March 17 HCP Investor Presentation Wells Citi

Brookdale Portfolio Update(1)35% of Brookdale Cash NOI from Triple-Net Leases65% of Brookdale NOI from Operating Business(10% of total HCP Cash NOI and interest income)(17% of total HCP Cash NOI and interest income) Blended rent coverage of 1.21x post closing ofBrookdale 64 transaction All leases guaranteed by Brookdale- No direct credit exposure We expect 2.0% to 3.0% same-property Cash NOI growth in2017 despite industry headwinds from new supply and wagepressuresCorporate FCC of 1.4x(2)- Portfolio is comprised of multiple leases withstaggered lease maturities Annual maturities do not exceed 10% until 2023, andthen remain below 10% from 2024 to 2027 Strong alignment (10% to 51% BKD JV ownership)30%Brookdale Lease Maturity Schedule26%Only 18% of HCP’s SHOP Cash NOI (2.9% of totalcompany Cash NOI and interest income) is subject tonew supply (within a 5-mile radius of new construction)Capex investments to maintain competitive positionBrookdale SHOP Portfolio Cash NOI by Majority Type25%21%20%16%15%AL 29%12%9%10%7%IL CCRC71%7%5%1%1%0%2017201920212023202520272029(1) Pro forma to exclude Cash NOI for 64 properties held for sale, the previously announced planned sale or transition of 25 triple-net assets and the sale of a 40%interest in RIDEA II that closed in January 2017.(2) Source: Brookdale Q4 2016 Supplemental. Adjusted for 5% management fee and capital expenditures @ 350/unit.SENIOR HOUSING16

Irreplaceable Life Science Portfolio 276 million Cash NOI(1) from 120 properties encompassing over 7 million sq. ft.Largest life science footprint in 2 of the top 3 cluster markets97%87%20 Average occupancy overpast two yearsRevenues from public orwell-established privatecompaniesYears as premier life scienceowner and developer with2.1M sq. ft. of entitled landLargest Life Science Owner on the West Coast(2)Annualized Base Rent by Tenant TypeUniversity,Government,SAN FRANCISCO – 4.7M sq. ft.ResearchKey Submarkets4% S. San FranciscoRedwood CityMountain ViewHaywardPublicBiotech /MedicalDeviceOffice and R &D13%47%SAN DIEGO – 2.1M sq. ft.Key SubmarketsPharma Torrey PinesUTCSorrento MesaPowayPrivateBiotech /MedicalDevice17%(1) Represents Cash NOI based on HCP’s Guidance provided on 2/13/17.(2) In addition to San Francisco and San Diego, we own an additional 512,000 sq. ft. in Utah and North Carolina.LIFE SCIENCE19%17

Life Science Market in Focus: South San FranciscoHCP Existing PropertiesHCP Developments & EntitlementsHCP Existing PropertiesGenentech Corporate Campus2HCP DevelopmentsS. San Francisco submarket 9M sq. ft. Direct lab vacancy: 2.8% Total lab availability: 3.4% 2016 net absorption: 800,000 sq. ft.HCP controls 30% of the cluster market 2.7 million sq. ft. 142 million of December 2016 annualizedThe Cove1base rentThe Cove at Oyster Point 720 million total project cost across four4phases3 620 million delivered or in-process114,000 sq. ft. delivered, 699,000 sq. ft. inprocess and 164,000 sq. ft. of remainingentitlements972,000 sq. ft. of S. San Francisco entitlements1 Sierra Point: 540,000 sq. ft.2 Forbes Research Center: 326,000 sq. ft.3 Modular Labs III: 106,000 sq. ft.LIFE SCIENCE18

Medical Office: Industry-Leading On-Campus Portfolio 290 million Cash NOI(1) from 239 properties encompassing 18 million sq. ft. 80%82%Avg. retentionrate last five yearsOn-Campus95%90% Affiliated withhospitals andhealthcare systemsConsistentlyoccupiedNational Portfolio - 82% On-Campus19Top 10 MarketsMarketMarket Density (sq. ft.)500K 250K- 500K100K – 250KSq. ft. (000s) Portfolio %Houston, TX2,60015%Dallas, TX2,20012%Nashville, TN1,3007%Philadelphia, PA1,2007%Louisville, KY1,1006%Denver, CO1,0006%Salt Lake City, UT7754%Phoenix, AZ7254%Seattle, WA6754%Miami, FL5503%Top 10 Markets12,12567% 100,000 SF(1) Represents Cash NOI based on HCP’s Guidance provided on 2/13/17.MEDICAL OFFICE PROPERTIES

