4 November 2011

MARKET RELEASE

NorthWest

The Independent Directors of Vital Healthcare Management Limited, Bill Thurston and Graeme Horsley confirm that NorthWest Value Partners Inc, NorthWest Real Estate Investment Trust and NorthWest Operating Trust (collectively 'NorthWest') issued a SSH notice on 2 November 2011 that they have acquired 6.2% of the ordinary units in Vital Healthcare Property Trust ('VHP'). Subsequent to this filing they issued a press release indicating that they now have approximately 10% of the units in VHP.
The Independent Directors wish to advise that they have had no direct communications with NorthWest with regard to their position, however remain firmly of the view that internalisation remains in the best interests of all unitholders and would welcome dialogue with the current owner of the Manager, OnePath (NZ) Limited and NorthWest in order to achieve internalisation.
The Board and management team continue to focus on the core activities of VHP.

- ENDS - Enquiries

Geoff Senescall Senescall Akers Limited Telephone: 021 48 1234

Vital Healthcare Property Trust

Vital Healthcare Property Trust is New Zealand's only NZSX listed specialist medical and healthcare property entity. The Trust has a total portfolio value of NZ$513.9m, with 25 properties and 128 tenants in New Zealand and Australia, including Ascot Hospital in Auckland and Epworth Eastern Hospital in Box Hill, Melbourne.