|                                     |
|-------------------------------------|
|                                     |  |
| Media Contact                       | February 26, 2018 |
| Casey Lassiter, 205 447-6410        |   |
| casey.lassiter@encompasshealth.com  |   |
|                                |   |
| Investor Relations Contact          |   |
| Crissy Carlisle, 205 970-5860       |   |
| crissy.carlisle@encompasshealth.com |   |

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 |   |   |   |   | Growth |
|                                                                                 | Q4 2017 |   | Q4 2016 |   | Dollars |   | Percent |
|                                                                                 | (In Millions, Except per Share Data) |
| Net operating revenues                                                               | $ | 1,019.7 |  |   | $ | 949.9 |  |   | $ | 69.8 |  |   | 7.3 |  % |
| Income from continuing operations attributable to Encompass Health per diluted share | 0.61 |  |   | 0.68 |  |   | (0.07 | ) |   | (10.3 | )% |
| Adjusted earnings per share                                                          | 0.70 |  |   | 0.72 |  |   | (0.02 | ) |   | (2.8 | )% |
| Cash flows provided by operating activities                                          | 151.4 |  |   | 135.0 |  |   | 16.4 |  |   | 12.1 |  % |
| Adjusted EBITDA                                                                      | 208.2 |  |   | 198.8 |  |   | 9.4 |  |   | 4.7 |  % |
| Adjusted free cash flow                                                              | 91.5 |  |   | 80.0 |  |   | 11.5 |  |   | 14.4 |  % |
|                                                                                 | Year Ended December 31, |   |   |   |   |
|                                                                                 | 2017 |   | 2016 |   |   |   |   |
| Cash flows provided by operating activities                                          | 657.2 |  |   | 634.4 |  |   | 22.8 |  |   | 3.6 |  % |
| Adjusted free cash flow                                                              | 467.6 |  |   | 474.5 |  |   | (6.9 | ) |   | (1.5 | )% |

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|   |   | 1 |

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|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              |   |   |   |   | Growth |
|                              | Q4 2017 |   | Q4 2016 |   | Dollars |   | Percent |
| Net operating revenues:           | (In Millions) |
| Inpatient                         | $ | 784.7 |  |   | $ | 740.9 |  |   | $ | 43.8 |  |   | 5.9 |  % |
| Outpatient and other              | 26.1 |  |   | 26.7 |  |   | (0.6 | ) |   | (2.2 | )% |
| Total segment revenue             | $ | 810.8 |  |   | $ | 767.6 |  |   | $ | 43.2 |  |   | 5.6 |  % |
|                              |   |   |   |   |   |   |   |
|                              | (Actual Amounts) |
| Discharges                        | 43,910 |  |   | 41,474 |  |   | 2,436 |  |   | 5.9 |  % |
| Same-store discharge growth       |   |   |   |   |   |   | 3.9 |  % |
| Net patient revenue per discharge | $ | 17,871 |  |   | $ | 17,864 |  |   | $ | 7 |  |   | — |  % |
|                              |   |   |   |   |   |   |   |
|                              | (In Millions) |
| Adjusted EBITDA                   | $ | 207.1 |  |   | $ | 197.6 |  |   | $ | 9.5 |  |   | 4.8 |  % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Revenue - Revenue growth resulted from strong volume growth. Holiday-related timing differences favorably impacted discharge growth and negatively impacted revenue per discharge. Discharge growth in the fourth quarter of 2017 was 5.9% compared to 1.4% discharge growth in the fourth quarter of 2016. Same-store discharge growth was 3.9% in the fourth quarter of 2017 compared to 0.1% in the fourth quarter of 2016. Discharge growth from new stores resulted from the Company's joint ventures in Gulfport, Mississippi (April 2017), Westerville, Ohio (April 2017), and Jackson, Tennessee (July 2017), as well as the opening of wholly owned hospitals in Modesto, California (October 2016) and Pearland, Texas (October 2017). |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Adjusted EBITDA - The increase in Adjusted EBITDA for the inpatient rehabilitation segment resulted primarily from revenue growth. Lower group medical expenses also contributed to growth in Adjusted EBITDA. The year-over-year decline in group medical expenses favorably impacted salaries and benefits as a percent of net operating revenues and served to offset the impact of compensation increases and the ramping up of new stores on this ratio. Other operating expenses increased as a percent of net operating revenues primarily due to increased provider tax expense in the fourth quarter of 2017 and the impact of favorable franchise tax recoveries in the fourth quarter of 2016. Bad debt expense as a percent of net operating revenues decreased from 1.7% in the fourth |

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|        |  |  |
|   |   | 2 |

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|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         |   |   |   |   | Growth |
|                         | Q4 2017 |   | Q4 2016 |   | Dollars |   | Percent |
| Net operating revenues:      | (In Millions) |
| Home health                  | $ | 187.3 |  |   | $ | 165.2 |  |   | $ | 22.1 |  |   | 13.4 |  % |
| Hospice and other            | 21.6 |  |   | 17.1 |  |   | 4.5 |  |   | 26.3 |  % |
| Total segment revenue        | $ | 208.9 |  |   | $ | 182.3 |  |   | $ | 26.6 |  |   | 14.6 |  % |
|                         |   |   |   |   |   |   |   |
|                         | (Actual Amounts) |
| Admissions                   | 31,766 |  |   | 27,957 |  |   | 3,809 |  |   | 13.6 |  % |
| Same-store admissions growth |   |   |   |   |   |   | 10.1 |  % |
| Episodes                     | 56,625 |  |   | 49,253 |  |   | 7,372 |  |   | 15.0 |  % |
| Same-store episode growth    |   |   |   |   |   |   | 11.2 |  % |
| Revenue per episode          | $ | 2,989 |  |   | $ | 3,023 |  |   | $ | (34 | ) |   | (1.1 | )% |
|                         |   |   |   |   |   |   |   |
|                         | (In Millions) |
| Adjusted EBITDA              | $ | 34.4 |  |   | $ | 28.0 |  |   | $ | 6.4 |  |   | 22.9 |  % |

