2018 J.P. Morgan
 Healthcare Conference
 Mark Tarr, President and Chief Executive Officer
 January 9, 2018
 Encompass Health 2
 The information contained in this presentation includes certain estimates, projections and other forward-looking
 information that reflect Encompass Health’s current outlook, views and plans with respect to future events, including
 legislative and regulatory developments, strategy, capital expenditures, acquisition and other development activities,
 cyber security, dividend strategies, repurchases of securities, effective tax rates, financial performance, financial
 assumptions, business model, balance sheet and cash flow plans, disintermediation, and shareholder value-enhancing
 transactions. These estimates, projections and other forward-looking information are based on assumptions the
 Company believes, as of the date hereof, are reasonable. Inevitably, there will be differences between such estimates
 and actual events or results, and those differences may be material.
 There can be no assurance any estimates, projections or forward-looking information will be realized.
 All such estimates, projections and forward-looking information speak only as of the date hereof. Encompass
 Health undertakes no duty to publicly update or revise the information contained herein.
 You are cautioned not to place undue reliance on the estimates, projections and other forward-looking information in
 this presentation as they are based on current expectations and general assumptions and are subject to various risks,
 uncertainties and other factors, including those set forth in the Form 10-K for the year ended December 31, 2016,
 Form 10-Q for the quarters ended March 31, 2017, June 30, 2017, and September 30, 2017, and in other documents
 Encompass Health previously filed with the SEC, many of which are beyond Encompass Health’s control, that may cause
 actual events or results to differ materially from the views, beliefs and estimates expressed herein.
 Note Regarding Presentation of Non-GAAP Financial Measures
 The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the
 Securities Exchange Act of 1934, including Adjusted EBITDA, leverage ratios, adjusted earnings per share, and adjusted
 free cash flow. The Company’s Form 8-K, dated January 8, 2018, to which the following presentation is attached as
 Exhibit 99.1, provides further explanation and disclosure regarding Encompass Health’s use of non-GAAP financial
 measures and should be read in conjunction with this presentation. Schedules that reconcile the non-GAAP financial
 measures included in the following presentation to the most directly comparable financial measures calculated and
 presented in accordance with Generally Accepted Accounting Principles in the United States are included in that
 Form 8-K. 
Forward-Looking Statements
 Encompass Health 3
 Company Overview
 4Encompass Health
 Company Overview - Inpatient Rehabilitation
 5Encompass Health
 Company Overview - Home Health and Hospice
 Encompass Health 6
 Market Overlap
 ~60% of the
 Company’s IRFs
 have an
 Encompass
 Health home
 health location
 within a 30-mile
 radius.
 Inpatient Rehabilitation and Home Health
 Encompass Health 7
 Investment Thesis
 Encompass Health is positioned to become the nation’s
 leading provider of integrated post-acute services.
 The healthcare industry is evolving toward integrated delivery models and value-based care.
 Superior
 Performance
 Change Agility
 Strategic Relationships
 Quality of Patient Outcomes
 Cost Effectiveness
 Growth
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 80
 70
 60
 50
 40
 30
 20
 10
 0
 2014 2018 2022 2026 2030
 Both Segments Benefit from a Demographic Tailwind:
 Growth in the Medicare Beneficiary Population
 Projected Population of Age 65+
 Age 80+Age 70-79Age 65-69
 Millions
 41% 
(19.0M)
 43%
 (22.8M)
 45%
 (27.0M)
 46%
 (31.1M)
 46%
 (33.8M)
 CAGR (Population Growth by Age)
 Age 2014to 2018
 2018
 to 2022
 2022
 to 2026
 70-74 5.1% 3.8% 2.6%
 75-79 4.1% 5.1% 5.0%
 ~3% CAGR
 Baby Boomer wave 
reaches average age of
 an Encompass Health 
Medicare patient (~76).
 Encompass Health 9
  Elements of Strategy
 Strategy
 The Company’s strategy is to expand its network of inpatient rehabilitation 
hospitals and home health and hospice agencies, further strengthen its relationships
 with healthcare systems, provider networks, and payors in order to connect patient
 care across the healthcare continuum, and to deliver superior outcomes. 
