<SEC-DOCUMENT>0001803737-24-000112.txt : 20240708
<SEC-HEADER>0001803737-24-000112.hdr.sgml : 20240708
<ACCEPTANCE-DATETIME>20240708162812
ACCESSION NUMBER:		0001803737-24-000112
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240708
DATE AS OF CHANGE:		20240708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Enhabit, Inc.
		CENTRAL INDEX KEY:			0001803737
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HOME HEALTH CARE SERVICES [8082]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				472409192
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41406
		FILM NUMBER:		241105041

	BUSINESS ADDRESS:	
		STREET 1:		6688 N. CENTRAL EXPRESSWAY, SUITE 1300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75206
		BUSINESS PHONE:		4696216419

	MAIL ADDRESS:	
		STREET 1:		6688 N. CENTRAL EXPRESSWAY, SUITE 1300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Encompass Health Home Health Holdings, Inc.
		DATE OF NAME CHANGE:	20200218
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ehab20240708defa14a-fl.htm
<DESCRIPTION>DEFA14A
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i4cf8eaf4ce3745ca8e18ab65e2c355da_1"></div><div style="min-height:36pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%"> UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">Washington, D.C. 20549</font></div><div style="margin-top:8pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SCHEDULE 14A</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Rule 14-101)</font></div><div style="margin-top:8pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">INFORMATION REQUIRED IN PROXY STATEMENT</font></div><div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SCHEDULE 14A INFORMATION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Proxy Statement Pursuant to Section&#160;14(a) of the Securities</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Exchange Act of 1934</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">(Amendment No.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">     </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">)</font></div><div style="text-align:center"><font><br></font></div><div style="text-indent:2.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Filed by the Registrant&#160;</font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#253;</font></div><div style="text-indent:2.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Filed by a Party other than the Registrant&#160;</font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o </font></div><div style="text-indent:2.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box&#58;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.527%"><tr><td style="width:1.0%"></td><td style="width:3.394%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.602%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.554%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.602%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:88.148%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Preliminary Proxy Statement</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Definitive Proxy Statement</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#253;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Definitive Additional Materials</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Soliciting Material under Rule 14a-12</font></td></tr><tr><td colspan="15" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:100%">Enhabit, Inc.</font></div></td></tr><tr><td colspan="15" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Name of Registrant as Specified in Its Charter)</font></td></tr><tr><td colspan="15" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</font></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payment of Filing Fee (Check all boxes that apply)&#58;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#253;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">No fee required</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fee paid previously with preliminary materials</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><div id="i4cf8eaf4ce3745ca8e18ab65e2c355da_7"></div><hr style="page-break-after:always"><div style="min-height:40.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Enhabit Reiterates That its Current Board is Best Positioned to Deliver Enhanced Value in Letter to Stockholders</font></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">AREX&#8217;s Slate of Less Experienced and Unqualified Director Candidates &#8211; and its Planned Formation of a &#8220;Transformation Committee&#8221; &#8211; Threatens to Destabilize Enhabit</font></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Urges Stockholders to Vote FOR Enhabit&#8217;s Director Nominees on the YELLOW Proxy Card</font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">DALLAS, July 8, 2024 &#8211; Enhabit, Inc. (NYSE&#58; EHAB) (&#8220;Enhabit&#8221; or the &#8220;Company&#8221;), a leading home health and hospice provider, today sent a letter to stockholders in connection with its upcoming 2024 Annual Meeting of Stockholders scheduled for July 25, 2024. Stockholders of record, as of the close of business on June 5, 2024, are entitled to vote at the 2024 Annual Meeting.