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

Select Medical Holdings

Corporation Announces Estimate of Certain Financial Results

its Second Quarter Ended June 30, 2023 in connection with Refinancing Discussions

MECHANICSBURG, PENNSYLVANIA

- July 19, 2023 - Select Medical Holdings Corporation ("Select Medical," "we," "us," or

"our") (NYSE: SEM) is currently in discussions with its lenders regarding a proposed refinancing of certain of its outstanding

indebtedness. In connection with such discussions, Select Medical today announced an estimate of certain financial results for its second

quarter ended June 30, 2023 in advance of the announcement of actual results, which is expected to occur after market close on Thursday,

Select Medical expects its

net operating revenue for its second quarter of 2023 to be approximately $1.67 billion. 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 second quarter of 2023 to be

approximately $219 million. Select Medical expects fully diluted earnings per common share for the second quarter of 2023 to be approximately

$0.61. As of June 30, 2023, Select Medical expects approximately $100 million of cash and $3.75 billion of indebtedness on its balance

The above expectations regarding

Select Medical's financial results for the second quarter of 2023 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.

A reconciliation of Adjusted

EBITDA expectations for the second quarter of 2023 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 the expectations

(dollars in millions) for the second quarter of 2023.

previously announced, Select Medical will host a conference call regarding its second quarter results, as well as its business outlook,

on Friday, August 4, 2023, at 9:00am ET. The conference call will be a live webcast and can be accessed at Select Medical Holdings Corporation's

website at www.selectmedicalholdings.com. A replay of the webcast will be available shortly after the call through the

same link. For listeners wishing to dial-in via telephone, or participate in the question and answer session, you may pre-register for

the call at Select Medical Earnings Call Registration to obtain your dial-in number and unique passcode for the call.

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 the 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 June 30, 2023, Select Medical operated 108 critical illness recovery hospitals in 28 states, 32 rehabilitation

hospitals in 12 states, 1,944 outpatient rehabilitation clinics in 39 states and the District of Columbia, 540 occupational health

centers in 41 states, and 141 onsite clinics at employer worksites. At June 30, 2023, Select Medical had operations in 46 states and

the District of Columbia. Information about Select Medical is available at www.selectmedical.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). 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 Quarter Ending June

(In millions, unaudited)