WWW.VITALHEALTHCAREPROPERTY.CO.NZ

Vital Healthcare Property Trust (NZSX: VHP)Goldman Sachs – New Zealand REIT Forum presentation David Carr, General Manager and Stuart Harrison, Chief Financial Officer – 14 June 2011

History and structure

Investment strategy

Summary profile

VHP performance

2010 Australian portfolio acquisition

Portfolio overview

Financial overview

Internalisation proposal

Health sector overview

Summary and outlook

Appendices – Property portfolio

CONTENTS

3

HISTORY AND STRUCTURE

HISTORY AND STRUCTURE Specialist Healthcare REIT focusing on hospital and medical investment property.

Mandate to own assets in New Zealand and Australia.

NZSX Listed – ‘VHP’. Originally listed in 1999 as Calan Healthcare Property Trust.

Unit trust established under Unit Trust Act 1960, governed by Trust Deed.

Externally managed, manager owned by ANZ Bank.

Board of Manager has two independent and two non independent directors.

Executive team (Auckland based unless noted):

David Carr, General Manager for 5 years, 20 years property investment experience.

Stuart Harrison, CFO for 2.5 years, 26 years of financial reporting and management experience, 11 with publicly listed entities.

Mark Norman, Australian based Fund Manager (Melbourne), 14 years experience in healthcare property industry, primarily in hospital development and asset management.

Current base fee of 0.75% of gross value and incentive fee of 10% of the 3 year rolling average change in the revaluation reserve. Total fee capped at 1.75%.

5

INVESTMENT STRATEGY

INVESTMENT STRATEGYHealthcare investment fund specialising in healthcare property.

Mandate to own property in New Zealand and Australia.

Acquire, design, build and manage and enhance healthcare assets.

Build the Trust's capital base and increase property values through rental growth and sound management.

Maximise return to investors, consistent with the objective of the stable, long-term development of the property portfolio.

Provide investors access to scale properties in a diversified healthcare portfolio.

Provide tenants with superior environments for their patients and staff.

To maintain a structured, low risk capital and treasury management policy.

Maintain a traditional structure, with an income driven operating model.

Strategy well supported by the defensive characteristics of the sector.

7

SUMMARY PROFILE

SUMMARY PROFILEAssets under Management as at 31 March 2011 of NZ$531.5m.

Market capitalisation NZ$336.2m.

Ranked 29th in NZX50 Index.

Largest listed healthcare REIT in Australasia.

LVR 38% as at 31 March 2011.

25 properties, 130 leases.

Sector leading WALT of 11.5 years.

Circa 90% of leases have review provisions linked to CPI.

Occupancy over last 5 years circa 98%, currently 99%.

Benign lease expiry profile (<16% aggregate over next 5 years).

Development pipeline to FY14 of ~A$46m, generating circa 10% return.

As at 31 May 2011 unless noted 9

VHP PERFORMANCE

ANNUALISED TOTAL RETURNS TO 31 MAY

Returns Current Three Years Five Years Seven Years Ten Years

Period2010 to

20112008 to

20112006 to

20112004 to

20112001 to

2011

VHP 14.3% 9.8% 7.7% 13.1% 12.8%

NZX Property Gross 22.3% 1.4% 3.0% 7.5% 9.2%

NZ50 Gross 15.9% -0.7% -0.4% 4.6% 6.7%

S&P/ASX200 A-REIT 5.7% -12.9% -8.7% -2.6% 2.2%

MSCI US REIT 31.4% 2.5% 4.2% na na

FTSE 350 Real Estate Supersector 34.6% 7.3% 4.2% 15.2% 17.6%

Topix Real Estate 0.4% -19.3% -12.2% -0.6% 2.1%

Source: Bloomberg 11

VHP PRICE TO NTA

Source: Datastream, Company data 12

VHP PRICE AND LIQUIDITYUnit price stabilising post rights issue.7 day VWAP to 29 May 2011 of $1.16 (Prospectus TERP $1.17).Liquidity of ~200,000 units per day.

30 day moving average

Source: Datastream 13

2010 AUSTRALIAN PORTFOLIO ACQUISITION

2010 AUSTRALIAN PORTFOLIO ACQUISITIONDecember 2010 VHP acquired 12 properties from Orchard Essential Healthcare Trust for A$165.1m.Acquisition on market cap rate of 10.1%.Post transaction gearing maintained below 40% - below Bank (45%) and Trust Deed (50%) covenants.Transaction partly funded by way of a 1-for-1 pro-rata rights issue at $1.05, raising c.NZ$151 million.Forecast accretive to FY11 & FY12 net distributable income.Scale benefits of enhanced diversification and increased exposure to Australian healthcare market.Further growth underpinned by portfolio development opportunities of c.A$46m with a projected yield of ~10%.Strengthened defensive profile with WALT increase from 8.4 to 11.5 years.Resulting material increase in the scale and liquidity of VHP on NZSX.

