Meridian Hospitals Corporation and Subsidiary

Meridian Hospitals Corporation and Subsidiary

Financial Statements As of and for the Years Ended December 31, 2016 and 2015 (UNAUDITED)

Meridian Hospitals Corporation and Subsidiary Index December 31, 2016 (Unaudited)

Page(s)

Balance Sheets...........................................................................................................................................1

Statements of Operations......................................................................................... ......................2 - 8

Statements of Changes in Net Assets....................................................................................................9

Statements of Cash Flows.................................................................................................... ..............10

Meridian Hospitals Corporation and Subsidiary Balance Sheets December 31, 2016 (Unaudited)

(in thousands)

Assets Current assets

Cash and cash equivalents Assets limited as to use and short-term investments Patient accounts receivable, less allowance for uncollectible accounts of $56,958 in 2016 and $49,358 in 2015 Due from affiliates, net Other current assets

Total current assets

Assets limited as to use and investments, noncurrent portion Under Board of Trustee designation and investments Under bond indenture agreements Total assets limited as to use and investments, noncurrent portion

Property, plant and equipment, net Other assets Interest in net assets of foundations Due from affiliates, net

Total assets

Liabilities and Net Assets Current liabilities

Current maturities of long-term debt and capital lease obligations Accounts payable and accrued expenses Estimated amounts due to third party payors Due to affiliates, net Other current liabilities

Total current liabilities

Long-term debt and capital lease obligations, less current maturities Accrued pension liability Other liabilities

Total liabilities

Net assets Unrestricted Temporarily restricted Permanently restricted Total net assets

Total liabilities and net assets

2016

$ 264,305 412,395

175,447 8,974

61,387 922,508

2015

$ 300,344 379,477

140,160 4,162

43,045 867,188

597,081

597,081

974,961 65,597 76,561 12,493

$ 2,649,201

501,020 1,016

502,036

773,658 68,423 73,021 8,591

$ 2,292,917

$ 21,002 210,100 47,729 4,805 72,927

356,563

604,221 94,445

257,524

1,312,753

$ 20,458 169,002 33,142 3,936 55,022

281,560

622,828 65,599

242,950

1,212,937

1,255,979 56,720 23,749

1,336,448

$ 2,649,201

1,006,932 51,311 21,737

1,079,980

$ 2,292,917

Page 1

Meridian Hospitals Corporation and Subsidiary Statements of Operations December 31, 2016 (Unaudited)

(in thousands)

Unrestricted revenues, gains and other support Patient service revenue, net of contractual allowances and discounts Provision for bad debts

Net patient service revenue, less provision for bad debts

Other revenue Net assets released from restriction used for operating activities

Total operating revenues

Expenses Salaries, wages and contracted labor Physician salaries and fees Employee benefits Supplies and other expenses Depreciation and amortization Interest

Total operating expenses

Income from operations

Nonoperating revenues (losses) Investment income Contribution income - Raritan Bay Medical Center acquisition Unrealized loss on derivative instruments Loss on extinguishment of debt Other losses, net

Excess of revenue over expenses

Change in net unrealized gain (loss) on other than trading securities Net assets released from restriction for capital acquisition

Increase in unrestricted net assets before other adjustments

Equity transfers to affiliates Other changes in pension related adjustments Other changes in unrestricted net assets

Increase in unrestricted net assets

2016

$ 1,918,772 66,746

1,852,026 57,260 2,655

1,911,941

2015

$ 1,789,466 77,637

1,711,829 59,637 1,682

1,773,148

704,050 58,194

163,928 700,687

70,577 32,099

1,729,535

182,406

661,778 50,942

159,929 650,499

71,684 32,726

1,627,558

145,590

23,377 15,937

8,150 (685) (2,485)

226,700

14,484 5,327

14,359

3,523 -

163,472 (5,709) 8,682

246,511

166,445

(8,176) 11,143

(431)

(36,492) (10,751)

-

$ 249,047 $ 119,202

Page 2

Meridian Hospitals Corporation and Subsidiary Jersey Shore University Medical Center Statements of Operations December 31, 2016 (Unaudited)

(in thousands)

Unrestricted revenues, gains and other support Patient service revenue, net of contractual allowances and discounts Provision for bad debts

Net patient service revenue, less provision for bad debts

Other revenue Net assets released from restriction used for operating activities

Total operating revenues

Expenses Salaries, wages and contracted labor Physician salaries and fees Employee benefits Supplies and other expenses Depreciation and amortization Interest

Total operating expenses Income from operations

2016

$ 732,845 16,640

716,205 30,663 1,525

748,393

2015

$ 668,953 21,332

647,621 25,955 941

674,517

247,734 20,894 58,654

290,265 26,357 19,144

663,048

$ 85,345

232,160 17,013 55,508

269,995 26,084 17,035

617,795

$ 56,722

Page 3

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