But in February 2015, life changed. The college-bound passed out in the aisle. The plane made an emergency prognosis was extremely poor. had experienced a massive stroke. Now back to cooking her favorite Indian dishes and tending her beloved orchids, Pushpa is focused on life YEARS OF OCCUPATIONAL MEDICINE is the newest addition to the Select Medical family. Our joint venture acquisition – the largest in communities we serve and strengthens existing business 471 LOCATIONS our Select Medical Way. In this acquisition, we added: ADIVERSENETW ORK DELIVERINGEX CEPTIONALRESU L T S At 18, Joshua Speidel was ready to tackle the world.On a flight to visit family in India, Pushpa Varughese began to feel ill. As she headed to the lavatory, she basketball star was struck by another driver. His initial landing in Kuwait. At the hospital, Pushpa learned she As the community rallied with fundraisers for their She was taken to Columbia Presbyterian Medical Center hometown hero, Josh had his own rally. He woke up. in New York by medical transport, and then chose Kessler Continuing to defy the odds, he was weaned from thefor her inpatient rehabilitation, where the team worked ventilator and, later, took his first steps. At discharge,daily to restore her functionality. his nurses at Select Specialty Hospital Indianapolis wept with joy. Josh joyfully accepted his high school diploma with ahead. “My husband, children, grandchildren and siblings the rest of his classmates. With his family, he is eagerlyhave been my greatest motivation. I’m so proud of them anticipating his next milestone.and just want to make them proud of me.” company history – diversifies the options we provide to the 30 EXPERIENCE IN lines. Concentra’s dedication to patient-centered care and rich experience in occupational medicine, community and employee wellness mirrors the excellence we pursue through S E L E C T M E D I C A LI M P R O V I N G Q U A L I T Y O F L I F E l ong - term a cute care rehabilitation hospitals

EMPLOYEES COMMITTED TO OUR COMMUNITIES FROM OUR NEWEST CONCENTRA EMPLOYEES TO OUR LONG-TIME COLLEAGUES, Select Medical is proud to enhance the lives of those who live in the communities we serve. Across the country, our colleagues dedicate their time and talent to a diverse array of charitable causes. At 73, Edward Bronson was an avid roller-blader. He knew he needed knee surgery but postponed it because he did not want to give up his favorite activity. When he did complete his total knee replacement, his recovery was a challenge. He entered the Select Physical Therapy Clinic in North Miami, Fla., in a wheelchair. Over time, and with the encouragement of his therapists, he made a strong recovery. “What impressed me was the attitude of the therapists; they seemed to really enjoy the work and always met me with a smile … Thanks to you, it will only be a matter of time before I’m back on my blades and entertaining the tourists on South Beach again!” 8200 2 0 1 5 A N N U A L R E P O R T 1 EMPLO IN43 STATE outpatient rehabilitation

