Hudson Bay Capital Releases Presentation to Sabra Shareholders Highlighting Disastrous Proposition of Care Capital Acquisition

Urges SBRA Shareholders to Vote Against Proposed Acquisition of Care Capital on August 15

Hudson Bay Capital Management LP, a New York-based investment manager, and its affiliated investment funds (collectively "Hudson Bay"), which beneficially own approximately 3.4% of the common stock of Sabra Health Care REIT, Inc. SBRA ("Sabra"), today released an in-depth presentation to SBRA shareholders highlighting why Sabra's proposed acquisition of Care Capital Properties, Inc. CCP ("CCP") is a disastrous proposition and the need for SBRA shareholders to reject it. A special meeting to vote on the proposed merger is scheduled to be held August 15, 2017.

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The presentation highlights:

• How SBRA shares have significantly underperformed the market by ~20% since SBRA announced its proposed acquisition of CCP on May 7;
• The extent to which SBRA overpaid for CCP's assets by up to 30%+;
• SBRA's track record of poorly thought through acquisitions;
• How SBRA's rationale for the deal is not aligned with reality and not in the best interests of SBRA shareholders;
• The extent to which SBRA's share price could significantly increase to ~$28 per share, an over 20% premium to current levels of $23.45, absent the merger agreement with CCP; and
• How SBRA shareholders could greatly benefit from rejecting the proposed CCP acquisition.

About Hudson Bay Capital

Hudson Bay Capital Management LP is a manager of alternative investment opportunities in the global markets employing a diverse set of catalyst-driven absolute return strategies. We invest across the corporate capital structure and often trade around or in conjunction with an event or catalyst in an effort to exploit market inefficiencies.

Warning Regarding Forward Looking Statements

THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS. FORWARD LOOKING STATEMENTS CAN BE IDENTIFIED BY USE OF WORDS SUCH AS "OUTLOOK", "BELIEVE", "INTEND", "EXPECT", "POTENTIAL", "WILL", "MAY", "SHOULD", "ESTIMATE", "ANTICIPATE", AND DERIVATIVES OR NEGATIVES OF SUCH WORDS OR SIMILAR WORDS. FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED UPON PRESENT BELIEFS OR EXPECTATIONS. HOWEVER, FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR AS A RESULT OF VARIOUS RISKS, REASONS AND UNCERTAINTIES. EXCEPT AS REQUIRED BY LAW, HUDSON BAY CAPITAL MANAGEMENT LP AND ITS AFFILIATES AND RELATED PERSONS UNDERTAKE NO OBLIGATION TO UPDATE ANY FORWARD LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.

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