EFTA01388956

18 October 2016 REITs US REIT 3O16 Earnings Preview Figure 94: HCN 3O16 results preview IICN Wings Evian FFOish (Alums Op-::-; Mottles 5$ f101 pawn, illy 'fatly $5 NO1 growth v/v ISOn lousing NNIO $$ NOI grovrth vN 'Post Acutei 55 1101 growth vN (San House"; 011.1•00121 $5 1101 grant. vN 1M08: E liffDAR <cottage 4 stable pored*. TM base! Ornate pay 4% of Utday tonna stable pordoioi SNF occupancy Irate ponfolnl Send Houser; Opnatmg occupancy 'stable pottlelfe4 MO8 occupancy IMO Note consensus osmoses are based 01% uteri oomph.] data as of 'Eel N16 Now SNF daU es LIMost atuef in 4014 and beyond • Growth trajectory of senior housing portfolio in the UK and Canada. All four SHOP development projects 3011 2011 3010 'as Ills Dim Car Si 12 SI I5 51 13 Si 14 Moat Anvil tea 30% 33% 3 3% 18% 34% 36% 27% 40% 25% 2 4% 115x I 2 ix 873% 892% 85.9% 869% 935% 910% 952% 949% Oen 2014 Pe•30 aft SA 50 - 54 60 Post 33 an. DIN 54 56 54 58 Pa XI Gift 2 75% • 315% Pon 30 Guido 011 scheduled for 4016 delivery and two NNN projects scheduled for 3O16 are in the UK a More detail on the recently completed acquisition of $1.158 sr. housing assets in California as well as HCN's outlook for further capital deployment • Update on the development pipeline and yields. Deliveries for 3Q16 include four senior housing NNN assets (two in the UK) and one MOB with a projected yield of 7.0% • Update on the start timing of HCN's memory care project in Manhattan (The Welltower) • Update on timing of $1.38 in planned dispositions. Our model reflects $803MM of sales and repayments in 3O16 and $204MM in 4Q16 • Progress on decreasing SNF exposure with 6001* of $1.3B dispo guidance consisting of SNF assets. Update on sales from the Genesis portfolio and any plans to dispose of additional Genesis assets (management indicated this could be a possibility on 2O% call) • Outlook for the post-acute care segment including an update on Genesis • Supply update in HCN's markets with Chicago and Atlanta being highlighted earlier this year of facing supply pressure and having weaker economies Souret Nissen. Bang, canon. au. Thrlial Deutsche Bank Securities Inc. Page 51 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092978 CONFIDENTIAL SDNY_GM_00239162 EFTA01388956