Q2 2 201 2018 IN INVESTOR UP UPDATE August 8 8, , 2018 - - PowerPoint PPT Presentation

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Q2 2 201 2018 IN INVESTOR UP UPDATE

August 8 8, , 2018

SLIDE 2

1

DISCLA CLAIME MER

This presentation provides a summary description of Northwest Healthcare Properties Real Estate Investment Trust (“NWH” or the “REIT”). This presentation should be read in conjunction with and is qualified in its entirety by reference to the REIT’s most recently filed financial statements, management’s discussion and analysis, management information circular (the “Circular”) and annual information form (the “AIF”). This presentation contains forward-looking statements. These statements generally can be identified by the use of words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may”, “would”, “might”, “potential”, “should”, “stabilized”, “contracted”, “guidance”, “normalized”, or “run rate” or variations of such words and

• phrases. Examples of such statements in this presentation may include statements concerning: (i) the REIT’s financial position and future performance, including, normalized financial results, in-

place and contracted run rates, payout ratios and other metrics; (ii) the REIT’s property portfolio, cash flow and growth prospects, (iii) liquidity, leverage ratios, future refinancings, fees earned by the asset manager to Vital Trust, anticipated capital expenditures, future general and administrative expenses, including estimated synergies and contracted acquisition and development

• pportunities, and (iv) the REIT’s intention and ability to distribute available cash to security holders.

Such forward-looking information reflects current beliefs of the REIT and is based on information currently available to the REIT. Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of the REIT. Forward-looking information involves significant risks and uncertainties should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not, or the times at which, or by which, such performance or results will be achieved, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this presentation are based on numerous assumptions which may prove incorrect and which could cause actual results or events to differ materially from the forward-looking statements. Although these forward-looking statements are based upon what the REIT believes are reasonable assumptions, the REIT cannot assure investors that actual results will be consistent with this forward-looking information. Such assumptions include, but are not limited to, the assumptions set forth in this presentation, as well as assumptions relating to (i) the REIT successfully realizing the operational and financial benefits described herein, including the realization of synergies, completion of anticipated acquisition and development opportunities, and generation of cash flow; and (ii) general economic and market factors, including exchange rates, local real estate conditions, interest rates and the availability of equity and debt financing to the REIT. These forward-looking statements may be affected by risks and uncertainties in the business of the REIT and market conditions, including that the assumptions upon which the forward-looking statements in this presentation may be incorrect in whole or in part, as well as risks related to increases or decreases in the prices of real estate; currency risk; project development, expansion targets and operational delays; marketability; additional funding requirements; governmental regulations, licenses and permits; environmental regulation and liability; competition; uninsured risks; contingent liabilities and guarantees, including the outcome of pending litigation; litigation; health and safety; trustees’ and officers’ conflicts of interest; the ability of the REIT to integrate the operations of NWI; the ability of the REIT to continue to develop and grow; and management of the REIT’s success in anticipating and managing the foregoing factors, as well as the risks described in the Circular and the AIF. The reader is cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Other risks and uncertainties not presently known to the REIT or that the REIT presently believes are not material could also cause actual results

• r events to differ materially from those expressed in its forward-looking statements. Additional information on these and other factors that could affect the operations or financial results of the

REIT are included in reports filed by the REIT with applicable securities regulatory authorities. These forward-looking statements, which reflect the REIT’s expectations only as of the date of this presentation. The REIT disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Certain information concerning Vital Trust contained in this presentation has been taken from, or is based upon, publicly available documents and records on file with regulatory bodies. Although the REIT has no knowledge that would indicate that any of such information is untrue or incomplete, the REIT was not involved in the preparation of any such publicly available documents and neither the REIT, nor any of their officers or trustees, assumes any responsibility for the accuracy or completeness of such information or the failure by Vital Trust to disclose events which may have

• ccurred or may affect the completeness or accuracy of such information but which are unknown to the REIT.

Funds from operations (“FFO”), adjusted funds from operations (“AFFO”), net operating income (“NOI”) and net asset value (“NAV”) are not measures recognized under International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS. FFO, AFFO, NOI, and NAV are supplemental measures of a real estate investment trust’s performance and the REIT believes that FFO, AFFO, NOI, and NAV are relevant measures of its ability to earn and distribute cash returns to unitholders. The IFRS measurement most directly comparable to FFO, AFFO and NOI is net income. The IFRS measurement most directly comparable to NAV is net equity. A reconciliation of NAV, NOI, FFO, AFFO and Normalized AFFO to net income is presented in the REIT’s management’s discussion and analysis of financial condition and results of operations of the REIT for the period ended June 30, 2018, as filed on SEDAR.

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2 CORE H HEALTHCAR ARE I INFRAS ASTRUCTURE IN MAJOR OR M MARKETS

NWH A AT A T A GLANCE CE

ASSET ET MI MIX REGI GIONS

10.6M 152 $4.9Bn

SQU QUARE FEET (3)

T O R O N T O SÃO PAULO B E R L I N A U C K L A N D

PROPERTIES (3) TOTAL AL ASSETS (3)

96.4% 12.3

OCCUPAN ANCY Y YEAR R WALE

$1.4Bn 7.0%

MARK RKET CAP AP (1)

1)

DISTRI RIBUT UTION Y YIELD (1)

1)

ESTAB ABLISHED R RELAT ATIONSHIPS PS WITH L LEADING H HEALTHCARE O OPERATOR ORS

6.2%

NO NOI DIVERSIF IFICA ICATION

IFRS RS C CAP R RATE

89%

PAYOUT RATI TIO O (2)

S Y D N E Y

NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) is a specialist healthcare real estate investor that

• wns a high quality portfolio of medical
• ffice and hospital properties located

throughout major markets in Canada, Brazil, Germany, Australia and New Zealand.

MELBOURNE

Q2 Q2-17 17 Q2 Q2-18 18 Q2 Q2-17 17 Q2 Q2-18 18

SLIDE 4

3

 Delivering sta

tabl ble r results ts

• Stable per unit AFFO and NAV per unit
• Source currency adjusted cash SPNOI growth of 5.0% YOY
• Occupancy +10 bps QOQ to 96.4%; International portfolio occupancy above 98%

 Capitalizing on a

a robust a acquisition and development p pipeline

• Leveraged its German management platform to acquire two high quality Netherlands medical office

properties with a combined value of $143 million and expanded its European footprint. The properties are both in close proximity to major public hospitals and anchored by major healthcare tenancies.

• Completed $39M of tuck-in German MOB acquisitions
• Continued its accretive development program, primarily in Australia and New Zealand

 Strate

tegic i investm tment t Healthsc scope Limited ( (ASX SX: HSO SO)

• In conjunction with VHP, acquired a 10% strategic interest in Healthscope with an equity value of

$83.3 million. Position provides the REIT a “seat at the table” in any potential discussions regarding the acquisition of Healthscope’s high quality real estate portfolio.

 Execut

cuting o

• n a

an A A$2.0 b billion i institut utional J Joint V Venture

• Post quarter-end the REIT entered into a institutional JV with a large sovereign wealth fund to acquire

and develop high quality Australian healthcare real estate.

