2014 revenue $9,675MM, +3% (U.S. $5,197MM, +2%; ex-U.S. $4,478MM, +4%)

• Hips +4%
• Knees +3%
• Trauma +5%

• Beginning to realize benefits of scale/breadth, strategic wins in key markets, from combined businesses

4Q14 revenue $2,441MM, +3% (U.S. $1,339MM, +2%; ex-U.S. $1,102MM, +3%)

• Hips +5%
• Knees +3%
• Spine +3%
• Trauma +1%

• Price pressure across all major categories
• Hips and knees supported by primary stem platform, ATTUNE knee; price pressure offset by positive mix
• Double-digit sports medicine growth, driven by MONOVISC launch and continued strong ORTHOVISC sales
• Solid market volume growth in spine, new product launches partially offset by price pressure