Q2 2 201 2019 IN INVESTOR UP UPDATE August 8 8, , 2019 - - PowerPoint PPT Presentation

Q2 2 201 2019 IN INVESTOR UP UPDATE

August 8 8, , 2019

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 March 31, 2019, as filed on SEDAR.

2

45% 55% 35% 65%

MOB Hospital and Healthcare Facilities

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

NWH A AT A T A GLANCE CE

13.8M

SQU QUARE FEET

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

ESTAB ABLISHED R RELAT ATIONSHIPS PS WITH L LEADING H HEALTHCARE O OPERATOR ORS NO NOI DIVERSIF IFICA ICATION(4

(4)

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, The Netherlands, Australia and New Zealand.

MELBOURNE

169

PROPERTIES

$6.2BN

TOTAL A ASSETS

97.2%

OCCU CUPANCY CY

$1.7BN

MARK RKET C CAP (1

14.0

YEAR W R WALE

6.1%

IFRS RS C CAP R RATE

6.9%

DISTR TRIBUTION ON YIELD ())

87%

PAYOUT R RATIO (2)

28% 22% 9% 41% 17% 14% 10% 59%

Canada Brazil Europe Australasia

REGIONS Q2 2019 Q2 2018

3

CASH SH FLOW ST STABI BILITY

DIF IFFERENTIA IATED STRA RATEGY

Managem gemen ent t Expe perti tise Deep eep Rel elati tionships ps

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

• perational understanding

200+ 200+ Professi ssionals

Operating in 3 of the largest global private healthcare markets

$6.2 .2Bn+ n+ C Cons

• nsolidated

Platf tform

Includes strategic investment in Vital Trust and Australasian JV

97% 7%+ Occu ccupanc ncy 70 70%+ Index dexed ed

International portfolio

• ccupancy of 98%+

NOI indexed to inflation drives consistent organic growth

14.0 y 4.0 year r WALE

Cash flow stability; among the longest term leases in the industry High quality portfolio

$1.6 .6Bn n Un-depl deployed C d Capi pita tal $3.1Bn Bn o

• f Fee

ee Bea Bearing C g Capi pita tal

A$3.7Bn Australian Institutional JV; Vital Trust, New Zealand’s foremost healthcare real estate trust

EXPER ERIEN IENCED ED A AND A ALIGNED ED M MANAGEM EMEN ENT T TEAM SC SCALED P PLATFORM Hea ealth thcare R e Rea eal Esta tate Spec Specialists ts

Pure play healthcare real estate and infrastructure

EMBEDDED ED G GROWTH TH $41 $413Mn 3Mn Dev evel elopm pment P t Pipel peline

Committed growth capital to drive 3rd party AUM and management fees

4

 Deliv

eliver erin ing stable ble a and im d impr provin ing o

• per

peratin ing r g res esult lts

• Normalized AFFO per unit increased by $0.02 to $0.92 and steady IPP portfolio revaluation uplift
• Source currency adjusted cash SPNOI growth of 1.8% YOY
• Occupancy of 97.2%; International portfolio occupancy above 98%

 Exec

ecutin ing o g on strategic ic in inves estment pr prio iorit itie ies

• During the quarter, the REIT completed the acquisition of a portfolio of 11 high quality, major market Australian

hospitals from Healthscope Limited (“HSO”) for a combined purchase price of $1.2 BN together with its institutional JV partner. The portfolio is highly strategic and complimentary to the REIT’s existing assets.

• The initial cap rate is 5%, with 2.5% annual rent increases on an initial 20-year lease term on an absolute

(quadruple) net lease basis

• The REIT’s existing JV partner acquired an undivided 70% interest in the HSO portfolio with NorthWest

acquiring a 30% interest and providing management

• The transaction was funded with an attractive A$ debt package representing ~65% LTV at an initial interest

rate of ~3.0%.

• Post quarter end the REIT reached an agreement to increase the size of its existing Australian healthcare JV by

$1.6Bn (A$1.7Bn; debt & equity) bringing the total commitment to $3.4Bn (A$3.7Bn)

 European pla

platfo form c contin inues t to ga gain in m momen entum

• During Q2, the REIT acquired 1 German rehab hospital for $31.5M. Post quarter end, the REIT acquired 1

German MOB for ~$35M

 Fin

inancin ing momen entum po post qu quarter en end

• On July 3, 2019 the REIT entered into a new $110M (NZ$125M) financing at 4.4% with proceeds used to repay

an existing $96.1M (NZ$110M) facility bearing interest at 5.8%

• On July 22nd the REIT closed a new $190M (BRL548M) financing at a 3.88% interest rate. Proceeds will be used

to repay existing higher cost Brazilian financings totaling ~$112M @7.8% and high cost corporate debt

• On July 31st, the REIT completed its largest equity offering raising gross proceeds of $172.6M at a price of

$11.80/un

DELIVER ERING STABLE E AND IMPROVING G OPER ERATING R RES ESULTS COMPLET ETED ED TRA RANSFORM RMATIVE HEALTHSCO COPE PE ACQUISIT ITIO ION ACC CCRETIVE FINANCING TRANSACTI TION ONS EX EXEC ECUTED POST QUAR ARTER END WITH A A CLEAR P PATH TO LOWER L LEV EVER ERAGE

HIGHLIGHTS OF OF TH THE QU QUARTE TER

5

EXECUTING ON STRATEGIC PRIORITIES

6

STRA RATEGIC IC TRA RANSACTIO IONS & RE RELATIONSHIP IPS

Str Strate tegi gic T Transacti tions Str Strate tegi gic R Rel elati tionships ps

 Rede

ede D’Or: : 7 transactions with Brazil’s leading hospital operator; most recent being the acquisition of Hospital Morumbi

 Media

edian: 4 transactions with Germany’s largest private provider of rehabilitation services, most recently Klinikzentrum Mühlengrund in April 2019. A committed 5th transaction, Kliniken Wied, is expected to close in Q3 2019

 Ep

Epworth F Fou

• undation
• n: The largest not-for profit hospital operator in the Australian

state of Victoria. The key tenant in five of the REIT’s largest properties including the

• n-going ~A$90M expansion of Epworth Freemasons Hospital in central Melbourne.

