Annual Meeting of unitholders 31 October 2012

www.vitalhealthcareproperty.co.nz

Chief Executive Officer’s address

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Manager’s agenda

> VHP performance

> Financial review

> Health sector perspectives

> Portfolio overview

> Outlook

VHP performance

VHP long term outperformance

10 year total return performance

Source: Craigs’ Investment Partners. Returns as at 30 September 2012, Bloomberg. 5

0

50

100

150

200

250

300

350

400

Sep-

02

Sep-

03

Sep-

04

Sep-

05

Sep-

06

Sep-

07

Sep-

08

Sep-

09

Sep-

10

Sep-

11

Sep-

12

Index rebased to 100

VHP

NZ Property Gross Index

NZ50

S&P/ASX 200 REIT Index

GFC

Financial review

FY12 financial results

SDP = Simplified Disclosure Prospectus 2010 7

Revaluations and derivatives influenceNTA change

2011 2012

Gross distributable income +27%

Net distributable income meets forecast

20122011

Net income diversification

20122011

SDP 2012

$36.6m

$48m

$20m

$25.4m

7.7cpu 7.7cpu $1.04$0.98

Treasury & capital position

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Covenant50%

45%

2011 2012

2011 2012

New facilities, lower cost of funding

Balance sheet deployed

Old facility New facility

for longer term

2011 2012

Renewed covenants, headroom retained

Successfully renewed bank facility

2.2 years

3.8 years 8.23%

6.87%

36.9%

42.3%

~8%

~8%

Health sector perspectives

Why is healthcare resilient? “..People don’t tend to change their healthcare spending patterns depending on the economy *..”

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Healthcare Real Estate

Technology advances

Private health insurance

Healthcare as % of GDP

Chronic disease Ageing demographics

Essential service

Life expectancy

* Chilton Asset Management, September 2012. US based Fund Manager

Private health insurance Private health insurance shows continued resilience in Australia, but some softening in New Zealand.

Source: Private Health Insurance Administration Council, Quarterly Statistics, June 2012 and Health Funds Association of New Zealand 11

Australasian health insurance levels

0%

10%

20%

30%

40%

50%

60%

1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

Insured persons % of population

Year

Australia New Zealand

GFC

Ageing demographics An ageing population will underpin increasing demand for healthcare services over the next 40 years

Source: Australian Bureau of Statistics, Statistics NZ 12

Population projections 65+ year demographic (1950-2060)

0%

5%

10%

15%

20%

25%

30%

35%

1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060

% of adult population

Year

New Zealand Australia

Forecast

Healthcare costs rise with age

Exponential rise in healthcare costs for over 65 age group

Source: NZ Treasury 13

Healthcare costs by age group

Purpose > To provide the first Australian healthcare property index > Benchmarking of healthcare property performance vs other property assets > Educate the wider investment market about investing in healthcare assets

Market index at September 2012 > Size: 49 assets > Value: ~A$1 billion > Frequency: Quarterly > Series length: September 2005 to September 2012

Current index participants > Vital Healthcare Property Trust > Australian Unity > Generation Healthcare Fund > Healthfield Development and Management > Arena Investment Management

Media and marketing outputs > Produced each quarter with the release of updated index numbers > Distributed to key media outlets > Topics include investment performance and healthcare sector drivers

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Investment Property Databank (‘IPD’) Australian Healthcare Index

Inaugural IPD Index launch, February 2012, VHP a founding member

IPD Australian Healthcare Index Healthcare real estate exhibits defensive total return profile

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Australian direct property returns

-10%

-5%

0%

5%

10%

15%

20%

25%

2006 2007 2008 2009 2010 2011 2012

Annualised quarterly returns (%)

Year

All Property Healthcare

Source: IPD Research.Note: direct property returns based on PCA/IPD Index.

GFC

IPD Australian Healthcare Index Healthcare cap rates less volatile through cycle

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Australian direct property capitalisation rates

5%

6%

7%

8%

9%

10%

2006 2007 2008 2009 2010 2011 2012

Cap Rates (%)

All Property Healthcare

Source: IPD Research.Note: direct property returns based on PCA/IPD Index.

