INVESTOR PRESENTATION

Fall Investor Summit

FORWARD LOOKING STATEMENTS

This presentation contains forward‐looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward‐looking statements. Forward‐looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward‐looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.

The forward‐looking statements contained in this presentation are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you review and consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these forward‐looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual results and cause them to differ materially from those anticipated in the forward‐looking statements, including, among other things, our opportunities and expectations for growth in the student lending, healthcare and other markets; anticipated trends and challenges in our business and competition in the markets in which we operate; our client relationships and future growth opportunities; the adaptability of our technology platform to new markets and processes; our ability to invest in and utilize our data and analytics capabilities to expand our capabilities; the sufficiency of our appeals reserve; our growth strategy of expanding in our existing markets and considering strategic alliances or acquisitions; our ability to meet our liquidity and working capital needs; maintaining, protecting and enhancing our intellectual property; our expectations regarding future expenses; expected future financial performance; and our ability to comply with and adapt to industry regulations and compliance demands. More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Annual Reports on Form 10‐K as filed with the Securities and Exchange Commission. Any forward‐looking statement made by us in this presentation speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward‐looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

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Dynamic, Disruptive Healthcare Technology Company

Multi‐Pronged, Multi‐Year Contracted Revenue Growth Model

$200B Healthcare TAM Growing Annually

High Margin Recurring Revenue

Taking Market Share from Legacy Incumbents

INVESTMENT HIGHLIGHTS ‐

The New Performant

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WHO IS PERFORMANT?

• We are a technology‐enabled audit, recovery, outsource services and related analytics service provider in the United States to Healthcare, Government and Commercial clients

• We identify improper payments, and in some markets, restructure and recover delinquent or defaulted assets and improper payments

• Our clients operate in complex and regulated environments

• Our technology platform helps our clients improve their recovery rate and reduce losses on billions of dollars of improper healthcare payments, delinquent state and federal tax and federal treasury, defaulted student loans and other receivables

• We provide complex outsource services for clients across our various markets

• As Performant’s investment in major contracts enter steady state, overall movements across all markets are driving a return to profitability in 2020o Incremental growth continues to add onto a stable fixed cost base

• Profitability highlights of 2019 → 2020 include: Healthcare margin expansion through major contracts in Year 2 and 3 from

implementation Healthcare margin expansion from continued mix shift and growth in TPL

reclamation Overall continued growth in existing Healthcare contracts Expected returns on $2MM+ investment in headcount in recovery and sustained

growth in newer contracts Conversion of Premiere acquisition to profitability Ongoing reduction in corporate overhead via migrations off legacy platforms

RETURN TO PROFITABILITY

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• PFMT 2021 goal of $200m of revenue and 20% margins will be achieved through rapid growth of our high margin healthcare business.o Healthcare growth is being achieved through recurring revenue contracts with marquee customers

(e.g., United Healthcare, Centene, Blues Network Participants, CMS)o Historically 50% of EBITDA translated to free cash flowo PFMT currently trades at 3x EBITDA based on our 2021 strategic targetso Beyond 2021, we expect to be able to continue to grow at a double‐digit rate for years to come

• Currently, on a 2021 basis, Performant largely trades at a significant discount to peers despite similar or better growth prospects

STRATEGIC LONG‐TERM GUIDANCE

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Ticker 2019E Revenue ($M) 2019E EPS 2021E EPS 2021E EBITDA EV/EBITDA P/E

PFMT $155.67 ($0.37) $0.14 $29.5 3.0x 8.2x

HMSY $598.29 $1.32 $1.50 $225.9 15.1x 38.5x

PRGX $171.78 ($0.04) NA NA NA NA

ACN $39,573.00 $7.33 $8.72 $8,355.6 14.7x 22.4x

ADS $7,791.00 $19.27 $25.66 $1,936.7 10.1x 5.2x

HQY $287.24 $1.15 $1.59 $211.6 25.6x 23.2x

Note: 2019E and 2021E values are analyst consensus estimates as of 9/12/2019

• Actively pursue additional opportunities to service the private healthcare market. o Find and eliminate losses prior to

payment for healthcare services, o Detection of fraud, waste and abuse in

the public and private healthcare markets

• Federal and state tax recoveries have grown meaningfully year‐over‐year, and the recovery of delinquent state taxes is seen as a growing source of revenueo According to the Center on Budget and

Policy Priorities, an independent think tank, 31 U.S. states faced a total budget shortfall of approximately $46 billion in 2017 and 2018

GROWTH BEYOND 2021

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Growing need for audit and recovery services in the public and private markets

