#1ENSIGN GROUP November 2023 INVESTOR PRESENTATION www.ensigngroup.net 2023#2Our Mission We rely on our culture to accomplish our mission -h LOVE ONE ANOTHER CUSTOMER SECOND PASSION FOR LEARNING ACCOUNTABILITY INTELLIGENT CA PT CO CELEBRATION OWNERSHIP O RISK CAPLICO Our mission is to support the operations we serve in dignifying post-acute care in the eyes of the world. We do that through "Moments of Truth" - everyday situations that are met with out-of-the-ordinary service that surpasses all reasonable expectations. We strive to capture and share these moments of truth on a daily basis. ENSIGN GROUP#3Disclaimers This presentation contains, and other communications of The Ensign Group, In. ("Ensign" or the "Company") may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward- looking statements often use words such as "believe," "expect," "anticipate," "intend," "estimate," "project," "outlook," "forecast," "target," "trend," "plan," "goal," or other words of comparable meaning or future-tense or conditional verbs such as "may," "will," "should," "would," or "could." Statements in this presentation concerning the Company's future prospects are forward-looking statements, and are based on management's current expectations, assumptions and beliefs about our business, financial performance, operating results, the industry in which we operate and possible future events. These statements include, but are not limited to, statements regarding our growth prospects and future operating and financial performance. Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, which may change over time and many of which are beyond our control, and that could cause our actual results to materially and adversely differ from those expressed in any forward-looking statement. Readers should not place undue reliance on any forward-looking statements and are encouraged to review our periodic filings with the Securities and Exchange Commission, including our recently filed Forms 10-K and 10-Q, or other applicable documents that are filed or furnished by the Company with the U.S. Securities and Exchange Commission (the "SEC"), for a more complete discussion of the risks and other factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements. These documents are available on our website at www.ensigngroup.net (information on our website is not incorporated by reference into this presentation and should not be considered part of this document). This information is provided as of today's date only, and except as required by federal securities law, Ensign does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or for any other reason after the date of this presentation. We supplement our GAAP reporting with EBITDA, adjusted EBITDA, adjusted EBITDAR, adjusted EBT, adjusted net income, adjusted EPS, Funds from Operations (FFO) metrics, as well as segment income and FFO metrics, all of which are supplemental non-GAAP financial measures. They reflect an additional way of looking at aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. They should not be relied upon to the exclusion of GAAP financial measures. A more ample discussion of these GAAP financial measures is available on the "Investor Relations" tab of our website and a reconciliation to GAAP is included as an Appendix to this presentation. During this presentation we may reference operations in any or all of the transitional, skilled and assisted living operations and other businesses operated by our subsidiaries. Each such business is operated as a separate, wholly owned independent operating subsidiary that has its own management, employees and assets. References in the presentation to the consolidated "Company" and "its" assets and activities, as well as the use of the terms "we," "us," "our," and similar verbiage are not meant to imply that The Ensign Group, Inc. has direct operating assets, employees or revenue, or that any of the operations, the Service Center, Standard Bearer Healthcare REIT, Inc., or the captive insurance subsidiary are operated by the same entity.#4Table Of Contents 13 ممهها About US Since 1999, the independent operating affiliates of The Ensign Group (ENSG) have provided communities with exceptional, post-acute care. Portfolio Each of the 290+ business are run independently encompassing services delivered by more than 42,000 employees. We foster an entrepreneurial culture of ownership coupled with a field-driven, flat structure. Our Services Our affiliated entities offer a broad spectrum of post-acute care including skilled nursing, senior living and other healthcare-related properties and other ancillary businesses. Financials A clinically strong foundation combined with solid operational fundamentals provides an avenue for strong results.#5Ensign's Commitment to Care Continuum Patient Service Intensity Denotes Ensign Business Acute Care Out Patient Inpatient Rehab LTAC Rehab Skilled Nursing Senior Living Home Care Home Health Home Care Home Patient Illness Intensity Ensign is Strategically Positioned to Deliver Long-term Value Local leadership strategy focused on acquisitions in fragmented markets. High quality healthcare outcomes across the continuum driving local reputation and partnerships. Opportunistically drive new ventures in ancillary businesses and markets through its unique leadership model. Access to care continuum through Ensign Pennant Care Continuum. 