INVESTOR

PRESENTATION

Q2 2020

CAUTIONARY STATEMENTS

2

This presentation contains forward-looking information that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the “Forward-Looking Information and COVID-19 Risks” section in Chartwell‟s Q2 2020 MD&A, the "Risks and Uncertainties" section in Chartwell's 2019 MD&A, and in materials filed with the securities regulatory authorities in Canada from time to time, including but not limited to our most recent Annual Information Form.

In this presentation we use a number of performance measures that are not defined in generally accepted accounting principles (“GAAP”) such as Net Operating Income (“NOI”), Funds from Operations (“FFO”), Internal Funds from Operations (“IFFO”), “Adjusted Resident Revenue”, “Adjusted EBITDA”, “Net Debt to Adjusted EBITDA Ratio”, “Debt to Gross Book Value”, “Liquidity”, “Imputed Cost of Debt”, “Lease-up-Losses”, “Adjusted Development Costs”, “Unlevered Yield”, “Stabilized NOI” “Adjusted NOI”, and any related per unit amounts to measure, compare and explain the operating results and financial performance of the Trust (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures used by other issuers. The Real Property Association of Canada (“REALPAC”) issued white papers with recommendations for calculations of FFO, Adjusted Funds from Operations (“AFFO”), and Adjusted Cash Flow from Operations (“ACFO”) (the “REALPAC Guidance”). Our FFO definition is substantially consistent with the definition adopted by REALPAC. Please refer to the “Additional Information on Non-GAAP Financial Measures” section of our Q2 2020 MD&A for details.

In this presentation we use various financial metrics and ratios in our disclosure of financial covenants such as “Interest Coverage Ratio”, “Unencumbered Property Asset Value”. These metrics are calculated in accordance with the definitions contained in our credit agreements and the trust indenture governing our outstanding debentures, and may be described using terms which differ from standardized meanings prescribed by GAAP. These metrics may not be comparable to similar metrics used by other issuers. Please refer to the “Liquidity and Capital Resources – Financial Covenants” section of our Q2 2020 MD&A for details.

Member of S&P/TSX

Composite Index

since 2005

$2.0 Billion (1)

Market Capitalization

Largest Canadian

Owner/Operator

203 / 30,583 (2)

Communities / Suites

& Beds

Significant

Employer

~15,000

Employees

Revenue

$1.0 Billion (3)

Adjusted EBITDA

$294.9 Million (3)

High Occupancy

Rates

85.6% (4)

Interest Coverage

Ratio

3.1 (3)

Net Debt to

Adjusted EBITDA

8.7 (3)

Debt to Gross

Book Value

52.7%

CHARTWELL AT A GLANCE

(1) Trust Unit price $9.37 at June 30, 2020.

(2) Includes development properties and Batimo Inc. (“Batimo”) development properties under management as at June 30, 2020.

(3) Rolling twelve months ended June 30, 2020 including proforma adjustments.

(4) Same property portfolio for the quarter ended June 30, 2020.

3

WHY CHARTWELL?

1. Exceptional corporate culture and governance

2. Winning customer focused business strategy

3. Unmatched execution capability through national operating platform

4. Significant industry long-term growth potential

Demographic trends = more demand

Government fiscal constraints = more private pay demand

Fragmented industry = consolidation opportunities

5. Solid financial position and investment grade credit

4

WHAT’S OUR WHY

5

Board Members Relevant Experience

Tenure on

Chartwell’s

Board

Jamie

Scarlett1,4

Former Chief Legal Officer at Hydro One Inc.

Former Senior Partner of Torys LLP

1

Sharon

Sallows1,3,4

Trustee RioCan REIT

Director, Home Capital Group Inc. and AIMCO

Former principal at Ryegate Capital Corporation

10

Huw Thomas1,2,4

(Chair, CG&N

Committee)

Director of Dollarama

Former CEO of SmartCentres REIT 8

W. Brent

Binions3

Former President & CEO of Chartwell Retirement

Residences

Past President of the Ontario Long Term Care

Association and a past Vice President of the

Ontario Residential Care Association

16

PROFILE – STRONG GOVERNANCE

Board Members Relevant Experience

Tenure on

Chartwell’s

Board

Michael D.