Medical Office Internal Growth: Strong, Steady, StableSteady OccupancyStrong 20122016Stable Same Property Cash NOI Growth4%201320142015202016Consistent Leader in Tenant 15201620112012HCPKingsley Index(1) Kingsley Associates’ tenant survey measuring tenant satisfaction with medical office landlords on a 0 to 5 scale, with 5 representing the highest level of tenantsatisfaction.MEDICAL OFFICE PROPERTIES2015

Example of On-Campus Strategy: Centennial Medical Center HCP’s Nashville portfolio is anchored by the 100% leased, seven-building, 615,000 sq. ft. oncampus cluster on HCA’s Centennial Medical Center Centennial campus is made up of three hospitals with 650 beds and 30,000 admissions/yr".Strategically Located Portfolio in Nashville CBD Driving Above-Market Fundamentals21B: ParkviewiitiC: AtriumD: Medical Plaza.r "s-A: Physician’s Park-1oGLA: 197,500 sq. ft.Occupancy: 100%GLA: 188,800 sq. ft.Occupancy: 100%40.0 ,./'////r:foo,m.',GLA: 95,500 sq. ft.Occupancy: 100%GLA: 95,800 sq. ft.Occupancy: 100%HCP owned MOBs not pictured: E: 2222 State, 18,300 sq. ft., occupancy 100%; F: Building C, 8,700 sq. ft., occupancy 100%; G:Tace 10,000 sq. ft., occupancy 100%.Occupancy data as of 12/31/16.MEDICAL OFFICE PROPERTIESP YSENIOR HOUSING

Hospital and International R leasecoverage(1)Cash NOI fromacute-care hospitalsEBITDAR leasecoverage(1)Year-endOccupancy 570M investment dollars, 15 properties and 2,300beds NNN leases with 1.5%-2.5% average annual rentescalators Key relationships: HCA, Hoag, HealthSouth 570M debt investments dollars(2) and 370M realestate investment dollars, 61 properties and 3,200beds NNN leases with 1.5%-2.5% average annual rentescalators Deep partnerships with top U.K. operators HC-Oneand Maria MallabandFr-,a-i'littata.w;ES MIFresno Surgical HospitalFresno, CAHC- One - Greenfield ParkGlasgow, Scotland(1) EBITDAR lease coverage is for the trailing 12-months ended September 30, 2016.(2) Includes 131 million bridge loan to Maria Mallaband which HCP intends to convert to fee ownership through the exercise of a call option in mid-2017.HOSPITAL AND INTERNATIONAL22

IMMIBM BEImmtilFglif ifiligfPill;!PqMPI;/flVii III if-Ain rrMIMIIOW,1111311Balance Sheet23Aurora Medical OfficeAurora, CO

Committed to a Strong Balance Sheet Current credit ratings are Baa2 (stable) for Moody’s, BBB (stable) for S&P (reaffirmed inOctober), and BBB (stable) for Fitch (stable-positive ratings action in October) Ample liquidity with 2 billion revolver and large unencumbered asset baseYE 20162017Targets(1)End of 2019General TargetsNet Debt / EBITDA(2)6.2xLow to mid-6x5.5x-6.0xFinancial Leverage48.6%43%-44% 40%Fixed ChargeCoverage(2)3.6x3.6x-3.8x 3.5xTop 3 TenantConcentration(3)44%35%-40%30-35%Closing of the Brookdale 64 transaction will move us close to our 2017 Targets(1) Represents year-end 2017 targets.(2) Calculated based on 4Q16 annualized income.(3) Concentration is based on Cash NOI plus interest income.BALANCE SHEET24

Debt Maturity Schedule(1)( in millions) 2,000 1,600 7.7 billion of total debt 4.1% weighted average interest rate 6.5 years weighted average maturity 1,371 1,251 1,153 1,200 918 815 400 806 741 80025 404Projected 207 32 3 02017201820192020Senior Unsecured Notes202120222023Secured Debt (incl/ pro rata JV)202420252026ThereafterUnsecured Term Loans(natural hedge for UK investments)Substantially all debt maturities through the end of 2018 already addressed(1)As of 12/31/16, excluding revolving credit facility and other debt. Projected maturity schedule reflects 1.6 billion debt paydown using proceeds from RIDEA IItransaction (closed Jan 2017) and BKD 64 transaction (expected to close during 1Q17).BALANCE SHEET

