Investor Presentation

6,000 ($mm) Parent Guaranties and Letters of Credit Burn Down Over Time The below represents cohort data based on the year leases were commenced Parent Guaranties (1) Letters of Credit (1) 5,000 4,000 3,000 2,000 1,000 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■2015 ■ 2016 ■ 2017 2018 2019 $4.2B -53% decrease 6/30/2019 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 YE 2026 YE 2027 YE 2028 YE 2029 YE 2030 YE 2031 YE 2032 $1.9B $932 -44% decrease 6/30/2019 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 YE 2026 The above represents both Parent Guaranties and Letters of Credit broken out by vintage related to when the lease associated with each form of credit support commenced. YE 2027 YE 2028 YE 2029 YE 2030 YE 2031 YE 2032 Note: Since providing this information on October 20, 2019, the Company has revised these figures. (1) Parent guaranties and Letters of Credit that are associated with leases that commence in 2020 and beyond have been grouped within the 2019 vintage for illustrative purposes as we are aware of the additional obligations with each property and the majority of which are associated with existing properties where we plan to take on an additional floor and will realize a subsequent increase in parent lease obligations in the coming years. $520 49 Confidential

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