DentaQuest

In May 2002, FdG made a minority growth equity investment in DentaQuest, which was a newly created for-profit entity formed by Dental Service of Massachusetts, a not-for-profit entity doing business as Delta Dental of Massachusetts, in order to pursue acquisitions outside Massachusetts in the dental benefits industry.

The Company’s growth growth strategy was to leverage its highly efficient operational platform to expand into new markets by drawing on the strengths of its experienced management team to acquire and integrate complementary companies and lines of business in the dental benefits industry. In addition to providing administrative and other services to approximately two million DSM members at the time of the initial transaction, the Company will insured and serviced members of acquired companies through its existing operations platform.

FdG\’s investment, funded DentaQuest\’s initial acquisition, a managed care dental insurance company with operations in Maryland, Virginia and Washington, DC. Following that acquisition, in March 2004, DentaQuest acquired Doral Dental, the leading third-party dental benefits administrator focused on the Medicaid market. With this transaction, DentaQuest added over six million new members in 18 states and effectively doubled the size of the Company.

In February 2007, FdG sold its minority stake in DentaQuest back to the Company which, at the time of the repurchase, had grown its family of dental plans to serve nearly ten million members in 19 states and the District of Columbia.