</font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The full text of the letter follows and can be found at investors.ehab.com&#47;2024-annual-meeting&#47;, along with Enhabit&#8217;s definitive proxy materials and other materials regarding the Board of Directors&#8217; recommendations for the 2024 Annual Meeting. </font></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Protect the Value of Your Investment</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Vote the Enclosed YELLOW Proxy Card &#8220;FOR&#8221; Enhabit&#8217;s Highly Qualified Director Nominees</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dear Fellow Stockholders, </font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At Enhabit&#8217;s 2024 Annual Meeting, AREX Capital Management, LP is attempting to take control of Enhabit&#8217;s Board of Directors (the &#8220;Board&#8221;) by replacing nearly all Enhabit&#8217;s independent directors with their own nominees. </font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Enhabit&#8217;s Board was intentionally designed to have the right mix of expertise to understand the key drivers of the business, as well as the functions that are necessary to oversee the management of a stand-alone, public company. </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:13.8pt">Enhabit&#8217;s director nominees possess deep experience with the three key drivers of our business&#58; payors, hospital networks and labor management. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:115%;text-decoration:underline">No candidate on AREX&#8217;s slate has the same level of insight into any of these drivers</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">. </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:14.5pt;text-decoration:underline">AREX&#8217;s slate has negligible public company experience in either director or non-interim senior management roles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, whereas Enhabit&#8217;s nominees have public company board experience as well as current and extensive experience in public company C-suites. Our candidates also include directors with current experience in public company financial controls and auditing procedures, executive compensation, IT and cybersecurity. AREX&#8217;s candidates have negligible or stale experience in these areas.</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">AREX&#8217;s insistence that effective board oversight requires multiple directors with direct home health and hospice experience is contradicted by industry practices. Boards of the companies that AREX has asserted as our &#8220;peers&#8221; are comprised of directors who have a diverse range of senior-level skills and experiences adjacent to home health and hospice, in line with the approach of the Enhabit Board.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> At each of these companies, it appears that only one independent director has direct operating experience within the home health and hospice industry. Even putting aside the quality of the experience of AREX&#8217;s nominees, AREX&#8217;s assertion that it is necessary to install six directors with home health and hospice experience for the Board to properly exercise its oversight function is simply incorrect. </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In the attempt to portray their candidates as having direct home health and hospice experience, AREX improperly equates experience in companies that provide any kind of care in the home &#8212; for example, community care and senior living facilities &#8212; with experience in home health. In fact, home health and hospice operates in a different environment from the regulatory, reimbursement and referral process perspectives than these other businesses. </font></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:13.8pt">In constructing such a narrowly focused slate, AREX has selected candidates who are demonstrably inferior to the Company&#8217;s nominees in terms of relevant industry experience, public company board experience, complementary skill sets and career accomplishments.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:112%;position:relative;top:-3.15pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:112%"> Enhabit&#8217;s &#8220;peer&#8221; group as identified by AREX&#58; Amedisys, Inc. and The Pennant Group, Inc.</font></div><div style="height:40.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:40.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Enhabit&#8217;s Board is almost wholly refreshed since its separation from Encompass Health Corporation (&#8220;Encompass&#8221;) two years ago. Each of the Company&#8217;s directors is engaged and focused on enhancing value for all stockholders. Our performance over the last two quarters indicates that the business has stabilized and is positioned for profitable growth. There is more work to do &#8211; and Enhabit&#8217;s nominees are the right nominees to oversee the continued execution of the Company&#8217;s strategy.</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, AREX intends to form a &#8220;Transformation Committee&#8221;. AREX claims that this committee would not be a &#8220;shadow management team&#8221; and would instead operate like committees with a similar name that have been used at other public companies. However, unlike at other companies, AREX plans for this committee to be comprised of four directors who have no public company oversight experience and lack material senior operating experience. In fact, their career experience is commensurate with positions that would report to members of Enhabit&#8217;s C-suite. Certain of the initiatives contained in AREX&#8217;s &#8220;plan&#8221;, such as restructuring of the sales organization, are initiatives that are typically carried out at the executive level. Given the nature of the experience of the individuals and the initiatives in AREX's &#8220;plan&#8221;, we don&#8217;t believe this committee would operate as anything short of a shadow management team, likely with some degree of executive authority. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Our CEO has serious concerns about continuing to serve under this &#8220;Transformation Committee&#8221; as proposed by AREX.