| | beneficially owned by the Reporting Person. As of December 31, 2015, the Covert Family Limited Partnership beneficially owns 1,447,778 shares of Class A Common Stock (based on the number of shares of Class A Common Stock that may be received in exchange of Units of Adeptus Health LLC held by the Covert Family Limited Partnership), which represents 9.2% of the total number of shares of Class A Common Stock outstanding calculated pursuant to Rule 13d-3. As of December 31, 2015, Covert Operations, LLC, as the general partner of the Covert Family Limited Partnership, may be deemed to beneficially own 1,447,778 shares of Class A Common Stock (based on the number of shares of Class A Common Stock that may be received in exchange of Units of Adeptus Health LLC held by the Covert Family Limited Partnership), which represents 9.2% of the total number of shares of Class A Common Stock outstanding calculated pursuant to Rule 13d-3. As of December 31, 2015, Richard Covert, individually and as manager of Covert Operations, LLC, may be deemed to beneficially own 1,450,295 shares of Class A Common Stock (based on the number of shares of Class A Common Stock held directly and the number of shares of Class A Common Stock that may be received in exchange of Units of Adeptus Health LLC held by the Covert Family Limited Partnership), which represents 9.2% of the total number of shares of Class A Common Stock outstanding calculated pursuant to Rule 13d-3. On a fully diluted basis, the Reporting Persons may be deemed, in the aggregate, to be the beneficial owners of 7.0% of the outstanding Class A Common Stock, based on 14,257,599 shares of Class A Common Stock and 6,510,738 shares of Class B common stock, par value $0.01 per share, and an equal number of Units of Adeptus Health LLC outstanding as of October 26, 2015. |