5#6Ensign Strategically Positioned to Deliver Long-Term Value Experienced Management Management team with combined experience of ~90 years at Ensign alone. Presence in Attractive Markets Presence in strategic markets across 13 states with attractive reimbursement and growth profile. Several Growth Levers Leading consolidator in fragmented industry; new ventures; delivering organic and strategic growth. ENSIGN GROUP Multiple Business Lines Diversified operations including transitional and skilled services, strategic healthcare campuses and senior living operations, real estate ownership and new ventures. Strong Financial Profile Above industry growth and profitability, stellar balance sheet and strong cash flow conversion. Ensign's Capabilities Create an Ecosystem that Enables Connectivity Among All Stakeholders and Drives a Virtuous Cycle of Success#7Ensign's Investment Thesis Ensign is Positioned to Deliver Superior Clinical Results that Will Generate Strong Financial and Operating Results Superior Results $ Clinical Excellence Strategic Continuum of Care Growth Opportunities Organic, Strategic, Real Estate and New Ventures Culture#8Leading Operational Presence in Attractive Markets Industry Leader with Strong and Growing National Presence 16 12 2 6 7 2 21 25 70° 8 36 Ensign Group | Investor Presentation $9 83 Skilled Nursing Operations - 259 Senior Living Operations - 11 Campus Operations - 27 8 Source: Data as of 11/1/2023.#9Business Leaders Drive Results Track record of attracting, empowering & retaining clinically-focused business leaders. Local Leadership Clusters Empowering local leaders and their teams to provide superior solutions to the specific medical needs of the communities they serve. Superior Clinical Outcomes We partner with many other healthcare organizations with the goal of ensuring our patients are receiving the best possible care. Local Operation of Choice Our affiliated entities offer a broad spectrum of post-acute care, including skilled nursing, senior living and other healthcare-related properties and other ancillary businesses Ensign Group | Investor Presentation#10Local Leaders are Empowered by our Cluster Model Best Practices Shared Across Clusters Along with Economic and Payor Benefits at Cluster Level What is a Cluster? Economic Benefits Ops Ops Sharing of resources across cluster partners. Cluster 1 • Economies of scale/purchasing power. Ops Cluster 4 Ops Ops Ops Payor Benefits "Bundle" offering to payors by providing capabilities of cluster model. • Strengthens relationships with payor partners. • Coordinate to drive superior patient outcomes. Ops Ops Ops Cluster 3 Ops Ops Ops • Collaboration and connectivity between operations ("ops") that are geographically close together. Best practices, accountability and ownership are shared among and between clusters. Ops Ops Ops Cluster 2 Ops Ops Ops Incentive Driven • Each operation has full visibility into and accountability for individual and group results within the cluster. Compensation is linked to cluster's clinical and financial success. 10#11Organizational Focus on Clinical Quality Leads to Superior Financial Results Clinical Quality Translates to Organic Growth SNF Count by CMS Star Rating 1-Star 2-Star ■3-Star 300 4-Star ■ 5-Star 250 200 150 100 50 0 14 21 38 45 60 77 72 2009 2010 2011 2012 2013 2014 2015 86 2016 100 2017 91 102 116 114 113(2) 133 2018 2019 2020 2021 2022 09'23 (1) Ensign 1-Star Facility % Trend Ensign Adjusted EBITDAR Trend 41.3% $537 13.5% $87 $ in millions 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Sep 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 11 Refer to pages 53-54 for end notes. Source: Data as of Q3'23.#12Multifaceted Growth Opportunities Driven by Organic as well as Strategic Opportunities Creating Value Skilled Mix Disciplined Acquisitions Organic Distressed Assets Occupancy Strategic Fundamentals 1 New Ventures 12#13EPCC Enables Value- Based Care Continuum at the Local Level (3) What is it? ENSIGN GROUP PENNANT GROUP Clinical Care Coordination Preferred provider network between Ensign and The Pennant Group, Inc. Empowers local clinical leaders to opt-in resulting High Quality Care in smart and effective solutions for patients. EPCC Enabled Local Ecosystem is Well-Positioned to Existing Clinical Collaboration, Drive Best Quality Care & Outcomes and Benefit From the Shift Toward Value-Based Reimbursement Transitional Care Management patients Payors Providers Optimal Care Setting Transparent Clinical Data 13 Refer to pages 53-54 for end notes.#14A Disciplined Approach to Acquisitions & Track Record of Improving Operations to Drive Continued Growth 25.5% of Ensign's skilled nursing operations have been operated less than three full years Proven track record of achieving significant improvement in just 5 quarters 8.0% 74.5% 17.5% ■Same Facility ■Transitioning ■Recently Acquired EBITDAR Margin Skilled Mix Revenue Occupancy 369 bps 487 bps 420 bps Significant impact from growth in EBITDAR margins (5) Significant improvement beyond 5th quarter to 45th quarter 2200 Skilled Mix Rev EBITDAR % 1700 1200 487 691 700 369 598 200 5th Quarter 15th Quarter 2099 711 45th Quarter 15.9% 12.2% 14 Refer to pages 53-54 for end notes. Source: Data as of 11/1/2023.#15Demonstrated Track Record of Significant Operational Improvements of Acquired Assets QTD Q3 2023 Skilled Mix Revenue (6) Consolidated 48.4% Medicare Rates Consolidated $736 49.8% (7) ■Same Store 36.1% 46.9% $721 (8) ■Transitioning ■Recently Acquired ■Same Store SNF Occupancy Consolidated 78.9% $699 ■Transitioning Skilled Mix Days Consolidated 29.1% $801 (10) ■Recently Acquired 79.5% 76.2% 77.4% 30.7% 20.0% 26.1% ▲ Same Store ■Transitioning A Recently Acquired Same Store ■Transitioning ■Recently Acquired Medicaid $275 15 Refer to pages 53-54 for end notes. Source: Data as of Q3'23.