Q4 2018 INVESTOR UPDATE March h 7, 2019 19 DISCLAIMER This - - PowerPoint PPT Presentation

Q4 2018 INVESTOR UPDATE

March h 7, 2019 19

1

DISCLAIMER

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 December 31, 2018, as filed on SEDAR.

2 CORE HEALTHCAR ARE INFRA RASTRUC TRUCTU TURE RE IN MAJOR OR MARKE KETS

NWH AT A GLANCE NCE

11.2M 156 $5.1BN

SQUARE FEET

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

PROPERTIES TOTAL ASSETS

96.7% 12.6

OCCUPA PANC NCY YEAR WALE

$1.5BN 7.2%

MARKET CAP CAP) DISTRIBUTION N YIELD LD

ESTAB TABLISHED D RELATI ATIONSHIPS PS WITH LEADI DING G HEALTH THCAR ARE OPERA RATOR TORS

6.2%

NOI DIVERS RSIFICATI ATION

IFRS CAP P RATE

90%

PAYOUT RATIO

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

3

 Deliveri

ring ng stable operati ating ng results ts

• Stable per unit AFFO and NAV per unit
• Source currency adjusted cash SPNOI growth of 4.3% YTD
• Occupancy of 96.7%; International portfolio occupancy above 98%

 European

an platform m continue ues to gain moment ntum um

• During the quarter, the REIT acquired 1 German MOB and 1 German rehab hospital for a combined purchase

price of $52.3M. Post quarter end, the REIT acquired 1 MOB for a purchase price of $32M in Germany

• YTD over $300M in European acquisitions, including the first acquisitions in The Netherlands and expansion

into the German rehab hospital sector

 Executi

uting ng on strat ategic investme tment t pipeline

• Post quarter end, the REIT entered into a definitive agreement to acquire a portfolio of 11 high quality, major

market Australian hospitals from Healthscope Limited (“HSO”) for a combined purchase price of A$1.25 BN

• The REIT intends to leverage existing capital relationships and ultimately own 25%-30% of the portfolio

while retaining management of the entire portfolio and generating incremental third party management fee income

• The portfolio is highly complementary to the REIT’s existing assets in region and solidifies NorthWest as the

leader in Australian healthcare real estate

• 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

 Improved Capital

al Marke rkets ts Presenc nce

• NWH meets all criteria for S&P/TSX Composite index inclusion and expects to be added in the March rebalance
• Increase level of intuitional support
• Completed $269M of capital markets financing (including a $144 million equity offering that closed post

quarter end)

DELIVERING ING STABLE AND CO CONSISTENT SISTENT RESULTS PREVIOUS IOUSLY Y ANNOUN OUNCE CED D STRATEGIC EGIC PRIORIT ITIES IES AC ACTIONE IONED D WITH NEW OPPOR ORTUN UNIT ITIES ES IDENTIF IFIED IED

HIGHLIGHTS OF THE QUARTER

4

$572m $4,684m

+8.3% YoY (8.9x increase since inception) +11.0% since inception International portfolio at 98.3% +0.5yr YoY

At inception Q4-2017 Annualized At inception Q4-2017 At inception Q4-2017 At inception Q4-2017 Q4-2018

$5,072m $0.80 $0.93 95.9% 90.7% 12.1 4.0

DASHBOARD

GRO ROSS S BOOK VALUE UE NORMALIZE LIZED AFFO FO / UNIT WEIGHTE IGHTED AVERAGE GE LEASE SE EXPIR IRY OCCUP UPANCY NCY

Q4-2018 Normalized Q4-2018 Q4-2018

12.6 96.7% $0.88

5

2018 YTD SUMMARY OF INVESTMENT ACTIVITY

Q3 Q3 Q4 Q4

Acquired one AAA asset in São Paulo, Brazil for $92M. Acquired development land in Australia and New Zealand collectively for ~$12M. Disposed 70% of Galaxy assets worth $207M.

Signific fican ant t Transa nsact ctiona ional l Activity vity in 2018

$115M of completed transactions in Q4 (Europe and Australasia), totaling ~$550M

• f 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. Summary Acquis isit ition ions Develop

• pments

ts Comple plete ted Dispo posit ition ions YTD Q4 2018 18 Value lue Cap p rate te Constr tructi ction

• n

Cost Stabi bili lized Yield Value lue Cap p rate te Australasia $138M 5.3%

• $207M

5.2% Brazil $92M 7.0%

• Canada
• $167M

4.0% Europe $314M 6.0%

• Tota

tal $544M 4M 6.0%

• $374M

74M 4.7%

Note: Value excludes transaction costs and stake in Healthscope

Q1 Q1 Q2 Q2

Acquired an MOB in Berlin and two post-acute care clinics in Bad Kissingen and Wilhelmshaven, Germany, totaling $80M. Acquired the remaining 50% interest in Epworth Clarendon Hospital in Melbourne, Australia for $55M and completed the $167M disposition of the Dundas Edward Centre in Toronto. Acquired the 2nd largest MOB in Berlin, Germany and two high quality MOBs in Brunssum and Rotterdam, the Netherlands totaling $182M. Acquired a 10% strategic stake in Healthscope (ASX:HSO).