Harris1,4

(Chair)

Senior business advisor at Fasken Martineau Du

Moulin LLP

Director of Canaccord Genuity Group Inc.,

Colliers International Group Inc., Route 1 Inc.

Former Premier of Ontario

16

Lise

Bastarache1,2,3

Director of Laurentian Bank of Canada

Director of Otéra Capital

Former RBC Executive

15

Ann

Davis1,2,3

(Chair, Audit

Committee)

Director of Women’s College Hospital Foundation

Director of Canada Guaranty Mortgage

Insurance Company, Canadian Investor

Protection Fund

Former partner of KPMG

3

Andre Kuzmicki1,3

(Chair, Investment

Committee)

Executive in Residence and former Executive

Director, Brookfield Centre in Real Estate and

Infrastructure, Schulich School of Business –

York University

Director of Dorsay Development Corporation

15

Globe and Mail Board Games 2019 - Ranked #3 in the Country

(Top Real Estate and Healthcare Company)

6

1 Independent 2 Member of the Audit Committee 3 Member of the Investment Committee 4 Member of the Compensation, Governance and Nominating Committee (“CG&N”)

Vlad Volodarski See management team page New

Name & Title Past Experience Tenure with

Chartwell

Industry

Experience

Prior to joining Chartwell, was a Senior Manager with

KPMG LLP

16

16

Prior to joining Chartwell, held progressive positions over a

21 year career at the Ontario Long Term Care Association,

including six years as their Executive Director

12

33

Prior to joining Chartwell, held various positions at

Retirement Residences REIT including Senior Vice

President of Finance and Director of Corporate Accounting

13

20

Prior to joining Chartwell, practiced corporate and securities

law at Torys LLP

12

12

1 Also on the Board of Directors.

Vlad Volodarski

Chief Executive Officer1

Over 75 years of collective industry experience

Karen Sullivan

President & Chief Operating

Officer

Sheri Harris

Chief Financial Officer

Jonathan M. Boulakia

Chief Investment Officer &

Chief Legal Officer

PROFILE - EXPERIENCED EXECUTIVE TEAM

7

BUSINESS STRATEGY

8

In 2023, we will achieve in our retirement residences, Employee

Engagement of 55% (highly engaged), Resident Satisfaction of 67%

(very satisfied) and Same Property Occupancy of 95% to drive

strong IFFOPU growth by providing exceptional resident

experiences through personalized services in our upscale and mid-

market residences in urban and suburban locations.

COVID-19 RESPONSE

9

• Critical Incident Command

• Over 1,300 documents with direction and support

• 24/7 Hotline providing support to our homes

• National recruitment campaign >1,500 new hires

• Daily communications with homes

• Weekly education/webinars for homes

• Scenario and contingency planning and training

• Media relations support

• Personal protective equipment – sourced nearly 3.5 million pieces of PPE investing close to $4.6 million

• Funding of CaRES Fund

GOVERNMENT FUNDING

10

With the goal to preserve the health and wellbeing of residents, staff and their families, numerous funding announcements have been

made:

Quebec: $410 million including funding for temporary pay increases to health care staff of $287 million.

Ontario:

Redesigned Capital Funding Subsidy (“CSF”) program.

The base accommodation and preferred accommodation rates in Ontario long term care homes will increase to 1.9%.

Funding for temporary compensation increases for front-line workers in vulnerable settings.

Ontario LTC $268 million.

Ontario retirement residences allocated $20 million.

Alberta:

Funding for temporary compensation increases for front-line workers in vulnerable settings.

Retirement residences $24.5 million.

