EFTA Document EFTA01428630

CONFIDENTIAL American Medical Properties Investor Presentation July 2016 American Medical Properties For Key Client Partner Clients or U.S. Institutional Investors. Not for Retail Distribution EFTA01428630 Safe Harbor This presentation includes "forward-looking statements" within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "would", "could", "expect", "intend", "plan", "aim", "estimate", "target", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar words, and include statements regarding American Medical Properties LLC' plans, strategies, objectives, targets, future expansion and development activities and expected financial performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements; Normalized FF0 per share; expected payout ratio, the amount of acquisitions of healthcare real estate, if any; capital markets conditions, the repayment of debt arrangements; statements concerning the additional income to the Company as a result of ownership interests in certain hospital operations and the timing of such income; the payment of future dividends, if any; completion of additional debt arrangement, and additional investments; national and international economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company's business plan; financing risks; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally or healthcare real estate in particular. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements, and American Medical Properties LLC disclaims any responsibility to update such information. American Medical Properties 1 EFTA01428631 Offering Summary Issuer Format Offering size Timing of capital raise American Medical Properties LLC ("AMP" or the "Company") Private equity capital raise $300 — $400 million Target initial closing in Q4 2016 with an additional close in 01 2017 Use of proceeds Acquisition of high-quality hospital and related healthcare real estate throughout the U.S. Structure Internally managed, tax-advantaged REIT pass-through entity Leverage Dividend IRR Agent Target leverage up to 60% pre-IPO (40% post-IPO) Target annual dividend 8%+, payable quarterly (within twelve months of capital deployment) 20%+ (core real estate portfolio only, not inclusive of any incremental real estate development) Deutsche Bank Securities, Inc. American Medical Properties 2 EFTA01428632 American Medical Properties Leadership Team Mark Karlan President and CEO 32 years of experience in real estate finance and investments Current experience Professor of Real Estate Finance and Investments at UCLA Anderson School of Management since 2012 Previous experience Executive Managing Director of CBRE Global Investors (2006 — 2011) I President and Founder of CBRE's Strategic Partners Asia II fund (2007 — 2011) — $1.2bn of AUM was one of the top performing funds of its vintage with offices in Hong Kong, Shanghai, Beijing, Tokyo and Singapore President and CEO of Imperial Credit Commercial Mortgage Investment Corp., the top performing mortgage REIT (1997 — 2000) I 100+ real estate investments closed with a gross asset value exceeding $10 billion Education M.B.A., Harvard Business School (1984) J.D., Harvard Law School (1984) I B.A., Harvard College (1980) American Medical Properties Dr. Pejman Salimpour Chief Strategy Officer 28 years of healthcare experience Current experience I Clinical Professor of Pediatrics at UCLA's David Geffen School of Medicine since 1990 Previous experience I CEO and Co-founder of Plymouth Health, owner of Alvarado Hospital (2006, sold to Prime Healthcare in 2010) CEO and Co-founder of CareNex Health Services (2004, sold to Anthem in 2012) President and Co-founder of Pierce Health EFTA01428633 Solutions and predecessor (2012 — present) Clinical Chief of Pediatrics at Cedars-Sinai Medical Center in Los Angeles (1998-2000) I Board of the Washington University School of Medicine (since 2012) Education 0 M.D., Washington University School of Medicine in St. Louis (1987) 0 B.S. Chemistry, UCLA (1983) Dr. Pedram Salimpour Chief Medical Officer 23 years of healthcare experience Current experience I Associate Clinical Professor of Pediatrics at the UC Riverside School of Medicine since 2014 Previous experience I President and Co-founder of Plymouth Health, owner of Alvarado Hospital (2006, sold to Prime Healthcare in 2010) I President and Co-founder of CareNex Health Services (2004, sold to Anthem in 2012) I CEO and Co-founder of Pierce Health Solutions and predecessor (2012 — present) President and Board Member of the LA County edical Association (since 2010) President and Commissioner of the LA Fire and Police Pensions Board (since 2012) Education M.D., Boston University School of Medicine, residency at USC Keck School of Medicine) B.S. Biology, UC Riverside (1990) 3 EFTA01428634 Successful Real Estate Investment Track Record CBRE Strategic Partners Asia Fund II Fund summary Asian Portfolio — —$1.2 billion of investments in twelve real estate projects in China and Japan — Investments