Epstein Secrets

day, June 25th Roadshow: 6/15: New York 6/16: New York 6/17: New York 6/18: Boston 6/19: Mid-Atlantic 6/22: San Francisco EFTA00707263 6/23: Denver/LA 6/24: Chicago / Minneapolis 6/25: KC / Houston /Pricing Lunch details: Group Lunch — New York TBD Group Lunch — Boston 6/18/15 - 12:30pm B

y dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by mail from Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10016, or by email at This communication may contain confidential and/or privileged information. If you are not

Most markets have a manageable supply pipeline in the near term, although construction is brisk in a few markets like Nashville, New York, Seattle, Denver, and Dallas. Of importance, New York City-area construction activity (10.7% of existing supply) is concentrated in Upscale and Upper Midscale (sele

ting supply) is concentrated in Upscale and Upper Midscale (select-service) hotel rooms in Midtown South/Times Square and outer boroughs. Page 78 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086637 CONFIDENTIAL SDNY_GM_00232821 EFTA01385353

6/19: Mid-Atlantic 6/22: San Francisco 6/23: Denver/LA 6/24: Chicago / Minneapolis 6/25: KC / Houston /Pricing Lunch details: Group Lunch — New York TBD Group Lunch — Boston 6/18/15 - 12:30pm B

dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503.4611 or by mail from Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10016, or by email at [email protected] This communication may contain confidential and/or privileged info

Key Healthcare topics questions. for 30 I6 • Pricing/occupancy in markets with elevated supply such as Atlanta, San Antonio, Houston, Kansas City. Denver. Orlando, Chicago, Dallas, and Sacramento, with each having over 9% of inventory currently under construction • Updated FX outlook for 2016 with

ital outlook given recent transaction activity in the sector • Acquisition outlook and investment appetite given current cost of capital Page 50 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092270 CONFIDENTIAL SDNY_GM_00238454 EFTA01388619

on disposition plans. Our model assumes $300MM in 3Q16 and $75MM in 4Q16 • Update on seniors housing 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%

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

on disposition plans. Our model assumes $300MM in 3Q16 and $75MM in 4Q16 • Update on seniors housing 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%

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