Independent Chairman Appointment

NorthWest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property Trust (Vital) provides the following general market updates. Appointment of Independent Chairman In accordance with Listing Rule 3.20 and subject to Mr Stuart being re-elected (see below), the following changes are expected to be made to the Board of the Manager with effect from the close of the Annual Meeting: 1.Retirement of Mr Bernard Crotty as Chairman. 2.Appointment of current Independent Director, Mr Graham Stuart, as Independent Chairman. 3.Retirement of Mr Stuart as Chair of the Audit Committee. 4.Appointment of current Independent Director, Dr Michael Stanford, as Chair of the Audit Committee. The proposed changes are consistent with previous commitments. Following the appointment of Mr Stuart as Chairman, the Board of the Manager will be led by an Independent Chairman, comprise a majority of Independent Directors and its Audit Committee will be chaired by an Independent Director. Biographical details for Mr Stuart and Dr Stanford are attached to this to this announcement as Appendix 1. Annual Meeting Vital's Annual Meeting is expected to be held on Tuesday, 17 November 2020. The meeting is expected to comprise a physical meeting in Auckland (subject to any government restrictions in place at the time) with the ability for unitholders and other stakeholders to also attend virtually. Further details will be provided separately as part of the notice of meeting. Under Vital's Trust Deed, unitholders may appoint two Independent Directors. Current Independent Director, Mr Stuart, who was elected to the Board in 2018, is retiring by rotation and standing for re-election as an Independent Director. Another Independent Director, Mr Andrew Evans, was elected by unitholders in 2019 and will remain on the Board following the Annual Meeting. Dr Stanford was also appointed as an additional Independent Director in 2019 to ensure the Board of the Manager comprises a majority of Independent Directors. As one of the two unitholder appointed Independent Directors will be appointed at this year's Annual Meeting and Mr Stuart has offered himself for re-election, if nominations are received for other candidates, only one of those standing (including Mr Stuart) will be appointed to the Board. The period for nomination of Independent Directors to the Board of the Manager opens today and closes at 5.00pm on Friday, 2 October 2020. The process for nominating an Independent Director is included in Appendix 2. Other market updates: Acquisition: Vital has acquired the 50% interest it did not already own of "Elizabeth Vale Shopping Centre" in Adelaide, South Australia. The purchase price was approximately $7.2m comprising its independent valuation plus the third-party cost of development works. This property comprises 16,736 sqm of land opposite South Australia's third largest public hospital, Lyell McEwin Hospital and is currently 85% occupied by several retail tenants. Subject to fulfilment of certain conditions, Vital proposes to develop this site into a new health care hub to form part of the wider medical precinct. Rent collection: Despite continuing restrictions in Australia and in New Zealand relating to COVID-19, rent collection for the first quarter of FY21 has been over 99% with no material, additional rent deferrals to date. As foreshadowed as part of the FY20 results, Vital has now collected approximately 94% of the rent which had been deferred at 30 June 2020. Leasing: Significant leasing has been undertaken since 30 June 2020 including a new 25-year lease at Belmont Private Hospital and leases for Dubbo Private Hospital, Palm Beach Currumbin Clinic and Mayo Private Hospital each being extended to 15 years. As a result of these changes, Vital's WALE moved from 18.1 years to 18.6 years (pro forma at 30 June 2020). ENQUIRIES Aaron Hockly Fund Manager, Vital Healthcare Property Trust Tel 09 973 7301, Email aaron.hockly@nwhreit.com Michael Groth Chief Financial Officer, NorthWest Healthcare Properties Management Limited Tel +61 409 936 104, Email michael.groth@nwhreit.com End CA:00359958 For:VHP Type:MKTUPDTE Time:2020-09-18 08:30:45