Q4 2016

INVESTOR UPDATE

March 02, 2017

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 NOI, FFO and 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, 2016, as filed on SEDAR and a reconciliation of NAV is presented herein.

2 2

NWH AT A GLANCE

9.5M 141 $3.9BN SQUARE FEET (3)

PROPERTIES (3)

TOTAL ASSETS (3)

95.6% 11.1 OCCUPANCY YEAR WALE

$1.0BN 7.8% MARKET CAP (1)

DISTRIBUTION YIELD (1)

ESTABLISHED RELATIONSHIPS WITH LEADING HEALTHCARE OPERATORS

7.1% IFRS CAP RATE

87.0% PAYOUT RATIO (2)

NorthWest Healthcare Properties Real

Estate Investment Trust (TSX: NWH.UN) is a

specialist healthcare real estate investor that

owns a high quality portfolio of medical

office and hospital properties located

throughout major markets in Canada, Brazil,

Germany, Australia and New Zealand.

CORE HEALTHCARE INFRASTRUCTURE IN MAJOR MARKETS

T O R O N T O

SÃO PAULO

B E R L I N S Y D N E Y MELBOURNE

ASSET MIX REGIONS

2015

2016

2015

2016 NOI

DIVERSIFICATION (4)

A U C K L A N D

3

As Reported

$0.87/unit

41.5% / 51.5%

$11.66/unit

AFFO/unit (5)

LTV (6)

NAV (7)

Deliver stable property operating performance, cash flow and distributions

Normalized

$0.92/unit

$12.10 /unit

Adjusts for un-deployed cash from $86M equity and convert financing, other financing activities, Santa Helena acquisition, Q4-16 non-recurring items and currency

Occupancy /

WALE

39.5% / 49.3%

95.6%

11.1years

95.6%

11.1 years

Q4 2016 – KEY METRICS

Q4 2016

REIT delivered strong operational, financial and portfolio results in 2016

Target

$0.90 to $0.95/unit

~$11.00/unit

12 – 18 month target Renewed emphasis on capital

allocation – target 50% International asset mix

~96.0%

~10.5 years

~50.0%

Q4 2015

Run Rate

$0.95/unit

~$12.50/unit

Track to management run rate and guidance

<40% / <50%

96%

11 years

4

TRANSFORMATIONAL GROWTH CONTINUES

Improved

Market Profile Defensive High

Quality Portfolio

Positioned for

Growth

Core Healthcare Focus

Major Global Markets

Asset & Capital Diversification

Improved Portfolio Metrics

Increase in Market cap.

Reduced Payout Ratio

Reduced Leverage

Increased NAV

Aligned & Integrated Global Platform

Leverage Institutional Relationships

Identified Expansions and Developments

Actionable Acquisition Pipeline

Strategic International Growth

Operational Strength

Scalable Platform

Defensive Healthcare Assets

Internal value creation opportunities

Canadian Medical Office Building (MOB) Consolidation NWI investment and

international growth

5

$0.92

$572m $2,700m

~7x increase since inception(8) 15% increase since inception(8)

International portfolio above 98% Long-term stability

At inception (3) FY2015

At inception(3) Q4-2015 At inception(3) Q4-2015

At inception(3) Q4-2015 Q4-2016 Normalized

$3,866m

$0.80 $0.82

94.3% 90.7%

10.0 4.0

DASHBOARD

GROSS BOOK VALUE (3) NORMALIZED AFFO / UNIT

WEIGHTED AVERAGE LEASE EXPIRY OCCUPANCY

Q4-2016 Normalized

Q4-2016 Normalized

Q4-2016 Normalized

95.6% 11.1

6

GROSS BOOK VALUE (3) PORTFOLIO QUALITY

SP NOI (9)

FINANCIAL AND OPERATIONAL METRICS

NAV (7)

Normalized NAV has increased from $10.71 to $12.10 per unit

Portfolio Quality improved - occupancy up from ~94% to

~96% with longer lease terms from ~9 years to ~11 years

GBV has increased from $2.7BN to $3.9BN, a ~44% increase

SP NOI increased to 7% in Q4-16 vs. Q4-15

7

Consolidated LTV (Excl. Converts) has decreased from ~49%

(Q4-15) to ~40% (Q4-16 Normalized)

FINANCIAL PROFILE CAPITALIZATION

CAPITAL RAISE

Annualized AFFO / Unit has increased from $0.82 to $0.87.

