PHYSICIANS' SPECIALTY CORPORATION

The Company was recently organized to provide comprehensive physician practice management services to physician practices and health care providers specializing in the treatment and management of diseases and disorders of the ear, nose and throat, head and neck. The Company's primary objective is to develop, manage and integrate ENT physician and Related Specialty practices which will provide high quality, cost effective medical and surgical services to fee-for-service patients and capitated managed care enrollees. The Company will provide financial and administrative management, enhancement of clinical operations, network development and payor contracting services, including the negotiation and administration of capitated arrangements.