</font></div><div style="margin-bottom:10pt;padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">AREX CONTINUES TO DEMONSTRATE ITS LACK OF UNDERSTANDING OF THE BUSINESS AND INDUSTRY</font></div><div style="padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While AREX claims its candidates have more than 40 years of home health experience, AREX&#8217;s public statements, as well as the lack of substance in their proposed &#8220;plan&#8221;, demonstrate that AREX does not understand Enhabit&#8217;s business dynamics. For example&#58; </font></div><div><font><br></font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">AREX claims that Enhabit&#8217;s inability to manage the ongoing payor mix shift is directly responsible for the Medicare fee-for-service market share loss.</font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">The implication that growth in Medicare Advantage and improvement in the payment rate for Medicare Advantage admissions results in a reduction in Medicare fee-for-service market share is simply wrong. To the contrary, the payor innovation program establishes Enhabit as a high-quality provider that can accept a wide range of referrals for diverse payors, which is necessary in this changing environment. Over the past two years, referral sources have increasingly demanded that providers, including Enhabit, serve both the Medicare Advantage and Medicare fee-for-service business. Refusing to provide care to Medicare Advantage patients would result in a decline in Medicare fee-for-service referrals.</font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Navigating this dynamic is fundamental in the current referral environment. Shortly after the separation from Encompass, Enhabit&#8217;s management team implemented a system that enables frontline sales and branch-level personnel to discern whether individual referral sources provide a favorable mix of Medicare and Medicare Advantage patients.</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">AREX argues that Enhabit&#8217;s overhead is too high and is questioning why Enhabit has not announced a significant cost reduction initiative.</font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Enhabit has been independent from its original parent company for only two years and during this time has needed to make expenditures to stand itself up as an independent public company. At the time of the spin-off, Enhabit did not have built-out finance, HR and IT infrastructures, and developing these infrastructures required significant investment. As of today, Enhabit&#8217;s investment in its HR structure has successfully eliminated high-cost contract labor in both its Home Health and Hospice segments. Enhabit has also focused on the buildout of the IT organization to enhance its analytics capabilities and automate processes. Additionally, administering Medicare Advantage admissions and payment requires more time and personnel than is required to manage Medicare fee-for-service. Enhabit continues to seek out and evaluate opportunities to reduce overhead costs while maintaining the appropriate infrastructure to support operations. </font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">AREX&#8217;s criticism is based on a crude comparison of Enhabit&#8217;s financial statements against two other public companies. When comparing Enhabit to other companies, AREX does not account for the differences in the size, </font></div><div style="height:40.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:40.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">business models and cost allocation methodologies. AREX&#8217;s assertion that another $10 million of cost cuts could be implemented with no impact on the operations or revenue shows a deep misunderstanding of our operations and business and provides a case as to why stockholders should fear AREX having an outsized voice on the Board. </font></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">AREX&#8217;S PROPOSED &#8220;TRANSFORMATION COMMITTEE&#8221; WOULD COMPRISE NOMINEES WHO ARE ILL-SUITED FOR THAT ROLE</font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">AREX portrays their candidates as having &#8220;home health and hospice&#8221; experience. However, upon closer look beyond AREX&#8217;s high-level messaging, the AREX nominees have largely outdated experience and negligible leadership experience, and they lack achievements in home health and hospice. AREX consistently makes bold statements about their candidates&#8217; strong histories and individual track records that are incompatible with the roles held by the candidates. </font></div><div style="margin-bottom:10pt;padding-left:14.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We urge stockholders to review the actual professional biographies of the four AREX director candidates that AREX would have on its proposed &#8220;Transformation Committee&#8221;&#58; Megan Ambers, Maxine Hochhauser, Anna-Gene O&#8217;Neal and Dr. Gregory Sheff&#58;</font></div><div style="margin-bottom:4pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">All lack material senior operating experience. </font></div><div style="margin-bottom:4pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">All lack public company board experience.</font></div><div style="margin-bottom:4pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">All lack public company C-suite experience, except for interim roles that did not lead to permanent positions.</font></div><div style="margin-bottom:4pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">All have career experience commensurate with positions that would report to members of Enhabit&#8217;s C-suite. These track records are not reflective of a director at a public company. </font></div><div style="margin-bottom:4pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">None has significant tenure in a relevant role that experienced current industry trends.