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PORTFOLIO OVERVIEW

PORTFOLIO PROFILEPre transaction Acquired properties Post transaction

Number of properties 13 12 25

Investment properties $300.6m $216.9m $517.5m

WALT (years) 8.4 15.4 11.5

WACR 8.7% 10.1% 9.3%

Occupancy 98.2% 99.9% 99.2%

5 year lease expiry 29.6% 5.0% 18.1%

As at 31 December 2011 17

64%

36%

NZ

VIC

PORTFOLIO PROFILE (CONT’D)

Pre acquisition

Enhanced diversification

Broader geographic profile, established footprint in Queensland, NSW, and Tasmania.

Diversifies portfolio against legislative, economic and healthcare reforms.

32%

3%

2%

25%

23%

12%

3% Auckland

Whangarei

HawkesBay

Victoria

Queensland

New SouthWales

Tasmania

Post acquisition

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Value add capital expenditure

A$30.4m committed FY12 development funding, potential further A$15.4m FY12/13

Attractive projected rental return of ~10%

FY12Property Description Approved Potential

Belmont Hospital Major redevelopment A$7.0m A$2.0m

Maitland Hospital 24 bed rehabilitation unit, 4th theatre A$3.1m

Lingard Hospital Major redevelopment, plus 2 theatres A$20.3m

Toronto Hospital Additional beds A$2.5m

South Eastern Hospital Façade works, IVF Clinic A$2.9m

Palm Beach Currumbin Hospital 30 additional beds A$8.0m

Total A$30.4m A$15.4m

PORTFOLIO PROFILE (CONT’D)

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PORTFOLIO PROFILE (CONT’D)

Source – Company data

Enhanced defensive position

Proportion of leases CPI-linked ~90% (by rent)

53 rent reviews completed to 31 March 2011, average increase of 3.56%

Portfolio WALT 11.5 years (NZ REIT sector average of 5.7 years)

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5.7

4.0

4.1

4.3

4.9

5.6

5.6

11.5

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Sector Average

Kiwi Income Property Trust

Property for Industry

DNZ Property Trust

Argosy Property Trust

AMP NZ Office

Goodman Property Trust

Vital Healthcare Property Trust

Years

LEASE EXPIRY PROFILE

As at 31 March 2011 21

TENANT DIVERSIFICATION

As at 31 March 2011 23

FINANCIAL OVERVIEW

Half Year to 31 December 2010

Successful rebranding to Vital Healthcare Property Trust (VHP)

Secured renewal of debt facility to September 2013

Settled Australian portfolio acquisition on 22 December 2010

Equity capital raising NZ$150.9m

Portfolio occupancy at 99.2%

Gross rental income up 9.3% to $13.51m

Gearing at 37.6%, below Trust Deed covenant of 50%

Operating profit before tax (excluding unrealised items) of NZ$7.0m, up 3.3%

2QFY11 distribution of 2.025cpu and nil imputation credits

FY11 net distributable income guidance reaffirmed at 8.1cpu (as per Prospectus)

FINANCIAL SUMMARY

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FINANCIAL PERFORMANCE TO 31 DECEMBER 2010HY11

$000s

HY10

$000s%

Change

Gross property income - rentals 13,508 12,361 + 9.3%

Interest Expense (4,416) (3,835)

Operating profit (excl. unrealised items) 6,984 6,760 + 3.3%

Unrealised FX gain 605 388

Unrealised interest rate swaps gain 2,244 1,748

Unrealised revaluation loss (12,316) -

Taxation - current

- deferred *

2,759

(2,658)

738

900

Profit after income tax (2,584) 7,258

Earnings per unit - cents (1.67) 5.11

Gross property income favourable due to rent reviews and acquired properties.

Period end exchange rate 0.7621 (30 June 2010: 0.8141).

Revaluation loss – write-off of acquired properties stamp duty and acquisition costs.

Effective current tax rate 19.1% (2009: 9.9%).

Deferred tax impacted by amended IAS requiring a provision only be made for tax that can crystallise in future periods.