#16Demonstrated Track Record of Significant Operational Improvements of Acquired Assets YTD Q3 2023 Skilled Mix Revenue (6) Consolidated 50.6% Medicare Rates Consolidated $725 51.8% 38.9% 49.7% $716 (7) (8) ■Same Store ■Transitioning ■Recently Acquired ■Same Store SNF Occupancy 78.3% Consolidated $688 ■Transitioning Skilled Mix Days Consolidated 30.7% $776 ▲ Recently Acquired (10) 78.9% 76.0% 76.4% 32.2% 21.8% 27.5% ■Same Store ■Transitioning ■Recently Acquired Same Store ■Transitioning ■Recently Acquired Medicaid $269 16 Refer to pages 53-54 for end notes. Source: Data as of Q3'23.#17Ensign Represents The Growth Story In the Facility-Based Healthcare Services & Post-Acute Sector Revenue (11) Adjusted EBITDAR (11) ($mm) 2014-2022 CAGR: 15% ($mm) $3,025 $2,627 $2,749 $2,403 2014-2022 CAGR: 16% $537 2,037 $476 1,755 $423 $457 1,598 1,438 $374 1,183 $1,027 $262 $285 $319 $221 $159 (14) 2014 2015 2016 2017 2018 2019 2020 2021 2014-2022 Revenue CAGR 15% 6% 5% 2022 Q3 2023 2014 2015 2016 2017 2018 2019 (14) 2020 2021 2022 Q3 2023 2014 - 2022 Adjusted EBITDAR CAGR 16% 8% 7% ENSIGN GROUP Facility-Based Healthcare Services (12) Post-acute (13) ENSIGN GROUP Facility-Based Healthcare Services (12) Post-acute (13) 17 Refer to pages 53 - 54 for end notes.#18Quarter Over Quarter Highlights Q3 2023 Q3 2022 REVENUE 22.2% $940.8 M $770.0 M SAME FACILITY SKILLED NURSING 6.6% FACILITY REVENUE $692.3 M $649.7 M CONSOLIDATED 16.6% ADJUSTED NET INCOME $69.0 M $59.2 M Ensign Group | Investor Presentation 18#19Year Over Year Highlights Q3 2023 Q3 2022 REVENUE 24.1% $2,749.0 M $2,215.9 M SAME FACILITY SKILLED NURSING 7.8% FACILITY REVENUE $2,058.3 M $1,909.4 M CONSOLIDATED ADJUSTED NET INCOME 15.5% $199.9 M $173.0 M Ensign Group | Investor Presentation 19#20Significant Real Estate Portfolio As of November 1, 2023 % of 297 Facilities Ensign Operates and 30 Owned Real Estate Leased to Third Party Operators (15) Ensign Triple Net Master Leases with Third Party Operators Leased (without a Purchase Option) Leased (with a Purchase Option) Owned + Leased to third party operators Owned + Operated Total Owned 62.1% 3.4% 25.4% 9.2% 25.4% Lease Structure Terms & Termination Multiple "triple-net" master leases • Lease agreements with initial terms between 14 and 16 years, with three 5-year extension options • Consent required for third party operators to sublease, assign, encumber or otherwise transfer or dispose any property Rent Terms Expenses • Fixed base rent with CPI-based escalators • Third party operators responsible for maintenance, capital expenditures, property taxes, insurance and other expenses Other • Customary covenants and events of default 20 Refer to pages 53-54 for end notes. Source: Data as of 11/1/2023.#21Track Record of Successfully Incubating New Ventures PENNANT Completed 2019 GROUP STANDARD BEARER HEALTHCARE REIT, INC Care Trust REIT ImmediateClinic URGENT CARE Completed in 2014 Completed in 2016 ENSIGN PENNANT CARE CONTINUUM PSTONE TRANSPORTATION PMOXRAY.com PACIFIC MOBILE diagnostics 87 BRIDGE DIALYSIS LIFE SAVING TREATMENT AT HOME Spin Offs Divestitures Current of covalence group FOUNDERS R 21#22Standard Bearer REIT Structure Summary & Key Benefits ☐ ENSIGN Operations Transitional & Skilled Services Ensign Pennant Care Continuum ■ New Ventures GROUP STANDARD BEARER HEALTHCARE REIT, INC ■ Real Estate Ownership ■ Real Estate Management & Monitoring ■ Investment Evaluation and Execution ■ Real Estate Portfolio Performance Reporting Key Benefits of Captive REIT Structure Increased Visibility into Embedded Real Estate Value & Earnings Expanded Real Estate Acquisition Opportunities Ensign Group | Investor Presentation Capital Flexibility to Grow Independent of Operations Low-Cost Structure: No Capital Gains Trigger Optionality for Future Spin-Out or Other Transaction 22 222#23Standard Bearer at a Glance 5 Geographic Footprint 108 Properties Key Stats 5 21 1 13 7 6 11 States 4 5 14 27 15.1 Years Weighted Avg. Lease Tenor Note: Figures represent the number of properties per state Ensign Group | Investor Presentation $1.1B (16) Real Estate Fair Value 10,759 Operating Beds / Units (17) 80.7% Ensign Operated 23 Refer to pages 53-54 for end notes. Source: Data as of 11/1/2023.#24Standard Bearer Metrics Quarter Over Quarter Rental Revenue - Trend Other Real Estate Metrics In $ Millions In $ Millions $21.0 $19.4 $19.7 $19.9 $18.7 $4.0 $3.8 $3.8 $3.8 $3.7 $7.2 $7.2 $7.1 $7.2 $6.9 $17.0 $15.0 $15.6 $15.9 $16.1 $12.5 $13.0 $13.2 $13.3 $13.6 Q3 2023 Q3 2022 Q4 2022 (18) FFO Q1 2023 ■Segment Income Q2 2023 (19) Q3 2023 Q3 2022 Q2 2023 Q4 2022 Q1 2023 Ensign Affiliated Lease Revenue Third-Party Lease Revenue 24 Refer to pages 53-54 for end notes. Source: Data as of Q3'23.#25Liquidity Financials Measure Nine Months Ended 2023 September 30, 2022 Summary of Cash Flows (In millions) Net cash provided by (used in): Operating activities Investing activities Financing activities 291.4 222.3 (137.8) (143.8) (2.0) (31.9) Net increase in cash and cash equivalents 151.6 46.7 Cash and cash equivalents beginning of period 316.3 262.2 Cash and cash equivalents end of period $467.9 $308.9 Other Liquidity Metrics: Availability under Credit Facility Net Debt to Adjusted EBITDAR $593.3 $593.3 1.99x 1.98x Ensign Group | Investor Presentation 25 25#26Increased Guidance 2023 Annual Revenue $3.72B to $3.73B Diluted Adjusted EPS $4.73 to $4.79 Midpoint is: 15% over 2022 31% over 2021 26 26#27Entrepreneurial Evolution Of Ensign The Ensign Group was founded Established New Market CEO program Ensign completes an IPO in November 2007 Ensign entered into the home health industry Senior living portfolio company was formed in June 2011 Completed the spin-off of its real estate business, CareTrust REIT Completed spin- off of home health & hospice as well as senior living segments, forming The Pennant Group Continues to execute on local leadership model to grow through the pandemic Ensign formed a Captive REIT, Standard Bearer Healthcare REIT, Inc. Ensign completed 52 acquisitions since 2022, entering its next phase of growth. 