|                                     |
|-------------------------------------|
|                                     |  |
| Media Contact                       | February 27, 2019 |
| Casey Lassiter, 205 447-6410        |   |
| casey.lassiter@encompasshealth.com  |   |
|                                |   |
| Investor Relations Contact          |   |
| Crissy Carlisle, 205 970-5860       |   |
| crissy.carlisle@encompasshealth.com |   |

|        |
|--------|
|        |  |  |
|   |   | 1 |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 |   |   |   |   | Growth |   |
|                                                                                 | Q4 2018 |   | Q4 2017 |   | Dollars |   | Percent |   |
|                                                                                 | (In Millions, Except per Share Data) |   |
| Net operating revenues                                                               | $ | 1,096.0 |  |   | $ | 1,008.8 |  |   | $ | 87.2 |  |   | 8.6 |  % |   |
| Income from continuing operations attributable to Encompass Health per diluted share | 0.26 |  |   | 0.76 |  | ^ | (0.50 | ) | ^ | (65.8 | )% | ^ |
| Adjusted earnings per share                                                          | 0.80 |  |   | 0.70 |  |   | 0.10 |  |   | 14.3 |  % |   |
| Cash flows provided by operating activities                                          | 178.4 |  |   | 151.4 |  |   | 27.0 |  |   | 17.8 |  % |   |
| Adjusted EBITDA                                                                      | 221.8 |  |   | 208.2 |  |   | 13.6 |  |   | 6.5 |  % |   |
| Adjusted free cash flow                                                              | 113.3 |  |   | 91.5 |  |   | 21.8 |  |   | 23.8 |  % |   |
|                                                                                 | Year Ended December 31, |   |   |   |   |   |
|                                                                                 | 2018 |   | 2017 |   |   |   |   |   |
| Cash flows provided by operating activities                                          | 762.4 |  |   | 658.3 |  |   | 104.1 |  |   | 15.8 |  % |   |
| Adjusted free cash flow                                                              | 538.1 |  |   | 468.7 |  |   | 69.4 |  |   | 14.8 |  % |   |

|        |
|--------|
|        |  |  |
|   |   | 2 |

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              |   |   |   |   | Growth |
|                              | Q4 2018 |   | Q4 2017 |   | Dollars |   | Percent |
| Net operating revenues:           | (In Millions) |
| Inpatient                         | $ | 822.8 |  |   | $ | 776.9 |  |   | $ | 45.9 |  |   | 5.9 |  % |
| Outpatient and other              | 22.9 |  |   | 25.5 |  |   | (2.6 | ) |   | (10.2 | )% |
| Total segment revenue             | $ | 845.7 |  |   | $ | 802.4 |  |   | $ | 43.3 |  |   | 5.4 |  % |
|                              |   |   |   |   |   |   |   |
|                              | (Actual Amounts) |
| Discharges                        | 45,498 |  |   | 43,910 |  |   | 1,588 |  |   | 3.6 |  % |
| Same-store discharge growth       |   |   |   |   |   |   | 1.9 |  % |
| Net patient revenue per discharge | $ | 18,084 |  |   | $ | 17,693 |  |   | $ | 391 |  |   | 2.2 |  % |
|                              |   |   |   |   |   |   |   |
|                              | (In Millions) |
| Adjusted EBITDA                   | $ | 211.7 |  |   | $ | 207.1 |  |   | $ | 4.6 |  |   | 2.2 |  % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Revenue - Revenue growth resulted from volume growth and an increase in net patient revenue per discharge. Same-store discharge growth was negatively impacted by approximately 50 basis points due to the ongoing effects of Hurricane Michael on operations in Panama City, Florida. Discharge growth from new stores resulted from the Company's joint ventures in Murrells Inlet, South Carolina (September 2018) and Winston-Salem, North Carolina (October 2018), as well as wholly owned hospitals in Pearland, Texas (October 2017), Shelby County, Alabama (April 2018), and Bluffton, South Carolina (June 2018). Growth in net patient revenue per discharge primarily resulted from an increase in reimbursement rates from all payors and improvements in discharge destination. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Adjusted EBITDA - The increase in Adjusted EBITDA for the inpatient rehabilitation segment resulted primarily from revenue growth. Salaries and benefits as a percent of revenue increased as labor management and productivity gains were offset by benefit cost increases and the ramping up of new stores. Other operating expenses in the fourth quarter of 2018 included repairs and maintenance costs at the Company's hospital in Panama City, Florida that was impacted by Hurricane Michael. |