 Merger

ger w with North thWest Inter ernational: l: In 2015, the REIT acquired NorthWest International (“NWI”) and it’s international portfolio of healthcare real estate located in Australia, New Zealand, Brazil, and Germany. The merger with NWI launched the REIT on its current path of global consolidation

 Gen

eneratio ion H Hea ealt lthcare R REIT: Acquired an 16-property portfolio of high quality Australian real estate which kick started the REIT’s Australian expansion and was the catalyst for the recent Institutional JV

 Hea

ealt lthscope: The acquisition of a $1.2Bn, 11 property portfolio in a sale and lease- back transaction is closed June 5, 2019. Healthscope is Australia’s 2nd largest hospital

• perator

7

59% 20% 13% 4% 4% 100% Australia QLD VIC NSW SA NT

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

ACQUIS ISIT ITIO ION METRI RICS CS

REGI GIONS

57

OPERA RATING THEAT ATRES

DEEPENS E EXIS ISTIN ING R RELATIO IONSHIP HIP NO NOI DIVERSIF IFICA ICATION2

• Transformational 11 property, $1.2BN transaction solidifies

the REIT as the leader in Australian healthcare real estate

• Highly complimentary to NWH’s existing portfolio
• Deepens relationship with Australia’s 2nd largest private
• perator
• Excellent risk adjusted returns from long term “absolute

quadruple net” lease structure, 2.5% annual fixed rent increases strong 2.2x EBITDAR coverage on new 20 year leases

• ~$525M pipeline of brownfield developments and capital

projects with attractive development spreads of 100 bps

• Expected to be immediately accretive to reported

annualized AFFOPU

1,539

BEDS

11

PROPERTIES ACQU QUIRED ED

100%

OCCU CUPANCY CY

2.5%

ANNUAL R RENT INDEXATION

20

YEAR W R WALE

HE HEALTHS HSCOPE I INVESTMENT HI HIGHL HLIGHTS

INITIAL RE RENT

$1.2BN

ACQUIS ISIT ITIO ION P PRICE ICE

5.0%

CAP R RATE1

$60M

MELBOURNE CLINIC N O R W E S T

71% 15% 15% 100% Hospital Psychiatric Rehabilitation General Surgical ASSET ET MI MIX

Notes: (1) Based on purchase price excluding transaction costs (2) Based on base rent at completion

BRISBANE PRI V ATE Newcastle Private

8

HEALTHSC SCOPE ACQUISI SITION: N: Fundi nding ng and d Accret etion

A$1.258 Bn

Price @ 5% Cap (ex. trans. costs)

A$808M

Senior debt facility ~3.0% interest rate

− =

A$450M

Total Equity

A$135M

NWH’s 30% share Deposit already paid Existing Investment in the HSO derivative NWH Equity Funding

NWH’S P PARTIC ICIP IPATIO ION IN T THE E HEALTHSCO COPE TRAN ANSACTION W WAS AS FUL ULLY FUN UNDED THROUGH ITS S DERIVAT ATIVE INVES ESTMEN ENT

$880M

New Fee Bearing Capital

* Other costs associated with the transaction

9

SIG IGNIFICANT VALUE UE CRE REATIO ION IN IN ANZ MANAGER

NWH WH MAN ANAGES A A A$5.5BN AU AUSTRAL ALAS ASIAN AN PLATFORM I INCLUDING ~A$3 $3.6 .6BN O OF F FEE BEAR ARING C CAP APITAL VITAL F FEE A EE AND GOVER ERNANCE E REVIEW EW SUBSTAN ANTIAL ALLY CO COMPL PLETE

AUSTR TRALIAN PLATFORM FORM AUM UM (in in C$M $M) 3rd

rd Party F

ty Fee Bearing A g Asset ets NWH O Owner ership ip % Fees ees $491(*) $1,623 $1,800 > $5, > $5,500 100% 24.9% 30% 34% 4% Nil $1,219 $1,260 $3,600 600 Internal

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

$35M $35M t to $4 $40M 0M

$270M

Target 11x-13x EBITDA multiple ANZ M Manager er Valu luatio ion

Note (*): Net of assets sold into the JV. Note (**): To be finalized;

$1,600 30% $1,120

 To be finalized based on ultimate

• wnership

structure

INST STIT ITUTIO IONAL J JV INST STIT ITUTIO IONAL J JV UPSI SIZE** & & UNDEPLOYED ED

DEPLO LOYED

10

 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

 Significa

cant g global p pipeline p provides an opportun unity to s scale capital r relationships

• Austral

alia: a: Significant strategic Healthscope acquisition closed in Q2/19; JV upsized by $1.6Bn (A$1.7Bn)

• 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 platfo form a and e existing assets t to drive m meaningful ul f fee growth

• Including the HSO acquisition current stabilized fees of $35M - $40M underpinned by permanent

capital commitments

• Highly scaleable and differentiated management platform to drive operating leverage

OPPORT RTUNITY T TO LEV EVER ERAGE A E A DIFFER EREN ENTIATED ED HEA EALTHCARE R E REA EAL ESTATE P PLATFORM RM TO ATTRACT A ADDITIONAL FEE B EE BEA EARING INSTITUTI TION ONAL CAPITA TAL

GRO ROWTH THRO ROUGH CAPIT ITAL RE RELATIO IONSHIP IPS

11 11

PORTFOLIO OVERVIEW

12

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 55 55 PR PROPE PERTIES 1,050 TENANTS CONSO SOLIDATIO ION O OF MEDIC ICAL O OFFIC ICE BUIL ILDIN INGS 35 PR PROPE PERTIES 705 T TENANTS TS STRONG R RELATIO IONSH SHIP IPS S WITH L LEADIN ING OPERATORS 8 PR PROPE PERTIES 8 TENANTS TS FITCH AAA+ AAA+ RAT ATED TENAN ENANT

0.6%

SP N NOI G Grow

• wth

h (8

(8)