|         |                                                                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Revenue - Revenue growth was driven by strong volume growth. The decrease in revenue per episode resulted from Medicare reimbursement rate cuts partially offset by changes in patient mix and reconciliation payments attributed to various alternative payment models (e.g., BPCI; ACOs). |

|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | Adjusted EBITDA - Growth in Adjusted EBITDA primarily resulted from revenue growth and staffing productivity gains. |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | Q4 2017 |   | % of Consolidated Revenue |   | Q4 2016 |   | % of Consolidated Revenue |
|                                                                    | (In Millions) |
| General and administrative expenses, excluding stock-based compensation | $ | 33.3 |  |   | 3.3% |   | $ | 26.8 |  |   | 2.8% |

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|   |   | 3 |

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|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 | Full-Year |   | Growth |
|                                                                                 | 2017 |   | 2016 |   | Dollars |   | Percent |
|                                                                                 | (in millions, except per share data) |
| Net operating revenues                                                               | $ | 3,971.4 |  |   | $ | 3,707.2 |  |   | $ | 264.2 |  |   | 7.1 | % |
| Income from continuing operations attributable to Encompass Health per diluted share | 2.69 |  |   | 2.59 |  |   | 0.10 |  |   | 3.9 | % |
| Adjusted earnings per share                                                          | 2.76 |  |   | 2.67 |  |   | 0.09 |  |   | 3.4 | % |
| Adjusted EBITDA                                                                      | 823.1 |  |   | 793.6 |  |   | 29.5 |  |   | 3.7 | % |

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |
| Full-year 2018 guidance ranges                                                          |
| (in millions, except per share data)                                                    |
| Net operating revenues                                                                  | $4,150 to $4,250 |
| Adjusted EBITDA                                                                         | $830 to $850 |
| Adjusted earnings per share from continuing operations attributable to Encompass Health | $3.25 to $3.40 |

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|   |   | 4 |

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|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | Provision for doubtful accounts - estimate of 1.6% to 1.9% of net operating revenues |

|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| • | Interest expense and amortization of debt discounts and fees - estimate of $147 million to $157 million |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | Amortization of debt-related items - approximately $7 million |

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|   |   | 5 |

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|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         | For the Three Months Ended December 31, |   | For the Year Ended December 31, |
|                                                         | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                         | (In Millions) |
| Net operating revenues                                       | $ | 1,019.7 |  |   | $ | 949.9 |  |   | $ | 3,971.4 |  |   | $ | 3,707.2 |  |
| Less: Provision for doubtful accounts                        | (9.7 | ) |   | (14.5 | ) |   | (52.4 | ) |   | (61.2 | ) |
| Net operating revenues less provision for doubtful accounts  | 1,010.0 |  |   | 935.4 |  |   | 3,919.0 |  |   | 3,646.0 |  |
| Operating expenses:                                          |   |  |   |   |  |   |   |   |   |
| Salaries and benefits                                        | 554.6 |  |   | 516.3 |  |   | 2,154.6 |  |   | 1,985.9 |  |
| Other operating expenses                                     | 139.5 |  |   | 125.1 |  |   | 536.7 |  |   | 492.1 |  |
| Occupancy costs                                              | 18.7 |  |   | 17.8 |  |   | 73.5 |  |   | 71.3 |  |
| Supplies                                                     | 38.7 |  |   | 35.8 |  |   | 149.3 |  |   | 140.0 |  |
| General and administrative expenses                          | 43.1 |  |   | 36.8 |  |   | 171.7 |  |   | 133.4 |  |
| Depreciation and amortization                                | 46.6 |  |   | 43.8 |  |   | 183.8 |  |   | 172.6 |  |
| Professional fees—accounting, tax, and legal           | — |  |   | — |  |   | — |  |   | 1.9 |  |
| Total operating expenses                                     | 841.2 |  |   | 775.6 |  |   | 3,269.6 |  |   | 2,997.2 |  |
| Loss on early extinguishment of debt                         | — |  |   | — |  |   | 10.7 |  |   | 7.4 |  |
| Interest expense and amortization of debt discounts and fees | 35.9 |  |   | 41.6 |  |   | 154.4 |  |   | 172.1 |  |
| Other income                                                 | (1.2 | ) |   | (0.8 | ) |   | (4.1 | ) |   | (2.9 | ) |
| Equity in net income of nonconsolidated affiliates           | (1.8 | ) |   | (2.5 | ) |   | (8.0 | ) |   | (9.8 | ) |
| Income from continuing operations before income tax expense  | 135.9 |  |   | 121.5 |  |   | 496.4 |  |   | 482.0 |  |
| Provision for income tax expense                             | 49.2 |  |   | 39.7 |  |   | 160.6 |  |   | 163.9 |  |
| Income from continuing operations                            | 86.7 |  |   | 81.8 |  |   | 335.8 |  |   | 318.1 |  |
| (Loss) income from discontinued operations, net of tax       | (0.2 | ) |   | 0.3 |  |   | (0.4 | ) |   | — |  |
| Net income                                                   | 86.5 |  |   | 82.1 |  |   | 335.4 |  |   | 318.1 |  |
| Less: Net income attributable to noncontrolling interests    | (25.9 | ) |   | (16.8 | ) |   | (79.1 | ) |   | (70.5 | ) |
| Net income attributable to Encompass Health                  | 60.6 |  |   | 65.3 |  |   | 256.3 |  |   | 247.6 |  |

