#1Investor Presentation UHS Universal Health Services, Inc.#2UHS Disclaimer This presentation is only being provided to persons that are "qualified institutional buyers," as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and/or persons located outside of the United States that are not "U.S. persons," as defined in Regulation S of the Securities Act. By viewing this presentation, you (a) warrant and acknowledge that you are a "qualified institutional buyer" and/or are located outside of the United States and are not a "U.S. person," and (b) agree to be bound by the foregoing restrictions and to maintain absolute confidentiality regarding the information contained in this presentation. This presentation is intended only for qualified investors. Access to this presentation by any other person is unauthorized. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. Before you invest, you should read the preliminary offering memorandum prepared in connection with this offering and any accompanying term sheets or other supplements thereto. The notes have not been and will not be registered under the Securities Act, the securities laws of any state or the laws of any other jurisdiction. We will agree to file a registration statement with the Securities and Exchange Commission (the "SEC") relating to an offer to exchange the notes for publicly tradable notes having substantially identical terms on or prior to the date that is 30 months after the issuance of the notes. Unless they are registered, the notes may be offered only in transactions that are exempt from registration under the Securities Act and applicable state securities laws. The notes are being offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The holders will be subject to significant transfer restrictions that are described more fully in the offering memorandum. No assurance can be provided as to the liquidity or development of a trading market for the securities. This investor presentation contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to the anticipated impact of COVID-19 on our operations and financial results, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A. Risk Factors and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Forward Looking Statements and Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020 and in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations-Forward Looking Statements and Risk Factors in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, may cause the results to differ materially from those anticipated in the forward-looking statements. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date of such forward-looking statements. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Many of the factors that could affect our future results are beyond our control or ability to predict, including the impact of the COVID-19 pandemic. The impact of the COVID-19 pandemic, which began during the second half of March, 2020, has had a material effect on our operations and financial results since that time. The COVID-19 vaccination process commenced during the first quarter of 2021 and we have generally experienced a decline in COVID-19 patients since that time as well as a corresponding recovery in non-COVID-19 patient activity, although we have recently experienced a material increase in COVID-19 patients in many of our markets. Since the future volumes and severity of COVID-19 patients remain highly uncertain and subject to change, including potential increases in future volumes and severity of COVID-19 patients caused by new variants of the virus, we are not able to fully quantify the impact that these factors will have on our future financial results. However, developments related to the COVID-19 pandemic could materially affect our financial performance in 2021. Even after the COVID-19 pandemic has subsided, we may continue to experience materially adverse impacts on our financial condition and our results of operations as a result of its macroeconomic impact, and many of our known risks described in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020. We believe that adjusted net income attributable to UHS, EBITDA net of NCI, Adjusted EBITDA net of NCI and free cash flow, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect of material items impacting our net income attributable to UHS, such as, our adoption of ASU 2016-09 (as defined herein), unrealized gains/losses resulting from changes in the market value of shares of certain marketable securities held for investment and classified as available for sale, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of long-lived and intangible assets, changes in the reserve established in connection with our discussions with the Department of Justice, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020, and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30,2021. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance. See the Appendix to this presentation for a reconciliation of non-GAAP financial information in this presentation to our GAAP financial information. 2#3UHS COMPANY OVERVIEW ADMITTING HENDERSON HOSPITAL 3#4UHS OUR MISSION INDUSTRY ACCOLADES Established by Alan Miller in 1979 To provide superior quality healthcare services that: Patients recommend to family and friends, Physicians prefer for their patients, Purchasers select for their clients, Employees are proud of, and Investors seek for long-term returns FORTUNE WORLD'S MOST ADMIRED COMPANIES 10 YEARS IN A ROW WORLD'S MOST ADMIRED COMPANIES 11 YEARS IN A ROW - Fortune Magazine FORTUNE 500 2020 RANKED AMONG FORTUNE 500 FOR 18TH YEAR - Fortune Magazine (Ranked #281) Forbes WORLD'S LARGEST PUBLIC COMPANIES 2020 - Forbes (Ranked #330 in the U.S.)#5UHS UHS At A Glance ACUTE CARE BEHAVIORAL HEALTH CLINICIANS PATIENTS 27 inpatient hospitals 18 free-standing emergency departments and 7 surgery/outpatient centers ~6,654 licensed beds 318,000 inpatients ~62% occupancy rates (2020) 335 inpatient facilities across the U.S., U.K and Puerto Rico 14 outpatient U.S. facilities across the U.S., and the U.K ~24,157 licensed beds 488,000 inpatients 256,000 outpatients ~72% occupancy rates (2020) 1,200+ physicians 22,000 nurses 1,000 veterans hired 90,000 employees 3.0 million patients served 7.6 million patient days 5#6UHS Investment Highlights ● One of the nation's largest and highest quality providers across acute and . ● . behavioral care, with a leading position in the vast majority of markets it serves Meaningfully scaled geographic presence with approximately 400 facilities across the U.S., Puerto Rico and the U.K. Highly diversified revenue base across core service lines and payers Disciplined balance sheet management with a track record of maintaining conservative leverage profile • Consistent top-line growth coupled with strong cash flow profile • Experienced management team with successful track record 6#7UHS Strong Position Across Markets Served ATEMECUL HENDERSON HOSPITAL ITA LAS VEGAS We have a leading market position in Las Vegas where we have 7 acute care hospitals with approximately 2,103 licensed beds and 2 behavioral health hospitals with 140 beds Centennial Hills Hospital Medical Center in Las Vegas recently completed a new $95 million five-story patient tower increasing total beds to 339 and providing additional shelled space for future expansion with anticipated capacity of more than 400 beds. Construction was completed in Q/3/2021 on a new patient bed tower at Henderson Hospital, adding 69 beds to the facility. Further, we have acquired Elite Medical Center, a 22 bed micro hospital and the 66 bed Valley Health Specialty Hospital. In addition to obtaining verification for Leadership in Energy and Environmental Design (LEED) in five of our six Las Vegas area hospitals, we have applied for certification under the science-based Green Globes rating system SOUTHERN CALIFORNIA A growing footprint in the region includes five hospitals (with approximately 800 beds), three of which have plans underway to expand their services and footprint to meet the growing demand Palmdale Regional Medical Center opened a 33,000 sq. foot Maternity and Labor unit in Fall 2020 and working on plans for expansion of its ICU and ER and building a 36-bed unit for joint, spine, and bariatric care Southwest Healthcare - Rancho Springs is undergoing a multi-phase plan focused on expanding its women's and children's services, the Emergency Department and other key clinical offerings. Southwest - Inland Valley campus announced significant expansion and renovation plans including a new seven-story patient tower. 