1. Seventeenth Annual Not-for-Profit Health Care Investor Conference Jim Skogsbergh President and Chief Executive Officer Lee B. Sacks, M.D. Executive Vice President and Chief Medical Officer Dominic J. Nakis Chief Financial Officer and Treasurer New York, New York May 17, 2016

2. The following material and presentation contains information which is forward looking within the meaning of federal securities law. These forward- looking statements are based on the current plans and expectations of Advocate Health Care Network (“Advocate”) that, although believed to be reasonable, are subject to a number of known and unknown uncertainties and risks inherent in the operation of health care facilities, many of which are beyond Advocate’s control, that could significantly affect current plans and expectations and Advocate’s future financial position and results of operations. These forward-looking statements speak only as of the date made. Investors are cautioned not to unduly rely on such forward-looking statements. This presentation should be reviewed in conjunction with Advocate’s March 31, 2016 and December 31, 2015 continuing disclosure reports.

3. Introduction and Advocate Overview Jim Skogsbergh President and Chief Executive Officer

4. Advocate Health Care Hospitals (11) 4 teaching 1 children's 1 critical access 5 level 1 trauma centers Physicians 1,400 employed + 400 APCs 5,000 Advocate Physician Partners 6,300 medical staff Post-acute Home health, hospice, long-term acute care hospital and palliative care 35,000 associates $5.5 billion total revenue 847,000 value based lives

6. More than $783 M community benefit (2014) Accolades

7. 2015 Report Card

8. Key Market Dynamics Provider & health plan consolidation Dominant health plan Narrow networks emerging Growing consumerism Revenue pressures – utilization, mix and price Cost pressures – labor and drugs

9. Advocate Well Positioned Leader in safety and health outcomes Strong brand Population health leader High performance network product Pluralistic approach to physicians Robust ambulatory network & retail clinics Financial strength

10. Collaborative Relationships Contractual Relationships Shared Economics Advocate Participates in a Variety of Partnerships to Further Our Strategy

11. NorthShore Merger Advocate Clinics at Walgreens Advocate Physician Partners Cerner Collaborative High Performance Network w/Blue Cross Surgery Centers w/SCA Post-acute Care Network Long-term Acute Care Hospitals w/Loyola Laboratory Operations w/Aurora Varied & Numerous Partnerships and Collaborations

12. Partnering and Collaborating to Drive Value and Innovation Lee B. Sacks, MD Executive Vice President and Chief Medical Officer

13. Pluralistic Physician Care Platform Medical Staff ~ 6,300 Advocate Physician Partners ~ 5,000 Aligned ~ 3,600 Employed ~1,400 Advanced Practice Clinicians ~ 400

14. Advocate Physician Partners Optimizing health outcomes and value for the communities we serve by integrating care across the continuum Condell PHO Trinity PHO Silver Cross PHO Sherman PHO Illinois Masonic PHO Sherman PHO Advocate Medical Group Trinity PHO South Suburban PHO Christ PHO Condell PHO Good Shepherd PHO Good Samaritan PHO Lutheran General PHO BroMenn PHO Dreyer Medical Clinic Silver Cross PHO Future PHO Future Medical Group

15. Advocate /Cerner Collaborative (“ACC”) Readmission solution Transitions of care solution Medication adherence New models to be piloted in 2016 Provisional patents Accepted peer reviewed publications

16. - Decrease in patient falls - 20% reduction in high risk readmissions - Royalty stream - “Jump-start” into big data and advanced analytics - Product speed to market - Enhanced partnership with Advocate - Strong reference client - New population health products Advocate Cerner ACC Benefits Beyond the ACC

17. 2016 BlueCare Direct ® powered by Advocate –Public exchange and small group market –Lowest priced Blue Cross plan –Enrollment approximates 58,000 lives 2017 market for the product expands: –SHOP (small business health option program) exchange High Performance Network Competes On Value

18. Broader and deeper network of high quality, low cost centers –Combined 13 surgery centers in metro Chicago Supports fee for service and population health goals –Accretive to earnings –Connect/partner with physicians –Lower cost care setting vs. hospital-based –Lower priced services vs. hospital-based Dedicated management and business development teams SCA Partnership Drives Outpatient Surgery Strategy

19. Post Acute Network InfusionRT/HMEHospice Home Care Palliative Care Transition Program SNFLTACH IP Rehab Assisted Living Physician at Home Owned and in place Build/Partner Post Acute Business Model

20. LTACH appropriate cost setting for both FFS and FFV Impact on Advocate Bethany Hospital –Significant improvements in health outcomes/safety –Growth in patient referrals –Improved operating results RML leverages Advocate’s purchasing scale and ACL lab to achieve significant cost savings Advocate and Loyola realize positive financial returns Benefits of RML Investment

21. May 18 ribbon cutting 56 locations throughout metro Chicago 250,000+ annual patient visits 200,000 unique lives – 40% do not have PCP relationships Staffed by advanced practice nurses Improves access, integrates care & lowers cost

22. Advocate/Aurora Lab JOA Provides high quality, low cost standardized operations Test platforms/instrumentation Supply chain and contracting Policies, protocols and procedures Pathology support Quality and cost improvements 5 and 10 year growth rates of 15% and 60%, respectively Workforce reduction of 11% (300 FTEs) over a 3 year period Quality defect performance improved from 4,500 DPM to 2,500 DPM 20% unit cost reduction $80 million annual savings

23. Health plans for Medicare, Medicaid and commercial products Add capabilities critical for population health Enhance operational excellence Improve access Maintain strong physician engagement Successful partnerships require care and feeding Partnerships Going Forward

24. Financial Profile Dominic J. Nakis Chief Financial Officer and Treasurer

25. Volume to Value – Pro forma Total Enterprise* *Pro forma Advocate Health Care and Advocate Physician Partners

26. Operating Performance Consistently Strong 24 //

27. Operating Cash Flow is Solid 25 //

28. Diversified Investment Portfolio 27 Expected return of 7.0% Risk/return ratio at 0.70 //

29. Debt Profile is Low, Level and Long Tax-exempt debt is $1.6 billion, average annual debt service is generally level through 2038 at $95 million and average life is 19 years. Note: Debt profile is as of March 31, 2016.

30. Product Mix Underlying Debt Mix Liquidity Mix Note: Debt profile is as of March 31, 2016. Diversified Debt Portfolio

31. Strong Coverage and Capitalization 31 //

32. Robust Cash to Debt Ratio 32 // 32

33. Pension Plans Well Funded 33 // Dollars in Millions

34. Substantial Liquidity Position 34 // Dollars in Millions

35. Significant Capital Expenditures Past Three Years 35 //

36. Summary National leader in safety, health outcomes and population health management Market share leader and brand strength Growth through new risk based products Balance sheet strength and solid operating performance AA bond ratings with stable (M/F) and positive (S&P) outlooks 42