</font></div><div style="margin-bottom:4pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">None appears to have served for a material time in executive positions where they had regular interaction with a public company board of directors. </font></div><div style="margin-bottom:10pt;margin-top:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a closer look at the professional biographies of these candidates and AREX&#8217;s overstatements about them. These are not &#8220;ad hominem&#8221; criticisms, but observations about the professional experience of AREX&#8217;s nominees relative to AREX&#8217;s statements about them.</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Megan Ambers</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">AREX claims that Megan Ambers, 42, &#8220;brings a deep understanding of home health and hospice labor strategies, operations, payor models, utilization, and organizational optimization from her tenure at Enhabit&#8217;s closest public peer, Amedisys.&#8221; AREX touts that Ms. Ambers &#8220;possesses an acute understanding of how to accelerate home health and hospice admission growth, particularly fee-for-service admissions in home health, through incentive plan design, regulatory compliance, onboarding, and career development.&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">2</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe AREX has significantly overstated the seniority and depth of Ms. Ambers&#8217; relevant experience. </font></div><div style="margin-bottom:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.787%"><tr><td style="width:1.0%"></td><td style="width:6.875%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:90.925%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Ambers has no apparent home health and hospice operating experience. Instead, her experience has been limited to interim and non-C-suite roles in human resources. She held the Interim Chief Human Resources Officer (CHRO) role at Amedisys for eight months in 2022 and then she did not continue in the role.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to that brief role, from 2018 to 2022, Ms. Ambers was an SVP in human resources, and her current role is outside of home health and hospice. </font></td></tr></table></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">It is unclear how Ms. Ambers obtained her purported expertise in home health and hospice &#8220;operations and payor models&#8221;. Ms. Ambers&#8217; experience is commensurate with that of a vice president reporting to Enhabit&#8217;s current CHRO, who has approximately 30 years of healthcare and human capital experience. AREX touts that Ms. Ambers has experience developing incentive plans in the home health and hospice area, which at most would make her a candidate for a consultancy role. In contrast to Ms. Ambers&#8217; eight months in an interim role which she did not retain, Enhabit&#8217;s current CHRO had five years of experience as CHRO at Mercy Health, which has a workforce of approximately 42,000 employees, before taking her current role at Enhabit. </font></div><div style="margin-bottom:10pt;padding-left:18pt"><font><br></font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> These and other references to AREX candidates are to the AREX Investor Presentation dated June 27, 2024.</font></div><div style="height:40.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:40.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The most comparable candidate on Enhabit&#8217;s slate is Susan A. La Monica, an established CHRO with over 25 years of experience in senior executive leadership positions in human capital management. As the CHRO of Citizens Financial, Ms. La Monica has helped to transform Citizens into one of the nation&#8217;s largest commercial banks since its IPO in 2014. Her understanding of the complexities of managing a workforce in a widely dispersed branch banking system is directly relevant to the challenges presented in managing Enhabit&#8217;s workforce. Ms. La Monica also supports Enhabit&#8217;s current CHRO in designing compensation and incentive plans that align with the Company&#8217;s strategic priorities, and in overseeing executive compensation matters. Her executive leadership and experience with the transformation of Citizens facilitates her contribution well beyond Ms. Ambers narrow experience base. The Enhabit Board believes it would be value-destructive to replace Ms. La Monica with Ms. Ambers. </font></div><div style="padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%">Maxine Hochhauser</font></div><div style="padding-left:18pt"><font><br></font></div><div style="padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">AREX claims that Maxine Hochhauser, 63, &#8220;brings more than 30 years of experience as a healthcare industry executive focused on home health and home care operations, and a history of successfully navigating challenging financial, regulatory, and payor transitions.&#8221; AREX touts that Ms. Hochhauser is &#8220;Former President of the Home and Community Based Services Division of LHC Group, Inc., a provider of in-home healthcare services.&#8221;</font></div><div style="padding-left:18pt"><font><br></font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have had professional interactions with Ms. Hochhauser and believe that AREX has overstated her experience and fitness for the Enhabit Board.