Payout Ratio has reduced from ~98% to 92%.

FINANCIAL AND OPERATIONAL METRICS

Total capital issuance of ~$453M; $306M in NWH; $147M in

Vital

CAPITAL MARKETS AND LIQUIDITY

453

8

2016 - $350M OF STRATEGIC INTERNATIONAL ACQUISITIONS

July 2016

GHM closed on June 27,

2016 for A$58.5M

Acquired 19.9% of GHC REIT

at A$2.20/unit for a total

investment of $C92M

(A$95.5M) during Q3/16.

Dec. 2016 entered forward

contract to increase interest

to 22.9% (+3.0%.)

June to December 2016

Rede D'Or Investment (1)

– Hospital Ifor in Sao

Paulo for C$26M (R$65M)

at a ~10.75% cap rate

Long-term quadruple net

lease for 25 years and

indexation to inflation

Continued Rede D'Or

Investment (2) - Santa

Helena in Brasilia for

$127M at a ~9.5% cap

rate closed in Q4/16

Long-term quadruple net

lease for 25 years and

indexation to inflation

October 2016

Germany Australia Brazil (1) Vital Trust Brazil (2) Total

Size (C$M) ~$20.0 ~$150.0 ~$25.0 ~$35.0 ~$125.0 ~$350.0

GLA (Square Feet) 0.1 1.1 0.1 - 0.4 ~1.7

Cap Rate ~7.0% ~7.6% ~10.75% ~7.2% ~9.5% ~8.4%

Occupancy ~97.3% ~98.6% 100.0% 99.4% 100.0% ~99.0%

WALE (yrs) ~4.0 ~12.4 ~25.0 ~18.1 ~25.0 ~15.6

Vital Rights Offering for

NZ$160M – NorthWest

participated in its pro rata

share of NZ$40M

Rights price at NZ$2.08,

price before offering

closing of NZ$2.22

July 2016

Acquisition of a

Medical Office

Building complex

consisting of 2

buildings in Berlin

for EUR$13.5M.

April 2016

9 9

F I N A NCI A L O V E RV I E W

10

FINANCIAL HIGHLIGHTS

POSITIVE FINANCIAL

OPERATING RESULTS IN

LINE WITH

MANAGEMENT

GUIDANCE

NORMALIZED RESULTS

HAVE BEEN ADJUSTED

TO REFLECT THE

IMPACT OF RECENTLY

COMPLETED

TRANSACTIONS

NORMALIZATION ADJUSTMENTS

Normalization adjustments principally relate to:

- Acquisition of the Brazil Hospital Santa Helena, which closed in October 2016

- Public offering of 8,544,500 trust units (C$ 86.3M) in January 2017

- Acquisition of 2 properties in Germany (Q1 2017) part funded with proceeds of January offering

- Financing transactions completed in the quarter: Caxias financing and C$ 80.5M of convert offering

- Repayment of higher cost facilities with proceeds of convert offering and January equity

- Accrued rent to 2017 based on contract rental indexation adjustments in Brazil

- Removal of lease termination income occurred in the quarter

- Other non-recurring items that will not have an on-going impact in future quarters.

Q4-16

As Reported

Q4-16

Normalized

NOI $63.6M $52.6M

FFO $21.4M $24.5M

AFFO $19.2M $22.3M

W.A Units

Outstanding 86,367 96,980

AFFO / Unit (4) $0.22/unit $0.23/unit

Payout Ratio 92.0% 87.0%

LTV (5) 41.5% / 51.5% 39.5% / 49.3%

NAV / Unit (6) $11.66/unit $12.10/unit

11

REGIONAL DASHBOARD

C A N A D A B R A Z I L

A U S T R A L A S I A G E R M A N Y

LEADING MEDICAL

OFFICE BUILDING

PLATFORM

CONSOLIDATION OF

MEDICAL OFFICE

BUILDINGS

STRONG

RELATIONSHIPS WITH

LEADING OPERATORS 0.2% SP NOI Growth (9)

