Q3 2019 INVESTOR UPDATE

November 18, 2019

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 opportunities, 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 or 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 occurred 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 September 30, 2019, as filed on SEDAR.

22

GLOBAL HEALTHCARE TRENDS

3

GLOBAL HEALTHCARE MARKET

4

TRENDS DRIVING GLOBAL HEALTHCARE

1. Population growth

2. Aging population

3. Increase in obesity, addictions

4. Growing middle class in emerging markets

5. Increase in urban migration

1. Consolidation

2. Rise in health awareness and spending

3. Higher quality / value care

4. Shortage of qualified healthcare professionals

5. Changing funding models

1. Emergence of new treatments

2. Rise and new approaches for chronic diseases

3. Early prevention and detection

4. Increasing digitalization of the hospital

5. Emergence of remote medicine

Aging Population

$332B

Consolidation

Global healthcare M&A deals in 2017

623deals in the US

alone

$2M

Emergence of New Treatments

Surgical robot cost (per robot)

↑5.2%Same-day hospitalizations

(vs ↑ 2.6% overnight)

5

HEALTHCARE REAL ESTATE - CURE VS CARE

CURE CARE

GLOBAL Healthcare Real Estate is estimated to be >$3T in value.

NORTHWEST focuses on the CURE segment of Healthcare Real Estate.

NWH FOCUS

Life SciencesHospital Outpatient MOB

Higher Acuity Lower Acuity

Skilled Nursing/Aged

Care

Assisted Living

Independent Living

Post-acute Rehab

6

HEALTHCARE TRENDS IMPACT ON HEALTHCARE REAL ESTATE

HEALTHCARE TRENDS are driving positive effects in HEALTHCARE REAL ESTATE.

77

NWH PLATFORM

8

NORTHWEST OVERVIEW

9

CASH FLOW STABILITY

DIFFERENTIATED STRATEGY

Management Expertise

Deep Relationships

Aligned leadership with a team of healthcare real estate experts

Leading operator relationships

97%+ Occupancy

72%+ Indexed

International portfolio occupancy of 98%+

Contracted organic growth

13.7 year WALECash flow stability

Accretive high quality portfolio

EXPERIENCED AND ALIGNED MANAGEMENT TEAM

Healthcare Real Estate Specialists

Pure play healthcare real estate and infrastructure

EMBEDDED GROWTH

$402MnDevelopment Pipeline

$6.2Bn+ Platform

28% CAGR from 2015-2019

$1.6Bn Un-deployed Capital

$3.6Bn of 3rd Party Fee Bearing Capital

JV Partnership and Vital Trust Investment

SCALED

Target $10 Bn total commitments

200+ Professionals

Operating in the largest global private healthcare markets

10

BUSINESS MODEL

SPNOI (Levered)+5.8%

Development Accretion+0.4%

Asset Management+3.0%

Financial Optimization

+3.5%

+19% Total Return+15% Recurring

▪ WALE: 13.7 Years / Occupancy: 97.1%

▪ Inflation Indexed Leases: 72%

▪ Committed Fee Bearing Capital: $3.6 Bn

▪ Target Capital Commitments: $10 Bn

▪ Committed Developments: $402M

▪ Development Yield: 100bps spread

▪ Accretive Debt Optimization: $600M

▪ Portfolio Management & Capital Recycling: $400M

+13% Annualized Return

+6% Distribution Yield

11

AVENUES FOR FUTURE GROWTH

1212

QUARTERLY HIGHLIGHTS

13

Capital Deployed Debt Repayment

HIGHLIGHTS OF THE QUARTER

Normalized AFFO/Unit

SPNOI Growth: CAD/Source

Occupancy0.92 2.0%/3.6% +97.1%

Equity Financing

$53M $120M

$173M

RE-FINANCINGS:▪ Brazil: New $190M facility (3.88%) was used to repay $112M facility

(7.84%)▪ ANZ: New $110M facility (4.3%) used to repay $96M facility (6.9%)▪ Europe: $82M Refinancing of 7 German MOBs at 1.4% (1.7%)▪ New $218M RCF at 3.5% (3.8%)