made between Q4 2007 and Q2 2008 - Investments sold between Q1 2010 and Q4 2011 Fund Highlights — Top performing fund at CBRE Investors and one of the best in the overall market from 2007-2011 - Profitable asset sales in China with a projected portfolio IRR of 17% for the Chinese investments — Successful termination of 3 binding forward commitments to acquire properties in Japan, avoiding a potential $110 million loss Fund Returns Leveraged IRR Equity multiple(a) > 10.0% —1.3x Investment Highlights — Mixed-use twin tower buildings with: — 49-story offices with a 5-star Raffles hotel — 42-story serviced apartment tower — 6-story retail podium — Above ground GFA: —1.4 million sq. ft. — Taxes minimized with offshore ownership structures Investment summary Tianjin Center - Mixed-use development — —$300 million investment in a mixed-use development in Tianjin, China — Investment made in Q4 2007 — Investment sold in Q1 2010 Imperial Credit Commercial Mortgage Investment Corporation REIT summary ICCMIC REIT • Publicly traded REIT invested in commercial real estate and loans c— $510 million IPO oversubscribed 10x c— $500 million warehouse line of credit REIT Highlights EFTA01428635 • Top performing mortgage REIT among all of the 27 commercial and residential mortgage REITs from the IPO in 1997 to the sale in 2000 c— $250 million securitization financed $290 million of mortgage loans with a 30%+ annualized ROE c— Sale / leaseback of 17 properties in Arizona, Texas and New Mexico with an automotive dealer at 11% base rent + CPI generating a proforma IRR of 18% Investment Returns Unleveraged IRR Equity multiple(a) (a) Represents the total amount of equity returned over the total amount of equity invested (b) American Medical Properties Includes all 27 commercial and residential mortgage REITs which existed between Oct-1997 and Mar-2000 4 > 60.0% — 3.0x Dividend Yield Equity multiple(a) REIT Returns — 8% paid quarterly — 1.0x Share price performance IPO (10/97) to Sale (3/00) 78% 42% Industry average (b) ICCMIC EFTA01428636 Successful Healthcare Operational Track Record Investment Summary Alvarado Hospital Medical Center (2006 — 2010) Investment Returns Acquisition date Dec-2006 Seller Purchase price $22 million Location Hospital type # Beds # Employees 1,500+ Clinical Improvement Highlights c— Physician recruitment: Cardiology, orthopedics, spine program, neurosurgery, urology and internal medicine c— New specialties and service lines: Minimally invasive spine surgery program, skull base neurosurgery program and laparoscopic gastric bypass adding a new MRI suite, new CT scan suite, and new cardiac catheterization suite c— Increased patient census: With the new specialties and service lines, an emergency room physician restructuring, and improved hospital admissions Exit date San Diego, CA Acute & specialty care 306 Buyer Equity multiple(a) IRR Additional real estate development Nov-2010 6.0x —50% 4.0x on additional equity Operational Improvement Highlights c— Health insurance plan reimbursements: Renegotiated health plan agreements achieving significant rate increases c— Navigate regulatory environment: Renegotiated Medicaid and CDCR agreements with the State of California achieving significant rate increases c— Operating Improvements: Hospitalist program implemented to reduce patient length-of-stay and hospital acquired infections, and renegotiated vendor agreements achieving significant cost savings. c— Development of Excess Real Estate: Built 320 student housing units on half the 10-acre hospital campus, which is next to San Diego State University Clinical Achievements Emergency department admissions growth Hospital admissions growth Cardiac admissions growth Clinical trials growth American Medical Properties EFTA01428637 +22% +55% +88% From 1 to 55 (a) Represents the total amount of equity returned over the total amount of equity invested 5 Average daily census growth Length of stay reduction Revenue growth EBITDA turnaround Financial Achievements From 80 to 120 From 7.4 to 4.2 days 14% CAGR from $120mm to $200mm ($10mm) loss to $12mm profit EFTA01428638 Successful Healthcare Operational Track Record (continued) Investment Summary CareNex Health Services (2004 — 2012) c— CareNex Health Services, a California-based neonatal medical management services company founded in 2004 c— Operates at 650 out of 1,500 hospitals with neonatal intensive care units in all 50 states c— Market size: 12.4% of babies born in the U.S. are premature births over 500,000 a year c— Focused on improving the quality of care and patient outcomes for newborn and premature infants born across the U.S. c— National roster of major clients (Anthem Blue Cross/Blue Shield health plans, Qualcomm, Healthcare Partners and others) Pierce Health Solutions (2015 — present) Investment Summary c— Physician-led medical management company managing the healthcare of 10,000 lives in Native American entities c— Pierce's clients are in the human resource verticals of Native American