|        |
|--------|
|        |  |  |
|   |   | 3 |

----

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         |   |   |   |   | Growth |
|                         | Q4 2018 |   | Q4 2017 |   | Dollars |   | Percent |
| Net operating revenues:      | (In Millions) |
| Home health                  | $ | 215.3 |  |   | $ | 186.3 |  |   | $ | 29.0 |  |   | 15.6 |  % |
| Hospice                      | 35.0 |  |   | 20.1 |  |   | 14.9 |  |   | 74.1 |  % |
| Total segment revenue        | $ | 250.3 |  |   | $ | 206.4 |  |   | $ | 43.9 |  |   | 21.3 |  % |
|                         |   |   |   |   |   |   |   |
| Home Health Metrics          |
| (Actual Amounts)             |
| Admissions                   | 35,151 |  |   | 31,766 |  |   | 3,385 |  |   | 10.7 |  % |
| Same-store admissions growth |   |   |   |   |   |   | 5.4 |  % |
| Episodes                     | 64,037 |  |   | 56,625 |  |   | 7,412 |  |   | 13.1 |  % |
| Same-store episode growth    |   |   |   |   |   |   | 6.5 |  % |
| Revenue per episode          | $ | 2,972 |  |   | $ | 2,976 |  |   | $ | (4 | ) |   | (0.1 | )% |
|                         |   |   |   |   |   |   |   |
|                         | (In Millions) |
| Adjusted EBITDA              | $ | 44.1 |  |   | $ | 34.4 |  |   | $ | 9.7 |  |   | 28.2 |  % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Revenue - Revenue growth was driven by volume growth, including the impact of the Camellia Healthcare acquisition which closed on May 1, 2018. Same-store admission growth was negatively impacted by approximately 50 basis points due to the ongoing effects of Hurricane Michael on operations in Panama City, Florida. Revenue per episode decreased 0.1% as the impact of Medicare reimbursement rate cuts was partially offset by changes in patient mix. |

|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Adjusted EBITDA - Growth in Adjusted EBITDA primarily resulted from revenue growth, staffing productivity gains and operating leverage of support and overhead costs. |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | Q4 2018 |   | % of Consolidated Revenue |   | Q4 2017 |   | % of Consolidated Revenue |
|                                                                    | (In Millions) |
| General and administrative expenses, excluding stock-based compensation | $ | 34.0 |  |   | 3.1% |   | $ | 33.3 |  |   | 3.3% |

|        |
|--------|
|        |  |  |
|   |   | 4 |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 | Full-Year |   | Growth |   |
|                                                                                 | 2018 |   | 2017 |   | Dollars |   | Percent |   |
|                                                                                 | (in millions, except per share data) |   |
| Net operating revenues                                                               | $ | 4,277.3 |  |   | $ | 3,913.9 |  |   | $ | 363.4 |  |   | 9.3 | % |   |
| Income from continuing operations attributable to Encompass Health per diluted share | 2.92 |  |   | 2.84 |  | ^ | 0.08 |  | ^ | 2.8 | % | ^ |
| Adjusted earnings per share                                                          | 3.63 |  |   | 2.76 |  |   | 0.87 |  |   | 31.5 | % |   |
| Adjusted EBITDA                                                                      | 901.0 |  |   | 823.1 |  |   | 77.9 |  |   | 9.5 | % |   |

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |
| Full-year 2019 guidance ranges                                                          |
| (in millions, except per share data)                                                    |
| Net operating revenues                                                                  | $4,500 to $4,600 |
| Adjusted EBITDA                                                                         | $925 to $945 |
| Adjusted earnings per share from continuing operations attributable to Encompass Health | $3.71 to $3.85 |

|        |
|--------|
|        |  |  |
|   |   | 5 |

----

|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| • | Interest expense and amortization of debt discounts and fees - estimate of $150 million to $160 million |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | Amortization of debt-related items - approximately $4 million |