British Columbia: $10 million Al/LTC.

Rate reductions in energy costs, and deferrals of worker's compensation premiums and realty tax payments.

Rental Relief for commercial tenants through Canada Emergency Commercial Rent Assistance (CECRA) Program.

(1) Same property Retirement Operations, as defined in each year.

Resident Satisfaction

51% 53% 58%

63% 67%

0%

10%

20%

30%

40%

50%

60%

70%

2016 2017 2018 2019 2023 Target

Retirement Same Property Occupancy (1)

40% 41% 47% 48%

55%

0%

10%

20%

30%

40%

50%

60%

2016 2017 2018 2019 2023 Target

92.6% 91.9% 90.5% 88.6% 95.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2016 2017 2018 2019 2023 Target

Very Satisfied

BUSINESS STRATEGY Employee Engagement

Highly Engaged

BUSINESS STRATEGY

11

BUSINESS STRATEGY

Exceptional Resident Experience through Personalized Services

12

BUSINESS STRATEGY – OUR PROPERTIES

• Urban and Suburban

• Upscale and Mid Market

• Own, Operate, Build

• Leader in four most

populous provinces

13

(1) Based on number of suites/beds as at June 30, 2020 at Chartwell‟s share of ownership interest. Excluding development properties and development properties managed for Batimo.

(2) Minimum ownership of partially-owned properties is 42.5%.

(3) Includes all properties where Chartwell has a share of ownership interest. NOI % represents Chartwell‟s share of ownership interest for the rolling 12 months ended June 30, 2020.

(4) Ratio of Chartwell-operated suites to total retirement suites inventory as reported by CMHC in their Seniors‟ Housing Report - Canada‟s Highlights (2019).

Province Share of Market

Ontario 16%

Alberta 14%

Quebec 8%

British Columbia 7%

Leader in each of its markets (4)

Composition of Portfolio of Suites/Beds by Ownership, at June 30, 2020 (1) (2)

Geographic Location (1)

Composition of Portfolio NOI at Chartwell’s Share of Ownership Interest by Operating Segment, at June 30, 2020 (3)

INDUSTRY PROFILE

Chartwell’s Portfolio by Level of Care (1)

Independent

Supportive Living

(ISL) & Independent

Living (IL)

Assisted Living

(AL) & Memory

Care (MC)

Long Term Care

(LTC)

Level of Care:

Low to medium Medium to high Very high

Target Resident: More active, healthy

seniors

Seniors with some

physical and/or

cognitive impairments

Seniors with acute

cognitive and/or

physical impairments

requiring higher levels

of daily personal care

Service Offering: Availability of meals,

activities, transportation,

security, housekeeping,

basic assistance with

daily living

ISL/IL services + Care

services and specific

MC, cognitive

programming included

24-hour registered

nursing care or

supervision

Funding: Predominantly private

pay

Mostly private pay Predominantly

government funded

Regulations: Mostly consumer

protection

Mostly consumer

protection

Heavily regulated

14

(1) Composition of suites/beds at Chartwell‟s share of ownership interest at June 30, 2020.

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2019 2021 2026 2031 2036

INDUSTRY PROFILE

Source: Statistics Canada, Population Projections for Canada, Provinces, and Territories, 2009 to 2036, Catalogue no. 91-520-X.

Retirement demand is estimated by applying the current national penetration rate of 8.98% (CMHC Seniors Housing Report Canada) to 75+

population as reported by Statistics Canada.

LTC demand is estimated based on 97.8 beds per 1,000 people aged 75 and over. This estimate represents the LTC Beds/Population ratios

reported by Statistics Canada in their Residential Care Facilities reports.