gaming, hospitality and agriculture in California c— Improved management leading to more efficient delivery of health care services and better patient outcomes c— Direct contract negotiations with insurance companies, hospitals, surgery centers and clinical vendors c— Focus on best-in-class physicians for high quality patient care Financial Achievements Clinical Achievements Exit Equity multiple(a) Sold to Anthem in 2012 —20x (a) Represents the total amount of equity returned over the total amount of equity invested American Medical Properties 6 Cost savings Actuarial risk of death 25% reduction in tribal healthcare expenditures 18% improvement within Morongo Native American population EFTA01428639 Investment Highlights 1 Pure-play investment strategy focused on acquiring high-quality hospital and related healthcare real estate throughout the U.S. 2 Favorable healthcare industry fundamentals drive long-term demand for hospitals, the largest healthcare real estate asset class 3 Seasoned management team with proven track record of investing capital and generating attractive returns across the healthcare and real estate sectors 4 Differentiated ability to generate incremental value in target asset class by leveraging operating experience and real estate expertise 5 Long-standing relationships with high-quality hospital operators provide ongoing source of off-market sale / leaseback opportunities 6 —$2.0 billion identified pipeline of near-term actionable hospital sale / leaseback opportunities representing —8,000 beds owned by a geographically diverse group of hospital operators; expect to complete acquisitions of $750+ million over next 18-24 months 7 Business model expected to use prudent leverage and deliver predictable cash flows with a stable dividend yield exceeding 8.0%, coupled with capital appreciation over time by increasing rents and asset values with a potential REIT IPO exit American Medical Properties 7 EFTA01428640 Section 1 Industry Overview American Medical Properties EFTA01428641 Strong Healthcare Industry Fundamentals Driving Demand for Hospitals Aging U S. Population 100 80 20 40 60 80 0 73 56 43 20% 17% 14% 2012 Source: U.S. Census Bureau 2020 65+ population 2030 2040 2050 2060 65+ as % of total population Source: CDC/NCHS, National Hospital Discharge Survey. "Health, United States, 2013" Hospitals form the biggest expenditure component of total healthcare spending 2015 U.S. healthcare expenditures Hospital expenditures 31.8% $1,031bn Other healthcare expenditures 68.2% $2,212bn Total healthcare spending: $3,243bn CAGR 2006 — 2015: 5.2% Source: CMS.gov National Health Expenditure Data — Projections 2014 — 2024 Aging U.S. population is a direct driver of the growth in the healthcare real estate market American Medical Properties 9 Other healthcare expenditures 67.8% $3,670bn Total healthcare spending: $5,425bn CAGR 2015 - 2024: 6.1% EFTA01428642 2024 U.S. healthcare expenditures Hospital expenditures 32.2% $1,755bn 21% 21% 22% 84 92 10% 15% 20% 25% 30% Hospital Days per Year per 10,000 Population 10,000 15,000 20,000 25,000 6,058 5,000 0 Under 18 years 18-44 years 45-64 years 65 years and over 3,147 1,480 19,226 Population in millions Days per 10,000 population EFTA01428643 Highly Fragmented Market with Hospital Real Estate Producing High Yields Hospitals are the Largest Healthcare Real Estate Asset Class $100 $200 $300 $400 $O Skilled Nursing Senior Housing Medical Office Building REIT owned Non-REIT owned Source: American Hospital Assoc., National Center Health Statistics, NIC MAP, Real Capital Analytics Hospital Real Estate Produces Higher Yields 9% 8% 7.0% 6% 6% 9% Hospital Source: Company reports Growing Number of Hospital Sale/Leaseback Transactions 9.3% 9.0% 8.0% 9.0% Medical Office Building 23% —$1 trillion market of healthcare properties potentially available —5,000 hospitals in the U.S. _ but are Underrepresented in Healthcare REIT Portfolios Healthcare REITs NOI breakdown Hospital 12% Skilled Nursing 15% 23% 17% 6% 6% Senior Housing 48% Life Science 1% Other 1% EFTA01428644 9.3% MOB Senior Housing Source: Green Street Advisors Deal Size Lease Coverage SNF LTACH Acute Care Hospitals Ventas / Ardent Date 4/7/15 $1,400 2.9x MPT / Capella 7/27/2015 $900 2.4x Ventas / Spire MPT / IASIS MPT / Prime MPT / Circle Bath 4/27/14 $200 2.0x 8/4/13 $200 NA The complexity of hospitals leads to limited competition and higher yields American Medical Properties 10 Q2 2013 $75 NA 8/4/14 $50 3.0x US$ in billions EFTA01428645 Proven Acceptance of Hospital Sale / Leaseback Transactions Healthcare REITS $5.7 billion(b) $1.9 billion $594 million $347 million $214 million 67 owned hospitals(b) (a) (b) Hospital investment portfolio as of 3/31/16 Includes general acute care, inpatient rehab and long-term acute care hospitals American Medical Properties 11 51 owned hospitals 16 owned hospitals 4 owned hospitals 10 owned hospitals # Owned hospitals Hospital portfolio investment (a) Hospital Partners EFTA01428646 Section 2 Platform