PACS: Multi-state acquisition of 34 SNFs adds notable scale in Texas

Research evidence excerpt

PACS: Multi-state acquisition of 34 SNFs adds notable scale in Texas

AFSL No. 246521). This material has been prepared for

general circulation and does not take into account the objectives, financial situation or needs of any recipient. Accordingly, any recipient should, before acting on

this material, consider the appropriateness of this material having regard to their objectives, financial situation and needs. If this material relates to the acquisition

or possible acquisition of a particular financial product, a recipient in Australia should obtain any relevant disclosure document prepared in respect of that product

and consider that document before making any decision about whether to acquire the product. This research report is not for retail investors as defined in section

761G of the Corporations Act.

To persons receiving this from Royal Bank of Canada, Hong Kong Branch:

This document is distributed in Hong Kong by Royal Bank of Canada, Hong Kong Branch which is regulated by the Hong Kong Monetary Authority and the Securities

and Futures Commission. This document is not for distribution in Hong Kong, to investors who are not “professional investors”, as defined in the Securities and

Futures Ordinance (Cap. 571 of Hong Kong) and any rules made under that Ordinance. This document has been prepared for general circulation and does not take

into account the objectives, financial situation, or needs of any recipient. Past performance is not indicative of future performance. WARNING: The contents of

this document have not been reviewed by any regulatory authority in Hong Kong. Investors are advised to exercise caution in relation to the investment. If you are

in doubt about any of the contents of this document, you should obtain independent professional advice.