• Ownership: 70% institutional / 30% NWH
• NWH acts as asset, investment, development and property manager at market fees
• Incremental third party fee bearing capital of A$1.4 billion when fully deployed and combined with

Vital Trust (VHP:NZX) increases total fee bearing capital under management to A$2.6 billion

DESP SPITE F/X /X HEADW ADWINDS DS, DELIV IVERIN ING S STABLE E AND CONSI SISTENT RESULT LTS PREV EVIO IOUSLY ANNOUNCED STRATEGIC IC P PRIORIT ITIE IES ACTIO IONED ED WITH N NEW OPPORTUNIT ITIES IES IDENTIF IFIE IED

HIGHLIGHTS OF OF TH THE QU QUARTE TER

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4

+18.7% YoY (8.6x increase since inception) (8) 11.3% since inception(8) International portfolio above 98% +0.9yr YoY

DASH SHBOARD

GROS OSS B BOOK OOK VA VALUE (3) NORMA MALIZED A AFFO / / UNIT WEIG IGHTED A AVERAGE L E LEASE E E EXPIR IRY OCCU CUPANCY CY

At inception Q1-2017 At inception Q1-2017

96.7% 90.7% 11.2 4.0

Q2-2018 Q2-2018

12.3 96.4% $572m $4,162m

At inception Q2-2017 Annualized At inception Q2-2017 Q2-2018

$0.80 $0.94

Q2-2018 Normalized

$0.90 $4,940m

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5

2018 YTD TD SUMMA MMARY OF OF INVESTME TMENT T ACTI TIVITY

Q1 Q2

Acquired an MOB in Berlin and two post-acute care clinics in Bad Kissingen and Wilhelmshaven, Germany, totaling $75M. Acquired the remaining 50% interest in Epworth Clarendon Hospital in Melbourne, Australia for $52M and completed the $167M disposition of the Dundas Edward Centre in Toronto.

Sign Significant tr t transacti tional a acti tivity ty t to sta tart 2 t 2018

Acquired the 2nd largest MOB in Berlin, Germany and two high quality MOBs in Brunssum and Rotterdam, the Netherlands totalling $165M. Acquired a 10% strategic stake in Healthscope (ASX:HSO). Committed to acquire one AAA asset in Brazil in Q3-2018 for $88M. Summa mmary Acquis isit ition ions Devel velopm pment nts c compl plet eted ed Dispos

• sit

ition ions Value ue Ca Cap rate te Value ue Ca Cap rate te Value ue Ca Cap rate te Australasia $52M(*) ~5%

• Brazil

$88M ~7.5%

• Canada
• $167M

~4% Germany $240M ~6%

• Tota

tal $380M 80M ~6 ~6%

• $167M

7M ~4 ~4%

Note: Value excludes transaction costs (*) Excludes the acquisition of 10% interest in HSO

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6

SIG IGNIFICANT VALUE UE CRE REATIO ION IN IN ANZ MANAGER

NORTHWEST MA MANAGES S AN AN A$ A$4.0BN BN AUSTRAL ALAS ASIAN AN PLATFORM ORM W WITH A$2.6BN OF FEE BEARING G CAP APITAL AN AND A A 35% OWNER ERSHIP IP I INTER ERES EST FUNDING I IN PLACE T TO FACILITATE FULL LL INVESTME MENT

INSTI TITU TUTI TIONAL JV JV AUSTR TRALIAN PLATFORM FORM AUM UM (in in $ $M) 3rd

rd party fee

fee bea bearin ing a assets NWH o

• wner

ership ip % Fees ees $429(*) $1,585 $2,000 > $ $4,000 000 100% 24.9% 30% 35% 35% $0 $1,190 $1,400 $2,600 600 Internal LTM $34 $34M

 Base fee  Performance fee  Activity fees  Other fees

Market fees fees

 Base fee  Performance fee  Activity fees  Other fees

$30M $30M t to $35M $35M

$270M

Target 13x-15x EBITDA multiple ANZ man manager valu luatio ion

Note (*): Net of the assets sold into the JV.

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7

 Healthca

care r real e estate i is an a attract ctive i investment for l long-term i institut utional capital

• Defensive healthcare fundamentals support high occupancy and long term indexed leases
• High quality, new generation healthcare facilities in major Global markets
• Significant consolidation opportunity driven by deep operator relationships

 $2.0BN

BN G Global p pipeline p provides a an o

• pportun

unity t to s scale c capital r relationships

• Austral

alia: a: Significant strategic opportunity through Healthscope interest

• Brazil:

il: “Triple A” major market strategy is well suited to growing institutional relationships

• Europe

pe - German many: Recent entry into the post-acute care rehabilitation clinic market

• Europe

pe - Nether erlands ds: Highly fragmented market with consolidation opportunities

 Leverage l

leading G Global p platfo form and e existing a assets t to d drive m meaningfu ful f fee growth

• Current stabilized fees of $30M - $35M underpinned by permanent capital commitments
• Highly scaleable and differentiated management platform to drive operating leverage

OPP OPPORTUNITY TY T TO O LEVERAG AGE A DIFFER ERENTIATED ED HEAL ALTHCARE ARE REAL AL ESTAT ATE P PLAT ATFORM T TO ATTRACT CT A ADDI DDITION ONAL FEE B BEARING G INSTITUTIONAL CAPI PITAL TO O SUPPOR PORT A $2.0BN G GROW OWTH PIPEL ELIN INE

GROW OWTH THRO ROUGH CAPIT ITAL RE RELATIO IONSHIP IPS

Target: $2.0BN of incremental AUM $15M - $20M of incremental fees

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8

SOLI OLIDIFYING AUSTR TRALA LASIAN LEADERSHIP

Histor

• ry a

and k key accom complishment in A Australia

2018 and forward Integration and further expansion Initial investment Developed local knowledge and regional growth 2011 2012 - 2016 Expansion and consolidation 2017 Entered into an A$2.0Bn JV with a large sovereign wealth fund Full integration and rebranding of the Australasian Management Platform to NWH Healthcare Properties Management Vital reached $1Bn in assets; doubling since the initial investment In Region: strengthened relationship with key operators and improved portfolio metrics Initial Vital Investment: acquired a 19.8% stake in NZX listed Vital Healthcare Property Trust (founded early 1990s) Vital Manager acquisition: acquired 100% interest in VHML Initial GHC Investment: acquired a 19.8% stake in ASX listed Generation Healthcare REIT (founded in 2006) Generation Manager acquisition: acquired 100% interest in GHM NWH completed 100% acquisition

• f Generation

NWH: Market and strategy assessment Vital delivered excellent performance: Unit price +115% (inception to DEC/15) and

• utperformed

benchmark by 8,636 bp Exclusive RE Partner of Acurity Completed $400M in acquisitions and developments in 2017 Acquisition of a 10% strategic interest in Healthscope; Australia's 2nd largest private hospital operator with a portfolio of 45 hospitals

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9

 NWH completed the $664M acquisition of Generation Healthcare REIT

(“Generation”) in July, 2017

 The transaction is accretive to AFFO and NAV in 2018 with

development completions and full year effect of portfolio refi:

• ~$

~$11M 11M o

• f increm

emen enta tal stabilized NOI; w with th $ $6M a achiev eved ed t to date* e*

• ~$3.

$3.5M o

• f inter

teres est t savings f from

• m p

portfolio

• refina

nanc ncing ng n now c complete

 Attracti

tive o e organic g growth th p profile: e: over 90% of leases have annual rent reviews and ability to drive leading operator relationships

 Enhanced p

portfolio q quality a and s scale: Added 1.3M sf of GLA with high quality healthcare infrastructure with ~99% occupancy and a 14+ year WALE

HIGH Q QUALITY TY M MAJOR M MARKET T HEAL ALTHCAR ARE I E INFRAS ASTRUCTURE E PORTFOL FOLIO O

Investm tmen ent p t proper erti ties es $7

$729M 29M

Tota tal a assets ts $925

$925M

Occu cupancy

98. 98.5%

% NOI I Inflation i indexed 98.

