4714 Gettysburg Road Mechanicsburg, PA 17055 NYSE Symbol: SEM Select Medical Holdings Corporation Announces Estimate of Certain Financial Results for its Year Ended

Select Medical Holdings

Corporation Announces Estimate of Certain Financial Results

for its Year Ended December

31, 2021 and Date of Issuance of Actual Financial Results

MECHANICSBURG, PENNSYLVANIA

- January 17, 2022 - Select Medical Holdings Corporation ("Select Medical," "we," "us,"

or "our") (NYSE: SEM) today announced an estimate of certain results for its full year ended December 31, 2021 in advance

of the announcement of actual results. Select Medical will release its actual financial results for its fourth quarter and full year ended

December 31, 2021 on Thursday, February 24, 2022 after the market closes.

Select Medical expects its

net operating revenue for the year ended December 31, 2021 to be approximately $6,204 million. Select Medical expects earnings excluding

interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, gain (loss)

on sale of businesses, and equity in earnings (losses) of unconsolidated subsidiaries, or Adjusted EBITDA, for the year ended December

31, 2021 to be approximately $947 million. Select Medical expects fully diluted earnings per common share for the year ended December

31, 2021 to be in the range of $2.90 to $2.92. When Select Medical issues its business outlook for the year ended December 31, 2022, it

will readdress its target compound annual growth rates for revenue, Adjusted EBITDA, and earnings per common share.

The above expectations regarding

Select Medical's results for the year ended December 31, 2021 are management estimates and projections based on currently available

information, and are subject to change upon completion of Select Medical's financial statement closing process and audit.

A reconciliation of full

year 2021 Adjusted EBITDA expectations to the closest comparable GAAP financial measure is presented in table I of this release. Please

refer to Select Medical's most recent Form 10-Q filing for a discussion of Select Medical's use of Adjusted EBITDA in evaluating

financial performance and determining resource allocation. Each item presented in table I is an estimation of full year 2021 expectations

(dollars in millions).

Our business outlook

issued on November 4, 2021 reflected the best information available at the time and our best estimates about the financial forecast

of Select Medical for the year ending December 31, 2021. During the fourth quarter however, we experienced, predominantly in our

critical illness recovery hospital segment, a higher than expected use of agency clinical staff and higher than expected costs for

agency in our hospitals. This unexpected significant increase in our labor costs had a detrimental effect on our Adjusted EBITDA and

diluted earnings per common share for the quarter and year ended December 31, 2021.

The unpredictable effects

of the COVID-19 pandemic, including the duration and extent of disruption on Select Medical's operations and increases to our labor

costs, creates uncertainties about Select Medical's future operating results and financial condition. Please refer to our risk factors

previously reported in our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Reports on Form 10-Q for

Select Medical will host

a conference call regarding its fourth quarter and full year results, as well as its business outlook, on Friday, February 25, 2022,

at 9:00am ET. The domestic dial in number for the call is 1-866-440-2669. The international dial in number is 1-409-220-9844. The conference

ID for the call is 7334656. The conference call will be webcast simultaneously and can be accessed at Select Medical Holdings Corporation's

website at www.selectmedicalholdings.com.

For those unable to participate

in the conference call, a replay will be available until 12:00pm ET, March 4, 2022. The replay number is 1-855-859-2056 (domestic) or

1-404-537-3406 (international). The conference ID for the replay will be 7334656. The replay can also be accessed at Select Medical Holdings

Corporation's website at www.selectmedicalholdings.com.

Select Medical is one of

the largest operators of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational

health centers in the United States based on number of facilities. Select Medical's reportable segments include the critical illness

recovery hospital segment, the rehabilitation hospital segment, the outpatient rehabilitation segment, and the Concentra segment. As

of December 31, 2021, Select Medical operated 104 critical illness recovery hospitals in 28 states, 30 rehabilitation hospitals in 12

states, and 1,881 outpatient rehabilitation clinics in 38 states and the District of Columbia. Concentra operated 518 occupational health

centers in 41 states. At December 31, 2021, Select Medical had operations in 46 states and the District of Columbia. Information about

Select Medical is available at www.selectmedicalholdings.com.

Certain statements contained

herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private

Securities Litigation Reform Act of 1995), including statements related to Select Medical's 2021 results and long-term business

outlook. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied

by such forward-looking statements due to factors including the following:

Except as required by applicable

law, including the securities laws of the United States and the rules and regulations of the SEC, we are under no obligation to publicly

update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. You should not

place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in forward-looking statements

are reasonable, we cannot guarantee future results or performance.

Senior Vice President and Treasurer

SOURCE: Select Medical Holdings Corporation

I. Net Income to Adjusted EBITDA Reconciliation

Business Outlook for the Year Ending December

(In millions, unaudited)