6

SIGNIFICANT VALUE CREATION IN ANZ MANAGER

PRO PRO-FO FORMA MA THE HEAL ALTHSC SCOP OPE AC ACQUI QUISIT SITIO ION NORTHWEST ST MANAGES ES A$5. 5.0BN BN AU AUSTRAL ALAS ASIAN IAN PLATFOR ORM WITH A$3 A$3.5BN .5BN OF FEE BEARING CAPIT ITAL L AND A 34% % OWNERSH ERSHIP IP INTEREST EREST FUNDING DING IN PLAC ACE E TO FAC ACIL ILIT ITATE E FULL L INVESTM STMENT NT

INS NSTI TITU TUTI TION ONAL JV JV AUSTR TRALIAN N PLATF TFOR ORM AUM (in $M) 3rd

rd Party

ty Fee Bearing ng Assets ts NWH Ownershi hip % Fees $491(*) $1,617 $2,000 > $5,00 000 100% 24.9% 30% 34% Nil $1,214 $1,400 $3,48 484 Internal LTM $35M

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

Market t fees

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

$35M to to $40M

$270 70M

Target 11x-13x EBITDA multiple ANZ Manag nager r Valuat ation

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

$1,200 25%-30% $870 Market t fees

 To be finalized based on ultimate

• wnership

structure

7

 Healthc

hcare real estate tate is an attr ttracti active e invest vestme ment nt for long ng-term m instit stituti tion

• nal capit

pital

• 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

 $2.8

.8BN BN globa

• bal pipel

eline prov

• vides

s an n opportu pportuni nity to scale ale capit pital relat ation

• nsh

ships ps

• Austral

ralia: a: Significant strategic opportunity through Healthscope interest

• Brazil:

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

• Euro

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

• Euro

rope pe - Nethe herl rlan ands: Highly fragmented market with consolidation opportunities

 Leverag

rage leadin ding g glob

• bal

l platform latform and d exist stin ing asset sets s to drive ive meani ning ngful ul fee growth

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

capital commitments

• Highly scaleable and differentiated management platform to drive operating leverage

OPPORTUN TUNIT ITY Y TO LEVERA RAGE A DIFF FFERENTIA ERENTIATED ED HEAL ALTHCA CARE RE REAL ESTATE E PLATFOR ORM TO O ATTRA TRACT T ADDIT ITION IONAL L FEE BEARI RING NG INSTIT ITUT UTIONA IONAL L CAPIT ITAL Target get: $1.0BN of incremental AUM $10M - $15M of incremental fees

GROWTH THROUGH CAPITAL RELATIONSHIPS

8

SOLIDIFYING AUSTRALASIAN LEADERSHIP

Hist stor

• ry

y and Ke Key Accomplis plishme ments ts in Austra rali lia

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

• perators 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

• perator with a portfolio
• f 45 hospitals
• Feb. 1, 2019 - entered into a

definitive agreement to acquire 11 properties from Healthscope for A$1.25 Bn; the transaction is expected to close in Q2/19

9

FINANCIAL OVERVIEW

10 10

As Re Report rted ed Target et $0.81/unit 47.8% / 55.7% $12.30/unit +$0.95/unit >$12.00/unit

AFFO FO/uni /unit (5) LTV (6) NAV (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

Normal alized ized $0.88/unit $12.00/unit

Portfolio Quality ty Occupanc ancy y / WALE

45.3% / 53.3% <40% / <50% 96.7% 12.6 years 96.7% 12.6 years 96% 12 years

Q4 Q4-18 FINANCIAL DASHBOARD



Completion of Project Galaxy including Seed portfolio sale.



Completed the acquisition of Hospital Morumbi in Brazil

11 11

POSIT ITIVE IVE OPERA RATING ING RESULTS S IN LINE WIT ITH H MANAGEME EMENT NT GUID IDAN ANCE CE NORMALIZ ALIZED ED RESULTS S HAVE E BEEN ADJUSTED USTED TO REFLECT LECT THE E IMPAC ACT OF F RECENTL NTLY Y CO COMPLETED LETED AND COMM MMIT ITTED TED TRANS NSACT CTIONS IONS

NORM RMALIZA ZATI TION ON ADJU JUSTM TMENT NTS



Normali lizati tion adju justments tments 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 Q4-2018 based on contracted rent indexation;
• NWH Australia development completions; and
• Non-recurring and one time items.

Q4 Q4-18 18 As Reporte ted Q4 Q4-18 18 Norma maliz lized

NOI $66.8M $68.1M FFO FFO $26.5M $31.6M AFFO FO $24.5M $29.6M W.A A Units ts Outs tstan tanding 121,169 134,670 Annual alized ed AFFO FFO / Unit t (4) $0.81/unit $0.88/unit Pay ayout t Rati tio 99% 90%

FINANCIAL HIGHLIGHTS - PROFITABILITY

12 12

Q4 2018 8 NAV/U /UNIT NIT WAS POSIT ITIVE IVELY Y IMPACTED CTED BY FAVOUR OURAB ABLE LE F/X MOVEME EMENTS NTS AND FV FV GAIN INS S ACROSS S THE REIT’S PORTFOLIO OLIO

Q3 Q3-18 8 As Reporte ted Q4 Q4-18 8 As Reporte ted

Gross Book Value $4,679.6M $5,071.6 Debt $2,299.0M $2,423.1M Conve verti tible e Deben entu tures res $295.3M $401.2M Other er $564.0M $566.2M Net t Asset et Value $1,523.8 $1,681.0 LTV V (excl./in /incl cl. converts) verts) 49.4% / 55.7% 47.8% / 55.7% NAV/Un AV/Unit $11.09 $12.30

FINANCIAL HIGHLIGHTS - CAPITALIZATION

FV gains following external and desktop assessments with corresponding cap rate compressions The Canadian dollar depreciated by 5.9% QOQ vs. the weighted basket of the REIT’s foreign currency exposure generating a gain on foreign currency translation