7#8UHS Meaningfully Scaled Presence ~401 FACILITIES U.S., PUERTO RICO AND THE UNITED KINGDOM 27 Acute Care Hospitals 335 Behavioral Health Facilities 39 Outpatient facilities NET REVENUES BY STATE AK OR CA WA ID ...... 5 NV ta HI MT ND MN SD WI NY MA MI WY. NE 8° CO IA PA IN OH KS .WV VA⚫ MO KY TN NC OK AR AZ NM & MS AL As of December 31, 2021 LA & GA PUERTO RICO ME UNITED KINGDOM VA 2% MA 2% TN 2% Other 19% NV 19% TX 17% IL 2% GA 2% FL 8% PA 3% UK 5% DC 6% SC 3% CA 11% Acute Care Hospitals • Ambulatory Centers Behavioral Health Facilities Freestanding Emergency Departments Universal Health Services, Inc. Corporate Headquarters *Other includes 26 states and Puerto Rico, each less than 2% For year ended December 31, 2020 8#9UHS Highly Diversified Revenue And Payor Mix For year ended December 31, 2020 Revenue mix by segment Revenue mix by payor Behavioral Health 46% Managed Care (HMO and PPOs) 30% UK Revenue | 5% Other patient revenue and adjustments, net 6% Managed Medicaid 15% Acute Care 54% Managed Medicaid Medicare 10% 10% Other non-patient revenue 9% Medicare 15% Revenue mix by segment & payor Managed Care (HMO and PPOs), 25% UK, 11% Other patient revenue and adjustments, net, 10% Other non-patient revenue (a), 6% Medicare, 9% Managed Medicare, Managed Medicaid, 24% 5% Medicaid, 12% Managed Care (HMO and PPOs), 34% Managed Medicaid, 8% Medicaid, 9% Managed Medicare, 14% Other patient revenue and adjustments, net, 4% Other non-patient revenue (a), 12% Medicare, 20% Acute Care Behavioral Health 6#10UHS Social Responsibility Keeping our surroundings clean and minimizing pollution is of benefit to all. Stewardship plays an important role in our commitment to a clean environment and strong communities. • • • Energy Star® Certification LEED/Green Globes Certification Culinary & Nutrition Environmental Services • Responsible Pharmaceutical Waste Management • • Reprocessing & Waste Diversion Uncompensated Care A SHARED COMMITMENT UHS recognizes the need to protect the natural environment as well as serve patients and the communities in which we operate. 10#11UHS Our Principles WE PROVIDE SUPERIOR QUALITY PATIENT CARE We strive to be the provider of choice because we are passionate about providing superior quality care for each patient we are privileged to serve. 888 WE ARE COMMITTED TO BEING A HIGHLY ETHICAL HEALTHCARE PROVIDER We set higher ethical standards for ourselves because caring for our patients is a sacred trust. WE VALUE EACH MEMBER OF OUR TEAM AND ALL THEIR GOOD WORK We know that the quality of the patient experience is driven by the personal compassion, competence and commitment our team members deliver every day. WE ARE DEVOTED TO SERVING OUR LOCAL COMMUNITY Healthcare providers have always played a special role in the community, and we cherish that responsibility. 11#12UHS BUSINESS OVERVIEW ADMITTING HENDERSON HOSPITAL 12#13UHS Behavioral Segment Overview • • 46% OF UHS 2020 NET REVENUE $5.2B in Net revenues in FY2020 Strong payor mix with Managed Care bringing in 25% of 2020 Net Revenues, Managed Medicaid 24%, Medicaid 12%, Medicare 9%, Managed Medicare 5% and U.K. 11% Expanding through de novo facilities, wholly owned and JV partnerships with not-for-profits MARKET OVERVIEW • Leading and high quality Behavioral Health provider • 349 freestanding inpatient and outpatient facilities in the US, UK and Puerto Rico • Dependable and high quality services KEY DEVELOPMENTS • #1 or #2 freestanding inpatient behavioral health provider in the vast majority of our markets • We continue to grow our behavioral health joint venture portfolio with 5 new facilities already operational, 6 JV agreements signed and in various stages of development which are expected to open between 2021 and 2023 and over 30 opportunities in the pipeline • • We expect to open approximately 800 new beds in 2021 and 2022 OVERVIEW OF RECENT OPERATIONS . Specialty treatment programs include: Substance use disorders, eating disorders, Autism spectrum disorders, Trauma (incl. PTSD) and Neuro-Psychiatry • Continued growth through acquisition and expansion; and Proven track record of assimilating and improving acquired facilities • Evidence-based compassionate inpatient, partial and outpatient treatment services for children, adolescents, adults and older adults 13#14UHS Behavioral Market Overview + DO Size of the Mental Health and Substance Use Disorder industry $50B 355 