• Current supply is ~ 425,000 suites

• ~ 600,000 new suites are required by 2036

Total Supply Required Annual Supply

Significant Future Demand in Canada

Projected Aged 75 and over Population, 2019-2036, Canada

0

100,000

200,000

300,000

400,000

500,000

600,000

2019 2021 2026 2031 2036

Long Term Care Retirement

15

INDUSTRY PROFILE

Retirement Suites Demand in Chartwell Markets (1)

(1) Additional annual demand for retirement suites in Ontario, Alberta, Quebec, British Columbia.

• Total suites required to 2039 = 262,000

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

16

INDUSTRY PROFILE

Canadian Supply Concentration

17

Largest Retirement Operators No. of Properties

Operated (1)

No. of Suites

Operated (2)

1 Chartwell Retirement Residences 173 26,109

2 Revera Inc. 98 11,392

3 Sélection Retraite 43 10,881

4 Cogir 41 9,869

5 Le Groupe Maurice 29 8,284

6 Groupe Savoie 14 5,646

7 All Seniors Care 30 4,593

8 Amica Senior Lifestyles 31 4,272

9 Verve Senior Living 29 4,089

10 Sienna Senior Living 36 4,032

11 Atria Senior Living 29 3,376

12 Schlegel Villages 9 2,528

13 Seasons Retirement Communities 20 2,264

14 Shannex Inc. 13 2,088

15 Retirement Concepts 18 1,948

15 Largest Operators’ Share of Total Suites 39.7%

(1) Excludes properties under development (2) Includes managed properties for third-parties (3) Includes only IL, AL and MC units within the above noted properties (4) Excludes holdings in the U.S. (5) Share of total percentage based on CMHC’s universe, May 2019

Source: CBRE Limited and Company Reports, Q4 2019

Largest Long Term Care Operators No. of Properties

Operated (1)

No. of Suites

Operated (2)

1 Extendicare Inc. 103 13,849

2 Revera Inc. 74 10,024

3 Sienna Senior Living 48 7,585

4 Chartwell Retirement Residences 28 3,683

5 Schlegel Villages 18 2,526

6 Park Place Seniors Living 23 2,308

7 Retirement Concepts 17 1,918

8 Shannex Inc. 21 1,781

9 Rykka Care Centres 11 1,689

10 Jarlette Health Care 14 1,486

11 Omni Health Care 18 1,475

12 Good Samaritan Society 13 1,444

13 Group Champlain 13 1,412

14 Caressant Care 15 1,247

15 Steeves & Rozema 7 928

15 Largest Operators’ Share of Total Suites 25.9%

(1) Excludes properties under development (2) Includes managed properties for third-parties (3) Includes only LTC units within the above noted properties (4) Exlcudes holdings in the U.S.

Source: CBRE Limited and Company Reports, Q4 2019

FINANCIAL POSITION & CREDIT METRICS AT JUNE 30, 2020

18

Net Debt to Adjusted EBITDA (3)

Interest Coverage Ratio (3)

• Liquidity (1) – $346.1 million

• Unencumbered Assets

Value (2) - $957.3 million

BBB(low) RATED BY DBRS

Debt to Gross Book Value (4)(5)

Demonstrated ability to rationalize capital structure (1) Includes cash and available credit facilities.

(2) Represents value of 38 properties.

(3) Rolling 12 months ended June 30, 2020 for 2020 and 12 months ended December 31, for periods 2017-2019.

(4) As at the end of June for 2020 and as at the end of December for, periods 2017-2019, includes proforma adjustments.

(5) Previously used Debt to Capitalization, however in light of the current market conditions, this metric has been removed.

3.5 3.2 3.1 3.1

2017 2018 2019 2020

6.9 7.8 8.3 8.7

2017 2018 2019 2020

45.0% 49.3% 51.7% 52.7%

2017 2018 2019 2020

LIQUIDITY UPDATE AT AUGUST 6, 2020

Significant Liquidity and Conservative Capital Structure

19

Liquidity (1) - $408.8 million

• Cash - $82.8 million

• Credit facilities - $326 million

• Cash in Equity Accounted JVs - $14.4 million

Unencumbered Asset Pool Value - $927.9 million (2)

(1) Includes cash and available credit facilities.