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|        |  |  |
|   | (Continued) | 6 |

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|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                             | For the Three Months Ended December 31, |   | For the Year Ended December 31, |
|                                                                             | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                             | (In Millions, Except Per Share Data) |
| Weighted average common shares outstanding:                                      |   |  |   |   |  |   |   |   |   |
| Basic                                                                            | 97.6 |  |   | 88.6 |  |   | 93.7 |  |   | 89.1 |  |
| Diluted                                                                          | 99.2 |  |   | 99.2 |  |   | 99.3 |  |   | 99.5 |  |
|                                                                             |   |   |   |   |   |   |   |
| Earnings per common share:                                                       |   |   |   |   |   |   |   |
| Basic earnings per share attributable to Encompass Health common shareholders:   |   |   |   |  |   |   |   |   |
| Continuing operations                                                            | $ | 0.62 |  |   | $ | 0.73 |  |   | $ | 2.73 |  |   | $ | 2.77 |  |
| Discontinued operations                                                          | — |  |   | — |  |   | — |  |   | — |  |
| Net income                                                                       | $ | 0.62 |  |   | $ | 0.73 |  |   | $ | 2.73 |  |   | $ | 2.77 |  |
| Diluted earnings per share attributable to Encompass Health common shareholders: |   |   |   |   |   |   |   |
| Continuing operations                                                            | $ | 0.61 |  |   | $ | 0.68 |  |   | $ | 2.69 |  |   | $ | 2.59 |  |
| Discontinued operations                                                          | — |  |   | — |  |   | — |  |   | — |  |
| Net income                                                                       | $ | 0.61 |  |   | $ | 0.68 |  |   | $ | 2.69 |  |   | $ | 2.59 |  |
|                                                                             |   |   |   |   |   |   |   |
| Cash dividends per common share                                                  | $ | 0.25 |  |   | $ | 0.24 |  |   | $ | 0.98 |  |   | $ | 0.94 |  |
|                                                                             |   |   |   |   |   |   |   |
| Amounts attributable to Encompass Health common shareholders:                    |   |   |   |  |   |   |   |   |
| Income from continuing operations                                                | $ | 60.8 |  |   | $ | 65.0 |  |   | $ | 256.7 |  |   | $ | 247.6 |  |
| (Loss) income from discontinued operations, net of tax                           | (0.2 | ) |   | 0.3 |  |   | (0.4 | ) |   | — |  |
| Net income attributable to Encompass Health                                      | $ | 60.6 |  |   | $ | 65.3 |  |   | $ | 256.3 |  |   | $ | 247.6 |  |

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|   |   | 7 |

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|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |
|                                                                                             | December 31, 2017 |   | December 31, 2016 |
|                                                                                             | (In Millions) |
| Assets                                                                                           |   |   |   |
| Current assets:                                                                                  |   |   |   |
| Cash and cash equivalents                                                                        | $ | 54.4 |  |   | $ | 40.5 |  |
| Restricted cash                                                                                  | 62.4 |  |   | 60.9 |  |
| Accounts receivable, net of allowance for doubtful accounts of $60.9 in 2017; $53.9 in 2016 | 472.1 |  |   | 443.8 |  |
| Prepaid expenses and other current assets                                                        | 113.3 |  |   | 109.3 |  |
| Total current assets                                                                             | 702.2 |  |   | 654.5 |  |
| Property and equipment, net                                                                      | 1,517.1 |  |   | 1,391.8 |  |
| Goodwill                                                                                         | 1,972.6 |  |   | 1,927.2 |  |
| Intangible assets, net                                                                           | 403.1 |  |   | 411.3 |  |
| Deferred income tax assets                                                                       | 63.6 |  |   | 75.8 |  |
| Other long-term assets                                                                           | 235.1 |  |   | 221.3 |  |
| Total assets                                                                                     | $ | 4,893.7 |  |   | $ | 4,681.9 |  |
| Liabilities and Shareholders’ Equity                                                       |   |   |   |
| Current liabilities:                                                                             |   |   |   |
| Current portion of long-term debt                                                                | $ | 32.3 |  |   | $ | 37.1 |  |
| Accounts payable                                                                                 | 78.4 |  |   | 68.3 |  |
| Accrued payroll                                                                                  | 172.1 |  |   | 147.3 |  |
| Accrued interest payable                                                                         | 24.7 |  |   | 25.8 |  |
| Other current liabilities                                                                        | 210.0 |  |   | 197.1 |  |
| Total current liabilities                                                                        | 517.5 |  |   | 475.6 |  |
| Long-term debt, net of current portion                                                           | 2,545.4 |  |   | 2,979.3 |  |
| Self-insured risks                                                                               | 110.1 |  |   | 110.4 |  |
| Other long-term liabilities                                                                      | 75.2 |  |   | 49.6 |  |
|                                                                                             | 3,248.2 |  |   | 3,614.9 |  |
| Commitments and contingencies                                                                    |   |   |   |
| Redeemable noncontrolling interests                                                              | 220.9 |  |   | 138.3 |  |
| Shareholders’ equity:                                                                      |   |  |   |   |  |
| Encompass Health shareholders’ equity                                                      | 1,181.7 |  |   | 735.9 |  |
| Noncontrolling interests                                                                         | 242.9 |  |   | 192.8 |  |
| Total shareholders’ equity                                                                 | 1,424.6 |  |   | 928.7 |  |
| Total liabilities and shareholders’ equity                                                 | $ | 4,893.7 |  |   | $ | 4,681.9 |  |

