EFTA01382166

Highly Fragmented Market with Hospital Real Estate Producing High Yields Hospitals are the Largest Healthcare Real Estate Asset Class ... $400 $300 -$1 trillion market of healthcare —5,000 hospitals properties potentially available in the U.S. 23% 17% 6% I 6% $0 Skilled Nursing Senior Housing Medical Office I Hospital Building REIT owned Non-REIT owned ... but are Underrepresented in Healthcare REIT Portfolios Healthcare REITs NO1 breakdown Life Science Hospital 1% Other 12% 1% Skilled Nursing 15% Medical 1 Office Building 23% Source American Hospital Assoc., National Center Health Statistics. MC MAP, Real Capital AnalyUcs Source Company reports Hospital Real Estate Produces Higher Yields 8% 6% 6% 9% 9% Senior Housing 48% Growing Number of Hospital Sale/Leaseback Transactions 7.0% 8.0% 9.0% 9 0% 9.3% 93% MOB Senior Housing SNF LTACH Acute Care Hospitals Ventas / Ardent MPT I Capella Ventas / Spire MPT / IASIS MPT / Prime MPT I Circle Bath Date 4/7/15 7/27/2015 4/27/14 8/4/13 02 2013 8./4/14 Saga: Gegen Strut *Meta Deal Size 51.400 $900 $200 $200 $75 $50 Lease Coverage 2.9x 2 4x 2.0x NA NA 3.Ox The complexity of hospitals leads to limited competition and higher yields American Medical Properties 10 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0081428 CONFIDENTIAL SDNY_GM_00227612 EFTA01382166