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.787%"><tr><td style="width:1.0%"></td><td style="width:6.875%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:90.925%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Hochhauser headed up the Home and Community Based Services Division of LHC Group, Inc., a division distinct from their home health and hospice divisions. While AREX implies that Ms. Hochhauser&#8217;s experience running the community care division is directly relevant to home health and hospice, community care is a completely different industry. In community care, a company&#8217;s workforce provides assistance with grooming and feeding, medication reminders, meal preparation, housekeeping, respite care, transportation and errand services. Home health and hospice operates in a different environment from the regulatory, reimbursement and referral process perspectives than community care. As a result, Ms. Hochhauser&#8217;s experience at LHC Group, Inc. has minimal relevance to the home health and hospice business, despite AREX&#8217;s attempt to portray it differently.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Hochhauser&#8217;s most recent experience at Addus was over seven years ago for a period of approximately two years. Her tenure includes working in Addus&#8217; home health and hospice division, which is a small part of its overall business, and completely predates the payor mix shift and current labor dynamics that have been central focuses of Enhabit&#8217;s business.</font></td></tr></table></div><div style="padding-left:18pt"><font><br></font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Against this backdrop, AREX cannot credibly claim that Ms. Hochhauser has sufficient experience in &#8220;payor transitions&#8221; to understand the dynamics of the current payor environment, especially relative to Enhabit&#8217;s nominees who have worked directly for multiple third-party payors.</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, as the current CEO of HealthPRO Heritage (since 2023), Ms. Hochhauser leads a company that competes with Enhabit in a discrete part of HealthPRO Heritage&#8217;s business. HealthPRO Heritage partners with home health agencies by providing agency and rehab services with operational management, reimbursement expertise, market analytics and professional staffing. Information, insights and experience that Ms. Hochhauser would be exposed to if she were serving on the Board of Enhabit&#8217;s substantially larger operation could be used to HealthPRO Heritage&#8217;s advantage in competing against Enhabit, for example, in the market for engaging skilled clinicians in areas where Enhabit operates.</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Anna-Gene O&#8217;Neal</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">AREX claims that Anna-Gene O&#8217;Neal, 57, &#8220;brings 35 years of healthcare experience, including leadership positions in home health and hospice operations, and a strong track record of driving business growth, turning around operations, and improving the quality of patient care.&#8221; AREX touts that she is &#8220;Former Division President, Health Care Services of Brookdale Senior Living, Inc, where she ran the home health, hospice, and outpatient therapy division.&#8221;</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. O&#8217;Neal has substantially less experience, by decades, in overseeing home health and hospice as compared to Enhabit&#8217;s current executive officers. </font></div><div style="height:40.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:40.5pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:6.778%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:91.022%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The bulk of her home health and hospice experience was from 2012 to 2019 at a small hospice care company.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Over the past approximately five years, Ms. O&#8217;Neal&#8217;s experience in home health and hospice was spread over four different companies and with short tenures ranging from approximately six months to two years. It is not clear how she can have a &#8220;strong track record of driving business growth, turning around operations and improving the quality of patient care&#8221; with such short tenures in all of her recent positions, and it is not clear how such short tenures can meaningfully contribute to her knowledge base in the home health and hospice industry.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">While AREX touts Ms. O&#8217;Neal&#8217;s experience at Brookdale&#8217;s Senior Living, Inc division, Brookdale&#8217;s home health and hospice business is a small part of its overall business that did not face the same referral management hurdles during the Medicare Advantage mix shift. </font></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. O&#8217;Neal&#8217;s level of experience is commensurate with that of a Senior Vice President reporting to one of Enhabit&#8217;s Executive Vice Presidents of operations, who each have three decades or more of experience.</font></div><div style="margin-bottom:10pt;margin-top:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dr. Gregory Sheff</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">AREX claims that Dr. Sheff, 55, &#8220;brings a comprehensive understanding of home health and hospice operations and insight into large payors along with more than 20 years of healthcare experience, both as a practicing physician and executive.&#8221; AREX touts that Sheff is &#8220;Former Interim President, Home Solutions, and Chief Medical Officer, Home Solutions, where he led the strategy, operations, partnerships, and integration of multiple home-based care assets at Humana, Inc.