HEALTHCARE OPERATIONS

• Total U.S. Healthcare Expenditures expected to exceed $4 trillion by 2020

• Performant’s addressable market is approximately $200 billion that continues to grow annually

• Some of the largest commercial and government entities that are potential opportunities include:o Centeneo UHCo Blues Networko Centers for Medicare and Medicaid (CMS)o Anthem

HEALTHCARE ‐ THE OPPORTUNITY

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Actively capturing market share from legacy competitors

STUDENT LOANS

HEALTHCARE PROVIDERS

TREASURY/IRS

COMMERCIAL

GOVERNMENT (STATE & FEDERAL)

DEFAULT PREVENTION

BACK-OFFICE PROCESSS

OUTSOURCING (BPO) CALL

CENTEROMNICHANNEL

CRM

CMS RAC

CMS MSP

COMMERCIAL CLIENTS

COBSERVICES

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HEALTHCARE PAYMENT INTEGRITY MARKET SIZING

Commercial

Medicaid

Medicare

Employer Sponsored

Managed Medicaid

Medicare Advantage

Fee-For-Service

Fee-For-Service

Performant’s market opportunity is between 10 and 15% of the total amount of inaccurate payments

Expected 2019 Spend

Inaccurate Payments % Inaccurate

$1,086B ~$65B 6.0%

$357B ~$29B 8.2%

$390B ~$32B 8.2%

$307B ~$44B 14.4%

$282B ~$41B 14.4%

Source: 2018 Medicare FFS Supplemental Report, Dept. of HHS, CMS CERT/PERM Note: Market-rate fee for comprehensive pre- and post-pay

NATIONAL LEADER IN PAYMENT INTEGRITY

11Healthcare25

MARKETS SERVED:GovernmentCommercial

4,000+ Providers

1,500+ Carriers

3,000+ Group & Non-Group entities

CT, IN, KY, MA, ME, MI, NH, NY, OH, RI, and VTRegion 1

Region 5 National - DME, Home Health & Hospice

CMS RAC CONTRACTOR

DATA ASSETS:

Data on over 200 Million Eligible

lives

Commercial Repayment

Center

National Contractor to recover payments when Medicare should have been secondary.CMS MSP

CONTRACTOR

3 of the 5 largest national health plans and multiple Blues and Regional insurers

110 Million Commercial covered lives

COMMERCIALHEALTH PLANS

Over 100 audit programs in all 50 states

50 Managed Medicaid Plans in 40 states

50,000+ audits per month

SOLUTION SCALE:

300 employees

6 offices across the nation

FOOTPRINT:ESTABLISHED NETWORKS:

HEALTHCARE REVENUE GROWTH

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8.1% 7.6%17.7%

> 50.0%

$141.4$132.0

$155.7

> $200.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2016 2017 2018 2021

Revenue ($ millions)

Healthcare Recovery / All Other

Performant Healthcare Revenue anticipated to exceed 50% of total company revenue by 2021 driven by big data analytics

• Disruptive technology is allowing us to capture significant market share from legacy players while driving revenue growth

• Master service agreements with all national payers and significant penetration into the Blues network

• Successful land and expand strategy as our share of claims continues to rise

• Multiple contracts are still in the investment stage – transition to profitability coming in 12 – 18 months

• On track to achieve our strategic goal of $200+ million in total revenues with margins in excess of 20% by 2021

PLANNED TRAJECTORY OF HEALTHCARE BUSINESS

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PERFORMANT INSIGHTTM DISRUPTIVE TECHNOLOGY

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Unified platform leverages data assets to create multiple value streams and optimized workflows

Workflow Solutions

• Data is the fuel that powers Performant’s workflow solutions• Performant Insight™ transforms disparate data assets into the data

solutions that drive business results

• Performant’s proprietary workflow platform is purpose-built to support product offerings

• User-friendly environment increases efficiency and improves accuracy

PredictiveScoring

Peer Group Analysis

PaymentTrends

Line-of-Business Analysis

Data TransformationDomain Rules

Workflow Solutions

Disparate Data

Insight Platform

Registered Nurses

Eligibility Specialists

Certified Coders

Asset Recovery

Workbench

Provider Portal for Status

Inquiry

Specialty-Specific Claim Review Tools

Robotics Process

Automation

Eligibility Authorizations

Healthcare Claims

Provider Contracts

Medical Records

FeeSchedules

Coding Rules

Data Scientists

Data Analysts

Business Intelligence

Insight Data Engine

• Performant was hired by Client A, one of the nation’s largest MCOs, as a 2nd seat (come behind) vendor to conduct Medicaid Reclamation (Asset Recovery) and to expand Identification of new savings.