Well-Managed Debt ProfileWeightedAverageInterest htedAverageInterest RateMaturity7.06.5 yrs.6.56.0%6.05.0%4.1%4.0%5.55.03.0%(1)2010 2011 2012 2013 2014 2015 2016 ProjPercentage ofFixed Rate Debt4.5(1)2010 2011 2012 2013 2014 2015 2016 ProjPercentage of Fixed Rate Debt100%97%95% Weighted average interest rate is200 bps lower since 2010 Weighted average maturity increasedto 6.5 years Limited exposure to floating rate debt90%85%80%(1)2010 2011 2012 2013 2014 2015 2016 Proj(1)As of 12/31/16, adjusted to reflect 1.6 billion debt paydown using proceeds from RIDEA II transaction (closed Jan 2017) and BKD 64 transaction (expected to closeduring 1Q17).BALANCE SHEET26

Appendix27Hoag HospitalIrvine, CA

Announced Transactions Sources and Uses We repaid 1.7 billion of debt during 4Q16, using proceeds generated primarily fromQCP financing With proceeds from the RIDEA II transaction and Brookdale asset sales, we plan to paydown 1.6 billion of debt, resulting in an improved credit profileSources(1)RIDEA II transactionBKD 64 asset salesTotalUses B 0.51.1 1.6Timing1Q17HCP debt repaymentMortgage debt1Q17Unsecured bonds0.32Q17Revolver(1)0.91Q17 - 2Q17Total B 0.5Timing1Q17 1.6Note: numbers may not add do to rounding.(1) RIDEA II transaction closed in January 2017; proceeds were used to repay borrowings under the revolving credit facility.Appendix28

2017 Cash NOI Same Property Performance Guidance(1)4.4%3.0%3.0%2.5%2.5%1.3%29SH NNNLife ScienceMedical OfficeSHOPOtherTotal HCP Senior Housing triple-net performance is primarily driven by contractual rent increases and Brookdale leaserestructure Life Science performance is primarily driven by contractual rent escalators and leasing activity Steady Medical Office performance benefits from high tenant retention and on-campus locations SHOP performance is primarily driven by higher rates, occupancy and growth from capital investmentspartially offset by expense growthOur diversified portfolio is projected to generate same-propertycash NOI growth in 2017 between 2.5% to 3.5%(1) Represents mid-point of 2017 SPP Cash NOI growth guidance range provided on 2/13/17.Appendix

Assumptions for 2017 Guidance2017 GuidanceYoY Cash NOI SPP Growth2.5%-3.5%YoY NOI SPP Growth1.2%-2.2%G&A Expense 83M- 87MInterest Expense 310M- 320MNet Dispositions(1) 1.7B- 2.2B @ 7.8%Recurring CapEx / 2nd Generation(2) 97M- 102M1st Gen TIs/ICE and Revenue Enhancing(2) 90M- 100MRe/Development Spend(2) 335M- 385MDiluted FFO as Adjusted per Share 1.89- 1.95Dividend per Share 1.48Fully Diluted FFO as Adj. Wtd. Avg. Share Count476M(1) Includes 1.125 billion related to 64 Brookdale communities that are held for sale at December 31, 2016 and 480 million related to the sale of a 40% interest inand refinancing of the RIDEA II JV that occurred in January 2017; proceeds will be used to pay down debt.(2) Excludes 11M- 13M of recurring capex / 2nd generation, 22- 27 million of 1st gen TIs/ICE and revenue enhancing cap-ex, and 10- 15 million of re/developmentspend related to HCP’s pro rata share of unconsolidated JVs.Appendix30

