# EDGAR Filing Document

**Accession Number:** 0001320414
**File Stem:** 0001104659-26-043531
**Filing Date:** 2026-4
**Character Count:** 559278
**Document Hash:** 92428b6f2b4f42c4fe4fde6edeb31e1b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-043531.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0001104659-26-043531

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 200

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260415

**GROUP MEMBERS**: MARTIN F. JACKSON

**GROUP MEMBERS**: ROBERT A. ORTENZIO

**GROUP MEMBERS**: ROBERT A. ORTENZIO APRIL 2014 TRUST FOR BRYAN A. ORTENZIO

**GROUP MEMBERS**: ROBERT A. ORTENZIO APRIL 2014 TRUST FOR KEVIN M. ORTENZIO

**GROUP MEMBERS**: ROBERT A. ORTENZIO APRIL 2014 TRUST FOR MADELINE G. ORTENZIO

**GROUP MEMBERS**: ROBERT A. ORTENZIO DESCENDANTS TRUST

**GROUP MEMBERS**: ROCCO A. ORTENZIO REVOCABLE TRUST, DTD 8-14-2007, AS AMENDED

**GROUP MEMBERS**: STALLION GROUP PARENT GP, LLC

**GROUP MEMBERS**: STALLION GROUP PARENT, LP

**GROUP MEMBERS**: STALLION INTERMEDIATE CORP

**GROUP MEMBERS**: STALLION MERGERSUB CORP

**GROUP MEMBERS**: WCAS MANAGEMENT, L.P.

**GROUP MEMBERS**: WCAS MANAGEMENT, LLC

**GROUP MEMBERS**: WCAS XIV ASSOCIATES LLC

**GROUP MEMBERS**: WCAS XIV, L.P.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SELECT MEDICAL HOLDINGS CORP
- **CENTRAL INDEX KEY:** 0001320414
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HOSPITALS [8060]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-85191
- **FILM NUMBER:** 26862749

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SELECT MEDICAL CORP
- **STREET 2:** 4714 GETTYSBURG RD
- **CITY:** MECHANICSBURG
- **STATE:** PA
- **ZIP:** 17055
- **BUSINESS PHONE:** 717-972-1100

**MAIL ADDRESS:**
- **STREET 1:** C/O SELECT MEDICAL CORP
- **STREET 2:** 4714 GETTYSBURG RD
- **CITY:** MECHANICSBURG
- **STATE:** PA
- **ZIP:** 17055
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SELECT MEDICAL HOLDINGS CORP
- **CENTRAL INDEX KEY:** 0001320414
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HOSPITALS [8060]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SELECT MEDICAL CORP
- **STREET 2:** 4714 GETTYSBURG RD
- **CITY:** MECHANICSBURG
- **STATE:** PA
- **ZIP:** 17055
- **BUSINESS PHONE:** 717-972-1100

**MAIL ADDRESS:**
- **STREET 1:** C/O SELECT MEDICAL CORP
- **STREET 2:** 4714 GETTYSBURG RD
- **CITY:** MECHANICSBURG
- **STATE:** PA
- **ZIP:** 17055

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13E-3

RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E) OF THE SECURITIES EXCHANGE ACT OF 1934

SELECT MEDICAL HOLDINGS CORPORATION

(Name of the Issuer)

SELECT MEDICAL HOLDINGS CORPORATION STALLION INTERMEDIATE CORPORATION STALLION MERGERSUB CORPORATION STALLION GROUP PARENT, LP STALLION GROUP PARENT GP, LLC WCAS XIV, L.P. WCAS XIV ASSOCIATES LLC WCAS MANAGEMENT, L.P. WCAS MANAGEMENT, LLC ROBERT A. ORTENZIO MARTIN F. JACKSON ROCCO A. ORTENZIO REVOCABLE TRUST, DTD 8-14-2007, AS AMENDED ROBERT A. ORTENZIO DESCENDANTS TRUST ROBERT A. ORTENZIO APRIL 2014 TRUST FOR BRYAN A. ORTENZIO ROBERT A. ORTENZIO APRIL 2014 TRUST FOR KEVIN M. ORTENZIO ROBERT A. ORTENZIO APRIL 2014 TRUST FOR MADELINE G. ORTENZIO

(Names of Persons Filing Statement)

Common Stock, $0.001 par value

(Title of Class of Securities)

81619Q105 (CUSIP Number of Class of Securities)

John F. Duggan General Counsel & Corporate Secretary Select Medical Holdings Corporation 4714 Gettysburg Road, P.O. Box 2034, Mechanicsburg, PA 17055 (717) 972-1100

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)

 *With copies to* 

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| | | | |
|:---|:---|:---|:---|
| Minh Van Ngo Andrew M. Wark Cravath, Swaine & Moore LLP Two Manhattan West 375 Ninth Avenue New York, NY 10001 (212) 474-1000  | Scott A. Abramowitz Craig E. Marcus Ropes & Gray LLP 1211 Sixth Avenue New York, NY 10036 (212) 596 9000  | Stephen Leitzell Michael Darby Dechert LLP Cira Centre 2929 Arch Street, Philadelphia, PA 19104 (215) 994-4000  | Allison R. Schneirov Christopher M. Barlow Skadden, Arps, Slate, Meagher & Flom LLP One Manhattan West New York, NY 10001 (212) 735-3000  |

---

This statement is filed in connection with (check the appropriate box):

&nbsp;&nbsp;&nbsp;&nbsp;a. ☒ The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;b. ☐ The filing of a registration statement under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;c. ☐ A tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;d. ☐ None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

NEITHER THE SECURITIES EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THIS TRANSACTION, PASSED ON THE MERITS OR THE FAIRNESS OF THE TRANSACTION OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE INFORMATION CONTAINED IN THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

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#### INTRODUCTION
This Rule 13e-3 transaction statement on Schedule 13E-3, together with the exhibits hereto (this "**Schedule 13E-3**"), is being filed with the Securities and Exchange Commission (the "**SEC**") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "**Exchange Act**"), jointly by the following persons (each, a "**Filing Person**," and collectively, the "**Filing Persons**"): (i) Select Medical Holdings Corporation, a Delaware corporation (the "**Company**"), and the issuer of the common stock, par value $0.001 per share (the "**Company Shares**"), that is subject to the Rule 13e-3 transaction, (ii) Stallion Intermediate Corporation, a Delaware corporation ("**Parent**"), (iii) Stallion MergerSub Corporation, a Delaware corporation and a wholly owned subsidiary of Parent ("**Merger Sub**"), (iv) Stallion Group Parent, LP, a Delaware limited partnership ("**Group Parent**"), (v) Stallion Group Parent GP, LLC, a Delaware limited liability company ("**Stallion GP**"), (vi) WCAS XIV, L.P., a Delaware limited partnership ("**WCAS Fund XIV**"), (vii) WCAS XIV Associates LLC ("**Fund XIV GP**"), (vii) WCAS Management, L.P., a Delaware limited partnership ("**WCAS Management**"), (viii) WCAS Management, LLC, a Delaware limited liability company ("**WCAS Management GP**"), and (ix)(a) Robert A. Ortenzio ("**Mr. Ortenzio**"), (b) Martin F. Jackson ("**Mr. Jackson**"), (c) Rocco A. Ortenzio Revocable Trust, dtd 8-14-2007, as amended, (d) Robert A. Ortenzio Descendants Trust, (e) Robert A. Ortenzio April 2014 Trust For Bryan A. Ortenzio, (f) Robert A. Ortenzio April 2014 Trust For Kevin M. Ortenzio and (g) Robert A. Ortenzio April 2014 Trust For Madeline G. Ortenzio (the Filing Persons described in clauses (a) and (c) through (g), the "**Ortenzio Rollover Holders**", and together with Mr. Jackson, the "**Rollover Holders**"). The Rollover Holders are Filing Persons of this Schedule 13E-3 because they are affiliates of the Company under the SEC rules governing "going-private" transactions.

This Schedule 13E-3 relates to (1) the Agreement and Plan of Merger, dated March 2, 2026 (including all exhibits and documents attached thereto, the "**Merger Agreement**"), by and among the Company, Parent and Merger Sub (collectively referred to as the "**Parties**"), which is attached hereto as **Exhibit (d)(i)**; (2) the Rollover Agreements, each dated March 2, 2026 (collectively, the "**Rollover Agreements**"), by and between each Rollover Holder and Parent, which is attached hereto as **Exhibits (d)(ii)-(d)(viii)**; (3) the Interim Investors Agreement, dated March 2, 2026 (the "**Interim Investors Agreement**"), by and among Parent, Merger Sub, WCAS XIV, L.P. a Delaware limited partnership ("**WCAS**"), Mr. Ortenzio and Mr. Jackson, which is attached hereto as **Exhibit (d)(ix)**; (4) the Equity Commitment Letter, dated March 2, 2026 (the "**Equity Commitment Letter**"), by and between WCAS and Parent, which is attached hereto as **Exhibit (d)(x)**; (5) the Limited Guaranty, dated March 2, 2026 (the "**Limited Guaranty**"), by and between WCAS and the Company, which is attached hereto as **Exhibit (d)(xi)**; and (6) the Amended and Restated Debt Commitment Letter, dated March 14, 2026 (the "**Amended and Restated Debt Commitment Letter**"), by and among Parent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association, Wells Fargo Securities, LLC, Bank of America, N.A., BofA Securities, Inc., Deutsche Bank AG New York Branch, Deutsche Bank Securities Inc., Truist Bank, Truist Securities, Inc., Royal Bank of Canada, The Bank of Nova Scotia, Mizuho Bank, Ltd., Capital One, National Association, PNC Bank, National Association, PNC Capital Markets LLC and Fifth Third Bank, National Association (collectively, the "**Debt Commitment Parties**"), which is attached hereto as **Exhibit (d)(xii)**.

On March 2, 2026, the Company entered into the Merger Agreement with Parent and Merger Sub, pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into the Company (the "**Merger**") with the Company surviving the Merger (the "**Surviving Corporation**"). The Surviving Corporation will be collectively owned, directly or indirectly, by Parent, WCAS, affiliates of WCAS, the Rollover Holders and any other person that may agree to become a Rollover Holder prior to the Effective Time (as defined below) of the Merger.

Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the "**Effective Time**"), each share of Company Shares issued and outstanding immediately prior to the Effective Time (other than (i) Company Restricted Shares (as defined in the Merger Agreement); (ii) each share of Company Shares owned by the Company as treasury stock or owned by any direct or indirect wholly-owned subsidiary of the Company, which shall be automatically canceled without any conversion thereof; (iii) each share of Company Shares otherwise owned by Parent or Merger Sub, any direct or indirect wholly-owned subsidiary of Parent, Merger Sub or the Rollover Holders or, to the extent designated in writing by Parent to the Company, any affiliate of Parent; and (iv) shares of Company Shares owned by stockholders of the Company who properly exercise appraisal rights under Section 262 of the Delaware General Corporation

------

Law ("**DGCL**")) will, at the Effective Time, cease to exist and automatically be converted into the right to receive an amount in cash equal to $16.50 per share (the "**Merger Consideration**"), without interest.

In connection with the Merger and concurrently with the execution and delivery of the Merger Agreement, each of the Rollover Holders entered into Rollover Agreements with Parent. Pursuant to the Rollover Agreements, and subject to the terms and conditions set forth therein, each Rollover Holder will, immediately prior to the Effective Time, contribute all or a portion of the shares of Company Shares held by such Rollover Holders to Parent (such contributed shares, collectively, the "**Rollover Shares**"), and Parent has agreed, concurrently with such contributions, to accept such Rollover Shares in exchange for the issuance by Parent to such Rollover Holder a number of newly issued shares of common stock of Parent equal to the number of Rollover Shares contributed by such Rollover Holder (such exchange, the "**Rollover**"). The Rollover Shares will automatically be canceled without any consideration therefor and will cease to exist at the Effective Time. In connection with entering into the Merger Agreement, on March 2, 2026, Parent, Merger Sub, WCAS, Mr. Ortenzio and Mr. Jackson entered into the Interim Investors Agreement governing the relationship among the parties thereto with respect to the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement. Pursuant to the Rollover Agreements, among other things, each Rollover Holder (a) is prohibited from selling, disposing of, assigning, pledging, collateralizing, encumbering or otherwise transferring any of such Rollover Holder's Rollover Shares until the Closing (as defined below) without obtaining the prior written consent of Parent and (b) agreed to vote all of the shares of Company Shares beneficially owned by such Rollover Holder at the Special Meeting in favor of the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger Agreement.

In connection with the financing of the Merger and concurrently with the execution and delivery of the Merger Agreement, WCAS has committed to provide to Parent equity financing in an amount up to $880 million, subject to the terms and conditions set forth in the Equity Commitment Letter.

Pursuant to the Limited Guaranty, WCAS has, subject to the terms and conditions contained therein, agreed to pay certain obligations of Parent or Merger Sub under the Merger Agreement, subject to an aggregate cap equal to $143,009,627, including the Parent Termination Fee (as defined in the Merger Agreement) and certain fees and expenses payable by Parent or Merger Sub as specified in the Merger Agreement, if applicable.

In connection with the financing of the Merger, the Debt Commitment Parties agreed to provide Parent, subject to the terms and conditions set forth in the Amended and Restated Debt Commitment Letter, up to $1 billion aggregate principal amount of senior secured increasing rate bridge loans under a new senior secured credit facility (the "**New Revolving Commitments**") for the purposes of paying the aggregate Merger Consideration and any other amounts required to be paid pursuant to the Merger Agreement at or prior to the consummation of the Merger and any fees, costs and expenses of or payable by Parent and Merger Sub in connection with the Merger and the other transactions contemplated under the Merger Agreement (the "**Debt Financing**"). The obligations of the Debt Commitment Parties to provide the Debt Financing under the Amended and Restated Debt Commitment Letter are subject to a number of customary conditions, including consummation of the Merger. The New Revolving Commitments will be reduced by the amount of gross proceeds available to Parent at Closing to consummate the Merger and the transactions contemplated by the Merger Agreement from debt securities or term loans issued or borrowed by the Company, Parent or their respective subsidiaries on or prior to the Closing Date. As of the time of the filing of this Schedule 13E-3, Parent intends that the Debt Financing will be replaced with $1 billion aggregate principal amount of incremental senior secured term loans borrowed by the Company under the Company's existing $1.05 billion senior secured tranche B-2 term loan facility due 2031 and $600.0 million senior secured revolving credit facility due 2029 at the Closing in lieu of establishing and drawing upon the New Revolving Commitments.

The proposed Merger is a "going private transaction" under the rules of the Securities and Exchange Commission. If the Merger is completed, the Company will become a privately held company, wholly owned by Parent. Following the Closing, there will be no further market for the shares of Company Shares and, as promptly as practicable following the Effective Time and in compliance with applicable law, the Company Shares will be delisted from the NYSE, deregistered under the Exchange Act and will cease to be publicly traded.

------

The board of directors of the Company (the "**Board**") (i) formed a special committee of the Board comprised solely of independent and disinterested directors of the Company (the "**Special Committee**") to consider, review, evaluate, negotiate, recommend or approve any potential strategic transactions with potential acquirors and the Company or any other alternative transaction, including maintaining the status quo of the Company as a standalone company, (ii) delegated to the Special Committee, to the fullest extent permitted by law, the full power and authority of the Board, including the power and authority to (A) formulate, establish, oversee, direct and control the process for reviewing, evaluating and negotiating any potential transaction or any alternative thereto (each, a "**Potential Transaction**"), (B) evaluate, negotiate, approve, authorize, reject or recommend any Potential Transaction or any alternative thereto, which delegation, authorization and empowerment included the power under Section 203 of the DGCL to approve for purposes of Section 203 of the DGCL, any Potential Transaction or any alternative thereto and (C) determine not to proceed with any Potential Transaction, (iii) authorized and empowered the Special Committee to do all acts as may be necessary, advisable or appropriate in its judgment to carry out the duties of the Special Committee, (iv) resolved that the Board shall not approve, adopt or recommend any Potential Transaction unless the Special Committee shall have first recommended such Potential Transaction to the Board and (v) authorized the Special Committee to retain, at the Company's expense, its own independent legal counsel, financial advisors, valuation experts and such other advisors and consultants as the Special Committee deemed necessary or appropriate to assist it in carrying out its duties. The Special Committee with the assistance of its own independent financial and legal advisors, considered, evaluated and negotiated the Merger Agreement and the transactions contemplated thereby, including the Merger. At the conclusion of its review, the Special Committee, among other things, unanimously (1) determined that it is fair to and in the best interests of the Company and the Company's unaffiliated stockholders for the Company to enter into the Merger Agreement and declared the Merger Agreement and the transactions contemplated thereby advisable and (2) recommended that the Board (x) declare the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger, advisable, (y) adopt the Merger Agreement and approve the Merger and other transactions contemplated by the Merger Agreement and (z) recommend adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger Agreement, including the Merger, by the holders of Company Shares.

The disinterested members of the Board, acting upon the unanimous recommendation of the Special Committee, unanimously (i) determined that the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement are advisable, fair to and in the best interests of the Company and the holders of Company Shares, including the Company's unaffiliated stockholders, (ii) adopted the Merger Agreement and approved the execution, delivery and performance of the Merger Agreement by the Company and the consummation of the Merger and the other transactions contemplated by the Merger Agreement, (iii) resolved to recommend that holders of Company Shares, including the Company's unaffiliated stockholders, adopt the Merger Agreement and approve the transactions contemplated by the Merger Agreement, including the Merger, and (iv) directed that the Merger Agreement be submitted to the holders of Company Shares entitled to vote thereon for adoption thereby.

Under the terms of the Merger Agreement, the adoption of the Merger Agreement requires the affirmative vote of (i) the holders of Company Shares representing a majority of the aggregate voting power of the outstanding Company Shares entitled to vote thereon and (ii) the holders of Company Shares representing a majority of the aggregate voting power of the outstanding Company Shares entitled to vote thereon, excluding any shares of Company Shares beneficially owned by Parent, Merger Sub, each of the Rollover Holders and their respective affiliates, "associates" or members of their respective "immediate family" (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the Exchange Act) (clauses (i) and (ii) collectively, the "**Requisite Company Stockholder Approvals**"). Under the Merger Agreement, the receipt of the Requisite Company Stockholder Approvals is a condition to the Closing, among other conditions as set forth in the Merger Agreement.

Concurrently with the filing of this Schedule 13E-3, the Company is filing with the SEC a preliminary proxy statement (the "**Proxy Statement**") under Regulation 14A of the Exchange Act, relating to a special meeting of the stockholders of the Company (the "**Special Meeting**") at which the stockholders of the Company will, among other things, consider and vote upon a proposal to adopt the Merger Agreement and approve the Merger and the other transactions contemplated by the Merger Agreement, including the Merger. A copy of the Proxy Statement is attached hereto as **Exhibit (a)(2)(i)** and incorporated herein by reference.

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Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Proxy Statement, including all annexes thereto, is incorporated in its entirety herein by reference, and the responses to each item in this Schedule 13E-3 are qualified in their entirety by the information contained in the Proxy Statement and the annexes thereto. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion and/or amendment. This Schedule 13E-3 will be amended to reflect such completion or amendment of the Proxy Statement. Capitalized terms used but not expressly defined in this Schedule 13E-3 shall have the respective meanings given to them in the Proxy Statement.

While each of the Filing Persons acknowledges that the Merger is a "going-private" transaction for the purposes of Rule 13e-3 under the Exchange Act, the filing of this Schedule 13E-3 is not intended to be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is "controlled" by any of the Filing Persons and/or their respective affiliates.

The information concerning the Company contained in, or incorporated by reference into this Schedule 13E-3 and the Proxy Statement was supplied by the Company. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into, this Schedule 13E-3 and the Proxy Statement was supplied by such Filing Person. No Filing Person, including the Company, is responsible for the accuracy of any information supplied by any other Filing Person.

#### Item 1. Summary Term Sheet
The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

#### Item 2. Subject Company Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(a) Name and Address**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*THE PARTIES TO THE MERGER*"

"*IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES*"

"*IMPORTANT INFORMATION REGARDING THE COMPANY*"

"*WHERE YOU CAN FIND ADDITIONAL INFORMATION*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(b) Securities**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*THE SPECIAL MEETING — Record Date; Shares Entitled to Vote; Quorum*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Security Ownership of Certain Beneficial Owners and Management"* 

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of the Company Shares"* 

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"*IMPORTANT INFORMATION REGARDING THE COMPANY — Dividends*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(c) Trading Market and Price**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of the Company Shares"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(d) Dividends**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Dividends*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(e) Prior Public Offerings**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Prior Public Offerings*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(f) Prior Stock Purchases**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Transactions in Company Shares"* 

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"* 

#### Item 3. Identity and Background of Filing Person
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) – (c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons. Select Medical Holdings Corporation is the subject company. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*THE PARTIES TO THE MERGER*"

"*IMPORTANT INFORMATION REGARDING THE COMPANY*"

"*IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES*"

"*WHERE YOU CAN FIND ADDITIONAL INFORMATION*"

#### Item 4. Terms of the Transaction
**(a)(1) Tender Offers**. Not Applicable.

**(a)(2) Merger or Similar Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Unaudited Prospective Financial Information*"

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"*SPECIAL FACTORS — Opinion of the Financial Advisor to the Special Committee*"

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

"*SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

"*SPECIAL FACTORS — Employment Agreements and Change in Control Agreements with Current Executive Officers*"

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*SPECIAL FACTORS — Employment Arrangements Following the Merger*"

"*SPECIAL FACTORS — Financing of the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

"*SPECIAL FACTORS — U.S. Federal Income Tax Considerations of the Merger*"

"*SPECIAL FACTORS — Accounting Treatment*"

"*SPECIAL FACTORS — Litigation Relating to the Merger*"

"*SPECIAL FACTORS — Regulatory Approvals Required for the Merger*"

"*SPECIAL FACTORS — Health Care Licensing*"

"*SPECIAL FACTORS — Delisting and Deregistration of Company Shares*"

"*SPECIAL FACTORS — Fees and Expenses*"

"*THE SPECIAL MEETING*"

"*THE MERGER AGREEMENT*"

"*INTERIM INVESTORS AGREEMENT*"

"*PROVISIONS FOR UNAFFILIATED COMPANY STOCKHOLDERS*"

"*ROLLOVER AGREEMENTS*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex B — Opinion of Goldman Sachs & Co. LLC*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

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"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(c) Different Terms**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

 *"SPECIAL FACTORS — Employment Agreements and Change in Control Agreements with Current Executive Officers"* 

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*SPECIAL FACTORS — Employment Arrangements Following the Merger*"

"*SPECIAL FACTORS — Financing of the Merger*"

"*SPECIAL FACTORS — Fees and Expenses*"

"*SPECIAL FACTORS — Certain Material Relationships*"

"*THE MERGER AGREEMENT — Effect of the Merger*"

"*THE MERGER AGREEMENT — Merger Consideration*"

"*THE MERGER AGREEMENT — Exchange and Payment Procedures*"

"*THE MERGER AGREEMENT — Indemnification and Insurance*"

"*THE MERGER AGREEMENT — Employee Benefit Matters*"

"*ROLLOVER AGREEMENTS*"

"*PROPOSAL 2: THE COMPENSATION PROPOSAL*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

------

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(d) Appraisal Rights**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*THE SPECIAL MEETING — Appraisal Rights*"

"*APPRAISAL RIGHTS*"

"*Annex A — Agreement and Plan of Merger*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(e) Provisions for Unaffiliated Security Holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*PROVISIONS FOR UNAFFILIATED COMPANY STOCKHOLDERS*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(f) Eligibility for Listing or Trading**. Not Applicable.

#### Item 5. Past Contacts, Transactions, Negotiations and Agreements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(a) Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS — Background of the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

 *"SPECIAL FACTORS — Employment Agreements and Change in Control Agreements with Current Executive Officers"* 

"*SPECIAL FACTORS — Financing of the Merger*"

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

"*SPECIAL FACTORS — Fees and Expenses*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Transactions in Company Shares"* 

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"* 

------

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Prior Public Offerings*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Security Ownership of Certain Beneficial Owners and Management"* 

"*IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES*"

"*THE MERGER AGREEMENT*"

"*ROLLOVER AGREEMENTS*"

"*WHERE YOU CAN FIND ADDITIONAL INFORMATION*"

"*PROPOSAL 2: THE COMPENSATION PROPOSAL*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(b) Significant Corporate Events.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

 *"SPECIAL FACTORS — Employment Agreements and Change in Control Agreements with Current Executive Officers"* 

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*SPECIAL FACTORS — Employment Arrangements Following the Merger*"

"*SPECIAL FACTORS — Financing of the Merger*"

"*SPECIAL FACTORS — Fees and Expenses*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

------

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

"*THE MERGER AGREEMENT*"

"*ROLLOVER AGREEMENTS*"

"*INTERIM INVESTORS AGREEMENT*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Transactions in Company Shares"* 

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"* 

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Prior Public Offerings*"

"*IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES*"

"*PROPOSAL 1: THE MERGER PROPOSAL*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

"*Annex J: Interim Investors Agreement*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(c) Negotiations or Contacts.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS — Background of the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"* 

"*THE MERGER AGREEMENT*"

"*INTERIM INVESTORS AGREEMENT*"

"*ROLLOVER AGREEMENTS*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

------

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

"*Annex J: Interim Investors Agreement*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(d) Conflicts of interest.** Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(e) Agreements Involving the Subject Company's Securities.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

 *"SPECIAL FACTORS — Employment Agreements and Change in Control Agreements with Current Executive Officers"* 

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*SPECIAL FACTORS — Employment Arrangements Following the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

"*SPECIAL FACTORS — Financing of the Merger*"

"*SPECIAL FACTORS — Fees and Expenses*"

"*THE SPECIAL MEETING — Votes Required*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Transactions in Company Shares"* 

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"* 

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Prior Public Offerings*"

------

"*WHERE YOU CAN FIND ADDITIONAL INFORMATION*"

"*THE MERGER AGREEMENT*"

"*ROLLOVER AGREEMENTS*"

"*INTERIM INVESTORS AGREEMENT*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

"*Annex J: Interim Investors Agreement*"

#### Item 6. Purposes of the Transaction and Plans or Proposals
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(b) Use of Securities Acquired.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

"*SPECIAL FACTORS — Financing of the Merger*"

"*SPECIAL FACTORS — Delisting and Deregistration of Company Shares*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of the Company Shares"* 

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Dividends*"

"*IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES*"

"*THE MERGER AGREEMENT*"

"*Annex A — Agreement and Plan of Merger*"

#### (c)(1) – (8) Plans . The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

------

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Opinion of the Financial Advisor to the Special Committee*"

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*SPECIAL FACTORS — Employment Arrangements Following the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

"*SPECIAL FACTORS — Financing of the Merger*"

"*SPECIAL FACTORS — Delisting and Deregistration of Company Shares*"

"*THE MERGER AGREEMENT*"

"*ROLLOVER AGREEMENTS*"

"*THE SPECIAL MEETING*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex B — Opinion of Goldman Sachs & Co. LLC*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

#### Item 7. Purposes, Alternatives, Reasons and Effects
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(a) Purposes.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

------

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(b) Alternatives.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

"*SPECIAL FACTORS — Opinion of the Financial Advisor to the Special Committee*"

"*SPECIAL FACTORS — Materials Provided to the Special Committee by Goldman Sachs*"

 *"SPECIAL FACTORS — Materials Provided to the Purchaser Filing Parties by Wells Fargo and JPMorgan"* 

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(c) Reasons.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

"*SPECIAL FACTORS — Opinion of the Financial Advisor to the Special Committee*"

"*SPECIAL FACTORS — Materials Provided to the Special Committee by Goldman Sachs*"

 *"SPECIAL FACTORS — Materials Provided to the Purchaser Filing Parties by Wells Fargo and JPMorgan"* 

"*SPECIAL FACTORS — Unaudited Prospective Financial Information*"

------

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

"*Annex B — Opinion of Goldman Sachs & Co. LLC*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(d) Effects.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Opinion of the Financial Advisor to the Special Committee*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Financing of the Merger*"

"*SPECIAL FACTORS — Fees and Expenses*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

 *"SPECIAL FACTORS — Employment Agreements and Change in Control Agreements with Current Executive Officers"* 

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*SPECIAL FACTORS — Employment Arrangements Following the Merger*"

"*SPECIAL FACTORS — U.S. Federal Income Tax Considerations of the Merger*"

------

"*SPECIAL FACTORS — Accounting Treatment*"

"*SPECIAL FACTORS — Litigation Relating to the Merger*"

"*SPECIAL FACTORS — Delisting and Deregistration of Company Shares*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of the Company Shares"* 

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Dividends*"

"*IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES*"

"*APPRAISAL RIGHTS*"

"*THE MERGER AGREEMENT — Effect of the Merger*"

"*THE MERGER AGREEMENT — Directors and Officers; Certificate of Incorporation; Bylaws*"

"*THE MERGER AGREEMENT — Merger Consideration*"

"*THE MERGER AGREEMENT — Employee Benefit Matters*"

"*THE MERGER AGREEMENT — Exchange and Payment Procedures*"

"*THE MERGER AGREEMENT — Indemnification and Insurance*"

"*THE MERGER AGREEMENT — Fees and Expenses*"

"*WHERE YOU CAN FIND ADDITIONAL INFORMATION*"

"*PROPOSAL 1: THE MERGER PROPOSAL*"

"*PROPOSAL 2: THE COMPENSATION PROPOSAL*"

"*ROLLOVER AGREEMENTS*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex B — Opinion of Goldman Sachs & Co. LLC*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

#### Item 8. Fairness of the Transaction
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) – (b) Fairness; Factors Considered in Determining Fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

------

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Plans for the Company After the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

 *"SPECIAL FACTORS — Employment Agreements and Change in Control Agreements with Current Executive Officers"* 

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*SPECIAL FACTORS — Employment Arrangements Following the Merger*"

"*SPECIAL FACTORS — Opinion of the Financial Advisor to the Special Committee*"

"*SPECIAL FACTORS — Materials Provided to the Special Committee by Goldman Sachs*"

 *"SPECIAL FACTORS — Materials Provided to the Purchaser Filing Parties by Wells Fargo and JPMorgan"* 

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

"*THE MERGER AGREEMENT — Indemnification and Insurance*"

"*Annex B — Opinion of Goldman Sachs & Co. LLC*"

The discussion materials prepared by Goldman Sachs & Co. LLC ("**Goldman Sachs**") and provided to the Special Committee, dated December 23, 2025, January 12, 2026, January 29, 2026, February 6, 2026, February 8, 2026, February 10, 2026, February 23, 2026, February 25, 2026, February 28, 2026, March 2, 2026 and March 11, 2026, are attached hereto as **Exhibit (c)(iv)** through and including **Exhibit (c)(xiv)** and are each incorporated by reference herein.

The discussion materials prepared by Wells Fargo Securities, LLC ("**Wells Fargo**") and J.P. Morgan Securities LLC ("**JPMorgan**") and provided to the Purchaser Filing Parties, dated November 2025 and March 1, 2026, are attached hereto as **Exhibits (c)(ii)-(c)(iii)** and are each incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(c) Approval of Security Holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

------

"*THE MERGER AGREEMENT — Conditions to the Closing of the Merger*"

"*THE SPECIAL MEETING — Record Date; Shares Entitled to Vote; Quorum*"

"*THE SPECIAL MEETING — Votes Required*"

"*THE SPECIAL MEETING — Voting of Proxies*"

"*THE SPECIAL MEETING — Abstentions*"

"*THE SPECIAL MEETING — Broker Non-Votes*"

"*THE SPECIAL MEETING — Revocability of Proxies*"

"*THE SPECIAL MEETING — Adjournment*"

"*THE SPECIAL MEETING — Solicitation of Proxies*"

"*THE SPECIAL MEETING — Appraisal Rights*"

"*APPRAISAL RIGHTS*"

"*ROLLOVER AGREEMENTS*"

"*STOCKHOLDER PROPOSALS AND NOMINATIONS*"

"*PROPOSAL 1: THE MERGER PROPOSAL*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(d) Unaffiliated Representative.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Opinion of the Financial Advisor to the Special Committee*"

"*PROVISIONS FOR UNAFFILIATED COMPANY STOCKHOLDERS*"

"*Annex B — Opinion of Goldman Sachs & Co. LLC*"

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(e) Approval of Directors.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

"*IMPORTANT INFORMATION REGARDING THE COMPANY*"

"*IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(f) Other Offers.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*IMPORTANT INFORMATION REGARDING THE COMPANY*"

"*THE MERGER AGREEMENT — Solicitation of Other Offers*"

"*THE MERGER AGREEMENT — Company Recommendation Changes*"

"*Annex A — Agreement and Plan of Merger*"

#### Item 9. Reports, Opinions, Appraisals and Negotiations
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) – (c) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal; Availability of Documents. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference.

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

------

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Opinion of the Financial Advisor to the Special Committee*"

"*SPECIAL FACTORS — Materials Provided to the Special Committee by Goldman Sachs*"

 *"SPECIAL FACTORS — Materials Provided to the Purchaser Filing Parties by Wells Fargo and JPMorgan"* 

"*SPECIAL FACTORS — Unaudited Prospective Financial Information*"

"*WHERE YOU CAN FIND ADDITIONAL INFORMATION*"

"*Annex B — Opinion of Goldman Sachs & Co. LLC*"

The discussion materials prepared by Goldman Sachs and provided to the Special Committee, dated December 23, 2025, January 12, 2026, January 29, 2026, February 6, 2026, February 8, 2026, February 10, 2026, February 23, 2026, February 25, 2026, February 28, 2026, March 2, 2026 and March 11, 2026, are attached hereto as **Exhibit (c)(iv)** through and including **Exhibit (c)(xiv)** and are each incorporated by reference herein.

The discussion materials prepared by Wells Fargo and JPMorgan and provided to the Purchaser Filing Parties, dated November 2025 and March 1, 2026, are attached hereto as **Exhibits (c)(ii)-(c)(iii)** and are each incorporated by reference herein.

The reports, opinions or appraisals referenced in this Item 9 are filed herewith or incorporated by reference herein and will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested holder of Company Shares or representative who has been designated in writing, and copies may be obtained by requesting them in writing from the Company at the email address provided under the caption "*Where You Can Find Additional Information*" in the Proxy Statement, which is incorporated herein by reference.

#### Item 10. Source and Amount of Funds or Other Consideration
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) – (b) Source of Funds; Conditions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Financing of the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*SPECIAL FACTORS — Fees and Expenses*"

"*THE MERGER AGREEMENT*"

"*Annex A — Agreement and Plan of Merger*"

The Equity Commitment Letter, the Limited Guaranty and the Amended and Restated Debt Commitment Letter are each attached as **Exhibits (d)(x)-(xii)** and incorporated herein by reference.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(c) Expenses.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SPECIAL FACTORS — Fees and Expenses*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Certain Effects on the Company if the Merger is Not Completed*"

"*THE SPECIAL MEETING — Solicitation of Proxies*"

"*THE MERGER AGREEMENT* "

"*THE MERGER AGREEMENT — Termination of the Merger Agreement*"

"*THE MERGER AGREEMENT — Parent Termination Fee*"

"*THE MERGER AGREEMENT — Company Termination Fee*"

"*THE MERGER AGREEMENT — Indemnification and Insurance*"

"*THE MERGER AGREEMENT — Other Covenants*"

"*THE MERGER AGREEMENT — Fees and Expenses*"

"*THE MERGER AGREEMENT — Limitations of Liability*"

"*Annex A — Agreement and Plan of Merger*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(d) Borrowed Funds**.

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS — Financing of the Merger*"

"*THE MERGER AGREEMENT*"

"*Annex A — Agreement and Plan of Merger*"

#### Item 11. Interest in Securities of the Subject Company
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(a) Securities Ownership.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

 *"SPECIAL FACTORS — Employment Agreements and Change in Control Agreements with Current Executive Officers"* 

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*SPECIAL FACTORS — Employment Arrangements Following the Merger*"

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

"*THE SPECIAL MEETING — Record Date; Shares Entitled to Vote; Quorum*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Security Ownership of Certain Beneficial Owners and Management"* 

------

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Transactions in Company Shares"* 

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"* 

"*IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES*"

"*ROLLOVER AGREEMENTS*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(b) Securities Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SPECIAL FACTORS — Background of the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Transactions in Company Shares"* 

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"* 

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Prior Public Offerings*"

"*THE MERGER AGREEMENT*"

"*ROLLOVER AGREEMENTS*"

"*Annex A — Agreement and Plan of Merger*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

#### Item 12. The Solicitation or Recommendation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(d) Intent to Tender or Vote in a Going-Private Transaction.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

------

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

"*THE SPECIAL MEETING — Record Date; Shares Entitled to Vote; Quorum*"

"*THE SPECIAL MEETING — Shares Held by the Company's Directors and Executive Officers*"

"*THE SPECIAL MEETING — Votes Required*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Security Ownership of Certain Beneficial Owners and Management"* 

"*ROLLOVER AGREEMENTS*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(e) Recommendation of Others.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

------

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*THE SPECIAL MEETING — Shares Held by the Company's Directors and Executive Officers*"

"*PROPOSAL 1: THE MERGER PROPOSAL*"

"*ROLLOVER AGREEMENTS*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

#### Item 13. Financial Statements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(a) Financial Information.** The audited financial statements set forth in the Company's annual report on [Form 10-K for the fiscal year ended December 31, 2025, filed on February 19, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1320414/000132041426000007/sem-20251231.htm), including the portions of the Company's [Definitive Proxy Statement on Schedule 14A for the April 23, 2026 annual meeting of stockholders, filed on March 4, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1320414/000110465926023205/tm261416-3_def14a.htm), are incorporated herein by reference. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS — Unaudited Prospective Financial Information*"

"*SPECIAL FACTORS — Opinion of the Financial Advisor to the Special Committee*"

"*SPECIAL FACTORS — Materials Provided to the Special Committee by Goldman Sachs*"

 *"SPECIAL FACTORS — Materials Provided to the Purchaser Filing Parties by Wells Fargo and JPMorgan"* 

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Selected Historical Consolidated Financial Data"* 

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Book Value per Share*"

 *"IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of the Company Shares"* 

"*IMPORTANT INFORMATION REGARDING THE COMPANY — Dividends*"

"*WHERE YOU CAN FIND ADDITIONAL INFORMATION*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(b) Pro Forma Information**. Not Applicable.

#### Item 14. Persons/Assets, Retained, Employed, Compensated or Used
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) – (b) Solicitations or Recommendations; Employees and Corporate Assets. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS*"

------

"*THE SPECIAL MEETING*"

"*SPECIAL FACTORS — Background of the Merger*"

 *"SPECIAL FACTORS — Reasons for the Merger; Recommendation of the Special Committee and the Company Board"* 

"*SPECIAL FACTORS — Purposes and Reasons of the Purchaser Filing Parties*"

 *"SPECIAL FACTORS — Position of the WCAS Filing Parties and Parent Entities as to the Fairness of the Merger"* 

"*SPECIAL FACTORS — Position of the Rollover Filing Parties as to the Fairness of the Merger*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

 *"SPECIAL FACTORS — Intent of the Company's Directors and Executive Officers to Vote in Favor of the Merger"* 

"*SPECIAL FACTORS — Intent of Certain Stockholders to Vote in Favor of the Merger*"

"*SPECIAL FACTORS — Fees and Expenses*"

"*THE MERGER AGREEMENT — Fees and Expenses*"

"*IMPORTANT INFORMATION REGARDING THE COMPANY*"

"*IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES*"

"*ROLLOVER AGREEMENTS*"

"*Annex C: Rollover Agreement — Robert A. Ortenzio*"

"*Annex D: Rollover Agreement — Martin F. Jackson*"

"*Annex E: Rollover Agreement — Robert A. Ortenzio Descendants Trust*"

"*Annex F: Rollover Agreement — Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended*"

"*Annex G: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio*"

"*Annex H: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio*"

"*Annex I: Rollover Agreement — Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio*"

#### Item 15. Additional Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(b)** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger*"

"*SPECIAL FACTORS — Certain Effects of the Merger*"

"*SPECIAL FACTORS — Equity Award Arrangements with Directors and Executive Officers*"

"*THE MERGER AGREEMENT — Merger Consideration*"

"*THE MERGER AGREEMENT — Employee Benefit Matters*"

"*PROPOSAL 2: THE COMPENSATION PROPOSAL*"

"*Annex A — Agreement and Plan of Merger*"

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(c) Other Material Information.** The entirety of the Proxy Statement, including all appendices thereto, is incorporated herein by reference.

#### Item 16. Exhibits
The following exhibits are filed herewith:

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| (a)(2)(i) | [Preliminary Proxy Statement of Select Medical Holdings Corporation (included in the Schedule 14A filed on April 15, 2026, and incorporated herein by reference) (the "Preliminary Proxy Statement").](https://www.sec.gov/Archives/edgar/data/1320414/000110465926043505/tm268269-1_prem14a.htm)  |
| (a)(2)(ii)\* | Form of Proxy Card. |
| (a)(2)(iii) | [Letter to Stockholders (included in the Preliminary Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1320414/000110465926043505/tm268269-1_prem14a.htm)  |
| (a)(2)(iv) | [Notice of Special Meeting of Stockholders (included in the Preliminary Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1320414/000110465926043505/tm268269-1_prem14a.htm)  |
| (a)(5)(i) | [Press Release, dated March 2, 2026 (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by Select Medical Holdings Corporation with the SEC on March 3, 2026).](https://www.sec.gov/Archives/edgar/data/1320414/000110465926022577/tm267827d1_ex99-1.htm)  |
| (c)(i) | [Opinion of Goldman Sachs & Co. LLC, dated as of March 2, 2026 (included as Appendix B to the Preliminary Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1320414/000110465926043505/tm268269-1_prem14a.htm)  |
| (c)(ii) | [Discussion materials prepared by Wells Fargo Securities, LLC and JPMorgan Securities LLC, dated March 1, 2026, for the Buyer Consortium.](tm2611660d2_ex99-cii.htm)  |
| (c)(iii) | [Discussion materials prepared by Wells Fargo Securities, LLC and JPMorgan Securities LLC, dated November 2025, for the Buyer Consortium.](tm2611660d2_ex99-ciii.htm)  |
| (c)(iv) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated December 23, 2025, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-civ.htm)  |
| (c)(v) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated January 12, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cv.htm)  |
| (c)(vi) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated January 29, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cvi.htm)  |
| (c)(vii) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated February 6, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cvii.htm)  |
| (c)(viii) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated February 8, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cviii.htm)  |
| (c)(ix) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated February 10, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cix.htm)  |
| (c)(x) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated February 23, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cx.htm)  |
| (c)(xi) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated February 25, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cxi.htm)  |
| (c)(xii) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated February 28, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cxii.htm)  |
| (c)(xiii) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated March 2, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cxiii.htm)  |
| (c)(xiv) | [Discussion materials prepared by Goldman Sachs & Co. LLC, dated March 11, 2026, for the Special Committee of the Board of Directors of Select Medical Holdings Corporation.](tm2611660d2_ex99-cxiv.htm)  |
| (d)(i) | [Agreement and Plan of Merger, dated March 2, 2026, by and between Select Medical Holdings Corporation, Stallion Intermediate Corporation and Stallion MergerSub Corporation (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Select Medical Holdings Corporation with the SEC on March 3, 2026).](https://www.sec.gov/Archives/edgar/data/1320414/000110465926022577/tm267827d1_ex2-1.htm)  |

---

------

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| (d)(ii) | [Rollover Agreement, dated March 2, 2026, by and between Stallion Intermediate Corporation and Robert A. Ortenzio (incorporated by reference to Exhibit 99.5 to the Schedule 13D/A filed by Mr. Ortenzio, Mr. Jackson and the Estate of Rocco A. Ortenzio with the SEC on March 4, 2026).](https://www.sec.gov/Archives/edgar/data/918697/000095015726000218/ex99-5.htm)  |
| (d)(iii) | [Rollover Agreement, dated March 2, 2026, by and between Stallion Intermediate Corporation and Martin F. Jackson (incorporated by reference to Exhibit 99.6 to the Schedule 13D/A filed by Mr. Ortenzio, Mr. Jackson and the Estate of Rocco A. Ortenzio with the SEC on March 4, 2026).](https://www.sec.gov/Archives/edgar/data/918697/000095015726000218/ex99-6.htm)  |
| (d)(iv) | [Rollover Agreement, dated March 2, 2026, by and between Stallion Intermediate Corporation and the Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio (incorporated by reference to Exhibit 99.7 to the Schedule 13D/A filed by Mr. Ortenzio, Mr. Jackson and the Estate of Rocco A. Ortenzio with the SEC on March 4, 2026).](https://www.sec.gov/Archives/edgar/data/918697/000095015726000218/ex99-7.htm)  |
| (d)(v) | [Rollover Agreement, dated March 2, 2026, by and between Stallion Intermediate Corporation and the Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio (incorporated by reference to Exhibit 99.8 to the Schedule 13D/A filed by Mr. Ortenzio, Mr. Jackson and the Estate of Rocco A. Ortenzio with the SEC on March 4, 2026).](https://www.sec.gov/Archives/edgar/data/918697/000095015726000218/ex99-8.htm)  |
| (d)(vi) | [Rollover Agreement, dated March 2, 2026, by and between Stallion Intermediate Corporation and the Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio (incorporated by reference to Exhibit 99.9 to the Schedule 13D/A filed by Mr. Ortenzio, Mr. Jackson and the Estate of Rocco A. Ortenzio with the SEC on March 4, 2026).](https://www.sec.gov/Archives/edgar/data/918697/000095015726000218/ex99-9.htm)  |
| (d)(vii) | [Rollover Agreement, dated March 2, 2026, by and between Stallion Intermediate Corporation and the Robert A. Ortenzio Descendants Trust (incorporated by reference to Exhibit 99.10 to the Schedule 13D/A filed by Mr. Ortenzio, Mr. Jackson and the Estate of Rocco A. Ortenzio with the SEC on March 4, 2026).](https://www.sec.gov/Archives/edgar/data/918697/000095015726000218/ex99-10.htm)  |
| (d)(viii) | [Rollover Agreement, dated March 2, 2026, by and between Stallion Intermediate Corporation and the Rocco A. Ortenzio Revocable Trust, DTD 8-14-2007, As Amended (incorporated by reference to Exhibit 99.11 to the Schedule 13D/A filed by Mr. Ortenzio, Mr. Jackson and the Estate of Rocco A. Ortenzio with the SEC on March 4, 2026).](https://www.sec.gov/Archives/edgar/data/918697/000095015726000218/ex99-11.htm)  |
| (d)(ix) | [Interim Investors Agreement, dated March 2, 2026, by and between Stallion Intermediate Corporation, Stallion MergerSub Corporation, Robert A Ortenzio and Martin F. Jackson (incorporated by reference to Exhibit 99.12 to the Schedule 13D/A filed by Mr. Ortenzio, Mr. Jackson and the Estate of Rocco A. Ortenzio with the SEC on March 4, 2026).](https://www.sec.gov/Archives/edgar/data/918697/000095015726000218/ex99-12.htm)  |
| (d)(x) | [Equity Commitment Letter, dated March 2, 2026, by and between WCAS XIV, L.P. and Stallion Intermediate Corporation.](tm2611660d2_ex99-dx.htm)  |
| (d)(xi) | [Limited Guaranty, dated March 2, 2026, by and between WCAS XIV, L.P. and Stallion Intermediate Corporation.](tm2611660d2_ex99-dxi.htm)  |
| (d)(xii) | [Amended and Restated Debt Commitment Letter, dated March 14, 2026, by and among JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association, Wells Fargo Securities, LLC, Bank of America, N.A., BofA Securities, Inc., Deutsche Bank AG New York Branch, Deutsche Bank Securities Inc., Truist Bank, Truist Securities, Inc., Royal Bank of Canada, The Bank of Nova Scotia, Mizuho Bank, Ltd., Capital One, National Association, PNC Bank, National Association, PNC Capital Markets LLC, Fifth Third Bank, National Association and Stallion Intermediate Corporation.](tm2611660d2_ex99-dxii.htm)  |
| (f) | Section 262 of the DGCL. |
| (g) | Not Applicable. |
| 107 | [Filing Fee Table.](tm2611660d1_ex-filingfees.htm) |

---

\*

To be filed with the Definitive Proxy Statement.