Investment Activity Financing Activity

3357

133

0

40

80

120

160

Europe Canada Post Quarter- End

ACQUISITIONS ($M)

6.1% Cap Rate

5.5% Cap Rate

~5.7% Cap rate

DEVELOPMENTS AND JOINT VENTURE ACTIVITIES:▪ Agreement reached to increase the size of the Australian Joint

Venture by $1.6 B to $3.1 B▪ $402M of committed developments including $360M under

construction▪ Anticipated development project yields average ~6.4%

Executing on Strategic Investment Priorities

Stable and Improving Operating Results

14

As Reported Target

$0.88/unit

45.4% / 52.8%

$11.84/unit

+$1.00/unit

+$13.00/unit

AFFO/unit (5)

LTV (6)

NAV (7)

Normalized

$0.92/unit

~$12.06/unit

Portfolio Quality

Occupancy / WALE

45.4% / 52.8% <40% / <50%

97.1%13.7 years

QUARTERLY DASHBOARD

97.1%13.7 years

97.1%13.7 years

15

SIGNIFICANT VALUE CREATION IN GLOBAL ASSET MANAGER

TARGET $10BN OF GLOBAL

CAPITAL COMMITMENTS

INCLUDING $3BN IN THE

NEAR TERM DRIVING

SIGNIFICANT VALUE

CREATION IN THE REIT’S

GLOBAL ASSET MANAGER

AUM ($B)

Stabilized Fees ($M)

$3.1

$30

$1.9

$10

$5.0

$40

$5.0

$35

$10.0

$75

Status

Target AUM ($B)

Available Capacity

($B)NWH

Ownership TermStabilized Fees ($M)

Australian Core Hospital JV

Active $3.4 $1.6 30% Perpetuity $20

Vital Active $1.6 Open 25% Perpetuity $20

Australian JVSidecar

Committed $1.8 $1.8 25% - 30% Perpetuity $10

Americas & Europe

UnderNegotiation

$3.2 $3.2 25% - 30% Perpetuity $25

Target $10.0 $6.6 $75

Active

Under Negotiation

$400M

$720M$130M

$320M

$270M

$0

$200

$400

$600

$800

Q2-19 Valuation Recent Developments Q3-19 Valuation Under Negotiation Target

16

$0.92

($0.10)$0.09

$0.05

$0.88

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

Q3-19 Reported AFFO/Unit Debt Repayment/Refinancing Acquisitions Non-Recurring Items Q3-19 Normalized AFFO/Unit

FINANCIAL HIGHLIGHTS - PROFITABILITY

Key Metrics (Reported)

$69.8M NOI $ 26.5M FFO $31.3M AFFO

150.230M Units

$0.88 AFFO/Unit Annualized

87% Payout Ratio

AFFO Normalization

AFFO/Unit and Payout Ratio

0.88 0.88 0.90 0.92 0.92

90% 91%

88%87% 87%

80%

100%

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

Normalized AFFO per Unit AFFO Payout Ratio

$223M of contracted/completed acquisitions at a 6% cap rate

~$600M of high cost debt repaid or refinanced with annual interest savings of

$13M

Relates to an income pick-up as a result of a non-recurring annual tax

adjustment

17

FINANCIAL HIGHLIGHTS - CAPITALIZATION

ANZ Manager valuation increased as a result of the $1.6B ANZ joint venture upsize

Quarterly NAV / Unit Bridge

The Canadian dollar appreciated by ~4% QoQ vs. the weighted basket of the REIT’s foreign currency exposure

Leverage trending lower Net Asset Value

1,342 1,492

1,573 1,591

1,779

11.09

12.30

11.65 11.76 11.84

8

10

12

14

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

0

400

800

1,200

1,600

2,000

NAV/UnitNAV ($,000)

18

LTV (11) ~50% ~25% ~60% ~45% to 65%

Market Interest Rates (12)