98.8%

Devel elopmen ent p t pipel eline e ~$1

~$158 M 58 M(*)

*)

Devel elopmen ent t yiel eld ~7.0

.0%

(*) Frankston and Casey II ~$75M now complete with ~$6M of the $11M expected incremental NOI already online

RE RECENT STRA RATEGIC ACQUIS ISITIO IONS AND IN INIT ITIA IATIV IVES IN IN AUS USTRALIA IA

Successf sful ul acqu quisition of Generation Healthcare R e REIT:

ACCRET ETIVE E PIPEL ELINE O E OF L LOW RISK N NEAR EAR T TERM DEVE VELOPMENT P PROJECTS

Consolidating N g NWH l leader dership i p in Australasia:

 Solidifying m

market l ket leader ership: The combination of NWH’s two regional management platforms solidified its leadership in healthcare real estate in the region. Addition of Craig Mitchell as CEO of NWH Australia Management.

 Major m

market h ket health thcare i e infrastr tructu ture f e focus: The portfolio is centred around the largest regional cities including Sydney, Melbourne, Brisbane, and Auckland. Core healthcare focus provides predictable cash flow with structured annual reviews providing attractive organic growth.

 Attracti

tive g e growth th o

• pportu

tunity ty: Healthcare real estate is in a particularly active moment and with the leading platform in the region, NWH is best positioned to capitalize on this attractive growth opportunity.

~$2.5B 2.5Bn portfolio o

• f healthcare r

real estate c e compr prised ed

• f 60 p

prope perties i in Australia and N d New Zealand

Occu ccupancy cy WA WALE

• f r

f ren ents have ve structured r ed review ews

99% 9% 16. 6.5 5 yr. 90% 0%+

St Strong Portfolio M Metrics:

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10

 HSO is a leading Australian private healthcare provider, operating 45

Australian hospitals, 48 medical centers and 63 pathology laboratories.

 On May 7, 2018 NWH, together with Vital Trust, acquired a ~10% stake in

HSO at an average price of $2.39 per share by entering into a forward contract with Deutsche Bank.

 NWH’s objective is to acquire HSO’s high quality underlying real

estate portfolio in conjunction with Vital Trust.

 On April 26, 2018 HSO received an unsolicited conditional acquisition

proposal from a BGH led-consortium that included a GIC subsidiary, OTPP, CPPIB, and AustralianSuper at a price of $2.36 per share.

 On May 14, 2018 Brookfield Asset Management made a bid to acquire HSO at

$2.50 per share. The bid was subsequently withdrawn. Enter terprise V e Value e $5.

$5.8Bn

FY17 7 Revenue e $2.

$2.3B 3Bn

FY17 7 EBITDA DA $411M

11M

RE RECENT STRA RATEGIC ACQUIS ISITIO IONS AND IN INIT ITIA IATIV IVES IN IN AUS USTRALIA IA - CONTINUED

Acquisition o

• f a 10% interes

est i in Healthscope ( (“HSO SO”): ): Entered int nto a an n A$ A$2.0Bn Bn J JV with a an Institut utional P Partner:

# Private te H Hospita tals

# H Hospitals 45

45

# B Beds s 5,

5,00 000 # D Develo lopm pmen ent pipelin pipeline $57 $578M 8M

 The JV will be 70% owned by the Institutional Investor with the REIT owning the

remaining 30% interest and acting as investment manager for which it will be entitled to earn market based management fees, as well as a potential performance fee, subject to achieving certain return thresholds.

 The JV will allow the REIT to accelerate its Australian healthcare real estate

consolidation program and execute on its robust pipeline of high quality acquisition

• pportunities in region

 The REIT will initially generate capital through the sale of an initial seed portfolio to

the JV. The seed portfolio comprises 3 income producing properties and 1 development with an as-complete value of approximately A$412 million

Over 5x growth

> 4.0

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11

NETHERLANDS EXPANSION: : A Natural al Step into an adjace acent mark rket

Heal althcar are Regulatory y Fram amew ework

Hybrid: Public / Private

Demog

• graphics

cs

• Population: 17M
• Aging population
• Median age: 41.8yrs

Heal althcar are Spending

• 11% of GDP (US$89Bn) vs

OECD average of 8.9%

Real al E Estat ate e Oppor

• rtunities
• Direct investment in

fragmented MOB market and hospital infrastructure

• Sale-leaseback with
• perators, most not-for-

profit

Cons nsiderations ns

• Healthcare system

ranked as the highest performing, but one of the most expensive in Europe

• Insurance-based (like

Germany, France, Switzerland and Belgium)

• Per capita healthcare

spending in the Netherland is 49% higher than the OECD average

The N e Net etherla lands Ro Rotterdam Bru Brunssum Ass Assets

 The Netherlands acquisitions are comprised of two high

quality and modern medical office properties located in Brunssum and Rotterdam leased by strong healthcare tenants.

 Well

ell lo located a and d high igh qu qualit lity a assets:

• Leases annually indexed to inflation
• New and modern buildings (2016/2012) with limited

capex requirements; high local environmental ratings

• Anchored by leading hospital groups (Zuyderland and

Santeon – Maastad) and adjacent to their main acute care campuses

 Sign

Signifi ificant gr growth o

• ppo

pportunit ity:

• Fragmented MOB market without a dominant

healthcare real estate player

• Consolidation trends among hospital operators

underway and supported in part driven by recent legislative changes

• Opportunity to grow portfolio directly with leading

hospital groups, including existing tenants

NWH ex expanded its its Europea ean f footpr print wit ith tw two tr transacti tions in t n the he N Netherlands; an attractive h healthcare r real e estate m market in close p e proximity to to German any $129M

purchase price

~10 10 yr.

WALE

93%

• ccupancy

6.5 .5%

• avg. cap

rate

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12

BRAZIL: : Continuing to execu cute major

• r mark

rket heal althca care re infras rastru ructure strat rategy

Hospi pital Morum umbi acquisition a adds ds a a 7th ma major ma market, AAA a AAA asset w with Rede D’Or r - Brazil’s largest private e hospi pital oper erator

Profile le Exist sting ng portfoli

• lio

Hospit ital al Morumbi Pro-for

• rma

a portfoli

• lio

As Assets

7 Hospitals 1 General Hospital 8 Hospitals

Size ze

~1,493k square Feet ~233k square Feet ~1,726k square Feet

# B Beds eds

~1,200 beds ~200 beds ~1,400 beds

Main T n Tena nant nt

Rede D’Or Rede D’Or Rede D’Or

Cap ap R Rat ate

~7.7% ~7.5% ~7.6%

Occu cupan ancy % %

100% 100% 100%

Lea ease T Ter erm

~20 Years 25 Years ~21 Years

Rental I al Incr crease

100% indexed to inflation 100% indexed to inflation 100% indexed to inflation

Devel velopm pment nt

• ppor
• rtunit

itie ies

>$45M $35M >$80M

Brazil P il Portfo folio lio

 Sign

Signifi ificant gr growth o

• ppo

pportunit ity:

• Population 200+ million
• Brazil Economic improvement and income growth
• Rapidly aging population increasing demand for health services
• Supportive Private Healthcare System and industry trends
• Covers 50+ million people (25% of population)

 Rede

ede D’Or Or – in indu dustry lea leade der w wit ith a a pr proven t track r rec ecord

• “AAA” Fitch Rating on a national scale
• Largest private hospital operator, runs 36 hospitals (5,500+ beds)
• Backed by global investors GIC (26%) and Carlyle Group (12%)

 Stru

ructure re

• Long-term (25+ year) NNN lease with indexation
• Also includes HMB Admin building acquisition ($5M) and ongoing out-

patient building development ($25M) under renewed 25 year lease

Highl hlight ghts

• Prim

ime l locat cation ion: located in the affluent Morumbi neighborhood of Sao Paulo, Brazil’s largest city with 25+ million inhabitants.

• Trophy a

asset: ranked as the most modern hospital in Latin America, performing over 13,000 surgeries and 210,000 emergency visits per year

• High performing hospital with future

development potential valued at $35M

Focused s strategy bu built ilt around t the e top p hospit ital l

• per

perator, Rede ede D’Or, a and a d an ex exclu lusiv ive fo focus o

• n tier

ier 1 markets a and bes d best in in cla lass a assets.