------

#### SIGNATURES
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### SELECT MEDICAL HOLDINGS CORPORATION
By:

/s/ John F. Duggan

Name:

John F. Duggan

Title:

Executive Vice President, General Counsel and Secretary

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### STALLION INTERMEDIATE CORPORATION
By:

/s/ Ting Gu

Name:

Ting Gu

Title:

Vice President and Secretary

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### STALLION MERGERSUB CORPORATION
By:

/s/ Ting Gu

Name:

Ting Gu

Title:

Vice President and Secretary

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### STALLION GROUP PARENT, LP
By:

Stallion Group Parent GP, LLC, its general partner

By:

/s/ Ting Gu

Name:

Ting Gu

Title:

Vice President and Secretary

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### STALLION GROUP PARENT GP, LLC
By: WCAS XIV, L.P., its sole member

By: WCAS XIV Associates LLC, its general partner

By:

/s/ Jennifer Martin

Name:

Jennifer Martin

Title:

Managing Member

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### WCAS XIV, L.P.
By: WCAS XIV Associates LLC, its general partner

By:

/s/ Jennifer Martin

Name:

Jennifer Martin

Title:

Managing Member

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### WCAS XIV ASSOCIATES LLC
By:

/s/ Jennifer Martin

Name:

Jennifer Martin

Title:

Managing Member

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### WCAS MANAGEMENT, L.P.
By:

WCAS MANAGEMENT, LLC, its general partner

By:

/s/ Jennifer Martin

Name:

Jennifer Martin

Title:

Treasurer

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### WCAS MANAGEMENT, LLC
By:

/s/ Jennifer Martin

Name:

Jennifer Martin

Title:

Treasurer

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### ROBERT A. ORTENZIO
/s/ Robert A. Ortenzio

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### MARTIN F. JACKSON
/s/ Martin F. Jackson

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### ROBERT A. ORTENZIO DESCENDANTS TRUST
By:

/s/ Robert Nause

Name:

Select Asset Management & Truste, Robert Nause, Secretary & Treasurer

Title:

Trustee

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### ROCCO A. ORTENZIO REVOCABLE TRUST, DTD 8-14-2007, AS AMENDED
By:

/s/ Robert A. Ortenzio

Name:

Robert A. Ortenzio

Title:

Trustee

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### ROBERT A. ORTENZIO APRIL 2014 TRUST FOR BRYAN A. ORTENZIO
By:

/s/ Robert Nause

Name:

Select Asset Management & Truste, Robert Nause, Secretary & Treasurer

Title:

Trustee

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### ROBERT A. ORTENZIO APRIL 2014 TRUST FOR KEVIN M. ORTENZIO
By:

/s/ Robert Nause

Name:

Select Asset Management & Truste, Robert Nause, Secretary & Treasurer

Title:

Trustee

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

#### ROBERT A. ORTENZIO APRIL 2014 TRUST FOR MADELINE G. ORTENZIO
By:

/s/ Robert Nause

Name:

Select Asset Management & Truste, Robert Nause, Secretary & Treasurer

Title:

Trustee

Date: April 15, 2026

[*Signature Page to Schedule 13E-3*]

------

## Ex-99.(C)(Ii)

#### Exhibit 99.(c)(ii)

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 1, 2026 Confidential Discussion Materials Prepared for Project Stallion WELLS FARGO J.EMorgan |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 C O N F I D E N T I A L P R O J E C T S T A L L I O N Topics for Today's Discussion I. Transaction Summary II. Stallion Update III. Exit Considerations J.RMorgan WELLS FARGO |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 C O N F I D E N T I A L P R O J E C T S T A L L I O N Transaction Update ▪ On 11/24/25, Bob Ortenzio, Marty Jackson and WCAS (the "Consortium") submitted a non-binding Indication of Interest ("IOI") to acquire Stallion for $16.00 – $16.20 per share ▪ Stallion acknowledged receipt of the IOI and issued a public statement the following morning ▪ Subsequently, Stallion formed a Special Committee, and hired legal and financial advisors ▪ On 1/15/25, the Consortium and its advisors received access to Stallion's VDR ▪ On 1/27/25 and 1/28/25, Stallion held Management Presentations and a dinner with the Consortium ▪ During January and February, the Consortium and its advisors conducted detailed due diligence through numerous diligence calls and review of the VDR ▪ On 2/22/26, the Consortium submitted a revised offer of $16.00 per share ▪ On 2/28/26, the Consortium and Stallion agreed to an updated offer of $16.50 per share Transaction Update Source: Stallion Management Sellside Projections, FactSet \| Market Data as of 2/27/26 \| Note: Selected Healthcare Services Public Companies include Acadia Healthcare, Ardent Health, Concentra, Davita Inc, Encompass Health, Ensign Group, Lumexa Imaging, Option Care Health, PACS Group, RadNet, Surgery Partners, Tenet Healthcare, Universal Health Services, and U.S. Physical Therapy \| 1 Calculated based on midpoint of the offer range and Stallion's unaffected closing share price of $13.65 on 11/21/25 \| 2 Based on 3/31/26 Adj. NTM EBITDA of approximately $525M; Adj. EBITDA defined as Reported EBITDA less non-controlling interest expense plus income from equity in affiliates Indexed Share Price Performance Since 10/31/25 (10%) (5%) 0% 5% 10% 15% 20% 10/31/25 11/29/25 12/28/25 1/26/26 2/24/26 Stallion Selected HCS Public Companies S&P 500 8% 1% 16% Buyer Consortium Offer History 11/24/25: Initial IOI of $16.00 – $16.20 11/24/25 2/22/26 2/28/26 Offer Price per Share $16.00 - $16.20 $16.00 $16.50 Premium to Unaffected1 +18% +17% +21% TEV ($B) $3.8B $3.8B $3.9B TEV / NTM Adj. EBITDA2 7.4x 7.3x 7.5x Q4 Earnings Release 2/19/2026 2/22/26: Revised offer of $16.00 2/28/26: Updated offer of $16.50  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg04.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Transaction Summary |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg05.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 C O N F I D E N T I A L P R O J E C T S T A L L I O N Summary of Selected Transaction Terms Source: Project Stallion - Agreement and Plan of Merger ("Merger Agreement") Updated Offer & Consideration Financing Shareholder Approval Timing ▪ $16.50 per share, representing a 21% premium to the unaffected share price of $13.65 as of market close on 11/21/25 ▪ All cash consideration for shares not held by the Consortium ▪ Consortium intends to roll over ~12.4% of the Company's outstanding shares they control, and may invite additional members of management or the Board to roll over their outstanding equity ▪ No financing contingency ‒ Committed equity financing from funds affiliated with WCAS ‒ Fully committed debt financing from Wells Fargo and J.P. Morgan ▪ Subject to approval by a majority of the votes cast by Stallion shareholders who are not affiliated with the Consortium ▪ The Consortium does not anticipate substantial regulatory or other hurdles or delays to consummating a Potential Transaction ▪ The Potential Transaction will be subject to customary closing conditions and approvals substantially as presented in the draft Agreement and Plan of Merger delivered to the Special Committee's legal counsel |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg06.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 C O N F I D E N T I A L P R O J E C T S T A L L I O N Transaction Overview Source: Stallion Management Sellside Projections, Company Filings, FactSet \| Market data as of 2/27/26 \| 1 Net debt as of 12/31/25; calculated as ~$1,845M of gross debt less ~$27M of cash \| 2 Adj. EBITDA defined as Reported EBITDA less non-controlling interest expense plus income from equity in affiliates \| 3 Adj. EBITDA rounded to the nearest $25M increment \| 4 Assumes 10% MIP at exit; illustrative 7.0x NTM Adj. EBITDA multiple at exit on 12/31/30 1 Current Updated Offer ($ in Millions, Except Per Share Amounts) $14.97 $16.50 Metric Implied Premium / (Discount) Current Price Per Share: $14.97 - - 10% Pre-Initial Offer 52-Week High (11/26/24): $21.34 (30%) (23%) 52-Week Low (8/6/25): $11.65 28% 42% 4-Weeks Prior (10/24/25): $14.29 5 % 15% 30-day VWAP: $13.57 10% 22% Unaffected (11/21/25): $13.65 10% 21% Post-Initial Offer Intraday High (2/17/26): $16.59 (10%) (1%) Intraday Low (2/20/26): $14.53 3 % 14% Implied Equity Value $1,857 $2,046 (+) Net Debt 1,819 1,819 Implied Enterprise Value $3,675 $3,865 Implied Enterprise Value / Adj. EBITDA FY2025A Adj. EBITDA ($479M) 7.7x 8.1x FY2026E Adj. EBITDA (~$500M) 7.2x 7.6x Sponsor Returns IRR 23% MOIC 2.7x 4 2 3 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 C O N F I D E N T I A L P R O J E C T S T A L L I O N Source: Stallion Management Sellside Projections, Company Filings \| Note: 2025A figures represent actuals; 2026E figures and beyond have been rounded (Revenue to the nearest $250M increment; Adj. EBITDA to the nearest $25M increment); Revenue growth and EBITDA margin figures have been rounded to the nearest 1% increment \| 1 Adj. EBITDA defined as Reported EBITDA less non-controlling interest expense plus income from equity in affiliates Financial Projection Summary Revenue Adj. EBITDA1 ($ in Millions) ($ in Millions) $5,453 $5,750 $6,000 $6,250 $6,500 $7,000 2025A 2026E 2027E 2028E 2029E 2030E $479 $500 $575 $650 $700 $775 2025A 2026E 2027E 2028E 2029E 2030E 5% CAGR % Margin 5% 5% 5% 5% 5% 5% 9% 9% 10% 11% 11% % Growth 10% CAGR 10%  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg08.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Stallion Update |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 C O N F I D E N T I A L P R O J E C T S T A L L I O N High (11/26/24) Low (8/6/25) Unaffected (11/21/25) $10 $13 $15 $18 $20 $23 $25 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Stallion \| Annotated Share Price Performance Source: Company Filings, Press Releases, FactSet \| Market data as of 2/27/26 $14.97 $11.65 2 3 4 $21.34 Nov 25, 2024 Tax-free spinoff of Concentra +2% Feb 20, 2025 Q4'24 earnings miss (7%) May 2, 2025 Q1'25 earnings miss (22%) 6 Jul 31, 2025 Q2'25 mixed earnings (15%) 7 Oct 30, 2025 Q3'25 earnings beat (3%) 5 Stallion Share Price Performance Since Concentra Carve Out (11/25/24) Nov 24, 2025 Take-private proposal at $16.00 - $16.20 per share +11% Feb 19, 2026 Q4'25 earnings miss (7%) 8 $13.65 $16.50 Updated Offer (2/28/26) 1 Feb 22, 2026 Refined take-private offer to $16.00 per share (2%) Feb 28, 2026 Updated take-private offer of $16.50 per share -- 1 2 3 4 5 6 7 8 9 9 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg10.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 C O N F I D E N T I A L P R O J E C T S T A L L I O N ▪ One Time Healthcare Insurance Cost: Health insurance expenses spiked ~$15M YoY due to higher-cost claimants and increased benefit utilization ▪ Mixed Performance vs. Consensus: Reported Q4 revenue of $1.4B (~2% beat), but Adj. EBITDA of $105M (~18% miss) and Adj. EPS of $0.16 (~32% miss) ▪ Outpatient Rehab Weakness: OP Rehab Q4 Adj. EBITDA fell YoY to $11.2M (3.4% margin) from $26.6M (8.3% margin) ‒ Driven by higher labor costs and a 4% decline to revenue per visit due to Medicare reimbursement cuts ▪ Next-Day Share Price Reaction: (7%)1 Q4 2025 Earnings Summary Source: Wall Street Equity Research, Company Filings, FactSet \| Market Data as of 2/27/26 \| 1 Next-day share price ($15.01) as of market close on 2/20/26 \| 2 vs. Consensus as of 2/18/26 \| 3 Represents reported EBITDA, unburdened for non-controlling interest expense and excluding income from equity in affiliates \| 4 Including revenue per patient day across both the CIRH and IRF segments \| 5 Calculated as the midpoint of FY2026 guidance vs FY2025 actuals \| 6 Calculated as the midpoint of FY2026 guidance vs FY2026 consensus estimates ($ in Actuals, Admissions in Actuals) FY25 Y/y Δ Q4'25 Y/y Δ Occupancy (%) 73% +45bps 71% +49bps # of Admissions 72,913 +5% 18,402 +6% Revenue per Patient Day4 $4,490 +4% $4,623 +6% ($ in Millions, Except Per Share Amounts) Low High Implied Y/y Δ5 Consensus Δ6 Revenue $5,600 $5,800 +5% +1% EBITDA3 $520 $540 +8% (4%) Adj. EPS $1.22 $1.32 +10% (2%) Q4 EBITDA: $105M Y/y Change: (10%) Beat/Miss2 : (18%) Q4 Revenue: $1.4B Y/y Change: +6% Beat/Miss2 : +2% Q4 Adj. EPS: $0.16 Y/y Change: +184% Beat/Miss2 : (32%) FY EBITDA: $493M3 Y/y Change: (3%) Beat/Miss2 : (5%) FY Revenue: $5.5B Y/y Change: +5% Beat/Miss2 : +1% FY Adj. EPS: $1.16 Y/y Change: +128% Beat/Miss2 : (6%) Highlights Operational KPIs FY2026 Guidance |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg11.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 C O N F I D E N T I A L P R O J E C T S T A L L I O N Stallion & Selected Public Companies \| Share Price Performance Source: FactSet \| Market Data as of 2/27/26 \| 1 Share price performance reflects market value-weighted median of selected public companies \| 2 Selected healthcare services public companies include Acadia Healthcare, Ardent Health, Concentra, DaVita Inc., Encompass Health, Ensign Group, Lumexa Imaging, Option Care Health, PACS Group, RadNet, Surgery Partners, Tenet Healthcare, Universal Health Services and U.S. Physical Therapy Indexed Share Price Performance Since Concentra Carve Out (11/25/24) (50%) (30%) (10%) 10% 30% Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Stallion Selected HCS Public Companies1,2 S&P 500 (30%) 17% 15% |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg12.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Exit Considerations |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg13.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 C O N F I D E N T I A L P R O J E C T S T A L L I O N Strategic Sale ▪ Opportunity to consolidate leading, scaled post-acute care platform ▪ Synergy potential for select buyers ▪ Limited interest from strategic buyers historically ▪ Availability of strategic counterparties that understand LTACHs and can drive synergies ▪ Ability to navigate through reimbursement and regulatory exposure Sponsor Recap ▪ Similar rationale to the "Strategic Sale" thesis ▪ Lower appetite for government reimbursement risk exposure from sponsors ▪ LTACH variability may continue to be challenging for sponsors to underwrite ▪ Sponsor dry powder ▪ Recent transactions and operational experience ▪ Ability to navigate through reimbursement and regulatory exposure IPO ▪ Ability for investors to monetize over time during favorable market conditions ▪ Execution of growth initiatives increase attractiveness of investment for re-IPO and create additional upside for all shareholders ▪ Realization of expected growth ahead of IPO ▪ Ability to re-position company favorably to peer set ▪ Appropriate pro forma leverage levels at time of IPO Potential Exit Considerations for Stallion Perspectives on Exit Alternatives Key Success Factors Portfolio Optimization ▪ Assess opportunities to reduce leverage through portfolio optimization ▪ Potential separation of volatile LTACH assets to isolate more pure-play RemainCo with direct public comps ▪ Potential strategic carve-out of OP Rehab clinics to national consolidators seeking scaled physical therapy platforms ▪ Minimal operational and financial dissynergies in any potential separation / portfolio optimization undertaking ▪ Collective value of individual assets within portfolio are greater than current value of combined assets |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg14.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 C O N F I D E N T I A L P R O J E C T S T A L L I O N CIRH Segment Volatility Has Weighed on Stallion's Valuation Source: Company Filings, Wall Street Equity Research, FactSet \| Market Data as of 2/27/26 \| 1 Selected public companies includes Concentra, Encompass, Lumexa Imaging, Option Care, RadNet, Surgery, USPH; represents difference in median values … Impacting Stallion's Overall Valuation & Creating a Sustained Discount vs. Selected Public Companies1 CIRH's Revenue & Margin Profile Has Been Impacted by Regulatory & Labor Cost Headwinds… (7.7%) (1.8%) 1.7% 4.7% 13.1% 8.1% (0.6%) 2.9% 6.3% 0.3% 12.8% 14.6% 13.9% 13.9% 16.5% 11.9% 5.0% 10.7% 12.3% 10.3% (10%) (5%) 0% 5% 10% 15% 20% (10%) (5%) 0% 5% 10% 15% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6.4% 3.9% 12.2% = YoY Revenue Growth (%) (LHS) = Adj. EBITDA Margin (%) (RHS) = CARES Act Normalized Adj. EBITDA Margin (%) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% (10.0x) (9.0x) (8.0x) (7.0x) (6.0x) (5.0x) (4.0x) (3.0x) (2.0x) (1.0x) 0.0x 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CIRH as % at business mix (RHS) ∆ in Stallion NTM EBITDA multiple vs. Selected Public Companies (LHS) Concentra separated in November 2024 ∆ (2.3x) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg15.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 C O N F I D E N T I A L P R O J E C T S T A L L I O N 4.0x 7.0x 10.0x 13.0x 16.0x 19.0x 22.0x 25.0x 28.0x Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Stallion Has Traded at a Discount to Selected Companies Source: Company Filings, Wall Street Equity Research, FactSet \| Market Data as of 2/27/26 \| Note: Adj. EBITDA defined as Reported EBITDA inclusive of income from equity in affiliates and burdened by non-controlling interest expense Historical EV / NTM Adj. EBITDA Multiple Since 2019 8.8 9.7x CON Spin-Off 11/25/24 7.0x Stallion 13.3x Average NTM Adj. EBITDA Multiple Since 2019 2020 2021 2022 2023 2024 2025 YTD 2026 8.2x 8.6x 8.6x 8.2x 8.7x 8.6x 6.9x 7.0x 9.5x 10.5x 10.5x 9.1x 9.6x 10.4x 10.9x 9.4x 21.4x 19.7x 19.8x 16.0x 18.1x 16.6x 14.0x 13.7x Stallion IOI Submission 11/24/25 COVID-19 Refined IOI Submission 2/22/2026 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg16.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 C O N F I D E N T I A L P R O J E C T S T A L L I O N Financial Profiles & Multiples for Selected Public Companies Source: Stallion Management Sellside Projections, FactSet, Wall Street Equity Research \| Market Data as of 2/27/26 \| 1 Financial profile reflects the median of selected public companies, where applicable; Growth metrics based on 2025E-2027E CAGR; margin based on 2026E and reflects EBITDA inclusive of EIA income and burdened for NCI expense; uFCF Conversion = (Adj. EBITDA – CapEx) / Adj. EBITDA \| 2 Burdened for NCI expense and inclusive of income from EIA \| 3 Represents the approximate range of the average trading multiples for selected companies since 2024 \| 4 As of 2/27/26 \| 5 Represents Segment-Level Adj. EBITDA margin which is burdened for allocated NCI expense and corporate overhead,and inclusive of income from equity in affiliates; corporate overhead allocated based on 2026E Stallion management allocations; NCI and EIA allocated based on 2025A segment contribution Acute Care & SNF Providers Inpatient Rehab Outpatient Rehab Revenue Growth ~8% Adj. EBITDA Margin ~24% uFCF Conversion ~40% Range3 9x – 11x Current4 9.7x Revenue Growth ~6% Adj. EBITDA Margin ~15% uFCF Conversion ~87% Range3 13x – 15x Current4 13.3x Revenue Growth ~5% Adj. EBITDA Margin ~13% uFCF Conversion ~76% Range3 ~4x – 10x Current4 ~9x Financial Profile1 EV / NTM Adj. EBITDA2 Stallion 2030E Segment Projections Current Market Selected Comps Preferred Market Selected Comps in Re-IPO Revenue Growth ~3% Adj. EBITDA Margin5 ~9% Revenue Growth ~7% Adj. EBITDA Margin5 ~18% Revenue Growth ~6% Adj. EBITDA Margin5 ~11% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiimg17.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 C O N F I D E N T I A L P R O J E C T S T A L L I O N Disclaimer This document and any other materials accompanying this document (collectively, the "Materials") are provided for general informational purposes. By accepting any Materials, the recipient thereof acknowledges and agrees to the matters set forth below in this notice. Wells Fargo Corporate and Investment Banking (CIB) makes no representation or warranty (express or implied) regarding the adequacy, accuracy or completeness of any information in the Materials. Information in the Materials is preliminary and is not intended to be complete, and such information is qualified in its entirety. Any opinions or estimates contained in the Materials represent the judgment of CIB at this time, and are subject to change without notice. Interested parties are advised to contact CIB for more information. The Materials are not an offer to sell, or a solicitation of an offer to buy, the securities or instruments named or described herein. The Materials are not intended to provide, and must not be relied on for, accounting, legal, regulatory, tax, business, financial or related advice or investment recommendations. No person providing any Materials is acting as fiduciary or advisor with respect to the Materials. You must consult with your own advisors as to the legal, regulatory, tax, business, financial, investment and other aspects of the Materials. 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## Ex-99.(C)(Iii)

#### Exhibit 99.(c)(iii)

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 2025 Preliminary Discussion Materials Prepared for Project Stallion DRAFT – Preliminary & For Reference Only WELLS FARGO J.PMorgan |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 2 CONFIDENTIAL PROJECT STALLION **Table of Contents** I. Executive Summary II. Outside-In Perspectives on Stallion III. Preliminary Transaction Analysis IV. Potential Exit Considerations Supplemental Analysis WELLS FARGO J.EMorgan |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Executive Summary |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg04.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 4 CONFIDENTIAL PROJECT STALLION Source: Company Filings, Wall Street Equity Research \| 1 Based on number of locations as of 09/30/25 \| 2 Based on number of licensed beds as of 09/30/25 Executive Summary Situation Overview • Stallion is one of the largest post-acute operators in the United States ‒ #1 Critical Illness Recovery Hospital ("CIRH", "Long-Term Acute Care Hospital" or "LTACH") network1 ‒ Top 5 Inpatient Rehabilitation Hospital ("IRF") network2 ‒ #1 Outpatient Rehabilitation ("OP Rehab") network1 • While understood by the lender community, Stallion has been underappreciated by equity investors ‒ Despite its demonstrated operating experience over ~30 years, Stallion has consistently traded at a discount to its public peers, mostly due to regulatory, Medicare reimbursement and labor concerns related to its CIRH segment • Welsh, Carson, Anderson & Stowe ("WCAS"), Bob Ortenzio (Executive Chairman and Co-Founder) and Marty Jackson (Senior Executive Vice President of Strategic Finance and Operations) (collectively the "Buyer Consortium") have an opportunity to: i. Acquire Stallion at a premium to its current trading value, ii. Optimize the capital and operational structure of the organization; and, iii. Re-position the business for an attractive exit in the future • Under private ownership, the Buyer Consortium will have the capitalization and free cash flow generation to re-invest in Stallion's Rehabilitation Hospital and Outpatient Rehabilitation segments Investment Opportunity Exit Perspectives • Assuming the Buyer Consortium acquires Stallion, the business is expected to be positioned as a leading post-acute business by 2030 – with projected ~$825mm in 2030E Adj. EBITDA, ~12% Adj. EBITDA margins and IRF and OP Rehab constituting ~2/3 of consolidated EBITDA ‒ Advisors expect the additional scale and shift in business mix toward more stable, higher growth and higher margin segments will position Stallion to evaluate a number of attractive exit alternatives |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg05.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Outside-In Perspectives on Stallion |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg06.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 6 CONFIDENTIAL PROJECT STALLION $10 $13 $15 $18 $20 $23 $25 Nov-24 Feb-25 May-25 Aug-25 Stallion \| Public Market Overview & Trading Statistics Source: Company Filings, Press Releases, FactSet \| Market data as of 11/21/2025 \| 1 Share count, Debt and Non-Controlling Interest figures as of 9/30/2025; Equity Investment in Affiliate as of 12/31/2024; Net Debt includes cash and equivalents and current financial assets; Net Debt is pro forma for Q3'2025 dividend \| 2 2025E Adj. EBITDA figure represents midpoint of management guidance; 2026E Adj. EBITDA figure has been rounded to the nearest $25M increment $13.65 $11.77 1 2 3 4 $21.34 Nov 25, 2024 Stallion completed the tax-free spinoff of Concentra, streamlining its portfolio 1 +2% Feb 20, 2025 Q4 2024 Earnings had misses across the board, triggering a steep selloff as investor confidence took a hit 2 (7%) May 2, 2025 Q1 2025 Earnings Call, management flagged margin pressure and Medicare cuts, triggering a steep sell off 3 (22%) Jul 31, 2025 Q2 2025 Earnings, beat EPS, missed revenue, cautious tone on LTACHs and regulatory risk drove a sell off 4 (15%) Oct 30, 2025 Q3 2025 Earnings beat on EPS and revenue, supported by strong rehab volumes and positive guidance tone 5 (3%) 5 Stallion Share Price Performance Since Concentra Carve Out (November 25, 2024) Stallion Public Market Overview 2 ($ in Millions, Except Per Share Amounts) Current 1 Current 1 Share Price (11/20/2025) $13.65 Implied Equity Value $1,690 Fully Diluted Shares Outstanding 123.818 (+) Net Debt 1,737 Implied Equity Value $1,690 (+) Non-Controlling Interest 331 (–) Equity Investment in Affiliate (321) Implied Enterprise Value $3,437 Metric Multiple FY2025E EV / Adj. EBITDA $520 6.7x FY2026E EV / Adj. EBITDA $550 6.2x |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 7 CONFIDENTIAL PROJECT STALLION Stallion & Selected Public Companies \| Share Price Performance Source: FactSet \| Market Data as of 11/21/2025 \| 1 Share price performance reflects market value-weighted median of peers \| 2 Selected healthcare services public companies include Acadia Healthcare, Ardent Health, Concentra, DaVita Inc., Encompass Health, Ensign Group, Option Care Health, PACS Group, RadNet, Surgery Partners, Tenet Healthcare, Universal Health Services and U.S. Physical Therapy Indexed Share Price Performance Since Concentra Carve Out (November 25, 2024) (50%) (30%) (10%) 10% 30% Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Stallion Selected Healthcare Services Public Companies1,2 S&P 500 (36%) 5% 10% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg08.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 8 CONFIDENTIAL PROJECT STALLION -- 5x 10x 15x 20x 25x 30x Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Stallion & Selected Public Companies \| Historical Valuation Source: Company Filings, Wall Street Equity Research, FactSet \| Market Data and Estimates as of 11/21/2025 \| 1 Enterprise value calculated as fully diluted market capitalization plus net debt, noncontrolling interests, preferred equity and less equity method investments; NTM Adj. EBITDA based on median consensus estimates and defined as NTM earnings before interest, taxes, depreciation and amortization, unburdened by stock-based compensation expense and non-controlling interest expense, excluding income (losses) from equity in affiliates, adjusted to exclude non-recurring items \| 2 Selected healthcare services public companies include Acadia Healthcare, Ardent Health, Concentra, DaVita Inc., Ensign Group, Option Care Health, PACS Group, RadNet, Surgery Partners, Tenet Healthcare and Universal Health Services 5-Year Historical Enterprise Value / NTM Adj. EBITDA Multiple1 6.2x Completion of Concentra Carve Out 11/25/2024 9.7x 12.6x 9.0x Stallion Selected Healthcare Services Public Companies2 U.S. Physical Therapy Encompass Health |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 9 CONFIDENTIAL PROJECT STALLION Stallion \| Wall Street Equity Analyst Research Summary Source: Wall Street Equity Research, FactSet \| Market Data and Estimates as of 11/21/25 Revenue Adj. EBITDA Broker Date Rating Price Target 2025E 2026E 2027E 2025E 2026E 2027E Valuation Methodology Broker A 11/03/25 Buy $21.00 $5,426 $5,692 - $470 $547 - SOTP (Implies 8.3x '26E EBITDA) Broker B 11/12/25 Buy $20.00 $5,416 $5,651 $5,888 $513 $542 $596 N/A Broker C 11/05/25 Buy $20.00 $5,409 $5,636 $5,891 $500 $532 $571 SOTP (~10x '26E Rehab Hospital EBITDA, ~7x '26E Outpatient Rehab / CIRH EBITDA) Broker D 10/31/25 Buy $17.00 $5,433 $5,679 $5,953 $521 $552 $589 7.8x '26E EBITDA-NCI Broker E 11/06/25 Buy $17.00 $5,409 $5,638 $5,955 $493 $533 $577 Blended P/E, EV/EBITDA and FCF/EV (Implies 7.0x '26E EBITDA) Broker F 10/31/25 Hold $14.00 $5,424 $5,630 $6,046 $517 $555 $604 '26 EBITDA-NCI Median $18.50 $5,420 $5,645 $5,953 $506 $545 $589 Implied Premium to Current: 35.5% Equity Analyst Ratings & Consensus Estimates Equity Analyst Recommendations Over Time Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 100 80 60 40 20 $0 0 $10 $20 $30 $40 $13.65 $18.50 5 5 5 5 5 6 6 6 6 6 6 6 6 (60%) (40%) (60%) (40%) (60%) (40%) (80%) (80%) (83%) (83%) (83%) (100%) (83%) (83%) (83%) (83%) (20%) (20%) (17%) (17%) (17%) (17%) (17%) (17%) (17%) Buy Hold Sell Share Price Median Target Price # of Brokers ($ in Millions, Except Per Share Amounts) |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg10.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Preliminary Transaction Analysis |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg11.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 11 CONFIDENTIAL PROJECT STALLION Source: Company Filings, Wall Street Equity Research, FactSet \| Note: 2024A figures represent actuals; 2025E figures represent the midpoint of Stallion management guidance as of 11/20/2025; 2026E and beyond are extrapolated and have been rounded (Revenue to the nearest $250M increment; Adj. EBITDA to the nearest $25M increment); Revenue growth and EBITDA margin figures have been rounded to the nearest 1% increment Stallion \| Preliminary Financial Projection Summary Revenue Adj. EBITDA ($ in Millions) ($ in Millions) $5,187 $5,400 $5,750 $6,000 $6,250 $6,500 $7,000 2024A 2025E 2026E 2027E 2028E 2029E 2030E $510 $520 $550 $600 $675 $750 $825 2024A 2025E 2026E 2027E 2028E 2029E 2030E 5% CAGR % Margin 5% 5% 5% 5% 5% 5% 10% 10% 10% 10% 11% 12% 12% % Growth 8% 10% CAGR |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg12.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 12 CONFIDENTIAL PROJECT STALLION Current Illustrative Offer Price Per Share ($ in Millions, Except Per Share Amounts) $13.65 $15.00 $15.50 $16.00 Implied Premium / (Discount) Current Price Per Share: $13.65 10% 14% 17% 52-Week High (Post-CON): $21.34 (30%) (27%) (25%) 30-day VWAP: $13.61 10% 14% 18% 60-day VWAP: $13.27 13% 17% 21% 90-day VWAP: $13.22 13% 17% 21% 4-Weeks Prior: $13.81 9% 12% 16% Fully Diluted Shares 123.8 123.8 123.8 123.8 Implied Equity Value $1,690 $1,857 $1,919 $1,981 (+) Net Debt 1,737 1,641 1,641 1,641 (+) Non-Controlling Interest 331 342 342 342 (-) Equity Investment in Affiliate (321) (357) (357) (357) Implied Enterprise Value $3,437 $3,484 $3,545 $3,607 Implied Enterprise Value / Adj. EBITDA CY2025E EBITDA ($520M) 6.7x 6.8x 6.9x 7.0x CY2026E EBITDA ($550M) 6.2x 6.2x 6.4x 6.5x Transaction Financing Total Equity $1,029 $1,091 $1,153 Pro Forma Net Debt 2,584 2,584 2,584 Sponsor Returns IRR 31% 30% 28% MOIC 3.6x 3.4x 3.2x Source: Company Filings, Wall Street Equity Research, FactSet, Bloomberg \| Market Data as of 11/21/2025 \| Note: Illustrative transaction close of 3/31/2026, 5.0x LTM total leverage, including ~$1.0B new term loan; Net Debt, Non-Controlling Interest and Equity Investment in Affiliate figures shown under Illustrative Offer Prices have been bridged to assumed transaction close; 2025E Adj. EBITDA figure represents midpoint of management guidance; 2026E Adj. EBITDA figure has been rounded to the nearest $25M increment \| 1 Illustratively assumes 6.5x NTM Adj. EBITDA multiple with full sale at YE2030; includes management promote Stallion Acquisition \| Preliminary LBO Overview Analysis at Various Prices 1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg13.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 13 CONFIDENTIAL PROJECT STALLION Purchase Price Offer Price / Share $15.00 $15.50 $16.00 Entry NTM EBITDA Multiple 6.1x 6.2x 6.3x % Premium to Current 10% 14% 17% 27% 26% 25% 29% 28% 26% 31% 30% 28% 31% 30% 28% 36% 35% 33% 41% 39% 38% 29% 28% 26% 31% 30% 28% 34% 32% 31% 9% 5% 19% 17% 16% 11% 8% 25% 24% 23% 12% 10% 31% 30% 28% Leverage at Close 4.5x 4.8x 5.0x 2030E EBITDA Margin 25E - '30E EBITDA CAGR NTM Exit Multiple 6.5x 7.5x 8.5x '25E - '30E Revenue CAGR 4% 5% 6% Source: Company Filings, Wall Street Equity Research, FactSet \| Note: Assumes 5.0x total leverage and 6.5x NTM exit multiple unless depicted otherwise \| 1 Entry NTM EBITDA Multiple based on 3/31/2026E NTM EBITDA of ~$575M \| 2 Premium to Current based on $13.65 closing share price on 11/21/2025 Stallion Acquisition \| Preliminary LBO IRR Sensitivity Analyses Transaction Sensitivities Operational Sensitivities Illustrative Case 2025E Margin 1 2 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg14.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Potential Exit Considerations |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg15.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 15 CONFIDENTIAL PROJECT STALLION Strategic Sale • Compelling, market-leading post-acute care platform with tailwinds for Inpatient Rehabilitation segment • Scale of business, as well as long track record of success, will be viewed positively • Potentially synergistic for some buyers (e.g., payors, health systems) • Limited interest from strategic buyers historically while a public company • Availability of strategic counterparties and those that understand LTACHs, and can drive synergies • Ability to navigate through reimbursement and regulatory exposure Sponsor Recap • Similar rationale to the "Strategic Sale" thesis • Proven ability to operate during periods of uncertainty (e.g. COVID, recessions) • Limited interest from sponsor buyers historically while a public company • Lower appetite for government reimbursement risk exposure, and particularly LTACHs – given complexity and variability in the segment • Sponsor dry powder • Recent transactions and operational experience • Ability to navigate through reimbursement and regulatory exposure IPO • Proven operators with extensive public experience – long track record of success in the public markets • Growth initiatives provide additional upside to all shareholders • Ability to re-IPO Stallion as a business repositioned to have greater exposure to higher-growth Rehabilitation Hospitals and Outpatient Rehabilitation segments • Ability to realize expected growth ahead of IPO • Market backdrop and ability to comp against the right peer set • Driving appropriate pro forma leverage levels at time of IPO Exit Considerations for Stallion Perspectives on Exit Alternatives Key Components to Establishing Conviction |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg16.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 16 CONFIDENTIAL PROJECT STALLION Key Attributes of Recent Healthcare Services IPOs • Well-defined relative value to public comparables • Set reasonable discount to public peers to create attractive entry point • Defensible fundamental approach to underpin valuation • Both qualitative & quantitative feedback are key in informing an appropriate range Unique Business Models Scale, Growth, & Profitability Macro / Sector Risk Responsible Leverage Clear Valuation Framework • Strong competitive positioning – demonstrated leadership and execution • Clear differentiation and deep moat from competitors • Highly visible, recurring revenue models • Leverage technology to optimize efficiency and provide data-driven solutions • Preference for businesses with meaningful scale and ability to articulate attractive TAM • Strong economics that drive profitability and free cash flow • Stress tested growth projections and ability to expand EBITDA growth and margin over time • Flexible balance sheet to pursue opportunistic M&A • Companies with limited tariff and / or government exposure • Preference towards companies with insulated business models • Healthy new issue performance and core peers trading at attractive valuations • <4x net leverage post-IPO remains an important threshold, with sub-3.5x highly preferred • Clear path to de-lever to 2-3x in the near-term (e.g. within 2 years post-IPO) • Flexible balance sheet to pursue opportunistic M&A |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg17.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 17 CONFIDENTIAL PROJECT STALLION 33 5 44 7 22 4 54 6 30 5 62 9 Duration of Sell-Down Process (in Months) Number of Sell-Down Events Required to Exit Position Exits Are Taking Longer & Requiring More Sell-Down Events Source: Dealogic \| 1 Defined as financial sponsors who maintained >50% ownership on the first trading day of the company and who achieved <5% equity ownership via documented sell-down events \| 2 Represents sponsor-backed companies wherein the primary sponsor conducted an initial sell-down event after 1/1/20XX \| 3 Represents number of months between IPO and last sell-down event wherein the sponsor reached <5% remaining equity ownership \| 4 "Sell-Down Events" includes marketed follow-ons, overnight follow-ons, registered block trades and unregistered block trades Analysis of Sell-Down Processes for Selected Sponsors That Held Majority Ownership at IPO & Have Fully Exited1 Median Since 2015 (N=50)2 Median Since 2020 (N=12)2 25th Percentile 75th Percentile 3 4 Sponsors that have initiated a sell-down process in 2020 or later have required ~35% longer and two incremental events to fully exit their positions when compared to sell-down processes initiated since 2015 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg18.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Analysis |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg19.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 19 CONFIDENTIAL PROJECT STALLION Selected Healthcare Services Public Companies Source: Company Filings, Wall Street Equity Research, FactSet \| Market Data as of 11/21/2025 \| 1 Based on fully diluted shares calculated using outstanding options under the Treasury Stock Method \| 2 Enterprise value calculated as fully diluted market capitalization plus net debt, noncontrolling interests, preferred equity and less equity method investments \| 3 Adj. EBITDA based on median consensus estimates and defined as NTM earnings before interest, taxes, depreciation and amortization, unburdened by stock-based compensation expense and non-controlling interest expense, excluding income (losses) from equity in affiliates, adjusted to exclude non-recurring items Market Data Financial Data Valuation Data Share Price % of 52-Week Share Price Market Enterprise '25 - '27 CAGR Adj. EBITDA Margin 3 EV / EBITDA 3 Company Name (Ticker) 11/21/25 High ∆ YTD Cap 1 Value 2 Revenue Adj. EBITDA 2025E 2026P 2025E 2026P Tenet Healthcare Corporation (THC) $191.96 88% 52% $16,989 $30,484 5.0% 4.4% 20.1% 19.7% 7.1x 7.0x DaVita Inc. (DVA) $120.25 67% (20%) 8,971 20,180 3.2% 3.3% 20.3% 20.4% 7.4x 7.2x Universal Health Services, Inc. Class B (UHS) $231.92 98% 29% 15,112 19,813 5.0% 4.0% 15.1% 14.8% 7.5x 7.4x Encompass Health Corporation (EHC) $114.35 89% 24% 11,649 14,849 8.4% 7.9% 23.9% 23.9% 10.5x 9.6x Ensign Group, Inc. (ENSG) $184.99 95% 39% 11,168 10,810 10.7% 10.8% 11.7% 11.9% 18.1x 16.1x Surgery Partners, Inc. (SGRY) $15.84 61% (25%) 2,049 7,283 8.0% 8.9% 21.2% 21.5% 10.3x 9.2x RadNet, Inc. (RDNT) $83.00 97% 19% 6,532 6,962 10.9% 16.0% 16.7% 18.0% 21.1x 18.1x Option Care Health Inc (OPCH) $29.57 83% 27% 4,749 5,591 8.3% 7.7% 8.3% 8.2% 11.9x 11.2x PACS Group, Inc. (PACS) $27.50 99% 110% 4,550 4,558 8.8% 13.1% 10.8% 11.1% 9.5x 8.4x Concentra Group Holdings (CON) $20.23 85% (10%) 2,623 4,236 7.0% 8.2% 20.0% 20.3% 9.9x 9.1x Acadia Healthcare Company, Inc. (ACHC) $15.18 32% (62%) 1,433 3,793 5.1% 2.9% 19.8% 18.8% 5.8x 5.7x Ardent Health, Inc. (ARDT) $8.94 52% (48%) 1,279 2,255 5.0% 3.4% 10.2% 9.6% 3.5x 3.5x U.S. Physical Therapy, Inc. (USPH) $71.63 71% (19%) 1,096 1,493 5.8% 7.4% 14.4% 14.6% 13.4x 12.5x Total Median: 7.0% 7.7% 16.7% 18.0% 9.9x 9.1x Total Average: 7.0% 7.5% 16.3% 16.4% 10.5x 9.6x ($ in Millions, Except Per Share Amounts) |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg20.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 20 CONFIDENTIAL PROJECT STALLION Deals - 100 Premium % 1-Day 1-Week 4-Weeks Mean 31% 33% 35% Median 25% 26% 33% 25th Percentile 15% 16% 20% 75th Percentile 44% 47% 48% Source: Company Filings, Refinitiv, FactSet \| Note: Analysis represents 1-day unaffected share price for announced U.S.-based all-cash take-private transactions between $1 billion and $5 billion for the period 1/1/2015 to 6/30/2025; Excludes deals with negative premiums; excludes energy, financial institutions and real estate segments Premiums Paid Analysis \| Selected All-Cash Take-Private Transactions 1-Day Premium: Selected All-Cash Deals, 2015 – Current, $1B - $5B Transaction Value <30% Premium: 61% of Deals <60% Premium: 85% of Deals 11 18 27 10 7 5 4 2 1 7 12% 20% 29% 11% 8% 5% 4% 2% 0% 1% 8% 0 5 10 15 20 25 30 35 40 >0-10% 11%-20% 21%-30% 31%-40% 41%-50% 51%-60% 61%-70% 71%-80% 81%-90% 91%-100% 100%< # of Transactions Transaction Premium |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciiiimg21.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT – Preliminary & For Reference Only 21 CONFIDENTIAL PROJECT STALLION This document and any other materials accompanying this document (collectively, the "Materials") are provided for general informational purposes. By accepting any Materials, the recipient thereof acknowledges and agrees to the matters set forth below in this notice. Wells Fargo Corporate and Investment Banking (CIB) makes no representation or warranty (express or implied) regarding the adequacy, accuracy or completeness of any information in the Materials. Information in the Materials is preliminary and is not intended to be complete, and such information is qualified in its entirety. Any opinions or estimates contained in the Materials represent the judgment of CIB at this time, and are subject to change without notice. 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Morgan Securities plc is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. J.P. Morgan SE is authorized as a credit institution by the German Federal Financial Supervisory Authority(Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and jointly supervised bythe BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). For information on any J.P.Morgan German legal entity see: https://www.jpmorgan.com/country/US/en/disclosures/legal-entity-information#germany. For information on any other J.P.Morgan legal entity see: https://www.jpmorgan.com/country/GB/EN/disclosures/investment-bank-legal-entity-disclosures. JPMS LLC intermediates securitiestransactions effected by its non-U.S. affiliatesfor or with its U.S.clients when appropriate and in accordancewith Rule 15a-6 under the Securities Exchange Act of 1934. 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## Ex-99.(C)(Iv)