91.6% Occupancy

4.8YR WALE

LEADING PUBLICLY

LISTED HEALTHCARE

TRUSTS 1.2% SP NOI Growth (9)

95.4% Occupancy

4.7YR WALE

SP NOI Growth (9)

100% Occupancy

21.7YR WALE

12.5% SP NOI Growth (9)

98.6% Occupancy

15.7YR WALE

10.6%

12

SEGMENTED FINANCIAL INFORMATION (10)

Canada Brazil Germany Vital Vital

Mgr. GHC

Generation

Mgr. (13)

Corporate Combined

NORMALIZED INCOME SUMMARY:

NOI $18.6 $13.1 $3.4 $17.5 - - - - $52.6

FFO $12.9 $9.9 $1.8 $2.8 $1.9 $0.9 $2.0

($7.7) $24.5

AFFO $9.9 $10.8 $1.7 $2.8 $2.1 $0.9 $1.7 ($7.7) $22.3

NORMALIZED BALANCE SHEET SUMMARY:

Gross Assets $1,220 $651 $221 $1,005 $49 $95 $65 $54 $3,361

Total Liabilities (7) $701 $155 $113 $318 $3 - $1

$486 $1,778

Unitholders' Equity $518 $496 $108 $201 $59 $95 $64 ($432) $1,111

13

CAPITALIZATION

DEBT MATURITY PROFILE (11)

Market

Capitalization

Long-Term Debt ObligationsCanada Mortgages$632.04.84.6%German Mortgages$75.6--2.3%Convertible Debentures - NWI$71.94.77.1%Convertible Debentures - NWH$40.95.85.3%FCC Acquisition Facility$23.02.08.2%Near Term Debt ObligationsBrazil Term Loans$176.31.07.3%Margin Facilities$71.21.27.2%Revolving Credit Facilities$15.81.2BA+2.00%Deferred Consideration$41.3On Demand--

$1.0BN

Enterprise Value $2.7BN

Gross Book

Value

LTV

(Excluding

Convertibles) 41.5%

LTV

(Including

Convertibles) 51.5%

W.A. Interest

Rate 4.39%

% Unsecured

Debt 19.4%

% Fixed Debt 81.6%

REGIONAL DEBT STRATEGIES

Type Asset Level

Term Debt

Bank Loans and

Securitization

Asset Level

Term Debt

Asset Level

Revolving Debt

LTV (13) ~56% ~25% ~48% ~36%

Market Interest

Rates (14) ~3.9% ~7.8% ~1.9% ~5.1%

Typical

Amortization 25 years 10 years 50 years Interest Only

$3.9BN

14

QUARTERLY NAV/UNIT IMPACT

International Growth

- Canada: gain driven by recgnition density value at REIT`s Dundas -Edward Centre property in Toronto, partially offset by a valuation decrease at Glenmore Professional Centre property in Calgary, Alberta.

- Brazil: cap rate compression of 73 bp QoQ to 8.52% supported by positive macro-economic changes in Brazil and credit quality of Rede D`Or. NOI increases due to annual indexed leases based on three months of inflation.

- Germany: continued cap rate compression to 5.86% as demand for German real estate remains supported by institutional investors. NOI increases due to rent growth.

- Australasia:. Demand for healthcare properties continues to be strong with Vital Trust cap rates compressing 18 bps QoQ to 6.86%.

In Millions Canada Brazil Germany Australasia Total

Value Attributable To:

NOI changes 6.3 6.0 $4.2 $0.2 $16.7

Implied cap rate

changes 3.7 53.0 $1.9 $1.1 $59.7

Total $10.0 $59.0 $6.1 $1.4 $76.5

Per Unit $0.11 $0.67 $0.07 $0.02 $0.86

15

RISK MANAGEMENT – FOREIGN EXCHANGE

POSITIVE CURRENCY

ENVIRONMENT

RENTAL INDEXATION

ACTS AS NATURAL

CURRENCY HEDGE

LOCAL CURRENCY

PROPERTY /

CORPORATE DEBT TO

REDUCE INVESTMENT

RISK

OVER A 10 YEAR

PERIOD, PORTFOLIO

INDEX HAS REMAINED

RELATIVELY IN-LINE

WITH ITS BASE VALUE

F/X rates up 3.3% YTD in 2017

Var. %

Dec 31-216 9-Feb-17 Dec 31-216

BRL:CAD 0.413 0.429 3.7%

EUR:CAD 1.415 1.406 -0.7%

NZD:CAD 0.933 0.952 2.0%

AUD:CAD 0.969 1.021 5.3%

Portfolio weighted average 3.3%

FX Rate

16 16

PORTFOLIO OVERVIEW

17

BRAZIL

7 Hospitals /~1.187 Beds

2 Tenants

S&P Rated Tenant

CANADA

58 Medical Office Buildings

1,102 tenants

VITAL PROPERTY TRUST

GERMANY

New Zealand Listed Entity

38 Properties

6 Contracted Developments

22 Medical Office Buildings

465 Tenants

1 Development Site

PORTFOLIO OVERVIEW

$3.9BN International Platform Canada / Brazil / Germany / Australia & NZ

Berlin

São Paulo

Toronto

Melbourne

Auckland

GENERATION

HEALTHCARE

Australian Listed Entity

16 Properties

3 Contracted Developments

Insert GHC logo

18

Tenant Region % of Gross

Rent

Rede D`Or 19.5%

Healthscope 6.0%

Healthe Care 3.5%

Bantrel Co. 2.6%

CISSS/CIUSSS 2.5%

Hospital Sabara 1.8%

Winnipeg Regional Health

Authority 1.2%

Alberta Health Services 1.2%

Lawtons Drug Stores Limited 1.1%

Shoppers Realty Inc. 1.0%

Top 10 Tenants 40.4%

PORTFOLIO DIVERSIFICATION

DIVERSIFIED

PORTFOLIO IN

STRATEGIC

INTERNATIONAL

MARKETS AND STABLE,

CORE HEALTHCARE

REAL ESTATE ASSET

CLASSES

DIVERSIFIED TENANT

BASE WITH STRATEGIC

PARTNERSHIPS WITH

LEADING HEALTHCARE

OPERATORS IN LOCAL

MARKETS

TOP 10 TENANTS BY GROSS RENT (12)

1

2

3

6

7

8

9

10

4

5

NOI DIVERSIFICATION

BY GEOGRAPHY (4)

NOI DIVERSIFICATION

BY ASSET MIX (4)

REGIONS

2015

2016

ASSET MIX

2015

2016

19

Assets MOB - development

Size 82k Square Feet

Tenants Etobicoke Family Health

Team

Cap Rate (23) ~6.0%

Occ. ~90%

Lease Term ~16 Years

Rental

Increase Contract Rents

Acquisition

Date Completed Q3/16

Assets 2 Hospitals

Size 294 Beds + 22 surgical units/

~475k Square Feet

Tenants

Hospital Operator Rede D’Or

S.L.

Fitch ‘AA+(bra)’ rated

Cap Rate (23) ~9.7%

Occ. 100%

Lease Term ~25 Years

Rental

Increase Annual Inflation Index

Acquisition

Date Q3/Q4-2016

Assets 1 MOB

Size 31k square feet

Tenants

Castlereagh Imaging (Sonic

Healthcare), NSW Health

Sydney Children’s Hospital

Cap Rate (23) ~6.7%

Occ. 100%

Lease Term ~5.9 Years

Rental

Increase Annual Inflation Index

Acquisition

Date September 2016

Assets 1 MOB

Size ~60k Square Feet

Tenants ~17 Medical Practitioners

& Related Services

Cap Rate (23) ~6.2%

Occ. ~93%

Lease Term ~6.8 Years

Rental

Increase Annual Inflation Index

Acquisition

Date Q1 2017

REPRESENTATIVE INVESTMENTS

Rede D’Or Hospital Portfolio

Alte Holstenstrasse, Hamburg

Mons Road Medical Centre

Toronto West Health Centre

IFOR and Santa

Helena

20

~$225M of committed low risk development & expansions – $173M Australian hospital expansions to be funded through existing resources

– $55.4M Brazil hospital expansions to be funded through a combination of existing resources and property financing