Hospital Moru rumbi (commi mmitme tment t t to acquire e execute ted)

SLIDE 14

13 13

FINANCIAL OVERVIEW

SLIDE 15

14

As R Repo eported Tar arge get $0.81/unit 50.2% / 56.1% $11.50/unit +$0.95/unit >$12.00/unit

AFFO/ FO/unit (5) LT LTV (6) NAV AV (7)

 Track to management run rate and

guidance

 Completion of the committed

development projects and refinancing initiatives

 Deliver stable property operating

performance, cash flow and distributions

 Track to management run rate and

guidance over time

Normalized $0.90/unit $11.50/unit

 Reflects completed and/or

contracted investment and finance activity as well as normalized

• perating result net of non recurring

items

Portfolio lio Qualit lity Occu ccupancy cy / / WA WALE

50.2% / 56.1% <40% / <50% 96.4% 12.3 years 96.4% 12.3 years 96% 12 years

Q2 Q2-18 FIN INANCIA IAL DASHBOARD

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15

POSIT ITIV IVE OPER ERATIN ING RESULTS IN IN LIN INE WIT ITH MANAGE GEME MENT GUIDANCE NORMA MALIZED R RESU SULTS S HAVE B BEEN A ADJUST STED TO R REFLEC ECT T THE E IMPACT CT O OF RE RECE CENTLY COMPLET ETED ED A AND CO COMMITTE TED TRA RANSACT CTIONS

NORMALIZATI TION A ADJUSTM TMENTS TS



Normalizati tion a adjustm tments ts principally relate to:

• Full year effect of acquisitions and dispositions completed during the quarter;
• Full year effect of debt drawn during the quarter
• Debt optimization including initiatives executed during the quarter;
• Accrued rent to Q2-2018 based on contracted rent indexation;
• NWH Australia development completions; and
• Non-recurring and one time items.

Q2 Q2-18 18 As Reported ed Q2 Q2-18 18 Normalized ed

NO NOI $65.3M $67.9M FFO FFO $24.6M $27.3M AFF AFFO $24.4M $27.1M W.A U A Units ts Outstand nding ng 120,552 120,858 Annualized A AFFO / O / Unit (4

(4)

$0.81/unit $0.90/unit Payou

• ut R

Ratio 99% 89%

FIN INANCIA IAL HIG IGHLIGHTS - PROFITABIL BILITY

SLIDE 17

16

QUAR ARTERL RLY NAV AV / U / UNIT Q2 Q2 2 2018 NAV/ V/UNIT W WAS AD ADVERSELY I IMPACTED B BY A A 5.0% D DECREASE I IN F/X X RATES S ACROSS S THE REIT’S S POR PORTFOLIO NOTABLY, , A $135M 35M INCREASE I IN THE A ANZ MAN ANAGER V VAL ALUATION WAS BRO ROADL DLY OFFSET BY THE E E ELIMIN INATIO ION O OF GOO OODWILL F FROM OM TH THE REIT’S ’S NAV D DEFIN INIT ITIO ION GIVEN EN T THE E RECEN ENT CR CRYSTALLIZATION OF OF I IPP PP REVALUATION GA GAINS I IN THE A E ANZ REGIO ION

Q1 Q1-18 8 As R Repo eported Q2 Q2-18 8 As R Repo eported

Gros

• ss B

Book V Value $4,758.0M $4,940.1M Debt $2,213.7M $2,462.5M Conv nvertible Debent ntures $293.9M $293.4M Othe her $768,8M $793,8M Net A t Asset V t Value $1,481.6M $1,390.4M LTV ( (excl./i ./incl. . conve verts ts) 46.9% / 53.1% 50.2% / 56.1% NAV/Uni nit $12.32 $11.50

FIN INANCIA IAL HIG IGHLIGHTS - CAPIT ITALIZ IZATIO ION

Historic goodwill attributable to the REIT’s acquisitions of its interest in Vital Trust and the GHC portfolio has been excluded from its Q2 2018 NAV definition as the respective portfolios have now crystallized their respective IPP revaluation gains The $135M increase in the REIT’s ANZ manager valuation reflects both the increased scale of the Vital Trust Portfolio as well as the REIT’s recent A$2.0BN Institutional JV

• PF

SLIDE 18

17

DEBT MATURI RITY PRO ROFILE (11)

11)

REGIO IONAL DEBT S STRATEGIES IES

Type Asset Level Term Debt Bank Loans and Securitization Asset Level Term Debt Asset Level Revolving Debt LT LTV (13)

3)

~51% ~30% ~56% ~39% Market Interes est Rates s (14)

4)

~3.7% ~7.3% ~2.2% ~4.8% Typic ical l Amortiza zation 25 years 10 years 50 years Interest Only

LEVERAGE GE TRENDING G LOWER

 12.3% of debt is currently unsecured  Revolving warehouse facility strategy

BALANCE S E SHEET ET O OPTIM IMIZ IZATIO ION

 ~$245M of 2018 maturities and potential refinance of ~$105M;

targeted 100bps of interest rate savings

 Refinance ~$40M, 7.25% - 2018 par call convert  Leverage global balance sheet to reduce regional borrowing

differentials Nea ear ter term i interest s t savings Path to to U Unsecured C Cred edit R t Rati ting – Building a an U Unen encumber ered ed P Pool

BA BALANCE SHEET OPTIM IMIZ IZATIO ION AND RE REGIO IONAL DEBT STRA RATEGY

LTV temporarily elevated due to high transactional volume; expected to trend lower by executing on capital recycling initiatives

SLIDE 19

18

OVE OVER A 10 Y YEAR PE PERIOD, POR PORTFOLIO INDEX HAS AS R REMAI AINED RELAT ATIVELY IN-LIN INE E WIT ITH IT ITS BASE V VALUE RENTAL I INDEXATION ACTS CTS A AS NATU TURAL CURRENCY H HEDGE LOCA OCAL CU CURRENCY PROPER ERTY / Y / CO CORPORATE TE D DEBT TO RE REDU DUCE CE I INVESTMENT RISK

RIS RISK K MANAGEMENT – FORE REIG IGN EXCHANGE

101 01 101 01 95 95 95 95 71 71

30-Jun-17 31-Mar-18 30-Jun-18 QoQ YoY 1-Aug-18

• Var. %

BRL:CAD 0.393 0.390 0.341

• 12.4%
• 13.1%

0.35 2.0% EUR:CAD 1.479 1.587 1.537

• 3.2%

3.9% 1.51

• 2.0%

NZD:CAD 0.949 0.932 0.893

• 4.2%
• 5.9%

0.88

• 1.8%

AUD:CAD 1.006 0.990 0.975

• 1.6%
• 3.1%

0.96

• 1.5%

CAD:CAD 1.000 1.000 1.000 0% 0% 1.00 0.0% Portfolio weighted average

• 4.2%
• 4.6%
• 0.6%

FX Rate - Spot day

• Var. %

SLIDE 20

19 19

PORTFOLIO OVERVIEW

SLIDE 21

20 20

PORT RTFOLIO IO OVERV RVIE IEW

C A N A D A B R A Z I L A U S T R A L A S I A E U R O P E

LEADIN ING M MEDIC ICAL OFFIC ICE B BUIL ILDIN ING PLATFOR FORM 56 56 PR PROPE PERTIES 1,037 TENANT ENANTS CONSO SOLIDATIO ION O OF MEDIC ICAL O OFFIC ICE BUIL ILDIN INGS 30 PR PROPE PERTIES STRONG R RELATIO IONSH SHIP IPS S WITH L LEADIN ING OPERATORS 7 PR PROPE PERTIES 2 T TENANTS TS FITCH AAA+ AAA+ RAT ATED TENT ENTAN ANT

