INVESTOR PRESENTATION NOVEMBER 3, 2016

22 Forward Looking Statements This presentation contains forward-looking statements, which involve numerous risks and uncertainties. Included are statements relating to opening of new clinics, availability of personnel and reimbursement environment. The forward-looking statements are based on the Company’s current views and assumptions and the Company’s actual results could differ materially from those anticipated as a result of certain risks, uncertainties, and factors, which include, but are not limited to: general economic, business, and regulatory conditions; competition; reimbursement conditions; federal and state regulation; acquisitions; clinic closures, availability, terms, and use of capital; availability and cost of skilled physical and occupational therapists; and weather. 2

Investment Highlights 524 outpatient physical and occupational therapy clinics across 42 states 3rd largest owner/operator of clinics Only publicly-traded, pure play provider 524 outpatient physical and occupational therapy clinics across 42 states 3rd largest owner/operator of clinics Only publicly-traded, pure play provider Proven Business Model Solid Financial Position Diversified payor mix, only 24% of revs from Medicare Strong cash flow and balance sheet Diversified payor mix, only 24% of revs from Medicare Strong cash flow and balance sheet Partner with experienced physical therapists Driven by organic growth and acquisitions Approximately 60% of clinics were de novo start-ups Partner with experienced physical therapists Driven by organic growth and acquisitions Approximately 60% of clinics were de novo start-ups 3 Attractive Market Dynamics US rehab market > $30B in annual revenue Highly fragmented; No company with >10% market share Favorable demographics – aging and active population US rehab market > $30B in annual revenue Highly fragmented; No company with >10% market share Favorable demographics – aging and active population Established Company

National Footprint 4

Growth Strategy Drive organic growth through de novo PT/OT clinic openings, utilize true partnership model Maximize profits of existing facilities by growing patient volume; realize efficiencies through higher clinical productivity Augment organic growth through strategic acquisitions 5

Large and Growing Market Opportunity $30B+ U.S. rehab market with 7% projected annual growth* Favorable demographics – physically active, aging and obese population segments Healthcare delivery shifting towards lower cost, high quality outpatient providers * Source: Harris Williams 6

Competitive Landscape 7 Highly fragmented U.S. outpatient rehab market with ~16,000 – 18,000 clinics No company with >10% market share USPh ranks third nationally –Select Medical/Physio 1615 Clinics –ATI 600 Clinics –USPh 524 Clinics Note: Owned Clinics

Focused Business Model Specialize in trauma, sports, work-related and pre and post surgical cases Partner with experienced physical therapists –Drive volume via referrals –Augment sales with marketing reps Historical focus on organic growth via lower cost de novo (start-up) clinics Strategic acquisitions structured like de novos as partnerships with significant ownership retained by founders 8

USPH Partnership Advantages Accounting HR Real Estate Construction Purchasing Marketing Compliance Legal IT Less Administrative Burden Access to Capital for Development of Additional Clinics No Personal Financial Risk Unlimited Earnings Potential Full Benefit Package Ongoing Guidance within Semi-Autonomous Work Environment More Resources 9

10 Why am I a Partner

New Clinics / Brands

Acquisition Strategy Completed 23 clinic group acquisitions since 2005 Range in size from 3 to 52 clinics Acquisition criteria: Owner therapists continue to operate clinics and retain significant equity interest Immediately accretive to earnings Further de novo growth opportunities 12

Executive Management Chris Reading – Chief Executive Officer –Joined USPh as COO in November 2003 –Promoted to CEO and Board in November 2004 –Previously Senior Vice President of Operations with HealthSouth, managed over 200 facilities including OP, ASC, DX Imaging and rehab hospital operations. –BS Physical Therapy Larry McAfee – Chief Financial Officer –Joined USPh as CFO in September 2003 –Promoted to EVP and Board in November 2004 –Previously served as CFO and President of both public and private companies –BBA & MBA Glenn McDowell – Chief Operating Officer –Joined USPh as Vice President - West Region in October 2003 –Promoted to COO in January 2005 –Previously Vice President of Operations with HealthSouth, managed 165 facilities including ASC, DX Imaging, OP and occupational medicine facilities. –BS & Masters Physical Therapy 13