~3.5% ~4.0% ~2.0% ~3.0%

Typical Amortization

25 years 12 years 50 years Interest Only

IMPACT OF RECENT FINANCING ACTIVITY

BALANCE SHEET OPTIMIZATION AND REGIONAL DEBT STRATEGY

DEBT MATURITY PROFILE (9) REGIONAL DEBT STRATEGIES~$203M RCF refinanced post

quarter with a 3 year maturity

Cost of capital Source of Funds

($8.8M)

Incremental earnings Use of

Funds

AFFO impact

$11.4M

EARNINGS IMPACT

AFFO impact+$0.02/un

+$2.6M

LEVERAGE IMPACT

Gross Asset Value

+$54.9M to $5,256M

Net debt +$28.4M to $2,776M

Debt to GBV Flat at 52.8%

19

96.3%96.7% 96.8%

97.2% 97.1%

12.5 12.6

13.0

14.013.7

11.5

12.0

12.5

13.0

13.5

14.0

14.5

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

90.0%

92.0%

94.0%

96.0%

98.0%

Occupancy +1.2 yrs YoY

OPERATING METRICS

PORTFOLIO QUALITY

SP NOI INDEXATION

72.5% 71.9% 72.4% 72.8% 72.2%

95.2% 94.9% 95.3% 95.1% 95.1%

0%

20%

40%

60%

80%

100%

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

% indexation Consolidated % indexation International

BROWNFIELD DEVELOPMENTS

WALE

266.4

344.3312.9

413.5 401.8

6.0%

6.2%

6.4%

6.6%

6.8%

0

100

200

300

400

500

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

Spent to Date Cost to Complete

-2.6%

0.4%

-0.9% -0.7%

2.0%

3.1% 3.2%

2.5%1.8%

3.6%

-3%

-2%

-1%

0%

1%

2%

3%

4%

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

% in C$ % in source $SP NOI Growth YoY

20

OVER A 10 YEAR PERIOD,

FOREIGN EXCHANGE

INDEX HAS REMAINED

IN-LINE WITH ITS BASE

VALUE

RENTAL INDEXATION

ACTS AS NATURAL

CURRENCY HEDGE

LOCAL CURRENCY

PROPERTY / CORPORATE

DEBT TO REDUCE

INVESTMENT RISK

RISK MANAGEMENT – FOREIGN EXCHANGE

LTM Currency Impact

(4.8%)

($0.04) AFFO/Unit

($0.56) NAV/Unit

NOI Var. %

Weight QoQ YoY 6-Nov-19 Var. %

BRL:CAD 17.0% -6.4% -0.1% 0.3228 1.4%

EUR:CAD 12.3% -3.1% -3.7% 1.4587 1.1%

NZD:CAD 39.1% -5.8% -3.0% 0.8396 1.2%

AUD:CAD 10.5% -2.8% -4.1% 0.9074 1.5%

CAD:CAD 21.1% 0.0% 0.0% 1.0000 0.0%

Portfolio Weighted Avg. 100.0% -4.0% -2.1% 1.0%

2121

P O R T F O L I O OV E RV I E W

22

57PROPERTIES

92.2%OCCUPANCY

5.0YEAR WALE

$1.2BGROSS ASSETS

6.4%CAP RATE

35PROPERTIES

97.1%OCCUPANCY

14.8YEAR WALE

$0.7BGROSS ASSETS

5.7%CAP RATE

71PROPERTIES

99.6%OCCUPANCY

17.3YEAR WALE

$3.5BGROSS ASSETS

5.5%CAP RATE

8PROPERTIES

100%OCCUPANCY

19.6YEAR WALE

$0.8BGROSS ASSETS

7.0%CAP RATE

GLOBAL PORTFOLIO

1.7%SP NOI

4.0%SP NOI

4.7%SP NOI

2.9%SP NOI

$6.2BTOTAL ASSETS

13.7WALE

97.1%Occupancy

171Total Properties

3.6%SPNOI(8)

