This presentation may contain statements and information that could be considered “forward-looking statements.” Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, many of which are inherently uncertain and outside our control. Forward-looking statements include, among other things, statements regarding our future financial performance, business prospects, future growth and operating strategies, objectives and results.

Actual results, performance or developments could differ materially from those expressed or implied by these forward-looking statements. With the exception of fiscal year-end information included in our audited financial statements, the information we are presenting is unaudited. Except as required by law, we undertake no duty to update the contents of this presentation after today.

Forward Looking Statements

1

Terry ShawPresident & CEO

J.P. Morgan Healthcare ConferenceJanuary 12, 2021

2

3

82.7%

67.5%‘20 AA Goal

92.9%

64.8%

81%‘20 AA Goal

56.7%‘20 AA Goal

75%‘18 Baseline

Nov ‘20

90%‘18 Baseline

Nov ‘20

63%‘18 Baseline

Q3 ‘20

Brand Aided AwarenessTampa Bay Greater Orlando Kansas City

4

1973 AdventHealth established

50

80,000+ Team members

5.5 million+ Patients served annually

11 Skilled nursing facilities

18 Home health and hospice agencies

2,289 Employed physicians

61 Urgent care facilities

19 Offsite EDs

Hospital campuses operated in nine states

$12.5B Revenue

5

6

BodyMindSpirit

Whole-Personcare

Driven by our mission of providing wholistic care to all people, AdventHealth will be known for our preeminent, faith-based, consumer-focused clinical care.

7

Vision 2030BodyMindSpiritWhole-PersonCare

8

Body Mind

Spirit

Whole-PersonCare

9

19 14 9 11

12 19 26 23

05

10152025303540

2017 2018 2019 Jan-Sep'20

# of

Hos

pita

ls

< Top Quartile Top QuartileSource: Premier Quality Advisor

Premier All Adult Observed/Expected Mortality Trend

10

Leapfrog Safety Grade

Goal: Grade A

A

B

C

D

F

CMS Star Rating

Goal: 4–5 Stars

5

4

3

2

1

StarsSpring 2017 Spring 2020

14 21

10 6

2 3

1 0

0 0

December 2017 January 2020

1 5

8 17

15 5

4 5

2 2

Spiritual Care in the OP Setting

Mental Health Care

Quality and Service Excellence

Equity in Health Care Outcomes

2017 2018 2019 2021

Whole-PersonCare

11

Dynamic LearningCommunity

Growth of AdventHealth University

Expanded Research & Academic Programs

Developing AdventHealth Leaders

Team MemberPromise

Excellent Local Leadership

Fair Economics

Lighted Career Path

Caring for People through People

12

Managed Population Risk

Consumer Focused Connected Network

Clinical Excellence

Financial Strength and Growth

13

Managed Population Risk

Consumer Focused Connected Network

Clinical Excellence

Financial Strength and Growth

• Care advocacy• Consumer tech platform• Epic conversion

• Risk-based portfolio growth• Risk-enabled provider networks• New care delivery models

• Financial discipline• Cost improvement• Same store and

organic growth

• Safe and reliable culture• Achieving quality outcomes• Leverage analytics for

performance improvement14

Vision 2030Whole-PersonCare

15

COVID-19

16

Strengths going into the Pandemic

StrongBalance Sheet

Consumer Investments

UnitedClinical Team

One-Brand Approach

17

Main Inbound Line

Total Call Volume

222,400

Hope, Digital Chat Bot

Total Chat Volume

230,630

eCare Visits

Total eCare Visits

16,254

Live Chat with Care Advocate

Total Messages

23,034

Vivify-Go

Total Patient Referrals

13,419

Nurse Triage

Total Call Volume

51,280Total Make Goods

37,589

Service Recovery

Total Consumer Engagement Summaryfor COVID-19 Virtual Response Plan

Total Engagement = 594,606

Protect the Team

PPEProcurement

ManagementApproach

19

AMWAY Arena

Protect the Team

COVID Service Line

HRInitiatives

PPEProcurement

CommandCenter

Expense Management

ManagementApproach

21

0

200

400

600

800

1,000

1,200

Aver

age

# of

CO

VID

-19 P

ositi

ve a

nd P

UI P

atie

nts

437

1,113

889

584 605

869

1,045

556

COVID-19 Average Daily Census

Florida Outside Florida

May June July August September October November December

11% 12% 22% 18% 12% 12% 17% 20%% of Admissions

22

COVID-19 Key Learnings

• Lack of standardization of ancillary clinical services

• Disruption of just-in-time inventory system

• Over-reliance on ED & surgery revenues

• Supporting business re-openings

• Lack of a clear national message

• Lack of effective local public health systems

• Testing capabilities

MarketInternal

23

COVID-19 Key Learnings

• Lack of standardization of ancillary clinical services

• Disruption of just-in-time inventory system

• Over-reliance on ED & surgery revenues

• Supporting business re-openings

• Lack of a clear national message

• Lack of effective local public health systems

• Testing capabilities

MarketInternal

26

Vision 2030 Adjustments

• Re-envisioned Supply Chain Process and Ancillary System Leadership

• Accelerated Consumer andRisk-Based Care Model work

27

Paul RathbunSenior Executive Vice President & CFO

J.P. Morgan Healthcare ConferenceJanuary 12, 2021

28

Aspirational Priorities

Fund Organizational Growth

Strategic Growth

Capital Model Tied to Operating Performance

Consistent Operating

Performance

Maintain AA Credit Rating

Disciplined Financial Management

Competitive & Transparent Pricing (Affordable)