**Exhibit 99.(c)(iv)**

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discussion Materials for Goldman Sachs & Co. LLC December 2025 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Key Questions for Today's Discussion 1 How Would We Structure A Process for the Special Committee? 2 What Information Would We Need to Fully Evaluate the Range of Strategic Alternatives to Select? 3 What is the Universe of Potentially Interested Strategics and Sponsors for Outreach? 4 What Does the Broader Process Timeline Look Like? |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 4 Outside in Perspectives on the Consortium's Offer & Path Forward 6 Is GS an Independent Advisor and What is the Scope of the GS Engagement? 5 How Can GS Help the Select Special Committee Maximize Value? How Would We Structure A Process for the Special Committee? 1 Key Objectives for Special Committee Process ◼ We are committed to a thorough and rigorous process that ensures the Special Committee's recommendation will be fair and objective — Our valuation work will enable the Special Committee to have a point of view on standalone value of Select as well as potential strategic alternatives that could be pursued when considering the current consortium's proposal – The results of this work will inform how we engage with potential counterparties, including the current consortium — Run a fair and balanced buyer outreach to ensure the Special Committee can demonstrate that the most likely counterparties had an opportunity to evaluate Select and put forth a credible offer – We will leverage our relationships with the most likely buyers to quickly identify whether there are credible alternatives to the current proposal Immediate Next Steps ◼ Identify working group within Select who will be working on Project Stallion to assist with diligence workstream ◼ Conduct detailed review of financial model and schedule model diligence call with core finance team ◼ Perform valuation analysis on Select's long range financial forecast and present findings to Special Committee ◼ Finalize list of strategics and sponsors for outreach and review any additional inbound interest ◼ Prepare and populate data room for potential buyers, including responses to diligence requests outlined in WCAS diligence workplan ◼ Evaluate existing shareholder register and develop plan for engaging with shareholders who have reached out following public offer by buyer consortium Principles for Engaging Additional Counterparties ◼ Engage with both strategic and sponsor parties to evaluate interest in Select WholeCo or one its segments — Important to engage with these parties in the near term to ensure all parties can move on the same timeline ◼ Provide the same data to all parties — Virtual data room access can be utilized to provide access to all interested parties, including current buyer consortium — Ensures that every party has access to the same information as they contemplate a potential indication of interest — Staging what information is shared throughout the process is important to ensuring other potential counterparties believe they have "ability to win" and then are willing to commit appropriate time / resources to engage |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 4 Outside in Perspectives on the Consortium's Offer & Path Forward 6 Is GS an Independent Advisor and What is the Scope of the GS Engagement? 5 How Can GS Help the Select Special Committee Maximize Value? What Information Would We Need to Fully Evaluate the Range of Strategic Alternatives Available to Select? 2 Remain Public Separate Pursue WholeCo Sale Description ◼ Continue to operate as standalone public company ◼ Divest another business unit or portfolio of assets (e.g. CIRH) ◼ Sale of entire business to single acquirer, whether strategic or sponsor Analyses to Perform ◼ Bottoms up discounted cash flow (DCF) ◼ Present value of future share price (PVFSP) analysis ◼ Sum-of-the-parts (SOTP) analysisd to assess value of Select's segments — Inpatient Rehab — Outpatient Rehab — CIRH ◼ Strategic and sponsor ability to pay analysis ◼ Review legal documentation of joint venture agreements A B C Information Required for Analysis More detailed diligence list included in the appendix Financial Forecast by Segment Corporate Expense Detail Real Estate Overview Joint Venture Detail Separation and One-Time Costs for Potential Break Up Analysis Current Capitalization |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Company Key Contacts Sponsors Carlyle ◼ Bobby Schmidt, Global Co-Head of HC CD&R ◼ Ravi Sachdev, Head of Healthcare LGP ◼ Max Lin, Head of Health Care Patient Square ◼ Pete Zippelius, Partner Towerbookook ◼ Jim Momtazee, Managing Partner TPG ◼ Jeff Rhodes, Managing Partner ◼ Katherine Wood, Partner What is the Universe of Potentially Interested Strategics and Sponsors for Outreach? Company Market Cap ($bn) Key Contacts Strategics UNH $299.8 ◼ Wayne DeVeydt, CFO ◼ Rich Mattera, Chief Development Officer HCA 112.3 ◼ Sam Hazen, CEO ◼ Monica Cintado, Enterprise Development THC 18.8 ◼ Saum Sutaria, CEO ◼ Mike Maloney, EVP Corporate Development Encompass 11.4 ◼ Mark Tarr, President & CEO 3 Outreach will be informed by existing dialogue to date with Select Source: FactSet as of 05-Dec-2025 Note: Potential to consider other sponsors depending on historical dialogue |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 GS Will Help Special Committee Conduct a Thorough and Efficient Review That Will Ensure Select's Shareholders Are Well-Represented 4 Guiding Principles ◼ Demonstrate independence and rigor in process in a way that will stand up to public scrutiny and potential litigation ◼ Explore all potential value maximizing alternatives beyond a WholeCo sale ◼ Demand transparency from current consortium on key deal terms ◼ Develop timeline and move forward efficiently, but do not let insider timing pressures drive process Potential ◼ Diligence management projections and conduct valuation analysis to help inform Special Committee's process and decision making — Evaluate all potential strategic alternatives beyond a WholeCo Sale – evaluate operational viability and potential to enhance value relative to status quo or take private alternatives — Review ability to pay of potential counterparties — Determine credibility of any other offers that may emerge ◼ Review historical inbound interest received from other potential counterparties and run a private and targeted market check — We do not think a public announcement is necessary given the disclosure from the WCAS proposal has effectively put Select "in play" — There is further benefit to conducting this process privately in order to minimize employee distraction / churn — A "broad enough" outreach ensures that the Special Committee and maximize competitive tension ◼ Evaluate current proposal from current consortium — Review current consortium's offer - financing, management compensation, governance and due diligence requirements ◼ Set timeline and process that aligns potential counterparties with the current consortium — Maximize competitive tension to drive value for Select's shareholders — There is power in saying "No" to the current consortium – timing should be dictated by what optimizes value to Select shareholders — Other post-signing mechanisms such as go-shop provisions and reverse termination fees record Phase Subphase Key Workstreams Phase 1 Valuation ◼ Diligence management projections and conduct thorough valuation analysis to help inform Special Committee's process and decision making — Evaluate potential strategic alternatives beyond a WholeCo Sale – evaluate operational viability and potential to enhance value relative to status quo or take private alternatives — Review ability to pay of potential counterparties — Determine credibility of any other offers that may emerge ◼ Review historical inbound interest received from other potential counterparties and run a private and targeted market check as WCAS conducts diligence in parallel ◼ Respond to and engage with shareholders who have inbounded into Select Phase 2 Targeted Outreach ◼ We do not think a public announcement is necessary given the disclosure from the WCAS proposal has effectively put Select "in play" ◼ There is further benefit to conducting this process privately in order to minimize employee distraction / churn ◼ A "broad enough" outreach ensures that the Special Committee creates a strong record of identifying potential alternatives and maximizes competitive tension Evaluate Potential Alternatives ◼ Evaluate current proposal from current consortium and report back on findings to Special Committee — Review current consortium's offer - financing, management compensation, governance and due diligence requirements ◼ Set timeline and process that aligns potential counterparties with the current consortium — Maximize competitive tension to drive value for Select's shareholders — There is power in saying "No" to the current consortium – timing should be dictated by what optimizes value to Select shareholders — Other post-signing mechanisms such as go-shop provisions and reverse termination fees can be used to further enhance the record 4 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Perspectives on How Process May Unfold from Here ◼ The current consortium has engaged Bain and outlined the diligence they will need to complete in order to be ready to submit an updated proposal ◼ Focus is on understanding opportunity by segment and the potential to unlock value via a sum-of-the-parts analysis ◼ Our perspective is that the details requested are appropriate, but will require significant commitment from Select management in order to finalize due diligence ◼ We understand and recommend that Select is preparing information to be responsive to WCAS requests today, but not to immediately engage with them on their diligence roadmap for the following reasons — Important for the Special Committee to have a point of view on Select's standalone valuation before committing additional time and resources to this proposal — Enables a process where all parties can be moving forward on the same timeline which can help create competitive tension ◼ The Special Committee retains flexibility to accelerate work with the current consortium once it has a point of view on valuation — Furthermore, potential to further negotiate on value as a gating item for additional access / information sharing 4 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Illustrative Process Overview Weeks 1-2 Weeks 3-6 Weeks 7-8 Weeks 9-10 ◼ Financial Due Diligence & Analysis — Review management projections and conduct diligence with management team — Perform comprehensive valuation analysis and present preliminary read out to committee — Evaluate viability and potential valuation impact of other potential strategic alternatives — Prepare virtual dataroom ◼ Outreach Preparation — Review historical buyer dialogue, align on buyer outreach list — Respond to and engage with shareholders who have inbounded into Select — Prepare form NDA ◼ Commence outreach to potential counterparties both on WholeCo (and strategic alternatives as applicable) ◼ Provide limited data access (e.g., management forecast) ◼ Receive indications of interest and determine viability of potential offers ◼ Path to accelerate, if no other parties ◼ Confirmatory due diligence ◼ Provide access to Select management ◼ Negotiate merger agreement & other key transaction documents ◼ Review financing commitments ◼ Receive & review final bids ◼ Final negotiations on key terms (e.g., price, structure, reverse termination fee, go-shop v. no-shop, governance, etc.) ◼ Finalize merger agreement ◼ Complete fairness opinion ◼ Finalize Special Committee recommendation ◼ Board approval ◼ Sign definitive agreement and announce transaction Special Committee retains optionality to revise timeline throughout the process - viability of strategic alternatives and other buyer engagement will provide additional information that can inform optimal path forward 4 December M T W T F 22 23 24 25 26 29 30 31 1 2 January M T W T F 29 30 31 1 2 5 6 7 8 9 12 13 14 15 16 19 20 21 22 23 26 27 28 29 30 February M T W T F 2 3 4 5 6 9 10 11 12 13 16 17 18 19 20 23 24 25 26 27 March M T W T F 2 3 4 5 6 9 10 11 12 13 16 17 18 19 20 23 24 25 26 27 30 31 1 2 3 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Summary of Outreach from Existing Shareholders Source: FactSet, Refinitiv, Investor Letters to Select Medical as of 19-Dec-25 ¹ Based on letter claiming ownership of greater than 800,000 shares, based on 123.8mm shares outstanding. 2 Based on the letter Western Standard sent to Select's Board of Directors. Investor Date of Outreach Form of Outreach Key Contact Current Ownership Year of Initial Investment Cost Basis Commentary Conan Laughlin (Individual Shareholder) 26-Nov-2025 Letter to Select Board Conan Laughlin >0.6%1 2013 NA Call to launch accelerated stock repurchase program for at least $250mm at $16.00 / share T. Rowe Funds (Mid-Cap \| Small-Cap) 26-Nov-2025 Email to Joel Veit, Treasurer and SVP at Select Vincent DeAugustino ~6.7% \| ~1.3% 2010 \| 2014 $11.29 \| $12.86 Expressed desire to share perspective with Special Committee Western Standard 26-Nov-2025 Letter to Select Board Eric D. Andersen ~1.3%2 2022 $13.20 DCF: $26.80 / share Public Comps: $28.64 / share (10.2x NTM EV / EBITDA) Historical: $23.89 / share (9.1x NTM EV / EBITDA) 4 Important to engage with shareholders and understand their perspectives / concerns in a "listen only" context - ask clarifying questions as appropriate on their assumptions and understand their thesis. Reinforce that the Special Committee will run a thorough process to maximize value for Select's shareholders. Do not share MNPI. |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 I Shareholder Base Analysis A Appendix |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Shareholder Base Analysis Source: FactSet, Refinitiv, as of 19-Dec-25 Note: ¹ Quarter of the investors most recent position initiation in the security. Resets whenever the investor sells out completely. ² Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases from Q1 '05 - Q4 '25. 3 Based on share price at market close on 17-Dec-2025 ($15.01). Cost Basis & Returns Most Recent Historical Positions (Shares in mm) Fund Refinitiv Style AUM ($bn)Cost Basis¹ Unrealized Gain² % OS Shares (mm) Q3 '25 Q2 '25 Q1 '25 Q4 '24 Q3 '24 Q2 '24 Q1 '24 T. Rowe Price Mid-Cap Value Value $14.3 $11.29 33.0 % 6.7 % 8.7 8.7 8.7 9.3 9.3 9.4 9.6 9.6 D. E. Shaw Hedge Fund 117.2 14.53 3.3 1.4 1.9 1.9 0.7 0.2 0.0 0.0 0.1 0.1 T. Rowe Price Small Cap Value Value 9.8 12.86 16.7 1.3 1.7 1.7 2.1 2.3 2.5 2.8 2.9 3.4 Millennium Mgm't Hedge Fund 123.5 14.20 5.7 1.2 1.6 1.6 0.3 1.7 0.3 0.0 0.7 0.2 Western Standard, LLC Hedge Fund 0.2 13.20 13.7 0.8 1.1 1.1 Prosight Capital Hedge Fund 0.5 14.10 6.5 0.7 0.9 0.9 0.4 0.0 BlackRock Advantage Small Cap Core Fund GARP 4.4 26.84 (44.1) 0.7 0.9 0.9 0.9 0.9 0.8 0.3 0.1 Hood River Small-Cap Growth Fund Growth 4.8 18.30 (18.0) 0.6 0.8 0.8 0.9 1.7 0.9 0.2 0.0 John Hancock Funds II Mid Value Fund Value 1.3 9.58 56.7 0.6 0.8 0.8 0.8 0.8 0.9 0.9 1.0 1.0 Vanguard Tax-Managed Small-Cap Fund Growth 9.3 13.36 12.4 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 DFA U.S. Targeted Value Portfolio Quantitative 14.0 11.27 33.2 0.5 0.6 0.6 0.6 0.5 0.5 0.6 0.6 0.6 DFA US Small Cap Portfolio Quantitative 17.4 10.22 46.9 0.5 0.6 0.6 0.7 0.8 0.9 1.0 1.0 1.0 Qube Research & Technologies Ltd Hedge Fund 71.0 13.20 13.7 0.4 0.6 0.6 0.0 0.2 0.3 0.1 0.1 DFA US Small Cap Value Portfolio Quantitative 17.0 13.31 12.8 0.4 0.6 0.6 0.0 Woodline Partners LP Hedge Fund 22.0 13.20 13.7 0.4 0.6 0.6 0.5 0.7 0.3 Strategic Advisers US Total Stock Fund Other 72.1 19.90 (24.6) 0.4 0.6 0.5 0.5 0.5 0.2 0.0 DFA Dimensional US Targeted Value ETF Quantitative 11.8 16.35 (8.2) 0.4 0.5 0.5 0.5 0.4 0.4 0.3 0.3 0.3 EA Bridgeway Omni Small-Cap Value ETF Value 1.8 20.82 (27.9) 0.4 0.5 0.4 0.5 0.6 0.3 ExodusPoint Capital Management, LP Hedge Fund 7.2 13.20 13.7 0.3 0.4 0.4 0.0 DFA U.S. Micro Cap Portfolio Quantitative 7.0 20.20 (25.7) 0.3 0.4 0.4 0.3 0.2 0.2 0.2 0.2 0.2 DFA Dimensional US Small Cap ETF Quantitative 11.8 17.54 (14.4) 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 Citadel Advisors LLC Hedge Fund 125.2 15.42 (2.6) 0.3 0.4 0.4 0.5 0.5 0.1 0.0 John Hancock VIT - Mid Value Trust Value 0.6 8.91 68.5 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 Arrowstreet Capital, Limited Partnership Hedge Fund 165.1 28.59 (47.5) 0.2 0.3 0.3 0.5 0.5 0.7 0.8 0.7 0.8 Point72 Asset Management, L.P. Hedge Fund 45.3 25.39 (40.9) 0.2 0.3 0.3 0.2 1.4 1.7 2.1 0.8 0.3 Total 19.9 % 25.8 25.7 20.5 23.4 21.8 20.9 20.6 19.5 Median $14.10 6.5 % Weighted Average³ $13.93 14.6 % Parties that have reached out to Select since offer from consortium made public  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 II Preliminary Diligence Checklist A Appendix |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Select Medical Initial Diligence List (1/2) Financial 1. Business and Segment Level Financials (5 Year forecast, including quarterlies if available, and last 3 years historicals) 2. Revenue, EBITDA and cash flow by: a. Critical Illness Recovery Hospitals b. Inpatient Rehabilitation Facilities c. Outpatient rehabilitation 3. Volume v. rate assumptions by segment a. CMS rule impact sensitivity analysis if available 4. Joint venture financials a. Revenue, EBITDA and cash flow by customer and by segment 5. Labor a. Labor expense by segment b. Utilization of contract labor c. Assumptions on wage growth throughout forecast period 6. Corporate expense details a. Overview of what is directly linked to segment versus what is allocated / shared b. Other operating expense detail (e.g., rent expense, G&A, etc.) 7. Variance in tax rate by segment (if applicable) 8. Same-store growth v. de novo / M&A contribution by segment a. Overview of facility/bed expansion, de novos and M&A pipeline 9. Capital expenditures a. Overview of maintenance v. growth capex 10. Other cash flow and net working capital drivers 11. Latest capitalization table 12. Overview of payments or rights that vest or are otherwise payable, accelerated or triggered in connection with a change of control 13. KPIs a. Licensed beds by CIRH/ IRF b. Average length of stay by segment c. Occupancy by site d. Visits per therapist  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Select Medical Initial Diligence List (2/2) Business 1. Payor mix 2. Employee Matters a. Employee retention / turnover statistics b. Joint venture employees v. FTE at Select c. Overview of key management by segment 3. Overview of facility footprint (location, segment, type of facility, owned v. leased, key lease terms, CoC terms, etc.) 4. Overview of any non-disclosed litigation and/or government investigations 5. Summary of joint venture relationships and key terms by customer 6. Joint venture agreements (including any management, put/call and buyout agreements) and an ownership summary for each JV; status of JV put/call options and minority partner buy-out rights 7. Current credit agreements and overview of key covenant terms / CoC provisions 8. Overview of estimated impact of OBBBA for each market 9. Summary of historical acquisitions and dispositions material to the business, including documents relating to any pending or proposed merger, JV, acquisition or disposition 10. Overview of outstanding material litigation Other 1. Overview of historical dialogue with potential strategic and sponsor buyers for both WholeCo or any particular segment 2. Previous Board Presentations a. Management forecasts and sensitivity analysis b. Separation or strategic alternative analysis c. Analysis done on TSAs, intercompany or separation costs d. Corporate expense allocation analysis 3. Overview of shareholder agreements |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 III Working Group List A Appendix |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Working Group List Company / Address Business Phone Stallion, Inc. 4714 Gettysburg Rd Mechanicsburg, PA 17055 Tel: 717-972-1100 Special Committee Daniel J. Thomas Board Member Email: Dan.Thomas@healthcarehighways.com Katherine Davisson Board Member Email: krdavisson@yahoo.com Jim Ely Board Member Email: jim.ely@pricap.com Stallion Special Committee |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 Working Group List Company / Address Business Phone Goldman Sachs & Co. LLC 200 West Street New York, New York 10282 Tel: 212-902-1000 Fax: 212-902-3000 Healthcare Michael Rimland Managing Director Head of Healthcare Services Asst./Sec: Julie Salter Tel: 212-902-3844 Mob: 917-863-9617 Email: michael.rimland@gs.com Tel: 917-343-1658 Email: Julie.salter@gs.com Peter van der Goes Managing Director Co-Head of Healthcare and Head of Healthcare M&A Asst./Sec: Lina Choi Tel: 212-902-1943 Mob: 917-494-9370 Email: peter.vandergoes@gs.com Tel: 212-357-2107 Email: lina.choi@gs.com Jeff McCown Managing Director Asst./Sec: Alyssa Free Tel: 212-357-2825 Mob: 815-514-5160 Email: jeff.mccown@gs.com Tel: 212-934-0712 Email: Alyssa.free@gs.com Jennifer Austin Vice President Asst./Sec: Maria Luevanos Tel: 212-902-1100 Mob: 714-732-2035 Email: jennifer.austin@gs.com Tel: 415-249-7260 Email: maria.luevanos@gs.com Peter Braun Associate Asst./Sec: Sunny Morris Tel: 212-855-0175 Mob: 651-955-3291 Email: peter.braun@gs.com Tel: 312-384-3002 Email: sunny.morris@gs.com Goldman Sachs |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Company / Address Business Phone Goldman Sachs & Co. LLC 200 West Street New York, New York 10282 Tel: 212-902-1000 Fax: 212-902-3000 Healthcare (Cont'd) Campbell Moriarty Analyst Asst./Sec: Erica Hayden Tel: 212-855-0347 Mob: 973-494-1900 Email: campbell.moriarty@gs.com Tel: 312-384-3381 Email: erica.hayden@gs.com Ashton Rollins Analyst Asst./Sec: Keili Perez Tel: 212-902-7669 Mob: 201-957-3449 Email: ashton.rollins@gs.com Tel: 312-384-3098 Email: keili.perez@gs.com Working Group List Goldman Sachs |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 Company / Address Business Phone Skadden, Arps, Slate, Meagher & Flom One Manhattan West New York, New York 10001 Tel: 212-735-3000 Fax: 212-735-2000 M&A Allison Schneirov Partner Tel: 212-735-4138 Email: Allison.Schneirov@skadden.com Christopher Barlow Partner Tel: 212-735-3972 Email: Christopher.Barlow@skadden.com Jacob Allely Associate Tel: 212-735-2081 Email: Jacob.Allely@skadden.com Sophie Minter Associate Tel: 212-735-3706 Email: Sophie.Minter@skadden.com Litigation Joe Larkin Partner Tel: 302-651-3124 Email: Joseph.Larkin@skadden.com Working Group List Skadden, Arps, Slate, Meagher & Flom |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 IV WCAS Diligence Workplan A Appendix |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 WCAS Diligence Workplan 1 of 3 Topics Key Deliverables Resources Core Business Diligence IRF ◼ Fan of outcomes for revenue growth (same-facility and pipeline) and margin performance ◼ De-novo / JV pipeline review and validation, including certainty, ramp and contribution over N5Y, JV economics, capex, etc. — Attractiveness of top opportunities (MSA-level IRF penetration, population growth, competitive dynamics, etc.) — Historical pipeline conversion and win / loss trends — Ramping / recently ramped facilities performance, including vs. expectations at time of development — Typical de-novo unit economics, ramp, and payback under various JV / ownership structures ◼ Same-facility trending by volume (incl. bed utilization), rate, payor / case mix, and margins by geo and ownership structure (standalone vs. JV, consolidated vs. unconsolidated) — Benchmarking to MSA-level market growth ◼ Facility-level performance variation and benchmarking, including areas of optimization ◼ JV economics and contract structure review, including management fees, ownership, termination provisions, etc. ◼ Payor mix and rate benchmarking / outlook, by geo and top payors ◼ Cost base composition and trending by function, including fixed vs. variable, operating leverage, wage growth, attrition, etc. ◼ Capex review and trending, including maintenance / growth splits and de-novo by facility where relevant ◼ Whitespace analysis to analyze longer-term de-novo opportunity and growth outlook ◼ Referral mix and strength of relationships, including distinctions by ownership structure — Discharge planner / referrer perspectives (via survey / calls) ◼ Quantifying regulatory impact - TEAM, CMS re-weight, non-complaint case rate change, short-stay home health transfers, etc. ◼ Bain OP Rehab ◼ Fan of outcomes for revenue growth (same-clinic and pipeline) and margin performance, incl. impact of productivity / other operational initiatives ◼ Geo-level same-clinic trending on volume, rate, payor mix, labor productivity and profitability / margins by ownership structure — Competitive positioning of large brands / JVs in key geos and implications on performance ◼ Clinic-level profitability and productivity benchmarking / trending, including portfolio optimization / rationalization opportunity ◼ Payor mix and rate benchmarking / outlook, by payor type, geo and ownership structure — Improvement opportunity from converting wholly-owned clinics to JVs — Commercial rate outlook ◼ Deep-dive on margin / productivity trending and improvement opportunities — Cost trending at MSA/geo and JV / brand level (as relevant) by function, including fixed vs. variable, operating leverage, etc. — Labor cost composition and trending by type of role (PT vs. back-office), including turnover, compensation (wage rates, bonuses, etc.), and contract labor usage — Geo-specific dynamics (e.g. clinics per capita) and corresponding impact on labor costs / margins — Incentives in place to drive PT productivity (e.g. productivity-linked bonuses) — Financial impact of operational initiatives underway or identified to drive margin expansion (e.g. scheduling) — Tech / AI enablement opportunity to drive productivity and cost efficiencies (coding / documentation, scheduling, etc.) ◼ JV economics and contract structure review ◼ De novo / acquisition pipeline, including expected ramp and contribution, capex etc. — Ramping / recently ramped facilities performance, including vs. expectations at time of development — Typical de-novo unit economics, ramp and payback on under various ownership structures — Potential to be more aggressive around de-novos and complementary M&A to accelerate growth (given multiple uplift at re-IPO) ◼ Drivers and archetypes of clinic closures historically ◼ Cohort-level financial and unit economic (volume, rate, mix) trending for mature vs. ramping facilities ◼ Referral mix and strength of relationships, including distinctions by ownership structure — Referrer perspectives (via survey / calls) ◼ Capex trending, including maintenance / growth splits ◼ Review of current tech stack, incl. ongoing initiatives and product roadmap; degree and quantification of optimization opps. ◼ Ops Consultant (Bain / other) ◼ PT SMEs ◼ WCAS OPs (Bill, Lawrence, Annie, Maureen) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 WCAS Diligence Workplan 2 of 3 Topics Key Deliverables Resources Core Business Diligence LTACH ◼ Facility-level utilization, volume, rate, payor / case mix, and margin trending, by facility type (HiH vs freestanding), and ownership structure ◼ Deeper dive into LTACH regulatory dynamics, including impact of historical changes (site neutrality, outlier thresholds), likelihood of future reform, payor perception across MA / commercial, and expected go-forward rate dynamics ◼ Impact of outlier threshold, 20% transmittal rule, and other regulatory considerations on financials / unit economics ◼ Unit economics and margins by compliant vs. non-compliant cases ◼ Cost base composition and trending ◼ JV economics and contract structure review ◼ Rate benchmarking and trending / outlook, by payor type and geo ◼ Light touch market work for top MSAs (growth outlook, competitive positioning, etc.) ◼ Capex trending and outlook ◼ Capstone ◼ Bain (light touch) OP Rehab ◼ Detailed 2026 budget review ◼ Corporate G&A costs by functional area, including fixed / variable distinction and segment allocations ◼ Composition of Other segment revenue / costs ◼ Review of core functional areas, including RCM, IT, payor contracting, etc.; global vs. segment-specific functions and overlap ◼ Remaining obligations / economics related to Concentra spin, if any ◼ Procurement and supply chain processes / savings opportunity ◼ WCAS OPs (Bill, Lawrence, Jeff) Potential LTACH Sale / Spin ◼ Structuring considerations (legal, accounting, tax, etc.) ◼ Preparation of pro forma RehabCo / LTACHCo financial statements, including disclosure requirements ◼ LTACH debt financing (quantum, rate, maximum capacity, impact of various FMVs to debt raise, etc.) ◼ Organizational design and operational entanglements, including any impact to multi-segment JVs ◼ Tax implications ◼ PwC ◼ R&G Exit ◼ Segment-level disclosures required in S-1 (including in context of what public investors / analysts will expect) and ideal positioning, including buyside / equity research perception ◼ Investor universe and appetite for RehabCo IPO; buyside perspectives ◼ Timing scenario analysis based on performance / de-leveraging ◼ Expected discount across IPO and block trades and timing from IPO to sell-down ◼ Expected fully distributed trading multiple range based on peer trading performance and benchmarking ◼ Barclays, WF, JPM ◼ [Specialist Buyside Advisory Firm – e.g., Mainstay] ◼ Chris Solomon (WCAS Cap Markets) Other Diligence Workstreams Tech ◼ Review of key tech systems including EHR, RCM, etc.; assess scalability and presence of tech debt / potential remediation costs ◼ Customary cybersecurity diligence ◼ PASG / WCAS Ops Financial Accounting / Tax ◼ See Sale / Spin Feasibility above ◼ Customary QoE / QoR, NWC, accounting, and tax diligence ◼ Tax diligence around Concentra spin ◼ PwC Debt Financing ◼ Finalize quantum, rates, structure and documentation for incremental leverage ◼ Ratings agency process ◼ Interest coverage and leverage scenario analysis under various financial and interest rate scenarios ◼ Barclays, WF, JPM ◼ R&G ◼ Chris Solomon Co-invest ◼ Develop co-investor outreach plan and materials to support diligence (opportunity overview, model, etc.) ◼ WCAS IR |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-civimg023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 WCAS Diligence Workplan 3 of 3 Topics Key Deliverables Resources Confirmatory Diligence Legal ◼ Customary legal diligence, transaction documentation ◼ R&G HR ◼ Customary benefits and HR diligence ◼ Jeff Gallant, [PwC] Insurance ◼ Customary insurance diligence ◼ [Lockton] ESG ◼ Customary ESG diligence ◼ [Bridge House] |

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## Ex-99.(C)(V)

**Exhibit 99.(c)(v)**

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Materials for the Special Committee Goldman Sachs & Co. LLC January 12th, 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Today's Discussion 2 Overview of Management Forecast 1 Public Market Perspectives on Select 3 Overview of Financial Analyses A Appendix 4 Overview of Potential Strategic Alternatives |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 1 Public Market Perspectives on Select |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: FactSet, Market data as of 06-Jan-2026 1 Proposal received 24-Nov-2025 after market close; stock price reaction reflects following trading day. Select Medical's Share Price Performance Date 1 Day Reaction Event 21-Feb-2025 (7.2)% ◼ Reports Q4 2024 earnings, beating revenue by 2.4% but missing EBITDA by (0.2)% driven by (6.0)% YoY decrease in LTACH Adj. EBITDA resulting from start-up losses, integration costs, and Hurricane Helene ◼ 2025 EBITDA guidance established at $520mm – $540mm (vs. $548mm consensus) 02-May-2025 (21.8)% ◼ Reports Q1 2025 Earnings, missing revenue by (3.0)% and EBITDA by (7.4)%, driven by underperformance of CIRH segment given decreasing YoY quarterly EBITDA and contracting margin ◼ 2025 EBITDA guidance lowered to $510mm – $530mm (vs. $530mm consensus) 01-Aug-2025 (15.0)% ◼ Reports Q2 2025 earnings, missing revenue by (0.1)% and missing EBITDA by (0.7)%, driven by high-cost outlier thresholds in CIRH and pending implementation of the 20% transmittal rule ◼ 2025 Net Income guidance lowered to $141mm – $154mm (vs. $178mm consensus) 08-Oct-2025 9.2 % ◼ RBC increases price target from $16 to $20, maintains "outperform", cites CMS' decision to delay implementation of 20% transmittal rule, and notes attractive entry valuation 31-Oct-2025 (2.6)% ◼ Reports Q3 2025 earnings, beating revenue by 2.3% and missing EBITDA by (1.9)%, driven by heightened labor costs coupled with unfavorable payer mix ◼ 2025 Net Income guidance increased slightly to $143mm – $156mm (vs. $184mm consensus) 25-Nov-20251 11.1 % ◼ Acknowledges receipt of non-binding proposal from Executive Chairman Robert Ortenzio to acquire all outstanding shares for $16.00 to $16.20 per share in cash (the "Proposal") good good good good check good good good $5 $10 $15 $20 $25 Jan-2025 Apr-2025 Jul-2025 Oct-2025 Jan-2026 Share Price $15.38 1Y Average: $15.29 6M Average: $13.74 52-Week High: $20.83 52-Week Low: $11.77 SEM Price as of 24-Nov-25: $14.01 SEM Price as of 25-Nov-25: $15.57 1 2 5 3 4 6 1 2 3 4 5 6 Stock Price Performance Over the Last Year |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 5.0 x 10.0 x 15.0 x 20.0 x 25.0 x 30.0 x 35.0 x Jan-2025 May-2025 Sep-2025 Jan-2026 9.7 x 6.6 x 15.7 x 7.1 x 14.5 x Source: FactSet; Market data as of 06-Jan-2026 Note: Acute Care Peers include Community Health Systems, Tenet Healthcare, Universal Health Services. Alternative Site Healthcare Peers include RadNet, USPH, Surgery Partners, and BrightSpring. NTM EV / EBITDA \| Last 5 Years Select Medical's NTM Valuation Multiple Over Time Relative to Peers 03-Jan-2024 Select announces its intention to spin off Concentra; stock has traded up 42.0% and multiple has traded up by 1.4x since then Backup \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sawbones2024\925030_1\Presentations\2024.08.16 RemainCo Analysis\Excel\NTM EV EBITDA_vMaster.xlsx Select's NTM EV / EBITDA pro forma for Concentra Separation: ~7.5x SEM NTM EV / EBITDA 24-Nov-25: 6.3 x 25-Nov-25: 6.7 x NTM EV / EBITDA \| Last 1 Year \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\NTM EV EBITDA_vMaster_06Jan2026_v02.xlsx 7.2 x 10.4 x 14.7 x WIP Implied ex-Concentra Select Medical 5-year, 3-year, and 2-year average NTM EV / EBITDA Multiples of 7.9x, 7.8x, and 7.5x respectively, assuming Concentra valued at 9.5x NTM EBITDA |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $21.00 $20.00 $20.00 $17.00 $14.00 Benchmark RBC DB Mizuho UBS Median: $20.00 Price as of 06-Jan-26: $15.38 Median Sellside Broker Target Price Implies ~30% Upside to Select's Current Trading Levels ($ in millions, except per share values) Price Target Source: Wall Street Research, FactSet as of 06-Jan-2026 Date 25-Nov-2025 24-Nov-2025 25-Nov-2025 25-Nov-2025 25-Nov-2025 Methodology 2026 EV / EBITDA & SOTP ($28 per share) SOTP Analysis - 2026 EV / EBITDA 2026 EV / EBITDA - NCI 2026E EBITDA $567 $532 $542 $550 $555 Multiple 8.3 x CIRH & OP: 7.0x 2026 EV / EBITDA IRF: 10.0x 2026 EV / EBITDA - 7.0 x 9.0 x Buy Hold \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\Broker Perspectives and Projections\Broker Perspectives and Projections_v03.xlsx EBITDA Metrics 2025E Guidance: $510mm - $530mm 2026E Mgmt. Projection: $531mm |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 7.8 % 8.2 % 8.5 % 8.6 % 4.0 % 12.2 % Source: Select Medical Management Projections as of 30-Dec-2025 ("Management Projections"), FactSet as of 06-Jan-25 1 As of unaffected date of 24-Nov-2025. 2 Acute Care Peers include Community Health Systems, Tenet Healthcare, and Universal Health Services. 3 Alternative Site Healthcare includes RadNet, USPH, Surgery Partners, and BrightSpring. 2025E – 2027E Revenue CAGR 2025E – 2027E EBITDA CAGR 2026E EBITDA Margin Consensus1 Framing Select Medical's Public Comparable Universe Management Acute Care Peers2 Alternative Site Healthcare3 Consensus1 Management Acute Care Peers2 Alternative Site Healthcare3 Consensus1 Management Acute Care Peers2 Alternative Site Healthcare3 \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\CSC\Copy of Select Medical CSC 1.6.2026 v2.xlsx 9.8 % 9.3 % 21.0 % 12.5 % 14.8 % 14.1 % 4.6 % 5.1 % 8.4 % 5.9 % 5.0 % 9.4 % 2026E EV / EBITDA Consensus1 Management Acute Care Peers2 Alternative Site Healthcare3 6.3 x NA 10.4 x 15.7 x 7.2 x 14.7 x |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 2 Overview of Management Forecast |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Preliminary Perspectives on Management Outlook ◼ Management Projections currently slightly behind Street in 2026 while more in-line by 2027 — Analyst price targets last updated in November reference 2026E EBITDA for valuation, which are higher than management projections of ($532-567mm vs. $531mm) – Potential for price targets to come down once 2026E revenue and EBITDA guidance provided at Q4 2025 earnings in February 2026 ◼ Management Projections for total revenue in-line with Street estimates for 2025E and slightly ahead for 2026-2027E — Outperformance driven by the OP segment in 2026-2027E — Forecast assumes 20 net new clinics per year, 2% increase in net patient revenue per visit and 3% increase in visits per day ◼ Management Projections for adj. EBITDA below Street estimates in 2025E and 2026E, with 2025E adj. EBITDA of $510mm at low end of previously issued guidance of $510-530mm — Underperformance relative to consensus primarily driven by Inpatient Rehab, partially offset by Outpatient – Forecast for Inpatient adj. EBITDA in 2026-2027E includes development costs related to new hospitals Perspectives on Key Drivers of Forecast ◼ CIRH margins expected to grow throughout forecast period (10.3% in 2025 increasing to 11.1% by 2030) per Select Medical Management — This compares to historical EBITDA margins of 5.0 – 12.3% between 2022 and 2024 ◼ IRF rate outlook remains steady at ~2% growth p.a. in 2027 – 2030 ◼ OP margins another area of significant improvement (8.7% in 2025 increasing to 12.3% by 2030) relative to the historical margin of ~8-9% — OP assumes 3% increase in visits per day which drives a significant portion of margin improvement throughout the forecast period Preliminary Perspectives on Outlook by Segment ◼ Select has a slightly different financial profile relative to most relevant trading comparables for Inpatient (Encompass) and Outpatient (USPH) ◼ While investors may reference these peers in thinking about sum-of-the-parts valuation, they may apply a discount to those direct peers Source: Management Projections, FactSet as of 06-Jan-26 Note: Segment level EBITDA Margin with corporate expenses allocated by segment EBITDA contribution are 14.6% and 6.6% for IRF and OP, respectively, per Select Medical Management Summary Observations on Management Projections Home Health Revenue Volume Growth: — Episodic admissions expected to decline at a low single digit rate throughout the projection period as Medicare-eligible population continues to shift to Medicare Advantage — Majority of current revenue (66% in YTD 2023) contributed by Medicare FFS — Non-episodic visits expected to continue to grow at a double-digit growth rate as MA population is expected to increase Revenue Growth: — Episodic revenue to remain under pressure in 2024E due to the CMS proposed rate decrease of (2.2)% into (1.8)% for Enhabit); beyond 2024E, rates expected to increase at long-term inflation target of 2% — Management forecast does not yet reflect most recent CMS rate increase of +0.8% for 2024 (expected to translate into +1.2% for Enhabit) — Non-episodic revenue per visit expected to improve driven by the Company's Payor Innovation initiative Cost Per Visit Growth: In 2024E-efficiency gains; in 2024E, includes contract labor initiative starting mid-2023 with a (0.7)% impact Hospice Revenue Admissions: Anticipated growth in-line with long-term market growth of hospice in the US of 5.5% Revenue per Patient Day: Rate expected to improve 2.6% in 2024E based on final rule of 2.8%1 ; beyond 2024E, rate expected to increase at long-term inflation target of 2% Cost per Patient Day Growth: in 2024E and 2025E, expect increased census with no additional labor costs from transition to case management model; in 2026E and 2027E, expect annual 3% increase due to inflation partially offset by 0.5% efficiency gains Other Corporate G&A: Expected to grow faster than revenue in 2023E as the company continues to build out corporate functions — Expect Pre-Corp SG&A growth to be 50% of revenue growth for the Home Health and Hospice Segments in 2024E onwards Maintenance capex as a % of revenue expected to remain at ~0.8% of Revenue Expects to open 10 De Novo locations per year (2 Home Health / 8 Hospice) starting in 2023E Projections do not include additional acquisition spend other than one acquisition that closed in Q1 2023A \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\CSC\Select Medical CSC 1.6.2026 v1.xlsx Charts at Bottom \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\Broker Perspectives and Projections\Broker Perspectives and Projections_v03.xlsx Top portion (for the fill in the blank from jeff) IRF IRF OP OP 8.9% 21.5% 8.4% 21.0% '25E to '27E Rev CAGR '26E EBITDA Margin 5.0% 8.8% 5.9% 12.5% '25E to '27E Rev CAGR '26E EBITDA Margin |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections Note: Personnel expense margin and facility expense margin is defined as personal expense or facility expense divided by revenue Key Assumptions Underlying Management Projections Critical Illness Recovery Hospitals ("CIRH") ~45% of '25E Revenue ◼ Volume: Assumes 3.3% growth in 2026 trending down to 0.7% in 2030 ◼ Rate: Assumes (1.0)% growth in 2026 (driven by implementation of 20% transmittal rule) trending up to 2.0% in 2030 ◼ Facility Expense: 2.1% growth in 2026 trending up to 2.7% in 2030 Inpatient Rehabilitation Facilities ("IRF") ~24% of '25E Revenue ◼ Volume: Assumes 10.9% growth in 2026 trending down to 0.2% in 2030 ◼ Rate: Assumes (1.9)% growth in 2026 trending up to 2.0% in 2030 ◼ New Business Development: Pipeline and developments contributes 630bps to the 2028 revenue growth rate, trending down to 503bps in 2030-onward ◼ Facility Expense: 3.5% growth in 2026 trending up to 10.6% in 2030 Outpatient ("OP") ~24% of '25E Revenue ◼ Volume: Assumes 4.1% growth in 2026 trending up to 4.4% in 2030 ◼ Rate: Assumes 0.8% growth in 2026 trending up to 2.0% in 2030 ◼ New Business Development: Pipeline and development contributes 50bps to the 2028 revenue growth rate, and contributes ~50bps to annual revenue growth thereafter ◼ Facility Expense: 2.4% growth in 2026 trending down to 2.0% in 2030 Corporate & Cash Flow ◼ Corporate expenses expected to grow by 12% in 2026E and 3% thereafter per Select Medical Management ◼ Capital Expenditures are allocated to each segment and represents ~2.5 – 4.0% of revenue throughout the forecast period ◼ Change in NWC represents a 5.5% - 8.8% of change in revenue and is allocated to each segment throughout the forecast period ◼ Projections exclude any impact of additional M&A or de novo spend beyond what is outlined above ◼ Marginal tax rate of 21% Joint Venture Assumptions ◼ Joint ventures that are majority owned are consolidated in the financial forecast and NCI is allocated to each segment ◼ Joint ventures that are minority owned are not consolidated in the financial forecast, but cash flow distributions are included as part of NCI — Corporate revenue represents services provided to partners at cost Home Health Revenue Volume Growth: — Episodic admissions expected to decline at a low single digit rate throughout the projection period as Medicare-eligible population continues to shift to Medicare Advantage — Majority of current revenue (66% in YTD 2023) contributed by Medicare FFS — Non-episodic visits expected to continue to grow at a double-digit growth rate as MA population is expected to increase Revenue Growth: — Episodic revenue to remain under pressure in 2024E due to the CMS proposed rate decrease of (2.2)% into (1.8)% for Enhabit); beyond 2024E, rates expected to increase at long-term inflation target of 2% — Management forecast does not yet reflect most recent CMS rate increase of +0.8% for 2024 (expected to translate into +1.2% for Enhabit) — Non-episodic revenue per visit expected to improve driven by the Company's Payor Innovation initiative Cost Per Visit Growth: In 2024E-efficiency gains; in 2024E, includes contract labor initiative starting mid-2023 with a (0.7)% impact Hospice Revenue Admissions: Anticipated growth in-line with long-term market growth of hospice in the US of 5.5% Revenue per Patient Day: Rate expected to improve 2.6% in 2024E based on final rule of 2.8%1 ; beyond 2024E, rate expected to increase at long-term inflation target of 2% Cost per Patient Day Growth: in 2024E and 2025E, expect increased census with no additional labor costs from transition to case management model; in 2026E and 2027E, expect annual 3% increase due to inflation partially offset by 0.5% efficiency gains Other Corporate G&A: Expected to grow faster than revenue in 2023E as the company continues to build out corporate functions — Expect Pre-Corp SG&A growth to be 50% of revenue growth for the Home Health and Hospice Segments in 2024E onwards Maintenance capex as a % of revenue expected to remain at ~0.8% of Revenue Expects to open 10 De Novo locations per year (2 Home Health / 8 Hospice) starting in 2023E Projections do not include additional acquisition spend other than one acquisition that closed in Q1 2023A For inpatient - rate = net patient revenue per day volume = patient days For outpatient - rate = net patient revenue per visit volume = total clinic visits \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\Broker Perspectives and Projections\Broker Perspectives and Projections_v03.xlsx Key Assumptions sheet |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $2,300 $2,444 $2,451 $2,506 $2,577 $2,655 $2,719 $2,792 $980 $1,189 $1,111 $1,290 $1,402 $1,531 $1,664 $1,783 $1,912 $1,250 $1,298 $1,358 $1,430 $1,510 $1,603 $1,700 $358 $382 $397 $457 $469 $483 $497 $512 $4,826 $5,187 $5,437 $5,722 $6,007 $6,312 $6,602 $6,916 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E $246 $302 $253 $256 $269 $283 $296 $311 $222 $246 $285 $301 $337 $375 $410 $112 $445 $109 $113 $120 $141 $160 $183 $209 $(134) $(146) $(140) $(146) $(150) $(154) $(159) $(163) $446 $510 $510 $531 $597 $664 $730 $801 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E Source: Management Projections; Select Medical public filings Revenue WholeCo Growth - 7.5 % 4.8 % 5.2 % 5.0 % 5.1 % 4.6 % 4.8 % CIRH Growth - 6.3 % 0.3 % 2.2 % 2.9 % 3.0 % 2.4 % 2.7 % IRF Growth - 13.4 % 16.2 % 8.7 % 9.2 % 8.7 % 7.1 % 7.2 % OP Growth - 5.2 % 3.8 % 4.6 % 5.3 % 5.6 % 6.1 % 6.0 % Corporate Growth - 6.8 % 4.0 % 14.9 % 2.6 % 3.0 % 3.0 % 3.0 % 5.5 % 2025E – 2030E CAGR Adjusted EBITDA Select Medical's Historical and Projected Financials Management Projections \| ($ in millions) OP 2.6 % WholeCo Growth - 14.4 % (0.1)% 4.0 % 12.5 % 11.3 % 9.8 % 9.7 % WholeCo Margin 9.2 % 9.8 % 9.4 % 9.3 % 9.9 % 10.5 % 11.1 % 11.6 % CIRH Margin 10.7 % 12.3 % 10.3 % 10.2 % 10.4 % 10.7 % 10.9 % 11.1 % IRF Margin 22.6 % 22.1 % 22.1 % 21.5 % 22.0 % 22.5 % 23.0 % 23.3 % OP Margin 9.4 % 8.7 % 8.7 % 8.8 % 9.9 % 10.6 % 11.4 % 12.3 % Corporate Margin (37.4)% (38.1)% (35.3)% (32.0)% (32.0)% (32.0)% (31.9)% (31.9)% 8.2 % 2025E – 2030E CAGR CIRH IRF 5.2 % 4.9 % Corporate 13.2 % 4.2% 9.3 % 9.4 % \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\Broker Perspectives and Projections\Broker Perspectives and Projections_v02.xlsx 3.1% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $513 $550 $596 $510 $510 $531 $597 $500 $520 $540 $560 $580 $600 $620 $640 2024A 2025E 2026E 2027E $5,416 $5,638 $5,923 $5,187 $5,437 $5,722 $6,007 $5,000 $5,200 $5,400 $5,600 $5,800 $6,000 $6,200 2024A 2025E 2026E 2027E Total Revenue Source: Management Projections, Wall Street research as of 06-Jan-2026, Select Medical public filings Growth (%) Management Projections 7.5 % 4.8 % 5.2 % 5.0 % Analyst Consensus 4.4 % 4.1 % 5.0 % # of Analysts 5 5 4 Management Projections vs. Analyst Consensus ($ in millions) Adj. EBITDA Margin (%) 9.8 % 9.4 % 9.3 % 9.9 % 9.5 % 9.8 % 10.1 % 5 5 4 2025E - 2027E CAGR Management Projections 5.1 % Consensus 4.6 % 2025E - 2027E CAGR Management Projections 8.2 % Consensus 7.8 % \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\Broker Perspectives and Projections\Broker Perspectives and Projections_v02.xlsx Growth (%) [ ] % [ ] % [ ] % Consensus 4.5 % 4.1 % 4.4 % 4 4 3 Margin (%) 9.8 % [ ] % [ ] % [ ] % 9.5 % 9.7 % 10.1 % 4 4 3 Current 2025E Guidance: $510mm to $530mm |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $1,285 $1,407 $1,535 $1,111 $1,290 $1,402 $1,531 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2024A 2025E 2026E 2027E $1,286 $1,322 $1,371 $1,250 $1,298 $1,358 $1,430 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2024A 2025E 2026E 2027E $2,448 $2,484 $2,444 $2,451 $2,563 $2,506 $2,577 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 2024A 2025E 2026E 2027E Source: Management Projections, Wall Street research as of 06-Jan-2026, Select Medical public filings Growth (%) Management Proj. 6.3 % 0.3 % 2.2 % 2.9 % Analyst Consensus 0.2 % 1.5 % 3.2 % # of Analysts 3 3 2 Management Projections vs. Analyst Consensus ($ in millions) Outpatient Revenue 2025E - 2027E CAGR Management Projections 2.5 % Consensus 2.3 % \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\Broker Perspectives and Projections\Broker Perspectives and Projections_v02.xlsx CIRH Revenue Inpatient Rehab Revenue 2025E - 2027E CAGR Management Projections 8.9 % Consensus 9.3 % 2025E - 2027E CAGR Management Projections 5.0 % Consensus 3.2 % 13.4 % 16.2 % 8.7 % 9.2 % 15.7 % 9.5 % 9.0 % 3 3 2 5.2 % 3.8 % 4.6 % 5.3 % 2.9 % 2.8 % 3.7 % 3 3 2 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $257 $257 $258 $302 $253 $256 $269 $200 $220 $240 $260 $280 $300 $320 $340 $360 $380 $400 2024A 2025E 2026E 2027E $283 $324 $363 $246 $285 $301 $337 $200 $220 $240 $260 $280 $300 $320 $340 $360 $380 $400 2024A 2025E 2026E 2027E $105 $111 $112 $109 $113 $120 $141 $80 $100 $120 $140 $160 $180 $200 $220 $240 $260 $280 2024A 2025E 2026E 2027E Source: Management Projections, Wall Street research as of 06-Jan-2026, Select Medical public filings Margin (%) Management Proj. 12.3 % 10.3 % 10.2 % 10.4 % Analyst Consensus 10.5 % 10.3 % 10.1 % # of Analysts - 2 2 1 Management Projections vs. Analyst Consensus ($ in millions) Outpatient EBITDA 2025E - 2027E CAGR Management Projections 3.1 % Consensus 0.3 % \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\Broker Perspectives and Projections\Broker Perspectives and Projections_v02.xlsx CIRH EBITDA Inpatient Rehab EBITDA 2025E - 2027E CAGR Management Projections 8.7 % Consensus 13.2 % 2025E - 2027E CAGR Management Projections 11.9 % Consensus 3.5 % 22.1 % 22.1 % 21.5 % 22.0 % 22.0 % 23.0 % 23.6 % - 2 2 1 8.7 % 8.7 % 8.8 % 9.9 % 8.1 % 8.4 % 8.2 % - 2 2 1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 3 Overview of Financial Analyses |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections, Select Medical public filings Select Medical Management Forecast Income Statement ◼ Total top-line CAGR of 4.9% from 2025E-2030E, annual growth tapers to 2.0% by 2035E ◼ 220bps of EBITDA margin expansion from 2025E-2030E, margin tapers by 70bps by 2035E ◼ Key longer-term assumptions — Revenue growth – CIRH: increases from 0.3% in 2025E to 2.7% in 2030E, tapers to 2.0% by 2035E – IRF: decreases from 16.2% in 2025E to 7.2% in 2030E, tapers to 2.0% by 2035E – OP: increases from 3.8% in 2025E to 6.0% in 2030E, tapers to 2.0% by 2035E — EBITDA margin – CIRH: increases from 10.3% in 2025E to 11.1% in 2030E, tapers to 10.6% by 2035E – IRF: increases from 22.1% in 2025E to 23.3% in 2030E, tapers to 22.4% by 2035E – OP: increase from 8.7% in 2025E to 12.3% in 2030E, tapers to 10.3% by 2035E — D&A steps down from 2.6% in 2025E to 2.2% of revenue by 2030E-onward Key Cash Flow Items ◼ Change in net working capital as % of change in revenue increases from 5.5% in 2025E to 8.8% in 2030E-onward ◼ Assumes no additional M&A spend ◼ Capital expenditures decrease from $215mm in 2025E to $175mm in 2027E-onward Balance Sheet ◼ Cash and cash equivalents of $60mm as of 30-Sep-2025 per Select Medical Management ◼ Total debt of $1,780mm as of 30-Sep-2025 per Select Medical public filings Share Count ◼ Common share count of 120.5mm as of 30-Sep-2025 per Select Medical Management ◼ Restricted share count of 3.0mm as of 30-Sep-2025 per Select Medical Management Financial / Modeling Assumptions ◼ Marginal tax rate of 21% ◼ WACC: 10.0% – 12.0% \| Perpetuity Growth Rate: 1.5 – 2.5% ◼ Discounting to 30-Sep-2025 using mid-year convention Overview of Key Financial Assumptions |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $14.86 $13.72 $11.40 $17.23 $12.26 $11.77 $14.00 $25.01 $25.11 $31.82 $19.05 $18.69 $20.83 $21.00 Summary of Illustrative & Preliminary Financial Analyses Discounted Cash Flow Analysis Management Projections ◼ 10-Year DCF discounted to 30-Sep-2025 ◼ 10.0% – 12.0% WACC ◼ 1.5% – 2.5% perpetuity growth rate ◼ Cash of $60mm per Select Medical Management ◼ Total debt of $1,780mm per Select Medical public filings Present Value of Future Stock Price Management Projections ◼ 6.0x – 8.0x NTM EV / EBITDA ◼ Cost of equity: 12.1% Precedent Transactions Analysis Precedent Healthcare Transactions ◼ EBITDA range: 6.2x – 11.2x based on inpatient rehabilitation and long-term acute care precedent transactions since 2009 ◼ LTM adjusted EBITDA of $505mm as of 30-Sep-2025 per Select Medical Management ◼ Cash of $60mm per Select Medical Management ◼ Total debt of $1,780mm per Select Medical public filings Premia Paid Analysis Premium to Undisturbed Price ◼ U.S. healthcare M&A transactions from $1 – $5bn in enterprise value since 2021, cash-only ◼ 23% - 36% premia to undisturbed price (represents 25th to 75th percentile) LBO Analysis Management Projections ◼ 30-Sep-2025 transaction date ◼ 20.0% - 25.0% required IRR; 4.0x max leverage ◼ 6.5 x – 8.0 x LTM exit multiple Public Market Perspectives 52-Week High and Low ◼ 52-week low: 01-Aug-2025 ◼ 52-week high: 27-Jan-2025 Forward Analyst Price Targets ◼ Median: $20.00 per share ◼ Based on 5 analyst price targets Methodology Equity Value per Share Comments Proposal: $16.00 - $16.20 A B D E Source: Management Projections, Select Medical public filings, Market data as of 06-Jan-2026 ($ in millions, except per share data) F C For Reference oPV of FSP should be 15.20 – 22.28 The orange bubble should be undisturbed price of $14.01on page 19 oAdd a bullet the forward PTs which says CY2026E Consensus Median EBITDA is [ ]% above current Management estimates oLBO: Run the exit multiples at 6.5x – 8.0x with 7.25x at the midpoint |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections Note: Cash flows are discounted to 30-Sep-2025 using mid-year convention; assumes cash of $60mm per Select Medical management, debt of $1,780mm per Select Medical public filings, fully diluted share count of 123.5mm shares consisting of 120.5mm basic shares outstanding and 3.0mm RSUs per Select Medical Management. 2025E figures equal to sum of Q1 – Q3 2025A plus Q4 2025E figures. 1 Per Select Medical Management. Discounted Cash Flow Analysis ($ in millions, except per share data) \| Valuation as of 30-Sep-2025 A Management Projections Terminal Value $in millions 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Total Revenue $5,437 $5,722 $6,007 $6,312 $6,602 $6,916 $7,209 $7,475 $7,710 $7,908 $8,066 $8,066 % Growth 4.8 % 5.2 % 5.0 % 5.1 % 4.6 % 4.8 % 4.2 % 3.7 % 3.1 % 2.6 % 2.0 % Adj. EBITDA $510 $531 $597 $664 $730 $801 $828 $848 $863 $871 $876 $876 % Margin 9.4 % 9.3 % 9.9 % 10.5 % 11.1 % 11.6 % 11.5 % 11.4 % 11.2 % 11.0 % 10.9 % 10.9 % (-) Stock-Based Compensation (18) (21) (23) (25) (28) (31) (31) (31) (31) (31) (31) (31) EBITDA $492 $510 $574 $639 $702 $770 $797 $818 $832 $840 $845 $845 % Margin 9.0 % 8.9 % 9.6 % 10.1 % 10.6 % 11.1 % 11.1 % 10.9 % 10.8 % 10.6 % 10.5 % 10.5 % (-) Depreciation & Amortization (142) (146) (150) (150) (150) (150) (150) (150) (150) (150) (150) (166) % of Revenue 2.6 % 2.6 % 2.5 % 2.4 % 2.3 % 2.2 % 2.1 % 2.0 % 2.0 % 1.9 % 1.9 % 2.1 % EBIT $350 $363 $423 $489 $551 $620 $646 $667 $682 $689 $694 $678 % Margin 6.4 % 6.4 % 7.0 % 7.7 % 8.4 % 9.0 % 9.0 % 8.9 % 8.8 % 8.7 % 8.6 % 8.4 % (-) Taxes (73) (76) (89) (103) (116) (130) (136) (140) (143) (145) (146) (142) % Tax Rate1 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% NOPAT $276 $287 $334 $386 $436 $489 $511 $527 $539 $545 $548 $536 % Margin 5.1 % 5.0 % 5.6 % 6.1 % 6.6 % 7.1 % 7.1 % 7.1 % 7.0 % 6.9 % 6.8 % 6.6 % (+) Distributions from Unconsolidated Subsidiaries 56 55 58 59 61 63 66 68 70 72 73 73 (-) Distribution to and Purchases of Non-Controlling Interests (67) (78) (81) (83) (86) (88) (92) (95) (98) (101) (103) (103) (+) Depreciation and Amortization 142 146 150 150 150 150 150 150 150 150 150 166 (-) Change in NWC (14) (15) (19) (25) (27) (28) (26) (23) (21) (17) (14) (14) (-) Capital Expenditures (215) (237) (175) (175) (175) (175) (175) (175) (175) (175) (175) (175) Unlevered Free Cash Flow $178 $157 $268 $313 $360 $412 $434 $452 $465 $474 $480 $484 Implied Equity Value per Share Perpetuity Growth Rate 20.4 x 1.5% 2.0% 2.5% WACC 10.0% $22.34 $23.59 $25.01 11.0% $18.19 $19.11 $20.14 12.0% $14.86 $15.55 $16.31 Implied Terminal LTM EBITDA Multiple Perpetuity Growth Rate 6.6 x 1.5% 2.0% 2.5% WACC 10.0% 6.9 x 7.4 x 7.9 x 11.0% 6.2 x 6.6 x 7.0 x 12.0% 5.7 x 6.0 x 6.3 x Implied Terminal Value as % of EV Perpetuity Growth Rate 0.7 % 1.5% 2.0% 2.5% WACC 10.0% 50.9 % 52.6 % 54.3 % 11.0% 47.1 % 48.6 % 50.1 % 12.0% 43.6 % 44.9 % 46.3% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Confidential, Preliminary & Highly Illustrative for Discussion Purposes CIRH Rate Remains flat at 2026 growth of (1.0)% per annum Increases from (1.0)% to 2.0% growth between 2026 and 2030, 2.0% from 2030-onward +1 % Volume Assumes 0.0% growth in patient days per annum in 2026 onward Decreases from 3.3% to 0.7% growth between 2026 and 2030, 0.7% from 2030-onward +1 % EBITDA Margin Remains flat at 2027 margin of 10.4% in subsequent years Increases from 10.2% to 11.1% between 2026 and 2030, tapers to 10.6% by 2035E +1 % IRF Rate (1)% Increases from (1.9)% to 2.0% growth between 2026 and 2030, 2.0% from 2030-onward +1 % Volume (1)% Decreases from 10.9% to 0.2% growth between 2026 and 2030, 0.2% from 2030-onward +1 % EBITDA Margin (1)% Increases from 21.5% to 23.3% between 2026 and 2030, tapers to 22.4% by 2035E +1 % OP Rate Remains flat at 2026 growth of 0.8% per annum Increases from 0.8% to 2.0% growth between 2026 and 2030. 2.0% from 2030-onward +1 % Volume Assumes 0.0% growth in patient days per annum in 2026 onward Increases from 4.1% to 4.4% growth between 2026 and 2030, 4.4% from 2030-onward +1 % EBITDA Margin Remains flat at 2027 margin of 9.9% in subsequent years Increases from 8.8% to 12.3% between 2026 and 2030, tapers to 10.3% by 2035E +1 % WholeCo Revenue Growth (1)% Decreases from 5.2% to 4.8% growth between 2026 and 2030, annual growth tapers to 2.0% by 2035E +1 % EBITDA Margin (1)% Increases from 9.3% to 11.6% between 2026 and 2030, tapers to 10.9% by 2035E +1 % DCF Assumptions PGR (0.5)% 2.0% +0.5 % WACC +1.0 % 11.0 % (1.0)% Source: Management Projections Note: Downside and upside flex values apply equally to each year in base case scenario unless otherwise noted. Sensitivity Upside Case Equity Value per Share Sensitivity Discounted Cash Flow Sensitivity ($ in millions, except per share data) \| Base Case of $19.11 Per Share A Downside Case Base Case $(1.65) $(1.02) $(0.47) $(0.74) $(0.76) $(1.31) $(0.39) $(1.59) $(0.89) $(4.08) $(4.68) $(0.92) $(3.57) $0.78 $0.78 $1.87 $0.76 $0.79 $1.31 $0.44 $0.43 $1.16 $4.40 $4.68 $1.03 $4.48  |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections, FactSet as of 24-Nov-2025 Note: Future value of stock price discounted to 30-Sep-2025 using SEM's cost of equity of 12.1%. Balance sheet projections and free cash flow allocation per Management Projections. Includes dividend per share of $0.25 each year discounted using mid-year convention. B Present Value of Future Stock Price Analysis Management Projections \| ($ in millions, except per share data) Valuation as of 30-Sept-2025 o Run the 3 year average excluding Concentra (like from the earlier page and footnote this carefully – I think this will enable us to support 6.5x – 7.5x o The current multiple here should be re-labeled as "Undisturbed" and be as of November 24, 2025 which we say is 6.1x page 4. Would also flag we say undisturbed 2026E is 6.3x on page 20 based on consensus which I can't quite tie to the 6.1x on page 4 $21.97 $23.89 $25.11 $17.84 $19.81 $21.16 $13.72 $15.74 $17.22 $14.01 $0 $5 $10 $15 $20 $25 $30 $35 $40 Sep-25 Dec-26 Dec-27 Dec-28 $25.01 $30.29 $35.54 $20.25 $25.02 $29.81 $15.49 $19.75 $24.09 $14.01 $0 $5 $10 $15 $20 $25 $30 $35 $40 Sep-25 Dec-26 Dec-27 Dec-28 NTM EBITDA ($mm) $597 $664 $730 Net Debt (1639) (1495) (1305) Present Value of Cumulative Dividends 36 58 76 Fully Diluted Shares Outstanding 125.4 126.1 127.6 Future Value of Stock Price (Including Dividends) Present Value of Future Stock Price (Including Dividends) Share Price ($) Share Price ($) NTM EV/EBITDA Multiple 6.0x 7.0x 8.0x Undisturbed Share Price as of 24-Nov EV / NTM EBITDA Multiple: Undisturbed: 6.3 x 1Y Average: 6.6 x 2Y Average: 7.7x Undisturbed Share Price as of 24-Nov |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 11.2 x 9.8 x 7.9 x 7.7 x 8.2 x 7.6 x 6.7 x 6.4 x 6.2 x Kindred Healthcare / Centerre Healthcare Corporation HealthSouth Corporation / Reliant Hospital Partners Genesis Healthcare / Revera Kindred Healthcare / RehabCare Group Kindred Healthcare WholeCo Acquisition Select Medical Holdings Corporation / Regency Hospital Company, L.L.C. Kindred Healthcare, Inc. / Certain facilities owned by Vista Healthcare Holdings, LLC Vibra Healthcare, LLC / Certain facilities owned by Kindred Healthcare, Inc. RehabCare Group, Inc. / Triumph HealthCare Holdings, Inc. ($ in millions) \| LTM EV / EBITDA Source: Company filings and press releases 1 Includes $730mm cash purchase price and $210mm assumed lease obligations. 2 Kindred purchased 5 long-term acute care hospitals from Vista. 3 Vibra purchased 14 long-term acute care hospitals, 1 inpatient rehab hospital, and 1 skilled nursing facility from Kindred. Acquirer Target Announcement Date 12-Nov-14 11-Jun-15 15-Jun-15 8-Feb-11 19-Dec-17 21-Jun-10 24-Aug-10 25-Apr-13 3-Nov-09 Enterprise Value $195 $940 $240 $1,300 $4,100 $210 $180 $166 $575 Rehab Median: 8.9 x Select Inpatient Rehabilitation and Long-Term Acute Care Precedent Transactions 1 2 3 LTAC Median: 6.7 x Combined Median: 7.7 x Rehabilitation Long-Term Acute Care C TBU – adding Scion Health, scrubbing incremental Deal Logic run for additional names |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 Confidential, Preliminary & Highly Illustrative for Discussion Purposes One-Day Premium of U.S. Healthcare Deals \| 2021 – 2025 Source: FactSet as of 06-Jan-2026 Note: Excludes biotech transactions. N = 13 Median: 29 % Mean: 31 % 25th Percentile: 23 % 75th Percentile: 36 % D Precedent Premia Paid Analysis Cash Only \| $1 - $5bn TBU – Price update, show format with lines across page showing 25th/75th percentile lines across page TBU – ISG pulling updated deal run 2 1 4 3 1 0 1 1 0-10% 10-20% 20-30% 30-40% 40-50% 50-60% 60-70% 70-80% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Illustrative LBO of Select Medical ($ in millions, except per share data) \| Valuation as of 30-Sep-2025 E Source: Management Projections Note: Assumes exit date of 30-Sep-2030; % premium calculated based on unaffected share price of $14.01 as of unaffected date as of 24-Nov-2025. 1 Assumes insiders / stakeholders hold 14.9mm shares (12.4% of total basic shares outstanding of 123.5mm). o Confirm that this includes a separate management incentive pool that pays 10% of everything above 2.0x MOIC LTM Exit Multiple $18.15 6.50 x 7.25 x 8.00 x Leverage 3.5 x $12.35 / (11.9)% $13.91 / (0.7)% $15.52 / 10.8 % 3.7 x ($138mm incr.) $12.96 / (7.5)% $14.53 / 3.7 % $16.14 / 15.2 % 4.0 x ($276mm incr.) $13.58 / (3.1)% $15.19 / 8.4 % $16.76 / 19.6 % Revenue Flex 18.2 x (1.0)% 0.0 % 1.0 % EBITDA Margin Flex (0.5)% $13.34 / (4.8)% $14.16 / 1.1 % $15.02 / 7.2 % 0.0 % $14.33 / 2.3 % $15.19 / 8.4 % $16.05 / 14.5 % 0.5 % $15.31 / 9.3 % $16.18 / 15.5 % $17.11 / 22.2 % LTM Exit Multiple $18.15 6.50 x 7.25 x 8.00 x IRR 20.0 % $15.10 / 7.8 % $16.87 / 20.4 % $18.69 / 33.4 % 22.5 % $13.58 / (3.1)% $15.19 / 8.4 % $16.76 / 19.6 % 25.0 % $12.26 / (12.5)% $13.70 / (2.2)% $15.14 / 8.0 % Key Assumptions \| 30-Sep-25 Transaction Date Illustrative Sources & Uses Assuming 7.25x Exit Multiple and 22.5% IRR ◼ Assumes existing debt remains outstanding ◼ Up to 0.5x incremental straight debt financing achievable based on 2025E Adj. EBITDA of $505mm — Maximum gross leverage of 4.0 x given earnings volatility of CIRH segment and significant capex spend ◼ Assumes 7.25x LTM exit multiple, CY2030E exit with a 22.5% required IRR ◼ Assumes management rolls equity of $233mm (12.4% ownership1) ◼ Assumes management incentive pool equal to 10% of incremental exit equity value above 2.0x MOIC ◼ Based upon Management Projections Sensitivity Analysis: Implied Purchase Price per Share / Relative to Current 4.0x Leverage 22.5% IRR 22.5% IRR 4.0x Leverage Sources of Funds $mm % Existing Debt $1,742 46 % Sponsor Equity $276 7 % New Debt 1,462 39 % Rolled Management Equity 233 6 % Cash on Balance Sheet 60 2 % Total Sources $3,773 100 % Uses of Funds $mm % Equity Purchase Price $1,876 50 % Rolled Debt 1,742 46 % Illustrative Transaction Fees and Expenses 55 1 % Minimum Cash 100 3 % Total Uses $3,773 100% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections, FactSet market data as of 06-Jan-2026; FDSO and cash per Select Medical Management, debt per Select medical public filings. 1 As of unaffected date as of 24-Nov-2025. Analysis at Various Prices ($ in millions, except per share data) Premium to Undist.1 Current Price as of 06-Jan Proposal: $16.00 - $16.20 Purchase Price Per Share $14.01 $15.38 $16.00 $16.20 $16.50 $17.00 $17.50 $18.00 $18.50 $19.00 $19.50 $20.00 Memo: Premium to Undist. 0 % 10 % 14 % 16 % 18 % 21 % 25 % 28 % 32 % 36 % 39 % 43 % Premium vs. Median Analyst Price Target $20.00 (30)% (23)% (20)% (19)% (18)% (15)% (13)% (10)% (8)% (5)% (3)% 0 % Premium vs. 52-Week High $20.83 (33)% (26)% (23)% (22)% (21)% (18)% (16)% (14)% (11)% (9)% (6)% (4)% Fully Diluted Shares Outstanding 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 Fully Diluted Equity Value $1,730 $1,900 $1,976 $2,001 $2,038 $2,100 $2,161 $2,223 $2,285 $2,347 $2,408 $2,470 (+) Debt $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 (-) Cash $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) Enterprise Value $3,450 $3,619 $3,696 $3,721 $3,758 $3,820 $3,881 $3,943 $4,005 $4,067 $4,128 $4,190 EV / EBITDA Metric Management Projections 2025E $510 6.8 x 7.1 x 7.2 x 7.3 x 7.4 x 7.5 x 7.6 x 7.7 x 7.9 x 8.0 x 8.1 x 8.2 x 2026E $531 6.5 x 6.8 x 7.0 x 7.0 x 7.1 x 7.2 x 7.3 x 7.4 x 7.5 x 7.7 x 7.8 x 7.9 x Consensus 2025E $513 6.7 x 7.1 x 7.2 x 7.3 x 7.3 x 7.4 x 7.6 x 7.7 x 7.8 x 7.9 x 8.0 x 8.2 x 2026E $550 6.3 x 6.6 x 6.7 x 6.8 x 6.8 x 6.9 x 7.1 x 7.2 x 7.3 x 7.4 x 7.5 x 7.6 x |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Potential Strategic and Sponsor Acquirers Organize strategics by market cap and sponsors in alpha order Potential to consider other sponsors depending on historical dialogue Source: FactSet as of 06-Jan-2026 Note: Potential to consider other sponsors depending on historical dialogue \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\CSC\Copy of Select Medical CSC 1.6.2026 v2.xlsx Company Key Contacts Sponsors Carlyle ◼ Bobby Schmidt, Global Co-Head of HC CD&R ◼ Ravi Sachdev, Head of Healthcare LGP ◼ Max Lin, Head of Health Care Patient Square ◼ Pete Zippelius, Partner Towerbookook ◼ Jim Momtazee, Managing Partner TPG ◼ Jeff Rhodes, Managing Partner ◼ Katherine Wood, Partner Company Market Cap ($bn) Key Contacts Strategics UNH $316.1 ◼ Wayne DeVeydt, CFO ◼ Rich Mattera, Chief Development Officer HCA 111.6 ◼ Sam Hazen, CEO ◼ Monica Cintado, Enterprise Development THC 18.6 ◼ Saum Sutaria, CEO ◼ Mike Maloney, EVP Corporate Development Encompass 10.9 ◼ Mark Tarr, President & CEO |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 4 Overview of Potential Strategic Alternatives  |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Other Potential Strategic Alternatives to Consider Status Quo Separation of CIRH Accelerated Share Repurchase Description ◼ Continue operating business as standalone entity ◼ Divest / separate CIRH to delever and further enhance growth outlook ◼ Launch accelerated share repurchase program to return capital to shareholders Benefits ✔ Access to capital markets ✔ Shareholder liquidity and upside ✔ Avoids transaction costs ✔ Highlight value / growth potential of rehab ✔ Capital to invest in higher growth rehab segments ✔ Removes CIRH overhang ✔ Enhanced earnings per share ✔ Return of capital to shareholders ✔ Tax efficiency for selling shareholders Considerations ? Public market scrutiny and volatility ? Foregone valuation premium ? Continued exposure to regulatory uncertainty ? Execution complexity ? Potential stranded costs ? Tax leakage ? Management indicated separation / stranded costs likely prohibitively expensive ? Significant cash outlay ? Timing of repurchase 1 2 3 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $12.08 $19.80 $14.01 $(6.30) $7.96 $15.68 Undisturbed Select Medical Share Price Sale of CIRH Multiple Uplift RemainCo Post CIRH Sale ~12% - 41% increase Potential Value Creation From CIRH Separation Assumptions ◼ Transaction date of 30-Sep-2025 ◼ Represents current Select Medical share price as of 24- Nov-2025 ◼ Assumes standalone facilities within CIRH segment are sold for 3.0x NTM adjusted EBITDA of $183mm for $549mm EV1 ◼ Assumes RemainCo trades 9.5-11.0x ◼ $50mm of dis-synergies per Select Medical Management represents ~76% of corporate costs allocated to CIRH EV / NTM EBITDA 6.6 x -- ~2.9-4.4x ~9.5-11.0x x NTM EBITDA $522 $(183) -- $339 Enterprise Value $3,447 -- -- $3,222-3,731 Less: Net Debt $(1720) $(434) -- $(1286) Equity Value $1,727 -- -- $1,936-2,445 Net Debt / 2025E EBITDA2 3.4 x -- -- 4.0 x Source: Management Projections, FactSet as of unaffected date as of 24-Nov-2025, assumes cash of $60mm per Select Medical Management, debt of $1,780mm per Select Medical public filings Note: EBITDA figures adjusted to include corporate allocation; corporate EBITDA is allocated as a percentage of EBITDA. 1 Assumes tax leakage with $0mm tax basis, 21% tax rate, and $0mm of dis-synergies per Select Medical Management. 2 WholeCo 2025E EBITDA of $510mm and RemainCo 2025E EBITDA of $318mm. B B A C C A ($ in millions, except per share data) 2 Separation of CIRH Implied RemainCo Share Price / % Value Creation of RemainCo Post CIRH Sale Select RemainCo (Ex-CIRH) Multiple 9.50 x 10.25 x 11.00 x CIRH Multiple 2.0 x $14.51 / 3.5 % $16.57 / 18.3 % $18.63 / 33.0 % 3.0 x $15.68 / 11.9 % $17.74 / 26.6 % $19.80 / 41.3 % 4.0 x $16.85 / 20.3 % $18.91 / 35.0 % $20.97 / 49.7 % Dis-synergies $0 $25 $50 Tax Basis $0 $15.68 / 11.9 % $13.76 / (1.8)% $11.83 / (15.5)% $100 $15.85 / 13.1 % $13.93 / (0.6)% $12.00 / (14.3)% $200 $16.02 / 14.3 % $14.10 / 0.6 % $12.17 / (13.1)% Breakeven EV / NTM EBITDA Multiple: 8.9 x Preliminary – to be discussed with management |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections, FactSet as of unaffected date as of 24-Nov-2025. Note: Future value of stock price discounted to 30-Sep-2025 using SEM's cost of equity of 12.1%. Balance sheet projections and free cash flow allocation per Management Projections. Includes dividends per share of $0.25 each year discounted using mid year convention. 1 Share repurchase price calculated as current share price grown at cost of equity of 12.1%; assumes share repurchase funded with debt at S + 2.00%. 3 Accelerated Share Repurchase Management Projections \| ($ in millions, except per share data) Valuation as of 30-Sept-2025 TBU Model what a $250mm ASR could do to their PV of FSP by 2026 YE and show the impact to leverage which will likely be prohibitively high $22.79 $25.07 $26.55 $18.13 $20.47 $22.10 $13.47 $15.87 $17.65 $14.01 $0 $5 $10 $15 $20 $25 $30 $35 $40 Sep-25 Dec-26 Dec-27 Dec-28 $21.97 $23.89 $25.11 $17.84 $19.81 $21.16 $13.72 $15.74 $17.22 $14.01 $0 $5 $10 $15 $20 $25 $30 $35 $40 Sep-25 Dec-26 Dec-27 Dec-28 Status Quo $250mm Year-End 2026 Share Repurchase1 Share Price ($) Share Price ($) Present Value of Future Share Price Undisturbed Share Price as of 24-Nov Undisturbed Share Price as of 24-Nov EV / NTM EBITDA Multiple: Undisturbed: 6.3 x 1Y Average: 6.6 x 2Y Average: 7.7x NTM EBITDA ($mm) $597 $664 $730 Net Debt (1899) (1766) (1586) Present Value of Cumulative Dividends 36 55 70 Fully Diluted Shares Outstanding 110.9 111.7 113.1 NTM EV/EBITDA Multiple 6.0x 7.0x 8.0x |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 Confidential, Preliminary & Highly Illustrative for Discussion Purposes A Appendix |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 Confidential, Preliminary & Highly Illustrative for Discussion Purposes One-Day Premium of U.S. Healthcare Deals \| 2021 – 2025 Source: FactSet as of 06-Jan-2026 Note: Excludes biotech transactions. Precedent Premia Paid Analysis Cash Only \| $1 - $5bn \| $ in billions TBU – Price update, show format with lines across page showing 25th/75th percentile lines across page Date Announced Target Short Name Acquiror Short Name Deal Value Premium Paid 9/22/2025 Premier Inc Patient Square Capital $2.6 7.5 % 1/6/2025 Inari Medical Inc Stryker Corp 4.9 60.7 12/11/2024 Patterson Cos Inc Patient Square Capital 2.8 35.7 6/18/2024 Silk Road Medical Inc Boston Scientific Corp 1.2 26.9 1/8/2024 Axonics Inc Boston Scientific Corp 3.7 23.3 6/5/2023 Amedisys Inc Optum Inc 3.5 30.7 7/21/2022 1Life Healthcare Inc Amazon.com Inc 3.7 76.8 7/7/2022 Meridian Bioscience Inc SD Biosensor / SJL Partners 1.5 1.3 4/18/2022 Natus Medical Inc Prince Parent Inc 1.2 28.6 1/10/2022 Apria Inc Owens & Minor Inc 1.5 26.2 4/11/2021 Luminex Corp DiaSorin SpA 1.8 12.3 3/15/2021 GenMark Diagnostics Inc Roche Holding AG 1.8 30.0 1/4/2021 Magellan Health Inc Centene Corp 2.5 46.1 25th Percentile 23.3 % Median 28.6 % Mean 30.6 % 75th Percentile 32.0 % / |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 Confidential, Preliminary & Highly Illustrative for Discussion Purposes WholeCo Historical Financial Summary 2022 – 2024 \| $ in millions Source: Select Medical Management 2022A 2023A 2024A CIRH $2,234 $2,300 $2,444 % Growth 2.9 % 6.3 % Inpatient Rehab $917 $980 $1,111 % Growth 6.9 % 13.4 % Outpatient $1,125 $1,189 $1,250 % Growth 5.7 % 5.2 % Corporate / Other $333 $358 $382 % Growth 7.4 % 6.8 % Total Revenue $4,609 $4,826 $5,187 % Growth 4.7 % 7.5 % CIRH $111 $246 $302 % Margin 5.0 % 10.7 % 12.3 % Inpatient Rehab $198 $222 $246 % Margin 21.6 % 22.6 % 22.1 % Outpatient $102 $112 $109 % Margin 9.1 % 9.4 % 8.7 % Corporate / Other $(99) $(134) $(146) % Margin (29.6)% (37.4)% (38.1)% Adjusted EBITDA $313 $446 $510 % Margin 6.8 % 9.2 % 9.8 % Revenue and EBITDA by segment, corporate expense, 2022 – 2024A Adjusted EBITDA Label each page's P&L as Adjusted EBITDA b/c it's excluding SBC |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Historical Segment Financials \| CIRH 2022 – 2024 \| $ in millions, except NPRPPD Source: Select Medical Management 2022A 2023A 2024A CIRH NPRPPD $1,967 $2,067 $2,177 % Growth 0.0 % 5.1 % 5.4 % Patient Days 1,127,911 1,108,492 1,118,757 % Growth (0.5)% (1.7)% 0.9 % Net Patient Revenue - Core $2,218 $2,291 $2,436 Net Patient Revenue - Other 7 5 5 Total Net Patient Revenue $2,225 $2,296 $2,441 % Growth (0.4)% 3.2 % 6.3 % Other Revenue 9 4 4 Total Net Revenue $2,234 $2,300 $2,444 Personnel Expense 1,428 1,326 1,377 % Margin 63.9 % 57.7 % 56.3 % Facilities Expense 127 135 144 % Margin 5.7 % 5.9 % 5.9 % All Other Expense 569 593 622 % Margin 25.4 % 25.8 % 25.4 % Adjusted EBITDA $111 $246 $302 % Margin 5.0 % 10.7 % 12.3% |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Historical Segment Financials \| IRF 2022 – 2024 \| $ in millions, except NPRPPD 2022A 2023A 2024A IRF NPRPPD $1,953 $2,017 $2,134 % Growth 4.6 % 3.3 % 5.8 % Patient Days 430,547 446,145 470,594 % Growth 3.8 % 3.6 % 5.5 % Net Patient Revenue - Core $841 $900 $1,004 Net Patient Revenue - Other 31 31 55 Total Net Patient Revenue $872 $931 $1,060 % Growth 8.0 % 6.7 % 13.8 % Other Revenue 45 49 51 Total Net Revenue $917 $980 $1,111 Personnel Expense 530 555 629 % Margin 57.8 % 56.6 % 56.6 % Facilities Expense 58 60 71 % Margin 6.3 % 6.1 % 6.4 % All Other Expense 131 143 165 % Margin 14.3 % 14.6 % 14.8 % Adjusted EBITDA $198 $222 $246 % Margin 21.6 % 22.6 % 22.1 % Source: Select Medical Management |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Historical Segment Financials \| OP 2022 – 2024 \| $ in millions, except NPRPV 2022A 2023A 2024A OP NPRPV $103 $100 $101 % Growth 0.2 % (2.6)% 0.7 % Total Clinic Visits 9,573,980 10,657,558 11,147,920 % Growth 4.1 % 11.3 % 4.6 % Net Patient Revenue - Clinics $982 $1,065 $1,121 Net Patient Revenue - Contracts 72 49 54 Total Net Patient Revenue $1,054 $1,113 $1,175 % Growth 3.8 % 5.6 % 5.5 % Other Revenue 71 75 75 Total Net Revenue $1,125 $1,189 $1,250 Personnel Expense 774 826 888 % Margin 68.8 % 69.5 % 71.0 % Facilities Expense 138 146 149 % Margin 12.3 % 12.3 % 11.9 % All Other Expense 111 105 104 % Margin 9.9 % 8.9 % 8.3 % Adjusted EBITDA $102 $112 $109 % Margin 9.1 % 9.4 % 8.7 % Source: Select Medical Management |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cvimg036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Special Committee of Select Medical Holdings Corporation (the "Company") in connection with their consideration of the matters referred to herein. These materials and Goldman Sachs' presentation relating to these materials (the "Confidential Information") may not be disclosed to the third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by Goldman Sachs Investment Banking and is not a product of Goldman Sachs Global Investment Research. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs Investment Banking maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Board, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the hand, and Goldman Sachs, on the other hand. The Confidential Information does not address, nor does Goldman Sachs express any view as to, the potential effects of volatility in the credit, financial and stock markets on the Company, any other party to any transaction or any transaction.  |

