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tal / hospital, pharma / pharma, etc.), in 2017, we have seen several significant vertical and cross-sector acquisitions. These include: • CVS / Aetna (pending) • United Health / Davita Medical Group (pending) • United Health / Surgical Care Affiliates • Humana / Kindred Home Health (pending)

given the changes in delivery and the uncertainty around healthcare currently, we believe this market presence has become increasingly important. Deutsche Bank Securities Inc. Page 117 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086676 CONFIDENTIAL SDNY_GM_00232860 EFTA01385392

supply in VTR's markets, most notably Atlanta, Denver, San Francisco, arid Sacramento 9015 Acta $1 09 2010 MIS SI 04 50 97 50 96 MOW 4 3% Aetna 3 5% 3 2% 2 1% -03% -0 7% 3 5% 39% 57% 1.6x 62% 1 7x 31% 08% .04% -07% 2 6% 09% 3010 Do. SI 01 MW Cane SI 00 SO 90 Meal Dee

t financing activity in 2H17. Please see Figure 98 for a summary of our full year estimate revisions. Sate* (Minch &roc cryany Ma MOM lOn Page 52 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092272 CONFIDENTIAL SDNY_GM_00238456 EFTA01388620

supply in VTR's markets, most notably Atlanta, Denver, San Francisco, arid Sacramento 9015 Acta $1 09 2010 MIS SI 04 50 97 50 96 MOW 4 3% Aetna 3 5% 3 2% 2 1% -03% -0 7% 3 5% 39% 57% 1.6x 62% 1 7x 31% 08% .04% -07% 2 6% 09% 3010 Do. SI 01 MW Cane SI 00 SO 90 Meal Dee

t financing activity in 2H17. Please see Figure 98 for a summary of our full year estimate revisions. Sate* (Minch &roc cryany Ma MOM lOn Page 52 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092979 CONFIDENTIAL SDNY_GM_00239163 EFTA01388957