Overview American Medical Properties EFTA01428647 American Medical Properties Platform Overview Who we are Headquartered in Los Angeles, CA Pure-play hospital real estate investment platform with complementary, value-added investment opportunities Company leadership has 83 years of combined healthcare and real estate experience Deep understanding of the healthcare market, physician relationships, and government rules and regulations Near-term actionable pipeline of —$2.0 billion representing a geographically diverse group of 35 hospitals with —8,000 beds run by 11 high-quality hospital operators Shareholder friendly corporate governance and prominent healthcare focused Board of Directors I Capitalize on our relationships to acquire attractive off-market hospital real estate assets and maximize risk-adjusted returns by bringing healthcare operational and real estate expertise AMP can help tenants with physician recruitment, new service lines and other operational improvements, strengthening the tenants and increasing real estate asset values Provide additional capital to hospital operators to expand their hospital campus footprint (MOBs, outpatient and alternate site facilities) Thorough due diligence and underwriting process Prudent leverage to deliver predictable cash flow with a stable dividend yield of 8.096+ What we do $2 billion, 35 hospital near-term pipeline American Medical Properties 11 high-quality operators $750+ million of assets over 18-24 months 13 EFTA01428648 Unique Healthcare Operational Expertise to Produce Incremental Value 2 New specialties and service lines 1 Physician recruitment 4 Health insurance plan reimbursements 3 Increase patient census Revenue drivers Cost saving drivers Additional value drivers 7 Development of excess real estate 5 6 Navigate regulatory environment Operational improvements AMP's management team brings healthcare skills to improve the quality and efficiency of hospital operations American Medical Properties 14 EFTA01428649 American Medical Properties Investment Strategy Unique healthcare and real estate expertise Physician recruitment Increase patient census I Navigate regulatory environment American Medical Properties Sale / leaseback structure Acquire hospitals and related healthcare real estate assets Acquire at 8.0% to 10.0% cap rates with long-term, 10-15 year leases Deliver an 8%+ dividend yield and 20%+ IRR (exclusive of excess RE development) Increase real estate asset values and deliver stable dividend yields exceeding 8.0% New specialties and service lines Health insurance plan reimbursements Operational improvements I Development of excess real estate 5 regional hospital operators* * Hospital operator names not disclosed due to confidentiality 4 not-for-profit hospital operators* American Medical Properties 15 EFTA01428650 Focus on High Quality, Strong Credit Tenants Operator Credit Profile A fundamental component of our business plan is the continued diversification of our tenant relationships and the geographic diversification of our hospital locations nationally Lease Provisions Lease structures are designed to provide AMP with key credit support for our rents, including: Hospital acquisitions expected to be at prices substantially below replacement cost I Partner with operators and guarantors with good credit ratings: for example in our pipeline we have diversified, national operators with credit ratings spanning from to AA who will provide corporate or parent guarantees — 10 to 15 years lease terms with rent escalators — Corporate or parent guarantees — Cross-default and cross-collateralization provisions — Liens on accounts receivable and other operating assets — Covenants monitoring operating performance — Covenants regarding maintaining certain liquidity thresholds — Minimum working capital and net worth requirements — Strong rent coverage, typically in the 1.5x — 4.0x range AMP has the ability to quickly replace underperforming operators with one of several strong operators that AMP has existing relationships with. These operators have extensive expertise in turning around underperforming hospitals. Additionally, the AMP management team has the experience and capabilities to step in and provide interim management of a hospital, if needed I If a tenant does not comply materially with the terms of a lease, AMP has the right to terminate the lease, repossess the facility and cross-default other leases and loans with that tenant American Medical Properties 16 EFTA01428651 Sale / Leaseback Pipeline Overview I AMP has strong relationships with hospital operators, owners and national health organizations to source off-market investment opportunities I The near-term actionable pipeline reflects hospital opportunities where AMP has begun active discussions to execute sale-leaseback transactions Near-term Actionable Pipeline —$2.0 billion identified pipeline 35 hospitals with —8,000 beds 11 leading hospital operators (2 national, 5 regional and 4 not-for-profit) $750+ million of