~$20M of stabilized net operating income – Potential to generate up to an incremental ~$0.03 of AFFO/Unit

~$64M of stabilized value accretion – Potential to generate up to an incremental ~$0.13 of NAV/Unit (on a proportionate basis)

Substantial Completion of Barrie Primary Care Campus, Barrie, ON – Q4-2016 – ~80k square foot medical office building complex

ACCRETIVE DEVELOPMENT & EXPANSIONS

WITH A TRACK

RECORD OF

COMPLETING MORE

THAN $325M OF

DEVELOPMENTS AND

EXPANSIONS, THE

REIT IS LEVERAGING

ITS EXPERIENCE TO

DELIVER AN

ADDITIONAL $225M

OF INCOME AND

VALUE ENHANCING

PROJECTS TO ITS

PORTFOLIO

Country (15) Projects Est.

Completion

Project

Cost

Cost to

Complete

Pre-Leased

Occupancy Project

Yield

Project

NOI

Potential

Value

Accretion

8 Q2 2017 to

Q3 2019 173.0 116.8 100.0% ~8.0% 14.1 55.7

2 Q4 2017 /

Q4 2018 55.4 55.4 100.0% 10.5% 5.8 8.1

10 228.4 172.2 19.9 63.8

21

Projects consist of major expansions to add a combination of inpatient beds, operating

theaters, and parking to existing facilities

Developments are 100% pre-leased to the existing operators of these facilities under

long-term inflation indexed leases

Weighted average development yield of 8.3% provides scope to realize potential

development gains on completion

ACCRETIVE DEVELOPMENT & EXPANSIONS – Generation REIT

TWO PROJECTS

(FRANKSTON & CASEY)

ARE NEARING

COMPLETION WITH

CONSTRUCTION OF

CLAREDON STREET

EXPECTED TO

COMMENCE IN Q2/17 Millions of A$ Projects

Est.

Completion Project Cost Cost to

Complete

Development

Yield

Projected

NOI

Potential

Value

Accretion

Frankston

Private

Expansion

Q2 2017 29.5 6.4 8.5% 2.5 14.1

Casey

Private

Hospital

Q4 2017 44.8 19.0 8.0% 3.6 14.9

Epworth

Freemasons

Clarendon St

Q1 2019 36.0 36.0 8.4% 3.0 16.4

3 110.3 61.4 9.1 45.9

22

ACCRETIVE DEVELOPMENT & EXPANSIONS – Vital Trust

Million of A$ Projects Est.

Completion Project Cost Cost to

Complete

Project

Yield

Project

NOI

Potential

Value

Accretion

Palm Beach Q4 2017 6.3 5.4 8.0% 0.5 1.0

Sportsmed

Consulting

Q4 2017

9.5 7.1

8.0%

0.8 1.5

Toronto

Private

Q4 2017

9.4 8.0

8.0%

0.8 1.5

Maitland

Private Q4 2017 13.6 11.8 8.0% 1.1 2.2

Lingard

Private Q4 2018 23.8 23.0 8.0% 1.9 3.9

5 62.6 55.3 5.0 10.2

FIVE DEVELOPMENT

PROJECTS TOTALLING

~ A$63M ARE

CURRENTLY

UNDERWAY .

BROWNFIELD

REDEVELOPMENTS

REMAINS CORE TO

VITAL’S BUSINESS

MODEL AND A KEY

DRIVER OF NOI

GROWTH

The projects include a mix of modernisation and expansion at acute surgical and

mental health facilities to meet the growing demand for healthcare services

$5.0M of stabilized net operating income (at 100% interest)

$10M of potential development gains on completion (at 100% interest)

23 23

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

24

RELATIVE VALUATION

THE REIT IS TRADING

AT A SIGNIFICANT

DISCOUNT TO ITS

PEERS ON AN AFFO

MULTIPLE BASIS

11.2x

15.9x

20.5x

(3.4%)

- Based on NWH.UN’s closing unit price of $10.31/unit as of February 23, 2017 and normalized AFFO/Unit of $0.92 per year ($0.23/unit for the quarter)

- NWH.UN’s NAV is based on Q4 2016 normalized of $12.10.

