EFTA01385409.pdf

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite iFigure 23: Select Medical Holdings (SEM) Select Medical Holdings (SEM) vovw.alivrnizsbsics.cm, Market Create FY FY FY 03 03 % LTM Value LTM 04 FY FY S rnm 7014 7015 2016 0903/16 09/30/17 Change 09/30/17 of Debt 09/30/17 12/31/17 2017 1018 Revenue 3.066 3.743 4.286 1064 1,097 4.1% 4.332 4,332 1.063 4.412 4.510 EMMA 364 399 466 98 116 181% 493 493 115 528 568 Interest 85 113 170 44 38 -15.3% 166 165 38 154 152 Taus 76 72 55 1 14 1203.9% 51 51 20 93 80 Capes 9$ 183 162 38 68 032% 187 187 46 220 175 FC4 Before Working Capital and Other 108 31 79 15 (4) 91 91 10 74 161 FCF as% Net Debt 6.9% 13% 3.0% 4.7% 14% 14% 15% 2.8% 64% EBITDA% 119% 10.7% 109% 10.6% 114% 114% 10.6% 12.0% 126% FEUTDA/Interest 4.34 3.54 2.74 3.14 3.0( 3.0* 10( 144 174 Net SecuredDebt/E6ITDA 2_34 4.34 4.1x 4.34 LW 4.0* 13* 174 12* Total Debt/EMTDA 4.34 tlx S.& 6.04 S.74 5.74 6.1x 5.34 4.94 Net OebVEMTDA 4.34 6.04 5.64 544 5.44 5.44 5.84 5.14 4.44 Cash 3 14 99 68 107 107 107 112 112 250 Availability 190 91 91 91 91 91 91 Imutdity 289 199 199 199 203 203 341 Secured Debt 842 1713 1996 NA 2.036 2015 2.096 2.062 2.082 2.064 Total Debt 1.553 2.424 2.699 NA 2.790 2.790 2.793 2.786 2.786 2.768 Debt Structure 6450mm Revolver143760u, 0370//18 NA NA 220 NA - 100 - S450 mrn Revolver 1.4325 due 03/06/22 320 320 WO 320 320 320 320 6536mm Term Loan 414275 due 06/01/16 NA NA • NA - 100 - 5625 mrn Term Loan F L•503 due 03/03/21 NA NA - NA - 103 - S646 mm Concentra Term Loan 4 1030 due 06/01/22 NA NA 626 NA 606 606 100 606 601 604 597 S1150 mm Term Loan L•350 due 03/06/24 NA NA 1,122 NA 1118 1.118 103 1118 1.115 1.115 1104 Other SEM Debt NA NA 23 NA 35 35 103 35 35 35 35 Other Concentra Debt NA NA S NA a a 100 a a a a Total Secured Debt 842 1.713 1996 NA 2,686 23116 2.086 2.062 2.032 2.064 S710 mm 6.375% Eland due 06/01/21 NA NA 703 NA 7D$ 704 103 704 701 701 701 Other NA NA NA 100 Total Debt 1.553 2.424 2.699 NA 2790 2.790 1793 2.786 2.706 2.768 Preferred/ Other Banc Sharer Out 129 127 128 NA 129 129 129 129 129 129 Share Pnce S 11.91 5 13.25 NA 5 16.95 S 16.95 S 16.95 S 16.95 S 1695 5 16.95 Market Cap • 1.518 1.696 NA 2.189 2.189 2.189 2.189 2,109 2.189 TIV 1.550 3.919 4.296 NA 4.872 4.872 4,872 4.863 4.863 4.707 TEWEEMDA 4.34 9.84 924 NA 1044 I 93 .tI 3.'dix 10.64 9.2* 834 I Scut,* Dane** art aid COIT10•7% flatland Page 134 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086693 CONFIDENTIAL SDNY_GM_00232877 EFTA01385409