expected acquisitions over the next 18-24 months Geographically diverse markets Geographic and Operator Breakdown (by Number of Beds) Midwest 6% Northeast 14% California 60% South 15% Other 5% Operator F 6% Operator E 6% Operator D 9% Operator C 15% American Medical Properties Operator B 17% Other 18% Operator A 29% 17 EFTA01428652 Near-term Actionable Sale / Leaseback Opportunities Operator Hospital Operator A National hospital operator Operator B Regional hospital operator Operator C Not-for-profit hospital operator Operator D Regional hospital operator Operator E Regional hospital operator Operators F - K 1 national / 2 regional / 3 not-for-profit hospital operators 11 operators 11 Location Multiple markets Size (# beds) 2,525 — 2,600 7 California 1,250 — 1,300 4 Multiple markets 1,100 — 1,150 3 Multiple markets 575 - 625 4 Multiple markets 475 - 525 6 California 1,350 — 1,500 35 hospitals Geographically diverse 7,275 — 7,700 beds Through long-term relationships with hospital operators, AMP has a robust near-term actionable pipeline with more than $2.0bn of identified sale / leaseback opportunities representing hospitals with —8,000 beds American Medical Properties 18 EFTA01428653 Near-Term Pipeline Opportunity Within 120 Days Location Hospital Type Area (in sq. ft.) # beds Key Specialties East Coast For profit 900,000 300 licensed and in service c— Emergency care c— Orthopedics c— Anesthesiology c— Dermatology West Coast Not-forprofit 250,000 160 licensed and in service c— Emergency care c— Orthopedics c— Rehabilitation c— Imaging services Excess RE opportunities c— Potential to build student housing on excess land on the university campus Equity / Total capital requirement Cap rate $55 / $140 million c— 8.5-9.5% cap rate c— Opportunity to build MOB on hospital campus parking lot $40 / $100 million — 8.0% cap rate Texas For profit 200,000 200 licensed 60 in service c— Emergency care • Orthopedics • Cardiology EFTA01428654 c— Wound care Texas 3-asset hospital portfolio(a) West Coast Midwest For profit —700,000 600 licensed and in service c— Emergency care c— Orthopedics c— Endoscopy c— Cardiovascular c— Oncology c— Rehabilitation Total (a) Photos intentionally not included due to confidentiality American Medical Properties 19 —2,050,000 1,260 licensed 1,120 in service c— 14 acres of excess land for future growth and development $25 / $60 million c— 9.0% cap rate c— Limited, long-term potential for development $40 / $100 million • 9.0-10.0% cap rate for 3 asset portfolio $160 / $400 million EFTA01428655 excess Rigorous Sourcing and Underwriting Process Market Criteria Historical performance II Population density and market growth llIncreasing demand for healthcare related services and facilities I Current and future supply of competing hospital and healthcare properties I National geographic diversification to minimize portfolio risk Property Considerations I Property location with emphasis on proximity to population growth I Reduced competition through off-market sourcing llAcquisitions substantially below replacement cost 0 Potential for rental rate increases and anticipated capital expenditures I Create incremental value by leveraging healthcare operational expertise Potential to develop real estate Lease coverage analysis I Review third party and vendor agreements Tenant Considerations EFTA01428656 I Financial condition Due Diligence I Real estate evaluation Valuation & Financing Target weighted average cap rate of —9% I Credit Rating Analysis of historical performance Acquisition size — $50mm to $150mm May replace the tenant operator Evaluation of clinical and financial operations Target leverage up to 60% ith attractive cost of debt 2x+ rent coverage ratio I Future hospital real estate acquisition opportunities IRR modeling with sensitivity analysis I 8%+ dividend yield AMP has the management team, relationships and rigorous process in place to benefit from favorable market dynamics to make acquisitions by deploying readily available capital American Medical Properties 20 EFTA01428657 Shareholder Friendly Corporate Governance and Board of Directors Management team (3) Proposed Board of Directors Structure (7) Independent Directors (4) Mark Karlan President & CEO Pejman Salimpour Chief Strategy Officer Pedram Salimpour Chief Medical Officer — 2 selected from a list of candidates with significant healthcare or/and real estate experience — 2 proposed by Lead Investors Investment Committee I Approves the investment strategy, acquisitions, capital expenditures and sales of investments (consistent with the business plan and investment parameters agreed upon with the lead investors) I The 3 senior management and 4 members who are appointed by the Board of Directors Meets at least quarterly and at other times as needed to review pending investments and other capital decisions Other management and supervisory bodies Audit Committee Internal Audit Compliance and Risk Officer Human Resources and Remuneration Committee Investment and