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|   |   | 8 |

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|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |
|                                                                                    | For the Year Ended December 31, |
|                                                                                    | 2017 |  | 2016 |
|                                                                                    | (In Millions) |
| Cash flows from operating activities:                                                   |   |   |   |
| Net income                                                                              | $ | 335.4 |  |   | $ | 318.1 |  |
| Loss from discontinued operations, net of tax                                           | 0.4 |  |   | — |  |
| Adjustments to reconcile net income to net cash provided by operating activities— |   |  |   |   |  |
| Provision for doubtful accounts                                                         | 52.4 |  |   | 61.2 |  |
| Depreciation and amortization                                                           | 183.8 |  |   | 172.6 |  |
| Amortization of debt-related items                                                      | 8.7 |  |   | 13.8 |  |
| Loss on early extinguishment of debt                                                    | 10.7 |  |   | 7.4 |  |
| Equity in net income of nonconsolidated affiliates                                      | (8.0 | ) |   | (9.8 | ) |
| Distributions from nonconsolidated affiliates                                           | 8.6 |  |   | 8.5 |  |
| Stock-based compensation                                                                | 47.7 |  |   | 27.4 |  |
| Deferred tax expense                                                                    | 75.6 |  |   | 132.9 |  |
| Other, net                                                                              | 3.4 |  |   | 0.1 |  |
| Change in assets and liabilities, net of acquisitions—                            |   |   |   |  |
| Accounts receivable                                                                     | (83.9 | ) |   | (127.5 | ) |
| Prepaid expenses and other assets                                                       | (12.6 | ) |   | (3.3 | ) |
| Accounts payable                                                                        | 7.5 |  |   | 6.3 |  |
| Accrued payroll                                                                         | 24.4 |  |   | 21.4 |  |
| Other liabilities                                                                       | 3.7 |  |   | 11.8 |  |
| Premium paid on redemption of bonds                                                     | — |  |   | (5.8 | ) |
| Net cash used in operating activities of discontinued operations                        | (0.6 | ) |   | (0.7 | ) |
| Total adjustments                                                                       | 321.4 |  |   | 316.3 |  |
| Net cash provided by operating activities                                               | 657.2 |  |   | 634.4 |  |
|                                                                                    |   |   |   |

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|        |  |  |
|   | (Continued) | 9 |

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|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |
|                                                                      | For the Year Ended December 31, |
|                                                                      | 2017 |   | 2016 |
|                                                                      | (In Millions) |
| Cash flows from investing activities:                                     |   |   |   |
| Acquisitions of businesses, net of cash acquired                          | (38.8 | ) |   | (48.1 | ) |
| Purchases of property and equipment                                       | (225.8 | ) |   | (177.7 | ) |
| Additions to capitalized software costs                                   | (19.2 | ) |   | (25.2 | ) |
| Proceeds from disposal of assets                                          | 12.3 |  |   | 23.9 |  |
| Purchase of restricted investments                                        | (8.5 | ) |   | (1.3 | ) |
| Net change in restricted cash                                             | (1.5 | ) |   | (15.1 | ) |
| Other, net                                                                | (3.0 | ) |   | (1.6 | ) |
| Net cash provided by investing activities of discontinued operations      | — |  |   | 0.1 |  |
| Net cash used in investing activities                                     | (284.5 | ) |   | (245.0 | ) |
| Cash flows from financing activities:                                     |   |   |   |
| Principal payments on debt, including pre-payments                        | (129.9 | ) |   | (202.1 | ) |
| Borrowings on revolving credit facility                                   | 273.3 |  |   | 335.0 |  |
| Payments on revolving credit facility                                     | (330.3 | ) |   | (313.0 | ) |
| Principal payments under capital lease obligations                        | (15.3 | ) |   | (13.3 | ) |
| Debt amendment and issuance costs                                         | (3.1 | ) |   | — |  |
| Repurchases of common stock, including fees and expenses                  | (38.1 | ) |   | (65.6 | ) |
| Dividends paid on common stock                                            | (91.5 | ) |   | (83.8 | ) |
| Proceeds from exercising stock warrants                                   | 26.6 |  |   | — |  |
| Distributions paid to noncontrolling interests of consolidated affiliates | (51.9 | ) |   | (64.9 | ) |
| Taxes paid on behalf of employees for shares withheld                     | (19.8 | ) |   | (11.6 | ) |
| Contributions from consolidated affiliates                                | 20.8 |  |   | 3.5 |  |
| Other, net                                                                | 0.4 |  |   | 5.3 |  |
| Net cash used in financing activities                                     | (358.8 | ) |   | (410.5 | ) |
| Increase (decrease) in cash and cash equivalents                          | 13.9 |  |   | (21.1 | ) |
| Cash and cash equivalents at beginning of period                          | 40.5 |  |   | 61.6 |  |
| Cash and cash equivalents at end of period                                | $ | 54.4 |  |   | $ | 40.5 |  |
|                                                                      |   |   |   |
| Supplemental schedule of noncash financing activity:                      |   |   |   |
| Conversion of convertible debt                                            | $ | 319.4 |  |   | $ | — |  |

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|        |  |  |
|   |   | 10 |