23

ASSET MIX BY REGION AND SEGMENT

ON A PROPORTIONATE

BASIS HOSPITALS

ACCOUNT FOR 55% OF NET

OPERATING INCOME

INCREASING FOCUS ON

HEALTHCARE

INFRASTRUCTURE,

INCLUDING ACUTE/POST

ACUTE HOSPITALS AND

RELATED BUILDINGS IN

EACH OF ITS MARKETS

Proportionate NOI Diversification

AUS NZ BRL CAD GER NL

Acute hospitals

Post-acute hospitals

MOBs

Aged care

High Priority Low Priority

Detailed Segment Breakdown

24

STRATEGIC RELATIONSHIPS AND TENANT DIVERSIFCATION

STRATEGIC RELATIONSHIPS ALLOWING FOR BEST-IN-CLASS PERFORMANCE

✓ Median (5 Transactions): Germany’s largest private provider of rehabilitation services

✓ Epworth Foundation (5 transactions):The largest not-for profit hospital operator in the Australian state of Victoria

✓ Rede D’Or (7 transactions): Brazil’s leading hospital operator

✓ Alberta Health Services (6 Locations):Largest provincial healthcare provider to 4.3 M Albertans

TOP 10 TENANTS BY GROSS RENT(10)

TENANT REGION % GROSS RENT

Healthscope Limited 15.6%

Rede D'Or 12.5%

Healthe Care 11.4%

Epworth Foundation 4.3%

Acurity Group 1.7%

St John of God Healthcare Inc.

1.4%

CISSS / CIUSSS 1.3%

Bolton Clarke 1.3%

Median Kliniken 1.2%

Hospital Sabara 1.0%

Top 10 Tenants 51.8%

1

2

3

6

7

8

4

5

9

10

25

HEALTHSCOPE – STRATEGIC TRANSACTION

CORE HEALTHCARE INFRASTRUCTURE IN MAJOR MARKETS

57OPERATING THEATRES

▪ 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 operator

▪ 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

1,539BEDS

11PROPERTIES ACQUIRED

100%OCCUPANCY

2.5%ANNUAL RENT INDEXATION

20YEAR WALE

INITIAL RENT

$1.2BNACQUISITION PRICE

5.0%CAP RATE1

$60M

MELBOURNE CLINIC

N O R W E S T

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

BRISBANEP R I V A T E

NEWCASTLE PRIVATE

26

✓ ~$402M (fully consolidated; $165M proportionate) of committed low risk development & expansions in Australasia, Brazil and Canada to be funded through a combination of existing resources and property financing

– $320.8M ($84.1M proportionate) of Australasian hospital and MOB expansions at Vital and NWAUS

– $43.5M of Brazilian hospital expansions

– $37.5M of Canadian MOB development

✓ ~$45.8M ($18.7M proportionate) of stabilized value accretion on a proportionate basis

– Potential to generate up to an incremental ~$0.30 NAV/Unit ($0.11 NAV/Unit proportionate)

ACCRETIVE DEVELOPMENT & EXPANSION PIPELINE

WITH A TRACK RECORD

OF COMPLETING MORE

THAN $500M OF

DEVELOPMENTS AND

EXPANSIONS, THE REIT

IS LEVERAGING ITS

EXPERIENCE TO DELIVER

AN ADDITIONAL $402M

OF VALUE ENHANCING

PROJECTS TO ITS

PORTFOLIO

Country (13) ProjectsEst.