Asset Management sector Finance, treasury and operations sector American Medical Properties 21 EFTA01428658 Section 3 Investment Opportunity American Medical Properties EFTA01428659 Strategic Merits of an Investment in American Medical Properties Driver Potential Result Presence in markets with limited buyers • AMP identifies and invests in off-market opportunities through deep industry relationships with limited competition for assets • Avoids engaging in competitive bidding process and overpaying for assets Current Yield Long-term Value 1 1 • Many of the assets AMP targets may be sourced from non-institutional owners, often healthcare operators Non-standard sellers c— AMP can take advantage of undermanaged assets c— Potential for revenue enhancement, expense reduction and increased cash flow 1 1 c— High initial yields should provide strong cash flow and support current dividends High cap rates increase yield c— On exit, better managed assets in a larger portfolio should benefit from incremental value appreciation 1 1 Active property management c— Enhance underlying tenant profile, increase real estate values and negotiate attractive rents by providing unique operational expertise, assisting with physician recruitment and the addition of new specialty service lines c— Increased cash flow can be monetized in the future upon exit at tighter cap rates in the public market 1 1 American Medical Properties 23 EFTA01428660 Economics of an Investment in American Medical Properties Illustrative investment economics Acquisition example Total asset acquisition price Assumed cap rate Contribution Equity contribution Debt financing Interest rate Cash Flow Rental revenue G&A EBITDA Interest expense Amortization Recurring capex Distributable cash flow Assumed payout ratio Cash distributions Cash on cash return $750,000,000 9.0% $300,000,000 450,000,000 6.0% $67,500,000 (6,000,000) 61,500,000 (27,000,000) (5,375,728) 0 $29,124,272 90.00% $26,211,844 8.7% The cash on cash yield from an investment in AMP is expected to exceed 8% on a stabilized basis American Medical Properties 24 Typically between 8.0% and 10.0% 40.0% equity contribution 60.0% LTV Assumed fixed rate debt with 7-10 year term Based on 9.0% cap rate Assumed at 0.8% of total assets EFTA01428661 Based on 6.0% cost of debt 30-year amortization period Assumed triple-net leases EFTA01428662 Business Model Delivers an Attractive Dividend Yield High-yielding real estate assets with full occupancy levels Favorable long-term lease profile with high-quality tenant mix and strong covenants Stable cash flows driven by rents indexed to inflation Efficient operating structure driven by triple net leases High-yielding assets and an efficient operating structure allow for a high dividend yield(a) 8.7% 6.6% 5.8% 4.5% 3.8% 3.9% 4.7% 4.8% 4.9% 6.0% 6.8% HR HTA VTR DOC "Big 3" Note: market data as of 5/27/2016. (a) Excludes pure-play SNF and senior housing focused REITs. HCN Hospitals NHI MOB OHI Senior living MPW CCP Skilled nursing HCP AMP American Medical Properties 25 Dividend yield (%) EFTA01428663 Exit into a Public Healthcare REIT # of REITs The public healthcare REIT market has grown over time... 14 12 12 12 12 13 13 14 $79.5 $61.4 $26.4 $16.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 ...but healthcare REITs focused on the hospital asset class are still underrepresented with only one pure-play hospital REIT player "Big 3" Skilled nursing Life science Senior living MOB Hospital 100.0% $29.5 $27.2 $34.0 $42.3 16 18 $102.5 $76.5 18 $97.3 13.4% 15.0% 5.0% VTR HCP 1.0% EFTA01428664 HCN 5.2% SBRA 3.4% CCP 0.0% OHI 0.0% ARE Hospital real estate exposure (a) Based on annualized NOI or rental income, as of 01 2016. Even though the healthcare REIT sector went through a rapid growth phase coming out of the recession, only one pure-play REIT player is focused on hospital assets American Medical Properties 26 3.5% NHI 0.0% SNH 0.0% LTC 0.0% SNR DOC Other healthcare real estate exposure 14.4% 6.8% HR HTA MPW (% hospital exposure) (a) ($ in billions) EFTA01428665 Section 4 Financial Overview American Medical Properties EFTA01428666 American Medical Properties Financial Model: Key Assumptions Revenue estimates — Net rental revenue based on acquisitions at a weighted average 9.0% cap rate — Rents growing annually at 2.0% — Occupancy remains constant at 100% assuming 10-15 year lease contracts Financial forecast Operating expenses — No operating expenses with 100% triple-net lease agreements G&A — Assumes $6 million in year 1, increasing by 2.0% every year D&A — Assumes 39-year depreciation period Acquisitions — Assets acquired at a weighted average 9.0% cap rate — Leverage of up to 60% of the total acquisition cost (40% equity / 60% debt) Equity capital — Assumes $300 million of equity capital raised — Assumes 3.0% fees and closing costs Financing Debt capital — Maximum of 60% leverage — Interest rate: 6.0% — Amortization period: 30 years — I/O period: 2 years — 1.0% loan fees Capital expenditures