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|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                           | QTD |   | YTD |
|                                                           | Q4 2017 |   | Q4 2016 |   | Q4 2017 |   | Q4 2016 |
|                                                           | (In Millions, Except Per Share Data) |
| Adjusted EBITDA                                                | $ | 208.2 |  |   | $ | 198.8 |  |   | $ | 823.1 |  |   | $ | 793.6 |  |
| Interest expense and amortization of debt discounts and fees   | (35.9 | ) |   | (41.6 | ) |   | (154.4 | ) |   | (172.1 | ) |
| Depreciation and amortization                                  | (46.6 | ) |   | (43.8 | ) |   | (183.8 | ) |   | (172.6 | ) |
| Stock-based compensation expense                               | (9.8 | ) |   | (10.0 | ) |   | (47.7 | ) |   | (27.4 | ) |
| Noncash (loss) gain on disposal of assets                      | (1.3 | ) |   | 1.3 |  |   | (4.6 | ) |   | (0.7 | ) |
|                                                           | 114.6 |  |   | 104.7 |  |   | 432.6 |  |   | 420.8 |  |
| Certain items non-indicative of ongoing operating performance: |   |   |   |   |   |   |   |
| Professional fees—accounting, tax, and legal             | — |  |   | — |  |   | — |  |   | (1.9 | ) |
| Loss on early extinguishment of debt                           | — |  |   | — |  |   | (10.7 | ) |   | (7.4 | ) |
| Tax reform impact on noncontrolling interests                  | (4.6 | ) |   | — |  |   | (4.6 | ) |   | — |  |
| Pre-tax income                                                 | 110.0 |  |   | 104.7 |  |   | 417.3 |  |   | 411.5 |  |
| Income tax expense                                             | (49.2 | ) | (1)  | (39.7 | ) | (2)  | (160.6 | ) |   | (163.9 | ) |
| Income from continuing operations (3)                          | $ | 60.8 |  |   | $ | 65.0 |  |   | $ | 256.7 |  |   | $ | 247.6 |  |
|                                                           |   |   |   |   |   |   |   |
| Basic shares                                                   | 97.6 |  |   | 88.6 |  |   | 93.7 |  |   | 89.1 |  |
| Diluted shares                                                 | 99.2 |  |   | 99.2 |  |   | 99.3 |  |   | 99.5 |  |
|                                                           |   |   |   |   |   |   |   |
| Basic earnings per share (3)                                   | $ | 0.62 |  |   | $ | 0.73 |  |   | $ | 2.73 |  |   | $ | 2.77 |  |
| Diluted earnings per share (3)                                 | $ | 0.61 |  |   | $ | 0.68 |  |   | $ | 2.69 |  |   | $ | 2.59 |  |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | The application of the lower income tax rate that resulted from the Tax Cuts and Jobs Act to the Company’s net deferred tax assets resulted in a net $1.2 million increase in tax expense in Q4 2017. Application of the new tax rate to the Company’s joint venture entities’ deferred tax liabilities resulted in a net reduction in tax expense in Q4 2017. The Company’s joint venture partners’ share of this net tax benefit was $4.6 million, which resulted in an increase in noncontrolling interest expense in Q4 2017. |

|           |                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------|
| (2)  | The Company benefited from a lower state tax rate driven by the Reliant and CareSouth acquisitions. |

|           |                                                                    |
|-----------|--------------------------------------------------------------------|
| (3)  | Income from continuing operations attributable to Encompass Health |

|        |
|--------|
|        |  |  |
|   |   | 11 |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                     | Q4 |   | Full Year |
|                                                     | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                     |   |   |   |   |   |   |   |
| Earnings per share, as reported                          | $ | 0.61 |  |   | $ | 0.68 |  |   | $ | 2.69 |  |   | $ | 2.59 |  |
| Adjustments, net of tax:                                 |   |   |   |   |   |   |   |
| Professional fees — accounting, tax, and legal     | — |  |   | — |  |   | — |  |   | 0.01 |  |
| Mark-to-market adjustments for stock appreciation rights | — |  |   | 0.02 |  |   | 0.08 |  |   | 0.01 |  |
| Income tax adjustments                                   | 0.03 |  |   | (0.01 | ) |   | (0.08 | ) |   | (0.01 | ) |
| Tax reform impact                                        | 0.06 |  |   | — |  |   | 0.06 |  |   | — |  |
| Loss on early extinguishment of debt                     | — |  |   | — |  |   | — |  |   | 0.04 |  |
| Sale of pediatric home health assets and hospital        | — |  |   | 0.03 |  |   | — |  |   | 0.02 |  |
| Adjusted earnings per share*                             | $ | 0.70 |  |   | $ | 0.72 |  |   | $ | 2.76 |  |   | $ | 2.67 |  |

|   |                                           |
|---|-------------------------------------------|
| * | Adjusted EPS may not sum due to rounding. |

|        |
|--------|
|        |  |  |
|   |   | 12 |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | For the Three Months Ended December 31, 2017 |
|                                                                                    |   |   | Adjustments |   |   |
|                                                                                    | As Reported |   | Mark-to-Market Adjustment for Stock Appreciation Rights |   | Income Tax Adjustments |   | Tax Reform Impact |   | As Adjusted |
|                                                                                    | (In Millions, Except Per Share Amounts) |
| Adjusted EBITDA*                                                                        | $ | 208.2 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 208.2 |  |
| Depreciation and amortization                                                           | (46.6 | ) |   | — |  |   | — |  |   | — |  |   | (46.6 | ) |
| Interest expense and amortization of debt discounts and fees                            | (35.9 | ) |   | — |  |   | — |  |   | — |  |   | (35.9 | ) |
| Stock-based compensation                                                                | (9.8 | ) |   | (0.6 | ) |   | — |  |   | — |  |   | (10.4 | ) |
| Loss on disposal of assets                                                              | (1.3 | ) |   | — |  |   | — |  |   | — |  |   | (1.3 | ) |
| Tax reform impact on noncontrolling interests                                           | (4.6 | ) |   | — |  |   | — |  |   | 4.6 |  |   | — |  |
| Income from continuing operations before income tax expense                             | 110.0 |  |   | (0.6 | ) |   | — |  |   | 4.6 |  |   | 114.0 |  |
| Provision for income tax expense                                                        | (49.2 | ) |   | 0.3 |  |   | 2.7 |  |   | 1.2 |  |   | (45.0 | ) |
| Income from continuing operations attributable to Encompass Health                      | $ | 60.8 |  |   | $ | (0.3 | ) |   | $ | 2.7 |  |   | $ | 5.8 |  |   | $ | 69.0 |  |
| Add: Interest, amortization, and loss on extinguishment of convertible debt, net of tax | — |  |   |   |   |   |   |   |   | — |  |
| Numerator for diluted earnings per share                                                | $ | 60.8 |  |   |   |   |   |   |   |   | $ | 69.0 |  |
|                                                                                    |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share from continuing operations, as reported**                    | $ | 0.61 |  |   | $ | — |  |   | $ | 0.03 |  |   | $ | 0.06 |  |   | $ | 0.70 |  |
| Diluted shares used in calculation                                                      | 99.2 |  |   |   |   |   |   |   |   |   |

