1. Senior Housing Trends May 15, 2014 Jean-Pierre (JP) LoMonaco, MAI

2. Major 2013-14 Trend Drivers –Baby Boom Demographics –Supply –Revenue and the Affordable Care Act –Capital Levels (Equity and Debt) –Value Indicators Valuation and Information Group | May 15, 2014

3. Baby Boomers Born between 1946 to 1964 (WWII - 1945 to The Pill - 1960) 77.3 million individuals Historically created shortages (diapers, elementary schools, college, housing, etc.) Approximately $8.4 trillion will be inherited by Boomers from their grandparents, parents and others. Valuation and Information Group | May 15, 2014

4. Senior Housing Industry Demand Valuation and Information Group | May 15, 2014 Source: Senior Housing Analytics Analysis

5. Senior Housing Industry Supply Valuation and Information Group | May 15, 2014 Source: NIC Map Supply Database

6. Revenue and the Affordable Care Act Economy and Housing Values Medicare and Medicaid ACA Valuation and Information Group | May 15, 2014 Source: Senior Housing Analytics Analysis

7. Capital Levels Valuation and Information Group | May 15, 2014 Historical Results Equity Lenders REITs (Public and Private)

8. Valuation and Information Group | May 15, 2014 The Senior Care Acquisition Report, Nineteenth Edition, 2014

9. Valuation and Information Group | May 15, 2014 The Senior Care Acquisition Report, Nineteenth Edition, 2014

10. Valuation and Information Group | May 15, 2014 The Senior Care Acquisition Report, Nineteenth Edition, 2014

11. Valuation and Information Group | May 15, 2014

12. The Senior Care Acquisition Report, Nineteenth Edition, 2014

13. Valuation and Information Group | May 15, 2014 The Senior Care Acquisition Report, Nineteenth Edition, 2014