Generation Healthcare REIT : Distribution Tax Components

21 February 2017

The Manager

Company Announcements Office Australian Securities Exchange Limited Level 4, Exchange Centre

20 Bridge Street

Sydney NSW 2000

Generation Healthcare REIT is a Managed Investment Trust (MIT) in accordance with Subdivision 12-H of Schedule 1 of the Taxation Administration Act 1953.

The MIT information presented below is relevant for non-resident investors and custodians of non- resident investors that are obliged to deduct withholding tax (WHT) on payments made to non- resident investors.

Australian resident investors should not rely on this notice for the purposes of completing their income tax returns. Details of the full year tax components of distributions paid for Australia resident investors will be available in the annual tax statement to be sent to investors in August 2017.

The distribution of 4.4865 cents per security, payable on 28 February 2017, includes a Fund Payment amount of 3.2761 cents per security. Full details of the tax components pursuant to Subdivision 12-H of Schedule 1 of the Taxation Administration Act 1953 are as follows.

Investor Relations T: +61 1800 996 456

Generation Healthcare REIT (ASX code: GHC), is Australia's only ASX listed healthcare real estate investment entity.

The Fund owns 16 properties including hospitals, medical centres, laboratories, residential aged care facilities and other purpose-built healthcare facilities. The Fund partners with high quality healthcare tenants with strongly diversified income streams. The Fund has total assets of approximately $621 million with investments located in Victoria, New South Wales and Queensland.

www.generationreit.com.au

APN Funds Management Limited (APNFM) is the Responsible Entity of Generation Healthcare REIT. The Board of APNFM consists of four directors, three of which, including the Chairman are Independent Directors. APNFM is a wholly owned subsidiary of APN Property Group Limited (APN) (ASX code: APD), a specialist real estate investment manager.

www.apngroup.com.au

Generation Healthcare REIT ("Generation", the "Fund")(ASX: GHC) benefits from the experience, proven track record, healthcare focus and global platform of its manager, Generation Healthcare Management Pty Ltd, a wholly-owned subsidiary of NorthWest Healthcare Properties REIT ("NWH REIT", the "REIT") (TSX: NWH.UN), a Canadian listed dedicated healthcare real estate investor. The REIT is also strategically aligned as the largest unitholder of GHC.

NWH REIT is a Canadian listed real estate investment trust focused on providing investors with access to a portfolio of high quality international healthcare real estate infrastructure comprised of interests in a diversified portfolio of 139 income-producing properties and 864,000 square metres of gross leasable area located throughout major markets in Canada, Brazil, Germany, Australia and New Zealand. In Canada, the REIT is the largest non-government owner and manager of medical office buildings and healthcare facilities with 62 properties located from coast to coast, including major concentrations in Calgary, Edmonton, Toronto, Montreal, Quebec City and Halifax. In its international markets, the REIT partners with leading healthcare operators and has built leading management platforms in global gateway cities comprised of high quality healthcare real estate infrastructure assets characterised by long term indexed leases and stable occupancies.

NWH REIT is an expert in owning, managing and developing healthcare real estate with a dedicated and growing team of more than 180 professionals located in Auckland, Berlin, Melbourne, Sao Paulo and Toronto.

www.nwhreit.com