A L E T T E R F R O M L E A D E R S H I P At Select Medical, our distinct service lines create a powerful continuum of healing and care. The rich personal experience and professional skill of each of our more than 40,000 employees enhances the support they provide patients at every level of acuity these service lines treat. As a result, our medical and therapeutic expertise is positioning us to be the partner of choice at some of our nation’s most prestigious medical institutions. 2015 marked a new chapter in Select Medical’s history as we completed the acquisition of Concentra through a joint venture. Concentra represents another step toward further solidifying our market presence, while also diversifying our customer profile. With more than 85 percent of its business concentrated in occupational medicine, Concentra’s strengths augment our own while expanding our reach and capabilities. Our specialty hospitals operating as long-term acute care hospitals (LTCHs) began implementing new federal patient criteria. We believe that patient criteria better defines and clearly articulates the role LTCHs play in our nation’s healthcare continuum. Select Medical’s LTCHs are well-positioned to provide care to high-acuity patients defined by the new regulations. However, as we begin to transition our hospitals to the new criteria, it is clear to us that there will be some variability in this sector for the next 18 months. As a company, we strive to respond thoughtfully to regulatory changes and the opportunities that prevail in the marketplace. The specialty hospital division also leveraged our successful partnership model to expand its inpatient rehabilitation hospital operations. We are excited by our progress in partnering with prestigious institutions and strong market brands. As expected, our Cleveland Clinic Rehabilitation Hospital, jointly owned with the Cleveland Clinic, accepted its first patient in December. In 2016, new doors will open in important markets, including a partnership with Cedars-Sinai and UCLA Health System in Los Angeles, the Ochsner Health System in Louisiana and TriHealth in Ohio. Our outpatient division continues to be a strong performer, with meaningful growth in patient visits. We will continue to execute tack-on acquisitions and open new clinics to fill in our markets as opportunities present themselves. As more states embrace the direct access model of physical therapy, our clinics have new opportunities to reach consumers. In more than 40 states, a doctor’s referral is no longer needed to set up a physical therapy appointment. This change gives us the chance to diversify the relationships we have with our referring physicians as we assist them in triaging patients, ensuring that they spend their valuable time on those with the most need. In January 2016, we announced plans to acquire Physiotherapy Associates. The $400 million deal will bring a nationwide provider of outpatient orthopedic, spinal care, and neurological rehabilitation, orthotics and prosthetic services into our outpatient service line. The deal is expected to close in the first or second quarter of 2016. No matter what business conditions present themselves, we remain focused on our four key results: To keep our patients and each other safe; to deliver an exceptional patient experience; to deliver an exceptional employee experience and meet our annual business plan. For us, growth is a long-term objective. It is always exciting when it happens quickly; but as we prepare to celebrate the 20th anniversary of our company’s founding, we look back with appreciation at our vision for building specialized healthcare businesses and the ambitious road we have traveled. Time after time, our 2 S E L E C T M E D I C A L I M P R O V I N G Q U A L I T Y O F L I F E

resourcefulness and results-oriented leadership drives us forward. Today, we seek to provide exceptional patient care by connecting the value systems, work flow and processes of our healthcare model. All of us work every day to provide the right choice in the right setting to achieve the right outcome. As our business grows and diversifies, we expect to see opportunities to enhance our company. Thank you for your support and commitment to who we are and what we do. Sincerely, Robert Ortenzio Rocco Ortenzio David S. Chernow Executive Chairman and Co-Founder Vice Chairman and Co-Founder President & CEO Improving quality of life. 2 0 1 5 A N N U A L R E P O R T 3

FINANCIAL HIGHLIGHTS SELECT MEDICAL HOLDINGS CORPORATION (In thousands, except per share data) 2015 2014 2013 2012 2011 (1) We define Adjusted EBITDA as net income before interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, Concentra acquisition costs, equity in earnings (losses) of unconsolidated subsidiaries, other income (expense), and long-term incentive compensation. Adjusted EBITDA is used by management to evaluate financial performance and determine resource allocation for each of our operating units. (2) The selected financial data for the company’s Concentra segment for the periods presented begins as of June 1, 2015, which is the date the Concentra acquisition was consummated. 4 S E L E C T M E D I C A L I M P R O V I N G Q U A L I T Y O F L I F E FOR THE YEARS ENDED Net operating revenues Income from operations Net income attributable to Select Medical Holdings Corporation Income per common share, fully diluted Dividends per share Cash flow from operations SEGMENT INFORMATION Net operating revenues Specialty hospitals Outpatient rehabilitation Concentra(2) Other $ 3,742,736 274,790 130,736 0.99 0.10 208,415 $ 2,346,781 810,009 585,222 724 $ 3,065,017 $ 2,975,648 $ 2,948,969 $ 2,804,507 284,476 301,436 336,859 310,719 120,627 114,390 148,230 107,846 0.91 0.82 1.05 0.71 0.40 0.30 1.50 — 170,642 192,523 298,682 217,128 $ 2,244,899 $ 2,198,121 $ 2,197,529 $ 2,095,519 819,397777,177 751,317 708,867 721 350 123 121 Total Net Operating Revenues Adjusted EBITDA(1) Specialty hospitals Outpatient rehabilitation Concentra(2) Other $ 3,742,736 $ 327,623 98,220 48,301 (74,979) $ 3,065,017$ 2,975,648 $ 2,948,969 $ 2,804,507 $ 341,787 $ 353,843 $ 381,354 $ 362,334 97,584 90,313 87,024 83,864 (75,499) (71,295) (62,531) (60,237) Total Adjusted EBITDA BALANCE SHEET SNAPSHOT AT YEAR END Cash and cash equivalents Working capital Total assets Total debt Stockholders’ equity $ 399,165 $ 14,435 11,465 4,426,666 2,423,884 859,253 $ 363,872 $ 372,861 $ 405,847 $ 385,961 $ 3,354 $ 4,319 $ 40,144 $ 12,043 133,220 82,878 80,397 99,472 2,924,809 2,817,622 2,761,361 2,772,147 1,552,976 1,445,275 1,470,243 1,396,798 739,515 786,234 717,048 819,679

