EXHIBIT 99.2

Vanguard Health Systems, Inc.

Supplementary Financial Information

Adjusted EBITDA Margin
Presentation of Most Directly Comparable GAAP Financial Measure (Net Income/Loss Attributable to
Vanguard Health Systems, Inc. Stockholders Margin)
and Reconciliation of Adjusted EBITDA to Net Income/Loss Attributable to Vanguard Health Systems, Inc.
Stockholders Margin

Quarter ended
December 31,

Six months ended
December 31,

(in millions, unaudited)

2008

2009

2008

2009

Adjusted EBITDA

$

78.5

$

83.8

$

141.7

$

152.5

Total revenues

792.6

843.6

1,511.6

1,667.0

Adjusted EBITDA Margin

9.9

%

9.9

%

9.4

%

9.1

%

Adjusted EBITDA

$

78.5

$

83.8

$

141.7

$

152.5

Interest, net

(28.6

)

(27.5

)

(57.3

)

(54.7

)

Income tax benefit (expense)

(5.1

)

3.6

(5.3

)

1.7

Depreciation and amortization

(32.1

)

(34.3

)

(64.4

)

(68.3

)

Non-controlling interests

(0.7

)

(0.8

)

(1.6

)

(1.7

)

Gain (loss) on disposal of assets

‑

(0.4

)

2.1

(0.4

)

Equity method income

0.3

0.3

0.3

0.5

Stock compensation

(0.8

)

(1.0

)

(2.2

)

(2.9

)

Monitoring fees and expenses

(1.3

)

(1.4

)

(2.6

)

(2.7

)

Realized holding loss on investments

‑

‑

(0.6

)

‑

Impairment loss

‑

(43.1

)

‑

(43.1

)

Income (loss) from discontinued
   operations, net of taxes

(0.1

)

0.1

0.9

(0.1

)

Net income (loss) attributable to
   Vanguard Health Systems, Inc.
   stockholders

$

10.1

$

(20.7

)

$

11.0

$

(19.2

)

Total revenues

$

792.6

$

843.6

$

1,511.6

$

1,667.0

Net income (loss) attributable to
   Vanguard Health Systems, Inc.
   stockholders margin

1.3

%

(2.5

)%

0.7

%

(1.2

)%