Quarterly NAV / Unit

13 13

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

Target

LVR - consolidated incl. converts

Actuals HSO Portfolio Acquisition:

• Represents impact of

acquisition at target 25%- 30% look through ownership 1 2 1 2 Deleveraging Plan Capital recycling of approximately $500 million

DEBT MATUR URIT ITY PROFILE FILE (11) REGIO IONA NAL L DEBT STRATEGIES GIES

Type pe Asset Level Term Debt Bank Loans and Securitization Asset Level Term Debt Asset Level Revolving Debt LTV LTV (13) ~45% ~25% ~55% ~40% Market t Interest t Rates (14) ~3.7% ~7.3% ~2.2% ~4.5% Typica pical l Amorti tizati tion

• n

25 years 10 years 10 years Interest Only

LEVER ERAGE GE TREND ENDING ING LOWE WER

 15.7% of debt is currently unsecured  Revolving warehouse facility strategy

BALANCE CE SHEET ET OPTIMIZA TIMIZATIO TION

 Near-term debt maturities totaling ~$260M at 6.8% WAIR; offering

attractive interest rate saving opportunity

 Extend debt maturity profile to align with long-term leases  Leverage global balance sheet to reduce regional borrowing

differentials Debt Optimizat ation Oppo port rtunitie ties Path th to Unsecure red d Credi dit Rating g – Buildi ding g an Unencumber bered Pool

BALANCE SHEET OPTIMIZATION AND REGIONAL DEBT STRATEGY

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

14 14

OVER R A 10 YEAR PERIOD OD, , PORTFO FOLI LIO O INDEX HAS S REMAI AINE NED WITHIN IN A TIGH GHT BAND RENTAL AL INDEXATION ION ACTS TS AS NATUR URAL L CURRENC NCY Y HEDGE DGE TO FX FX MOVEMEN ENTS

RISK MANAGEMENT – FOREIGN EXCHANGE

74 97 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 EUR/CAD BRL/CAD NZD/CAD AUD/CAD Portfolio Avg.

NOI FX Rate - Spot

• Var. %

Weight 29-Dec-17 28-Sep-18 31-Dec-18 QoQ YoY 7-Feb-19

• Var. %

BRL:CAD 17.2% 0.3796 0.3188 0.3514 10.2%

• 7.4%

0.3581 1.9% EUR:CAD 9.6% 1.5089 1.4979 1.5636 4.4% 3.6% 1.5091

• 3.5%

NZD:CAD 42.4% 0.8913 0.8549 0.9163 7.2% 2.8% 0.8982

• 2.0%

AUD:CAD 10.3% 0.9820 0.9322 0.9614 3.1%

• 2.1%

0.9450

• 1.7%

CAD:CAD 20.4% 1.0000 1.0000 1.0000 0.0% 0.0% 1.0000 0.0% Portfolio Weighted Avg. 100.0% 5.5% 0.05%

• 1.0%

$338 $106 $162

• $32

$606

$0 $100 $200 $300 $400 $500 $600 $700

Brazil Equity Bridge

Despite FX volatility, Brazil NAV has increased primarily as a result of:

• Lease Structure: Triple net lease structure
• Structured lease review: Leases are annually

indexed to the IPCA index (the Brazilian equivalent

• f the CPI Index)

15 15 15 15

PORTFOLIO OVERVIEW

16 16

PORTFOLIO OVERVIEW

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

LEADING MEDICAL L OFFI FICE BUILD LDING PLATF TFOR ORM 56 56 PROPERTI TIES 1,050 TENANTS CONS NSOLI OLIDATI ATION ON OF MEDICAL OFFI FICE BUILD LDINGS 32 PROPERTI TIES 666 TENANTS STRON ONG RELATION ONSHI HIPS WITH TH LEADING OPERATO TORS 8 PROPERTI TIES 8 TENANTS FITC TCH H AAA+ + RATED TENANT

0.4%

SP NOI Growth th (9)

93.2%

Occu cupancy cy

5.1YRs

WALE LE

LEADING REAL L ESTA TATE PLATF TFOR ORMS MS 45 PROPETI TIES IN AUS 11 PROPERTI TIES IN NZD 7 DEVE VELO LOPME MENTS

4.0%

SP NOI Growth th (9)

96.4%

Occu cupancy cy

10.8YRs

WALE LE SP NOI Growth th (9)

100%

Occu cupancy cy

20.4YRs

WALE LE

5.5%

SP NOI Growth th (9)

98.5%

Occu cupancy cy

16.6YRs

WALE LE

3.1%

$5.1Bn International Platform

17 17

PORTFOLIO DIVERSIFICATION

GEOG OGRAP APHI HICA CALLY Y DIVERS RSIF IFIED IED PORTF TFOLI LIO OF CORE HEAL ALTHCA CARE RE REAL ESTATE E ASSETS ETS IN STABLE ABLE AND GROWI OWING NG INTERNA ERNATIONA IONAL L MARKETS KETS HIGH GH QUALI LITY AND DIVERS RSIF IFIED IED TENAN ANT ROSTER; ER; STRATEG EGIC IC RELATIONS IONSHI HIPS S WITH LEADI DING HEALTHCARE OPERATORS TOP OP 10 TENANTS TS BY PERCE CENTAGE GE OF GROSS S RENT T (12)

2)

NOI DIVER ERSIF SIFICA CATIO TION BY GEOGRAP GRAPHY HY (4)

(4)

NOI DIVER ERSIF SIFICATIO ION BY ASSET ET MIX (4)

(4)