1999 2006 2007 2010 2011 2014 2019 2021 2022 2023 Strong Expansion Since Its Founding in 1999 297 271 245 228 223 175 187 194 150 121 93 98 107 72 77 38 40 43 53 57 59 7 13 19 23 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Nov 2023 Healthcare Facilities Operated 27 27#28Fundamentals Remain Favorable for Strong Organic Growth Key Drivers of Organic Growth Aging Population Population over 65 projected to nearly double by 2060 (20) Shift to Value- based Care Shift to value-based care, will continue to benefit low cost, high quality settings (e.g. SNF) Over the last 10 years the CMS Reimbursement reimbursement rates in the SNF Environment industry have increased at a steady rate of 1.0% - 4.0% Estimated Population Over 65 100,000 80,000 60,000 Market fragmentation creates significant consolidation opportunity (21) 74.5% Other ■ Ensign 3.7% ■Genesis 4.0% ■ Life Centers of America 3.2% Pruitthealth 1.9% 11.1% Pacifica 1.5% Brookdale 11% 40,000 2016 2020 2025 2030 2035 2040 2045 2050 2055 2060 Favorable Backdrop for Growth in the Transitional Skilled Services Industry 28 Refer to pages 53-54 for end notes.#29Largest Beneficiary Of Medicare Post-Acute Dollars While Medicare Spending Continues to Increase Medicare Spending Projection (22) Post-Acute Destinations - % of Medicare Dollars (23) (in Billions) 2,500 2,000 1,500 1,000 6% 7% 14% 30% 500 0 + Other +LTAC IRF 43% 2015 2017 2019 2021 2023 2025 2027 2029 2031 + Home Health Skilled Nursing Ensign Group | Investor Presentation 29 Refer to pages 53 - 54 for end notes.#30Medicare Advantage Growth Projection (24) Medicare Advantage Enrollment as Percentage of Medicare Enrollment Projection (in Thousands) 90,000 80,000 49% 50% 51% 52% 53% 53% 54% 55% 55% 56% 60% 46% 70,000 60,000 28% 30% 31% 32% 34% 36% 37%40% 43% 50% 40% 50,000 30% 40,000 30,000 20% 20,000 10% 10,000 0 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Medicare Enrollment (in Billions) Medicare Advantage Enrollment MA Enrollment % of Medicare Enrollment Medicare Payment to Medicare Advantage Projection 1,046 1,000 966 890 820 800 748 680 600 616 558 506 460 403 400 200 146 160 172 189 210 233 274 317 350 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 30 2030 2031 2032#31Standard Bearer Portfolio Diversification Diversification by Property Type (17) (25) Diversification by State (17) CAMPUS 18% OTHER 6% ID 5% AZ 16% UT 6% SC 6% ALF KS 7% 19% SNF 63% Ensign Group | Investor Presentation CA 16% TX 24% WI 14% 3 31 Refer to pages 53-54 for end notes. Source: Data as of 11/1/2023.#32$1,000 $900 Standard Bearer Continuation & Expansion of Real Estate Success Cumulative Investments Over Time" (26) $800 $700 $600 $500 Cumulative Real Estate Investments (in millions) $400 $300 $200 $79 $100 ម៉ $137 Pre-2015 2015 2016 $422 $358 $302 2017 14,000 $903 $832 $838 $845 12,000 $722 10,000 $624 $583 2018 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023 8,000 Total No. of SNF Beds / ALF Units 6,000 4,000 2,000 32 Refer to pages 53-54 for end notes. Source: Data as of Q3'23.#33Standard Bearer Strong Long Term Leases (27) 15.1 years Weighted Average Lease Tenor 98% of leases expire after 2031 Annualized Rent Revenue Expirations by Year Tenant Rent Coverage Summary 86420 18 16 14 12 $10.5 10 $12.2 $14.1 $12.0 $14.4 $12.1 Q3 Q4 2022 2022 Q1 2023 2023 Q2 Q3 2023 86 Ensign Affiliated 2.42 2.41 2.70 2.57 2.42 $4.7 4 $2.3 $1.1 Third-Party 1.28 1.38 1.60 1.40 1.57 2 $0.8 $0.8 $0.7 0 Total 2.21 2.23 2.50 2.37 2.27 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2053 2056 Ensign Group | Investor Presentation 33 Refer to pages 53-54 for end notes. Source: Tenant Rent Coverage Summary is as of Q3'23. All other data is as of 11/1/2023.#34High-Quality Portfolio Of Assets Ensign's real estate portfolio includes attractive assets in appealing markets that provide the foundation for patient care and well-being. Healthcare Resort of Leawood Leawood, Kansas Healthcare Resort of Topeka Topeka, Kansas The Springs at Pacific Regent La Jolla, CA Facilities are purpose-built or customized to accommodate specialty needs Assets include a mix of state-of- the-art and hands-on therapeutic approaches to provide specific care plans for each individual Facilities offer a wide variety of services that provide all the benefits of being at home. 34#35Ensign Management Team Christopher Christensen Executive Chairman 24 Years Former Ensign roles: CEO, President and Director. Prior to joining Ensign: Acting Chief Operating Officer of Covenant Care, Inc. Barry Port Chief Executive Officer and Director 19 Years Former Ensign roles: COO, President of Keystone Care and CEO of Bella Vita Health and Rehabilitation Center (Ensign Affiliate). Prior to joining Ensign: Leader of Strategic Sourcing Initiatives for Sprint Corporation. Suzanne Snapper Chief Financial Officer, EVP and Director 17 Years Former Ensign roles: Vice President of Finance. Prior to joining Ensign: Senior Manager at KPMG LLP. Chad Keetch Chief Investment Officer, EVP and Secretary 12 Years Former Ensign roles: Executive Vice President and Secretary, Vice President of Acquisitions and Business Legal Affairs and Assistant Secretary. Prior to joining Ensign: Attorney at Kirkland & Ellis LLP. Spencer Burton President, Chief Operating Officer 17 Years Former Ensign roles: President of Pennant Healthcare, CEO of Pacific Care and Rehabilitation (Ensign-affiliate). Prior to joining Ensign: Utah State Legislature. 55 35#36Appendix www.ensigngroup.net#37Skilled Services Segment $ in thousands Statements of Income Data: Segment income Depreciation and amortization EBITDA Adjustments to EBITDA: (28) Business interruption recoveries Stock-based compensation expense Adjusted EBITDA Ensign Group | Investor Presentation 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 2022 $117,816 $101,750 $348,169 $302,272 9,936 8,397 28,417 24,411 127,752 110,147 376,586 326,683 (259) (1,009) 4,879 3,758 14,740 10,571 $132,372 $113,905 $390,317 $337,254 37 Refer to pages 53-54 for end notes.