* Adjusted for NZ IAS 12 26

FINANCIAL POSITION AS AT 31 DECEMBER 201031 Dec

2010

30 June

2010%

Change

Net tangible assets per unit 109c 108c +0.9%

Net tangible assets per unit (excluding deferred tax on revaluation gains)

112c 127c -11.8%

Investment properties $517.5m $292.0m +77.2%

Total assets $534.4m $299.5m +78.4%

Bank debt (excl. Finance Costs)

$200.8m $97.7m +105.6%

Unitholders’ funds $314.6m $155.2m +102.8%

Securities on issue 287.4m 143.3m

Debt to total asset ratio 37.6% 32.6%

Debt to investment properties ratio

38.8% 33.4%

Investment properties –addition of Australian acquisition.

Renewed bank facility giving the Trust on-going security

Facility limit:

– AUD 200.0 million

– NZD 20.0 million

Expiry 1 September 2013

Units on issue increased –

Rights Issue – 1 for 1

Distribution Reinvestment Plan suspended for Quarter 1, reinstated for Quarter 2 & 3.

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At period end 45% of the Trust’s debt is hedged – currently 64%The Trust’s weighted average effective interest rate is 7.42% at period end – inclusive of line fee and marginThe swaps have, on average, 3.98 years until expiryThe banking facility with ANZ National Bank committed through to September 2013

DEBT MANAGEMENT

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CURRENCY$000s $000s

As at 31 December 2010 New Australia AustraliaZealand Existing Expanded

Investment properties 185,864 87,467 165,260NZD - as at 31 Dec 2010 185,864 114,771 216,848

TOTAL GROUP - NZD 517,483

Borrowings 1,711 76,718 75,000 NZD - as at 31 Dec 2010 1,711 100,667 98,412

TOTAL GROUP - NZD 200,791

Currency Hedge - Pre Acquisition 87.7%- Post Acquisition 60.0%

Acquisition debt facility is New Zealand domiciled but AUD denominated allowing VHP to benefit from a partial natural hedge

The Trust has a ‘natural hedge’ of 60%, whereby the level of Property portfolio assets owned in Australia is offset by the level of bank Borrowings also denominated in AUD.

The Trust will adopt a policy of having the Natural Hedge supplemented by implementing a Foreign Exchange Policy incorporating hedging of the Translation and Transaction risk.

The difference between the Natural Hedge and the Translation Hedge level will require entering into a Forward Exchange Contract (FEC). Contract’s entered into will align with the Trust interim and annual balance date.

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TAXATIONThe VHP entity that acquired the Acquisition Assets will be structured such that it qualifies as a Managed Investment Trust (“MIT”) for Australian tax purposes1

Under the MIT regime, distributions of rent and capital gains made to VHP will be subject to a concessional 7.5% final withholding rate. There is no further Australian tax payable on the net income earned in Australia

VHP will treat its investment in Australia as a foreign investment fund and will return taxable income of 5% of the value of its Net Assets

VHP intends to maintain its status as a Portfolio Listed Company under the PIE regime

Notes: 1. Qualification requirements include being an Australian resident, a Managed Investment Scheme under the Corporations Act, carrying on a substantial proportion of its management activities in Australia and its investor base is widely held

New Zealand

Australia

Corporate Tax

30% (FY12: 28%) of Taxable Profit

Fair Dividend Rate

5.0% of Net Australian Assets

Trustee Tax(Existing)

46.5% of Taxable Profit

ManagedInvestment Tax(Acquisition)

7.5% of Taxable Profit

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INTERNALISATION PROPOSAL

INTERNALISATION PROPOSALThe Independent Directors and the ANZ National Bank (shareholder of the Manager) have agreed to progress potential internalisation.

Proposal to acquire management rights for NZ$14m, debt funded.

Forecast to be accretive to net distributable income in FY12.

Internalised manager will operate on a cost recovery basis only.

All directors of new manager to be appointed by unitholders, including an appropriately qualified and experienced Australian director.

Executive management and key transitional matters currently being finalised.

Proposed management fee restructure to cease.

Conditions:

Finalisation of terms and conditions with ANZ National.

Grant Samuel & Associates to provide an independent report on the merits of the proposal, must conclude that the proposed internalisation is in the best interests of unitholders.

Trustee and unitholder approvals.

Proposal to be voted on at SGM on 9 August 2011, settlement planned for 31 August 2011.