Tenan ant Region % of Gross Rent

Rede D'Or

14.3%

Healthe Care

12.8%

Epwort rth Foundation

3.2%

Acuri rity Group

1.9%

CISSS / CIUSSS

1.5%

Hall & Prior

1.2%

Bolton Clarke ke

1.1%

Hospi pital Saba bara ra

1.1%

Sport rtsme med SA SA

1.0%

Merc rcy Ascot

1.0%

Top 10 Tenants

23.9%

1 2 3 6 7 8 4 5 9 10 10

REGION ONS ASSET T MIX

18 18

Comple lete Size 233k Square Feet Tena nants Rede D’Or Cap Rate ~7.5% Occup upancy 100% Lease Term ~25 Years Renta ntal Increase Annual Inflation Index Acqui uisit itio ion n Date Q3-2018 Compete Size A$2.0Bn (debt and equity) Seed Portfolio lio ~A$410M as complete Owne nership ip 30% NWH / 70% Institutional Partner Mana nagement Fee Market base fees and activity fees Rationa nale JV will allow NWH to accelerate its ANZ consolidation plan through better access to lower cost capital Comple letion n Date Q3-2018

$2.0 0 BN Instit itut utional ional Joint t Ventu ture Hospi pital al Morumb umbi

Comple lete Transaction n Descrip iptio ion NWH has entered into a definitive agreement to acquire 11 high quality hospital assets for $1.2B Healt lthscope Descrip iptio ion HSO is a leading Australian private healthcare provider,

• perating 45 Australian

hospitals, 48 medical centers and 63 pathology labs. Objective NWH intends to leverage its capital partners to ultimately retain a 25%-30% ownership stake in the portfolio Acqui uisit itio ion n Date Expected Q2-2019

Healths lthsco cope pe Trans nsac action tion

RECENT DEVELOPMENTS

Comple lete Ongoing Size ~€90M of near term European investment transactions to close over the next 3-6 months, with ~€35M closed in Q4 2018 Cap Rate ~4.5%-6.4% Occup upancy 90%+ Renta ntal Increase Annual Inflation Index Acqui uisit itio ion n Date Completed and Pending Completion

Signif nific icant ant Europea pean n Acquis isition ition Pipeli line ne

19 19 19 19

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

CORE HEALTHCAR ARE INFRA RASTRUC TRUCTU TURE RE IN MAJOR OR MARKE KETS

ACQUIS UISITI ITION ON METR TRIC ICS

REGION ONS

57

OPERATING NG THEA EATR TRES

DEEPE PENS EXISTI TING G RELAT ATIONSHIP NOI DIVERS RSIFICATI ATION2

• 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 ACQUIRED

100%

OCCUPA PANC NCY

2.5%

ANNU NUAL L RENT NT INDEX EXATION ON

20

YEAR WALE

HEALTHSC SCOPE E INVEST ESTME MENT NT HIGHLIG LIGHT HTS

INITIAL L RENT NT

$1.2BN

ACQUISITION N PRICE

5.0%

CAP P RATE1

$60M

MELBOURNE CLINIC N O R W E S T

71% 15% 15% 100% Hospital Psychiatric Rehabilitation General Surgical ASSET T MIX

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

BRISBANE PRI V ATE Newcastle Private

20 20

CASE STUDY #1 - EPWORTH EASTERN HOSPITAL, MELBOURNE Development of a Healthcare Precinct

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

21 21

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 STUDY #1 – EPWORTH EASTERN HOSPITAL, MELBOURNE Development of a Healthcare Precinct

22 22

SCALED LED EUROPEAN PLATFOR ORM PROVIDE IDED D AC ACCES ESS TO PARTICIP ICIPATE E IN RECENT NT CO CONSO SOLI LIDATION ION TRENDS DS

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 STUDY #2 – MEDIAN, GERMANY

23 23

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

• is MEDIAN

IAN?

• 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 STUDY #2 – MEDIAN, GERMANY

24 24

CASE STUDY #3 – REDE D’OR, BRAZIL

PLATF TFORM M GROWTH TH HAS ALLOW OWED ED NWH H TO REMAIN IN A KEY Y CAPIT ITAL AL PARTNE NER R AND EXPAND ALONG NGSIDE IDE OUR KEY OPERATING ING PARTNE NERS RS

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.

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

25 25

Case study #4 #4 – Healthe Care, Australia

2010 Acquisition of Healthe Care hospitals

8 8 facilities, ~$ ~$10 100M M across facilities

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

18 facilities, ~$850M M 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 Operator Real estate partner Continued acquisition and partnering

2,500 36 7,000 Drivin iving growth

• wth throug
• ugh

h relati elation

• nships

ships

26 26

 ~$344M

4M ($15 157M 7M propo

• porti

tiona

• nate)

te) of commi mitt tted ed low w risk k developmen elopment t & e expans nsion ions in Australa lasia ia, Brazil il, and Cana nada da to to be funded d through gh a combi binati nation

• n of exist

istin ing g resource ces and proper

• perty financin

ncing

– $275M ($87M proportional) of Australasian hospital and MOB expansions at Vital and NWAUS – $51M of Brazilian hospital expansions – $19M of Canadian MOB development

 ~$17

17.4M .4M of stabil abilized ized valu alue e accr creti tion

• n on a prop
• por
• rti

tion

• nat

ate basis is

– Potential to generate up to an incremental ~$0.15 of NAV/Unit

ACCRETIVE DEVELOPMENT & & EXPANSION PIPELINE

WITH TH A TRACK K RECO CORD D OF F CO COMPLETI LETING NG MORE RE THAN HAN $500M OF DEVELOP OPMENT NTS AND EXPANSION SIONS, S, THE E REIT IS LEVERAGING ING ITS EXPERIEN ENCE CE TO DELIVER ER AN ADDIT ITIONA IONAL L $344 44M OF VALUE LUE ENHAN ANCI CING NG PROJEC JECTS TS TO ITS PORTFOLIO OLIO

