Vital Healthcare Property Trust : Acquisition of VHP management rights by NorthWest settles

16 January 2012

MARKET RELEASE

Acquisition of VHP management rights by NorthWest settles

The Board of Directors of Vital Healthcare Management Limited (the "Manager"), manager of the Vital Healthcare Property Trust (the "Trust"), have today been advised that settlement of the acquisition by NorthWest Value Partners, Inc ("NorthWest") of all of the shares in the Manager has taken place.
In connection with the settlement, Messrs Bill Thurston (who is the current chairman of the Manager) and Peter Brook have resigned as directors of the Manager, and Messrs Paul Dalla Lana and Bernard Crotty have been appointed to the Board as representatives of NorthWest. Messrs Graeme Horsley and Andrew Evans, who are currently directors of the Manager, will remain on the Board of the Manager. In addition, Mrs Claire Higgins has been appointed as a director of the Manager.
The Board of the Manager has determined that Messrs Horsley and Evans, and Mrs Higgins are Independent Directors, in terms of the NZSX Listing Rules. Mr Horsley will be the new Chairman of the Manager.
"It has been a pleasure to work with Peter and Bill over the last few years. On behalf of the Board and Management team I would like to thank them for their invaluable contribution during their tenure" said Graeme Horsley.
It is proposed that in due course the Trust Deed of the Trust will be amended to provide for unitholder nomination and election of all Independent Directors and to cater for the rotation of Independent Directors and vacancies arising between annual meetings.

- ENDS - About Claire Higgins:

Claire Higgins is a professional director and consultant. She is chairman of the Victorian State Emergency Service, and is on the board of the County Fire Authority, Ambulance Victoria, Manidis Roberts and Watermove. Claire is the chairman of the Comcare audit committee as well as serving on several other audit committees. Formerly chair of Barwon Health, Claire has also had extensive executive experience with BHP and OneSteel Limited. Claire's areas of expertise are in accounting, financial reporting, governance, risk management, remuneration practice, foreign exchange and interest rate hedging, stakeholder communication and management. Claire has a Bachelor, Commerce (Acc, Eco, Comm Law) at University of Melbourne and is a present fellow at the Australian Institute of Company directors, the Australian Society of Certified Practising Accountants and the Institute of Public Administration Australia. Claire resides in Victoria, Australia.

General enquiries

David Carr

Chief Executive Officer

Vital Healthcare Management Ltd

Telephone: [phone]

Email: [e-mail]

Press enquiries Geoff Senescall SenescallAkers Telephone: [phone]

Email: [e-mail]

Vital Healthcare Property Trust

Vital Healthcare Property Trust is New Zealand's only NZSX listed specialist medical and healthcare property entity. The Trus t has a total portfolio value of NZD$530.8m, with 25 properties and 125 tenants in New Zealand and Australia, including Ascot Hospital in Auckland and Epworth Eastern Hospital in Box Hill, Melbourne