EFTA01382184.pdf

American Medical Properties Financial Model: IRR Calculations ($ in millions) Free cash flow summary EBITDA $0 $1 $4 $7 $10 $13 $16 $16 $16 $16 Net cash interest expense $0 ($1) ($2) ($3) ($4) ($6) ($7) ($7) ($7) ($7) Mandatory amortization $0 $0 $0 $0 $0 $0 $0 $0 $0 ($0) Free cash flow before distributions $0 $0 $2 $4 $5 $7 $9 $9 $9 $9 Distributions @ 90% $0 $0 ($2) ($3) ($5) ($6) ($8) ($8) ($8) ($8) Free cash flow after distributions $0 $0 $0 $0 $1 $1 $1 $1 $1 $1 Returns summary Invested equity ($50) ($50) ($50) ($50) ($50) ($50) $0 $0 $0 $0 Distributions $0 $0 $2 $3 $5 $6 $8 $8 $8 $8 Exit cap rate 8.75% Exit NOI $70 Exit TEV $797 Exit net debt $444 Exit equity value $353 Total investor cash flows ($50) ($50) ($48) ($47) ($45) ($44) $8 $8 $8 $361 IRR 20.5% Cash on cash returns 1.3x Average cash distribution yield 8.7% American Medical Properties 30 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0081448 CONFIDENTIAL SDNY_GM_00227632 EFTA01382184