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HEALTH SECTOR

HEALTH SECTOR: NEW ZEALAND VS. AUSTRALIANew Zealand Australia

Proportion of population aged 65+ (at June 2009) 12.8%1 13.3%2

Population over 65+ will double by (year) 20333 20324

Life expectancy (years) 80.45 81.45

Health spending per capita (USD PPP*) 2,6835 3,3535

Health spending as a proportion of GDP 9.8%5 8.5%5

Private proportion of health spending 19.6%5,6 32.5%5,6

Proportion of total population with health (hospital treatment) insurance 31.5%1,7 44.9%8

Proportion of population aged 65+ with health insurance 24.1%1,7 50.3%2,8

Notes: 1. Statistics New Zealand (Dec 2010); 2. Australian Bureau of Statistics (September 2010); 3. Statistics New Zealand (October 2009), ‘Series 5’; 4. Australian Bureau of Statistics (April 2008), ‘Series B’; 5. OECD Health Data 2010, June 2010 (most recent OECD data is from 2008 for New Zealand and from 2007 for Australia); 6. Calculated from OECD Health Data 2010, June 2010; 7. Health Funds Association of New Zealand based on lives covered by health insurance (Dec 2010); 8. Private Health Insurance Administration Council, Quarterly Statistics, December 2010, PHIAC, Canberra, 2010. * Data are expressed in US dollars adjusted for Purchasing Power Parity

Dem

ogra

phic

sH

ealth

indu

stry

35

HEALTHCARE PROPERTY SECTORHospital operators typically willing to commit to long term leases due to significant infrastructure investment.

Specialist consultants and surgeons drive hospital operating business.

Adjacent medical office and consulting space essential in driving hospital performance.

Paucity of direct willing buyer / willing seller single asset sales evidence.

Hospital assets and portfolio’s typically tightly held.

Healthcare property cap rates remained relatively resilient through the GFC.

Hospital operator consolidation evident…… more to come?

Brownfield regeneration typically preferred.

Brownfield protects operators investment in location (and relationships with specialists) and use of existing infrastructure provides lower cost base.

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SUMMARY AND OUTLOOK

SUMMARY AND OUTLOOKKey focus to deliver on the add value elements of the 2010 acquisition assets.

Lease pockets of vacancies, aggregate portfolio vacancy ~1,100 sqm (<1%).

Proactive focus on high tenant retention rates, and securing early expiries.

Healthcare sector remains defensively positioned, strong demographic profile.

Property market performance characterised by sector exposure, healthcare property sector relatively stable.

Year end valuations expected to be relatively stable.

Continued consideration of lower value, non-core asset sales.

Internalisation proposal to be considered.

FY11 net distributable income target of 8.1cpu (as per Prospectus forecast).

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DISCLAIMER

DISCLAIMERThis presentation has been prepared by Vital Healthcare Management Limited on behalf of Vital Healthcare Property Trust as is for information purposes only. It’s content is intended to be of a general nature, does not take into account your financial situation or goals and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product.

This presentation is not an offer or invitation for subscription or purchase of securities or other financial products. Past performance is no indication of future performance.

All values are expressed in New Zealand currency unless otherwise stated.

14 June 2011

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WWW.VITALHEALTHCAREPROPERTY.CO.NZ

Appendix one: property portfolioJune 2011

KENSINGTON HOSPITAL,WHANGAREI

WHANGAPARAOA COMMUNITY HEALTH CENTREWHANGAPARAOA, AUCKLAND

ASCOT HOSPITAL AND CLINICSGREENLANE, AUCKLAND

ASCOT CENTRALGREENLANE, AUCKLAND

APOLLO HEALTH AND WELLNESS CENTREALBANY, AUCKLAND

EASTMEDST HELIERS, AUCKLAND

PITMAN HOUSEPT CHEVALIER, AUCKLAND

TAYLOR’S LAUNDRYPT CHEVALIER, AUCKLAND*

*Unconditionally sold, settlement July 2011

NAPIER HEALTH CENTRENAPIER

ALLAMANDA PRIVATE HOSPITALSOUTHPORT, QUEENSLAND

GOLD COAST SURGICAL CENTRESOUTHPORT, QUEENSLAND

BROCKWAY HOUSESOUTHPORT, QUEENSLAND

BELMONT PRIVATE HOSPITALBRISBANE, QUEENSLAND

CURRUMBIN CLINICCURRUMBIN, QUEENSLAND

MAITLAND PRIVATE HOSPITALNEWCASTLE, NEW SOUTH WALES

LINGARD PRIVATE HOSPITALNEWCASTLE, NEW SOUTH WALES

Proposed development

DUBBO PRIVATE HOSPITALDUBBO, NEW SOUTH WALES

TORONTO PRIVATE HOSPITALTORONTO, NEW SOUTH WALES

EPWORTH CAMPUSMELBOURNE, VICTORIA

EPWORTH BRIGHTONMELBOURNE, VICTORIA

MELBOURNE PATHOLOGY*MELBOURNE, VICTORIA

*Adjacent to South Eastern Private Hospital

SOUTH EASTERN PRIVATE HOSPITALMELBOURNE, VICTORIA

NORTH WEST PRIVATE HOSPITALBURNIE, TASMANIA