92.7%

Occupanc ncy

5.0YRs

WALE LE

LEAD ADING R REAL AL E ESTAT ATE E PLATFOR FORMS 56 56 PROPET ETIES ES I IN A AUS 11 11 PROPERTIE IES S IN NZ N NZD 4 D DEVE VELOPMENTS

3.4%

SP N NOI I Grow

• wth

h (8

(8)

97.2%

Occupanc ncy

15.1YRs

WALE LE SP N NOI I Grow

• wth

h (8

(8)

100%

Occupanc ncy

19.8YRs

WALE LE

1.3%

SP N NOI I Grow

• wth

h (8

(8)

99.2%

Occupanc ncy

17.2YRs

WALE LE

4.0%

$6.2Bn International Platform

13

2019 YTD TD SUMMA MMARY OF OF INVESTME TMENT T ACTI TIVITY

Q4 201 2018 Completed T Trans nsactions

• ns Y

YTD 2 2019

$115M of completed transactions in Q4 (Europe and Australasia), totaling ~$550M of global acquisitions in 2018. The quarter’s acquisitions comprised two properties in Germany, a 50/50 JV between Vital and NWH Australia of Elizabeth Vale in South Australia, NWH Australia’s Casey Swim School and exercising its option in acquire Epping Medical Centre.

Significant nt Transaction Activity i in n 2018 c continues i int nto 2 2019

In Q2 the REIT completed the acquisition of 11 high quality properties (the HSO portfolio) on a 30%/70% basis with its JV partner for A$1.26Bn (C$1.2Bn). Through the first half of 2019 the REIT acquired three European properties (one MOB and two rehabilitation clinics) in Germany for C$95.5M. and post-quarter end acquired an additional German MOB for ~C$32M with two properties totalling ~$55M under contract and expected to close in 2019. Summa mmary Acquis isit ition ions Devel velopm pment nts C Complet eted Dispos

• sit

ition ions Value ue Cap ap r rat ate Constr tructi tion Co Cost Stab abiliz ilized Yield ld Value ue Cap ap r rat ate Australasia $1,210M 5.0%

• Brazil
• Canada

$5.5M nm

• $2.2M
• Germany

$182M 5.9%

• Tota

tal $1,332M 332M 5.1 .1%

• Note: Value excludes transaction costs

14

PORT RTFOLIO IO DIV IVERSIF IFICATIO ION

GEOGRAPHIC ICALLY Y DIVERSIF IFIE IED PORTF TFOLIO O OF C CORE HEA EALTHCARE R E REA EAL EST STATE A ASSE SSETS I S IN STABLE A AND GROWING INTERNATI TION ONAL MARKETS HIGH Q QUAL ALITY AN AND DIVER ERSIFI FIED T TEN ENANT RO ROSTER; R; S STRA RATEGIC RELATIONSH SHIPS W S WITH LEADING HEAL ALTHCAR ARE OPERA RATORS RS TOP 10 TE TENANTS BY PE PERCENTAGE OF OF G GROS OSS R RENT (10)

0)

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

Healt althscop cope Limit ited

13.6%

Rede de D'O 'Or

12.1%

Healthe C he Care

11.0%

Epworth F h Founda ndation

2.7%

Acurity ty Group up

1.7%

CISSS / SS / CIUSSS SS

1.3%

Medi dian n Klini niken en

1.1%

Hospit ital al Sabar ara

1.0%

Hall & ll & Prior ior

1.0%

Bolt

• lton C

Clar larke

1.0%

Top 1 10 Tena nant nts

46 46.4% 4%

1 2 3 6 7 8 4 5 9 10 10 45% 55% 35% 65%

MOB Hospital and Healthcare Facilities

28% 22% 9% 41% 17% 14% 10% 59%

Canada Brazil Europe Australasia

15

Com

• mplete

Size ze 233,000 Square Feet Tenant nts Rede D’Or Cap ap R Rat ate ~7.5% Occu ccupancy 100% Lease T Term ~25 Years Rental l Increase Annual Inflation Index Acquisit itio ion Date Q3-2018 Com

• mpete

Ongoing Size ze 45,000 Square Feet Potentia ial l Partne ner / K Key Tenant nt Sturgeon Women’s Health Group (~10% of GLA) Develop

• pment

Yield ~7.0% Occu ccupancy 70% Pre-Leased Construction Cos

• st

$18.5M Current S Status Under Construction Completion

• n

Date Q1-2020

Sturgeo eon M Medi dical Cen entre Hospit ital l Morumb umbi

Com

• mplete

Transactio ion Descrip iptio ion In June, 2019, NWH completed the acquisition of 11 high quality hospital assets for $1.2B together with its Australian Institutional JV partner Tenant nt Healthscope Cap ap rate 5.0% Occu ccupancy 100% Lease t term 20 years Rental l increase 2.5% annually Acquisit itio ion Date Q2-2019

Healthscop cope Transaction

• n

RE REPRESENTATIV IVE TRA RANSACTIO IONS

Com

• mplete

Ongoing Size ze ~$132M of European investment transactions closed YTD Cap ap R Rat ate ~5.3%-7.0% Occu ccupancy 90%+ Rental l Increase Annual Inflation Index Acquisit itio ion Date Completed and Pending Completion

Signi nificant nt E European n Acquis isit itio ion P Pipelin line

16

 ~$414M (

(fully consolidated; ed; $ $173 73M p propo portionate) e) of committed l ed low r risk d devel elopm pmen ent & & expan ansions in Austral ralasia, , Braz azil and Canad ada a to be fund funded through a comb mbination of f existing r g resources a and p proper perty f financing

– $326M ($85.5M proportionate) of Australasian hospital and MOB expansions at Vital and NWAUS – $50M of Brazilian hospital expansions – $37.5M of Canadian MOB development