(2) Represents value of 37 properties.

FINANCIAL POSITION AND CREDIT METRICS

Debt Maturities

20

At June 30, 2020 At December 31, 2019

Fixed Rate Variable Rate Total Total

Principal amount ($000s) 1,909,498 90,377 1,999,875 1,975,089

Weighted average interest rate 3.67% 2.33% 3.61% 3.68%

Average term to maturity (years) 6.8 0.6 6.5 6.8

• As of June 30, 2020, approximately 69% of

our total mortgage debt was CMHC insured.

• Acquisition financing of $40.8 million

in 2020 includes $23.9 million for Chartwell

Le St-Gabriel and $16.9 million for Chartwell

L'Unique III.

• Mortgages for Equity accounted JVs $51.8

million.

* 10% of total debt = $257.0 million

Mortgage Portfolio

BUILDING SUSTAINABLE VALUE

Build Value of our Real Estate Portfolio

Development pipeline of 827 suites with three projects (350 suites) in construction and three projects (477 suites) in pre-construction.

Options to acquire interests in development projects by Batimo are expected to add another 2,233 suites to our portfolio over time.

21

2020 YTD

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

2014 2015 2016 2017 2018 2019 2020

Acquisitions/Developments Sold

• Improving portfolio by selling older

assets and buying/building newer,

high-quality assets.

• Since 2014, the average age of suites

acquired/developed is 7.7 years.

• Since 2014, the average age of suites

sold is 26.3 years.

BUILDING SUSTAINABLE VALUE

2014

2015

2016

2017

2018

2019

YTD 2020

Suites Acquired/Developed 539 1,637 461 1,305 937 995 508

Suites Sold 1,957 5,537 400 250 609 178 494

Average Age of Assets Acquired/Developed vs. Sold

22

Ave

rage

Age

BUILDING SUSTAINABLE VALUE

Completed Projects

23

(1) Calculated at Chartwell‟s ownership interest in the project.

(2) As of August 6, 2020.

(3) For the six months ended June 30, 2020.

(4) Non-GAAP; the definition of this metric and the discussion of its significance can be found in the MD&A.

(5) Chartwell owns a 60% interest in this property and Signature Living and its affiliates own the remaining 40% interest and provide development and operations management services.

Signature Living is entitled to a promote payment if the return on equity exceeds certain targets. The estimated stabilized NOI and expected unlevered yield calculations include

estimates of such promote payment.

Project Location

Suites /

Beds

Suite

Type Ch

art

we

ll O

wn

ers

hip

Inte

rest

Op

era

tion

s

Sta

rt D

ate

Gro

ss B

ook V

alu

e (

1)

($m

illio

ns)

Occu

pa

ncy

(2)

(%)

Ad

juste

d D

eve

lopm

ent

Co

sts

(1

)(3)(

4) (

$m

illio

ns)

NO

I (1)(

3)

($m

illio

ns)

Exp

ecte

d

Sta

bili

ze

d O

ccu

pa

ncy D

ate

Exp

ecte

d

Sta

bili

ze

d O

ccu

pa

ncy (

%)

Estim

ate

d S

tabili

ze

d N

OI (

1)(

4)

($m

illio

ns)

Exp

ecte

d

Un

leve

red

Yie

ld (

4)

Projects completed in 2019:

Chartwell Carlton Retirement

Residence Burnaby, BC 105 ISL 100% Q1 2019 42.1 59% 44.7 0.5 Q2 2021 97% 2.9 6.5%

Chartwell Wescott Retirement

Residence Edmonton, AB 137 ISL/ MC 100% Q1 2019 40.5 38% 48.1 (0.2) Q1 2022 94% 3.4 7.0%