• Performant’s results returned a 50% lift for Client A over the incumbent vendor, previously a sole powerhouse in the market and who had been entrenched with Client A for more than a decade.

• Client A moved Performant into the 1st position for 5 test states (covering about 1M lives). Performant continued to return impressive results, providing 75% gains over the incumbent.

• In 2019, for the first time in over a decade, Client A has cancelled services with the incumbent vendor and shifted all 25 states (covering over 6M lives) to Performant.

• Performant anticipates driving savings of over $60M annually for Client A

CASE STUDY (COMMERCIAL CLIENT)

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Fresh solutions, even in mature markets – driving significant value for clients

USING TECHNOLOGY TO POWER SOLUTIONS

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Performant is ideally positioned to continue gaining market share from slower moving legacy incumbents

LEGACY OPERATIONS

• One of four contractors to recover outstanding inactive tax receivables on the first contract of its kind on behalf of the IRS

• One of six contractors on the most recent Treasury contract that includes receivables subrogated to it by numerous different federal agencies

• The only PCA that has had every Treasury contract since 1997

• Meaningful growth in Department of Education subcontracting opportunities in lieu of a large business award

• Premiere acquisition diversified our existing Student Loan / Government recovery streams while expanding the commercial footprint

TECHNOLOGY FUELS RECOVERY RESULTS

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STUDENT LOANSCMS RAC

HEALTHCARE PROVIDERSCMS MSP

TREASURY/IRS

COMMERCIAL AUDIT & COB

TPL SERVICES

COMMERCIAL

GOVERNMENT (STATE & FEDERAL)

DEFAULT PREVENTION

BACK-OFFICE PROCESSS

OUTSOURCING (BPO)

CALLCENTER

OMNICHANNEL CRM

As the backbone of the Company, Recovery Services will remain a key fixture of our long‐term revenue and margin goals

$107.9

$83.8

$43.5

2017 2018 June 2019 YTD

Recovery Revenue

WELL‐POSITIONED WITH A STRONG BRAND

• Strong relationships with many of the largest GAs and 14 of 25 GAs overall. We are well‐positioned to benefit should further consolidation of smaller GAs occur

• ED subcontracting opportunities posses a meaningful source of Recovery revenue

• Premiere acquisition accelerates and enhances execution of our recovery growth strategy while enhancing the current and future opportunity with ECMC

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Performant remains a trusted, long‐term recovery partner of the government with decades of experience

• CRM BPO market is expected to reach $85 billion by 2020 with customer service and sales service accounting for over $40 billiono Focused on less commoditized, non‐

collection BPO services. • Develop strategic partnerships with

companies to expand existing service offerings o Focus on areas such as credit dispute

resolution market, nurse advice and telemedicine market, and others

• Variety of value‐added serviceso New service lines added in the past 12

months include inbound call center, and both payment verification and employment verification loan forgiveness services.

CUSTOMER CARE / OUTSOURCED SERVICES

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STUDENT LOANSCMS RAC

HEALTHCARE PROVIDERSCMS MSP

TREASURY/IRS

COMMERCIAL AUDIT & COB

TPL SERVICES

COMMERCIAL

GOVERNMENT (STATE & FEDERAL)

DEFAULT PREVENTION

BACK-OFFICE PROCESSS

OUTSOURCING (BPO) CALL

CENTEROMNICHANNEL

CRM

Providing complex outsource services across our various markets

FINANCIAL RESULTS

81.7%

65.8% 61.5%

7.6%

20.5% 25.9%

10.7% 13.7% 12.6%

2017 2018 2019 YTD

Recovery Healthcare Cust. Care / Outsourced Svcs.

ONGOING REVENUE BREAKDOWN

• Impact of MSP, commercial contracts, and other contract wins beginning to show meaningful impact to Healthcare business

• Recovery, which includes our student lending work, is still meaningful and comprises a majority of our revenues

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9.2

(5.2) (4.4)

>50%

40.0

2017 2018 2019 YTD 2021E

EBITDA($ millions)

Expected Healthcare Contribution

EBITDA

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• Slowdown in EBITDA from 2017 through the current period reflects the significant transformation the Company has undergone to establish itself in the Healthcare space

• As discussed, 2018 and 2019 have been investment years, as we are still in Year 1 or the early stages of Year 2 in many of our contracts

• The Company is evaluating seeking additional growth capital

• We expect to return to historic profitability and then grow from there

Dynamic, Disruptive Healthcare Technology Company

Multi‐Pronged, Multi‐Year Contracted Revenue Growth Model

$200B Healthcare TAM Growing Annually

High Margin Recurring Revenue

Taking Market Share from Legacy Incumbents

INVESTMENT HIGHLIGHTS ‐

The New Performant

APPENDIX

NON‐GAAP RECONCILIATION TABLES

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PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIESReconciliation of Non‐GAAP Results