 ~$54M (

($21M p propo portionate) e) o

• f stabi

bilized v ed value e accretion on n a p propo portionate ba basis

– Potential to generate up to an incremental ~$0.14 of NAV/Unit

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

WITH A A TR TRACK CK RE RECORD RD OF COMPLETI TING MORE TH THAN $ $500M O OF DEV EVEL ELOPMEN ENTS A AND EXPANSI SIONS, S, T THE R REIT IS S LEVERAGING I ITS S EX EXPER ERIENCE T E TO DELIVER AN AN ADDIT ITIO IONAL $ $415M O OF VALUE E ENHANCING PR PROJECT CTS T TO I ITS TS PORTFOLI LIO

Country (13)

3)

Pro Projects Est. . Completion

• n

Pro Project Cost st Cost t to Complete Pre Pre-Leas ased ed Occu ccupancy Pro Project Yield Pro Project NOI OI Poten ential al Value ue Accr ccretion 6 Q4 2019 to Q2 2023 326 240 100% ~6.0% 19.6 45 2 Q4 2019 to Q42020 50 50 100% ~7.5% 3.7 3.6 2 Q1 2020 37.5 31 60% ~7.5% 2.8 5.5 10 10 413.5 321 321 ~6.3% 26. 26.1 54.1

17 17

FINANCIAL OVERVIEW

18

As R Repo eported Tar arge get $0.88/unit 45.5% / 53.7% $11.76/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 $0.92/unit $12.00/unit

Portfolio lio Qualit lity Occu ccupancy cy / / WA WALE

45.5% / 51.1% <40% / <50% 97.2% 14.0 years 97.0% 14.0 years 97% 14 years

Q2 Q2-19 FIN INANCIA IAL DASHBOARD

 Reflects completed and/or contracted

investment and finance activity as well as normalized operating result net of non recurring items

19

POSIT ITIV IVE OPERATIN ING RES ESULTS I IN LINE E WITH MANAGE GEMENT GUIDAN ANCE NORM RMALIZED RE RESULTS HAVE B E BEEN A ADJUSTED ED TO R REFLEC ECT T THE E IMPACT OF REC ECEN ENTLY COMPLET ETED ED AND COMMI MMITTED TRANSACTI TION ONS

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 Q2-2019 based on contracted rent indexation;
• NWH Australia development completions; and
• Non-recurring and one time items.

Q2 Q2-19 19 As s Re Reported Q2 Q2-19 19 Normaliz lized

NO NOI $70.5M $76.3M FFO FFO $31.1M $34.2M AFF AFFO $30.4M $34.6M W.A U A Units ts Outstand nding ng 135,305 149,683 Annualized A AFFO / O / Unit (4

(4)

$0.88/unit $0.92/unit Payou

• ut R

Ratio 91% 87%

FIN INANCIA IAL HIG IGHLIGHTS - PROFITABIL BILITY

20 20 $11.76

($0.02) ($0.19) ($0.22) ($0.14) $0.64 $0.02

$11.66

$10.00 $10.50 $11.00 $11.50 $12.00 $12.50

Q1-19 NAV/Unit IPP Revaluations Gain on HSO derivative FV converts Transaction costs FX Other Q2-19 NAV/Unit

Q2 2 20 2019 NAV/UNIT WAS NEGATIV IVELY Y IMPACTED BY Y AD ADVERSE F/X X MOVEMENTS A S ACROSS T S THE REIT’S ’S PORTF TFOLIO, , FV CONVERTS TS, A , AN EQUITY OFFERING, T TRANSACTION COSTS AN AND CAS ASH SHORTFA FALL

Q1 Q1-19 9 As R Repo ported ed Q2 Q2-19 19 As R Repo ported ed

Gros

• ss B

Book V Value $5,142.8 $5,174.3 Debt $2,378.7 $2,341.0 Conv nvertible Debent ntures $422.8M $424.9M Othe her $763.6M $813.8M Net A t Asset V t Value $1,577.7 $1,591.1 LTV ( (excl./i ./incl. . conve verts ts) 46.3% / 54.5% 45.5% / 53.7% NAV/Uni nit $11.65 $11.76

FIN INANCIA IAL HIG IGHLIGHTS - CAPIT ITALIZ IZATIO ION

FV gains following accrued rent and valuation parameter changes in Brazil, and valuation gains in NW AUS/Vital owing to external revaluations

Quarterly NAV / Unit

The Canadian dollar appreciated by ~2% QOQ vs. the weighted basket of the REIT’s foreign currency exposure generating a loss on foreign currency translation

21 21

DEBT MATURI RITY PRO ROFILE (9) REGIO IONAL DEBT S STRATEGIES IES

Type Asset Level Term Debt Bank Loans and Securitization Asset Level Term Debt Asset Level Revolving Debt Asset Level Revolving unsecured LT LTV (11)

1)

~50% ~25% ~60% ~45% ~65% Market Interes est Rates s (12)

2)

~3.5% ~4.0% ~2.0% ~4.0% ~3.0% Typic ical l Amortiza zati

• n

25 years 10 years 10 years Interest Only Interest Only

LEVERAGE GE TRENDING G LOWER BALANCE S E SHEET ET O OPTIM IMIZ IZATIO ION

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

4.65% 4.44% 4.93% 4.09% 1.69% 2.87% 2.82% 2.03% 2.44% 0% 1% 2% 3% 4% 5% 6% 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 2019 2020 2021 2022 2023 2024 2025 2026 2026 2027+ Weighted average Interest rate Australasia Brazil Canada Europe Corporate Debentures Canadian $000s

• %

30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0%

Target

LVR - consolidated incl. converts

Actuals PF July Equity Offering:

• Represents the impact of the
• ffering and associated use of

proceeds 1 2 1 2 Deleveraging Plan Capital recycling of approximately $350 million

JV

 17.8% of debt is currently unsecured  Post July offering ~$125M of remaining high cost (~7%) debt  $166M (net) equity offering closed July 31st ; proceeds used to repay

$142M of high cost debt (incl. notice to repay 7.25% series C- convert) with balance to fund accretive acquisitions;

 Completed new $190M Brazilian financing at 3.88%  Refi of Australasian secured facility at 4.3% vs. 5.8% previously

Recen ent F t Financing A Acti tivity ty Path to to U Unsecured C Cred edit R t Rati ting – Building a an U Unen encumber ered ed P Pool