Countr try y (15) Proje jects cts Est. Compl pleti tion Proje ject ct Cost Cost t to Compl plete te Pre Pre-Le Leased Occupa pancy cy Proje ject ct Yield Proje ject ct NOI Potenti tial Value lue Accreti tion

• n

7 Q2 2019 to Q4 2022 87 74 100% ~6.2% 5.4 10.7 2 Q4 2019 51 51 100% ~7.5% 3.8 3.6 1 Q1 2020 19 15 60% ~7.0% 1.3 3.1 10 10 157 140 140 ~6.7% 7% 10.5 17.4

27 27

COMMITTED ACCRETIVE DEVELOPMENT & & EXPANSIONS – AUSTRALASIA

SEVEN N DEVEL ELOP OPMEN ENT PROJEC JECTS S TOTALLI LING NG ~C$275M 275M ARE CURRENTL NTLY ONGOING GOING BROWNFI OWNFIELD ELD REDEVELOP OPMEN ENTS REMAIN IN CO CORE E TO NWH‘S AUSTRALASIAN STRATEGY EGY AND A KEY Y DRIVER ER OF NOI NOI AND NAV GROW OWTH

 $275M

75M ($87 87M M propor

• porti

tion

• nal)

l) of commit itted ted develo elopment nt at a we weigh ghted ted yield ld of 6.3% 3% (6.2% 2% propor

• porti

tion

• nal)

l).

 $17M

M of stabi bili lized ed net opera erati ting ng incom

• me

e (at 100% 0% inte teres est)

Mill llion

• n of C$

Proje jects cts

• Est. Comple

pleti tion

• n

Proje ject ct Cost t (Propor

• porti

tion

• nate

te) Cost t to Comple plete te (Propor

• porti

tion

• nate

te) Maitland Private Hospital Q3 2019 0.7 0.2 Lingard Day Surgery Q4 2019 5.9 5.0 Epworth - GSC & Carpark Q2 2019 24.8 16.1 Epworth Eastern - Nelson Road Flats Q1 2021 30.3 28.6 Royston Hospital Q3 2020 3.0 2.6 Wakefield Hospital Q4 2022 21.5 20.3 Bowen Hospital Q1 2019 1.1 1.1 7 87.3 73.9

28 28 28 28

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

29 29

12.6x 16.9x 15.0x 20.6x

$11.10 $14.86 $13.24 $18.15

• 3.0x

2.0x 7.0x 12.0x 17.0x 22.0x NWH.UN Canadian REITS (EV > $1BN) Internationally Focused Canadian REITS US Healthcare REITS (Top 5)

AFFO Multiple

• 9.8%
• 4.7%
• 5.2%

10.3%

$11.10 $11.72 $11.66 $13.57 (15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0%

Premium(Discount) to NAV

Implied unit price

RELATIVE VALUATION

THE REIT IS TRADIN DING G AT A SIGNIF IFICAN ICANT DISCOUN OUNT TO O ITS PEERS ON AN AFF FFO O MULTIPLE PLE BASIS IS

• Based on NWH.UN’s closing unit price of $11.10/unit as of February 28, 2019 and normalized AFFO/Unit of $0.88 per year; NWH.UN’s NAV is based on Q4 2018 of

$12.30.

30 30

INVESTOR FACTSHEET

Ticker NWH.UN Listed Exchange TSX Distribution Payable Monthly Distribution Type 55% Return of Capital / 45% Capital Gains Unit Price (Dec 31, 2018) $9.48 Market Capitalization ~$1.5Bn Distribution Yield ~7.2% 52-Week Trading Range $9.10- $11.70 Volume Weighted Avg. Price (VWAP) (20-day) $9.92 Average Daily Volume (90-days) 325,000 NAV (Q4-2018) (7) $12.30

31 31 31 31

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

32 32

DIFFERE RENTIA NTIATED TED

INVESTMENT HIGHLIGHTS

Healthcar care Real Estate ate Speciali list sts Manageme ment Exper ertis ise Deep Relation ionsh ship ips

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

• perational understanding

180+ Professio ssional nals

Operating in 3 of the largest global private healthcare markets

$4.0Bn Austral alasia asian Platform

• rm

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

96%+ Occupancy cy 70%+ Indexed High Portfol

• lio

io Qualit ity

International portfolio

• ccupancy of 98%+

NOI indexed to inflation drives consistent organic growth

12.6 yrs. WALE

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

$1.5Bn Market t Cap

Enhanced capital markets profile with proven access to capital

$1.5Bn MOB Platform

• rm

Leading MOB platforms in Canada and Germany

FOCUSED ED SCALED

33 33

DEFENSIVE, ENSIVE, HIGH YIELDIN LDING SECURIT RITY WITH TH GROWTH TH POTENT ENTIAL AL

Suppor portiv ive e Funda damen ental tals At Attract activ ive e Asset Class Growth Opportu tuni nitie ties s Value ue Oppor