The Sumach,

by Chartwell Toronto, ON 332 ISL 45% Q2 2019 46.9 48% 48.9 0.4 Q1 2023 95% 3.5 7.2%

Kingsbridge Retirement

Community (5) Kingston, ON 165 ISL/ AL 60% Q3 2019 30.8 41% 31.8 0.1 Q1 2023 95% 2.7 7.0%

Chartwell Thunder Bay

Townhomes

Thunder Bay,

ON 9 IL 100% Q4 2019 3.9 89% 3.9 - Q3 2020 100% 0.3 7.7%

748 164.2 177.4 0.8 12.8 7.2%

BUILDING SUSTAINABLE VALUE

Development Pipeline - Projects in Construction

24

(1) Calculated at Chartwell‟s ownership interest in the project.

(2) Non-GAAP; the definition of this metric and the discussion of its significance can be found in the MD&A.

(3) Non-GAAP; represents the total of estimated Development Costs and estimated Lease-up-Losses and Imputed Cost of Debt.

(4) At this time, completion and stabilization dates are difficult to predict given the currently-declared State of Emergency in Ontario.

(5) As of August 6, 2020.

(6) Redevelopment of the 83-suite residence to a 172-suite residence. Chartwell owns a 50% interest in this project.

Project Location

Suites /

Beds

Suite

Type Estim

ate

d D

eve

lopm

ent

Co

st (

1)

($ m

illio

ns)

Estim

ate

d L

ea

se-u

p-L

osse

s a

nd

Im

pute

d C

ost o

f D

ebt

(1)(

2)

($m

illio

ns)

Estim

ate

d

Ad

juste

d D

eve

lopm

ent

Co

sts

(1)(

3)

($m

illio

ns)

Ad

juste

d D

eve

lopm

ent

Co

sts

incurr

ed a

s a

t Ju

ne

30, 2

02

0 (

1)(

2) (

$m

illio

ns)

Exp

ecte

d

Co

mp

letion

Date

(4)

Exp

ecte

d

Sta

bili

ze

d O

ccu

pa

ncy D

ate

(4)

Re

serv

ation

s (

5)

Exp

ecte

d

Sta

bili

ze

d O

ccu

pa

ncy (

%)

Estim

ate

d S

tabili

ze

d N

OI

(1)(

2)

($m

illio

ns)

Exp

ecte

d

Un

leve

red

Yie

ld (

2)

Chartwell Guildwood

Retirement Residence (6)

Scarborough,

ON 172

IL/ISL/

MC 38.6 5.3 43.9 19.5

Q3

2021

Q1

2024 74% 95% 3.0 6.8%

Chartwell Meadowbrook

Retirement Residence Lively, ON 56 IL/ISL 25.7 1.8 27.5 15.6

Q4

2020

Q1

2022 45% 93% 1.9 6.9%

Chartwell Montgomery Village Orangeville, ON 122 ISL 44.0 3.6 47.6 15.0

Q3

2021

Q1

2023 - 93% 3.4 7.1%

350 108.3 10.7 119.0 50.1 8.3 7.0%

BUILDING SUSTAINABLE VALUE

Batimo Acquisition Pipeline

25

(1) Current project status is defined where „O‟ means „Operating‟ and „C‟ means „Construction‟.

Chartwell Le Teasdale has achieved

stabilized occupancy as defined in

our agreements with Batimo and we

expect to acquire an 85% ownership

interest in this project for $54.4

million in Q4 2020.

