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   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;NOTE 1 &amp;#8212; DESCRIPTION OF BUSINESS&lt;/b&gt;
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   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Ventas, Inc. (together with its subsidiaries, unless otherwise indicated or except where the
   context otherwise requires, &amp;#8220;we,&amp;#8221; &amp;#8220;us&amp;#8221; or &amp;#8220;our&amp;#8221;) is a real estate investment trust (&amp;#8220;REIT&amp;#8221;) with a
   geographically diverse portfolio of seniors housing and healthcare properties in the United States
   and Canada. As of June&amp;#160;30, 2010, this portfolio consisted of 503 assets: 242 seniors housing
   communities, 187 skilled nursing facilities, 40 hospitals and 34 medical office buildings (&amp;#8220;MOBs&amp;#8221;)
   and other properties in 43 states and two Canadian provinces. With the exception of our seniors
   housing communities that are managed by independent third parties, such as Sunrise Senior Living,
   Inc. (together with its subsidiaries, &amp;#8220;Sunrise&amp;#8221;), pursuant to long-term management agreements and
   the majority of our MOBs, we lease our properties to healthcare operating companies under
   &amp;#8220;triple-net&amp;#8221; or &amp;#8220;absolute-net&amp;#8221; leases, which require the tenants to pay all property-related
   expenses. We also had real estate loan investments relating to seniors housing and healthcare
   companies or properties as of June&amp;#160;30, 2010.
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   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We conduct substantially all of our business through our wholly owned subsidiaries, Ventas
   Realty, Limited Partnership (&amp;#8220;Ventas Realty&amp;#8221;), PSLT OP, L.P. and Ventas SSL, Inc. Our primary
   business consists of acquiring, financing and owning seniors housing and healthcare properties and
   leasing those properties to third parties or operating those properties through independent third
   party managers.
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      <ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Statement of Position (SOP)
 -Number 94-6
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