5.0%

SP N NOI Growt wth (9)

92.1%

Occu cupan ancy

5.2YRs

WALE LE

LEAD ADING R REAL AL E ESTAT ATE E PLATFOR FORMS 48 PROPET ETIES ES I IN A AUS 11 P PROPERTIE IES S IN NZ N NZD 8 8 DEVE VELOPMENTS

6.5%

SP NO NOI Growt wth (9)

95.7%

Occu cupan ancy

8.9YRs

WALE LE SP NO NOI Growt wth (9)

100%

Occu cupan ancy

20.2YRs

WALE LE

3.1%

SP NO NOI Growt wth (9)

99.4%

Occu cupan ancy

18.9YRs

WALE LE

7.6%

$4.9Bn International Platform

SLIDE 22

21 21

PORT RTFOLIO IO DIV IVERSIF IFICATIO ION

GEOGRAP APHICAL ALLY DIVER ERSIF IFIED IED POR PORTFOLIO OF OF C COR ORE HEAL ALTHCARE ARE REAL AL EST STATE A ASSE SSETS I IN ST STABLE A AND GR GROWING G INTER ERNATIO IONAL MAR ARKETS HIGH Q QUALITY AN AND DIVER ERSIF IFIED IED T TENANT ROSTER; S STRA RATEGIC C RELATIONSHI SHIPS W WITH H LEADI ADING H HEAL ALTHCARE ARE OPERATORS TOP 10 TENANTS BY GR GROSS SS RENT (12

12)

NOI D DIVER ERSIF IFICATIO ION BY BY G GEOGRAPHY (4)

4)

NOI D DIVER ERSIF IFICATIO ION BY ASSE SSET MI MIX (4)

4)

Tenant nt Region

• n

% of

• f G

Gros

• ss

Rent nt

Rede D de D`Or

13.3%

Healthe C he Care

3.8%

Epworth F h Founda ndation

3.2%

Bolt

• lton C

Clar larke

1.6%

CISSS/ SS/CIUSSS SSS

1.5%

Healt althscop cope

1.3%

Hospit ital al Sabar ara

1.2%

St Joh

• hn of
• f God
• d

1.0%

ARCBS

0.9%

Winni nnipeg R peg Regi giona nal H Health h Author

• rit

ity

0.8%

Top 1 10 Tena nant nts

28. 28.7%

TOP 10 TENANTS BY GR GROSS SS RENT (12

12)

1 2 3 6 7 8 4 5 9 10 10

ASSET ET MI MIX REGI GIONS Q2 Q2-17 17 Q2 Q2-18 18 Q2 Q2-17 17 Q2 Q2-18 18

SLIDE 23

22 22

Asse ssets 3 Hospitals Size ze 294k Square feet Tenant nts Acurity Health Group Cap ap R Rat ate ~6% Occ. cc. 100% Lease T Term ~30 Years Rental l Increase Annual Inflation Index Acquisit itio ion Date Q4-2017 Asse ssets 2 post-acute clinics Size ze ~280k Square Feet Tenant nts Median Kliniken Cap ap R Rat ate ~6% Occ. cc. 100% Lease T Term ~25 Years Rental l Increase Annual Inflation Index Acquisit itio ion Date Q1-2018

RE REPRESENTATIV IVE IN INVESTMENTS

Media edian P Portfolio lio

Bad K Kissi singen a ngen and d Wilhel helmsha shaven ven

Acurit ity P Portfo folio lio

Wakef efield, d, B Bowen a en and Roys yston

Asse ssets 2 MOBs Size ze 431k Square feet Tenant nts Zuyderland and Santeon – Maastad Group Cap ap R Rat ate ~6.5% Occ. cc. 93% Lease T Term ~10 Years Rental l Increase Annual Inflation Index Acquisit itio ion Date Q2-2018

The N e Net etherla lands Portfolio lio

Rotter erda dam a and B d Brussum

Asse ssets 2 Hospitals Size ze 294 Beds + 22 surgical units/ ~475k Square Feet Tenant nts Hospital Operator Rede D’Or Fitch ‘AAA+(bra)’ rated Cap ap R Rat ate ~8% Occ. cc. 100% Lease T Term ~25 Years Rental l Increase Annual Inflation Index Acquisit itio ion Date Q3/Q4-2016

Rede ede D D’Or H Hospit pital l Portfolio lio

IFO FOR an and S San anta Helena ena

SLIDE 24

23 23

 ~$280M o

• f committed

ed low r risk d devel elopment & & expansions in Australasia, B Brazil, a and C Canada da to to be funded t ed through gh a a combi bination o

• f existing r

g resources es and p d proper perty f financing

– $211M of Australasian hospital expansions at Vital and NWAUS – $50M Brazil hospital expansions – $19M Canadian MOB development

 ~$29M of stabi

bilized v ed value a accretion on n a propo portionate b basis

– Potential to generate up to an incremental $0.24 of NAV/Unit

ACCRE RETIVE DEVELOP OPMENT T & & EXPAN XPANSION PI PIPE PELINE

WITH A A TRA RACK CK RECORD O OF COMPLETING NG MORE TH THAN $ $500M OF OF DEVELOPMENTS AN AND EXPANSIONS, THE R REIT IS S LEVERAGING I G ITS S EXPER ERIEN IENCE TO DELIVER AN AN AD ADDITIONAL $ $280M OF VA VALUE ENHANCING G PR PROJECTS T TO I O ITS TS POR PORTFOLIO

Country (15)

5)

Pro Projects Est. . Completion

• n

Pro Project Cost st Cost t to Complete Pre Pre-Leas ased ed Occu ccupancy Pro Project NOI OI Pro Project NOI OI Poten ential al Value ue Accr ccretion 8 Q3 2018 to Q4 2021 211 170 100% ~7% 14 50 2 TBD 50 50 100% ~8% 4 2 1 Q4 2019 19 16 50% ~7% 1 2 11 11 280 280 236 236 ~7 ~7% 19 19 54 54

SLIDE 25

24 24

COMMI OMMITT TTED ACCR CRETI TIVE DEVELOP OPMENT T & & EXPANSIONS – AUSTRAL ALAS ASIA

NINE DEVEL ELOPMEN ENT PRO ROJECTS T TOTAL ALLING ~$211M 11M A ARE CURREN ENTLY Y ONGO GOING BRO ROWNFIELD D REDEVE VELOP OPMENTS REMAIN IN C CORE T E TO NWH ‘ ‘S S AUSTRAL ALAS ASIAN AN STRATEGY AN AND A A KEY DRIVER O OF NOI AN AND NAV GR GROWTH

 211M

M of com committed development at a weighted yield of ~7% ~7%.

 $14M o

• f stabi

bilized n ed net operating i g income ( (at 1 100% i interes est)

 $50M of poten

ential d devel elopment g gains o

• n compl

plet etion ( (at 100% interest)

Milli llion o

• f C$

Pro Projects

• Est. C

Completion

• n

Pro Project C Cost Cost t to C Complete Toronto Private Q2 2018 9.1 Completed North West Private Tasmania Q3 2018 1.0 0.7 Lingard Private Q3 2018 22.8 7.4 Epworth - GSC & Carpark Q3 2019 83.8 67.8 Epping Medical Centre Stage 1 Q3 2018 5.4 5.4 Royston Hospital Q1 2019 11.5 11.5 Wakefield Hospital Q2 2021 73.2 72.9 Bowen Hospital TBI 4.5 4.5 8 211. 11.3 170.2 .2

SLIDE 26

25 25 25 25

S T R AT E G Y & O U T L O O K

SLIDE 27

26 26

RE RELATIV IVE VALUA UATIO ION

THE R REIT I IS TRAD ADING AT A A SI SIGN GNIFICANT DISC SCOUNT T TO I ITS S PEERS ON AN AN AF AFFO MULTIP IPLE B E BASIS

• Based on NWH.UN’s closing unit price of $11.48/unit as of August 07, 2018 and normalized AFFO/Unit of $0.90 per year ($0.22/unit for the quarter)
• NWH.UN’s NAV is based on Q2 2018 of $11.50.