#38Standard Bearer Segment $ in thousands Rental revenue generated from third-party tenants Rental revenue generated from Ensign affiliated operations Total rental revenue Segment income (19) Depreciation and amortization (18) FFO Ensign Group | Investor Presentation Three Months Ended September 30, 2023 Nine Months Ended September 30, 2022 2023 2022 $4,004 $3,708 $11,576 $11,180 16,976 15,024 49,035 42,343 20,980 18,732 60,611 53,523 7,165 6,941 21,517 20,679 6,429 5,561 18,528 15,798 $13,594 $12,502 $40,045 $36,477 38 Refer to pages 53-54 for end notes.#39Reconciliation Of GAAP to Non-GAAP Income $ in thousands Net income attributable to The Ensign Group, Inc. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 $63,863 $56,179 $187,708 $164,210 Non-GAAP adjustments (29) Stock-based compensation expense 7,237 5,898 22,691 16,681 (30) Cost of services – gain on business interruptions recoveries and sale of assets Cost of services - legal adjustments Cost of services - acquisition related costs (259) (900) (1,009) (3,467) 859 (818) 4,212 (31) 150 245 722 416 (32) Interest expense - write off deferred financing fees (33) 566 Depreciation and amortization - patient base (34) 135 86 182 213 General and administrative - legal costs 2,783 2,783 General and administrative - costs incurred related to new systems implementation (35) 321 875 390 Provision for income taxes on Non-GAAP adjustments (4,946) (3,528) (13,274) (10,225) Non-GAAP net income $68,963 $59,160 $199,860 $172,996 Average number of shares outstanding 57,337 56,761 57,245 56,829 Diluted Earnings Per Share $1.11 $0.99 $3.28 $2.89 Adjusted Diluted Earnings Per Share $1.20 $1.04 $3.49 $3.04 39 Refer to pages 53-54 for end notes.#40Reconciliation Of GAAP to Non-GAAP Financial Measures $ in thousands Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 2023 2022 Income before provision for income taxes Stock-based compensation $82,045 $72,455 $241,480 $211,638 7,237 5,898 22,691 16,681 (34) (30) Legal costs and adjustments 2,783 859 1,965 4,485 Gain on business interruptions recoveries and sale of assets (259) (900) (1,009) (3,467) Write-off of deferred financing fees (32) 566 (31) Acquisition related costs Costs incurred related to new systems implementation 150 245 722 416 321 875 390 (33) Depreciation and amortization - patient base Adjusted EBT 135 86 182 213 $92,091 $78,964 $266,906 $230,922 Ensign Group | Investor Presentation 40 40 Refer to pages 53-54 for end notes.#41Reconciliation Of GAAP to Non-GAAP Financial Measures $ in thousands Net income Less: net income (loss) attributable to noncontrolling interests Add: Other (income) expense, net Provision for income taxes Depreciation and amortization EBITDA Adjustments to EBITDA: Stock-based compensation expense Three Months Ended September 30, Nine Months Ended September 30, 2023 $63,968 2022 2023 2022 $56,242 $188,027 $164,133 105 63 319 (77) (2,253) 1,832 (8,939) 9,991 18,077 16,213 53,453 47,505 18,446 15,941 53,154 45,475 $98,133 $90,165 $285,376 $267,181 7,237 5,898 22,691 16,681 (34) (36) Legal costs and adjustments 2,783 859 1,965 4,212 Gain on business interruptions recoveries and sale of assets (31) (259) (900) (1,009) (3,467) Acquisition related costs 150 245 722 416 Costs incurred related to new systems implementation 321 875 390 Adjusted EBITDA $108,044 $96,588 $310,620 $285,413 Rent-cost of services 50,357 38,907 Adjusted EBITDAR Ensign Group | Investor Presentation $158,401 146,754 $457,374 111,897 41 Refer to pages 53-54 for end notes.#42Reconciliation From Segment Income to Income Before Provisions For Income Taxes QTD Q3 2023 $ in thousands Skilled Services Standard Bearer All Other Eliminations Consolidated Total Revenue $902,967 $20,980 $39,124 ($22,280) $940,791 (37) Cost of services 713,290 547 30,007 (2,775) 741,069 (38) Internal rent expense 15,694 2,096 (17,790) External rent expense 46,231 241 3,885 50,357 Depreciation and amortization 9,936 6,429 2,081 18,446 (37) (38) General and administrative expenses 1,459 51,383 (1,715) 51,127 (37) Other expense (income), net 5,139 (7,392) (2,253) Total expenses 785,151 13,815 82,060 (22,280) 858,746 Segment income 117,816 7,165 (42,936) 82,045 Income before provision for income tax 82,045 Ensign Group | Investor Presentation 42 Refer to pages 53-54 for end notes.#43Reconciliation From Segment Income to Income Before Provisions For Income Taxes YTD Q3 2023 $ in thousands Skilled Services Standard Bearer All Other Eliminations Consolidated Total Revenue (39) Cost of services Internal rent expense (40) $2,638,090 2,081,107 $60,611 $114,574 ($64,298) $2,748,977 1,587 85,129 (7,843) 2,159,980 45,417 6,061 (51,478) External rent expense 134,980 709 11,065 146,754 Depreciation and amortization 28,417 18,528 6,209 53,154 General and administrative expenses (39) (40) Other expense (income), net Total expenses Segment income (39) 3,987 157,438 (4,977) 156,448 14,283 (23,222) (8,939) 2,289,921 39,094 242,680 (64,298) 2,507,397 348,169 21,517 (128,106) 241,580 Gain from sale of real estate Income before provision for income tax 348,169 21,517 (128,106) (100) 241,480 Ensign Group | Investor Presentation 43 Refer to pages 53-54 for end notes.