|        |
|--------|
|        |  |  |
|   |   | 6 |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                             | For the Three Months Ended December 31, |   | For the Year Ended December 31, |   |
|                                                                             | 2018 |   | 2017 |   | 2018 |   | 2017 |   |
|                                                                             | (In Millions) |
| Net operating revenues                                                           | $ | 1,096.0 |  |   | $ | 1,008.8 |  |   | $ | 4,277.3 |  |   | $ | 3,913.9 |  |   |
| Operating expenses:                                                              |   |  |   |   |  |   |   |   |   |   |
| Salaries and benefits                                                            | 613.3 |  |   | 554.6 |  |   | 2,354.0 |  |   | 2,154.6 |  |   |
| Other operating expenses                                                         | 151.6 |  |   | 138.3 |  |   | 585.1 |  |   | 531.6 |  |   |
| Occupancy costs                                                                  | 20.3 |  |   | 18.7 |  |   | 78.0 |  |   | 73.5 |  |   |
| Supplies                                                                         | 40.9 |  |   | 38.7 |  |   | 158.7 |  |   | 149.3 |  |   |
| General and administrative expenses                                              | 54.3 |  |   | 43.1 |  |   | 220.2 |  |   | 171.7 |  |   |
| Depreciation and amortization                                                    | 52.9 |  |   | 46.6 |  |   | 199.7 |  |   | 183.8 |  |   |
| Government, class action, and related settlements                                | 52.0 |  |   | — |  |   | 52.0 |  |   | — |  |   |
| Total operating expenses                                                         | 985.3 |  |   | 840.0 |  |   | 3,647.7 |  |   | 3,264.5 |  |   |
| Loss on early extinguishment of debt                                             | — |  |   | — |  |   | — |  |   | 10.7 |  |   |
| Interest expense and amortization of debt discounts and fees                     | 36.7 |  |   | 35.9 |  |   | 147.3 |  |   | 154.4 |  |   |
| Other loss (income)                                                              | 0.7 |  |   | (1.2 | ) |   | (2.2 | ) |   | (4.1 | ) |   |
| Equity in net income of nonconsolidated affiliates                               | (2.3 | ) |   | (1.8 | ) |   | (8.7 | ) |   | (8.0 | ) |   |
| Income from continuing operations before income tax expense                      | 75.6 |  |   | 135.9 |  |   | 493.2 |  |   | 496.4 |  |   |
| Provision for income tax expense                                                 | 29.4 |  |   | 34.4 |  | ^ | 118.9 |  |   | 145.8 |  | ^ |
| Income from continuing operations                                                | 46.2 |  |   | 101.5 |  | ^ | 374.3 |  |   | 350.6 |  | ^ |
| Income (loss) from discontinued operations, net of tax                           | 1.5 |  |   | (0.2 | ) |   | 1.1 |  |   | (0.4 | ) |   |
| Net income                                                                       | 47.7 |  |   | 101.3 |  | ^ | 375.4 |  |   | 350.2 |  | ^ |
| Less: Net income attributable to noncontrolling interests                        | (19.6 | ) |   | (25.9 | ) |   | (83.1 | ) |   | (79.1 | ) |   |
| Net income attributable to Encompass Health                                      | $ | 28.1 |  |   | $ | 75.4 |  | ^ | $ | 292.3 |  |   | $ | 271.1 |  | ^ |
|                                                                             |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding:                                      |   |  |   |   |  |   |   |   |   |   |
| Basic                                                                            | 98.0 |  |   | 97.6 |  |   | 97.9 |  |   | 93.7 |  |   |
| Diluted                                                                          | 100.0 |  |   | 99.2 |  |   | 99.8 |  |   | 99.3 |  |   |
|                                                                             |   |   |   |   |   |   |   |   |
| Earnings per common share:                                                       |   |   |   |   |   |  |   |   |  |   |
| Basic earnings per share attributable to Encompass Health common shareholders:   |   |   |   |  |   |   |  |   |   |  |   |
| Continuing operations                                                            | $ | 0.27 |  |   | $ | 0.77 |  | ^ | $ | 2.97 |  |   | $ | 2.88 |  | ^ |
| Discontinued operations                                                          | 0.02 |  |   | — |  |   | 0.01 |  |   | — |  |   |
| Net income                                                                       | $ | 0.29 |  |   | $ | 0.77 |  | ^ | $ | 2.98 |  |   | $ | 2.88 |  | ^ |
| Diluted earnings per share attributable to Encompass Health common shareholders: |   |   |   |   |   |   |   |   |
| Continuing operations                                                            | $ | 0.26 |  |   | $ | 0.76 |  | ^ | $ | 2.92 |  |   | $ | 2.84 |  | ^ |
| Discontinued operations                                                          | 0.02 |  |   | — |  |   | 0.01 |  |   | — |  |   |
| Net income                                                                       | $ | 0.28 |  |   | $ | 0.76 |  | ^ | $ | 2.93 |  |   | $ | 2.84 |  | ^ |
|                                                                             |   |   |   |   |   |   |   |   |
| Amounts attributable to Encompass Health:                                        |   |   |   |  |   |   |   |   |   |
| Income from continuing operations                                                | $ | 26.6 |  |   | $ | 75.6 |  | ^ | $ | 291.2 |  |   | $ | 271.5 |  | ^ |
| Income (loss) from discontinued operations, net of tax                           | 1.5 |  |   | (0.2 | ) |   | 1.1 |  |   | (0.4 | ) |   |
| Net income attributable to Encompass Health                                      | $ | 28.1 |  |   | $ | 75.4 |  | ^ | $ | 292.3 |  |   | $ | 271.1 |  | ^ |

|        |
|--------|
|        |  |  |
|   |   | 7 |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |
|                                             | December 31, 2018 |   | December 31, 2017 |   |
|                                             | (In Millions) |   |
| Assets                                           |   |   |   |   |
| Current assets:                                  |   |   |   |   |
| Cash and cash equivalents                        | $ | 69.2 |  |   | $ | 54.4 |  |   |
| Restricted cash                                  | 59.0 |  |   | 62.4 |  |   |
| Accounts receivable                              | 467.7 |  |   | 472.1 |  |   |
| Prepaid expenses and other current assets        | 66.2 |  |   | 113.3 |  |   |
| Total current assets                             | 662.1 |  |   | 702.2 |  |   |
| Property and equipment, net                      | 1,634.8 |  |   | 1,517.1 |  |   |
| Goodwill                                         | 2,100.8 |  |   | 1,972.6 |  |   |
| Intangible assets, net                           | 443.4 |  |   | 403.1 |  |   |
| Deferred income tax assets                       | 42.9 |  | ^ | 34.4 |  | ^ |
| Other long-term assets                           | 291.0 |  |   | 235.1 |  |   |
| Total assets                                     | $ | 5,175.0 |  | ^ | $ | 4,864.5 |  | ^ |
| Liabilities and Shareholders’ Equity       |   |   |   |   |
| Current liabilities:                             |   |   |   |   |
| Current portion of long-term debt                | $ | 35.8 |  |   | $ | 32.3 |  |   |
| Accounts payable                                 | 90.0 |  |   | 78.4 |  |   |
| Accrued payroll                                  | 188.4 |  |   | 172.1 |  |   |
| Accrued interest payable                         | 24.4 |  |   | 24.7 |  |   |
| Other current liabilities                        | 333.9 |  |   | 210.0 |  |   |
| Total current liabilities                        | 672.5 |  |   | 517.5 |  |   |
| Long-term debt, net of current portion           | 2,478.6 |  |   | 2,545.4 |  |   |
| Self-insured risks                               | 119.6 |  |   | 110.1 |  |   |
| Other long-term liabilities                      | 85.6 |  |   | 75.2 |  |   |
|                                             | 3,356.3 |  |   | 3,248.2 |  |   |
| Commitments and contingencies                    |   |   |   |   |
| Redeemable noncontrolling interests              | 261.7 |  |   | 220.9 |  |   |
| Shareholders’ equity:                      |   |  |   |   |  |   |
| Encompass Health shareholders’ equity      | 1,276.7 |  | ^ | 1,152.5 |  | ^ |
| Noncontrolling interests                         | 280.3 |  |   | 242.9 |  |   |
| Total shareholders’ equity                 | 1,557.0 |  | ^ | 1,395.4 |  | ^ |
| Total liabilities and shareholders’ equity | $ | 5,175.0 |  | ^ | $ | 4,864.5 |  | ^ |