• rtunit

tunity Pro roven en & Aligne gned

• 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

HEALTHCARE REAL ESTATE THESIS

34 34

Aging Population ion



>65 population cohort growing rapidly in developed countries



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

Consol

• lid

idati ation

• n & Cost

Savings



Scale required for efficiency and quality



Rise of Public Private partnerships

Growing Population ions s and Wealt lth Creation ion



Emerging economies demanding better access to quality care



Patients seeking more choice and control

The Rise of Private ate Healthcar care



Budget pressures affecting the sustainability of public healthcare funding



Governments mandating lower costs and improved quality

Increase ased Healthcar care Spending



$8.7 trillion global healthcare spending by 2020



10.6% of global GDP



Growing at 4.3% per annum

CO COMPELLIN MPELLING NEED D FOR R CAPIT ITAL, AL, FACILI ACILITI TIES S AND D REAL L ESTATE TE SOLUT LUTION IONS

Source: Deloitte 2018 Global Healthcare sector outlook

KEY DRIVERS OF HEALTH CARE REAL ESTATE

35 35

U.S. Healthc hcare are Opportun unity 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 HISTORICAL NOI GROWTH OF “BIG 3 HEALTHCARE REITS (1)

Source: Green Street Advisors (January 2017)

HEALTHCARE REAL ESTATE OPPORT RTUNITIES

NWH’s Market Opportun unity 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

36 36 36 36

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

37 37

TRANSFORMATIONAL GROWTH CONTINUES

Improve ved Market et Profile le Defensive e High Qualit ity y Portfoli

• lio

Position ioned for Growth



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

Canad adian an Medi edical al Offi fice ce Building (MOB) B) Consolidation ation NWI Inves vestmen tment t and Intern ernati ational al Growth th

38 38

GRO ROSS BOOK VALUE PORTF TFOL OLIO O QUALITY SP NOI

FINANCIAL AND OPERATIONAL METRICS

NAV

NAV increased from $11.0

.09 to to $12.3 .30 0 QoQ (+11%) %) due to to favourab urable FX moveme ments ts and FV gains

 Portfolio quality improved – occupancy up to 96.7% with WALE

increasing to 12.6 years.

 GBV has increased from $4.8N

N to to $5.1 .1BN, BN, a ~6.7 .7% % incre reas ase

Cash SP NOI in source currency increased 3.2% YOY in Q4 18. In CAD, SP NOI

was highly impacted by the BRL, which depreciated 11.4% YoY vs. CAD.

4.8 4.8 4.9 4.7 5.1

• 1.0

2.0 3.0 4.0 5.0 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Normalized GBV

YoY + 6.7%

95.9% 96.3% 96.4% 96.3% 96.7% 12.1 12.7 12.3 12.5 12.6 11.3 11.5 11.7 11.9 12.1 12.3 12.5 12.7 12.9 13.1 13.3 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Occupancy % Wale

YoY + 0.5 years

1.2%

• 0.5%
• 0.3%

0.4% 4.4… 1.8% 5.0% 4.0% 3.2%

• 1%

1% 3% 5% 7% Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 % in C$ % in Source $ SP NOI Growth YoY

12.00 12.32 11.50 11.09 12.30 10.40 10.60 10.80 11.00 11.20 11.40 11.60 11.80 12.00 12.20 12.40 12.60 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 NAVPU

39 39

 Consolidated LTV (Incl. Converts) is 55.7% (flat QoQ)

FINA NANC NCIAL PRO ROFI FILE CAPITALIZA ZATI TION ON CAPIT ITAL RAISING ISING

 Q4 Normalized AFFOPU of $0.88

88 results in a ~90% % payo yout ut ratio

FINANCIAL AND OPERATIONAL METRICS

 Total

al capital issuanc uance of ~$269 69M including completed Q1/19 equity offering CAPITAL MARKE RKETS TS AND D LIQUIDI DITY

0.93 0.92 0.90 0.88 0.88 86% 87% 89% 90% 90% 60% 80% 100% 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Normalized AFFOPU AFFO payout ratio

• 144

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

Equity Convertible Debenture

• 0.400

0.800 1.200 1.600 2.000 2.400 2.800 3.200 3.600 4.000 $6.50 $7.50 $8.50 $9.50 $10.50 $11.50 Dec-17 Apr-18 Jul-18 Oct-18 Volume (millions) Unit Price (C$) Volume Price TSX REIT Index DEC-17 MAR-18 JUN-18 SEP-18 DEC-18

46.8% 46.9% 50.2% 49.4% 47.8% 53.1% 53.1% 56.1% 55.7% 55.7% 35% 40% 45% 50% 55% 60% Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Debt to GBV (ex. converts) Debt to GBV (incl. converts)

40 40 40 40

REGIONAL PORTFOLIO O V E R V I E W S

A P P E N D I X 3

41 41

PORTFOLIO PROFILE

GLOBAL HEALTHC HCARE E REAL L ESTATE INFRASTR STRUC UCTUR URE E PORTF TFOLI LIO CO COMPRISES ISES 156 PROPERTIES RTIES TOTALING ALING 11.2M 2M SQUAR ARE E FEET OF GLA A IN SIX CO COUNTR NTRIES IES STRON ONG G OPERA RATING ING FUNDAMEN AMENTALS ALS WITH OCCU CUPAN ANCY CY OF 96.7%, 7%, WALE E OF 12.6 6 YEARS RS AND 48% % MOB B 52% HOS OSPIT PITAL AL AND OTHER HER HEAL ALTHCA CARE E FAC ACIL ILIT ITIE IES S MIX

Q4 2018 Canada ada Brazil zil Europ rope Vital al Trust NWAUS Platf tform rm (1) Number ber of Proper pertie ties

56 8 32 45 15 156

Asset Mix by GLA

100% MOB 100% Hospital

~94% MOB & / ~6% Hospital and

• ther Healthcare

Facilities ~24% MOB & / ~76% Hospital and Other Healthcare Facilities ~40% MOB & / ~60% Hospital and Other Healthcare Facilities 48% MOB / 52% Hospital and Other Healthcare Facilities

GLA (Million Squar are Feet)

3.5 1.7 2.1 2.6 1.3 11.2

Gross Assets ts

$1,113 $768 $618 $1,717 $749 $5.1B

Occupan pancy

93.2% 100.0% 96.4% 99.4% 96.7% 96.7%

WALE (Year ars)

5.1 20.4 10.8 18.5 13.0 12.6

Avg.