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## Ex-99.(C)(Vi)

**Exhibit 99.(c)(vi)**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Materials for the Special Committee Goldman Sachs & Co. LLC January 29th, 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 2027 MA Advance Notice Has Resulted in a Material Pullback Across Healthcare Source: FactSet, Market data as of 28-Jan-26 1 Represents delta between closing prices on 26-Jan-26 and 28-Jan-26. 2 Acute care peers include HCA, Tenet, UHS, Community Health, and Ardent. 3 Post acute peers include Encompass, USPH, Enhabit, Addus, Aveanna, OptionCare, Surgery Partners, Davita, and Fresenius. Market Reaction to 2027 MA Advance Notice Key Commentary 2D Stock Price Reaction1 2D EV / NTM EBITDA Delta (2.8)% (0.1)x (9.5)% (1.1)x (2.9)% (0.2)x (11.7)% (0.7)x (9.3)% (0.8)x (26.4)% (2.3)x (7.0)% (0.7)x (16.4)% (1.9)x Acute Care Peer Median2 (1.5)% (0.0)x Post Acute Peer Median3 (3.8)% (0.5)x "CMS released its proposed 2027 Medicare Advantage and Part D Advance Notice on January 26, projecting an average payment increase of just 0.09%, or about $700 million across the Medicare Advantage (MA) program. The proposal fell short on Wall Street's expectations and quickly influenced insurer stock prices, flagging how closely the industry tracks even small changes in federal payment policy" - Managed Healthcare Executive, 27-Jan-26 "Looking briefly to 2027, the advanced notice published yesterday simply doesn't reflect the reality of medical utilization and cost trends. We will continue to work with CMS to ensure an appropriate final growth rate calculation to avoid a profoundly negative impact on seniors' benefits and access to care. That would be a deeply unfortunate result for a program that already is under funding pressure from the previous administration, despite its track record of success serving seniors and taxpayers" - Timothy Noel, CEO UnitedHealthcare, 27-Jan-26 "These proposed payment policies are about making sure Medicare Advantage works better for the people it serves. By strengthening payment accuracy and modernizing risk adjustment, CMS is helping ensure beneficiaries continue to have affordable plan choices and reliable benefits, while protecting taxpayers from unnecessary spending that is not oriented towards addressing real health needs." - Dr. Mehmet Oz, CMS Administrator, 27-Jan-26 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Stallion Buyer Consortium Has Been Engaged in Diligence Since Data Room Opened 15-Jan Initial Indication of Interest ◼ $16.00 – $16.20 VDR Users ◼ WCAS: 6 ◼ JP Morgan: 6 ◼ Wells Fargo: 5 ◼ Barclays: 4 ◼ Ropes Gray: 12 ◼ Cravath: 7 ◼ PwC: 8 Documents Available ◼ 8,352 Diligence Calls ✓ 1/27-1/28: Management Presentation ◼ TBC: Discussion on separability of business segments ◼ TBD: Additional calls requests across functional areas (legal, regulatory, tech, etc.) ◼ Operational — Capacity and occupancy metrics — De-novo, JV partnerships, and acquisition pipeline — Clinical quality metrics — Third-party vendor spend ◼ Finance & Accounting — Segment level financials — Financial forecast and underlying assumptions — Corporate costs — Growth vectors across each segment — Strategic JV expansions ◼ Human Resources — Labor productivity metrics — Labor inflation and wage growth — Employee census — Employment-related claims ◼ Legal / Compliance / Tax — Legal structure — Tax returns — Intercompany transactions — LTACH compliance ◼ Technology — Product and service roadmaps — IT spend — Cybersecurity practices — AI strategy Diligence Process Summary Key Areas of Focus \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\8. Special Committee Process Update\Excel\Content Engagement Report.xlsx 63% of Diligence Requests Have Been Closed To-Date (160 of 254 Total Requests) |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Company Key Contacts Strategic UNH ◼ Wayne DeVeydt, CFO ◼ Rich Mattera, Chief Development Officer HCA ◼ Sam Hazen, CEO ◼ Monica Cintado, Enterprise Development THC ◼ Saum Sutaria, CEO ◼ Mike Maloney, EVP Corporate Development Encompass ◼ Mark Tarr, President & CEO Sponsor Carlyle ◼ Bobby Schmidt, Global Co-Head of HC CD&R ◼ Ravi Sachdev, Head of Healthcare KKR ◼ Max Lin, Head of Health Care LGP ◼ Pete Zippelius, Partner TPG ◼ Jeff Rhodes, Managing Partner ◼ Katherine Wood, Partner Would have strategics / sponsors on LHS that we suggested for outreach And then bifurcate RHS into 3 buckets: Interested / Not interested / Awaiting feedback First bucket would have no names Encompass a pass Speaking to United on Friday Tenet encompass and HCA all no LGP and KKR a no so far Cd&r also a no Source: FactSet as of 27-Jan-2025 Parties Suggested for Outreach Feedback To Date Interested None Awaiting Feedback Not Interested Feedback from Parties to Date Suggests Limited Interest in Potential Acquisition Call scheduled 30-Jan |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Potential Next Steps from Here ◼ Requires buyer consortium to formalize a revised view on value based on information provided since initial bid was submitted in November 2025, indicating their seriousness and conviction in their offer — Allows consortium to outline remaining diligence required to reach announcement ◼ Potential to accelerate overall M&A timeline, with clarity around what additional information and time commitment from management may be needed to complete process Benefits of Requesting Consortium to Re-Bid Based on Diligence to Date Considerations Around Requesting Consortium to Re-Bid Based on Diligence to Date ◼ Potential for buyer consortium to maintain initial bid range without completing thorough due diligence across all functional areas — Additional diligence may be needed for consortium to uncover all potential synergies, growth opportunities, and value creation opportunities with a separation of CIRH ◼ Consortium may view timeline as rushed, with only 1 in-person management presentation completed to date ◼ Additional time could allow consortium to investment more significant time and financial resources into extensive due diligence, demonstrating a higher level of commitment to the transaction, and therefore come back with a potentially higher and more informed bid — Revised bid that results from extensive diligence may be perceived as more credible There are several benefits and considerations the Committee should consider as to when to request a re-bid from the Consortium ◼ A re-bid in the near term allows the Committee to elicit additional information from Consortium shortly — A request for an update on valuation and a timeline to announcement may force the Consortium to crystallize its view on value — Potentially results in Consortium remaining firm on valuation and citing recent MA headwinds as a potential risk that has emerged since their initial proposal ◼ Alternatively, providing additional information and management access has several potential benefits — Potential to increase Consortium's conviction as they devote additional time and resources to the opportunity — Potentially allows MA environment to further settle — Requires careful messaging to ensure that it does not signal current proposal is adequate |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Special Committee of Select Medical Holdings Corporation (the "Company") in connection with their consideration of the matters referred to herein. These materials and Goldman Sachs' presentation relating to these materials (the "Confidential Information") may not be disclosed to the third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by Goldman Sachs Investment Banking and is not a product of Goldman Sachs Global Investment Research. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs Investment Banking maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Board, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the hand, and Goldman Sachs, on the other hand. The Confidential Information does not address, nor does Goldman Sachs express any view as to, the potential effects of volatility in the credit, financial and stock markets on the Company, any other party to any transaction or any transaction.  |

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## Ex-99.(C)(Vii)

**Exhibit 99.(c)(vii)**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Materials for the Special Committee Goldman Sachs & Co. LLC February 6th, 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Today's Agenda and Next Steps 2 Buyer and Shareholder Update 1 Process Update 3 Valuation Update 4 Illustrative Script for Call with Bob Ortenzio Today's Agenda Next Steps 2 Refine Analysis on Separation of CIRH 1 Debrief Following Call Between Bob and Special Committee 3 Refine Analysis of Stallion's Shareholder Base 4 Refine Valuation Analysis Following Incremental Diligence |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 1 Process Update |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Stallion Buyer Consortium Has Been Engaged in Diligence Since Data Room Opened 15-Jan Initial Indication of Interest ◼ $16.00 – $16.20 VDR Users ◼ WCAS: 11 ◼ JP Morgan: 21 ◼ Wells Fargo: 22 ◼ Barclays: 13 ◼ Ropes Gray: 36 ◼ Cravath: 24 ◼ PwC: 18 ◼ Bain: 22 ◼ Palo Alto Strategy: 7 Documents Available ◼ 9,526 Diligence Process Summary Diligence Meetings Completed to Date \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\8. Special Committee Process Update\Excel\Content Engagement Report.xlsx 81% of Diligence Requests Have Been Closed To-Date (285 of 353 Total Requests) Date Topic 27-Jan-26 In-person Management Presentation 28-Jan-26 In-person Management Presentation 30-Jan-26 Separation Discussion 3-Feb-26 Accounting and Tax Discussion 3-Feb-26 Technology / Cyber Discussion 3-Feb-26 Pipeline Discussion 4-Feb-26 Outpatient Rehab Discussion 4-Feb-26 Financial Discussion 4-Feb-26 Legal Discussion 5-Feb-26 LTACH Regulatory Discussion 5-Feb-26 Tech / Cyber Follow Up Discussion 6-Feb-26 Separation Follow Up Discussion |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Areas of Focus During Recent Diligence Sessions \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\8. Special Committee Process Update\Excel\Content Engagement Report.xlsx CIRH OP Rehab IRF Financial Potential for Value Creation as Private Company ◼ Understanding key entanglements that would need to be managed in separation (personnel, accounting, tax and JV) ◼ Impact of recent regulatory developments on long term profitability ◼ Evaluating potential ways to rationalize CIRH beyond full separation ◼ Review of clinical personnel and incentive structure to understand variability in clinic performance ◼ Scheduling optimization opportunities and other potential tools to further enhance clinical productivity ◼ Ability to enhance back-office / RCM capabilities ◼ Drivers of performance vs. Encompass ◼ Q4'25 performance v. budget ◼ Review of same store growth outlook v. de novo contribution ◼ Business development review – site identification, historical performance, pipeline review ◼ Opportunities for portfolio / corporate rationalization ◼ Accelerate operating leverage / business performance with further technology investment (OP scheduling and RCM) ◼ Accelerate de novo investment Presentation ◼ [ ] CIRH Separation ◼ [ ] Accounting and Tax ◼ [ ] Technology and Cyber ◼ [ ] Pipeline ◼ [ ] OP Rehab ◼ [ ] Financial ◼ [ ] Legal ◼ [ ] LTACH Regulatory ◼ [ ] Procurement ◼ [ ]  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 2 Buyer and Shareholder Update |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Company Key Contacts Strategic UNH ◼ Wayne DeVeydt, CFO ◼ Rich Mattera, Chief Development Officer HCA ◼ Sam Hazen, CEO ◼ Monica Cintado, Enterprise Development THC ◼ Saum Sutaria, CEO ◼ Mike Maloney, EVP Corporate Development Encompass ◼ Mark Tarr, President & CEO Sponsor Carlyle ◼ Bobby Schmidt, Global Co-Head of HC CD&R ◼ Ravi Sachdev, Head of Healthcare KKR ◼ Max Lin, Head of Health Care LGP ◼ Pete Zippelius, Partner TPG ◼ Jeff Rhodes, Managing Partner ◼ Katherine Wood, Partner Would have strategics / sponsors on LHS that we suggested for outreach And then bifurcate RHS into 3 buckets: Interested / Not interested / Awaiting feedback First bucket would have no names Encompass a pass Speaking to United on Friday Tenet encompass and HCA all no LGP and KKR a no so far Cd&r also a no Parties Suggested for Outreach Feedback To Date Interested None Awaiting Feedback Not Interested Feedback from Parties to Date Suggests Limited Interest in Potential Acquisition |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Investor Meeting Date Attendees Commentary T. Rowe 16-Jan ◼ Dan Thomas ◼ Mike Malatesta ◼ Mike Tarvin ◼ Supportive of Special Committee's evaluation process ◼ Noted they have been supportive of Bob in the past ◼ Acknowledged they could see how Select might operate better as a private company ◼ Indicated they thought $16.20 was "low" Western Standard To be scheduled, requested meeting 3-Feb ◼ Special Committee ◼ N/A Summary of Recent Shareholder Engagement High level table of engagement with TRowe and Western Standard Shareholder / date of meeting / attendees / commentary |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 3 Valuation Update |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Discounted Cash Flow Analysis Management Projections ◼ 10-Year DCF discounted to 30-Sep-2025 ◼ 10.0% – 12.0% WACC ◼ 1.5% – 2.5% perpetuity growth rate ◼ Cash of $60mm per Select Medical public filings ◼ Total debt of $1,780mm per Select Medical public filings Present Value of Future Stock Price Management Projections ◼ 6.0x – 8.0x NTM EV / EBITDA ◼ Cost of equity: 12.1% Precedent Transactions Analysis Precedent Healthcare Transactions ◼ EBITDA range: 6.2x – 11.2x based on inpatient rehabilitation and long-term acute care precedent transactions since 2009 ◼ LTM adjusted EBITDA of $505mm as of 30-Sep-2025 per Select Medical Management ◼ Cash of $60mm per Select Medical public filings ◼ Total debt of $1,780mm per Select Medical public filings Premia Paid Analysis Premium to Undisturbed Price ◼ U.S. healthcare M&A transactions from $1 – $5bn in enterprise value since 2021, cash-only ◼ 23% - 36% premia to undisturbed price (represents 25th to 75th percentile) LBO Analysis Management Projections ◼ 30-Sep-2025 transaction date ◼ 20.0% - 25.0% required IRR; 4.0x max leverage ◼ 6.5 x – 8.0 x LTM exit multiple Public Market Perspectives 52-Week High and Low ◼ 52-week low: 06-Aug-2025 ◼ 52-week high: 05-Feb-2025 Forward Analyst Price Targets ◼ Median: $20.00 per share ◼ Based on 5 analyst price targets $14.86 $13.72 $11.40 $17.23 $12.26 $11.65 $14.00 $25.01 $25.11 $31.82 $19.05 $18.69 $20.37 $21.00 Summary of Illustrative & Preliminary Financial Analyses Methodology Equity Value per Share Comments Proposal: $16.00 - $16.20 Source: Management Projections, dated 30-Dec-2025, prepared by Select Medical Management and approved for use by Goldman Sachs ("Management Projections"), Select Medical public filings, Market data as of 04-Feb-2026 ($ in millions, except per share data) For Reference oPV of FSP should be 15.20 – 22.28 The orange bubble should be undisturbed price of $14.01on page 19 oAdd a bullet the forward PTs which says CY2026E Consensus Median EBITDA is [ ]% above current Management estimates oLBO: Run the exit multiples at 6.5x – 8.0x with 7.25x at the midpoint |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Sensitivity Downside Case Base Case Upside Case Equity Value Per Share Sensitivity CIRH Rate (2.0)% reduction in rate in 2028-onward Increases from (1.0)% to 2.0% growth between 2026 and 2030 - IRF Rate (2.0)% reduction in rate in 2028-onward Increases from (1.9)% to 2.0% growth between 2026 and 2030 - OP Rate (2.0)% reduction in rate in 2028-onward Increases from 0.8% to 2.0% growth between 2026 and 2030 - WholeCo Rate (2.0)% reduction in rate in 2028-onward for CIRH, IRF and OP Combination of all three scenarios outlined above - DCF Assumptions PGR (0.5)% 2.0% +0.5 % WACC +1.0 % 11.0 % (1.0)% Source: Management Projections Note: Cash flows are discounted to 30-Sep-2025 using mid-year convention; assumes cash of $60mm per Select Medical management, debt of $1,780mm per Select Medical public filings, fully diluted share count of 123.5mm shares consisting of 120.5mm shares of common stock outstanding and 3.0mm RSUs per Select Medical Management. 2025E figures equal to sum of Q1 – Q3 2025A plus Q4 2025E figures. Assumes tax rate of 21% per Select Medical Management. Illustrative Discounted Cash Flow Sensitivity $ Per Share $(1.59) $(1.58) $(0.93) $(4.09) $(0.92) $(3.57) $1.03 $4.48 Illustrative DCF "Midpoint" of $19.11 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Change in DCF Value Relative to Illustrative "Midpoint" $ Per Share Base Case Rate Change YoY Change in DCF Value Relative to Illustrative "Midpoint" of $19.111 CIRH 2026: (1.0)% 2027: 1.9% 2028: 2.0% IRF 2026: (1.9)% 2027: 4.7% 2028: 2.0% OP 2026: 0.8% 2027: 2.0% 2028: 2.0% WholeCo Defined by segment base case above Source: Management Projections Note: Cash flows are discounted to 30-Sep-2025 using mid-year convention; assumes cash of $60mm per Select Medical management, debt of $1,780mm per Select Medical public filings, fully diluted share count of 123.5mm shares consisting of 120.5mm shares of common stock outstanding and 3.0mm RSUs per Select Medical Management. Assumes tax rate of 21% per Select Medical Management. 1 Percentage values represent rate from 2028 onward. $(0.41) $(0.81) $(1.20) $(1.59) 1% 0% (1)% (2)% $(0.40) $(0.80) $(1.19) $(1.58) 1% 0% (1)% (2)% $(0.24) $(0.47) $(0.70) $(0.93) 1% 0% (1)% (2)% $(1.05) $(2.08) $(3.10) $(4.09) 1% 0% (1)% (2)% Base Case Increased Reimbursement Relative to Base Case Decreased Reimbursement Relative to Base Case Base Case: $19.11 Per Share 2028+ Annual Rate Growth |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections, FactSet market data as of 04-Feb-2026; FDSO and cash per Select Medical Management, debt per Select medical public filings. 1 As of unaffected date as of 24-Nov-2025. Analysis at Various Prices ($ in millions, except per share data) Premium to Undist.1 Current Price as of 04-Feb Proposal: $16.00 - $16.20 Purchase Price Per Share $14.01 $15.29 $16.00 $16.20 $16.50 $17.00 $17.50 $18.00 $18.50 $19.00 $19.50 $20.00 Memo: Premium to Undist. 0 % 9 % 14 % 16 % 18 % 21 % 25 % 28 % 32 % 36 % 39 % 43 % Premium vs. Median Analyst Price Target $20.00 (30)% (24)% (20)% (19)% (18)% (15)% (13)% (10)% (8)% (5)% (3)% 0 % Premium vs. 52-Week High $20.37 (31)% (25)% (21)% (20)% (19)% (17)% (14)% (12)% (9)% (7)% (4)% (2)% Fully Diluted Shares Outstanding 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 123.5 Fully Diluted Equity Value $1,730 $1,888 $1,976 $2,001 $2,038 $2,100 $2,161 $2,223 $2,285 $2,347 $2,408 $2,470 (+) Debt $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 $1,780 (-) Cash $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) $(60) Enterprise Value $3,450 $3,608 $3,696 $3,721 $3,758 $3,820 $3,881 $3,943 $4,005 $4,067 $4,128 $4,190 EV / EBITDA Metric Management Projections 2025E $510 6.8 x 7.1 x 7.2 x 7.3 x 7.4 x 7.5 x 7.6 x 7.7 x 7.9 x 8.0 x 8.1 x 8.2 x 2026E $531 6.5 x 6.8 x 7.0 x 7.0 x 7.1 x 7.2 x 7.3 x 7.4 x 7.5 x 7.7 x 7.8 x 7.9 x Consensus 2025E $513 6.7 x 7.0 x 7.2 x 7.3 x 7.3 x 7.4 x 7.6 x 7.7 x 7.8 x 7.9 x 8.0 x 8.2 x 2026E $550 6.3 x 6.6 x 6.7 x 6.8 x 6.8 x 6.9 x 7.1 x 7.2 x 7.3 x 7.4 x 7.5 x 7.6 x |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 4 Illustrative Script for Call with Bob Ortenzio |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Would have strategics / sponsors on LHS that we suggested for outreach And then bifurcate RHS into 3 buckets: Interested / Not interested / Awaiting feedback First bucket would have no names Encompass a pass Speaking to United on Friday Tenet encompass and HCA all no LGP and KKR a no so far Cd&r also a no General Guidelines and Potential Questions from Special Committee to Bob Ortenzio General Guidelines ◼ Don't proactively bring up value ◼ Don't disclose details of the Committee's process ◼ Don't indicate acceptance of any proposed terms (including price) ◼ Don't engage on the merits of any statements about the Company, the Committee, the proposal, or other strategic alternatives ◼ Do communicate that the Committee is working expeditiously and following proper process ◼ Do convey thoughtful consideration of any perspectives or ideas presented Potential Questions from Special Committee to Bob Ortenzio ◼ Process — Can you help us understand where WCAS is? How are they thinking about timing from here? What do you view as the "long pole" items from a diligence perspective? — How are you thinking about financing? Are your advisors on the financing prepared to complete their diligence on the timeline you've outlined as well? ◼ Diligence — What have you and your team learned throughout diligence thus far (e.g., separability of CIRH, opportunities to optimize / streamline current OP footprint, etc.)? What has been better than expected? Are there areas of concern or focus on the WCAS side that we should be aware of? ◼ Strategic Alternatives — How has your thinking about CIRH separation alternatives evolved? What do you view as the key challenges? — Can you share a bit more on your thesis for why Select should be private? Why shouldn't we continue to execute in the public markets? — We've also had certain shareholders suggest other capital structure alternatives (i.e. more share buyback) as a better path forward. Why shouldn't we just do that? How do you think about this in terms of your ability to get a transaction that shareholders will approve done? Potential Topics that May Be Raised by Bob Ortenzio ◼ Uncertainty around the go-forward rate outlook, impact of OBBBA, inbounds from shareholders, or other points that may suggest why the Committee should accept the consortium's proposal: — We've certainly been willing to listen to what shareholders have said, which has always been important to us. As I've mentioned, the most important thing is that we get the best outcome for our shareholders and maximize value in a situation where we'd recommend a sale of the company. ◼ Challenges with separating CIRH and ability for a separation to create value in the public markets — Our job is to evaluate everything objectively and carefully consider all the ways we could maximize value for the company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Would have strategics / sponsors on LHS that we suggested for outreach And then bifurcate RHS into 3 buckets: Interested / Not interested / Awaiting feedback First bucket would have no names Encompass a pass Speaking to United on Friday Tenet encompass and HCA all no LGP and KKR a no so far Cd&r also a no Potential Q&A From Bob Ortenzio to Special Committee ◼ Valuation — Question: Based on diligence done to date, we're prepared to submit a revised proposal of $[ ] per share. Is that at a level the Committee would transact at? We've done a lot of our value-driving diligence to date and think we can move quickly towards a transaction. – Answer: – I appreciate you sharing that perspective with me and I'll share that with the rest of the Committee and our advisors. – As you know, this is going to make the Committee's decision quite difficult based on the current management forecast. – [As appropriate] The management forecast is the same forecast we discussed as a Board last October, before your offer. Can you help me understand what has changed about your view on the forecast? — Question: Can you give me a bit more color on the Committee's current valuation expectations? – Answer: – Our focus remains on maximizing shareholder value, which includes evaluating your proposal as well as other alternatives including our status quo path as a public company. – You have management's forecast, and I'm sure you can understand the value implications of that. ◼ Process-Related — Question: We've been working as quickly as possible and pushing our advisors to wrap up their diligence. Assuming we can continue to close out any outstanding questions our team has, we'd like to be in a position to announce a transaction as soon as the company's Q4 / FY 2025 earnings call on Thursday, February 19th. Do you think we can execute on that timeline? – Answer: – As you know, we continue to evaluate all opportunities that can enhance value for shareholders. – We would need to review a revised written proposal that outlines your revised proposal and specifically what diligence remains outstanding to determine appropriate next steps from here . – [As appropriate] Practically speaking, announcing a transaction on February 19th is challenging, and I'm sure you'd agree that doing this quickly cannot come at the expense of doing this the right way. — Question: Are there other parties that you're engaging with? Do you have other offers you're evaluating? – Answer: – I can't comment on that, but know that we are working diligently to ensure that we comprehensively evaluate all of the company's potential paths forward. – We will do what's best for Select's shareholders in evaluating strategic alternatives. — Question: We need greater focus from management to determine whether there is a transaction to do here. Can you direct management to be more engaged? – Answer: – The management team has been working hard to be responsive to your questions, which have included an in-person management presentation, 10 diligence calls this week, and written responses to the questions you've shared. – We also think it is important that management remain focused on preparing for the upcoming earnings release – that will be an opportunity to hear perspectives from shareholders on potential paths forward as well. |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Confidential, Preliminary & Highly Illustrative for Discussion Purposes A Appendix |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections Note: Cash flows are discounted to 30-Sep-2025 using mid-year convention; assumes cash of $60mm per Select Medical management, debt of $1,780mm per Select Medical public filings, fully diluted share count of 123.5mm shares consisting of 120.5mm shares of common stock outstanding and 3.0mm RSUs per Select Medical Management. 2025E figures equal to sum of Q1 – Q3 2025A plus Q4 2025E figures. 1 Per Select Medical Management. Discounted Cash Flow Analysis ($ in millions, except per share data) \| Valuation as of 30-Sep-2025 Management Projections Terminal Value $in millions 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Total Revenue $5,437 $5,722 $6,007 $6,312 $6,602 $6,916 $7,209 $7,475 $7,710 $7,908 $8,066 $8,066 % Growth 4.8 % 5.2 % 5.0 % 5.1 % 4.6 % 4.8 % 4.2 % 3.7 % 3.1 % 2.6 % 2.0 % Adj. EBITDA $510 $531 $597 $664 $730 $801 $828 $848 $863 $871 $876 $876 % Margin 9.4 % 9.3 % 9.9 % 10.5 % 11.1 % 11.6 % 11.5 % 11.4 % 11.2 % 11.0 % 10.9 % 10.9 % (-) Stock-Based Compensation (18) (21) (23) (25) (28) (31) (31) (31) (31) (31) (31) (31) EBITDA $492 $510 $574 $639 $702 $770 $797 $818 $832 $840 $845 $845 % Margin 9.0 % 8.9 % 9.6 % 10.1 % 10.6 % 11.1 % 11.1 % 10.9 % 10.8 % 10.6 % 10.5 % 10.5 % (-) Depreciation & Amortization (142) (146) (150) (150) (150) (150) (150) (150) (150) (150) (150) (166) % of Revenue 2.6 % 2.6 % 2.5 % 2.4 % 2.3 % 2.2 % 2.1 % 2.0 % 2.0 % 1.9 % 1.9 % 2.1 % EBIT $350 $363 $423 $489 $551 $620 $646 $667 $682 $689 $694 $678 % Margin 6.4 % 6.4 % 7.0 % 7.7 % 8.4 % 9.0 % 9.0 % 8.9 % 8.8 % 8.7 % 8.6 % 8.4 % (-) Taxes (73) (76) (89) (103) (116) (130) (136) (140) (143) (145) (146) (142) % Tax Rate1 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% NOPAT $276 $287 $334 $386 $436 $489 $511 $527 $539 $545 $548 $536 % Margin 5.1 % 5.0 % 5.6 % 6.1 % 6.6 % 7.1 % 7.1 % 7.1 % 7.0 % 6.9 % 6.8 % 6.6 % (+) Distributions from Unconsolidated Subsidiaries 56 55 58 59 61 63 66 68 70 72 73 73 (-) Distribution to and Purchases of Non-Controlling Interests (67) (78) (81) (83) (86) (88) (92) (95) (98) (101) (103) (103) (+) Depreciation and Amortization 142 146 150 150 150 150 150 150 150 150 150 166 (-) Change in NWC (14) (15) (19) (25) (27) (28) (26) (23) (21) (17) (14) (14) (-) Capital Expenditures (215) (237) (175) (175) (175) (175) (175) (175) (175) (175) (175) (175) Unlevered Free Cash Flow $178 $157 $268 $313 $360 $412 $434 $452 $465 $474 $480 $484 Implied Equity Value per Share Perpetuity Growth Rate 20.4 x 1.5% 2.0% 2.5% WACC 10.0% $22.34 $23.59 $25.01 11.0% $18.19 $19.11 $20.14 12.0% $14.86 $15.55 $16.31 Implied Terminal LTM EBITDA Multiple Perpetuity Growth Rate 6.6 x 1.5% 2.0% 2.5% WACC 10.0% 6.9 x 7.4 x 7.9 x 11.0% 6.2 x 6.6 x 7.0 x 12.0% 5.7 x 6.0 x 6.3 x Implied Terminal Value as % of EV Perpetuity Growth Rate 0.7 % 1.5% 2.0% 2.5% WACC 10.0% 50.9 % 52.6 % 54.3 % 11.0% 47.1 % 48.6 % 50.1 % 12.0% 43.6 % 44.9 % 46.3% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections, FactSet as of 24-Nov-2025 Note: Future value of stock price discounted to 30-Sep-2025 using SEM's cost of equity of 12.1%. Balance sheet projections and free cash flow allocation per Management Projections. Includes dividend per share of $0.25 each year discounted using mid-year convention. Present Value of Future Stock Price Analysis Management Projections \| ($ in millions, except per share data) Valuation as of 30-Sept-2025 o Run the 3 year average excluding Concentra (like from the earlier page and footnote this carefully – I think this will enable us to support 6.5x – 7.5x o The current multiple here should be re-labeled as "Undisturbed" and be as of November 24, 2025 which we say is 6.1x page 4. Would also flag we say undisturbed 2026E is 6.3x on page 20 based on consensus which I can't quite tie to the 6.1x on page 4 $21.97 $23.89 $25.11 $17.84 $19.81 $21.16 $13.72 $15.74 $17.22 $14.01 $0 $5 $10 $15 $20 $25 $30 $35 $40 Sep-25 Dec-26 Dec-27 Dec-28 $25.01 $30.29 $35.54 $20.25 $25.02 $29.81 $15.49 $19.75 $24.09 $14.01 $0 $5 $10 $15 $20 $25 $30 $35 $40 Sep-25 Dec-26 Dec-27 Dec-28 NTM EBITDA ($mm) $597 $664 $730 Net Debt (1639) (1495) (1305) Present Value of Cumulative Dividends 36 58 76 Fully Diluted Shares Outstanding 125.4 126.1 127.6 Future Value of Stock Price (Including Dividends) Present Value of Future Stock Price (Including Dividends) Share Price ($) Share Price ($) NTM EV/EBITDA Multiple 6.0x 7.0x 8.0x Undisturbed Share Price as of 24-Nov EV / NTM EBITDA Multiple: Undisturbed: 6.3 x 1Y Average: 6.6 x 2Y Average: 7.7x Undisturbed Share Price as of 24-Nov |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 11.2 x 9.8 x 7.9 x 7.7 x 8.2 x 7.6 x 6.7 x 6.4 x 6.2 x Kindred Healthcare / Centerre Healthcare Corporation HealthSouth Corporation / Reliant Hospital Partners Genesis Healthcare / Revera Kindred Healthcare / RehabCare Group Kindred Healthcare WholeCo Acquisition Select Medical Holdings Corporation / Regency Hospital Company, L.L.C. Kindred Healthcare, Inc. / Certain facilities owned by Vista Healthcare Holdings, LLC Vibra Healthcare, LLC / Certain facilities owned by Kindred Healthcare, Inc. RehabCare Group, Inc. / Triumph HealthCare Holdings, Inc. ($ in millions) \| LTM EV / EBITDA Source: Company filings and press releases 1 Includes $730mm cash purchase price and $210mm assumed lease obligations. 2 Kindred purchased 5 long-term acute care hospitals from Vista. 3 Vibra purchased 14 long-term acute care hospitals, 1 inpatient rehab hospital, and 1 skilled nursing facility from Kindred. Acquirer Target Announcement Date 12-Nov-14 11-Jun-15 15-Jun-15 8-Feb-11 19-Dec-17 21-Jun-10 24-Aug-10 25-Apr-13 3-Nov-09 Enterprise Value $195 $940 $240 $1,300 $4,100 $210 $180 $166 $575 Rehab Median: 8.9 x Select Inpatient Rehabilitation and Long-Term Acute Care Precedent Transactions 1 2 3 LTAC Median: 6.7 x Combined Median: 7.7 x Rehabilitation Long-Term Acute Care TBU – adding Scion Health, scrubbing incremental Deal Logic run for additional names |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 Confidential, Preliminary & Highly Illustrative for Discussion Purposes One-Day Premium of U.S. Healthcare Deals \| 2021 – 2025 Source: FactSet as of 04-Feb-2026 Note: Excludes biotech transactions. N = 13 Median: 29 % Mean: 31 % 25th Percentile: 23 % 75th Percentile: 36 % Precedent Premia Paid Analysis Cash Only \| $1 - $5bn TBU – Price update, show format with lines across page showing 25th/75th percentile lines across page TBU – ISG pulling updated deal run 2 1 4 3 1 0 1 1 0-10% 10-20% 20-30% 30-40% 40-50% 50-60% 60-70% 70-80% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Illustrative LBO of Select Medical ($ in millions, except per share data) \| Valuation as of 30-Sep-2025 Source: Management Projections Note: Assumes exit date of 30-Sep-2030; % premium calculated based on unaffected share price of $14.01 as of unaffected date as of 24-Nov-2025. 1 Assumes insiders / stakeholders hold 14.9mm shares (12.4% of total shares of common stock outstanding of 123.5mm). o Confirm that this includes a separate management incentive pool that pays 10% of everything above 2.0x MOIC LTM Exit Multiple $18.15 6.50 x 7.25 x 8.00 x Leverage 3.5 x $12.35 / (11.9)% $13.91 / (0.7)% $15.52 / 10.8 % 3.7 x ($138mm incr.) $12.96 / (7.5)% $14.53 / 3.7 % $16.14 / 15.2 % 4.0 x ($276mm incr.) $13.58 / (3.1)% $15.19 / 8.4 % $16.76 / 19.6 % Revenue Flex 18.2 x (1.0)% 0.0 % 1.0 % EBITDA Margin Flex (0.5)% $13.34 / (4.8)% $14.16 / 1.1 % $15.02 / 7.2 % 0.0 % $14.33 / 2.3 % $15.19 / 8.4 % $16.05 / 14.5 % 0.5 % $15.31 / 9.3 % $16.18 / 15.5 % $17.11 / 22.2 % LTM Exit Multiple $18.15 6.50 x 7.25 x 8.00 x IRR 20.0 % $15.10 / 7.8 % $16.87 / 20.4 % $18.69 / 33.4 % 22.5 % $13.58 / (3.1)% $15.19 / 8.4 % $16.76 / 19.6 % 25.0 % $12.26 / (12.5)% $13.70 / (2.2)% $15.14 / 8.0 % Key Assumptions \| 30-Sep-25 Transaction Date Illustrative Sources & Uses Assuming 7.25x Exit Multiple and 22.5% IRR ◼ Assumes existing debt remains outstanding ◼ Up to 0.5x incremental straight debt financing achievable based on 2025E Adj. EBITDA of $505mm — Maximum gross leverage of 4.0 x given earnings volatility of CIRH segment and significant capex spend ◼ Assumes 7.25x LTM exit multiple, CY2030E exit with a 22.5% required IRR ◼ Assumes management rolls equity of $233mm (12.4% ownership1) ◼ Assumes management incentive pool equal to 10% of incremental exit equity value above 2.0x MOIC ◼ Based upon Management Projections Sensitivity Analysis: Implied Purchase Price per Share / Relative to Current 4.0x Leverage 22.5% IRR 22.5% IRR 4.0x Leverage Sources of Funds $mm % Existing Debt $1,742 46 % Sponsor Equity $276 7 % New Debt 1,462 39 % Rolled Management Equity 233 6 % Cash on Balance Sheet 60 2 % Total Sources $3,773 100 % Uses of Funds $mm % Equity Purchase Price $1,876 50 % Rolled Debt 1,742 46 % Illustrative Transaction Fees and Expenses 55 1 % Minimum Cash 100 3 % Total Uses $3,773 100% |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Shareholder Base Analysis Source: FactSet, Refinitiv, as of 04-Feb-26 ¹ Quarter of the investors' most recent position initiation in the security. Resets whenever the investor sells out completely. ² Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases from Q1 '05 - Q4 '25. 3 Based on share price at market close on 04-Feb-2025 ($15.29). 4 Based on number of shares held in Q4 '25. Parties that have reached out to Select since offer from consortium made public Western Standard says they own 2.2% - can you check why this says 0.8% • Page 23 – Michael is going to want more here. (put this page after page 8) • Can you reach out to ASA and ask them if they can help us look at the shareholder base for Select and identify "paths to a successful M&A transaction" • Then, to this page, can you add the breakout of index v. actives v. other types of shareholders? What I think it's going to show is that index shareholders are the majority of this companies register which should make things easier for us (run that by ASA to get their perspective as well – Matt Kim) – ideally we can get his input before the 6pm call Cost Basis & Returns Most Recent Historical Positions (Shares in mm) Fund AUM ($bn) Cost Basis¹ Unrealized Gain² % OS Shares (mm) Q4 '25 Q3 '25 Q2 '25 Q1 '25 Q4 '24 Q3 '24 Q2 '24 T. Rowe Price Mid-Cap Value $14.0 $11.42 33.9 % 7.0 % 9.1 9.1 8.7 8.7 9.3 9.3 9.4 9.6 Western Standard, LLC 0.2 13.69 11.7 1.6 2.1 2.1 1.1 D. E. Shaw 117.8 14.53 5.2 1.4 1.9 1.9 1.9 0.7 0.2 0.0 0.0 0.1 T. Rowe Price Small Cap Value 8.4 12.85 18.9 1.3 1.7 1.7 1.7 2.1 2.3 2.5 2.8 2.9 Millennium Mgm't 123.8 14.20 7.7 1.2 1.6 1.6 1.6 0.3 1.7 0.3 0.0 0.7 Prosight Capital 0.5 14.10 8.5 0.7 0.9 0.9 0.9 0.4 0.0 Hood River Small-Cap Growth Fund 4.8 18.30 (16.4) 0.6 0.8 0.8 0.8 0.9 1.7 0.9 0.2 0.0 John Hancock Funds II Mid Value Fund 1.3 9.68 57.9 0.6 0.8 0.8 0.8 0.8 0.8 0.9 0.9 1.0 Vanguard Tax-Managed Small-Cap Fund 9.2 13.38 14.3 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 BlackRock Advantage Small Cap Core Fund 4.2 25.26 (39.5) 0.6 0.7 0.7 0.9 0.9 0.9 0.8 0.3 0.1 DFA U.S. Targeted Value Portfolio 14.1 11.27 35.7 0.5 0.6 0.6 0.6 0.6 0.5 0.5 0.6 0.6 Qube Research & Technologies Ltd 71.3 13.20 15.8 0.4 0.6 0.6 0.6 0.0 0.2 0.3 0.1 DFA US Small Cap Value Portfolio 17.0 13.31 14.9 0.4 0.6 0.6 0.6 0.0 Woodline Partners LP 22.0 13.20 15.8 0.4 0.6 0.6 0.6 0.5 0.7 Strategic Advisers US Total Stock Fund 73.3 19.96 (23.4) 0.4 0.6 0.6 0.5 0.5 0.5 0.2 0.0 DFA US Small Cap Portfolio 17.3 9.99 53.0 0.4 0.5 0.5 0.6 0.7 0.8 0.9 1.0 1.0 DFA Dimensional US Targeted Value ETF 11.9 16.34 (6.4) 0.4 0.5 0.5 0.5 0.5 0.4 0.4 0.3 0.3 EA Bridgeway Omni Small-Cap Value ETF 1.8 20.60 (25.8) 0.4 0.5 0.5 0.4 0.5 0.6 0.3 ExodusPoint Capital Management, LP 7.2 13.20 15.8 0.3 0.4 0.4 0.4 DFA U.S. Micro Cap Portfolio 6.9 19.79 (22.7) 0.3 0.4 0.4 0.4 0.3 0.2 0.2 0.2 0.2 Total 19.5 % 25.3 25.3 24.1 18.6 20.7 18.1 17.2 18.1 Median $13.53 13.0 % Weighted Average³ $13.51 17.9 % Select's Shareholder Base Consists of ~40% Index Investors4 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiimg024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Special Committee of Select Medical Holdings Corporation (the "Company") in connection with their consideration of the matters referred to herein. These materials and Goldman Sachs' presentation relating to these materials (the "Confidential Information") may not be disclosed to the third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by Goldman Sachs Investment Banking and is not a product of Goldman Sachs Global Investment Research. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs Investment Banking maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Board, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the hand, and Goldman Sachs, on the other hand. The Confidential Information does not address, nor does Goldman Sachs express any view as to, the potential effects of volatility in the credit, financial and stock markets on the Company, any other party to any transaction or any transaction.  |