&#8221;</font></div><div style="margin-bottom:10pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dr. Sheff is known to members of Enhabit&#8217;s senior management and the Board believes AREX&#8217;s claims about Dr. Sheff&#8217;s insights into payors and his management capabilities are overstated. </font></div><div style="margin-bottom:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.787%"><tr><td style="width:1.0%"></td><td style="width:6.875%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:90.925%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dr. Sheff&#8217;s roles at Humana, Inc. were in a small subsidiary in the home health and hospice business where he primarily served as Chief Medical Officer, a position that generally involves overseeing clinical operations and quality of care, not driving strategy, partnerships and integration.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dr. Sheff has no apparent home health and hospice operating experience beyond having served as the Interim President, Home Solutions at Humana, Inc. for approximately eight months &#8211; in a role he did not continue. </font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">As a result, it is difficult to understand how Dr. Sheff had such broad responsibilities as leading &#8220;strategy, operations, partners and integration of multiple home-based care assets.&#8221; Additionally, he does not appear to have payor experience relevant to Enhabit, such as negotiating contracts, pricing or value-based initiatives, from working at Humana, Inc. </font></td></tr></table></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By contrast, our director nominees, Tina L. Brown-Stevenson and Erin P. Hoeflinger each possess several decades of knowledge and experience in the payor industry. If he were to pursue an operating role at Enhabit, Dr. Sheff&#8217;s experience would be commensurate with that of a non-executive officer reporting to Enhabit&#8217;s current Executive Vice President of Strategy and Clinical Excellence.</font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, Dr. Sheff is currently providing services to a portfolio company of Vistria Group, a private equity firm which funded the formation of an Enhabit competitor (VitalCaring) by our founder and former CEO. Vistria is a defendant in litigation brought by Enhabit and Encompass in the Delaware Court of Chancery. The Board is concerned about the potential conflict posed by Dr. Sheff having a role on the Board while the Company is actively suing Vistria for substantial damages and Vistria is heavily invested in the success of a competing entity.</font></div><div style="height:40.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:40.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">GIVING AREX CONTROL OF THE ENHABIT BOARD NOW IS VALUE-DESTRUCTIVE AND RECKLESS </font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Enhabit has just passed its two-year anniversary as a public company following its separation from Encompass. During that period, in the face of substantial industry and company-specific headwinds, our Board and management team stabilized Enhabit&#8217;s business and built the necessary infrastructure to enable stockholder value creation as a separate public company. Shifting course now and handing control of the Board to AREX and its less experienced nominees so they can learn our business on the job would be value-destructive and reckless.</font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">AREX has announced an operating plan for Enhabit</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> that is superficial and reflects AREX&#8217;s and its nominees&#8217; lack of understanding of the issues and the key drivers of Enhabit&#8217;s business. For over a year, AREX only ever advocated for a sale of Enhabit. Now, AREX speaks only in general terms and its &#8220;plan&#8221; proposes three months of evaluation, so its nominees can get up to speed, which itself may be destabilizing and stop momentum. </font></div><div style="text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">YOUR VOTE MATTERS &#8211; PROTECT THE VALUE OF YOUR INVESTMENT BY VOTING THE YELLOW PROXY CARD TODAY</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Enhabit Board of Directors is committed to acting in the best interests of stockholders. We urge you vote the YELLOW proxy card today &#8220;FOR&#8221; ONLY Enhabit&#8217;s nine highly qualified nominees &#8211; Jeffrey W. Bolton, Tina L. Brown-Stevenson, Charles M. Elson, Erin P. Hoeflinger, Barbara A. Jacobsmeyer, Susan A. La Monica, Stuart M. McGuigan, Gregory S. Rush and Barry P. Schochet.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Thank you for your continued support of and investment in Enhabit. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Sincerely, </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Enhabit Board of Directors</font></div><div><font><br></font></div><div style="text-align:center;text-indent:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">If stockholders have questions or need assistance voting their shares, please contact&#58;</font></div><div><font><br></font></div><div style="margin-bottom:10pt;text-align:center"><img alt="picture4a.jpg" src="picture4a.jpg" style="height:61px;margin-bottom:5pt;vertical-align:text-bottom;width:211px"></div><div style="text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Toll-Free&#58; 1-800-322-2885</font></div><div style="text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Or</font></div><div style="text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Email&#58; </font><font style="color:#0563c1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Enhabit&#64;MacKenziePartners.