GFC

Portfolio overview

Portfolio diversification by value & type

Hospitals83%

Medical Facilities

17%

QLD 22%

SA 6% NSW

22%

VIC 22%

TAS 3%

NZ 25%

NT

< $15m

$15 - 25m

> $25m

23 properties, 107 tenants, ~$600m in assets*

Key

Note: *Estimated based on financial year end June 2012, adjusted for asset sales and acquisitions. All NZ$ 18

FY12 portfolio dashboard

Note: NZ Listed Property (LPT) sector WALT and Occupancy sourced from Forsyth Barr, Real Estate Reflections October 2012. 19

WALT over twice the sector average

2011 2012

Portfolio weighting to hospitals increased

NZ LPT sector average

NZ LPT sector average VHP

Occupancy is sector leading

2011 2012

Lower inflation environment for rent reviews

VHP

5.5 years

11.6 years

95.9%

99.3% 3.8%3.3%

79% 83%

21% 17%

0%

20%

40%

60%

80%

100%

120%Medical Facilities

Hospitals

20 year lease expiry profile Constructive discussions initiated on medium term lease expiries

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Benign lease expiry profile over next 5 years

Financial Year

0%

5%

10%

15%

20%

25%

Vaca

nt

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

Lease expiry by income (%)

Financial Year

Total expiry Largest single expiry

Development projects update

Property (Hospital) Development works Project

cost (A$) % complete (30 Sep 12)

Target practical completion

date

South Eastern

Development of rehabilitation centre, including hydrotherapy pool, gymnasium and consulting suites

$4.3m 100% September 2012

Palm Beach Two-storey ward extension with 34 new beds and additional consulting suites and car-parks $9.1m 85% November 2012

Toronto Eight new beds to the existing rehabilitation unit and theatre plant upgrade $3.1m 80% December 2012

Lingard New 40 bed ward and diagnostic imaging areas, 2 additional theatres (to 6), upgrade of patient recovery areas

$22.0m 75% March 2013

Mayo New 24 bed ward and one theatre (to 3), stand alone medical centre, additional car parking $6.1m 40% January 2013

Attractive forecast development yields of approximately 10%

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Development case study Belmont Private Hospital

Belmont Private Hospital Brisbane, Queensland

CBD 15km

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Belmont Private Hospital Brisbane, Queensland

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Major redevelopment and modernisation, increasing total beds and consultancy suites

New build

Redevelopment

Existing

Belmont Private Hospital Brisbane, Queensland

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Belmont main entrance - before redevelopment..

Belmont Private Hospital Brisbane, Queensland

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Belmont main entrance – post redevelopment

SPORTSMED acquisition “..It was important for us to find the right long term partner for our business...it was clear Vital was the most credible..” Sportsmed CEO – Alan Morrison

SPORTSMED SA Private Hospital & Clinics Adelaide, South Australia

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Acquisition of one of Australia’s leading private hospitals

SPORTSMED SA Private Hospital & Clinics

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Sportsmed treats over 130,000 patients annually

SPORTSMED SA Private Hospital & Clinics, Adelaide

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Acquisition increases presence in Australia

CBD 4km

SPORTSMED SA Private Hospital & Clinics

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High quality acquisition. Potential for medium term development

New pic…

SPORTSMED SA Private Hospital & Clinics

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Further example of VHP’s credibility in healthcare space

New pic…

SPORTSMED SA Private Hospital & Clinics

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Vital’s first South Australia acquisition

SPORTSMED SA Private Hospital & Clinics

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Enhanced portfolio metrics following acquisition

Outlook

Outlook

Strategy > Entrenched. Strong platform to deliver sustainable performance > Credibility & capability in Australasia creating opportunities

Portfolio & capital management

> Portfolio diversification supports outlook > Prudent capital management for value-add opportunities

Healthcare > Favourable demographic trends underpin sector > Defensive characteristics supportive, albeit some near term constraints

Earnings > Strong portfolio position providing relative earnings stability

> Value-add developments and acquisitions forecast to support future earnings

Distribution > FY13 guidance of 7.7 to 7.9 cents per unit

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Thank you.

This presentation has been prepared by Vital Healthcare Management Limited (the "Manager") as manager of the Vital Healthcare Property Trust (the "Trust"). The details in this presentation provide general information only. It is not intended as investment or financial advice and must not be relied on as such. You should obtain independent professional advice prior to making any decision relating to your investment or financial needs. The provision of this presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase units in the Trust. Past performance is no indication of future performance. No money is currently being sought, and no applications for units will be accepted, or money received, unless the unitholders have received an investment statement and a registered prospectus from the Trust. 31 October 2012

Disclaimer

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