CompletionProject

CostCost to

CompletePre-LeasedOccupancy

Project Yield

Project NOI

Potential Value

Accretion

6Q4 2019 to

Q4 2021320.8 218.2 100% ~6.1% 19.5 37.1

2 Q4 2019 43.5 43.5 100% ~7.5% 3.3 2.9

2Q1 2020 to Q1

202137.5 29.0 61% ~7.5% 2.8 5.8

10 Q4 2021 401.8 290.7 92% ~6.4% 25.6 45.8

27

2003-05 2014-17 2017-21

▪ 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

▪ $125m expansion of Epworth Eastern Hospital

▪ Adjacent site available for next stage expansion

▪ Epworth Eastern Hospital at capacity for 3 years

▪ New 30-year lease term over entire expanded hospital

▪ Acquisition of Ekera Medical Centre increases NorthWest assets in precinct

▪ Strategic acquisition of adjacent site for private hospital expansion

▪ Public hospital major expansion ▪ Council designated ‘Education and

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

Eastern Private Hospital announces major expansion

CASE STUDY #1 – EPWORTH EASTERN HOSPITAL, MELBOURNE

NorthWest has supported Epworth over 15+ years with expansion opportunities, advice and capital. Developments have added to the quality & value of assets, driving operational benefits & efficiencies that attract practitioners.

Public and private hospitals drive health precinct

Private hospital development leads to formation of precinct

NON-FOR-PROFIT PRIVATE

HEALTHCARE GROUP THAT

RAISES FUNDS TO

PURCHASE ADVANCED

MEDICAL EQUIPMENT,

FUND RESEARCH AND

PROVIDE BEST POSSIBLE

CARE TO PATIENTS

EPWORTH EASTERN IS A

LEADING HOSPITAL WITH

223 BEDS AND STATE OF

THE ART EQUIPMENT AND

TECHNOLOGY

28

Market Leader

~230,000 Patients p.a.

~€940 M Revenue

120 Facilities

~18,200 Beds/Places

~15,000Employees

CASE STUDY #2 – MEDIAN, GERMANY

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 on 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 opportunities likely

▪ Agreed key terms (master lease agreement) ensures competitive advantage and efficiency in transactions

Present Future

LARGEST PRIVATE

REHABILITATION

PROVIDER WITH 120+

FACILITIES ACROSS

GERMANY

IN 2014 MEDIAN WAS

ACQUIRED BY

WATERLAND PRIVATE

EQUITY

AFTER SEVERAL

ACQUISITIONS MEDIAN IS

THE CLEAR MARKET

LEADER IN THE GERMAN

REHABILITATION MARKET

29

CASE STUDY #3 – REDE D’OR, BRAZIL

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

1,009

1,5781,796

20152012

851

20172013 2014 20182016

R$M

340

885

2,124+36% p.a.NorthWest's Brazilian Portfolio has

Scaled Significantly

▪ NorthWest owns 8 hospitals totaling R$2.1B (C$750M)

▪ Ongoing collaboration with partner for win-win opportunities

Top Facilities ‘AAA‘ Strategy ▪ Major acute-care assets ▪ Leading cities ▪ Highly capable operator ▪ A-typical lease structures – no rent reviews,

inflation escalation

LARGEST PRIVATE

HOSPITAL OPERATOR IN

BRAZIL WITH 39

HOSPITALS AND 5,900

BEDS

BACKED BY GLOBAL

INVESTORS GIC (26%)

AND CARLYLE GROUP

(12%)

PLATFORM GROWTH HAS

ALLOWED NWH TO

REMAIN A KEY CAPITAL

PARTNER AND EXPAND

ALONGSIDE OUR

OPERATING PARTNERS

3030

INVESTMENT OPPORTUNITY

3131

NWH AT A GLANCE

14.0MSQUARE FEET

T O R O N T O

S Ã O PA U L O

B E R L I N

A U C K L A N D

ESTABLISHED RELATIONSHIPS WITH LEADING HEALTHCARE OPERATORS

CONSOLIDATED NOI DIVERSIFICATION(4)

S Y D N E YMELBOURNE

171PROPERTIES

$6.2BNTOTAL ASSETS(3)

97.1%OCCUPANCY

$1.6BNMARKET CAP (1)

13.7YEAR WALE

6.0%IFRS CAP RATE

6.7%DISTRIBUTION YIELD (1)

87%PAYOUT RATIO (2)

Global scale, local relationshipsPartner of choice for leading operators in each market we invest

Deep healthcare real estate expertise200+ healthcare professionals based in 3 of the largest global healthcare markets

Execution excellence15+ years of healthcare real estate investment, management and development

Entrepreneurial culture, institutional capabilities10+ year public company track record