Cash distributions Exit assumptions — Renovation capex assumed to be part of the acquisition price — Maintenance capex covered by tenants through triple-net leases — Start one quarter after rental income generation from acquisitions — Assumes an exit in two years into a REIT IPO for purposes of calculating IRR — Exit value based on a sale cap rate of 8.75% American Medical Properties ($m) Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Total Total asset value $125 $125 $125 $125 $125 EFTA01428667 5125 5750 Equity 550 $50 $50 $50 $50 $50 5300 Debt $75 $75 $75 $75 $75 $75 $450 28 EFTA01428668 American Medical Properties Financial Model: Cash Flow Projections ($ in millions) Quarterly rental income % growth Less: G&A EBITDA % margin % growth Less: D&A Less: cash interest expense Net income to common shareholders Plus: D&A FF0 Less: mandatory amortization Free cash flow before distributions Quarterly distributions at 90% Quarterly distribution yield on equity deployed Annualized distribution yield on equity deployed Cumulative acquisitions Cumulative equity deployed Total gross debt LTV $125 50 75 60% $250 100 150 60% 0 0 $0 0 $0 0 $0 $0 Q4 2016 01 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 $0 $3 NA 0 $0 (2) $1 47% NA (1) (1) EFTA01428669 $0 $0 $6 100% (2) $4 73% 214% (2) (2) $0 2 $2 0 $2 $2 1.1% 4.5% $375 150 225 60% $8 50% (2) $7 82% 68% (2) (3) $1 2 $4 0 $4 $3 1.6% 6.4% $500 200 300 60% $11 33% (2) $10 87% EFTA01428670 41% (3) (5) 52 3 55 0 55 55 1.9% 7.6% 5625 250 375 60% 514 27% (2) 513 89% 31% (4) (6) 53 4 57 0 57 56 2.1% 8.6% 5750 300 450 60% 517 20% (2) 516 91% 22% (5) (7) 54 5 59 0 59 58 2.6% 10.6% EFTA01428671 $750 300 450 60% $17 0% (2) $16 91% 0% (5) (7) $4 5 $9 0 $9 $8 2.6% 10.6% $750 300 450 60% $17 0% (2) $16 91% 0% (5) (7) $4 5 $9 0 $9 $8 2.6% 10.6% $750 300 450 60% $17 2% (2) $16 91% 2% (5) EFTA01428672 (7) $4 5 $9 (0) $9 $8 Avg. 2.7% 2.2% 10.7% 8.7% $750 300 450 60% American Medical Properties 29 EFTA01428673 American Medical Properties Financial Model: IRR Calculations ($ in millions) Free cash flow summary EBITDA Net cash interest expense Mandatory amortization Free cash flow before distributions Distributions @ 90% Free cash flow after distributions Returns summary Invested equity Distributions Exit cap rate Exit NOI Exit TEV Exit net debt Exit equity value Total investor cash flows ($50) ($50) ($48) ($47) ($45) ($44) $8 IRR Cash on cash returns Average cash distribution yield American Medical Properties $8 $8 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 $0 $0 $0 $0 $0 $0 $1 ($1) $0 $0 $0 $0 $4 ($2) $0 $2 ($2) $0 EFTA01428674 $7 ($3) $0 $4 ($3) $0 $10 ($4) $0 $5 ($5) $1 $13 ($6) $0 $7 ($6) $1 $16 ($7) $0 $9 ($8) $1 $16 ($7) $0 $9 ($8) $1 $16 ($7) $0 $9 ($8) $1 $16 ($7) (so) $9 ($8) $1 ($50) $0 ($50) $0 ($50) $2 ($50) $3 ($50) EFTA01428675 $5 ($50) $6 $0 $8 $0 $8 $0 $8 $0 $8 8.75% $70 $797 $444 $353 $361 20.5% 1.3x 8.7% 30 EFTA01428676 American Medical Properties Financial Model: Returns Sensitivities Entry cap rate vs. Exit cap rate Entry cap rate 8.50% 8.00% 8.25% 8.50% 8.75% 9.00% 24.1% 19.5% 15.0% 10.6% 6.3% 8.75% 29.2% 24.5% 20.0% 15.6% 11.4% 9.00% 34.1% 29.4% 24.9% 20.5% 16.3% 9.25% 38.9% 34.2% 29.7% 25.3% 21.1% 9.50% 43.6% 38.9% 34.4% 30.0% 25.8% 8.00% 8.25% 8.50% 8.75% 9.00% 50.0% 28.2% 24.4% 20.7% 17.1% 13.7% 55.0% 30.8% EFTA01428677 26.6% 22.6% 18.6% 14.8% LTV vs Exit cap rate LTV 60.0% 34.1% 29.4% 24.9% 20.5% 16.3% 65.0% 38.2% 33.0% 27.9% 23.0% 18.1% 70.0% 43.6% 37.7% 31.9% 26.2% 20.6% Entry cap rate vs. Hold period LTV vs. Cost of debt Hold period 1-year 8.00% 8.25% 8.50% 8.75% 9.00% 1.6x 1.5x 1.4x 1.3x 1.3x 2-year 1.8x 1.7x 1.6x 1.5x 1.4x 3-year 2.0x 1.9x 1.8x 1.7x 1.6x 4-year EFTA01428678 2.1x 2.1x 2.0x 1.9x 1.8x 5-year 2.4x 2.3x 2.2x 2.1x 2.0x 5.25% 5.50% 5.75% 6.00% 6.25% 50.0% 17.9% 17.6% 17.4% 17.1% 16.8% 55.0% 19.6% 19.3% 18.9% 18.6% 18.3% LTV 60.0% 21.7% 21.3% 20.9% 20.5% 20.1% 65.0% 24.4% 23.9% 23.5% 23.0% 22.5% 70.0% 28.0% 27.4% 26.8% 26.2% 25.6% American Medical Properties 31 Exit cap rate Exit cap rate EFTA01428679 Cost of debt Exit cap rate EFTA01428680 Investment Highlights 1 Pure-play investment strategy focused on acquiring high-quality hospital and related healthcare real estate throughout the U.S. 2 Favorable healthcare industry fundamentals drive long-term demand for hospitals, the largest healthcare real estate asset class 3 Seasoned management team with proven track record of investing capital and generating attractive returns across the healthcare and real estate sectors 4 Differentiated ability to generate incremental value in target asset class by leveraging operating experience and real estate expertise 5 Long-standing relationships with high-quality hospital operators provide ongoing source of off-market sale / leaseback opportunities 6 —$2.0 billion identified pipeline of near-term actionable hospital sale / leaseback opportunities representing —8,000 beds owned by a geographically diverse group of hospital operators; expect to complete acquisitions of $750+ million over next 18-24 months 7 Business model expected to use prudent leverage and deliver predictable cash flows with a stable dividend yield exceeding 8.0%, coupled with capital appreciation over time by increasing rents and asset values with a potential REIT IPO exit American Medical Properties 32 EFTA01428681 Appendix American Medical Properties EFTA01428682 Illustrative Organizational Structure Board of Directors Investment Committee Pejman Salimpour Mark Karlan Chief Strategy Officer President & CEO Pedram Salimpour Chief Medical Officer Business Development Division CIO(a) Due Diligence Acquisitions Investor Relations Asset Management (a) Position to be filled (*) Candidates have been identified to fill the position American Medical Properties 34 Human Resources Finance & Operations Division CFO(a)* Counsel Chief Legal Officer(a) Financial Analysis & Treasury Accounting Legal Matters EFTA01428683 Risk Management Strategies Considerations Mitigants Healthcare Reform and Changes in Government Reimbursement • The Affordable Care Act's increased healthcare coverage yields additional patient volume and revenue for hospitals c— Any changes to the Affordable Care Act will likely have a limited impact given that they may be offset by changes in federal Medicaid and other healthcare subsidies Tenant Concentration c— American Medical Properties has a diversified pipeline across operators and geographic markets Competition c— The majority of AMP's healthcare REIT competitors are focused on other healthcare real estate asset classes (senior housing/SNFs/MOBs) and hospitals are not a focus area. As a result, the hospital real estate asset class presents one of the most compelling sale/lease back opportunities. Higher Interest Rates c— Interest rates are projected to increase gradually and only modestly in the near term c— AMP has the flexibility to utilize alternative capital sources Tenant Solvency c— AMP plans to continuously monitor the performance of its tenants on a variety of metrics including: c— admission levels and surgery/procedure volumes by type • trends in revenue and patient mix c— operating margins c— ratio of tenant's operating margins to total fixed costs c— the effect of evolving healthcare regulations on tenant's profitability and liquidity c— These factors will help AMP identify any potential issues with any of its tenant's capability to pay rent allowing AMP to take remedial actions to mitigate this risk American Medical Properties 35 EFTA01428684 Notice to Deutsche Bank Potential Investors Key Client Partners ("KCP") services are offered to a select group of Deutsche Bank Wealth Management ("WM") clients who are able to meet certain criteria including, without limitation, financial and sophistication qualifications. All Key Client Partners opportunities may not be available in all WM locations. DB is not acting as your financial adviser or in any other fiduciary capacity with respect to this proposed transaction. The transaction(s) or products(s) mentioned herein may not be appropriate for all investors and before entering into any transaction, you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction, you do so in reliance on your own judgment. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guaranteeof future results. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. Unless you are notified to the contrary, the investment outlined within is not FDIC insured, or insured by any other government agency. Deutsche Bank AG, including its subsidiaries and affiliates, does not provide legal, tax or accounting advice. This communication was prepared solely in connection with the promotion or marketing, to the extent permitted by applicable law, of the transaction or matteraddressed herein, and was not intended or written to be used, and cannot be relied upon, by any taxpayer for the purposes of avoiding any U.S. federaltax penalties. The recipient of this communication should seek advice from an independent tax advisor regarding any tax matters addressed herein based on its particular circumstances. Deutsche Bank Wealth Management represents the wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries ("Deutsche Bank"). Not all WM products and services are offered in all jurisdictions and availability is also subject to local regulatory restrictions and requirements. Clients will be provided Deutsche Bank Wealth Management products or services by one or more legal entitiesthat will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such productsor services. Brokerage services are offered through EFTA01428685 Deutsche Bank Securities Inc., a registered broker-dealer and investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. 0 2016 Deutsche Bank AG. All rights reserved. 024082 070116 American Medical Properties 36 EFTA01428686 CONFIDENTIAL American Medical Properties American Medical Properties For Key Client Partner Clients or U.S. Institutional Investors. Not for Retail Distribution EFTA01428687