1. INTRODUCTION.............. 1

2. COMPETITIVE LANDSCAPE.............. 4

Table 1: Market Shares of Leading Senior Housing Operators for Memory Care in the US (2015) - Percentage Breakdown by Volume for Atria Senior Living Group, Benchmark Senior Living, Brookdale Senior Living, Elmcroft Senior Living, Five Star Quality Care, HCR ManorCare, Integral Senior Living, Life Care Services, Meridian Senior Living, Senior Lifestyle, Sunrise Senior Living, and Others..............4

Table 2: Market Shares of Leading Senior Housing Operators for Assisted Living in the US (2015) - Percentage Breakdown by Volume for Assisted Living Concepts, Inc., Atria Senior Living, Brookdale Senior Living Solutions, Emeritus Corporation, Five Star Quality Care, Inc., Merrill Gardens, LLC, Sunrise Senior Living, and Others 5

Table 3: Market Shares of Leading Senior Housing Operators for Independent Living in the US (2015) - Percentage Breakdown by Volume for Brookdale Senior Living Solutions, Erickson Living Management, LLC, Five Star Quality Care, Inc., Holiday Retirement, Leisure Care LLC and One-Eighty, Life Care Services, LLC, Merrill Gardens, LLC, and Others 6

Table 4: Market Shares of Leading Assisted Living Centers in the US (2014) - Percentage Breakdown by Volume for Assisted Living Concepts, Inc., Atria Senior Living, Brookdale Senior Living, Capital Senior Living Corporation Elmcroft Senior Living, Emeritus Corporation Five Star Senior Living, Leisure Care, Merrill Gardens, Sunrise Senior Living and Others 7

Table 5: Market Shares of Leading Senior Living Service Providers in the US (2014) - Percentage Breakdown by Value for Aegis Ltd., Brookdale Senior Living, Inc., Emeritus Corporation, Harbor Retirement Group, LLC, HCR Manor Care, Inc. and Sunrise Senior Living, LLC 8

Table 6: Market Shares of Leading Senior Residences and Skilled Nursing Care Facilities in the US (2014) - Percentage Breakdown by Value for Brookdale Senior Living, Emeritus Corporation, HCA Holdings, Inc., HCR Manor Care, Inc., Sunrise Senior Living and Others..............9

3. APPENDIX.............. 10