SLIDE 28

27 27

INVES ESTOR FA FACTSHEET EET

Ticker NWH.UN Listed Exchange TSX Distribution Payable Monthly Distribution Type 100% Return of Capital in 2017 Unit Price $11.48 (August 07, 2018) Market Capitalization ~$1.4Bn Distribution Yield ~7.0% 52-Week Trading Range $11.50- $11.71 Volume Weighted Avg. Price (VWAP) (20-day) $11.52 Average Daily Volume (90-days) 105,602 NAV (Q2-2018) (7) $11.50

SLIDE 29

28 28 28 28

I N V E S T M E N T T H E S I S

A P P E N D I X 1

SLIDE 30

29 29

DIFFERENTIA TIATED TED

INVESTME TMENT T HIGHLI LIGHTS TS

Hea ealth thcare R e Rea eal Esta tate Spec Specialists ts Managem gemen ent t Expe perti tise Deep eep Rel elati tionships ps

Pure play healthcare real estate and infrastructure Aligned leadership with a team of healthcare real estate experts Leading tenant relationships and

• perational understanding

180 80 Professi ssionals

Operating in 3 of the largest global private healthcare markets

$4.0Bn A n Australasian n Platf tform

With strategic investment in Vital Trust and capital from institutional JV deployed

96% 96%+ Occu ccupanc ncy 70 70%+ Index dexed ed Hi High h Por

• rtfolio

Qu Qual ality

International portfolio

• ccupancy of 98%+

NOI indexed to inflation drives consistent organic growth

13 y 3 yrs. s. WALE

Cash flow stability; among the longest term leases in the industry Major markets; core healthcare infrastructure

$1.4Bn n Mar arket C Cap ap

Enhanced capital markets profile with proven access to capital

$1 $1.5B 5Bn MO MOB Platf tform

Leading MOB platforms in Canada and Germany

FOCUSE SED SCA CALED

SLIDE 31

30 30

DEFENSIVE, HIGH YIELDING SECURITY WITH GROW OWTH TH POTE TENTIAL L

Supportive Fundamen amental als Attract ctive ve Asse sset Cl Class ss Growt

• wth

Opportun unit itie ies Valu lue Opportun unit ity Proven & & Alig igne ned

INVESTME TMENT T HIGHLI LIGHTS TS

• Favourable demographics and industry trends
• Aging populations
• Rising healthcare expenditures
• Defensive core healthcare infrastructure
• Global gateway cities
• Leading healthcare operators
• Significant internal and external growth opportunities
• Inflation indexed leases
• Accretive expansions + industry consolidation
• Currently trading at an AFFO multiple discount to Canadian REIT

peers

• 10+ year public company track record
• Highly aligned founder and management

SLIDE 32

31 31

Aging Population



>65 population cohort growing rapidly in developed countries



> 656mm people worldwide over 65 by 2021, ~11.5% of global population

Consolidation & Cost Savings



Scale required for efficiency and quality



Rise of Public Private partnerships

Growing Populations and Wealth Creation



Emerging economies demanding better access to quality care



Patients seeking more choice and control

The Rise of Private Healthcare



Budget pressures affecting the sustainability of public healthcare funding



Governments mandating lower costs and improved quality

Increased Healthcare Spending



$8.7 trillion global healthcare spending by 2020



10.6% of global GDP



Growing at 4.3% per annum

CO COMP MPELLI LING NEED FOR OR CAPITAL, L, FACI CILITIES AND REAL L ESTATE TE SOLUTIONS

Source: Deloitte 2018 Global Healthcare sector outlook

KE KEY DRIV RIVERS OF HEALTH CARE RE RE REAL ESTATE

SLIDE 33

32 32

U. U.S.

• S. H

Heal ealthcare Opportun unit ity

• NWH’s markets comprise a total population of ~350 million, slightly

larger than the United States

• Total healthcare real estate opportunity estimated to be comparable to

the US (~$1 Trillion) across NWH’s markets

• Significant potential consolidation opportunity with NWH’s platform

currently comprising ~$3.7 billion

HISTORI RICAL AL NOI G GRO ROWTH O OF “ “BIG 3 3 HEAL ALTHCARE ARE R REITS (1)

1)

Source: Green Street Advisors (January 2017)

HEALTHCARE RE REAL ESTATE OP OPPORTU TUNITI TIES

NWH’s M Mar arket Opportun unit ity

• Estimated U.S. healthcare real estate market exceeds $1 Trillion
• Largest healthcare REITs acquired over $100 Billion over last 10 years;

still own less than 15% of the market

• Large U.S Healthcare REITs historically generated better returns with

lower volatility

SLIDE 34

33 33 33 33

F I N A N C I A L M E T R I C S

A P P E N D I X 2

SLIDE 35

34 34

TR TRANSFORMA MATIONAL L GROW OWTH CON ONTI TINUES

Impr proved ed Ma Mark rket Prof

• file

Defens nsive Hi High h Qu Qual ality Portfoli lio Positi tioned ed for

• r

Gro Growt wth



Core Healthcare Focus



Major Global Markets



Asset & Capital Diversification



Improved Portfolio Metrics



Increased Market Capitalization



Reduced Payout Ratio



Reduced Leverage



Increased NAV



Aligned & Integrated Global Platform



Leverage Institutional Relationships



Identified Expansions and Developments



Actionable Acquisition Pipeline

Canadian Medical O Office B Building ( (MOB OB) C Consolidation NWI i inve vestme tment a t and interna nationa

• nal g

grow

• wth

SLIDE 36

35 35

GROSS B SS BOOK V VALU LUE (3) PORTFOL FOLIO Q IO QUALIT ITY SP N NOI OI

FIN INANCIA IAL AND OPERATIO IONAL METRIC RICS

NAV / / UNIT T (7)

 Portfolio quality improved – occupancy up to 96.4% with longer

lease terms from ~11 years to ~12 years.

 Normalized GBV has increased from $4.2

4.2BN BN to to $4.9.BN, .BN, a a ~19% i % increas ase

NAV has decreased from $12.

2.32 32 to to $ $11.80 80 QoQ

• Q highly impacted by FX

Cash SP NOI in source currency increased 5.0% in Q2 18 vs. 17. In C$ the SP

NOI was highly impacted by the BRL, which depreciated 7.9% YoY against C$.

SLIDE 37

36 36

FINANCIA IAL P PRO ROFIL FILE CAPIT ITALIZ IZATION ION CAPIT ITAL R RAIS ISIN ING

FIN INANCIA IAL AND OPERATIO IONAL METRIC RICS

CAPIT ITAL M MARK RKETS A AND LIQUID UIDIT ITY

 Consolidated LTV (Incl. Converts) increased to 56.1% due to a

highly transactional last two quarters

 Q2 Normalized AFFOPU $0.