(1.3%)

25.8%

25

INVESTOR FACTSHEET

Ticker NWH.UN

Listed Exchange TSX

Distribution Payable Monthly

Distribution Type 100% Return of Capital for 2016

Unit Price $10.31 (February 23, 2016)

Market Capitalization ~$1.0BI

Distribution Yield ~7.8%

52-Week Trading Range $9.02 - $10.91

Volume Weighted Avg. Price (VWAP) (20-day) $10.11

Average Daily Volume (20-day) 187,711

NAV (Q4-2016) (7) $12.10

26 26

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

27

DEFENSIVE, HIGH YIELDING SECURITY WITH GROWTH POTENTIAL

Supportive Fundamentals

Attractive Asset Class

Growth Opportunities

Value Opportunity

Proven & Aligned

INVESTMENT HIGHLIGHTS

• Favourable demographics and industry trends

• Aging populations

• Rising healthcare expenditures

• Defensive core healthcare infrastructure

• Global gateway cities

• Leading healthcare operators

• Significant internal and external growth opportunities

• Inflation indexed leases

• Accretive expansions + industry consolidation

• Currently trading at an AFFO multiple discount to Canadian

REIT peers

• 10+ year public company track record

• Highly aligned founder and management

28

Aging Population

>65 population cohort growing

rapidly in developed countries

604mm people worldwide over 65 by

2020, ~10% of global population

Consolidation & Cost

Savings

Scale required for efficiency and

quality

Rise of Public Private partnerships

Growing Populations and

Wealth Creation

Emerging economies demanding

better access to quality care

Patients seeking more choice and

control

The Rise of Private

Healthcare

Budget pressures affecting the

sustainability of public healthcare

funding

Governments mandating lower costs

and improved quality

Increased Healthcare

Spending

$8.7 trillion global healthcare

spending by 2010

10.6% of global GDP

Growing at 5.2% per annum

COMPELLING NEED FOR CAPITAL, FACILITIES AND REAL ESTATE SOLUTIONS

Source: Deloitte 2017 Global Healthcare sector outlook

KEY DRIVERS OF HEALTH CARE REAL ESTATE

29

U.S. Healthcare Opportunity

• 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 OPPORTUNITIES

NWH’s Market Opportunity

• 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

30 30

REGIONAL PORTFOLIO O V E R V I E W S

A P P E N D I X 2

31

PORTFOLIO PROFILE

GLOBAL HEALTHCARE REAL ESTATE INFRASTRUCTURE PROFORMA

PORTFOLIO

COMPRISES 141

PROPERTIES

TOTALING 9.5M

SQUARE FEET OF GLA

IN FIVE COUNTRIES

STRONG OPERATING

FUNDAMENTALS

WITH OCCUPANCY OF

95.6%, WALE OF

11YEARS AND 54% /

46% MOB/HOSPITAL

MIX

Q4 2016 PF

Canada Brazil Germany Vital Trust

GHC

Proforma

Germany

Proforma

Platform

Number of

Properties 58 7 20 38 16 2 141

Asset Mix (2) 100% MOB 100%

Hospital 100% MOB

~24% MOB /

~76% Hospital

~66% MOB /

~34% Hospital 100% MOB

54% MOB /

46% Hospital

GLA (Million

Square Feet) 4.0 1.5 0.8 2.0 1.1 0.1 9.5

Gross Assets (3) $1,222 $651 $192 $1,004 $602 $29 $3.9B

Occupancy 91.6% 100.0% 95.4% 98.7% 98.4% 95.4% 95.6%

WALE (Years) 4.8 21.7 4.7 17.7 12.0 4.7 11.0

Avg. Building

Age (Years) ~29 ~12 ~25 ~19 ~12 [~] ~22

Weighted

Average Cap

Rate 6.6% 8.5% 5.8% 6.9% 6.7% 5.8% 7.1%

32

CANADA: LARGEST PORTFOLIO OF MOB ASSETS

Dundas-Edward Centre

Toronto, ON

Le Carrefour Medical

Laval, QC

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 58 properties comprising GLA of 4.0 million sf and

~1,102 tenants

91.6% occupancy and ~4.8 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 PE ON

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)

