The Healthcare Reform
Law, including The Patient Protection and Affordable Care Act and The Healthcare and Education Reconciliation Act
of 2010, could have a material adverse effect on Humana's results
of operations, including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company's ability to expand into new markets, increasing the company's medical and operating costs
by, among other things, requiring a minimum benefit ratio on insured products, lowering the company's Medicare payment rates and increasing the company's expenses associated with a non-deductible health insurance industry fee and other assessments; the company's financial
position, including the company's ability to maintain the value
of its goodwill; and the company's cash flows.
Through his own experience, and
by working at one
of the top 100
law firms in the world focusing on real estate
operations, Mr. Adams gained extensive experience helping clients understand their tax and cash
positions, particularly with regard to investments in real estate.