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## Ex-99.(C)(Viii)

**Exhibit 99.(c)(viii)**

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Materials for the Special Committee Goldman Sachs & Co. LLC February 8th, 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cviiiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Forms of Response to a Potential Proposal Potential Reaction #1: Reduction or Little to No Improvement — Response tone can be negative or disappointed — "You are aware of our forecast and what that implies" — "This proposal puts us in a very difficult position as it relates to making a decision on next steps" — "Do you now have a different view of our management forecast that you approved this past fall?" — "What is the path to improve your proposal from here?" — "We are surprised to see [effectively] no improvement given the extensive diligence conducted. Are there any diligence findings that made it difficult to increase the proposal?" Potential Reaction #2: Marginal Improvement — Tone shifts to neutral — "Thank you for your revised proposal – we recognize the significant amount of work your team has done to date" — "We will give this serious consideration, but of course you know our Board-approved projections and the value implications of those" — "What further diligence would you need to see additional value and improve your proposal?" — "Are there areas of risk to the forecast that are limiting the Consortium in seeing additional value?" — "How do you think about timeline and remaining diligence?" Potential Reaction #3: Significant Improvement — Response tone shifts to positive — "We appreciate the focused and efficient diligence process that your team has run" — "We see that you are making every effort to put forth an improved proposal" — "How do you think about timeline and remaining diligence?" Regardless of proposal, remain non-committal to next steps and note that you will review their formal proposal with your advisors and come back to them promptly to discuss feedback on their proposal and next steps |

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## Ex-99.(C)(Ix)

**Exhibit 99.(c)(ix)**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciximg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Materials for the Special Committee Goldman Sachs & Co. LLC February 10th, 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciximg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Actuals Comparison vs. Budget and Consensus Q4 2025A Q4 2024A % Change YoY Q4'25 Budget % Beat / (miss) Consensus2 % Beat / (miss) Revenue $1,397 $1,313 6 % $1,380 1 % $1,360 3 % CIRH $630 $600 5 % $603 4 % $600 5 % IRF $339 $294 15 % $340 (0)% $336 1 % OP $325 $320 2 % $338 (4)% $326 (0)% Corp. $103 $98 5 % $99 4 % $105 (2)% Adj. EBITDA $105 $116 (10)% $122 (14)% $124 (16)% CIRH $66 $63 5 % $54 24 % $58 15 % IRF $69 $62 11 % $76 (8)% $73 (6)% OP $11 $27 (58)% $34 (67)% $26 (57)% Corp. $(42) $(36) (17)% $(41) (2)% $(41) (4)% Actuals Comparison vs. Budget and Consensus FY2025A FY2024A % Change YoY FY'25 Budget % Beat / (miss) Consensus % Beat / (miss) Revenue $5,453 $5,187 1 % $5,437 0 % $5,416 1 % CIRH $2,478 $2,444 1 % $2,451 1 % $2,448 1 % IRF $1,289 $1,111 16 % $1,290 (0)% $1,285 0 % OP $1,285 $1,250 3 % $1,298 (1)% $1,286 (0)% Corp. $401 $382 5 % $397 1 % $403 (0)% Adj. EBITDA $493 $510 (3)% $510 (3)% $513 (4)% CIRH $265 $302 (12)% $253 5 % $257 3 % IRF $279 $246 13 % $285 (2)% $283 (1)% OP $90 $109 (17)% $113 (20)% $105 (14)% Corp. $(141) $(146) 3 % $(140) (1)% $(139) (1)% Stallion Q4 and FY2025 Earnings Summary \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\(2026.02.08) - Special Committee Follow Up Call\12.25 YTD MDA Common Size Analysis_Offline.xlsx Q4 2025A Earnings Results vs Budget and Consensus1 FY 2025A Earnings Results vs Budget and Consensus1 Source: Management Projections, dated 30-Dec-2025, prepared by Select Medical Management and approved for use by Goldman Sachs ("Management Projections"), Select Medical FY2025 Draft 10-K, Select Medical public filings, Market data as of 09-Feb-2026. 1 Consensus segment figures may not sum to WholeCo figures due to segment level financials calculated as medians. 2 Due to limited brokers reporting segmented quarterly EBITDA, segment level Q4'25 Consensus figures are derived from FY'25E consensus estimates less last 9 months Q3'25A. ($ in millions) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-ciximg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Stallion FY2026 Guidance Summary ($ in millions) Source: Management Projections, dated 30-Dec-2025, prepared by Select Medical Management and approved for use by Goldman Sachs ("Management Projections"), Select Medical Management FY2026 Guidance, Market data as of 09-Feb-2026. 1 Budget and consensus are measured relative to the midpoint of guidance. Consensus Budget FY2026 Guidance Budget vs. Guidance1 Guidance vs. Consensus1 Budget vs. Consensus FY2026 FY2026 Low Midpoint High Delta % Change Delta % Change Delta % Change Revenue $5,638 $5,722 $5,600 $5,700 $5,800 $22 0 % $62 1 % $83 1 % CIRH $2,484 $2,506 $22 1 % IRF $1,407 $1,402 $(6) (0)% OP $1,322 $1,358 $36 3 % Corp. $430 $457 $27 6 % Adj. EBITDA $550 $531 $520 $530 $540 $1 0 % $(20) (4)% $(19) (4)% CIRH $257 $256 $(1) (1)% IRF $324 $301 $(23) (7)% OP $111 $120 $9 8 % Corp. $(142) $(146) $(4) (3)% Adj. EPS $1.27 $1.27 $1.22 $1.27 $1.32 $0.00 0 % $0.00 0 % $0.00 0 % CapEx $175 $237 $200 $210 $220 $(27) (11)% $(35) (20)% $(62) (26)% |

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## Ex-99.(C)(X)

**Exhibit 99.(c)(x)**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cximg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Materials for the Special Committee Goldman Sachs & Co. LLC February 23rd , 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cximg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Would have strategics / sponsors on LHS that we suggested for outreach And then bifurcate RHS into 3 buckets: Interested / Not interested / Awaiting feedback First bucket would have no names Encompass a pass Speaking to United on Friday Tenet encompass and HCA all no LGP and KKR a no so far Cd&r also a no Illustrative Talking Points ◼ Talking points for Dan in call with Bob — Bob, I was surprised to see the revised proposal of $16 and hear your bankers say we should feel good about it because given the quarter, you all were considering a lower bid — I've known you a long time and if United were here offering you $16 to buy Select, I don't think you would think about that for too long — As you've acknowledged in the past, nothing about our forecast has changed relative to what you approved last fall, so we are struggling to see a path forward — Nothing about the quarter should have come as a surprise and you know about the longer-term potential of this business — Feedback from investors upon the initial announcement in November was that the offer then was insufficient and that tone has not changed following the earnings release — A bid of $16 per share is just inadequate – it represents a 14% premium to what our undisturbed price was in November before your offer — We are viewing the undisturbed price as of 24-Nov-2025, the day the offer was announced post-market, which is a premium 3 percentage points lower than what you note in the revised bid using 21-Nov-2025 as the undisturbed date — At $17 per share, this would be an incremental $124mm or 3% increase in Enterprise Value from your current offer and increase the LTM EBITDA multiple by 0.3x — At $17.50 per share, this would be an incremental $186mm or 5% increase in Enterprise Value from your current offer and increase the LTM EBITDA multiple by ~0.4x — Note: See the following page for incremental detail |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cximg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections, FactSet market data as of 20-Feb-2026; FDSO, cash, and debt per Select Medical Management 1 As of unaffected date as of 24-Nov-2025. Analysis at Various Prices ($ in millions, except per share data) Premium to Undist.1 Current Price as of 20-Feb Updated Offer Purchase Price Per Share $14.01 $15.01 $16.00 $16.25 $16.50 $16.75 $17.00 $17.25 $17.50 Memo: Premium to Undisturbed Price 0 % 7 % 14 % 16 % 18 % 20 % 21 % 23 % 25 % Premium vs. Median Analyst Price Target $17.00 (18)% (12)% (6)% (4)% (3)% (1)% 0 % 1 % 3 % Premium vs. 52-Week High $19.17 (27)% (22)% (17)% (15)% (14)% (13)% (11)% (10)% (9)% Fully Diluted Shares Outstanding 124.0 124.0 124.0 124.0 124.0 124.0 124.0 124.0 124.0 Fully Diluted Equity Value $1,737 $1,861 $1,984 $2,015 $2,046 $2,077 $2,108 $2,139 $2,170 (+) Debt $1,845 $1,845 $1,845 $1,845 $1,845 $1,845 $1,845 $1,845 $1,845 (-) Cash $(27) $(27) $(27) $(27) $(27) $(27) $(27) $(27) $(27) Enterprise Value $3,556 $3,680 $3,803 $3,834 $3,865 $3,896 $3,927 $3,958 $3,989 EV Increase Relative to $16/sh ($) $(247) $(123) $0 $31 $62 $93 $124 $155 $186 EV Increase Relative to $16/sh (%) (6)% (3)% 0 % 1 % 2 % 2 % 3 % 4 % 5 % EV / EBITDA Metric Management Projections 2025A $493 7.2 x 7.5 x 7.7 x 7.8 x 7.8 x 7.9 x 8.0 x 8.0 x 8.1 x 2026E $531 6.7 x 6.9 x 7.2 x 7.2 x 7.3 x 7.3 x 7.4 x 7.5 x 7.5 x Consensus 2025A $493 7.2 x 7.5 x 7.7 x 7.8 x 7.8 x 7.9 x 8.0 x 8.0 x 8.1 x 2026E $530 6.7 x 6.9 x 7.2 x 7.2 x 7.3 x 7.4 x 7.4 x 7.5 x 7.5 x |

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## Ex-99.(C)(Xi)

**Exhibit 99.(c)(xi)**

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|:---|:---|
| &nbsp;&nbsp;![](tm2611660d2_ex99-cxiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Materials for the Special Committee Goldman Sachs & Co. LLC February 25th , 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Select Medical Top Buyers and Sellers Q3 2025 to Q4 2025 \| Share count in millions Inbound Investors Position Size Delta Investor Delta (mm) T. Rowe Price +0.7 Western Standard +1.0 0.6 (0.3) (0.3) 1.0 1.2 1.0 0.9 0.8 0.8 0.4 0.3 (0.3) (0.4) (0.4) (1.0) (1.9) 0.7 (0.4) (0.4) (0.5) New Incr Incr New Incr Incr Incr New Incr New Sold Decr Decr Decr Sold Sold Decr Decr Decr Decr (2.5) (2.0) (1.5) (1.0) (0.5) 0.5 1.0 1.5 Adage Capital Management, L.P. Western Standard, LLC Ortenzio (Robert A) Eversept Partners, LP Algert Global LLC Woodline Partners LP T. Rowe Price Cambria Investment Management, L.P. D. E. Shaw Invenomic Capital Management LP Point72 Asset Management, L.P. Goldman Sachs & Company, Inc. J.P. Morgan Securities LLC Qube Research & Technologies Ltd ExodusPoint Capital Management, LP Smith, Graham & Co. Nuveen LLC Invesco Capital Management LLC Millennium Mgm't Principal Global Investors (Equity) Index Quantitative Income Value GARP Growth Hedge Fund International Momentum Sector Specific Specialty Pension Strategic Broker Dealer Insurance Other Sizes Investor Position Size (mm) DE Shaw 2.2 Woodline 1.3 Adage 1.2 Total 4.7 3.8 %1 Source: Public filings 1 Total shares outstanding of 124.0mm basic shares and no dilutive securities per Select Medical 2025 10-K as of 01-Feb-2026. Select Medical Share Ownership Change Initiated or meaningfully increased position Since the offer in November, 11.2mm shares have traded in excess of the 3-month ADTV which represents 9.0% of total shares outstanding1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Select Medical Implied Share Price $ in millions except per share values Source: FactSet as of 24-Feb-2026 1 Undisturbed date of 24-Nov-2025; debt, cash, and share count figures per Select Medical Management as of 30-Sept-2025; fully diluted shares outstanding reflects 120.5mm common shares and 3.0mm restricted shares outstanding. 2 Debt and cash figures per Select Medical 2025 10-K as of 31-Dec-2025; share count per Select Medical 2025 10-K as of 01-Feb-2026, reflects 124.0mm basic shares outstanding and no dilutive securities. 3 Reflects consensus NTM EBITDA multiple as of undistributed date of 24-Nov-2025. Since the offer in November, 11.2mm shares have traded in excess of the 3-month ADTV which represents 9.0% of total shares outstanding4 Consensus NTM EBITDA Multiple 6.3 x Undist. NTM EBITDA Multiple 6.3 x 3M Avg. NTM EBITDA Multiple 6.2 x 6M Avg. NTM EBITDA Multiple 6.2 x Consensus NTM EBITDA $548 Current Consensus NTM EBITDA $535 Current Consensus NTM EBITDA $535 Current Consensus NTM EBITDA $535 Enterprise Value $3,450 Enterprise Value $3,371 Enterprise Value $3,305 Enterprise Value $3,327 (-) Debt $1,780 (-) Debt $1,845 (-) Debt $1,845 (-) Debt $1,845 (+) Cash $60 (+) Cash $27 (+) Cash $27 (+) Cash $27 Equity Value $1,730 Equity Value $1,552 Equity Value $1,486 Equity Value $1,508 Fully Diluted Shares Outstanding 123.5 Fully Diluted Shares Outstanding 124.0 Fully Diluted Shares Outstanding 124.0 Fully Diluted Shares Outstanding 124.0 Undist. Share Price $14.01 Implied Share Price $12.51 Implied Share Price $11.99 Implied Share Price $12.16 Premium (Disc.) to Undist. (10.7)% Premium (Disc.) to Undist. (14.5)% Premium (Disc.) to Undist. (13.2)% Undisturbed1 Current2 3M Average2 6M Average2 3 Excel: \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sawbones2024\925030_1\Presentations\2025.11.XX Pitch\Excel\Peers_TSR_2025YTD_5Dec2025.XLSM |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Select Medical Share Price Performance Source: FactSet as of 24-Feb-2026 1 Assumes Select Medical share price performance since offer equivalent to that of associated peer. 2 Current share price as of 24-Feb-2026. 3 Acute Care Peers include Community Health Systems, Tenet Healthcare, and Universal Health Services. 4 Alternative Site Healthcare includes RadNet, USPH, Surgery Partners, and BrightSpring. Stock Price Performance Since Offer S&P 500 Acute Care Peers3 80% 85% 90% 95% 100% 105% 110% 115% 120% 125% 130% 24-Nov-2025 24-Dec-2025 24-Jan-2026 24-Feb-2026 4.8 % 2.8 % 5.8 % (3.1)% 15.9 % (7.2)% Alternative Site Peers4 Implied Select Medical Share Price1 $16.24 $14.822 $14.69 $14.40 $13.57 $13.01 05-Feb-2026 Encompass reports 4Q 2025 earnings 22-Feb-2026 Consortium receives revised offer |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Materials for the Special Committee Goldman Sachs & Co. LLC February 25 th , 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Would have strategics / sponsors on LHS that we suggested for outreach And then bifurcate RHS into 3 buckets: Interested / Not interested / Awaiting feedback First bucket would have no names Encompass a pass Speaking to United on Friday Tenet encompass and HCA all no LGP and KKR a no so far Cd&r also a no Illustrative Talking Points and Potential Q&A ◼ Talking points for Dan in call with Bob — Thank you for your time the other day—it was very helpful for me and for us on the committee — We met as a special committee yesterday to discuss your latest $16 offer, and formally concluded we won't do a deal at that price — However, we remain open to considering any improved proposal you have — I want to remind you that we have studied value and continue to see value well in excess of your original range — As I mentioned, several of our shareholders share that perspective and have proactively reached out to us to let us know — I also appreciate that this is hard for you, but please remember this is incredibly hard for us on the SC. Doing a deal in and around your original range just isn't right for all our shareholders. [If appropriate: You yourself have acknowledged you wouldn't sell at $16] ◼ Potential Q&A — What is it going to take? I told you $17 isn't ever going to happen. And, maybe I could get to a number a few pennies above our range, but that was it. So, I hope you have thought about that as you answer my question — Option 1: I heard you the other day about where you see value. And I hope you heard me also. I wasn't negotiating; we think any deal below $17 is incredibly hard. In that light, while we haven't talked about exactly what number we would accept, nobody on the Committee is comfortable in the low $16's, and I don't think we could have a more constructive Committee discussion below the mid-$16's — Option 2: I heard you very clearly the other day, but I hope you heard me, too. Anything below $17 is hard for us. But at the moment, you are at $16, I told you we are at $17. There is $60mm mid-way between those two points, which is a less than 2% difference from your $16 proposal. If you can't find $60mm, I doubt we could ever get comfortable. [If appropriate: I'm sure WCAS will be tempted to chisel and test that, but I'm telling you Bob, you are better off getting there, or shutting this down] — It's not about $60mm, anything above $16/share would require me to find additional equity to fund this transaction and I don't think that's feasible based on my conversations with WCAS. They are serious about not having any appetite to go further here — I hear you, and I appreciate that color. However, I'd like to remind you again that my job on the special committee is to do what's in the best interest of our shareholders – if you're telling me that based on what I've said that there's not a deal to be done here, I would understand that |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections, FactSet market data as of 25-Feb-2026; FDSO, cash, and debt per Select Medical public filings 1 As of unaffected date as of 24-Nov-2025. Analysis at Various Prices ($ in millions, except per share data) Premium to Undist.1 Current Price as of 25-Feb Updated Offer Purchase Price Per Share $14.01 $14.90 $16.00 $16.25 $16.50 $16.75 $17.00 $17.25 $17.50 Memo: Premium to Undisturbed Price 0 % 6 % 14 % 16 % 18 % 20 % 21 % 23 % 25 % Premium vs. Median Analyst Price Target $17.00 (18)% (12)% (6)% (4)% (3)% (1)% 0 % 1 % 3 % Premium vs. 52-Week High $19.17 (27)% (22)% (17)% (15)% (14)% (13)% (11)% (10)% (9)% Fully Diluted Shares Outstanding 124.0 124.0 124.0 124.0 124.0 124.0 124.0 124.0 124.0 Fully Diluted Equity Value $1,737 $1,848 $1,984 $2,015 $2,046 $2,077 $2,108 $2,139 $2,170 (+) Debt $1,845 $1,845 $1,845 $1,845 $1,845 $1,845 $1,845 $1,845 $1,845 (-) Cash $(27) $(27) $(27) $(27) $(27) $(27) $(27) $(27) $(27) Enterprise Value $3,556 $3,667 $3,803 $3,834 $3,865 $3,896 $3,927 $3,958 $3,989 EV Increase Relative to $16/sh ($) $(247) $(136) $0 $31 $62 $93 $124 $155 $186 EV Increase Relative to $16/sh (%) (6)% (4)% 0 % 1 % 2 % 2 % 3 % 4 % 5 % EV / EBITDA Metric Management Projections 2025A $493 7.2 x 7.4 x 7.7 x 7.8 x 7.8 x 7.9 x 8.0 x 8.0 x 8.1 x 2026E $531 6.7 x 6.9 x 7.2 x 7.2 x 7.3 x 7.3 x 7.4 x 7.5 x 7.5 x Consensus 2025A $493 7.2 x 7.4 x 7.7 x 7.8 x 7.8 x 7.9 x 8.0 x 8.0 x 8.1 x 2026E $530 6.7 x 6.9 x 7.2 x 7.2 x 7.3 x 7.4 x 7.4 x 7.5 x 7.5 x |

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## Ex-99.(C)(Xii)

**Exhibit 99.(c)(xii)**

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Reference Materials for Goldman Sachs & Co. LLC February 28th, 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Precedent Special Committee Bid Bump Analysis Announced Date Target Acquirer Target Industry Sector Initial Bid Final Bid Number of Bids From Winning Bidder Bump from Initial to Final Bid % Increase Days Between Initial and Final Bid 8-Dec-25 Confluent IBM Technology $27.00 $31.00 4 $4.00 15 % 12 22-Sep-25 Premier Patient Square Capital Business Services $27.00 $28.25 3 $1.25 5 % 87 17-Oct-24 Zuora GIC, Silver Lake Technology $9.75 $10.00 2 $0.25 3 % 0 1-Aug-24 R1 RCM CD&R, Towerbrook Technology $13.25 $14.30 5 $1.05 8 % 29 13-May-24 Squarespace Permira Technology $40.50 $46.50 5 $6.00 15 % 206 2-Apr-24 Endeavor Group Holdings Silver Lake Business Services $24.50 $27.50 4 $3.00 12 % 3 26-Feb-24 Agiliti Thomas H. Lee Partners Healthcare $9.00 $10.00 8 $1.00 11 % 133 18-Dec-23 Alteryx Clearlake, Insight Technology $41.50 $48.25 5 $6.75 16 % 57 23-Oct-23 EngageSmart Vista Equity Partners Technology $22.00 $23.00 3 $1.00 5 % 12 14-Mar-23 Cvent Blackstone Technology $8.00 $8.50 5 $0.50 6 % 111 27-Feb-23 Focus Financial Partners CD&R Financial Services $45.00 $53.00 7 $8.00 18 % 165 9-Jan-23 Duck Creek Technologies Vista Equity Partners Technology $15.00 $19.00 4 $4.00 27 % 73 25-Jul-22 Shell Midstream Partners Shell Energy $12.89 $15.85 6 $2.96 23 % 148 11-May-22 Switch DigitalBridge Group, IFM Technology $34.00 $34.25 2 $0.25 1 % 56 11-Apr-22 SailPoint Technologies Thoma Bravo Business Services $60.00 $65.25 4 $5.25 9 % 17 14-Feb-22 Cornerstone Building Brands CD&R Industrial $22.00 $24.65 6 $2.65 12 % 90 12-Jul-21 State Auto Financial Liberty Mutual Financial Services $43.00 $52.00 3 $9.00 21 % 273 18-Jun-21 Sykes Enterprises CREADEV Technology $53.00 $54.00 2 $1.00 2 % 33 6-May-21 At Home Group Hellman & Friedman Retail $32.00 $37.00 7 $5.00 16 % 97 Median 4 12 % 73 Source: Deal Point, public filings Note: Includes friendly transactions with public target, special committee assignment for target, enterprise value greater than $1bn, 2021 – 2025, completed, all cash, US-only. For initial bids covering a range of values, initial bid reflects low end of range. |

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## Ex-99.(C)(Xiii)