325 73M people in the U.S. with diagnosable mental illnesses 4 of the 10 leading causes of disability in the U.S. are mental illnesses Positive impact from ACA, Mental Health Parity rules and the elimination of the IMD exclusion provides industry tail wind 0000 Stable pricing and increasing admissions and occupancy trends Minimal exposure to uncompensated care Lower capital requirements 14#15UHS Leadership In Behavioral Health Quality patient care is the cornerstone of UHS' Mission. The Behavioral Health team delivers industry- leading outcomes and patient satisfaction. The vast majority of UHS' freestanding Behavioral Health hospitals are ranked #1 or #2 in their markets BLACK BEAR LODGE QUAIL RUN LAUREL RIDGE BEHAVIORAL HEALTH TREATMENT CENTER 24 HAMPTON BEHAVIORAL HEALTH CENTER CEDAR CREEK HOSPITAL INLAND NORTHWEST BEHAVIORAL HEALTH HOLLY HILL CHILDREN'S HOSPITAL UHS BEHAVIORAL HEALTH STRENGTHS Leading Behavioral Health provider ranked by total hospitals, total beds and net patient revenue Disciplined and strategic approach • Continued growth through acquisition and expansion • 72% Occupancy rates and strong same store operating •Proven track record of assimilating and improving margins acquired facilities 15#16UHS Measuring Behavioral Health Quality Outcomes Patient satisfaction is a key indicator of the effectiveness of our treatment programs. 90% were satisfied with their treatment. 91% feel better at discharge than when admitted. 4.5 out of 5 OVERALL AVERAGE SCORE FOR ALL BH FACILITIES Patient satisfaction Information displayed is 2020 data · • • On key CMS quality metrics, our results continue to exceed the national average UHS facilities outperform the industry on core measures issued by TJC All UHS behavioral health are fully accredited by TJC and/or Commission on Accreditation of Rehabilitation Facilities (CARF) 16#17UHS Behavioral Health Integrations In response to the significant rise in demand for behavioral health services, UHS is engaging in: • • • Joint ventures Partnerships New care delivery models Integration of behavioral health and physical health services can decrease ED visits, reduce unnecessary inpatient admissions and enhance compliance for better outcomes. EvergreenHealth WA PROVIDENCE Health & Services MERCYONE. A M OUNT MT ND OR MN ID WI SD MI WY IA NE CA Valley Children's HEALTHCARE NV UT CO MERCY HEALTH A Member of Try th Beaumont VT NH ME NY MA RI SCATTERGOOD THINK DO SUPPORT PA NJ IN OH MD IL DE Penn Medicine KS WV VA MO KY TN NC OK AZ AR NM SC MS GA AL 77 HONORHEALTH Tucson Medical Center TX LA FL Memorial Southeast HEALTH Baylor Scott & White HEALTH 17#18UHS Behavioral Health Key Operating Metrics PATIENT DAYS (1) 8% Patient Days 6.3% 6% REVENUE PER ADJUSTED PATIENT DAY (2) 8% 6.0% 6% 4.3% 4% 2.5% 2.7% 1.9% 1.5% 2% 0% 2016 2017 2018 2019 2020 1.6% 9 Months 9/30/21 1.1% 4% 2% 0% (2)% 2.9% d... 0.6% (4)% (6)% 2016 2017 2018 2019 -5.3% 2020 9 Months 9/30/21 OCCUPANCY RATES (3) 85% 76% 75% 75% 75% 71% 75% 70% 65% 2016 2017 2018 2019 2020 9 Months 9/30/21 1 "Patient Days" is the sum of all patients for the number of days that hospital care is provided to each patient 2 Excludes CARES Act and other Grant income 3 "Occupancy Rate" is calculated by dividing average patient days (total patient days divided by the total number of days in the period) by the number of average available beds 18#19UHS Acute Care Segment Overview 54% OF UHS 2020 NET REVENUE • $6.3B in Net revenues in FY2020 Strong payor mix with Managed Care bringing in 34% of 2020 Net Revenues, Managed Medicaid 8%, Medicaid 9%, Medicare 20%, Managed Medicare 14% • Proven track record of assimilating and improving acquired and newly developed facilities MARKET OVERVIEW KEY DEVELOPMENTS ⚫ 24 of the 26 UHS acute care hospitals are #1 or #2 in their markets • New 200 bed acute care hospital in Reno under construction and expected to open in spring of 2022 • Bed expansions underway or planned at many of our acute care hospitals • UHS focuses on markets growing more rapidly than the US as a whole • UHS acute care markets expected grow twice as fast as the total US acute care market over the next five years (2020-2025) OVERVIEW OF RECENT OPERATIONS • Acquisition/employment of Primary Care Physicians Employment of specialists (where strategic) Clinical integration Source: UHS filings • Reduced clinical variation • ACOS 19#20UHS Acute Care Market Overview Source: US Census Provides Basic Need of Society Predictable Demand Over Long Term: 65+ U.S. individuals expected to reach ~84M in 2050 Focus on markets growing more rapidly than the U.S. as a whole + 0000 Limited Local Competition Many Financially Challenged Non-Profits Limited Technology Risk High Cash Flow Generation Medicare Advantage/bundled payments 20 20#21UHS Leadership In Acute Care Delivered superior quality care to approximately 3.0mm patients in 2020, expanded our geographic reach and service lines, earned distinguished accolades from accrediting bodies, signed new partnerships and expanded our ACO offerings PRISTNES WAXMINOTON HENDERSON HOSPITAL Washington D.C. Nevada South Texas TEMECULA VALLEY HOSPITA TEXOMA MEDICAL CENTER Manatee Memorial Hospital na St. Mary's Southern California North Texas Florida MANATE MESA RIAC Oklahoma St. Mary's UHS ACUTE CARE STRENGTHS ⚫ UHS acute care hospitals average ~246 licensed beds • High Cash Flow Generation • Leading market positions with 8.9% same store adjusted admissions growth versus industry average of 7.8% (1) • Experienced and Disciplined Management Team with strong track record of success • Proven track record of assimilating and improving acquired facilities Source: UHS (1) Industry average excluding UHS Acute, for 9 Month ended 9/30/2021 21#22UHS Acute Care Key Operating Metrics (2) SAME STORE ADMISSIONS & ADJUSTED ADMISSIONS GROWTH (1) (1) Admissions Adjusted admissions 8% 6.2% 5.2% 5.5% 4.3% 3% (2)% (7)% (12)% 4.6% 4.8% 2.2% 2.1% -9.9% REVENUE PER ADJUSTED ADMISSION (2) 16% 14.1% 14% 12% 10.4% 10% 7.3% 6.7% 8% 6% 4.1% 4% 2.7% -0.3% 2.5% 2% 0% 2016 2017 2018 2019 2020 9 months 9/30/21 (2)% -15.2% (17)% 2016 2017 2018 2019 2020 9 months 9/30/21 OCCUPANCY RATES (3) 70% 65.7% 64% 62% 63% 59% 60% 60% 50% 2016 2017 2018 2019 2020 9 months 9/30/21 1 Adjusted admissions are adjusted for outpatient activity 2 Excludes CARES Act and other Grant income 3 "Occupancy Rate" is calculated by dividing average patient days (total patient days divided by the total number of days in the period) by the number of average available beds 22#23UHS OPERATIONAL & FINANCIAL UPDATE ADMITTING HENDERSON HOSPITAL 23#24UHS COVID-19 Update • Our patients' and physicians' safety comes first Our primary focus as the effects of COVID-19 began to impact our facilities was the health and safety of our patients, employees and physicians • We implemented various measures to provide the safest possible environment within our facilities during this pandemic and will continue to do so • Material effect on our business • Patient volumes at our acute care and behavioral health care facilities were significantly impacted in 2020 Shift in payor mix • Continue to see waves of COVID-19 cases at times ⚫ We implemented various initiatives to enhance financial flexibility: • Suspension of our stock repurchase program and of quarterly dividends payment Initiatives to increase labor productivity and reductions to certain other costs • Pursuit of state and local grant funding opportunities where available. • • Reduced spend rate and magnitude of certain previously planned capital projects and expenditures • CARES Act and other Government payments • Received $1.112 billion as of 12-31-2020 о $417 million Various governmental stimulus programs О $695 million Medicare accelerated payments (MAAPP) all accelerated payments have been repaid as of 3-31-2021 24#25UHS Disciplined Balance Sheet Management Prudent balance sheet management with well-spaced maturity profile, strong free cash flow and access to multiple capital markets Senior secured notes, revolving credit facility and Term Loan rank pari passu from a collateral and guarantees perspective • Track record of maintaining consistent, conservative leverage profile ⚫ On July 28, 2021, Moody's upgraded Universal Health Services' senior secured ratings across its credit facilities and senior secured notes to Baa3 from Ba1, with a stable outlook • Reflects the Company's scale, track record of low financial leverage, robust free cash flow and business segment diversification DEBT/ADJUSTED EBITDA 2.5x 2.4x 2.3x 2.2x 2.1x I I 2.5x I I 2.3x I I 2.2x 2.2x 1.5x 2016 I 2017 I I I 2018 2019 2020 Note: Gross Leverage: Debt / Adj. EBITDA; Net Leverage: (Debt - cash (& equivalents)) / Adj. EBITDA T I