|        |
|--------|
|        |  |  |
|   |   | 8 |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |
|                                                                                    | For the Year Ended December 31, |   |
|                                                                                    | 2018 |  | 2017 |   |
|                                                                                    | (In Millions) |   |
| Cash flows from operating activities:                                                   |   |   |   |   |
| Net income                                                                              | $ | 375.4 |  |   | $ | 350.2 |  | ^ |
| (Income) loss from discontinued operations, net of tax                                  | (1.1 | ) |   | 0.4 |  |   |
| Adjustments to reconcile net income to net cash provided by operating activities— |   |  |   |   |  |   |
| Provision for government, class action, and related settlements                         | 52.0 |  |   | — |  |   |
| Depreciation and amortization                                                           | 199.7 |  |   | 183.8 |  |   |
| Amortization of debt-related items                                                      | 4.0 |  |   | 8.7 |  |   |
| Loss on early extinguishment of debt                                                    | — |  |   | 10.7 |  |   |
| Equity in net income of nonconsolidated affiliates                                      | (8.7 | ) |   | (8.0 | ) |   |
| Distributions from nonconsolidated affiliates                                           | 8.3 |  |   | 8.6 |  |   |
| Stock-based compensation                                                                | 85.9 |  |   | 47.7 |  |   |
| Deferred tax (benefit) expense                                                          | (9.1 | ) |   | 60.8 |  | ^ |
| Other, net                                                                              | 9.2 |  |   | 3.4 |  |   |
| Change in assets and liabilities, net of acquisitions—                            |   |   |   |  |   |
| Accounts receivable                                                                     | 7.0 |  |   | (31.5 | ) |   |
| Other assets                                                                            | 11.5 |  |   | (12.6 | ) |   |
| Accounts payable                                                                        | 6.6 |  |   | 7.5 |  |   |
| Accrued payroll                                                                         | 14.8 |  |   | 24.4 |  |   |
| Other liabilities                                                                       | 6.1 |  |   | 4.8 |  |   |
| Net cash provided by (used in) operating activities of discontinued operations          | 0.8 |  |   | (0.6 | ) |   |
| Total adjustments                                                                       | 388.1 |  |   | 307.7 |  | ^ |
| Net cash provided by operating activities                                               | 762.4 |  |   | 658.3 |  |   |
| Cash flows from investing activities:                                                   |   |   |   |   |
| Acquisitions of businesses, net of cash acquired                                        | (143.9 | ) |   | (38.8 | ) |   |
| Purchases of property and equipment                                                     | (254.5 | ) |   | (225.8 | ) |   |
| Additions to capitalized software costs                                                 | (16.0 | ) |   | (19.2 | ) |   |
| Proceeds from disposal of assets                                                        | 0.4 |  |   | 12.3 |  |   |
| Proceeds from sale of restricted investments                                            | 11.6 |  |   | 4.2 |  |   |
| Purchase of restricted investments                                                      | (13.3 | ) |   | (8.5 | ) |   |
| Other, net                                                                              | (8.8 | ) |   | (7.2 | ) |   |
| Net cash used in investing activities                                                   | (424.5 | ) |   | (283.0 | ) |   |
|                                                                                    |   |   |   |   |

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

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |
|                                                                      | For the Year Ended December 31, |   |
|                                                                      | 2018 |   | 2017 |   |
|                                                                      | (In Millions) |   |
| Cash flows from financing activities:                                     |   |   |   |   |
| Principal payments on debt, including pre-payments                        | (20.6 | ) |   | (129.9 | ) |   |
| Principal borrowings on notes                                             | 13.2 |  |   | — |  |   |
| Borrowings on revolving credit facility                                   | 325.0 |  |   | 273.3 |  |   |
| Payments on revolving credit facility                                     | (390.0 | ) |   | (330.3 | ) |   |
| Principal payments under capital lease obligations                        | (17.9 | ) |   | (15.3 | ) |   |
| Repurchases of common stock, including fees and expenses                  | — |  |   | (38.1 | ) |   |
| Dividends paid on common stock                                            | (100.8 | ) |   | (91.5 | ) |   |
| Purchase of equity interests in consolidated affiliates                   | (65.1 | ) |   | — |  |   |
| Proceeds from exercising stock warrants                                   | — |  |   | 26.6 |  |   |
| Distributions paid to noncontrolling interests of consolidated affiliates | (75.4 | ) |   | (51.9 | ) |   |
| Taxes paid on behalf of employees for shares withheld                     | (8.3 | ) |   | (19.8 | ) |   |
| Contributions from consolidated affiliates                                | 12.6 |  |   | 20.8 |  |   |
| Other, net                                                                | 6.1 |  |   | (3.8 | ) |   |
| Net cash used in financing activities                                     | (321.2 | ) |   | (359.9 | ) |   |
| Increase in cash, cash equivalents, and restricted cash                   | 16.7 |  |   | 15.4 |  |   |
| Cash, cash equivalents, and restricted cash at beginning of period        | 116.8 |  |   | 101.4 |  |   |
| Cash, cash equivalents, and restricted cash at end of period              | $ | 133.5 |  |   | $ | 116.8 |  |   |
|                                                                      |   |   |   |   |
| Reconciliation of Cash, Cash Equivalents, and Restricted Cash             |   |   |   |   |
| Cash and cash equivalents at beginning of period                          | $ | 54.4 |  |   | $ | 40.5 |  |   |
| Restricted cash at beginning of period                                    | 62.4 |  |   | 60.9 |  |   |
| Cash, cash equivalents, and restricted cash at beginning of period        | $ | 116.8 |  |   | $ | 101.4 |  |   |
|                                                                      |   |   |   |   |
| Cash and cash equivalents at end of period                                | $ | 69.2 |  |   | $ | 54.4 |  |   |
| Restricted cash at end of period                                          | 59.0 |  |   | 62.4 |  |   |
| Restricted cash included in other long-term assets at end of period       | 5.3 |  |   | — |  |   |
| Cash, cash equivalents, and restricted cash at end of period              | $ | 133.5 |  |   | $ | 116.8 |  |   |
|                                                                      |   |   |   |   |
| Supplemental schedule of noncash financing activity:                      |   |   |   |   |
| Conversion of convertible debt                                            | $ | — |  |   | $ | 319.4 |  |   |

