THREE DECADES STRONG THREE DECADES STRONG STRATEGY. EXECUTION. RESULTS.

2016 DRIVING SUSTAINABLE ECONOMIES

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table of contents HCP OVERVIEW

PORTFOLIO OVERVIEW

STRATEGY AND RESULTS

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» Leadership positions in multiple segments of healthcare real estate $1.9 billion of Portfolio Income(1)

Well-balanced Investment Portfolio of over 1,200 properties

» Strong balance sheet with BBB+

investment grade credit ratings » 30 years of consecutive dividend

increases – the only REIT in the S&P 500 Dividend Aristocrats index

Senior Housing

39%

Post-Acute/Skilled 24%

Life Science

14%

Medical Office

14%

Hospital 5%

U.K. 4%

HCP OVERVIEW

(1) Based on Investment Portfolio as of 9/30/15 and annualized 3Q 2015 Portfolio Income, adjusted to reflect the pro forma impact from the sale of 50 HCR non-strategic assets. The percentages in the pie chart reflect each segment’s income as a percentage of HCP’s total portfolio income on a pro forma basis.

HCP overview

$24 Billion

» U.S. healthcare real estate market is large and still very fragmented

HCP’s Diversified

Portfolio: $1

Trillion

14% owned by other public REITs

3% HCP

3 32%

12%

9% 13%

1% 1%

32%

$725M

66% Triple-net Leased Portfolio

33% RIDEA Investments

1% “in-the-money” development loans

a

b

a

b

c

d

a

b

c d

a

b

Portfolio Income(1)

a

b

c

d

(1) Based on Investment Portfolio as of 9/30/15 and annualized 3Q 2015 Portfolio Income, adjusted to reflect pro forma impact from the sale of HCR non-strategic assets.

» $9.5B portfolio(1) of 482 properties across 44 states

» Largest real estate partner to Brookdale – the largest senior living operator

Senior Housing portfolio

PORTFOLIO OVERVIEW

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72%

$530M Portfolio Income(1)

17% Hospital

83% Post-acute

HCR ManorCare

Tandem Debt

Tenet

HCA

Hoag

Other 6% 3%

4%

4%

6%

Post-Acute/Skilled and Hospital portfolio » $6.0B post-acute/skilled and hospital portfolio(1) 266 post-acute/skilled properties across 28 states

20 hospitals across 10 states; >70% NOI from 5 acute-care hospitals

Other 5%

HCR’s Heartland of Dublin, OH

Hoag Hospital - Irvine, CA

(1) Based on Investment Portfolio as of 9/30/15 and annualized 3Q 2015 Portfolio Income, adjusted to reflect pro forma impact from the sale of HCR non-strategic assets.

PORTFOLIO OVERVIEW

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London

Birmingham

Manchester

Glasgow

Belfast

Aberdeen

Leeds

Liverpool

Expanding Senior Housing and Post-Acute into the U.K. »$1 billion U.K. investment portfolio $0.4 billion long-term NNN leased real estate

(61 care homes)

$0.6 billion debt investments

»Key Relationships: HC-One – third largest U.K. care home operator

Maria Mallaband – top 10 U.K. operator, focused on private pay care homes

HC-One

Maria Mallaband

Increased our international platform to $1 Billion while developing relationships with the pre-eminent care home operators and financial sponsors in the U.K.

PORTFOLIO OVERVIEW

6 30 YEARS STRONG

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» $3.7B investments and $270M portfolio income(1)

» 294 properties across 32 states

» 83% on-campus; 94% affiliated with 200+ health systems(2)

» Strong occupancy above 91%; average retention rate approximately 80%

» Created a new $225M institutional joint venture with Morgan Stanley (Memorial Hermann portfolio)

» Re/development pipeline consists of 5 projects representing $165M

(1) Based on Investment Portfolio as of 9/30/15 and annualized 3Q 2015 Portfolio Income. (2) Based on Medical Office portfolio square footage as of 9/30/15.

National, On-Campus Medical Office portfolio

Major Health Systems

New and Recently Expanded Relationships

HCA 36%

Other 30%

10 Major Health Systems

34%

21M Sq. Ft.(2)

PORTFOLIO OVERVIEW

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» $3.9B operating portfolio representing 7.7 million sq. ft.