I 1.9x I I 1.8x I I I I I Net I leverage LTM 9/30/21 25#26UHS Recent Performance Behavioral Health REVENUE CAGR: 4.6% ADJUSTED EBITDA¹ CAGR: 4.0% Acute Care $10,759 $11,375 $11,546 $12,428 $1,997 10,391 $1,709 $1,762 $1,802 $1,860 $5,485 $5,720 $6,165 $6,337 $7,009 $4,907 $5,039 $5,210 $5,209 $5,419 2017 2018 2019 2020 LTM 9/30/21 2017 2018 2019 2020 LTM 9/30/21 CAPITAL EXPENDITURES ($mm) FREE CASH FLOW($mm)² $851 $893 $731 $807 $665 $736 $634 $558 $558 2017 2018 2019 2020 LTM 9/30/21 2017 $487 2018 2019 2020 LTM 9/30/21 Note: See appendix for reconciliation of non-GAAP measures. Adjusted EBITDA, net of NCI and Free Cash Flow are non GAAP measures 1 Net of NCI; 2 2020 FCF is adjusted for $698.8mm of funds received in 2020 pursuant to the Medicare Accelerated and Advance Payment Program and LTM 9/30/2021 is adjusted for $695mm of Medicare Accelerated payments returned to the government in March 2021, resulting in 2020 FCF of $893mm and LTM 9/30/2021 FCF of $487mm. 26#27UHS Capital Allocation Strategy Update CAPITAL ALLOCATION BY YEAR (IN MILLIONS $) $1,600 ■CapEx Acquisitions Share Repurchases Dividends $53 $50 $1,400 $53 $1,200 $771 $771 $1,000 $397 $17 $38 $207 $800 $364 $52 $126 $39 $23 $600 $23 $400 $731 $665 $634 $660 $558 $200 $0 2017 2018 2019 2020 9 Months Ended 9/30/2021 • Focused on enhancing our market franchises and growing our portfolio We have historically been an opportunistic acquirer of our stock Post COVID, dividend and share repurchase were temporarily suspended. Both programs have since been restarted. 27#28UHS Investment Highlights ● . ● . One of the nation's largest and highest quality providers across acute and behavioral care, with a leading position in the vast majority of markets it serves Meaningfully scaled geographic presence with approximately 400 facilities across the U.S., Puerto Rico and the U.K. Highly diversified revenue base across core service lines and payers Disciplined balance sheet management with a track record of maintaining conservative leverage profile • Consistent top-line growth coupled with strong cash flow profile • Experienced management team with successful track record 28#29UHS APPENDIX ADMITTING HENDERSON HOSPITAL 29#30UHS EBITDA & FCF Reconciliation Nine months ended September 30, Twelve months ended September 30, Twelve months ended December 31, 2021 2020 2021 2020 2020 2019 2018 2017 2016 Reconciliationof net income attributable to UHS to EBITDA, net of NCI Net income attributable to UHS Depreciation and amortization 752,466 399,850 635,245 376,563 1,061,174 977,611 943,953 814,854 779,705 752,303 702,409 533.780 625,747 510,493 490,392 453,045 447,765 416,608 Interest expense, net 64,455 86,399 84,341 167,005 106,285 162,733 154,956 145,169 125,053 Provision for income taxes 232,844 204,699 327,488 315,002 299,293 238,794 236,642 363,697 409,187 EBITDA net of NCI $1,449,615 $1,302,856 $2,006,783 $2,085,365 $1,860,024 $1,706,773 $1,624,348 $1,708,934 $1,653,257 Other (income) expense, net Increase in DOJ Reserve (1,575) 8,291 (9.880) 0 0 0 (1,640 0 (14) (13,162) (14,219) 0 0 0 10,978 102,327 0 Provision for asset impairment 0 0 0 Adjusted EBITDA net of NCI $1,448,040 $1,311,147 $1,996,903 97,631 $2,181,356 0 $1,860,010 97,631 $1,802,220 49,310 $1,761,766 0 0 $1,708,934 $1,653,257 Nine months Twelve months Free Cash Flow Reconciliation ended September 30, ended September 30, 2021 2020 2021 2020 2020 Twelve months ended December 31, 2019 2018 2017 2016 Cash Flows From Operations 561,675 2,218,157 Less: Capital Expenditures (666,025) Less: Distributions to Noncontrolling interests Less: Regular Dividends Free Cash Flow (5,744) (50,284) (160,378) (546,656) (15,175) (17,344) $1,638,982 703,687 (850,676) (10,374) (50,284) ($207,647) 2,984.062 2,360,169 1,438,469 1,274,742 1,427,585 1,254,509 (856,831) (19,384) (731,307) (634,095) (664,962) (557,506) (519,939) (19,805) (15,859) (14,595) (24,713) (69,583) (52,394) (17,344) (53,003) (37,342) (38,211) (38,875) $2,055,453 $1,591,713 $735,512 $557,843 $807,155 $626,112 In thousands. Note: Cash Flow from Operations for the twelve months ended December 31, 2020 includes $698.8mm in Medicare Accelerated payments and deferred government stimulus grants. Cash Flow from Operations for the nine and twelve months ended September 30, 2021 includes $695mm of repayments of Medicare Accelerated payments. 30