A proven track recordTrack record of delivering exceptional risk-adjusted returns for investors; 8x increase in book value since inception

Scalable platform with embedded growthOur operator relationships and existing portfolio provide a robust acquisition and development pipeline

Focused Healthcare Real Estate Investment Partner

65% GLOBAL GATEWAY CITY EXPOSURE

32

RELATIVE VALUATION

THE REIT IS TRADING AT

SIGNIFICANT DISCOUNT

TO ITS PEERS ON AN

AFFO MULTIPLE BASIS

- Based on NWH.UN’s closing unit price of $12.00/unit as of November 14 2019, and normalized AFFO/Unit of $0.92 per year; NWH.UN’s NAV is based on Q3-19 of $11.84.

$12.00

$12.00

33

INVESTOR FACTSHEET

Ticker NWH.UN

Listed Exchange TSX

Distribution Payable Monthly

Distribution Type55% Capital Gains/45% Return on Capital

Unit Price (November 14, 2019) $12.00

Market Capitalization ~$1.6Bn

Distribution Yield 6.7%

52-Week Trading Range $9.27- $12.35

Volume Weighted Avg. Price (VWAP) (20-day) $11.89

Average Daily Volume (90-days) ~258,000

NAV (Q3-2019/Current Currency)(7) $11.84/$12.06

3434

R E G I O N A L P O R T F O L I OA P P E N D I X 1

O V E R V I E W S

35

PORTFOLIO PROFILE

GLOBAL HEALTHCARE REAL ESTATE INFRASTRUCTURE PORTFOLIO COMPRISES

171 PROPERTIES

TOTALING 14.0M

SQUARE FEET OF GLA

IN SIX COUNTRIES

STRONG OPERATING

FUNDAMENTALS WITH

OCCUPANCY OF 97.1%,

WALE OF 13.7 YEARS

AND 47% MOB 53%

HOSPITAL AND OTHER

HEALTHCARE FACILITIES

MIX

Q3 2019 Canada Brazil Europe Vital Trust NWAUS Platform*

Number of Properties

57 8 35 45 26 171

Asset Mix by GLA 100% MOB100%

Hospital

86% MOB & 14% Hospital

and other Healthcare

Facilities

21% MOB &79% Hospital

and Other Healthcare

Facilities

23% MOB & 77% Hospital

and Other Healthcare

Facilities

47% MOB & 54% Hospital

and Other Healthcare

Facilities

GLA (Million Square Feet)

3.6 1.7 3.2 2.6 2.8 14.0

Gross Assets $1,197 $808 $699 $1,586 $1,891 $6.2B

Occupancy 92.2% 100.0% 97.1% 99.9% 99.1 97.1%

WALE (Years) 5.0 19.6 14.8 18.2 15.9 13.7

Avg. Building (Years)

~30 ~15 ~27 ~31 ~29 ~28

Weighted Cap Rate 6.4% 7.0% 5.7% 5.5% 5.5% 6.0%

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

36

CANADA: LARGEST PORTFOLIO OF MOB ASSETS

Hys CentreEdmonton, AB

YT

SK

QC

ON

NU

NT

NL

MB

BC AB

NB

PE

NS

Winnipeg (2)

Edmonton (4)

Calgary (7)

Airdrie (1)

Spruce Grove (1)

INVESTMENT AND MARKET OVERVIEW⚫ Canada’s largest non-government owner/manager of MOBs and

healthcare related facilities

◼ Portfolio of 57 properties comprising GLA of 3.6 million sf and 1,067 tenants

◼ 92.2% occupancy and ~5.0 year WALE

⚫ High quality real estate with stable cash flow underpinned by tenancies supported by the Canadian publicly funded healthcare system

⚫ Provides stability and diversification to a broader international healthcare real estate portfolio

QC PEON

NS

NB

Levis (1)

Laval (1) Lachenaie (1)Joliette (1)

Hamilton (3)

Halifax (2)

Guelph (2)

Fredericton (1)

Collingwood (1)