#44Reconciliation From Segment Income to GAAP EBITDA and Non-GAAP EBITDA QTD Q3 2023 $ in thousands Skilled Services Standard Bearer All Other Eliminations Consolidated Segment Income $117,816 $7,165 ($42,936) $82,045 Other expense (income), net 5,139 (7,392) (2,253) Depreciation and amortization 9,936 6,429 2,081 Less: Net income attributable to non-controlling interests 105 Segment GAAP EBITDA 127,752 18,733 (48,352) Consolidated GAAP EBITDA 18,446 105 98,133 98,133 Non-GAAP Adjustments Stock based compensation 4,879 Legal costs 2,358 2,783 7,237 2,783 Gain on business interruption recoveries (259) (259) Other Non-GAAP adjustments 150 150 Segment Non-GAAP EBITDA 132,372 18,733 (43,061) 108,044 Consolidated Non-GAAP EBITDA 108,044 Internal Rent Expense 15,694 2,096 (17,790) External Rent Expense 46,231 241 3,885 50,357 Total Non-GAAP Rent Expense 61,925 241 5,981 (17,790) 50,357 Consolidated Non-GAAP EBITDAR 194,297 18,974 $158,401 44#45Reconciliation From Segment Income to GAAP EBITDA and Non-GAAP EBITDA YTD Q3 2023 $ in thousands Segment Income Other expense (income), net Depreciation and amortization Skilled Services Standard Bearer All Other Eliminations $348,169 $21,517 14,283 ($128,106) (23,222) 0 28,417 18,528 6,209 Less: Net income attributable to non-controlling interests Segment GAAP EBITDA 319 376,586 54,328 (145,438) Loss on real estate insurance recoveries Consolidated GAAP EBITDA Non-GAAP Adjustments Consolidated $241,580 (8,939) 53,154 319 285,476 (100) 285,376 Stock based compensation 14,740 Legal costs and adjustments 7,951 1,965 Gain on business interruption recoveries (1,009) Other Non-GAAP adjustments 1,597 Segment Non-GAAP EBITDA 390,317 54,328 (133,925) Loss on real estate insurance recoveries Consolidated Non-GAAP EBITDA Internal Rent Expense 22,691 1,965 (1,009) 1,597 310,720 (100) 310,620 45,417 External Rent Expense 134,980 709 6,061 11,065 (51,478) 146,754 Total Non-GAAP Rent Expense 180,397 709 17,126 (51,478) 146,754 Consolidated Non-GAAP EBITDAR 570,714 55,037 $457,374 45#46Reconciliation of Deferred Compensation Plan Impact 5 Quarter Trend Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Non-GAAP other income (expense): Interest expense ($2,024) ($2,023) ($2,036) ($2,067) ($2,108) Interest income 5,701 3,952 4,304 2,860 1,411 Deferred compensation plan (DCP) investments gain (loss) (1,424) 1,250 1,239 1,462 (1,135) Other income (expense) 4,277 5,202 5,543 4,322 276 Total Non-GAAP other income (expense) 2,253 3,179 3,507 2,255 (1,832) Non-GAAP Revenue 940,791 921,345 886,841 809,532 770,005 Non-GAAP cost of services 736,125 718,388 691,712 630,387 597,692 Less: DCP gain (loss) related to cost of services (676) 666 640 985 (686) Non-GAAP cost of services without DCP 736,801 717,722 Non-GAAP cost of services as a percentage of revenue 78.2% 78.0% 691,072 78.0% 629,402 598,378 77.9% 77.6% Non-GAAP cost of services as a percentage of revenue without DCP 78.3% 77.9% 77.9% 77.7% 77.7% Non-GAAP general and administrative expense with DCP 46,160 50,309 48,590 39,788 36,755 Less: DCP gain (loss) related to general and administrative expense (676) 666 640 530 (369) Non-GAAP general and administrative expense without DCP 46,836 49,643 47,950 39,258 37,124 Non-GAAP general and administrative expense as a percentage of revenue 4.9% 5.5% 5.5% 4.9% 4.8% Non-GAAP general and administrative expense as a percentage of revenue without DCP 5.0% 5.4% 5.4% 4.8% 4.8% NON-GAAP EBITDA percentage of revenue 11.5% 11.2% 11.3% 12.1% 12.5% NON-GAAP EBITDA percentage of revenue without DCP 11.3% 11.3% 11.4% 12.3% 12.4% NON-GAAP EBITDAR percentage of revenue 16.8% 16.6% 16.5% 17.2% 17.6% NON-GAAP EBITDAR percentage of revenue without DCP 16.7% 16.7% 16.7% 17.4% 17.5%#47Property Locations Property Name State Property Type # of Operating Beds / Units Tenant Alta Mesa Health and Rehabilitation and The Groves Assisted and Independent Senior Living Community AZ Campus 176 Ensign Arrowhead Springs Healthcare CA SNF 99 Ensign Avamere Rehabiliation at Ridgemont and The Villas at Ridgemont WA Campus 142 Avamere Bainbridge Island Health and Rehabilitation Center WA SNF 58 Ensign Belmont Terrace Bennett Hills Rehabilitation and Care Center Brenwood Park Assisted Living Broadway Villa Post Acute WA SNF 95 Ensign ID SNF 58 Ensign WI Senior Living 46 Pennant CA SNF 138 Ensign Brookside Healthcare Center CA SNF 97 Ensign California Mission Inn CA Senior Living 151 Pennant Casas Adobes Post Acute Rehabilitation Center AZ SNF 224 Ensign Cedar Health and Rehabilitation UT SNF 120 Ensign Cedar Hills Senior Living TX Senior Living 37 Pennant Champions Healthcare at Willowbrook TX Campus 242 Ensign Compass Post Acute Rehabilitation SC SNF 95 Ensign Cottonwood Manor Assisted Living WI Senior Living 30 Pennant Cranberry Court Assisted Living WI Senior Living 40 Pennant Creekside Transitional Care and Rehabilitation ID SNF 139 Ensign Deer Creek Senior Living TX Senior Living 37 Pennant Desert Blossom Health and Rehabilitation Center AZ SNF 98 Ensign East View Healthcare TX SNF 125 Ensign Fountain Hills Post Acute AZ SNF 64 Ensign Golden Palms Rehabilitation and Retirement TX Campus 197 Ensign Ensign Group | Investor Presentation 47#48Property Locations Property Name Greentree Health and Rehabilitation Center Harbor View Assisted Living Harrison Pointe Healthcare and Rehabilitation Heritage Park Healthcare and Rehabilitation Horizon Post Acute and Rehabilitation Center State Property Type # of Operating Beds / Units Tenant WI SNF 50 Ensign WI Senior Living 39 Pennant UT SNF 63 Ensign UT SNF 121 Ensign AZ SNF 179 Ensign Hunters Pond Rehabilitation and Healthcare Keller Oaks Healthcare Center TX SNF 128 Ensign TX SNF 146 Ensign Kenosha Senior Living Kirkwood Manor WI Senior Living 37 Pennant TX SNF 162 Ensign Lake Pointe Villa Assisted Living WI Senior Living 19 Pennant Lila Doyle Post Acute SC SNF 120 Ensign Legend Healthcare and Rehabilitation - Paris TX SNF 120 Ensign Lo-Har Senior Living CA Senior Living 29 Pennant Madison Pointe Senior Living WI Senior Living 39 Pennant Magnolia Post Acute Care CA SNF 99 Ensign Maple Meadows