330291.2025272731 |  |  |  | 406695.68361 |  |  |  | 406018.64399 |  |  |  | 336828 |  |  |  | 241382.94072 |  |  |  | 245348.78101 |  |  |  | 261914.87614 |  |  |  | 281068.95913 |  |  |  | 331636.9138272 |  |  |  | 337525.1602528999 |  |  |  | 302943.2610052 |  |  |  | 316985.15642 |  |  |  | 289304.96701347 |  |  |  | 293420 |  |  |  | 289326
BBB |  | 281883.41305 |  |  |  | 257480.00498 |  |  |  | 213524.27456 |  |  |  | 180844.8771079561 |  |  |  | 189178.0342 |  |  |  | 118302.76858 |  |  |  | 114042 |  |  |  | 69066.81398 |  |  |  | 66742.07883 |  |  |  | 61400.6686 |  |  |  | 73961.06437 |  |  |  | 74091.0356 |  |  |  | 72632.08186 |  |  |  | 78811.71143 |  |  |  | 81031.361 |  |  |  | 81911.16931 |  |  |  | 86234 |  |  |  | 89416
BB |  | 58.84289 |  |  |  | 62.07117 |  |  |  | 5849.9964 |  |  |  | 6468.371163324809 |  |  |  | 4322.40071 |  |  |  | 2280.60128 |  |  |  | 1910 |  |  |  | 1709.39612 |  |  |  | 1546.62835 |  |  |  | 1142.88045 |  |  |  | 1176.46699 |  |  |  | 8397.888289999999 |  |  |  | 6388.641149999999 |  |  |  | 7415.329459999999 |  |  |  | 4698.54562 |  |  |  | 2934.41353 |  |  |  | 8748 |  |  |  | 8245
B |  | 3951.8319 |  |  |  | 6439.23078 |  |  |  | 7295.741970000001 |  |  |  | 6198.855698186275 |  |  |  | 319.50974 |  |  |  | 273.39887 |  |  |  | 543 |  |  |  | 537.76969 |  |  |  | 1225.77702 |  |  |  | 4042.187100000001 |  |  |  | 3170.47329 |  |  |  | 2318.46761 |  |  |  | 3113.35559 |  |  |  | 11967.2617 |  |  |  | 11464.5212 |  |  |  | 13522.0825 |  |  |  | 4431 |  |  |  | 4596
CCC |  | 837.09083 |  |  |  | 923.92207 |  |  |  | 266.56055 |  |  |  | 269.5154651385337 |  |  |  | 166.9275 |  |  |  | 148.93308 |  |  |  | 2035 |  |  |  | 1240.87119 |  |  |  | 1662.84854 |  |  |  | 1369.61192 |  |  |  | 93.12749999999998 |  |  |  | 10720.002 |  |  |  | 6973.52475 |  |  |  | 3870.211 |  |  |  | 3520 |  |  |  | 3330 |  |  |  | 3917 |  |  |  | 0
CC |  | 2273.48979 |  |  |  | 2483.92897 |  |  |  | 3590.562289999999 |  |  |  | 4447.005174785806 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 26.08477 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0
C |  | 148.47977 |  |  |  | 197.18065 |  |  |  | 205.6799 |  |  |  | 134.7577325692668 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0
NR |  | 1951.69662 |  |  |  | 1967.2902 |  |  |  | 1982.77078 |  |  |  | 2021.365988539003 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1032.5 |  |  |  | 892.5 |  |  |  | 6016.304 |  |  |  | 875 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0
TOTAL - Fixed Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 931663.7326799999 |  |  |  | 964553.1172 |  |  |  | 969838.5870200004 |  |  |  | 874045.8758499995 |  |  |  | 967668.8779772002 |  |  |  | 1032392.895382901 |  |  |  | 1046761.499245201 |  |  |  | 1078304.3796 |  |  |  | 1061763.15750347 |  |  |  | 1124849 |  |  |  | 1152853
Policy loans and other invested assets |  | 1561.412 |  |  |  | 1511.468 |  |  |  | 1476 |  |  |  | 1454 |  |  |  | 1408.538 |  |  |  | 1356 |  |  |  | 1366.769799999893 |  |  |  | 1286.82417 |  |  |  | 1275.59717 |  |  |  | 1193.06519 |  |  |  | 1733.76538 |  |  |  | 23451.33134279965 |  |  |  | 23922.61134709953 |  |  |  | 23469.50239479926 |  |  |  | 23218.06098 |  |  |  | 23067.60143999999 |  |  |  | 23086.16162 |  |  |  | 22992.5665
Cash and cash equivalents |  | 63538.871 |  |  |  | 219389.909 |  |  |  | 20135 |  |  |  | -11182 |  |  |  | 23224 |  |  |  | 531789 |  |  |  | 826646.82363 |  |  |  | 946274.54239 |  |  |  | 856957.52113 |  |  |  | 414568.78715 |  |  |  | 331831.55951 |  |  |  | 470783.55528 |  |  |  | 511031.8554999999 |  |  |  | 546959.29606 |  |  |  | 452717.36954 |  |  |  | 638915 |  |  |  | 667685.4857300001 |  |  |  | 993534.9904400001
TOTAL - Cash and Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1879225.09924 |  |  |  | 1822786.2355 |  |  |  | 1385600.43936 |  |  |  | 1207611.20074 |  |  |  | 1461903.7646 |  |  |  | 1567347.36223 |  |  |  | 1617190.2977 |  |  |  | 1554239.81012 |  |  |  | 1723745.75894347 |  |  |  | 1815620.64735 |  |  |  | 2169380.55694
Summary
Fixed Maturity Securities
Inv Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1317511 |  |  |  | 1092870 |  |  |  | 928175.6956799999 |  |  |  | 960091.7785199999 |  |  |  | 963279.9075500004 |  |  |  | 868573.3080699996 |  |  |  | 945340.0200772001 |  |  |  | 1009901.069892901 |  |  |  | 1022633.6970852 |  |  |  | 1058621.31278 |  |  |  | 1041976.66147347 |  |  |  | 1107753 |  |  |  | 1140012
[NAME] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2703 |  |  |  | 4488 |  |  |  | 3488.037 |  |  |  | 4461.338680000001 |  |  |  | 6554.679470000001 |  |  |  | 5472.567779999999 |  |  |  | 22328.8579 |  |  |  | 22491.82549 |  |  |  | 24127.80216 |  |  |  | 19683.06682 |  |  |  | 19786.49603 |  |  |  | 17096 |  |  |  | 12841
TOTAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 931663.7326799999 |  |  |  | 964553.1172 |  |  |  | 969834.5870200003 |  |  |  | 874045.8758499996 |  |  |  | 967668.8779772001 |  |  |  | 1032392.8953829 |  |  |  | 1046761.4992452 |  |  |  | 1078304.3796 |  |  |  | 1061763.15750347 |  |  |  | 1124849 |  |  |  | 1152853