|        |
|--------|
|        |  |  |
|   |   | 10 |

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                           | QTD |   | YTD |   |
|                                                           | Q4 2018 |   | Q4 2017 |   | Q4 2018 |   | Q4 2017 |   |
|                                                           | (In Millions, Except Per Share Data) |   |
| Adjusted EBITDA                                                | $ | 221.8 |  |   | $ | 208.2 |  |   | $ | 901.0 |  |   | $ | 823.1 |  |   |
| Interest expense and amortization of debt discounts and fees   | (36.7 | ) |   | (35.9 | ) |   | (147.3 | ) |   | (154.4 | ) |   |
| Depreciation and amortization                                  | (52.9 | ) |   | (46.6 | ) |   | (199.7 | ) |   | (183.8 | ) |   |
| Stock-based compensation expense                               | (20.3 | ) |   | (9.8 | ) |   | (85.9 | ) |   | (47.7 | ) |   |
| Noncash loss on disposal of assets                             | (3.5 | ) |   | (1.3 | ) |   | (5.7 | ) |   | (4.6 | ) |   |
|                                                           | 108.4 |  |   | 114.6 |  |   | 462.4 |  |   | 432.6 |  |   |
| Certain items non-indicative of ongoing operating performance: |   |   |   |   |   |   |   |   |
| Loss on early extinguishment of debt                           | — |  |   | — |  |   | — |  |   | (10.7 | ) |   |
| Transaction costs                                              | — |  |   | — |  |   | (1.0 | ) |   | — |  |   |
| SARs mark-to-market impact on noncontrolling interests         | 0.4 |  |   | — |  |   | 2.6 |  |   | — |  |   |
| Change in fair market value of equity securities               | (0.8 | ) |   | — |  |   | (1.9 | ) |   | — |  |   |
| Tax reform impact on noncontrolling interests                  | — |  |   | (4.6 | ) |   | — |  |   | (4.6 | ) |   |
| Government, class action, and related settlements              | (52.0 | ) |   | — |  |   | (52.0 | ) |   | — |  |   |
| Pre-tax income                                                 | 56.0 |  |   | 110.0 |  |   | 410.1 |  |   | 417.3 |  |   |
| Income tax expense                                             | (29.4 | ) |   | (34.4 | ) | (1)^ | (118.9 | ) |   | (145.8 | ) | ^ |
| Income from continuing operations (2)                          | $ | 26.6 |  |   | $ | 75.6 |  | ^ | $ | 291.2 |  |   | $ | 271.5 |  | ^ |
|                                                           |   |   |   |   |   |   |   |   |
| Basic shares                                                   | 98.0 |  |   | 97.6 |  |   | 97.9 |  |   | 93.7 |  |   |
| Diluted shares                                                 | 100.0 |  |   | 99.2 |  |   | 99.8 |  |   | 99.3 |  |   |
|                                                           |   |   |   |   |   |   |   |   |
| Basic earnings per share (2)                                   | $ | 0.27 |  |   | $ | 0.77 |  | ^ | $ | 2.97 |  |   | $ | 2.88 |  | ^ |
| Diluted earnings per share (2)                                 | $ | 0.26 |  |   | $ | 0.76 |  | ^ | $ | 2.92 |  |   | $ | 2.84 |  | ^ |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 $13.6 million decrease 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)  | Income from continuing operations attributable to Encompass Health |

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

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                     | Q4 |   | Full Year |   |
|                                                     | 2018 |   | 2017 |   | 2018 |   | 2017 |   |
|                                                     |   |   |   |   |   |   |   |   |
| Earnings per share, as reported                          | $ | 0.26 |  |   | $ | 0.76 |  | ^ | $ | 2.92 |  |   | $ | 2.84 |  | ^ |
| Adjustments, net of tax:                                 |   |   |   |   |   |   |   |   |
| Government, class action, and related settlements        | 0.52 |  |   | — |  |   | 0.52 |  |   | — |  |   |
| Mark-to-market adjustments for stock appreciation rights | 0.03 |  |   | — |  |   | 0.21 |  |   | 0.08 |  |   |
| Transaction costs                                        | — |  |   | — |  |   | 0.01 |  |   | — |  |   |
| Income tax adjustments                                   | (0.02 | ) |   | 0.03 |  |   | (0.03 | ) |   | (0.08 | ) |   |
| Tax reform impact                                        | — |  |   | (0.09 | ) | ^ | — |  |   | (0.09 | ) | ^ |
| Change in fair market value of equity securities         | 0.01 |  |   | — |  |   | 0.01 |  |   | — |  |   |
| Adjusted earnings per share*                             | $ | 0.80 |  |   | $ | 0.70 |  |   | $ | 3.63 |  |   | $ | 2.76 |  |   |