Assisted Living WI Senior Living 19 Pennant McCall Rehabilitation and Care Center ID SNF 40 Ensign McFarland Villa Assisted Living WI Senior Living 35 Pennant Meadow View Assisted Living WI Senior Living 24 Pennant Meadow View Nursing and Rehabilitation ID SNF 112 Ensign Meadowcreek Senior Living TX Senior Living 37 Pennant Medallion Post Acute Rehabilitation CO SNF 60 Ensign Ensign Group | Investor Presentation 48 48#49Property Locations Property Name Medallion Villas Mesa Springs Healthcare Center Millennium Post Acute Rehabilitation Mission Care Center Mission Palms Post Acute Mountain Terrace Senior Living Mt. Ogden Health and Rehabilitation Center North Point Senior Living State Property Type # of Operating Beds / Units Tenant CO Senior Living 100 Ensign TX Campus 138 Joint (Ensign/Pennant) SC SNF 132 Ensign CA SNF 58 Ensign AZ SNF 160 Ensign WI Senior Living 70 Pennant UT SNF 108 Ensign WI Senior Living 19 Pennant Olive Ridge Senior Living AZ Senior Living 73 Ensign Olympia Transitional Care and Rehabilitation WA SNF 135 Ensign Opus Post Acute Rehabilitation SC SNF 98 Ensign Panorama Gardens Nursing and Rehabilitation Center CA SNF 145 Ensign Paris Chalet Senior Living TX Senior Living 37 Pennant Park Manor of McKinney TX SNF 138 Ensign Parklane West Healthcare Center TX SNF 124 Ensign Parkside Senior Living Pecan Valley Rehabilitation and Healthcare Peoria Post Acute and Rehabilitation Phoenix Mountain Post Acute Pleasant Point Senior Living Premier Care Center of Palm Springs Pueblo Springs Rehabilitation Center WI Senior Living 20 Pennant TX SNF 124 Ensign AZ SNF 179 Ensign AZ SNF 130 Ensign WI Senior Living 74 Pennant CA SNF 99 Ensign AZ SNF 115 Ensign Ensign Group | Investor Presentation 49 49#50Property Locations Property Name Puget Sound Transitional Care Rehabilitation and Nursing Center of the Rockies Rio Vista Post Acute and Rehabilitiation Riverbend Post Acute Rehabilitation Riverview Village Senior Living Riverwalk Post Acute and Rehabilitation Rock Canyon Respiratory & Rehabilitation Center Rock Creek of Ottawa Rock Hill Post Acute Care Center Rockbrook Assisted Living and Memory Care Scandinavian Court Assisted Living Sea Cliff Healthcare Center and Assisted Living Sherwood Village Assisted Living and Memory Care Somerset Subacute and Care St. George Rehabilitation Stoughton Meadows Senior Living Surprise Health and Rehabilitation Center Tempe Post Acute and Desert Marigold Senior Living of Tempe Temple View Transitional Care Center The Eden of Las Colinas The Healthcare Center at Patriot Heights The Healthcare Resort of Leawood Ensign Group | Investor Presentation State Property Type # of Operating Beds / Units Tenant SNF 125 Ensign OR RESOR * 88 8 SNF 96 Ensign SNF 150 Ensign Campus 124 Ensign Senior Living 44 Pennant SNF 60 Ensign SNF 81 Ensign Campus 146 Ensign SNF 99 Ensign Senior Living 52 Pennant Senior Living 19 Pennant Campus 224 Ensign Senior Living 151 Pennant SNF 47 Ensign SNF 99 Ensign Senior Living 39 Pennant SNF 100 Ensign Campus 198 Ensign SNF 119 Ensign SNF 118 Ensign Campus 232 Ensign Campus 94 Ensign 50#51Property Locations Property Name State Property Type # of Operating Beds / Units Tenant The Healthcare Resort of Topeka KS Campus 94 Ensign The Medical Lodge of Amarillo TX SNF 82 Ensign The Mildred & Shirley L. Garrison Geriatric Education and Care Center TX SNF 116 Ensign The Orchard Post Acute Care CA SNF 162 Ensign The Pines Post Acute and Memory Care WI SNF 50 Ensign The Shores of Sheboygan Assisted Living WI Senior Living 66 Pennant The Springs at Pacific Regent CA SNF 59 Ensign The Terrace at Mt. Ogden UT SNF 114 Ensign The Villages of Dallas TX Campus 304 Ensign The Villas at Rock Canyon CO Senior Living 20 Ensign The Waterton Healthcare and Rehab TX SNF 74 Ensign Treasure Hills Healthcare and Rehabilitation Center TX SNF 110 Ensign Villa Court Assisted Living and Memory Care NV Senior Living 74 Pennant Villa Maria Post Acute and Rehabilitation Village Healthcare and Rehabilitation Westover Hills Rehabilitation and Healthcare Wide Horizons Intermediate Care Facility Willow Brooke Point Senior Living Windsor Rehabilitation and Healthcare AZ Campus 85 Ensign TX SNF 112 Ensign TX SNF 124 Ensign UT SNF 44 Ensign WI Senior Living 82 Pennant TX SNF 108 Ensign Ensign Group | Investor Presentation 51#52End Notes www.ensigngroup.net#53End Notes (1) Adjusted EBITDAR is a non-GAAP measure and represents net income before (a) interest expense, net, (b) provision for income taxes, (c) depreciation and amortization, (d) rent-cost of services, (e) stock- based compensation expense, (f) acquisition related costs, (g) costs incurred related to new systems implementation, (h) legal costs and adjustments, and (i) gain on business interruption recoveries and sale of assets. See Appendix for a reconciliation of GAAP to non-GAAP financial measures. 2019 Adjusted EBITDAR includes 9 months of Pennant financial results. [Slide 11] (2) Starting in 2022, CMS included new measurements which impacted our overall star rating and resulted in a decrease in our 4 and 5 star locations. [Slide 11] (3) Subsidiaries of Ensign and Pennant may opt into a voluntary joint post-acute care preferred provider network called the Ensign Pennant Care Continuum ("the EPCC"). [Slide 13] (4) Acquisition track record based on an average for all SNF acquisitions from 2001 to June 30, 2022 measuring 5 quarters of operating performance. [Slide 14] (5) 12.2% represents average EBITDAR margin for the 1st quarter after acquisition for acquisitions made from 2001 to June 30, 2022. [Slide 14] (6) At the end of Q3'23, there were 284 skilled nursing facilities in operation. [Slide 15, 16] (7) Same Store represents all skilled nursing operations purchased prior to January 1, 2020 totaling 213 