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    Investors seek for long-term results

      Universal Health Services continues to be the one hospital management company that consistently beats expectations. The combination of above-average internal growth supplemented by a steady acquisition/development pace has enabled the company to achieve a compounded annual growth rate of 26% in earnings per share over the past three years. We look forward to a continuation of this trend in the future.

      Since 1995, UHS has been the best-performing acute care hospital management stock. And, we believe that the company has the potential to continue to exceed our estimates.

      A.J. Rice
      Equity Analyst
      Bear, Stearns & Co., Inc.

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