**Exhibit 99.(c)(xiii)**

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| &nbsp;&nbsp;![](tm2611660d2_ex99-cxiiiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, Preliminary & Highly Illustrative for Discussion Purposes Discussion Materials for The Special Committee of Goldman Sachs & Co. LLC March 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Offer Purchase Price Per Share $16.50 Memo: Premium to Undisturbed Price (as of 24-Nov-2025) $14.01 18 % Premium vs. 30-Day VWAP 1 $13.63 21 % Premium vs. 60-Day VWAP 1 $13.29 24 % Fully Diluted Shares Outstanding 124.0 Fully Diluted Equity Value $2,046 (+) Debt $1,845 (-) Cash $(27) Enterprise Value $3,865 EV / EBITDA Management Projections 2025A $493 7.8 x 2026E $531 7.3 x Consensus 2025A $493 7.8 x 2026E $530 7.3 x Source: Management Projections dated 23-Dec-2025, prepared by Select Medical management and approved for use by Goldman Sachs ("Management Projections"), reflects forecast through 2030 and extrapolations through 2035. FactSet market data as of 26-Feb-2026; Cash and debt per Select Medical public filings; FDSO per Select Medical management as of 28-Feb-2026 and approved for use by Goldman Sachs 1 As of unaffected date, the last trading day prior to the announcement of a public offer after market-close on 24-Nov-2025. Transaction Summary ($ in millions, except per share data) |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections, Select Medical public filings Select Medical Management Forecast Income Statement ◼ Total top-line CAGR of 4.9% from 2026E-2030E, annual growth tapers to 2.0% by 2035E ◼ 230bps of EBITDA margin expansion from 2026E-2030E, margin tapers by 70bps by 2035E ◼ Key longer-term assumptions — Revenue growth – CIRH: increases from 1.1% in 2026E to 2.7% in 2030E, tapers to 2.0% by 2035E – IRF: decreases from 8.8% in 2026E to 7.2% in 2030E, tapers to 2.0% by 2035E – OP: increases from 5.7% in 2026E to 6.0% in 2030E, tapers to 2.0% by 2035E — EBITDA margin – CIRH: increases from 10.2% in 2026E to 11.1% in 2030E, tapers to 10.6% by 2035E – IRF: increases from 21.5% in 2026E to 23.3% in 2030E, tapers to 22.4% by 2035E – OP: increase from 8.8% in 2026E to 12.3% in 2030E, tapers to 10.3% by 2035E — D&A steps down from 2.6% in 2026E to 1.9% of revenue by 2035E Key Cash Flow Items ◼ Change in net working capital as % of change in revenue increases from 8.2% in 2026E to 8.8% in 2030E-onward ◼ Assumes no additional M&A spend ◼ Capital expenditures decrease from $237mm in 2026E to $175mm in 2027E-onward ◼ 21% marginal tax rate Balance Sheet ◼ Cash and cash equivalents of $27mm as of 31-Dec-2025 ◼ Total debt of $1,845mm as of 31-Dec-2025 Share Count ◼ Fully diluted share count of 124.0mm as of 28-Feb-2026 per Select Medical Management - Includes restricted shares of 3.4mm as of 28-Feb-2026 per Select Medical Management Overview of Key Financial Assumptions |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $246 $302 $265 $256 $269 $283 $296 $311 $222 $246 $279 $301 $337 $375 $410 $112 $445 $109 $90 $120 $141 $160 $183 $209 $(134) $(146) $(141) $(146) $(150) $(154) $(159) $(163) $446 $510 $493 $531 $597 $664 $730 $801 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E $2,300 $2,444 $2,478 $2,506 $2,577 $2,655 $2,719 $2,792 $980 $1,189 $1,111 $1,289 $1,402 $1,531 $1,664 $1,783 $1,912 $1,250 $1,285 $1,358 $1,430 $1,510 $1,603 $1,700 $358 $382 $401 $457 $469 $483 $497 $512 $4,826 $5,187 $5,453 $5,722 $6,007 $6,312 $6,602 $6,916 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E Source: Management Projections; Select Medical public filings Revenue WholeCo Growth - 7.5 % 5.1 % 4.9 % 5.0 % 5.1 % 4.6 % 4.8 % CIRH Growth - 6.3 % 1.4 % 1.1 % 2.9 % 3.0 % 2.4 % 2.7 % IRF Growth - 13.4 % 16.1 % 8.8 % 9.2 % 8.7 % 7.1 % 7.2 % OP Growth - 5.2 % 2.8 % 5.7 % 5.3 % 5.6 % 6.1 % 6.0 % Corporate Growth - 6.8 % 5.0 % 13.8 % 2.6 % 3.0 % 3.0 % 3.0 % 5.8 % 2026E – 2030E CAGR Adjusted EBITDA Select Medical's Historical and Projected Financials Management Projections \| ($ in millions) OP 2.7 % WholeCo Growth 14.4 % (3.4)% 7.6 % 12.5 % 11.3 % 9.8 % 9.7 % WholeCo Margin 9.2 % 9.8 % 9.0 % 9.3 % 9.9 % 10.5 % 11.1 % 11.6 % CIRH Margin 10.7 % 12.3 % 10.7 % 10.2 % 10.4 % 10.7 % 10.9 % 11.1 % IRF Margin 22.6 % 22.1 % 21.6 % 21.5 % 22.0 % 22.5 % 23.0 % 23.3 % OP Margin 9.4 % 8.7 % 7.0 % 8.8 % 9.9 % 10.6 % 11.4 % 12.3 % Corporate Margin (37.4)% (38.1)% (35.2)% (32.0)% (32.0)% (32.0)% (31.9)% (31.9)% 8.1 % 2026E – 2030E CAGR CIRH IRF 2.9 % 4.9 % Corporate 14.9 % 5.0 % 10.3 % 10.8 % \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\Broker Perspectives and Projections\Broker Perspectives and Projections_v02.xlsx 2.9 % 5.8 % 2025A – 2030E CAGR 2.7 % 8.1 % 2025A – 2030E CAGR 2.9% 4.9% 14.9 % 5.0% 10.3 % 10.8 % 2.9% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Discounted Cash Flow Analysis Management Projections ◼ 10-Year DCF discounted to 31-Dec-2025 ◼ 10.0% – 12.0% WACC ◼ 1.5% – 2.5% perpetuity growth rate ◼ Terminal D&A reflects 95% of capital expenditures Present Value of Future Stock Price Management Projections ◼ 6.0x – 8.0x NTM EV / EBITDA ◼ Cost of equity: 12.2% Precedent Transactions Analysis Precedent Healthcare Transactions ◼ EBITDA range: 6.2x – 11.2x based on inpatient rehabilitation and long-term acute care precedent transactions since 2009 ◼ LTM adjusted EBITDA of $493mm as of 31-Dec-2025 per Select Medical Management Premia Paid Analysis Premium to Undisturbed Price of $14.01 ◼ U.S. healthcare M&A transactions from $1 – $5bn in enterprise value since 2020, cash-only ◼ Undisturbed price of $14.01 as of 24-Nov-2025 ◼ 12% - 77% premia to undisturbed price (represents minimum to maximum) Public Market Perspectives 52-Week High and Low ◼ 52-week low: 05-Aug-2025 ◼ 52-week high: 29-Apr-2025 Forward Analyst Price Targets ◼ Median: $17.00 per share ◼ Based on 5 analyst price targets $15.04 $14.04 $9.99 $15.69 $11.77 $16.00 $25.33 $25.72 $29.87 $24.80 $18.41 $20.00 Summary of Illustrative & Preliminary Financial Analyses Methodology Equity Value per Share Comments Offer: $16.50 A B D Source: Management Projections, Select Medical public filings, Market data as of 27-Feb-2026 ($ in millions, except per share data) C For Reference oPV of FSP should be 15.20 – 22.28 The orange bubble should be undisturbed price of $14.01on page 19 oAdd a bullet the forward PTs which says CY2026E Consensus Median EBITDA is [ ]% above current Management estimates oLBO: Run the exit multiples at 6.5x – 8.0x with 7.25x at the midpoint |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: Management Projections Note: Cash flows are discounted to 31-Dec-2025 using mid-year convention 1 Assumes D&A is equal to 95% of capex in terminal year. Discounted Cash Flow Analysis ($ in millions, except per share data) \| Valuation as of 31-Dec-2025 A Management Projections Terminal Value $in millions 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Total Revenue $5,722 $6,007 $6,312 $6,602 $6,916 $7,209 $7,475 $7,710 $7,908 $8,066 $8,066 % Growth 5.0 % 5.1 % 4.6 % 4.8 % 4.2 % 3.7 % 3.1 % 2.6 % 2.0 % Adj. EBITDA $531 $597 $664 $730 $801 $828 $848 $863 $871 $876 $876 % Margin 9.3 % 9.9 % 10.5 % 11.1 % 11.6 % 11.5 % 11.4 % 11.2 % 11.0 % 10.9 % 10.9 % (-) Stock-Based Compensation (21) (23) (25) (28) (31) (31) (31) (31) (31) (31) (31) EBITDA $510 $574 $639 $702 $770 $797 $818 $832 $840 $845 $845 % Margin 8.9 % 9.6 % 10.1 % 10.6 % 11.1 % 11.1 % 10.9 % 10.8 % 10.6 % 10.5 % 10.5 % (-) Depreciation & Amortization (146) (150) (150) (150) (150) (150) (150) (150) (150) (150) (166)1 % of Revenue 2.6 % 2.5 % 2.4 % 2.3 % 2.2 % 2.1 % 2.0 % 2.0 % 1.9 % 1.9 % 2.1 % EBIT $363 $423 $489 $551 $620 $646 $667 $682 $689 $694 $678 % Margin 6.4 % 7.0 % 7.7 % 8.4 % 9.0 % 9.0 % 8.9 % 8.8 % 8.7 % 8.6 % 8.4 % (-) Taxes (76) (89) (103) (116) (130) (136) (140) (143) (145) (146) (142) % Tax Rate 21 % 21 % 21 % 21 % 21 % 21 % 21 % 21 % 21 % 21 % 21 % NOPAT $287 $334 $386 $436 $489 $511 $527 $539 $545 $548 $536 % Margin 5.0 % 5.6 % 6.1 % 6.6 % 7.1 % 7.1 % 7.1 % 7.0 % 6.9 % 6.8 % 6.6 % (+) Distributions from Unconsolidated Subsidiaries 55 58 59 61 63 66 68 70 72 73 73 (-) Distribution to and Purchases of Non-Controlling Interests (78) (81) (83) (86) (88) (92) (95) (98) (101) (103) (103) (+) Depreciation and Amortization 146 150 150 150 150 150 150 150 150 150 166 (-) Change in NWC (15) (19) (25) (27) (28) (26) (23) (21) (17) (14) (14) (-) Capital Expenditures (237) (175) (175) (175) (175) (175) (175) (175) (175) (175) (175) Unlevered Free Cash Flow $157 $268 $313 $360 $412 $434 $452 $465 $474 $480 $484 Implied Equity Value per Share Perpetuity Growth Rate 20.4 x 1.5% 2.0% 2.5% WACC 10.0% $22.60 $23.88 $25.33 11.0% $18.42 $19.36 $20.41 12.0% $15.04 $15.75 $16.54 Implied Terminal NTM EBITDA Multiple Perpetuity Growth Rate 6.6 x 1.5% 2.0% 2.5% WACC 10.0% 6.8 x 7.2 x 7.8 x 11.0% 6.1 x 6.5 x 6.9 x 12.0% 5.5 x 5.8 x 6.2 x Implied Terminal Value as % of EV Perpetuity Growth Rate 0.7 % 1.5% 2.0% 2.5% WACC 10.0% 50.5 % 52.2 % 53.9 % 11.0% 46.7 % 48.2 % 49.8 % 12.0% 43.2 % 44.6 % 46.0% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $22.53 $24.48 $25.72 $18.29 $20.30 $21.67 $14.04 $16.11 $17.62 $14.01 $0 $5 $10 $15 $20 $25 $30 $35 $40 Dec-25 Dec-26 Dec-27 Dec-28 $25.01 $30.29 $35.54 $20.25 $25.02 $29.81 $15.49 $19.75 $24.09 $14.01 $0 $5 $10 $15 $20 $25 $30 $35 $40 Dec-25 Dec-26 Dec-27 Dec-28 Source: Management Projections, FactSet as of 27-Feb-2026 Note: Future value of stock price discounted to 31-Dec-2025 using SEM's cost of equity of 12.2%. Balance sheet projections and free cash flow allocation per Management Projections. Includes dividend per share of $0.25 each year discounted using mid-year convention. B Present Value of Future Stock Price Analysis Management Projections \| ($ in millions, except per share data) Valuation as of 31-Dec-2025 o Run the 3 year average excluding Concentra (like from the earlier page and footnote this carefully – I think this will enable us to support 6.5x – 7.5x o The current multiple here should be re-labeled as "Undisturbed" and be as of November 24, 2025 which we say is 6.1x page 4. Would also flag we say undisturbed 2026E is 6.3x on page 20 based on consensus which I can't quite tie to the 6.1x on page 4 NTM EBITDA ($mm) $597 $664 $730 Net Debt ($mm) 1,639 1,495 1,305 Present Value of Cumulative Dividends ($mm) 30 54 72 Fully Diluted Shares Outstanding 125.4 126.1 127.6 Future Value of Stock Price (Including Dividends) Present Value of Future Stock Price (Including Dividends) Share Price ($) Share Price ($) NTM EV/EBITDA Multiple 6.0x 7.0x 8.0x Undisturbed Share Price as of 24-Nov EV / NTM EBITDA Multiple: Undisturbed: 6.3 x 1Y Average: 6.7 x 2Y Average: 7.7 x Undisturbed Share Price as of 24-Nov |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 11.2 x 9.8 x 7.9 x 7.7 x 8.2 x 7.6 x 6.7 x 6.4 x 6.2 x Kindred Healthcare / Centerre Healthcare Corporation HealthSouth Corporation / Reliant Hospital Partners Genesis Healthcare / Revera Kindred Healthcare / RehabCare Group Kindred Healthcare WholeCo Acquisition Select Medical Holdings Corporation / Regency Hospital Company, L.L.C. Kindred Healthcare, Inc. / Certain facilities owned by Vista Healthcare Holdings, LLC Vibra Healthcare, LLC / Certain facilities owned by Kindred Healthcare, Inc. RehabCare Group, Inc. / Triumph HealthCare Holdings, Inc. ($ in millions) \| LTM EV / EBITDA Source: Company filings and press releases 1 Includes $730mm cash purchase price and $210mm assumed lease obligations. 2 Kindred purchased 5 long-term acute care hospitals from Vista. 3 Vibra purchased 14 long-term acute care hospitals, 1 inpatient rehab hospital, and 1 skilled nursing facility from Kindred. Acquirer Target Announcement Date 12-Nov-14 11-Jun-15 15-Jun-15 8-Feb-11 19-Dec-17 21-Jun-10 24-Aug-10 25-Apr-13 3-Nov-09 Enterprise Value $195 $940 $240 $1,300 $4,100 $210 $180 $166 $575 Rehab Median: 8.9 x Select Inpatient Rehabilitation and Long-Term Acute Care Precedent Transactions 1 2 3 LTAC Median: 6.7 x Combined Median: 7.7 x Rehabilitation Long-Term Acute Care C TBU – adding Scion Health, scrubbing incremental Deal Logic run for additional names |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Precedent Premia Paid \| 2020 – 2026 YTD Source: FactSet as of 27-Feb-2026, Press releases, Company filings Note: Excludes biotech & pharmaceutical transactions. N = 18 Median: 28 % Mean: 32 % Max: 77 % Min: 12 % Precedent Premia Paid Analysis One-Day Premium of U.S. Healthcare Deals \| Cash Only \| $1 - $5bn 0 0 3 7 5 0 1 1 1 0 0 0 <0% 0-10% 10-20% 20-30% 30-40% 40-50% 50-60% 60-70% 70-80% 80-90% 90-100% >100% D |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Confidential, Preliminary & Highly Illustrative for Discussion Purposes A Appendix |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Source: FactSet, Market data as of 27-Feb-2026 1 Proposal received 24-Nov-2025 after market close; stock price reaction reflects following trading day. 2 Updated proposal received on Sunday, 22-Feb-2026. Select Medical's Share Price Performance Date 1 Day Reaction Event 21-Feb-2025 (7.2)% ◼ Reports Q4 2024 earnings, beating revenue by 2.4% but missing EBITDA by (0.2)% driven by (6.0)% YoY decrease in LTACH Adj. EBITDA resulting from start-up losses, integration costs, and Hurricane Helene ◼ 2025 EBITDA guidance established at $520mm – $540mm (vs. $548mm consensus) 02-May-2025 (21.8)% ◼ Reports Q1 2025 Earnings, missing revenue by (3.0)% and EBITDA by (7.4)%, driven by underperformance of CIRH segment given decreasing YoY quarterly EBITDA and contracting margin ◼ 2025 EBITDA guidance lowered to $510mm – $530mm (vs. $530mm consensus) 01-Aug-2025 (15.0)% ◼ Reports Q2 2025 earnings, missing revenue by (0.1)% and missing EBITDA by (0.7)%, driven by high-cost outlier thresholds in CIRH and pending implementation of the 20% transmittal rule ◼ 2025 Net Income guidance lowered to $141mm – $154mm (vs. $178mm consensus) 08-Oct-2025 9.2 % ◼ RBC increases price target from $16 to $20, maintains "outperform", cites CMS' decision to delay implementation of 20% transmittal rule, and notes attractive entry valuation 31-Oct-2025 (2.6)% ◼ Reports Q3 2025 earnings, beating revenue by 2.3% and missing EBITDA by (1.9)%, driven by heightened labor costs coupled with unfavorable payer mix ◼ 2025 Net Income guidance increased slightly to $143mm – $156mm (vs. $184mm consensus) 25-Nov-20251 11.1 % ◼ Acknowledges receipt of non-binding proposal from Executive Chairman Robert Ortenzio to acquire all outstanding shares for $16.00 to $16.20 per share in cash (the "Proposal") 20-Feb-2026 (6.7)% ◼ Reports Q4 2025 earnings, beating Q4 2025 revenue by 2.3% but missing on Adj. EBITDA by (18.1)% largely driven by a challenging Outpatient quarter 23-Feb-20262 (1.5)% ◼ Executive Chairman Robert Ortenzio delivers updated non-binding proposal to acquire all outstanding shares for $16.00 per share in cash good good good good check good good good $5 $10 $15 $20 Feb-2025 May-2025 Aug-2025 Nov-2025 Feb-2026 Share Price $14.97 1Y Average: $14.76 6M Average: $14.23 52-Week High: $18.41 52-Week Low: $11.77 SEM Price as of 24-Nov-25: $14.01 (Undisturbed) SEM Price as of 25-Nov-25: $15.57 1 2 5 3 4 6 1 2 3 4 5 6 Stock Price Performance Over the Last Year 7 8 7 8 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 5.0 x 10.0 x 15.0 x 20.0 x 25.0 x 30.0 x 35.0 x Jan-2025 Apr-2025 Jul-2025 Nov-2025 Feb-2026 9.5 x 6.9 x 15.8 x 6.5 x 14.4 x Source: FactSet; Market data as of 27-Feb-2026 Note: Acute Care Peers include Community Health Systems, Tenet Healthcare, Universal Health Services. Alternative Site Healthcare Peers include RadNet, USPH, Surgery Partners, and BrightSpring. NTM EV / EBITDA \| Last 5 Years Select Medical's NTM Valuation Multiple Over Time Relative to Peers 03-Jan-2024 Select announces its intention to spin off Concentra; stock has traded up 42.0% and multiple has traded up by 1.4x since then Backup \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sawbones2024\925030_1\Presentations\2024.08.16 RemainCo Analysis\Excel\NTM EV EBITDA_vMaster.xlsx Select's NTM EV / EBITDA pro forma for Concentra Separation: ~7.5x NTM EV / EBITDA \| Last 1 Year \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\NTM EV EBITDA_vMaster_06Jan2026_v02.xlsx WIP Implied ex-Concentra Select Medical 5-year, 3-year, and 2-year average NTM EV / EBITDA Multiples of 7.9x, 7.8x, and 7.5x respectively, assuming Concentra valued at 9.5x NTM EBITDA 6.7 x 10.1 x 15.8 x |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Confidential, Preliminary & Highly Illustrative for Discussion Purposes $20.00 $19.00 $17.00 $16.20 $16.00 Benchmark RBC Mizuho DB UBS Median: $17.00 Price as of 27-Feb-26: $14.97 Wall Street Outlook ($ in millions, except per share values) Price Target Source: Wall Street Research, FactSet as of 27-Feb-2026 Date 20-Feb-2026 22-Feb-2026 20-Feb-2026 20-Feb-2026 23-Feb-2026 2026E EBITDA $531 $510 $523 $528 $534 Buy Hold \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\2. Fairness Opinion Presentation\Excel\Broker Perspectives and Projections\Broker Perspectives and Projections_v03.xlsx "Our new price target of $16.20 (previously $20) reflects the upper limit of the proposed cash purchase price by the consortium" |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Confidential, Preliminary & Highly Illustrative for Discussion Purposes One-Day Premium of U.S. Healthcare Deals \| 2020 – 2026 YTD Source: FactSet as of 27-Feb-2026 Note: Excludes biotech & pharmaceutical transactions. Precedent Premia Paid Analysis Cash Only \| $1 - $5bn \| $ in billions TBU – Price update, show format with lines across page showing 25th/75th percentile lines across page Date Announced Target Acquiror Deal Value Premium Paid 9/22/2025 Premier Inc Patient Square Capital $2.6 30.5 8/5/2025 STAAR Surgical Alcon 1.5 51.0 1/6/2025 Inari Medical Inc Stryker Corp 4.7 60.7 12/11/2024 Patterson Cos Inc Patient Square Capital 2.8 35.7 6/18/2024 Silk Road Medical Inc Boston Scientific Corp 1.3 26.9 1/8/2024 Axonics Inc Boston Scientific Corp 3.7 23.3 6/5/2023 Amedisys Inc Optum Inc 3.7 30.7 7/21/2022 1Life Healthcare Inc Amazon.com Inc 3.5 76.8 7/21/2022 Hanger PSQ 1.2 25.8 5/20/2022 Covetrus TPG / CD&R 3.2 37.5 4/18/2022 Natus Medical Inc Prince Parent Inc 1.1 28.6 4/5/2022 Tivity Stone Point 1.9 28.2 1/10/2022 Apria Inc Owens & Minor Inc 1.5 26.2 1/6/2022 Vocera Stryker 2.7 26.8 4/11/2021 Luminex Corp DiaSorin SpA 1.8 12.3 3/15/2021 GenMark Diagnostics Inc Roche Holding AG 1.8 30.0 1/4/2021 Magellan Health Inc Centene Corp 1.9 14.7 12/18/2020 BioTelemetry Koninklikke Philips 2.8 16.5 Min 12.3 % Median 28.4 % Mean 32.3 % Max 76.8% |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Confidential, Preliminary & Highly Illustrative for Discussion Purposes CIRH Revenue Growth (1)% Increases from 1.1% to 2.7% growth between 2026 and 2030. Tapers to 2.0% by 2035E +1 % EBITDA Margin Remains flat at 2027 margin of 10.4% in subsequent years Increases from 10.2% to 11.1% between 2026 and 2030, tapers to 10.6% by 2035E +1 % IRF Revenue Growth (1)% Decreases from 8.8% to 7.2% growth between 2026 and 2030. Tapers to 2.0% by 2035E +1 % EBITDA Margin (1)% Increases from 21.5% to 23.3% between 2026 and 2030, tapers to 22.4% by 2035E +1 % OP Revenue Growth (1)% Increases from 5.7% to 6.0% growth between 2026 and 2030. Tapers to 2.0% by 2035E +1 % EBITDA Margin Remains flat at 2027 margin of 9.9% in subsequent years Increases from 8.8% to 12.3% between 2026 and 2030, tapers to 10.3% by 2035E +1 % WholeCo Revenue Growth (1)% Decreases from 4.9% to 4.8% growth between 2026 and 2030, annual growth tapers to 2.0% by 2035E +1 % EBITDA Margin (1)% Increases from 9.3% to 11.6% between 2026 and 2030, tapers to 10.9% by 2035E +1 % Source: Management Projections Note: Downside and upside flex values apply equally to each year in base case scenario unless otherwise noted. Sensitivity Upside Case Equity Value per Share Sensitivity Discounted Cash Flow Sensitivity ($ in millions, except per share data) \| Base Case of $19.36 Per Share Downside Case Base Case $(1.15) $(0.49) $(1.86) $(1.35) $(0.70) $(0.91) $(4.25) $(4.83) $1.23 $1.93 $2.00 $1.35 $0.75 $1.20 $4.58 $4.83  |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Target Capital Structure (%) Gross Debt / (Cap) 20.0 % Equity / (Cap) 80.0 % Illustrative WACC Calculation Risk-Free Rate 4.6 % Equity Beta 1.25 Equity Risk Premium 6.1 % Cost of Equity 12.2 % Illustrative Pre-Tax Cost of Debt 7.0 % After-Tax Return on Cash 2.9 % WACC 10.9 % Company Hist. Beta Market Cap Total Debt Total Cash Total Debt / Cap Cash / Cap Net Debt / Cap Select Medical NM $1,857 $1,845 $27 50 % 1 % 49 % Peers BrightSpring 1.16 8,257 2,522 $88 24 % 1 % 23 % Encompass 0.57 10,859 2,464 $145 19 % 1 % 18 % Enovis 1.45 1,501 1,297 $36 47 % 1 % 46 % Integra 1.70 908 1,856 $264 74 % 11 % 64 % Radnet 1.16 5,403 1,096 $805 19 % 14 % 5 % Surgery Partners 1.20 2,005 3,525 $203 66 % 4 % 62 % UFP Technologies 1.48 1,624 135 $20 8 % 1 % 7 % US Physical Therapy 1.16 1,261 162 $36 12 % 3 % 9 % Median 1.18 $1,814 $1,576 $117 21 % 2 % 20 % Average 1.23 $3,977 $1,632 $200 34 % 4 % 29 % Illustrative Select Medical WACC Calculation February 2026 \| ($ in millions) Assumptions Discount Rate Sensitivity Analysis Source: Company Filings, Axioma Beta, Bloomberg as of 27-Feb-2026 Note: Tax rate of 21% Peer Data Equity Beta 1.15 1.25 1.35 25 % 10.1 % 10.5 % 11.0 % Gross Debt to Cap % 20 % 10.4 % 10.9 % 11.3 % 15 % 10.7 % 11.2 % 11.7 % For internal reference only |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Total Equity Capitalization Common Shares Outstanding (FDSO) 124,018,300 Memo: Restricted Shares (Counted in Common Shares) 3,356,460 Source: Per Select Medical Management and approved for use by Goldman Sachs, as of 28-Feb-2026 Total Shares Outstanding |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 Confidential, Preliminary & Highly Illustrative for Discussion Purposes 7.6 x 6.0 x 5.7 x 4.7 x 4.2 x DaVita Inc. Pediatrix Medical Group, Inc. Accendra Health Inc Fresenius Medical Care AG Ardent Health, Inc. Steady State EBITDA Multiples for Selected Mature Healthcare Companies NTM EV / EBITDA Source: FactSet as of 27-Feb-2026 2026E EBITDA Margin 20.5 % 14.9 % 13.1 % 18.6 % 7.8 % CY2026-CY2028E Revenue CAGR 2.2 3.9 4.9 4.0 6.8 CY2026-CY2028E EBITDA CAGR 2.4 1.8 7.7 7.5 5.4 Last 1 Year Historical Average NTM EV/EBITDA 8.5 x 6.7 x 5.5 x 6.2 x 6.4 x Median: 5.7 x \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\(2026.02.25) - Model Rollforward Pack\Excel\Steady state Multiples\CSC for WACC Peers_v02.xlsx  |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxiiiimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Confidential, Preliminary & Highly Illustrative for Discussion Purposes Disclaimer \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\(2026.02.25) - Model Rollforward Pack\Excel\Steady state Multiples\CSC for WACC Peers_v02.xlsx These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Special Committee of Select Medical Holdings Corporation (the "Company") in connection with their consideration of the matters referred to herein. These materials and Goldman Sachs' presentation relating to these materials (the "Confidential Information") may not be disclosed to the third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by Goldman Sachs Investment Banking and is not a product of Goldman Sachs Global Investment Research. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs Investment Banking maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and nonpublic information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Board, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the hand, and Goldman Sachs, on the other hand. The Confidential Information does not address, nor does Goldman Sachs express any view as to, the potential effects of volatility in the credit, financial and stock markets on the Company, any other party to any transaction or any transaction. |

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## Ex-99.(C)(Xiv)

**Exhibit 99.(c)(xiv)**

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxivimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Materials for the Special Committee Goldman Sachs & Co. LLC March 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. PROPRIETARY & CONFIDENTIAL |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxivimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade 80% 90% 100% 110% 120% 130% 140% 150% 160% Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 6.1 % 12.7 % 18.5 % (4.7)% 27.0 % (4.5)% 6.8 % 7.4 % (0.6)% Select Medical and Healthcare Services Peer Performance Has Been Mixed Since November 2025… Source: FactSet as of 09-Mar-2026 1 Reflects performance since 24-Nov-2025. 2 Acute Care includes HCA, THC, CYH, UHS, and ARDT. 3 Rehab includes EHC and ENSG. 4 Home Health and Infusion includes ADUS, AVAH, OPCH, and EHAB. 5 Dialysis includes DVA and FME-DE. 6 Other Alternative Site Care includes CON, SGRY, USPH, RDNT, BTSG, BKD, PACS, and LMRI. 7 Payers includes UNH, ELV, CVS, CNC, HUM, CI, and MOH. PROPRIETARY & CONFIDENTIAL Indexed Stock Price \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\(2026.03.03) - Market and Sector Update\_Excel\Peers TSR 03.04.2026 v1.XLSM 1 02-Mar-2026 Select Medical announces acquisition by consortium Performance % LTM Since Offer 3M 2M 1M YTD Select Medical (7.6)% 16.5 % 9.7 % 7.2 % 16.5 % 9.9 % S&P 500 17.8 % 1.4 % (0.7)% (2.4)% 1.4 % (0.7)% S&P 500 HC 5.2 % (0.2)% 3.3 % (1.9)% (0.2)% (0.3)% Acute Care Peers2 29.6 % 2.1 % 5.8 % 8.8 % 2.1 % 9.5 % Rehab3 35.8 % 5.9 % 11.7 % 14.1 % 5.9 % 12.5 % Home Health and Infusion4 35.7 % (0.3)% (3.0)% (0.7)% (0.3)% 3.5 % Dialysis5 (1.7)% 10.5 % 15.0 % 17.0 % 10.5 % 14.0 % Other Alternative Site Care6 57.8 % 5.5 % 6.8 % (1.6)% 5.5 % 1.3 % Payers7 (25.1)% (4.8)% (6.8)% (15.2)% (4.8)% (10.8)% Last two weeks |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxivimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade 80% 85% 90% 95% 100% 105% 110% 115% 120% 125% 23-Feb-26 26-Feb-26 1-Mar-26 4-Mar-26 7-Mar-26 (14.1)% (5.6)% 10.4 % (3.6)% (2.7)% (0.6)% …With Market Volatility Returning Over the Past Two Weeks Source: Wall Street Research, FactSet as of 09-Mar-2026 1 Published on Sunday, 22-Feb-26; 23-Feb-26 reflects first trading day following publication. 2 S&P 500 volatility calculated as 3-month option-implied. PROPRIETARY & CONFIDENTIAL \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\(2026.03.03) - Market and Sector Update\_Excel\Peers TSR 03.04.2026 v1.XLSM Indexed Stock Price Commentary Date Event 22-Feb-261 ▪ Citrini publishes article on potential economic downturn driven by AI-induced white-collar job displacement published 26-Feb-26 ▪ US Physical Therapy reports Q4 2025 earnings ▪ Stock falls (2.9)% against sales beat of 1.1% and EBITDA miss of (0.2)% amidst reimbursement pressures 28-Feb-26 ▪ US enters war in Middle East 03-Mar-26 ▪ Global bond markets tumble on inflation fears 03-Mar-26 ▪ Surgery Partners reports Q4 2025 earnings ▪ Stock falls (12.3)% against sales beat of 2.2% and EBITDA miss of (6.6)% amidst unfavorable payer mix shift and cautious 2026 outlook 05-Mar-26 ▪ China sets lower economic 2026 growth target of 4.5-5.0% 05-Mar-26 ▪ Ardent reports Q4 2025 earnings ▪ Stock falls (2.1)% against sales miss of (1.4)% and EBITDA beat of 2.6% amidst weaker 2026 guidance and ongoing business model pressures related to denials and labor costs 06-Mar-26 ▪ Trump demands "unconditional surrender" from Iran ▪ Oil prices surge as shipments through Strait of Hormuz threatened; brent crude settles at over $92 a barrel on Friday, up nearly 30% over the past week and representing largest weekly rise since Apr 2020 ▪ February 2026 jobs report shows jobs cuts of 92,000 and 4.4% unemployment A C H Performance % YTD 2W 1W Select Medical 9.9 % 10.4 % 8.3 % S&P 500 (0.7)% (0.6)% (1.2)% S&P 500 HC (0.3)% (2.7)% (2.7)% U.S. Physical Therapy 3.2 % (3.6)% (3.0)% Surgery Partners (13.9)% (14.1)% (16.2)% Ardent 3.9 % (5.6)% (3.3)% A C D F H B E G B D E F G |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxivimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Earnings Date1 1-Day Stock Price Reaction Beat/Miss 2026 EBITDA Absolute Relative to S&P 500 Revenue EBITDA Guidance Consensus Pre-Announcement Guidance vs. Consensus Pre-Ann. 2-Feb-26 21.2 % 22.0 % 3.3 % 3.6 % - $2,828 - 11-Feb-26 17.3 % 17.3 % 1.0 % 2.7 % $4,635 $4,628 0.1 % 4-Feb-26 13.8 % 15.1 % (0.4)% 5.1 % - $672 - 2-Mar-26 7.7 % 7.7 % 5.8 % 4.2 % - $352 - 27-Jan-26 7.1 % 6.7 % (0.8)% 2.0 % $16,000 $15,887 0.7 % 5-Feb-26 5.9 % 3.9 % 0.5 % 7.3 % $1,360 $1,354 0.4 % 18-Feb-26 5.4 % 5.7 % (1.2)% 0.5 % $1,415 $1,534 (7.7)% 27-Feb-26 3.2 % 3.7 % 5.2 % 3.5 % $775 $707 9.7 % 26-Feb-26 1.4 % 1.8 % 1.1 % 4.7 % $460 $461 (0.2)% 4-Mar-26 (2.1)% (0.8)% (1.4)% 2.6 % $510 $522 (2.2)% 25-Feb-26 (2.9)% (2.3)% 1.1 % (0.2)% $104 $104 - 24-Feb-26 (6.3)% (7.1)% 0.1 % 0.2 % $493 $497 (0.9)% 19-Feb-26 (6.7)% (7.4)% 2.3 % (18.1)% $530 $550 (3.6)% 24-Feb-26 (7.5)% (8.3)% 1.5 % 4.0 % - $3,725 - 18-Feb-26 (9.7)% (9.5)% (2.0)% 0.0 % $509 $509 0.0 % 23-Feb-26 (10.6)% (11.3)% 0.1 % 2.7 % - $195 - 25-Feb-26 (11.4)% (10.9)% (0.4)% (1.0)% $2,715 $2,690 0.9 % 2-Mar-26 (12.3)% (11.4)% 2.2 % (6.6)% $530 $596 (11.1)% 26-Feb-26 (12.4)% (12.0)% (1.0)% 15.2 % $565 $543 4.1 % Recent Healthcare Services Earnings Performance Has Been Mixed PROPRIETARY & CONFIDENTIAL ▪ RHS – annotations around earnings reactions for those names, make sure to cover the following for each peer - 1D stock price reaction (absolute and vs. S&P500) - Most recent quarter (and FY if applicable) reported vs. consensus - FY guidance vs. consensus - Any other material updates in commentary (e.g., Elevance disclosed sanctions from CMS) Healthcare Services Q4 2025 Earnings Performance \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\(2026.03.03) - Market and Sector Update\_Excel\Beat Miss Summary v03.04.2026 v2.xlsx Source: Public filings, press releases, FactSet 1 Davita, Ensign, Encompass, Community Health, Concentra, Select Medical, Brookdale, Addus, Surgery Partners, and PACS reported post-close; 1-day reaction reflects following trading day. |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxivimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Select Medical Quarterly Beats/Misses Over Past Three Years $ in millions Source: Public filings, FactSet 1 Represents reported EBITDA for fiscal year. 2 Proforma for Concentra divestiture. 3 Includes contribution from Concentra. PROPRIETARY & CONFIDENTIAL Actuals Consensus Beat / Miss CY EBITDA 1-Day Stock Reaction 1-Week Stock Reaction Revenue Adj. EBITDA Revenue Adj. EBITDA Revenue Adj. EBITDA Guidance (Midpoint) Consensus (Pre-Earnings Release) Guidance vs. Consensus 2023 Q1 2023 $1,665 $214 $1,652 $186 0.8 % 14.9 % $800 $801 (0.1)% 6.0 % 0.8 % Q2 2023 1,675 219 1,653 211 1.3 % 3.9 % $810 $804 0.7 % (1.6)% (0.3)% Q3 2023 1,666 194 1,632 187 2.1 % 3.6 % $810 $811 (0.1)% (3.0)% (1.3)% Q4 2023 1,659 180 1,641 183 1.1 % (1.8)% $8071 $811 (0.5)% 9.8 % 5.0 % 2024 Q1 2024 1,789 262 1,745 223 2.5 % 17.6 % $865 $851 1.6 % 10.5 % 14.7 % Q2 2024 1,760 226 1,746 222 0.8 % 2.2 % $865 $874 (1.0)% (12.8)% (13.0)% Q3 2024 1,761 205 1,740 196 1.2 % 4.9 % $875 $871 0.5 % 12.1 % 13.3 % Q4 2024 1,313 116 1,282 116 2.4 % (0.2)% $5101,2 $8433 NM (7.2)% (5.2)% 2025 Q1 2025 1,353 151 1,395 164 (3.0)% (7.4)% $520 $530 (2.0)% (21.8)% (17.8)% Q2 2025 1,340 125 1,341 126 (0.1)% (0.7)% $520 $520 (0.0)% (15.0)% (11.9)% Q3 2025 1,363 112 1,333 114 2.3 % (1.9)% $520 $519 0.2 % (2.6)% (3.2)% Q4 2025 $1,397 $105 $1,365 $128 2.3 % (18.1)% $4931 $516 (4.5)% (6.7)% (8.4)% \\firmwide.corp.gs.com\ibdroot\projects\IBD-NY\sapient2025\977110_1\Presentations\(2026.03.03) - Market and Sector Update\_Excel\Beat Miss Summary v03.04.2026 v2.xlsx Stock price reaction muted by presence of public take-private proposal |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxivimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade $5 $10 $15 $20 $25 Mar-2021 Mar-2022 Mar-2023 Mar-2024 Mar-2025 Mar-2026 $16.25 1m VWAP: 3m VWAP: 6m VWAP: 52w Low: 12m VWAP: 9m VWAP: Select Medical Share Price Performance Over Last Five Years Source: FactSet as of 09-Mar-2026 1 Proposal received 24-Nov-2025 after market close; stock price reaction reflects following trading day. 2 Acquisition announced 02-Mar-2026 after market close; stock price reaction reflects following trading day. PROPRIETARY & CONFIDENTIAL Share Price Performance Commentary Date 1 Day Reaction Event 21-Jun-21 2.9 % ▪ Announces acquisition of Acuity Healthcare, including four LTAC hospitals as well as joint ventures with AtlantiCare, Mon Health, and Virtua Health 06-Aug-21 (4.6)% ▪ Reports Q2 2021 earnings, beating revenue estimates by 10.3% and EBITDA by 68.1% ; sell-off driven by concerns about one-time nature of CARES provider relief 06-May-22 3.6 % ▪ Reports Q1 2022 results, beating revenue estimates by 2.7% and EBITDA estimates by 11.8% 24-Feb-23 (7.9)% ▪ Reports full-year 2022 results, beating revenue estimates by 0.5% but missing EBITDA by (10.3)%; sell-off driven by cautious 2023 guidance and labor cost headwinds 03-Jan-24 (1.8)% ▪ Announces that the Board of Directors has formally agreed to pursue a spin-off of Concentra Group Holdings 23-Feb-24 9.8 % ▪ Reports Q4 2023 results, beating revenue estimates by 1.1% but missing EBITDA by (1.8)%, share price reaction driven by more attractive go-forward labor cost outlook 03-May-24 10.5 % ▪ Reports Q1 2024 results, beating revenue estimates by 2.5% and EBITDA by 17.6%, driven by a significant moderation in salary, wage, and benefits expenses 25-Jul-24 1.6 % ▪ Concentra begins trading on the NYSE under the ticker CON 02-Aug-24 (12.8)% ▪ Reports Q2 2024 results, beating revenue estimates by 0.8% and beating EBITDA by 2.2%; selloff driven by elevated operating expenses and Concentra IPO uncertainty 01-Nov-24 12.1 % ▪ Reports Q3 2024 results, beating revenue estimates by 1.2% and beating EBITDA by 4.9% and raising 2024 guidance 25-Nov-24 (2.4)% ▪ Completes tax-free distribution of Concentra shares to Select Medical shareholders 02-May-25 (21.8)% ▪ Reports Q1 2025 earnings, missing revenue by (3.0)% and missing EBITDA by (7.4)%, driven by a downward revision to 2025 guidance driven by the High-Cost Outlier threshold and 20% transmittal rule 01-Aug-25 (15.0)% ▪ Reports Q2 2025 results, missing revenue estimates by (0.1)% and EBITDA by (0.7)% driven by CIRH margin compression and rising labor expenses 31-Oct-25 (2.6)% ▪ Reports Q3 2025 earnings, beating revenue by 2.3% and missing EBITDA by (1.9)%, driven by heightened labor costs coupled with unfavorable payer mix 25-Nov-251 11.1 % ▪ Acknowledges receipt of non-binding proposal from Executive Chairman Robert Ortenzio 28-Jan-26 (1.3)% ▪ CMS announces MA and Part D advance rate notice of 0.7%, below consensus expectations of 4 – 5% 21-Feb-25 (6.7)% ▪ Reports Q4 2025 results, beating revenue estimates by 2.3% but missing EBITDA by (18.1)% driven by outpatient margin compression 03-Mar-262 8.4 % ▪ Announces acquisition by buyer consortium 14 15 15 18 18 14 16 16 3 12 12 3 - Jun-21 Acuity and enter new joint ventures, adding 7 critical illness - through-partnership model. May-22 Jan-24 spin-off of , its occupational health segment, to - Jul-24 - Nov-24 - Off Completion - - Dec-25 Landmark Hospital of Savannah - - Feb-26 Mar-26 - Private Deal Executive Chairman Robert Ortenzio and for $16.50 per share in cash. Mar-26 ~8.4% 5 5 8 8 11 11 4 4 2 2 1 1 6 7 9 10 13 17 Date 1 Day n Event 1 1 - Jun- 2.9 % four LTAC hospitals as well as joint ventures with AtlantiCare, Mon Health, and Virtua Health 2 2 - Aug 21 (4.6)% by 10.3% and EBITDA by 68.1% ; sell-off driven by concerns about one-time nature of CARES provider relief fund payments and labor cost trend 3 3 - May 22 3.6 % Reports Q1 2022 results, beating revenue estimates by 2.7% and EBITDA estimates by 11.8% 4 4 - Feb- (7.9)% Reports full-year 2022 results, beating revenue estimates by 0.5% but missing EBITDA by (10.3)%; sell-off driven by cautious 2023 guidance and labor cost headwinds 5 5 - Jan- (1.8)% Announces that the Board of Directors has formally agreed to pursue a spin-off of Concentra Group Holdings - 6 - Feb- 9.8 % Reports Q4 2023 results, beating revenue estimates by 1.1% but missing EBITDA by (1.8)%, share price reaction driven by more attractive go-forward labor cost outlook - 7 - May 24 10.5 % Reports Q1 2024 results, beating revenue estimates by 2.5% and EBITDA by 17.6% moderation in salary, wage, and benefits expenses 6 8 - Jul- 1.6 % Concentra begins trading on the NYSE under the ticker CON - 9 - Aug 24 Reports Q2 2024 results, beating revenue estimates by 0.8% and beating EBITDA by 2.2%; selloff driven by elevated operating expenses and Concentra IPO uncertainty - 10 - Nov 24 12.1 % Reports Q3 2024 results, beating revenue estimates by 1.2% and beating EBITDA by 4.9% and raising 2024 guidance 7 11 - Nov 24 (2.4)% Completes tax-free distribution of Concentra shares to Select Medical shareholders 8 12 - May 25 Reports Q1 2025 earnings, missing revenue by and missing EBITDA by (7.4)% revision to 2025 guidance driven by the High-Cost Outlier threshold and 20% transmittal rule - 13 - Aug 25 Reports Q2 2025 results, missing revenue estimates by (0.1)% and EBITDA by (0.7)% driven by CIRH margin compression and rising labor expenses 9 14 - Oct- (2.6)% Reports Q3 2025 earnings, beating revenue by 2.3% and missing EBITDA by (1.9)%, driven by heightened labor costs coupled with unfavorable payer mix 10 15 - Nov 251 11.1 % Acknowledges receipt of non-binding proposal from Executive Chairman Robert Ortenzio 11 16 - Jan- (1.3)% 0.7%, below consensus expectations of 4 – 5% - 17 - Feb- (6.7)% Reports Q4 2025 results, beating revenue estimates by 2.3% but missing EBITDA by (18.1)% driven by outpatient margin compression 12 18 - Mar 262 8.4 % Announces acquisition by buyer consortium 6 7 9 10 13 17 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxivimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Appendix PROPRIETARY & CONFIDENTIAL |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxivimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Select Medical Guidance vs. Street Consensus Over Past Three Years Source: Select Medical Management, FactSet as of 03-Mar-2026 1 Proforma for Concentra divestiture. 2 Includes contribution from Concentra. PROPRIETARY & CONFIDENTIAL FY Guidance FY Median Consensus (Pre-Earnings Release) Guidance Midpoint Higher / Lower by % Revenue Adj. EBITDA Revenue Adj. EBITDA Revenue Adj. EBITDA 2023 Q4 2022 $6,500 - $6,700 - $6,658 $831 (0.9)% - Q1 2023 $6,500 - $6,700 $780 - $820 $6,602 $801 (0.0)% (0.1)% Q2 2023 $6,550 - $6,700 $795 - $825 $6,601 $804 0.4 % 0.8 % Q3 2023 $6,550 - $6,700 $795 - $825 $6,621 $811 0.1 % (0.1)% FY 2023A $6,664 $807 $6,646 $811 2024 Q4 2023 $6,900 - $7,100 $830 - $880 $6,809 $877 2.8 % (2.5)% Q1 2024 $6,900 - $7,100 $845 - $885 $6,996 $851 0.1 % 1.6 % Q2 2024 $6,900 - $7,100 $845 - $885 $7,017 $874 (0.2)% (1.0)% Q3 2024 $6,950 - $7,150 $865 - $885 $7,029 $871 0.3 % 0.5 % FY 2024A $5, 1871 $5101 $6, 8092 $8432 2025 Q4 2024 $5,400 - $5,600 $520 - $540 $5,377 $548 2.3 % (3.2)% Q1 2025 $5,300 - $5,500 $510 - $530 $5,485 $530 (1.6)% (2.0)% Q2 2025 $5,300 - $5,500 $510 - $530 $5,404 $520 (0.1)% (0.0)% Q3 2025 $5,300 - $5,500 $510 - $530 $5,398 $519 0.0 % 0.2 % FY 2025A $5,453 $493 $5,420 $516 Management Guidance Median Consensus Relative to Consensus Memo: FY 2026E $5,700 $530 $5,681 $530 0.3 % - $ in millions Indicates guidance midpoint was raised QoQ Indicates guidance midpoint was lowered QoQ |

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| &nbsp;&nbsp;![GRAPHIC](tm2611660d2_ex99-cxivimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Special Committee of Select Medical Holdings Corporation (the "Company") in connection with their consideration of the matters referred to herein. These materials and Goldman Sachs' presentation relating to these materials (the "Confidential Information") may not be disclosed to the third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by Goldman Sachs Investment Banking and is not a product of Goldman Sachs Global Investment Research. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs Investment Banking maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Board, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the hand, and Goldman Sachs, on the other hand. The Confidential Information does not address, nor does Goldman Sachs express any view as to, the potential effects of volatility in the credit, financial and stock markets on the Company, any other party to any transaction or any transaction. PROPRIETARY & CONFIDENTIAL |

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## Ex-99.(D)(X)

**Exhibit 99.(d)(x)**

EXECUTION VERSION

March 2, 2026

To:

Stallion Intermediate Corporation

c/o Welsh, Carson, Anderson & Stowe

599 Lexington Avenue, Suite 1800

New York, New York 10022

Attention: Ting Gu

Greetings:

This letter agreement (this "<u>Agreement</u>") sets forth the commitment (the "<u>Commitment</u>") of WCAS XIV, L.P., a Delaware limited partnership (the "<u>Fund</u>"), to purchase, directly or indirectly, in each case, on the terms and subject to the conditions contained herein, certain equity securities of Stallion Intermediate Corporation, a Delaware corporation ("<u>Parent</u>"), or make capital contributions to Parent on the terms and subject to the conditions contained herein. It is contemplated that pursuant to that certain Agreement and Plan of Merger (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>") dated as of the date hereof, by and among Parent, Stallion Merger Sub Corporation, a Delaware corporation and wholly owned subsidiary of Parent ("<u>Merger Sub</u>"), and Select Medical Holdings Corporation, a Delaware corporation (the "<u>Company</u>"), Merger Sub will merge with and into the Company, with the Company as the surviving corporation (the "<u>Contemplated Transaction</u>"). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement (to the extent such terms are defined therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commitments</u>. The Fund hereby commits (the "<u>Commitment</u>") to purchase, or to cause one or more of its Affiliates to purchase, at or prior to the Closing, directly or indirectly, on the terms and subject to the conditions set forth herein, equity securities of Parent for an aggregate purchase price equal to the $880,000,000 (the "<u>Commitment Amount</u>"), solely for the purpose of funding, and to the extent necessary to fund, all amounts required to be paid by Parent as of the Closing pursuant to Sections 4.2(a) and 4.3 of the Merger Agreement, together with any related fees and expenses Parent is required to pay at the Closing pursuant to the terms of the Merger Agreement (the "<u>Aggregate Required Amount</u>"); <u>provided</u> that, in no event will the Fund and/or its permitted assignees have any obligation under any circumstance to contribute to, purchase equity securities of, or otherwise provide funds to, Parent in excess of the Commitment Amount (and in no event will the Fund (together with its permitted assigns), be under any obligation under any circumstances to provide an aggregate amount of funds of more than the Aggregate Required Amount). The amount to be funded by the Fund under this Agreement will be reduced (on a dollar-for-dollar basis) at or immediately prior to Closing solely in the event that Parent does not require all of the Commitment to pay the Aggregate Required Amount by reason of Parent having obtained funds from other sources (including cash on hand, debt financing sources or any rollover and/or equity co-investment) that are readily available to Parent to pay all amounts required to be paid by Parent as of the Closing pursuant to Sections 4.2(a) and 4.3 of the Merger Agreement, together with any related fees and expenses Parent is required to pay at the Closing pursuant to the terms of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Conditions</u>. The Fund's obligation to fund the Commitment shall be subject to the following conditions: (a) all of the conditions set forth in Sections 8.1 and 8.2 of the Merger Agreement have been and continue to be satisfied or waived (other than those that, by their nature, are to be satisfied at the Closing; <u>provided</u> that those conditions could be satisfied if the Closing were to occur), (b) the Company has irrevocably confirmed by written notice to Parent that (x) all conditions set forth in Section 8.3 of the Merger Agreement have been satisfied (other than those that, by their nature, are to be satisfied at the Closing) or that they would be willing to waive any unsatisfied conditions in Section 8.3 of the Merger Agreement and (y) that the Company is ready, willing, and able to consummate the Closing if specific performance is granted and the Debt Financing were funded, (c) the Debt Financing has been funded or will be funded at the Closing (in each case, in accordance with the terms and conditions thereof), and (d) the substantially simultaneous consummation of the Closing in accordance with the terms of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Acknowledgement</u>. The Fund acknowledges and agrees that if the conditions described in <u>Section 2</u> above are satisfied, the Company may seek specific performance of the Fund's obligation to fund the Commitment hereunder pursuant to (and on the terms and subject to the conditions of) Section 10.5 of the Merger Agreement (the "<u>Specific Performance Right</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Confidentiality</u>. This Agreement shall be treated as confidential and is being provided to Parent solely in connection with the Contemplated Transaction. This Agreement may not be used, circulated, delivered, quoted or otherwise referred to in any document (other than the Merger Agreement and the Limited Guaranty by the Fund, dated on or about the date hereof (the "<u>Limited Guaranty</u>"), and any debt financing documentation) by the Company or any other third party beneficiary hereunder or its respective Affiliates except with the prior written consent of Parent and the Fund in each instance; <u>provided</u>, that no such written consent is required for any disclosure of this Agreement to (a) the extent required by applicable Law (or the rules of any stock exchange or self-regulatory organization) or in connection with the enforcement of rights under this Agreement, the Merger Agreement or the transactions contemplated hereby and thereby or (b) representatives of Parent, the Company or the Fund who need to know of the existence of this Agreement in connection with the transactions contemplated hereby so long as such representatives agree to keep such information confidential on terms substantially identical to the terms contained in this <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>. The Fund hereby represents and warrants to Parent that (a) it has all requisite limited partnership or similar power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by the Fund has been duly and validly authorized and approved by all necessary organizational action by it, (c) this Agreement has been duly and validly executed by the Fund and (assuming due execution and delivery of this Agreement and the Merger Agreement by all the other parties hereto and thereto) constitutes a legal, valid and binding obligation of the Fund, enforceable against the Fund in accordance with its terms, subject to the Bankruptcy and Equity Exception, (d) the Fund (or its relevant Affiliate) will have uncalled capital commitments or has other available funds in excess of the Commitment Amount hereunder plus the aggregate amount of all other commitments and obligations it currently has outstanding, and (e) the execution, delivery and performance by the Fund of this Agreement do not violate the Fund's agreement of limited partnership or other organizational documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Parties in Interest; Enforceability</u>. This Agreement shall only be binding upon the parties hereto and their respective successors and permitted assigns. This Agreement is not intended to, and does not, confer upon any other Person any benefits, rights or remedies; <u>provided</u> that (a) the Company shall have the right to seek specific performance to cause the Fund to fund an amount up to the Commitment Amount to Parent as described in <u>Section 3</u> of this Agreement and (b) each Non-Recourse Party (as defined below) may rely upon and enforce the provisions of <u>Section 13</u> hereof. Neither Parent's creditors (other than the Company to the extent provided herein) nor any Person claiming by, through or on behalf or for the benefit of Parent or the Company, or any Affiliate shall have any right to enforce this Agreement or to cause Parent to enforce this Agreement. The Company hereby agrees that the Specific Performance Right shall be the sole and exclusive remedy with respect to any breach by the Fund of this Agreement and that, other than as expressly contemplated by the Limited Guaranty, it may not seek or accept any other form of relief that may be available for breach of this Agreement (including monetary, punitive, indirect, special, consequential or any other damages or remedies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Amendment</u>. Except as set forth in <u>Section 12</u>, no amendment, modification or waiver of any provision of this Agreement will be enforceable unless approved in writing by Parent, the Fund and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Termination</u>. This Agreement and all obligations of the Fund to fund the Commitment will terminate automatically and immediately upon the earliest to occur of (a) the Closing (at which time all such obligations shall be discharged), (b) the assertion by the Company or any of its Affiliates (other than any Rollover Holder) of any claim against the Fund or any Non-Recourse Party (other than claims (i) against the Fund pursuant to, and in accordance with, this Agreement, (ii) against Parent pursuant to, and in accordance with, the Merger Agreement, (iii) against the Fund pursuant to the Confidentiality Agreement, and (iv) against the Fund pursuant to, and in accordance with, the Limited Guaranty), (c) payment of the Parent Termination Fee pursuant to the Merger Agreement or the Limited Guaranty, or (d) the valid termination of the Merger Agreement in accordance with its terms. Upon termination of this Agreement, neither the Fund nor any of its respective assigns shall have any further obligations or liabilities hereunder, but such termination shall not relieve the Fund of any of its obligations under the Limited Guaranty. Notwithstanding anything set forth in this <u>Section 8</u>, <u>Section 4</u>, and <u>Sections 7</u> through <u>14</u> shall survive indefinitely (subject to the applicable statute of limitations) following the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Headings; Construction</u>. The descriptive headings contained in this Agreement are for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Governing Law and Venue; Waiver of Jury Trial</u>. The provisions of Section 10.4 (*Governing Law and Venue; Waiver of Jury Trial*) and 10.12 (*Interpretation and Construction*) of the Merger Agreement are incorporated herein *mutatis mutandis* as if fully set forth herein and made a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Entire Agreement; Integration</u>. Together with the Merger Agreement, the Limited Guaranty and the Confidentiality Agreement, this Agreement constitutes the entire agreement of Parent, the Fund and the Company with respect to the subject matter hereof, and supersedes all prior agreements and understandings, both written or oral, between the Fund or any of its Affiliates, on the one hand, and Parent or any of its Affiliates, on the other, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No Assignment</u>. Neither this Agreement nor any Commitment evidenced by this Agreement shall be assignable without the prior written consent of Parent, the Fund and the Company; <u>provided</u>, <u>however</u>, that, without the consent of the Company, the Fund may assign all or any portion of the Commitment Amount hereunder to any Affiliate of the Fund or any other Person providing equity financing to Parent; <u>provided</u>, <u>however</u>, that any such assignment shall not relieve the Fund of its obligations hereunder unless and to the extent actually performed. Any purported assignment of this Agreement or all or any portion of the Commitment Amount in contravention of this <u>Section 12</u> shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>No Recourse against Affiliates, etc</u>. Notwithstanding anything that may be expressed or implied in this Agreement, by their acceptance hereof each of Parent and the Company covenants, acknowledges and agrees for themselves and their respective Affiliates, that (a) no Person other than the Fund (and its successors and assignees) shall have any obligation hereunder, (b) notwithstanding that the Fund is a limited partnership, no recourse hereunder or under any documents or instruments delivered in connection herewith may be sought or had against any Non-Recourse Party, whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding or by virtue of any statute, regulation or other applicable Law, and (c) no liability whatsoever will attach to, be imposed on or otherwise be incurred by any Non-Recourse Party in connection with this Agreement or any documents or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith for any obligation of the Fund under this Agreement or in connection with the Commitment, or any claim (whether at law or equity or in tort, contract or otherwise) based on, in respect of, or by reason of this Agreement or the Commitment; <u>provided</u>, <u>however</u>, that nothing in this <u>Section 13</u> is intended or shall be construed to limit the obligations of the Guarantor under the Limited Guaranty or Parent under the Merger Agreement. Notwithstanding anything to the contrary herein, this <u>Section 13</u> shall survive the termination of this Agreement. For the purposes of this Agreement, "<u>Non-Recourse Party</u>" means, with respect to any party to this Agreement, any of such party's former, current and future equity holders, controlling persons, directors, officers, employees, agents, representatives, Affiliates, members, managers, general or limited partners, or assignees (or any former, current or future equity holder, controlling person, director, officer, employee, agent, representative, Affiliate, member, manager, general or limited partner, or assignee of the foregoing); <u>provided</u>, that for the avoidance of doubt, no party to this Agreement shall be considered a Non-Recourse Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of electronic transmission (including by pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an "<u>Electronic Delivery</u>")) shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of a party, the other party shall re-execute the original form of this Agreement and deliver such form to such requesting party. No party shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense. Minor variations in the form of the signature page, including footers from earlier versions of this Agreement or any such other document, will be disregarded in determining a party's intent or the effectiveness of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Relationships of the Parties</u>. Each party acknowledges and agrees that (a) this Agreement is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between any of the parties hereto and neither this Agreement nor any other document or agreement entered into by any party hereto relating to the subject matter hereof shall be construed to suggest otherwise and (b) the obligations of the Fund under this Agreement are solely contractual in nature.

[*Remainder of this page intentionally left blank – signature page follows*]

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **WCAS XIV, L.P.** | **WCAS XIV, L.P.** |
| By: WCAS XIV Associates LLC | By: WCAS XIV Associates LLC |
| Its: General Partner | Its: General Partner |
| By:<u> </u> | /s/ Jennifer Martin |
| Name: | Jennifer Martin |
| Title: | Managing Member |

---

[*Signature Page to Equity Commitment Letter*]

Agreed to and accepted:

---

| | |
|:---|:---|
| **STALLION INTERMEDIATE CORPORATION** | **STALLION INTERMEDIATE CORPORATION** |
| By: | /s/ Ting Gu |
| Name: | Ting Gu |
| Title: | Vice President and Secretary |

---

[*Signature Page to Equity Commitment Letter*]

## Ex-99.(D)(Xi)

**Exhibit 99.(d)(xi)**

EXECUTION VERSION

**LIMITED GUARANTY**

This Limited Guaranty (this "<u>Limited Guaranty</u>"), by WCAS XIV, L.P., a Delaware limited partnership (the "<u>Guarantor</u>"), is made in favor of Select Medical Holdings Corporation, a Delaware corporation (the "<u>Company</u>" or the "<u>Guaranteed Party</u>"), as of March 2, 2026. Reference is hereby made to that certain Agreement and Plan of Merger (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>") dated on or about the date hereof, by and among the Company, Stallion Intermediate Corporation, a Delaware corporation ("<u>Parent</u>"), and Stallion Merger Sub Corporation, a Delaware corporation and wholly owned subsidiary of Parent ("<u>Merger Sub</u>"), pursuant to which, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Company, with the Company as the surviving company. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement (to the extent such terms are defined therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>GUARANTY</u>. To induce the Guaranteed Party to enter into the Merger Agreement, the Guarantor hereby absolutely, unconditionally and irrevocably guarantees to the Guaranteed Party, on the terms, limitations and conditions set forth herein, the due and punctual payment of the Parent Termination Fee and the Additional Obligations if, as and when those obligations become payable under the Merger Agreement up to an aggregate amount not to exceed the Cap (as defined below) (the "<u>Guaranteed Obligations</u>"). All payments hereunder shall be made in lawful money of the United States, in immediately available funds.

Notwithstanding anything to the contrary in this Limited Guaranty, the Merger Agreement or any of the other Transaction Documents (as defined below) or otherwise, the Guaranteed Party hereby agrees that in no event shall the Guarantor be required to pay any amount to the Guaranteed Party or any other Person under, in respect of, or in connection with this Limited Guaranty in excess of $143,009,627 (the "<u>Cap</u>"). The parties hereto agree that this Limited Guaranty may not be enforced against the Guarantor without giving effect to the Cap (and to the provisions of <u>Sections 7</u> and <u>8</u> hereof).