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

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

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | For the Three Months Ended December 31, 2018 |
|                                                                                    |   |   | Adjustments |   |   |
|                                                                                    | As Reported |   | Gov't, Class Action & Related Settlements |   | Mark-to-Market Adjustment for Stock Compensation Expense |   | Income Tax Adjustments |   | Change in Fair Market Value of Equity Securities |   | As Adjusted |
|                                                                                    | (In Millions, Except Per Share Amounts) |
| Adjusted EBITDA*                                                                        | $ | 221.8 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 221.8 |  |
| Depreciation and amortization                                                           | (52.9 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (52.9 | ) |
| Government, class action, and related settlements                                       | (52.0 | ) |   | 52.0 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Interest expense and amortization of debt discounts and fees                            | (36.7 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (36.7 | ) |
| Stock-based compensation                                                                | (20.3 | ) |   | — |  |   | 4.6 |  |   | — |  |   | — |  |   | (15.7 | ) |
| Loss on disposal of assets                                                              | (3.5 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (3.5 | ) |
| SARS mark-to-market impact on noncontrolling interests                                  | 0.4 |  |   | — |  |   | (0.4 | ) |   | — |  |   | — |  |   | — |  |
| Change in fair market value of equity securities                                        | (0.8 | ) |   | — |  |   | — |  |   | — |  |   | 0.8 |  |   | — |  |
| Income from continuing operations before income tax expense                             | 56.0 |  |   | 52.0 |  |   | 4.2 |  |   | — |  |   | 0.8 |  |   | 113.0 |  |
| Provision for income tax expense                                                        | (29.4 | ) |   | — |  |   | (1.2 | ) |   | (1.9 | ) |   | (0.2 | ) |   | (32.7 | ) |
| Income from continuing operations attributable to Encompass Health                      | $ | 26.6 |  |   | $ | 52.0 |  |   | $ | 3.0 |  |   | $ | (1.9 | ) |   | $ | 0.6 |  |   | $ | 80.3 |  |
| Add: Interest, amortization, and loss on extinguishment of convertible debt, net of tax | — |  |   |   |   |   |   |   |   |   |   | — |  |
| Numerator for diluted earnings per share                                                | $ | 26.6 |  |   |   |   |   |   |   |   |   |   | $ | 80.3 |  |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share from continuing operations, as reported**                    | $ | 0.26 |  |   | $ | 0.52 |  |   | $ | 0.03 |  |   | $ | (0.02 | ) |   | $ | 0.01 |  |   | $ | 0.80 |  |
| Diluted shares used in calculation                                                      | 100.0 |  |   |   |   |   |   |   |   |   |   |   |

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

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

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

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | For the Three Months Ended December 31, 2017 |
|                                                                                    |   |   | Adjustments |   |
|                                                                                    | As Reported |   | Mark-to-Market Adjustment for Stock Compensation Expense |   | 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                                                        | (34.4 | ) | ^ | 0.3 |  |   | 2.7 |  |   | (13.6 | ) | ^ | (45.0 | ) |
| Income from continuing operations attributable to Encompass Health                      | $ | 75.6 |  | ^ | $ | (0.3 | ) |   | $ | 2.7 |  |   | $ | (9.0 | ) | ^ | $ | 69.0 |  |
| Add: Interest, amortization, and loss on extinguishment of convertible debt, net of tax | — |  |   |   |   |   |   |   |   | — |  |
| Numerator for diluted earnings per share                                                | $ | 75.6 |  |   |   |   |   |   |   |   | $ | 69.0 |  |
|                                                                                    |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share from continuing operations**                                 | $ | 0.76 |  | ^ | $ | — |  |   | $ | 0.03 |  |   | $ | (0.09 | ) | ^ | $ | 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. |