• g. Buildi

ding g (Year ars)

~30 ~14 ~25 ~21 ~11 ~23

Weigh ghte ted Cap Rate

6.5% 7.5% 5.8% 5.7% 5.8% 6.2%

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

42 42

CANADA: LARGEST PORTFOLIO OF MOB ASSETS

Hys Centr tre Edmonton, AB

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

Winnipe peg g (2) Edmon

• nton
• n (4)

4) Calga gary (7) Airdr drie (1) Spruce ce Grove (1)

INVEST ESTME MENT NT AND MARKE KET OVER ERVIE IEW



Canada’s largest t non-govern rnme ment nt owner/ r/mana manager r of MOBs Bs and healthcare related facilities



Portfolio of 56 properties comprising GLA of 3.5 million sf and 1,050 tenants



93.2% occupancy and ~5.1 year WALE



High quality y real estat ate with stable cash flow underpinned by tenancies supported by the Canadian publicly funded healthcare system



Provides stability ty and diversifica cation n to a broader international healthcare real estate portfolio

QC QC PE PE ON ON NS NS NB NB

Levis s (1) Laval al (1) Lach chena naie (1) Joliette (1) Hamilton

• n (3)

Halifax ax (2) Guelph ph (2) Frede derict cton

• n (1)

Colling ngwoo

• od

d (1) Cambr bridg dge (1) Richelieu (1) Quebe bec c City (3) Ottaw awa a (1) Oakville (1) New Glasgow (1) Monct cton (1) Missi sissa ssauga ga (1) Lower Sack ckville (1) Longu gueuil (2) Londo don (2) Whitby by (1) Vaudr dreuil-Dor Dorion

• n (1)

Toron

• nto
• (10)

Montreal al (1) Saint nt Hubert (1)

CANADA

Barrie (1)

Queensway ay Profe fessional al Cente ter Mississauga, ON Springb gban ank Medi dical Centre re London, ON

43 43

BRAZIL: NEWLY BUILT PRIVATE PAY HOSPITAL ASSETS

INVESTME ESTMENT T AND MARKET KET OVER VERVIE VIEW



Insti titu tuti tional nal quality, y, core healthc hcare are infrastr truct cture ure assets ts in strategic markets including São Paulo, Brasilia and Rio de Janeiro



100.0% occupancy and ~20.4 year WALE



Stable cash h flow with long-term, triple-net, inflation-indexed leases, providing consistent organic growth



Long-term rm relations nshi hip with one of the country’s leading hospital

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

Hospital Caxias D’Or Rio de Janeiro Hospi pita tal Infan fantil til Sabará bará São Paulo

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

Hospital Coração Hospital Santa Luzia Hospital Caxias Hospital Brasil Hospi pital Saba bará rá

PARA GOIAS

FEDERAL DISTRICT

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

ALAGOAS

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

CATARINA

Hospital Ifor Hospital Santa Helena Existing Assets Hospital São Luiz Morumb mbi

44 44

EUROPE: STRATEGICALLY LOCATED MOB ASSETS

2 1 11

Berlin Assets Leipzi zig Portfolio Ingolstadt Fulda

NORDRHEIN-WE WESTF TFAL ALEN NIEDERSAC ACHSEN BADEN-WÜ WÜRTT TTEMB MBERG SAXONY-AS ASPHALT LT HESSEN RHINELA LAND-PFAL ALZ BERLIN SACHSEN SCHLESWI WIG- HOLSTE TEIN BRANDENBURG BAYERN MECKLEN LENBURG-VOR ORPOMM POMMERN SAARLAN AND BREMEN THURINGIA

INVEST ESTME MENT NT AND MARKE KET OVER ERVIE IEW



High quality MOB assets ets located ed in the major markets kets including Berlin, Hamburg, Frankfurt, Ingolstadt, Leipzig and Rotterdam



96.4% occupancy and ~10.8 year WALE



Expans ansion

• n into rehabilitati

tation n clinics presents a unique opportunity to acquire assets with infrastructure-like characteristics.



Fully integrat rated ed propert erty manag agement ement and asset et manag agement ement capabi biliti ties es allow efficient operation and deal sourcing

Medi dimal all Rotterdam Adlers rshof f 1 Berlin Hollis Centr tre Ingolstadt Berlin Neuko kolln Berlin

Munich Frankfurt

2 1

Bad Kissingen

1

Hamburg rg Wilhelms mshaven

12

The Netherl rlands

2 1

Bernka kastel-Ku Kues

45 45

AUSTRALASIA (1): MAJOR MARKET HOSPITAL AND MOB PORTFOLIO

Epwort rth Freema masons Private Hospital

Melbourne CBD, Victoria

Epwort rth Victori ria Parade Hospital

Melbourne CBD, Victoria

Austra ralian Red Cross Blood Clinic

Brisbane, Queensland

 Majo jor r Marke rket t Focus cus

− The portfolio is centered around Australia’s three largest t cities: Sydne ney (pop: ~4.9m), Melbourn urne (pop: 4.5m), and Brisban ane (pop: ~2.3m)

