On August 13, 2018, UHS announced that its holding company has entered into a definitive merger agreement with Federal Street Acquisition Corp. (FSAC) pursuant to which, FSAC and UHS will form a new, publicly traded company with a new name — Agiliti.

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Universal Hospital Services to Participate in Upcoming Investor Conferences

Posted: August 30, 2018

MINNEAPOLIS

Management to present an overview of the company following recent merger agreement

Universal Hospital Services, Inc. (“UHS”), a leading, nationwide
provider of healthcare technology management and service solutions to
the U.S. healthcare industry, and Federal Street Acquisition Corp.
(NASDAQ: FSACU, FSAC, FSACW) (“FSAC”), a special purpose acquisition
company sponsored by an affiliate of Thomas H. Lee Partners, L.P., today
announced that UHS will participate in two upcoming healthcare
conferences:

Wells Fargo Healthcare Conference, Boston

Company presentation – Thursday, September 6, at 9:45 a.m. Eastern Time

Morgan Stanley Global Healthcare Conference, New York

Meetings with management – Thursday, September 13

Speakers will include UHS Chief Executive Officer, Tom Leonard, and UHS
Chief Financial Officer, Jim Pekarek.

On August 13, 2018, UHS announced that its holding company has entered into a definitive
merger agreement with Federal Street Acquisition Corp. (“FSAC”), a
special purpose acquisition company sponsored by an affiliate of Thomas
H. Lee Partners, L.P. Under the terms of the agreement, FSAC and UHS
will combine under a new holding company to be named Agiliti, Inc.
(“Agiliti”), which intends to apply to list its common stock and
warrants on the Nasdaq Stock Market under the ticker symbols “AGTI” and
“AGTIW,” respectively. The transaction is expected to close in the
fourth quarter of 2018, subject to customary and other closing
conditions, including regulatory approvals and FSAC stockholder approval.

About Universal Hospital Services, Inc.

Universal Hospital Services, Inc. is a leading nationwide provider of
health care technology management and service solutions to the health
care industry. UHS owns or manages more than 800,000 units of medical
equipment for approximately 7,000 national, regional and local acute
care hospitals and alternate site providers across the U.S. For nearly
eight decades, UHS has delivered medical equipment management and
service solutions that help clients reduce costs, increase operating
efficiencies, improve caregiver satisfaction and support optimal patient
outcomes.

About Agiliti

Agiliti will be the company created by the business combination of
Universal Hospital Services, Inc. and Federal Street Acquisition Corp.
Agiliti will build on a legacy of nearly 80 years of market leading
healthcare technology and service solutions to the U.S. healthcare
industry, serving approximately 7,000 national, regional and local acute
care hospitals and alternate site providers across the country. Agiliti
intends to apply to list its common stock and warrants on the Nasdaq
Stock Market under the ticker symbols “AGTI” and “AGTIW,” respectively.

About Federal Street Acquisition Corp.

Federal Street Acquisition Corp. is a special purpose acquisition
company sponsored by an affiliate of Thomas H. Lee Partners, L.P.,
formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase or similar business combination with
one or more businesses.

Additional Information and Where to Find It

FSAC has filed a preliminary proxy statement with the SEC on August 22,
2018 for use at the special meeting of stockholders to approve the
business combination, which forms part of a Registration Statement on
Form S-4 with respect to the securities being issued by Agiliti in the
transaction (the “Prospectus/Proxy Statement”).
The Prospectus/Proxy Statement will be mailed to FSAC stockholders as of
a record date to be established for voting on the proposed business
combination. INVESTORS AND SECURITY HOLDERS OF FSAC AND UHS ARE URGED TO
READ THE PROSPECTUS/PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS THAT
HAVE BEEN FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE
THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders may obtain free copies of the
Prospectus/Proxy Statement and other documents containing important
information about FSAC, UHS and Agiliti through the website maintained
by the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by FSAC can be obtained free
of charge on FSAC’s website at http://www.thl.com/fsac
or by directing a written request to Federal Street Acquisition Corp.,
100 Federal Street, 35th Floor, Boston, MA 02110, (617) 227-1050.

Participants in the Solicitation

FSAC, UHS, Agiliti and their respective directors and executive
officers, under SEC rules, may be deemed to be participants in the
solicitation of proxies of FSAC’s stockholders in connection with the
proposed transaction. Investors and security holders may obtain more
detailed information regarding the names and interests in the proposed
transaction of FSAC’s directors and officers in the Prospectus/Proxy
Statement. Information regarding the persons who may, under SEC rules,
be deemed participants in the solicitation of proxies to FSAC’s
stockholders in connection with the proposed business combination is set
forth in the Prospectus/Proxy Statement. Additional information
regarding the interests of participants in the solicitation of proxies
in connection with the proposed business combination is included in the
Prospectus/Proxy Statement.

No Offer or Solicitation

This communication shall neither constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which the offer, solicitation
or sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction.

Forward Looking Statements

Certain statements made herein include forward looking statements within
the meaning of the “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995. Specifically, the words
“estimates,” “projected,” “expects,” “anticipates,” “forecasts,”
“plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,”
“future,” “propose” and variations of these words or similar expressions
(or the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking statements
are not guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties, assumptions
and other important factors, many of which are outside FSAC’s or UHS’s
management’s control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. These risks and uncertainties include, but are not limited
to, those factors described in the section entitled “Risk Factors” in
the Prospectus/Proxy Statement and those described in the section
entitled “Risk Factors” in UHS’s annual report on Form 10-K for the year
ended December 31, 2017 filed with the SEC, as well as UHS’s other
filings with the SEC. Important factors, among others, that may affect
actual results or outcomes include: the inability to complete the
transactions contemplated by the proposed business combination; the
inability to recognize the anticipated benefits of the proposed business
combination, which may be affected by, among other things, the amount of
cash available following any redemptions by FSAC stockholders; the
ability to meet Nasdaq’s listing standards following the consummation of
the transactions contemplated by the proposed business combination; and
costs related to the proposed business combination. Important factors
that could cause the combined company’s actual results or outcomes to
differ materially from those discussed in the forward-looking statements
include: UHS’s history of net losses; the need for substantial cash to
operate and expand the combined company’s business as planned; the
combined company’s expected substantial outstanding debt following the
business combination; a decrease in the number of patients the combined
company’s customers serve; the combined company’s ability to effect
change in the manner in which healthcare providers traditionally procure
medical equipment; the absence of long-term commitments with customers;
the combined company’s ability to renew contracts with group purchasing
organizations and integrated delivery networks; changes in reimbursement
rates and policies by third-party payors; the impact of healthcare
reform initiatives; the impact of significant regulation of the
healthcare industry and the need to comply with those regulations; the
effect of prolonged negative changes in domestic and global economic
conditions; difficulties or delays in the combined company’s continued
expansion into certain of UHS’s businesses/geographic markets and
developments of new businesses/geographic markets; additional credit
risks in increasing business with home care providers and nursing homes,
impacts of equipment product recalls or obsolescence; and increases in
vendor costs that cannot be passed through to the combined company’s
customers.

Neither FSAC nor UHS undertakes any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.

Contact:

For UHS
Helen O’Donnell, 203-428-3213
[email protected]
or
Maria Lycouris, 203-428-3221
[email protected]
or
For Federal Street Acquisition Corp.
Matt Benson/Robin Weinberg/Cameron Seligmann
212-687-8080
Sard Verbinnen & Co.