facilities. [Slide 15, 16] (8) Transitioning represents all skilled nursing operations purchased from January 1, 2020 to December 31, 2021 totaling 23 facilities. [Slide 15, 16] (9) Recently Acquired represents all skilled nursing operations purchased on or subsequent to January 1, 2022 totaling 48 facilities. [Slide 15, 16] (10) Recently Acquired includes the operations in states which, on average, have a higher reimbursement rate than our average operation. [Slide 15, 16] (11) Revenue and adjusted EBITDAR not pro forma for spin. [Slide 17] (12) Represents average of peer growth from 2014-2021 annualized, except for peers that were not in existence for the entire time period, in which case the longest time period available was used. Peers grouped by subsector include: Acute Care: HCA, CYH, THC, and UHS; Behavioral: ACHC and CIVI; ASC: SGRY; Dialysis: FMS and DVA; Home Health and Hospice: AMED, ADUS and CHE; Institutional: BKD and EHC; Rehab: SEM and USPH. [Slide 17] (13) Represents 2014 - 2021 average of AMED, ADUS, CHE, BKD, EHC and SEM. [Slide 17] (14) 2019 only includes 9 months Pennant financial data as a result of its 10/1/2019 spin-off. [Slide 17] (15) Of the 30 owned real estate leased to third party operators, one senior living facility is located on the same real estate property as a skilled nursing facility that we own and operate. [Slide 20] (16) Reflects midpoint of the most recent third-party valuation. [Slide 23] (17) Based on percentage of annualized rent for assets as of November 1, 2023. [Slide 23, 31] (18) FFO, in accordance with the definition used by the National Association of Real Estate Investment Trusts, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and impairment of depreciable real estate assets, while including depreciation and amortization related to real estate earnings. [Slide 24, 38] (19) Segment income reflects profit or loss from operations before provision for income taxes, gain or loss from sale of real estate and insurance recoveries from real estate. Included in Standard Bearer segment income for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 2022 are management fees of $1.3M, $1.2M, $1.2M, $1.2M, and $1.1M, respectively, and interest expense of $3.4M, $2.9M, $2.8M, $2.6M, and $2.3M, respectively, associated with the intercompany agreements between Standard Bearer and The Ensign Group, Inc., including the Service Center. [Slide 24, 38] (20) Source: US Census, CDC (NCHS), CMS and Population Reference Bureau. From 49MM in 2016 to 95MM in 2060. [Slide 28] 53#54End Notes 21) Source from IBISWorld, MatrixCare. Based on total number of facilities. [Slide 28] 22) Source: 2023 Medicare Trustees Report. [Slide 29] 23) Source: Medpac and US HHS Department as of March 2020. [Slide 29] 24) Source: Stephens New Medicare Trustees Report April 3, 2023. [Slide 30] 25) The number of SNF beds and ALF units for SNF, ALF and Campus are 6,802, 1,708 and 2,249, respectively. The valuations for SNF, ALF and Campus are $741 million, $244 million and $150 million, respectively. The range of implied capitalization rates for SNF is 6.5% to 11.75%, ALF is 6.0% to 8.5% and Campus is 5.75% to 7.5%. [Slide 31] 26) Cumulative investments over time include initial investment and capital expenditures. [Slide 32] 27) Leases have two or three extension options of five years. [Slide 33] 28) Segment income reflects profit or loss from operations before provision for income taxes and impairment charges from operations. General and administrative expenses are not allocated to the skilled services segment for purposes of determining segment profit or loss. [Slide 37] 29) Represents stock-based compensation expense incurred. [Slide 39] 30) Legal adjustments relate to findings attributable to our ancillary services subsidiary, which includes the portion attributable to non-controlling interests. [Slide 39, 40] 31) Represents costs incurred to acquire operations that are not capitalizable. [Slide 39, 40, 41] 32) Represents the write-off of deferred financing fees associated with the amendment of the credit facility. [Slide 39, 40] 33) Included in depreciation and amortization are expenses related to patient base intangible assets at newly acquired skilled nursing and senior living facilities. [Slide 39, 40] 34) Legal costs incurred in connection with the medical directors related matter. [Slide 39, 40, 41] 35) Represents an adjustment to the provision for income tax to our historical year to date effective tax rate of 25.0%. [Slide 39] 36) Legal adjustments relate to findings attributable to our ancillary services subsidiary, which excludes the portion attributable to non-controlling interests. [Slide 41] 37) Included in other expense (income) for three months ended, net is a loss on investment held in our deferred compensation plan of $1.4 million. There is an offsetting expense allocated between cost of services and general and administrative expenses of $0.7 million and $0.7 million, respectively. [Slide 42] 38) Included in general and administrative expenses is internal rent expense for the Service Center of $0.4 million and management fee of $1.3 million. This amount is eliminated in the eliminations column. [Slide 42] 39) Included in other expense (income) for nine months ended, net is a gain on investment held in our deferred compensation plan of $1.1 million. There is an offsetting expense allocated between cost of services and general and administrative expenses of $0.6 million and $0.6 million, respectively. [Slide 43] 40) Included in general and administrative expenses is internal rent expense for the Service Center of $1.3 million and management fee of $3.7 million. This amount is eliminated in the eliminations column. [Slide 43] 54 44#55THANK YOU ENSIGN GROUP