Diversified Payor Mix 14

Worker’s Comp 15 Both internally and through acquisition, USPh has expanded its industrially focused worker’s comp business. Approximately 17% of Company’s patient revenue Treat, educate, assess and prevent work related injuries National approach with local care delivery, centralized scheduling-fast, easy and convenient. Services provided:  job specific rehabilitation  work hardening/conditioning  physical work qualifications assessment  post-offer pre-employment screening  functional capacity evaluations (“FCE”)  fitness programs  ergonomic assessments  onsite trainers and therapists

Strong Cash Flow and Balance Sheet Both de novo clinics and acquisitions financed primarily through free cash flow USPH trailing twelve months ended September 2016 adjusted EBITDA (1) of $54.6 million; an increase of 13.5% from the preceding twelve months (1) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense. 16

Dividend In 2011 initiated quarterly dividend Increased dividend in 2012, 2013, 2014, 2015 and 2016 Paid special dividend in December 2012 Increased dividend in March 2016 by 13% Dividends do not impact ability to continue to grow internally through de novo clinic development and externally through acquisitions Dividend seen as additional way to increase returns to shareholders as Company is under leveraged and has excellent net free cash flow 17

Average Annual Rate of Return to Shareholders 33.7% Per Year 18 *Current Management Team joined Company in Fall of 2003 and took over in late Total Cumulative Return through September 30, 2016 including dividends is $ Total Cumulative Return Percentage is 438.7%. Average Annual Return is 33.7%. Market Cap Increase during time period is from $154.7 million to $785.0 million or by $ million or 407.4%.

Revenue Gross Margin Operating Income Net Income EPS Adjusted EBITDA* Year Results 19 $ M $ 78.4 M $ 47.3 M $ 22.3 M $ 1.80 $ 50.3 M December 31, 2014 $ M $ 76.2 M $ 45.8 M $ 20.9 M $ 1.71 $ 46.3 M 8.6% December 31, % 3.3% 6.8% 5.3% 8.7% Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense.

Third Quarter Results 20 Revenue Gross Margin Operating Income Net Income EPS Adjusted EBITDA $ 88.3 M $ 19.7 M $ 12.1 M $ 5.7 M $.46 $ 13.1 M Q $ 84.0 M $ 18.9 M $ 11.9 M $ 5.8 M $.47 $ 12.8 M Q Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense. 5.1% 4.2% 0.9% 1.8% 2.2% 2.1%

Revenue Gross Margin Operating Income Net Income EPS Adjusted EBITDA Nine Months Results 21 $ M $ 63.2 M $ 38.6 M $ 18.1 M $ 1.45 $ 40.9 M September 2015 $ M $ 56.9 M $ 34.7 M $ 16.3 M $ 1.32 $ 36.7 M 8.6% September % 9.8% 11.7% Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense.

Summary 22 Only publicly-traded, pure play operator of rehab clinics Proven business model, driven by organic growth and acquisitions Significant scale with national footprint Large and growing market/favorable demographics Strong cash flow and balance sheet

Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense. 23 From Continuing Operations Twelve Months Ended December 31 (amounts in 000’s) Net revenues$ 331,302$ 305,074 Net Income attributable to U.S. Physical Therapy 22,279 20,853 Depreciation & amortization 7,952 6,740 Interest, net (income) / expense 950 1,070 Equity/grant expense 4,491 3,363 Provision for income taxes 14,653 14,274 Adjusted EBITDA $ 50,325 $ 46,300

Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense. 24 From Continuing Operations Nine Months Ended September 30 (amounts in 000’s) Net revenues$ 265,682$ 244,578 Net Income attributable to U.S. Physical Therapy 18,112 16,288 Adjustments: Depreciation & amortization 6,210 5,656 Interest, net (income) / expense Equity grant expense 3,748 3,368 Provision for income taxes 11,975 10,634 Adjusted EBITDA $ 40,937 $ 36,663

Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense. 25 Trailing Twelve Months Ended September 30 (amounts in 000’s) Net revenues$ 352,406$ 323,968 Net Income attributable to U.S. Physical Therapy 24,103 21,265 Adjustments: Depreciation & amortization 8,506 7,714 Interest, net (income) / expense 1, Equity/grant expense 4,871 4,275 Provision for income taxes 15,994 13,875 Adjusted EBITDA $ 54,599 $ 48,097

NYSE: USPH