33

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 Janiero

100.0% occupancy and ~21.7 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. (S&P National Rating: AA-)

Hospital Caxias D’Or

Rio de Janeiro

Hospital Infantil Sabará

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 Hospital Sabará

PARA

GOIAS

FEDERAL

DISTRICT

AMAZONAS

BAHIA

SÃO PAULO RIO DE JANEIRO

RIO GRANDE

DO SUL

CEARA RIO GRANDE

DO NORTE

ALAGOAS

PERNAMBUCO

AMAPÁ

MINAS GERAIS

RORAIMA

MARANHÃO

PIAUI

TOCANTINS RONDÔNIA

ACRE

MATO GROSSO

DO SUL

PARANÁ

SANTA

CATARINA

Hospital Ifor

Hospital Santa Helena

Existing Assets

34

GERMANY: STRATEGICALLY LOCATED MOB ASSETS

6

1

1

11

Berlin Assets

Leipzig Portfolio

Ingolstadt

Fulda

NORDRHEIN-WESTFALEN

NIEDERSACHSEN

BADEN-WÜRTTEMBERG

SAXONY-ASPHALT

HESSEN

RHINELAND-PFALZ

BERLIN

SACHSEN

HAMBURG

SCHLESWIG-

HOLSTEIN

BRANDENBURG

BAYERN

MECKLENBURG-VORPOMMERN

SAARLAND

BREMEN

THURINGIA

INVESTMENT AND MARKET OVERVIEW

High quality MOB assets located in the major markets including Berlin,

Frankfurt, Ingolstadt and Leipzig

95.4% occupancy and ~4.7 year WALE

Highly fragmented MOBs market in Germany presents a unique

opportunity to consolidate healthcare infrastructure assets accretively

Fully integrated property management and asset management

capabilities allow efficient operation and deal sourcing

Polimedica

Berlin

Adlershof 1

Berlin

Hollis Centre

Ingolstadt

Berlin Neukolln

Berlin

Munich

Frankfurt

35

AUSTRALASIA (1): STRATEGIC INVESTMENT IN VITAL TRUST

WESTERN AUSTRALIA

NORTHERN

TERRITORY

QUEENSLAND

SOUTH AUSTRALIA

NEW SOUTH WALES

VICTORIA

TASMANIA

3

4

4

12

6

1

NEW ZEALAND

8

AUSTRALIA

Marian Centre

Perth, AU

Epworth Eastern Medical Centre

Melbourne, AU

Ascot Hospital

Auckland, NZ

Epworth Eastern Hospital

Melbourne, AU

INVESTMENT AND MARKET OVERVIEW

Manager and 24.7% strategic shareholder of Vital Trust (NZX:VHP),

Australasia’s largest listed healthcare real estate owner with 21 private

hospitals, 9 MOBs, 4 aged care assets and 4 development lots

98.7% occupancy and ~17.7 year WALE

Stable and growing cash flows underpinned by tenancies of high

quality hospital and healthcare operators with long-term, inflation-

indexed leases

36

AUSTRALASIA (2): STRATEGIC INVESTMENT IN GENERATION HEALTHCARE

Epworth Freemasons Private Hospital Melbourne CBD, Victoria

Epworth Victoria Parade Hospital Melbourne CBD, Victoria

Australian Red Cross Blood Clinic Brisbane, Queensland Major Market Focus

− The portfolio is centered around Australia’s three largest

cities: Sydney (pop: ~4.9m), Melbourne (pop: 4.5m), 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

NORTHERN

TERRITORY

QUEENSLAND

SOUTH AUSTRALIA

NEW SOUTH WALES

VICTORIA

TASMANIA

8

3

5

PORTFOLIO OVERVIEW

Generation Healthcare REIT (ASX:GHC) is a leading

Australian listed healthcare REIT with over A$600M in

existing assets and a A$128M+ development pipeline of

yields at ~8.0% on average.