|   |                                            |
|---|--------------------------------------------|
| * | Reconciliation to GAAP provided on page 17 |

|    |                                                  |
|----|--------------------------------------------------|
| ** | Adjusted EPS may not sum across due to rounding. |

|        |
|--------|
|        |  |  |
|   |   | 13 |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                               | For the Three Months Ended December 31, 2016 |   |
|                                                               |   |   | Adjustments |   |   |   |
|                                                               | As Reported |   | Mark-to-Market Adjustment for Stock Appreciation Rights |   | Sale of Pediatric Home Health Assets and Hospital |   | Income Tax Valuation and Other Adjustments |   | As Adjusted |   |
|                                                               | (In Millions, Except Per Share Amounts) |   |
| Adjusted EBITDA*                                                   | $ | 198.8 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 198.8 |  |   |
| Depreciation and amortization                                      | (43.8 | ) |   | — |  |   | — |  |   | — |  |   | (43.8 | ) |   |
| Interest expense and amortization of debt discounts and fees       | (41.6 | ) |   | — |  |   | — |  |   | — |  |   | (41.6 | ) |   |
| Stock-based compensation                                           | (10.0 | ) |   | 3.0 |  |   | — |  |   | — |  |   | (7.0 | ) |   |
| Loss on disposal of assets                                         | 1.3 |  |   | — |  |   | (3.3 | ) |   | — |  |   | (2.0 | ) |   |
| Income from continuing operations before income tax expense        | 104.7 |  |   | 3.0 |  |   | (3.3 | ) |   | — |  |   | 104.4 |  |   |
| Provision for income tax expense                                   | (39.7 | ) |   | (1.1 | ) |   | 6.1 |  |   | (0.6 | ) |   | (35.3 | ) | (1)  |
| Income from continuing operations attributable to Encompass Health | $ | 65.0 |  |   | $ | 1.9 |  |   | $ | 2.8 |  |   | $ | (0.6 | ) |   | $ | 69.1 |  |   |
| Add: Interest on convertible debt, net of tax                      | 2.5 |  |   |   |   |   |   |   |   | 2.5 |  |   |
| Numerator for diluted earnings per share                           | $ | 67.5 |  |   |   |   |   |   |   |   | $ | 71.6 |  |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share from continuing operations**            | $ | 0.68 |  |   | $ | 0.02 |  |   | $ | 0.03 |  |   | $ | (0.01 | ) |   | $ | 0.72 |  |   |
| Diluted shares used in calculation                                 | 99.2 |  |   |   |   |   |   |   |   |   |   |

|   |                                            |
|---|--------------------------------------------|
| * | Reconciliation to GAAP provided on page 17 |

|    |                                                  |
|----|--------------------------------------------------|
| ** | Adjusted EPS may not sum across due to rounding. |

|          |                                                                                                     |
|----------|-----------------------------------------------------------------------------------------------------|
| (1)  | The Company benefited from a lower state tax rate driven by the Reliant and CareSouth acquisitions. |

|        |
|--------|
|        |  |  |
|   |   | 14 |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | For the Year Ended December 31, 2017 |
|                                                                                    |   |   | Adjustments |   |   |
|                                                                                    | As Reported |   | Mark-to-Market Adjustment for Stock Appreciation Rights |   | Tax Reform Impact |   | Loss on Early Extinguishment of Debt |   | Income Tax  Adjustments |   | As Adjusted |
|                                                                                    | (In Millions, Except Per Share Amounts) |
| Adjusted EBITDA*                                                                        | $ | 823.1 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 823.1 |  |
| Depreciation and amortization                                                           | (183.8 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (183.8 | ) |
| Loss on early extinguishment of debt                                                    | (10.7 | ) |   | — |  |   | — |  |   | 0.3 |  |   | — |  |   | (10.4 | ) |
| Interest expense and amortization of debt discounts and fees                            | (154.4 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (154.4 | ) |
| Stock-based compensation                                                                | (47.7 | ) |   | 13.3 |  |   | — |  |   | — |  |   | — |  |   | (34.4 | ) |
| Loss on disposal of assets                                                              | (4.6 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (4.6 | ) |
| Tax reform impact on noncontrolling interests                                           | (4.6 | ) |   | — |  |   | 4.6 |  |   | — |  |   | — |  |   | — |  |
| Income from continuing operations before income tax expense                             | 417.3 |  |   | 13.3 |  |   | 4.6 |  |   | 0.3 |  |   | — |  |   | 435.5 |  |
| Provision for income tax expense                                                        | (160.6 | ) |   | (5.3 | ) |   | 1.2 |  |   | (0.1 | ) |   | (7.7 | ) |   | (172.5 | ) |
| Income from continuing operations attributable to Encompass Health                      | $ | 256.7 |  |   | $ | 8.0 |  |   | $ | 5.8 |  |   | $ | 0.2 |  |   | $ | (7.7 | ) |   | $ | 263.0 |  |
| Add: Interest, amortization, and loss on extinguishment of convertible debt, net of tax | 10.8 |  |   |   |   |   |   |   |   |   |   | 10.8 |  |
| Numerator for diluted earnings per share                                                | $ | 267.5 |  |   |   |   |   |   |   |   |   |   | $ | 273.8 |  |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share from continuing operations, as reported**                    | $ | 2.69 |  |   | $ | 0.08 |  |   | $ | 0.06 |  |   | $ | — |  |   | $ | (0.08 | ) |   | $ | 2.76 |  |
| Diluted shares used in calculation                                                      | 99.3 |  |   |   |   |   |   |   |   |   |   |   |