Cambridge (1)

Richelieu (1)

Quebec City (3)

Ottawa (1)

Oakville (1)

New Glasgow (1)Moncton (1)

Mississauga (1)

Lower Sackville (1)

Longueuil (2)

London (2)

Whitby (1)

Vaudreuil-Dorion (1)

Toronto (10)

Montreal (1)Saint Hubert (1)

CANADA

Barrie (1)

Queensway Professional CenterMississauga, ON

Springbank Medical CentreLondon, ON

37

BRAZIL: NEWLY BUILT PRIVATE PAY HOSPITAL ASSETS

INVESTMENT AND MARKET OVERVIEW

⚫ Institutional quality, core healthcare infrastructure assets in strategic markets including São Paulo, Brasilia and Rio de Janeiro

◼ 100.0% occupancy and 19.6 year WALE

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

⚫ Long-term relationship with one of the country’s leading hospital operators Rede D’Or São Luiz S.A. (Fitch National Rating: AAA)

Hospital Caxias D’OrRio de Janeiro

Hospital Infantil SabaráSão Paulo

ManausBelem

Fortaleza

Natal

Recife

Macieo

Salvador

Brasilia

Rio De JaneiroSão Paulo

Port Alegre

Hospital Coração

Hospital Santa Luzia

Hospital Caxias

Hospital Brasil

Hospital Sabará

PARA

GOIAS

FEDERAL DISTRICT

AMAZONAS

BAHIA

SÃO PAULO RIO DE JANEIRO

RIO GRANDE DO SUL

CEARARIO GRANDE

DO NORTE

ALAGOAS

PERNAMBUCO

AMAPÁ

MINAS GERAIS

RORAIMA

MARANHÃO

PIAUI

TOCANTINSRONDÔNIA

ACRE

MATO GROSSODO SUL

PARANÁ SANTACATARINA

Hospital Ifor

Hospital Santa Helena

Existing Assets

Hospital São Luiz Morumbi

38

EUROPE: STRATEGICALLY LOCATED MOB ASSETS

INVESTMENT AND MARKET OVERVIEW

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

◼ 97.1% occupancy and ~14.8 year WALE

⚫ Expansion into rehabilitation clinics presents a unique opportunity to acquire assets with infrastructure-like characteristics.

⚫ Fully integrated property management and asset management capabilities allow efficient operation and deal sourcing

MedimallRotterdam

Adlershof 1Berlin

Hollis CentreIngolstadt

Berlin NeukollnBerlin

2

1

11

Berlin Assets

Leipzig Assets

Ingolstadt

Fulda

NORTH RHINE-WESTPHALIA

LOWER SAXONY

BADEN-WUERTTEMBERG

SAXONY-ANHALT

HESSE

RHINELAND-PALATINATE

BERLIN

SAXONY

SCHLESWIG-HOLSTEIN

BRANDENBURG

BAYERN

MECKLENBURG-WESTERN POMERANIA

SAARLAND

BREMEN

THURINGIA

Munich

Frankfurt 1

Bad Kissingen

1

Hamburg

Wilhelmshaven

12

The Netherlands2

1

Bernkastel-Kues

2Ratzeburg

1

1

39

AUSTRALASIA (1): MAJOR MARKET HOSPITAL AND MOB PORTFOLIO

Epworth Freemasons Private Hospital Melbourne CBD, Victoria

Epworth Victoria Parade HospitalMelbourne CBD, Victoria

Australian Red Cross Blood ClinicBrisbane, Queensland

✓ Major Market Focus

− The portfolio is centered around Australia’s three largest cities: Sydney (pop: ~4.6m), Melbourne (pop: 4.4m), and Brisbane (pop: ~2.3m)

✓ Stable, Growing & Accretive Cashflow

− Long-term inflation indexed leases to some of the region’s largest hospital operators

− Track record of earnings growth through accretive acquisitions, expansions, and developments

✓ Core Healthcare Strategy

− 10+ years of dedicated healthcare focus− Strong healthcare operator relationships Healthscope, Epworth