22 22

SO SOURCES & S & USE SES - JULY F FINANCING

IM IMPACT OF RE RECENT FIN INANCIN ING ACTIV IVIT ITY

Source o

• f F

Fund nds (000,000s)

• Int. rate

Equity offering* $165.7 7.8% Brazil Financing 190.0 3.9% NZD bank loan 109.5 4.4% Mortgage debt 37.8 1.8% Total sources $503.0 5.1% Use o

• f Funds

ds Acquisitions $61.5 5.8% Series C - convert 38.8 7.3% Corporate debt repayment 402.8 5.7% Total uses $503.0 5.8%

*Net proceeds (incl o/a). Cost of equity is the Q2/19 normalized AFFO yield at July offering price of $11.80 net

LEVERAG AGE IMPAC ACT

Gross A s Asse sset Value +$61.5M 5M t to $ $5,232M 232M Net d et deb ebt

• $104

04.2M 2M t to $ $2,674 674M Deb Debt to t to GBV

• 260

60 bp bp to 5 51.1%

RECENT F FINANCING ACTIV IVIT ITY I Y IS ACCRETIV IVE TO AFFO FFOPU AN AND RED EDUCES ES O OVER ERALL LEV EVER ERAGE

Co Cost o

• f c

f cap apital Source o

• f F

Fund nds ($25 $25.7M) Increm emen enta tal e earnings Use of

• f F

Fun unds AFFO i impa pact $29. $29.2M

EARNINGS GS I IMPACT

AFFO i impa pact +$0.02/ 02/un +$3. $3.5M

23 23 50 60 70 80 90 100 110 120 130 140 150 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 EUR/CAD BRL/CAD NZD/CAD AUD/CAD Portfolio Avg. 93 73

OVER A A 10 YEAR AR PERIOD OD, P PORTFOLIO O INDEX EX H HAS REM EMAINED REL ELATIVEL ELY IN-LI LINE WITH I ITS B S BASE SE VALUE REN ENTAL INDEX EXATION AC ACTS A AS NATURAL AL CURREN ENCY H HED EDGE LOCAL C CURRE RRENCY PR PROPE PERTY TY / CORPOR ORATE TE DEBT T TO RED EDUCE I E INVES ESTMEN ENT RISK SK

RIS RISK K MANAGEMENT – FORE REIG IGN EXCHANGE

NOI FX Rate - Spot

• Var. %

Weight 29-Jun-18 28-Mar-19 28-Jun-19 QoQ YoY 6-Aug-19

• Var. %

BRL:CAD 17.6% 0.3387 0.3445 0.3402

• 1.2%

0.4% 0.3350

• 1.5%

EUR:CAD 11.9% 1.5347 1.5077 1.4890

• 1.2%
• 3.0%

1.4873

• 0.1%

NZD:CAD 37.9% 0.8887 0.9105 0.8800

• 3.3%
• 1.0%

0.8667

• 1.5%

AUD:CAD 11.7% 0.9725 0.9506 0.9195

• 3.3%
• 5.4%

0.8979

• 2.3%

CAD:CAD 21.0% 1.0000 1.0000 1.0000 0.0% 0.0% 1.0000 0.0% Portfolio Weighted Avg. 100.0%

• 2.0%
• 1.28%
• 1.1%

24 24 24 24

CAPITAL MARKETS SUMMARY

25 25

12.6x 16.6x 14.0x

$11.55 $15.24 $12.85 $19.31 0.0x 5.0x 10.0x 15.0x 20.0x NWH.UN Canadian REITS (EV > $1BN) Internationally Focused Canadian REITS US Healthcare REITS (Top 5)

AFFO Multiple

• 2.0%
• 2.9%
• 5.8%

17.2%

$11.55 $11.44 $11.09 $13.81 (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0%

Premium(Discount) to NAV

Implied unit price

RE RELATIV IVE VALUA UATIO ION

TH THE R REIT I T IS TR TRADING AT S SIGNIFICANT DISC SCOUNT TO I ITS S PEERS O ON AN AN AF AFFO MULTIPLE B BASIS

• Based on NWH.UN’s closing unit price of $11.55/unit as of August 6, 2019, and normalized AFFO/Unit of $0.92 per year; NWH.UN’s NAV is based on Q2-19 of $11.76.

26 26

INVES ESTOR FA FACTSHEET EET

Ticker NWH.UN Listed Exchange TSX Distribution Payable Monthly Distribution Type 55% Return of Capital / 45% Capital Gains Unit Price (August 6, 2019) $11.55 Market Capitalization ~$1.7Bn Distribution Yield 6.9% 52-Week Trading Range $9.10- $12.30 Volume Weighted Avg. Price (VWAP) (20-day) $11.87 Average Daily Volume (90-days) ~540,000 NAV (Q2-2019) (7) $11.76

27 27 27 27

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

28 28

DEFEN ENSIVE, E, HIGH YIELDING SECURITY WITH TH GROW OWTH TH POTENTI TIAL

Suppo portive e Funda damen entals Attr ttracti tive Asse sset C Class ss Growth O Opportunities Value Opportunity Proven en & & Alig ligned

• 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
• Healthcare real estate fundamentals support premium valuations
• Currently trading at a discount to Canadian REIT peers
• 10+ year public company track record
• Highly aligned founder and management

HEALT LTHCA CARE REAL L ESTA TATE TE TH THESIS

29 29

Agi ging P g Popul pulati tion



>65 population cohort growing rapidly in developed countries



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

Cons

• nsolidation &

n & Cos

• st

Sa Savings gs



Scale required for efficiency and quality



Rise of Public Private partnerships

Grow

• wing

ng P Pop

• pulations

ns and nd Wea ealth th C Crea eati tion



Emerging economies demanding better access to quality care



Patients seeking more choice and control

The e Rise o e of P Private Hea ealth thcare



Budget pressures affecting the sustainability of public healthcare funding



Governments mandating lower costs and improved quality

Increa eased H ed Hea ealth thcare e Spen Spendi ding



$8.7 trillion global healthcare spending by 2020



10.6% of global GDP



Growing at 4.3% per annum

COMPELLI LLING NEED FOR CAPITAL, L, FACILI LITIES AND REAL L ESTATE SOLU LUTIONS

Source: Deloitte 2018 Global Healthcare sector outlook

KE KEY DRIV RIVERS OF HEALTH CARE RE RE REAL ESTATE

30 30

U.S. He Healthcare Opportun unity

• 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

Source: Green Street Advisors (January 2017)