|   |                                            |
|---|--------------------------------------------|
| * | Reconciliation to GAAP provided on page 17 |

|    |                                                  |
|----|--------------------------------------------------|
| ** | Adjusted EPS may not sum across due to rounding. |

|        |
|--------|
|        |  |  |
|   |   | 15 |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                               | For the Year Ended December 31, 2016 |
|                                                               |   | Adjustments |   |   |
|                                                               | As Reported |   | Prof. Fees - Acct., Tax, & Legal |   | Mark-to-Market Adjustment for Stock Appreciation Rights |   | Loss on Early Exting. of Debt |   | Sale of Pediatric Home Health Assets and Hospital |   | Income Tax Valuation Allowance & Other Adj. |   | As Adjusted |
|                                                               | (In Millions, Except Per Share Amounts) |
| Adjusted EBITDA*                                                   | $ | 793.6 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 793.6 |  |
| Depreciation and amortization                                      | (172.6 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (172.6 | ) |
| Professional fees - accounting, tax, and legal                     | (1.9 | ) |   | 1.9 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Loss on early extinguishment of debt                               | (7.4 | ) |   | — |  |   | — |  |   | 7.4 |  |   | — |  |   | — |  |   | — |  |
| Interest expense and amortization of debt discounts and fees       | (172.1 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (172.1 | ) |
| Stock-based compensation                                           | (27.4 | ) |   | — |  |   | 1.6 |  |   | — |  |   | — |  |   | — |  |   | (25.8 | ) |
| Loss on disposal of assets                                         | (0.7 | ) |   | — |  |   | — |  |   | — |  |   | (4.2 | ) |   | — |  |   | (4.9 | ) |
| Income from continuing operations before income tax expense        | 411.5 |  |   | 1.9 |  |   | 1.6 |  |   | 7.4 |  |   | (4.2 | ) |   | — |  |   | 418.2 |  |
| Provision for income tax expense                                   | (163.9 | ) |   | (0.8 | ) |   | (0.6 | ) |   | (3.0 | ) |   | 6.5 |  |   | (0.6 | ) |   | (162.4 | ) |
| Income from continuing operations attributable to Encompass Health | $ | 247.6 |  |   | $ | 1.1 |  |   | $ | 1.0 |  |   | $ | 4.4 |  |   | $ | 2.3 |  |   | $ | (0.6 | ) |   | $ | 255.8 |  |
| Add: Interest on convertible debt, net of tax                      | 9.7 |  |   |   |   |   |   |   |   |   |   |   |   | 9.7 |  |
| Numerator for diluted earnings per share                           | $ | 257.3 |  |   |   |   |   |   |   |   |   |   |   |   | $ | 265.5 |  |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share from continuing operations**            | $ | 2.59 |  |   | $ | 0.01 |  |   | $ | 0.01 |  |   | $ | 0.04 |  |   | $ | 0.02 |  |   | $ | (0.01 | ) |   | $ | 2.67 |  |
| Diluted shares used in calculation                                 | 99.5 |  |   |   |   |   |   |   |   |   |   |   |   |   |

|   |                                            |
|---|--------------------------------------------|
| * | Reconciliation to GAAP provided on page 17 |

|    |                                                  |
|----|--------------------------------------------------|
| ** | Adjusted EPS may not sum across due to rounding. |

|        |
|--------|
|        |  |  |
|   |   | 16 |

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                     | For the Three Months Ended December 31, |   | For the Year Ended December 31, |
|                                                                                     | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                                     | (In Millions) |
| Net income                                                                               | $ | 86.5 |  |   | $ | 82.1 |  |   | $ | 335.4 |  |   | $ | 318.1 |  |
| Loss (income) from discontinued operations, net of tax, attributable to Encompass Health | 0.2 |  |   | (0.3 | ) |   | 0.4 |  |   | — |  |
| Provision for income tax expense                                                         | 49.2 |  |   | 39.7 |  |   | 160.6 |  |   | 163.9 |  |
| Interest expense and amortization of debt discounts and fees                             | 35.9 |  |   | 41.6 |  |   | 154.4 |  |   | 172.1 |  |
| Professional fees—accounting, tax, and legal                                       | — |  |   | — |  |   | — |  |   | 1.9 |  |
| Loss on early extinguishment of debt                                                     | — |  |   | — |  |   | 10.7 |  |   | 7.4 |  |
| Net noncash loss (gain) on disposal or impairment of assets                              | 1.3 |  |   | (1.3 | ) |   | 4.6 |  |   | 0.7 |  |
| Depreciation and amortization                                                            | 46.6 |  |   | 43.8 |  |   | 183.8 |  |   | 172.6 |  |
| Stock-based compensation expense                                                         | 9.8 |  |   | 10.0 |  |   | 47.7 |  |   | 27.4 |  |
| Net income attributable to noncontrolling interests                                      | (25.9 | ) |   | (16.8 | ) |   | (79.1 | ) |   | (70.5 | ) |
| Tax reform impact on noncontrolling interests                                            | 4.6 |  |   | — |  |   | 4.6 |  |   | — |  |
| Adjusted EBITDA                                                                          | $ | 208.2 |  |   | $ | 198.8 |  |   | $ | 823.1 |  |   | $ | 793.6 |  |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         | For the Three Months Ended December 31, |   | For the Year Ended December 31, |
|                                                         | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                         | (In Millions) |
| Total segment Adjusted EBITDA                                | $ | 241.5 |  |   | $ | 225.6 |  |   | $ | 947.1 |  |   | $ | 899.6 |  |
| General and administrative expenses                          | (43.1 | ) |   | (36.8 | ) |   | (171.7 | ) |   | (133.4 | ) |
| Depreciation and amortization                                | (46.6 | ) |   | (43.8 | ) |   | (183.8 | ) |   | (172.6 | ) |
| (Loss) gain on disposal of assets                            | (1.3 | ) |   | 1.3 |  |   | (4.6 | ) |   | (0.7 | ) |
| Professional fees — accounting, tax, and legal         | — |  |   | — |  |   | — |  |   | (1.9 | ) |
| Loss on early extinguishment of debt                         | — |  |   | — |  |   | (10.7 | ) |   | (7.4 | ) |
| Interest expense and amortization of debt discounts and fees | (35.9 | ) |   | (41.6 | ) |   | (154.4 | ) |   | (172.1 | ) |
| Net income attributable to noncontrolling interests          | 25.9 |  |   | 16.8 |  |   | 79.1 |  |   | 70.5 |  |
| Tax reform impact on noncontrolling interests                | (4.6 | ) |   | — |  |   | (4.6 | ) |   | — |  |
| Income from continuing operations before income tax expense  | $ | 135.9 |  |   | $ | 121.5 |  |   | $ | 496.4 |  |   | $ | 482.0 |  |