Foundation and St. John of God

STRATEGIC FIT

WESTERN AUSTRALIA

NORTHERNTERRITORY

QUEENSLAND

SOUTH AUSTRALIA

NEW SOUTH WALES

VICTORIA

TASMANIA

9

9

6

PORTFOLIO OVERVIEW

✓ Northwest Healthcare Properties Australia REIT “NWHP AUS” owns a leading Australian healthcare real estate portfolio with ~$1.9Bn in existing assets

✓ Portfolio of 26 Properties of ~2.8M Square Feet ▪ 17 hospitals, 6 medical centers, 3 residential aged care

✓ Strong occupancy and long-term lease expiry profile▪ 99.1% occupancy and ~15.9 year WALE

Norwest Private HospitalSydney Suburb, NSW

1

1

40

AUSTRALASIA (2): STRATEGIC INVESTMENT IN VITAL TRUST

WESTERN AUSTRALIA

NORTHERNTERRITORY

QUEENSLAND

SOUTH AUSTRALIA

NEW SOUTH WALES

VICTORIA

TASMANIA

3

4

5

14

6

1

NEW ZEALAND

12

AUSTRALIA

Marian CentrePerth, AU

Epworth Eastern Medical CentreMelbourne, AU

Ascot HospitalAuckland, NZ

Epworth Eastern HospitalMelbourne, AU

INVESTMENT AND MARKET OVERVIEW

⚫ Manager and 24.9% strategic shareholder of Vital 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

◼ 99.9% occupancy and ~18.2 year WALE

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

4141

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 2

42

GLOBAL PLATFORM WITH REGIONAL CAPABILITY AND EXPERTISE

FULLY ESTABLISHED,

SCALABLE REGIONAL TEAMS

WITH EXPERTISE IN

HEALTHCARE PROPERTY

OPERATIONS,

ACQUISITIONS AND

DEVELOPMENT

LOCAL MARKET

KNOWLEDGE AND STRONG

RELATIONSHIPS WITH

LEADING HEALTHCARE

PROVIDERS

OVER 200 PROFESSIONALS

ACROSS 9 OFFICES IN 5

COUNTRIES

Peter RigginCOO & MD Canada

⚫ Leads NWH’s real estate operations and global MOB platform

Gerson AmadoManaging Director –Brazil

⚫ Leads NWH’s Brazilian platform

⚫ Office in Sao Paulo

Jan KrizanManaging Director –Europe

⚫ Leads NHW’s European platform

⚫ Office in Berlin

Craig MitchellCEO – Australia& New Zealand

⚫ Leads NWH’s Australasian platform

⚫ Office in Melbourne

Paul Dalla LanaChairman &CEO

⚫ Founder of NWH & NWI REITs

⚫ Largest unitholder of REIT

BernardCrottyPresident

⚫ Global governance oversight and business development

⚫ Representative on NWH’s and Vital Trust’s board

Shailen ChandeCFO

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

⚫ Chartered Accountant

Mike BradyExecutive Vice President

⚫ EVP, General Counsel and Secretary to NWH REIT

⚫ Transaction management and leadership

CORPORATE MANAGEMENT REGIONAL OPERATING PLATFORM

43

NOTES

1. Based on NWH.UN’s closing unit price of $12.00/unit as of November 14, 2019.

2. Based on the REIT’s distribution policy of $0.80/unit per annum and normalized Q3-19 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 September 30, 2019. Normalized AFFO/unit is based on Q3-19 Reported AFFO/unit and adjusted for completed acquisitions, and financings as presented in the REIT’s Q3-19 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 Q3-19 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 September 30, 2019 and excludes non-cash amortization and non-recurring transactions.

9. Reflects the debt maturity profile as per the REIT’s Q3-19 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.

44

CONTACT INFORMATION

Paul Dalla Lana, Chairman & CEO416-366-2000 Ext. 1001

Shailen Chande, CFO416-366-2000 Ext. 1002

NORTHWEST HEALTHCARE PROPERTIES REIT