Portfolio of 16 Properties of ~1.1M Square Feet 6 hospitals, 5 medical centers, 3 residential aged care, and 2 lands

development parcels currently under construction

Strong occupancy and long-term lease expiry profile 98.4% occupancy and ~12.0 year WALE

Casey Specialist Centre Melbourne Suburb, Victoria

37 37

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 3

38

Gerson Amado

Managing Director – Brazil

Leading healthcare real

estate asset management

platform

Relationships with hospital

operators

Office in Sao Paulo / 6

professionals

Jan Krizan

Managing Director – Germany

Established platform with

full property and asset

management capabilities

Office in Berlin

19 professionals

David Carr

CEO – Vital Trust

Fully integrated property

management and asset

management

Offices in Auckland and

Melbourne

12 professionals

Miles Wentworth

CEO – Generation REIT

Fully integrated asset &

development management

Office in Melbourne

6 professionals

Paul Dalla Lana

Chairman & CEO

Founder of NWH & NWI

REITs

Largest unitholder of REIT

Bernard Crotty

President

Previously President – NWI

REIT and Trustee – NWH

REIT

Shailen Chande

CFO

Previously VP, Finance and

Investments NWI REIT and

its predecessor companies

Chartered Accountant

Peter Riggin

COO & MD Canada

Previously President –

Canada, NWH REIT and

CEO – NWH REIT

GLOBAL PLATFORM WITH REGIONAL CAPABILITY AND EXPERTISE

HIGHLY EXPERIENCED

AND ALIGNED EXECUTIVE

MANAGEMENT TEAM

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 180

PROFESSIONALS ACROSS

9 OFFICES IN 5

COUNTRIES

MANAGEMENT – COMBINED REIT REGIONAL OPERATING PLATFORM AND EXPERTISE

39

NOTES

1. Based on NWH.UN’s closing unit price of $10.31/unit as of February 23, 2017.

2. Based on the REIT’s distribution policy of $0.80/unit per annum and normalized Q4-16 AFFO of $0.92/unit.

3. Based on total assets of NWH, Vital Trust and GHC on a fully consolidated basis including post-quarter acquisitions. NHW owns a 24.7% interest in Vital Trust and 19.8% interest in Generation.

4. In the REIT’s Q4-2016 MD&A, the diversification charts for the countries and asset mix are based on investment value and GLA respectively. The pie charts above reflect proportionate NOI, excluding the

assets held for sale in Canada and include i) the REIT’s 19.8% and 24.7% proportionate ownership of GHC and Vital Trust, respectively and ii) the announced 2 Germany acquisitions and iii) Vital and

Generation management fee income.

5. Reported AFFO/Unit represents quarterly AFFO annualized for the three month period ending December 31, 2016. Normalized AFFO/unit is based on Q4-16 Reported AFFO/unit and adjusted for completed

acquisitions, and financings as presented in the REIT’s Q4-16 MD&A PART XIII.

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 46.6% / 59.5% and Normalized LTV is

44.2% /56.9%, respectively.

7. NAV is based on unitholder’s equity plus add-backs of (i) $193.8M of Class B and D exchangeable units; (ii) $93.5M related to the REIT’s proportionate share of its deferred tax liability; (iii) $6.6M net derivative

financial instruments; (iv) $14.7M DUP liability; (v) $2.5M accrued Ontario LTT; and, (vi) $13.5M adjustment to the fair value of the Vital Manager. Normalized NAV is based on reported NAV adjusted for (i)

Post Q4-16 F/X rates, (ii) January Equity Offering, (iii) Brazil Cap Rate compression

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”) for the three months ended December 31, 2016 in source currency and excludes non-cash amortization and non-recurring transactions.

10. Represents Financial Statements as of December 31, 2016 adjusted for completed acquisitions, and financings as presented in the REIT’s Q4-16 MD&A PART XIII.

11. Reflects the debt maturity profile as per the REIT’s Q4-16 MD&A and does not include deferred consideration.

12. Gross rent has been adjusted to reflect the REIT’s 24.7% proportionate interest in Vital Trust as well as recording Hospital Sabara at its gross rent (before financing) and includes projected gross rent from the

REIT’s 19.8% proportionate ownership of GHC.

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.

40

CONTACT INFORMATION

Paul Dalla Lana, Chairman & CEO

416-366-2000 Ext. 1001

Shailen Chande, CFO

416-366-2000 Ext. 1002

NORTHWEST HEALTHCARE PROPERTIES REIT