(In thousands, except per share amount)(Unaudited)

Three Months Ended

June 30,

2019 2018

Adjusted Loss Per Diluted Share:

Net loss $ (6,399 ) $ (3,591 )

Plus: Adjustment items per reconciliation of adjusted net (loss) income (77 ) 1,076

Adjusted net loss (6,476 ) (2,515 )

Adjusted Loss Per Diluted Share $ (0.12 ) $ (0.05 )

Diluted avg shares outstanding 53,367 51,643

Three Months Ended

June 30,

2019 2018

Adjusted EBITDA:

Net loss $ (6,399 ) $ (3,591 )

Provision for income taxes 142 (911 )

Interest expense (1) 1,958 1,141

Interest income (11 ) (7 )

Depreciation and amortization 2,245 2,537

Earnout mark‐to‐market (6) (1,188 ) —

Stock‐based compensation 719 950

Adjusted EBITDA $ (2,534 ) $ 119

Three Months Ended

June 30,

2019 2018

Adjusted Net Loss:

Net loss $ (6,399 ) $ (3,591 )

Stock‐based compensation 719 950

Amortization of intangibles (2) 52 202

Deferred financing amortization costs (3) 311 333

Earnout mark‐to‐market (6) (1,188 ) —

Tax adjustments (4) 29 (409 )

Adjusted Net Loss $ (6,476 ) $ (2,515 )

(1) Represents interest expense and amortization of issuance costs related to the refinancing of our indebtedness.

(2) Represents amortization of capitalized expenses related to the acquisition of Performant by an affiliate of Parthenon Capital Partners in 2004.

(3) Represents amortization of capitalized financing costs related to our Credit Agreement for 2018.

(4) Represents tax adjustments assuming a marginal tax rate of 27.5%.

(6) Represents the change from prior reporting periods in the fair value of the potential earnout consideration payable to ECMC Group in connection with the Premiere acquisition.

NON‐GAAP RECONCILIATION TABLES

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PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIESReconciliation of Non‐GAAP Results

(In thousands, except per share amount)(Unaudited)

We are providing the following preliminary estimates of our financial results for the year ended December 31, 2019:

Six Months Ended Six Months EndedYear Ended

June 30,2019

December 31,2019

December 31,2018

December 31,2019

Actual Estimate Actual Estimate

Adjusted EBITDA:

Net loss $ (14,888) $ (5,160) to (13,145) $ (8,010) $ (20,048) to (28,033)

Provision for (benefit from) income taxes 313 (563) to 437 1,542 (250) to 750

Interest expense (1) 3,094 4,656 to 5,656 4,699 7,750 to 8,750

Interest income (22) (18) to (33) (28) (40) to (55)

Depreciation and amortization 4,557 4,943 to 5,943 10,234 9,500 to 10,500

Impairment of goodwill and customer relationship (7) — — 2,988 —

Earnout mark‐to‐market (6) (912) — (218) (912)

CMS Region A contract termination (5) — — (19,415) —

Stock‐based compensation 1,218 782 to 1,782 2,750 2,000 to 3,000

Adjusted EBITDA $ (6,640) $ 4,640 to 640 $ (5,458) $ (2,000) to (6,000)

(1) Represents interest expense and amortization of issuance costs related to the refinancing of our indebtedness.

(5) Represents the net impact of the termination of our 2009 CMS Region A contract during the first quarter of 2018, comprised of release of $27.8 million of the estimated liability for appeals and the net payable to client balances into revenue, net ofderecognition of $9.0 million of prepaid expenses and other current assets with a charge to other operating expenses, reflecting accrued receivables associated with amounts due from subcontractors for decided and yet‐to‐be decided appeals.

(6) Represents the change from prior reporting periods in the fair value of the potential earnout consideration payable to ECMC Group in connection with the Premiere acquisition.

(7) Represents intangible assets impairment charge related to Great Lakes Higher Education Guaranty Corporation customer relationship.

89.69%

33.72%

10.31%

66.28%

2014 2018

Revenue by Business Line

Audit COB & TPL / Recovery Services

CUSTOMER AND BUSINESS LINE DIVERSIFICATION

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89.69%

6.51%

45.21%

10.31%

48.28%

2014 2018

Customer End‐Market Revenue

RAC MSP Commercial

Transformative shift in focus within the Healthcare business has reduced dependency on a single customer and business line