If Parent fails to discharge any of the Guaranteed Obligations when due, upon the Guaranteed Party's demand the Guarantor's liability to the Guaranteed Party hereunder in respect of such Guaranteed Obligations (up to the Cap) shall become immediately due and payable, and the Guaranteed Party may at any time and from time to time, at the Guaranteed Party's option, and so long as Parent has failed to discharge such Guaranteed Obligations, take any and all actions available hereunder to collect the Guarantor's liabilities hereunder in respect of such Guaranteed Obligations, subject to the Cap.

In furtherance of the foregoing, the Guarantor acknowledges that the Guaranteed Party may, in its sole discretion, bring and prosecute a separate action or actions against the Guarantor for unsatisfied amounts of the Guaranteed Obligations (subject to the Cap), regardless of whether any such action is brought against Parent or whether Parent is joined in any such action or actions; <u>provided</u>, <u>however</u>, that in the event that multiple actions are brought, the aggregate recovery in respect of all such actions shall not exceed the Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>NATURE OF GUARANTY</u>. The liability of the Guarantor hereunder is absolute, unconditional, irrevocable and continuing irrespective of any modification, amendment or waiver of or any consent to departure from the Merger Agreement that may be agreed to by Parent in accordance with the terms of the Merger Agreement. Without limiting the foregoing, the Guaranteed Party shall not be obligated to file any claim relating to the Guaranteed Obligations in the event that Parent becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file shall not affect the Guarantor's obligations hereunder (subject to the Cap). This Limited Guaranty is a guarantee of payment and not of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>CHANGES IN OBLIGATIONS, CERTAIN WAIVERS</u>. The Guarantor agrees that the Guaranteed Party may, in its sole discretion, at any time and from time to time, without notice to or further consent of the Guarantor, extend the time of payment of any Guaranteed Obligation, and may also enter into any agreement with Parent for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, without in any way impairing or affecting the Guarantor's obligations under this Limited Guaranty or affecting the validity or enforceability of this Limited Guaranty.

Subject to termination of this Limited Guaranty as provided herein, the Guarantor agrees that its obligations hereunder shall not be released or discharged, in whole or in part, or otherwise affected by: (a) the failure or delay on the part of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent or the Guarantor; (b) any change in the time, place or manner of payment of the Guaranteed Obligations, or any waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement made in accordance with the terms thereof; (c) any change in the legal existence, structure or ownership of Parent or any other Person now or hereafter liable with respect to the Guaranteed Obligations; (d) any insolvency, bankruptcy, reorganization or other similar proceeding instituted by or against Parent or any other Person now or hereafter liable with respect to the Guaranteed Obligations; or (e) the adequacy or potential adequacy of any alternative means the Guaranteed Party may have of obtaining payment related to the Guaranteed Obligations.

The Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guaranty and of the Guaranteed Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of any Guaranteed Obligation incurred and all other notices of any kind (other than notices to Parent pursuant to the Merger Agreement or hereunder pursuant to the terms of this Limited Guaranty), all defenses which may be available by virtue of any stay, moratorium or other similar Law now or hereafter in effect or any right to require the marshaling of assets of Parent or any other Person now or hereafter liable with respect to the Guaranteed Obligations. The Guarantor acknowledges that it will receive substantial direct and indirect benefits from the Merger and that the waivers set forth in this Limited Guaranty are knowingly made in contemplation of such benefits.

The Guarantor hereby unconditionally waives any rights that it may now have or hereafter acquire against Parent that arise from the existence, payment, performance, or enforcement of the Guarantor's obligations under or in respect of this Limited Guaranty, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Guaranteed Party against Parent, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from Parent, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, and the Guarantor shall not exercise any such rights in each case unless and until the Guaranteed Obligations (which shall be subject to the Cap) shall have been indefeasibly paid in full. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the payment in full of the Guaranteed Obligations (which shall be subject to the Cap), such amount shall be received and held in trust for the benefit of the Guaranteed Party, shall be segregated from other property and funds of the Guarantor and shall forthwith be promptly paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to payment of the Guaranteed Obligations until paid in full (subject to the Cap).

Notwithstanding anything to the contrary contained in this Limited Guaranty or otherwise, the Guaranteed Party hereby agrees that, in addition to any defenses of the Guarantor under this Limited Guaranty, the Guarantor shall have all defenses to the payment of its obligations under this Limited Guaranty (which in any event shall be subject to the Cap) that would be available to Parent or any assignee in respect of the Merger Agreement with respect to the Guaranteed Obligations (other than defenses arising from the insolvency, bankruptcy or similar proceeding with respect to Parent), as well as any defenses in respect of any fraud or willful misconduct on the part of the Guaranteed Party or any of its Affiliates.

Notwithstanding anything to the contrary contained in this Limited Guaranty, any payment made by or on behalf of Parent to the Guaranteed Party with respect to the Guaranteed Obligations shall reduce the total obligations of the Guarantor under this Limited Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>REPRESENTATIONS AND WARRANTIES</u>.

The Guarantor hereby represents and warrants to the Guaranteed Party that, as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is a validly existing entity in good standing under its jurisdiction of organization; it has the requisite limited partnership power and authority to execute, deliver and perform this Limited Guaranty; and the execution, delivery and performance of this Limited Guaranty by the Guarantor (i) has been duly authorized by all necessary action on behalf of the Guarantor and (ii) does not and will not conflict with or result in any violation of or contravene any provision of the Guarantor's partnership agreement, operating agreement or similar organizational documents or any applicable Law, decree, order, judgment or material contract binding on the Guarantor or any of its property or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all consents, approvals, or authorizations of, and all filings with and notifications to, any Governmental Entity necessary for the due execution, delivery and performance of this Limited Guaranty by the Guarantor have been obtained or made and all conditions thereof have been duly complied with by the Guarantor, and no other action by, and no notice to or filing with, any Governmental Entity or regulatory body is required in connection with the execution, delivery or performance of this Limited Guaranty by the Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) assuming the due execution and delivery of the Merger Agreement by all parties thereto (other than Parent) and of this Limited Guaranty by the Guaranteed Party, this Limited Guaranty constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as enforceability may be limited by the Bankruptcy and Equity Exception; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Guarantor has the financial capacity to pay and perform its obligations under this Limited Guaranty, and all funds necessary for the Guarantor to fulfill its obligations under this Limited Guaranty (whether via capital commitments or available unrestricted funds) shall be available to the Guarantor for so long as this Limited Guaranty shall remain in effect in accordance with <u>Section 7</u> hereof, in each case subject to the Cap.

The Guaranteed Party hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is a validly existing entity in good standing under its jurisdiction of organization; it has all the requisite corporate, partnership, limited liability company or other applicable power and authority to execute, deliver and perform this Limited Guaranty, and the execution, delivery and performance of this Limited Guaranty (i) has been duly authorized by all necessary action on behalf of the Guaranteed Party and (ii) does not and will not conflict with or result in any violation of or contravene any provision of the Guaranteed Party's organizational documents or any applicable Law, decree, order, judgment, material contract binding on such Guaranteed Party or any of its property or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all consents, approvals or authorizations of, and all filings with and notifications, to any Governmental Entity necessary for the due execution, delivery and performance of this Limited Guaranty by the Guaranteed Party have been obtained or made and all conditions thereof have been duly complied with by the Guaranteed Party, and no other action by, and no notice to or filing with, any Governmental Entity or regulatory body is required in connection with the execution, delivery or performance of this Limited Guaranty by the Guaranteed Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) assuming the due execution and delivery of the Merger Agreement by all parties thereto (other than the Guaranteed Party) and of this Limited Guaranty by the Guarantor, this Limited Guaranty constitutes a legal, valid and binding obligation of the Guaranteed Party enforceable against such Guaranteed Party in accordance with its terms, except as enforceability may be limited by the Bankruptcy and Equity Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>NO ASSIGNMENT</u>. Neither the Guarantor nor the Guaranteed Party may assign, transfer or delegate its rights, interests or obligations under or in connection with this Limited Guaranty, in whole or in part, to any other Person (except by operation of applicable Law) without the prior written consent of the Guaranteed Party (in the case of an assignment, transfer or delegation by the Guarantor) or the Guarantor (in the case of an assignment, transfer or delegation by the Guaranteed Party) and any purported assignment, transfer or delegation without such consent shall be null and void *ab initio*; <u>provided</u>, <u>however</u>, that the Guarantor may assign, transfer or delegate all or part of its rights, interests and obligations hereunder, without the prior written consent of the Guaranteed Party, to one or more of its Affiliates, one or more investment funds sponsored or managed by the Guarantor or one or more of its Affiliates, or any other Person to which it has allocated all or a portion of its investment commitment to Parent pursuant to the Equity Commitment Letter (as defined below); <u>provided</u>, <u>further</u>, that no such assignment, transfer or delegation shall relieve the Guarantor of any of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>NOTICES</u>. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Limited Guaranty shall be in writing and shall be deemed to have been duly given and effective when personally delivered, one day after deposit with Federal Express or similar overnight courier service, upon transmission by electronic mail if successfully transmitted during normal business hours and, if not, the next Business Day after successful transmission or three days after being mailed by first class mail, return receipt requested. Notices, demands and communications to the Guarantor and the Guaranteed Party shall, unless another address is specified in writing, be sent to the addresses indicated below:

<u>if to the Guarantor, to</u>:

c/o Welsh, Carson, Anderson & Stowe

599 Lexington Avenue, Suite 1800

New York, New York 10022<br> Attention: Ting Gu<br> Email: tgu@wcas.com

<u>with a copy (which shall not constitute notice) to</u>:

Ropes & Gray LLP<br> 1211 Avenue of the Americas

New York, New York 10036<br> Attention: Scott Abramowitz; Craig E. Marcus

Email: scott.abramowitz@ropesgray.com;

craig.marcus@ropesgray.com

and if to the Guaranteed Party, as provided in the Merger Agreement (or, in each case, to such other Persons or addresses as may be designated in writing by the party to receive such notice as provided above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>CONTINUING GUARANTY</u>. Unless terminated pursuant to this <u>Section 7</u>, this Limited Guaranty may not be revoked or terminated and shall remain in full force and effect until the Guaranteed Obligations have been indefeasibly paid in full (subject to the Cap). Notwithstanding the foregoing, or anything express or implied in this Limited Guaranty or otherwise, this Limited Guaranty shall terminate automatically and immediately without the giving of notice and the Guarantor shall have no further obligations under or in connection with this Limited Guaranty and the Guaranteed Obligations hereof as of the earliest to occur of: (a) the Closing, if the Closing occurs; (b) the date that the Guaranteed Obligations in an amount equal to the Cap have been paid in full; (c) the termination of the Merger Agreement in accordance with its terms under any circumstance in which Parent would not be obligated to pay the Parent Termination Fee; and (d) the three (3)-month anniversary of any termination of the Merger Agreement in accordance with its terms under any circumstance in which Parent would be obligated to pay the Parent Termination Fee (unless, in the case of this clause (d), the Guaranteed Party shall have commenced litigation against the Guarantor under and pursuant to this Limited Guaranty prior to end of such three (3)-month period, in which case this Limited Guaranty shall terminate upon the final, non-appealable resolution of such action and satisfaction by the Guarantor of any obligations finally determined or agreed to be owed by the Guarantor, consistent with the terms hereof).

Notwithstanding the foregoing, or anything express or implied in this Limited Guaranty or otherwise, in the event that the Guaranteed Party or any of its Affiliates (other than the Rollover Holders) asserts in any litigation or other proceeding any of the following: (i) that the provisions of <u>Section 1</u> hereof limiting the Guarantor's aggregate liability or the provisions of this <u>Section 7</u> or <u>Section 8</u> hereof are illegal, invalid or unenforceable in whole or in part, (ii) that the Guarantor is liable in respect of the Guaranteed Obligations in excess of or to a greater extent than the Cap, or (iii) any theory of liability (whether at law or in equity whether sounding in contract, tort, statute or otherwise) against any Non-Recourse Party with respect to this Limited Guaranty, the equity commitment letter by and between the Guarantor and Parent, dated as of the date hereof (the "<u>Equity Commitment Letter</u>"), the Merger Agreement, any other agreement or instrument delivered in connection with this Limited Guaranty, the Equity Commitment Letter, the Merger Agreement or any of the transactions contemplated hereby or thereby, in each case, other than Retained Claims (as defined in <u>Section 8</u> hereof) asserted by the Guaranteed Party against the Non-Recourse Parties against which such Retained Claims may be asserted pursuant to <u>Section 8</u>, then: (x) the obligations of the Guarantor under or in connection with this Limited Guaranty shall terminate and be null and void *ab initio*; (y) if the Guarantor has previously made any payments under or in connection with this Limited Guaranty, it shall be entitled to recover and retain such payments; and (z) neither the Guarantor nor any other Non-Recourse Parties shall have any liability whatsoever (whether at law or in equity, whether sounding in contract, tort, statute or otherwise) to the Guaranteed Party or any other Person in any way under or in connection with this Limited Guaranty, the Equity Commitment Letter, the Merger Agreement, or any other agreement or instrument delivered in connection with this Limited Guaranty, the Merger Agreement or the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>NO RECOURSE</u>. The Guaranteed Party acknowledges the separate corporate existence of Parent. The Guaranteed Party acknowledges and agrees that the sole asset of Parent is cash in a *de minimis* amount and its rights under the Merger Agreement and the Equity Commitment Letter and that no additional funds are expected to be contributed to Parent unless and until the Closing occurs pursuant to the Merger Agreement. Notwithstanding anything that may be expressed or implied in this Limited Guaranty, the Merger Agreement, the Equity Commitment Letter, the Confidentiality Agreement or in any other agreement or instrument delivered under any of the foregoing or contemplated by any of the foregoing (collectively, the "<u>Transaction Documents</u>") or statement made, information provided or action taken in connection with, or that otherwise in any manner relates to, the transactions contemplated by any of the Transaction Documents or the negotiation, execution, performance or breach of any Transaction Document (this Limited Guaranty, the other Transaction Documents and such statements, information, actions, transactions, negotiations, breaches and other matters collectively, "<u>Transaction-Related Matters</u>"), and notwithstanding any equitable, common law or statutory right or claim that may be available to the Guaranteed Party or any of its direct or indirect holders of equity interests or Affiliates, and notwithstanding the fact that the Guarantor is a partnership, by its acceptance of the benefits of this Limited Guaranty, the Guaranteed Party covenants, acknowledges and agrees, on behalf of itself, its Affiliates, and any Persons claiming by, through or on behalf of any of them, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Non-Recourse Party has or shall have any obligations (whether of an equitable, contractual, tort, statutory or other nature) under, in connection with or in any manner related to any Transaction-Related Matter, other than (i) Parent's obligation to pay the Parent Termination Fee and the Additional Obligations pursuant to Section 9.5 of the Merger Agreement, and, without duplication, the Guarantor's obligation to guarantee such payment pursuant to the terms of this Limited Guaranty (subject to the Cap) and to otherwise comply with the terms of this Limited Guaranty, (ii) without duplication of the obligations referenced in clause (i) above, the other obligations of Parent to perform its obligations under the Merger Agreement, on the terms and subject to the conditions thereof including any limitations of remedies under the Merger Agreement, (iii) the Guarantor's obligation to Parent to specifically perform its agreement to make an equity contribution to Parent pursuant to the Equity Commitment Letter on the terms and subject to the conditions thereof and (iv) the obligations of the Guarantor under, and pursuant to the terms of, the Confidentiality Agreement (the specific claims described in clauses (i) through (iv) in each case against the Person or Persons specified in such clause being referred to herein, collectively, as the "<u>Retained Claims</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no recourse (whether under an equitable, contractual, tort, statutory or other claim or theory) under, in connection with or in any manner related to any Transaction-Related Matter shall be sought or had against (and, without limiting the generality of the foregoing, no liability shall attach to) any Non-Recourse Party, whether through Parent or any other Person interested in the transactions contemplated by any Transaction Document or otherwise, whether by or through theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness, undercapitalization, or any other attempt to avoid or disregard the entity form of any Non-Recourse Party, by or through a claim by or on behalf of the Guaranteed Party, its Affiliates, Parent or any other Person against any Non-Recourse Party, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any applicable Law, or otherwise, except, in each case, for Retained Claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither of the Guaranteed Party nor its Affiliates has relied on any statement, representation or warranty or assurance made by, or any action taken by, any Person in connection with or in any manner related to a Transaction-Related Matter, other than those made by (i) the Guarantor in this Limited Guaranty and the Equity Commitment Letter, (ii) the parties to the Rollover Agreements in such agreements and (iii) Parent in the Transaction Documents.

The Retained Claims shall be the sole and exclusive remedy (whether at law or in equity, whether sounding in contract, tort, statute or otherwise) of the Guaranteed Party, its Affiliates, and any Persons claiming by, through or on behalf of any of them, against any or all of the Non-Recourse Parties, in respect of any claims, liabilities or obligations arising in any way under, in connection with or in any manner related to any Transaction-Related Matter.

To the fullest extent permitted by applicable Law, the Guaranteed Party, on behalf of itself, its Affiliates, and any Persons claiming by, through or on behalf of any of them, hereby releases, remises and forever discharges all claims (other than Retained Claims) that the Guaranteed Party, its direct and indirect holders of equity interests or any of its Affiliates, or any Persons claiming by, through or on behalf of any of them, has had, now has or might in the future have against any Non-Recourse Party arising in any way under, in connection with or in any manner related to any Transaction-Related Matter.

The Guaranteed Party hereby covenants and agrees that, other than with respect to the Retained Claims, it shall not, and it shall cause Affiliates not to, institute any litigation, action, suit or other proceeding or bring any claim in any way under, in connection with or in any manner related to any Transaction-Related Matter (whether at law or in equity, whether sounding in contract, tort, statute or otherwise) against any Non-Recourse Party. Other than the Non-Recourse Parties, no Person other than the Guarantor and the Guaranteed Party shall have any rights or remedies under, in connection with or in any manner related to this Limited Guaranty or the transactions contemplated hereby.

As used herein, the term "<u>Non-Recourse Parties</u>" means the Guarantor and any and all former, current or future direct or indirect holders of any equity, general or limited partnership or limited liability company interests, controlling persons, incorporators, directors, officers, employees, agents, attorneys, members, managers, management companies, portfolio companies, general or limited partners, stockholders, representatives, assignees or Affiliates of the Guarantor (including, but not limited to, Parent) and any and all former, current or future direct or indirect holders of any equity, general or limited partnership or limited liability company interests, controlling persons, incorporators, directors, officers, employees, agents, attorneys, members, managers, management companies, portfolio companies, general or limited partners, stockholders, representatives, assignees or Affiliates of any of the foregoing, and any and all former, current or future direct or indirect heirs, executors, administrators, trustees, representatives, successors, assigns or agents of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>THIRD PARTY BENEFICIARIES</u>. This Limited Guaranty shall be binding upon, inure solely to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns, in accordance with and subject to the terms of this Limited Guaranty, and nothing express or implied in this Limited Guaranty is intended to, or shall, confer upon any other Person any benefits, rights or remedies under or by reason of, or any rights to enforce or cause the Guaranteed Party to enforce, the obligations set forth herein; except that as a material aspect of this Limited Guaranty, the parties hereto intend that all Non-Recourse Parties other than the Guarantor shall be, and such Non-Recourse Parties are, intended third party beneficiaries of this <u>Section 9</u>, and all interpretative provisions required to give effect hereto, who may rely on and enforce the provisions of this Limited Guaranty that bar the liability, or otherwise protect the interests, of such Non-Recourse Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>CONFIDENTIALITY</u>. This Limited Guaranty shall be treated as confidential and is being provided to the Guaranteed Party solely in connection with the Transaction. This Limited Guaranty may not be used, circulated, delivered, quoted or otherwise referred to in any document (other than the Merger Agreement and the Equity Commitment Letter, and any Debt Financing documentation) by the Guaranteed Party or any of its Affiliates except with the prior written consent of the Guarantor; <u>provided</u>, that no such written consent is required for any disclosure of this Limited Guaranty to (a) the extent required by applicable Law (or the rules of any stock exchange or self-regulatory organization) or in connection with the enforcement of rights under this Limited Guaranty, the Merger Agreement or the transactions contemplated hereby and thereby or (b) representatives of Guarantor or the Guaranteed Party who need to know of the existence of this Limited Guaranty in connection with the transactions contemplated hereby so long as such representatives agree to keep such information confidential on terms substantially identical to the terms contained in this <u>Section 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>AMENDMENTS AND WAIVERS</u>. No amendment, modification or waiver of any provision of this Limited Guaranty will be enforceable unless approved in writing by the Guarantor and the Guaranteed Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>COUNTERPARTS</u>. This Limited Guaranty may be executed in one or more counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of electronic transmission (including by pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an "<u>Electronic Delivery</u>")) shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of a party, the other party shall re-execute the original form of this Limited Guaranty and deliver such form to such requesting party. No party shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense. Minor variations in the form of the signature page, including footers from earlier versions of this Limited Guaranty or any such other document, will be disregarded in determining a party's intent or the effectiveness of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>ENTIRE AGREEMENT</u>. This Limited Guaranty, together with the Merger Agreement and the Equity Commitment Letter, and each of the other instruments and agreements contemplated hereby and thereby, constitute the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all other prior agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof. The parties hereto have participated jointly in the negotiation and drafting of this Limited Guaranty. In the event an ambiguity or question of intent or interpretation arises, this Limited Guaranty shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any of the provisions of this Limited Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of Section 10.4 (*Governing Law and Venue; Waiver of Jury Trial*) and 10.12 (*Interpretation and Construction*) of the Merger Agreement are incorporated herein *mutatis mutandis* as if fully set forth herein and made a part of this Limited Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any term or provision of this Limited Guaranty that is invalid or unenforceable in any jurisdiction shall be, as to such jurisdiction, ineffective solely to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction; <u>provided</u>, <u>however</u>, that this Limited Guaranty may not be enforced without giving effect to the limitations of the amount payable by the Guarantor hereunder to the Cap, as provided in <u>Section 1</u> hereof, and to the provisions of <u>Sections 7</u> and <u>8</u> hereof. Each party hereto covenants and agrees that it shall not assert, and shall cause their respective Affiliates, not to assert, that this Limited Guaranty or any part hereof is invalid, illegal or unenforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Limited Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>RELATIONSHIPS OF THE PARTIES</u>. Each party acknowledges and agrees that (a) this Limited Guaranty is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between any of the parties hereto and neither this Limited Guaranty nor any other document or agreement entered into by any party hereto relating to the subject matter hereof shall be construed to suggest otherwise and (b) the obligations of the Guarantor under this Limited Guaranty are solely contractual in nature.

*[Remainder of this page intentionally left blank – signature page follows]*

IN WITNESS WHEREOF, each of the Guarantor and the Guaranteed Party has caused this Limited Guaranty to be executed and delivered as of the date first written above by its officer or representative thereunto duly authorized.

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| | |
|:---|:---|
| **<u>GUARANTOR</u>** **:** | **<u>GUARANTOR</u>** **:** |
| **WCAS XIV, L.P.** | **WCAS XIV, L.P.** |
| By: WCAS XIV Associates LLC | By: WCAS XIV Associates LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Jennifer Martin |
| Name: | Jennifer Martin |
| Title: | Managing Member |

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[*Signature Page to Limited Guaranty*]

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| | |
|:---|:---|
| **<u>THE GUARANTEED PARTY</u>** **:** | **<u>THE GUARANTEED PARTY</u>** **:** |
| **SELECT MEDICAL HOLDINGS CORPORATION** | **SELECT MEDICAL HOLDINGS CORPORATION** |
| By: | /s/ John F. Duggan |
| Name: | John F. Duggan |
| Title: | Executive Vice President, General Counsel and Secretary |

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[*Signature Page to Limited Guaranty*]

## Ex-99.(D)(Xii)

**Exhibit (d)(xii)**

**Execution Version**

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| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A.<br> 270 Park Avenue<br> New York, NY 10017<br>| WELLS FARGO BANK, NATIONAL<br> ASSOCIATION<br> WELLS FARGO SECURITIES, LLC<br> 550 South Tryon Street, 7th Floor<br> Charlotte, NC 28202<br>|
| BANK OF AMERICA, N.A.<br> BOFA SECURITIES, INC.<br> One Bryant Park<br> New York, NY 10036<br>| DEUTSCHE BANK AG NEW YORK BRANCH<br> DEUTSCHE BANK SECURITIES INC.<br> 1 Columbus Circle<br> New York, NY 10019<br>|
| TRUIST BANK<br> TRUIST SECURITIES, INC.<br> 740 Battery Ave SE<br> Atlanta, GA 30339<br>THE BANK OF NOVA SCOTIA<br> 250 Vesey Street<br> New York, NY 10281<br>| ROYAL BANK OF CANADA<br> 200 Vesey Street<br> New York, NY 10281<br>MIZUHO BANK, LTD.<br> 1271 Avenue of the Americas<br> New York, NY 10020<br>|
| CAPITAL ONE, NATIONAL ASSOCIATION<br> 299 Park Avenue<br> New York, NY 10171<br>| PNC BANK, NATIONAL ASSOCIATION<br> PNC CAPITAL MARKETS LLC<br> 300 Fifth Ave<br> Pittsburgh, PA 15222 |
| FIFTH THIRD BANK, NATIONAL ASSOCIATION<br> 38 Fountain Square Plaza<br> Cincinnati, OH 45236 |  |

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**CONFIDENTIAL**

March 14, 2026

Stallion Intermediate Corporation

c/o Welsh, Carson, Anderson & Stowe<br> 599 Lexington Ave, Suite 1800<br> New York, NY 10022<br> Attention: Ting Gu

<u>Project Stallion</u><br> <u>Amended and Restated Commitment Letter</u>

Ladies and Gentlemen:

You have advised each of JPMorgan Chase Bank, N.A. ("***JPMCB***"), Wells Fargo Bank, National Association ("***WF Bank***"), Wells Fargo Securities, LLC ("***WF Securities***" and together with WF Bank, "***Wells Fargo***"), Bank of America, N.A. ("***BANA***"), BofA Securities, Inc. (***"BAS"***), Deutsche Bank AG New York Branch ("***DBNY***"), Deutsche Bank Securities Inc. ("***DBSI***"), Truist Bank ("***Truist***"), Truist Securities, Inc. (***"Truist Securities"***), Royal Bank of Canada ("***RBC***"), The Bank of Nova Scotia ("***Scotia***"), Mizuho Bank, Ltd. ("***Mizuho***"), Capital One, National Association ("***Capital One***"), PNC Bank, National Association ("***PNC***"), PNC Capital Markets LLC (***"PNC Capital Markets"***) and Fifth Third Bank, National Association ("***Fifth Third***" and together with JPMCB, Wells Fargo, BANA, BAS, DBNY, DBSI, Truist, Truist Securities, RBC, Scotia, Mizuho, Capital One, PNC and PNC Capital Markets, the "***Commitment Parties***", "***we***" or "***us***") that WCAS XIV, L.P. (the "***Sponsor***") and certain other investors (collectively with the Sponsor, the "***Investors***") including certain officers of Select Medical Holdings Corporation (the "***Company***") intend to (i) cause Stallion Intermediate Corporation, a Delaware corporation ("***Newco***" or "***you***"), an entity formed and controlled by the Investors, to acquire (the "***Acquisition***"), directly or indirectly, the Company pursuant to an agreement and plan of merger (including the exhibits, schedules, annexes and other attachments thereto, in each case as amended and in effect from time to time, the "***Acquisition Agreement***") entered into in connection therewith and (ii) consummate the other transactions described in <u>Exhibit A</u> hereto. Capitalized terms used but not defined herein have the meanings assigned to them in the Exhibits attached hereto and, if not defined in the Exhibits attached hereto, have the meanings assigned to them in the Existing Credit Agreement (as defined below).

This Commitment Letter hereby amends, restates and supersedes in its entirety, as of the date hereof, that certain Commitment Letter (the "<u>Original Commitment Letter</u>"), dated as of March 2, 2026 (the "<u>Original Signing Date</u>"), by and among JPMCB, Wells Fargo and you, and such Original Commitment Letter shall be of no further force or effect.

1. <u>Commitments</u>.

In connection with the Transactions (as defined in <u>Exhibit A</u> hereto), each of JPMCB, WF Bank, BANA, DBNY, Truist, RBC, Scotia, Mizuho, Capital One, PNC and Fifth Third (collectively, the "***Initial Lenders***") is pleased to advise you of its commitment to provide on a several, but not joint, basis the percentage of the entire principal amount of the Revolving Facility (as defined in <u>Exhibit A</u>) as set forth opposite such Initial Lender's name on Schedule 1 hereto (as such schedule may be amended or supplemented in accordance with this Commitment Letter (as defined below)) upon the terms and subject to the conditions set forth or referred to in this amended and restated commitment letter (together with the Term Sheet (as defined in <u>Exhibit A</u> hereto), this "***Commitment Letter***") and the Amended and Restated Fee Letter dated as of the date hereof by and among us and you (the "***Fee Letter***"). Nothing in this Commitment Letter shall constitute a commitment by any Commitment Party or any of their respective Commitments to provide any Other Facility (as defined below) and any such commitment, if provided, would be pursuant to a separate written agreement between such Commitment Party (or its applicable affiliate) and you.

2. <u>Titles and Roles</u>.

It is agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) JPMCB,WF Securities, BAS, DBSI, Truist
 Securities, RBC, Scotia, Mizuho, Capital One, PNC Capital Markets and Fifth Third will act
 as joint lead arrangers (in such capacities, the "  ***Lead Arrangers*** ")
 and as joint lead bookrunners for the Revolving Facility and any bank loan or other credit
 facility incurred in lieu of all or a portion of the Revolving Facility (an "  ***Other Facility***" and, together with the Revolving Facility, the "  ***Facilities*** "
 and each a "  ***Facility*** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) JPMCB will act as sole administrative
 agent (in such capacity, the "  ***Administrative Agent***") for the Revolving
 Facility and any Other Facility.

It is further agreed that (A) JPMCB will have "top left" placement in any marketing materials or other documentation for the Revolving Facility and any Other Facility, and will hold the roles and responsibilities conventionally understood to be associated with such name placement and WF Securities shall receive "second" placement in any such marketing materials or other documentation and (B) the other Lead Arrangers for the Revolving Facility or Other Facility will be listed in customary fashion (as reasonably determined by you).

You agree that no other agents, co-agents, arrangers, bookrunners or managers will be appointed, no other titles will be awarded and no compensation (other than as expressly contemplated by this Commitment Letter and the Fee Letter) will be paid by you to any Lender in order to obtain its commitment in respect of the Revolving Facility unless you and the Commitment Parties as of the date hereof shall so agree.

3. <u>Syndication</u>.

The Lead Arrangers reserve the right, prior to or after the execution of the Revolving Facility Documentation (as defined in <u>Exhibit A</u> hereto), to syndicate all or a portion of the Initial Lenders' commitments hereunder and, if applicable, the commitments in respect of any Other Facility to a group of banks, financial institutions and other institutional lenders identified by the Commitment Parties in consultation with you and subject to your consent, such consent not to be unreasonably withheld or delayed, including any relationship lenders designated by you in consultation with the Commitment Parties (together with the Initial Lenders, the "***Lenders***"); *provided* that, notwithstanding the Lead Arrangers' right to syndicate the Revolving Facility and receive commitments with respect thereto, (x) the Initial Lenders shall not assign all or any portion of their commitments hereunder until after the initial funding of the Revolving Facility on the Closing Date (as defined in <u>Exhibit A</u> hereto), (y) such syndication shall not relieve the Initial Lenders of their obligations set forth herein (including their obligations to fund the Revolving Facility on the Closing Date on the terms and conditions set forth in this Commitment Letter) and, (z) unless you agree in writing, each Initial Lender shall retain exclusive control over all rights and obligations with respect to its commitments, including all rights with respect to consents, modifications, waivers and amendments, until after the initial funding of the Revolving Facility on the Closing Date has occurred. Notwithstanding the foregoing, the Commitment Parties will not syndicate, participate to or otherwise assign any portion of a commitment under the Revolving Facility to (i) those persons identified in writing on or prior to the Original Signing Date by you to us or (ii) Disqualified Institutions (as defined in that certain Credit Agreement (as amended, supplemented or otherwise modified prior to the date hereof, the "***Existing Credit Agreement***"), dated as of March 6, 2017, by and among the Company, Select Medical Corporation (the "***Borrower***"), JPMCB, as administrative agent and collateral agent, the lenders party thereto and the other parties thereto.

The Lead Arrangers may elect to commence syndication efforts promptly upon the execution of this Commitment Letter and as part of their syndication efforts, it is the Lead Arrangers' intent to have Lenders commit to the Revolving Facility prior to the Closing Date (subject to the limitations set forth in the proviso to the first sentence of this Section 3). Until the date that is the earlier of (a) 60 days after the Closing Date and (b) the date on which the Commitments of the Commitment Parties have been reduced to zero (such earlier date, the "***Syndication Date***"), you agree to assist (and to use your commercially reasonable efforts to cause the Company to assist (subject to the terms of the Acquisition Agreement)), the Lead Arrangers in completing a syndication that is reasonably satisfactory to them and you. Such assistance shall include (a) using your commercially reasonable efforts to ensure that any syndication efforts benefit from your existing lending and investment banking relationships, (b) facilitating direct contact between appropriate members of your senior management (and using your commercially reasonable efforts to arrange for direct contact between your representatives and non-legal advisors and appropriate members of senior management, representatives and non-legal advisors of the Company, subject to the limitations on your rights set forth in the Acquisition Agreement) and the proposed Lenders at times and locations mutually agreed upon, (c) your assistance (and your using commercially reasonable efforts to cause the Company to assist) in the preparation of a customary confidential information memorandum (a "***Confidential Information Memorandum***") for the Revolving Facility and other customary marketing materials to be used in connection with the syndications (such materials, together with the Confidential Information Memorandum and the Term Sheet, collectively, the "***Information Materials***"), by providing information and other customary materials reasonably requested in connection with such Information Materials, all subject to the limitation on your rights to request information concerning the Company as set forth in the Acquisition Agreement, (d) using your commercially reasonable efforts to procure updated public corporate and public corporate family ratings (but no specific rating in either case) for the Borrower and public ratings (but no specific rating) for the Revolving Facility or Other Facility, as applicable, from each of S&P Global Ratings and Moody's Investors Service, Inc. prior to or concurrently with the launch of general syndication of the Revolving Facility and (e) the hosting, with the Lead Arrangers, of one or more telephonic meetings of prospective Lenders (limited to one "bank meeting", unless otherwise deemed necessary in the reasonable judgment of the Lead Arrangers) at times mutually agreed upon (and your using your commercially reasonable efforts to cause the senior management of the Company, as appropriate, to be available for such meetings, subject to the limitations on your rights as set forth in the Acquisition Agreement). On or prior to the Syndication Date, you will ensure that there will not be any competing issues of debt securities or credit facilities of you, and, with respect to the Company and its subsidiaries, you will use commercially reasonable efforts to ensure that there will be no competing issues of credit facilities or debt securities of the Company or any of its subsidiaries (other than the Senior Notes (as defined in <u>Exhibit A</u> hereto)), in each case being offered, placed or arranged, that would materially impair the primary syndication of the Revolving Facility (it being understood that any Other Facility that would replace in full the Revolving Facility and any short-term working capital facilities, letters of credit, capital leases, purchase money indebtedness and equipment financings, in each case in the ordinary course of business, and any indebtedness permitted to be incurred or outstanding under the Acquisition Agreement, shall not be limited pursuant to this sentence), without the written consent of the Lead Arrangers as of the date hereof (such consent not to be unreasonably withheld or delayed). For the avoidance of doubt, in connection with the foregoing requirements to provide assistance, you will not be required to provide any information to the extent that the provision thereof would violate any law, rule or regulation, or any obligation of confidentiality owing to a third party and binding you, the Company or your or its respective affiliates; *provided that*, no such obligation of confidentiality shall be entered into in contemplation of this sentence and in the event you do not provide information in reliance on this sentence, you shall provide notice to us that such information is being withheld and you shall use your commercially reasonable efforts to obtain the relevant consents and to communicate, to the extent both feasible and permitted under applicable law, rule, regulation or confidentiality obligation, the applicable information. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, (i) none of the foregoing (including the obtaining of the updated ratings referenced above) shall constitute a condition to the commitments hereunder or the funding of the Revolving Facility on the Closing Date and (ii) neither the commencement nor the completion of the syndication of the Revolving Facility shall constitute a condition precedent to the funding of the Revolving Facility on the Closing Date.

The Lead Arrangers will, in consultation with you, manage all aspects of any syndication, including decisions as to the selection of institutions to be approached, subject, in each case, to your consent (not to be unreasonably withheld or delayed) and excluding Disqualified Institutions, and when they will be approached, when their commitments will be accepted, which institutions will participate (with your consent not to be unreasonably withheld or delayed and excluding Disqualified Institutions), the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders.

4. <u>Information</u>.

You hereby represent and warrant (with respect to such information relating to the Company and its subsidiaries prior to the Closing Date, to your knowledge) that (but the accuracy of which shall not be a condition to the commitments hereunder or the funding of the Revolving Facility on the Closing Date) (a) all written information other than financial estimates, forecasts and other forward-looking information (collectively, the "***Projections***") and other than information of a general economic or general industry nature, that has been or will be made available to any of the Commitment Parties by or on behalf of you or any of your respective representatives in connection with the transactions contemplated hereby (the "***Information***"), taken as a whole, does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements and updates thereto) and (b) the Projections that have been or will be made available to the Lead Arrangers by or on behalf of you or any of your respective representatives on your behalf in connection with the transactions contemplated hereby have been or will be prepared in good faith based upon assumptions that are believed by you to be reasonable at the time furnished; it being understood that any such Projections are not to be viewed as facts, are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized, that actual results may differ and that such differences may be material. You agree that, if at any time prior to the later of the Closing Date and the Syndication Date, you become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished, and such representations and warranties were being made, at such time, then you will (or prior to the Closing Date with respect to Information and Projections relating to the Company and its subsidiaries, you will use commercially reasonable efforts to), subject to any applicable limitations on your rights as set forth in the Acquisition Agreement promptly supplement the Information and the Projections from time to time until the later of the Closing Date and the Syndication Date so that (with respect to Information and Projections relating to the Company and its subsidiaries prior to the Closing Date, to your knowledge) such representations and warranties will be correct in all material respects under those circumstances. In arranging and syndicating the Revolving Facility and any Other Facility, the Commitment Parties will be entitled to use and rely on the Information and the Projections without responsibility for independent verification thereof and do not assume responsibility for the accuracy or completeness of the Information or the Projections.

You hereby acknowledge that (a) we will make available the Information and the Projections to the proposed syndicate of Lenders by posting on IntraLinks, Debt X, SyndTrak Online or another similar electronic system and (b) certain of the Lenders are or may be "public side" Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Company, its subsidiaries or their respective securities) (each, a "***Public Lender***"). At the request of the Lead Arrangers, you agree to assist us in preparing an additional version of the Information Materials to be used by Public Lenders that consists exclusively of information and documentation that is either publicly available or not material with respect to the Company, its subsidiaries or their respective securities for purposes of United States federal and state securities laws (such information and documents, "***Public Lender Information***"). Any information and documentation that is not Public Lender Information is referred to herein as "***Private Lender Information***". It is understood that in connection with your assistance described above, a customary authorization letter will be included in the Confidential Information Memorandum that authorizes the distribution of the Information Materials to prospective Lenders and, if applicable, confirms that the public-side version of the Information Materials only contains Public Lender Information, and the Confidential Information Memorandum shall exculpate you, the Company, your and its respective affiliates and us and our affiliates with respect to any liability related to the use or misuse of, the contents of such Information Materials or any related marketing material by the recipients thereof. You acknowledge that the following documents contain solely Public Lender Information, unless, after having been given a reasonable opportunity to review such documents, you notify us promptly that any such document contains Private Lender Information: (i) term sheets and drafts and final definitive documentation with respect to the Revolving Facility and any Other Facility, (ii) administrative materials prepared by the Commitment Parties for prospective Lenders (such as a lender meeting invitation, allocations and funding and closing memoranda) and (iii) notification of changes in the terms of the Revolving Facility or any Other Facility. At our request, you shall identify that portion of the Information Materials to be distributed to Public Lenders by clearly and conspicuously marking the same as "PUBLIC" (it being understood that you shall not otherwise be under any obligation to mark Information Materials as "PUBLIC").

5. <u>Fees</u>.

As consideration for the commitments of the Initial Lenders hereunder and the Lead Arrangers' agreement to perform the services described herein, you agree to pay (or cause to be paid) the fees set forth in the Fee Letter on the terms and subject to the conditions (including as to timing and amount) set forth therein. Once paid, such fees shall not be refundable under any circumstances, except as otherwise contemplated herein or by the Fee Letter or as otherwise separately agreed to in writing by you and us.

6. <u>Conditions Precedent</u>.

The commitments of the Initial Lenders hereunder to fund the Revolving Facility on the Closing Date and the Lead Arrangers' agreement to perform the services described herein are subject only to the express conditions set forth in <u>Exhibit C</u> hereto (the "***Funding Conditions***"), and upon satisfaction (or waiver by the Commitment Parties) of the Funding Conditions, the initial funding of the Revolving Facility shall occur; it being understood and agreed that there are no other conditions (implied or otherwise) to the commitments hereunder, including compliance with the terms of the Commitment Letter, the Fee Letter and the Revolving Facility Documentation.

7. <u>Indemnification; Expenses</u>.

You agree (a) to indemnify and hold harmless each of the Commitment Parties, their respective affiliates and controlling persons and the respective officers, directors, members, partners, employees, advisors, agents and representatives of each of the foregoing and their successors and permitted assigns (each, an "***Indemnified Person***" or a "***Commitment Party Related Person***") from and against any and all losses, claims, damages, liabilities and out-of-pocket expenses, joint or several, to which any such Indemnified Person may become subject arising out of, resulting from or in connection with any actual or threatened claim, dispute, litigation, investigation or proceeding relating to this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter (as defined in the Fee Letter), the Transactions or the Revolving Facility or any Other Facility or the use of proceeds thereof (any of the foregoing, an "***Action***"), regardless of whether any such Indemnified Person is a party thereto, whether or not such Action is brought by you, the Company, your equity holders, affiliates, creditors or any other person, and to reimburse each such Indemnified Person within 30 days after receipt of a written request together with reasonably detailed backup documentation for any reasonable out-of-pocket legal (limited to one counsel for all Indemnified Persons taken as a whole and, if reasonably necessary, a single local counsel for all Indemnified Persons taken as a whole in each relevant jurisdiction and, solely in the case of a conflict of interest, one additional counsel in each relevant jurisdiction to the affected Indemnified Persons similarly situated taken as a whole) or other reasonable out-of-pocket expenses incurred in connection with investigating, preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect to, any of the foregoing; *provided*, that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or expenses (i) to the extent resulting from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of its Related Indemnified Persons (as defined below), (ii) to the extent arising from a material breach of the obligations of such Indemnified Person or any of its Related Indemnified Persons under this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter or the Revolving Facility Documentation or (iii) to the extent arising from any dispute solely among Indemnified Persons other than any claims against any Commitment Party in its capacity or in fulfilling its role as an Administrative Agent or arranger or any similar role under any Facility and other than any claims arising out of any act or omission on the part of you or your affiliates (in the case of each of preceding clauses (i), (ii) and (iii) as determined by a court of competent jurisdiction in a final non-appealable judgment) and (b) to reimburse the Commitment Parties and each of their respective affiliates from time to time, upon presentation of a summary statement, together with any supporting documentation reasonably requested by you, for all reasonable and documented out-of-pocket expenses (including but not limited to out-of-pocket expenses of the Commitment Parties' due diligence investigation, syndication expenses and travel expenses but limited, in the case of legal expenses, to the reasonable fees, disbursements and other charges of counsel to the Lead Arrangers identified in this Commitment Letter and, if necessary, of a single local counsel to the Lead Arrangers identified in this Commitment Letter in each relevant jurisdiction), in each case incurred in connection with the Revolving Facility and any Other Facility and the preparation of this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter, the Revolving Facility Documentation and the definitive documentation for any Other Facility and any security arrangements in connection therewith (such expenses in this clause (b), collectively, the "***Expenses***"); *provided* that you shall not be required to reimburse any of the Expenses in the event the Closing Date does not occur. Notwithstanding any other provision of this Commitment Letter, (i) none of the Commitment Party Related Persons nor any other party hereto shall be liable for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent such damages are found in a final non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Persons, or any of its Related Indemnified Persons, as applicable, and (ii) neither (x) any Commitment Party Related Person nor (y) you (or any of your subsidiaries or affiliates) shall be liable for any indirect, special, punitive or consequential damages (with respect to you in the case of this clause (y), other than pursuant to the indemnification provisions of this Commitment Letter in respect of any such damages incurred or paid by an Indemnified Person to a third party) in connection with this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter, the Revolving Facility, any Other Facility, the Transactions (including the Revolving Facility and any Other Facility and the use of proceeds thereunder), or with respect to any activities related to the Revolving Facility and any Other Facility. You shall not be liable for any settlement of any Action effected without your prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with your written consent, you agree to indemnify and hold harmless each Indemnified Person in the manner set forth above. You shall not, without the prior written consent of the affected Indemnified Person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened Action in respect of which indemnity could be sought hereunder by such Indemnified Person unless such settlement (i) includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability or claims that are the subject matter of such Action and (ii) does not include any statement as to any admission of fault or culpability of such Indemnified Person. Notwithstanding the foregoing, each Indemnified Person (and its Related Indemnified Persons) shall be obligated to refund and/or return promptly any and all amounts paid by you or on your behalf under this paragraph to such Indemnified Person (or its Related Indemnified Persons) for any such losses, claims, damages, liabilities and expenses to the extent such Indemnified Person (or its Related Indemnified Persons) is not entitled to payment of such amounts in accordance with the terms hereof as determined by a court of competent jurisdiction in a final non-appealable judgment.

For purposes hereof, a "***Related Indemnified Person***" of an Indemnified Person means (1) any controlling person or controlled affiliate of such Indemnified Person, (2) the respective directors, officers, or employees of such Indemnified Person or any of its controlling persons or controlled affiliates and (3) the respective agents or representatives of such Indemnified Person or any of its controlling persons or controlled affiliates, in the case of this clause (3), acting on behalf of or at the instructions of such Indemnified Person, controlling person or such controlled affiliate; *provided* that each reference to a controlled affiliate, director, officer or employee in this sentence pertains to a controlled affiliate, director, officer or employee involved in the negotiation or syndication of this Commitment Letter and the Revolving Facility and any Other Facility.

8. <u>Sharing Information; Absence of Fiduciary Relationship; Affiliate Activities</u>.

You acknowledge that the Commitment Parties and their affiliates may be providing debt financing, equity capital or other services (including without limitation investment banking, commercial banking and financial advisory services, securities trading, hedging, financing and brokerage activities and financial planning and benefits counseling) to other companies in respect of which you or the Company may have conflicting interests. We will not furnish confidential information obtained from or on behalf of you or the Company by virtue of the transactions contemplated by this Commitment Letter or our other relationships with you or the Company to other companies (except as contemplated below in Section 12). You also acknowledge that we do not have any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you or the Company, confidential information obtained by us or any of our respective affiliates from other companies.

You further acknowledge and agree that (a) no fiduciary, advisory or agency relationship between you and your affiliates and the Commitment Parties and/or their affiliates is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether the Commitment Parties have advised or are advising you on other matters, (b) the Commitment Parties, on the one hand, and you, on the other hand, have an arm's-length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on the part of the Commitment Parties and you waive, to the fullest extent permitted by law, any claims you may have against us for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the Transactions and agree that we will have no liability (whether direct or indirect) to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on your behalf, including equity holders, employees or creditors, (c) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions contemplated by this Commitment Letter, (d) you have been advised that the Commitment Parties and their affiliates are engaged in a broad range of transactions that may involve interests that differ from your and your affiliates' interests and that the Commitment Parties have no obligation to disclose such interests and transactions to you or your affiliates, (e) you have consulted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate and (f) each Commitment Party has been, is and will be acting solely as a principal and, except as otherwise expressly agreed in writing by the relevant parties, has not been, is not and will not be acting as an advisor, agent or fiduciary for you, any of your affiliates or any other person or entity. In addition, the Commitment Parties may employ the services of their respective affiliates in providing certain services hereunder and may exchange with such affiliates in connection therewith information concerning you and the Company, and such affiliates shall be entitled to the benefits afforded to, and subject to the obligations of, the Commitment Parties under this Commitment Letter. You acknowledge and agree that we have not provided you with legal, tax or accounting advice and that you have obtained such independent advice from your own advisors, representatives and agents.

You further acknowledge that each Commitment Party and/or its affiliates is a full service securities firm engaged in securities trading and brokerage activities as well as providing investment banking, commercial banking and other financial services. In the ordinary course of business, each Commitment Party may provide investment banking, commercial banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, you, the Company and its subsidiaries and other companies with which you, the Company or its subsidiaries may have commercial or other relationships. With respect to any securities and/or financial instruments so held by the Commitment Parties, their affiliates or any of their respective customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

9. <u>Assignments; Amendments; Governing Law, Etc</u>.