Transparent Pricing

Fund Investments in Strategic Priorities

Strategic Priorities

Optimize Cost Structure

Value Journey

Financial Strength and Growth

29

Same Store Volume Statistics vs. PY

* Same Store Excludes CTMC, Heart of Florida, Lake Wales, Ottawa & TH Huguley

Admissions

Surgeries

OP Observations

OP ER Patients

1.8%

1.9%

8.4%

5.8%

67,310

54,623

24,912

255,931

Jan - Feb 2020

(17.4%)

(38.8%)

(33.3%)

(33.5%)

79,993

51,371

24,165

244,633

Mar - May 2020

(1.3%)

(3.9%)

(14.7%)

(19.2%)

185,676

156,914

59,649

570,356

Jun - Nov 2020

30

GAAP Income StatementNovember YTD

* There May Be Rounding Differences Due to Format* Dollars in Millions

2019 Actual

2020 Actual

Total Operating Revenue $ 10,812 $ 11,232

Total Operating Expenses 10,082 10,796

Operating Income 730 436

Investment & Other 653 73

Net Income $ 1,383 $ 509

Operating Margin 6.8% 3.9%

Recognized: $335MDeferred: $116M

Nov YTD CARES Funds

31

13.3% 13.5% 13.3% 13.0%

10.3%

0%

4%

8%

12%

16%

2016 2017 2018 2019 2020 Nov YTD

1,146.3

Total Operating EBDITA Margin

* Minority Interest and LOR Reflected Below EBDITA

1,355.61,268.4 1,450.4 1,539.9

* Dollars in MillionsEBDITA Margin

Average Margin 11.6%Sep – Nov 2020*

* Average Margin Sept-Nov Excludes CARES Provider Relief Funds32

Balance Sheet Metrics

27.6%

21.1% 22.1%

15%

20%

25%

30%

35%

2016 2017 2018 2019 2020 Nov YTD

221238

253234

150

200

250

300

2016 2017 2018 2019 2020 Nov YTD 2020 NovAdjusted

164%

221% 223% 206%

100%

150%

200%

250%

300%

2016 2017 2018 2019 2020 Nov YTD 2020 NovAdjusted

Total Cash to Total Debt

2.402.01

2.75

0

1

2

3

4

2016 2017 2018 2019 2020 NovAnnualized

Days Cash on Hand

Total Debt to Capitalization Total Debt to EBDITA

* Adjusted Days Cash on Hand & Total Cash to Total Debt Excludes Medicare Accelerated Payments & Deferred Payroll Taxes Through November

33

Strategic Priority – EMR Conversion

+

Hospital

PhysicianHH & HospiceHH & Hospice

HospitalHospital

PhysicianPhysician

HospitalPhysician

Home HealthHospice

Care Everywhere + Community

Connect

Current Configuration Future Epic Configuration

A fully connected care network is foundational to AdventHealth’s strategy to deliver on our brand promise of whole-person care, advancing our consumer promisesto provide a seamless experience to all those we serve.

34

TimelineStrategic Priority – EMR Conversion

Q1

2020

Q2 Q3 Q4 Q1

2021

Q2 Q3 Q4 Q1

2022

Q2 Q3 Q4

Pre-work Build & Test Train & Deploy

Estimated Project Costs

Capital Costs $370MOperating Costs $290M

Scheduled go-live

35

Capital Allocation MethodologyStrategic Growth

2021 − 2023

Hospital

Strategic

28.0%

37.5%

82.0%

Division 12.0%

IT 4.5%

2018 − 2020

33.0%

28.0%

75.0%

9.5%

4.5%

Capital Allocation Model Percent of EBDITA*

* EBDITA-Based Model Utilized Since 2001

$1.6B of Estimated

Strategic Capital for 2021-2023 Capital Cycle

36

West Florida Outpatient StrategySouth Overland Park Tampa TowerTexas Health Mansfield

Strategic GrowthMajor Construction – 2018 through 2020

Multi-State Division

Central Florida Division

West Florida Division

Winter GardenFish Memorial Central Florida Outpatient Strategy Celebration Tower

37

Strategic GrowthAcquisition Activity | State of Florida

AdventHealth Hospital FacilityAs of January 1, 2018

38

AdventHealth Hospital Facility

2018-2019 Acquisitions

As of January 1, 2018

Health First Hospital Facility –2020 Acquisition of Minority Interest

Strategic GrowthAcquisition Activity | State of Florida

39

Extending the Healing Ministry of Christ

Forward Looking StatementsSlide Number 2Slide Number 3Brand Aided AwarenessSlide Number 5Slide Number 6Slide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Slide Number 12Slide Number 13Slide Number 14Slide Number 15Slide Number 16Strengths going into the PandemicTotal Consumer Engagement Summary� for COVID-19 Virtual Response PlanSlide Number 19Slide Number 20Slide Number 21Slide Number 22Slide Number 23Slide Number 24Slide Number 25Slide Number 26Slide Number 27Slide Number 28Slide Number 29Same Store Volume Statistics vs. PY GAAP Income StatementTotal Operating EBDITA MarginBalance Sheet MetricsStrategic Priority – EMR ConversionStrategic Priority – EMR ConversionStrategic GrowthSlide Number 37Slide Number 38Slide Number 39Slide Number 40