BO ARDOFDIRE CT ORS Robert A. Ortenzio Bryan C. CresseyWilliam H. Frist Executive Chairman and Co-FounderFounder & Partner Former Majority Leader of the United States Senate Select Medical Holdings CorporationCressey & CompanyPartner, Cressey & Company Rocco A. Ortenzio James E. Dalton, Jr. Thomas A. Scully Vice Chairman and Co-FounderRetired CEOGeneral Partner Select Medical Holdings CorporationQuorum Health Group, Inc.Welsh, Carson, Anderson & Stowe Russell L. CarsonJames S. Ely III Leopold Swergold FounderFounder & Chief Executive Officer Managing Member Welsh, Carson, Anderson & StowePriCap Advisors, LLCAnvers Management Company, LLC EXE CUTIVEOFFICERS Robert A. Ortenzio Martin F. JacksonScott A. Romberger Executive Chairman and Co-FounderExecutive Vice PresidentSenior Vice President, Controller & Chief Financial Officer & Chief Accounting Officer Rocco A. Ortenzio John A. SaichRobert G. Breighner, Jr. Vice Chairman and Co-FounderExecutive Vice PresidentVice President, Compliance and Audit Services & Chief Human Resources Officer & Corporate Compliance Officer David S. Chernow Michael E. Tarvin President and Chief Executive Officer Executive Vice President, General Counsel & Secretary C ORP OR A TEINF ORM A TION Corporate Headquarters Stockholder Inquiries Register & Stock Transfer Agent Select Medical Holdings CorporationJoel T. Veit Stockholder correspondence 4714 Gettysburg RoadSenior Vice President & Treasurershould be mailed to: Mechanicsburg, PA 17055-50364714 Gettsyburg RoadComputershare 717.972.1100Mechanicsburg, PA 17055-5036P.O. Box 30170 717.972.1100 | ir@selectmedical.comCollege Station, TX 77842-3170 Independent Registered Public Stock ExchangeOvernight correspondence Accounting Firm NYSE should be mailed to: PricewaterhouseCoopers, LLCSymbol: SEMComputershare Two Commerce Square, Suite 1700211 Quality Circle, Suite 210 2001 Market StreetInternet Address College Station, TX 77845-3170 Philadelphia, PA 19103-7042selectmedicalholdings.com 2 0 1 5 A N N U A L R E P O R T6

Delaware Delaware		001-34465 001-31441		20-1764048 23-2872718
(State or other jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

Exhibit Number		Description

99.1		Glossy pages accompanying the Form 10-K of Select Medical Holdings Corporation and Select Medical Corporation for the year ended December 31, 2015.

	SELECT MEDICAL HOLDINGS CORPORATION
	SELECT MEDICAL CORPORATION


Date: March 2, 2016	By:	/s/ Michael E. Tarvin
		Michael E. Tarvin
		Executive Vice President, General Counsel and Secretary

Exhibit Number		Description
99.1		Glossy pages accompanying the Form 10-K of Select Medical Holdings Corporation and Select Medical Corporation for the year ended December 31, 2015.