|        |
|--------|
|        |  |  |
|   |   | 17 |

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         | For the Three Months Ended December 31, |   | For the Year Ended December 31, |
|                                                                         |   |
|                                                                         | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                         | (In Millions) |
| Net cash provided by operating activities                                    | $ | 151.4 |  |   | $ | 135.0 |  |   | $ | 657.2 |  |   | $ | 634.4 |  |
| Provision for doubtful accounts                                              | (9.7 | ) |   | (14.5 | ) |   | (52.4 | ) |   | (61.2 | ) |
| Professional fees—accounting, tax, and legal                           | — |  |   | — |  |   | — |  |   | 1.9 |  |
| Interest expense and amortization of debt discounts and fees                 | 35.9 |  |   | 41.6 |  |   | 154.4 |  |   | 172.1 |  |
| Equity in net income of nonconsolidated affiliates                           | 1.8 |  |   | 2.5 |  |   | 8.0 |  |   | 9.8 |  |
| Net income attributable to noncontrolling interests in continuing operations | (25.9 | ) |   | (16.8 | ) |   | (79.1 | ) |   | (70.5 | ) |
| Amortization of debt-related items                                           | (1.0 | ) |   | (3.5 | ) |   | (8.7 | ) |   | (13.8 | ) |
| Distributions from nonconsolidated affiliates                                | (2.0 | ) |   | (2.6 | ) |   | (8.6 | ) |   | (8.5 | ) |
| Current portion of income tax expense                                        | 24.9 |  |   | 17.4 |  |   | 85.0 |  |   | 31.0 |  |
| Change in assets and liabilities                                             | 28.3 |  |   | 39.6 |  |   | 60.9 |  |   | 91.3 |  |
| Net premium paid on bond transactions                                        | — |  |   | — |  |   | — |  |   | 5.8 |  |
| Tax reform impact on noncontrolling interests                                | 4.6 |  |   | — |  |   | 4.6 |  |   | — |  |
| Cash (provided by) used in operating activities of discontinued operations   | (0.1 | ) |   | 0.1 |  |   | 0.6 |  |   | 0.7 |  |
| Other                                                                        | — |  |   | — |  |   | 1.2 |  |   | 0.6 |  |
| Consolidated Adjusted EBITDA                                                 | $ | 208.2 |  |   | $ | 198.8 |  |   | $ | 823.1 |  |   | $ | 793.6 |  |

|        |
|--------|
|        |  |  |
|   |   | 18 |

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      | For the Three Months Ended December 31, |   | For the Year Ended December 31, |
|                                                                      |   |
|                                                                      | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                      | (In Millions) |
| Net cash provided by operating activities                                 | $ | 151.4 |  |   | $ | 135.0 |  |   | $ | 657.2 |  |   | $ | 634.4 |  |
| Impact of discontinued operations                                         | (0.1 | ) |   | 0.1 |  |   | 0.6 |  |   | 0.7 |  |
| Net cash provided by operating activities of continuing operations        | 151.3 |  |   | 135.1 |  |   | 657.8 |  |   | 635.1 |  |
| Capital expenditures for maintenance                                      | (46.2 | ) |   | (39.7 | ) |   | (138.3 | ) |   | (104.2 | ) |
| Distributions paid to noncontrolling interests of consolidated affiliates | (13.6 | ) |   | (15.4 | ) |   | (51.9 | ) |   | (64.9 | ) |
| Items non-indicative of ongoing operations:                               |   |   |   |   |   |   |   |
| Net premium on bond issuance/repayment                                    | — |  |   | — |  |   | — |  |   | 5.8 |  |
| Transaction costs and related assumed liabilities                         | — |  |   | — |  |   | — |  |   | 0.8 |  |
| Cash paid for:                                                            |   |   |   |   |   |   |   |
| Professional fees—accounting, tax, and legal                        | — |  |   | — |  |   | — |  |   | 1.9 |  |
| Adjusted free cash flow                                                   | $ | 91.5 |  |   | $ | 80.0 |  |   | $ | 467.6 |  |   | $ | 474.5 |  |

|        |
|--------|
|        |  |  |
|   |   | 19 |

----

|        |
|--------|
|        |  |  |
|   |   | 20 |