HEALTHCARE RE REAL ESTATE OP OPPORTU TUNITI TIES

NWH’s ’s M Market Opportun unity

• 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

31 31 31 31

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

32 32 $572 $746 $1,012 $1,282 $1,315 $1,245 $2,700 $3,329 $4,684 $5,072 $6,240

• 1,000

2,000 3,000 4,000 5,000 6,000 7,000 IPO 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Total Book Value of Assets (C$M)

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 Grow
• wth

33 33 4.9 4.7 5.1 5.1 6.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

Normalized GBV +21.3% YoY GROSS B SS BOOK V VALU LUE PORTFOL FOLIO Q IO QUALIT ITY SP N NOI OI

FIN INANCIA IAL AND OPERATIO IONAL METRIC RICS

NAV AV

NAV increased from $11.

11.65 to to $11. 11.76 QoQ (+0.9%) p primarily due to FV gains but partially offset by FX losses

 Portfolio quality improved – occupancy up to 97.2% with WALE increasing

to 14.0 years

 GBV has increased from $4.9Bn

n to $6. $6.2Bn, a 21 21.3% Y YoY

• Y i

inc ncrease

Cash SP NOI in source currency increased 1.8% YOY. In CAD, SP NOI was

negatively impacted by FX movements, which depreciated vs. CAD

96.4% 96.3% 96.7% 96.8% 97.2% 12.3 12.5 12.6 13.0 14.0 11.0 11.5 12.0 12.5 13.0 13.5 14.0 14.5 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 90.0% 92.0% 94.0% 96.0% 98.0%

Occupancy +1.7 yrs YoY

• 2.4%
• 2.6%

0.4%

• 0.9%
• 0.7%

2.7% 3.1% 3.2% 2.5% 1.8%

• 4%
• 2%

0% 2% 4% Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 % in C$ % in source $

SP NOI Growth YoY

$11.50 $11.09 $12.30 $11.65 $11.76 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

NAV per Unit

• +0.9% QoQ

34 34

 Consolidated LTV (Incl. Converts) is 53.7% (80 bp QoQ)

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

 Normalized AFFOPU of $0.

$0.92 results in a ~87% % pay ayout r rat atio

FIN INANCIA IAL AND OPERATIO IONAL METRIC RICS

 To

Total LTM c capit pital l issuan uance o

• f ~$4

~$440M including equity

• ffering competed in Q3/19

CAPIT ITAL M MARK RKETS A AND LIQUID UIDIT ITY

50.2% 49.4% 47.8% 46.3% 45.5% 56.1% 55.7% 55.7% 54.5% 53.7% 35% 40% 45% 50% 55% 60% Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Debt to GBV (ex. Converts) Debt to GBV (incl. converts)

144 173 125 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

Equity Convertible Deventure 0.89 0.88 0.88 0.90 0.92 90% 90% 91% 88% 87% 80% 100% Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 Normalized AFFO per Unit

• 2.000

35 35 35 35

REGIONAL PORTFOLIO O V E R V I E W S

A P P E N D I X 3

36 36

PORTF TFOLI OLIO O PROFILE

GLOBAL BAL HEAL ALTHCARE ARE REAL AL ESTATE INFRAS RASTRUCTURE RE PORTFOL OLIO O COMPRISES 1 169 69 PR PROPE PERTIES TOTALING 1 13. 3.8M SQUAR ARE F FEET O OF G GLA A IN IN SIX IX COUNTRIES STRONG O OPERATING FUNDAM AMENTAL ALS WITH OCCUPANCY O OF 97 97.2%, W , WALE O OF 1 14.0 YEAR ARS AN AND 46% MOB 54% HOSP SPITAL AND OTHER H HEAL ALTHCAR ARE FACIL ILIT ITIE IES M MIX

Q1 201 2019 Can Canada Brazil Euro rope Vital T Trust st NWAU AUS Platfor

• rm*

Number er of f Proper erti ties

55 8 35 45 26 169

Asset M et Mix b by GLA

100% MOB 100% Hospital 89% MOB & 11% Hospital and other Healthcare Facilities 21% MOB & 79% Hospital and Other Healthcare Facilities 23% MOB & 77% Hospital and Other Healthcare Facilities 46% MOB & 54% Hospital and Other Healthcare Facilities

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

3.4 1.7 3.2 2.6 2.8 13.8

Gross A s Asse ssets

$1,131 $816 $671 $1,624 $2,174 $6.4B

Occu cupancy

92.7% 100.0% 97.2% 99.5% 98.9% 97.2%

WALE ( (Yea Years)

5.0 19.8 15.1 18.3 16.2 14.0

Avg.

• g. Buildi

ding g (Yea Years)

~31 ~15 ~29 ~31 ~29 ~28

Weighted ted Cap Cap Rat Rate

6.6% 7.0% 5.8% 5.5% 5.5% 6.1%

* All metrics are shown on a 100% consolidated basis and excludes non-real estate metrics: Corporate and Vital Manager

37 37

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

• nton
• n (4)

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 55 properties comprising GLA of 3.4 million sf and 1,050 tenants



92.7% occupancy and ~5.0 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

• rion
• n (

• nto
• (10)

CANAD NADA

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

38 38

BRA BRAZIL: NEWLY BUILT PRIVATE PAY HOSPITAL ASSETS

INVESTMENT AN AND MAR ARKET OVERVIEW



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



100.0% occupancy and 19.8 year WALE



St Stable ble cash h flo flow with 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

