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Safe Harbor

Certain statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward-looking statements" within the meaning of applicable securities laws.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management when made, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause our actual financial results, performance, or achievements to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements.  Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation, our ability to achieve increased market acceptance for our product offerings and penetrate new markets; consolidation in the healthcare industry; the existence of undetected errors or similar problems in our software products; our ability to identify and complete acquisitions, manage our growth and integrate acquisitions; our ability to compete successfully; potential liability for the use of incorrect or incomplete data; the length of the sales cycle for our healthcare software solutions; interruption of our operations due to outside sources; our dependence on key customers; maintaining our intellectual property rights and litigation involving intellectual property rights; our ability to obtain, use or successfully integrate third-party licensed technology; compliance with existing laws, regulations and industry initiatives and future change in laws or regulations in the healthcare industry; breach of our security by third parties; our dependence on the expertise of our key personnel; our access to sufficient capital to fund our future requirements; and potential write-offs of goodwill or other intangible assets. This list is not exhaustive of the factors that may affect any of our forward-looking statements. Other factors that should be considered are discussed from time to time in SXC’s filings with the U.S. Securities and Exchange Commission, including the risks and uncertainties discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2008 Annual Report on Form 10-K and subsequent Form 10-Qs, which are available at www.sec.gov. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to SXC or persons acting on our behalf are expressly qualified in their entirety by this notice. We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. 

Certain of the assumptions made in preparing forward-looking information and management’s expectations include: maintenance of our existing customers and contracts, our ability to market our products successfully to anticipated customers, the impact of increasing competition, the growth of prescription drug utilization rates at predicted levels, the retention of our key personnel, our customers continuing to process transactions at historical levels, that our systems will not be interrupted for any significant period of time, that our products will perform free of major errors, our ability to obtain financing on acceptable terms and that there will be no significant changes in the regulation of our business.

SXC at a Glance

Headquarters Exchange Symbols

Employees

Share Price(NASDAQ: Nov 5,

2010)

SharesOutstanding

Market Cap (NASDAQ)

Chicago NASDAQ:SXCI TSX:SXC

>1000

US$38.84 ~$2.4B62.6MM (f/d)

What We Do

Reduce the cost of prescription drugs

Deliver better healthcare to health plan members

SXC provides PBM services and softwareto help healthcare payers:

Information, Insights, Linkages:

Redefining PharmacyBenefit Management

Growing Market OpportunityR

x C

laim

s (

bil

lion

s)

Rx S

pen

d ($

billio

ns)

Market Drivers

Increased drugutilization

Aging Population

Growth in lifestyle& “me too” drugs

Direct-to-Consumeradvertising by pharma

Healthcare Reform

Rising drug prices

Generic pipeline-$72 billion over the next 5

years

Specialty pipeline-15% increase over next two years

2009 Rx volumes and expenditureswere 3.9B and $300B, respectivelySource: IMS Health and CMS, Office of the Actuary

2003 2004 2005 2006 2007 2008 2009

1

3

4

2

350

300

250

200

150

100

50

Rx Claims Rx Spend

Expansion of coverage through

Medicaid

~35M will now receive coverage

Key components of healthcare reform

Healthcare Reform Opportunity

Potential new treatment of

generic biologics and biosimilars

~7-14 years of patent protection

Reform should make

e-prescribing an even more

attractive market

SXC uniquely positioned to

capitalize on this trend

An Industry In Transition…New Emerging Value Drivers for PBMs

Convergence of technologyand PBM service

Buy-side leveragecommoditized

Transparency drivingnew pricing models

Channel flexibility becoming increasingly important

Flexibility and customizationare required

The SXC Tool Box

Rx Prescribing

Data Electronic Health Record

RxEXCHANGE™

RxInterACT™

RxBUILDER™

RxAUTH™    RxPROVIDER PORTAL™

Integrated Health Care Data

Flexible Model – Diversified Markets

License Model

ASP transaction

Model

Private Label PBM

a La Carte PBM

Services

Full Service Model

Ran

ge o

f P

BM

S

erv

ices

Health Plans

GovernmentAgencies

Long-Term CarePharmaciesPBMs

Workers’Compensation

Hospice

Employers/Union

Groups/TPAs

The Markets We Serve

Health Plans PBMs Government Long-termCare

Employers /Unions

Customized solutions “Intel inside” Strong

growth

Strong demand for technology

solution

Focus on small- and mid-sized

employers

Transparent or traditional PBM

model

Market leading PBM technology

Fully transparent model

Contracts withlargest players

Customized solutions

License or private

label/ASP

Interfaces with all MMIS systems

Transparent and traditional model

Workers comp is an emerging opportunity

Mail order and specialty

opportunity

Cu

sto

me

rsR

ecen

t W

ins

Recent Contract Wins

HCIT: Prime Therapeutics multi-year contract

PBM: HealthSpring - 5-years, $1B drug spend/yr

PBM: Large U.S East Cost Health Plan - 3-years, $240m/yr

PBM: Boston Medical Center Healthnet – 5-year renewal

PBM: Spectral Solutions - 4-years, $50m drug spend/yr

HCIT: Ohio Bureau of Workers’ Compensation – 3-years

HCIT: Virginia’s Drug Rebate Program – 3-years

Why We Win

Value Drivers

Competition

Transparent and flexible pricing

Enhanced customer control

Measurable cost savings

Broad selection of PBM services

Pathway to ownership

Growth Strategies

Sell informedRx® Solution

“Cross-sell” PBM products/services

Target Public Sector fee-for-service opportunities

Pursue large health plan technology upgrades

Sell Long-Term Care offerings throughout the Institutional Pharmacy market

Future opportunities: e-prescribing and technology-enabled PBM services

Strategic acquisitions

1

2

3

4

5

6

7

Strategic Acquisitions

Accretive Cost synergies

Financial Criteria:

Strong EBITDA generation

High recurringrevenue streams

PBMs with regional or

specific customer focus

PBMs already on SXC platform

Niche areas (specialty pharmacy)

Service providers focused on data

analytics, reimbursement services, audit and eligibility

services

Target Profile/Criteri

a

Fin

an

cial R

esu

lts

SXC’s Business Model

Client savings

Mail Order pharmacy

Specialty pharmacy

Generic utilization

Improved purchasing power

Margin Driven By: Increase in drug

spend

New client wins

Transitioning HCIT clients to full-service PBM

Clients win new business

Revenue Driven By:

($ millions) As at:Dec 31, 2009 Sep 30,

2010

Cash & Equivalents $304.4 $379.1

Consolidated Financial Outlook*

(millions, except EPS)

Fiscal2009

Q3 2010

YTD2010

Fiscal 2010 Guidance

Status

Revenue$1,438.

6$489.9

$1421.5

$1,900-$2,000

No change

Gross Profit $186.6 $52.9 $156.8 $207-$210Narrowed range to high end

Adj EBITDA1 $94.7 $30.4 $89.6 $117-$119

GAAP EPS (f/d)

$0.86 $0.26 $0.77 $1.00-$1.02

ADJ EPS1 (f/d) $0.96 $0.27 $0.82 $1.06-$1.08

* The guidance provided herein reflects the most recent press release and does not imply a reiteration or update of guidance, historical EPS figures have been modified to reflect the 2:1 share split announced Sept. 2, 2010 . 1non-GAAP financial measures, refer to description of non-GAAP measures and reconciliation on slides 22-23

Financial Growth Story

0

10

20

30

40

50

60

70

0

10

20

30

40

50

60

Ad

j. E

BIT

DA

& G

ross P

rofi

t (m

illion

s)

Ad

juste

d E

BIT

DA

as %

of G

ross

Pro

fit

NMHC Acquisition

1non-GAAP financial measures, refer to description of non-GAAP measures and reconciliation on slides 22-23

Adj EBITDA1

Gross Profit

Adj EBITDA1 as % of Gross Profit

Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10

Profitable Growth

1non-GAAP financial measures, refer to description of non-GAAP measures and reconciliation on slides 22-23

Net IncomeAdjusted EBITDA1

0

10

20

30

40

50

60

2007 2008 2009 FY10 Guidance

Adjusted EBITDA1

$(m

illi

on

s)

$(m

illi

on

s)

CAGR: 72% CAGR: 72%

Investment Highlights

Strong financial profile

SXC is broadly diversified by market and clients

Economic and political environment are driving change - focus on transparency and outcomes

Opportunities to increase mail, specialty and sell PBM services to HCIT clients

Track record in executing and integrating acquisitions

+Amortization ofdeal-relatedintangibles (net of tax)

=Adjusted net income÷Weighted ave diluted

shares=Adjusted EPS (diluted)

Net incomeAdjusted EPS

1Non-GAAP Financial Measures

+/- Income tax expense (recovery)

+/- Interest income (exp)

+/- Other income (exp)+ Stock-based

compensation+ Depreciation &

amortization+ Amortization of

deal-related intangibles

= Adjusted EBITDA

Net income

Adjusted EBITDA

1Summary Non-GAAPFinancial Measures

Non-GAAP Financial Measures

SXC reports its financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). SXC’s management also evaluates and makes operating decisions using various other measures. Two such measures are adjusted earnings per share and adjusted EBITDA, which are non-GAAP financial measures. SXC’s management believes that these measures provide useful supplemental information regarding the performance of SXC’s business operations.

Adjusted earnings per share is a non-GAAP measure which takes earnings per share and adds back the impact of acquisition-related amortization expense, net of tax. Acquisition-related amortization expense is a non-cash expense arising from the acquisition of intangible assets in connection with the acquisition. SXC excludes acquisition-related amortization expense from non-GAAP adjusted earnings per share because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of SXC business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets. Investors should note that the use of these intangible assets will contribute to revenue in the future period presented and periods beyond that and should also note that such expense will recur in future periods.

Adjusted EBITDA is a non-GAAP measure that management believes is a useful supplemental measure of operating performance prior to net interest income (expense), income taxes, depreciation, amortization, stock-based compensation, debt service, and certain other one-time charges. Management believes it is useful to exclude depreciation, amortization and net interest income (expense) as these are essentially fixed amounts that cannot be influenced by management in the short term. In addition, management believes it is useful to exclude stock-based compensation as this is not a cash expense. Lastly, debt service and certain other one-time charges (including lease termination charges and losses on disposals of capital assets) are excluded as these are not recurring items.

Management believes that adjusted earnings per share and adjusted EBITDA provide useful supplemental information to management and investors regarding the performance of the Company’s business operations and facilitate comparisons to its historical operating results. Management also uses this information internally for forecasting and budgeting as it believes that the measures are indicative of the Company’s core operating results. Note however, that both items are performance measures only, and do not provide any measure of the Company’s cash flow or liquidity. Non-GAAP financial measures should not be considered as a substitute for measures of financial performance in accordance with GAAP, and investors and potential investors are encouraged to review the reconciliation of adjusted earnings per share adjusted EBITDA.

Adjusted earnings per share and adjusted EBITDA do not have standardized meanings prescribed by GAAP. The Company's method of calculating adjusted earnings per share and adjusted EBITDA may differ from the methods used by other companies and, accordingly, it may not be comparable to similarly titled measures used by other companies. Reconciliation of adjusted EBITDA to net income is shown below (in thousands):

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