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

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | For the Year Ended December 31, 2018 |
|                                                                                    |   |   | Adjustments |   |   |
|                                                                                    | As Reported |   | Gov’t, Class Action, & Related Settlements |   | Mark-to-Market Adjustment for Stock Compensation Expense |   | Income Tax Adjustments |   | Transaction Costs |   | Change in Fair Market Value of Equity Securities |   | As Adjusted |
|                                                                                    | (In Millions, Except Per Share Amounts) |
| Adjusted EBITDA*                                                                        | $ | 901.0 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 901.0 |  |
| Depreciation and amortization                                                           | (199.7 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (199.7 | ) |
| Government, class action, and related settlements                                       | (52.0 | ) |   | 52.0 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Interest expense and amortization of debt discounts and fees                            | (147.3 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (147.3 | ) |
| Stock-based compensation                                                                | (85.9 | ) |   | — |  |   | 31.2 |  |   | — |  |   | — |  |   | — |  |   | (54.7 | ) |
| Loss on disposal of assets                                                              | (5.7 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (5.7 | ) |
| Transaction costs                                                                       | (1.0 | ) |   | — |  |   | — |  |   | — |  |   | 1.0 |  |   | — |  |   | — |  |
| SARs mark-to-market impact on noncontrolling interests                                  | 2.6 |  |   | — |  |   | (2.6 | ) |   | — |  |   | — |  |   | — |  |   |   |
| Change in fair market value of equity securities                                        | (1.9 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | 1.9 |  |   | — |  |
| Income from continuing operations before income tax expense                             | 410.1 |  |   | 52.0 |  |   | 28.6 |  |   | — |  |   | 1.0 |  |   | 1.9 |  |   | 493.6 |  |
| Provision for income tax expense                                                        | (118.9 | ) |   | — |  |   | (8.0 | ) |   | (3.3 | ) |   | (0.3 | ) |   | (0.5 | ) |   | (131.0 | ) |
| Income from continuing operations attributable to Encompass Health                      | $ | 291.2 |  |   | $ | 52.0 |  |   | $ | 20.6 |  |   | $ | (3.3 | ) |   | $ | 0.7 |  |   | $ | 1.4 |  |   | $ | 362.6 |  |
| Add: Interest, amortization, and loss on extinguishment of convertible debt, net of tax | — |  |   |   |   |   |   |   |   |   |   |   |   | — |  |
| Numerator for diluted earnings per share                                                | $ | 291.2 |  |   |   |   |   |   |   |   |   |   |   |   | $ | 362.6 |  |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share from continuing operations, as reported**                    | $ | 2.92 |  |   | $ | 0.52 |  |   | $ | 0.21 |  |   | $ | (0.03 | ) |   | $ | 0.01 |  |   | $ | 0.01 |  |   | $ | 3.63 |  |
| Diluted shares used in calculation                                                      | 99.8 |  |   |   |   |   |   |   |   |   |   |   |   |   |

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

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

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

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | 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 Valuation Adjustment |   | 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                                                        | (145.8 | ) | ^ | (5.3 | ) |   | (13.6 | ) | ^ | (0.1 | ) |   | (7.7 | ) |   | (172.5 | ) |
| Income from continuing operations attributable to Encompass Health                      | $ | 271.5 |  | ^ | $ | 8.0 |  |   | $ | (9.0 | ) | ^ | $ | 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                                                | $ | 282.3 |  | ^ |   |   |   |   |   |   |   |   | $ | 273.8 |  |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share from continuing operations**                                 | $ | 2.84 |  | ^ | $ | 0.08 |  |   | $ | (0.09 | ) | ^ | $ | — |  |   | $ | (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. |

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

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                     | For the Three Months Ended December 31, |   | For the Year Ended December 31, |   |
|                                                                                     | 2018 |   | 2017 |   | 2018 |   | 2017 |   |
|                                                                                     | (In Millions) |
| Net income                                                                               | $ | 47.7 |  |   | $ | 101.3 |  | ^ | $ | 375.4 |  |   | $ | 350.2 |  | ^ |
| (Income) loss from discontinued operations, net of tax, attributable to Encompass Health | (1.5 | ) |   | 0.2 |  |   | (1.1 | ) |   | 0.4 |  |   |
| Provision for income tax expense                                                         | 29.4 |  |   | 34.4 |  | ^ | 118.9 |  |   | 145.8 |  | ^ |
| Interest expense and amortization of debt discounts and fees                             | 36.7 |  |   | 35.9 |  |   | 147.3 |  |   | 154.4 |  |   |
| Government, class action, and related settlements                                        | 52.0 |  |   | — |  |   | 52.0 |  |   | — |  |   |
| Loss on early extinguishment of debt                                                     | — |  |   | — |  |   | — |  |   | 10.7 |  |   |
| Net noncash loss on disposal of assets                                                   | 3.5 |  |   | 1.3 |  |   | 5.7 |  |   | 4.6 |  |   |
| Depreciation and amortization                                                            | 52.9 |  |   | 46.6 |  |   | 199.7 |  |   | 183.8 |  |   |
| Stock-based compensation expense                                                         | 20.3 |  |   | 9.8 |  |   | 85.9 |  |   | 47.7 |  |   |
| Net income attributable to noncontrolling interests                                      | (19.6 | ) |   | (25.9 | ) |   | (83.1 | ) |   | (79.1 | ) |   |
| Transaction costs                                                                        | — |  |   | — |  |   | 1.0 |  |   | — |  |   |
| SARs mark-to-market impact on noncontrolling interests                                   | (0.4 | ) |   | — |  |   | (2.6 | ) |   | — |  |   |
| Change in fair market value of equity securities                                         | 0.8 |  |   | — |  |   | 1.9 |  |   | — |  |   |
| Tax reform impact on noncontrolling interests                                            | — |  |   | 4.6 |  |   | — |  |   | 4.6 |  |   |
| Adjusted EBITDA                                                                          | $ | 221.8 |  |   | $ | 208.2 |  |   | $ | 901.0 |  |   | $ | 823.1 |  |   |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         | For the Three Months Ended December 31, |   | For the Year Ended December 31, |
|                                                         | 2018 |   | 2017 |   | 2018 |   | 2017 |
|                                                         | (In Millions) |
| Total segment Adjusted EBITDA                                | $ | 255.8 |  |   | $ | 241.5 |  |   | $ | 1,034.3 |  |   | $ | 947.1 |  |
| General and administrative expenses                          | (54.3 | ) |   | (43.1 | ) |   | (220.2 | ) |   | (171.7 | ) |
| Depreciation and amortization                                | (52.9 | ) |   | (46.6 | ) |   | (199.7 | ) |   | (183.8 | ) |
| Loss on disposal of assets                                   | (3.5 | ) |   | (1.3 | ) |   | (5.7 | ) |   | (4.6 | ) |
| Government, class action, and related settlements            | (52.0 | ) |   | — |  |   | (52.0 | ) |   | — |  |
| Loss on early extinguishment of debt                         | — |  |   | — |  |   | — |  |   | (10.7 | ) |
| Interest expense and amortization of debt discounts and fees | (36.7 | ) |   | (35.9 | ) |   | (147.3 | ) |   | (154.4 | ) |
| Net income attributable to noncontrolling interests          | 19.6 |  |   | 25.9 |  |   | 83.1 |  |   | 79.1 |  |
| SARS mark-to-market impact on noncontrolling interests       | 0.4 |  |   | — |  |   | 2.6 |  |   | — |  |
| Change in fair market value of equity securities             | (0.8 | ) |   | — |  |   | (1.9 | ) |   | — |  |
| Tax reform impact on noncontrolling interests                | — |  |   | (4.6 | ) |   | — |  |   | (4.6 | ) |
| Income from continuing operations before income tax expense  | $ | 75.6 |  |   | $ | 135.9 |  |   | $ | 493.2 |  |   | $ | 496.4 |  |