DisclaimerThis presentation is being presented solely for your information, is subject to change and speaks only as of the date hereof. This presentation and comments made bymanagement do not constitute an offer to sell or the solicitation of an offer to buy any securities of HCP or any investment interest in any business ventures of HCP. Thispresentation is not complete and is only a summary of the more detailed information included elsewhere, including in HCP’s Securities and Exchange Commission filings.No representation or warranty, expressed or implied is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented.HCP, its affiliates, advisers and representatives accept no liability whatsoever for any losses arising from any information contained in this presentation.FORWARD-LOOKING STATEMENTSStatements in this presentation, as well as statements made by management, that are not historical factual statements are “forward-looking statements” within the meaningof Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, withoutlimitation, our statements regarding our planned or pending transactions, our future business strategies, our financing plans, our prospects, and our economic guidance,outlook and expectations. All forward-looking statements are made as of the date hereof, are not guarantees of future performance and are subject to known and unknownrisks, uncertainties, assumptions and other factors—many of which are out of our and our management's control and difficult to forecast—that could cause actual results todiffer materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: our reliance on aconcentration of a small number of tenants and operators for a significant percentage of our revenues, with our concentration in Brookdale increasing as a result of theconsummation of the spin-off of QCP on October 31, 2016; the financial condition of our existing and future tenants, operators and borrowers, including potentialbankruptcies and downturns in their businesses, and their legal and regulatory proceedings, which results in uncertainties regarding our ability to continue to realize the fullbenefit of such tenants' and operators' leases and borrowers' loans; the ability of our existing and future tenants, operators and borrowers to conduct their respectivebusinesses in a manner sufficient to maintain or increase their revenues and to generate sufficient income to make rent and loan payments to us and our ability to recoverinvestments made, if applicable, in their operations; competition for tenants and operators, including with respect to new leases and mortgages and the renewal or rolloverof existing leases; our concentration in the healthcare property sector, particularly in life sciences, medical office buildings and hospitals, which makes our profitability morevulnerable to a downturn in a specific sector than if we were investing in multiple industries; availability of suitable properties to acquire at favorable prices, the competitionfor the acquisition and financing of those properties, and the costs of associated property development; our ability to negotiate the same or better terms with new tenantsor operators if existing leases are not renewed or we exercise our right to foreclose on loan collateral or replace an existing tenant or operator upon default; the risksassociated with our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners' financialcondition and continued cooperation; our ability to achieve the benefits of acquisitions and other investments within expected time frames or at all, or within expected costprojections; operational risks associated with third party management contracts, including the additional regulation and liabilities of our RIDEA lease structures; the potentialimpact on us and our tenants, operators and borrowers from current and future litigation matters, including the possibility of larger than expected litigation costs, adverseresults and related developments; the effect on our tenants and operators of legislation, executive orders and other legal requirements, including the Affordable Care Actand licensure, certification and inspection requirements, as well as laws addressing entitlement programs and related services, including Medicare and Medicaid, which mayresult in future reductions in reimbursements; changes in federal, state or local laws and regulations, including those affecting the healthcare industry that affect our costsof compliance or increase the costs, or otherwise affect the operations, of our tenants and operators; volatility or uncertainty in the capital markets, the availability and costof capital as impacted by interest rates, changes in our credit ratings, and the value of our common stock, and other conditions that may adversely impact our ability to fundour obligations or consummate transactions, or reduce the earnings from potential transactions; changes in global, national and local economic or other conditions,including currency exchange rates; our ability to manage our indebtedness level and changes in the terms of such indebtedness; competition for skilled management andother key personnel; the ability to maintain our qualification as a real estate investment trust; and other risks and uncertainties described from time to time in our filings withthe Securities and Exchange Commission. We caution investors not to place undue reliance on any forward-looking statements. We assume no, and hereby disclaim any,obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwiserequired by law.MARKET AND INDUSTRY DATAThis presentation also includes market and industry data that HCP has obtained from market research, publicly available information and industry publications. The accuracyand completeness of such information are not guaranteed. Such data is often based on industry surveys and preparers’ experience in the industry. Similarly, although HCPbelieves that the surveys and market research that others have performed are reliable, HCP has not independently verified this information.NON-GAAP FINANCIAL MEASURESThis presentation contains certain supplemental non-GAAP financial measures. While HCP believes that non-GAAP financial measures are helpful in evaluating its operatingperformance, the use of non-GAAP financial measures in this presentation should not be considered in isolation from, or as an alternative for, a measure of financial oroperating performance as defined by GAAP. You are cautioned that there are inherent limitations associated with the use of each of these supplemental non-GAAP

SHOP 20% Life Science 21% Medical Office 22% Other(3) 13% (1) Sources: National Investment Center for Seniors Housing & Care (NIC), HCP research. (2) Enterprise value based on HCP’s share price of 32.12 on 2