$0.22 22 and Payout Ratio ~89 ~89%

 Total c

l capit pital is l issuance o

• f

f ~$143M in in the e LTM

SLIDE 38

37 37 37 37

REGIONAL PORTFOLIO O V E R V I E W S

A P P E N D I X 3

SLIDE 39

38 38

PORTF TFOLI OLIO O PROFILE

GLOBAL BAL HEAL ALTHCARE ARE REAL AL ESTATE INFRAS RASTRUCTURE RE PORTF TFOLIO COMPRIS ISES ES 1 152 PROPER ERTIE IES T TOTALIN ING 10.6M S SQUARE F E FEET EET OF GL GLA IN FIVE COUNTRIES ES ST STRONG O G OPERATING FUNDAM AMENTAL ALS WITH OC OCCU CUPANCY OF OF 96.4 .4%, , WALE O OF 1 12.3 .3 YEARS A S AND 47 47% MO MOB 53% H HOS OSPITAL A AND OTHER H HEAL ALTHCARE ARE FACIL ILIT ITIE IES M MIX BY NOI

Q1 201 2018 P PF Can Canada Brazil Euro rope Vital T Trust st NWAU AUS Platfor

• rm

Number er of f Proper erti ties

56 7 30 45 14 152

Asset M et Mix

100% MOB 100% Hospital

~93% MOB & / ~7% Hospital and

• ther healthcare

facilities ~25% MOB & / ~75% Hospital and other healthcare facilities ~64% MOB & / ~36% Hospital and

• ther healthcare

facilities 47% MOB / 53% Hospital and other healthcare facilities

GL GLA (Million Sq Square F Fee eet) t)

3.5 1.5 1.8 2.6 1.2 10.6

Gross A s Asse ssets

$1,068 $652 $530 $1,569 $1.013 $4.9B

Occu cupancy

92.1% 100.0% 97.7% 99.4% 98.5% 96.4%

WALE ( (Yea Years)

5.2 20.2 8.9 18.9 13.5 12.3

Avg.

• g. Buildi

ding g (Yea Years)

~30 ~14 ~24 ~21 ~12 ~22

Weighted ted Cap Cap Rat Rate

6.5% 7.7% 5.7% 5.7% 5.6% 6.2%

SLIDE 40

39 39

CANAD ADA: A: LARGEST PORTFOLIO OF MOB ASSETS

Hys ys Centr tre Edmonton, AB

YT YT SK SK QC QC ON ON NU NT NL MB MB BC BC AB AB NB PE PE NS

Winni nnipeg (2) 2) Edmont

• nton
• n (4)

Cal Calgary ( (7) Aird rdri rie (1) Spruce e Grove e (1)

INVESTMENT AN AND MAR ARKET OVERVIEW



Canada’s a’s la large gest non

• n-gover

ernmen ent o

• wner

er/manager er of f MOBs Bs and healthcare related facilities



Portfolio of 56 properties comprising GLA of 3.5 million sf and 1,037 tenants



92.1% occupancy and ~5.2 year WALE



High igh qu qualit lity r rea eal es l estate w wit ith s stable le c cash flo flow underpinned by tenancies supported by the Canadian publicly funded healthcare system



Provid ides s stabilit ility a and div d diver ersif ific icatio ion to a broader international healthcare real estate portfolio

QC QC PE PE ON ON NS NB

Levis ( (1) Laval al (1) Lachenaie ( (1) Joliet ette ( e (1) Hami milton (3) Halifax (2) Guelph ( (2) 2) Fre rederi ricton ( (1) Collingw gwood d (1) Cambr bridge dge (1) Richelieu ( (1) Queb ebec ec City (3) Ottaw awa ( a (1) Oakville (1) New Glasgow (1) Mo Moncton ( (1) Missi sissau ssauga (1) Lower er Sackvi ville e (1) Longue gueui uil ( (2) Lond ndon ( (2) 2) Whitby ( (1) Vaudr dreui uil-Dor

• rion
• n (

(1) Toront

• nto
• (10)

Mo Montreal (1) Saint Hu Hube bert (1)

CANAD NADA

Barri rrie ( (1)

Queenswa sway P Professi ssional C Center Mississauga, ON Spring ngbank nk Med edical C Cen entr tre London, ON

SLIDE 41

40 40

BRA BRAZIL: NEWLY BUILT PRIVATE PAY HOSPITAL ASSETS

INVESTMENT AN AND MAR ARKET OVER ERVIE IEW



Instit itutio ional qu l qualit lity, c core h e hea ealt lthcare in infr frastructure a assets in in strategic markets including São Paulo, Brasilia and Rio de Janiero



100.0% occupancy and ~20.2 year WALE



St Stable ble c cash flo flow w wit ith long-term, triple-net, inflation-indexed leases, providing consistent organic growth



Lo Long-ter erm rela elatio ionship ip with one of the country’s leading hospital

• perators Rede D’Or São Luiz S.A. (Fitch National Rating: AAA)

Hospital C Caxias D D’Or Rio de Janeiro Hospital al I Infan fantil S Sabar ará São Paulo

Manaus Bele m Fortaleza Natal Recife Macieo Salvador Brasilia Rio De Janeiro São Paulo Port Alegre

Hospit ital C al Coração ação Hospit ital S al Santa a Luzia ia Hospit ital C al Caxia ias Hospit ital B al Brasil il Hospit ital S al Sabar ará

PARA GOIAS

FEDERAL DISTRICT

AMAZONAS BAHIA SÃO PAULO RIO DE JANEIRO RIO GRANDE DO SUL CEARA

RIO GRANDE DO NORTE

ALAGOAS

PERNAMBUCO AMAPÁ MINAS GERAIS RORAIMA MARANHÃO PIAUI TOCANTINS RONDÔNIA ACRE MATO GROSSO DO SUL PARANÁ

SANTA CATARINA

Hospit ital I al Ifor Hospit ital al Santa H a Helena Exist sting A ng Asset ets

SLIDE 42

41 41

EUROP OPE: STRATEGICALLY LOCATED MOB ASSETS

2 1 11

Berlin lin A Assets Leip ipzig ig P Portfoli

• lio

Ingo golstadt dt Fulda da

NORDRHEIN-WES ESTFALEN EN NIED EDER ERSACHSEN BADE ADEN-WÜRTTEMB EMBER ERG SAX AXON ONY-ASPHALT HES HESSEN RHINELAND-PFALZ LZ BE BERLIN SA SACHSE SEN SCHL HLES ESWIG- HOLSTEI EIN BR BRANDENBURG BA BAYERN MEC MECKLENBURG-VORPOMMER MMERN SAAR AARLA LAND BR BREMEN THURIN INGIA IA

INVESTMENT AN AND MAR ARKET OVER ERVIE IEW



High igh qu qualit lity M MOB a assets lo located in d in the e majo jor m markets including Berlin, Hamburg, Frankfurt, Ingolstadt, Leipzig and Rotterdam



95.7% occupancy and ~8.9 year WALE



Expa pansio ion in into reh ehabilit ilitatio ion c clin linic ics presents a unique opportunity to acquire assets with infrastructure like characteristics.



Fully lly in integr egrated pr d prope perty m manage gement a and a d asset m manage gement capa pabilit ilitie ies allow efficient operation and deal sourcing

Medimall Rotterdam Adlershof

• f 1

Berlin Hollis Centr tre Ingolstadt Berlin Neukolln Berlin

Munich Frankfurt

2 1

Bad K Kissi singen ngen

1

Hamburg Wilhel helmsha shaven ven

9

The N e Nether herlands nds

2

SLIDE 43

42 42

AUSTRAL ALAS ASIA A (1): MAJOR MARKET HOSPITAL AND MOB PORTFOLIO

Epwor

• rth F

Freemason

• ns P

Priv ivat ate H Hospit ital l

Melbourne CBD, Victoria

Epworth th Vict ctor

• ria P

ia Parad ade Hospit ital

Melbourne CBD, Victoria

Australian R Red C Cros

• ss B

Blood lood C Clin linic

Brisbane, Queensland

 Major M Market F Focus

− The portfolio is centered around Australia’s three la e large gest c cit ities ies: Sy Sydn dney (pop: ~4.9m), Melbo elbourne (pop: 4.5m), and Brisba bane e (pop: ~2.3m)

 Stabl ble, e, Growing & g & Accretive C Cashflow

− Long-term in infla flatio ion in index dexed lea leases to some of the region’s largest hospital operators − Track record of earnings growth through accretive acquisitions, expansions, and developments

 Cor

• re He

Healthcare Strategy

− 10+ y yea ears o

• f

f dedic dedicated h hea ealt lthcare fo focus − St Strong h hea ealt lthcare o

• per

perator rela elatio ionships Healthscope, Epworth Foundation, and St. John of God

STRA RATEGIC F C FIT

WESTERN RN A AUSTRA RALIA NORTHERN RN TERRITORY QUEENSLAND SOU OUTH AU AUSTRALIA NEW EW S SOUTH H WALES ES VICTORIA IA TASMAN ANIA

6 3 5

POR PORTFOLIO OVE OVERVIEW

 Northwest H Hea ealt lthcare P Proper pertie ies A Australia lia R REIT “ “NWHP AUS” o

• wns a

a lea leadin ding g Australia lian h hea ealt lthcare r rea eal es l estate po portfolio lio with over $1Bn in

existing assets and a $89+ development pipeline of yields at ~6.0% on average.