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

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         | For the Three Months Ended December 31, |   | For the Year Ended December 31, |
|                                                                         |   |
|                                                                         | 2018 |   | 2017 |   | 2018 |   | 2017 |
|                                                                         | (In Millions) |
| Net cash provided by operating activities                                    | $ | 178.4 |  |   | $ | 151.4 |  |   | $ | 762.4 |  |   | $ | 658.3 |  |
| Interest expense and amortization of debt discounts and fees                 | 36.7 |  |   | 35.9 |  |   | 147.3 |  |   | 154.4 |  |
| Equity in net income of nonconsolidated affiliates                           | 2.3 |  |   | 1.8 |  |   | 8.7 |  |   | 8.0 |  |
| Net income attributable to noncontrolling interests in continuing operations | (19.6 | ) |   | (25.9 | ) |   | (83.1 | ) |   | (79.1 | ) |
| Amortization of debt-related items                                           | (1.0 | ) |   | (1.0 | ) |   | (4.0 | ) |   | (8.7 | ) |
| Distributions from nonconsolidated affiliates                                | (2.8 | ) |   | (2.0 | ) |   | (8.3 | ) |   | (8.6 | ) |
| Current portion of income tax expense                                        | 30.5 |  |   | 24.9 |  |   | 128.0 |  |   | 85.0 |  |
| Change in assets and liabilities                                             | 1.1 |  |   | 18.6 |  |   | (46.0 | ) |   | 7.4 |  |
| Tax reform impact on noncontrolling interests                                | — |  |   | 4.6 |  |   | — |  |   | 4.6 |  |
| Cash (provided by) used in operating activities of discontinued operations   | (1.5 | ) |   | (0.1 | ) |   | (0.8 | ) |   | 0.6 |  |
| Transaction costs                                                            | — |  |   | — |  |   | 1.0 |  |   | — |  |
| SARS mark-to-market impact on noncontrolling interests                       | (0.4 | ) |   | — |  |   | (2.6 | ) |   | — |  |
| Change in fair market value of equity securities                             | 0.8 |  |   | — |  |   | 1.9 |  |   | — |  |
| Other                                                                        | (2.7 | ) |   | — |  |   | (3.5 | ) |   | 1.2 |  |
| Consolidated Adjusted EBITDA                                                 | $ | 221.8 |  |   | $ | 208.2 |  |   | $ | 901.0 |  |   | $ | 823.1 |  |

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

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      | For the Three Months Ended December 31, |   | For the Year Ended December 31, |
|                                                                      |   |
|                                                                      | 2018 |   | 2017 |   | 2018 |   | 2017 |
|                                                                      | (In Millions) |
| Net cash provided by operating activities                                 | $ | 178.4 |  |   | $ | 151.4 |  |   | $ | 762.4 |  |   | $ | 658.3 |  |
| Impact of discontinued operations                                         | (1.5 | ) |   | (0.1 | ) |   | (0.8 | ) |   | 0.6 |  |
| Net cash provided by operating activities of continuing operations        | 176.9 |  |   | 151.3 |  |   | 761.6 |  |   | 658.9 |  |
| Capital expenditures for maintenance                                      | (47.6 | ) |   | (46.2 | ) |   | (152.9 | ) |   | (138.3 | ) |
| Distributions paid to noncontrolling interests of consolidated affiliates | (18.9 | ) |   | (13.6 | ) |   | (75.4 | ) |   | (51.9 | ) |
| Items non-indicative of ongoing operations:                               |   |   |   |   |   |   |   |
| Transaction costs and related assumed liabilities                         | 2.9 |  |   | — |  |   | 0.5 |  |   | — |  |
| Cash paid for SARs exercise                                               | — |  |   | — |  |   | 4.3 |  |   | — |  |
| Adjusted free cash flow                                                   | $ | 113.3 |  |   | $ | 91.5 |  |   | $ | 538.1 |  |   | $ | 468.7 |  |

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

----

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

----

|        |
|--------|
|        |  |  |
|   |   | 21 |