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 Hospit ital S al São L

• Luiz

iz Morumb mbi

39 39

EUROP OPE: STRATEGICALLY LOCATED MOB ASSETS

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



97.2% occupancy and ~15.1 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

2 1 11

Berlin lin A Assets Leip ipzig ig As Assets Ingo golstadt dt Fulda da

NORTH R RHINE-WESTPHALIA IA LOW LOWER S SAX AXON ONY BADE ADEN-WUER ERTTEMB EMBER ERG SAX AXON ONY-AN ANHALT ALT HES HESSE RHINELAND-PALATINATE BE BERLIN SAX AXON ONY SCHL HLES ESWIG- HOLSTEI EIN BR BRANDENBURG BA BAYERN MEC MECKLENBURG-WES ESTER ERN P POMER ERANIA SAAR AARLA LAND BR BREMEN THURIN INGIA IA

Munich Frankfurt

1

Bad K Kissi singen ngen

1

Hamburg Wilhel helmsha shaven ven

12

The N e Nether herlands nds

2 1

Ber ernk nkastel-Kues es

2

Ratzeburg

1 1

40 40

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: ~4.6m), Melbo elbourne (pop: 4.4m), and Bris isba bane (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

9 9 6

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 $600M in existing assets  Portfoli lio o

• f

f 26 Prope perties o

• f

f ~2.8M Squ Square F Feet eet

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

 Stron

• ng occu
• ccupancy

cy and l lon

• ng-term lea

lease ex expir piry pr profile file

• 98.9% occupancy and ~16.2 year WALE

Norwest P t Private te H Hospita tal

Sydney Suburb, NSW 1 1

41 41

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 largest listed healthcare real estate owner with 26 private hospitals, 10 MOBs, 5 aged care assets and 4 development lots



99.5% occupancy and ~18.3 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

42 42 42 42

PROPERTY CASE STUDIES

A P P E N D I X 4

43 43

CASE SE STUDY DY #1 - EPWOR ORTH TH EASTERN HOSPITAL, L, ME MELBOURNE Devel velopm pment ent of a Heal althca care re Preci cinct ct

Public hospital initial demand catalyst Co-located private hospital development attracts specialists Public and private hospitals drive health precinct Epworth Eastern Private Hospital announces major expansion

44 44

NorthWest has supported Epworth over 15+ years with expansion opportunities, advice and capital Public hospital initial demand catalyst

1999 2003-05 2014-17 2017-2021

Developments have added to the quality & value of assets, driving operational benefits & efficiencies that attract practitioners

• Acquisition of adjacent Medical

Centre housing specialists

• perating at Box Hill Public

Hospital

• Large site area creates potential

for future expansion

• Development of Epworth Eastern

Hospital (private)

• Establishes operator relationship

with Victoria’s largest not-for- profit private healthcare group

• Public and private hospital co-

location further attracts specialists

• Begins to drive early stage

precinct formation

• Public hospital major expansion
• Council designated ‘Education

and Health precinct’ – targeted as a high growth area with increased density

• $125m expansion of Epworth

Eastern Hospital

• Acquisition of Ekera Medical

Centre by NorthWest

• Adjacent site available for next

stage expansion

• Epworth Eastern Hospital at

capacity for 3 years

• New 30-year lease term over

entire expanded hospital

• Total 286 beds and $334m

value on completion in 2021

• Acquisition of Ekera Medical

Centre increases NorthWest assets in precinct

• Strategic acquisition of adjacent

site for private hospital expansion

Private hospital development leads to formation of precinct Public and private hospitals drive health precinct Epworth Eastern Private Hospital announces major expansion

CASE SE STUDY DY #1 – EPWORTH TH EASTE TERN HOS OSPITAL, L, ME MELBOU OURNE Devel velopm pment ent of a Heal althca care re Preci cinct ct

45 45

SCALED ED E EUROPEA EAN PLATFORM P PROVIDED ACCESS T TO PA PARTICIPA PATE IN R REC ECEN ENT CONSOL OLIDATI TION ON TREN ENDS

Market Leader ~230,000 Patients p.a. ~€940 M Revenue 120 Facilities ~18,200 Beds/Places ~15,000 Employees

German Rehabilitation Market Fragmented Market Leads to Consolidation Private Equity Acquisition of Operator NorthWest Partnership Opportunity

• Germany is world-leading in

post-acute rehabilitation

• Large market with 3%

German healthcare spend (€9.5 bn in 2016)

• Market fragmentation
• Strong operators acquisitive

to achieve economies of scale

• Creates opportunity for real

estate portfolios

• In 2014 MEDIAN was

acquired by a private equity group

• Now the clear market

leader and largest private

• perator through

acquisition strategy

• First NorthWest real estate

acquisition in 2017

• Total investment €75m with

pipeline of €100m+

• Supporting MEDIAN’s

expansion under Master Lease Agreement

CASE SE STUDY DY #2 – MEDIAN, , GERMANY

46 46

MEDIAN seeking reliable real estate partners Supporting ongoing MEDIAN expansion with SLB transactions Partnership is foundation for continuous acquisition pipeline

2017

• NorthWest bought the first

clinics from MEDIAN

• The SLB transaction is based
• n a master lease with

institutional market standards

• Total market value of current

MEDIAN clinics: €75m

• MEDIAN is continuously

growing through acquiring new clinics and operators

• NorthWest has bought the

underlying real estate at the time of MEDIAN‘s acquisition

• MEDIAN’s growth strategy and

their existing assets ensure a strong pipeline (forecast 5+ clinics per annum (€100m+))

• International expansion
• pportunities likely
• Agreed key terms (master lease

agreement) ensures competitive advantage and efficiency in transactions Present Future

Who ho is MEDIAN?