 Portfoli lio o

• f

f 14 Prope pertie ies o

• f

f ~1.2M Squ Square F Feet eet

• 6 hospitals, 5 medical centers, 3 residential aged care

 Stron

• ng occu
• ccupancy

cy and l lon

• ng-term lea

lease ex expir piry pr profile file

• 98.5% occupancy and ~13.5 year WALE

Casey S Special cialis ist C Centre

Melbourne Suburb, Victoria

SLIDE 44

43 43

AUSTRAL ALAS ASIA A (2): STRATEGIC INVESTMENT IN VITAL TRUST

WESTERN RN A AUSTRA RALIA NORTHERN RN TERRITORY QUEENSLAND SOU OUTH AU AUSTRALIA NEW EW SOUTH W H WALES VICTORIA IA TASMAN ANIA 3 4 5 14 6 1

NEW Z ZEAL ALAN AND

12

AU AUSTRALIA

Mari rian C Centre re Perth, AU Epworth th E Easter tern Medica ical C l Cent ntre Melbourne, AU Ascot t Hospita tal Auckland, NZ Epworth th E Easter tern Hospita tal Melbourne, AU

INVESTMENT AN AND MAR ARKET OVERVIEW



Manager ger a and 24.9% s strateg egic sharehold lder of V f Vit ital T l Trust (NZX:VHP), Australasia’s listed healthcare real estate owner with 26 private hospitals, 10 MOBs, 5 aged care assets and 4 development lots



99.4% occupancy and ~18.9 year WALE



St Stable ble a and gr d growin ing c cash flo flows underpinned by tenancies of high quality hospital and healthcare operators with long-term, inflation-indexed leases

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44 44 44 44

M A N A G E M E N T B I O G R A P H I E S

A P P E N D I X 4

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45 45 Gerso son A n Amado do Managing Director – Brazil



Leading healthcare real estate asset management platform



Relationships with hospital

• perators



Office in Sao Paulo / 7 professionals

Jan K Kriz izan an Managing Director – Germany



Established platform with full property and asset management capabilities



Office in Berlin



30 professionals

Craig aig M Mit itchell CEO – ANZ Management Platform



Fully integrated asset & development management



Leads NWH`s Australasian platform

Davi vid C d Carr CEO – Vital Trust



Co-leads NWH`s Australasian platform

Paul D l Dalla L lla Lana Chairman & CEO



Founder of NWH & NWI REITs



Largest unitholder of REIT

Bernard Crotty ty President



Previously President – NWI REIT and Trustee – NWH REIT



Leads NWH’s Australasian platform – 30 professionals

Shailen C n Chande nde CFO



Previously VP, Finance and Investments NWI REIT and its predecessor companies



Chartered Accountant

Peter er R Riggi gin COO & MD Canada



Previously President – Canada, NWH REIT and CEO – NWH REIT

GLOB OBAL PLATF TFOR ORM WIT ITH RE REGIO IONAL CAPABILIT ITY AND EXPERTISE

HIGHLY E EXPER ERIEN ENCED ED AND AND AL ALIG IGNED E EXECUTIVE MANAGEM EMEN ENT T TEAM FULLY E ESTAB ABLIS ISHED, , SCALAB ABLE R REGIONAL AL TEAM AMS W WIT ITH E EXPERTISE IN IN HEALTHCARE P E PRO ROPER ERTY OPERATIO IONS, , AC ACQUIS ISIT ITIO IONS A AND DEV DEVEL ELOPMENT LOCAL AL M MAR ARKE KET KNO KNOWLEDGE AND AND STRONG R RELATIO IONSHIPS IPS WITH L LEADIN ING HEALTHCARE P E PRO ROVIDER ERS OVER ER 180 P PROFESSIO IONALS ACR CROSS 9 9 OFFIC ICES IN IN 5 COUNTRIES ES MANAGEM EMEN ENT – COMBINED ED REI REIT REGIONAL AL OPERAT ATING P PLAT ATFORM AND E EXP XPERTISE

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NOTE OTES

1. Based on NWH.UN’s closing unit price of $11.48/unit as of August 07, 2018. 2. Based on the REIT’s distribution policy of $0.80/unit per annum and normalized Q2-18 AFFO of $0.89/unit. 3. Based on total assets of NWH, Vital Trust on a fully consolidated basis including post-quarter acquisitions. NHW owns a 24.9% interest in Vital Trust. 4. The pie charts above reflect proportionate NOI and include i) the REIT’s 24.9% proportionate ownership of Vital Trust and ii) ANZ fee income. 5. Reported AFFO/Unit represents quarterly AFFO annualized for the three month period ending June 30, 2018. Normalized AFFO/unit is based on Q2-18 Reported AFFO/unit and adjusted for completed acquisitions, and financings as presented in the REIT’s Q2-18 MD&A PART III. 6. LTV excludes/includes convertible debentures and is shown on a fully consolidated basis (Vital Trust at 100%). On a proportionate ownership basis Reported LTV is 53.8% / 61.6%. 7. NAV is based on unitholder’s equity plus add-backs of (i) $199.6M of Class B and D exchangeable units; (ii) $171.7M related to the REIT’s proportionate share of its deferred tax liability; (iii) $4.3M net derivative financial instruments; (iv) $13.6M DUP liability; (v) $1.4M accrued Ontario LTT; (vi) $220.5M adjustment to the fair value of the Vital Manager; and (vi) $134.51 related to historic goodwill attributable to the REIT’s acquisitions of its interest in Vital Trust and the GHC portfolio 8. At inception represents metrics for NorthWest Healthcare Properties based on the IPO prospectus dated of March 25, 2010. 9. Represents same property NOI growth YoY (“SPNOI”) in source currency for the three months ended June 30, 2018 and excludes non-cash amortization and non-recurring transactions. In the current quarter the SP NOI Growth does not include NW Australia. 10. Represents Financial Statements as of June 30, 2018 adjusted for normalization adjustments, presented in the REIT’s Q2-18 MD&A PART III. 11. Reflects the debt maturity profile as per the REIT’s Q2-18 MD&A and does not include deferred consideration. 12. Gross rent has been adjusted to reflect the REIT’s 24.9% proportionate interest in Vital Trust 13. LTV’s are excluding corporate debt (ie. convertible debentures and revolving credit lines) and are shown on a regional basis. 14. Represent estimate of current market rates. 15. Assuming projects are 100% debt funded at the existing region’s financing costs and is for indicative purposes only. Does not include development pipeline from announced acquisitions

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CON ONTACT CT INFOR ORMA MATI TION

Paul Dalla Lana, Chairman & CEO 416-366-2000 Ext. 1001 Shailen Chande, CFO 416-366-2000 Ext. 1002

NORTHW HWEST ST HE HEALTHC HCARE PROPER ERTIES ES REIT

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