Project Location

Suites /

Beds Suite Type

Current

Project

Status

(1)

Actual / Expected

Completion

Date

Actual / Expected

Stabilized Occupancy

Date

Chartwell Le Prescott Vaudreuil, QC 324 ISL O June 2017 Q2 2022

Chartwell Le Montcalm Candiac, QC 283 ISL O September 2017 Q3 2021

Chartwell Le Teasdale II Terrebonne, QC 221 ISL O October 2018 Q3 2020

Chartwell Greenfield Park Greenfield Park, QC 368 ISL / AL O June 2019 Q3 2022

Chartwell L’Envol Cap Rouge, QC 360 ISL / AL O September 2019 Q4 2022

Chartwell Trait-Carré Quebec City, QC 361 ISL / AL C Q1 2021 Q3 2022

Chartwell Atwater Montreal, QC 316 ISL / AL / MC C Q1 2022 Q3 2024

2,233

GOVERNMENT FUNDING FOR ONTARIO LONG TERM CARE

26

The Ontario government has also made a number of announcements with regard to LTC

including:

Redesigned Capital Funding Subsidy (“CSF”) program for LTC including a $1.75 billion

investment to redevelop 12,000 beds and add an additional 8,000 beds over the next five

years.

The base accommodation and preferred accommodation rates in Ontario long term care

homes will increase 1.9% and the government will fund these increases from July 1, 2020

to December 31, 2020.

The regular funding increase for April 1 of 1.5%.

124.2 133.5

143.0 146.3

172.6 182.5

193.6 199.7

2012 2013 2014 2015 2016 2017 2018 2019

HISTORICAL TRENDS

Same property portfolio as defined in each year, for the twelve months ended December 31, for the periods 2012-2019.

FFO

($ millions)

Same property portfolio performance

(1) CAGR – Compound Annual Growth Rate

27

874.5 922.7 927.8

750.1 (2)

834.7 877.4

939.4 976.7

2012 2013 2014 2015 2016 2017 2018 2019

250.2 256.9 260.1

206.5 (2)

250.7 262.9

280.3 296.4

2012 2013 2014 2015 2016 2017 2018 2019

Source: Company disclosure. Includes Chartwell‟s proportionate share of equity accounted joint ventures.

(1) CAGR – Compound Annual Growth Rate

(2) Note: In 2015 Chartwell sold its U.S portfolio of 35 properties

Adjusted Resident Revenue

($ millions)

EBITDA

($ millions)

Proven track record of profitable growth

2012 2013 2014 2015 2016 2017 2018 20192020YTD

Occupancy % 90.3% 89.8% 90.3% 91.9% 93.6% 93.0% 91.7% 90.0% 87.4%

Adjusted NOI (YOY % growth) 3.7% 1.2% 1.8% 1.9% 6.6% 4.3% 3.3% 1.4% -4.8%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

80.0%

82.0%

84.0%

86.0%

88.0%

90.0%

92.0%

94.0%

NO

I (Y

OY

% G

row

th)

Occ

up

an

cy %

HISTORICAL TRENDS

* Effective for the March 31, 2020 distribution paid on April 15, 2020.

Distributions

28

• In response to market disruptions caused

by the COVID-19 pandemic, on March 16,

2020, we announced a temporary

suspension of DRIP, effective with the April

2020 distributions.

• The DRIP will remain suspended and all

distributions will be payable in cash until

further notice.

Q2 2020 Q2 2019 Change

Net income/(loss) ($ millions) ($1.9) ($1.6) $0.3

FFO ($ millions) $39.0 $47.1 ($8.1)

FFO per unit $0.18 $0.22 ($0.04)

Average occupancy – same property 85.6% 89.9% (4.3pp)

Adjusted NOI – same property ($ millions) $66.5 $73.7 ($7.2)

Q2 2020 SUMMARY

29

Same property adjusted NOI down

9.7% in Q2 2020.

Lower occupancy largely due to access

restrictions.

Investments in resident and staff safety

result in unfunded pandemic expenses

approximately $7.0M net.

FFO down 17.1% in Q2 2020.

Q2 2020 ADJUSTED NOI AND OCCUPANCY

30

• Ontario: Lower occupancies, COVID-19 related

expenses net of funding, higher property tax, staffing

costs and office expenses, partially offset by rental rate

increases in line with competitive market conditions,

and lower marketing expenses.

