About the merger with CNL Retirement Properties, Inc.

HCP, Inc. (NYSE:HCP), the nation's largest healthcare real estate investment trust (REIT), closed the merger with CNL Retirement Properties, Inc. on October 5, 2006 for an aggregate consideration of approximately $5.3 billion. In addition to representing the largest transaction in healthcare REIT history, HCP owns the nation's largest portfolio of independent and assisted living communities, healthcare facilities and medical office buildings. As a result of the transaction, HCP will have enhanced scale, financial resources and operating flexibility to capitalize on investment opportunities in one of the nation's most attractive industries.