Clinical Expertise
 and High-Quality
 Outcomes
 Financial
 Resources
 Advanced
 Technology
 Sustained 
Growth
 Post-Acute
 Innovation
 Encompass Health 10
 2017 Summary
 GROWTH
 CAPITAL STRUCTURE
 OPERATIONAL INITIATIVES
 4 New
 Hospitals
 Expanded Existing
 Hospitals 
by 166 Beds
 Acquired or Opened 15
 Home Health Agencies
 Piloted Use of
 Enhanced 
Predictive Analytics
 Finalized
 Installation of
 Clinical Information
 System (ACE-IT)
 Formed
 Post-Acute
 Innovation Center
 Reduced
  Leverage
 Increased
  Liquidity
 Continued
 Shareholder
  Distributions
 Completed
  Clinical 
Collaboration
 TEAMWORKS
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 2018 Priorities
 GROWTH
 CAPITAL STRUCTURE
 OPERATIONAL INITIATIVES
 Hospitals Home HealthAgencies
 Hospice
 Agencies
 Rebranding
 and 
Name Change
 Post-Acute
 Patient
 Navigation
 Tools
 Clinical
 Collaboration
 Predictive
 Data 
Analytics
 Alternative
 Payment 
Models
 Opportunistic
 Refinancings
 Continued
 Shareholder
  Distributions
 Encompass Health 12
 Guidance 
Adjusted EBITDA 
Adjusted Earnings per Share
 from Continuing Operations
 Attributable to Encompass
 Health 
Net Operating Revenues
 2017 Guidance
 The Company currently expects to be 
in the upper half of these ranges.
 2018
 Preliminary Guidance
 Net Operating Revenues
 Adjusted EBITDA 
$830 million to $850 million
 Adjusted Earnings per Share
 from Continuing Operations
 Attributable to Encompass
 Health 
$3.25 to $3.40
 $3,900 million to $3,950 million
 $810 million to $820 million
 $2.67 to $2.73
 $4,150 million to $4,250 million
 Encompass Health 13
 2018 Guidance Considerations
 Inpatient Rehabilitation
 u Estimated 0.8% increase in Medicare pricing
 for Q1 through Q3; ~1.25% for Q4
 u Salary increase of ~3.0%; benefits increase
 of ~8.0% to 10.0%
 u Bad debt expense of 1.6% to 1.9% of net
 operating revenues
 Home Health and Hospice
 u Estimated 1.0% net Medicare pricing
 reduction for CY 2018
 u Salary increase of ~3.0%; benefits increase
 of ~8.0% to 10.0%
 u Inclusive of home health and hospice
 acquisitions in 2018
 Consolidated
 u Includes approximately $11 million to $13 million of operating expenses (included in corporate
 general and administrative expenses) associated with the rebranding and name change
 u Diluted share count of ~99.3 million shares
 u Tax rate of ~28% (includes impact from Tax Cuts and Jobs Act)
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 Adjusted Free Cash Flow Assumptions
 Certain Cash Flow Items
 (millions)
 2017
 Estimates 
2018
 Assumptions
 • Cash interest expense
      (net of amortization of debt
       discounts and fees)
 ~$148 $140 to $150
 • Cash payments for taxes, net of refunds ~$100 $125 to $150
 • Working Capital and Other $0 to $25 $50 to $70
 • Maintenance CAPEX $140 to $150 $130 to $150
 • Adjusted Free Cash Flow $387 to $432 $310 to $405
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 Free Cash Flow Priorities
 2018 Assumptions
 (In Millions)
 Growth in Core Business
 IRF bed expansions $30 to $40
 New IRFs
   - De novos 80 to 110
   - Acquisitions opportunistic
   - Replacement IRFs and other 40 to 50
 New home health and hospice acquisitions 50 to 100
  $200 to $300, excluding IRF
 acquisitions
 Debt Reduction
 Debt redemptions (borrowings), net opportunistic
 Shareholder Distributions
 Cash dividends on common stock ~$100
 Common stock repurchases  opportunistic
 2018
 Assumptions
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 Strong and Sustainable Business Fundamentals
 Real Estate
 Ownership
   Attractive
 Healthcare Sectors
   Growth
 Opportunities
   Cost-Effectiveness
   Financial Strength
   Industry Leading
 Positions
 Committed to Delivering High-Quality,
 Cost-Effective Care Across the 
Post-Acute Continuum