• Western Canada: Lower occupancies, COVID-19

related expenses, higher property tax, staffing costs

and office expenses, partially offset by rental rate

increases in line with competitive market conditions,

funding to partially defray additional expenses related

to COVID-19, and lower marketing expenses.

• Quebec: Lower occupancies, higher staffing costs and

food expenses, COVID-19 related expenses net of

funding, partially offset by rental rate increases in line

with competitive market conditions, lower utilities and

marketing expenses.

• LTC: COVID-19 expenses of $8.5M not fully offset by

revenue and higher staffing costs partially offset by

preferred accommodation revenues.

($M, except Occupancy) Same Property

Adjusted NOI Occupancy

Q2

2020

Q2

2019

Inc/(Dec)

$ %

Q2

2020

Q2

2019 Change

Retirement:

Ontario

Western Canada

Quebec

34.1

13.1

13.8

37.5

14.4

14.4

(3.4)

(1.3)

(0.6)

(9.2%)

(8.8%)

(4.0%)

79.1%

91.2%

88.8%

84.4%

94.7%

91.3%

(5.3pp)

(3.5pp)

(2.5pp)

Total Retirement 61.0 66.3 (5.3) (8.0%) 84.5% 88.5% (4.0pp)

Long term care 5.5 7.4 (1.9) (25.1%) 92.6% 98.7% (6.1pp)

Total Same Property 66.5 73.7 (7.2) (9.7%) 85.6% 89.9% (4.3pp)

85.7% 86.7%

86.1%

84.4% 83.9%

84.9% 84.1%

79.1%

96.2% 96.0% 95.0% 94.7% 95.0% 94.9%

94.5%

91.2%

92.3% 92.4% 91.7% 91.3% 91.2% 91.1%

90.1%

88.8%

98.4% 98.5% 98.4% 98.7% 98.8% 98.5% 98.5%

92.6%

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20

Same Property Occupancy Trending

Ontario Western Quebec LTC

JULY 2020 OCCUPANCY AND RENT UPDATE

31

Mid-June to Mid-July retirement residences open for

move ins and personalized tours.

In the month ended July 31, 2020, same property

occupancy declined 0.6 percentage points compared to

the month ended June 30, 2020, primarily due to

reduced move-in activity partly offset by slightly lower

move-out activity.

Our tenant credit quality remains strong given the typical

investment profile of Canadian seniors in our target

customer demographic.

Substantially all July and August rent and service

charges have been collected, consistent with our past

experience.

Ontario government has announced occupancy

protection funding for long term care homes to the end of 2020.

One month

ended

April 30,

2020

One month

ended

May 31,

2020

One month

ended

June 30,

2020

One month

ended

July 31,

2020

Same property occupancy 85.7% 84.5% 83.4% 82.8%

Change from the previous month (1.2pp) (1.1pp) (0.6pp)

RETIREMENT SUITES REQUIRED TO 2039

Retirement Suites Demand in Ontario(1)

(1) Incremental annual demand for retirement suites in Ontario. Calculated applying current

penetration rate of 5.5% to total population of people aged 75 and older.

32

Total new suites required to 2039 = 68,206

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

-

250

500

750

1,000

1,250

1,500

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

-

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

Retirement Suites Demand in Alberta(1)

Total new suites required to 2039 = 21,751 (1) Additional annual demand for retirement suites in Alberta. Calculated applying current penetration

rate of 5.7% to total population of people aged 75 and older.

Retirement Suites Demand in BC(1)

(1) Additional annual demand for retirement suites in British Columbia. Calculated applying current

penetration rate of 8.0% to total population of people aged 75 and older.

Total new suites required to 2039 = 40,544

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

Retirement Suites Demand in Quebec(1)

(1) Additional demand for retirement suites in Quebec. Calculated applying current penetration rate of

18.4% to total population of people aged 75 and older.

Total new suites required to 2039 = 131,192