#1NewLake A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators November 09, 2023#2Safe Harbor Statement This presentation has been prepared by the NewLake Capital Partners, Inc. ("we," "us" or the "Company") solely for informational purposes. This presentation and related discussion shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities. This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts, and are often indicated by words such as "anticipates," estimates," "expects," "intends," "plans," "believes" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" "and "could." Forward looking statements include, among others, statements relating to the Company's future financial performance, business prospects and strategy, the use of proceeds from our initial public offering, future dividend payments, anticipated financial position, the Company's acquisition pipeline, liquidity and capital needs and other similar matters. These statements are based on the Company's current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those expressed in, or implied by, the forward looking statements. The Company is providing the information contained herein as of the date of this presentation. Except as required by applicable law, the Company does not plan to update or revise any statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Use of Non-GAAP Financial Information Adjusted Funds From Operations ("AFFO") is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders and participating securities to AFFO are included in the appendix to this presentation. New Lake OTCQX: NLCP newlake.com#3By The Numbers Founded in 2019 2021 IPO 12.2% Wtd. Avg. Yield 2.6% Annual Rent Escalations NewLake OTCQX: NLCP 100% Leased All Triple-Net Leases 0.2x Debt To EBITDA $89 Million Available Credit Facility Note: (1) (2) (3) ~$427 Million Deployed Invested & Committed 14.2 Years Remaining Lease Term Weighted Average 81.6% AFFO Payout Ratio Strong Dividend Coverage 1.4% Annualized G&A Ratio Low General and Administrative Expenses Data as of September 30, 2023 Does not reflect the sale of the Company's Palmer Massachusetts property that occurred subsequent to September 30, 2023 Calculated as if all rents were collected and does not reflect transactions that occurred subsequent to September 30, 2023 32 (2) Properties 12 States, 1.7 Million Square Feet 5.4% YoY Dividend Growth For the 3 months ending September 30, 2023 vs. 2022 newlake.com 3#4Experienced Management Team Anthony Coniglio Chief Executive Officer & President, Director ■ Former CEO of Primary Capital Mortgage, a residential mortgage company 14 years at J.P. Morgan as an investment banker leading various businesses Public company director New Lake OTCQX: NLCP S Lisa Meyer Chief Financial Officer, Treasurer & Secretary ■ Former President & CFO of Western Asset Mortgage Capital Corporation, a NYSE- listed REIT ■ Extensive experience providing financial leadership to various public and private entities in the real estate industry Ⓡ Jarrett Annenberg Senior Vice President & Head of Investment ■ Co-Founder of a cannabis REIT leading its acquisition activities 10 years at CBRE in the Transactions and Advisory Services Group, one of the youngest SVPs in the U.S. newlake.com#5Experienced Board of Directors Gordon DuGan Chairman of the Board, Independent Director ■ Co-Founder and Chairman of the Board of Blackbrook Capital Chairman of the Board of INDUS Realty Trust (Nasdaq: INDT) Former CEO of Gramercy Property Trust, a NYSE-listed triple-net lease REIT ■ ■ Former CEO of W.P. Carey & CO., a NYSE- listed triple-net lease REIT New Lake OTCQX: NLCP Ⓡ Alan Carr Independent Director I Director on several boards in diverse industries including Sears Holdings Corporation and Unit Corporation. Former Managing Director at Strategic Value Partners investing in various sectors in North America and Europe ■ Joyce Johnson Independent Director ■ ■ ■ ■ Chairman of Pacific Gate Capital Management, LLC, an investment firm Former Senior Managing Director and Partner of Relativity Capital, LLC and Managing Director of Cerberus Capital Management, L.P. Lead Independent Director at Ayr Wellness Experienced board member for 22 companies newlake.com#6Experienced Board of Directors Continued Peter Kadens Independent Director ■ ■ Co-Founder and former CEO of Green Thumb Industries, Inc., one of the leading public cannabis companies Co-Founder and former CEO of SoCore Energy, one of the largest commercial solar companies in the U.S. Former Director of KushCo Holdings, Inc. (OTCQX: KSHB) and Choice Consolidation Corp., a SPAC targeting cannabis businesses New Lake OTCQX: NLCP Peter Martay Independent Director ■ CEO of Pangea Properties, a private apartment REIT that owns more than 13,000 apartments and has completed over $300 million in short term bridge loans on numerous property types across the U.S. ■ Former banker at Bernstein Global Wealth Management, Glencoe Capital and Deutsche Bank David Weinstein Director I I ■ ■ CEO of NewLake from August 2020 - July 2022, Director Since 2019 Former CEO of MPG Office Trust, a NYSE-listed office REIT 10 years at Goldman Sachs as a real estate investment banker and investor 10 years at Belvedere Capital, a real estate investment firm newlake.com 6#7Portfolio Overview A geographically diverse national platform Primarily limited-license jurisdictions 100% leased ● 12 states 1.7M square feet WA OR CA NV AK ID New Lake UT AZ MT WY CO NM HI ● OTCQX: NLCP ND SD NE KS TX OK Note: Data as of September 30, 2023 based on Committed Capital MN IA MO AR LA WI MI IL IN TN OH KY WV MS AL GA PA SC VA NC FL NY VT NH MA CT ME -NJ DE MD DC RI Acreage wellness Calypso AR HOLDINGS GREEN LIGHT CANNABIS. Plant Based Therapy MINT ORGANIC CANNABIS REMEDIES Organic Remedies 4.9% Ayr 6.8% Tenant/Borrower Composition Acreage PharmaCann_Green Light 4.9% 1.1% 0.5% Calypso 7.0% Mint 5.4% COLUMBIA C3 8.0% Columbia Care 8.0% CRESCO LABS curaleaf 3 PHARMACANN REVOLUTIONARY CLINICS Trulieve 9.7% Curaleaf 22.0% Cresco 11.9% Trulieve Revolutionary Clinics 9.9% newlake.com#8NewLake's Underwriting Approach Industry leading rent collection Licensing Emphasis on limited-license jurisdictions Better operating environment for tenant Created more value for real estate Est. # of Licenses Operating¹ Hi OR WA New Lake 110 ΜΑ 54 ΜΟ OTCQX: NLCP 25 PA 21 IL 20 FL Tenant Quality Strong financial profiles 64% Public, 36% Private Vertical Integration Within State 7.5% ■Vertically Integrated 92.5% ■Not Vertical Note: Data as of September 30, 2023, Data based on Committed Capital 1 Cultivation licenses sourced from state reporting and management estimates. 2 NewLake Four Wall coverage is calculated as property-level EBITDA+rent divided by rent. Estimates based on actual Q2 2023 property level financial information, when available, and management estimates based on Tenant reporting. REIT industry data based on Green Street Advisory Group U.S. Cannabis Sector Primer, November 2022 Real Estate Strong property level cashflows Above market four-wall coverage Most properties in/near major metropolitan areas Estimated Four-Wall2 Coverage 9.8x 4.0x 3.5x 3.3x 2.9x 2.5x NLCP NLCP Ground Hospital Gaming Net Lease Retail Cultivation Lease newlake.com 8#9Financial Overview Key Data Shareholder Equity Invested & Committed Capital Cash Debt¹ Market Capitalization² Stock Price² Dividend Yield³ Common Shares Outstanding 3Q23 Annualized Dividend4 Target AFFO Payout Ratio 3Q23 Revenue Annualized5 G&A Expense Ratio Annualized6 New Lake OTCQX: NLCP $408 Million $427 Million $31 Million $2 Million $262 Million $12.65 12.3% 20,694,363 $1.56 80% - 90% $46.0 Million 1.4% Dividend Growth per Share $0.37 3Q22 $0.39 4Q22 $0.39 1Q23 $0.39 2Q23 $0.39 3 Calculated as Q3 2023 annualized dividend divided by the November 7, 2023, closing stock price. 4 Annualized based on Q3 2023 dividend of $0.39 per common share, declared on September 15, 2023. 3Q23 Note: Data is as of September 30, 2023, unless otherwise noted 1 Debt is comprised of Seller Financing of $1.0 million at 4.0% and $1.0 million on the revolving credit facility at 5.65%. 2 Based on the November 7, 2023, closing price. 5 Annualized revenue is calculated using actual revenue for the three months ended September 30, 2023. 6 Calculated using annualized General and Administrative Expense, excluding stock-based compensation, for the three months ending September 30, 2023, over Total Assets as of September 30, 2023. newlake.com 9#10NewLake is Focused on a High-Growth Industry Meaningful demand for real estate capital positions New Lake for continued AFFO and dividend growth 83% of the U.S. population (279 million people) reside in Medical Markets 48% of the U.S. population (161 million people) reside in Adult-Use Markets 88% of the U.S. population supports Adult-Use and/or Medical Cannabis New Lake OTCQX: NLCP Millions Cannabis Industry Near-Term CAGR $26.4 OR 2022 WA NV UT AZ MT WY Adult-Use & Medical Markets CO NM HI ND SD NE KS Projected 10.5% CAGR TX $29.5 OK 2023 MN IA MO AR LA WI MI IL IN MS KY TN OH AL WV GA PA SC VA NC $43.4 FL 2027 Source: BDSA NY NH ME NJ DE newlake.com MD DC RI Medical Only Adult Use & Medical 10#11Investment Highlights Experienced Team Experienced team with a track record of strong corporate governance and delivering returns for investors Scale and Early Mover NewLake's scale and early mover advantage positions the Company for long-term success Exceptional Portfolio High-quality portfolio with significant duration and above-market yields New Lake OTCQX: NLCP Financial Position Solid financial position with significant financial flexibility High-Growth Focus Focus on a high-growth industry with meaningful demand for real estate capital positions NewLake to continue growing AFFO and dividends newlake.com 11#12Delivering Growth ($ in Millions, expect per share amounts) Revenue Growth $0.31 $T 4Q21 2019 Dividend Growth Per Share $0.33 1Q22 $12 New Lake 2020 $0.35 2Q22 $0.37 3Q22 OTCQX: NLCP $28 2021 $0.39 4Q22 123 1. $45 2. 2022 $0.39 1Q23 $0.39 2Q23 $46 2023 (1) $0.39 3Q23 AFFO Growth $0 2019 Annualized using actual revenue for the three months ended September 30, 2023. Annualized using actual AFFO for the three months ended September 30, 2023. 3. Calculated using annualized G&A expense for the three months ending September 30, 2023, over total assets as of September 30, 2023, excluding stock-based compensation. 1.1% 2019 $9 2020 G&A as Percentage of Total Assets 2.8% $22 2020 2021 1.4% 2021 $39 2022 1.1% 2022 $40 2023 (2) 1.4% 2023 newlake.com 12#13NewLake Thank You Company Contact: Lisa Meyer CFO, Treasurer and Secretary [email protected] Investor Relations Contact: Valter Pinto / Jack Perkins KCSA Strategic Communications [email protected] (212) 896-1254