• Largest private

rehabilitation provider with 120+ facilities across Germany

• In 2014 MEDIAN was

acquired by Waterland Private Equity

• After several

acquisitions MEDIAN has become the clear market leader in the German post-acute and rehabilitation market

CASE SE STUDY DY #2 – MEDIAN, , GERMANY

47 47

CASE SE STUDY DY #3 – RE REDE D’OR, BRA BRAZIL

PLATFORM G GROWTH H HAS S ALLO LOWED N NWH T TO REMAI AIN A A KEY C CAP APITAL PAR ARTNER AN AND EXPAN AND ALONGSIDE OUR K KEY OPER ERATING P PARTNER ERS

Best-in-Class Private Hospital Operator

• Largest private hospital operator in Brazil: 39

hospitals, 5,900 beds

• AAA Fitch national rating
• Backed by global investors GIC (26%) and Carlyle

Group (12%) Top 5 Global Healthcare Market

• Third largest private healthcare market: $180BN

p.a. healthcare spending (9% of GDP)

• Population over 200M, rapidly ageing, with a

growing middle class

• Many old / obsolete private hospitals, with

unsophisticated operators

• Brazil coming out of recession

Top Facilities ‘AAA‘ Strategy

• Major acute-care assets
• Leading cities
• Highly capable operator
• A-typical lease structures – no rent reviews,

inflation escalation

1,009 1,578 1,796 2015 2012

851

2017 2013 2014 2018 2016 R$M

340 885

2,124 +36% p.a. +36% p.a.

NorthWest's Brazilian Portfolio has Scaled Significantly

• NorthWest owns 8 hospitals totaling R$2.1

billion (C$750m)

• Ongoing collaboration with partner for win-

win opportunities

48 48

Case se study dy #4 #4 – Hea Healthe Care re, , Austra ralia

2010 Acquisition of Healthe Care hospitals

8 facilities, ~$ ~$100M across facilities

2011 - 2018 Acquisition of additional Healthe Care hospitals 2019 Significant capital partner on brownfield developments

18 18 facilities, ~$85 850M 0M gross value

2006 Commenced healthcare

• perations with the

acquisition of 6 hospitals 2016 Acquired by pan-Asian health services group that is exploring growth in Australia and Asia 2017 Acquired portfolios of 18 hospitals and day surgeries, funded through private equity 2019 Third largest for-profit private hospital operator in Australia

Ope ra to r

Real estate partner Continued acquisition and partnering

2,500 36 7,000

Drivi ving ng growt wth through h rel elationshi ships ps

49 49 49 49

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 5

50 50

GLOBAL PLATFORM WIT ITH RE REGIO IONAL CAPABILIT ITY AND EXPERTISE

Gerso son A n Amado do Managing Director – Brazil



Leads NWH’s Brazilian platform



Office in Sao Paulo

Jan K Kriz izan an Managing Director – Germany



Leads NHW’s European platform



Office in Berlin

Craig aig M Mit itchell CEO – ANZ Management Platform



Leads NWH’s Australasian platform



Office in Melbourne

Paul D l Dalla L lla Lana Chairman & CEO



Founder of NWH & NWI REITs



Largest unitholder of REIT

Bernard Crotty ty President



Global governance oversight and business development



Representative on NWH’s and Vital Trust’s board

Pete ter Riggi gin COO & MD Canada



Leads NWH’s real estate

• perations and global MOB

platform

Shailen C n Chande nde CFO



Responsible for financial strategy & reporting, and capital market & corporate finance activities



Chartered Accountant

Mike B e Brady dy Executive Vice President



EVP, General Counsel and Secretary to NWH REIT



Transaction management and leadership

FULLY ES ESTABLISHED, SCALABL BLE REG REGIONAL TEA EAMS W WITH EX EXPERT ERTISE I IN HEA EALTHCARE RE P PRO ROPER ERTY OPERATIO IONS, , ACQUIS ISIT ITIO IONS A AND DEVEL ELOPMEN ENT LOCAL MA MARKET KNOWLEDGE AN AND STRONG R RELATIO IONSHIPS IPS WITH L LEADIN ING HEA EALTHCARE RE P PRO ROVIDERS RS OVER 2 ER 200 PRO ROFES ESSIONALS ACROSS 9 SS 9 OFFIC ICES IN IN 5 COUNTRIE IES CORPORA RATE M MANAGEM EMEN ENT REGIONAL AL O OPERATIN ING P PLATFORM AND EXPERTIS ISE

51 51

NOTE OTES

1. Based on NWH.UN’s closing unit price of $11.55/unit as of August 6, 2019. 2. Based on the REIT’s distribution policy of $0.80/unit per annum and normalized Q2-19 AFFO of $0.92/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 reflect fully consolidated NOI and include i) 100% of NOI from Vital Trust and ii) 100% of the NOI from the REIT’s institutional JV including the Healthscope portfolio 5. Reported AFFO/Unit represents quarterly AFFO annualized for the three month period ending June 30, 2019. Normalized AFFO/unit is based on Q2-19 Reported AFFO/unit and adjusted for completed acquisitions, and financings as presented in the REIT’s Q2-19 MD&A PART III. 6. LTV excludes/includes convertible debentures and is shown on a fully consolidated basis (Vital Trust at 100%) and includes the HSO portfolio accounted for using the equity method. 7. NAV is based on unitholder’s equity plus add-backs as set out in Part XII in the REIT’s Q2-19 MD&A. Normalized NAV is equal to the reported NAV adjusted for the impact of FX changes post quarter end. 8. Represents same property NOI growth YoY (“SPNOI”) in source currency for the three months ended June 30, 2019 and excludes non-cash amortization and non-recurring transactions. 9. Reflects the debt maturity profile as per the REIT’s Q2-19 MD&A and does not include deferred consideration. 10. Gross rent on a fully consolidated basis. 11. LTV’s are excluding corporate debt (ie. convertible debentures and revolving credit lines) and are shown on a regional basis. 12. Represent estimate of current market rates. 13. Presented on a fully consolidated basis. Assuming projects are 100% debt funded at the existing region’s financing costs and is for indicative purposes only.

52 52

CON ONTACT CT INFOR ORMA MATI TION

Paul D Dalla L a Lan ana, a, C Chai airman an & & CEO 416-366-2000 Ext. 1001 Shaile len C n Chand nde, C CFO 416-366-2000 Ext. 1002

NORTHW HWEST ST HE HEALTHC HCARE PROPER ERTIES ES REIT

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