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%">About Enhabit Home Health &#38; Hospice</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Enhabit Home Health &#38; Hospice (Enhabit, Inc.) is a leading national home health and hospice provider working to expand what&#8217;s possible for patient care in the home. Enhabit's team of clinicians supports patients and their families where they are most comfortable, with a nationwide footprint spanning 255 home health locations and 112 hospice locations across 34 states. Enhabit leverages advanced technology and compassionate teams to deliver extraordinary patient care. For more information, visit </font><font style="color:#0563c1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">ehab.com</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%;text-decoration:underline">Forward-Looking Statements</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Statements contained in this press release which are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking information speaks only as of the date hereof, and Enhabit undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Such forward-looking statements are based upon current information and involve a number of risks and uncertainties, many of which are beyond our control. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual events or results to differ materially from our present expectations include, but are not limited to, our ability to execute on our strategic plans, regulatory and other developments impacting the markets for our services, changes in reimbursement rates, general economic conditions, changes in the episodic versus non-episodic mix of our payors, the case mix of our patients, and payment methodologies, our ability to attract and retain key management personnel and health care professionals, potential disruptions or breaches of our or our </font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:112%;position:relative;top:-3.15pt;vertical-align:baseline">3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:112%"> AREX Investor Presentation, June 27, 2024.</font></div><div style="height:40.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:40.5pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">vendors&#8217;, payors&#8217;, and other contract counterparties&#8217; information systems, the outcome of litigation, our ability to </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">successfully complete and integrate de novo locations, acquisitions, investments, and joint ventures, our ability to successfully integrate technology in our operations, our ability to control costs, particularly labor and employee benefit costs, and impacts resulting from the announcement of the conclusion of the strategic review process. Additional information regarding risks and factors that could cause actual results to differ materially from those expressed or implied by any forward-looking statement in this press release are described in reports filed with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, copies of which are available on the Company&#8217;s website at </font><font style="color:#0563c1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">http&#58;&#47;&#47;investors.ehab.com</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> and free of charge through the website maintained by the SEC at </font><font style="color:#0563c1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">www.sec.gov</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. We urge you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this press release.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%;text-decoration:underline">Important Additional Information and Where to Find It</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company has filed a definitive proxy statement on Schedule 14A and other documents with the SEC in connection with its solicitation of proxies from the Company&#8217;s stockholders for the Company&#8217;s 2024 annual meeting of stockholders. THE COMPANY&#8217;S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY&#8217;S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING YELLOW PROXY CARD, AND ALL OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the definitive proxy statement, an accompanying YELLOW proxy card, any amendments or supplements to the definitive proxy statement and other documents filed by the Company with the SEC at no charge at the SEC&#8217;s website at </font><font style="color:#0563c1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">www.sec.gov</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. Copies will also be available at no charge by clicking the &#8220;SEC Filings&#8221; link in the &#8220;Investors&#8221; section of the Company&#8217;s website, </font><font style="color:#0563c1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">http&#58;&#47;&#47;investors.ehab.com</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, or by contacting </font><font style="color:#0563c1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">InvestorRelations&#64;ehab.com</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Media contact</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Erin Volbeda </font></div><div><font style="color:#0563c1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">media&#64;ehab.com</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">972-338-5141  </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Investor relations contact</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Crissy Carlisle</font></div><div><font style="color:#0563c1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">investorrelations&#64;ehab.com</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">469-860-6061</font></div><div style="height:40.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