 Stabl ble, e, Grow

• win

ing g & A Accre creti tive Cashflow low

− Long-term inflation n indexed leases to some of the region’s largest hospital operators − Track record of earnings growth through accretive acquisitions, expansions, and developments

 Core re Healt lthca care re Strateg tegy

− 10+ years rs of dedicat ated health thcare are focus − Strong ng healthc thcare are operator ator relati tions nships Healthscope, Epworth Foundation, and St. John of God

STRATE TEGIC GIC FIT

WESTERN AUSTR TRALI LIA NORTHERN TERRITOR TORY QUEENSLA LAND SOUTH AUSTR TRAL ALIA NEW SOUTH TH WALES VICTOR TORIA TASMAN ANIA

7 3 5

PORTFOLIO LIO OVER ERVIE IEW

 Northwest Healthcare Properties Australia REIT “NWHP AUS” owns a leading ng Austr tral alian an health thcar are real estat ate portfolio with over $600M in existing assets  Portfolio of 15 Properti ties of ~1.3 .3M Squar are Feet t

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

 Strong ng occupanc ancy y and long-ter term m lease expiry ry profile

• 96.8% occupancy and ~13.0 year WALE

Casey y Specialist Centre re

Melbourne Suburb, Victoria

46 46

AUSTRALASIA (2): STRATEGIC INVESTMENT IN VITAL TRUST

WESTERN AUSTR TRALI LIA NORTHERN TERRITO TORY QUEENSLA LAND SOUTH AUSTR TRAL ALIA NEW SOUTH TH WALES VICTOR TORIA TASMAN ANIA 3 4 5 14 14 6 1

NEW W ZEALAND ND

12 12

AUSTRALIA LIA

Marian rian Centr tre Perth, AU Epwort rth Easte tern rn Medi dical al Centr tre Melbourne, AU Asco cot Hos

• spi

pital al Auckland, NZ Epwort

• rth Eastern

rn Hospi pital al Melbourne, AU

INVEST ESTME MENT NT AND MARKE KET OVER ERVIE IEW



Manag ager r and 24.9% 9% strateg ategic c shareho holder of Vital 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 ~18.5 year WALE



Stable and growing ng cash flows underpinned by tenancies of high quality hospital and healthcare operators with long-term, inflation-indexed leases

47 47 47 47

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

48 48

GLOBAL PLATFORM WITH REGIONAL CAPABILITY AND EXPERTISE

Gerson Amado Managing Director – Brazil



Leads NWH’s Brazilian platform



Office in Sao Paulo

Jan Kriza zan Managing Director – Germany



Leads NHW’s European platform



Office in Berlin

Craig Mitchell CEO – ANZ Management Platform



Leads NWH’s Australasian platform



Office in Melbourne

David Carr CEO - Vital Trust



Co-leads NWH’s Australasian platform



Office in Auckland

Paul Dalla Lana Chairman & CEO



Founder of NWH & NWI REITs



Largest unitholder of REIT

Bernard rd Crotty President



Global governance oversight and business development



Representative on NWH’s and Vital Trust’s board

Peter er Riggi gin COO & MD Canada



Leads NWH’s real estate

• perations and global MOB

platform

Shailen Chande CFO



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



Chartered Accountant

Mike Brady Executive Vice President



EVP, General Counsel and Secretary to NWH REIT



Transaction management and leadership

FULLY ESTABL ABLISH SHED ED, , SCAL ALABL ABLE E REGIONA NAL L TEAMS S WITH H EXPERTI TISE E IN HEALTH THCARE E PROPERT RTY Y OPERATI TIONS NS, , AC ACQUI UISI SITI TIONS NS AND DEVEL ELOPM PMEN ENT T LOCA CAL L MARKET KET KNOWLE LEDG DGE E AND STRONG NG RELATI TIONS NSHIPS PS WITH LEADI DING NG HEALTH THCARE E PROVIDER DERS OVER 180 PROFESSI SIONA NALS LS ACROSS SS 9 OFFICES ES IN 5 COUNTR NTRIES ES MANAGE GEMENT NT REGION ONAL AL OPERA RATING NG PLATFOR ORM AND EXPERTI TISE

49 49

NOTES

1. Based on NWH.UN’s closing unit price of $11.10/unit as of February 28, 2019. 2. Based on the REIT’s distribution policy of $0.80/unit per annum and normalized Q4-18 AFFO of $0.88/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 December 31, 2018. Normalized AFFO/unit is based on Q4-18 Reported AFFO/unit and adjusted for completed acquisitions, and financings as presented in the REIT’s Q4-18 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 50.6% / 61.2%. 7. NAV is based on unitholder’s equity plus add-backs as set out in Part XII in the REIT’s Q4-18 MD&A. Normalized NAV is equal to the reported NAV adjusted for the impact of FX changes post quarter end. 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 December 31, 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 December 31, 2018 adjusted for normalization adjustments, presented in the REIT’s Q4-18 MD&A PART III. 11. Reflects the debt maturity profile as per the REIT’s Q4-18 MD&A and does not include deferred consideration. 12. Gross rent on a fully consolidated basis 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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CONTACT INFORMATION

Paul Dalla a Lan ana, a, Chai airm rman an & CEO 416-366-2000 Ext. 1001 Shai ailen Chan ande, de, CFO 416-366-2000 Ext. 1002

NORTHWE HWEST ST HEALTHCARE E PROPERTIE IES S REIT IT