This Commitment Letter and the commitments hereunder shall not be assignable by any party hereto (except (x) by you to one or more affiliates that are a "shell" company organized and existing under the laws of a State of the United States that consummates or intends to consummate the Acquisition or (y) in connection with any other assignment that occurs as a matter of law pursuant to, or otherwise substantially simultaneously with the closing of the Acquisition in accordance with the Acquisition Agreement without the prior written consent of each other party hereto (and any attempted assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto (and Indemnified Persons), is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Commitment Party Related Persons) and is not intended to create a fiduciary relationship among the parties hereto. Subject to the limitations set forth in Section 3, any and all services to be provided by the Commitment Parties hereunder may be performed by or through any of their respective affiliates or branches. This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by the Commitment Parties and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or by ".pdf" or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing applies to any amendment, extension or renewal of this Commitment Letter. Section headings used herein are for convenience of reference only, are not part of this Commitment Letter and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter. This Commitment Letter, together with the Fee Letter, supersedes all prior understandings, whether written or oral, among us with respect to the Revolving Facility and sets forth the entire understanding of the parties hereto with respect thereto. THIS COMMITMENT LETTER, AND ANY CLAIM, CONTROVERSY OR DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING UNDER OR RELATED TO THIS COMMITMENT LETTER, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; *PROVIDED* THAT, NOTWITHSTANDING ANYTHING IN THE FOREGOING TO THE CONTRARY, IT IS UNDERSTOOD AND AGREED THAT ANY DETERMINATIONS AS TO (<u>A</u>) WHETHER ANY REPRESENTATIONS AND WARRANTIES MADE BY OR ON BEHALF OF, OR WITH RESPECT TO, THE COMPANY OR ANY OF ITS SUBSIDIARIES IN THE ACQUISITION AGREEMENT HAVE BEEN BREACHED, (<u>B</u>) WHETHER YOU (AND ANY OF YOUR AFFILIATES THAT IS A PARTY TO THE ACQUISITION AGREEMENT) CAN TERMINATE YOUR (AND THEIR) OBLIGATIONS UNDER THE ACQUISITION AGREEMENT (OR OTHERWISE DECLINE TO CONSUMMATE THE ACQUISITION), IN EACH CASE, WITHOUT LIABILITY TO ANY OF YOU OR ANY OF YOUR AFFILIATES, (<u>C</u>) WHETHER A COMPANY MATERIAL ADVERSE EFFECT (AS DEFINED IN THE ACQUISITION AGREEMENT) HAS OCCURRED, AND (<u>D</u>) WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT, SHALL, IN EACH CASE, BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICT OR CHOICE OF LAW PRINCIPLES THEREOF.

10. <u>WAIVER OF JURY TRIAL</u>.

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THE ACQUISITION OR THIS COMMITMENT LETTER, THE FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

11. <u>Jurisdiction</u>.

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America, in each case, sitting in the Borough of Manhattan in the City of New York, and any appellate court from any thereof, as to any action or proceeding (whether based upon contract, tort or otherwise) arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby in any court in which such venue may be laid in accordance with clause (a) of this sentence, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Service of any process, summons, notice or document by registered mail or overnight courier addressed to any of the parties hereto at the addresses set forth above shall be effective service of process against such party for any suit, action or proceeding brought in any such court.

12. <u>Confidentiality</u>.

This Commitment Letter is delivered to you on the understanding that none of this Commitment Letter, the Fee Letter, the Original Commitment Letter or the Original Fee Letter or their terms or substance shall be disclosed, directly or indirectly, to any other person or entity (including other lenders, underwriters, placement agents, advisors or any similar persons) except (a) to the Investors and to your and their respective officers, directors, employees, affiliates, members, partners, stockholders, attorneys, accountants, agents and advisors who are directly involved in the consideration of the Transactions (and then only on a confidential and need to know basis), (b) if the Commitment Parties consent to such proposed disclosure, (c) this Commitment Letter and the Original Commitment Letter may be disclosed as may be required by the rules, regulations, schedules and forms of the Securities and Exchange Commission (the "***SEC***") in connection with any filings with the SEC in connection with the Transactions or (d) pursuant to the order of any court or administrative agency in any pending legal or administrative proceeding, or otherwise as required by applicable law, regulation, compulsory legal process or as requested by a governmental authority (in which case you agree to inform us promptly thereof to the extent practicable and so long as you are lawfully permitted to do so); *provided* that (i) in connection with the Transactions, you may disclose this Commitment Letter and the Original Commitment Letter and the contents thereof and, on a redacted basis in a manner reasonably acceptable to the Commitment Parties, the Fee Letter and the Original Fee Letter and the contents thereof to (x) the Company and its officers, directors, employees, attorneys, accountants, agents and advisors, on a confidential basis and (y) the direct or indirect equity holders of the Company and their respective officers, directors, employees, affiliates, members, partners, stockholders, attorneys, accountants, agents and advisors, on a confidential basis, (ii) you may disclose the aggregate fee amounts (including upfront fees and original issue discount) payable under the Fee Letter as part of generic disclosure regarding sources and uses (but without disclosing any specific fees, flex or other economic terms set forth therein) in connection with any syndication of the Revolving Facility and any Other Facility or any prospectus or offering memorandum related to the Senior Notes as part of a disclosure of overall transaction fees and expenses (not limited to fees associated with the Revolving Facility or any Other Facility) to the Company and its subsidiaries and their respective equity holders, officers, directors, employees, attorneys, accountants, agents and advisors, (iii) you may disclose to the Company's auditors the Fee Letter and the contents thereof after the Closing Date for customary accounting purposes, including accounting for deferred financing costs, (iv) you may disclose the Term Sheet and the existence of this Commitment Letter and the Original Commitment Letter to any rating agency in connection with the Transactions and (v) you may disclose the Term Sheet and the existence of this Commitment Letter and the Original Commitment Letter and the contents hereof and thereof (but, for the avoidance of doubt, not the Fee Letter nor the Original Fee Letter nor the contents thereof) in any syndication of the Revolving Facility or Other Facility or in any proxy statement or other public filing in connection with the Acquisition; *provided*, *further*, that the foregoing restrictions shall cease to apply in respect of the existence and contents of this Commitment Letter and the Original Commitment Letter (but not in respect of the Fee Letter or the Original Fee Letter and their fees and substance) on the date that is two years following the date of the Original Commitment Letter.

Each Commitment Party, on behalf of itself and its affiliates, agrees that it will use all non-public information provided to it or its affiliates by or on behalf of you hereunder solely for the purpose of providing the services which are the subject of this Commitment Letter and shall treat confidentially all such information and the terms and contents of this Commitment Letter, the Original Commitment Letter, the Fee Letter, the Original Fee Letter and the Revolving Facility Documentation and shall not publish, disclose or otherwise divulge such information; *provided* that nothing herein shall prevent a Commitment Party or its affiliates who are providing services hereunder from disclosing any such information (a) pursuant to the order of any court or administrative agency or otherwise as required by applicable law, regulation, compulsory legal process or as requested by a governmental authority (in which case such Commitment Party, to the extent practicable and so long as you are permitted by law and except in connection with any order or request as part of a regulatory examination or audit, agrees to inform you promptly thereof), (b) upon the request or demand of any regulatory authority (including any self-regulatory authority) having jurisdiction over such Commitment Party or any of its affiliates (in which case such Commitment Party agrees to inform you promptly thereof prior to such disclosure to the extent practicable, unless such Commitment Party is prohibited by applicable law from so informing you, or except in connection with any request as part of a regulatory examination or audit), (c) to the extent that such information becomes publicly available other than by reason of disclosure by such Commitment Party or any of its affiliates in violation of this paragraph, (d) to the extent that such information is received by such Commitment Party from a third party that is not to such Commitment Party's knowledge subject to confidentiality obligations to you or the Company, (e) to the extent that such information is independently developed by such Commitment Party or its affiliates, in each case, without reference to any confidential information provided to it or them by or on behalf of you, (f) to such Commitment Party's affiliates and its and their officers, directors, employees, legal counsel, independent auditors and other experts, professionals, advisors or agents (collectively, the "***Representatives***") who need to know such information in connection with the Transactions and are informed of the confidential nature of such information (*provided* that no such disclosure shall be made by the Commitment Parties, their respective affiliates or any of its or their respective Representatives to any (x) affiliates that are engaged as principals primarily in private equity, mezzanine financing or venture capital, (y) individuals who are engaged directly or indirectly in the sale of the Company and its subsidiaries as representatives of the Company (other than, in each case, such persons engaged by the Company as part of the Company's transaction and other than a limited number of senior employees who are required, in accordance with industry regulations or such Commitment Party's internal policies and procedures to act in a supervisory capacity and the Commitment Parties' internal legal, compliance, conflicts, risk management, credit or investment committee members) (collectively, the "***Excluded Parties***") or (z) Disqualified Institutions), (g) to prospective Lenders, participants or assignees or, with the prior consent of the Borrower, any potential counterparty to any swap or derivative transaction relating to the Borrower or any of its subsidiaries or any of their respective obligations (in each case, other than a Disqualified Institution); *provided* that such disclosure shall be made subject to the acknowledgment and acceptance by such prospective Lender, participant, assignee or counterparty, on behalf of itself and its Representatives, that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and the Commitment Parties, including, without limitation, as set forth in any Information Materials) in accordance with the standard syndication process of the Commitment Parties or market standards for dissemination of such type of information which in the case of any electronic access shall in any event require "click through" or other affirmative action on the part of the recipient to access such confidential information, (h) for purposes of establishing a "due diligence" defense, (i) subject to your prior approval of the information to be disclosed, information supplied on a customary basis to rating agencies in connection with obtaining a rating required pursuant to this Commitment Letter and/or the Revolving Facility Documentation or (j) with your prior written consent. In addition, each Commitment Party may disclose the existence of the Revolving Facility and the information about the Revolving Facility and any Other Facility to market data collectors, similar service providers to the lending industry and service providers to the Commitment Parties in connection with the administration and management of the Revolving Facility and any Other Facility. Each Commitment Party's obligations under this paragraph shall automatically terminate and be superseded by the confidentiality provisions in the definitive documentation relating to the Revolving Facility and any Other Facility, as applicable, upon the execution and delivery of the definitive documentation therefor and in any event shall terminate two years from the Original Signing Date. A Commitment Party shall be principally liable to the extent any confidentiality restrictions set forth herein are violated by one or more of its affiliates or any of its or their Representatives to whom such Commitment Party has disclosed information pursuant to clause (f) in the proviso in the first sentence of this paragraph.

Nothing in this Commitment Letter prohibits any party or individual from making a good faith reporting of or otherwise communicating or disclosing possible violations of law or regulation to any governmental agency or entity, regulatory or self-regulatory authority or making other disclosure under whistleblower laws or regulations, in each case without any notification to any person.

13. <u>Surviving Provisions</u>.

The provisions of this Section 13 and the indemnification, confidentiality, jurisdiction, service of process, venue, governing law, absence of advisory or fiduciary duty and waiver of jury trial, information and syndication provisions contained herein and the fees and governing law provisions contained in the Fee Letter shall remain in full force and effect regardless of whether definitive financing documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the Initial Lenders' commitments hereunder and the Lead Arrangers' agreements to provide the services described herein; *provided* that your obligations under this Commitment Letter, other than those relating to confidentiality, information and the syndication of the Revolving Facility, shall automatically terminate and, to the extent covered thereby, be superseded by the definitive documentation relating to the Revolving Facility upon the initial funding under the Revolving Facility, and you shall be released from all liability in connection therewith at such time. You may terminate this Commitment Letter and/or, on a pro rata basis, the Initial Lenders' commitments with respect to the Revolving Facility (or any portion thereof) hereunder at any time subject to the provisions of the preceding sentence.

14. <u>Patriot Act Notification and Beneficial Ownership Regulation</u>.

We hereby notify you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (as amended, the "***Patriot Act***") and 31 C.F.R. § 1010.230 (as amended, the "***Beneficial Ownership Regulation***"), each Commitment Party and each Lender is required to obtain, verify and record information that identifies the Borrower and each Guarantor, which information includes the name, address, tax identification number and other information regarding the Borrower and each such Guarantor that will allow such Commitment Party or such Lender to identify the Borrower and each such Guarantor in accordance with the Patriot Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the Patriot Act and the Beneficial Ownership Regulation and is effective as to the Commitment Parties and each Lender.

15. <u>Acceptance and Termination</u>.

This Commitment Letter and the Fee Letter shall become effective upon execution and delivery by all parties hereto and thereto, respectively. This Commitment Letter and the commitments and undertakings of the Commitment Parties hereunder shall automatically terminate (a) in the event that the initial borrowing in respect of the Revolving Facility does not occur on or before 5:00 p.m., New York City time on the date that is 5 business days after the Outside Date (as defined in, and as may be extended pursuant to, the Acquisition Agreement as in effect on the Original Signing Date), unless each of the Commitment Parties shall, in their discretion, agree to an extension, or (b) if earlier, upon either (i) the valid termination of the Acquisition Agreement in accordance with its terms prior to the closing of the Acquisition or (ii) the consummation of the Acquisition with or without the use of the Revolving Facility (unless the Commitment Parties have failed to fund in breach of their obligations hereunder); *provided* that the termination of any commitment pursuant to this sentence does not prejudice our or your rights and remedies in respect of any breach of this Commitment Letter.

Each of the parties hereto agrees that this Commitment Letter and the Fee Letter are a binding and enforceable agreement with respect to the subject matter contained herein and therein, including an agreement to negotiate in good faith the Revolving Facility Documentation by the parties hereto in a manner consistent with this Commitment Letter and the Fee Letter, it being acknowledged and agreed that the commitments provided hereunder by the Commitment Parties are subject only to the Funding Conditions, including the execution and delivery of the Revolving Facility Documentation (which shall be negotiated in good faith as required by the Documentation Principles) and upon satisfaction (or waiver by the Commitment Parties) thereof, the initial funding of the Revolving Facility shall occur.

[*Remainder of this page intentionally left blank*]

The Commitment Parties are pleased to have been given the opportunity to assist you in connection with the financing for the Acquisition.

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| | | |
|:---|:---|:---|
| Very truly yours, | Very truly yours, | Very truly yours, |
| JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. |
| By | /s/ Gerardo Loera | /s/ Gerardo Loera |
|  | Name: | Gerardo Loera |
|  | Title: | Managing Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | | |
|:---|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| By | /s/ Jordan Harris | /s/ Jordan Harris |
|  | Name: | Jordan Harris |
|  | Title: | Managing Director |
| WELLS FARGO SECURITIES LLC | WELLS FARGO SECURITIES LLC | WELLS FARGO SECURITIES LLC |
| By | /s/ Dan Morris | /s/ Dan Morris |
|  | Name: | Dan Morris |
|  | Title: | Managing Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | |
|:---|:---|
| BANK OF AMERICA, N.A. | BANK OF AMERICA, N.A. |
| By | /s/ Lex Maultsby |
| Name: | Lex Maultsby |
| Title: | Managing Director |
| BOFA SECURITIES, INC. | BOFA SECURITIES, INC. |
| By | /s/ Lex Maultsby |
| Name: | Lex Maultsby |
| Title: | Managing Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | |
|:---|:---|
| DEUTSCHE BANK AG NEW YORK BRANCH | DEUTSCHE BANK AG NEW YORK BRANCH |
| By | /s/ Sandeep Desai |
| Name: | Sandeep Desai |
| Title: | Managing Director |
| By | /s/ Taylor Pulling |
| Name: | Taylor Pulling |
| Title: | Director |
| DEUTSCHE BANK SECURITIES INC. | DEUTSCHE BANK SECURITIES INC. |
| By | /s/ Sandeep Desai |
| Name: | Sandeep Desai |
| Title: | Managing Director |
| By | /s/ Taylor Pulling |
| Name: | Taylor Pulling |
| Title: | Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | |
|:---|:---|
| TRUIST BANK | TRUIST BANK |
| By | /s/ Ron Caldwell |
| Name: | Ron Caldwell |
| Title: | Managing Director |
| TRUIST SECURITIES, INC. | TRUIST SECURITIES, INC. |
| By | /s/ Ron Caldwell |
| Name: | Ron Caldwell |
| Title: | Managing Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | |
|:---|:---|
| ROYAL BANK OF CANADA | ROYAL BANK OF CANADA |
| By | /s/ Sean Young |
| Name: | Sean Young |
| Title: | Authorized Signatory |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | |
|:---|:---|
| THE BANK OF NOVA SCOTIA | THE BANK OF NOVA SCOTIA |
| By | /s/ Andreas Pierroutsakos |
| Name: | Andreas Pierroutsakos |
| Title: | Managing Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | |
|:---|:---|
| MIZUHO BANK, LTD. | MIZUHO BANK, LTD. |
| By | /s/ Seth Nadler |
| Name: | Seth Nadler |
| Title: | Managing Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | |
|:---|:---|
| CAPITAL ONE, NATIONAL ASSOCIATION | CAPITAL ONE, NATIONAL ASSOCIATION |
| By | /s/ James J. Alfonso |
| Name: | James J. Alfonso |
| Title: | Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | |
|:---|:---|
| PNC BANK, NATIONAL ASSOCIATION | PNC BANK, NATIONAL ASSOCIATION |
| By | /s/ Jack Broeren |
| Name: | Jack Broeren |
| Title: | Executive Vice President |
| PNC CAPITAL MARKETS LLC | PNC CAPITAL MARKETS LLC |
| By | /s/ William Bobrow |
| Name: | William Bobrow |
| Title: | Managing Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | |
|:---|:---|
| FIFTH THIRD BANK, NATIONAL ASSOCIATION | FIFTH THIRD BANK, NATIONAL ASSOCIATION |
| By | /s/ Andrew Healy |
| Name: | Andrew Healy |
| Title: | Director |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

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| | | |
|:---|:---|:---|
| Accepted and agreed to as of | Accepted and agreed to as of | Accepted and agreed to as of |
| the date first above written: | the date first above written: | the date first above written: |
| STALLION INTERMEDIATE CORPORATION | STALLION INTERMEDIATE CORPORATION | STALLION INTERMEDIATE CORPORATION |
| By | /s/ Ting Gu | /s/ Ting Gu |
|  | Name: | Ting Gu |
|  | Title: | Vice President and Secretary |

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[SIGNATURE PAGE TO COMMITMENT LETTER]

**<u>Schedule 1</u>**

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| | |
|:---|:---|
| **Commitment Party** | **Facility** |
| JPMCB | 14.5833334% |
| WF Bank | 12.9166668% |
| BANA | 10.0000000% |
| DBNY | 10.0000000% |
| Truist | 10.0000000% |
| RBC | 8.3333333% |
| Scotia | 8.3333333% |
| Mizuho | 8.3333333% |
| Capital One | 5.8333333% |
| PNC | 5.8333333% |
| Fifth Third | 5.8333333% |
| **Total** | **100.0000000%** |

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EXHIBIT A

<u>Project Stallion<br> $1,000 Million Senior Secured Revolving Loan Facility</u>

<u>Transaction Description</u><sup>1</sup>

It is intended that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to and subject to the terms and conditions set forth in the Acquisition Agreement, Stallion MergerSub Corporation, a Delaware corporation and newly formed subsidiary of Newco, will merge with and into the Company, with the Company surviving as a wholly owned direct or indirect subsidiary of Newco. Newco will directly or indirectly acquire (the "***Acquisition***") the Borrower pursuant to the Acquisition Agreement and, upon consummation of the Acquisition, the Borrower shall become a wholly owned subsidiary of Newco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Newco (or one of its subsidiaries) will, at its option, either (i) issue an aggregate principal amount of its senior notes (the "***Senior Notes***") generating up to $1,000,000,000 in gross proceeds in a Rule 144A or other private placement or (ii) to the extent Newco or its subsidiary, as applicable, does not receive such amount of gross proceeds of the Senior Notes on or prior to the Closing Date (as defined below), obtain up to $1,000,000,000 (less the gross proceeds from the Senior Notes issued on the Closing Date) of commitments to provide senior secured increasing rate loans (the "***Revolving Loans***") under a new senior secured credit facility (the "***Revolving Facility***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Investors will directly or indirectly contribute to Newco an aggregate amount of cash equity (which, in respect of any equity other than common stock, shall be on terms reasonably acceptable to the Lead Arrangers) (collectively, the "***Equity Contribution***") that, when aggregated with the amount of rollover equity of existing shareholders of the Company, represents not less than 25% of the sum of (1) the aggregate gross proceeds of the loans borrowed under the Revolving Facility and any Other Facility, (2) the aggregate principal amount of other indebtedness for borrowed money of the Company and its subsidiaries on a consolidated basis outstanding on the Closing Date immediately after giving effect to the Transactions, (3) the aggregate gross proceeds of the Senior Notes issued and (4) the amount of such cash equity contributed, in each case on the Closing Date (such sum, the "***Funded Capitalization***").

The transactions described above, together with the transactions related thereto, are collectively referred to herein as the "***Transactions***". This <u>Exhibit A</u>, the Revolving Facility Term Sheet and the Additional Conditions Precedent attached hereto as <u>Exhibit C</u> are collectively referred to herein as the "***Term Sheet***". The Revolving Facility Documentation is referred to herein as the "***Revolving Facility Documentation****.*" For purposes of this Commitment Letter, "***Closing Date***" shall mean the date of the initial funding under the Revolving Facility and/or the date on which the proceeds of the Senior Notes or any Other Facility are used to fund a portion of the consideration in connection with the Acquisition and the consummation of the Acquisition.

<sup>1</sup> All capitalized terms used but not defined herein have the meanings given to them in the Commitment Letter to which this Exhibit is attached, including the Exhibits thereto. In the event any such capitalized term is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit shall be determined by reference to the context in which it is used.

EXHIBIT B

<u>Project Stallion<br> $1,000 Million Senior Secured Revolving Loan Facility<br> Summary of Principal Terms and Conditions</u><sup>2</sup>

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| | |
|:---|:---|
| <u>Borrower</u>: | Select Medical Corporation, a Delaware corporation |
| <u>Administrative Agent</u>: | JPMCB will act as sole and exclusive administrative agent (in such capacity, the "***Administrative Agent***") for a syndicate of banks, financial institutions and institutional lenders excluding any Disqualified Institutions and otherwise reasonably acceptable to the Borrower (together with the Initial Lenders, the "***Lenders***") and will perform the duties customarily associated with such role. |
| <u>Bookrunners and Lead Arrangers</u>: | JPMCB,WF Securities, BAS, DBSI, Truist Securities, RBC, Scotia, Mizuho, Capital One, Fifth Third and PNC Capital Markets will act as joint lead arrangers for the Revolving Facility (the "***Lead Arrangers***") and as joint bookrunners, and will perform the duties customarily associated with such roles. |
| <u>Revolving Loans</u>: | Senior Secured Increasing Rate Bridge Loans (the "***Revolving Loans***") in an aggregate principal amount outstanding at any time not to exceed the amount of the Commitments (as defined below). |
| <u>Uses of Proceeds</u>: | The proceeds of the Revolving Loans will be used by the Borrower on the Closing Date, together with the proceeds of the Equity Contribution, cash on hand of the Company and its subsidiaries and the Senior Notes (if any) and any Other Facility (if any), solely to pay the consideration for the Acquisition and to pay fees, costs and expenses related to the Transactions. Proceeds of Revolving Loans funded after the Closing Date will be used for general corporate purposes. |
| <u>Principal Amount</u>: | On the Closing Date, $1,000 million of revolving commitments (the "***Commitments***") minus the gross proceeds from (i) any issuance of the Senior Notes issued on or prior to the Closing Date and (ii) borrowings under any Other Facility established following the date of the Commitment Letter and on or prior to the Closing Date; *provided* that any amount of the Commitments that is not funded on the Closing Date shall terminate on the Closing Date such that, after giving effect to the funding of Revolving Loans on the Closing Date and any such termination, the aggregate principal amount of Commitments outstanding on the Closing Date shall equal the aggregate principal amount of Revolving Loans funded on the Closing Date. Revolving Loans may be borrowed and prepaid from time to time on or after the Closing Date so long as after giving effect to any borrowing of Revolving Loans, the aggregate principal amount of Revolving Loans does not exceed the aggregate principal amount of Commitments then in effect |

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<sup>2</sup> All capitalized terms used but not defined herein have the meanings given to them in the Commitment Letter to which this Term Sheet is attached, including the Exhibits thereto. In the event any such capitalized term is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit shall be determined by reference to the context in which it is used.

EXHIBIT B

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| | |
|:---|:---|
| <u>Security</u>: | All obligations of the Borrower and the Guarantors under the Revolving Facility (the "***Revolving Facility Obligations***") will constitute senior secured indebtedness of the Borrower and the Guarantors and will be secured on a *pari passu* basis by all assets of the Borrower and the Guarantors (collectively, the "***Collateral***") that secure obligations under the Existing Credit Agreement (together with any secured indebtedness refinancing the Existing Credit Agreement, the "***Credit Agreement***"); *provided* that Mortgaged Property (as defined in the Credit Agreement) located in a special flood hazard area shall not constitute Collateral unless such property is covered by all insurance required to be maintained in connection therewith pursuant to Section 5.07(b) of the Credit Agreement. Any lien on any Collateral securing the Revolving Facility will be automatically released upon the release of the corresponding liens securing the Credit Agreement (other than upon payment in full thereof). The relative rights of the secured parties under the Revolving Facility and the secured parties under the Credit Agreement will be set forth in a First Lien Intercreditor Agreement (as defined in the Existing Credit Agreement) in form reasonably satisfactory to the Borrower and the Administrative Agent. |
| <u>Guarantees</u>: | Select Medical Holdings Corporation ("***Holdings***") and each subsidiary of the Borrower that is a guarantor under the Credit Agreement (the "***Subsidiary Guarantors***" and, together with Holdings, the "***Guarantors***") will jointly and severally guarantee the Revolving Facility Obligations on a senior secured basis. Any guarantee will be automatically released upon the release of the corresponding guarantee under the Credit Agreement (other than upon payment in full thereof). |
| <u>Interest Rates</u>: | Interest for the first three-month period commencing on the Closing Date shall be payable in respect of Revolving Loans at (a) Term SOFR (as defined below) plus (b) 275 basis points (the "***Initial Margin***"). On the date that is one month after the Closing Date, such spread over Term SOFR will increase by 50 basis points and shall increase by an additional 50 basis points at the end of each month thereafter so long as the Revolving Loans are outstanding.<br>"***Term SOFR***" means the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days (as defined in the Existing Credit Agreement) prior to the first day of the interest period for a three month interest period as such rate is published by the CME Term SOFR Administrator (as defined in the Existing Credit Agreement); *provided* that in no event shall Term SOFR be less than 0%.<br>Notwithstanding anything to the contrary set forth above, at no time shall the per annum interest rate on the Revolving Loans exceed the Total Cap (as defined in the Fee Letter). |
|  | Interest on the Revolving Loans will be calculated based on a year of 360 days and shall be payable for the actual number of days elapsed. |

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EXHIBIT B

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| | |
|:---|:---|
| <u>Interest Payments</u>: | Interest on the Revolving Loans will be payable in cash, quarterly in arrears on the last day of each interest period. |
| <u>Commitment Fees:</u> | An undrawn commitment fee will accrue on the average daily amount by which the aggregate Commitments exceed the aggregate principal amount of outstanding Revolving Loans at a per annum rate (calculated based on a year of 360 days and payable for the actual number of days elapsed) at the Commitment Fee Rate (as defined in the Fee Letter). Such commitment fee shall be due and payable quarterly in arrears on the 15<sup>th</sup> day following the last day of each calendar quarter. |
| <u>Default Rate</u>: | The applicable interest rate plus 2.0% on overdue amounts. |
| <u>Maturity</u>: | The Revolving Loans will mature on December 3, 2031. |
| <u>Mandatory Prepayments</u>: | Same as in the Existing Credit Agreement. |
| <u>Optional Reductions of Commitments and Prepayments</u>: | The Revolving Loans may be voluntarily prepaid and the unutilized portion of the Commitments may be voluntarily reduced at any time, in whole or in part, at the option of the Borrower and without premium or penalty upon not less than three business days' prior written notice, subject to, in the case of prepayment of Revolving Loans, payment of accrued and unpaid interest and applicable breakage costs; *provided* that the Borrower shall not reduce the Commitments to the extent that after giving effect to such reduction and any related prepayment of Revolving Loans, the aggregate principal amount of outstanding Revolving Loans would exceed the aggregate principal amount of Commitments. |
| <u>Right to Resell Revolving Loans</u>: | Each Lender shall have the right to resell or assign the Commitments and Revolving Loans held by it in compliance with applicable law to any third party at any time (other than to any Disqualified Institution that has been identified to all Lenders or natural persons), in consultation with (but without the consent of) the Borrower but, in the case of any assignment to any party that is not an existing Lender, with the consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed); *provided* that, for the twelve month period commencing on the Closing Date, unless a payment or bankruptcy event of default has occurred and is continuing, the consent of the Borrower (not to be unreasonably withheld, conditioned or delayed) shall be required with respect to any assignment that would result in the Initial Lenders holding less than a majority of the aggregate outstanding principal amount of the Commitments and Revolving Loans.<br>The Lenders will be permitted to sell participations in the Commitments and Revolving Loans without restriction (other than to any Disqualified Institution to the extent the list of Disqualified Institutions has been made available to all Lenders). Voting rights of participants shall be limited to matters in respect of (a) reductions of principal, interest or fees of the commitments participated to such participants, (b) extensions of final maturity of the Revolving Loans, (c) releases of all or substantially all the guarantors or all or substantially all of the Collateral or subordination of the Revolving Facility Obligations or the liens on all or substantially all of the Collateral to any other indebtedness or liens securing such indebtedness, as applicable and (d) changes in voting provisions. Participants will have customary rights with respect to yield protection and increased costs. |

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EXHIBIT B

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| | |
|:---|:---|
| <u>Conditions Precedent to Initial Borrowing of Revolving Loans</u>: | Subject to the Certain Funds Provision, the borrowing of the Revolving Loans on the Closing Date will be subject only to the conditions precedent set forth in Section 6 of the Commitment Letter and <u>Exhibit C</u> thereto. |
| <u>Conditions Precedent to Borrowing of Revolving Loans following the Closing Date</u>: | Any borrowing of Revolving Loans following the Closing Date will be subject to conditions consistent with those set forth in Section 4.02 of the Existing Credit Agreement. |
| <u>Revolving Facility Documentation</u>: | The definitive documentation relating to the Revolving Loans (the "***Revolving Facility Documentation***") shall (i) be consistent with this Term Sheet and shall contain only those payments, conditions to borrowing, mandatory prepayments, representations, warranties, covenants and events of default expressly set forth in this <u>Exhibit B</u> applicable to the Borrower and its restricted subsidiaries (and, in certain cases consistent with the Existing Credit Agreement, Holdings), be usual and customary for facilities of such kind with high yield style covenants and be based on the Borrower's Indenture (the "***Existing Indenture***"), dated as of December 3, 2024, by and among the Borrower, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, with modifications based on the Existing Credit Agreement to reflect the secured nature of the Revolving Facility (including the same maturity requirements for other indebtedness and same pari passu secured debt capacity as are applicable under the Existing Credit Agreement as in effect on the date of the Commitment Letter) and the Revolving Facility's nature as a credit agreement and to reflect the financial maintenance covenant applicable to the revolving credit facility under the Existing Credit Agreement and to eliminate the ability to treat the issuance of preferred stock of a subsidiary as an asset sale, (ii) reflect the operational and strategic requirements of the Borrower and its subsidiaries in light of their size, geographic locations, industries, businesses and business practices, operations, financial accounting, matters disclosed in the Acquisition Agreement and the proposed business plan, (iii) be subject to materiality qualifications and other exceptions that give effect to and/or permit the Transactions, (iv) reflect reasonable administrative, agency and operational requirements of the Administrative Agent and (v) be negotiated in good faith to finalize the Revolving Facility Documentation, giving effect to the Certain Funds Provision (as defined in the Commitment Letter), as promptly as reasonably practicable (collectively, the "***Documentation Principles***"). Standards, qualifications, thresholds, exceptions, "baskets" and grace and cure periods shall be consistent with the Documentation Principles. Counsel for the Borrower shall initially draft the Revolving Facility Documentation consistent with the Documentation Principles. |

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EXHIBIT B

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| | |
|:---|:---|
| <u>Representations and Warranties</u>: | The Revolving Facility Documentation will contain representations and warranties relating to the Borrower and its restricted subsidiaries (and, where applicable, Holdings) as are substantially similar to those for the Existing Credit Agreement, with modifications customary for Revolving Loan financings of this type to the extent necessary to reflect differences in documentation (and in any event such representations and warranties shall not be more restrictive to the Borrower than those set forth in the Existing Credit Agreement). |
| <u>Covenants</u>: | The Revolving Facility Documentation will contain such affirmative covenants as are customary for Revolving Loan financings of this type and substantially similar to those in the Existing Indenture (with modifications consistent with the Existing Credit Agreement to the extent relevant to the secured nature of the Revolving Facility), and the Revolving Facility Documentation will contain incurrence-based negative covenants customary for high yield senior secured debt securities (but in any event no more restrictive to the Borrower than those in the Existing Indenture and the Existing Credit Agreement). |
| <u>Events of Default</u>: | The Revolving Facility Documentation will contain such events of default (including notice and grace periods) as are customary for high yield senior secured debt securities (but in any event no less favorable to the Borrower than those in the Existing Credit Agreement), consisting of nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; change of control; cross acceleration and cross payment default to other indebtedness subject to a threshold amount; bankruptcy events or other insolvency events; material monetary judgments subject to a threshold amount; and invalidity (actual or asserted in writing by the Borrower or any Guarantor) of material guarantees or collateral.<br>Events of Default shall be subject to customary materiality qualifiers, "baskets", grace periods and other exceptions consistent with the Documentation Principles. |
| <u>Voting</u>: | Amendments and waivers of the Revolving Facility Documentation will require the approval of Lenders holding more than 50% of the aggregate principal amount of the Commitments and Revolving Loans, except that the consent of each Lender directly adversely affected thereby shall be required with respect to (a) reductions of principal, interest or fees payable to such Lender, (b) extensions of final maturity of the Revolving Loans of such Lender or the due date of any interest or fee payment, (c) releases of all or substantially all of the guarantors or all or substantially all of the Collateral or subordination of the Revolving Facility Obligations or the liens on all or substantially all of the Collateral to any other indebtedness or liens securing such indebtedness, as applicable and (d) changes in voting thresholds. |
| <u>Cost and Yield Protection</u>: | Customary for financings of this kind, it being agreed that the documentation will provide customary provisions regarding withholding and other tax liabilities and that the gross-up obligations shall not apply to U.S. federal withholding taxes imposed by Sections 1471 through 1474 of the Internal Revenue Code as of the Closing Date (and any amended or successor provisions that are substantively comparable and not materially more onerous to comply with) and any regulations promulgated thereunder or guidance issued or intergovernmental agreements entered into pursuant thereto. |

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EXHIBIT B

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| | |
|:---|:---|
| <u>Expenses and Indemnification</u>: | The Borrower shall pay or reimburse (a) if the Closing Date occurs, all reasonable and documented out-of-pocket expenses of the Administrative Agent and the Lead Arrangers (within 30 days after receipt of a written demand therefor, together with reasonably detailed backup documentation supporting such reimbursement request) associated with the syndication of the Revolving Loans and the preparation, execution, delivery and administration of the Revolving Facility Documentation and any amendment or waiver with respect thereto (but limited, in the case of legal fees and expenses, to the reasonable documented and out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent and the Lead Arrangers identified in the Commitment Letter taken as a whole and, if reasonably necessary, of one local counsel to the Administrative Agent and the Lead Arrangers identified in the Commitment Letter taken as a whole in any relevant jurisdiction and, in the event that the Administrative Agent or any Lead Arranger is advised by counsel that there are conflicts of interest, one additional counsel in each relevant jurisdiction for each group of similarly situated parties taken as a whole) and (b) if the Closing Date occurs, all reasonable and documented out-of-pocket expenses of the Administrative Agent and the Lenders within 30 days after the receipt of a written demand therefor, together with reasonably detailed backup documentation supporting such reimbursement request (but limited, in the case of legal fees and expenses, to the reasonable documented and out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent and the Lenders taken as a whole, and, if reasonably necessary, of one local counsel to the Administrative Agent and the Lenders taken as a whole in any relevant jurisdiction) incurred in connection with the enforcement of any rights or remedies under the Revolving Facility Documentation or protection of rights thereunder. |

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EXHIBIT B

The Administrative Agent, the Lead Arrangers and the Lenders (and their affiliates and their respective officers, directors, members, partners, employees, advisors, agents and other representatives) (each, an "***indemnified person***") will be indemnified for and held harmless against, any losses, claims, damages, or other liabilities of any kind or out-of-pocket expenses (but limited, in the case of legal fees and expenses, to the reasonable documented and out-of-pocket fees, disbursements and other charges of one counsel to the indemnified persons taken as a whole and, in the case an indemnified person is advised by counsel that there is a conflict of interest, one additional counsel in each relevant jurisdiction to each similarly affected group of indemnified persons taken as a whole, and, if reasonably necessary, one local counsel to all indemnified persons taken as a whole in any relevant jurisdiction) incurred in connection with, or as a result of, the performance by the parties to the Revolving Facility Documentation, the performance of the parties to the Revolving Facility Documentation of their respective obligations thereunder or the consummation of the transactions contemplated thereby, any Revolving Loan or the use or the proposed use of proceeds thereof, or any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, except to the extent they arise from (i) the gross negligence, bad faith or willful misconduct of, or material breach of any obligations under any of the Revolving Facility Documentation by, the relevant indemnified person or any of its Related Indemnified Persons or (ii) any dispute solely among the indemnified persons other than any claims against an indemnified person in its capacity as an administrative agent or arranger or any similar role under the Revolving Facility and other than any claims arising out of any act or omission of the Borrower or any of its affiliates, in the case of each of clauses (i) and (ii), as determined by a final, non-appealable judgment of a court of competent jurisdiction; *provided* that the Borrower shall not be liable for any indirect, special, punitive or consequential damages (other than in respect of any such damages incurred or paid by an indemnified person to a third party). Notwithstanding the foregoing, each indemnified person (and its Related Indemnified Persons) shall be obligated to refund and return promptly any and all amounts paid by the Borrower or any of its affiliates under this paragraph to such indemnified person (or its Related Indemnified Persons) for any such fees, expenses or damages to the extent such indemnified person is not entitled to payment of such amounts in accordance with the terms hereof.

<u>Governing Law</u>: New York. <br> <u>Counsel to the Commitment Parties and Lead Arrangers</u>: Paul Hastings LLP.

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| | |
|:---|:---|
| **CONFIDENTIAL** | EXHIBIT C |

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<u>Project Stallion<br> $1,000 million Senior Secured Revolving Facility<br> Conditions Precedent</u><sup>3</sup>

Except as otherwise set forth below, subject in all respects to the Certain Funds Provision, the initial borrowing on the Closing Date under the Revolving Facility shall be subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Since the date of the Acquisition Agreement, no Company Material Adverse Effect shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Acquisition shall have been consummated, or shall be consummated substantially concurrently with the initial borrowing under the Revolving Facility in accordance with the Acquisition Agreement. The Acquisition Agreement shall not have been amended or waived, and no consents shall have been given with respect thereto, in any material respect by you or your subsidiaries in a manner materially adverse to the Initial Lenders (in their capacity as such) without the consent of the Lead Arrangers (such consent not to be unreasonably withheld, conditioned or delayed); *provided* that the Lead Arrangers shall be deemed to have consented to such amendment or waiver unless they shall object in writing thereto within 3 business days of being notified thereof in writing by Newco; *provided, further*, that (a) any amendment, waiver or consent that results in a reduction in the amount of consideration required to consummate the Acquisition shall be deemed not to be materially adverse to the Initial Lenders or the Lead Arrangers to the extent that any such reduction is applied ratably to reduce first, the amount of the Equity Contribution to the minimum amount required by Annex A and thereafter to reduce the Equity Contribution and the amount of commitments in respect of the Revolving Facility on a pro rata basis, (b) the granting of any consent under the Acquisition Agreement that is not materially adverse to the interests of the Initial Lenders or the Lead Arrangers shall not otherwise constitute an amendment or waiver and (c) any change to the definition of "Material Adverse Effect" in the Acquisition Agreement shall be deemed materially adverse to the Initial Lenders and the Lead Arrangers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Equity Contribution shall have been consummated, or shall be consummated substantially concurrently with the initial borrowing under the Revolving Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Lead Arrangers shall have received (a) the audited consolidated balance sheets and related statements of operations, cash flows and stockholders equity of the Company for the most recent three fiscal years of the Company ending at least 90 days prior to the Closing Date and (b) unaudited consolidated balance sheets and related statements of operations, cash flows and stockholders' equity for each subsequent fiscal quarter (other than the fourth fiscal quarter) ended at least 45 days prior to the Closing Date. The Lead Arrangers hereby acknowledge that the public filing with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, of any of the foregoing financial statements will satisfy the requirements of this paragraph and hereby acknowledge receipt of the audited financial statements as of and for the years ended December 31, 2023, December 31, 2024 and December 31, 2025.

<sup>3</sup> All capitalized terms used but not defined herein have the meanings given to them in the Commitment Letter to which this Exhibit is attached, including the Exhibits thereto. In the event any such capitalized term is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit shall be determined by reference to the context in which it is used.

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| | |
|:---|:---|
| **CONFIDENTIAL** | EXHIBIT C |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Lead Arrangers shall have received a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower as of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period ended at least 45 days (or 90 days in case such four-fiscal quarter period is the end of the Borrower's fiscal year) prior to the Closing Date, prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of the statement of income).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to the Revolving Facility, (i) the execution and delivery by the Borrower and the applicable Guarantors of the Revolving Facility Documentation which shall be in accordance with the terms of the Commitment Letter and the Revolving Facility Term Sheet and subject to the Certain Funds Provision and the applicable Documentation Principles and (ii) subject to the Certain Funds Provision, delivery to the Lead Arrangers of (a) customary legal opinions, (b) customary evidence of authority, (c) customary officer's certificates, (d) good standing certificates (to the extent applicable) in the respective jurisdictions of organization of the Borrower and the Guarantors, (e) customary borrowing requests, (f) customary lien searches and (g) a solvency certificate, substantially in the form set forth in Annex I attached to this <u>Exhibit C</u>, from the chief financial officer or chief accounting officer or other officer with equivalent duties of the Borrower (the deliverables set forth in clauses (a) through (g), collectively the "***Closing Deliverables***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to the Revolving Facility, all documents and instruments required to perfect the Administrative Agent's security interests in the Collateral shall have been executed and delivered and, if applicable, be in proper form for filing; *provided, however*, that this condition is subject in all respects to the Certain Funds Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. (a) One or more investment banks reasonably satisfactory to the Lead Arrangers (the "***Investment Banks***") shall have been engaged to privately place the Senior Notes and arrange term loans to be issued in lieu of the Senior Notes (the "***Term Loans***"), and (b) the Investment Banks shall have been afforded a period (the "***Marketing Period***") of at least fifteen (15) consecutive Business Days (as defined in the Acquisition Agreement) (or such shorter period acceptable to the Investment Banks in their sole discretion) (*provided* that (i) If the Marketing Period has not been completed on or prior to August 21, 2026, then the Marketing Period shall not commence prior to September 8, 2026, (ii) November 27, 2026 shall be excluded as a "business day" for such purpose and (iii) if the Marketing Period has not been completed on or prior to December 18, 2026, then the Marketing Period shall not commence prior to January 4, 2027) following receipt of either (i) a customary confidential information memorandum for the syndication of the Term Loans, which shall include relevant financial statements that would be required to be delivered pursuant to paragraphs 4 and 5 above if the Closing Date were to occur at the end of such Marketing Period (the "***Required Facility Information***") or (ii) a customary preliminary offering memorandum for the Senior Notes, which includes financial statements that would be required to be delivered pursuant to paragraphs 4 and 5 above if the Closing Date were to occur at the end of such Marketing Period and financial data of the type and form that are customarily included in private placements pursuant to Rule 144A (and excluding information required by Section 3-09, Section 3-10, or Section 3-16 of Reg S-X, and Item 402 and Item 601 of Regulation S-K and other customary exceptions) and that would be necessary for the Investment Banks to receive "comfort" customary for senior high yield debt securities (including customary "negative assurance" comfort) from the Company's auditors but does not include a description of notes and other information customarily provided by underwriters or their counsel or advisors (the "***Required Notes Information***" and each of the Required Notes Information and the Required Facility Information, as applicable, "***Required Information***"). If the Borrower shall in good faith reasonably believe it has provided the Required Information, it may deliver to the Lead Arrangers a written notice (a "***Required Information Notice***") to that effect (stating when it believes it completed such delivery), in which case the Borrower shall be deemed to have delivered the Required Information as of the date of delivery and the Marketing Period shall be deemed to have commenced as of such date of delivery of such Required Information Notice unless the Lead Arrangers in good faith reasonably believe the Borrower has not completed the delivery of the Required Information and, within 2 business days after the delivery of such notice by the Borrower, the Lead Arrangers deliver a written notice to the Borrower to that effect (stating with specificity which Required Information the Borrower has not delivered (such missing information, the "***Missing Information***"); *provided* that upon delivery of the Missing Information, the Borrower may deliver a new Required Information Notice to the Lead Arrangers. For the avoidance of doubt, upon the conclusion of the Marketing Period the condition set forth in this paragraph 8 shall be satisfied and the Lead Arrangers and Investment Banks shall not be entitled to any additional Marketing Period in connection with any subsequent delivery of updated financial statements referred to in paragraphs 4 and 5 above.

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|:---|:---|
| **CONFIDENTIAL** | EXHIBIT C |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Administrative Agent shall have received, at least 3 business days prior to the Closing Date, all documentation and other information about the Borrower and the Guarantors required under applicable "know your customer" and anti-money laundering rules and regulations, including the PATRIOT Act and Beneficial Ownership Regulation, that has been requested in writing at least 10 business days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. You shall have paid (or caused to be paid) all fees and expenses due to the Commitment Parties under the Commitment Letter and the Fee Letter and required to be paid on the Closing Date, to the extent invoiced at least three business days prior to the Closing Date (except as otherwise reasonably agreed by the Borrower).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Specified Representations shall be true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Specified Acquisition Agreement Representations shall be true and correct in all material respects, but only to the extent that you have or would have (or your applicable affiliate has or would have) the right, pursuant to the Acquisition Agreement, to terminate your (or its) obligations under the Acquisition Agreement to consummate the Acquisition, or the right not to consummate the Acquisition pursuant to the Acquisition Agreement (in each case taking into account any applicable notice or cure provisions) as a result of a breach of such Specified Acquisition Agreement Representations.

ANNEX I to

EXHIBIT C

FORM OF SOLVENCY CERTIFICATE

**SOLVENCY CERTIFICATE**

**of**

**SELECT MEDICAL CORPORATION**

**AND ITS SUBSIDIARIES**

Pursuant to the Credit Agreement<sup>4</sup>, the undersigned hereby certifies, solely in such undersigned's capacity as [chief financial officer] [chief accounting officer] [*specify other officer with equivalent duties*] of the Borrower, and not individually, as follows:

I am generally familiar with the businesses and assets of the Borrower and its Subsidiaries, taken as a whole, and am duly authorized to execute this Solvency Certificate on behalf of the Borrower pursuant to the Credit Agreement. As of the date hereof, after giving effect to the consummation of the Transactions, including the making of the Loans under the Credit Agreement, on the date hereof, and after giving effect to the application of the proceeds of such indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The fair value of the assets of the Borrower
 and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts
 and liabilities, subordinated, contingent or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The present fair saleable value of the property
 of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the amount
 that will be required to pay the probable liability, on a consolidated basis, of their debts
 and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
 become absolute and matured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Borrower and its Subsidiaries, on a
 consolidated basis, are able to pay their debts and liabilities, subordinated, contingent
 or otherwise, as such liabilities become absolute and matured; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Borrower and its Subsidiaries, on a
 consolidated basis, are not engaged in, and are not about to engage in, business for which
 they have unreasonably small capital.

For purposes of this Certificate, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

[*Signature Page Follows*]

<sup>4</sup> Credit Agreement to be defined.

I-C-1

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|:---|:---|
| **CONFIDENTIAL** | ANNEX I to<br> EXHIBIT C |

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IN WITNESS WHEREOF, the undersigned has executed this Certificate in such undersigned's capacity as [chief financial officer] [chief accounting officer] [*specify other officer with equivalent duties*] of the Borrower, on behalf of the Borrower, and not individually, as of the date first stated above.

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| |
|:---|
| SELECT MEDICAL CORPORATION |
| By: |
| Name: |
| Title: |

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I-C-2

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables** <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transaction Valuation**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Filing Fee**  |
| Fees to be Paid | 1 | $2046191301.00 | 0.0001381 | $282579.02 |
| Fees Previously Paid |  |  |  |  |
|  | Total Transaction Valuation: | $2046191301.00  |  |  |
|  | Total Fees Due for Filing: |  |  | $282579.02  |
|  | Total Fees Previously Paid:  |  |  | $0.00  |
|  | Total Fee Offsets:  |  |  | $282579.02  |
|  | Net Fee Due:  |  |  | $0.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated as of March 2, 2026, by and among Stallion Intermediate Corporation ("Parent"), Stallion MergerSub Corporation and Select Medical Holdings Corporation (the "Company"). In accordance with Exchange Act Rule 0-11, the maximum number of the Company's common stock, par value $0.001 per share (the "Company Shares"), to which this transaction applies was estimated to be 124,011,594, which consists of: (a) 106,324,913 issued and outstanding shares of Company Shares, excluding shares underlying outstanding Company restricted stock awards ("Company Restricted Shares"), entitled to receive the Merger Consideration of $16.50 per Company Share; (b) 3,351,460 Company Restricted Shares (other than Company Restricted Shares that are Rollover Shares) outstanding immediately prior to the effective time of the Merger, which will vest in full as of immediately prior to the effective time of the Merger and be converted into the right to receive the Merger Consideration of $16.50 per Company Share; and (c) 14,335,221 Rollover Shares, that will be contributed to Parent or its Affiliate immediately prior to the closing of the Merger in exchange for equity interests in Parent or such Affiliate having a fair market value equal to the fair market value of the Rollover Shares contributed. In accordance with Exchange Act Rule 0-11 and estimated solely for the purposes of calculating the filing fee, the proposed maximum aggregate value of the transaction was calculated as the sum of: (a) the product of 106,324,913 Company Shares and the Merger Consideration of $16.50 per share; (b) the product of 3,351,460 Company Restricted Shares (other than Company Restricted Shares that are Rollover Shares) and the Merger Consideration of $16.50 per share; and (c) the product of 14,335,221 Rollover Shares and the Merger Consideration of $16.50 per share, the fair market value of equity interests of Parent or its Affiliate that will be received in exchange for Rollover Shares. In accordance with Section 13(e) of the Securities Exchange Act of 1934, as amended, and Exchange Act Rule 0-11, the filing fee was determined as the product of the proposed maximum aggregate value of the transaction as calculated in the preceding paragraph multiplied by 0.0001381.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Fee Offset Claims | 1 |  | Schedule 14A | 001-34465 | 04/15/2026 |  | $282579.02 |  |
| Fee Offset Sources |  | SELECT MEDICAL HOLDINGS CORP | Schedule 14A | 001-34465 |  | 04/15/2026 |  | $282579.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Explanation of the basis for claimed offset:** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> The Company previously paid $282,579.02 upon the filing of its Preliminary Proxy Statement on Schedule 14A on April 15, 2026 in connection with the transaction reported hereby.