1. INVESTOR PRESENTATION December 9, 2015

2. 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

3. Investment Highlights 506 outpatient physical and occupational therapy clinics across 42 states 4 th largest owner/operator of clinics Only publicly-traded, pure play provider 506 outpatient physical and occupational therapy clinics across 42 states 4 th largest owner/operator of clinics Only publicly-traded, pure play provider Proven Business Model Solid Financial Position Diversified payor mix, only 25% of revs from Medicare Strong cash flow and balance sheet Diversified payor mix, only 25% of revs from Medicare Strong cash flow and balance sheet Driven by organic growth and acquisitions Approximately 60% of clinics are de novo start-ups Partner with experienced physical therapists Driven by organic growth and acquisitions Approximately 60% of clinics are de novo start-ups Partner with experienced physical therapists 3 Attractive Market Dynamics US rehab market > $15B in annual revenue Highly fragmented; No company with >6% market share Favorable demographics – aging and active population US rehab market > $15B in annual revenue Highly fragmented; No company with >6% market share Favorable demographics – aging and active population Established Company

4. National Footprint 4

5. 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

6. Large and Growing Market Opportunity $15B+ U.S. rehab market with 3-4% projected annual growth Favorable demographics – physically active, aging and obese population segments Healthcare delivery shifting towards lower cost, high quality outpatient providers “Demand for physical therapy is projected to be one of the fastest growing sectors in the U.S. economy through 2016.” - Wall Street Journal, July 14, 2009 “Jobs in healthcare support…are projected to experience even faster growth. The increased demand in this area stems largely from an aging population…occupations that will likely grow in importance are physical therapists, physical therapist assistants…” − Report from Executive Office of the President’s Council of Economic Advisors, July 2009 6

7. Competitive Landscape Highly fragmented U.S. outpatient rehab market with ~16,000 clinics No company with >6% market share USPh ranks third nationally –Select Medical 881 Clinics –ATI600 Clinics –Physiotherapy Associates 550 Clinics –USPh 506 Clinics Note: Owned Clinics 7

8. 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

9. 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

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11. New Clinics / Brands 2015 11

12. Acquisition Strategy Completed 21 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

13. 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 Therapist 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

14. Diversified Payor Mix 14

15. Worker’s Comp Push 15 Both internally and through acquisition, USPh has expanded its industrially focused worker’s comp business. Grown to approximately 20% of Company’s patient revenue Treat, educate, assess and prevent work related injuries National approach with local care delivery, 1-800-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

16. Strong Cash Flow and Balance Sheet Both de novo clinics and acquisitions financed primarily through free cash flow USPH trailing twelve months ended September 2015 adjusted EBITDA (1) of $48.1 million; an increase of 8% from the preceding twelve months (1) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense. 16

17. Dividend In 2011 initiated quarterly dividend Increased dividend in 2012, 2013 and 2014 Paid special dividend in December 2012 Increased dividend in March 2015 by 25% 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

18. Average Annual Rate of Return to Shareholders 23.1% Per Year 18 * Current Management Team joined Company in Fall of 2003. Total Cumulative Return through December 31, 2014 including dividends is $31.71. Total Cumlative Return Percentage is 259.7%. Average Annual Return - 23.1%.

19. Revenue Gross Margin Operating Income Net Income EPS Adjusted EBITDA Year Results* 19 $ 305.1 M $ 76.2 M $ 45.8 M $ 20.9 M $ 1.71 $ 46.3 M December 31, 2013 $ 264.1 M $ 64.7 M $ 38.8 M $ 17.5 M $ 1.45 $ 38.6 M 15.5% December 31, 2014 17.7% 18.0% 19.4% 17.9% 20.0% From continuing operations ** Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense.

20. First Nine MonthsResults 20 Revenue Gross Margin Operating Income Net Income EPS Adjusted EBITDA $ 244.6 M $ 56.9 M $ 34.7 M $ 16.3 M $ 1.32 $ 36.7 M YTD September 2014 $ 225.7 M $ 57.2 M $ 35.0 M $ 15.9 M $ 1.30 $ 34.9M Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense. 8.3% 0.1% 2.5% 1.5% 5.2% YTD September 2015

21. Third Quarter Results 21 Revenue Gross Margin Operating Income Net Income EPS Adjusted EBITDA $ 84.0 M $ 18.9 M $ 11.9 M $ 5.8 M $.47 $ 12.8 M Q3 2014 $ 77.7 M $ 18.7 M $ 11.3 M $ 5.2 M $.43 $ 11.8M Q3 2015 Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense. 8.1% 1.1% 5.3% 11.5% 9.3% 8.5%

22. 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

23. 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 Trailing Twelve Months Ended September 30 (amounts in 000’s) 2015 2014 Net revenues$ 323,968$ 294,289 Net Income attributable to U.S. Physical Therapy 21,265 19,779 Depreciation & amortization 7,714 6,063 Interest, net (income) / expense 968 957 Non-controlling interests 9,330 9,178 Equity/stock option expense 4,275 3,107 Provision for income taxes 13,875 14,471 Adjusted EBITDA before noncontrolling interests 57,427 53,555 Noncontrolling interests (9,330) (9,178) Adjusted EBITDA$ 48,097$ 44,377

24. 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 Three Months Ended September 30 (amounts in 000’s) 2015 2014 Net revenues$ 84,049$ 77,716 Net Income attributable to U.S. Physical Therapy 5,818 5,216 Depreciation & amortization 1,982 1,857 Interest, net (income) / expense 231 235 Non-controlling interests 2,246 2,202 Equity/stock option expense 1,162 863 Provision for income taxes 3,654 3,625 Adjusted EBITDA before noncontrolling interests 15,093 13,998 Noncontrolling interests (2,246) (2,202) Adjusted EBITDA$ 12,847$ 11,796

25. Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense. 25 From Continued Operations Nine Months Ended September 30 (amounts in 000’s) 2015 2014 Net revenues$ 244,578$ 225,684 Net Income attributable to U.S. Physical Therapy 16,288 15,876 Depreciation & amortization 5,656 4,682 Interest, net (income) / expense 717 819 Non-controlling interests 7,044 7,285 Equity/grant expense 3,368 2,456 Provision for income taxes 10,634 11,033 Adjusted EBITDA before non-controlling interests 43,707 42,151 Noncontrolling interests (7,044) (7,285) Adjusted EBITDA$ 36,663$ 34,866

26. NYSE: USPH