CFO Announcement

Internal, 2016 http://M*Modal.com

To: M*Modal employees

From: Scott MacKenzie, CEO

Date: March 24, 2016

Subject: Chief Financial Officer Announcement

We are pleased to announce the appointment of Kashyap Joshi as M*Modal's new Chief Financial Officer, effective May 1.

Kashyap joined our company as a part of CBay’s finance organization in 2004 where he held positons of progressively greater responsibility. He relocated to the U.S. in 2008 and over the years has played a key role in M*Modal’s finance organization. Kashyap knows our company well along with his more than 25 years of experience in finance with India and U.S. companies. Kashyap will be based in our Franklin, Tennessee, global headquarters and will be relocating to the Franklin, Tennessee area.

Please join me in congratulating Kashyap on this well-earned career achievement. In the coming weeks Kashyap will announce next steps for the finance organization.

The next five weeks will be a transition period as David xx will stay with the company through the end of April to transition all activities to Kashyap. David joined the Company in November 2011 and has served as CFO since June 2013. We wish David the best in his future endeavors. David’s last day at M*Modal will be April 30 and Kashyap’s first day as CFO will be May 1, 2016.

Scott