» Largest life science portfolio and development pipeline on West Coast

» 88% concentrated in 2 of the top 3 life science markets: San Francisco and San Diego

» 88% of NOI from public or well-established private companies

» Strong occupancy at an all-time high of 98.1%

» Developing Phase I at The Cove…

Amgen 17%

Genentech 16%

Rigel 5%

LinkedIn 5% Exelixis

5% Google 4%

Myriad 3%

Takeda 3%

General Atomics

2%

Other 40%

Recent Expansions and New Investment Grade Relationships

$270M Cash NOI(1)

(1) Percentages are based on annualized revenues for the Life Science segment.

Premier Life Science portfolio

PORTFOLIO OVERVIEW

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The Cove AT OYSTER POINT DEVELOPMENT

» Premier life science development site at the gateway to South San Francisco

» Total project will include 884,000 sq. ft. in seven buildings

» Fully-integrated campus with rich amenity profile, including food service, fitness, meeting space, hotel & retail

» LEED Silver design

» Majority of Phase I is committed; consists of 253,000 sq. ft. in two buildings (anticipated delivery 3Q 2016)

PORTFOLIO OVERVIEW

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Operational focus with market insights that deliver more than just capital to our partners

Provide a consistent source of capital at a competitive cost

Invest for the long-term

For our Operating Partners:

Diversified portfolio that delivers consistent performance through market cycles

Sector-focused specialists that add and build upon leading healthcare relationships

Opportunistic, disciplined investment approach that generates solid risk-adjusted returns

For our Investors:

Research

Preventative Medicine

Hospitalization

Recovery

Senior Care

Senior Housing

$24B Investment

Portfolio

Creating Value for our Operating Partners and Investors

STRATEGY AND RESULTS

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» Completed $1.9 billion of accretive investments(1)

» Strengthened the Master Lease on our HCR ManorCare portfolio

Selling 50 non-strategic facilities for $350+ million, exceeding the high end of our initial expectations

» Generated $430 million from capital recycling activities(1)

» Raised $2.3 billion of debt at a blended rate of 3.5% (addressed 35% of 2016 debt maturities)

» Executed 2.3 million sq. ft. of leasing in our life science and medical office portfolios and achieved the 5th consecutive quarterly all-time high life science occupancy of 98.1%

Majority of The Cove Phase I is now committed

» Increased 2015 dividend by 3.7%, representing 30 years of consecutive dividend growth

HCP’s 2015 YTD highlights

(1) Completed in 2015 year-to-date through the date of our earnings call on 11/3/15.

STRATEGY AND RESULTS

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HCP’s Acquisition Platform is not easy to replicate

5 Diversified Lines of Business

30 Years of Relationship Building

Expanded Acquisition Teams

Expanded Relationships

Investment Potential

Consistent mid-size

opportunities

Larger, strategic portfolio

transactions

and

STRATEGY AND RESULTS

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Debt Investment

17%

9%

RIDEA JV 41%

Triple-net Leased

33% Senior Housing

48% U.K. 26%

MOB 19% 6%

Life Science

Note: Reflects acquisitions and developments since January 2014, inclusive of the $1.9B completed in 2015 YTD as discussed on our earnings call on 11/3/15.

1% Post-Acute/

Skilled Development

7.3% Blended Going-in

Cash Yield

$3.9B Accretive

Acquisitions Since 2014

By Investment Type By Sector

HCP’s opportunistic & disciplined capital allocation

STRATEGY AND RESULTS

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83% IN 2010

Improved Payout Ratio

97% IN 2010

85% IN 2014

72% IN 2014

FAD FFO as

adjusted

$1.92

$2.16 $2.23

$2.54 $2.57

2010 2011 2012 2013 2014

FAD

FAD/share

Dividend/share

$1.86

$1.92 $2.00

$2.10 $2.18

$0.10 favorable one-time items

$180M $20M FAD in excess of dividends

3%+ average same store Cash NOI

growth(1)

70% expansion of investment portfolio

Balance sheet upgrade

Baa3 BBB

Baa1 BBB+

7.6% FAD/Share CAGR

(1) Represents HCP’s average same store Cash NOI growth from 2010-2014.

STRATEGY AND RESULTS

HCP FAD AND DIVIDEND GROWTH

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72%

65%

70%

75%

80%

85%

90%

95%

100%

105%

Dividend per share

FFO as adjusted payout ratio

$2.26

Dividend Aristocrats are S&P 500 companies that have increased dividends every year for at least 25 consecutive years

Only 10% of the S&P 500 companies are in this index

HCP is the only REIT in the

S&P 500 Dividend Aristocrats Index

STRATEGY AND RESULTS

Annual Dividend 1985 – 2015: 30 Years of Consecutive Dividend Increases

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WHAT MAKES HCP compelling WE ARE: WE HAVE:

WE GROW: the value of our cash flows from our portfolio, via

long-term ownership in healthcare real estate that

is strategic to our operating partners

A disciplined and creative capital allocator

A strong capital partner with BBB+ balance sheet and excellent liquidity

An S&P 500 Dividend Aristocrat

A global Sustainability leader

300+ healthcare relationships

Multiple avenues to achieve growth

Deep industry expertise across healthcare sectors

A uniquely diversified portfolio: robust Life Science and sector–leading CCRC Platforms

STRATEGY AND RESULTS

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Global Reporting Initiative Sustainability Report Published 1st Combined Annual + Sustainability Report 4th year to publish in accordance with the GRI G4 framework

CDP Investor Survey Named to Climate Disclosure Leadership Index for 2 of the past 3 years

NAREIT Leader in the Light Survey Awarded NAREIT Healthcare Leader in the Light for 3 of the past 4 years

Dow Jones Sustainability Index Assessment Named to DJS Index North America for 3rd consecutive year Named to DJS World Index for the 1st time (2015)

FTSE4Good Index Series Named to the FTSE4Good Index for 4th consecutive year

HCP is a leader in Sustainability

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Global Real Estate Sustainability Benchmark Survey Named GRESB Global Healthcare Sector Leader for 3 of the past 4 years

STRATEGY AND RESULTS

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This presentation is solely for your information, is subject to change, and speaks only as of the date hereof. This presentation and comments made by management 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. This presentation is not complete and is only a summary of the more detailed information included elsewhere, including in HCP’s Securities and Exchange Commission (“SEC”) 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 STATEMENTS The statements in this presentation, as well as statements made by management, which are not historical facts, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and HCP intends such “forward-looking statements” to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding FFO, FAD, income and other financial projections and assumptions; future business strategies; development timelines; international expansion; and dividends. These statements are made as of the date hereof, are not guarantees of future performance or actions, and are subject to known and unknown risks, uncertainties, assumptions and other factors — many of which are out of HCP’s control and difficult to forecast — that could cause actual results or actions to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include but are not limited to: HCP’s reliance on a concentration of a small number of tenants and operators for a significant portion of its revenues; the financial weakness of tenants and operators, including potential bankruptcies, significant litigation exposure and downturns in their businesses; the ability of HCP’s tenants and operators to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and to generate sufficient income to make rent and loan payments to HCP and HCP’s ability to recover investments made, if applicable, in their operations; competition for tenants and operators; availability of suitable properties to acquire at favorable prices and the competition for the acquisition and financing of those properties; HCP’s ability to negotiate the same or better terms with new tenants or operators if existing leases are not renewed or HCP exercises its right to replace an existing tenant or operator upon default; the risks associated with HCP’s investments in joint ventures and unconsolidated entities; the risk that HCP may not be able to achieve the benefits of investments within expected time frames or at all, or within expected cost projections; the potential impact of future litigation matters; the effect on healthcare providers of legislation addressing entitlement programs and related services, including Medicare and Medicaid, which may result in future reductions in reimbursements; changes in federal, state or local laws and regulations; volatility or uncertainty in the capital markets; changes in global, national and local economic conditions; changes in the credit ratings on U.S. government debt securities or default or delay in payment by the United States of its obligations; HCP’s ability to manage its indebtedness level and changes in the terms of such indebtedness; HCP’s ability to maintain its qualification as a real estate investment trust; and other risks described from time to time in HCP’s SEC filings, including its 2014 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. HCP assumes no, and hereby disclaims 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 otherwise required by law. MARKET DATA This presentation also includes market and industry data that HCP has obtained from market research, publicly available information and industry publications. The accuracy and completeness of such information are not guaranteed. The market and industry data is often based on industry surveys and preparers’ experience in the industry. Similarly, although HCP believes that the surveys and market research that others have performed are reliable, HCP has not independently verified this information.

NON-GAAP FINANCIAL MEASURES This presentation contains certain supplemental non-GAAP financial measures. While HCP believes that these non-GAAP financial measures are helpful in evaluating its operating performance, they should not be considered in isolation from, or as an alternative for, a measure of financial or operating performance as defined by GAAP. There are inherent limitations associated with the use of each of these supplemental non-GAAP financial measures as an analytical tool. Additionally, HCP’s computation of non-GAAP financial measures may not be comparable to those reported by other REITs. You can find reconciliations of the non‐GAAP financial measures to the most directly comparable GAAP financial measures in HCP’s supplemental information packages and earnings releases, which are available on its website at www.hcpi.com in the “Presentations” section of the “Investor Relations” tab.