Citi Investment Banking Pitch Book

Selected Public Companies ($ in millions, expect per share values) Company Brookdale Senior Living Inc. Sonida Senior Living, Inc. Ensign Group, Inc. The Pennant Group, Inc. High Mean Median Low For informational purposes: AlerisLife Inc.(¹) Share Price as of 02/02/23 13 $2.87 13.64 93.98 12.76 $0.81 AlerisLife Implied Firm Value (-) Net Debt Implied Equity Value FDSO AlerisLife Implied Equity Value Per Share (EV / 2023E EBITDA) Fully Diluted Market Cap $537.4 91.0 5,260.3 378.7 $27.1 AlerisLife 2023E Adj. EBITDA $6.3 (2) Firm Value $3,996.1 772.3 5,098.1 437.7 $51.5 EV / 2023E Revenue EV / 2023E Adj. EBITDA (x) Low (x) 10.9x 1.3x ΝΑ 1.5 0.9 1.5x 1.2 1.3 0.9 0.3x High (x) 15.0x EV / 2023E EBITDA 15.0x ΝΑ 11.9 10.9 15.0x 12.6 11.9 10.9 8.1x(2) 2023E EBITDA Margin (24.4) $44.9 33.5 $1.34 8.9% Source: AlerisLife Management, public filings, and FactSet as of 02/02/2023. Note: ALR YE 2022 capitalization and projections per ALR management as of February 2023. Financials and projections per public filings and FactSet for selected companies. Metrics other than EV / 2023E EBITDA shown for informational purposes. "NA" denotes not publicly available. (1) Based on ALR Management forecast. (2) Represents ALR Adj. EBITDA not burdened by $2.0mm annual Stock-Based Compensation expense. ΝΑ 12.7 8.1 12.7% 9.9 Implied Equity Value Per Share Low High $69.2 8.9 8.1 2.4x $95.1 (24.4) $70.7 33.5 $2.11 cíti

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